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^ilRAL LIB*
A
JUN 2 81920
%
INCLUDING
Bank &
Quotation Section
Railway & Industrial Section
Railway Earnings Section
COrrWIQHTED IN !<?»»
BYWlCUAM B- DANA COMPANY. WEWVOHtCi
tout*
VOL 110.
Wtsldy
Electric Railway Sections
Bankers' Convention Section
-
State and
CHARTERED
FARMERS'
138 Fraat
&
TRUST
The
OQCQ
NU. £003.
Uberfy¥alionaI Bank
32 Name St.
COMPANY
*
jftarttriaf
HARVEY FISK & SONS
1122
LOAN
», tt**.
MO
St, N.Y.CHy,
jfmanctal
Jfiwrntiil
rxE
WHlitm ELDsmICo.,
Publsbart,
NEW YORK, JUNE 19, 1920.
IttJOPsr Y*ar
City Section
EMTCTED AS StCOMB.CLASS MATTER JUNE
C8, 1879, ATTHE POST Ornce AT NEW YORK, NEW YORK, UN DEN THE
AOT OF MARCH
of KevrYork
NEW YORK
CAPITAL
88,000,008.00
UNMiVIDSD
478 Fifth Avanua, at 41 ct StrMt
NEW
88,000,000.01
BUKJPLUS
18, 20 and 22 WHIIam Stmt
ie.
FROFTTS.22,106,000.08
UNITED STATES BONDS
YORK
NEW YORK CITY BONDS
AND OTHER CHOICE
MANAGEMENT
CARE
OF
DOMESTIC AND
OF
ESTATES
Correspondents in all countries
Special facilities in Scandinavia
INVESTMENT SECURITIES
SECURITIES
FOREIGN
Harris, Forbes & Co
BANKING
Plao
Street,
Corner
NEW
FOREIGN
LETTERS
The New York Trust
EXCHANGE
CREDIT
OF
COMMERCIAL
»
Company
LETTERS
Clearing
John
Profits,
House
8th «nd
INVESTMENT
Application
em
Oabis hSftnm SABA. NEW YORK
Established
Main
isaa
Edward B.Smith & Co
Street!
Established 1810
RICHMOND, VA.
Member New York and
The
WILL1AM8
A
CO..
Inc
Mechanics
GARFIELD
Stock
Metals
Bank'
Philadelphia
OF THE CITY OF NEW
YORI£ '
AVENUE
Capital
Crosses Broadway
$1,000,000
A Bank for the
Surplus,
New York
<
The Chase National Bank
23rd STREET, where
FIFTH
Philadelphia
Ezchances
and
National
National Bank
-
BARO
1874.
Correspondents.
LANCASTER
Capital,
fOR
LM
BANKERS
«
SAVINGS
L. Williams & Sons
Corner
•4«i«latore
a
pal. ratftreai «ad public utility
$14,000,000
Established
TRUST
eONBG
Member Federal Reserve System
York
C,
Ine
aat Bsftsaa! a**at* for munlclpaRMes end eerperatfoiwr and
ba
OoTinnwnt, munici¬
PARIS
New
K.
Ssat
Capital, Surplus and Undivided
and
LONDON.
FORRES A CO..
CMICAOO
5th Avenue and 57th Street
LONDON
Mm,
latTett
HARRIS
26 Broad Street
ACCEPTANCES
Atovtln
HARRIS,
William
YORK
-
$1,000,000
-
-
-
Surplus and Profits
•
-
$9,000,000
-
-
$13,600,000
Builders of Business
Deposits, May 4, 1920
-
$196,000,000
of the
City of New York
67
BROADWAY
CAPITAL
818,000,000
SURPLUS AND PROFITS
THE
Wereipn Exchange
Deportment
22,227,000
DEPOSITS (May 4, 1920)
S64.289.000
OFFICERS
Trust Department
AMERICAN EXCHANGE
A.
Bend Department
NATIONAL BANK
BARTON
HEPBURN.
Chairman of the Advisory Board
ALBERT
H.
WIGGIN.
Chairman of the Board of Directors
NEW YORK
Foreign Exchange
Resources
over
EUGENE
R.
H.
MILLER
Vice-President
EDWARD R. TINKER
Vice-President
CARL J. SOHMIDLAPP
$175,000,000
V.
SAMUEL
Letters of Credit
Vice-President
GERHARD M. DAHL
Francis Ralston Welsh,
UGHT AND POWER COMPANIES
109-111
Wm. A. LAW* President
SOUTH
FOURTH
PHILADELPHIA
STREET
Cashier
DIRECTORS
A. Barton Hepburn
Albert H. Wiggin
OF RAILROAD, GAS AND ELECTRIC
CHARTER NO. 1
Vioa-Preslden t
ALFRED O. ANDREWS
Henry W. Cannon
BONDS
PHILADELPHIA, PA.
President
Vice-President
SCHLEY
REEVE
FIRST NATIONAL BANK
THAYER
John J.
Mitchell
Guy E. Tripp
James N.
Hill
Daniel O. Jackling
Charles M. Schwab
Samuel H. Miller
Edward R. Tinker
Edward T
Nichols
Newcomb Carlton
Frederick H. Ecker
Eugene V. R. Thayer
Carl J. Schmidlapp
Gerhard M. Dahl
Andrew
Fletcher
William B. Thompson
Reeve Schley
Kenneth F. Wood
H.
Wendell
William
M.
Endicott
Wood
[V®L. 110
THE CHRONICLE
of Jfaefgn Cxtian j»
toUvKtmit Snoi snft Bsatwcs
Coppell & Co,
*P. MORGAN & CO, Maitland,
Wail Street, Corner of
NEW YORK
mEXEL
NEW YORK
Orders executed for all Investment Securities.
Act ae agents of Corporations and negotiate ana
issue Loans.
PHILADELPHIA
CO.,
&
KIDDER, PE1D0DY & DO,
STREET
52 WILLIAM
Broad
Corner of 5th and Chestnut Streets
■
on
Bank ®f
Provincial & Union
England, Ltd., London,
Ttea National
PARIS
CO.,
&
HARJES
TJJEOAN,
14 Place Vendome
|
Securities bought and sold on
Messrs. Mallet F/eres
Foreign Exchange, Commercial
C*
Banco
Commission.
NEW YORK
of Credit
Letters
No. 22 Old Broad Street
17 Win st
BOSTON
Transfer#,
Telegraphic
BiU§ of Exchange,
fI©RGAN, GRENFELL&CO., LONDON
115 Devonshire St
Commercial and Travellers
Letters of Credit
& Cie, Paris,
Nacional de Mexico,
And its Branches.
Credits,
on
of Australasia,
Agents for the Bank
Cable Transfers,
CREDIT
TRAVELERS' LETTERS OF
in all
for Travelers, available
parts of the world.
f&cular Letters
Available throughout
the United States
BASING BROTHERS & CO, LTD
LONDON
'brown brothers &GO.
August Belmont & Co.
Boston
NEW YORK
IPeiladelpioa
I
'
PLACE,
EXCHANGE
48
J
ALEX. BROWN & SONS, Baltimore
YORK
NEW
Exchange.
Stock
York
New
Members
and Correspondents of
ROTHSCHILD,
Agents
the
Messrs.
London, Paris and Vienna
Securities
Investment
for Travelers
in all
Available
Deposit
Accounts
J. & W. Seligman
of the world.
parts
Transfers.
Execute orders for the
Travelers' Credits
& Ce
and make Telegraphic
Draw bills of Exchange
Credits
Commercial
OF CREDIT
ISSUE LETTERS
Foreign Exchange
purchase and sale jf
NS-54 Wall Street
Bonds and Stocks.
NEW YORK
BBOWN, SHIPLEY &
NewYork Produce Exchange
CO.
LONDON
National Bank
T. Suffern Taller
And Branches
James G. Wallaur;
Sktarrflle Kane
BEAVER ST.
Broadway, Corner
Capital
throughout Manhattan
....
Surplus and Undivided
Profits
Exchange bought amd sold.
Gable
Commercial and Travelers' Letters ef
Foreign
Transfers.
of the world.
Credit available in all parts
TA1LER&CD
81,090,000.90
1,416,775.01
ACCOUNTS ,XNYITED.
10 Pino Street, New York
i
Lawrence Turn lire & Co.
and sold on comavailable through¬
Investment securities bought
1 mission.
out the
Winslow, Lanier & Co,
Travelers'
•
•
New York
Pltubergb
America
Investment
Mexico,
Spain.
Make collections
cable transfers on above
and
Securities
Mnmbero
in and issue drafts and
countries.
New
London
STREET
Bankers:
Bank,
Midland
Paris
YORK
credits,
United States, Cuba, Puerto Rico,
Central
NEW
•
Bldg.
New York
Investment Securities
#9 CEDAR
IS Pine St.
Union Areade
64-66 Wall Street,
Bankers:
London Joint City
Limited.
York and Pittsburgh
&
Stock Exchangao
Heine & Co.
BANKERS.
HEIBELEACH, ICKELHEIMER & CO.
'•
»j09®fliU
Received
Allowed
Subject
on
Bought
and
Draft,
to
Deposits,
Interest
37 William Street.
Securities
Sold on
MEMBERS
N.
STOCK
Y.
Com-viffion,
Execute orders for
foreign Exchange, Letters of
Credit
EXCHANGE.
purchase and sale of
HUTH
& CO.
Stocks and Bonds.
New York
30 Pine Street
Foreign Exchange Bought and Sold,
Issue Commercial and
Bonds for
Travelers' Credits
available in all parts of the
world.
Foreign Bonds &
^vestment
ForeignfExchange,
Cable Transfers on
Schulz & Ruckgaber
FRED? HUTH & CO., London
New York
17 Pine Street
Investment'Securltles,
Commercial Credits,
and
Investment Securities
on
the Continent of
Europe
Foreign Exhange
Kean, Taylor & Co.
New
Pittsburgh
York
Gammercial
Credits
issued
London Agents, Messrs.
John Munroe & Co.
BOSTON
YORK
fa? Travelers
of
Dalian. Pounds
Pesetas, etc.
Csssksne k Caallfh
BOISSEVAIN & CO.
52 BROADWAY,
Members of the New
betters
la
Sterling. Francs. Guilders.
/
NEW YORK
ALDRED & CO
48
Wall Straat
York Stock Exchange.
New
INVESTMENT SECURITIES
York
COMMERCIAL DEPARTMENT
Foreign Exchange
Igsmercial Credits.
FOREIGN
EXCHANGE
Cahly Transfers.
MESSRS. PIERSON &
SKJNROE
&
CO..
Pari?
Amsterdam,
Fiscal Agents for
CO
Holland
Pubii: Utility and Ilydro-EJectrS*
Companies
.
JUNE 19 1920.]
•
THE CHRONICLE
•
♦
m
Instalment and ^financial £?on«e
Lee, Higginson & Co.
Goldman, Sachs & Co. MlLLETT,
NEW
YORK
137 So. La Salle Street
Investment Bankers
60
Congress Street
CHICAGO
14
BOSTON
Montgomery Street
INVESTMENT SECURITIES
421 Chestnut Street
SAN FRANCISCO
Boston
R0E& HAGEK
60 Wall Street
PHILADELPHIA
MEMBERS
New
York
Members of New York and Chicago
Chicago
Stock
Higginson &. Co.
Exchanges
NEW YORK STOCK EXCHANGE
Commercial Paper
Securities
80, Lombard St.
bought
London, E. C.
and
sold
on
commission
Foreign Exchange
Commercial
Travelers'
&
available
In
all
52 WILLIAM ST.
Letters
parts
of
of
NEW YORI
world
the
Credit
Hornblower & Weeks
42
BROADWAY, NEW YORK
RAILWAY
investment Securities
EQUIPMENT BONDS
SJnorft Terai
Acceptances
MEMBERS
NEW YORK,
BOSTON AND
Mam
CHICAGO STOCK EXCHANGES
EVANS, STILLMAN & CO.
HJSrect wires to all principal markets
Members New York Stock
60
[Boston
Providence
BROADWAY
YORK
Robinson & Co,
Underwriters & Distributors
Industrial
FOREIGN
Bonds
Public
GOVERNMENT
&
Preferred
Stocks
Exchange Place
below
their
normal
Present
indications,
however,
advancing tendency and
an
«• normal would
a
112
W.
ADAMS
ST., CHICAGO
return
Conservative
yield ubusual profits.
Write for our suggestions and Circular Ft B.
Bond &
I. M. TAYLOR & CO.
NEW
Yielding 6%
YORK
New York
Sc
Sanson
EST. 1805
Boston
Cleveland
Philadelphia
Streets
8%
Peabody, floughteling & Co.
7 Wall Street
Broad
to
INVESTMENTS
Telephone 4600 Bottling Green
Frazier &■ Gb.
Investment Securities
Incorporated
Goodwin
BROADWAY.
New Yoffl*
Members New York Stock Exchange
Investment Bankers
▼alas das to the unprecedented Call In Foreign
Exchanges.
Investment Securities
Utility Securities
Counselman & Co.
selling considerably
U. S. Government Bonds
Equipment Trust Certificates
BONDS
08
NEW
Portland
Established 1888
point to
Correspondent Offices in 50 Cities,
Exchange
Chicago
•fe&rotfc
srs
OJfic,: National City Bank Building
Uptown Office t Fifth Avenue and 43rd St
INC. 1*18
Pittsburgh
10 So. La Salle St.
Chicago
PHILADELPHIA
Baltimore
New York
Washington
Pittsburgh
Underwriters
Distributors
Wilkes-Barre
in
HALSEY, STUART & CO.
Incorporated—Successors to
Investment Bankers
GRAND
HALSEY &. CO. CHICAGO
N. W.
SECURITIES SALES CO.
Howe, Snow,
Corrigan & Bertles
Bonds
C
RAPIDS,G
Short Term Notes
MICH.
Preferred
NEW
DETROIT
YORK
BOSTON
MINNEAPOLIS
ST.
MILWAUKEE
LOUIS
H. F. BACHMAN &, CO.
Established
64 PEACHTREE, ATLANTA
ORLEANS
BIRMINGHAM
JACKSONVILLE
1866
CHARLOTTE
NEW
Government, Municipal,
Railroad
and Public Utility Bonds.
MEMPHIS
INVESTMENT
Fiscal Agents for
BANKERS
Cities and Corporations.
Members N. Y. and Phila. Stock Exchanges
1425 Walnut
61
St.,
T.
HOLTZ &
BONDS
HARPER
Sc
INVESTMENT
TURNER
BANKERS
BUILDING
WALNUT STREET ABOVE BROAD
PHILADELPHIA
CHICAGO
GOVERNMENT BONDS
FOR INVESTMENT
STOCK EXCHANGE
SOUTH LASALLE STREET
RAILROAD AND FOREIGN
YORK
CO.
INVESTMENT
39
Broadway
NEW
PHILADELPHIA
H.
Stocks
PHILADELPHIA
CHICAGO
Members
Philadelphia Stock Exchange
Colgate, Parker & C®.
49 Wall
Street,
New Yorfe
[VOL. 110.
THE CHRONICLE
iv
I
jfinanttal
jTwrnr fn 1
$\wntta\
WEFrNANCE
Power
Electric
'
i"
Light Enter¬
and
prises with records of
established
Members New York and
Stock Exchanges
earnings.
Bankers
and
Investment
..
......
Boston
CHASE
!
■:
COMPANY
&
BONDS
Dealers
Light Securities
Proven Power and
:
v
SECURITIES
INVESTMENT
WE OFFER
1",
■■
ESTABROOK & CO.
Correspondence Solicited
15
State Street,
24 Broad Street,
BOSTON
-
NEW YORK
30STO«*
St.,
18CONQBESS
SPRINGFIELD
BALTIMORE
PROVIDENCE
ELECTRIC BOND & SHARE CO.
(Paid-Up Capital and Surplus J24,000,000)
71 BROADWAY,
s>
NEW YORK
Arthur Lipper
EMERSON & CO.
E. S.
*
MUNICIPAL AND RAILROAD
Now Street
NEW
BONDS
SECURITIES
SOLD
R. L. Day & Co.
BOUGHT AND
ON COMMISSION
BOSTON
60 STATE ST.
35 Congress St., Boston
Branch Offices
Members 1
Waldorf-Astoria Hotel.N.Y.
N. Y. Stock Exchange
N.!Y. Cotton Exchange
New York Correspondents
Richardson, Hill & Co.
Exchanges
We
St.
60 Congress
Members of the New York and
Specialize in
BOSTON
53 State Street
Wall Street
and
Municipal Bonds
!Boston Stock Exchange
New York Stock Exchange
BOSTON
NEW YORK
N. Y.
Investment Securities
Government
J
Y.
Saratoga Springs,
Long Beach,
Established 1870
PARKINSON & BURR
II East 44th St., N.
N. Y.
Philadelphia Stock Exch. Atlantic City, N. J.
Chicago Board ol Trade
West End, N. J.
N. Y.CoIfee A Sugar Exch.
REMICK, HODGES & CO.
Boston Stock
YORK
Investment Securities
For Conservative Investment
1
& Company
and Exchange Place
Chicago Stock Exchange
William R.fgmpton ftINVESTMENT BONDS
»
Gochrane,Harper&Co.
14 Wall Street,
W. F. Ladd & Co.
New Orleans
Chicago
Investment
Securities
19State St.,
Ill
Broadway
E. HOWARD GEORGE &
Investment
NEW YORK
BOSTON
Securities
New York
George Pick & Compasy
BOSTON
ESTABLISHED 1865
PHILADELPHIA
Investment
72
6 Nassau St.,
BROTHERS
160 Pearl Street, NEW
BOSTON, MASS,
61 State Street
Qaker, Ayling & Young
KONIG
CO, lac
Investment Bankers
BONDS
*
New York
Cincinnati
St. Louis
&
GO.
YORK
MEMBERS NEW YORK
Securities
West Adams Street
N. Y.
STOCK EXCHANGE
Chicago
Deal in
|
Underlying Railroad Bonds
and
Commercial
and
Travellers'
Tax-exempt Guaranteed &
Preferred
Railroad & Telegraph Co.
Stocks
Letters of Credit
Watkins & Co.
*
on
New
England
Industrial Securities
K0N1G BROTHERS, LONDON
Yielding 6H% to 8%
7 Wall Street
NEW YORK
and
HEDERLANDSCHE HANDEL-MAATSCHAPPY
ROTTERDAM
J. MURRAY
65 DsvomUts
StrMi
WALKER
Boston
Investment Securities
JUNE 19 1920.]
THE CHRONICLE
v
Canabfan
BANK OF MONTREAL
Canadian
Government and Municipal
.
Established
over
1,00 Years
CAPITAL PAID UP
These
bonds
-
$20,000,000
REST
Bonds
-
20,000,000
-
--
--
--
offer
exceptional oppor¬ UNDIVIDED PROFITS
tunity for sound investment. If pur¬
TOTAL ASSETS
chased
now
they
will
yield
from
■;
'
'
■
'
■
I;
Principal and Interest payable In
Head
U. S. funds
Sir
Frederick
articulars C-20
Toronto
YORK
NEW
STREET,
General Manager, Sir John Alrd.
571,160,138
Assistant
Montrea
London, Eng.
F. B.
C. L.
C. J.
made
London, England, and at Mexico City.
In
Paris, Bank of Montreal, (France).
In the United States—New York,
1
I Agents
FOSTER,
all points.
at
Travelers* Cheques and Letters of Credit Issue*
available in aU parts of the world.
Banking and Exchange business
description transacted with Canada.
LONDON OFFICE—2
Indies,
Guiana and West
Bank (in
which an
the Bank of Montreal).
British
Lombard
of
eveff
Street. E. O.
The Bank of
England,
The Bank of
Colonial
CANADIAN
Scotland,
Lloyd's Bank, Limited.
SECU RITIES
The Dominion Bank
HEAD
THE BANK OF NOVA SCOTIA
OFFICE, TORONTO
(Incorporated 1832)
Municipal
Paid Up Capital
36,000,000
Reserve Fund & Undivided Profits
7,739,000
.
Corporation
on
FRANCIS,
STEPHENSON,J
BANKERS IN GREAT BRITAIN:
interest is owned by
Lists
Jones.
Chicago,
Spokane, San Francisco—British American
Bank (owned and controlled by the Bank of
Africa—The
&
L.
Buy and Sell Sterling and Continental
Exchange and Cable Transfers.
Collections
Montreal).
Governmentf
H. V.
Exchange Place
_
Agencies:
Throughout Canada and Newfoundland.
West
General Manager,
New York Office, 16
Williams-Taylor
At
Incorporated
$15,000,008
$15,000,008
President,Sir Edmund Walker,C.V.O.,LL.D.,D.C.k
,
General Manager.
Wood, Gundy & Co.
OFFICE. TORONTO
RESERVE
Office—MONTREAL
Branches and
WALL
..
HEAD
PAID UP CAPITAL...
SIR VINCENT MEREDITH, Bart., President.
SIR CHARLES GORDON, G.B.E., Vice-Pres.
7% to 7V2%
14
2,090,440
'
'
-
Write for
THE CANADIAN BANK
OF COMMERCE
Total
Assets..
.—143,000,000
request
Sir Edmund Osier.
Clarence A. Bogert,
President
PAID-UP
CAPITAL—.
FUND AND
RESERVE
$9,700,008
UNDIVIDED PROFITS OVER..
TOTAL ASSETS OVER
Head
General Manager.
18,000,088
......220,000,008
Office, Halifax, N. S.
Office, Toronto, Ont.
General Manager's
A:
Nsw
E. AMES & CO.
74
Agency, 51 Broadway
300 branches throughout Canada, Newfoundland,:
O. S. Howard. Agent
London
Broadway, NEW YORK
Toronto
York
Montreal
Cuba, Jamaica, Porto Rico, and in Boston, Chi¬
cago and New York.
Commercial and Travelersi
Credits Issued, available in all parts of the world*
Branch, 73 Cornhil!
S. L.
Jones, Manager
Bills
on
Canada
negotiated
CANADIAN AND
FOREIGN
EXCHANGE
BOUGHT AND SOLD
United
New
West Indian
or
collected by
or
States.
York
points favorably
branches in tht
our
Correspondence invited.
Agency, 52 Wall Street*
H. F. Patterson, Agent.
TRAVELERS* AND COMMERCIAL
Canadian
Government! Provingial, Municipal and Corporation
LETTERS
OF
CorrespondentsfLoJ?doP J0*?* CIty & Midland
In Great
Britain} Roy^? ^ank of Scotland.
CREDIT
Bonds
v*'
■
'
•
'
•
Bought—Sold—Quoted
THE
GREENSHIELDS & CO.
Dealers
R. C. Matthews & Co.
Montreal Stock Exchange
Canadian Bond Issues
Members
.
in
ROYAL BANK OF CANADA
Established
1869
11 St. John Street, Montreal
Capital Paid Up
Reserve Funds...
Total Assets
CANADIAN BONDS
Head Office
Montreal
SIR HERBERT S. HOLT, President
E. L. PEASE, Vice-Pres. & Man. Director
Corporations Financed
Mj
Bond Issues
0
O.
TORONTO
C. P. K. Bldg.
DOMINICAN
Underwritten
ENTIRE STOCK ISSUES
PURCHASED OUTRIGHT
HONDURAS and BRITISH GUIANA.
R. A.
Daly &
Co,
CANADIAN
CORRESPONDENCE INVITED
GOVERNMENT, MUNICIPAL
MARK HARRIS
AND CORPORATION BONDS
BONDS
Main Office
Mutual Life Bldg.
Buffalo, N. Y.
Bank of Toronto
Canadian Branch
TORONTO.
Royal Bank Bldg.
Toronto, Oaft.
Building
&
PASLEY
Tramway 5s, 1941
Canadian Car & Foundry 6s, 1939
Rio de Janeiro Tramway 5s, 1935
Principal
and
All
Certifies Public Kttecntania
55
New York
Liberty St.,
GEORGE W. MYER,
Payable
Interest
and
Canadian
In
New
York
F.
T.
WALKER, J. A. BEATSON, E. B..
McINERNEY and J. D. LEAVITT. Agents.
FRENCH AUXILIARY: The Royal Bank sf
Canada (France). PARIS, 28 Rue.du
CANADIAN
INVESTMENT SECURITIES
Offerings on Request
Correspondence Invited
Canada
Issues
ARGENTINE—Buenos Aires.
BRAZIL—Rio de Janeiro, Santos, Sao Paula.
URUGUAY—Montevideo.
SPAIN—Barcelona. Plaza de Cataluna.
LONDON OFFICE—Princes Street. E. O.
NEW YORK AGENCY—68 William St.
Quatre-Septembre.
ONT |
Montreal
FEDDE
E. NEILL, General Manager
670 Branches throughout CANADA and NEW¬
FOUNDLAND,
In
CUBA,
PORTO
RICO
REPUBLIC,
HAITI. COSTA
RICA, COLOMBIA and VENEZUELA, BRIT¬
ISH and FRENCH WEST INDIES, BRITISH
BUFFALO
STOCKS and
$17,000,000
18,000,000
550,000,000
Dealt
In
TRUAX, HIGGINS CO.
Montrsal, Can.
Lewis Bldg.
McDonagh, Somers & Co.
Dominion
Bank
Building
TORONTO, CANADA
Thornton Davidson & Co.
JR.
Members Montreal Stock Exchange
Certified Public Accountant
31
ST.,*NEW
NASSAU
Private
YORK
Audits, Investigations,
Estate Accounting,
1
I
430-1-9 Sc 426
Telephone Rector 6441
B.
72 Trinity Place
other
.Confidential
Negotiations
Settlements and
U sited States.
Iron
properties.
N. Y.
Ranch and
Principal and
Interest
Thornton Davidson & Co. Ltd.
Transportation Bldg,
Investigations
Purchases of Property.
West Indies.
BONDS
Payable in New York
NEW YORK
Coal
Transportation Building
CANADIAN BONDS
EDWARDS
INVESTMENTS
FOR SALE—Timber
Quebec, Sec,
MONTREAL, CANADA
Income Tax Returns.
GEO*
CANADIAN
Wires
New York, Toronto,
Canada
81 St. Peter St.
•3
Sparks St.
Montreal
/Emilius Jarvis & Co.
INVESTMENT BANKERS
Quebec
Ottawa
Established 1891
JARVIS BLDG-
TORONTO, CAN.
iv©L. 110.
THE CHRONICLE
VI
foreign
Australia
New Zealand
and
BANK OF
LIMITED
BANK
WALES
NEW SOUTH
BARCLAYS BANK
LONDON JOINT CITY & MIDLAND
LIMITED
HEAD
HEAD OFFICE
Fund--—
16,000,006
Liability of Proprietor*—. 60,000,000
•wrre
•sarr*
54, Lombard St., London, E. C., Eng.
E.C.6
Threadneedle^ St., London,
9,
and
1910..$685,181*647
RUSSELL FRENCH. K.B.E..
ENGLAND* AND
OFFIOESJIN
1,450
OVER
Aggregate AuetiSOth Sept.
JOHN
OFFICE:
-
156,000,600
Sit
Western Bank, Ltd.
Provincial & South
<ESTABLISHED 1817.)
Sadd-up Capital
amalgamated the Londsft-
with which has been
WALES
over
1,400 branches In England and Wale*
Agents in all banking towns throughout
the
world
ueneral Manager.
tvary
and AGENCIES
New Zealand.
Fiji,
BRANCHES
640
fctia
In
States,
Paid-up Capital
arranged.
10,797,195
371,746,389
DepositsKDec. 31st, 1919)
19.
QIORQE STREET
SYDNEY
THREADNEEDLE
OVERSEAS BRANCH
STREET. E.C. 6
65 & 66, Old Broad Street,
and Issued
Paid-up Capital 66,900,0001
^
ToFund—66.570.000/gethar
2*«srvt
Ismns
DESCRIPTION OF
EVERY
London, E.C.2
Foreign Banking Business of
Every
ST.600.000
—
£7,000,99.
6696,959.185
BANKINO
BUSINESS TRANSACTED
Incorporated 1880
Authorised
£14,110,951
RESERVE FUND
TBE UNION BANK OF AUSTRALIA United
established 1887
620,000,994
CAPITAL
ISSUED
DEPOSITS
London Office
Kead Office
CAPITAL
AUTHORIZED
10,797,195
Reserve Fund
and London.
Vhi and ether Produce Credits
£38,053,445
Subscribed Capital
'Papua
The Bank transact*
description of Australian Banking Business.
Australian
(Haw Guinea),
The Foreign
Address
Undertaken
Description
Manager,
Fenchurch Street,
168,
E. C., Englac*
London,
6f.0T0.00C
Liability of Proprietors--—61,000,000
IL8I Rt. Hon. R. McKENNA—Chairman
Reserres——.<10.0T0.0C0
Total Capital and
Branches In VICTORIA. 80 hi
MMW SOUTH WALES. 19 In QUEENSLAND
14 In SOUTH AUSTRALIA. 61 In WESTERN
AUSTRALIA. 8 In TASMANIA and 64 In NBW
90s Bank has 41
OK Ah AND.
load Offica; T1 CGRNHILL,
BELFAST BANKING COMPANYILTD.
f
LONDON. B. C.
I
.
Manager—W. J. Bssams.
AND PARR'S BANK LIMITED
.Over 110 Offices in Ireland
|
ESTABLISHED IN 1830
THE CLYDESDALE?BANK LTD.
Aaristanl Manager—W. A. Lalng
Over
150 Offices in
Chairman: Walter Leaf,
Scotland
|
THI
LIMITED
55
MstoMthtf 1834.
and
tl9.000.9M
909.009
Surplus—
Undivided Profits-
<6.000.861
Reserve Fund
.........
6,040.0ft
Baser?* Liability of Proprietors
6,000,066
.
<1.040.991
demand,
and
Chins
ef
Japan
Panama
Philippine Islands
London
■sgstlated
sellected.
er
Office.
■ead
Sydney.
Lane.
Blrchln
New
Lombard
South
Capita!
Authorised
Up
Established 1879
India,
Banker and Broker
78
de la
rue
BRUSSELS,
BORDEAUX:
MARSEILLES:
Lot
Belgium
NANTES:
Rennurb.
Cable Address:
&
Paris
Foreign
AFFILIATED IN IRELAND
ULSTER BANK LIMITED
Csylon,
All cheques on the Ulster Bank will be collected
for Customers of this Bank, free of Commission.
NATIONAL BANK OF INDIA Limited
Sankars to the Government In Brltlae
Africa and Uganda.
of London, Limited
East
UNDERTAKEN
Telegraphic Address, Uulsoo; London.
Capital Authorised & Subscribed 619,900,000
Subscribed
Capital—.68.000.000
Paid-up
Capital
61,900,000
Reserve Fund..
61,890,000
f&t Bank tend acts every description of banking
and exchange business.
Capital Paid Up
6,009,000
Reserve Fund
6,000,000
15—£1
NOTICE
RATES
Clermont & Co.
IS
OF
deposit
an
HEREBY
are
as
Call
5
Par
At
3
T
Days'
to
Tho
STERLING.
INTEREST
At
BANKERS
GIVEN
that
allowed
tor
follows:
English Scottish and Australian Bank, Ltd
The
dUoounte
—61.078.876
9
Paid-up Capital
639.437 19
Farther Liability of Proprietors.
639.437 10
660,000
9
approved
bank
money
on
NUQEMV. Manager.
Lira 819,000,000
Fund
"
41,009,090
deposit and Currant Account*
(May II, 1010)
" 1,509,990,990
Cantral Management and Head
Offlea:
ROME
Discount
Feletler angle Beuld. dee. Italiens; BRAZIL; Baa
raula and Ban tee; NEW YORK: Italian Diseeunt
899 Broadway.
at
Genaa. Milan,
Naplea. Palarma.
Trieste,
Venice,
Florence,
Balagna.
OataaiM. Leg barn, and aver 109 Branches in the
Kingdom.
Landan Clearing Agents: Barclay"* Bank. Ltd.;
U68 Fenchurch Street. E.G.
* Trust Ga.,
,
C
Natdls London.
Cable Address
Subscribed Capital
8111s Negotiated or forwarded for Collection,
anking and Exchange business of every d*
•oriptlon transacted with Australia.
*
M. JANION« Manage*
$61,166,625
.1.
4,833,325
Paid-up Capital
Reserve Fund
($5=61
KB! BANKING CORPORATION
follows:
money
..
on
at 7 and 14
OF
BANKING
BUSINESS
TRANSACTED.
OF
Deposit are
w >
5% Per annum at call.
115,000,000
<36,000.000
KIND
STERLING.)
INTEREST, allowed for
as
EVERY
2,600,000
*
NOTICE Is hereby given that the RATES
Hong Kong & Shanghai
Office*
far in.
LONDON, E. C.
85 CORNHILL
Remittances made by Telegraphic Transfer.
Inms Fundi In Gold—<16,000,0001
Italian*
and the
Special Letter* ef Credit Branch in Bam*
(farmerly Sebaatl 8c Reall), 20 Plana di Spagp*.
Foreign Branches: FRANCE: Parla, 2 Rae 1*
Company, Limited
#
I
6
Bsscarla
iu«rn
Cant.
Par
receives
National
Bead Office: 68 Lombard St.. London, E. C, I
SocUta
Sconto
Incorporated the
are
Capital Fully Paid Up
ooeptanoea,
R.
which
Soeista Italian* di Crsdlto Provincials
Notloa, 6VA
CHRISTOPHER
"Clermont'?
Paid OP Capital (Hong Kong Currency)
the
posit at rates advertised from time to time,
America
with
money
Cant.
Company
mercantile
Italians Di
Bancs
|
and
de¬
and
grants loans on approved negotlnble securities.
GUATEMALA,
Reserve Fund
EXECUTOR AND TRUSTEE DUTIES
IC CORNHILL.
Blshopscate, London. E. C.
India. Burma, Ceylsn, British Bast
Uganda and at Aden and
Banslbar.
Atauches In
Subscribed Capital
Agents in all
Principal Cities and Towns of the United King¬
throughout the World,
The Bank is represented by Branches or
the
dom and has Correspondents
Mead Offlce'60.
Otble Adress:
FRANCE
22, Place Vendome
37, Rue de la Republique
22 & 24, Oours de l'lntendance
29 Rue Cannebiere
6, Rue Lafayette
LYONS:
London
aad
Central
IN
Westminster
County,
PARIS:
The Union Discount Co.
AMsa.
114 and 116, Rue Royale
Bank, Limited.
Office
Burma,
/
AFFILIATED
London
Straits Settle•nits, Fsdsratsd Malay States. China, and Mauritius.
0sw Tork Agency. R. A. Edlundh, 04 Wall Street
In
41, Place de Meir
!
BARCELONA:
Paseo de Gracia 8 & 10
BILBOA:
Gran Via 9
MADRID: Avenida del Conde de Penalver,21 & 23
ROBERT BRUNNER
Paid
Bvaasbss
W. H. Inskip
J. C. Robertson,
ANTWERP:
BRUSSELS:
Wales.
Subscribed. ..fl.Mt.00S
6750.M0
Beaerr* Liability of Shareholders
67M.S00
Beserr* Pond and Undivided Profits...
6785.704
•eoftal
E. C. 2. "
SPANISH BRANCHES:
Tbe Mercantile Bank of India Ltd.
Head
£304,547,726
counts
BELGIAN BRANCHES:
Street. B. C
15 Gracechurch Street,
Current,
Foreign Branch Office: 82, Cornhill, E.C.3.
,
Lyons
Lenden Office:
ll«
8,750,000
(31st Dec.. 1919.)
Deposit and other ac¬
F. J. Barthorpe,
Java
1
£33,000,000
8,503,718
Joint General Managers:
San Francisco
Agencies ef the Bank
Bills en Auatralasis
Remittances cabled.
Head Office. Branches and
in Australia and elsewhere.
... —
Reserve
Santo Domingo
Letters
Ovsdlt are issued by the Lenden Branch en IAS
R. Hugh Tennant, Esq.
Capital
Paid-up Capital
Settlements
Straits
India
*
Turner,
Authorized
HEAD OFFICE: 41, LOTHBURY,
Branches in:
—
sn
Sir Montagu
WALLISTREET, NEW YORK CITY
Capital
incorporate in Nrw 8oui* Won*.
Paid-up Capital
payable
Esq.
Deputy-Chairmen:
Commercial Banking Company
of Sydney
International Banking Corporation
Drafts
WESTMINSTER
LONDON COUNTY
Affiliated Banks:
ffl
*
days notice.
\ln Silver._<21,000,000/
Approved Bank & Mercantile Bills discounted
Money received on deposit at rates advertised
from time to time; and for fixed periods upon
BOOT LATE OR COLLECT BILLS PAYABLE IN
specially agreed terms.
Loans granted en apH1NA, JAPAN. PHILIPPINES. 8TRAITB SETI proved negotiable securities.
LEMENT8. INDIA
Banco
Espano! del Rio de La Piste
HEAD
OFFICE. BUENOS
AIRES
London Office. 7 Fenchurch St.. B. C. 8
Reserve Liabilities at Proprietors
16,000,000
GRANT DRAFTS, ISSUE LETTERS OF CREDIT,
--
WADE GARD'NER, Agent, 34 W
,
I
PHILIP HAROLD WADE, Manager.
CsfiUri & Rams a tefit 148,215,7S5=«£1tf3MJ
All classes ef
Argentine,
Spanlah and
European banking business conducted.
'
June 19 1920.]
THE CHRONICLE
Jfeteign
/•ttisn
Foreign
NATIONAL
SPERLING & CO.
FISCAL
AGENTS
Head
Banqne Rationale de Credit
FOB
Capital
frs.
63,000,000
Deposits
and
300,000,000
Surplus
Public Utility
frs.
-
Head
Capital, fully paid
£3,000,000
Reserve
Office:
£1,663,278
YORK
6
AGENTS
Fund
LONDON
PARIS
NEW
AND
7
270 Branches In France
SPERLING & CO., INC.
139 BROADWAY.
Office—Cairo.
Established under Egyptian
Law
June, 1898, with the exclusive right to
Issue Notes payable at sight to bearer.
frs.2,100,000,000
Hydro-Electric Companiet
BANK
EGYPT
of
Basildon Houue, Moorgata St
London, E. C.
••
vu
AGENCY
KING
WILLIAM
ST.,
LONDON, E. C., 4, ENGLAND.
4 Branohes in the Rhenish Provinces
THE
GENERAL BANKING BUSINESS
MTIOML PROVINCIAL ANO
ONION BANK OF EN6LAND
SANCA COMMERCIALE ITAUANA
Head
Office MILAN
Ptld-u* Capital
tsssr?* Funds—
AGENCY
ICS
United;
<31.300,009
Sll.ei0.00e
IN
NEW
YORK.
BROADWAY
tdBtfou Office. 1 OLD BROAD STREET. B. C.
Manager: B. Ceneele.
SUBSCRIBED CAPITAL
CSl.8f9.l9l
Head Office;
La Chaux-de-Fonds, Neuchatel
15, BISHOPSGATE, LONDON, ENGLAND
Baesat St.. 8. W.
with
Italy, at all the
"Representatives In New York and Asenti
Banaue Franceise at Itallenne
near rAaaarlaua du Sad.
(■ Italy" af tha
Ay res.
Rio da Janeiro, San Paulo,
Santos. &c.
Socleta Commercial*
Office*
numerous
and
London Office, 43 Lothbury, E. C. 2
West End Branch
llcRegent Street
Waterloo Place S. W. 1
in
Englan#
Walo*
ROTTERDAMSCHE
principal points In the Kingdom
•asnos
MTJ14R6
-
-
Basle, Zurich, SL Gall, Geneva, Lausanne,
Agency and London OfNca af ttta
Italian Stata Rail way a. IS Waterlee Flu*.
04 Branohes In
-
RESERVE FUND
Swiss Bank Corporation
Wsst End
erraspondanea to tha Italian Treasury.
8131."TB.Se*
PAID-UP CAPITAL
BANKVEREENIGING
Capital paid
up,
.
$20,000,000
.
Surplus,
The
$190,000,000
....
d'Orlenta, Tripoli.
Amsterdam
Rotterdam
$6,200,000
Deposits,
CAPITAL
■
Hague
AND
RESERVE FUND
F.105,000,000
COLLECTIONS
STANBM6 tm OF SOUTH AFRO, LU
HEAD OFFICE. LONDON. E. C.
Authorized
Capital
Union De Banques Snisses
LETTERS OF
Formerly Bank in Winterthur
FOREIGN
350,000.900
Toggenburger Bank
Subscribed Capital
S81.SIC.000
Paid-up Capital fir Reserve Fund Slt.81S.C00
Total
Resources
SS0i.lS5.ili
Over
85C
Branches
and
Agencies
throughout
gaatb Africa. v
W.
H. MACINTYRE.
C8 Wall
St., New
est.
1862
est. 1863
PURCHASE
Gall, Winterthur, Basle, Geneve,
Lausanne
Agent
Arnold Gilissen & Co.
and many more branches
York
Alaa
representing The Bank of New South
Wales with branches throughout Australasia.
Damrak
80-81
Every Description of Banking Business
AMSTERDAM
CAPITAL PAID UP
"
THE
ROTTERDAM
Frs.75,000,000
RESERVES
Achilles-Amsterdam
Oabla Address :
Foreign Exchange, Documentary Credits.
LEU and CO/S BANK.
SALE OF
AND
STOCKS AND SHARES
ZURICH
St.
CREDIT
EXCHANGE
10,000,000
HAGUE
1871
EetaMfehed
limited
BANKERS AND STOCKBROKERS
ZURICH, (Switzerland)
Pounded 1755
Capital Paid up and!
Reserve Fund
_/
FOREIGN EXCHANGE
Prs. 52,500,000
EVERY DESCRIPTION of BANKING BUSI¬
The NATIONAL BANK
of SOUTH AFRICA, Ltd. BANK OF BRITISH WEST AFRICA, LTD.
35=* il
NESS TRANSACTED.
Over 400 Branches In Africa
Bills of Exchange Negotiated and Collected
Drafts and Letters of Credit Issued.
Telegraphic Transfers Effected.
and
Reserve*
420,000,000 00
faculties far the extended ef trade and com¬
merce
R. E.
-
-
30,000,000
iBcarperatod by Royal Charter. 1737.
*1,999,999
Rest and Undivided Profits
Zurich, Switzerland
Deposits
Leaden, R. O.
Portland Street
Ionian
-
Bank,
Incorporated
years,
Country.
Also at
and
has
Branches
•
•
ger;
Glasgow Office
-
_
„
Cairo, Ac., la Egypt.
Head Office: Basildon House.
Moorgata Street,
LONDON. B, C. 9.
THE COMMERCIAL BANK OF SCOTLAND Ltd
Established
H..d
t Biahopsgate, E.G. I
Wm. Wallace.
Exchange Square
Agent: A. Dennis to on.
1816
Office—EDINBURGH
Capital (Subscribed)
Man
Charter.
for transaction
eetabliataed tot
throughout the
Alexandria.
St. Andrew Square, Edinburgh
London Office
Limited
Royal
by
Offers every banking facility
with Greece, where it has been
Cashier and General Manager: A. K. Wright.
Geneva, Glarls, Kreuzlingen, Lugano
Lucerne, Neuchatel, St. Gall.
1*4-166
£1,133,370
£31.549,333
Head Office
Branohes at Basle, Berne, Frauenfeld,
Office,
Liverpool Office, 25 Water Street
B. B. APPLEBY, Agent, 6 Wall Street, New Tori,
89
Royal Bank of Scotland
Paid-up Capital
HEAD OFFICE
Manchester
10 Wall St.
SAUNDERS, Agent.
Capital paid up._fr*. 100,000,000
Funds..frs.
—
between this country and Africa.
New York Agency
Established 1856
Reserve
——
Head Office. 17 fc It Leadeahell St.,
OfTert te American banks and banker* it* importer
SUISSE
—B18»000,00€
7.256,669
Capital (Paid Up)
2.966.00$
Surplus and Undivided Profit*-...1.290.969
Branches throughout Egypt, Morooea.
Wsrt Afriaa and
the O&aary Islands.
—
-
Paid-Up Capital
Booking and Travel Department.
CREDIT
Authorised Capital
Subscribed Capital
——
£B,SOO,«*
Paid up—
256,000
608,000
paid...21,250,0*
of £1 each fully paid.. 2
6*0,00*
A" shares of £20 each £6
B" shares
£1,750,006
Deposits
£36,071,162
MAGNUS IBV1NE, See.
Loosen Office—52 Lombard Street, E. O. 3
Gi««e«w Office—113 Buchaaan Street.
Drafts, Circular Notes and Letters of Credit issued
and overy description of British, Colonial ana FoiqSga
Reserve
£1. ©00,006
4LEX. RDBB, Qen. Mgr.
'
GENERAL
BANKING
BUSINES,
Foreign Exchange
Dooumentary Business, Letters ofCredit
170 Branches
Throughout Scotland.
Every Description of British, Colonial and
Foreign Banking Business Transacted.
Banking end Bzebango business transacted.
'Jorretixmdvnc* Invited,
New York Agents—American Exchange Nat- Banh
[Vol. 118.
the chronicle
viii
JBanfctt* ottb jBwfcetf onttfl*
ST.
Jltta gotfe
CHICAGO
CHICAGO
LOUtS
TILDEN & TILDEN
Iaearaerated
Dodge & Ross,
A. G. Edwards & S®es
INVESTMENT BANKERS
Members
New York Steck Bzcfcaass
IS Well St.
Oil*. St.
SALLE STREET
.
Bonds and Preferred Stocks
& STITT
SCOTT
NEW YORK
LOUIS
ST.
IQS SO. LA
CHICAGO
Specializing la
Louie Stock Kxchaace
St.
410
INVESTMENT BONDS
(INCORPORATED)
Service
Public
L.
Industrial
and
INVESTMENT SECURITIES
♦
St.
Monroe
W.
111
Corporations
CHICAGO
MUNICIPAL
111 Went Monro©
BONDS
CORPORATION
Street,
CHICAGO
INDUSTRIAL
PREFERRED STOCKS
Greenebaum Sons
Rank andTrustCoir^aay
MISSISSIPPI VALLEY
GENERAL
SECURITIES
written
and
under¬
distributed.
Middle
West
Suitable for Estates,
South
and
a
expert verification
of underlying asset?
$2,000,000
832 so*, Michigan av,:
Graeme©
%% CHICAGO FIRST MORTGAGE BONDS
Trustees and Individuals
Write for Bond Circular
Utility and Industrial Issues of
the
Sta.
based always upon
BANKING
and Surplus,
Capital
municipals
grade
High
La Salle and Madison
•southeast Corner
BONDS
TIMBER
Oldest Banking House
C 25,
CINCINNATI
in Chicago. A State Bask
$250,000.00
AKRON, OHIO
specialty.
A. O.
BOND
DEPARTMENT
Slaughter & Co.
Members
Mississippi Valley Trust Co.
Exchange
Chicago Board of Trade
ST.
110 WEST MONROE
LOUIS
yield S 1-8.
FINANCIAL STATEMENT.
Chicago 8tock
Capital, Surplus and Profits $8,500,000
BONDS
Due 1322 to 1936 to
York Stock Exchange
New
5H%
SCHOOL
$279,300,706
5,896.009
Assessed valuation
Net debt
Population 200,000.
STREET
CHICAGO, ILL.
The Provident Savings
Bank & Trust Co.
Lorenzo E. Anderson & Company
310 N. 8th St., St.
Securities
Investment
Louis.
Municipal & Corporation Bonds
111 West
New York Stock Exchange
New York Cotton Exchange
Monro* Stroot
CHICAGO
St. Louis Merchants
Exchange
St. Louis Cotton Exchange
INVESTMENT SECURITIES
St. Louis Stock Exchange
Powell, Garard & Co.
Charles W. Moore
William H. Burg
INVESTMENT SECURITIES
SIVtlTH, MOORE
& CO.
La Salle Street
39 South
OHIO
CINCINNATI
Greenwood County, S. C.
ROAD
Chicago
INVESTMENT BONDS
I
ST.
OLIVE ST.,
Now
Philadelphia
York
Bankers
Investment
New
Members
St.
York
Louis
Stock
Stock
5% BONDS
and
Interest
Weil, Roth & Co.
CHAS. S. KIDDER & CO.
MARK C. STEINBERG & CO.
Members
100
St. Louis
LOUIS, MISSOURI
ST. LOUIS SERVICE
HALL
&
ROBERTS
(New York Stack Exchange
Members! Ohicage Beard ef Trade
[Olncinaatl Stock Excfcaatfs
Members Chicago Board of Trade
Herndon Smith
Bond Department
CINCINNATI, OHIO.
French& Co.
Radon,
■mblfsted
lm
CINCINNATI
NEW YORK
SAWYER
CHANNER &
INVESTMENT SECURITIES
Exchange
Exchange
198 South La Salle St.
Union Trust Bid*.,
CHICAGO
CINCINNATI. OHIO
300JN. Broadway
ST. LOUIS
Ohio Securities—Municipal Bonds
TAYLOR, EWART & CO.
Members
St.
Louis Stock Exchange
jw
York Stocks and Bonds
INVESTMENT BANKERS
IN
DEALERS
STIX & CO.
109 South La Sollo Street
INVESTMENT SECURITIES
CHICAGO
Investment Securities
Municipal, Railroad and Public
Utility Bonds
609 OLIVE
ST.
ST.
IRWIN, BALLMANN & CO.
LOUIS
llMte-m Walnut St.
CINCINNATI. OHIO
Munlcloal and
TOLEDO
TUCKER, ROBISON&.CO
OUND5
Corporation
ZDGAR
FRIIDLANDEB
DEALER
Successors t*
David fiobiten Jr. <% Sena.
Banker*-- Bstebhsbrd 1876.
SHAPKER, WALLER & GO
13
SOUTH LA SALLE STREET
tiMlptl, itegfesl ssd Corpate
Cincinnati
IN
Securities
OBI 9
CINCINNATI
CHICAGO
EPftlNfiFltLO.
ILL.
Toledo and Ohio Securities
TOLBSH*. OHIO
ffclTitw BuJMio*.
Qrsves, Blanchet S Thornburgh
Job Barnham & Co.
High
Grade Investment So.
cwrltlee.
UUHICIVA.'. BONDT
GARDNER
BUILDING
TOLEDO,
OHIO
Convertible
Matheny, Dixon, Cole& Co
RidtelyFtfflieri Bank
SPRINGFIELD.
Imuee, Bends, Bonk Shore*,
Illinois
Undated Securities.
41
South
La
Municipal Bond*
and
Salle St.
CHICAGO
Blds«
ILLINOIS.
Note
First
Mortgage
Farm
Loans
Jone 19 1920.]
ix
THE CHRONICLE
Ranker* anb prober* ©utsftie Jltto IJotfe
PITTSBURGH
■ICHIQAN
LYON. SINGER & CO
Member* Detroit Stock Exchange
INVESTMENT BANKERS
Commonwealth Bldg.,
PITTSBURGH
Members of Detroit Stock Exchange
ESoob*, fetoan & Cbtoarbtf Co.
Charles A. Parcells A Co.
Inquiries Solleitad
Carried
AO
In
Stocks
Markata.
Conssrvatlvs Mar gin a.
em
INVESTMENT SECURITIES
Securities of Pittsburgh District
Pennsylvania Municipal Bonds
Gtea. W. Eberhardt & Co.
OLIVER BUILDING.
HQ Congress Bldg.,
A. J.
Company
Members Detroit Stock Exchange
(EstabHabed 21 Years)
MICHIGAN SECURITIES
Stocks, Bonds, Grain
Member* Pittsburgh Stock Exchange
Richard Brand Company
Specializing
BOUGHT—SOLD—QUOTED
and Provisions
Mnaabert New Yerk Stock Exchange
Board
PENOBSCOT BUILDING. DETROIT, MICE,
Hood &
PITTSBURGH
Member* Chicago
DETROIT, MICH.
PENOBSCOT BUILDING.
DETROIT
of Trad*
Securities
Detroit
We invite your inquiries,
Specialise injlfllchlcan Stocks and Bonds
1721-3 Dime Bank
Bldg., Detroit
A. E. MASTEN &. CO.
Msmbert New York Stock Exchange
Boston Stock Exchange
Pittsburgh Stock Exchange
Chicago Stock Exchange
Chicago Board of Trade
New York Cotton Exchange
tS3 Fourth
Ave.,
GORDON, FORTIER & CO.
WHITTLESEY, McLEAN & CO.
Investment Securities
Municipal Bonds Corporation Bondt
V-
Suits
Pittsburgh, Pa.
Branch Office:
Rational Bank of West Virginia Building
1618,
Dime
Bank
Active Members of Detroit Stock Exchange
Telephone Cadillac 5050
DETROIT
Preferred Stocks
Building
MICHIGAN
8054-56 58
Penobscot
Wheeling. W. Va
DETROIT
Bldg.,
Motor Stocks
F. N.
Boyle & Company, Inc.
Successors
L. J. DAWES & CO.,
to
INC.
MATTERS FINANCIAL
Union Arcade
W.
A.
HAMLIN A CO
and
AH
Member* Detroit Stock Exchange
Burdick-Thomas
Motor Stocks, Public Utilities & Oils
Company
Members Detroit 8tock Exchange
Pittsburgh, Pa.
856-388 Penobscot Bldg.,
1011 Penobscot
W. Carson Dick & Company
WATLING,
INVESTMENT BONDS
Michigan Securities
Bids.,
DETROIT. MICH
& COMPANY
LERCHEN
Michigan Municipal Bo
MICHIGA*
DETROIT
KAY & CO.
INVESTMENT
Local
Corporation
Bond* and
Inc.,
a
>
BANKERS
Stocks
IfO-SSI UNION ARCADB BUILDING
Penobscot Bldg.
Members Detroit Stock Exchangs
PITTSBURGH, PA.
DETROIT
KANSAS
DETROIT, MICH.
Members Detroit Stock Exchange
GRAND RAPIDS
CITY
DANSARD-HULL-BUMPUS COMPANY
W, C. Sylvester Inv. Co.
GEORGE M. WEST & COMPANY
Btartabltehed
INVESTMENT SECURITIES
Investment Bonds
47 Congress St„
Kansas City Securities
Woet
1808
INVESTMENT BANKERS
DETROIT
DETROIT, MICK,
UNION TRUST BLDG.
Kansas City. I«
III Baltimore
STREET & COMPANY
Hsnidpil A Corporate Bonds
Members Detroit 8 \ock Exchange.
Member* Detroit Stock Exchange
FENTON, C0RRIGAN & BOYLE
A. W. Wallace & Company
Investment Benkeri
INVESTMENT BANKERS
Local Securities
Chi cage
Missouri
Kansas City
Detroit
Grand Rapid*
Underwrite and distribute entire Issues
of Industrial and Publio
DETROIT, MICK,
Penobeeot Bldg,
Tel. Cherry 2800
Utility securities
surrALO
Loew's Buffalo Theatres
Preferred and Common Bought and Sold
Specialists in
KEANE,
HIGBIE
&
CO. Allen G. Thurman & Co.
Canadian and Western New York Securities
IT CRISWOLO ST.
DETROIT
JOHN
T.
Buffalo, N. Y.
STEELE
Government, Municipal
and Corporation
Bond!
and
Unlisted
Floor.
GRAND
C. M. DEAKIN & CO.
Flint
Stock* and
Michigan
Bond*
Bldg.
Trait
RAPIDS, MICH.
Saginaw
Muskegon
Members Detroit Stock Exchange
Correspondents
BUFFALO. N. Y.
Lietod
Ground
Slocom, Eckardt & Company
480 Ellicott Square,
Banker* and Brokers
MUNICIPAL BONDS
VAN EMBURGH & ATTERBURY, New York
CLEMENT.
CURTIS
&
801=2 Dime Bank
CO.,
Chicago
F. C. ANGER
CO.
Investments
Building
Detroit
8PKCIAUEBT8 IN
Brittle and Western New York Securities
IRVING
T. LESSER
STOCKS AND BONDS
1858-64 Penobscot Building,
Detroit is the market for
DETROIT MOTOR STOCKS
Reo
•'
Paige
•
1 Fprd
Continental &
JOEL STOCKARD A CO.
Members
BUFFALO. N. T.
471 BBteott Sawn
Packard
Detroit
Stock Exchange
DETROIT, MICH,
DETROIT, MICH.
WEBB. LEE & CO.
Member*/Detroit Stock Exchange
I Chicago Board o
Trade
Correspondents
THOMSON
& McKINNON
880 Penobscot Big. National Union Bank Big
"IWAtK.W.I,
DETROIT, MICH.
JACKSON, MICH.
COLUMKUS
CONSERVATIVE
CLAUDE MEEKER
Investment
Securities
Specialist fta Cltiae Service Issues
8
Cast
Broad
St..
fl Broadway
COLUMBUS, O,
NEW YORK CITT
INVESTMENT SECURITIES
Harris, Small & Lawson
Lut upon request
INVESTMENT SECURITIES
F. M. CHADBOURNE&CO.
FIREMEN'S INSURANCE BUILDING,
NEWARK, N. J.
44 CONGRESS
ST., W
DETROIT
[VOL. 110.
THE CHRONICEL
X
ffaadut* anb J&toktti &atiitie fltto
PACIFIC
PACIFIC
COAST
Howard Throckmorton
DENVER
COAST
Pacific Coast Securities
california securities
Government
& Company
•f HTONICIPALITIXS AND
Bonds Municipal
CORPORATIONS
.Corporation
investment bankers
substantial assets
fearing
San Francisco
and earning power
Commercial Building
Alaska
colorado
denver
Purnfihad is
Information
and
Quotations
Porter
Boettcher,
BONDS
WILLIAM R. STAATS CO.
LOS ANGELES
Paolflo Coast Securities
Established
PASADENA
FRANCISCO
IAS
1851
WESTERN SECURITIES
CO.
8UTRO &
Sugar Stock*
INVESTMBNTiDROKERS
fan Francisco
All Montf emery St.
Ban Francisco JJteek
a
Specialty
Members
Bond
and
Bxeaaase
GREGG, WHITEHEAD & COs
BiankenborD-HaDter-DQlin
BROWN & CO.
F. Bfl.
Investment Banker*
DENVER
Company
DEALERS IN
PORTLAND,
Municipal and Corporation
municipal
corporation
BONDS
and
SOI Ssnsome Street, Corner California
FRANCISCO.
SAN
damnq
uyjriud
district
CALIFORNIA
MORRIS BROTHERS, Inc.
THE PREMIER MUNICIPAL BOND HOUSE
CAPITAL ONE MILLION DOLLARS
and
Government
California
Securities
LOS
SAN
ANGELES
FRANCISCO
SAN
PASADENA
DIEGO
Established
Morris Building
Company
Quarter Century
PORTLAND, OREGON
-
HALL
California
Los Angeles,
-
SEATTLE, WASH.
COMPANY
A
We specialize in
California
Municipal & Corporation
INVESTMENT BONDS
BONDS
CLEVELAND
Bonds
Municipal
over a
No. t. Central Building
Aronson and
ORE.
fcSTAttUSHfcO
t»i
Looal
THOMAS
DRAKE, RILEY
The Gondiing-Jones Company
LEWIS
and
Piolfte Coect
Securities
OREOOR
PORTLAND,
auiLOINQ
Van Nuyi Building
LOS ANGELES
DULUTH, MINN.
stocks-bonds-notes
BANGOR BUILDING,
CLEVELAND
Private Wires Coast to Coast
Oerreependente Logan
Bryan
an
MINNESOTA SECURITIES
Railroad,
A. H. Woollacott & Co.
OTIS & COMPANY
Municipal
and
Corporation Bond*
Stocks, Bonds, Grain, Cotton
Investment Bankers
W. M. Prindle & Company
ISS-SSS I. W. Hellman Building
Members of New York, Cleveland, Chicago,
Detroit and Columbus Stock Exchanges,
New York Cotton Exchange.
LOS
ANGELES
Duluth, Minnesota
Chicago Board of Trade.
INDIANAPOLIS
cleveland
Boston
Columbus
Cincinnati
Detroit
Toledo
Youngstown
Akron
TORRANCE, MARSHALL & CO.
Fletcher American Company
Colorado Springs
Denver
California Securities
INDIANAPOLIS
Ohio Securities
LOS ANGELES
SOUGHT
SOLD
Capital
QUOTED
W0RTH1NGT0N, BELLOWS ft CO.
UmttrtlNnK
Yort Stoc* Kxchangt
\ Cleveland Stock Exchange
Guardian
Building
Stock*
CALIFORNIA
CLEVELAND
A.
E.
LEWIS
BONDS of th« PACIFIC COAST
Swnritjr Bide.
Bonds
Write
CO.
&,
Municipal. Public Utility. Railroad and
Corporation
SHORT TERM NOTES
R. H. MOULTON & COMPANY
Unincorporated
CLEVELAND
BUFFALO
Niagara Life Bldg.
CLEVELAND
Akron
SECURITIES
Rubber
CALIFORNIA
MUNICIPALS
Titla Insurance Building.
101 Euclid Ave.
Stocks
LOS ANGELES
American NatT Bank Bldg..
San
Francisco.
MAX I. KOSHLAND
Saa
Francisco
Member Cleveland Stock Exchange
Guardian
Company
Bonds
and
Short Term Notes
Stocks
offerings
on any
Indiana Security.
itatistical Information Furnished
BREED, ELLIOTT & HARRISON
INDIANAPOLIS
lindanatl
Detroit
Chicago
Milwaukee
Investment Securities
Municipal Bonds
Traction, Gas and Electric
Lighting Bonds and Stocks
Bought and Sold
Street.
FRANCISCO. CALIF.
Stocks
Information
Company
DEPARTMENT
INDIANAPOLIS
CHAPMAN DE WOLFE CO.
til-SOS Montgomery
BOND
Indianapolis Bank Stocks
Local Public Utility Bond*
Indiana Municipal Bonds
and
NEWTON TODD
nd Bonds
Quotations
on
all
Pacific
Coast Securities.
CLEVELAND
or
The Union Trust
Bead Bzckaage
Mille Building
SAN
Investment
Stack and
BAN FRANCISCO
Building, Cleveland
Hunter Glover &
or
Pacific Coast Securities
Member
Roland T. Meacham
for bids
Indianapolis
(1,500,600
Loa Ancles. Ctl.
Acceptance*
RITTER COMMERCIAL TRUST
us
*
Members San Francisco Stock k Bond Exchange
Local Securities and
Indiana Corporation Bonds and Stocks
411 Lemcke Bldg.,
INDIANAPOLIS
JUNE 19 1920.]
the chronicle
xi
ffiatritets anb Pickers ©utcfbt ileto Port
ALABAMA
MARX
PHILADELPHIA
& COMPANY
BANKERS
BIRMINGHAM.
Southern
-
PHILADELPHIA
BONDS
STOCKS
SHORT-TERM
I
NOTES
Graham. Parsons & Co.
m^CHESTNUT ST.
Municipal
and
118 BROADWAY
PHILADELPHIA
ALA.
-
Parsly Bros. & Co.
1421
YORK
Investment Securities
BANKERS
Corporation Bonds
NEW
CHESTNUT STREET
Deal In and Furchaee
PHILADELPHIA
CHATTAN60OA
Isauee
MEMBERS PHILADELPHIA
STOCK EXCHANOB
i
of
MUNICIPAL BONDS.
BONDS, NOTES AND PREFERRED STOCKS
LEWIS BURKE & CO.
el
Established 1865.
LOOAI. AND SOUTHERN
RAILROADS,
;■
UTILITIES
AND
INDUSTRIAL CORPORATIONS
SKCUEITIKS
of
ESTABLISHED
BANKERS
nmoe
BvHdhif
VALUE
CHAT7ANOOOA
416 Chestnut; St.
Philadelphia
Cable Address " Grace ,M j Philadelphia
Government,
HOUSTON
Municipal, Railroad and
SHERWOOD & KING
Public Utility Securities.
Specialists in Texas Securities
Members New York and Philadelphia
8tovk Exchanges.
Humble Oil & Refining Co.
em.0arks0o.
Higgins Oil & Fuel Co.
BANKERS
HOUSTON. TEXAS
fAmerican
Bankers
Assn.
JOSEPH W. GROSS
Members] Texas Beakers Assn.
321
iHotutom Cotton Exchange
Hydro-Electric
MACON
Chestnut
St.,
Philadelphia
Securities
Established
'
1411
CONTINENTAL TRUST
C0MPAN1
CHESTNUT
1837
STREET
^HALADELPHIA
PA,
I Members
New York and
Southern Municipal Bonds
Stock
Philadelphia
Exchanges
AND
AUOUSTA
Guaranteed Stocks
BACON
WANTED
GEORGIA
em
City of Augusta, Ga., Bonds.
SFABTANBURO.
S. C.
Members Philadelphia Slock Exchange
h. WL LAW & CO., Inc
JOHN W. DICKEY
Masonic
DEALERS IN
Bldg.,
INVESTMENT BANKERS
Augusta, Ga.
Land Title Building
PHILADELPHIA
Stocks and Bonds
Southern
Textiles
a
New York
WM. E. BUSH & CO.
SPARTANBURQ. S. C.
Augusta, Ga.
HURPOLK.
VA.
SOUTHERN
$108,000
Lycoming County, Pa., Tax~Free~5a
$90,000 due May 15, 1930
18,000 due May 15, 1940
SECURITIES
to return
COTTON MILL STOCKS
MOTTU
BstnbMsaed
Telephone Canal 4845
Specialty
& CO.
4.80%
M. M. FREEMAN & CO.
421
1892
Chestnut
Street
Philadelphia
Telephone, Lombard 710
MILWAUKEE
Norfolk, VA.
NEW
TORE,
3B&
te Broadway
INVESTMENTS
EDGAR, RICKER A CO.
Frederick Peirce
Sett Water and Mason Streets
MILWAU
IE. WIS.
LOUISVILLB
AVIiMi^VWWVWVWW^Vin^
,
.r,r^WN/S/WVVV*>/WVVV'VV%*l*>'Vn*^^^/VV
Specialising!
JOHNSTON & COMPANY
WISCONSIN CORPORATION ISSUES
BONDS
FOR
1481
INVESTMENT SECURITIES
Paul Jonas Bids.
LOUISVILLE. KY.
went
INVEST
V^O#
&/m
Chestnut Street,
Philadelphia
•IINHiaPOLft*
Second Ward Securities Co.
Second Ward Savings Bank Bldg.
John W. & D. S. Green
MILWAUKEE
lit South Fifth St..
6
ESTABLISHED
108
Louisville. Ky.
S.
La
Salle St.
CHICAGO
Dealers In all high-grade securities.
Continuously In Brokerage business
since IMS.
Both telephones St.
Specialists in
iQlO"*
TTONIC1PAL RAILROAD x
CORPORATION BONDSJ
MINNEAPOLIS
StEAUt"^
Wisconsin Municipals
and
HenningChambers
Co.
High Grade Investments
INVESTMENTS
Members New York Stock
404 West Main Street.,
MINNEAPOLIS
Specialising In
LOUISVILLE, KY.
MINNESOTA CORPORATION ISSUES
12«VESTMENT SECURITIES
riP&T WlbCONSt*
MILWAUKK.W&
W.TlCm.t BARK BLOC
W.
SOUTHERN
Strassburger
INVESTMENT
Mantgamory% ALis
MeKnight Building
Exchange
MONTOaiNERY
B.
JUSTUS F. LOWE COMPANY
Underwriters and Specialists in
Wisconsin
SECURITIES
Write
our
WM WILL BUY
Minnesota dc Ontario Poor, iatt*
Powell
River Company
let U
Red
River Lumber Co* let Is
Minneapolis St. Ry. Extended!
I
Issues
Trading Department.
WELLS-DICKEY COMPANY,
ElmsespiBi
•
•
[Vol. 110.
THE CHRONICLE
Xll
JfimncUl
jfimtuM
Kimball County,
Nebraska
Bonds
6% High School Building
Bond
Exempt from all Federal Income Taxet
Real Value of Property, estimated,
Probable Assessed Valuation,
Total Bonded Debt
-
(1920 official estimate)
-
-
3.500,000
125,000
-
-
-
-
-
-
On Partial Payments
$15,000,000
-
-
-
ET
T
help
us
Dated June 1, 1920
Due June
Bargains
you
to
take
advantage of the present
1, 1940
Price: Par and Accrued Interest to Yield
6%
wonderful
sible
Bosworth, Chanute & Company
opportunities
pos¬
shrewd investors.
to
Investment Securities
17th and California Streets,
Denver, Colorado
-
Ask for partial
payment plan c-c
H. Mountague
Vickera
BONDS
•-
.
Founded
•
'
.
•'
19 Wall St.
Tel. Han. IB70
1797,
Incorporated
203S.UCS°iie St
111 Broadway
GUARANTEED STOCKS
Seasoned
H.MByllesby & Go.
v
_
Boston
30 State Street:
Providence
lOW^iwsser St
Investments
Nat'l Park Bank Rights
Irving Nat'l Bank Rights
Mortgage Bond Co.
30 Pine Street
glover & macGregor
New York
FRANK J.
M,
845 Fourth Ave.,
DILLON
NEW YORK, N. Y.
71 Broadway
Tel. 6460 Bowling Green
Amer. Wat. Wks. & Elec. 5s, 1934
West Penn
We
Central New York Securities
Consolidated
Water
let
Coaaolldatad
Water
Id
System Securities
Gulf Oil Corporation 6s
Specialize in
Am. Fruit Growers 7s
PEERLESS TRUCK & MOTOR
6s, 1925
la
la
Utlea
Gaa A
Utiea
R«f.
la
(Jtlca Steam A liohawk Val. Cot. Com.
Liberty Bonds
WARE & TRANTER
Electric Light A Power lat 1a
Electric
PITTSBURGH, PA.
Bonds of German Cities
Members New York Stock Exchange
61 Broadway,
N. Y.
Tel. Bowl. Green 10090
Watertown Lt. A Power Co. lat Is
Argentine Government 5s
French Govt. 4s & 5s
Italian Government 5s
Mohawk
V alley
Investment Corp.
Investment bankers
181 Genesee Street
Utlca,
Japanese Govt. 4s & 4^£s
BUCYRUS CO.
5160 and 5500 Bonds (all kinds)
Common & Preferred
New Tork
Registered Bonds
Railroad Bonds
& HORTON
KIELY
40 W.ll St..
W.
W. Lanahan & Co.
Investment Securities
New Jersey Municipal
List
on
R
Tel. Broad 7740
Bonds
Royal Typewriter Stocks
aueet
[New Yet* 0t«ck Bxeftange.
Members
Hartshorne & Battelle
25 Broad St.
Descriptive
.
Phon. John 6330
N. Y.
Bought—Sold—Quoted
(Baltimore Steele exchange.
J.S. RIPPEL &, COMPANY
Calvert
Building,
Baltimore
NEWARK, N. i.
II CLINTON STREET
Ttlsvhont Bt. Paul 1771
We Specialize
ALFRED F. INGOLD&CO.
In
COAL AND CO CE
fftttrc / ictus of 8scwritU« Nsgottatti
Securities
located
and
8
Laacastir Williams & Co., Isc.
West
successors
to
L.
J.
&,Company, Inc.
Dawes
MATTERS
INVESTMENT
SECURITIES
In Pennsylvania
Virginia.
F.N. Boyle
Union
Arcade
A
Rector 899!
74 Broadway. N. Y.
Company,
F.
MAGRAW
E,
AND
MUNICIPAL
CORPORATION
Inc.
BONDS
FINANCIAL
Pittsburgh,
Pa.
Oammerrial
Paper
Aeeal Seeurftiee ef the Twin Olttee
^
Equitable Building,
SHELL RIGHTS
AALTIMOKB
ST. PAUL, MINN.
Globe Building
MARYLAND
Bought—Sold—Quoted
PROCTER & GAMBLE CO
WttiVkex
$c j&crus
iosepk
Membert New York Stock Exchange
INDIAN REFINING CO.
Westheimer & Company
A embers of the
61
New York
Broadway
WE WISH TO BUY HIGHGRADE
PENNSYLVANIA
TAX-FREE
A. G. Becker & Co.
COMMERCIAL PAPER
INVESTMENT SECURITIES
SECURITIES.
York
Stock
Exchange
Cincinnati
Stock
Exchange
of
Trade
Boenning, Garrison & Co.
Exchange
Member?Philadelphia Stock Exchange,
Nov
Chicago
Board
Baltimore
Stock
CINCINNATI, OHIO
BALTIMORE, MD.
Stock Exchange Building,
PHILADELPHIA.
Direct Private Telephone to BerdeUJBros..
187 South La Salle Street
CHICAGO
ST. LOUIS
NEW YORK
N. Y.
SAN
FRANCISCO
JUNE 19 1920.]
THE CHRONICLE
xiii
Current JBonti ImquMes.
Association Simmons Hdw. 7s, 1925
Brazilian Trac. Lt. & Pr. 6s, 1922
Woodward Iron
Canadian Northern 5%s, 1922-24
Chicago Northwestern 7s, 1930
1st
Continental Motors Serial 7s
Company
Mortgage 5'S
-
1952
Common & Preferred Stock
Dnquesne Light 6s, 1949
Am. BrakeSh.
Ford Motor of Canada
American
Island Oil & Trans. 7s, 1920
Laclede Gas 7s, 1929
Goodyear T. & R. Com. & Pfd.
Hydraulic Steel, Com. & Pfd.
&Fdy. (newstocks)
Light & Traction
Burroughs Add. Mach. Stock
Bucyrus Co., Com. & Preferred
O'Gara Coal 5s, 1955
Pacific Gas & Elec. 7s, 1925
Peerless Truck & Motor
Packard Common & Preferred
Detroit Edison Co. Stock
Pittsburgh & Shawmut 1st 5s, 1959
Seaboard Air Line 6s, 1945
Shaffer Oil & Ref. 6s, 1929
Union Pacific Equipment
Union Steel 5s, 1951
Merrill, Lynch & Co.
120
7s
Broadway, New York
Telephone 6070 Rector
Private
Woodward Iron 5s, 1952
wires to Chicago,
Traders Telephone 7683 Rector
Detroit. Cleveland. Youngstown, Grand Rapids and
Lansing.
Instantaneous communication
between
our
offices is mads
possible through their intercon¬
nection
by
private
wires.
New
Rights
Jersey Zinc
Woolen Rights
American
Stern Bros. Pfd.
General Motors
Morton tadienbinch. & Ca
42 Broad Stxieeb
CHICAGO
DETROIT
"NewYndO
PHILADELPHIA
PITTSBURGH
Foreign Securities
Foreign Currency
Foreign Cheques
Bought and Sold
CO.
Investment Securities
Exchange, Place
Imperial Tobacco
Babcock & Wilcox
American Tobacco
R. J. Reynolds
Amer. Tob. "B"
'Phone 8300 Hanover
SPERLING & CO.
Basildon House, Moorgate S&»
London, E. C.
RALPH BR.I3TOL
l2o
Phone 6780 Rector
PAU L L F- JiAUER,
BfoddsOay NY. Phone-. Rector 4594
Armour & Co. 6s, 1920-24
Theodore C. Corwln
Mark A. Noble
Chicago Rwys. 1st 5s9 1927
NOBLE &CORWIN
New
IS Broad St.
Bankers
BABCOCK, RUSHT0N 4 CO.
Members
Trust
Chase National
Citizen
Peoples Gas 5s, 1947
York
Bank
National
and
and
Bostow
7 WALL STREET
NEW YORK
National Bank
HARLEM RIVER & PORTCHESTER
1-4s 1954
Surety
PACIFIC RY. OF MISSOURI
Otis Elevator Pref.
Utility
New
York, Chicago
Stock Exchanges
HOME INS. BLDG..
CHICAGO
Equitable Trust
FISCAL AGENTS FOR
Public
{when issued)
Bristol^ Bauer
C. C. Kerr & Co.
1 Rector St., N. Y.
Scrip
(all issues)
?
DUNHAM &
3
Rights
Corp. Rights
Arkansas Natural Gas Rights
MacAndrews & Forbes Rights
Continental Oil Rights
Niagara Fire Insurance Rights
Corn Exchange Bank Rights
Irving National Bank Rights
National Park Bank Rights
Pacific Devel.
2-5s 1938
Eastman
Kodak
Common
TOBEY
Curtiss Aero Com. & Pref.
Member* New
Telephone 1111 Broad
Hydro-Electric Companies
&
Yerk
KIRK
Steele
18 Broad Street
Exchange
NEW TOSS
NEW YORK AGENTS
SPERLING & CO., INC..
120 BROADWAY.
Railroad
Bond
Public
Dept.
Utility Dept.
Cinn. Wabash & Mich. 1st 4s
United
B. &
U. S. Public Service 6s, 1927
Great Western Power 5s, 6s
O., P. L. East & West Va. 4s
Oregon-Washington R. R. & N. 4s
So. Ry. St. Louis div. 4s
Lehigh & New York 4s, 1945
M. & O. Montgomery div. 5s
Canadian,
Sacramento Gas 6s
St. Louis & Cairo 4s, 1931
N. Y. Chic. & St Louis 1st 4s
Mexican
W.
and other
Orange Co. Pub. Service 6s, 1939
Utility 6s, 1929, Evansville
Public
Virginia & Pitts. 4s
Atlantic
Central Indiana Gas
& Yadkin 4s
North Shore Gas
St. Louis
International
Securities
Bridge 7s, 1929
Big 4-St. Louis div. 4s, 1991
Industrial Bond
Union
Dept.
120 Broadway
New York
Telephone Rector 6834
Warren
Brothers
American Wholesale
pfd.
Ingersoll Rand com. & pfd.
Willys Corporation 8% pfd.
Sunday Creek Coal 5s ctfs., 1944
Standard
Oil
Dept.
CORRESPONDENTS
Important Foreign Co pi tale
National Park Bank Rights
Atlantic Refining
Irving National Bank Rights
Ail
S. O. of New York
Corn Exchange Bank
Bank of Commerce
S.
New
Rights
York Trust Company
.
Toronto
Bonds,
15 Br
Bank
Stocks,
•
'
S. O. of Indiana
Miscellaneous Securities,
oad Street, New York
1
O. of California
CARRUTHERS, PELL &
PRIVATE WIRES
Montreal
Dept.
Rolling Mills
American Mfg. com. & pfd.
T. H. Symington com. & pfd.
Sinclair Cons. Oil Corp. 7^s, 1925
American Pipe & Foundry 6s, 1928
Dept.
Stock
Massillon
Carbide 6s, 1950
Bank Stock
5s, 1931
5s, 1937
Southwestern Power & Lt. 5s, 1943
Industrial
Maurice Paper 6s, 1946
Fairmont Coal 5s, 1931
Elk Horn Coal 6s, 1925
Kuczynski & Co.
|
Consol. Power 6s, 7s, 1922
Northern Ont Lt. & Pwr. 6s, 1931
American Public Service 6s, 1942
M. & O. St. Louis div. 5s
Cuban,
Light & Ry. 5s, 6s, 7s
CO;
Standard Oil Stocks
Phones 5161 to 5169 Hanover
Philadelphia Phone, Locust 572, Bait. Phone, St. Paul 9389
[VOL. 110.
THE CHRONICLE
xiv
Cncrent JS&itt inquiries
WANTED
F.
J. LISMAN & CO.
Graniteville
Mimlwri New York Stook Eichangi
BROADWAY, NEW YORK
61
Mfg. Com.
Bijou Irrigation District's
Ft, Wayne & Wabash Valley 5s
Clinton Water-Works Co. 5s
Chesapeake & Ohio Branch Lines 4s & 5s,
1941,
Cincinnati Northern RR. 1st 4s,
Falls Co. Stock
Emmett
l
Joplin Water Works 5s, 1940
Lewiston Brunswick & Bath's
Galveston, Houston & Henderson 1st
^
International & Great Northern Issues,
WE DEAL IN
Missouri, Kansas & Oklahoma RR. 1st
Racine Water Co. 5s
5s,
Great Falls
City Water Co., Chattanooga, 6s
5s,
Railway 4s, due 1932,
Norfolk & Western
H. C. SPILLER & CO
Railway Co. 1st 5s,
Rio Grande Junction
INCORPORATED
Railroad 4s, 1940,
Rio Grande Southern
Mfg. Stock
Wichita Water Co. 5s
Muskegon, Grand Rapids & Indiana RR. 5s,
Norfblk & Southern R.R. 1st 5s & gen
Irrigation District 5s
Shetucket Mills Stock
5s, 1921,
5s,
Duluth, Rainy Lake & Winnipeg
17 Water St., eerner
Devonshire St., BOSTON
88 Wall Streat, NEW
San Antonio & Aransas Pass
Railway 4s,
u
Union Terminal Co. of DaUas 1st 5s.
AND ALL RAILROAD AND
Opportunities in
Liberty Bonds"
STEAMSHIP SECURITIES
Circular
Investment
YORK
WOOD, STRU7HERS & CO,
on
request.
SUTRO BROS. & CO
YORK
Telephone: Rector 7350 ■
Exchange
120 BROADWAY, NEW
Nassau Strew
5
Securities
Members of New York Stock
MEW ¥ORi4
Interborough R. T.
7s
and
Underlying
Davies, Thomas & Co.
Members N.
5
Nassau
New York
111 Broadway
Telephone: Rector 5467 and 622
New York
St.,
in on
NICHOLS
&
CONNELL
Railroad
Y, Stock Kzehangt
all other Bonds and Nates traded
New
York Curb.
Bonds
Telephone Rector 1821
Ashland Lt., P. &
St. Ry. 5s, 1939
(Trenton)
Bronx Gas & Electric 5s, 1960
Broad St. Natl. Bank
Argentine Govt. 5s, 1945
Chinese Ry. 5s, 1951
VILAS & HICKEY
49
Wall
New York
Street
Pocahontas Cons. Coll. 5s, 1957
BOND
Empire Gas & Fuel 6s, 1926
Braden Copper 6s, 1931
ORDERS
EXECUTED IN
ACTIVE
ON
Marion
McKinley & Morris
Consumers Power 5s,
1936
Wickwire Spencer 7s,
20 Year
Gilbert J.
Co.
Canadian Pacific 6s, 1924
1935
Macon
Postley
NEW YORK
Telephone Rector 9697
-
66
.
Oregon-Wash. RR. & Nav. 4s, 1961
Otis Fenson Pfd.
Philadelphia Co. Conv. 5s, 1922
4)^8, 1957
Duquesne Ltg. 6s, 1949
Empire Gas & Fuel 6s, 1924-1926
Lehigh Power Sec. 6s, 1927
f
'
Terminal 5s, 1965
Ref. 4s, 2004
K. T.
M.
7 Wall Street
J. S. FflRLEE & CO.
Central Vermont 4s, 1920
Gr. Trunk Western 4s, 1950
5% Bonds Due January X, 1923
•
Toledo Terminal
Under. El. Sys.
of London 4^s & 6s
(Pitts*.) 5s, '26
United Rys. Invest.
Shaffer Oil & Ref. 6s, 1927
BROADWAY
ABRAHAM & CO
BAUER, STARR & CO.
Members American Bankers' Association
118
Members New York State Bankers' Association
27
William
St.
N. Y.
PuMiclltilitv Securities
III
Union Electric Light & Power 5s, 1933
f
38roaclt»ati KlBl'
Central N.Y. Gas &Elec. Co. 5s 1941
SELL
Cons. Water Co.
Bell
Telephone Co. (Canada) 5s, 1925
Detroit Edison Co.
5s, 1933-1940
Madison River Power Co.
Los
5s,. 1935
Angeles Rail. Co. 1st Ref. 5s 1940
Michigan Traction Co. 1st 5s 1921
Scranton
SPECIALISTS
DIRECT
A.
MILLER
IN PUBLIC UTILITY
PRIVATE
WIRE CONNECTION
& CO
Standard
RECTOR 8060-1-2-3
111 BROADWAY
Co.
1st 5s 1937
Gas & Elec. Co. 6s 1926
CHICAGO
FrirtM
TELEPHONE
Electric
Seattle-Everette Trac. Co. 5s 1939
SECURITIES
WITH
(Utica) 1st 5s 1930
Elec'cal Dev. of Ontario Co. 5s 1933
Empire District Electric 5s, 1949
EARLE
& 2
^brother.#
WANTED
WILL
Rector 1
Private wire ooaneettoaa
7416
Cleveland Electric Ilium. 5s, 1939
Island Oil & Transportation 7s, 1920
Southern California Edison 6s, 1944
WE
Tel.
LAND TITLE BLDG.,
PHILADELPHIA
BROADWAY
Y. CITY.
N.
Rector
.
Tell. Hanover 427-8-9
Exchange PI., N.Y.
Cincinn. Wabash & Mich. 4s, 1991
Southern California Edison 6s, 1944
Hudson Navigation
Taylor & White
43
PHILADELPHIA
St.
Duquesne Light 6s, 1949
Sell
United Publishers Pfd. " A "
Ala. Great Southern 5s, 1927-43
Tal. John 171
WALL ST., N. Y.
Pfd.
Jersey Zinc
& Htg. Co. 5s, 1932 Trenton Banking Co.
SAMUEL K.PHI LLIPS&CO.
807 Chestnut
Del. Lack. & Western Coal
New
Light
Mary Coal 'Co. 1st 5s, 1939
Empire Gas & Fuel Co. 6s, 1926
Cincinnati Gas Transport. 5s, 1933
Procter & Gamble Preferred
Eigin. 6s & Stock
J. S. Boyd
Penn
HoDy Sugar Preferred
Goodyear Tire & Rubber Pfd.
M
AND
FOR
COMMISSION
Telephone Hanover 8317
St. Paul & Northern Pac. 6s, 1923
Combustion
Coeur D'Alene & Pend Or. 5s, 1960
RAILROAD
ISSUES
BOND
DEALERS
Pennsylvania Co. 4^s, July, 1921
BROKERS
*
y
m to
PWtteipftifl A Boetoo
JUNE 19 1920.]
THE CHRONICLE
XV
Current JSonb inquiries
Empire Lumber 6s
Bos. & N. Y. Air Line RR. Co. 1st 4s, 1955
Atlantic Ave.
Guanajuato Power & Electric 6s
Guanajuato Pow. & El. Com. & Pref.
Cleveland, Akron & Col. Cons. 4s, 1940
Brooklyn B. & West End RR. Gen. 5s, 1933
Co.
RR.
Bklyn 5s, 1931-34
Central Mexico Light & Power 6s
Den. & Rio Grande RR. Rfd. 5s, 1955
Broadway & Seventh Ave. Cons. 5s, 1943
Den. & Rio Grande RR. Imp. 5s, 1928
Michoacan Power 6s
Brooklyn City RR. Co. 1st 5s, 1941
Gila Val. Globe & Northern 1st 5s, 1924
Columbus Ry., Power & Light 6s
Brooklyn Union Elev. RR. 1st 5s, 1950
Harlem River & Portches. RR. 4s, 1954
Guanajuato Reduction & Mines 6s
Kings Co. Elev. RR. 1st 4s, 1949
L. I. City & Flushing 1st 5s, 1937
Canadian Connecticut Cot. Co. Com
Atares Wharf & Warehouse Com.
Savannah Riv. Lum. Co. Pref. &Com.
Kings Co. E. L. & Power P. M. 6s, 1997
Louisville & Jeffersonville
Indianapolis Water Co. 4^s & 6s
Lex. Ave. & Pavonia Fy. RR. 5s, 1993
Peoria & Eastern
Bridge 4s, 1945
Railway Cons. 4s, 1940
Wash., Ohio & Western RR. 1st 4s, 1924
New Amsterdam Gas Co. Cons. 5s, 1948
Northern Westches.
Ltg. Co. Con. 5s, 1955
Standard Woven Fabric Co. Com.
Georgia Light, Power & Rys. Pref.
Dayton Covington & Piqua Trac. 6s
Cumberland Co. Pow. & Light Pref.
HOTCHKIN &
Main
460
Carnegie Ewen
Tel. Rector 3273-4 and 3294
CO.
63 State
Telephone
Wm.
2 Wall
Belgian Gov. 7|s, 1945
B. F. Goodrich
St.,
Boston, Mass.
7s, 1925
Det. Mack'ac & Marqu'te Land Co.
St. Joe & Grand Island All Issues
Texas Co. 7s, 1923
Western Electric 7s, 1925
Amer. Lt. & Trac.
Swedish Gov. 6s, 1939
Central Petroleum
Kirby Lumber Company j
Woodward Iron Com.
-rmrssm&s
BULL & ELDREDGE
?
""
Western Power
Members "of "thiT New York Stock
20
BROAD ST.. N. Y.|
Wm. C. ORTON & CO.
Specialist Rsoroanizatien
25
St.. N. Y.
Standard Tank Car Preferred
Tel. Rector 9970.
Covington & Cincinnati Bridge 5s
Mergenthaler Linotype
Southern Pac. Equip. 7s of 1927
Todd Protectograph Co. Com¬
Rollins, Kalbfleisch & Co.
Argentine Ry. 6s
Solvay Process 5s
Members
N.
Y.
Stock
Texas & Pacific 1st 5s
66
N. Y. State Ry. 4%s
:
.
Exchange
BROADWAY
■
Susq. & Western Term. 5s
Telephone Rector 2687-8-9
Finlay & Davenport
Specialists in Railroad Terminal Bonds
72
Trinity PI.
Tel. Rector 5109
CONSTABLE
.^VM.
CONSTABLE,
71
JOSEPH GILMAN
Successor to
FOREIGN
Bros*
EXCHANGE
Boii§h end Ssid
an Order
Curroncj
Checks
&
Bonda
Broadway N Y"
K. L. FLEMING xJR.
Bowling Green 6460 ^
Tel. Broad Tlf!
Consolidation Coal Co. Securities
Consolidated Gas, Electric Light ft
Power of Baltimore Securities
Elk Horn Coal Corp. Securities
Wash. Bait. ft Annapolis Securities
J. HARMANHS FISHER & S8NS
(Established 18740
SOUTH ST.
BALTIMORE. MD.
Members Baltimore Stock Exchange.
Canadian and
Foreign
Government Investments
3^8,
1950
>
Railroad and Public
Utilily Bonds
INDIAN REFINING
We buy and sell for our o wn account.
Com. & Pfd.
34 Pine Street
YORK CITY
10 Bread St. N., Y.
Chicago & Northwest. 7s, 1930
Atlantic Coast Lines 7s, 1930
Illinois Steel Deb. 4^s, 1940
Chicago & Alton 1st
INVESTMENT SECURITIES
Seligmans
Member* New York Stock Exchange
& FLEMING
*
GILMAN & CLUCAS
NEW
Securities
Tel. 2168.1-!
Shuman
N. Y. Lack. & Western Term. & Imp. 4s
N. Y.
Yerk
mon
Wilkesbarre & Eastern 1st 5a
Central
Bread St., New
Coady
Member* Netc York Stock Bxchano*
14 Wall
-j
■'
Stocks and Bonds
Exchange™
Tel. Rector 1460
Specialists in Short Term Securities %%
&
>15
Mercantile Stores Co., Inc.
Pacific Gaa & Electric
MacQuoid
Street, New York
HENRY
NIGHTINGALE
42 Broadway
Phone Broad 7118-f
PROCTER & GAMBLE
John 5691-4
Chicago, Peoria & St Louis P.L 4§s 1930
Stock & Scrip
Litchfield and Madison 5s 1934
TEXAS
COAL & OIL
PACIFIC
50 Per Cent, and Full Paid
Receipts
NEWBORG & CO;
J. S. Bache & Co.
Members New York Stock Exchange
New York * TeL, 6400 Broad
BRANCHES and CORRESPONDENTS
Cincinnati
Albany
Klaaabara
60
New
York Stock Exehaage
BROADWAY, N. Y.
Telephone 4390 Bowling Green
PRIVATE
WIRE
TO
Monon Coal 1st 5s,
Troy
Seaboard, Atlanta & Birm. 4s, 1933
Central Vermont 4s, 1920
Atlantic & Birm. 1st 5s, 1934
Telephone 7858 Hanover
Atlanta, Birm. & Atlantic Inc 5s, 1930
Evans. & Ohio Valley Ref. 5s, 1949
Pere Marq. L. E. & Det. Riv. 4J^s, 1932
Fonda, Johnst. & Glov. 4^£s, 1952
Weather. Min. Wells & N. W. 5s, 1930
Chicago & Western Indiana 4s, 1952
WOLFF & STANLEY
Ttl* pens
Rutor 3930
Trinity Place, N. Y.
51 WALL ST.
B. R. T. 7s, Bonds & Ctfs.
Oregon Short Line 6s
Granby Mining 8s
Ry., Lt. & Pr. 5s, 1942
Portland
Current River 1st 5s
New Haven
MURPHY
Syracuse
Philadelphia
E. D.
St. Louis
New Orleans
Chicago
Equitable Gaslight (Memphis) 5s 1929
Rochester
KansasCity
Buffalo
Louis. & Nash.-St. Louis 6s
1936
Florida West Shore 5s, 1934
Cleveland
Boston
1951
Nashville R'way. & Light 5s 1958
Pittsburgh
ST. LOUIS
Norfolk & South. 1st Gen. 5s, 1954
72
Baltimore
Connecticut R'way. & Lighting 4Js
Detroit Edison 7s, 1930
3^s, 1956
Minn. & St Louis Ref.
Manila Elec.
Ry. & Ltg. 5s & 7s
5s, 1942
Canadian NatL Ry. 7% Eqpts.
P. Lorillard 5s
Seaboard Air Line 6s
Aetna
Pensacola & Atlantic 6s
Twin
B. & O.-Tol.
Philippine Ry. 4s
Sodus Bay & Southern 5s
Detroit, G. H. & Milw. Cons. 6s
Mobile & Ohio Issues
Miss., Kansas & Texas Issues
SAM'L
Phon« 5380-1-2-3 Broad
Explosives 6s " B "
City Rapid Transit 5s
Tennessee Power 5s
Cinn. Div. 4s
American
Cities
Pfd.
NatL Bank of Cuba
Valvoline Oil Pfd.
Dominican Republic 5s
Argentine Govt. 5s
GOIDSCHM1DT
25 Broad Street
(VOL. 110.
THE CHRONICLE
xvi
Jfinandai
Jffaancial
.
.
.
.
Six Per Cent
Southern
THE
Municipals
LIBERTY
Short Time Notes
Commercial Paper
of NEW YORK
Preferred Stocks
t
Acceptances
CAPITAL
-
-
-
$5,000,000.00
SURPLUS
-
-
-
5,000,000.00
2.100,000.00
UNDIVIDED PROFITS
;-.v;.
;■ ■
■■
Hibernia
:
.
Securities
HARVEY D.
REID
Vice-President
DANIEL G.
ALEXANDER V. OSTROM
Vice-President
CHARLES
W. RIECKS
Vice-President
ERNEST STAUFFEN, Jr.
Vice-President
JOSEPH A.
BOWER
Vice-President
Company
(Incorporated)
OFFICERS
GIBSON, President
Hibefrnia Bank
Building
W. NOYES
Vice-President
SIDNEY
New Orleans
MAURICE F. BAYARD
Vice-President
FREDERICK W. WALZ
Cashier
New York Office
44 Pine St.
-
FREDERICKP.McGJLYNN
V
Assistant Cashier
THEODORE C. HOVEY|
Assistant Cashier
KNOWLES
W
BENJAMIN E. SMYTHE
Vice-President
LOUIH
JAMES G. BLAINE, Jr
Vice-President
RAVMOND G
JOSEPH 8. MAXWELL
Vice-President
DANFORTH CARDOZO
GEORGE MURNANE
EDWARD
Assistant Cashier
FORBES
Assistant Cashier
Assistant Cashier
J. WHALEN
Assistant Cashier
Vice-President
FOUNDED
1852
Investment Securities
Letters of
Foreign
Exohange
Credit
Travelers' Cheoks
Correspondents
Rican
Porto
Members Nero
& P. 4}^s, 1932
ALL
Norfolk & Western 4s, 1996
CHUCKS
St.
Maurice
of Saskatchewan 4s,
1923
MILLER & COMPANY
N.
Y.
Phlla.
and
120 Broadway.
Stock Exchanges.
Mem ten Philadelphia Stock Exchanoe
IK)
V
1421 Chestnut Street
PHILADELPHIA
R.A.SOICH&CO.
Canadian Pacific 6s, 1924
10 Wall SL, N. Y.
Cudahy Packing 7s
TeL Rector 5289-92-4038-4730
Belgian Govt. 73^8
'Phone 7500 Rector, N. Y.
Montgomery
Telephone
Buffalo & Susquehanna Iron Co.
/
Ltd.
Co.,
PAUL & CO.
CURRENCIES
All Cuban & Canad. Govt. Bonds
Paper
Bonds and Stock
BOK1DS
M
Prov. of Manitoba 6s, 1925
New York
V
Grand Trunk Pacific 3s & 4s
Prov. of Brit. Columbia 5s, 1928
York Stock Exchange
Building
Boultable
F©REIGN
.
Union Pacific Ref. 4s, 2008
Members
World.
tho
*Knautf) -NaTlioO &Kuljne
Ry. 5s, 1936
Montreal Lt., Ht.
Prov.
Throughout
Broad
Bros.
15
3063
William St.
New
York
1st 5s 1932
New Amsterdam Gas
I.
Cons. 5s 1948
Safety Car Htg. & Ltg. Co.
Kings Co. Elec. Lt. & Pr.
KAUFMANN
FOREIGN
NEW ISSUE
BONDS,
& CO.
EXCHANGE,
FOREIGN
FOREIGN
SECURITIES
5s 1937
114 N. La Salle St.
THE8MKE L. BRONSON & GO.
Mtinkers New
18 Wall St.
York Stock Exchange
N. Y.
Chicago
CORPORATION STOCK
owning Oil
A PRODUCING and Com¬
Tel. Rector TM0
pany
Circular
Denver
Gas
on
ating
Request
& Electric Light7's—1922
Carolina Power &
Nebraska Power
Texas Power &
I
Pfd.
■
^
s
R.CMegapgel&CO.
Fields wants to form
or
Light Preferred
27 Pine
Street, New York
high
-
class
firm
investment
house with view to additional
financing.
P.
Dallas, Texas.
BOSTON 9
jssm
connec¬
tion with stock exchange
H.L. NASON & CO.
acreage
'
Company Preferred
85 Devonshire St
oper¬
large
underlease in West Texas Oil
Light 5's—1938
Southwestern Power & Light
III.
BROOKS STEAMSHIP
1
O.
Box 1083,
June 19
THE CHRONICLE
1920.]
xvii
jftaanctat
Jfinandal
WORLDWIDE SCOPE
Canadian
Established branches of the American Express Com¬
which you may expect transactions in invest¬
securities, are located in the following cities:
pany, at
$
Conditions
ment
Y4
I
Are
In the United
Atlanta, Baltimore, Boston, Buffalo, Chicago, Cin¬
cinnati, Cleveland, Detroit, Kansas City, Los Angeles,
Milwaukee,
Minneapolis,
Philadelphia,
Pittsburgh,
Portland
(Ore.), St. Louis, San Francisco, Seattle,
Washington.
&
Reviewed
1
with
understand¬
ing, sympathy and
criticism, where it
is deserved, in the
K
latest
number
In
Canadian Invest¬
ment Items.
In
Canada, Investment
Items
be
is
paraiso, Yokohama.
considered to
of
Foreign Countries
Antwerp,
Berlin,
Bordeaux,
Bremen,
Brussels,
Buenos Aires, Coblenz, Copenhagen, Christiania, Edin¬
burgh, Genoa, Glasgow, Hamburg, Havre, Hong Kong,
Liverpool, London, Lucerne, Manila, Marseilles, Mon¬
treal, Naples, Ostend, Paris, Rio de Janeiro, Rome,
Rotterdam, Shanghai, Southampton, Stockholm, Val¬
A
of
States
the
liveliest
private financial and
one
commercialreviews pub¬
lished.
American Express Company
So you may ex¬
pect something worth
while if you write for a
SECURITIES
■
.
TELEPHONE'
BOWLING GREEN 1QOOO
DEPARTMENT
Address:
copy.
I
OF
AGENCY
Royal Securities
CORPORATION
SHORT TERM MATURITIES FOR BANKS
(CANADA)
LIMITED
New York
1S5 Broadway
Tel. Cortlandt
Collateral Gold Notes
3234-5-6
of the
General Motors Acceptance Corporation
Denominations
$500
30 Years
$1,000
$2,500
$5,000
$10,000
Secured
in
with
by deposit with Trustees of buyers' obligations,
ample equities, arising from the sale of
Export Banking
Products of
General Motors
Address
Corporation
Financial Sales Division
:
General Motors Acceptance Corporation
226 West 57th
KNOWLEDGE
INTIMATE
the needs and habits of the
acquired
by
of
people,
experience
of
years
and actual residence
in the
coun¬
tries themselves, is essential when
transacting business abroad.
Branches
23
8
in
South
Selected Investment Securities
Located in
Pittsburgh; the greatest industrial
world, we are intimately in touch
with developments in this district.
centre
America
Offices in Europe
Direct Connections with India
We
in the
own
and offer for sale
ANOOSPUTHAmeri^H
""BANICUMITED
Ywk Aftsqr,
MELLON
0
Will
NATIONAL BANK
If sue*
1
L
investors
on
rssnsst
CARL H. PFORZHEIMER & CO.
Dealers In Standard Oil Securities
.-thanes
4889-1-3-8-4 Bread.
&
Distributed
New
Jerssy
Municipals
Yielding 6.00%
*
Of
Underwritten
txe Uftlfd
oa
fuodird
bonds,
PITTSBURGH, PA.
41 Bntdvar
STANDARD
Summary
number of
information and late listt
Investment Securities
I
a
which have been selected by us because of their
investment possibilities.
Write for
Nnr
Street, New York City
26 Bread 8t.. N. Y.
Federal Securities
Corporation
3S South Dearborn Street
CHICAGO
B. J. Van
Ingen & Co.
46 Cedar St.
New York
TEL. 63«4 JOBN
xviii
[Vol. 110
THE CHRONICLE
IRVING NATIONAL BANK
New York
New York,
Assuring Your
June 15, 1920
The Board of Directors has this
Financial, Future
quarterly dividend
($3.00) per share
on the capital stock of
this Bank,
payable July 1, 1920, to stock¬
day declared
a
of Three Dollars
holders of record
business
close
the
at
....
of
r-pi
A HE
OLD ADAGE that "money has wings" seems
June 25, 1920.
to
PHILIP F. GRAY,
making of
Cashier.
fit the
It is
a
of many men whose genius lies in the
case
and not in its conservation.
money
wise policy, availed of by many, to guard
iagainst
financial need in old age by setting aside in a trust
TRUST
COLUMBIA
00
COMPANY
Broadway
New
York,
this day de¬
clared
a
Quarterly Dividend of Four per
cent
and
an
Extra Dividend
of Two per
cent on the Capital Stock of this Company,
payable June 30th, 1920, to Stockholders of
record
at the
close of business June 21st,
1920.
The Transfer Books will not close.
R. I.
CURRAN, Secretary.
This form of trust is known
and
given
hereby
is
or
as
him;
may
retain the
power
a
He
fund
retain
can
much
as
he desires.
as
Guaranty Trust Company
of New York
YORK TRUST COMPANY
THE NEW
26 Broad Street
140 Broadway
declared
has
Trustees
of
Board
The
the maker
or
little control of such
Secy.
Asst.
Schellinger,
M.
upon
regular
been de¬
has
outstanding pre¬
ferred stock of this company, payable June
30, 1920, to stockholders of record at the
close of business on June 25, 1920.
Wm.
living
21
and
issue
the
or
the
that
1%%
of
dividend
on
voluntary
a
revoking it and be assured of the return of the prin¬
cipal should his wishes change.
Company
Preferred Stock Dividend No.
Notice
as
be drawn to last during the maker's life,
after his death continue to provide for those
even
dependent
Central Bond and Mortgage
quarterly
It may
trust.
of
clared
for life.
income
comfortable
1920.
17,
June
Directors have
of
Board
The
fund
sufficient amount of money or securities to insure a
a
this
the usual quarterly dividend of EIGHT
PER
CENT,
payable June 30th,
1920, to
stockholders of record at the close of busi¬
ness
June
19th, 1920.
The Transfer books
will close June 19th, 1920, and reopen July
1st
19204
I
BOYD G. CURTS, Secretary.
day
Office
Avenue
Avenue and 44th
Fifth
:
YORK
record
at
the
over
.
$50,000,000
.
.
,
.
.
.
.
$800,000,000
Semi-Annual Dividend
1920,
1,
July
on
Resources
17, 1920
June
Consecutive
By Resolution of the Board of Trustees,
Semi-Annual Dividend of Five Per Cent
payable
Street
268 Grand Street
Grand Street Office :
Capital & Surplus
FULTON TRUST COMPANY OF NEW
149 Broadway, New York City
50th
Street
Madison Avenue and 60th
Office :
1920.
June 16th,
New York,
Fifth
Madison Avenue
M. June
of business 3 P.
close
a
is
stockholders of
to
1920.
21,
United
Secretary.
MORRIS,
J.
ARTHUR
Verde Extension Mining
DIVIDEND NO. 17.
WE FINANCE
Co.
New York, June 9th, 1920.
Directors of the United Verde
233 Broadway,
The
Board
of
has this day declared
Extension Mining Company
quarterly dividend of fifty cents per share on
outstanding capital stock, payable August 1st,
1920, to stockholders of record at the close of
business July 6th, 1920,
Stock transfer books do
a
the
close.
not
C.
SANDS.
P.
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.
WE OFFER
I
bankers and investment dealers
Treasurer.
a constant supply of proven industrial
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.
securities and
Oiflce
N.
of
United Gas Improvement Co.
Broad and Arch Streets
The
W.
Corner
Philadelphia, June 9, 1920.
this day declared a quar¬
Directors
The
have
terly
dividend
of
two
per
cent.
($1.00 per
share) on the Common stock of this Company,
payable July 15, 1920. to stockholders of record
at the close of business June 30, 1920.
Checks
will
Correspondence Solicited
Central National Industrial Finance
be mailed.
I.
DULUTH
W.
MORRIS,
PREFERRED
DIVIDEND
STOCK
National Association
CO.
ELECTRIC
EDISON
Capital $1,000,000
Treasurer.
NO.
57
28 WEST 44TH
The regular quarterly dividend of 1 % % on the
Stock of the DULUTH EDISON ELEC¬
Corporation
\
Building
STREET,
NEW YORK
Preferred
COMPANY
TRIC
1,
July
Stock
at
1920,
has
been
declared,
payable
record of Preferred
19, 1920,
T. C. Hartman, Treasurer.
holders of
to
the close
of
THE WESTERN
business June
UNION TELEGRAPH CO.
(DIVIDEND NO. 205)
8,
(June
Illinois Trust&Savings Bank
1920)
A
quarterly dividend of ONE AND THREE
QUARTERS PER CENT, has been declared upon
the
Capital
the
office of
Stock
the
of
this
Treasurer
Company,
payable
and
the
on
after
at
La Salle at Jackson
15th
•
Chicago
•
day of July 1920,
to shareholders of record at the
close of business on the 19th day of June 1920.
The
transfer
books
G.
will
K.
remain
open.
Huntington,
Treasurer.
MERCK & CO.
A
regular quarterly dividend of Two Dollars
per share has been declared upon the pre¬
ferred stock of Merck & Co. for the quarter end¬
ing June 30, 1920, payable on July 1, 1920. to
preferred stockholders of record at the close of
($2.)
business
June
17,
1920.
George W. Merck, Treasurer.
osro
Pays Interest
CaP'tal and Surplus ,
on
Time
-
Deposits, Current and Reserve
Accounts.Deals in Foreign Ex-
change.
Transacts
a
Has
•
$15,000,000
•
hand at all times
on
cellent securities.
•
a
variety of
Government, Municipal
General Trust Business.
ex-
Buys and sells
and
Corporation Bonds ^
/
JUNE 19
xix
THE CHRONICLE
1920.]
Biniten&n
THE
KANSAS
CITY
SOUTHERN
RAILWAY COMPANY
No. 25 Broad Street, New York, June 17, 1920
Kidder, Peabody & Co
A
quarterly
CENT
has
dividend
this
day
Stock
Preferred
of
of
(1)
ONE
declared
Company,
been
this
PER
the
upon
from net
income of the
current
fiscal
year,
payable
July 15, 1920, to stockholders of record at
3.00
o'clock
that
on
there
Announce, that pending
completion of the
M.,
the
opinion
and
shall
new
be
when
due,
StockExchangeBu ild ing,
of
payable
at
will
last
said
date
71
&
of
day
C.
to
the
HAND,
of
three
holders
occupy
Directors
payable
of
have
OFFICES
1920.
Company
one-half
10,
cash
cent.
per
1920,
close
the
at
17,
this
to
of
stock¬
business
stockholders who
to
PERMANENT
AT
J.
and
mailed
be
filed
W.
of
1920.
will
ORDERS
CO.
R.R.
semi-annual
a
August
record
19,
Checks
Transfer
Secretary.
NASHVILLE
declared
(3^%)
July
and
as
Broadway, New York
Board
this
dividend
on
dividend
if,
June
The
has
in
the
pay
received.
so
furnished
G.
they will be permanently
TEMPORARY
be
to
payment of the dividend, when
be mailed to stockholders at the
LOUISVILLE
located, they will
later
a
the
sufficient
sum
the
date
from
in
addresses
city, in which
a
Chairman
shall
sum
provided,
received
otherwise
of Wall and Broad
Streets this
30, ,1920;
first-lmentioned
been
the
that
such
Checks
corner
June
the
have
United States Government
same,
the
P.
before
or
shall
THIS
DIVIDEND
OFFICE.
McDONALD, Assistant Treasurer.
READING COMPANY
General Office, Reading Terminal
Philadelphia,
The
Board
of
Directors
June
lias
i
1920.
14,
declared
from
the
net
at
earnings a quarterly dividend of one per cent.
(1%) on the Second Preferred Stock of the Com¬
paid on July 8. 1920, to stockholders
the close of business, June 22, 1920.
pany, to be
of record at
Checks
18 Broad Street
filed
will
be
mailed
dividend orders
to
stockholders
with
the
JAY
TEXAS
new york
PACIFIC
ONE
V.
COAL
New
At
meeting of the
14th, to act on
ending June 30th.
a
OIL
COMPANY
DIVIDEND
York, June 15
1920.
Board
June
"IT
&
HUNDREDTH
have
who
Treasurer,
HARE, Secretary.
of Directors held
dividend for period
the
WAS
RESOLVED that this, which is the
dividend, shall consist of the cus¬
quarterly cash dividend of one and onehalf per cent.
(1^%) and an extra cash divi¬
dend of one per cent.
(1%), and a stock divi¬
dend of two per cent.
(2%), payable out of the
surplus of this Company, on June 30, 1920, to
hundredth
one
tomary
CONSUMERS ELECTRIC LIGHT AND POWER CO.
stockholders
June 18th."
Orleans
New
The
and
Pre¬
de¬
clared payable June 30, 1920, to stockholders
of record June 9, 1920.
The transfer books
EL PASO ELECTRIC
regular quarterly dividend of one
EL
per cent (1%%) on the
of the Company has been
three-quarters
ferred
of
stock
Preferred
the
of
close
reopened
on
June
L.
the
be
closed
at
1920,
and
will
be
of
declared
El
1920,
close
of
on
the
Electric
$3.00
the
usual
business
preferred
&
July
1,
of
GEORGE
THOMAS,
B.
CLARK &
Treasurer.
capital
CRUCIBLE
payable
this
will
be
1920.
MILNE,
D.
COLUMBUS
The
DIVIDEND NO. 28
dividend of $3.00 per share
semi-annual
declared
Columbus
Secretary.
CLARK,
ELECTRIC
the
on
Electric
preferred
Company,
1920,
to Stockholders of
business June 15, 1920.
capital
payable
record
at
the
June
71
of
July
1,
close
of
The
on
AND
Transfer
per
Checks
Secretary.
ELECTRIC
CO.
DIVIDEND
NO.
41
and
one
cent
per
of
19,
record
Power
&
June
close
of
busi¬
POWER
&
Treasurer.
LIGHT
COMPANY
STOCK
DIVIDEND
quarterly
dividend
Stock
of
NO.
of
the
43
1%%
American
Light Company has been declared,
July
1,
1920,
to
preferred
stock¬
of
21,
the
REISER,
Broadway, New York, N. Y.
Preferred
payable
at
1920.
regular
the
holders
STONE & WEBSTER, Inc.,
INVADER OIL & REFINING CO.
two
1920.
quarterly dividend of
PREFERRED
has
stock
of
(1%%) on the Pre¬
ferred Stock of this
Company has been de¬
clared, payable July 1, 1920,
to preferred
AMERICAN
PREFERRED
A
been
15,
KRESS,
STOCK
regular
stockholders
Treasurer.
COMPANY,
COLUMBUS, GEORGIA
per
T.
F.
WILLIAM
Development
of Deposit.
FRANK
GAS
three-quarters
ness
regular
OF AMERICA
dividend
WICHITA, KANSAS
PREFERRED
DIVIDEND NO. 14
The Board of Directors of the Huntington
& Gas Co.
has declared
the
quarterly dividend of One and onecent (1%%)
upon
the Preferred
stock
of
the
Company,
payable July
1st,
1920, to stockholders of record at the close
of business June 15th, 1920.
Checks will be
mailed to holders of Voting Trustees' Certifi¬
5—A
mailed.
KANSAS
G.
Penn,
has been declared out of undi¬
profits,
upon
the
Common
Stock
of
Company,
payable
July
31,
1920,
to
STOCK
PREFERRED
cates
NO.
stockholders of record July
Agent.
Telephoue & Telegraph Co.
Junle 19,
R.
(2%)
vided
HUNTINGTON DEVELOPMENT & GAS CO.
half
STEEL CO.
DIVIDEND
cent
INC.,
A dividend of Two Dollars per share will
be paid on Thursday, July
15, 1920, to stock¬
holders of record at the close of business on
Saturday,
CO., Bankers
business
mailed in
Pittsburgh, Pa., June 16, 1920.
at
1920.
WEBSTER,
of
President.
H.
Office of the
close
share
record
Transfer
American
the
course.
quarterly
Company has been declared, payable July 1,
1920, to stockholders of record at the close
of business June 16, 1920.
at
warrants will be
36.
per
Company,
Stockholders
to
30
NO.
NO.
STONE & WEBSTER, Inc.,
\
COMPANY
DIVIDEND
Paso
12,
of
record
J.
DIVIDEND
dividend
STONE
dividend
of
one
and three-quarters per cent
(1%%) on the
Preferred Stock of the Utah Power & Light
W.
been
stock
July
the
LIGHT
STOCK
regular
E.
semi-annual
LINNj Jr., Treasurer.
&
POWER
PREFERRED
The
9,
1920.
July 1,
A.
UTAH
will
stock
business
A
of
Dividend checks and
PASO, TEXAS
PREFERRED
has
COMPANY,
record
the
at
close
of
business
1920.
WILLIAM
REISER,
Treasurer.
Agent.
DIVIDENDS NO. 52 AND 53
THE MATHIESON
Muskogee,
The
an
to
regular
extra
July
of
1%
record
of
1920.
1st,
has been
June
and
1%
monthly dividend of
dividend
stockholders
payable
Oklahoma.
1920,
will
Checks
be
HARR1SBURG
DIVIDEND NO. 84
A
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
L. C. BOYD, Treasurer.
June
FRUIT COMPANY
*
declared
16th,
mailed.
I
UNITED
business
8, 1920.
June
19,
ALKALI WORKS (Inc.)
Providence, R. I., June 10, 1920.
quarterly dividend of one and threequarters per cent (1%%) has been declared
upon
the preferred stock, payable July 1st,
1920, to stockholders of record at the close
A
of
business
books
will
June
on
not
be
21,
1920.
Transfer
closed.
FRANCIS B.
RICHARDS, Treasurer.
1920.
JOHN
TOBACCO
PRODUCTS
W. DAMON, Treasurer.
LIGHT AND
CORPORATION
June
The
Board
of
Directors
of
8,
1920.
Tobacco
Prod¬
ucts
POWER COMPANY
SALE OF THE CONTROL
Harrisburg, Pa.
The
Board
of
Directors
have
declared
a
quarterly dividend of one and onecent (1%%) on the Preferred stock
off this Company, payable June 30, 1920, to
stockholders of record June 16, 1920.
regular
la Baata and Corporations negotiated
confidentially.
half per
H.
W.
STONE,
Treasurer.
Corporation have declared the thirtieth
(30th) quarterly dividend of one and three-
quarters
Dollar
on
stock
of
1920,
1st,
close
JACOB BACKER, FINANCIAL BROKER
Exchange Bank Bldg.Q
ST. PAUL, MINN.
will
of
be
cent
per
and
share
(1%
per
Seventy-five
the
outstanding
the
Corporation,
to
stockholders
business
June
cent)
Cents
payable
of
18th,
or
($1.75)
preferred
record
1920.
One
per
capital
on
at
July
the
Checks
mailed.
WILLIAM
A.
FERGUSON,
Secretary.
fVOL
THE CHRONICLE
XX
110.
Jfinanti&l
STEAMSHIP COMPANY
SAVANNAH
OCEAN
OF
Extension of
Chicago St Indiana Railway 5s 1936
Cincinnati Gas St Electic 6s 1922
Closed
Mortgage.
CENTRAL-UNION TRUST CO.
of
New
York, Trustee.
Chicago St Eastern Illinois Cons. 5s 1937
Chicago St Eastern Illinois Ref. & Imp. 4s
Cleveland Metal Product 7s 1930
Mortgage Dated
July 1, 1890.
Savannah,
Ga., June 7,
1955
1920.
offers to all holders extension
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 succeedr
ing interest date at a premium of H of 1% tot
each six months between the redemption daoe and
The
Company
of the maturity
Chicago St Eastern Illinois Cons. 6s 1930
Chicago St Eastern Illinois Equipment
due July 1* 1920.
$1,000,000.
Issue,
Total
.
Thirty-Year
Cent.
Per
Mortgage
5
Gold Bonds,
F»r~t
Atlantic Coast Line Conv. Deb.4s 1939
5|s
Chicago St Terre Haute Inc. 6s I960
Dallas & Waco Ry. 1st 5s 1940
the date ol maturity.
1933
Denver St Rio Grande Adj.lncome 7s 1932
Denver Reservoir Irrigation Co. 1st Serial 6s
Evansville & Terre Haute Sullivan County Coal 5s 1930
Evansville & Terre Haute Gen. 5s 1942
Evansville & Terre Haute Ref. 5s 1941
Galveston Houston Electric Railway 1st 5s 1954
Denver City Tramway 5s
Great Northern of Canada 4s 1934
and interest on each
unconditionally guaran¬
Georgia Railway Company
(owner of the entire capital stock, except direc¬
tors' shares), which is not now a guarantor.
To
each extended bond tnere will also be attached an
Payment of the principal
extended bend will be
teed by Central of
a
coupon sheet
of $35.00 each.
new
fully set forth in an agreement
dated
June
30, 1920, between the Corporation
and the Trustee, copies of which may be procured
no
application to Ocean Steamship Company of
Savannah. Box 727. Savannah, Ga.. or Illinois
Details
Central
Hocking Valley Products 5s 1961
International Great Northern 7s 1922
and
Contract
Extension
bearing ten semi-annual coupons
are
Company, 32 Nassau
RR.
Street, New
York,
or
Central-Union
Trust Company o
New York, the Trustee, 80 Broadway, New York.
The bonds are secured by absolute First Mort¬
$600,000,
Jacksonville Ferry St Land 1st 6s 1937
gage on two steamships now insured for
and on 247 acres of improved land at Savannah,
Gas 5s 1922
Ga., with over one mile of dock frontage on deep
water, Deing tne principal terminals of the Steam¬
ship Company-and the Railway Company, and
recognizee! as the most important terminals at
Kansas City
Louisiana & Arkansas 1st 5s 1927
Missouri, Kansas & Texas I Yr. Extended 6s
Savannah.
Missouri, Kansas and Eastern 1st 5s 1942
Minneapolis, Anoka & Cayuna Range 5s 1935
Mahonning St Shenango Ry. & Lt. 1st 5s 1920
Magnolia Pete. 1st 6s 1937
Midland Valley 1st 5s 1943
Missouri, Kansas & Texas, St. Louis Div. 4s 2001
charges.
Holders should present their bonds on or
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
Spokane International 1st 5s 1955
Syracuse Rapid Transit 1st 5s 1946
St. Paul Gas Light Gen. 5s 1944
after
sheet of ten coupons, and the guaranty of Central
of
Georgia
Railway Company.
Holders not
St. Paul 6s 1943
desiring to extend may receive in cash from Illinois
Central RR. Co. (owner of the entire capital stock,
St. Louis St San Fran. Gen. 5s 1927
Directors' shares,
except
Foundry 6s 1934
Ry. Co.) on presentation
face value of their bonds.
Sugar 6s 1927
Coupons maturing July 1, 1920, will be
presentation to Guaranty Trust Co. of
or to the Illinois Central RR. Co.
paid
New
York,
Bonds and Stubs
Wm. C. ORTON &
of Central of Georgia
at its office, the full
on
Va. & Southwestern 1st Cons. 5s 1958
Western Pacific Old 1st 5s 1933,
of Savannah
commerce
Company under Federal control (standard return)
$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
Sherman, Shreveport St Southern 5s 1943
Tuinuco
water
was
Oregon Short Line Inc. B. 1946
P. C. C. &St. L. 50 Yr. 5s
Thatcher Propeller &
The
argely exceeds that of any other Soutn Atlantic
poit.
On the basis of unit land values tentatively
announced by tne 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.
Presen t 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
Missouri, Kansas & Okla. 1st 5s 1942
W.
CO.
WINBURN, President.
A.
Bittttonfo
Specialists Reorganization Securities
25 Broad St.,
WESTINGH0USE ELECTRIC
New York Tel. 7160-1-2 Broad
COMPANY
MANUFACTURING
&
Quarterly Dividend of 2%
($1.00 per
share)
on
the PREFERRED Stock of this
Company will be paid July 15, 1920.
A
Dividend of 2%
($1.00 per share) on
the
COMMON Stock of this Company for
A
the
Dividends
Both
-
of record
holders
Exempt from all Federal Income Taxes
the State of New Jersey
York,
CITY
City of Jersey City, N. J.
OF
30,
1920,
will
be
payable
to
Stock¬
of June 30, 1920.
F.
BAETZ, Treasurer.
are
as
H.
New
Tax Exempt in
June
ending
1920.
quarter
paid July 31,
16,
June
1920.
COPENHAGEN
(DENMARK)
5y2% External Loan of 1919
Coupons due July 1st, 1920 on the above bonds
paid on that date or thereafter at the
office of Brown Brothers & Co., Fiscal Agents,
59 Wall Street, New York City.
will be
Hospital 6% Coupon Gold Bonds
DUE
JUNE 1, 1926
STEEL
The
Price 101.75 and interest
Yielding
over
Descriptive circular
of
Directors
has
declared the
quarterly dividend of 1%% on the
Cumulative Preferred Stock of the Com¬
pany,
payable July 1,
1920, to the stock¬
holders
of record at the close of business
June 21,
1920.
The transfer books will re¬
main
closed until
12
o'clock noon, July 2,
regular
7%
5.65%
on
COMPANY OF AMERICA
& TUBE
Board
request
1920.
A.
42
HUPP
Broadway
New
A.
SCHLESINGER,
and
Treasurer.
President
Hornblower & Weeks
MOTOR
CAR CORPORATION
DIVIDEND
PREFERRED
York
NO.
19
Mich., June 16, 1920.
The
Directors have
declared a quarterly
dividend
of
1%%
on
the 7%
Cumulative
Preferred
Stock,
payable July 1,
1920, to
stockholders of record June 19, 1920.
Checks
Detroit,
Boston
Chicago
Providenc
Detroit
Portland, Me.
will
be
mailed.
A.
von
SCHLEGEL,
Treasurer.
June 19 1920.]
THE CHRONICLE
XXI
Jffnamfal
Stream
a
.
Central Vermont
Railway Company
To Holders
of
Certificates
of
Deposit issued
by The Equitable Trust Company of New
York, the Depositary, and by American
Trust Company, the Agent of the Depos¬
itary, for Central Vermont Railway Com¬
Four Per Cent. First Mortgage Gold
Bonds, due May 1, 1920. under the Agree¬
ment dated March 5, 1920, and
pany
To Holders of such Bonds who have not De¬
posited the same.
More
than
tioned
said
has
rise
than
its
service
A
higher
ideals in
any
stream
than
its
and
its
rise
statement
strength i of
higher
this
of
the
terms
of
a
bank
indication
sure
healthy,
high
ideal
Such
standard
of
and
to said
terms
A
are
the
of
sources
ex¬
will
thereof
and
exchange and to
be
irrevocably
the
bound
thereby.
Holders
of
the
Four
Per Cent. First Mortgage
already deposited their
Agreement, may. without pen¬
alty, become parties to said Agreement and avail
themselves of the benefits of said proposed ex¬
change, as mentioned in the statement of the
terms
thereof, by depositing their Bonds under
a
Gold
service.
of
proposed
said
Bonds who
Bonds
lofty
such
lirst.
proved and assented
are
thereunder
Depositor may, within thirty days after
publication of this notice,
withdraw
Agreement, upon the surrender to the
Depositary or to the Agent of the Depositary of
his Certificate of Deposit, with a properly exe¬
cuted transfer thereof, if registered.
Depositors
who do
not
withdraw from
said Agreement
in
the manner and within the time aforesaid, will
as
provided in said Agreement, be conclusively
and finally deemed for all purposes to have ap¬
the
The size
source.
Committee
to
Any
than
more
can
of the above-men¬
subjected to the afore¬
the
change has been lodged with The Equitable Trust
Company of New York, the Depositary, and with
American
Trust
Company,
the
Agent
of
the
Depositary, under said Agreement.
from
a
Per Cent,
been
and
the exchange of,
and has deter¬
exchange, the deposited Bonds for new
10-Year 5% Bonds of Central Vermont Railway
Company, guaranteed both principal and interest
by The Grand Trunk Railway Company of Canada.
BANK
cannot
have
approved
mined
A
Eighty
Bonds
Agreement
under
have not
said
said
agreement
with
the
Depositary,
or
with
Agent of the Depositary, ON OR BEFORE JULY
1920.
Such deposit will be deemed to con¬
stitute an express assent by the Depositors to
our
15.
success,
/
into
city
the
and
reaching
business
back
a
the
said exchange and to the terms thereof.
Printed copies of the statement of the terms of
century
said
history
this
of
exchange
Dated
the
financial
':';V AT
our
history
may be obtained upon application
Depositary or to its said Agent.
either to the
June
15,
1920.
of
HENRY E.
COOPER,
S. E. KILNER,
HUNTER 8. MARSTON,
E
C. SMITH.
country.
PHILIP
STOCKTON,
ALBERT TUTTLE,
Experience
has
broadened
our
Committee.
service
LLOYD
CHURCH.
24
and
made
ideal
of
changing
practical
equitable
conditions
application
dealings
of
to
commerce
of
our
trade.
GARRISON
&
New York City.
Street,
ever-
and
Broad
City.
York
HORNBLOWER,
MILLER,
POTTER, Counsel,
24
the
Secretary.
Street, New
Broad
Referring: to the above Notice, the under¬
signed will receive deposits of the Bonds
mentioned therein until July 15, 1920.
After
that
date
no
further deposits will be re¬
ceived.
Dated June
15, 1920.
THE
THE
EQUITABLE TRUST COMPANY
NEW YORK,
37 WaU Street, New York City,
3 King William St., London, E. C. 4.
Depositary.
AMERICAN TRUST COMPANY,
50 State Street, Boston.
Agent of Depositary.
OF
PHILADELPHIA
NATIONAL
BANK
Uitiitott&H
AMERICAN
CAR & FOUNDRY COMPANY.
STOCKHOLDERS MEETING.
The
Foundry
the
PHILADELPHIA, PA.
stockholders
holders
hereby
Meeting
Car
notified
of
the
&
that
Stock¬
Company will be held at its
Washington
Street,
Jersey
243
No.
American
the
are
Annual
said
of
offices
of
Company
regular
City, New Jersey, June 24, 1920, at 12 o'clock
noon,
for the purpose of electing a Board
of Directors and
ness
as
transacting such other busi¬
properly
brought before the
be
may
meeting.
H.
,
'National Bank
of
WICK,
Secretary.
CITY
in
C.
Commerce
Broadway
New
The
COMPANY
INVESTING
165
New York
Board
of
York,
June
Directors
17,
1920.
declared
have
a
quarterly dividend of one and three-quarters
cent,
per
the
upon
stock of this
office on July 1st,
preferred
Company, payable at its
1920, to holde.rs of preferred stock of record
the books of the Company at
the close
of business on June 26th, 1920.
G. F. GUNTHER, Secy.
on
AMERICAN
GAS
COMMON
AND
STOCK
ELECTRIC
A
regular
one-half
Capital, Surplus And Undivided Profits
American
been
30,
Over
Fifty-five Million Dollars
quarterly
ers
at
declared
1920,
of
COMMON
Gas
and
for
payable
record
the close
on
June 14,
dividend
(2%%)
cent.
per
outstanding
on
July
the
two
and
and
1,
1920,
books
of
B.
stock
Company
quarter
ending
to
of
has
June
stockhold¬
the Company
18, 1920.
BALL, Treasurer.
of business June
FRANK
of
1920.
the issued
capital
Electric
the
CO.
DIVIDEND
New York.
[VOL. 110.
CHRONICLE
THE
xxii
jffaanrial
RAND^INE^LIMITED—(Concluded)
and
Debtors
By Sundry
Debit
Balances—;
Dividends to be received
4
4
252,880 18
on
5
322,419
Shareholdings
..
by Sun¬
Amounts owing
dry Companies
On Current
2
0
232,979 16
5
£19.901
Acc't...
On Advance
Acc't...
Payments on account of
mining
supplies in
stock and in transit
for account of sundry
mining
companies..
Current Accounts,
Loans and Payments
57,980
36,324
in Advance, etc.
7
0
4 11
8
3
-749,356 16
3
3,604
"
Deposits, Fixed and on
Call, bearing interest
Cash at Bankers and in
"
hand
20,696 18
..
..
..
728,659 17 11
4
51
1,431,413
6
£4,537,656 18
4,537,656 18
6
E. A. WALLERS,
S. C. STEIL,
Secretary.
'
J.
'
L. JQURDAN,
RAND MINES,
'■
V
:'t? •'
LIMITED.
Sheet of the Rand Mines, Limited, dated 31st
r
^
auditor's report
To the Shareholders,
Chairman,
Director.
■
■
_
,
December, 1919, above set forth, and have obtained all the mformation ana ex¬
planations we have required.
In our opinion, such Balance Sheet is properly drawn up so as to exhibit a true and correct view of the state of the Company s
affairs, according to the best of our information and the explanations given us and as shown by the Books of the Company.
:■
-X:-:--/■: ^
DOUGLAS LOW & CO.,
1
We have audited the Balance
1
Johannesburg,
13th
Profit and Loss Account for
Dr.
Stationery, printing, adJ
vertising, postages
and telegrams
,
Sundry donations
Sundry general expenses
.
Bonus to Staff..
..
Share¬
Dividends on
holdings—
By
..
Brakpan Mines, Limited 27
per cent.
City Deep, Limited
..
23 %
Consolidated M. R.
8%
Mines and Est., Ltd.
(ex Main Reef West,
2
6
Ltd., shares.)
7,250
8
2,453
8
1
5,226
3
4
..
#
Limited.
Crown Mines,
8
9
3,863 11
40
12^
Ferreira Deep, Limited
Geduld Proprietary
Mines, Limited
£35,215
7
Cr.
the Year Ended 31st December, 1919.
To Administration Expenses—
Salariesandrents.Johannesburg and London. £9,075 16
Directors', Foreign
Agents' and Auditors'
7,345 19
fees
6
4,097 10
42,200
.418
158,198
1
47,214 15
,800 16
Lim¬
General
Lim-.
10
..
..
.
.
including Tax payable
£
22M
..
Geldenhuis Deep,
ited
Government Taxesj
Estates,
28,249
5
Consolidation Act,
Modderfontein B. Gold
1917, for year ended
30th June, 1919
Mines, Ltd.
..
92
Modderfontein Deep
6
5,715
49,563
ited
under IncomeTax
"
3,645 V915
6,027
Levels, Ltd
Depreciation—
£."44,888 11
M. Co. Ltd.
Properties
0
0
Limited
Cement Co Ltd.
Balance—
273^
1,069
2%
#..
10,978
Co., Ltd.
846,568
..
9
..
..
and Bonus
5
Rose Deep Limited
..
The Village Main Reef
Account
0
0
Gold Mining
Robinson
Appropriation
3%
Pretoria Portland
..
Profit for the year car¬
ried to
0
14,534 14
69,956
70
..
..
Nourse Mines,
620
4,829
115
..
..
New Modderfontein G.
8
Written off Land and
House
..
..
..
..
Prospecting Ventures
"
"
} Auditors.
C. L.(Incorporated Accountants).
ANDERSSON & CO.,^
;
April, 1920.
25
3
66,681
14,737 15
7,217
5
1,625 0
G. M. Co., Ltd.
,
32y2
Village Deep, Limited..
63^
.
Colliery, Ltd. 30
Wolhuter Gold Mines,
Witbank
Limited
706
5
..
..
Sundry shares
3,000
..
£531,791 12'
4
3
8
Reservoirs—
.
Net
12,164 4
31,127 13
13,068
6
revenue..
Interest
and Exchange
Sundry Revenue
.
,
56,360
Realisation
Investment
.
Account—
Net Profit
tion
of
£892,077 4 0 11
32 of 25 per
31st
cent., de¬
17th
clared
1919
u
June,
£132,874 13
....
..
Dividend
33 of 75 per cent.,
1919
0 11
For
"
398,624
|
1
£531,498 15
Forfeited
ended
846,568
<9
3
6,536
4
4
183,141
0
0
£1,397,320 13
31st.
..
0
Dividends—
a
period of 5 years,
and forfeited in terms
0
865,821 18
to
0
of Clause 122
Balance
Sheet
5
Dividends unclaimed for
3
Unappropriated-
Carried
year
December, 1919
de¬
..
£361,074 19
December, 1918
of Profit and
Balance
Loss Account—
9
No.
clared 19th December
lance
4 11
Cr.
By Balance Unappropriated
As per Balance sheet
Dividend Account—
Dividend No.
Interim
Interim
303,925
year
APPROPRIATION ACCOUNT
Dr.
To
realisa¬
£892,077
during
.
on
Investments
of the
Articles of Association
"
Reserve Account—
Funds released from in¬
vestments, being
the
Value received
realisation of in¬
Book
on
vestments in excess
Book
Value of
of
New
Investments made
during the year ended
1919
31st December,
£1,397,320
S. C. STEIL,
Secretary,
13
0
E. A. WALLERS, Chairman,
J. L. JOURDAN, Director.
DOUGLAS LOW &
Johannesburg,
13th April, 1920.
CO.,
C. L. ANDERSSON & CO.,
\
/ Auditors
{Incorporated Accountants). j&SSUSbi
JUNE 19 1920.]
THE CHRONICLE
xxiii
jFfaamfal
RAND
MINES, LIMITED,
(Incorporated
Dr.
BALANCE
in
the
Transvaal.)
SHEET, 31st DECEMBER,
CAPITAL AND LIABILITIES
To
in
reserve
f
..
£550,000
0
18,501
5
0
6, 11 and 26, and "Driefontein" No. 12
Half-share in 863-4140 Min¬
..
2,125,995 shares of
5s. each
£531,498
ing Claims
15
31st December, 1918
Deduct—Funds transferred to
0
credit
of
183,141
Deduct—Amount
investments
value
of
..
0
0
2,622,487 12
..
3
..
..
and
"
47,742 13 10
£3,106,243
Credit
"
Appropriation Account—
Balance unappropriated
13,"
16,400 12
4
free¬
236 morgen
..
5
"
206 roods 97 feet
Properties
Reservoirs and Pumping PlantsNatal
13
5
501,298 10
64,292 16
Spruit
Reservoir and
Plant
8
„
£51,283
....
17
8
Booysens Spruit
5
Reservoir
565,591
7
1
865,821 18
0
and
Pumping
Plant
..
..
Freehold and Leasehold House
Pumping
Sundries ft
3
..
"Driefontein No. 12," free¬
hold, in extent 208 morgen
Balances—
J21, Unpaid andjinclaimed dividends
10,557 13
"Turffontein"
311 roods 89 feet
2,574,744 18
"I Sundry'* Creditors
and
137 roods
,
....
4
Freehold Land Properties—
"Mooifontein No. 14," free¬
hold, in extent 612 morgen
"Langlaagte No.
hold, in extent
written off
the
book
which stood
higher than the market
valuejat 31st December,
1919J..
11
Farms
"Elandsfontein" Nos. 6 and
on
No. 19
"
realization of
Investments
Water-rights
26,
"f
I
3
Appropriation
on
£70,545
on
..
10
2,805,628 12
..
Farm "Vogelstruisbult" No. 36
"^Reserve Account—
Ibl h Balance, as per Balance Sheet,
Account
Water-rights—
1,251-8359 Mining Claims on
Farms "Elandsfontein" Nos.
0
■
Issued—
fe
Claims and
By
Authorised—2,200,000 shares
Less— 74,005 shares of 5s. each
Cr.
PROPERTY AND ASSETS.
Capital Account—
**** of 5s. each
1919.
..
22,473
..
1 10
Temporary
Pumping Plant
at
Canada
Dam
4,000
..
0
0
77,756 19
6
£175,260
16
5
"
Shares, at or below Market Value—
70,244 Bantjes Consolidated Mines, Ltd.Shares of £1
14,900 Brakpan Mines Limited
£l
do.
173,213 City Deep, Limited
£1
do.
4,780 Consolidated M.R. Mines & Est.
Ltd.
do.
782,830 Crown Mines, Limited
1,534 Daggafontein Mines, Limited
127,017 Durban
Roodepoort
Deep,
Limited
Rand
Limited
Proprietary
B.
Gold
do.
£l
do.
£1
£1
Mines,
Limited
£1
£1
do.
£l
do.
15,504 Modderfontein
contingnent liabilities amounting to £195,440
3s 7d. in respect of commitments to subscribe for
shares in, and to finance, certain undertakings.
do.
do.
52,998 Modderfontein
Deep
Limited
are
£1
Mines,
Limited
Geduld Proprietary Mines, Ltd.,
Limited
There
£1
do.
282,493 Geldenhuis Deep, Limited
114,3Q0 General Estates, Limited
94,073 Jupiter Gold Mining Company,
Contingent Liabilities.—v
£1
do.
Options
r
£1
Mines,
366,468 Ferreira Deep Limited,
2,313 Geduld
Proprietary
;
10/-
do.
18,847 East
71
£l
do.
do.
Levels,
.
_
do
:
33,975 Modderfontein East, Limited
10,368 Modderfontein
East,
Limited
(3 year Options)
N
5,150 Modderfontein .East,
Limited
(4 year Options)
24,795 New Modderfontein G.M., Co.,
Limited
387,592 Nourse Mines, Limited
3,616 Pretoria Portland Cement Co.,
.
Limited
140,997 Robinson Deep Ltd., "B" Shares
29,275 Robinson
Gold
Mining Com¬
5/-
do.
£1
do.
£l
do.
£l
do.
£4
do.
£1
£1
£5
£1
do.
19,520 Turffontein Estate, Limited
115,476 Village Deep, Limited
581 West Springs, Ltd., fully
paid
112,500 West Springs, Ltd., 2/- per share
do.
do.
do.
Limited
£1
do.
do.
do.
do.
do.
do.
do.
paid
5,450 Witbank Colliery, Limited
14,120 Wolhuter Gold Mines, Limited
Sundry Shares
91
£l
do,
Limited
266,724 Rose Deep, Limited
7,205 Springs Mines, Limited
45,347 The Village Main Reef G.M. Co.,
pany,
2,695,084
£l
£1
£1
£1
£l
£1
£1
136,045 17 11
..
By Debentures and Union
of South Africa Stock
£33,960 East Rand Pro-
Erietary Mines,
td., 5 per cent.
Debentures
..
£19,102 10
0
£2,250 Modderfontein
East, Ltd., 6H
per
cent.
De¬
bentures
2,250
0
78,500
0
£100,000 Union of South
Africa
4
cent. Stock
per
..
0
99,852 10
0
2,930,982 17
"
Machinery, Plant,
Stores, etc.
"
"
Vehicles
..
..
Furniture, etc...
1,396 19
4,326
0
6,729
1
4
0
3
12,452
0
0
£3,106,243 13
5
.[June 19 1920.
THE CHRONICLE
iv
jTfnanrial
Allan A.
.:
■
Governors of the Neu) York Stock
and Whomsoever It May Concern:
To the Board of
underlying scheme of the invitation
and stand trial by the Board of Gov¬
full understood and appreciated.
If I am not
The motive and the
me to appear
are
ernors
mistaken, this is the same Board of
Governors who, last
judgment on the Stutz matter and
on me; the same Board who, although fully apprised by me
in advance of the crisis, still requested me to loan Stutz stock
freely but omitted to take any preventive measures despite
my repeated earnest requests- the same Board who secured
from me every detail respecting my operations but declined
to give me the slightest information; the same Board who
countenanced a persistent "short" campaign but accorded
me
only obstruction and difficulty; the same Board who
first illegally suspended trading in the Stutz stock and then
later put through an amendment to the constitution in order
to acquire such authority; the same Board who permitted its
March and April, sat in
its members to sell Stutz
the very
right
up
to the sound of the gong
was about to make this illegal suspen¬
sion, and then excused them from making deliveries; the
same Board who very generously announced that my Stock
Exchange contracts should have no Stock Exchange enforce¬
ment but that I must be relegated to my chances either in
day when it
the^ courts
or
by personal negotiation; the same Board upon
which sat during all this time some ten or more members,
themselves actually " short" or representing a " short" inter¬
est in Stutz; and the same Board of Governors who there¬
inspired, fostered and approved the banding together
of some fifty-eight firms, whose Stock Exchange contracts I
held, for the avowed purpose of repudiation.
Having en¬
tirely failed in the most persistent efforts to cripple me and
in their determined purpose to protect gamblers in the stock,
and having been frustrated in their attempts at repudiation,
despite an array of eminent legal talent, and having delayed
for two months the sale of my seat despite the fact that not
a dollar's obligation stood against it, these same forces have
now
prepared a fitting conclusion to the part they have
played.
This situation suggests the chances of an Allied officer
upon
trial
on
before
the
German
General
Staff.
That
at
an
sacrifice.
In
would like
My
open
order
me
to
to
make
the obsequies complete,
refused to be intimidated by any person or combination
of
and not even the great Stock Exchange can blot
the fact that its proceedings have been a disgrace to its
persons;
out
spots may
sufficient to obliterate them.
If the Board of Governors
the irresponsible power to expel me even after I
resigned, why need it go to all the trouble of a mock
trial ? If it desires to show that it is now antagonistic to me,
and has been so all along, it had amply done so before fram¬
it claims
have
ing these camouflage charges.
If it desires to demonstrate
same forces which failed to crush me and to destroy
that the
stockholders are still hungry for blood, it needs no fur¬
proof. But if the Exchange thinks that by its secret
and despotic manipulations it can purge itself in the eyes of
the public from the taint of its mishandling of the Stutz
matter, I am sufficiently American and optimistic to believe
that the thinking public will not be humbugged, and that
somewhere and some how the true facts will be brought to
light, so that the iniquity of this proceeding and the menace
of this irresponsible power in high places will appear in real
my
ther
colors.
I purpose to hold the Board of Governors responsible,
only to the public but to me personally and to the Stutz
Company and its stockholders, for all damages suffered
not
through this campaign of persecution and also for any
damage they may cause by this latest unconscionable pro¬
ceeding which they have initiated.
If they feel a shred of responsibility to any one but
themselves let them support their prepared judgment of ex¬
pulsion,
appreciates more than I that the Stock Ex¬
change is the keystone of the commercial structure of this
country.
No man has greater respect for its ideals and tra¬
ditions.
No man has a higher regard for those among its
members who stand for justice and square dealing no mat¬
ter whom it hurts.
But no man deplores more than I that
this great institution, with its limitless powers for good,
should have so fallen that these powers are employed for
the evil designs of private ends and personal vengeance.
It
is a sad spectacle indeed that a body boasting the high
When
a
the
court
should be debased
so-called "
to
such low ends.
charges" against me were served,
why was the judgment not simultaneously announced? It
had already been formulated, and by the same hands that
made the charges.
If anyone be deceived by the postpone¬
court of justice sustains its judgments.
Let
specific findings of fact on the following ques¬
as
a
them make
tions:
Did
1.
I
not
repeatedly before their
appear
committees prior to March 31st,
tion and theirs?
Did
2.
I
both at
my sugges¬
,
give them information showing
situation?
not
the crisis in the Stutz
Did I not, on these appearances,
3.
4.
there
repeatedly
them to take the matter in charge and deal
equitably?
Did I not call their attention to the fact that
request
with it
persistent " short" selling despite my en¬
was
deavors to prevent
to
it?
repeatedly request them to take
stop this "short" selling?
Did I
5.
not
Did they themselves not request me to
Stutz stock freely?
6.
lend
their request and lend
last moment ?
Did I not comply with
7.
the stock up to
the
very
of these frequent appearances I
failed to satisfy their committees either as to my
good faith or as to my entire frankness, why was I
If
8.
not
then
measures
on
so
any
informed and why were no
disciplinary
against me?
then taken
members on the Board of
sub-committees who, either for
Were there not
9.
Governors
and the
themselves
or
their customers, were then
and
con¬
tinued to be "short" Stutz stock?
10.
"
short"
11.
man
functions of
'
desires merely to prove that
Did
I
not
contracts
actually hold the
of firms whose
unperformed
members sat on
the board and the committees?
honorable traditions and its fine ideals.
No
be only its
but I have never seen
spots,
measures
furnish the corpse.
is, first, that the New York Stock Exchange
has no jurisdiction over me because I am no longer a mem¬
ber, having duly resigned on April 13th last for reasons I
then took pains to set forth; second, that I deny there is any
basis of truth in the charges made against me; next, that if
it be a violation of the Stock Exchange rules and regulations
that one should render himself so obnoxiqus to the selfish
clique in control that his expulsion is for them a matter de¬
voutly to be wished, I make no denial of the imputation; and
last, as each and every member of the Exchange who has
made it his business to investigate the Stutz matter must
know by this time, I defended myself single-handedly from
the most vicious assault on me and my stockholders; I
Exchange
change his
it done. Whitewashing the
temporarily conceal them, but will hardly be
authors.
they
answer
June 16, 1920
announcing this judgment, it must
I have heard that the leopard may
of
ment
least
proceeding.
There perhaps the accused
would have the right of counsel.
While the result might
conceivably be forecast, the evidence would at least be ex¬
posed to public view.
But the trial designed by the Stock
Exchange would extend to me no such privileges. Here I
am asked merely to become the
willing victim to a vengeful
might be
•
■
Ryan's Answer
New York,
extended
■■
■
Stutz
was
Did not
some
stock up to
the
of these very members
very
sell
last hour when trading
permitted?
12.
committee members ac¬
Did not these same
tually participate in the official conferences
at the very time that they represented a
interest?
.
with me
"short"
,
continue
having foreknowledge of the very
action which they would recommend to the Board
13.
to
sell
Did not certain of these members
Stutz,
of Governors?
14.
the
I
•
participate in
the suspension was
Did not these very members
Governors'
declared?
meeting when
,
Jun
19
E
THE CHRONICLE
1920.]
XXV
^tooncial
ALLAN
15.
Did
the
not
Board
of
the
constitution
Did
made
the
not
deliveries
no
42.
If so,
43.
Did
for the
be
of
Governors
made
upon
declare
44.
Did
State sales
45.
Is
18.
Did not the Board of Governors officially
declare that there would be no Stock Exchange en¬
forcement of my Stock
Do not the
19.
ulations entitle
Exchange contracts?
\
Exchange constitution and
reg¬
47.
his Exchange contracts?
be
46.
pany at
member to official enforcement of
a
they
ever state
it
or
intimate it?
it
possible, under the methods of the
Stock Exchange, for an individual, single-handed, in
the face of continued " short" selling, to manipulate
a stock to a fictitious high price in an open market?
the last day of trading?
on
•
,
Board
need
why did they not state openly?
they not have ample opportunity to
have stated this price before the settlement was
made?
"'Y■
'V
"/•
17.
an
granting such authority
future?
that
subse¬
amendment to
Governors
quently endeavor to put through
(Concluded)
41.
Was there a price at which the Exchange
would have approved and commended a settlement?
not this suspension declared without
authority?
Was
constitutional
16.
RYAN^S~ANSWER
A.
Are not the net profits of the Stutz Com-
the rate of
over
$3,000,000
Is it not the proper
a
;
year?
practice to value stock,
not, as attempted in the charges, solely on the book
value of its assets, but on its earning power and
market value as well ?
20.
Did they not officially declare that I should
relegated to my rights at law or private negotia¬
tion?
Since the Board of Governors have circu¬
21.
lated
pamphlet
a
the " Stutz Controversy," why
Controversy" when it
on
did they not arbitrate this "
pending?
was
the
Cannot
22.
between
members
Exchange compel arbitration
when one party thereto is
even
unwilling?
23.
Did
the Board of Governors
not
declare that it would take
versy
"?
Was not this action taken to avoid enforc¬
24.
ing
no
officially
part in the " Contro¬
and to permit their repudiation?
my contracts
25.
the action of the Board of
Did not
Gov¬
result in
aiding and abetting the association
the Stutz " shorts " in their attempt to repudiate
ernors
of
their contracts ?
What
26.
there been
single act, ruling or suggestion has
the part of the Board of Governors
on
or- any committee for my protection, or for the in¬
violability of these Stock Exchange obligations, or
for my guidance?
27.
What suggestion made by any Stock Ex¬
change committee have I failed to follow out, re¬
gardless of my own personal interest?
28.
Did I not request the Stock Exchange to
use its machinery to settle the entire Stutz Contro¬
versy?
Did
29.
direct
to
me
settlement
the
not
Stock
Exchange
officially
legal rights and make such
I might deem proper?
pursue my
as
Did I not declare that I would stand upon
30.
legal rights, whatever they might be?
my
31.
Did I not yield to a settlement with the
defaulting borrowers of stock only upon the urgent
request of their own committee?
32.
sented
Were not the " short" interests ably repre¬
by eminent counsel at the time when they
and
solicited
made
settlement
a
with
me
out
of
court?
Is there
33.
firm
made
ever
a
shred of evidence that I
fictitious
a
transaction
in
or
my
Stutz
stock?
34.
Is
there
any
evidence that a single trans¬
stock, while its market price
not an absolutely bona fide
action of mine in Stutz
advancing,
was
was
transaction?
35'.
Did I by word or deed make any false
representation as to the Stutz Company in order to
induce a single member or his customer to sell a
single share of Stutz stock?
Is there any
36.
evidence that I was not singleprotecting my stock against persistent
handedly
"
attacks ?
short
Has it become
37.
a
a
Stock Exchange crime for
who is interested in
man
the limit of his
resources
a stock to protect it to
against persistent, vicious
short attacks?
How could I, as a large stockholder of the
Company, have protected my interests from
38.
Stutz
assault in any
was
other
manner
than by buying on the
the stock as
Stock Exchange such of
there offered freely for sale?
the
floor of
Was there
39.
failed
to
make
a
single transaction in which I
for the stock which I
payment
bought?
40.
on
my
beginning to end, a single
repudiation or attempt at evasion
my contracts?
Was there, from
instance of
any
part on
Each and every one of
these findings is essential to any
judgment on the charges. - A truthful finding on these
questions would not only exonerate me, but would put the
blame where it belongs.
I have not heard of any charges being brought against a
single one of the fifty-eight Stock Exchange firms who were
"short" of Stutz stock when the Board of Governors be¬
fair
nignly declared an illegal moratorium for their benefit. I
implied compliment that I, single-handedly, could
so entrap the unwary as to send aloft a single stock to ten
times its alleged actual value.
I dare say that even among
my enemies some will be found to assert that I could not all
alone have accomplished this gigantic achievement.
Surely that energetic committee, which had made suffi¬
cient investigation up to March 31st to order a suspension in
trading and has since plied its efforts with such unceasing
diligence in order to reach a conclusion which would justify
charges, must have found in its careful research some traces
at least of co-operation on the
part of these fifty-eight
"short" houses.
But if this has been the case, they have
carefully omitted to state it in any document which I have
seen.
They have been impartial enough to circulate a mon¬
ograph styled a "presentation" which could hardly be called,
an exposition of my side of the matter.
But here, too, there
is, strangely, an absence of reference to any co-operation on
the part of the " short" members at some stage of the Stutz
blush at the
matter.
Indeed, far from being condemned or even criticized for
assault upon my stock and upon me, these
gentlemen who sold " short" are lifted to the inner circle of
"judges, with the supreme confidence that when I appear
before them in person their resentments, their losses and the
disgrace of their futile attempts at repudiation, all will be
laid aside, and then at last, in the purity of their judicial
prerogative, they will mete out to me fair and impartial
justice.
Here is my answer to all of this: I want none of that
style of justice; I have made this fight for a principle and I
intend to go through with it; when I resigned from the
Stock Exchange I did so deliberately and for sufficient rea¬
sons then stated, and I adhere to my resignation and refuse
to recede from it, even though the Board of Governors were
to offer me in advance the testimonial of the whitewash
which has been so carefully prepared for my adversaries.
I shall fight the persistent efforts to depreciate the Stutz
Company which have been translated by the Board of Gov¬
ernors even into their charges against me personally.
For¬
their part in this
tunately the business and standing of that Company do not
need the favor of the Exchange, but rest securely uponthe
good will of the American People. Fortunately the public is
not a stranger to what has gone on since March last.
And
fortunately for me—yes, and even for the Exchange itself—
there is no longer a place in American institutions for a
survival of the despotism and irresponsibility of czardom.
Gentlemen of the Board of Governors, you may lay aside
^
You need not wait until the 23rd of June.
now of the proscription which you
have written for me, which awaits only my appearance for
formal signature and summary execution.
While I am not
gifted with clairvoyance, I believe that I can read with ac¬
curacy a finding of "Guilty" to any charge that you, in
your great solicitude for justice, may have prepared for me.
If you will come out in the open and give me a public trial
with the benefit of my own counsel, as you have yours, I
will gladly appear before you even though your judges be
every one of them phort of Stutz, because I will present such
a case that not even a partisan and interested judge would
dare find against me.
But your invitation to appear in a
star chamber and to join with you in placing a laurel wreath
wreath upon the past and present conduct of your com¬
mittees and
to furnish myself as the sacrificial lamb
is respectfully declined.
your pretenses.
You
may
tell the public
(Signed)
ALLAN A. RYAN
[VoL-110
THE CHRONICLE
xxvi
fltumtM
v.';,-'
NEW ISSUE
-
A
LONG
TERM
BOND AT PAR
MUNICIPAL
6%
$250,000
CITY OF MIAMI,
!
20 Year
Issued
FLA.
-
6% School Bonds
by Dade County School District No. 2
Including the City of Miami and Suburbs
>
Datedyune 1, 1920
-
Due June 1, 1940
Principal and semi-annual interest June 1st and December 1st, payable at the
&-'■
Chase National Bank, New
Coupon Bonds.
York, N. Y.
Denomination 31,000.
r
■
'#■ [•'
V.
Exempt from the Federal Income Taxes, Including Surtaxes
FINANCIAL
8TATEMENT
Actual Valuation of taxable property
v*
Assessed Valuation, 1919
Total
Bonded
•
$75,000,000
......
12,878,390
Debt, incl. this issue
.
•
.
$600,000
:
Less^Sinking Fund
fy.:
36,823
....
Net Debt
•
•
563,177
.
Population 1920, official est. 45,000
The
City of Miami is the third largest city in Florida, situated on the main line of
theJFlorida East Coast Railway and it is also
1920 reports Vpopulation
for the City
an
proper
important seaport. The U. S. Census for
of 29,549,
Offered, subject to approval by
Price
100 and
Send for
Interest
our
an
increase of 540% in 10
years.
Attorney at
Yielding 6%
complete descriptive circular No. C—87
R. M. GRANT & CO.
31
Nassau
St. Louis
Boston
Street, New York
Portland, Me.
Chicago
OUR
Alii important banking institution desires the
services of
gentleman capable of establishing
department for the purpose of deal¬
ing in investment securities, especially in foreign
bonds. Applicants must have the highest refer¬
ences and qualifications
and state knowledge
of foreign languages—if any—and compensation
expected.
An unusual opportunity for a wide awake young
man, willing to work and to avail himself of a good
name, a large list of prospective customers and
the finest connections in all parts of the world.
Replies will be treated confidentially. Address
A. B. C., % Commercial & Financial Chronicle.
a
"What Your Dollars Wffl
Touches
a
securities
BOOKLET
the
WWyourdoftjr
will
buy
Buy"
briefly
present
situation
upon
investment
and
lists
a
,
number
the
of
very
securities of
highest
qual¬
ity which afford the in¬
vestor
opportunity
to
place funds with
maxi¬
protection
and
mum
highest consistent yield.
A
request
No.
a
G2003
copy
for
will
circular
insure
by return mail.
ELSTON & COMPANY
108 S. La Salle
MILWAUKEE
St., Chicago
MINNEAPOLIS
;
June 19
xxvii
THE CHRONICLE
1920.]
^Financial
A National Investment Service
k
THROUGH offer aid investment serviceof our correspondents we are
the
and co-operation national in scope.
enabled
to
We have the
an
L
privilege of being connected by private wires with the
following well known firms having offices in various cities:
I
I
Goodwin-Beach & Co.
Adams, Merrill & Co.
Inc.
Springfield, Mass.
Chandler
Columbus, Ohio
Colorado
Denver, Colo.
Battle Creek, Mich.
New London, Conn.
Boston, Mass.
Detroit, Mich.
Grand
Beazell & Chatfield
Rapids, Mich.
Kalamazoo, Mich.
Cincinnati, Ohio
S. B. Pearmain
Lansing, Mich.
Dayton, Ohio
Cassatt & Co.
Boston, Mass.
W. W. Lanahan &
Co.
Chas. A. Phelan & Co.
Baltimore, Md.
Boston, Mass.
Learoyd, Foster & Co.
Boston, Mass.
Secor, Bell & Beckwith
N. A. MacDonald
Hugh J. Dimond & Co.
Boston, Mass.
Toledo, Ohio
& Co., Inc.
J. W. Sparks & Co.
Buffalo, N. Y.
Downer & Co.
Philadelphia, Pa.
A. E. Masten & Co.
Boston, Mass.
John L. Edwards & Co.
Washington, D. C.
T. F. Gagen & Co.
New York, N. Y.
Stevenson & Co.
Pittsburgh, Pa.
Wheeling, W. Va.
H. C.
Wainwright & Co.
Washington, D. C.
Boston, Mass.
Morris, Brown & Co.
Glendinning & Co.
Whitney & Elwell
Boston, Mass.
Pittsburgh, Pa.
Philadelphia, Pa.
h
|
New Haven, Conn.
Moorhead & Elmore
Boston, Mass.
t
Boston, Mass.
Boston, Mass.
Boston, Mass.
&
F. A. Schirmer & Co.
Long & Nash
& McWain
r
f
Proctor, Cook & Co.
Boston, Mass.
Clark, Griffith
£
£
£
£
Through this association, clients receive prompt and accurate investment
service in the securities of governments,
utilities and industrial
municipalities, railroads, public
corporations.
HORNBLOWER
BOSTON
I
Springs, Colo.
Chicago, 111.
Baltimore, Md.
New York, N. Y.
i
Youngstown, Ohio
& Chandler
Boston, Mass.
Philadelphia, Pa.
Pittsburgh, Pa.
><
Cincinnati, Ohio
Akron, Ohio
Hulburd, Warren
Allen Arnold & Co.
R.
Cleveland, Ohio
Hovey & Co«
Boston, Mass.
Ball & Co.
3
Otis & Co.
Bridgeport, Conn.
Cincinnati, Ohio
3
Montreal, Canada
Ottawa, Canada
Hincks Bros. & Co.
& Co.
Y.
O'Brien & Williams
Boston, Mass.
Lorenzo E, Anderson
Anderson & Powell
1
New York, N.
E. M. Hamlin & Co.
St. Louis, Mo.
0
Boston, Mass.
New Britain, Conn.
Alden, Bernie & Co.,
t
Naphen & Co.
Hartford, Conn,
Hartford, Conn,
WEEKS
NEW YORK
Investment Securities
PORTLAND
PROVIDENCE
Members
&
of
CHICAGO
DETROIT
Founded in 1888
the
New
York,
Boston
and
Chicago
Stock
£
Exchanges
i
1
%
P
[Vol. 110
THE CHRONICLE
xxviii
jfiiuncUI
Exempt from Federal Income
$1,645,000
City of Indianapolis, Ind.
School
Dated
City 4%% Bonds
Due June 15, 1940.
June 15, 1920.
Principal and semi-annual interest, June 15th and December 15th,
Coupon Bonds.
payable in New York City.
u:'
'I-
Ji
:■
-
Tax Free in the State
as
Denomination $1,000
Security
of Indiana and Eligible
Savings
Postal
for
Deposits
FINANCIAL STATEMENT
Assessed valuation for taxation....
Total debt
$593,512,550
(including this issue).
7,771,807
Population (1910 Census)
233,650
Population (1920 Census)
314,194
Total Debt of City and School
City Combined, About 2% of Assessed
Valuation
Indianapolis, the
state
capital, is the largest city in Indiana.
Indian¬
apolis School City is co-extensive with the city of Indianapolis, and
these bonds
are a
direct
able from taxes upon
obligation of the entire School City and
pay¬
all the taxable property therein.
Price 91 and Interest, to Yield About 5.50%
Legality approved by Messrs. Wood & Oakley, Attorneys, Chicago, Illinois
The above statements
are
expressions of
our
opinion, based
obtained from official reports and other sources,
and upon
William R.
14
we
based
our
we
information and statistics
consider reliable,
purchase of these bonds.
Compton Company
Wall Street, New York
Detroit Trust
Fort and
which
upon
which
Eastman, Dillon & Co.
71 Broadway, New York
Company Kauffman-Smith-Emert & Co.
Shelby Sts., Detroit
Security Building St. Louis
June 19 1920.]
THE CHRONICLE
XXIX
Jflnaiuial
NEW ISSUE
$1,500,000
J. H. Williams & Co.
Five Year 7%
Authorized Issue
Dated June
Sinking Fund Gold Bonds, Series A
$3,000,000
To be
15, 1920
presently issued (Series A) $1,500,000
Interest payable June 15 and December 15
1
Due June 15,
1925
Interest and principal payable at the office of
Columbia Trust Company, New York or Citizens Commercial
Trust Company, Buffalo
Coupon Bonds of $1,000, $500 and $100 denominations, registerable
whole
in
or
part at the following prices with
102; after June 15, 1921, and
and
on
or
to
as
On
principal.
or
Redeemable
before June
as a
15, 1921, at
before June 15, 1922, at 101% ; after June 15,
1922,
before June 15, 1924, at 101; on December 15, 1924, at
100%.
or
CITIZENS
on
accrued interest:
COMMERCIAL TRUST COMPANY,
BUFFALO,
The folio icing is summarized from the
accompanying letter from
N.
Y.,
TRUSTEE
Mr. J. Harvey Williams, President
of the company
Business: The
Company, established in 1882, is the largest maker of drop-forgings and dropforged tools in the United States and probably in the world. Plants are located at
Brooklyn and Buffalo.
It is
now
acquiring the drop-forging and drop-forged tool
business of The Whitman & Barnes
Manufacturing Co. with plants at Chicago, 111.,
and St. Catharines, Ont.
The combined properties have on their books more than
10,000 active
Assets:
Combined
after
accounts.
net assets
Current Sales
are
of December
as
at
the rate of
deducting all liabilities except these bonds,
times this
$1,500,000 issue.
$10,000,000
a year.
31, 1919, including proceeds of this issue and
Net current assets
were
were
$8,368,865,
$3,901,349,
in
or
or more
excess
of 5.5
than 2.6 times
this issue.
Earnings: The combined
net
profits before taxes available for interest charges after deduct¬
ing all depreciation charges have been
Average for 5
For year
and the
No
profits
five-year
follows:
.
$1,214,389
ended December 31, 1919
Annual Interest
The 1919 net
as
ended December 31, 1919
years
on
were
$798,705
this issue
over
$105,000
7^ times annual interest requirements of this issue
average was over
W/2 times.
Mortgage Debt.] While any of these bonds are outstanding no mortgage, lien or other
obligation for monies borrowed may be created except purchase money obligations,
loans
on
Government bonds
not more than one year
ment of
or
est
par
$100,000,
course
on
on
amount of these bonds
as
each May 1 thereafter to and including May 1, 1924,
November 1, 1924, the Company will pay ,to the Trustee
a
ever
issued to such date, but in
Sinking Fund for retirement by purchase
or
5% of the great¬
no
event
less than
redemption of sufficient
bonds to absorb the fund.
All
of business, having
all bonds of this issue then outstanding.
Sinking Fund: On May 1, 1921, and
and also
borrowings in the ordinary
to run unless at the same time provision is made for the retire¬
'
legal details in connection with this issue will he passed upon hy Messrs. Beekman, Menken &
Qriscom of Hew York for the Bankers,
Accounts
have heen audited
bonds icill he ready for
and hy Messrs. White & Case of Hew York for t)ie Company.
hy Messrs. Arthur Young & Co., Certified Public Accountants.
delivery
on or
Price 97 and
Definitive
about June 15, 1920.
interest
to
yield about 7.75%
White, Weld & Co.
14 Wall
111 Devonshire
Street, New York
This
have
information and these statistics
been
obtained
from
sources
we
are
not
believe
Street, Boston
guaranteed, hut
to
he
accurate.
IVo*- no
THE CHRONICLE
xxx
Jfimntial
j
"
More than
a
phrase—an ideal to aspire
be guided by —guardian alike
of investor and investment banker
to, to
Ames.Emerich&Co.
Investment
111
Broadway,
Chicago
I
/
Securities
-
New York
Milwaukee
IP
finanrial
Hn'
yommfrria
INCLUDING
Quotation Section
Railway & Industrial Section
Electric
Railway Earnings Section
Bankers' Convention Section
State and
Bank &
Railway Sectioi
City Section
NO. 2869
SATURDAY, JUNE 19, 1920
VOL. 110.
Week ending June 12.
2£lxe ©tawijcte
Clearings at—
Inc.
Terms of
For Six Months
$10 00
6 Of)
European Subscription (including postage!
European Subscription six months (including postage)
Canadian Subscription (including postage)
13 60
7 76
$11 50
fluctuations In the rates of exchange,
for European subscriptions and advertisements must be made
remittances
«s
account of the
New York funds.
(semi-annually)
(semi-annually)
(yearly)
Railway and industrial
quotation (monthly)
Railway Earnings (monthly)
Electric Railway
state and City (semi-annually)
Bankers' Convention
Terms of
per inch space (14 agate lines) for
Business Cards, twelve months (52 times) per inch
each insertion.... $0 30
175 00
100 00
inch
Office—19 South La Salle Street, Telephone State 6594.
Office—Edwards & Smith, 1 Drapers' Gardens, E. C.
'*!
six months (26 times) per
44
Chicago
London
Front,
B.
73,049,598
Columbus.—;
Toledo
.......
Grand Rapids
DaytonEvansvllle
Fort Wayne
13,866,400
11,680,705
4,907,874
5,376,455
4,544,134
4,511,629
1,529,016
2,068,862
1,959,256
2,643,639
4,395,565
13,513,000
2,918,133
1,400,000
5,110,138
1,500,000
1,511,412
1,709,938
1,959,741
Youngstown
Akron
Rock ford—
Lexington—.
Decatur
Quincy
Springfield, O
36,557,757
17,102,000
19,636.000
15.070,600
15,326,000
5,928,699
6,724,174
4,764,271
4,970,436
South Bend..
DANA
60,761,805
101,406,778
113,263,829
35,000,000
Milwaukee
Indianapolis—
Canton
COxMPANY, Publisher*,
Pine and Depeyster Bta.. New York.
WILLIAM
Detroit
....
487,622,110
54,307,470
76,505,124
63,016,861
29,297,844
16,397,000
11,380,100
10,797,149
4,752,238
565,782,432
614,005,999
69,154,298
122,384,288
Springfield, 111
Advertising—Per Inch Spa<je
Transient matter
Chicago
CincinnatiCleveland—
Peoria-
Subscription includes following Supplements—
BANK AND
1918.
4,639,572
9,672,000
2,020,183
1,200,000
3,827,538
1,250,000
1,416,623
1,526,091
1,610.202
1,711,331
5.479.922
3.961,145
3,624,997,
1,478,775
2,336,372
4,330,6025,014,000
2,095,772
every
21.7
--
7.9
following table, made up by telegraph, etc., indicates
that the total bank clearings of all the clearing houses of
The
States
United
the
the week ending to-day have been
for
$9,215,184,680 against $8,221,213,264 last week
597,286 the corresponding week last year.
and $8,824,-
......$4,268,956,709
*130,000,000
84,821,832
65,533,365
.....$6,503,950,392
1,219,984,361
Boston
.................
.
.
354,628,886
.....
210,512,456
151,001,150
Kansas
City
Louis
St.
...
.................
Francisco
San
Pittsburgh
*135,000,000
i....
161,335,684
................
Detroit
Baltimore
Orleans
New
cities,
Eleven
Other
cities,
Total
*
all
all
days
5
5
cities,
Total
All
..
days
5
cities,
full
week
for
details
1,175,000
5.5
2,012,881
44.7
Owensboro
Ann Arbor
488,205
693,233
1,242,908
1,390,554
946,619
408,462
69.8
Adrian
269,358
87,101
209.4
Tot.Mid.West,
San
Francisco-
Portland-
13,266,010!
4-6.9
4-8.4
Oakland
11,198,605
3,248,769
—6.6
Sacramento
4-5.7
-J-3.6
4-20.8
4-15.8
4-4.6
4-1.1
4-19.0
San Diego—
$7,723,934,753
1,491,249,922
$7,459,354,645
1,305.242,641
4-3.5
4-9.2
$8,824,597,286
4-4.4
PasadenaStockton—
Fresno—
San Jose
Yakima.—--
the
the above will be given next
to-day, clearings being made up by
week covered
by
We cannot furnish them
clearing houses at noon on Saturday, and hence in the above
day of the week has to be in all cases estimated,
as we go
Friday night.
Saturday.
the
950,027;
Reno
2,653,484
Long Beach
Pacific-
the last
to press
Omaha——.......
60,000,000
St. Paul—
43,270,752
21,461,352
.....
Denver
St. Joseph
Des Moines
Sioux City
Dulutb
—
^
1
j
I
1
Wichita—
Lincoln
Clearings at—
Dec.
1919.
1918.
1917.
%
4,358,355,030 4,828,663,479
New York
Pittsburgh..
BaltimoreBuffalo—
Washington.
Albany.
Rochester-——
Scranton
Syracuse-
486,743,281
159,999.481
92,275.040
45,971,888
20,440,728
4,357,024
12,286.548
5,115,060
4,700,000
Trenton.
4,124,155
Wheeling
6,431,309
3,435,938
3,228,885
2,938,615
1,200,000
1,744,801
3,079,444
1,687,855
1,056,409
1,425,900
3,422,766
1,072,479
1,744,497
4,142,366
Reading
Wilmington
Wilkes-Barre......
Greensburg
York
Erie
—
Chester
Altoona
Binghamton.—
Lancaster.
Montclair-
Huntington
Bethlehem
9.7
.
—
Total Middle.
8.3
45.7
113,335,556
75,756,138
21,568,051
15,427,656
4,391,583
8,890,842
3,600,000
4,700,000
2,984,900
3,761,311
3,055,834
3,467,089
2,024,099
1,200,000
1,276,606
42.1
2 350,372
12.0
38.8
12.7
6.9
11.1
29.1
2.2
42.7
6.4
30.1
16.1
3,850,571
2,363,356
1,000,000
1,197,461
2.167.933
1,327,301
24.3
20.0
27.1
1,703,560
361,193,986
83,568,154
47,658,475
20.914,203
5.037,745
9,351,443
3,329,879
4,687,147
2,650,460
4,635,780
2,912,019
3,691,552
2,008,162
1,095,845
1,308,001
1,943,732
1,545,805
2.9
600,000
962,400
26.4
2,707,597
615,902
761,492
2,629,194
405,496
1,135,900
2,297,233
639,590
74.2
-
6.7
4,015,353,201 3,357,117,126
Holyoke-
2,700,000
4,382,510
2,620,546
2,078,181
900,000
643 430
40.0
848,731
Lowell-
1.349,791
996 984
35.4
1,366,590
950.000
902 ,184
53.2
911,108
794,731
ProvidenceHart fo rd—
New Haven
Springfield
Portland—.
Worcester
Fall River
New
Bedford——
Bangor.
Tot. New Eng.
3.0
356,363,139
14,070,500
9,994,874
367,323 144
11,685 500
20.4
8,307 012
20.3
6,500,000
5,511,380
6,047 ,896
7.5
345
38.3
000
1.8
407,420,921
3,986
2,750
3,971
2,648
,513 +
10.4
027
1.0
1,591, 118
30.6
410.853,148
-
0.8
370,045,043
12,006,200
8,443,983
4,984,797
4,258,877
2,643,692
4,005,912
2,186,512
1,895,426
413,596,871
312,426.329
1,182,099
518,263
372,921
797,422,390
805,282,675
108,245.419
32,765,000
25,090.099
20,495,817
14,879,285
3,546,662
794,264;
629,969i
+
810,189
1,809,049
--
1,158,049,
--
116,698
6.476,000
5,556,824
2,318,682
2,970,423
1,266,066
1,523,841
1,971,212
848,676
717,046
514,979
671,371
In
24.3
16,690,633
13,054,047
10,281,949
10,648,907
13.758,278
4,615,363
5,884,359
2,500,000
10.3
199,850,696 +
37,868,905 -- 128.7
7.7
55,710,239 -85.6
23,310,047 -4.7
20,501,401 -17,529,331 - 48.0
19.4
10,930,651 +
5.4
10,872,668 —
7,544,149 -- 41.li
22.3
11,252.413 -3,166,507 -- 45.8
16.5'
5,051,063 -10.0
2,227,029 --
241,683,184
229,857,402
161,425,017,
132,758,602
29,286,563
35,975,162
18,092,574
15,000,465
13,766,261
7,640,336
6,283,705
5,552,157
5,603,451
2,650,132
4,522,216
2,400,061
1,032,132'--
12.4'
18.0
1,997,084'
1,574,675
764,726
2,028,056
1,570,054
729,670
1,094,366
2,078,495
2,242,139
615,088
1,088,967
Fremont-....
1,046,691
2,009.122
+
29.1
1
922,996
1.355,010
1,619,406 +
818,469 +
1,408,724 -
24.1
j
...J
523,062,249
423,926,566 +
150,988,359
.59,425,653
28,715,970
23,564,505
7,000,000
158,857,447
64,964,372
17,804,897
.....
Aberdeen.
Hastings—
Billings
Tot.otherWest.
St. Louis
New Orleans——.
Louisville
Houston—
Galveston
Richmond
.....
56,837,339
Fort Worth.....—.
65,699,300
21,611,382
Memphis—
22,691,604'
Savannah.
8,110,925
26,332,899
10,629.482;
16,000,000
13,084,219
3,553,323
3,569,125
8,019,822
11,520,552
2,821,854
14,152,712,
5,326,5941
Atlanta—..™—...
Nashville.
Norfolk
Birmingham
Jacksonville.
Augusta
Mobile
Charleston
Macon
6,500,000'
Austin
1,200,060!
449,230!
Vlcksburg—
742,379,
13,041.1671
Jackson.—
Tulsa—
MuskogeeDallas..
Shreveport
—
Total Southern
4,691,915
30,000,000
3,800,000!
620,080,310,
Total all—— 8,221,213,264
810,000
-
-
+
7.7
515,6711
975,607,
475.930
1,161,142
23.4
338,864,916,
290,395,052
5.0
157,487,860
8.5
44,407,885
61.3
23,482,612
12,176,520
3,548,412
40,670,293
41,676,573
11,853,634
9,531,006
5,535,738
11,352,063
136,200.151
37,042,982
19,345,812
11,800,000
--
38.6
--
14.8
12.4
11.4
22.3
17.2
9.6
69.2
3.4
30.0
48.3
7,490,999
3,926,827
4,797,785
6,000,000
24,743,365
25,038,683
11,155,180
11,123,128
7,290,712
8,664,736
5,981,261
3,313.355
4,308,830
2,225,546
2,496,371
4,371,304
3,653,943
1,478,158
38.2
2,355,824
3,125,276
5,075,416
3,800.000
1,386,816
7,801,257
2,600.000
1,600,000
3,239,316
296,625
474,235
11,333,645
2,072,688
11,825,564
2,133,294
1,496,720
12,179,933
1.864,492
11 6
437,058,163
361,899,628
11.5
33.1
29.1
34.9
43.4
26.1
3,586,137
1,625,000
--
48.5
--
300.0
2,950,000
436,784
518,363
9,768,908
2,692,890
29,083,854
2,750,000
-
66.1
"
2.9
42.8
33.5
74.2
3.1
555,434,058 +
Outside Y. N-. 3,862,858.234 3,397,408.129
790,902
3.8
6,098,971
8.226,271,608
736,029
12.7
17.000,000
50,550,403 -59.001.320 -17,075,138 -19,362,274 -8,967,480 15,561,583 +
11,003,227 ~
12,311,033 +
8,820,515 +
4,017,068 2,681,719 +
6,211,629 -8,539,959 -1,967,366 -11.226.321 --
3,200,000
32.2!
31.3
—
777,430' +
26,846,536!
49,092,524
15,913,198;
22,737,784'
13,223,476
9,927,846
7,677,919
4,818,631
7,651,960
4,052,371!
1,949,757,
672,663
1,844,052 +
1,723,842 -
Oklahoma
266,557,142
11,839,500
8,953,127
5,645,166
5,644,119
2,911,949
3,963,837
1,961,996
1,821,843
1,034,862
1,298,057
Boston
1,186,274
684,108
357,502i
96,571'
1.876,894!
1,948,636*
970,150,
2,237,904
1,591,998
Chattanooga
in total
■
+
Waterloo..——J
Helena
!
Little Rock
5,224,092,636 5,598,032,S
■
1,300,598
3,048,442
Knoxville
In total
1,479,407!
2,153,179
3,097,063
1,160,431
2,500,000
1,027,429
■
.j
Fargo
13.087,107
31.9
1,026,758
1,080,600
Not included
371,981,354
18.7
449,149,098
134,883,006
82,400,658
33,125,913
18,138,196
4,075,617
11,061,433
3,961,476
4,600,000
2,890,750
5.103.932
2,641,949
Not included
,369,119,668 3.933,602,768
659,408
362,613
790,000
901,404
1,055,881'
3,419,890
1,083,4211
4,479,274|--
_i
Colorado Springs
Pueblo—
Philadelphia.—
\
Cedar Rapids
Inc. or
1920.
945,625
•/
I
220,457,288
86,587,740
Kansas City
Topeka
Week ending June 12.
i
557,937)
483,128
6,141,178
2.270,918
299,217,120 +
371,943,312
1,031,641!
38,722,114
24,183,794
12,086,7041
4,946,359:
7,882,033
14,374,855
5,345,452
10,800.000
9,619,345
2,800,000
882,366 Not included
Santa Barbara....
Minneapolis
*
for
6,204,197
2,375,864
4,760,200
4,521.4211
2,011,463
1,732,845
1,653,062
662,060
4,553,784
1,242,535
926,380
1,203,367
1,181,425
1,357,069
1,027,045
1,350,000
1,169,312
1,318,235
29,386,000
39,918,764
30,906,824
Spokane
10,941,055
4,500,000
5,193,472
3,252,948
3,225,733
1,437,545
2,168,422
3.583,718
5,909,000
104,182,811
14.5
129.141,022
40,000,000
144,100,000
75,758,000
40,248,918
35,864,903
17,207,141
5,841,465
Seattle
48.4
938,807,730 +
1,074,613,836
Tacoma-
Partly estimated.
The
4.8
Salt Lake City....,
$9,215,184,680
days....
....
cities
518,642
Total
day
1
22.0
4-15.5
$6,433,883,377
1,025,471,268
Chicago
45.6
884,910
—8.7
501,665,648
419.365,735
331,827,087
194.248,722
161,735,269
127,681,717
155,682,604
107,633,511
73,254,534
62,615,282
Philadelphia
1,309,549
—0.7
$4,298,173,268
457,848,214
484,312,096
York
1,906,937
1,079,366
493,774
Los Angeles
Per
Clearings—Returns by Telegraph.
Week Ending June 19.
New
1.846,266
Lansing—
HOUSE RETURNS.
CLEARING
Bloomington__.Mansfleld
Danville
10,921,200
950,000,
Lima-
Saturday morning by WILLIAM B. DANA COMPANY.
President and Treasurer; Arnold Q. Dana, Vloe-Presldent and
Addresses of both, Office of the Company.
Secretary.
512,803,603
42,045,494
79,378,516
59,624,571
27,540,589
15,050,325
2,836,721j
1,205,2241
Jacksonville, 111—
Published
4acob Seibert Jr.,
1917.
Subscription—Payable in Advance
ifor One Year
NOTICE.—On
or
Dec.
1919.
1920.
PUBLISHED WEEKLY.
-
+
6,371,728
2,775,504
1,450,000
2,300,000
249,300
427,189
6,599,244
0.1 6,243,978,725 6,508,656,072
13.7 2.874.859.057 2.575,053.304
a
THE FINANCIAL
SITUATION.
President have had
There
no
exhilarating effect
the Stock
on
Neither have they had a depressing effect.
Exchange.
was no reason
and the only reason
why they should have had either
for referring to the matter is that
invariably after these nominations the charge
almost
big interests " somehow had a con¬
is made that "
On
this occasion while a '1 dark horse " as was expected,
in the person of Warren G. Harding, carried off the
trolling voice in the naming of the candidates.
honors there
was
nevertheless
spontaneity in the
a
been entirely lack¬
choice that has often in the past
head
ing, with absolutely nothing to indicate that the
long in ad¬
of the ticket had been determined upon
vance.
.
sound," his nomination would, as a mat¬
and
sane
be acceptable to business interests, yet
ter of course,
that is
being
merely
negative advantage and-for the time
a
pressing circumstances are receiving con¬
more
The credit situation is still the all con¬
sideration.
trolling factor and here the recent developments have
not been such as to
inherent
suggest any great modification
in
requirements, though last Saturday's return
covering the results and conditions of the twelve
Federal Reserve Banks
increased
number of
a
In the first place
favorable features.
were
combined had
gold
reserves
of $4,205,-
for the week in amount
discount
minished
was
showing di¬
reduced $48,100,000,
borrowings to that extent; and in the third
place, and most important of all, there was a con¬
traction (after previous
heavy increases) of
$15,-
over
000,000 in the amount of Federal Reserve notes in cir¬
As these, however,
culation.
for
the results merely
are
single week it would be easily possible to attach
a
An
case
For
a
long time to
the credit situation is likely to furnish the
come
to the
sued
significance to them.
course
of
security values.
key
equally weighty matter is the
of the
course
application of the railroads for
respect,
freight rates.
to be pur¬
adoption of
a
an
are
entertained of the
liberal policy by the Commission in the
broad-minded
that respect.
ern
Pacific
action by
regular
for the
outlook,
Inter
rate
in
Thursday at which the
was
when, after pointing out that the
Northern Pacific
he
territory is good,
made,
State
crop
as
added these significant
the future is
expansion in
staple
indicative of
fair
and the high prices
acreage
long current
so
as re¬
a very
were
of
little im¬
no
portance as a factor; sufficiently so, in fact, to cause
great attention to be paid to propaganda to bring
no
about
a more or
But what
less radical reduction in the
accomplished to
some
In other words,
extent.
analyze the returns received, it
we
has been
area
tle
increased, the expansion has been of lit¬
ment of those
working for
The stock
producing cotton, it
being maintained that current cost left really
gin for profit to the farmer.
Some have
no mar¬
far
gone so
to claim that actual loss has been the rule.
It would
however, according to those well informed, that
seem,
the average
prices received at the farms during the
elapsed portion of the
the
argu¬
reduction has had to do
a
with the increase in the cost of
as
as
that while
appears
than nominal proportions.
more
planting.
propaganda failed in doing adverse weather
season, as
officially reported by
Department of Agriculture have afforded
profit to the
The planted area, as we
to us,
a
fair
growers.
is 2.01%
more
either of the two
interpret the reports made
than in 1919, but less than in
preceding
With winter and
years.
early spring fains ample the soil
tory condition when the time
was
in
satisfac¬
very
came
for preparing for
the crop, but continuation of rains
coupled with low
temperature not only delayed that work but planting
cohsequence
well, and in
The
plant therefore is
behind
an
age
the
crop
got a late start.
from two to three weeks
now
average year
of labor
to retard
tions.
largely dependent
indicated
Commerce Commission
outlook in
also the traffic
words:
upon
does
as
well
as
in advancement, and short¬
44 Of
what the
relative to
period prior to June 1
apply
as
more
many sec¬
particularly to the
since that date
marked im¬
a
provement in the meteorological conditions in most
sections is reflected in much
we
go to press.
now
are
The
more
crop,
fairly good
of
on
satisfactory reports
is late, but
course,
the whole and with
favoring conditions hereafter there is the possibility
of
a
much better outturn than has seemed
We do not claim absolute accuracy
regards
area, as
only by
our
census
enumeration, but
cated and that the increase of
latest weekly weather bulletin,
as
are
The
that for the period
15, confirms private reports of
a
we
clearly indi¬
year's planting.
improvement in the condition of the
The
as
2.01% closely approxi¬
mates the actual outcome of the
ended June
possible.
result
that would be possible of attainment
complete
a
for
confident that the true trend this year is
ton belt
increases."
The cotton crop situation at this time, as disclosed
unfavorable weather has tended
materially work of cultivation in
These remarks
upon
Commission
realization of the situation in that respect
proper
course
dependent
the
Railway Company, at the meeting of the
dividend declaration
of
measure
stands
Howard Elliot, president of the North¬
directors of that company on
First intentions,
vealed by early reports were
Not only the future of the
railroads but of the whole country is
wise,
sea¬
of the periods,
hand at the close of the
on
bumper cpop year—1914-15.
as
particular mentioned.
large aggregate
advance
All is conjecture in that
though high hopes
stands the
successive
i
by the Inter State Commerce Commission in the
in railroad
have
lengthy
supply of cotton has been considerably reduced
from the
as
too much
with the crops for five
below consumptive requirements
sons
the
essential features
to inform those who
serve
Of first importance, of course,
document.
matter of area as
000; in the second place the volume of bills held un¬
der
here will
leisure to study and digest the more
not the
has
Harding being what is ordinarily termed'' safe,
Mr.
brief but concise summary of the
of the report
Republican nominations for President and Vice
The
[Vol. 110.
THE CHRONICLE
2512
a
crop
noticeable
in the cot¬
whole.
nomination
by the
Republican delegates at
by the usual investigations made by lus in connection Chicago of United States Senator Wairen G. Hard¬
with the issuance of
our
annual report on acreage
condition is presented in such detail
pages
seem
on
and ing of Ohio for President and of Governor Calvin
subsequent
that extensive added reference thereto would
to be uncalled for.
At the
same
Coolidge
pears
of Massachusetts for Vice-President,
to have been viewed
time, however, leading European capitals.
in various
ways
ap¬
in the
One point, however, has
June 19
been made
Paris, namely, that there
the failure of Senator Hiram Johnson of
over
though there
important daily
idea
that
the
tatives
Stephane Lauzanne, editor of the
their
candidate,
they
because
Senator Johnson/'
might
Republican candidates
In
article
an
predicted Mr. Harding's nomination.
In
not
the
was
so
anti-European, anti-Japanese Johnson who
badly distanced.
Harding is
self made
a
He is another sort of
During the
man.
America and affection for
than
more
of
comes
to
hearts
T.
never
100.
Herrick,
forget.
from Mr. Herrick is good.
us
we
France is
Myron
Paris and France will
name
he
was
And,
that, Harding is the intimate friend and
candidate
preferred
war
man.
His percentage of loyalty
pro-ally from the start.
to
wish
whose
All that
With all
our
good luck to Senator Harding.'' The
44
Temps " also published 44
litical
situation
Harding 44
Johnson."
better
were
a
better prospect for France than
papers were
Republican platform.
much
against
an
Madison
one
serves:
Court, for
us
don? "
theory that 4 4
opposing the
as
use
wars can
of
force
by the Supreme Court."
Continuing
the
44 Temps "
on
assure
Fisher, Minister of Edu¬
raised 44 How
was
powers
on
we
again point out to
ob¬
our
De¬
American
of Secession.
Republican candidate wins in November it is
probable that it will be by
outlined in
the
some
such proposition as
Chicago platform that the Govern¬
ment of the United States will seek in 1921 to
America with foreign
further upon
was
made in
in Lon¬
now
dispatch from
a
Thursday morning that the Council of
taking final action
on
represen¬
his request
the Council had decided to 44 await the result of the
tative to 44 keep it
London advices
informed
the march of events."
on
Thursday evening stated that4 4 sharp
criticism of the
the
decision reached by the Council
League of Nations to postpone action
of Persia for defense
pressed in
In the
Council asked the Persian represen¬
meanwhile the
In
of
the plea
against the Bolsheviki is
quarters here."
some
on
ex¬
special Paris
a
cablegram to the New York 44 Tribune " the
corre¬
spondent quoted from several of the leading French
newspapers
and in summarizing their expressions of
opinion said that 44 the French
press
reflects the be-
lief that the first real work given the
League of Na-
tions to do has broken the creature's back."
sian Government's appeal
He de¬
for protection against the
Arthur J. Balfour,
Lord President of the Council of the
a
League of Na¬
fepeech in the House of Commons
on
Thurs¬
day, declared that 44 the League already had been
able to
perform considerable service to the comity of
nations.''
The
Governments."
opening session of the Commission for the
Court
Permanent
The
of
the
United
going to begin June 16th, at The Hague
for the celebration of
a
plan for
a
Permanent Court
States.
Former United States
present as the representative
The
delegates
of the
Queen.
associated the
Brown."
He said
names
The
gained
among
new
other things that
of Elihu Root and James Scott
was
name
of the
made by Leon Bourgeois.
referring to Mr. Root he said that his attendance
representative of America 4 4 is
and the
a
Announcement
meeting of the Council of the League of Nations
a
conference
of
In
as
proof that the Old
New, notwithstanding passing dif¬
ficulties, will not be separated by
wel¬
and remarkable in¬
opening speech in the
League of Nations
Justice."
Monday in St. James Palace in Lon¬
were
by Foreign Minister Van Karnebeek in the
the movement had
World
held last
for in the
spiration from America, with which especially were
a
International
was
Commenting
perspective gives great import¬
provided
held in the Peace Palace at
Hague last "Wednesday.
comed
44
Justice
was
Senator Elihu Root
to the work which the International Committee
of Jurists is
of
League of Nations
replace
regulate the relations of
this phase of the Republican platform
the writer said 44 this
was
the
protection applied for by Prince
promises made by the Soviet authorities."
name
the Wilson covenant and to
A
can
circumscribed,
so
League of Nations had notified Persia's
tative that before
this side of the Atlantic,
the peace of Europe.
friends that it did not prevent the War
of
question
Announcement
that centre
Em¬
of
representative of ministe¬
a
international tribunal and quotes onmarching Bolshevik armies."
who live
spite its theory,
ance
Counselor
44 It is clear that the system of a Supreme
will not suffice to
If the
The
of
Firouz, the Persian Foreign Minister
of the states of the Union and favoring tions, in
War."
that
embarrassment of the Council in the face of the Per¬
as
adds, however, that 44 this system did not prevent
Civil
above
it relates to for¬
far
so
the settlement of differences
the
League have sent
that 44 it will kill the League
It takes up the
prevented by
President
says
League, and that those
declared that 44 Great Britain is the
extend to Persia the
the
that Persia
clared also that4 4 such is the attitude taken toward the
hard to swallow, in
It
The 44 Temps,"
observed that 4 4 it is
the latter,
upon
of Nations.''
It
called
pleased with the Republican ticket than they
with the
eign affairs."
be
it
which
in
Apparently the Paris
commenting
very
long review of the po¬
of middle course," and said 44 he
a man
certainly affords
a
America"
in
was
of Nations, with
League
com
paring him with Senator Johnson, he said: 44 He is
are
of this meeting represen¬
He is H. A, L.
cation."
on
pointed out that
diplomatic rank and official standing
cases
It
rial rank.
few days before, M. Lau¬
a
few
bassy."
Presi¬
a
of the League ' and
was
members of the
are
named only country which has
have
Harding would be
dent well-inclined toward France/'
zanne
as
member of the
a
whose
in
are
Editor Lauzanne expressed the
belief also that 44 Senator
the
Harding
Senator
named
It
to London for the purpose
declared that 44 Europe should be glac.
Republicans
purpose.' "
appealed to the League? against Soviet Russia,
44
Matin,7'
4 the first great test
as
which is not
excerpts from several
spoken of in advices from
'^special business," which is variously
nations which
of that city in which this
newspapers
stressed.
was
cabled
was
the two main facts of the situation
has
Mon¬
special Paris correspondent of the
a
4 4 Times "
York
44
as
farce of set
a
not have been pronounced enthu
may
day morning
New
nomination for President, al¬
the selection of Senator Harding.
over
described
4
California to get the
siasm
that centre
genera
was
2513
don to transact what
perfectly clear in the cable advices from
London and
relief
THE CHRONICLE
1920.]
was
made
Premiers
a
lasting barrier."
yesterday morning
at
Boulogne,
of
beginning
Vol. 110.
THE
25U
the German indemnity ques¬
Paris cablegram yesterday
Monday, to discuss
next
According
tion.
to
CHRONICLE
a
Lloyd George and Millerand have
decided to invite Italy, Belgium and Japan to attend.
The assertion was made in a Paris dispatch to the
morning Premiers
It was expected then that at least 21
participate. At the first session a reso¬
agenda."
nations would
proposed by Italian delegates
lution
demanding that
raised and declaring
abolish warfare, competition among
against Russia be
the blockade
that in order to
Ap¬
parently England did send delegates, inasmuch as it
mands
stated in a Genoa dispatch that " the English
delegates opposed the resolution, which nevertheless
Much has been said in European cablegrams fox
was adopted almost unanimously." Mention wras made
some time regarding the proposed Spa
Conference, of " a conference of the International Seafarers' Fed¬
at which the exact amount of the German indemnity
eration to be called at the beginning of August, prob¬
"
yesterday that new indemnity
would be framed and handed to Germany.
Evening Post "
de¬
adopted.
be abolished, was
nations must
the
was
be considered
Within the last two weeks
opinion has been expressed rather fre¬
matters were to
and
other important
and
settled, if possible.
the
so
or
Brussels."
ably in
elections in Germany,
developments
in that country have been watched with more than
usual interest in the leading capitals of Europe, and
in the United States as well.
On the basis of the
election returns received last week special surprise
was not caused by the resignation of the Ebert Cabi¬
net.
The
" Lokal-Anzeiger "
claimed to have
He added that " the French Government has never
learned from authoritative sources that President
been really in favor of it, and Premier Millerand
Ebert would not present himself again as a candidate
accepted the project at San Eemo only on the insis¬
for the Presidency."
The newspapers said also that
tence of Premier Lloyd George."
He said also in
Paris and London that
the gathering probably would be postponed, first to
some date in July and then to some time in August.
In a special Paris dispatch to the New York " Times' '
last
Saturday the correspondent of that paper
asserted that " it is entirely probable that the much
discussed Spa conference will not take place at all.
which
were
Reichstag
the
Following
quently in the advices from
held
June 6th, political
on
"
"
conference that '' re¬
cent events, especially the result of the election in
Germany and the Italian Governmental difficulties,
give the French arguments against the Spa meeting.''
probable abandonment of the
information
His
to the effect
accordance with the
in
be
was
that " it would
French view to call the
Brussels financial conference as soon as
have
the
said to
was
practicable,
European financial
on
raised
have declared that
Giolitti
"
he
form
to
the
being pro-German."
the
New
feeling
respect
The London correspondent of
a cablegram to his
"Tribune," in
York
similar
was entertained in the British Capital with
to Giolitti.
In fact, the assertion was made
"if
that
veteran
Italian pursued
identified with his name,
Italy
This
the policy
form
a
treaty
correspondent
" the French fear Giolitti," and
asserted also that
added that " he has been
he
may
Germany."
with
alliance
of
Italian Cabinet, because
France the reputation of
about the same time, indicated that a
paper,
that
new
always had in
has
a
nightmare to them
considerations the cablegrams from Berlin
from these
tical leader after another
still
and
of
the
a
new
the
Albert
Thomas
is
the
director,
and of the
Attention was called in advance
in Paris cablegrams to the fact that'' England and the
United States are among the countries which have
not
yet signified
was
to the
their intention to send delegates,"
responded to
added that *{ each of them has
the request
It
Ministry
was
reported at
one
time
during the week that the old Coalition Govern¬
ment
might be reestablished and gain sufficient new
strength to enable it to continue, at least for a time.
It
indicated in other advices that the Govern¬
was
ment was
drifting along without any real leadership.
Voegler, spoken of as a leader in the German
Herr
steel and coal
industries,
quoted
as
expressing the
chosen
of their
political affiliations, is the solution
members
account
of the
was
Ministry of reconstruction with its
for their special gifts and not on
opinion that "
a
" Such
Cabinet crisis."
a
Cabinet," he de¬
clared, " would have the support of a large majority
Parliament, while
any
party which shortsightedly
reconstruction Ministry would not escape
a
punishment."
In contrast to the
began its sessions in Genoa on
League of Nations.
but it
men
International Seamen's Conference
June 15th, under
auspices of the International Labor Office, of
which
of these
None
make much headway in the
to be able to
selection of
Fehrenbach,
Konstantin
later
Reichstag.
considerable interest in advance in cer¬
tain circles in the
which
the
Herr Heinze, Karl Trimborn, Dr.
came
without
was
with the request that he form
Former Premier Muller was first on
Cabinet.
opposed
There
Ebert approached one poli¬
have stated that President
in
since the outbreak of the war."
Independent Socialists is
party." Aside
only course open to the former
the
Schiffer,
selection of Giovanni
"'close collaboration between the
Majority Socialists and the
44 the Italian Gov¬
President
ernment to get reorganized and in good shape by
appeared
July 5." There appeared to be more or less appre¬
hension in Paris also over the
ranks, which
Scheidemann is reported to
Philipp
do witihout the Spa meeting."
have been expressed in French list, and then
diplomatic circles of the ability of
of personal objections
against him within his own party
resents."
he
a
policies and then
Doubt
there
Allies agree
his decision is the outcome
assertion relative to the
substantiation of his original
of the Labor Office for preliminary replies
various questions in
the four items of the Genoa
form
rather large number of political
requested by President Ebert of
leaders
a new
decided to rely upon
only one former leader, namely
Giovanni Giolitti to form a
of former Premier
than
the
a
week ago.
advices
making
a
new
a
Germany to
Cabinet, King Victor Emmanuel of Italy
from
Ministry to succeed that
Nitti, which resigned
a
little
more
During the early part of the week
Rome indicated that he
was
not
substantial progress in the construction of
Government.
On
Thursday morning,
how-
June 19
1920.]
THE CHRONICLE
ever,
it became known that his efforts finally had met
with
success
selected.
names
complete Cabinet had been
a
Signor Giolitti is Minister of the Interior
well
as
and that
Premier.
as
Most
of
unfamiliar here
are
the
other
members'
Cabinet Ministers
as
or
statesmen, although that of Signor Bonomi, Minister
of
War, is reasonably well known because of his for¬
political activities.
mer
last
In
evening the information
mier
Giolitti's
cablegram from Rome
a
was
conveyed that'' Pre¬
administration, which took office
day [Wednesday] is based
to¬
the old Party of the
on
Russian debt when France is
with the
Soviets." It
policy of Moscow
the
on
ready to discuss
added that
was
point
peace
" such is the
which the French
on
Government bases its technical objection to the
re¬
sumption of commercial relations with Russia."
London
a
made that the
was
day before Krassin had his first
interview
with
Supreme
Economic
" the
anything,
committee
permapent
Council."
The
forty-five minutes, but it could
if
In
dispatch yesterday morning the statement
of
meeting
the
lasted
not be learned what,
accomplished.
was
Left, with its subdivisions, the Liberal Democrats and
the
Radicals."
It
longs to the former.
mention has been
Socialist.
view
The
stated that the Premier be¬
was
Signor Bonomi, of whom special
made, is set down
Premier
new
as
Reformed
a
quoted in
was
an
inter¬
"
as
assuring the correspondent of Italy's strong
friendship for France."
Late
Recognition of the Soviet Government
Allies has
London and
many
in Russia
extent in
some
by
Rome, for
A London correspondent of the 4' Sun
and New York
that
Herald," in
an
a
was
made
at
Monday to
go a
long
way
in the direction of
nition of the Russian Soviet Government
national
Power."
The
as
an
was
received in
a:
4 4
Chronicle.''
Premier, had resigned.
was
made in last week's
was
More complete advices received sub¬
sequently stated that " the break
came
the Minister of War's decree
on
unexpectedly
army
discipline,
Assembly
by the Christian Socialists."
pressed then that
a
new
recog¬
inter¬
correspondent said further
that " after
reviewing Persia's appeal to the League
against the Bolshevist invasion and the facts behind
The
opinion
was
ex¬
Coalition Cabinet would be
formed " pending the election."
In
an
Associated
Press
cablegram from Moscow
the
London headquarters of the
League of Nations that
"
the Council of the
League proposes at this meeting
on
report
a
Brief mention of this fact
dispatch last Saturday,
announcement
tonight
which question was raised in the National
topic of much discussion in
a
Paris, and to
weeks.
declared
been
week ago
which Dr. Karl Renner
over
the
a
cablegram from Vienna that the Austrian Cabinet, of
Thursday morning it
member of the
"
at
over
and Turkey."
announce¬
Djemal Pasha,
Young Turk Party, who is
has arrived
Government
said
reported that the
had been made there that
ment
cow,
was
a
in Mos¬
now
understanding with the Soviet
an
points of mutual interest
to Russia
The " Daily Chronicle " of London
yesterday that "it has become clear
in
diplomatic
the
circles during the last few weeks that the
under Article XI."
treaty would have to be amended in certain
details,
and that in the general interest of the
Allies careful
appeal, the statement from the League headquar¬
ters says that action
by the League will be taken
Washington heard that Gregory
Ifrassin, who has been in London for several weeks
negotiating for the resumption of trade with Russia,
has, among other tentative propositions, offered to
''
grant to British subjects concessions
of
a
most
private property in the form of industrial
plants,
It
was
radical
confiscated by the Soviet regime."
pointed out that the offer would " mark
departure
in
international
adopted, and would also strike
relations,
at the very
a
if
vitals of
the
Magna Charta guarantee of the right of owner¬
ship of private property, which constitutes one of the
of modern civilization."
According to
information received in
Washington, " there is
indication whatever that the British Government
would have to be
given to representations
of the Turkish Government's wishes
made
through the
Grand Vizier."
ex¬
traordinary character for the exploitation of Russian
mills and mines
attention
Turkish
"
A
new
party with conservative Nationalistic
dencies has just been formed in the Chamber
of
ties, '' according to
ing.
Paris cablegram yesterday
It is claimed that the
Charles C. A.
new
Depu¬
morn¬
party has 260 votes.
Jennart, Deputy from the Pas de Cal¬
ais, is President.
"
a
ten¬
The Alliance
The
name
of
the
new
faction is
Republican-Democratic of Social Ac¬
tion and National Reconstruction."
cornerstones
the
no
will accept, or even consider such
interview with
Krassin
was
a
British
Treasury returns for the
week ended June
12, show that for the first time in several weeks
reve¬
and income exceeded
expenditure and outgo, and
the result was a credit in balance on hand
of
nue
a
correspondent of
proposal."
a
In
an
Paris newspaper
reported to have declared that " it is
£202,000.
Expenses for the week totaled £10,937,000,
against
£54,654,000 last week, with the total outflow, includ¬
impossible to crush Russia by military and economic
ing repayments of Treasury bills, advances and other
measures," and to have added that " constant Allied
items, £69,499,000, in comparison with £138,175,000
pressure has only the effect of
increasing the soli¬ a week
ago.
Receipts from all sources were £69,701,darity of the Russian people and gaining the support
000, as compared with £137,132,000 for the week end¬
of neutral nations."
In a London
cablegram yester¬
ing June 5. Of this total, revenues brought in
£16,day morning it was said that " Prince Firouz Mirza,
305,000, against £33,135,000. Savings certificates con¬
Persian Foreign
Minister, had a long conference with tributed
£950,000, against £800,000, while from ad¬
Krassin last night. French Government
officials, ac¬ vances the sum of
£2,250,000 was received, which
cording to London and Paris advices, have been op¬
compares with £45,250,000 the previous week.
Sales
posed all along to a resumption of trade relations with
of Treasury bills amounted to
£49,336,000, against
Russia. In a Paris
cablegram yesterday morning the £57,047,000 the week
previous.
Treasury bonds to
assertion
with
was
France
made
the
that
" the
question
of
Soviets will
the
payment
discuss
the amount of
of the
000
a
week
£860,000
ago.
were
issued,
as
against £900,-
Treasury bills outstanding
were
~
again expanded, being now reported at £1,077,203,000,
in contrast with £1,070,987,000 last week. Temporary
£9,940,000, to £224,887,against £234,867,000.
The total floating debt
shows a reduction, and now stands at £1,301,-
advances, however, were cut
000,
also
compared with £1,305,854,000 a week earl¬
the corresponding week of 1919 it stood at
020,000,
as
In
ier.
[Vol. 110.
THE CHRONICLE
2516
The Exchequer balance aggregates
£1,546,100,000.
£2,889,000 held last
£3,091,000, which compares with
•' V
;*'■
week.
year
were
and with 5,422,466,417 francs
last year
francs
During the week changes
francs in 1918.
other items were:
the
in
the
before; of these amounts 1,978,278,416 francs
held abroad in 1920 and 1919 and 2,062,108,484
francs; bills
advances
registered
Silver increased 159,000
discounted decreased 52,111,000 francs;
22,052,000 francs; general de¬
decreased
A contraction of
circulation, the
the past six weeks total¬
posits, decreased 30,287,000 francs.
314,403,000 francs occurred in note
reduction in this item in
net
■
The amount outstand¬
37,358,352,806 francs, as against
Official discount rates at leading European centres
34,449,556,580 francs at this time in 1919 and 28,414,continue to be quoted at 5% in Berlin, Vienna, Spain
297,070 francs in 1918. On July 30, 1914, just prior
and Switzerland; 5^2% in Belgium and Norway; 6%
to the outbreak of war, the amount was only 6,683,in Paris, Copenhagen and Petrograd; 7% in London
and Sweden, and 4^% in Holland.
The Bank of 184,785 francs. Comparisons of the various items
in this week's return with the statements of last week
Bombay has reduced its rate from 7 to 6%. Accord¬
and corresponding dates in 1919 and 1918 are as
ing to a cable from Calcutta, under date of June 14,
follows:
the Bank of Bengal has reduced its discount rate
BANK
OF
FRANCE'S COMPARATIVE STATEMENT.
from 7 to 6%.
Changes
——Status as of—
1
1
1 ■
This constitutes the first change since
for Week.
June 17, '20.
June 19, '19.
June 20, '18.
Gold Holdings—
Francs.
Francs.
Francs.
FrancsFebruary 20, last, at which time the rate was raised
France. Inc.
148,000
3.009,271,700 3,572,350,872
3,360,357,932
No change.
1,978,278,416
1,978,278,416 2,062,108,484
from 6 to 7%.
In London the private bank rate is Abroad
Total...Inc.
148,000
5,587,550,125
5,550,629,289 5,422,466,417
reported at 6J4@611-16% for sixty and ninety Silver
Inc.
159,000
240,598,495
304,715,364
256,064,268
disc.Dec. 52,111,000
1,347,160,298
858,290,073 1,334,891,839
day bills, in comparison with 611-16 @6%% last
.Dec. 22,052,000
1,797,714,561
1,272,912,887
972,933,229
Note circ. .Dec.314,403,000
37,358,352,806 34,449,556,580 28,414,297,070
week.
Money on call in London remains as hereto¬
dep.Dec.
8,625,000
175,850,872
61,133,339
67,882,293
ing nearly one billion francs.
ing now stands at
In
Bills
Advances
Treas.
dep..Dec.
Gen.
fore at
41/2%.
3,276,829,894
30,287,000
3,301,513,738
3,928,095,377
In its statement, issued as of June 7, the Imperial
sub¬
Bank of Germany again shows drastic revisions. Bills
stantial gain in its gold item of £983,424, while total
discounted were reduced by the huge sum of 3,297,reserves were expanded £1,185,000, note circulation
081,000 mks., while deposits fell off 3,272,937,000
having shown a small reduction, namely, £201,000.
mks.
Gold was increased nominally, 13,000 mks., al¬
The proportion of reserve to liabilities, however, was
though total coin and bullion was cut 82,000 mks.
higher than a week ago, having been brought up to
Treasury certificates registered a gain of 207,767,000
14.28%, as against 13.30% last week, but comparing
mks.
Increases were likewise noted in notes of other
with 19.72% in 1919.
An increase of £1,818,000 is
banks, 63,000 mks., Advances 5,657,000 mks., invest¬
shown in public deposits, but other deposits were re¬
ments 20,946,000 mks., securities 908,972,000 mks.,
duced £4,360,000 and Government securities declined
and liabilities 487,350,000 mks.
Circulation expanded
£3,697,000.
Loans (other securities) registered a
631,829,000 mks. The Bank's gold stocks are now
nominal increase, namely, £23,000.
Threadneedle
reported at 1,091,691,000 mks. This compares with
Street's gold holdings now stand at £117,690,113, as
1,302,400,000 mks. in 1919 and 2,345,820,000 mks. the
against £87,729,924 a year ago and £64,205,926 in
year before.
The total of outstanding note circula¬
1918.
Reserves total £21,973,000, comparing with
tion is 50,648,729,000 mks., as against 28,217,840,000
£28,456,999 in 1919 and £30,271,961 the year previous.
mks. last year and 12,034,200,000 mks. in 1918.
Circulation is
The
Bank of
England announces a further
£114,167,000.
In 1919 the total was
£77,722,925 and £52,383,965 a year earlier.
420,885 and in 1918 £95,050,461.
Clearings through
the London banks for the week amount to
000,
as
£729,379,-
against £749,802,000 a week ago and £472,-
The Bank's official discount rate
339,000 last
year.
has not been
changed from 7%.
statement of
Bank of
We append
a
comparisons of the different items of the
OF
ENGLAND'S
£
June 18.
£
STATEMENT.
1917.
June 20.
1918.
June 19,
£
£
..114,167,000
77,722,925
52,383,965 38,839,580
Pub.
depts... 21,158,000
20,017,177 36,121,637
50,143,009
Other
depts..132,523,000 124,297,626 125,187,333 119,456,666
Govt,
secur.. 71,803,000
53,203,376
53,749,732
45,230,106
Other secur..
78,812,000
80,420,885
95,050,461 105,887,648
Circulation
Prop'n
to
Bank
1916.
June 21.
£
35,215,095
51,200,122
91,549,115
42,187,454
73,382,518
&
coin
21,973,000
Coin & bull'n. 117,690,113
28,456,999
87,729,924
30,271,961
64,205,926
36,245,194 44,942,601
56,634,774 61,707,696
of res.
Habs
rate
..
...
14.28%
7%
Last
19.72%
5%
18.80%
5%
21.37%
5%
31.50%
5%
Saturday's statement of New York
banks and trust
complete form
Associated
companies, which is given in more
on
a
later page of this issue, 'was
expected and recorded
somewhat better than had been
a
reduction in loans and
loan item
was
an
addition to surplus.
brought down $15,264,000. Net
$4,184,356,000, while
deposits lost $1,544,000, to $249,870,000.
Government deposits were only slightly altered, be¬
time
ing $22,974,000, against $22,857,000 last
changes included
a
week.
Other
reduction in cash in own vaults
(members of the Federal Reserve
Bank) of $2,599,of $8,422,000 in
000, to $94,773,000, and an increase
banks in the Federal Reserve
reserves
of member
Bank to
$574,191,000.
trust
Reserves of state banks and
companies in own vaults were cut $34,000, to
$8,781,000, and reserves in other depositories,
The Bank of
France in its weekly statement re¬
ports a further gain of 148,000
this week.
The Bank's
5,587,550,125 francs,
francs in its gold item
gold holdings
now
aggregate
The
demand
deposits declined $9,610,000, to
net
COMPARATIVE
1919.
1920.
June 16.
notes
tabular
England statement.
BANK
Res.
Loans
Last year they stood at £80,-
aggregate £78,812,000.
state bank
and trust companies,
also
decreased $186,000,
There was a gain in aggregate reserve
to
$9,144,000.
of
$8,202,000, to $592,116,000, and in surplus of $9,-
comparing with 5,550,629,289 531,510, which brought up the total of excess re-
June 19 1920.]
to
serves
course
THE CHRONICLE
$38,098,910.
The
latter
increase
in the Federal Reserve Bank.
reserves
The
figures
here given for surplus are on the basis of
legal re¬
of
serves
serve
13% for member banks of the Federal Re¬
system, but do not include cash in vault
ing to $94,773,000 held by these banks
last.
Improvement
serve
in
was
of reserves,
$10,805,000.
Saturday
on
registered
slight increase
a
namely, to 40.6%, against
40.1% the preceding week.
contraction in
In addition there
outstanding Federal Reserve
was
a
$16,757,000, but this
offset by
was
decrease in other rediscounts of
$15,855,000.
ings of other Federal Reserve banks from
York institution
were
a
were more
in
were
declare this to be
enormous
uation is
as
either in
It
or
in
excess
purposes
on
in
the
of
amount
funds
The latter for speculative
a
light, inasmuch
was
small scale and
very
mixed collateral and
ual but
sufficiently high to bring about
steady curtailment of credits.
are
ex¬
heavy falling
a
general business, consequently commercial loans
still
large.
in the local silk
slump
grad¬
a
With few
ceptions the reports have not indicated
off in
a
Material improvement has taken place
market, in which there was such a big
few weeks
ago
ceivable and six months'
according to the latest trade reports.
woolen industries
appear to be more
the part
increased
an
lines,
purchase prime bills. Offerings, however, were in
light supply and the volume of business passing is not
large. A firm undertone is reported at levels previ¬
ously current.
ances
detail
Loans
demand for bankers' accept¬
on
continue to be quoted at
are
5J^%.
Washington that the
most recent
certificates of indebtedness
Quotations in
follows:
as
Ninety
Bays.
banks.. .6% @014
Eligible bills of member
.
only change,
so
far
as our
the Federal Reserve rates this
ment of
a
paper.
within
6
7
7%@6^,
7% bid
knowledge
bid
goes,
For the past
quoted
by
the
few weeks
bank
for
this
The following is the schedule of
no
a
rates
of
now
in effect for the various classes of
paper at the differ¬
ent Reserve Banks:
'
*
DISCOUNT RATES OF THE
here,
IN
EFFECT
Discounted
less
depressed
FEDERAL RESERVE
JUNE
17,
BANKS
1920
of
bills
notes)
Bant,
Agricul¬
accep¬
of—
Treasury
Liberty
certifi¬
of
bonds
wise
and
secured
cates
Indebt¬
Victory
notes
Other¬
Boston.
live-stoct
discn'led
for
tances
paper
maturing maturing
member
within
91 to 180
banks
90 days
days
and t
7
6
bVi
tural and
accep¬
unsecured
6
New York
Trade
tances
edness
oversubscribed
Banters'
secured by—
Federal Reserve
course,
offerings of Treas¬
maturing
within 90 days Unci, mem¬
bants'
15-day collateral
ber
The report from
were
that the rates
favorable effect.
on
The local market for
curities
rather
was
It will be recalled
the two series
were
7
7
7
5^4 and 6%.
corporation
new
se¬
quiet.
6@12%
also the
was no
a
range
week
loans
money,
of 6@9%, which
Monday 8%
ago.
ruling rate, with 7 % low.
range,
on
call
high and low for the day,
Wednesday, call
was
at
on
was
On
for renewals.
as
6% for
a
brief period,
unchanged at 7% and this
The call market
was
7% rate,
"
pegged "
Thursday and this constituted the
Friday
a
few loans
were
whiph
was
were
ex¬
nego¬
put through at
9%, although the bulk of the business
the
with
the highest,
tremes, also the basis at which renewals
tiated.
7
Cleveland—
6
0
5A
5M
6
5A
5A
5M
0
0
Richmond
5A
*5 A
Chicago
Minneapolis
Kansas City
and
5%
6
0
0
0
5A
0
5A
0
5A
*5 A
Atlanta—
*5H %
.
6
7
0
7
7
5A
6
0
5H
0
0
0
0H
7
5A
5
5H
0
5'A
0
0
0
5H
certificates.
-
5A
0
0
6
0
0
0
0
*5 A
on paper secured
7
0
by 5H % certificates, and 5% on paper secured by 4% %
Noie
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 H% progressive in¬
crease for each 25% excess or fraction thereof.
On Tuesday there
well
as
rates touched
the maximum.
7%
compares
was
7% being the only rate quoted, and the
but the renewal basis
7
6
San Francisco
this week for mixed collateral loans and
all-industrials
a
0
5M
Dallas--
Dealing with specific rates for
alike covered
7
*5A
St. Louis
offerings of
of
rate
class
Philadelphia
naturally had
in
week, is the establish¬
of bankers' acceptances discounted
case
for member banks.
been
Delivery
30 Days.
7
bid
7% rate by the Federal Reserve Bank
Boston in the
had
—
Thirty
Days.
6% @6
6%@6%
0%@6y!
7%@6%
Eligible bills of non-member bank8.6%@6%
Ineligible bills
.7%@6y2
The
DeliverySixty
Days.
The cotton and
or
which,
money.
on
of town institutions
out
to
Otherwise pronounced
activity is reported in
industrial and mercantile
heavy demands for
re¬
character,
disposition has been shown
of both local and
still.
ury
of choice
names
8% for names less well known. Offerings have
light and country banks continue the principal
because of conditions in Japan
and the lack of demand for the finished
product
means
money.
V/A% for sixty and ninety days' endorsed bills
does not involve large sums of
money.
are now
8^% for all-industrial
Mercantile paper rates have not been
changed from
as
The opinion was expressed
yesterday in banking cir¬
cles that the discount rates of the Federal
Reserve
Banks
dull
as
passing exception¬
Eight per cent is still quoted, nominally,
periods from 60 days to six months on regular
were
dealing
contracts
Trading is
-
factor in the market.
supposed to have been largely for the account of the
professional trading element.
This kind of
in
In time money the sit¬
-Spot
were
as prep¬
ally small.
for all
$18,000,-
little change in time
very
in stocks naturally
the transactions
July 1 payments.
with
was
of the demand.
temporary condition,
a
and the volume of business
ever
offerings at times
Bankers, however,
have to be undertaken to meet the
been
currently reported, however, from day
day that the supply of call money was considerably
to
demand.
Banks' and bankers' acceptances were in better de¬
was
rates
only
soon
Borrow¬
Call money was
quotably easier at this centre prac¬
offered.
matter of fact
practically unchanged.
mand and
money,
a
the
the New
reduced by more than
There
of
excess
arations will
on war paper.
tically all week.
plentiful, especially during the latter
part of the week. As
notes of
Rediscounts of Government obligations
increased
000, chiefly
amount¬
also shown in the Federal Re¬
Bank statement which
the ratio
were
funds
of
was
brought about largely through the expansion of
2517
was
done at
still the minimum figure. Call
While
transactions
in
sterling
exchange
have
again been relatively small in volume, price levels
continue to
display marked staying
mand ruled around 3
the
week, with
a
Thursday which is
week and the
94
power,
and de¬
during the greater part of
high point of 3 98% touched
a net
on
advance of Sji cents for the
highest figure since the week of April
10, when the quotation
was carried up to 4
06%.
Buying of sterling bills by English banks, higher
cable quotations from the British centre and
excep-
[Vol. 110
THE CHRONICLE
2518
commercial offerings—the latter a re¬
freight congestion due to labor troubles
tionally light
sult of the
the principal market fac¬
In the latter part
of the week rumors were again put in circulation
to the effect that heavy shipments of gold from Eng¬
land were on their way here, and this, as shown
at this
port—were among
tors in
sustaining quoted rates.
above, sent prices up
treme close
there
was
sharply, although at the ex¬
a slight recession from the tbp
ain sent
prices
up
high
bills sold as
sharply
as
transfers covered a range
sixty days 3 92%
Thursday and demand
on
3 98%, with the low 3 97;
cable
and
of 3 97% @ 3 99%
@ 3 94%; business, however, was
Friday's market was slightly reactionary
demand declined to 3 96^ @ 3 97
cable trans¬
still quiet.
and
fers to 3
3
97% @ 3 98% and 3 92% @ 3
sixty days,
demand and 3 97^ for cable transfers.
96J4 for
Commercial sight bills
figure.
93% for sixty
Closing quotations were 3 92^ for
days.
finished at 3 90^, sixty days
documents for pay¬
grain bills at
vailed in banking and foreign exchange circles re¬
3 95^4. Cotton and grain for payment closed at 3 96^4.
garding the sterling exchange situation appears] to
So far as could be learned, there have been no gold
be steadily gaining ground and in some quarters pre¬
exports or imports this week, though on Friday it was
dictions are heard that the $4.00 mark will again be
authoritatively stated that $8,000,000 gold will arrive
crossed in the course of the next few weeks.
The
The
hopeful feeling which has lately pre¬
more
91% ninety days at 3 88%,
at 3
(sixty days) 3 90%, and seven day
ment
Britain's finanposition during the last few months
-extraordinarily rapid improvement in
eial and economic
lends color to this view.
conditions
international
with
Still those in closest touch
discourage
adian
extreme
look for lower
when the cotton and grain export bills
again
their appearance in large
to make
commence
during the fall months of the year.
However, it is
holdings of sterling to almost
duced their
and
maturity,
building
are now
up
lated to create
time
little
which
to
came
statement
a
deposit to the credit of the Argentine
on
Embassy
in the United States have been
for credit purposes
released to
$19,600,000. It
released, thus bringing the total amount
date
negligible
on
the present movement up to
it stated that the balance
totals
for account of the Embassy
$52,838,000.
showing renewed confidence
In the Continental
exchanges also trading has been
Still another favoring factor
considerable discussion was the
for
the
week
at
least, generally downward.
This was
especially noticeable in Italian lire which were
again
President of the under heavy selling pressure and in the initial deal¬
Co., who has just returned from a ings broke to 18.52 for checks, a decline of 12 points
by Mr. Fred I. Kent,
Trust
Bankers
A dispatch from
these balances, a fact which is calcu¬ quiet, but considerable irregularity was shown, with
steady inquiry for sterling for some the trend in most cases, during the earlier part of
come.
in
account.
that additional sums of the gold
Anglo-French
proportions pending settlement of the
loan
volume
is understood to be for Can¬
and not English
Buenos Aires states
who had some time ago re¬
claimed that operators
from Ottawa, and
come
expectations, and there are some who
levels
three days. It is expected to
in New York in the next
being formu¬ from last week's close. Later on, however, follow¬
the United States, its former Allies in the ing announcement that Count Carlo Sforza the Ital¬
the neutral nations whereby extensive credits ian representative at the Anglo-Russian trade con¬
prolonged stay in Europe, that a plan is
lated by
war
and
to be advanced for
are
the purchase of food and raw
materials for the Central
from Premier Lloyd
ference had received assurance
Empires, also that a pro¬ George that Italy would receive the same treatment
is as France in the settlement of her war debts to Eng¬
for the reconstruction of devastated France
gram
According to Mr. Kent, the proposed land, substantial recoveries took place, at times of
organization, if made effective among the leading as much as 52 centimes, and on Friday the quota¬
nations, is likely to exert a tremendous power for tion was marked up to 16.42, 210 points above the
being shaped.
situ¬ low point for the current week. Light - offerings
restoring pre-war conditions not only in coupled with a slightly better demand were also fac¬
French
Austria, Poland a>nd other surrounding countries tors in the pronounced upward movement.
exchange, after early weakness, likewise showed an
but in Germany as well.
improving tendency and rallied to 12.60, or an ad¬
Dealing with the day-to-day rates, sterling exchange
vance of 56 points from last week's final figure.
Bel¬
on Saturday of last week was weaker and there was a
gian exchange ruled steady and lalso finished materi¬
decline to 3 93% @ 3 94 for demand, 3 94 @ 3 94
Berlin marks were in fairly good de¬
for cable transfers and 3 89 @ 3 89% for sixty ally higher.
good in clarifying the entire international trade
ation
and
Monday's market wav.
affair, and prices which showed some irregu¬
days; trading was not active.
a
dull
larity,
at 3
were
again
slightly down; demand ranged
93% @ 3 94%
sixty days 3 88% @ 3 89%.
Sterling rates
substantially higher on Tuesday and demand
92% @ 3 93%, cable transfers 3
and
were
bills
as
a
result of advancing London
buying for foreign account, rose to 3
cable transfers to
3
89
@ 3 90%.
tions
was
3
were
93% @ 3 94%,
,3 94 @ 3 95% and sixty days to
On Wednesday, although transac¬
scope, the undertone
restricted in
strong and there was a
95 for demand, 3
and 3 90
of
still
quotations and
further rise to 3 94% @
mand, though movements were somewhat irregular
and alternate losses and
as
a
Renewed rumors
checks which had been
to 2
were
German exchange,
and
the
recorded, largely
operations.
Toward the
general firmness and
selling around 2 38 recovered
Austrian kronen- moved in sympathy
60.
and finished firm.
currencies
on
the
mid-European Republics all
with
Greek exchange
Czechoslovak and other
participated in the clos¬
ing rally.
A feature of the week was the re-introduction
German bonds on the New
was
which
York Curb market.
of
Trad¬
quite active and transactions in the bonds
are
of 1,000-mark
large impending gold shipments from Great Brit¬ proportions.
gains
of speculative
close Reichsmarks shared in the
95 @ 3 95% for cable transfers ing
@ 3 90% for sixty days.
result
denominations reached large
It will be recalled that last week these
June 19 1920.]
bonds
THE CHRONICLE
placed
were
ately withdrawn,
this
action
the market and almost immedi¬ Food
on
Subsequently it developed
due
was
merely to
a
that
misunderstanding
«*fr,
coincidental
Madrid
their
to
is
listing.
A
responsible for the
negotiations which
under
are
for the revocation
way
will
likely result in
an
Spain.
Madrid that
agreement whereby France
a
Later
it
on
a
Spanish loan to France
approximately $7,000,000.
good authority that
has
It is also learned
prominent American
a
agreed to sell 75,000 tons of
French
bankers
nese
on
concern
credit to
copper on
industries, the metal to be delivered in the
of the next two years.
course
Rumor has it that Japa¬
in the market for
are
by
a
been
abolished, and that it has
general commission having charge
of the distribution of food
supplies and
which
transport
will
the
regulate
those best informed
effective
The
30, but the Government asks delay
June
Bankers'
sight
on
Amsterdam closed at 3515-16 for
large loan, but
a
concerning present Far Eastern
36, against 36%; commercial sight at 35%, against
36
3-16, and commercial sixty days at 35%, against
35 13-16
a
bankers'
week ago.
Swiss francs finished at 5.50 for
sight bills and 5.48 for cable transfers, in
comparison with 5.51 and 5.49
and cable transfers
21.70
21.90, while checks
loan is
cable
or
in Europe at this time.
The official London check rate
50.54, against 52.05,
a
week
Paris closed at
on
In New York sight
ago.
the French centre finished at
12.60, against
13.16;'cable transfers at 12.58, against 13.14;
sixty days at 12.71, against 13.27 last week.
was
A week ago
Belgian
ther
Closing quotations for Reichsmarks
for
checks
and
2.56
2.50 and 2.51
on
trian
finished
checks
for
cable
and
00.70
cable
check rate
on
Aus¬
transfers
00.71, against 00.72 and 00.73 last week. Lire
and
close
16.58
for
18.40
was
cable
and
transfers.
18.38.
week
Last
Exchange
at
2.38, against 2.36
against 42.14 and 42.34, while Brazil
tances, in comparison with 25.75 and 25.875
ago.
Chilian exchange
at
4.74,
against
5.00
the
cheeks and 8.52 for cable
as
99%; Yokohama
against 8.70
at
tent in the movements
ings
on
the other
a very
minor
exchanges.
ex¬
Deal¬
Guilders continue
throughout.
@
47,
againsU 46%
The
to
as
also
were
were
Spanish pesetas, both of
slight net advances.
Copenhagen state that the Minister of Com¬
announces
that the Danish Exchange
Council
government's refusal to support activities by
legislation.
June
to
it is
This
means
that regulations are removed,
probable that Danish banks will continue
keep foreign purchases down to absolute neces¬
sities.
The
U.
S.
Commercial
Attache
at
Madrid
Chid.
Spanish Ministry of
Silver.
Total.
Gold.
Silver.
Total.
£
£
117,690,113 87,729,924
87,729,924
144,370,855 9,600,000 153,970,855 142,894,034 12,160,000 155,054,034
171,800 54,756,350 57,575,450 1,001,100 58,576,650
Germany.... 64,584,550
Russia*—. 129,650.000 12,375,000 142,025,000 129,650,000 12,375,000 142.025,000
A us-Hun
10,944,000 2,369,000 13,313,000 10,926,000 2,372,000 13,298,000
Spain
98,101,000 24,743,000 122,844,000 90,652,000 25,984,000 116,636,000
32,190,000 -3,003,000 35,193,000 32,716,000 2,955,000 35,671,000
Italy....
Netherland
681,000 55,845,000
62,984,000 1,1)74,000 54,058,000 55,164,000
600,000 15,980,000
Nat. Belg.lt
10,659,000 1,071,000 11,730,000 15,380,000
Switz'land..
21,238,000 3,647,000 24,885,000 18,290,000 2,724,000 21.014,000
14.500,000 16,111,000
Sweden—.....
14,500,000
16,111,000
£
England..... 117,690,113
France.*....
12,638.000
Norway
8,121,000
154,000
12,792,000
8,121,000
10,355,000
8,185,000
138,000
10,493.000
8,185,000
Total week- 707,670,518 58,207,800 765,878,318 675,628,408 60,990,100 736,618,508
Prev. week- 706,631,524 58,402,550 765.034,074 682.633.634 61,325 300 743.958.834
a
Gold holdings of the Bank of France this year are exclusive of
held abroad.
*
cables the information that the
June 19, 1919.
17, 1920.
Banks of-
Denmark
but
Bombay at 39
following table indicates the amount of bullion
Cable advices
unanimously decided to cease functioning owing
the
47;
principal European banks:
£
merce
@
weak, while Scandinavian exchange
On the other hand, Swiss francs
firmer,
which finished at
has
affected and
@ 39%, against 41% @ 42%.
in the
from
not appreciably
inactive and price changes insignificant.
were
shade
was
51% @ 51%, against 51% @ 51%; Manila
@ 39%, against 41% @ 42%, and Calcutta at 39
though not materially changed, was heavy practically
a
decline to 69 @ 70%,
49% @ 49%, against 49% @ 50; Singapore at
46%
exchange shared only to
a
75% @ 76; Shanghai, broke to
91, but subsequently recovered and finished at 99 @
8.68, the previous quotation.
Neutral
silver, but this proved only
Hong Kong, after
rallied and closed at
week.
result
as a
temporary and rates came back partially so that the
closed at
transfers,
week
5.02, unchanged.
the
Creek exchange was firmer and advanced to 8.54 for
and
a
weaker and finished at
again broke sharply
of renewed weakness in
Bucharest
previous
was
19%, against 20, but Peru, after declining to 4.98%,
2.20, against 2.32; Poland at 56, against 57, and
Finland
and the
Argentina finished at 41.98 and cable
Far Eastern rates
Czecho
on
on
;
taken place
have
closed at 25.50 for checks and 25.65 for cable remit¬
rates for
Slovakia finished at
16.48 and 16.53.
ex¬
change closed the week at 16.60 for bankers' sight
bills
was
declines
rallied and closed at
at
Spanish pesetas
2.54
were
remittances, against
Friday of the preceding week.
at
week
against 17.80 and
regard to South American quotations, fur¬
fractional
transfers 42.18,
a
Norway closed at
The final range on
the close
francs closed at 12.15 for checks and 12.13 for cable
transfers, comparing with 12.57 and 12.55
Sweden
on
21.80, against
for checks and 16.65 for cable transfers.
16.60
With
on
transfers 17.55,
17.90 last week.
com¬
sight at 12.64, against 13.20, and commercial
Checks
16.80, against 17.00 and 17.10.
finished at
and
possible either here
week earlier. Copen¬
a
hagen checks closed at 16.70 and cable remittances
and
ago.
to have become
until December 31.
17.45
mercial
commodities
of
new measure was
21.80
on
materials
Chile is said to have again post¬
conditions express some doubt as to whether such a
bills
raw
poned the putting into effect of the new currency
conversion law.
reported from
was
has
of Spanish bankers had actually bankers' sight bills, against 36%; cable transfers at
group
arranged for the renewal of
of
Spain
give certain commercial concessions in return for
loans from
Control
been replaced
the by land and water.
that
of the financial convention between France and
will
from
cablegram
statement
2519
h
reported since October 29 1917.
Figures for 1918 are those of August 6 1914.
No figures
£79,131,137
tvo*. 110-
THE CK tONICLE
3520
———»
V
"
■
'
11
'
"
This
obvious reasons in
the machinery of a closely-contested nomination;
does not appear to hold with a dark horse candidate
himself.
Such a candidate, starting with a relatively
small vote, has been known to drop back from his
earlier showing before being finally selected to break
the deadlock, and Senator Harding had that experi¬
the' eighth, the
NOMINATIONS.
THE REPUBLICAN
Republican National Convention, which com¬
The
pleted its work last Saturday with the nomination
of Warren G. Harding of Ohio for President and
Calvin Coolidge of
Massachusetts for Vice-president,
political experts by revert¬
fulfilled the belief of all
horse con¬
the
ing to the old-time incidents of a dark
Prolonged deadlock in the votes for
vention.
selection,
leading candidates and the eventual
tenth ballot,
of
supposed to be 4* in the running/' were
been
the
remind¬
The convention was also charac¬
of other days.
ers
on
candidate who had not at the start
a
by other peculiarities of oldconvention tradition.
How markedly the his¬
terized,
time
shall
as we
tory of its voting
lican
nominating
differed from that of other Repub¬
conventions of the past thirty
be judged only through recalling the nom¬
years can
inations of that
To this aspect of the mat¬
period.
have given curiously
ter, newspaper correspondents
Hughes
was
nominated in 1916 on the third
two-and-
ballot, having from the first received nearly
a-half times
as
One ballot gave Mr.
sive ballot.
can
candidate,
votes as any other
many
having increased in strength with each succes¬
and
nomination of 1912
over
Taft the Republi¬
Mr. Roosevelt; the mat¬
contested
really settled by the decisions on
ter was
One ballot nominated Mr. Taft in 1908 by an
seats.
majority.
overwhelming
ballot
single
A
with
a
unanimous vote named President Roosevelt for a sec¬
ond term in
1904, and President McKinley for a sec¬
ond term in 1900.
Only
nominate McKinley
for his first term in 1896; only
to
one
one
ballot
President Harrison
name
candidate's
required to
was
candidate for
as
In other words, to find a
second term in 1892.
a
Re¬
recall
any
instance in which such
State reduced its vote for
own
as
him, as
Harding, as late
happened with Ohio's vote for Mr.
the sixth ballot.
Of the history
fact
lient
of this convention, the obviously sa¬
the impossibility
was
seeming
held from
It
and
impossibility of transferring votes thus
leading aspirants could be shaken loose,
three
or
the
leading candidates.
to another of those
one
the
was
of nominating any
of the two
votes held by one
candidate unless the
shifting
the eighth ballot of
on
candidate—after
Harding, who was not a leading
Senator Johnson's supporters
in that direction
move
the seventh, and after
nomination
Vice
for
-
Governor
of
president
Coolidge, who had polled as high as 34 votes
Presidential nomination
fected in
for the
the initial ballot, was ef¬
on
single ballot by the manifest wish of the
a
delegates themselves.
candidates, it is enough at present to
Of the two
that Senator Harding is a public man of long
say
of
less
unblemished record,
and
experience
initiative
distinct
than
in his record
an
with perhaps
and personal
achievement
enthusiastic supporter might
publican convention which in selection of a candi¬
wish; and that Governor Coolidge is a
date
ample of the statesman of individual character
back
duplicated the incidents of 1920,
thirty-two
must go
when eight ballots
1888,
to
years
one
Mr.
supporters—which settled the matter.
release his
The
on
had already begun to
given evidence of his willingness
Lowden had himself
to
several
Governor Lowden to Senator
from
blocks of votes
slight attention.
Mr.
We do not however
see,
of last Friday.
the second and third ballots
on
ence
a
conclusion was adopted.
same
(for which there are some
rule
force; whose resolute action in the case
striking ex¬
and
of the Bos¬
required to break the deadlock between the lead¬
ton
police strike will stand him in good stead with
ing candidates for the nomination and select a "dark
the
rank
horse candidate"
ticket
were
only fourth
votes
as
There
on
the
who, in the initial ballot, had stood
the list, with barely one-third
as many
leading candidate.
were
other aspects
vention voting resembled that
of 1888 and of
many
assembles at San Francisco
At Chicago, in
the first ballot of
fifteen separate
certain
candidates
were
voted
candidates
separate
week
ago,
for; there
in
were
fourteen such
" Instructed
1888.
dele¬
speculation
one or an¬
ers
popularity,
ballots, made the selection of
names
any
of those leading
as
in
many
of
the older years.
week
perhaps is equally interesting, the result last
confirmed
unbroken
again
tradition
one
of
curious and practically
convention
candidate who begins with a
over
his
own
vote
failure.
near
on
hands at
a
predominant plurality
succeeding ballots,
General
or
Wood,
creasing his show of strength
the fourth
history—that
competitors must hold and increase his
When
Its prob¬
matter of more un¬
than that of last week's Re¬
Ex-Secretary
McAdoo
will
with his support¬
urging in his behalf his Treasury career and the
ployees,
more
particularly with the railway em¬
of his work
as
Director-General of Rail¬
up
ballot, lost 14% votes
politics at
Governor Lowden,
once
after
until the sixth and seventh
Governor Cox of Ohio will be supported on
illogical ground that he has won more polit¬
ical victories in the doubtful State
head of
dor
steadily
in¬
to and including
on
the fifth, old
of Ohio than the
Republican ticket has done.
received
should
Ambassa¬
support in many quarters,
perhaps be described
as
cordial and
respectful rather than enthusiastic.
All
most
of these
candidacies have been held for the
part in abeyance,
disclosure of his
son
also,
in
own
his
awaiting President Wilson's
But since Mr. Wil¬
attitude.
statement
of
yesterday
to
the
"World," asserts that " I have not raised my hand
voice to aid in the
similar consecutive gain
or
ballots, lost 4% votes
the
on
the
Davis has
which
else be doomed to
after
predicted his defeat. When
a
roads.
the not
apparently impossible, in 1920
What
June 28th.
a
undoubtedly figure prominently,
long series
of
even
convention.
publican
other of the
a
on
action is at the moment
gates," who held to their instructions for
leading candidates through
Presidential cam¬
a
its platform and submitted its candidates.
convention
preceding Republican conventions.
a
No party's
thinking citizens.
appraised in
This will be done when the Democratic
able
Friday
be fully
paign until the other leading party has also drawn
up
in which last week's con¬
and file of
can
promotion of
any
ambition for
Democratic Presidential nomination and I shall
June 19
not do
THE CHRONICLE
1920J
so," the convention would
appear
tined
for
tween
to be des¬
the several factions in the party.
an
open
contest—largely,
no
doubt, be¬
.One conclusion may be drawn with full assurance
from the events of the
Republican convention. "What¬
might have been the result under other circum¬
ever
stances, the strong consensus of political judgment
is
General Wood
that
den
certainly
of money spent
probably and Governor Low-
defeated because of the huge sums
were
for them in their primary! campaign.
There will thus be added
campaign
hereafter, to the arguments
public principles,
general
on
as now
against
the primary
authorized and conducted, the
ar¬
gument that its almost unavoidable machinery is a
political trap for the public
nomination.
a
mary
law
thing
very
or
man
We venture to
who honestly seeks
predict that the pri¬
laws in force during 1924 will be
some¬
3531
plaintiff to undue prejudice; their duties call upon
them as common carriers to serve the plaintiff and
not discriminate against it."
It did not appear that
the steamship lines had any objection to this ship¬
ping concern in particular, but their employes had
an
objection: it was the same old organized boycott
which has plagued the country so long and was so
especially conspicuous in the 44 Danbury Hatters "
case.
The court proceeding was therefore levied
against the lines and the unions, and the decision con-i
demns both.
44 It appears in this case," said the
Court, 44 that the defendants [both the carriers and
the unionized employes] are all engaged in a con¬
spiracy to commit a tort against the plaintiff; just as
the carriers are bound to serve the public indiscrim¬
inately so are their employes—and rightly so, for if
the inhibition against discrimination did not apply
equally to the employes as well as against the carriers
themselves the protection afforded the public would
be negligible."
Even if what
different from those of 1920.
ural persons,
LABOR
UNIONS
MON
AND,
TH\E
DUTT
CARRIERS—JUDGE
OF
COM-
FAWCETT'S
DECISION
The
and
contest
between
business
the
men
the
of
freight-handling unions
New
York—a
contest
in
which
ness,
organized labor, carried to the stage of mad¬
has undertaken a final clinch for the power of
domination and business interests have at last
to
see
come
and to take the stand of defense of this
port
larger right of the whole public to
exist—is still moving to settlement along
and of the still
continue to
natural lines.
The decision of
Judge Lewis L. FawSupreme Court, on June 9, was so
timely in defense of that right to exist and puts the
subject in so clear a light and so unshakably sound
a position that some examination of it is
proper.
cett of the State
A retail trader who considers
some
customer more
plague than profit or disapproves him for any reason,
sound or whimsical, may ordinarily refuse to sell to
him; equally any consumer may dislike any dealer
and refuse to buy of him.
In our long course of reg¬
ulating, we have singularly failed to note that the
right of the buyer to select the seller is not a whit
natural and inherent than the corresponding
right of the seller to select his customer by cdnsent
or refusal to deal with any, if he chooses to exercise
such right.
Any other doctrine would move towards
obliteration of personal liberty, yet there have been
some single pushes towards such a doctrine (the doc¬
trine that some persons have a 44 right " to claim
patronage from others) as when the ridiculous plea
was made that inasmuch as one person is as good as
another everybody has a title to credit, particularly
at banks.
The right of separate and non-concerted
more
44
boycott " (for .such it might be called) is sound
and recognized and universally practiced, in normal
times and as to all private trading.
When
we come
to the relations of the
common
and
the
44
call
common
carriers
were
nat¬
bodily petsons perform any service beyond such as hotel por¬
ters render in carrying hand parcels; the work must
be actually done by hired servants.
When the serv¬
ants refuse to serve a condition takes the place of a
theory, as though (if we may imagine such a case) a
railroad was willing to carry colored persons but
the employes stubbornly refused to perform any du¬
ties as to any train or any road which attempted to
carry such persons.
In such a case—and in the ac¬
tual case of merchandise halted because, to sensitive
union nostrils, it has acquired an intolerable taint by
having somewhere and somehow sustained a non¬
union contact and therefore anything and anybody
related nearly or distantly to it must be banned—the
carrier would plead absolute inability.
Judge Faw¬
cett does not clearly reject this plea, but does not ac¬
cept it as fully exoneratory, for he reads to all com¬
mon
carriers a really somewhat needed admonition
to stand up straight and firm, in this ringing sentence
which ought to be written large and remembered
long: 44 if the carriers and their terminal agencies,
instead of joining with the unions in this combination
by submitting to this discrimination for fear of a
strike, had stood squarely for the performance of
their public duties, it is doubtful if the plaintiff
would
now
own
be in court."
Something of the spirit of Ole Hansen and Calvin
Coolidge may be found here, and Judge Fawcett adds
that 44 the carriers appear to have aided, abetted,
and encouraged the unions by seeking to evade their
duty to handle the plaintiff's goods without discrim¬
ination.
It appears herein that the carriers,
whatever be their motive, have united with the unions
in an unlawful scheme, contrary to positive statutory
provisions, to bar the plaintiff's goods from transpor¬
.
tation."
.
.
But the offense of the unions is much
positive and
more
also he is stern.
wilful and deliberate, and to them
It appears, he says, that this partic¬
ular lumber
halted because
more
was
some
of the carriers'
car¬
44 public utility " we are forced to
ground. The common carrier must be
common," serving all upon equal terms, and the
offense or the charge of 44 discrimination " has been
a
part of the complaint and the consequent op¬
pression of our railroads for many years. And now
when the Burgess Brothers company, dealing in
lumber, found certain steamship lines refusing to re¬
ceive its product and therefore was unable to fulfill
its contracts for delivery both for export and domes¬
tic trade, the concern did what
ai^y of us mukt do in
trouble, it appealed to the courts, as representing the
whole public and as backed by the whole public.
Judge Fawcett saw the line of right and duty very
clearly, and pointed it out fearlessly.
44 Common
carriers owe affirmative duty to perform impartial
service," said he, 44 and it is unlawful to subject
rier
take another
we
they could not in their
employees had given notice that they would not touch
anything brought to the docks by men not union
members and they would strike and keep ships from
going to sea if any 44 unfair " lumber got loaded. It
was
in evidence that the socalled Transportation
Trades Council unanimously adopted a rule that
none of the members would handle any non-union
goods or any goods transported in any way by firms,
corporations, or individuals who refused to employ
44
union
labor
or
refused to enter into
a
contract
to
transport their goods under union terms.''
The busi¬
ness agent
of the 44 Commercial Checkers Union "
put it even more sharply in saying that no union
member will work with any non-union labor or assist
in
handling the product of non-union labor, etc. The
same
old industrial attainder
der the
:
A having been put un¬
boycott, if B makes contact in
any way
with
and if C touches B C is gone, and so
him B is gone,
down the industrial line to the end.
on
tells the carriers they must do
to plead non possumus; at
the very least, they must really try to do it, fighting
instead of yielding.
To the men he is equally firm,
telling them they are bound to do theirs and not com¬
bine to shirk it or to prevent others from doing it in
their stead.
Anticipating the plea that they are not
common carriers and owe no public service but are
under the Gompers doctrine of the inalienable right
to stop working, he tells them that the injunctive re¬
lief sought (and granted, too) does not impose in¬
voluntary servitude upon them; it does not forbid
quitting work, to accept a better job, or for any
other reason.
They are not constrained to remain in
this particular employment, but while they do re¬
main their duty is to serve without discrimination.
Judge Fawcett
their duty and not try
said
4 4
irreducible
the
declared
He
guage,
minimum
in
this lan¬
which is not materially unlike what has been
more
than
once
While it is
before:
indisputable that
a man
may
enter
vocation that he chooses, yet if he sees fit to
a field indissolubly
linked with the rights of
any
select
the
that of a common carrier, he must
rights to the public welfare and
times stand ready and willing to assume
public, such
subserve
his
must at all
all of the
as
own
exacting duties which he knows
are owed
When he enters the public service he im¬
pliedly acquiesces in assuming all these obligations.
He must either get out of the transportation business
or serve all persons alike.''
Of course the unions receive with applause the part
addressed to the carriers.
In their eyes, it is the
plain duty of the carriers to carry and to do it
upon any terms the men demand.
Nothing can be
plainer and juster, in the view of the railway brother¬
hoods, than that it is the duty of the roads to fur¬
nish uninterrupted and adequate service, making
the
public.
with
themselves
whatever
arrangements
are
neces¬
sary to this; to the shame (and now to the deserved
punishment under natural laws) of all of us, the
whole public, we took the same shiftless view in times
past, demanding the usual train service, and deeming
that how we got it was the affair of the roads, not
any of ours.
We did get it, in 1916 and at other
times, in just that way; we sided with the revolting
and threatening employes by demanding that the
roads induce them to work somehow and refusing to
enter into the case otherwise; we got what we de¬
manded, and now we have the penalty.
Suppose we
had stood up on our feet then and had taken a dis¬
posing hold of this plague when it was compara¬
tively small, instead of feeding it into a size which
now
[Vol
THE CHRONICLE
2523
threatens
even
revolution ?
Well, the independent trucking service of the Citi¬
Transportation Committee, the movement which
it might
or
be put in other terms by saying that in¬
dustry and transportation are larger than all else,
that union shall not interfere with non-union or halt
movement
by
service
lective
any
discrimination between them.
stirred
and aided by the account of the San
experience given by Mr. Koster at the
meeting on May 25, has been organized and has gone
into operation.
The number of volunteer trucks rose
by units to 15 and has since gone to nearly 50. They
are
operated in part by ex-army men, men who
mean business and have seen
service, mefi of the type
of those who dug coal in Kansas and asked a remon¬
strating miner who talked of the impossibility of
their accomplishing anything whether he had been
Francisco
in
trench
at
the
front.
They resolutely at¬
tacked the accumulated freight and quickly made a
gap in it; they have continued doing so, and the
manager claims that he has a large number of trucks
in reserve, in short, that the work of getting indis¬
pensable transportation done is only just under way.
As against the assertion that the intent is to destroy
or
injure organized labor or even to establish the
open shop, it is distinctly stated that nothing more is
contemplated than what might be called the openshop principle, namely: that industry shall proceed,
irrespective of any organization or the lack of any;
a
war
Or
that the essence of the stand is that)
and results are the objective and no col¬
or
individual conduct shall be permitted to
might
we
say
interfere with that.
1
^
The interference is
always in labor revolts.
All tainted goods, it was announced, would be avoided
by union men, and one large lot of rice which un¬
happily acquired the taint was moved back and forth
because no shipping line was allowed to receive it ;
it was destined for shipment abroad, but it had to
stay over Sunday in the street.
Following a plan
which has been tried in previous labor outbreaks, the
unions prepared to tag after and 4 4 picket " the abnoxious trucks by other motor vehicles, to spy out
any possible weakening members of their own bodies
and, above all, being particularly careful " to use
their influence with the organized workers with
here,
as
whom the non-union drivers
into contact."
come
The avowed purpose
is to tie up the port unless
an " agreement " is reached, and the 28th has been
mentioned as the date for doing so.
On their part,
the merchants' ^organization has warned the shipping
lines, particularly calling attention to the statutory
prohibition of any discrimination against the inde¬
pendent trucks. This is well, but what is even more
needed is a vigorous following up of the injunctions
which Judge Fawcett granted against three labor or¬
ganizations. That labor disapproves and dislikes in¬
junctions has long been known; but injunctions do
not become injunctive relief until enforced upon the
persons of offenders who disregard them.
Once more
we must mention the plain yet unenforced
provisions
of the Sherman Act for punishing individual con¬
spirators. If an open threat to tie up this port, ac¬
companied by conduct which does partly tie it up
and
turns
food
needed
into
offal
which
must
be
thrown away
we
may
salism to
is not conspiracy in restraint of trade
better surrender at once and accept vasorganized labor.
Let us see some of these defiant leaders pay the
penalty of the law, and then something definite in
slaying this monstrosity will have been accomplished.
BUYING OF CANADIAN PAPER SHARES BY
UNITED STATES NEWSPAPERS.
Ottawa, Can., June 18, 1920.
The recent spurt
of activity in the purchase of pulp
and paper company
has
stocks
brought to light
have
anticipated.
a
on
the Canadian exchanges
development which few would
Prior to ten days
zens
was
110.
generally
then
were
looked
as
upon
ago, paper
stocks
sharing the ebb tide
affecting industrial properties in Montreal and
In
Toronto.
one
day last week, mostly through
pected demand for
real Stock
paper company
unex¬
stocks, the Mont¬
a new
record in its
history by the transfer of 53,222 shares.
Information
now
Exchange established
that this
coming to light shows
largely of purchases of
United
States newspaper.
anticipation, call
higher rates of
many
stocks
paper
money
was
on a
the result
large scale by
Contrary to the general
proved plentiful, although the
to 7 per cent were responsible for
private lenders sharing the market with the
banks.
The entrance
nies into the
profits of
of United States newspaper compa¬
Canadian field
paper
as
participators in the
companies is regarded here
as
indi¬
cating the end of further efforts to force Canada's
hand in
paper
The upward movement of
pulpwood export.
stocks coincided rather exactly with
I
i
news
of
June 19
1920.]
THE CHRONICLE
3523
_j
the President's veto
Congressional bill based
the Underwood Committee's recommendations.
upon
A
the
on
■
good deal of the
financing stock purchases
money
for American
newspapers
with New York firms
is said to have originated
having large Canadian branches,
unable to transfer funds
except at heavy loss.
The phenomenon of the Montreal Stock
Exchange's
activity in the face of
a
dull week in Wall Street is
worthy of mention, for this departs radically from
hoary convention.
There has been
an
absence of
a
con¬
structive developments and the attitude of Canadian
bankers
loan
on
repression has not altered.
explanation offered thus far has
The only
to do with
the
en¬
business in general,
stability, activity, and even in¬
crease—when, especially, it must depend on itself.
It is said that the
Republican platform slurs over
the tariff
"—declaring the time for revision not in
sight. We find in this a significant proof of what we
are
undertaking to uncover—that need and nature
"
control 44 business " and not
theory and law. And
though it is not directly germane to our subject there
is an
absurdity revealed in standing off from ham¬
pering by tariff laws the evolution of foreign trade
and at the same time
raising a petty political cry
against the 44 international banker." So interwoven
are
and credit that
commerce
one
simply cannot exist
without the other—and it follows that the socalled in¬
ternational banker is an agency of domestic
pros¬
American publishers to share in
newsprint profits if
perity if the desired foreign trade is to be of any
benefit to us.
Turning back, however, to our orig¬
inal thought, even in the short
period of six months
the very need will produce natural
resumption and
they cannot hold them down.
with the removal of fear that
trance of American
money
ties
into the Canadian securi¬
field, and particularly the sudden decision of
fort, much
consciousness
a
CONGRESS NOT IN SESSION—BUSINESS
WITHOUT RESTRAINT
A
candidate for
Governor, son of a former Gov¬
birthplace to make his open¬
ernor, came back to his
ing campaign speech. He referred at once, and feel¬
ingly, to his old home town, and—the 44 swimmin'
hole."
he
on
a
And he said that 44 reminded
small boy he was timid and
was
a
him "—when
preferred to sit
rock and watch the
others swim.
Then, one day,
companions pushed him off the rock, and he just
had to swim, or sink!
Now, though he had never
made a speech, he
just had to, and he would, and
his
did!
The American
people, in their business
be able to get along without "The
affairs,
Congress"
may not
in session but
they will just have to—and
no
doubt
they will!
an
of the future.
angury
half year will
elapse before the
Were it not that a clamorous
a
might
come
get down to work.
tours of
And
Even
as
will
law
not
December session.
campaign will be in
to forget the panaceas and
it not for the stumping
were
it
is
the
encounter
of
sword
some
Damo-
hang above the business head.
Though conditions interfere
of the laws of
least.
Nearly
innumerable politicians the silence would be
audible.
clean
with
the normal action
supply and demand, these laws will
any
statutes for
new
business,
short
a
so
will assume such sway
posed circumstances will permit.
Despite difficulties in the
the
as
war-im¬
better,
way
we
What is to be remembered,
said, is that while
as we
have before
discuss and propose measures
our lost estate, the eternal laws are
to
we
bring back
silently if not secretly at work. Food
control, our annual harvest impends,
control
and will
be
gathered before Congress meets again.
According
as
nature
our
And
high
is
bountiful
or
the
reverse,
or
no
will the base of
business relations for another'
year be builded.
wThether we save or
or
spend, whether prices be
low—a certain degree of production for sus¬
tenance and
use
will
ensue.
Some factories it is said
are not
seeking to compel fulfilment of cancelled or¬
ders, because they prefer to take fewer chances in
an
uncertain market,
prefer not to pay exorbitant
wages with the doubt of getting costs back in a fickle
sales-price.
Get the waste and hindrances of war,
albeit in haphazard
fashion, have depleted our sur¬
pluses—and business
and
to
furnish
must
go
the necessary
itself, constitutes
a
acumen
and
Taking trade
■
whole
people follows closely
an individual.
We have all read, some have known,
the theoretical farmer.
He is, usually, long on wis¬
dom, and short on work.
His fences are down, his
barns
as
a
a
are
ramshacken, and weeds are in his fields.
in plenty, experiments
galore, if
his crops fail, and the
mortgage remains.
Of course,
we
do not belittle scientific
education,constantly
growing and achieving results, for the farmer. But
successful agriculture does not disregard the oldfashioned ways of work and even worry.
And the
same is true of manufacture.
The study of the busi¬
ness
man
is 44 business."
And when he has only
himself to depend on he must plunge into the stream
—and learn to swim.
Long repressed energies, in
But
he
has books
exert themselves.
a
law-making, will
And though
Men will dare and do.
political campaign is depressing,
six
months
advance
to
The unleashed energy
own
in
us
of
sink.
We
must
shall erpect
salutary ways.
people working for their
a
good is incalculable in results.
—or
we
many
We must swim
do
business, or 44 go broke.9>
And ingenuity to supply need, acumen to conduct
enterprise, are our best friends!
COTTON ACREAGE
JUNE
The United States is
of the fifth in
AND
1
CONDITION
1920
noW marketing the fag end
series of
comparatively short cotton
and as a result of the reduced yield the sur¬
plus of readily spinnable staple has been considerably
drawn upon and prices have ruled much above any
obtainable in over 50 years.
The last crop in the
series (that of 1919-20), owing to a combination of
circumstances, namely, reduced acreage, deficient or
a
crops,
of orderly progress,
think, if the hamper¬
ing 44 control " laws had been repealed. But a cer¬
tain lassitude has been
creeping into them, for the
simple reason that they are abnormal in time of
it would have been
And with this,
industrial
not
interim at
live, and to live they
that effort, energy, iniative and
enterprise,
peace.
inherent
grow.
And the people must
must do
laws will undo ef¬
the absence of the eternal sound of
And therein lies
progress we
strength will
of
new
be made.
progress must
on—to
supply lack
sustenance.
This, of
strong influence in bringing to
inefficient
fertilization
and
adverse
weather
condi¬
tions, turns out to be in actual growth, according to
the Census Bureau's final ginning report, the small¬
est of the five.
That fact, in connection with an
excellent consumptive demand and highly inflated
values for the manufactured
product, which in many
supply and urgently
called for, has made possible the current range of
values, although propaganda work among planters
instances
have
been
short
in
has been of
no mean assistance.
Little that could be
done to lift prices has been neglected.
The first move
was the
questioning of the accuracy of the condition
report issued
on October 1 1919, covering the status
September 25, and forecasting the approxi¬
mate yield as 10,696,000 bales, not
including linters..
Persistent complaints that the estimate was too
high
induced Congress to order the making of a
report as
of October 25, which, considering the unfavorable
weather during the intervening month,
merely served
to confirm the original prognosis. Then the claim was
of cotton
made that much of the cotton
being ginned was staple
in the seed from previous crops, and effort
made to have the Census Bureau make an investi¬
held
was
over
gation, but nothing was done in the matter. Finally,
Congress was induced to request of the Director of
the Census a report as to the quantity of unspinnable
cotton in the counted stock of March 31 1920, and
this disclosed the fact that in addition to the 974,513
bales of linters
already officially reported as on
hand
public storage and compresses, in consuming estab¬
lishments and in oil mills, there was in the country
at date mentioned Approximately 256,256 bales of
unspinnable cotton, made up of 65,000 bales linters,
41,256 bales gin cut, and about 150,000 bales of
hollies.
It is this 256,256 bales only that was not
in
already known about, and it is not a large item when
contrasted with the 5,100,425 bales cotton (not in¬
cluding
and consuming
in public storage
linters)
establishments March
31.
The American Cotton Association
at
convention, held
Ala., in April, seemingly directed
of its efforts toward boosting prices of the staple
Montgomery,
most
Claiming that the average cost of pro¬
duction is now about 44 cents per pound, it was prac¬
tically decided that the organization agitate in every
legitimate way for an advancement to 60 cents. De¬
mands that the Comer Amendment to the agricul¬
still
higher.
tural bill
providing that at least 50 per cent of mid¬
dling must be delivered on contracts, and suggestions
that acreage be reduced were efforts in that direction.
The statement was made, evidently with little or
nothing of fact to back it, that eight representatives
of the New York Cotton Exchange were in Mont¬
lobbying against the Comer amendment. As
we intimated a year ago, the expense of raising cotton
has advanced greatly of late years, but that it has
even closely approached an average of 44 cents per
pound for the whole belt does not seem possible of sub¬
stantiation, though we have made no extended special
investigation of the subject ourselves. In any event,
it seems safe to assume that at the prices obtained by
the planters, as officially reported from month to
month by the Agricultural Department, the profit has
been very substantial.
For the purpose of affording
comparison we have compiled from the Department of
Agriculture records the average price received by
producers month by month, beginning with August
gomery
1 and
covering the last ten
years:
1919- 1918- 1917- 1916- 1915- 1914- 1913- 1912- 1911- 19101920. 1919. 1918. 1917. 1916. 1915. 1914. 1913. 1912. 1911.
Aug. 1
Sept.
32.5
30.3
27.8
24.3
12.6
12.0
13.2
14.3
23.4
14.6
8.5
12.4
8.7
11.5
32.2
11.8
11.3
1
31.3
23.3
7.8
13.3
11.2
1
11.6
6.3
13.0
10.9
Dec.
1
36.5
35.7
15.5
18.0
11.2
Nov.
31.8
29.3
11.8
10.2
8.9
14.4
Oct.
27.6
27.7
11.3
6.8
12.2
11.9
8.8'
14.1
Jan.
1
28.9
11.4
6.6
11.7
12.2
8.4
14.4
Feb.
28.7
24.9
19.6
17.1
11.9
_
_
27.3
8.1
13.3
14.0
1
35.9
36.2
29.7
16.8
11.5
7.4
11.9
9.0
14.3
Mar.
1
36.2
24.0
30.2
7.4
12.6
11.8
9.8
13.9
1
37.3
24.5
31.8
15.9
18.0
11.1
Apr.
11.5
8.1
11.9
11.8
10.1
May
1
37.7
26.0
28.5
11.5
9.1
12.2
11.6
1
27.4
12.2
8.6
12.4
11.5
July
1
29.5
31.1
10.9
11.0
13.9
14.2
June
18.9
20.2
28.6
24.7
12.5
8.6
12.4
11.6
11.2
14.4
128.1
27.6
17.7
11.0
8.1
12.2
11.6
10.3
Our
investigations this spring indicate that a com¬
bination of unfortuitous circumstances
to
__
---
—
—
14.6
From the
foregoing it will be observed that at the
lowest price of the season there would appear to
have been a satisfactory margin of profit over the
average cost of production.
To show the relation
between these farm prices and the value of middling
uplands at New York, we subjoin the following state¬
ment of quotations the last ten years without further
preparation of the land, and extending well over the
actual planting season, coupled with a scarcity of
labor in most localities, acted as more or less of an
offset to the high prices, thus serving to cause a modi¬
fication of early intentions as to area. "With the com¬
ponent ingredients more readily available, an increase
in the use of commercial fertilizers is to be noted this
season,
and that
be said to have been the one
may
really favorable development down to
probable that with an average favorable season here¬
after a yield in excess of any year since 1914-15 will
be secured.
.
An uncertain factor
is, of course, the boll weevil.
pestiferous insect has had to be taken into ac¬
count every year since it made its first appearance in
That
portions
of
in
Texas
1892.
Little progress has
been made towards its extermination or
middling uplands at New York for dates
for season:
1919- 1918- 1917- 1916- 1915- 19141920. 1919. 1918. 1917. 1916. 1915.
Oct.
Georgia,
Florida,
Dec.
1
38.65
39.75
Jan.
1
39.25
Feb.
1
39.00
Mar.
1
40.25
Apr.
41.75
Nov.
1
May
1
1
June
1
July
9.40 14.55
9.30 15.10
18.75 11.95
14.10 11.75
7.65 13.50 13.05
17.25 12.40
14.75 11.95
7.80 12.10 13.20
8.50 12.75 13.00
17.00 11.45
19.20 12.00
8.25 13.75 12.70 10.40 14.60
9.25 15.00
9.90 14.95
9.80 13.30 12.60 10.95 14.40
20.70 12.30 10.40 13.00 11.95 11.40 15.45
22.65 12.70
9.55 13.75 11.80 11.40 15.85
27.25 12.90
9.60 13.25 12.40 11.65 14.80
41.75
40.00
season
1912. 1911.
20.35 12.55
1
Avge.,
1913.
31.04 29.65 19.12 11.98
8.97 13.30 12.30 10.83 15.50
preven¬
the
Mississippi,
There is
Louisiana
Alabama,
question that in some seasons
weevil has been effective in largely reducing pro¬
and Texas.
no
localities, but notwithstanding
the country raised in 1914-15 the largest
crop in its history, speaking in bales, and the yield
per acre—the truer measure of productiveness—was
well above the average and seldom ever exceeded.
duction in important
its presence
Conclusions.
details
by States given on subsequent
arrive at the following conclusions:
FIRST—Acreage has undergone very little change
this year, despite the fact that,
j owing to five succes¬
sive short crops, the available supply of desirable
cotton has become seriously depleted, and despite the
incentive price considerations offered to quite largely
'augment the planting.
The tendency to add mate¬
rially to the seeded area was clearly apparent in the
early spring, but unfavorable weather and scarcity of
labor acted as a decided deterrent, with the result
From
the
pages we
indicated below.
Additions of mentionable size have
been confined to the
newer
territory in the far west
—California, Arizona and New Mexico.
Elsewhere
the changes range from a decrease of 1% in South
Carolina to an addition of 4% in Oklahoma, with the
net result of the planting, according to our analysis
of the returns received, an average gain in area of
The changes in detail, as we make them, are
2.01%.
as
follows:
Acreage
Est.
for 1920.
Acreage.
1920.
1919.
Dec.
Inc.
States—
North Carolina
South Carolina
Georgia
1,512,961
2,547,633
5,142,175
2%
1%
''
—
-
—'
—
182,464
3.451,830
3,523,339
1,337,125
12,000,456
2,364,818
2%
1%
1%
718,430
Oklahoma
3,014,733
3%
4%
5%
73%
100%
Mississippi
Louisiana
Texas
Arkansas
Missouri
104.046
132,165
86,250
14,000
Arizona
New Mexico, &c
Total
This
crease
33.543
1,543,220
2,522,157
5,142,175
33,543
Virginia
California
1914
13.35
32.05
32.25
1
1911- 1910-
9.30 12.50 12.10 13.00 12.50 15.20
9.75
16.30
12.50 11.25 11.70 15.50
14.20 11.45 10.35 13.75
16.00 11.90
35.70
Aug. 1
Sept. 1
1913- 1912-
the
spreading, and now it is to be found in
almost every cotton producing State except those of
the far West.
This year the weevil is reported in
tion of its
Alabama
mentioned and average
the close of
The weather recently has been more satisfac¬
tory over ,the South as a whole, and already there is a
disposition to take a more cheerful view of the proba¬
ble outturn.
In fact, it is not at all impossible or im¬
May.
Tennessee
Price of
plant¬
ing of cotton that the high prices prevailing for the
staple would have naturally fostered. In other words,
the adverse weather conditions during the time of
Florida
comment:
has operated
hold in check the tendency toward a greater
14.1
—
Average
[Vol. 110.
THE CHRONICLE
2S24L
36,165,968
186,113
—
—
-
«.
2%
1%
80%
2.01%
3,486,348
3,558,572
1,337,125
12,240,456
-
~
—
—
w
—
mm
mm
mm
mm
2,388.466
:
739,983
3,134.322
109,248
228,645
215,625
....»
25,200
36,891,198
compilation indicates that there is a net in¬
compared with 1919 of 2.01%, the total acreage
reaching 36,891,198 acres in 1920, against the par¬
tially revised total of 36,165,965 acres in 1919. De¬
tails for previous years are added,-which cover not
June 19 1920.]
only the
acreage
THE
but the total
for each
crop
CHRONICLE
with
year,
the percentage of increase or decrease in area and
pro¬
duction.
We had hoped to secure in time for use in
connection with this acreage
report tentative returns
on area under the census
enumeration of last
year
for all
part of the cotton growing States, and thus
or
be able to make
provisional revision of
a
figures
our
where such would appear to be
necessary.
But we
are
advised by the Census Bureau that too little
time has yet elapsed to complete the
compilations and
that
can be
expected to be available until some
July at the earliest. Any general revision,
should that course be
required, will therefore have to
none
time in
be deferred.
Some of
correspondents
our
most valued
and reliable
in
Florida, Alabama, Mississippi,
Texas and Oklahoma,
however, have expressed the
opinion that our totals for those States are too high,
and
investigation
give confirmation to their
have made tentative changes
in those instances,
reserving detailed revision until
views.
next
seems to
Consequently,
we
season.
earlier, although still leaving the situation below the
The fact is that
average.
required from
now on to
1919-20.
Virginia,,
1918-19.
1917-18.
11916-17.
1915-16.
34
40
r41
41
36
1,681
2,928
5,529
1,715
2,843
5,475
1,665
2,734
5,586
1,448
2,419
2,548
Georgia
5,142
Florida
182
Mississippi
Louisiana
Texas
Arkansas
231
260
3,234
3,714
3,085
3,532
1,520
1,420
12,753
2,570
5.078
284
269
3,452
3,523
1,337
12,000
2,365
Alabama
3,652
3,717
1,340
12,358
2,496
13,060
Tennessee
718
2,570
816
833
Oklahoma
3,436
3,254
3,752
3,380
1,196
11,645
2,189
789
2,799
175
868
3,015
3,015
216
Missouri, &c
337
Increase in acreage
Increase in production.
aCommercial
318
272
36,166
Total acreage
Total production
39,077
a11,603
38,053
37,957
all,912
al2.976
al2,953
*7.45%
2.69%
*2.59%
0.25%
7.86%
0.18%
*10.86%
*0.49%
35,190
*16.32%
actual growth including linters, 12,012,813 bales in
1915-16, 12,664,078 in 1916-17, 12,344,664 in 1917-18 and
12,816,716 in
1918-19,
*Decrease.
crops,
SECOND—With
and condition
VIRGINIA.-—The planting season in
Virginia was de¬
layed by cold and wet weather beyond the usual and the
putting in of seed which began about April 10 was not com¬
pleted until early June.
Seed came up rather poorly and
more than the usual amount had to
be replanted.
Rain
and low temperatures were
complained of well on in May
but recently 'more favorable conditions
have
cultivation
conclusions are as follows: (1) In
maturity the crop at this time (June 17) is beyond
question a late one.
Preparation of the soil was de¬
layed by unfavorable meteorological conditions over
pretty much the whole belt, and at time of planting
our
materially retard
oper¬
ations and later served to check normal
growth and
development.
In consequence the crop is still from
two to three weeks later than
average,
ing the fact that
more
about the first of June
an
notwithstand¬
satisfactory conditions since
have done much to improve
otherwise uncertain outlook.
Stands consequently are now good and
Acreage, limited at any time, appears to
have been left unchanged.
Fertilizers seem to have been
a little more
freely used than in the previous year.
NORTH CAROLINA.—The weather conditions in the
early season militated greatly against prompt preparation
of the soil for crops, as not
only was the temperature too low
but from time to time rain interfered with work.
In con¬
planting was not well under way until after the
April and in a number of instances was not com¬
Cultivation of the
crop,
as
be
can
inferred
already been written, was materially
hindered by rain in May over a
large part of the
area, and the scarcity of labor was more or less of a
deterrent factor when the weather turned
able.
In fact, even now there are some
more
favor¬
complaints
of grassy fields, but farmers have
recently been able
to make very good
progress in cultivating and the
wor}£ is pretty well up in the main. An increase in
the takings of commercial fertilizers and
generally of
better quality than in prior years since
1915, is to be
noted in
those sections where these
are
essential
to
best
aids to produc¬
results, and this may
find reflection in the ultimate
crop outcome.
(3) Condition of the plant, taking the most recent
pronouncement of the Department of Agriculture as
a criterion, is now the
poorest on record for the time
of year.
age
The Department, in fact, reported the
status for the whole cotton belt
only 62.4% of
indicates
on
aver¬
May 25
normal, against 75.6 on the same
date last year, 82.3 two
years ago, 69.5 in 1917, 74.3
in 1914 (the record
crop year), and a ten year mean
78.7.
This
that
condition
this year was much under that at the
on
same
May 25
time in
1919, and decidedly below the average for a series of
years.
The weather since May 25, according to all
reports, official and private, has shown improvement
in the main, and it appears safe to
assume, therefore,
that the announcement for June
effect in
a
25 will register its
higher condition percentage than a month
On the whole operations
were
Our reports indicate
irregular germination ranging from good to poor in the
same
locality and below the average for the State.
The
weather after development began was in the main too cool
with
first
at
average
year.
too
much
moisture and then not enough
retarding the coming up of late plant¬
comparatively moderate amount of replanting
r
the latter
ings.
factor in
a
Only
a
had to be done but at that
until near the close of
more
than in 1919.
It
was
not
May that complaints of unseasonable
weather
began to subside and even then there were some
nights. But June brought generally favor¬
able conditions and under them the
plant has done well.
Stands now are good in the main, but less advanced than
usual, and fields are reported to be clear of grass and weeds.
Acreage—Shortage of labor is given in some instances as a
references to cool
for extreme conservatism in the matter of
area, and
cases is claimed to have been
responsible for some
reason
in
a
few
But
additions have over-balanced the
losses, as
analyze the returns, leaving the net gain for the State
say 2 %.
Fertilizers—The consensus of opinion is that there
has been a moderate increase in the
takings of commercial
fertilizers this year with nitrate of soda favored as a
top
dressing in a number of instances.
we
SOUTH CAROLINA.—Much the same conditions are to
as in North Carolina.
The general complaint
is that wet and cold weather
delayed the
be noted here
preparation of the
soil
for
and
as a result the planting of cotton was
later date than usual, for while in a few in¬
stances the start was about the middle of
March, April had
well advanced before work became active and it cannot be
carried
crops
on
at
a
said to have been
fully
over
with before the first of June.
In Sea Island sections the seed is
reported to have germinated
points elsewhere fairly well, but over much
as poor,
resulting in a
much greater than usual replanting.
Wet and cold was the
burden of complaint of all of our
correspondents as regards
April and early May, but toward the close of the latter
month higher temperature caused noticeable
improvement.
At the same time, however, the need of rain to assist in
development was occasionally referred to.
But before the
need became too urgent beneficial showers came and the
plant is now doing well.
Stands are good and as a
result of recent favorable weather the
plant is close to
the
average in development
Cultivation has been well
some
the start is characterized
area
attended
are
to.
Acreage.—Reports from Sea Island
sections
to the effect that the
region is infested with boll weevils
and in consequence the area given to the
long staple cotton
has
been materially
decreased.
Elsewhere conservatism
seems to have been the
rule, probably forced to some extent
by shortage of labor.
In fact, but few increases are reported
and in the average, taking the State as a
whole, there appears
to be
reason
to conclude that there has been
a
slight loss in
this spring—say 1 %.
Fertilizers.—Reporting
that the takings of commercial fertilizers have been about on
a par with a year
ago, our reports indicate that there would
cotton acreage
have been
an
increase had the goods been obtainable.
GEORGIA.—As
as
a
of
an
of the
from what has
tiveness
weeks behind
two
well and at
•
(2)
materially
assisted the crop.
the fields clean.
decrease.
regard to maturity,
wet and cold weather acted to
will be
growing period
an
1,513
North Carolina
South Carolina
seasons
that
pleted until about June 1.
Thousands.
good
plant to overcome the earlier handicap;
eventuality should make possible a yield
much better than would now seem to be
probable.
Our summaries by States are as follows:
and
middle of
In
very
the end of the
to enable the
sequence
/
■
2535
regards the early
season,
complaint is
quite general of cold weather and too much rain, and this
served not only to retard the preparation of the soil but to
a material extent the
putting in of seed.
In
fact, conditions
in
parts of the State
such asAo lead some of our
correspondents to characterize them as about the worst they
some
were
had
ever
experienced.
Planting, consequently, although
begun in earlier sections about the middle of March, was not
completed anywhere until late in May and was still in prog¬
ress in some sections after June 1.
Our replies as regards
germination vary considerably, ranging from very poor to
well, the most favorable reports coming from northern dis¬
tricts.
Furthermore, as a result of the continued cold and
wet weather, development was slow and more than an aver¬
age replanting was rendered necessary.
In May rainfall was
THE
2526
complaint, but tempera¬
ture up to about the 20th was rather low at times.
Toward
{the close of the month, however, conditions turned quite
•generally favorable, much to the benefit of the plant.
Stands
secured, in line with early conditions, show marked variation.
In some sections they are stated to be good, but in others
quite poor and on the whole at this writing would not seem
to be up to the average for the season..
At the same time
the outlook is in no sense discouraging provided the present
favorable weather conditions continue.
But the crop is
backward in development and not up to the average in cul¬
tivation, and weevils have recently been reported as numer¬
ous in some localities.
Acreage.—Unfavorable weather seems
to have been an important element in determining area this
in
no
mentionable degree cause for
indicating that where first plantings
substituted for cotton.
The high price for the staple, however, has largely offset
other considerations, including reduction propaganda, with
the result that this spring's planting has been approximately
the same as that of a year ago.
Fertilizers have been a little
more freely used and takings of commercial sorts have been
year, some of our reports
failed to come up corn ana peas were
of somewhat
better grades.
and low temperatures were
early spring and delayed the time of
planting, which in its beginning and ending is reported by
most of our correspondents as three weeks late.
The work
of putting in of seed in fact does not seem to have started
anywhere until after April 1 and was not finished until
May 31 or later.
Germination was retarded by cold weather,
and as a result in some sections much replanting was done.
After the middle of May more favorable meteorological con¬
ditions began to work improvement in the plant, but it is
still small and to some extent weevil infested, and in need
of cultivation. Stands now are fairly good as a rule. Acreage
—It would seem from our reports that in some sections of
Florida area thrown out last year as a result of the depre¬
dations of the boll-weevil in 1918 has been returned to cotton
this spring and for the State as a whole our replies appear to
warrant us in increasing the acreage by 2%.
Fertilizers are
little used in this State, but this year an increase in the tak¬
ings of commercial
varieties is indicated.
ALABAMA.—In this State, too,
cold and wet weather
extending over much of the spring furnish all needed explana¬
tion for backwardness in preparing the land for cotton and in
the actual
putting in of the seed.
An unusual number of
heavy rains in the Northern part of the State caused suc¬
cessive rises in the Alabama and Tombigbee rivers both of
than two
the
had
done in preparing this land for crops prior to June 1
consequently, on account of the lateness of the season
which
were
practically at flood stage for more
months; much rich bottom land was overflowed.
As
water did not begin to recede until late in May little
been
and,
which were already becoming num¬
erous in Southern sections, much of it is lost to cotton this
year and will go to corn. The labor question has also been a
serious one this season, so serious in fact that some tenant
farmers have for the time being abandoned agricultural
pursuits for other employment.
The work of planting was
hardly begun anywhere until close to the end of March and
was delayed in its finish by rain, floods, &c., beyond the
last of. May.
Seed had an indifferent to poor start in most
and fear of boll weevils,
sections but there are a few
correspondents who report that
germinated well. Furthermore, in most localities some
replanting was necessary and in least favored districts
it was of considerable amount.
Wet and cold weather
acted as a check to satisfactory development much of the
time until well on in May, but shortly after the middle of that
month the conditions showed marked improvement fostering
more satisfactory growth of the plant.
Stands.—The better
weather is reflected in the reports that stands are now fairly
it
good and the fields are being as rapidly brought in shape
as the available labor force will permit.
Acreage has been
had been intended, the
heavy rains and floods having
already intimated, of diverting to corn
for cotton.
On the whole, 1% would
increased but not to the extent as
delay in planting due to the
been the means, as
some
land destined
seem
to measure
The general
the takings
acre
the current year's increase.
Fertilizers.—
tendency has been to use commercial fertilizers,
in most instances having been much more per
than in 1919.
MISSISSIPPI.—Conditions in Mississippi this spring have
already referred to in Alabama.
rains caused rivers, creeks and
branches to overflow time and time again and in many cases
young crops just up were under water for hours.
In fact
one of our correspondents in northern Mississippi refers to
the fact that late in May there were tens of thousands of
acres along the rivers and creeks, usually put in cotton,
which were still under water and unplowed.
And in the Delta
region planting, begun about the usual time was still in
progress in the closing days of May, the seed being put in as
the water receded from the land.
There was nothing in
the nature of an extensive flood along the river but land
here and there was inundated and planting upon it delayed.
Taking the State as a whole planting started between the
10th and 20th of April but was not finished generally until
been analogous to those
In other words, excessive
after
the first of June.
well but
as a
Seed in
some
instances came up
than the usual
rule the start was poor and more
had
area
to
be planted over.
The general consensus of
opinion on the weather since growth began is that it was too
wet and cold much of the time until after the middle of May
and consequently the plant on June 1 was well below the
average in development at that time.
Latterly, however,
weather conditions have been more favorable as a rule and the
is gradually getting into good shape although still
quite backward. Stands rather poor at first are now fairly good
on
the whole and fields, although still somewhat foul
in
localities. have been in the main cleared of foreign vegeta¬
tion.
Weevils are reported to be increasing in Southern dis¬
crop
Acreage—Unquestionably
tricts.
price
considerations in¬
ignore area reduction propaganda
and prepare to increase to a greater or lesser extent the ter¬
ritory to be put in cotton.
Early intentions, however, suffered
modification as a result of the early unfavorable meteo¬
duced farmers largely to
rological conditions.
Yet our replies seem to warrant us
in estimating that there has been an addition to acreage
this spring of about
1%.
Fertilizers are little used in
Mississippi and 1920 does not seem to be an exception to
the rule.
LOUISIANA.—This State was somewhat more
favorably
reviewed as regards rainfall and
temperature in the early spring, but at the same time there
were complaints of an excess of the one and a deficiency in
the other.
Reflecting this the time of preparing the soil for
crops was on the average close to two weeks behind the
average.
In fact very little planting was done before the
middle of April and proceeding slowly the work was not
completed before the closing days of May.
In some localities
seed are reported to have germinated well, but for the most
part our replies refer to a poor start and more than an
average replanting as a consequence.
Here, as elsewhere,
cool weather has been complained of since growth began,
but as May advanced conditions improved materially,
noticeably benefiting the plant which, however, is now on
the average rather backward in development.
Stands at
first were rather indifferent but now average fair and the
better meteorological conditions recently prevailing have
enabled planters to make good progress in cultivating. One
situated than those already
FLORIDA.'—Too much rain
hindering factors in the
fVot. 110.
CHRONTCLE
hampering influence this spring has been
labor and especially of the efficient sort.
only are high wages
the scarcity of
The fact is, not
demanded but there is furthermore a
disinclination to work on the farms.
Acreage.—Several
influences have been operative in the matter of area.
Scar¬
city of labor has been one of more or less potency and the
early appearance of boll weevils another.
This pest is now
reported
numerous in some localities.
Together they
have operated to cause a modification of early intentions
so that instead of a moderately large addition to acreage that
had been
as
anticipated the present indication is that about the
devoted to the staple this year
territory has been
same
last year.
are
Fertilizers.—In the lowland districts of Louis¬
commercial aids to productiveness are not
iana
required and
used. In upland sections, however, we
tendency this year to increase takings.
therefore not
note
a
TEXAS.—Excessive moisture during the
winter was a
hindering factor over much of the State as it interfered
seriously with plowing and where ground was broken it
was lumpy, thus making a poor seed bed.
Low tempera¬
adverse influence, delaying planting in
and killing more or less cotton in south¬
ern districts.
Indicating the trend of our reports from some
localities we note that a valued correspondent in North
Texas remarks that he had never seen a more unfavorable
spring for cotton, while from the central portion of the State
replies refer to fields being badly washed by the excessive
rains and that there is a tendency to supplant cotton with
peanuts and feed on account of the lateness of the season
and scarcity and high price of seed.
Such being the sit¬
uation it is not at all surprising that planting started late
and had not been fully completed until the close of May,
and in the delay of this work labor shortage, of course, cut
somewhat of a figure.
In some favored sections germina¬
tion is reported to have been satisfactory but in the main
the seed came up poorly and made slow growth at first with
rain as a rule in excess and temperature below normal.
Much more than an average amount of replanting had to
be done.
Low temperature furnished cause for complaint
until the close of April but thereafter the situation in that
regard was about as desired. Wet weather, however, was
a deterring influence in some sections up to about the middle
of May.
Thereafter meteorological conditions on the whole
were favorable and have continued so to the present writing.
With better weather a marked improvement in the plant
was soon apparent and stands now as a rule are fairly good
but the plant is backward in development. Where fields were
grassy, moreover, they have recently been brought up to
ture,
too, was an
important sections
cultivation as possible considering the
Recent reports note that the weevil
good a state of
manifest labor shortage.
as
Southwest Texas.
A creage—In some of the newer
sections of the State we note a tendency to add largely to
the area under cotton, the high value of the staple furnishing
all needed incentive.
On the other hand, in older districts
there is evidence that to some extent other crops have been
is active in
given preference over cotton. Yet for the whole territory
there has been a moderate average addition of say
2%.
Fertilizers—The use of commercial aids to fertilization has
received little attention in Texas at any time.
June 19
1920.]
THE CHRONICLE
ARKANSAS.—An unusually late and cold spring served
delay farm work very materially.
In some sections of the
to
2527
favored the plant but for a time the rainfall continued in
of needs.
In the closing days of the
excess
month, however,
State, particularly in the northern part, farmers who culti¬ all reason for complaint seemed to have
disappeared and the
vate land on the rivers broke a
great deal of their soil in crop began to put on satisfactory
growth, although behind
February and seemed to get a good start, but when time came an average year in development.
Stands—Early reports
for real work in the way of
rebreaking and bedding the land on the stands were not very encouraging but most recent
it was so cold and wet that
nothing could be done and in advices indicate much improvement, and now,
apparently,
many instances the territory so involved comprised close to
they average fairly good, with the fields being
steadily brought
half of the cotton acreage of the district.
On uplands no under control. Acreage—Almost all the
replies under this
attempt is made to break soil as early as in the bottoms,
head are in agreement.
In other words, they speak of ad¬
owing to the fact of its being easy to wash and when planters ditions to area and on the
average the increase would seem
were ready to get to work there the wet weather
began to be about 3%.
Fertilizers—Where commercial fertilizers
and operations were hindered to such an extent that
they are used the trend this spring has been toward a moderate
have been but lately completed.
Taking the State as a increase in the taking.
whole little planting was done before April 25, and thereafter
progress was hindered so that completion did not occur until
MISSOURI.—In this State, a small cotton
producer at
after the first of June.
Early planted seed came up well as a best, the cultivation of the staple being confined to a few
rule, but this was a rather small percentage of the aggregate counties in the
southeast, early conditions served to retard
and some of it died after coming
up.
Otherwise the start preparations for the crop and consequently
planting did not
was
poor in the main and more than an average replanting
start until about the first of
May.
Cold weather, more¬
was necessitated.
During April and well on into May the over, held germination in check
somewhat but eventually
weather was characterized as too wet for
satisfactory devel¬ seed came up well as a whole.
Stands now are fairly good,
opment, but around the middle of the month conditions
but rather backward and
grass and weeds have been pretty
turned quite generally favorable and have on the whole con¬
well put under subjection.
The labor situation here seems
tinued
ment
since.
so
As
result of this
a
a
in the outlook is to be noted.
considerable improve¬
Stands.—In fact the
stands now, while somewhat uneven, are good in the main and
cotton is growing well,
although backward as compared with
be rather better than elsewhere.
to
creased to the extent of about
Acreage has been in¬
Fertilizers receive but
5%.
limited attention in Missouri.
very
an
average year.
Cultivation, moreover, since the change
for the better in the weather, has made
very good progress,
that our latest reports indicate that the fields are
so
quite
clear of foreign vegetation.
Acreage.—Early adverse fac¬
tors have been a not
unimportant element in the acreage
question, offsetting largely the intentions of farmers as predi¬
cated on the basis of the high prices prevailing for the
staple.
Nevertheless
which
our
the balance has been
replies
appear
Fertilizers.—Little
year
or
no
on
the side of increase
in stating at 1%.
change in the takings from last
to warrant
us
is to be noted.
OKLAHOMA.—Wet weather and the shortage of labor
have been the chief causes of complaint this spring although,
elsewhere in cotton
as
growing territory, temperature has
As regards labor the farmers
have had to compete with the oil fields and road builders
and have, of course, been at a very distinct disadvantage.
Following the usual practice planting began in a few localities
before the close of March, becoming general in May, but made
rather slow progress owing to wet weather which rendered
the soil unfit for seeding and in some sections was completed
only very recently. Early planted seed is said to have come
up well but largely died out by reason of cold weather,
frosts, &c., but the major portion of the crop germinated
poorly, and an unusually great amount of replanting was
required, running as high as one-third to one-half of the
crop in districts most unfavorably affected by adverse
conditions of weather.
Indicating the situation in the State
about the middle of May, one of our most valued and reliable
correspondents refers to a trip through most of the large
producing counties at that time and states that heavy rains
been too low most of the time.
and
cold weather the week before had made the cotton
situation very serious.
It was not, in fact, until near the
close of May that the weather can be said to have favored
cotton; since that time, however, conditions have been quite
uniformly satisfactory.
Stands.—At the time the corre¬
spondent referred to above made his report good stands
were
confined
to
a
comparatively limited
area.
Now
under the influence of recent favorable weather they aver¬
fairly good for the whole State and with dry weather
predominating excellent progress is being made in cultivat¬
ing the crop.
Acreage.—A very large increase in the cotton
area in some sections was a part of the program when ground
was being prepared for crops in the
spring and the reports
CALIFORNIA.— This
perienced
much
the
State
same
to
have
ex¬
has prevailed else¬
there has been much
appears
weather
as
where this
spring.
In other words,
complaint of low temperature.
Notwithstanding this, how¬
ever, preparations for cotton were made at about the usual
time and the same may be said of
planting which was carried
on from
February to May inclusive.
As a result of the cold
weather much seed germinated
poorly and in consequence
fully half had to be replanted.
The fact that all needed
moisture is supplied by irrigation, however, eliminates one
factor of great uncertainty, for when
irrigation is properly
carried on there is little or no
difficulty of getting a crop.
Weather recently has favored the
development of the plant.
Stands now are good, and the crop is
quite well cultivated
and improving.
Acreage.—The planting of cotton has made
further progress in this State, in fact has been
very largely
added to this year, our returns
seeming to warrant us in
estimating the increase at about 73%, making the area
now about 228,000 acres.
Fertilizers are practically unused.
ARIZONA.—The
success
attained
in
raising Egyptian
type cotton in Arizona, coupled with the very high prices
recently obtained, has led to a further considerable increase in
the
area
devoted to the staple in that State.
In
consequence
the acreage now
under cotton in the State is above that of
Planting began this year late in February and the
bulk of the work was completed in early
April.
As a result,
however, of unfavorable weather some seed came up poorly
Florida.
and from that
cause and rains
crusting the ground some re¬
planting had to be done, and this was not finished until the
middle of May.
At first the weather was against favorable
development of the plant, but latterly conditions have been
quite favorable and a good stand has been secured.
Acreage
has been very greatly increased, in fact the planting is re¬
ported to have been about 150% more than last year, making
the area now under cotton 215,000 acres of which all but
about 20,000 acres in Egyptian type.
Fertilizers are not
used to any extent; irrigation furnishes practically all the aid
the plant needs.
age
now
at hand show that
no mean
addition has been made
information at hand leads to the conclusion that the current
increase
has
approximated
4%.
Fertilizers are
ye&r have
little used in this State at any time, and this
received only nominal attention.
TENNESSEE.—The universal
complaint this spring has
been of delay in all farming operations consequent upon cold
weather and an excess of moisture, and this is as true of
Tennessee
of other parts of
In fact this State
growing region of the
country, has been more unfavorably affected than many
others, the general run of reports indicating that work has
been delayed by from two to four weeks.
Continuous rains
interfered seriously with plowing and heavy precipitation
caused the Mississippi to overflow its banks at some points
and elsewhere, in greater or lesser measure, rendering the soil
too wet to permit of the putting in of seed.
With this the
situation planting began at a much later date than usual
as a rule and was not finished until after the opening of
June.
Atmospheric conditions, moreover, after seed was
in were not conducive to normal germination and as a result
it came up slowly and on the whole the start cannot be
stated as better than fair.
More than usual replanting was
required. After the middle of May higher temperature
on
as
the South.
the northern border of the cotton
than
no
strictly nominal
planting of cotton in these States this year.
In any event,
the area is negligible in extent.
more
a
even
though adverse developments have tended to cause a modifi¬
cation of early intentions.
In fact, a close analysis of the
season's
KENTUCKY AND KANSAS.—Our returns furnish
evidence that there has been
NEW MEXICO.—Consequent upon delay at the start,
planting did not begin until about April 15 and was not
completed until near the close of May.
Seed came up poorly
at first and upwards of 40% had to be
replanted, but late
planting started off well.
Weather too cool at first turned
more favorable in
May and is now generally satisfactory.
Stands are good and fields well cultivated.
Acreage.—A
further
considerable
addition
to
area
is
indicated
by
our
returns, the increase being placed at 80%, making the ter¬
ritory now under cotton cover approximately 25,000 acres.
Fertilizers.—Indicating a continuation of the tendency to
go in for intensive cultivation, the takings of commercial
fertilizers have increased very largely in most sections.
(fsuxttnX
CONTINUED
Events and discussions
OFFERING
OF BRITISH TREASURY
BILLS
usual offering of ninety-day British Treasury bills
disposed of this week by J. P. Morgan & Co. on a dis¬
count basis of 6%, the rate which has been in effect for
The
was
some
time past.
June 14.
The bills in this week's offering are dated
TREASURY BILLS
FRENCH
ON
RATE
AT
CONTINUED
6y2%.
ninety-day Treasury bills were disposed of
this week on a discount basis of 6y2%—the figure to which
the rate was advanced March 26; it had previously for
some time been 6%.
The bills in this week's offering are
dated June 18.
since
trading in German securities over the counter on
last November, but, with the exception of half
brokers as to the conditions
confirm
of
large
a
past.
actively in progress for some time
been
the acquisition in its issue
of the 18th
said:
could not be ascertained at either
it to have a representative on the
Austrian Creditanstalt, which has
a
large number of branches in
Central Europe, was, according to last
report,
200,000,000 kronen, but it is understood that this has been
increased
lately,
the
American
interests obtaining part of
the new
issue.
The arrangement will supply important new banking connections
which are expected
to prove useful in financing trade with the freed
States and is
regarded as the forerunner of further alliances by the
Guaranty and other banking institutions with foreign banks.
The move¬
ment
will also, it is believed, include the opening of American branch
banks abroad and the purchase of Interests in the leading European indus¬
trial enterprises, as was the
case with the German General Electric, a
transaction which the latest purchase recalled.
The extent
interest acquired
the
of
but it was learned that each
of directors.
The capital of the
office here,
CO REPORTED AS PURCHASERS
GENERAL ELECTRIC STOCK.
KUHN, LOEB d
GERMAN
With this week's announcement
OF
Government 4s.
Heaviest trading was in
500,000 markf? of each changing hands.
were brought
by Frankfort 5s and German Government
sold as high as $31 for 1,000 mark bonds.
Prices of
bonds fluctuated between $25.50 and $30.
Hamburg 4s,
was
Berlin 4s and the
The highest prices
4s, both of which
the other German
local daily
papers
time ago it
Co. and some associates
to the effect that "A short
announced that Kuhn, Loeb &
had
bought
famous 'A.
25,000,000 marks worth of the stock of the
"E. G.'
(General Electric Co.) of Germany."
American financiers (then unnamed)
General Electric Company
was
reported in a cablegram to the daily papers from
Berlin May 8, the latter having been published in our issue
of May 15, page 2024.
The latest advices from abroad
regarding xjurchases in Germany by American interests
were dated Berlin, June 3, and said:
The
a
by
purchase
large block in the German
masters
have every reason to congratulate
of their plans for invading German industry,
says an article in Vorwaerts to-day.
The newspaper asserts that recent large purchases of German iron and
steel shares,
ostensibly for Dutch account, were really for American
account,
and that at the next board meetings of these German
firms
remarkable disclosures will be made.
American
themselves
steel
and
iron
on
the
success
Regarding the above the New York " Times
" of June 4
said:
of several of the foremost iron and steel companies ex¬
yesterday that American capital had acquired an extensive
interest in the German steel and iron industry.
American manufacturers, it
was declared,
had little to gain by such affiliation.
Steel
officials
considered it
highly probable,
however, that certain
American metal
dealers with close German relations' before the war had
Officials
here
doubt
pressed
perhaps resumed such connections.
The extreme depreciation of German
exchange in
this country, it was pointed out,
would enable Americans
to acquire such interests on very favorable financial terms.
It
was
recalled that only recently a prominent international banking
house, acting for leading copper producers, purchased large blocks of the
new stock of the German General Electric Company.
COMPLETION OF CHINESE CON¬
ON
LAMONT
W.
T.
SORTIUM—MEETING IN NE W YORK.
According to a statement issued by
Thomas W. Lamont
Co. with his return from his trip to the
Far-East in the interest of the Chinese consortium, the first
P. Morgan &
of J.
organization meeting of the consortium will be held in New
York the middle of September.
Mr. Lamont left the United
States on his mission last February, and the statement in
which the object of
2023,
we
his trip was indicated was
published in
On May 15, page
February 14, page 609.
these columns on
presented the State Department's announcement to
that the Governments of England, France and
effect
the
Japan had come to an agreement with the Government of
the United States and had each " accepted in full the princi¬
ples laid down in the plan proposed by the United States
for the formation of a four-power banking group for loans
to the Government of China."
The signing by Japan of the
agreement was noted in our issue of May 22, page 2132.
his statement issued on the 15th inst. Mr. Lamont says li
consortium
new
banking
groups
In
the
has become an established fact and the four
have entered into a partnership for the
of China
assistance
regarding the acquisition
by Kuhn, Loeb & Co. and the Guaranty Trust Company of
this city of an interest in the Austrian Creditanstalt,
(to
which we refer elsewhere) there came a statement in the
,
bond
cent
and
industrial
German
the
the 17th inst. of a
Frankfort A. M. as follows:
interests
American
by
inst. the same paper
of
cities, a German industrial
a
securities
Journal of Commerce " on
In commenting on
was
of German
German Government bond.
The cities' bonds were the 4 per
of Berlin. Coblenz, Cologne, Dresden, Hamburg, Frankfort
Essen,
the Frankfort 5s and the Leipsie 4%s and 5s.
The
bond was the German General Electric 4%s and the Government issue
and
that negotiations
culminated in the
proprietorship in the
Austrian Credit stalt in Vienna.
The control is to be shared between
Messrs.
Kuhn, Loeb & Co. and the Guaranty Trust Company, of New
York
City.
Between them the
two institutions have acquired shares
valued at 40,000,000 crowns.
They will be given the right of delegating
members of the Board of Directors.
The announcement is taken here as
indicating
further
decided
progress
in the penetration of American
capital into German and Austrian banking and industrial enterprises which
board
bonds
ten
the New
dealings,
have
acquirement
has
included
They
bonds
York
different issues of German
represented in Monday's
Commercial" added:
been announced here upon credible authority
been in progress for some time past have
has
It
which
stating that twelve
In
of listing.
were
acquired an
which is the leading industrial and commercial bank in the
states formerly included in the Austrian Empire."
The above statement by the bankers followed the publica¬
special cablegram from
over-the-counter
the
in
the
"
tion in the "
There has
large scale
last Thurs¬
there had been no open market in the bonds.
In the
the public was virtually always the buyer and the dealer
Even dealers themselves criticized the lack of an open market
which the public could sell as well as it could buy.
The bonds were with¬
drawn
from trading Thursday as a result of misunderstandings on
seller.
Guaranty Trust Company
interest in the Austrian Creditanstalt
have
a fairly
an hour
business
" that they and the
17
June
dealt in.
day.
SECURE
of this city, took occasion to
Kuhn, Loeb & Co.,
on
14 said:
630,000 pieces were
full day of trading
the first
On
been
part of
KUIIN, LOEB d CO. AND GUARANTY TRUST
INTEREST IN AUSTRIAN BANK.
Curb dealings on June
reference to the
JiO
"Tribune" in its
The New York
declaration of war.
the
French
The
(Vol
THE CHRONICLE
2528
in the development of her
great
publi^
enterprises, such as the reform of the currency, the building
of railroads, highways, terminals, etc."
He also says "the
Consortium has
no
plan of exploitation laid
will it undertake to function except at
nor
hearty co-operation
the
and
with
The
following is the
out for China
the earnest desire
of the Chinese
statement given out by Mr.
people."
Lamont
this week:
situation in the Far East of the utmost interest.
I went
request of the American Banking Group and with the ap¬
British and French Groups, for two specific purposes.
The
first was to find out whether the Japanese Banking Group,
with the ap¬
proval of its Government, intended to come into the Consortium for China
without
reservations on
the
same
terms as the banking groups of the
United States, Great Britain and France, these last three groups being in
complete accord.
The second object was to visit China and make a report
for the American Group upon economic, financial and political conditions
I
found
the
there, at the
proval of the
there.
At the end of a long and somewhat complex negotiations in Japan,
the
Japanese Banking Group, with the approval of its Government, withdrew
completely the reservations that had been made for the exclusion from the
scope of
the Consortium of portions of Manchuria and Mongolia,
An¬
nouncement of this has.
I understand, already been made from Washing¬
ton.
The consequence is that now the new Consortium has become an
established fact and the four banking groups have entered into a partner¬
ship for the assistance of China in the development of her great public
enterprises, such as the reform of the currency, the building of railroads,
highways, terminals, etc.
.
The American Banking Group,
and the other banking groups, wrere or¬
ganized primarily at the request of their respective Governments.
Almost
two years ago, in laying down the plan for the new Consortium, the Ameri¬
can Government pointed out that if it were possible to arrange for banking
groups
medium
of
countries
four
the
of
lend
to
international group,
an
assistance
to
China
through
namely the Consortium, a full and
the
equal
calculated to be highly beneficial
to China and to the interests of the four nations involved.
The American
Government in effect pointed out that, under such an arrangement,
the
international
contest for
new
and valuable concessions in
China might
largely be prevented; the setting up of new "spheres of influence" which
in the past had proved detrimental to China's welfare might be done away
with; thus the integrity and independence of China would be maintained
and international jealousies in
the B'ar East would in large measure be
partnership
would
thus
be
established,
avoided.
American
The
formed
FIGURES
EARNINGS
OF
DISCONTO-GESELL-
OF
SCHAFT.
and
representative of the Diseonto-Gesellschaft, Berlin, announces the receipt yesterday (June 18)
of the following cablegram from the bank:
Adolf Koehn, as the
Berlin
Disconto-Gesellschaft,
against 9% for
Gross
earnings
Against
declared
dividend
a
1919
1918
Taxes
of
10%
,M128,665,615
....M 72,116,598
M 59,861,000
M 31.945,032
expenses
Against
1919
>..
.
1918
General
for
1918.
for
1919
M 15,301,385
.
M
Against 1918
Net profit 1919
Against 1918
Carried forward
TRADING IN
6,294,675
M 53,503,229
M 32,016,131
6,405,828
...
GERMAN BONDS ON NEW YORK CURB
1
'
j
MARKET.
Trading in German bonds was begun on the New York
Curb Market on Monday last, June 14, under the oflicial
sanction, it is stated, of the Curb Market Association.
Last
week's unsuccessful efforts to trade in German bonds on the
Curb
2438.
were
referred to in
This
week's
the "Chronicle" of June 12,
transactions
represent
the
first
page
since
the
new
and
the
other
banking
groups
Consortium in the hope of being
as well, have, therefore,
able to serve the situation
along the lines indicated.
The Consortium has no plan of exploitation laid
out for China nor will it undertake to function except at the earnest desire
hearty co-operation of the Chinese
with the
people.
It has now been
first organization meeting of the Consortium will be
middle of next September.
Representatives of the
British. French and Japanese Banking Groups will come here to meet the
representatives of the American Group.
Until that meeting convenes, I
do not look to see any great activity in the way of loans to China.
In view of recently quoted expressions reflecting upon the State Depart¬
ment's knowledge of Far Eastern matters. I am bound to say that I found
our
representatives there fully conversant with Japanese views and pos¬
sessing a sympathetic understanding of such difficulties as are inherent in
the situation.
Our Ambassador there. Roland S. Morris, showed extraordi¬
nary resource and courage in the negotiations to which I happened to be a
party.
Certainly the State Department in the last two years has been
intelligent and consistent in urging forward the organization of the new
Consortium, the final formation of which is likely to bring the whole Far
Eastern question at least one stage nearer solution.
As to China. I am aware that many persons characterize it as a great
disorganized, almost chaotic people.
No one can spend even the short time
that I -was in China without being deeply impressed with the industry and
sobriety of that people, with the idealism of many of their leaders, with
the growth of. public opinion there, with the profound effort that is stead¬
ily being made to establish a Central Government that will function as
well as the local governments function.
The present Government at Peking,
as
everyone knows, is weak and inefficient.
Yet if the American people
lend to the Chinese the counsel and the aid, material an spiritual, which
the Chinese are so longing for and which they look to America to give
to them, we shall,
I am confident, witness in the coming years the de¬
velopment of a great and powerful nation there, a nation of four hundred
million people, whose admiration and warm friendship the United States
can.
if we bestow proper thought and effort upon the matter, secure for
arranged
held
in
that
New
the
York
all time to come.
the
June 19
THE CHRONICLE
1920J
FINANCIAL
BOLD
ENGLAND'S
FOR
PROGRAM
1920.
English Public Finance " the Bankers
Under the title of "
Company of this city has issued a limited edition
Trust
of a
240 pages pre¬
pared—evidently with great care—by Harvey E. Fisk.
Stated in dollars, the English Government plans for debt
reduction in the current fiscal year of around one and a
useful
very
interesting little
and
book of
quarter to one and a half billion, or about the
reduction in
during the past year, which Secretary
Houston expects to show when the figures are finally tabu¬
lated for June 30th.
England's problem is much greater
than ours because she was in the war longer and her debt
therefore is heavier than ours, actually, and tremendously
debt,
own
our
capita and in proportion to national wealth.
The following table, revised to June 1st, taken from the
book referred to, compares the national debt and national
wealth and the interest charge and national income of each
of the five principal belligerents.
It will be noticed that,
next to our own country, the debt of England is propor¬
heavier
per
in comparison with national wealth.
four times as heavy as
ours.
The comparative relation of debt charge to national
income is the most striking and, after all, the most impor¬
tionately the lightest
However, even then the burden is
tant
problem
for
of finance
this generation.
We require
only 1.69 per cent of national income to meet our
charge—Great
France 15 per
possibly more,
adjusted.
interest
and Italy require ten per cent,
cent and Germany 25 per cent at least, and
especially after the reparation payments are
Britain
authorities.
Argentine gold which has been on deposit with Reserve
deposit when it was put into those institutions, and the
What happened was that Argentina got credit
for a given sum and the Reserve Banks gained in gold holdings.
Now when
the gold is " released " Argentina's deposit balance comes down, while the
credit balance of some bank, in all probability, is increased an equal amount.
In other words, the Argentine representative gets a check, which he uses
to meet some obligation.
But the amount of gold in the country is not
changed, so the operation hardly is the equivalent of a gold import.
Banks
gold
The
became
a
not
was
ear-marked.
Previous
reference to these deposits of gold
appeared in
2437.
page
in Argentina
issues of May 28, page 2241 and June
our
12,
,
CANADIAN
GOLD
BOARD'S
FIGURING IN
STATEMENTS
OF
FEDERAL
GOLD
In the Federal Reserve Board's statement of
into and exports from the United States,
RESERVE
IMPORTS.
gold imports
made public June
16, $12,200,436 of gold is shown to have been imported from
Canada in
the eleven days
ending May 31, out of total im¬
all countries in the eleven day period of $13,-
ports from
505,720.
"
Regarding
Times "
No
of
June
the
17
Canadian
figures
the
New
York
said:
had
suspected that Canada was sending gold and the first thought
metal must be coming for account of England.
But as the
out. some $10,300,000 of the gold from Canada represented
part of the gold brought to the Pacific Coast from Hong Kong in May. That
was the so-called
" Kolchak gold," which was sent to America for British
account.
It amounted to $22,200,000. in round figures, of which $11,900,000
was
reported as arriving at San Francisco and $10,300,000 at Seattle.
The latter amount, it now develops, was landed at a Canadian port and
brought into the United States, via Seattle, overland.
When this was made
plain there was some disappointment, for Wall Street wanted it to turn out
entirely new gold.
one
that
was
matter
the
turned
FLOATING
OF 50,000,000
POLISH LOAN IN U. S.
i
billions)
{In
%
Great
Int.
Inc.
cap.
$60
$1.0
1.69
$9.48
%
per
capi
per
States.. .$300
Britain
120
$25
8.3
39
32.5
848
18
1.8
10.00
39.13
90
46
51.1
1150
12
1.8
15.10
45.27
40
60
16
40.0
444
8
.8
10.00
22.22
50
83.3
833
10
2.5
25.00
41.66
..
France
Italy
Germany
.
Int.
Debt.
Wealth,
United
Int.
Inc.
$233
Debt.
Debt.
Wealth.
Nation.
determination,
over one and a half
Great Britain, with true British pluck and
plans
change
to
billion
dollars
a
last
deficit
equal to
to
year
a
surplus of
nearly as much
This, of course, will necessitate a heavy increase
in taxation.
The way in which it is planed to accomplish
this result is discussed in the book under discussion.
The
this year.
growth in national expenditure of from just about a billion
dollars in the year prior to the war to over eight billion
last year
and to as high as twelve and a half
billion in 1918,
recorded in these pages.
It
startling to be told that the expenditures for the
is not the least impressive fact
indeed
is
six
years
since was
was
declared,—some fifty-five billion
dollars,—was more than the expenditure of the government
for the two hundred and twenty-six years lying between the
English Revolution of 1688 and the fateful August 1st, 1914.
The moral and financial courage which led the English
Government to assess, and the
people willingly to pay, over
expenditure out of taxes,—rising
from 22 per cent in 1915 to 35 per cent in 1918 and to over
80 per cent in the first post-war year,—is the best augury
for the success of the program for the present year.
This
36
per
cent of the war
contemplates raising a budget equal to six billion
enough more to accomplish the debt reduction
of around one and a half billion dollars referred to above.
The English Government have also put in effect plans
for refunding floating debt—now about seven billion dollars
—into funded debt of reasonably long maturity.
One task which England has set herself to accomplish at
the earliest day possible is to get out of debt to foreigners.
As an important early step in that direction the joint and
several obligation with France for $500,000,000, known with
us as the Anglo-French Loan, is to be paid off at maturity
this coming October.
In fact, Chancellor Chamberlain is
quoted as saying that one-half of these bonds have already
been acquired in the market.
In connection with the foreign debt of Great Britain,
which aggregates about six and a half billion in all, mostly
due in and to the United States, we must not lose sight of
the fact that Britain's loans to her Dominions and allies
aggregate over nine billion dollars.
Of this amount around
five billion is estimated to be collectible, or nearly enough
program
dollars
and
off her own external debt.
English Public Finance also treats
to pay
of the history of
expenditure, debt, wealth and
income from 1688 and contains interesting chapters on the
English banking system and the manner in which the banks
upheld the hands of government during the war.
British
finance,—revenue,
Minister to the United States,
Prince Casimir Lubomirski, the Polish Government loan
which is being floated in the United States is meeting with
a highly satisfactory response.
The campaign to place the
loan, $50,000,000—was referred to in our issue of May 15,
page 2025.
With regard to the method which has been re¬
sorted to in the floating of the loan, the New York " Times "
in a Washington dispatch June 14, said:
According to the Polish
following the usual course of having a group of bankers un¬
loan, the Polish Government has itself undertaken the task,
that if the loan is successful, as is at present indicated,
the Polish Government will realize the full value of every dollar sub¬
scribed over and above the actual expense of marketing the bonds.
The National City Bank of New York is the depository for the bonds and
Polish-American citizens are the selling agencies.
The funds subscribed
will be expended by the Polish Government in the United States.
It is stated by Polish authorities here that confidence of American bank¬
ers
in the stability of Poland is evidenced by a heavy investment in the
Polish bonds by the Chatham and Phenix National Bank and the Bankers
Trust
Company
and
by
investments
by
smaller
financial institutions
throughout the country.
with
the
OF
GOLD
FUNDS IN
IN
ARGENTINA
TO oRELEASE
FEDERAL RESERVE.
14 from
Argentine Embassy in Washington was
announced in Buenos Aires dispatches of that date, bring¬
ing the total amount released in this movement to $19,600,000, equivalent, it was stated, to the exportation of that
sum in gold from Argentina.
The same advices stated that
the official figures place the balance in the account of the
Embassy at $52,638,000.
The New York "Times" of June
17 had the following to say regarding the released gold:
The release of
the
additional seems of gold on June
deposits of the
The idea that the release
the
of " gold credits " held by the Reserve Bank for
Argentine adds to the stock of gold here, or, as
" is equivalent to gold imports," is not correct,
gome,
it has been said by
according to banking
result
Details of the loan and its objects have been
made
statement
''Tolarid-'is
are
by
Prince
given in a
(Lubomirski, appearing as fol¬
in the New York " Commercial" of June 17:
lows
selling,
denominations
floating at this time a $50,000,000 loan in America.
We
in
technical
language,
twenty-year
6%
dollar bonds,
in
of $50 to $500 each.
I say this positively and not merely
expectantly, because the money is literally pouring in.
The people of the United States are of course, interested to know what
intend to do with this capital, which is being raised here.
They are
interested in knowing that because they are perhaps perturbed at the de¬
mand of all Europe for long term credits, in the face of a financial prob¬
lem as regards credits in the United States.
The amount of this loan is
modest enough when one considers the tremendous requirements of a coun¬
try devastated by five years of war, but it will form a nucleus for further
trade with America.
It is this real beginning that we need, for with the
advent of raw cotton, wool and other materials to Poland, will come work
for our people and subsequent exports that will bring back to us in turn
more
raw materials.
We have a great machine—somewhat damaged and
run
down from the effects of war, but mostly dry in its parts.
It needs
lubrication, and each dollar of this loan is a drop of oil that will lubricate
the parts so that the machinery of our production may again be started
"
we
into
motion.
$20,000,000 of this money will be used as a basis for a new
possibly an issue of a billion marks.
It is not unlikely that a
will be given to this currency to distinguish it from the great
amount of printed matter we have had to exchange for the nondescript
paper that flooded the country when our Government took up the affairs of
the Polish state during the last months of 1918.
The rest of this loan will be used to purchase necessities for our ex¬
istence, necessities America has in such great abundance.
Our pressing
needs
are
for
cotton,
wool, tractors,
railway carriages, engines, agri¬
cultural implements and seeds.
I am not mentioning food at this time, be¬
cause
that is at present a matter of speculation.
The Polish armies are
fighting to free Ukrainia, the great food reservoir of Russia, and so far
their efforts have met with magnificent success.
According to the British
mission dispatched to South Russia to study economic conditions, the pro¬
duction of wheat in Ukrainia for the year 1919 is estimated at 331,000,000
bushels.
If that estimate is correct,
then it may be said that approxi¬
mately 40,000.000 bushels of wheat would be surplus.
We need that food
in Poland, but-whether or not we shall get it depends upon the fortunes
of war, and the conditions of transport in Ukrainia.
However, we are greatly in need of cotton, of which we could use
250,000 bales a year to keep our factories as busy as they should be to
achieve moderate
production.
In addition
we
need large quantities
of
wool, and there is no question we will have to use a part of the money
raised by this loan to finance importations of raw cotton from the United
States to a large extent, and wool to a lesser extent.
Great railroad
development has taken place in those territories for¬
merly held by Germany and Austria, and where, even though there was
political oppression, there existed an efflciney that provided a great con¬
trast with the Russian administration of the larger part of Polish territory.
"Perhaps
currency,
new
name
"
"
"
The
DEPOSIT
of
Instead
derwrite the
results
of
the
campaign are to be announced by
June 13 was proclaimed as
Polish Day by Governor Smith of New York, residents of
Prince Lubomirski
the
State
Poland's
on
July 5.
being asked to commemorate the day by aiding
through the purchase of Polish National
cause
bonds.
ITALY'S DEBT
TO ENGLAND
On June 13 Paris cablegrams reported that Lloyd
had,
Count
Carlo
George
the Petit Parisien, given assurance to
Sforza, Italian representative at the Anglo-
according
to
Russian trade conference, that Italy would receive the same
treatment as France in the settlement of her debt to Eng¬
land.
[Vol. 110.
THE CHRONICLE
2530
REPARATION
ITALY'S
dollar an ounce,
Italy's claim on reparations paid by the Central
sions, has been fixed at 60,600,000 lire (normally
according to Rome dispatches to newspapers here.
Empires, including pen¬
about $12,120,000,000),
yesterday,
weeks ago, when the price here went to around a
getting out of their contracts yesterday.
Continental
in anticipation of
mainly
was
expected heavy buying by the
Mint when the price fell from its recent high level to a
There appears to have been some misunderstanding on
the other side of the provisions of the Pittman act.
It was thought there,
States
United
dollar
4,250,000,000 MARKS PRINTED IN GERMANY DURING
were
was said to have been an important factor on the selling
side on Monday, was reported less in evidence yesterday.
The Chinese buying of three weeks ago. according to advices received here
which
Europe
15 said:
Paris cablegrams June
three
extensively
ket
CLAIM
ounce.
an
reports said, that the Mint would begin buying
as the dollar quotation
was reached, but the
the
in the open market as
soon
MAY
restrictions under the
that the Mint purchase only silver which is the product
of American mines and of reduction plants located in this country.
These
restrictions thus far have operated to prevent any considerable buying by
the Mint, and the Chinese agents, discovering this, have been liquidating
their future contracts.
.
Reports received yesterday from abroad failed to bear out Monday's
rumors of financial difficulties in India.
However, there still were reports
current of some trouble in China and Chinese rates of exchange again fell
abruptly.
The rate on Hongkonk was as low as 75.625 at one time but
closed at 78.75, for a new loss of 1.25.
Shanghai rates fell to 100.50 but
recovered to 104.00. for a net loss of 6 cents, while Peking rates, after
Pittman act require
Berlin advices to the daily papers
to the Kreuz-Zeitung the Government printing works turned
4,250,000,000 marks of uncovered paper currency and since
the staff of the works has been Increased.
According
in
out
June 10 said:
May
the beginning of June
TRANSFERS
GERMAN
STOCK
CERTIFICATES
PERMISSIBLE IN U. S.
OF
NOT
Garvan, Alien Property
P.
Francis
Custodian, made the
following statement on June 11:
certificates
stock
at which figure they also
taking cognizance of the decline in the price to below a
dollar an ounce which had occurred last month, Senator
In
learned that transfer agents have made some transfers
received from Germany, in cases where the Alien
recently
have
I
of
going as low as 110, rallied to 113 at the closing,
showed a net loss of 6 cents on the day.
right, title and interest of the enemy
transfers are void, and the transfer
liable for the value of the stock transferred.
The
original demands were served on the issuing companies, and It seems to
me that there should
be a closer co-operation between such companies and
their transfer agents, in order that mistakes of this sort may not occur.
The holder In such cases has no right of transfer, the disposition of the
property being reserved to Congress by the Trading with the Enemy Act.
Property Custodian had demanded all
in such certificates.
Of course, such
agents making them are
author of the Pittman Silver Act, was quoted on
Pittman,
May 22 as saying:
"I
best authorities I can obtain, and also by experts
Department,
that it is caused by peculiar conditions.
informed by the
am
the
of
Treasury
Germany is melting up its silver coin for the purpose of foreign exchange.
France is doing the same.
Germany was expected to purchase silver as a
reserve
behind its paper money.
It has nothing with which to purchase
else.
The only thing it has to purchase with to-day that
value is its silver coin.
France is largely in the same position.
there is an unusual quantity of silver suddenly thrown
silver or anything
has
GUATEMALA SECURES LOAN OF 60,000,000 PESOS FOR
a
vices
the
to
daily
from Guatemala City,
papers
June 14,
with the banks for an issue of 60,000,000 pesos,
contracted
$2,225,000, for the purpose of repairing
damaged or destroyed by earthquakes
two years ago.
The following further information is sup¬
plied in the press dispatches:
approximately
or
and rebuilding houses
The
will
issue
purpose of rebuilding private prop¬
through the banks to property owners only
8 per cent.
the exclusive
be for
the money to be loaned
erties,
for the purposes designated at an annual interest not to exceed
It will be free of all other charges for a term of four years.
housing facilities
and
stimulated
greatly
it is expected,
Government aid,
this
With
increased.
*
of silver, both in the New
in the price
The fluctuations
the financial developments
of the past two weeks.
break
of
the
course
the
market
the
on
A severe
7th
inst.,
when the quotation
while
in London dropped 2y8 pence to 54^d.,
further decline of six pence on the 8th inst brought
a
the
price down to 48^d.—the lowest up to that date since
March, 1919; on the 9th inst. the London price dropped still
further to
The high price in London was 89i4d. in
in the price was witnessed on the
10th inst., when the London price advanced 2^4 pence, re¬
storing it to 48On June 11 there was a further im¬
provement to 51r4d.
Another setback on June 14 of nearly
six-pence per ounce was reported in the London cablegrams
on execution of fair sized selling orders from India which
45%d.
February.
had
A recovery
accumulated
further
decline
44 pence per ounce.
in the London
the
over
On
week-end.
the price
brought
to
a
the 15th
new
low
inst.
level
a
of
On the 16th inst there was an advance
d on June 17 it sold at a further
another condition
is
There
their demands,
again, and
satisfied
only
will
demand
come
but
come
drove the price of silver high.
That
quickly, with the re-establishment of
commerce.
"I
it
want
distinctly
understood,
however,
that
the
Pittman
act only
protects silver produced and reduced in this country.
We melted up 271,000,000 silver dollars under the Pittman act.
Under the act those 271,000,000 silver dollars must be returned to the Treasury of the United
States in the form of coined silver dollars, and the bullion for that purpose
must
be
purchased from our American mines.
nothing to prevent Mexican or Canadian or German or French
being sold to the industries in this country at any price less
an ounce.
Anyone may sell it for 50 cents an ounce.
There
is no attempt to protect the price of silver, so far as foreign countries are
concerned, but at the same time when foreign silver is being sold in our
markets to our industries at less than a dollar an ounce, our Government
is
from
silver
dollar
a
to carry out its obligation, to purchase
has obligated itself, and is pledged
American silver at $1 an ounce."
Wall Street Journal of May 26 announced
The
tor Pittman has sent a telegram to
that Sena¬
the Nevada Mine Opera¬
misunderstanding that gained
tors' Association correcting a
to the effect that the Mint would only accept the
silver under the Pittman Act.
The paper quoted
currency
refined
him to the following
"This
is
bullion
nary
tofore
effect:
true," says the Senator.
"The Mint will accept the ordi¬
bars as they come from mills and smelters as ft has here¬
If bullion contains l-1000th part gold it is termed gold de¬
not
done.
posit and the silver in such gold deposit no matter how small or large in
quantity it may be will be paid for at the rate of $1 an ounce for each
ounce therein contained of pure silver or what is termed
pure silver. 999lOOOths pure.
If the bullion contains no gold but contains 600-1000ths
silver then it will be accepted as a silver deposit and paid for in same
way.
The expression in Act 1000 fine measure price paid for silver in bul¬
lion and does not control purity or kind of bullion received."
Senator Pittman suggests that this misinformation was being used to
assist in propoganda for repeal of Pittman act.
"As long as such act re¬
mains on statute book, and I can guarantee that it will not be repealed
so long as present
rules of Senate exist, American silver will not sell be¬
low
$1
ounce."
an
BILL
SENATE
of
PROPOSING LOANS
SILVER
TO
PRODUCERS.
(June 18)
In
The East-—China and Japan—
affecting it.
starved for silver during the entire war.
Immediately after its ces¬
the embargo on silver was lifted; these countries went into the
market and competed with each other for the purchase of silver, and not
price of
to
I am informed, because it will
where there is a tremendous de¬
sation
4^d or 49^d; the latter was also yesterday's
London quotation.
New York on the 7th inst. the price of the metal fell
advance
temporary,
were
markets have been a striking feature of
York and London
marked
"
than
DECLINE IN PRICE OF SILVER—PARTIAL RECOVERY
only
in the world's markets,
mand for silver.
"There
rebuilding of the city will be
It is
market.
be absorbed
soon
Guatemala has, according to press ad¬
reason
the
upon
REBUILDING PURPOSES
The Government of
par
that
For
On May 31 a bill was introduced in
Henderson
authorizing
the Senate by Senator
Secretary of the Treasury to
the
94j4 cents, having dropped 3% cents from that of the
previous Saturday, the 5th inst.
A break of 10y8 cents oc¬
make loans to silver
curred in the
operations
the price in New York
market, in view of lower market prices for that metal. The
bill proposed to permit loans of 8754 cents on each ounce
price on the 8th, bringing it down to 84 cents,
the lowest, it was stated since August, 1917—on the t^th inst.
experienced a drop of 3 cents, the
declining to 81 cents.
These prices compared with
1.37 cents on January 7th of this year and
1.37^4 cents last
price
November.
On the 8th
inst.
in
and
of silver at
TREASURY
fall of 6 pence per ounce in the price of silver at London,
48% pence per ounce to-day, following the drop of 2%
pence yesterday, was ascribed by New York bankers who have connections
and
cumulated
cessation
sudden
a
and to the fact
stocks at London.
that
of demand
these
countries
for the metal in China
are
selling
their
ac¬
The recovery on the London market on the 10th was fol¬
also by an advance in the price on the New York
market, the price here reaching 86 cents
inst.
14th
a
the
break
quotation
price
on
that day.
inst. it had further advanced to 92 cents.
12th
down
at 82
On
On the
price went to 90 cents and
of
5
cents
85
to
cents.
ounce
on Monday the
occurred, bringing the
Continued
decline
saw
the
15th and 80 cents on the 16th,
quotation of the year.
The change
in the Treasury regulations affecting Government purchases
the
of
latter
silver
cents
per
the
on
the
lowest
(referred
to
of
10
local market
18th.
On
lowing to
cents
was
the
say
in
inst.
modification
of
the
this
per ounce on both the 17th and
New York Times had the fol¬
regarding the drop in prices:
The
Chinese
NEW
REGULATIONS
regulations put into
week, following
a
force by the
of silver was
an¬
conference between officials |
of the Mint and
representatives of smelters and refiners. A
of the metal has been witnessed
in the past few weeks (as noted above in today's issue of
our paper), and it was stated in the Journal of Commerce
on the 17th inst. that Government
support of the market
severe
was
break in the price
expected
issue of May
to
follow
the
changed
regulations.
In our
printed the statement of the
Director of the Mint announcing that the Treasury Depart¬
ment had given standing orders to the Director to buy silver
at $1 per ounce, 1,000 fine, up to the amount of 207,000,000
22,
The
page
2143,
Director's
terms of the Pittman Act
same
influences which caused the fall on
Monday were aeain re¬
sponsible for the decline of yesterday.
again re
The local market, as has been the'case for some
weeks, was verv in¬
active
but private reports from London stated that a
brisk business was
being transacted there, with China and India heavy sellers.
These
who were reported to have purchased future contracts
in the London mari
A
ounces.
the
the
The measure was referred to the
DEPARTMENTS
the
99^4 cents
9th
silver on
Finance.
on
below)
served to bring about an
foreign silver quotation, which
reached 90 cents in the New York market, this also
being
yesterday's figure. I The price of " Domestic silver " on the
advance
throw
Director of the Mint governing purchases
nounced
lowed
the 11th
to
AS TO SILVER PURCHASES.
touched
India,
compelled
4j4% interest.
Senate Committee
A sensational
with the Far East to
producers so that they might continue
be
noting the break then wit¬
nessed, the New York Evening Post said in part:
which
not
the
of
we
statement
added
that
under
the
" the silver so purchased must be
product both of mines situated in the United States and
works so located, and clear and unequivocal
reduction
proof to that effect will be required."
Notwithstanding the
made
announcement
by the Director, practically no silver
had been taken by the Government up to the 17th it is
learned from the Journal of Commerce which also says:
The cause
was the requirement that affidavits be furnished that
mined, smelted and refined in the United States, with
operation specified.
These specifications were found to
impossible of fulfillment and efforts to have them modified
for this
the silver offered
the
be
dates
of
virtually
were
started.
was
each
Several
lately been held between representatives of the
and Treasury Department, as a re¬
conferences have
smelters and refineries and of the Mint
arrangement has been arrived at which, it is believed, will
prove entirely satisfactory to the miner whose interest it aims to protect.
Under the new rules,
it was learned, the smelter and refining company
will furnish affidavits that the amount of silver offered is the equivalent
sult of which
an
of the production of American mines, but that
American silver of this origin. In this way the
the
custom
not
it is not necessarily, per se,
necessity for departing from
foreign and domestic ore in the same operation will
this difficulty having stood as a principal obstacle to
under the regulation as originally drawn.
be experienced,
tender of silver
the
made
was
Washington conference and its re¬
follows
as
on
June 16 by the American
Mint
officials
in
Smelt¬
1
ing & Refining Company:
"The
$100,000,000 had been provided
there was an im¬
appreciation of the fact that cotton after all had
some value and the mills began to buy and the banks began
to lend on cotton out of their own resources."
Only about
$20,000 of the entire cotton fund, he pointed out, was ever
mediate
used.
Washington
yesterday
reduced
in
States
United
the
from
concluded
sold
ores
representa¬
with
produced
will be re¬
smelters
to
"
by the Mint under the Pittman Act at $1 per ounce, which amount
adjustment account of Mint requirements of 1,000 fine as against
the commercial 999 fine and the cost of transportation to the Mint, the
two approximating 2.8 of a cent, will be paid to the miner.
"The American miner will therefore at once get for his silver 99% cents
an
per ounce.
"It is understood
arrangement the smelting and refining
offer to the Government within a few days
purchased by them during the last four
months. Four months has been agreed upon as being the average time it
takes between the receipt by the smelter of the ore and the time when the
companies will
is
silver
be enabled
million
several
that under
this
to
of
ounces
silver
ready for the market.
mean that all silver produced from
price fell below $1 will be reliquidated to the
mine on the basis of $1 with the above deductions, and that from this time
on all American silver,
as fast as it is produced by the mines, will be set¬
tled for at 99% cents.
"All the advantages of the Pittman Act are thus made to inure to the
benefit of the American mine and the American miner and become at once
finally refined
"The result of
American
this
mines
and
arrangement will
since
the
available."
Following this it was made known in a statement issued
June 17 by the American
on
that
the
the
of
Director
tender
of
Smelting & Refining Company
United
the
American
the
States
Smelting
Mint
has
accepted
Refining
&
Co.
of
under the Pittman Act on the
basis arranged as per announcement in the morning papers
of this date, June 17, 1920.
According to the New York
1,500,000
"
of silver
ounces
inst.
Times " of the 18th
the
of
had
of
Director
been
purchase
bought
since last month's announcement
the
Mint, 600,000 fine ounces of silver
small lots, making with this week's
in
total of 2,100,000 ounces bought.
a
of the Mint
the 17th inst.
on
issued
indicating the requirements for
The Director
statement
a
as
follows
Government purchases of
silver:
Under
the
of
Director
thousand
States
express terms of the Pittman act, silver purchased by the
the Mint under the act at the fixed price of $1 per ounce one
must be the product of both mines situated in the United
fine
and
of
reducing works
As
located.
previously announced,
In
so
order
the Director of the Mint has received standing
orders from the Secretary of the Treasury to purchase silver under the
act up to an aggregate amount of 207,000,000 ounces delivered at the
option of the Director of the Mint at the Assay Office in New York, or
at the Mints in
Philadelphia, Denver or San Francisco, and is making
such
purchases when satisfied by clear and unequivocal proof that the
silver is the product of mines situated in the United States and of re¬
duction works so located.
Forms for. such proof, appropriate for use in
case of silver
wholly produced and reduced in the United States without
admixture of foreign silver, were furnished to said Assay Office and Mints
under date of May 15, 1920.
to cover the practical situation presented by the fact that a
proportion of the domestic production of silver is smelted and re¬
conjunction with foreign silver and comes from the refineries as
part of a mixed product of domestic and foreign silver, the Director of
the Mint is further prepared
to purchase, under the act, silver which
forms part of a mixture of foreign silver and domestic silver mixed up
to
the proportionate part of such mixed product which represents the
product of mines located within the United States and of reducing works
so located,
upon clear and unequivocal proof as to the proportionate part
large
the
of
mixed
Forms
for
which
product
such
domestic production.
represents
of
rector
Full
the
proof, appropriate for
said
Assay
use
Office and Mints,
Mint.
information
to
as
the
will be available at said Assay
Deliveries of
silver
mixed
additional
supporting
and
affidavits
proof
Office and Mints.
under
the
will
be accepted upon
the filing
of a
satisfactory general affidavit by the vendor, subject to the later
filing of the necessary supporting proof.
It will be noted that, as to
mixed silver already produced and refined,
it will be necessary to show
the
that
product
silver
the
in
delivered
1920.
was
Jan.
since
mined
to
United'
reduction
act
which
States
located
works
enters
in
the
into
the
mixed
States
United
17,
system.
the
disposition
benefits
act go to American producers, for whom they were in¬
the Director of the Mint will require, in connection with the pur¬
chases, supporting affidavits from the miners to the effect that settlement
has been made with them on the basis of the fixed price of $1 per ounce,
the
be
reopened on
Pittman
tended,
adjusted to the equivalent price
delivery from refinery to Mint.
that
are
growers will be able to obtain
members of the Federal Reserve
or
to
result
a
initiated
The whole matter is
to be discussed fully
with
Board at Washington next week.
There need be no
the part of growers to sacrifice their wools at prices below in¬
to
Heretofore
consign them on low rates
of
make
the
the
conference,
a
in
advance."
movement
has
been
Chicago the wool center of the country.
Boston
banks
financed
have
the wool
crop
movement, but it is stated that they have been obliged to
relinquish their financial aid because of other demands.
The Chicago banks are reported to have viewed the proposed
move
favorably, provided they received co-operation and
support from the Western bankers." The letter of Governor
Harding to Senator Walsh which prompted the conference
in the interest of wool producers was dated June 11 and
read
as
follows:
■
"
My Dear Senator:
Referring to our conversation over the telephone
this morning, I hand you herewith copy of a plan and subscription agree¬
ment used In the creation of a fund of approximately $135,000,000 known
as
the * cotton loan fund.'
This plan was consummated late in the Fall
otf 1914.
You will remember that the outbreak of the European war early
in
1914, resulted in serious Interruption in ocean transportation
in the closing of cotton exchanges.
The farmers of the cotton belt
produced the largest crop which has ever been made, which began to
come
to market early in September.
There was however, no export de¬
mand, and because of chaotic conditions the demand from domestic mills
was a hand to mouth affair.
There was very great distress and apprehen¬
sion throughout the cotton belt and it was found that some co-operative
action
was
necessary in
order to restore confidence, for in the absence
of either an actual or a speculative demand for cotton, lenders of money
were unwilling to make advances on the security of cotton.
"If the present situation in the wool-growing districts is analogous to
that which existed in the cotton belt in the Fall of 1911 I would suggest
that it would be advisable to have banks in the wool-growing sections call
a meeting at an early date of their representatives with the view of work¬
ing out some plan which would restore confidence and re-establish a market
for wool and in the meantime provide producers with the means of carry¬
ing their wool while it is awaiting a market.
There should be no curtail¬
ment in the output of the great staple products of this country, but when¬
ever producers of a staple,
are obliged to sell below the cost of production
or
so far below the cost of production as to involve themselves in
serious
financial embarrassment,
reduce production and shortage in supplies in
subsequent seasons are the inevitable results.
"
Reverting to the cotton situation in the Fall of 1914, it is interesting to
note that as soon as the fund of $100,000,000 had been provided by banks
located outside of the cotton-growing regions and the Cotton Loan Commit¬
tee announced that it was ready to receive applications for loans there
was an
immediate appreciation of the fact that cotton after all had some
value and the mills began to buy and banks began to lend on cotton out
of their own resources.
Only about $20,000 of the entire cotton loan fund
was ever used, and the loan was repaid without renewal.
"If the wool growers and bankers in the wool-growing sections should
deem it advisable to organize a co-operative movement to take care of the
present emergncy, I shall, of course, be glad to confer with any of them
who may wish to come to Washington and will give them such further in¬
formation regarding the cotton plan as they may desire and discuss methods
of adapting that plan to the present wool situation."
/
August,
and
had
,
month concern for the wool growers
expressed by Representative Garner (Democrat)
in a communication to the Federal Reserve Board
Earlier in the present
had
been
of Texas
in
he
which
stated
that
Texas
and mohair growers
wool
feared that efforts of the Federal Reserve Banks to hasten
might
their loans
prove
soon
disastrous
to
must be renewed on
them since many of
account of a drought.
In response to
Mr. Garner's representations, Governor Hard¬
statement on June 3 declared that the Reserve
Board was opposed to the use of "drastic or oppressive
measures" in bringing about a reduction of long standing
ing in
a
loans.
Regarding the contentions of Representative Garner
the press
dispatches from Washington said:
The growers thought these loans might not be renewed,
because of the campaign against " frozen credits " and
it was explained,
loans on so-called
non-essentials.
Harding explained that while the matter was one for purely
determination, he believed the banks were not forcing settlements of
where such action would handicap production of any commodity.
The pledge given by representative tankers at a recent conference here to
support the policy of reducing outstanding loans was not intended to cause
indiscriminate curtailment, Mr. Harding said.
He said the Board had not
attempted to define non-essential loans, adding that in each instance the Re¬
serve
Banks must decide whether the loan would result in further de¬
Governor
local
for
silver
999
fine
and
to
the cost
of
flation.
BE
PAPER ON ACCOUNT OF COPPER PURCHASES TO
PROPOSALS
FOR
FUND
lit BEHALF
OF LVOOL
DISCOUNTED
GROWERS.
conference
A
000,000
last, June 17.
fund of $100,-
for the purpose of extending financial aid
more
or
growers was
held in Chicago on Thursday
The conference was called by Senators Walsh
of
Montana; Pittman of Nevada; King of Utah; Hitchcock
of
Nebraska, and Chamberlain of Oregon.
Western bankers and wool growers
June 12
from
meet
Governor
Board
"
to
that
to
it
P.
W.
Senator
would
having been invited
on
conference after the receipt of advices
in
G.
WTalsh
be
Harding of the Federal Reserve
in which the former suggested
advisable
to
have
banks
in
the
wool
growing sections call a meeting at an early date of their
representatives with the view of working out some plan
which would restore confidence and reestablish a market
for
wool
i
and in
the meantime provide producers with the
awaiting a market."
Governor Harding referred to the similar movement in 1914
in behalf of cotton planters which brought about the creation of a cotton loan fund and he stated that as soon as the
means
of carrying the wool while it is
y
THROUGH
RESERVE
looking to the raising of a
to Western wool
a
the meantime
Reserve
on
values
As
In
Federal Reserve banks will not fail to rediscount any paper that is
Federal
trinsic
market soon will
that the wool
from banks
loans
It will be noted further that, in order to have assurance that the
of
fully expected
unsold wool
deflation
in case of mixed silver, will
and, in addition to a general
affidavit from the vendor in each case will include supporting affidavits
from the miner, smelter and refiner, together with such sworn statements
and exhibits from their books of account as may be required by the Di¬
available at
be
is
loans on
in
fined
It
reasonable basis of value.
ceived
less
Following Thursday's meeting at Chicago the Ameri¬
Growers' Association issued a statement saying:
Wool
can
presented in proper form.
tives of the smelters and refineries the methods under which silver
and
fund of
of mixing
Announcement of the
sult
3531
THE CHRONICLE
June 19 1920.]
FEDERAL
'
BANKS
The proposed sale of 75,000 tons of copper on
French industries figured in the news which came
credit to
by Cable¬
gram to the daily papers this week. These particular advices,
dated Paris, June 16, stated that an important American
company had according to The Matin agreed to the sale in
question, the metal to be delivered within two years.
Several weeks ago,—on May 22, (page 2132) in referring
to the arrangements for credits for the sale of copper to
French copper manufacturers by the Copper Export Asso¬
ciation, we quoted newspaper advices ("Financial Ameri¬
can") then published to the effect that "the present plans
call for the delivery of 3,000 tons of copper a month for
the next two years by the American Copper Export Asso¬
ciation
a
total
involved
In
to
of
in
the
French
close
the
to
manufacturers,
150,000,000
transactions
which
pounds
which
have
of
means
copper
that
will
be
just been made."
reporting the advices appearing in The Matin this week,
New York "Times" in a copyright cablegram from
Paris, June 15 said in part
the
plan
the
Under
as
announced the price of copper
will be the market
with the provision, however, that French
cash down, but can give their paper for a
renewable three times, or in other words, ene year s
at the time of purchase,
purchasers do not have to pay
figure
days'
ninety
credit.
term
of the purchasers will be indorsed by the Bank of France
responsible French financial institutions and the American seller
be able to discount the paper through the American Federal
Reserve banks.
It is estimated that the amount involved is $35,000,000,
or at the present exchange, half a
billion francs. The Matin says editorThe
or
paper
other
will
thus
operation lies in this—the Federal Reserve banks
for the first time consent to loan to American business men on the guar¬
antee of French banks.
On the other hand, French businese men obtain
one year's delay
for settlement, with the practical certainty that at the
moment of final payment francs will be worth more."
The
Interest in this
OF
DEATH
GEORGE W. PERKINS.
Perkins, retired financier and a promi¬
nent figure in national political affairs in recent years, died
at Stamford Hall Sanatorium, Stamford, Conn., on June 18,
at the age of 58. His death is attributed to acute inflamma¬
tion of the brain which followed a nervous breakdown, due
to overwork.
Mr. Perkins was for ten years an active
partner in the firm of J. P. Morgan & Co., and was asso¬
ciated with many industrial corporations.
After his retire¬
ment from the world of finance he entered political life and
became an important factor in the campaign of the late
Theodore Roosevelt for the Presidency in 1912, and in the
affairs of the Progressive Party in the following years.
The
death of Mr. Perkins has drawn deep expressions of regret
from those prominent in financial and industrial affairs with
whom he had formerly been associated.
Judge E. H. Gary,
chairman of the U. S.
Steel Corporation, stated he was
stunned beyond words.
J. P. Morgan, made the following
George Walbridge
-
comment:
I
a
am
distressed
deeply
at
the news of Mr. Perkins' death.
He was
and a very active partner for 10 years.
friend for more than 20 years
James A. Farrell,
president of the Steel
Corporation, said:
grieved to learn of the death of Mr. Perkins.
He was a man of
high ideals, constructive ability and integrity of purpose, possessed
clear vision and those humane and kindly qualities which endeared him
to his associates in this Corporation.
His love for his country and un¬
I
[Vol. 110.
THE CHRONICLE
2532
am
America,
and
contracts
for
constantly
of said contracts, to
able amounts in settlement
duct
said, would justify the suspension
Ryan as a member of the Exchange,
constitution of the organization.
In a statement,
Proof of the charge, it is
expulsion of Mr.
or
under the
following service of the charges by the Exchange, Mr. Ryan
characterized the allegations as ridiculous and stated that
the Governors were endeavoring to try him in secret and
that the Exchange never
would bring about a
before the Board on June 23 when
on the charge made against him.
appear
to
but
personally and to the Stutz Company and its
for all damages suffered through this cam¬
me
stockholders,
damage they may
of persecution, and also for any
paign
by this latest unconscionable proceeding which they
have initiated."
In conclusion Mr. Ryan said:
Gentlemen of the Board df Governors, you may lay aside your pretenses.
Yon need not wait until the 23rd of June.
You may tell the public now
of the proscription which you have written for me, which awaits only my
appearance for
formal signature and summary execution.
While I am
not gifted
with clairvoyance, I believe that I can read with accuracy a
finding of "Guilty" to any charge that you, in your great solicitude
for justice, may have prepared for me.
If you will come out in the open
and give me a
public trial with the benefit of my own counsel, as you
have yours,
I will gladly appear before you even though your judges be
every one of them short of Stutz, because I will present such a case that
not even a partisan and interested judge would dare find against me.
But
your
invitation to appear in a star chamber and to join with you in
placing a laurel wreath upon the past and present conouci or your com¬
mittees and to furnish myself as the sacrificial lamb is respectfully de¬
cause
clined.
notifying Mr. Ryan of the charges against
The letter
and
New
Yobk
of Mr. Perkins on June 18
him
follow in part:
the charges themselves
Stock
Secretary's
Exchange,
Office,
....
New
paid this tribute to the memory
at the opening of the Court:
In his letter
(printed elsewhere in this issue of the "Chronicle" as an
advertisement) Mr. Ryan declared:
" I purpose to hold
the Board of Governors responsible, not only to the public
in evidence, and those of us who
for him the highest respect and
Court
action was to
taken
be
entertained
Giegerich of the State Supreme
full, fair and
public inquiry of the entire Stutz situation. The statement
by Mr. Ryan is given further below.
Mr. Ryan in a letter
to the Board of Governors of the Stock Exchange on June
16 made known that he would not accept the invitation to
esteem.
Justice Leonard A.
wit, more
each share."
This, it is said, constituted con¬
inconsistent with just and equitable principles of trade.
than .$500 for
of
faltering patriotism were
were
associated with him
that he exacted from parties liable upon
delivery "arbitrary, excessive and unreason¬
York,
June 9,
1920.
Ryan, Esq., care Allan A. Ryan & Co., Ill Broadway,
New York, N. Y.
Dear Sir: At a meeting of the Governing Committee held this day the
following was adopted:
On reading the charge and specification presented by the Secretary of
the Exchange against Allan A. Ryan, a member of this Exchange and also
a member of the firm of
Allan A Ryan & Co., \that he has been guilty of
conduct
or
proceeding inconsistent with just and equitable principles of
Allan
A.
"
He was
a
very
good neighbor and
was
highly beloved.
He was a con¬
respect the views of others even though
these views did not accord with his own.
Shortly before his retirement from the firm of J. P. Morgan & Co., Mr.
Perkins in conversation with me stated that he had determined to devote
the
remainder of his life to
philanthropic purposes and that he was
happy that he had the time and means to do so.
He was a
public spirited citizen and very much interested in civic
matters.
He was ready at all times to serve the public in any capacity in
which he felt he could be of service.
His services as president of the
Palisade commission were invaluable and it was mainly through his efforts
that the river front was made a delightful camping ground and that a
road was built along the shore for vehicular traffic.
siderate
man
he
When
retained
and
treated
retired
his
with
the banking business Mr. Perkins
connection with but a few of the
from
financial
enterprises with which he had been associated. These
Harvester Company, of which he
was
a
director and chairman of the finance committee;
the International Mercantile Marine Company, the Florida
East Coast Railway, the Great American. Insurance Com¬
many
included the International
pany
and
the American
Alliance Insurance Company, in
trade:
Resolved, First—That a copy of the charge and specifications be served
said Allan A. Ryan either personally or by leaving the same at his
office address during business hours, or by mailing the same to him
at his place of residence.
Second—That the Secretary notify the said Allan A. Ryan that he may
have ten days from the date of said service to answer the said charge and
specification by filing a written answer thereto with the Secretary of the
Exchange.
Third—That
the said charge and specification will be considered and
action taken thereon at a regular meeting of the Governing Committee to
be held on Wednesday, June 23, 1920, at 3.15 o'clock P. M., in the room
of the Governing Committee on the sixth floor of the Exchange Building;
that notice of said meeting be given by the Secretary to the saifi Allan
A.
Ryan, and to each member of the Governing Committee and that the
said Allan A. Ryan be notified that he is entitled to be personally present
at said meeting,
and that he will be permitted in person to examine and
cross-examine all witnesses produced by the committee, and also to present
such testimony in defense or explanation as he may deem proper.
Fourth—That the service upon
said Allan A. Ryan of a copy of this
Resolution in the manner described above shall constitute the notification
upon
last
He was also a
trustee of Vassar College, a director
in the
find
a
copy
of the charge and
specification referred to
foregoing.
Very truly yours,
(Signed)
E.
the New York Botanical
of 15.
ALLAN RYAN STARTS SUIT AGAINST
NEW YORK
STOCK EXCHANGE.
Allan A.
Ryan in the Supreme Court against William H. Remick, as
president of the New York Stock Exchange, following the
refusal of the Exchange to comply with Mr. Ryan's request
to dispose of his seat "without further delay."
Mr. Ryan, it
will be recalled, resigned from the Stock Exchange on April
13 after the suspension by the Exchange of dealings in the
Legal proceedings were instituted on June 7 by
shares of the Stutz Motor
Car Company, due to a corner in
the Stutz stock.
nothing of importance had taken place for some
time in connection with the Stutz controversy and it had
While
generally been assumed that the issue was settled the Stock
Exchange on June 9 took action which it seems likely will
again lead to interesting developments.
The Exchange sent
a letter to Mr. Ryan on the aforementioned date
(only two
suit in the Supreme
proceeding inconsist¬
just and equitable principles of trade."
It is al¬
leged that Mr. Ryan negotiated the Stutz Motor corner and
sought to make use of it to create an arbitrary and fictitious
price for the stock of the Stutz Motor Car Company of
days after the latter had begun his
Court) charging him with "conduct or
ent
the
member of the board of managers
tive committee of
the age
in
provided for."
herewith
Inclosed
and execu¬
Garden, honorary
vice president of the Park District Protective League, a
trustee of the New York Scenic and Historic Preservation
Society, a member of the American Iron and Steel Institute,
of the American Federation of Arts, the American Society
for the Judicial Settlement of International Disputes, the
Pilgrims, the Illinois and the Ohio societies of New York.
He was born in Chicago, January 31, 1802, and received his
education in the public schools of that city, starting work at
Y. M. C. A., a
herein
him
to
which he was a director. *
with
CHARGE
AND
To
the
D. Cox,
Secretary.
New York, June 9, 1920.
o
_
_
V.
SPECIFICATION.
Governing Committee,
Gentlemen:
In
with
accordance
instructions
from
the
Special
Committee
appointed
April 28, 1920. I beg to present the following Charge and Specification
against Allan A. Ryan, a member of the Exchange, and also at the time
of the occurrence of the matter hereinafter specified a member of the firm
of Allan A.
Ryan & Company, under section 6 of Article XVII of the
Constitution of the Exchange, which reads as follows:
"
A member who shall have been adjudged by a majority vote of all the
existing members of the Governing Committee, guilty of wilful violation
of the Constitution of the Exchange, or of any resolution of the Governing
Committee
regulating the conduct of business of members, or of any
conduct or proceeding inconsistent with just and equitable principles of
trade may be suspended or expelled as the said Committee may determine,
on
unless
some
other penalty
is expressly provided for such offense."
CHARGE.
THE
Ryan has been guilty of conduct or proceeding Incon¬
just and equitable principles of trade*
That said Allan A.
sistent with
SPECIFICATION.
In
was
f
this, That at all the times hereinafter mentioned said Allan A.
President
the
of
the
Stutz
Motor
Car
Company
of
America,
Ryan
Inc.:
April 15, 1920, the capital stock of said Stutz Motor Car
Company of America, Inc., consisted of one hundred thousand (100,000)
shares of no par value; the book value of said stock on Dec. 31, 1919,
was
sixty-two dollars and seventy-two cents ($62.72) per share, includ¬
ing
twenty-one dollars and forty-one cents
($21.40) per share against
that
prior
to
trademarks, good-will and patterns, and the net earnings of said company
during the year 1919 were nine dollars and ninety-seven cents ($9.97)
per share, as shown
by the application of the company to list additional
stock, filed with the Stock Exchange on the 31st day of March
1920
wherein the balance sheet of said Stutz Motor Car Company of America'
Inc.,
and
were
account
for
the
fiscal
ended
Dec.
31
1919'
stated.
the
income
year
1, 1920, and March 31. 1920, inclusive, said Allan
A. Ryan, through his firm of Allan A. Ryan & Co., or other firms
bought
for himself and his associates thirty-one thousand three hundred (31 300)
shares of the stock of said Stutz Motor Car Company of America 'inc
and sold for himself and his associates fifteen thousand
(15,000) shares
of the stock of the said company,
and loaned out many thousand shares
That
of
said
between
March
stock.
on or prior to March 25, 1920
had created a
and then and thereafter had a corner therein
and
of March, 1920, said Allan A. Ryan owned or con¬
trolled, directly or through the firm of Allan A. Rvan & Co
and other
firms, members of his family and associates, substantially all of the stock
That
corner
that
on
said
in
Allan
said
the
A.
stock,
31st
day
Ryan,
June 19
of
said
company,
thousand
said
of
Stutz
based
settlements
1920, said Allan A.
to create
Motor Car
aforesaid
corner
stock
March 25.
after
That
the
through the said firm of Allan A. Ryan
him to require the delivery
and
had contracts entitling
shares of said stock.
firms
other
THE
1920,]
upon
an
arbitrary
& Oo. or
of several
Ryan sought to make use of
and fictitious price for the
Inc., and to extort
price from parties
Company of America,
arbitrary and fictitious
such
the
contracts for the delivery of said stock, and did cause
said stock on the New York Stock Exchange to rise until on
March 31, 1920, it reached three hundred and ninety-one dollars
a
share,
which was an arbitrary and fictitious price, and did require
liable
upon
price
of
($391)
parties liable upon contracts for the delivery of said stock
contracts to the market at three
hundred and ninety-one
to mark tbeir
dollars ($391)
deposit said amount of three hundred and ninety-one
dollars ($391) a share with his brokers, and threatened to require from
said parties payment of whatever
price he might see fit to place upon
s&icl. stock
;'"' *"'■ ' ■ ■ '* •
v1' ,'v i •' ' ■
And thereafter, when said stock had been stricken from the list of the
New York Stock Exchange, and the stock of said company had been in¬
creased by a stock dividend on April 15, 1920, he did in fact exact from
the
to
and
share,
a
liable upon contracts for the
unreasonable amounts in
parties
excessive
and
delivery of said stock arbitrary,
settlement of said contracts, to
wit, more than five hundred dollars ($500) for aech share which said
parties were liable to deliver before the stock of said company was in¬
creased
by the stock dividend of April 15,
1920; all of which con¬
stituted conduct or proceeding inconsistent with just and equitable princi¬
trade.
of
ples
Mr.
E.
Y.
GOX.
D.
June 10 in reply to the above
■
'*'^
-
today of charges by the New York Stock Ex¬
change which the Governors have kept secret but which, because I think
the public should know how baseless they are, I am herewith releasing,
corroborates my statement of yesterday that the Exchange would never
voluntarily bring about a full, fair and public inquiry of the entire Stutz
situation.
[■</•.
';\T:
In
the letter accompanying the charges I am informed;
1.—That they will be considered and action thereon taken at a private
meeting of
the Governing Committee of the Exchange,
at which no
members of the public are admitted.
2.—That while I am permitted to be personally present at the meeting,
I am not entitled to counsel for the purposes of examining the witnesses
produced against me.
I am not even permitted to be accompanied by a
stenographer that I may have a record of what occurs.
In short, the pro¬
ceeding instituted by the Exchange is to be a star chamber proceeding,
at which the interested parties are to be the judges,
the jury and the
executioner and from which the public is absolutely excluded.
The nature of the charges, as well as the entire Stutz controversy, are
of such character that the public is entitled to full knowledge of every
step in the proceedings.
Nevertheless, the powers of the Exchange seem
determined to defy public opinion,
although I have insistently requested
a
full public hearing before an impartial tribunal, and this will yet be
service
The
?■
follows:
as
was
Respectfully,
,
Ryan's statement on
me
upon
brought about.
disregard of the public interest affecting the operation
institution like the New York Stock Exchange, which should be the
autocratic
This
of
an
of the financial welfare of the country, furnishes simply one
ground for the ever-increasing demand that the present irre¬
sponsible conduct of the Governors of the New York Stock Exchange be
subjected to drastic regulation.
Only if this is done will the interest of
the public be served.
The charges which are made against me are ridiculous on their face.
During the advance in the Stutz Motor Car Company stock the Business
Conduct Committee and the Law Committee of the New York Stock Ex¬
mainspring
additional
change had first and full knowledge directly from me
was
taking place. And, furthermore, members
this
full
knowledge, continued to sell Stutz
what
with
The
" packed
same
jury"
of parties
in
in person of exactly
of these committees,
Motor Car Company
the case
interest that sat in
originally, in protest against which I resigned my membership on
Exchange,
and requested that the stock be removed from the list,
now bringing
about this belated effort to justify their misconduct.
ALLAN
suit
intimation of Mr.
first
The
the
is
RYAN.
A.
against the Stock Exchange was made in a letter which
Stanchfield & Levy, sent to the Exchange on
satisfactory answer to the
made on behalf of our client," the
letter said, "with respect to the sale of his seat, it is obvious
to us that we will be obliged to take legal proceedings in the
Not having received "a
request which we have
matter."
position of the Stock Exchange with regard to the
of Mr. Ryan's seat was set forth in a letter addressed to
The
sale
May 28 as follows:
his attorneys on
120
York
Mr.
4<
sell
to
is
and I
have been instructed to reply thereto as
follows:
A. Ryan on April 13th addressed a letter to the Governing
in which he requested that his membership be sold.
On April
Governing Committee
adopted the following resolution:
RESOLVED,
that action upon the request
his seat be deferred until the investigation
transactions in Stutz Motor Car Company
of Mr. Allan A. Ryan to
now being had in regard
of America, Incorporated,
completed."
referred
investigation
The
to
in
the foregoing resolution has not been
completed. It has been retarded by the refusal of the firm of Allan A.
Ryan & Company to comply with
the request of the Business Conduct
Committee contained in their letter of April 12th for information relating
to the transactions of the firm in Stutz Motor Company stock,
under the
the subsequent request of Mr. Allan A. Ryan to have his
transferred constituted a resignation from the Exchange, and
from the performance of his obligations as a member.
The
Constitution of the Exchange provides that a member may transfer his
membership with the consent of two-thirds of the Committee on Admis¬
sions and that his membership be disposed of by the Committee on
Ad¬
missions in case of his death, insolvency or expulsion.
The Constitution
that
pretext
membership
relieved
him
mode in which a membership
Very truly yours,
recognizes no other
be terminated.
(Signed)
in the Exchange may
E.
V.
York
Stock
Wall
Dear
1,
1920.
merely
of
Mr. Ryan welcomes any investigation which will be thorough,
un¬
and
public.
He strenuously objects, however, to secret proceed¬
conducted under the auspices or with the participation of individuals
who
are
antagonistic toward him or who have or represent an interest
adverse to him.
If an investigation is desired which will take up every
feature of the entire matter from its
beginning to its close, searching
out every operation and disclosing the identity of every person
engaged
therein and affording ail concerned the right to examine and to be heard,
Mr. Ryan will gladly cooperate, and we believe that the results will prove
moBt beneficial; but unless an investigation is conducted on these lines, we
must advise Mr. Ryan that a public hearing, conducted with the sanction
of public authority and governed by the rules of law, is the only tribunal
that can possibly reach a determination which would be just to all con¬
cerned.
This, we believe, can be had and we are willing to do our
utmost toward accomplishing it.
In the meantime, however, we feel that in justice to Mr. Ryan's rights
we
must notify you that unless his seat shall be sold without further
delay and the proceeds turned over to him, we shall be obliged reluctantly;
to resort to such remedies as the law may provide in the premises.
Yours very truly,
that
biased
ings
which
have
refused
to
pmnit
paid in installments up to April 8,
distribution of the stock dividend was in
the announcement of the cash
conjunction with
dividend of $1.25 a share pay¬
1 to stockholders of record June 15.
able July
The part
special reference to the stock dividend read as
which bore
of
also authorized the payment of a stock dividend of 80,000
nominal or par value on June 29, 1920,
of record as of the close of business on June 18, 1920.
dividend was originally declared by the Board of Directors on
the corporation without
stockholders
stock
1920, and was made payable in four installments of 20,000
each, on July 8, 1920; Oct. 8, 1920; Jan. 7, 1921, and April 8,
At a special
meeting of the stockholders on May 5, 1920, the
stockholders approved of the declaration of the aforesaid
stock dividend
and authorized the Directors to cause the same to be paid in such different
installments and on such earlier dates as they might in their discretion
determine.
Pursuant to the authority thus vested in them, the Directors
1,
April
shares
1921.
June
determined to cause the dividend to be paid In one
29, 1920, to stockholders of record as of the close
June
18.
today
a
installmnet on
of business on
1920.
Commenting on the above the N. Y.
the
Since
which
corner,
resulted
"Times" (June 9) said:
In Stutz shares
being stricken from
Stock Exchange, the stock has been traded in
on
the Curb
extent. The price of the shares, however, has
held
close to the settlement price the shorts paid
to Allan A. Ryan &
Co.
The issuance of the present stock dividend at this time would serve
to dilute the stock and bring down the price.
It was believed by some
that this is proposed so that a market for Stutz could be made on the Curb.
the
of
list
New York
to a limited
the
ANSWER
OF
AMERICAN
ACCEPTANCE
QUESTIONNAIRE OF RESERVE BOARD
COUNCIL
TO
CONCERNING
ACCEPTANCES.
into
of
you
to have been
was
1921, would be paid in a lump amount on June 29 to holders
of record of June 18.
The notice of the change in plan for
transfer of his seat.
Council has issued a booklet in
is
dealers by the
our
an
the
subject of bankers' acceptances was
It
i^he points
ance
To
An item rela-
May 1, page 1805.
published in
In submitting its views on
raised by the questionnaire, the American Accep-
Council says:
assist the
bankers
Federal Reserve Board.
exhaustive investigation undertaken by the Board
issue of
the
because
STANCHFIELD & LEVY.
noted in connection with the foregoing discus¬
sion that the directors of the Stutz Motor Car Company on
June 8 announced that the stock dividend of 80,000 shares,
It may be
;ive to
your
secretary, dated May 28, 1920, has been received.
imputations made therein upon Mr. Allan A. Ryan which
we
deem to be unfair, and the assumptions of fact therein stated which
we
deem
to be unwarranted, we desire to make a prompt reply.
On
April 13th last Mr.
Ryan resigned from your institution, as we
believe be had an absolute right to do.
He did not attempt to transfer
his membership except in strict accordance with your regulations.
Since
that time, as already stated to you, he has not exercised or enjoyed any
of the rights or privileges of membership.
We do not concede, but on
the contrary we must respectfully deny,
that you can compel the owner
of a seat,
against his will and for such period of time as you see fit
and upon such pains and penalties as you may prescribe and subject to
such recurrent examination as you may require,
to continue a member
letter
the
least dispose of
since
there exists
tance
7
City.
Sirs:
The
Because
hoped that, despite the attitude which your committed
beginning of the Stutz incident, the Exchange would
his seat and turn over to him the proceeds, especially
no
single obligation or contract against him which
by any construction might be deemed a lien upon the fund or a bar to
its being turned over.
On his behalf, we desire respectfully to protest against your failure to
dispose of his seat and your action in depriving him of these proceeds,
upon
the mere statement that " the investigation . .
.
has not been
completed."
Without entering into a discussion as to whether your In¬
vestigation had not been fully completed before you saw fit to take the
action
which
you
took,
with
reference
to the
Stutz matter, nor
as
to
whether you
have not had ample opportunity to have investi¬
gated the entire matter several times over since then, we wish to say
had
from
taken
had
at
presented its views on points raised by the ques¬
tionnaire on bankers' acceptances sent to bankers and accep¬
Exchange,
York
to you.
Mr.
Ryan
which
Street,
New
or any of your members in any respect
is based upon the fact that out of your
requests,
however onerous they may have been
and unfair they may have seemed, not a single one was uncomplied with.
After
Mr.
Ryan's resignation,
it was upon our advice, and also be¬
cause the entire matter had
already been fully explained In every detail,
that Mr. Ryan declined to submit to continuous demands for a repetition
of
information
which
had already been entirely and completely given,
and
demands
numerous
The American Acceptance
Stanchfield & Levy sent tbis reply:
June
"New
then
COX,
D.
Secretary.
To the above
were
he
impeded you, your committees
whatsoever; and our assertion
This
Allan
the
Ryan
therefor
reasons
The Directors
Y.
N.
all
of
resigned from your Institution on April 13th, his
set forth in his letter of resignation.
Each of,
stood ready to prove; and despite an ostensible
denial subsequently made by some of your officials, the ultimate develop¬
ments in the Stutz matter served fully to substantiate Mr. Ryan's state¬
ments.
Prior to April 13th your Business Conduct Committee had fre¬
quent conferences with Mr. Ryan and sent him various communications for
information.
Every single item of information was freely furnished, both
orally and in writing.
No request was ignored and no feature of Mr.
Ryan's connection with the Stutz Motors matter was left undisclosed.
It
may
be proper to remark that, when Mr. Ryan requested your Com¬
mittee to afford him
similar information, or at least to render disin¬
terested assistance in the handling of a complication which was not due
to his design, his requests were not deemed worthy even of a reply. ■ Not¬
withstanding his frankness toward your committees, upon which were
members having and representing an interest antagonistic
to Mr .Ryan,
he was not then and has not since been able at any time to obtain the
slightest assistance from you; indeed, he has been met by obstacles at
every
turn and has been able to enforce his Stock Exchange contracts,
not because of any action taken by you, but, indeed, in spite of it, and
only because the law refuses to countenance the repudiation of an obliga¬
tion made upon the floor of your Exchange.
>
We
wish respectfully to deny that Mr. Ryan's firm has retarded or
Mr.
When
reasons
those
shares
May 25th, 1920, addressed to the Governors of the New
Exchange has been submitted to the Governing Committee of
Stock
Committee
15th
York,
Ryan, in order to avoid if possible
time in disposing
considerable financial
For this reason Mr..
Ryan has waited from April 13 th up to the present vainly seeking an
assurance
on
your
part of an endeavor to sell his seat.
We can find
no
justification, either in law or in good busihess conduct, for this pro-
to
of
letter
Exchange,
the
1920.
Levy,
Broadway,
New
Your
advice to Mr.
our
controversy, that he permit you to take your
seat, even though the delay might result in
loss
by reason of the decline in the sale price.
his
follows:
28,
May
Stanchfield &
Messrs.
however,
was,
such
(Signed)
Ryan's intention to bring a
his attorneys,
June 3.
2533
CHRONICLE
Federal Reserve Board in its study of the development of
the Board called into conference in Washington on
acceptances,
April 13 1920, a number of bankers and dealers in bankers acceptances.
As
a
result of this conference,
a
questionnaire was prepared for the
of securing from those present complete information on every
phase of the use and operation of bankers acceptances, with related facts
on
rates, market conditions and methods of handling.
A copy of the questionnaire was sent to the American Acceptance Coun¬
cil, and at a meeting of the Executive Committee on May 20 answers to
purpose
questions were submitted and approved.
They are presented
an expression of the views of the Council.
various
the
herewith as
questions of the Board were as follows:
The
of
deficient?
Act
the
acceptances credit, as permitted under the Federal Re¬
inflation of: (a) Credit; (b) Bank loans in United
bankers
Does
5.
Act,
serve
to
tend
credit a benefit to American
import and export trade, either or both?
In what ways is it beneficial?
7. Is the use of bankers acceptance credit beneficial in domestic trade?
(a) In domestic transportation? (b) On warehouse staples?
8. Are
American bankers acceptance credits,
as permitted
under the
Federal Reserve Act,
ordinarily self liquidating within the periods for
which bills are drawn thereunder?
Does this vary as to classes of credits?
As to import transactions?
Export transactions?
Domestic transportation
transactions?
Warehouse staples secured credits?
9. In your opinion does correct banking practice require continuing secur¬
ity during the life of the credit for bankers acceptance credits granted
against warehoused staples?
10. Is the use of bankers acceptance credit abused and if so. in what
ways and to what extent?
11. If abuses exist, how may they best be corrected?
12. Is an open discount market for bankers dollar acceptances essential
to the maintenance or further development of American foreign trade?
If
so, why?
Is it essential or desirable as the medium for realization on bills
0.
the
Is
Is
13.
an
tranctions?
If so. why?
discount market an essential of the American system of
why?
the relation of an open discount market to the interna¬
open
If
banking?
so,
is
What
13a.
acceptance dollar
bankers
domestic
in
drawn
of
use
flow of credit?
tional
adapted to negotiation in open mar¬
private discount at the drawer's or borrower's bank?
the acceptor discount or buy bis own acceptance from the
drawer or other holder in due course?
If so, under what circumstances
and why?
10.
If an acceptor acquires his own acceptance before maturity, should
bankers acceptance better
Is the
14.
ket or
to
Should
15.
resell it
he
17.
consider
or
banks
Should
it
endorse
retired?
bills: (a)
Sold from their own
portfolio?
banks
Should
19.
own
merely
endorse
in
there
Should
questions
limits on
any
endorsements
in
suggested
the cases
18 and 19?
If so what limits?
be a difference in the case of bills
17,
Should
21.
be
that
there
bought
when
bank's or a banker's endorsement?
22. Will
the open market effectively limit the liabilities of acceptors
and endorsers on paper offered in the open market?
23. What should be the policy of Federal Reserve Banks in open market
have
already
bankers
Reserve
consider
Banks
of
endorsement
in
bills bought
market? (b)
on
open
25.
If
considered
bills
rediscounts,
at
rate?
some
difference?
to what extent,
Federal
Reserve
Banks
the
of
are the policies
and practices of the
felt as an influence in the open market? (a)
On
general conditions? (b) As toward specific paper or classes of paper?
35. Are they uniform at all Federal Reserve Banks, and if not, should
they be?
36. Has the open market developed in breadth and stability?
If so, to
what comparative extent?
37. What are the principal causes for the slow development of an ac¬
ceptance market?
88. What.
if anything, further is needed for its development? (a) To
what extent do acceptances facilitate the flow of credit between different
sections of the United States?
(b) If the Federal Reserve Banks adopted
a narrower or more restricted policy toward open market purchases of bank¬
ers
acceptances than at present, would this have a tendency to impede
action
The
its face?
belief
as
when
export
an
upon
tance
the
funds
Should
an
needed
or
(a)
that
the
the
from
debtor
to
development of the
" is
Federal
by the Council in its
creditor
answer
the
bankers'
rock-bottom
accep¬
foundation
of
Reserve
System " is expressed
to question 13, the reply thereto
is
the
bottom
foundation
of
the
success
of
the
Federal
Reserve System.
Unless the acceptance secures its place as the most fluid
Investment of banking funds, and as the most important asset in bank port¬
folios,
functioning
as
a
secondary reserve! of all
banks,
we
cannot
hope
to
fet away from our old system of basingthe call market of the New York
the United States primarily on
the liquidity of the banking sysem
on
Stock Exchange.
It would lead too far to go fully into this question, which
has been amply covered in articles and addresses published by the Ameri¬
Acceptance Council.
It is a question of life and death for the Federal
System.
Unless the Federal Reserve Board understands its full
upon the future of American banking; tmless it puts itself heart
and soul behind the untrammeled development of acceptances as a prime
investment of banks and Federal Reserve Banks, the future safe and sound
development of the system will be Jeopardized.
can
Reserve
bearing
Answering the question (No. 5) as to whether the bankers'
acceptance credit, as permitted under the Federal Reserve
Act, tends to inflation of credit, the American Acceptance
Council
says:
Contrasted
c
or
credit
currency
"expansion," the word "inflation" implies that
is being created without the corresponding creation of
additional things of actual value.
If we bear in mind this difference, the
question answers itself.
Bankers acceptances, granted under conscientious
observance
of
the
of
the
Federal
connection
with
restrictions of
Reserve
Beard,
the
production
i
in
taken
the
Federal
Reserve
Act
and
the
rules
could
hardly be availed of except
and transportation and distribution
in
of
to
Credit Men, at its annual
City, adopted a
in which it again expresses its
of
June 5
resolution
previous
presented by
were
On
at Atlantic
The statement and resolutions
the Banking land Currency Committee
The indorsement in part was as follows:
years.
the following statement and
4,
.Time
Banking
Currency
and
Committee
of the
resolutions
Association,
as
presented by the
were
adopted:
unanimously
,
committee could discover, the trade acceptance has been
used during the past year by an increasingly large number of credit de¬
partments.
This increase is by no means phenomenal or more than a
healthy increase for a very desirable method.
Unfortunately, the trade
acceptance has been roundly abused in some directions, and your com¬
mittee emphasizes its disapproval and strong condemnation of such tend¬
encies.
The trade acceptance must run concurrently with the terms of the
shipment and only as it represents a commercial transaction and is re¬
ceived within the period for which the invoice is to run according to sales
terms, is the Instrument strictly a trade acceptance and entitled to the re¬
discount privileges accorded it by the Federal Reserve Board.
A credit in¬
strument in the form of a trade acceptance tendered and accepted after the
maturity of an invoice is not an acceptance contemplated by the Act, and it
is a misnomer and a serious mistake to designate such an instrument by
this name.
Credit grantors should be extremely particular as to this and
never accept
a credit instrument in the form of a trade acceptance for a
"So
far as
your
past due account.
some
directions
the
claim
is
made
that
trade
acceptances
inflate
the conclusions of
liquid and
never
or
by any means encourage the inflation which is so possible and
which so frequently occurs with our accommodation and single-name paper.
The trade acceptance should be used more widely in credit granting.
Its
abilities to liquify credits and to stabilize them are beyond dispute in the
judgment of your committee.
There is plenty of testimony from users of
the trade acceptance as to its powers in these directions and particularly as
credits,
its
but
challenge
we
this statement
and
reaffirm
committees—that the trade acceptance will make credits
value
in
the
conversion
of
indifferent and
slow debtors
to prompt
frequently discounters.
instrument nothing better was ever devised than the
trade acceptance, and it is the sincere belief of your committee that the
Association can continue to loan its best efforts to a wider appreciation of
the virtue and powers of this instrument and Indicate how valuable it would
prove were we conducting a larger share of our credit transactions with a
written acknowledgment of the obligation rather than a merely informal
"As
and
collection
a
record
the
of
account.
Resolved, By the National Association of Credit Men in convention as¬
sembled. that its position of approval of the trade acceptance as a desirable
credit instrument giving flexibility and stability to commercial credits Is
hereby reaffirmed, and that the best efforts of the Association should con¬
tinue to be devoted to a wider understanding of the practical benefits that
be derived from the use of the trade acceptance as a written acknowl¬
of commercial credit obligations.
By the National Association of Credit Men in convention as¬
sembled. that the abuses of the trade acceptance are heartily condemned
and the credit grantors of the nation are earnestly requested to rebuke such
abuses and urged neither to ask nor to receive the trade acceptance except
as it
is tendered in the proper form, as provided for in the regulations of
the Federal Reserve Board, and particularly urged never to use nor accept
this form of instrument for the settlement of an over due invoice or
may
edgment
Resolved,
account."
The
statement
vention
were
Cement Co.,
and
signed
resolutions
by
F.
as
submitted to the con¬
Blanchard, Universal Portland
Chicago, 111., as Chairman and by the following
Vice-Chairmen:
W.
F.
Beale.
Citizens National Bank. Boston. Mass.
Lincoln National Bank, Rochester. N.
Y.
Citizens National Bank, Alexandria, Va.
h. l. Williamson, Fourth & National Bank, Nashville, Tenn.
J. T. McCarthy, Kirby-Bonner Lumber Co.. Houston, Texas.
I. S. Ferguson, Citizens and Southern Bank, Savannah, Ga.
J. H. Ingwebson, Duluth, Minn.
i
W. W. Harbison. Ajax Rubber Co.. Denver, Colot
Russell Lowby. American National Bank, San Francisco,| CaL
E.
with
TRADE ACCEPTANCES BY
OF CREDIT MEN.
approval of the trade acceptance as a desirable credit in¬
strument, thus reaffirming its position on this question as
payers
rock
1
June
and
statement
to
question opens the whole problem of monetary reform.
A great
step in advance taken by the Federal Reserve Act is that instead of bas¬
ing 'banking strength on localized and decentralized cash reserves and
Stock Exchange loans, it tends to convert our banking system into one
based
primarily on liquid paper.
It is obvious that this can only be
brought about if banks are holding not only paper which at best they
can rediscount with
Federal Reserve Banks, but they are also have bank¬
ers
acceptances which can be floated at any time in the open market.
With this we have dealt already under question three.
The development of the widest possible use of the acceptance as an in¬
OF
Association
National
The
convention
former
This
vestment
pamphlet containing its answers
NATIONAL ASSOCIATION
"In
trans¬
follows:
as
INDORSEMENT
sections?
import bill bear specific details of the
The desirability, (b) The Probability.
investment
of
success
being
of
be
request.
upon
of the Association.
proper basis for
34. How,
and
flow
bankers' acceptances,
present constituted with respect to
glad to supply copies of the
If
31. What would be the effect in the open market if,
as a matter of
policy, Federal Reserve Banks did discontinue open market purchase?
32. What
difference, if any, should Federal Reserve Banks maintain
between rediscount rates and purchase rates on prime bankers acceptances?
33. Are different rediscount rates (as distinguished from purchase rates)
desirable for bankers acceptances and promissory notes?
If so, what is the
39.
Council (in answer to question 4)
Act, as
its belief that " the Federal Reserve
as
as
as
,
endorsed
it
provides all the necessary latitude for the establishment
dollar exchange in world markets."
The Council will
member
a
rediscounts for the member bank? (a) If bought
bought from the member bank?
would member banks purchase bankers
acceptances for investment and rediscount them on occasion at Federal
Reserve Banks?
If not, Why not?
26. Why do banks buy bankers' acceptances in the open market ?
27. Should Federal Reserve Banks ever buy unendorsed bills?
28. Should they ever buy from or discount for, an acceptor his own ac¬
ceptance: (a) Without other endorsements, (b) With other endorsements.
29. Should they buy long maturities, short maturities, or both?
30. Should they ever, merely as a matter of policy, decline to buy prime
bank
Among other things the
acceptances?
Federal
Should
24.
question
a
of
purchases
•.
-
"Does bankers acceptances credit, as permitted under the
tend to inflation of bank loans in the United States?"
may also be answered in the negative, if we bear in mind the definition
above given and if we presuppose a careful observance of the limitations
of the law.
It may be assumed that in writing this question the thought
occurred to the writers that the buying in the open market an acceptance
covering certain staples, for instance such as meat products, a Federal Re¬
serve Bank was permitting the use of its funds to promote credit expansion.
It must be borne in mind, however, that in this case it would be only a
question of using a different form of avenue to the banking reserves.
As a
matter of fact, a close analysis of the figures of Federal Reserve Banks
would probably bear out the statement that if bankers acceptances carrying
meat products were heavily reduced, there would be a corresponding in¬
crease in
promissory notes held by Federal Reserve Banks covering the
same transactions.
Contraction of acceptance credits would mean that in¬
stead of the load being carried by the broad acceptance market, bills being
absorbed wherever there were funds available, a greater use would be
made of the borrowers' local banks, and of bill brokers placing single name
paper.
It would be like cleaning a room with a feather duster—driving
the dust away from one place and letting it settle in another.
It is true
that a bank, having exhausted its leading limit to one particular customer,
could grant him additional facilities in the form of acceptance credits, pro¬
vided it was for legitimate transactions.
To that extent, acceptance credit
increases the loaning power of the banks and thereby opens the possibility
of further credit expansion; but inasmuch as all this credit can only be
based upon actual goods, and the use of these credits is limited by the ex¬
istence of these goods, it is, as stated before, the safest and soundest credit
that can be granted, and could not by any stretch of imagination be in¬
cluded in the circle of inflation.
The
•at
Should
acceptors
exchange
accommodation endorsements or their
acceptances for purpose of affecting rediscount or better terms of re¬
discount?
20.
'
"No."
Federal Reserve Act,
indicates
profit?
for
transportation, as a step towards marketing and distribution.
which one might consider that bankers acceptances, of
have contributed to temporary inflation was when they
were used to camouflage Government loans.
When the things carried with
the funds secured from these loans were sold or consumed, the proceeds
should have liquidated
the acceptances; but they were nevertheless re¬
newed.
Acceptance credits of this character happily do not now come up
any more for serious consideration.
If every bill held by the Federal Re¬
serve System
is a bankers acceptance issued under the strict observance
of the Federal Reserve Act, the Federal Reserve
System cannot be
charged directly with having aided "inflation."
The answer to the ques¬
tion:
"Does bankers acceptance credit, as permitted under the Federal
Reserve Actt tend to inflation of credit? " could safely be answered with
of
only form in
themselves, might
The
(b)
Received for discount and credit of correspondents?
18.
goods.
There is no other form of credit that could so easily be safe¬
guarded as bankers acceptances against abuses in the direction of infla¬
They should be covered either by staples in warehouse, or by goods in
tion.
course
exchange in world markets an essential
the American people?
2. Is an open discount market essential to the establishment of dollar
exchange in world markets?
3. Is a liberal open market policy by Federal Reserve Banks essential
to the development of an open discount market in America?
4. Does bankers acceptance credit, as permitted under the Federal Re¬
serve
Act, sufficiently provide for establishment of dollar exchange in
world markets?
If not, in what way and to what extent are the provi¬
1. Is the establishment of dollar
benefit to American commerce and
sions
[Vol. 110.
THE CHRONICLE
2534
F.
Pillow.
Cabeoll
Pierce,
,
June 19
OF BILL ENABLING FOREIGN BANKS IN NEW
VETO
YORK
DEPOSITS
RECEIVE
TO
the recent session of the New
Smith vetoed would have
permitted agencies in this State of foreign banking corpo¬
rations to receive deposits under certain conditions. Gov¬
ernor
Smith
disapproved the bill on May 17, his veto
message reading as follows:
One of tile bills passed at
York Legislature which Governor
State of New York. Executive Chamber, Albany, May 17,
filed with Senate Bill, Introductory Number 1606,
Memorandum
Number
44
banking law, in relation to foreign banking corpo¬
rations."
Not
1920.
Printed
2026, entitled:
Act to amend the
An
■
approved.
,
'•
bill
proposes
it
an
introduced in the House by
was
Representative Piatt on
May 6, the resolution was printed in our issue of May 15,
page 2031.
As it passed the House a proviso was inserted
in the resolution limiting the Secretary of the Treasury to
be¬
the
provisions of the measure to loans approved after March 1,
1921, was unsuccessful, a motion to recommit the resolution
the
against loans approved
An effort in the House to extend
1920.
instructions
with
issued
of bonds
purchase
fore March 1,
amend
to
the
end
this
to
bill
hav¬
On May 19 the
adopted the House resolution, having accepted it in
ing been defeated by
Senate
lien of its
for
amendment to the Banking law to permit foreign
banking corporations, under certain conditions, to receive depostis in New
York City.
This bill was introduced so late in the session and advanced so rapidly
after its introduction, that it could not have received the consideration to
which so important a
bill is entitled. I am informed, however, by the
Superintendent of Banks, that there is considerable opposition to It in
banking circles.
I am moved by the following statement contained in a memorandum sub¬
mitted by the Superintendent of Banks:
44
Ef such a biU were to become a law, it is felt that greater protection
should be afforded depositors and that, if our own institutions were to be
subjected to competition from foreign banking institutions, that competition
should be upon more equal terms."
The memorandum in opposition filed by the Superintendent of Banks is
much longer, but it is not at this time necessary for me to go into it in
detail.
I feel it sufficient to know that the present Superintendent and the
Superintendent who assumes office on the first of July of this year by ap¬
pointment from myself are both strong in opposition to the bill.
For these reasons the bill is disapproved.
This
2535
THE CHRONICLE
1920.]
a
In offering the House
resolution.
own
of
consideration
the
vote of 151 to 120.
the
Senate
resolution
Senator
19
May
on
Gronna said:
44
The Senate joint resolution proposes to extend the law of 1918 per¬
mitting the Secretary of the Treasury to buy Federal Farm Loan bonds up
to $64,000,000.
The House passed the joint resolution in exactly the
same' form, except that it added a provision limiting the purchase of bonds
to loans before March 1, 1920,
and
it involves only $26,000,000.
The
Senator [Robinson] is familiar with the action of the Supreme Court.
The
Supreme Court asked for a reargument.
A great many of these bonds are
now
held by little banks all over the country and the object is simply
to relieve the situation.
We have requests from not only the little banks
but
from the big banks
of the South and West and all through the
country."
resolution
The
follows:
[H. J. Res. 351.]
Extending the provisions of an Act amending sec¬
Farm Loan Act approved July 17, 1916, to June
Resolution
Joint
tion
of
32
passed by Congress and approved by
as
the President, is as
Federal
the
1921.
30,
~
by the Senate and House of Representatives of the United
of America in Congress assembled. That the provisions of the Act
of Congress approved January 18, 1918, entitled 44 An Act to amend sec¬
tion 32 of the Federal Farm Loan Act approved July 17, 1916," be, and
Resolved
BANKS
TO
CHECKS
SEND
PHILADELPHIA
INDUCES
SERVICE
MAIL
BAD
NEW
TO
YORK
BY
Philadelphia in its letter on the business and financial
This is what Presi¬
outlook issued under date of June 15.
A. Law has to say regarding the
dent William
of
service
more
never
was
he
seriousness
between
Philadelphia
to
do
and
business
New
it
than
York is
so
is to-day.
The mail
unreliable that
didly equipped railroads furnish as fine and expeditious train servce as
anywhere in the world.
In order to save a full day's interest charge in the
collection of an enormous volume of exchange, therefore, some of the large
Philadelphia banks now send over these checks every day by spcial messen¬
That this should be necessary in a highly developed railroad terri¬
tory would be ludicrous were it not for the light it throws upon the low
efficiency of the postal service in a densely populated area.
It may be
doubted if any similarly located cities produce more valuable mail than is
carried between Philadelphia and New York 365 days in the year.
Why,
then, should it be necessary for the banks to undertake the work that the
Government is paid to do in a territory of enormous business activity?
The
incident is suggestive of the things which are bearing heavily upon the peo¬
ple at the time when the greatest need exists for the quickest transmission
of intelligence and business mail between the great centers of trade activ¬
ity.
Day to day operations show that it takes from thirty-six to forty-five
hours to deliver Philadelphia mail in suburban towns around New York,
while distribution within New York City limits is sometimes almost as slow.
At a time when commercial discounts are quoted at 7% by the Federal
Reserve Bank of New York, a bad mail service between these two great
gers.
cities
mighty costly
becomes
to
Philadelphia interests.
HEARINGS OF REARGUMENTS
INVOLVING FEDERAL
On
1 the United States
June
11
ber
for
Supreme Court fixed Octo¬
the hearing
of rearguments in ap¬
Kansas involving the validity of the federal
The Court ordered the reargument of the
from
peals
date
the
as
Farm Loan Act.
constitutionality of the act on April 26, as we indicated in
our issue of May 8, page 1931.
A statement to the effect that in the event of the Federal
unconstitutional by the U. S. Su¬
preme Court the House of Representatives would take im¬
mediate steps next December to bring the act within the
purview of the organic law of the nation was attributed to
Representative Nelson of Wisconsin on June 10.
This
is learned
from " Financial America" of the 11th inst.,
which also quotes Representative Nelson to the following
Farm Act being declared
effect:;
44
insurance companies, com¬
the efforts that have been
farmers," said Representative
Nelson.
44 Congress intends to keep this act alive by supporting legislation,
notwithstanding court injunctions or orders.
Litigation may hamper the
administration of
the act, but the government will continue to advance
funds at reasonable rates of interest to farmers for the purpose of build¬
made
men
to
net
and
extend
the slightest chance that life
will be able to nullify
brokers
the benefit of this act to the
ing up the country.
would
It
this act of
the
before
farm
loan
be
particularly unfortunate should
the Supreme Court declare
Congress to be unconstitutional.
Already the litigation brought
highest court in the land has had a retarding effect upon the
banks and the land associations.
Money to loan has become
tight, and if it were not that the Treasury Department is con¬
tinuing loans to farmers, production this year would have been consider¬
ably less than the indications forecast by the Department of Agriculture."
Representative Nelson charged the enemies of the farm loan act were
attempting to cripple it by indirect attacks, so that a complete cessation
of the farmi loan banks would be brought about.
Then men who profited
somewhat
by lending money to farmers at
commissions, he charged, are conducting an
farm loan banks out of business.
for
years
exorbitant interest, plus high
organized campaign to put the
full
is.
lution
That
is
as
There
banks.
Government
it
to
the purpose of this joint reso¬
what
system
is
not
a
Government
system.
are
Government
no
banks.
The
Government,
of the revolving fund or original capital
but they are not Government banks; they are
most
furnished
true,
Federal land banks,
the
as
farm-loan
to be put into everybody's head.
A great many people
if it were and say that they cannot get loans from the
ought
it
about
information
Federal
The
matter
talk
the resolution was under
Representative Piatt said:
Loan
giving
for
pri¬
The original Government capital will
years, if the Supreme Court does not
decide the act unconstitutional.
Judge Lobdell's letter gives a brief his¬
tory
of the litigation,
showing that the court of original jurisdiction
declared the act unconstitutional, from which appeal was taken.
He also
tells about the last issue of farm-loan bonds, which were sold out in 10
days in July, before the suit to test the constitutionality of-the act was
brought, and states that the bonds sold then produced enough money to
last the system until about the first of February.
On the fourth of February the Federal Farm Loan Board directed the
land banks not to approve any more loans except subject to the deter¬
mination of the Supreme Court; but it was supposed then that the Supreme
Court would decide in the course of a short time, and they had already
approved several millions of loans and had actually taken over some
$8,000,000 of mortgages.
Week after week went along, and finally, on
the twenty-sixth of April,
the court instead of deciding the case asked
for
a
reargument of the case, which made it practically Impossible to
vately owned, co-operatively owned.
e paid back in the course of a
few
bonds.
more
any
The
following
are
the communications of Judge
Lobdell
Piatt:
Secretary Houston referred to by Representative
and
Tbeasubt
Fedebae
Depabtment,
Fabm Loan Bubeatt,
Washington,
May
7,
1920.
inclosing copy
joint resolution which you have introduced, extending the purchase
privilege of the act approved January 18, 1918, with yojur request for an
Deab
of
Congbessman
Platt:
I
have yours of
yesterday,
the
opinion of the board on the matter.
In reply it may perhaps be well to recount somewhat the events leading
to the present situation, although I am sure you are quite familiar with
up
them
:
the
Following
the
conclusion
the
Federal
of the act of January 18, 1918, and until after
Liberty loan campaign then pending, such bonds as
had occasion to dispose of were sold to the Treas¬
passage
of
land
the
banks
In May of that year a public offering of farm loan bonds was made.
were readily taken by the public to the extent desired to supply
funds.
After the funds so accumulated had been loaned, and in
ury.
The bonds
loanable
the Treasury authorities, bonds were sold to
the conclusion of the Victory loan campaign.
campaign, and in June, 1919, another offer¬
ing of Federal farm loan bonds was made to the public, from which suf¬
ficient funds were obtained to meet the estimated needs of the system to
deference
the
to
the
the
January
and
the
funds
to
wishes
of
after
until
Treasury
After
There is
mission
fiscal years
report on this resolution includes a letter from Judge Lobdell. the
Commissioner, and also one from the Secretary of the Treas¬
The
Farm
ury,
sell
FAFtM LOAN ACT SET FOR OCTOBER 11
the
House on May 18 when
discussion
special
delivery matter mailed In the afternoon is not sure of delivery to Wall Street
banks in time to get the items into the clearing house the next morning.
This seems incredible, for the distance is only ninety miles and two splen¬
to
1920.
Approved, May 26,
In the
difficult
extended
are
30, 1921, to the extent that the Secretary of
hereby is, authorized, as by the terms of said Act,
June
and
the situation:
It
hereby
same
and
present delayed mail service has
crippled business is instanced by the First National Bank
of
ending June 30, 1920,
the Treasury be,
to purchase dur¬
ing the fiscal years ending June 30, 1920, and June 30, 1921, or either
of them, any bonds which he might have purchased during the fiscal years
ending June 30, 1918, and June 30, 1919, or either of them, under the
provisions of the original Act: Provided, That he shall purchase no bonds
issued against loans approved after March 1, 1920.
the
SPECIAL MESSENGERS.
The extent to which the
States
conclusion
of
that
1 of the present year.
As a whole the estimate proved correct,
banks, with one or two exceptions, were supplied with sufficient
meet all demands until about the first of February of this year.
entire offering was sold In ten days.
In July, 1919, a suit was instituted in the Federal court at Kansas City
challenging the validity of the Federal farm loan act.
This case was
argued and disposed of in that court on the thirty-first of October, the
complaint being by order of the court dismissed and the constitutionality
of the act sustained.
The case was immediately appealed to the Supreme
This
Court, advanced for argument, and heard on the sixth of January last.
On April 26 the Supreme Court ordered a reargument of the case, and at
the same time announced that no arguments would be heard during the
term after April 30.
The result of this was to postpone the re¬
of the case until the eleventh , of October and to postpone the
determination of it to such time beyond that date as the court may
present
argument
final
conclusion.
require to reach a
No
be
Federal
farm
loan
bonds
have been
offered
for sale since the litiga¬
should not
while the
begun and it is the judgment of the board that they
offered at all and could not be sold in substantial volume
tion
was
litigation is pending.
The land banks have no other source of loanable funds, and their opera¬
are therefore brought to a complete
halt.
In the initial process of
tions
PRESIDENT
WILSON
CHASE
OF
APPROVES
BILL
FOR
PUR¬
FARM LOAN BONDS.
Legislation extending the provisions of the wartime pleas¬
so as to authorize the Treasury Department to purchase
ure
loan bonds
farm
Court
was
on
pending the decision of the U. S. Supreme
Federal Farm Loan Act
the constitutionality of the
approved by President Wilson on May 26.
The legis¬
is embodied in a resolution which passed the House
lation
on
May 18 and the Senate on May 19.
In the form in which
for loans and carrying them through to completion
necessity always a large volume in hand.
suspended taking applications, except subject
to closing after determination of the litigation.
Anticipating a disposi¬
tion of the case within a few months after the time it was submitted, the
banks made use of their credit through commercial banks to meet many
of the more pressing applications.
Tbey now have in hand a large volume
of applications which have been unconditionally approved, rnauy of these
loans have reached a stage of completion where the mortgages have been
executed and delivered to the banks for payment.
This class of applica¬
tions alone aggregates approximately $8,000,000.
The Farm Loan Board does not believe that the Government should en¬
ter into the business of making farm loans.
It has no ambition to serve
receiving applications
of
the
On
loan
there is of
February
4
the banks
of funds from the Public Treasury to individuals.
It has
pride in the fact that farm loan bonds, when the exigencies of the
Treasury permitted them to be offered, have found ready market, amd that
the system has been able to finance itself and has grown to sound financial
proportions, and has steadily sought to dispel the error that the farm
Joan act provided a system of Government loans.
It is, however, con¬
strained to feel that the exigencies of the present situation, and the ex¬
treme condition of many borrowers who have depended upon the continued
operation of the system, are such as to warrant the authorization of such
relief as the Treasury, in view of the many other claims upon it, can
as
conveyor
a
taken
reasonably meet.
The Joint resolution
'
•
the obligations of the Federal land banks, and of completing
which borrowers are reasonably depending, by a less sum,
$35,000,000 would probably accomplish this result, and $40,000,000 would
undoubtedly do so.
This, however, would not provide for closing any con¬
siderable portion of the applications taken subject to delay, nor would it
justify the taking of any new applications.
|
In view of the fact that your purpose is probably merely to relieve the
present situation, and not to continue the loaning operations of the banks,
with public money, the board suggests that a limitation as indicated may,
with propriety, be placed upon the amount.
The joint resolution you have offered unquestionably effects the purpose
desired, and the board has no other suggestion to make concerning it,
except that if any relief is to be extended the urgency is Immediate and
ing care of
loans
the
upon
pressing.
expression
most
on behalf of the board may be accepted as the expres¬
the Secretary of the Treasury, who, in bis
capacity as Secretary of the Treasury and chairman ex officio of the
Farm Loan Board,
may desire to submit a separate communication.
Respectfully, yours,
Chas.
E.
Lobdell,
Hon. Edmund Platt,
Farm Loan Commissioner.
House of Representatives.
This
of the members other than
sion
dual
letter
from
the
it
is
this fiscal year.
in
Treasury
Dear
My
I
Congressman:
have
been
the farm loan system presented by the pending
Court
involving the constitutionality
of the
have noted the joint resolution introduced into
the House of Representatives on May 6.
In response to your verbal re¬
quest I may say that it seems to me that the joint resolution would accom¬
plish the purpose you have in mind.
I think however, that it is extremely
desirable that the obligation which might rest upon the Treasury under
this resolution be reduced to the minimum.
I would urge that the Congress
limit the amount which the Treasury may use to purchase bonds to the
actual commitments of the farm
loan banks,
which, as I understand it,
will not exceed $32,000,000.
I need scarcely point out the necessity for
the limitation to the lowest possible figure.
The burdens resting upon the
Treasury are very heavy.
The Government now has to resort to borrowing
from time to time on short-term
certificates to meet its present obliga¬
tions.
Certainly in present circumstances the Government ought to ap¬
pear
in the market for loans as seldom as possible and then for the
the
problem
smallest
If
sums.
it
is
discovered
the
that
less than the figure indicated,
correspondingly reduced.
system
be
I
are
commitments
that
the
of
limitation
the
will
4,
note
1,
page
We also quote the following statement made by Represen¬
tative Platt during the consideration of the bill on May 18.
For
of
the
information
of
the
House,
and
connection with
in
the
question
the
stability of the Federal Land Banks, I want to present a few fig¬
The banks had made mortgage loans up to April 30 of $336,240,586.
That was an increase over the loans of March 31 of only $1,453,000. while
ures.
the laud bankB each month
in these
payments on the mortgages.
Delinquent
amortization payments in all amounted to only $211,662. Outstanding bonds
amount
to about
$296,000,000 and there are $19,355,100 of farm loan
bonds carried in the April statement as unsold.
It would appear as if a
few had been sold to somebody in some way, for the March 31
state¬
ment shows $21,764,000 on hand and unsold, and if an issue of 5% bonds
were made I am not altogether sure that investors could not be found who
would buy a considerable number of them.
I hope that will be tried, for
i
do
not
personally think the Treasury of the United
States
should
buy these bonds if it can possibly be avoided.
BY
FEDERAL
LAND
BANKS
IN
canvass
a
According
to a statement made public by the Federal
Bureau, at Washington, this week during the
month of May, 1920, an aggregate of $1,191,100 was loaned
Farm
Loan
294 farmers
to
Banks
of the United
statements made to the Farm Loan Board.
issued
The
the
by the Bureau
Federal
Land
being
same
with $262,100.
$243,100;
Bank
The statement
says :
of
Omaha
in
the
amount
of
loans
closed,
$269,200,
the Federal Land Bank of St. Louis following
The other banks closed loans in May as follows: St. Paul,
Berkeley,
$140,700;
Wichita,
$58»3(>2; Louisville, $35,600;
$76,800;
Baltimore,
Spokane,
$75,200;
$18,600;
Columbia,
$7,900; Houston, $3,400; New Orleans, $200.00.
During May, 238 applications were received by the twelve banks, asking
for $756,509,
and during the same month 288 loans were approved by
them amounting to $806,000.
On May 31
1920, there were operating in the United States 3,983 Farm
Loan Associations, and the total mortgage loans made
by the Federal Land
Banks through these associations to 12,298 farmer-borrowers as of that
date, amounted to $347,990,941.
Deducting from this amount the loans
paid off in full by borrowers, to wit: $10,919,630 the grand total of loans
£ ,for?eT as, °« *,IaL !11 *920—-$337,071,311
Federal Land Bank Districts as
is
follows:
St.
Paul
Omaha
Spokane
Houston
Wichita
St.
Louis
...
$45,310,400
45,165,440
42,727,970
38,348,141
27,745,900
27,631,180
distributed
within
Louisville
New
May 27 in support of his
tures
Washington
22,992,205
17,956,880
17,126,100
13,533,400
13,181,695
Berkeley
Baltimore
Springfield
daily
papers
June
14
said:
The
Treasury Department is again
purchasing Federal Farm Loan bonds
after a lapse of almost a year.
Total purchases this month are expected
to reach $35,000,000.
About $20,000,000, principal amount of bonds have
been
taken
Under
an
up
since June 5.
Act
of
Congress, approved January
the Treasury was authorized to purchase up
bonds in each of the fiscal years ended June
to
30,
8,
1918,
the
Secretarv
$100,000,000 of
J bA tlie rfcent Congress giving to the
ino7 t° Purchase. Ln th.e fiscal years ending June 30, 1920,
?2*o® Vr ^ndsthe original
which fie might have purchased in the fiscal years
1919.
Under
given,
farm
1918, and June 30
on
authority
bonds
the
of
Treasury
the
-
June
Washington,
1920.
11,
Gentlemen :
have
I
of June
note
your
the effect that
to
ask
reported statement from
referring to a
7th,
the tax returns for 1919 show that there
canvass of
a
country at least $22,000,000,000 for luxuries.
to the accuracy of the report and the basis
expended in this
I advise you
been
You
that
as
for the figures.
statement on which the report seems to have been based was that I
the Treasury experts to canvass the tax returns and any other
of information and give me an approximate estimate of what the
My
asked
had
sources
people would expend in twelve months on what, for the purpose of taxa¬
tion, Congress seemed to regard as luxuries, or what they would class as
luxuries.
They handed me the following estimate of expenditure on the
items indicated.
The estimates under 1 and 2 are based on the tax rates
and
the tax receipts.
Those under 3 are based on such information as
the experts could gather.
^
CERTAIN
NOW
EXPENDITURES
FOR
FEDERAL TAXES
ESTIMATED
ARE
WHICH
Chewing
Candy
gum
ARTICLES
$50,000,000
1,000,000,000
and
800,000,000
350,000,000
750,000,000
*
soda
and
800,000,000
dues
500,000,000
230,000,000
510,000,000
Jewelry
Cereal
beverages
.....................................
Cigars
Tobacco
800,000,000
snuff............
and
.........................................
25,000,000
shells.....................................
50,000,009
Sporting
goods
Firearms
and
1,000,000
7,000,000
Cigar and cigarette holders
Hunting and shooting garments
300,000,000
1,000,000
articles
Fur
Yachts
.'.
Carpets,
prices)
UPON
LEVIED.
.........
Cigarettes
Soft drinks, including ice-cream
Perfumery and cosmetics.
(on excesses over stated
and wearing apparel
rugs
1,500,000,000
Total
$7,674,000,000
above
of
'
'
''V:;V'
2
3,000,000
Liveries
Pianos,
victrolas,
portable
organs,
Electric
fans,
250,000,000
8,000,000
etc
15,000,000
works
Art
Toilet
Total
400,000,000
etc.
soaps,
Automobiles
and
2,000,000,000
parts.....
...
$2,676,000,000
.|
r...
3
:;y
ARTICLES.
ADDITIONAL
....
in
Luxuries
etc...
hotels
and
restaurants.
Luxurious
food, etc
luxuries—joy riding,
Other
pleasure resorts,
etc....
races,
'......
Total
Total
estimated
Opinion
250,000,000
350,000,000
3,000,000,000
750,000,000
5,000,000,000
3,000,000,000
$12,350,000,000
...$22,700,000,000
expenditures
many
of these articles should be
and expenditure on
them as unwise
reasonable measure for many of the
articles would not be regarded as luxurious or wasteful, but expenditure
in such volume on any of them and the aggregate expenditure for such
things and services would, 1 imagine, be regarded as unreasonable and
extravagant, especially in view of present domestic and world conditions.
I am aware of the fact that no one would ask the public to eliminate
all such expenditure Or expect the public to make more than a reason¬
classed
will
differ
luxuries
as
extravagant.
able
reduction
As
things
whether
to
as
nonessentials
or
Expenditure
of
bearing
clamor
the
the
to
prepared
in
it.
on
attention
your
about
expenditure,
sold
or
outside
the
shortage
outside
of
the
of
the
of sugar, I would call
household, that Is, on
in which sugar is a
household,
large ingredient, of $1,000,000,000 for candy, $350,000,000 for soft drinks,
$230,000,000 for cereal beverages, $250,000,000 for ice cream, and $350,000,000 for cakes, confections, etc., a total of over $2,000,000,000.
Very
truly
yours,
D.
F.
HOUSTON.
OTTO H.
were
of
loan
1919
Secretary
June
1918 and
and
purchased
to
the
KAHN ON CONDITIONS ABROAD
Otto H. Kahn, of Kahn, Loeb & Co. who had been absent
from the United States since March 2, when he left for a
to
Europe,
France
abroad
return
the
Secretary
The
and
$25,352,000
Orleans
Columbia
to
luxuries at $22,000,000,000,
Secretary Houston says:
of
account
on
for the figures,
basis
trip
from
contention that the American peo¬
ple to-day were not practicing either the thrift or the sav¬
ing that the circumstances required.
In reply to our query
as to whether he was accurately quoted in placing expendi¬
the
TREASURY DEPARTMENT'S PURCHASE OF FEDERAL
FARM LOAN BONDS.
Advices
assertion before the Bond Club of this city on
this
made
or
leads
Saturday last page 2440, Secretary Houston
in our issue of
States
by the Federal Land
long-time first mortgage according to the monthly
on
As reported
000,000,000 on luxuries within the past year.
Cakes,
confections,
Luxurious services
MAY.
in explana¬
him in this city to the effect that
of tax returns indicated an expenditure of $22,-
tion of a remark made by
Icecream
LOANS
to an inquiry from us we have received from
In response
Secretary of the Treasury Houston a statement
the normal growth, or at
least the growth shown last fall and up to about
January 31, was about $16,000,000 each month. Amortization payments on
April 30 had amounted to $3,876,732, and about $250,000 Is coming back to
STATEMENT ON EXPENDI¬
ON LUXURIES
OF $22,000,000,000
TURES
Admissions
that the reference to the act of 1918 appearing in lines 3
should read "act of Congress approved January 18, 1918,
entitled ' An act amending section 32,' " etc.
Sincerely, yours,
Hon. Edmund Platt,
D. F. Houston.
House of Representatives.
You
and
will
actual
hope
,.<•
SECRETARY HOUSTON'S
confronting
before
the
Supreme
Federal farm loan act.
I
case
one-half
enacted measure here referred to will be found
further above in to-day's issue of our paper.
has
Department,
Washington, May 8, 1920.
been giving careful thought to
to
The newly
me
treasury.
the
of
secretary
was therefore authorized
lielieved that only about
tary
are still in the Treasury.
The Secre¬
purchase up to $64,000,000 bonds, but
of this amount will be pruchased
$136,000,000, which
amount of about
you have introduced would empower the secretary
purchase bonds to the amount of approximately $64,000,000.
The situation as herein outlined could be relieved to the extent of tak¬
to
[Vol. 110.
THE CHRONICLE
2536
and
servations
that
still
the
on
Mr.
11th inst.
Kahn
abroad
baneful
lies
which included a visit to Great Britain,
arrived in New York from his tour
Italy,
gave
in
which
instrument,
upon
on
Europe.
the
steamer
Celtic.
With his
out a statement concerning his ob¬
he
the
said
Peace
that
" the
Treaty
of
blight" of
Versailles,
We quote the following from his
statement:
Heedless
logic of historical developments of centuries and of
disqualities, ignoring what was among the most essen¬
involved, namely, the element of economics, setting up
dispositions which resulted in leaving production,
commerce
and
inter¬
national
communications
completely out of joint in all Europe, east of
the Rhine; carving up with iconoclastic arbitrariness the map of Europe,
Africa
and
Asia;
failing to temper justice,
however stern,
with the
racial
tial
of
of
qualities
all
the
or
elements
June 19,
of wisdom, none too punctilious of purposes, commitments, and
publicly professed—thu3 and in other ways the treaty makers,
of
peace
and settlement, , wrought dispeace and unsettlement.
Given a controlling moral prestige and actual influence which at the time
adhered to America and her spokesman, it was open to America at the
peace table to render a service of immeasurable value to the entire world
restraints
ideals
instead
and
particularly,
comrades
in
the lasting outcome, to those who had been
opportunity was lost, the more's the pity.
in
our
The
arms.
However, said Mr. Kahn, " such is the recuperative power
the vitality of great races that at
least in the three countries I visited
the acute
of healthy organisms and
.
.
.
problems and difficulties of the past war situation either
have been dealt with or the assured prediction is justified
that
I
In
to
order
it is
as
but
we
London
In
said
have
and
I
repeat
it here that the talk
about our
England as the world's financial centre is idle.
Her position
geographical, economic and psychological factors, of racial
qualities and of the experience and practice of centuries.
In saying this
I am far from underestimating the leading part which America will play
in the world's work and the boundless scope of our opportunities.
But
we
should seek to supplement,
not to supplant one another.
There is
plenty of room and to spare in the world for the most intensive activities
of both nations.
There is plenty of need for the most vigorous enterprise
both.
Declaring
than she is
that France is hard at work " far more so
generally given credit for," Mr. Kahn said.
(by wiser methods than ours) to the full
outside, of course, the expense of
regions, which expense should not and
could not be met by taxation.
With her bountiful natural resources, with
her thrifty, orderly and intelligent population and with those great imponderabilia inherent in a truly great race which more than once has
accomplished the seemingly impossible,
the ultimate recovery of France,
now under way,
is assured.
taxing herself
is
She
needed
extent
now
her
meet
to
budget,
devastated
the
reconstructing
confident anticipation
He added:
situation
complete re¬
at work, and Italy almost alone among the coun¬
surplus of that most valuable of assets, labor,
Italy has faced resolutely the realities of the situation and has refused
to base its program upon the uncertain expectation of wringing a fabulous
indemnity out of a broken down debtor.
She has had the courage earlier
than any of the other continental nations to tax herself
to the limit.
She is vigorously curtailing her imports and has succeeded to a surprising
degree to increase her exports.
Her industrial centres in the northern
provinces under the leadership of men of extraordinary ability and great
enterprise are growing and developing to a remarkable degree.
Her
business men have commercial ability of a high order, and she promises
to
become
the
great entrepot for trading between the peoples to the
The people are hard
of Europe has a
and
west
Ia
east
the
Italy,
her.
of
are many very attractive opportunities for the
capital.
"
imply in what I have said that either in France or
there
too,
enlistment of American
do not
Italy
smooth
mean
to
normal conditions will return quickly and that everything is
sailing
henceforth.
Many difficulties remain, and considerable
yet be required for the process of rehabilitation,
much hard
will
time
self-discipline
work,
unforseen
reached
and
saving.
But
I
do
believe
that,
barring
granting of reasonably required credit
the crest of post-bellum perplexities
these countries.
given
and
essential
in
the
purposes,
the
facilities
has been
Concerning Germany Mr. Kahn said:
support
Government
direct
Preliminary reports
Secretary
Houston states, show that the combined issue, which was
for $400,000,000, has been
oversubscribed.
This offering
was referred to in our issue of Saturday last, page 2442.
1920,
mission
of the economic
to confer with
appointed by the French Government.
I also met a number of
Englishmen and Frenchmen who had recently visited Germany.
which I gathered is that there is nothing to be feared
from the Junker,
Militarist or Hohenzollern parties.
The ruin and dis¬
grace
which their rule has brought upon the German people will not
lose its deterrent effect in this generation.
What danger there may be,
is rather in the opposite direction.
If the indemnity to be imposed upon
Germany is to be so staggering and the other conditions under which she
will be obliged to live so intolerable tbat hope and inducement to work
will vanish and life for the masses continue to be what it has been since
the armistice,
the contingency may arise that Germany In despair will
throw herself into the open arms of Bolshevist Russia.
I do not believe,
impression
have
maturing
June
15,
1921.
PAYMENT
INTEREST
15
JUNE
OF
HOLDERS
TO
VICTORY NOTES.
LIBERTY BONDS AND
June 15th. about
Treasury distributed on Tuesday,
$30,000,000 to subscribers in the New York
District
United
The
on
the
that that contingency will arise.
I believe that the allied powers
sufficient wisdom, fairness and enlightened care of their own
to so interpret the Peace Treaty as to make the
ment which Germany is rightly called upon to bear, one
interest,
burden of atone¬
possible of being
States
Reserve
Bonds
Loan
and
interest
as
due
First Liberty
on
Notes.
Loan
Liberty
Victory
Based
original subscriptions in the Second District, a much,
larger melon would have been distributed to the subscribers
in this District.
But a good many of the original Bonds
and
Notes
have
since
been
bought
up
the Treasury
by
amount has
Reserve
Districts.
Originally there were 978,959 subscribers to the
First Liberty Loan in the Second District.
They invested
in Bonds amounting to $1,191,992,100.
The Victory Liberty
Loan
subscriptions in this District, which amounted to
$1,762,684,900, were absorbed by 2,484,532 subscribers.
The
figures of the coupons presented for payment on the
previous interest date of Liberty Bonds and Victory Notes
and
Department
been
undoubtedly
sold
to
substantial
a
buyers
in
other
since
also
show
that a large number of coupons
Federal
were
left uncashed.
Although the Government is the beneficiary on account of
the failure of bondholders to cash coupons, as It leaves the
in the hands of the Government at no
cost, yet the
profit
Treasury Department desires to have each bondholder
from his money to the fullest possible extent.
delegates
however,
and
received from the twelve Federal Reserve Banks,
therefore suggests
this week's distribution
they clip the coupons at once and re-invest the money
collected as interest in United States Savings securi¬
Government
The
Americans,
will
need
or
CATES OFFERED AT 6% AND 5%%.
,
money
did not visit Germany, I met in Paris the head
which the German Government sent to that city
While I
The
ask
Federal
ultimate
of
tries
for
not
Secretary of the Treasury Houston announces the closing
on June 16 of subscriptions for the 5%% Treasury certifi¬
cates of indebtedness of Series A 1921, dated June 15, 1920,
and maturing January 3, 1921, and the 6% Treasury certifi¬
cates of indebtedness of Series T J. 1921, dated June 15,
Italy, too, Mr. Kahn said he " found that the
In
justified
covery."
in
do
we
long
require
CLOSE OF SUBSCRIPTIONS TO TREASURY CERTIFI-
result of
the
I
and
do
will be overcome."
As to England's retention
position as a financial center Mr. Kahn said:
displacing
of
this
do
has been the practice of several other nations to
wisely directed governmental encouragement, the
countenance and confidence of rightly informed and guided public opinion
and freedom from hampering or damaging legislation.
We did not have
those essentials
in the
period following the armistice and consequently
failed to take anything like full advantage of the unprecedented oppor¬
tunities which were within our grasp at that time.
We should have had
(as some of us had urgedi during the war) in one of the departments of
the Government,
co-operating with business men, a competent economic
general staff at work, with well-matured plans prepared and ready for
the occasion,
as England had
made herself prepared and ready.
Some
of the opportunities then before us are no longer recoverable,
but many
others remain.
The Cabinet position of Secretary of Commerce Is gainiug
greater importance all the time, and the, right man in that position
could render truly important and highly beneficial national service.
such
give,
they
of her
is
2537
THE CHRONICLE
1920.]
to
that
thus
Organization
Loan
subscribers participating in
the
Savings Stamps or Treasury Sav¬
They may be obtained at all banks and
post offices.
In order to facilitate the re-investment of
coupon money in
Government Savings Stamps, arrange¬
ments were made for their acceptance at post offices and
banks as direct payment in lieu of currency for these
miniature Government Discount Bonds.
ties, such as Government
ings Certificates.
borne.
wiJl,
They
most
believe,
I
appreciate that at a time when the world is in
the eagerness for work and the industrial
urgent need of production,
capacity of the German people must be utilized to the full, though a
large part of the fruit of their labor must and justly will go to those
whom Germany has so cruelly and wantonly injured.
As a matter of fact,
I
am
informed
tbat German industries are swamped with orders from
world, that labor is recovering from the effects of Utopian
teachings, and is willing to work and that as soon as
access to necessary
raw materials is opened up and definite and bearable
conditions of national existence determined, Germany can and will become
a
great workshop for a world sadly in need of the products of work.
My informants agree tbat there is no particular bitterness in Germany
against Americans, as the majority of the people have come to realize
that it was the blind and guilty madness of their own rulers which made
America's entrance into the war inevitable.
There is bitterness against
the
President
because he is charged
with having failed in the peace
instrument to which he attached
his signature, to have maintained the
all parts of the
and Bolshevist
pledges to
which he committed America in the negotiations preceding the
armistice.
distinguished Russians in Paris, two of whom had just
escaping from Russia.
They all agree that Bolshevism as
republic of free workers has ceased to exist in that country
except as a label.
In fact, it is now a country of forced, militarily or¬
ganized and commanded labor under the autocratic rulership of a dozen
ruthless men.
The Government being in absolute control of arms and
means
of
subsistence, whoever opposes it openly, faces death, whoever
fails
to submit to its rule,
faces starvation.
Moreover, the system of
taking hostages in the shape of wives, children, fathers or mothers of
those whose allegiance
to the Bolshevist Government is not absolutely
assured to the satisfaction of the rulers, is a system which however in¬
I
several
met
succeeded
meaning
famous
look
in
a
has
for
the
proved compellingly effective.
Nevertheless, my informants
collapse of the Bolshevist oligarchy within eighteen months,
that there is no
they believe that Russia will remain a republic and
possibility of the restoration of a monarchical regime.
but
The
time
ficient
unto
now,
he
when
we
ourselves
said
Mr.
Kahn.
suf¬
We must
"take increasingly a world view of things
own interests, not in order to inject our¬
said,
in relation to
over,
our
selves into the
political affairs of Europe, but to take that
part in international commerce which is our due and our
need
for
the
progress
and prosperity of our people.",
Ob¬
serving that "we must play our part and hold our own in
the
strenuously contested field
added:
ARGENTINE
TAX—PROTESTS
AND ITALY.
WHEAT
BY
GREAT BRITAIN, FRANCE
A
bill
imposing a supertax of 4 pesos per hundred kilo¬
exports of wheat from Argentina and 5 pesos per
on flour is said to have become a law,
having been approved by the President.
On June 2, ac¬
cording to cable advices received by the Department of
Commerce at Washington from the American Ambassador
to
Argentina,
the
President of Argentina
transmitted
with
his message to Congress a bill for the imposition
of
an
additional
export
tax
of 5 pesos,
paper,
for
every 100 kilograms of wheat exported in addition to all
taxes then imposed, and, besides, an extra duty of 20% ad
valorem on the exportation of all wheat products, including
flour.
The advices to Washington stated " that the funds ob¬
grams on
hundred kilograms
tained
result of the taxes in question are to be used for
as a
the purpose
of lowering the cost of bread, etc., throughout
Argentina in
was
added
above
are
a
way
which
may
appear most
feasible."
It
that "it is declared that the articles mentioned
of public
necessity; the Government may there¬
if it is found necessary, expropriate them."
"Com¬
merce Reports,"
in reporting these advices June 4 added
fore,
parenthetically—"the regular duty on the exportation of
in bags for the month of April was 2.511 pesos per
ton; on wheat in bulk 2.105 pesos per ton; on wheat flour
2.94 pesos per ton, all Argentine gold, $0,965 per peso.
The
Argentine paper peso is equal to $0,424."
On June 5 it was
reported in Buenos Aires advices to the daily papers that a
wheat
could afford to be more or less
is
NEW
of world trade," Mr. Kahn
committee to
which
was
referred
President Irigoyen's
pro¬
posal had submitted an amended measure to the Chamber
of Deputies providing a duty of 4 pesos on wheat and 5
pesos on flour per 100 kilograms.
The Chamber, it was
stated, had approved the amended measure by a majority
of more than two-thirds.
It was added in these dispatches:
authorizes the President
bill
The
[VOL. 110
THE CHRONICLE
2538
to use
of the duties to
the proceeds
purchase wheat which Argentine millers and bakers would be compelled to
into bread at) agreed prices, the bread to be sold to the public at
a price fixed by Presidential
decree.
The amount of revenue to be derived
is estimated at from 22,000,000 to 26,000,000 pesos gold if the exportable
surplus is sold within the designated period.
convert
that more than
8,000,000 bushels of wheat were exported in
On May 6, the price had
days, breaking all records.
seven
risen to 27 pesos, a new
high record, and towards the close
30 pesos.
of May to
dispatches from Buenos Aires on June 7 made
known the adoption by the Senate of a bill differing from
that of the Chamber, and also dealt with the objections to
Press
proposed tax made in behalf of Great Britain, France
Italy.
These dispatches said:
the
and
by the British. French and Italian Ministers against the new
duties on wheat exportations, which were filed with tie Foreign
week, have not as yet produced results and ships ready to
leave for European ports have not been able to complete their cargoes.
In addition to their objection to the terms of the wheat export tax the
Ministers complained against the sudden embargo placed on wheat ship¬
ments, declaring the latter means a costly dislocation of shipping move¬
ments.
They asked that at least ships in port be permitted to complete
their loading and depart with their contracted cargoes.
Some French ships
are
loading corn in place of wheat.
President Irigoyen has the whole, matter in his hands, and he is said
to take the attitude that it is important to the country that no further
wheat be exported unil
some means of reducing the price of
bread is
Protests
export
last
Office
assured.
»
President is reported to be exerting every effort to force the Senate
reject the amended tax measure passed by the Chamber of Deputies pro¬
viding a duty of 4 pesos on wheat and 5 pesos on flour per 100 kilograms,
and adopt bis original project of a duty of 5 pesos paper on each 100 kilo¬
The
to
grams and 20%
tives exported.
It
is
in
said
is
he
adopted
additional on the value of flour and other wheat deriva¬
likely
to
that if President Irigoyen's bill is not
the embargo on exports a permanent sum¬
committee, to which the
back a still different bill
circles
Government
make
measure.
To-night, however, the senate
Chamber measure had been referred, reported
mary
which debate was begun.
The wheat trade is demoralized, prices having fallen to 22 pesos per 100
kilos, as compared with 30 pesos late in May.
The price is only nominally
quoted, there being no business.
The
Senate adopted
the committee's measure, which provides for the
imposition until Dec. 31 of a 4 peso tax per 100 kilos of wheat, instead of
a
5 peso tax,
but eliminates the provision of the Chamber measure re¬
quiring exporters to sell to the Government below the market price an
amount of wheat equivalent to 25% of their exports, to which the diplo¬
matic corps objected.
The Senate measure now goes to the Chamber.
on
Independent," of which Mr. Basil Clark is editor, has
number, telling of the growth of the City of Sheffield,
in manufacture, commerce, etc., from Dec. 11 1819, when the
first copy of the "Independent" was issued, down to the present time.
Mr.
Arnold S. Rowntree is chairman of the company that now publishes this
"Sheffield
The
issued
centenary
a
England,
journal, and Aid. Sir Charles Starmer, J. P., is the managing director.
CURRENT NOTICES—
^
m
.
The United
States Mortgage & Trust Co. has been appointed Transfer
Agent of the Pref. and Common Stock of Archbald Coal Corp., and of the
Common Stock of the Locomobile Co., consisting of 200,000 shares (no par
value); and also appointed Registrar of the Class A and B Stocks of the
Chicago Nipple Manufacturing Co.
PROFITEERING.
^
day or two later it was stated that discussion of the
the Democratic Administration for failure impartially
anti-profiteering laws enacted by the Republican Congress.
the
Final
in
amended
Chamber
the
and
once
in
Senate.
the
indicated above, came on the 10th inst. when
the Senate approved the measure as last amended by the
Chamber of Deputies.
It was stated in the Buenos Aires
dispatches to the daily papers on that date that although
the tax on wheat imposed by the bill is 1 peso less than had
been proposed by President Irigoyen, he had accepted the
measure.
On June 2 a decree was signed by the President
of Argentina imposing an absolute provisional embargo on
the exportation of wheat and flour pending action by Con¬
gress.
The embargo was conditionally suspended on the
10th inst before the passage of the bill imposing the new
action,
tax.
It
ment
of
but
was
as
also stated
is
there
to
reason
wheat contracted for
not be
on
the present law
that date that "with the enact¬
the temporary embargo is lifted,
believe
that
the
previously must
dropped by the diplomats.
question
pay
the supertax will
whether
RAILROADS.
opposed to Government ownership and operation or employe opera¬
In the view of the condition prevailing in the coun¬
try, the expenditures of the last two years and the conclusions which may
be fairly drawn from an observation of the transportation systems of other
countries, it is clear that adequate transportation service, both for the
present and the future, can be furnished more certainly, economically and
efficiently through private ownership and operation under proper regulation
of the railroads.
and
control.
should
..
be
There
speculative profit
no
WATERWAYS.
service
tion
.•^■7-
and
REGULATION
We
in general
approve
quote the following to the
daily
every
with which we are at peace.
nation
INTERNATIONAL TRADE AND TARIFF.
from
international
•
balances,
the
world and the impossibility
forecasting accurately even the near future preclude the formulation of a
abnormal
of
and
unsettled conditions of
economic and trade situation of the
uncertain
The
conditions a year hence.
But the Republican
protective principle and pledges itself to a
as conditions shall make it necessary for the
preservation of the home market for American labor, agriculture and in¬
dustry.
-v.','.:' /
'■'•v'..
definite
to
program
meet
party reaffirms its belief in the
the tariff as
revision of
soon
MERCHANT MARINE.
our foreign commerce require a merchant ma¬
modern ship, flying the American flag, manned by
owned by private capital and operated by private energy.
defense and
national
The
best type of
American seamen,
papers
monopoly
certainty of
will provide
in advance
whether a proposed combination is or is not unlawful.
The Federal Trade
Commission, under a Democratic Administration, has not accomplished the
purpose for which it was created.
This commission, properly organized and
its duties efficiently administered, should afford protection to the public and
legitimate business.
In this there should be no persecution of honest busi¬
ness, but to the extent that circumstances warrant we pledge ourselves to
strengthen the law against unfair practices.
We pledge the party to an immediate resumption of trade relations with
Enactment
also
OF INDUSTRY AND COMMERCE.
the existing Federal legislation against
combinations in restraint of trade, but since the known
a
law is the safest of all, we advocate such amendment as
American
business men
with better means of determining
LAW
of
We
;Ol.
policy to encourage and develop water transporta¬
connection with the commerce of the United
facilities in
and
rine of the
of the wheat law means, if the estimated exportable surplus
1,200,000 tons of wheat is all exported, that a supertax totaling at
least $20,000,000-would have to be paid.
Virtually the entire exportable wheat was contracted for by Great Brit¬
ain, France and Italy.
Notwithstanding denials from Paris that diplo¬
matic representations had been made on behalf of France with respect to
the wheat situation, it is declared here that the ministers of all three
countries have been making vigorous efforts to secure the release of their
ships held up by the temporary embargo and have objected to imposition
of a tax on wheat already contracted for.
Some exporters deposited the tax and resumed loading ships, but it was
learned the Government's stipulation would not be accepted by the British
Wheat Commission, since it would have prejudiced representations made by
the British Minister to the Argentine Government.
He held that wheat
contracted for prior to the embargo was not liable to the supertax.
It is
reported a number of private exporters are contemplating resort to the
courts to test the constitutionality of the Government's action in anticipat¬
ing the law before its enactment.
..
in rendering the service of trans¬
portation ; but in order to do justice to the capital already invested in
railway enterprises, to restore railway credit, to induce future investments
at a reasonable rate and to furnish enlarged facilities to meet the require¬
ments of
the constantly increasing development and distribution,
a fair
return upon the actual value of the railway property used in transportation
should be made reasonably sure, and at the same time to provide constant
employment to those engaged in transportation service with fair hours and
favorable working conditions at wages or compensation at least equal to
those prevailing in similar lines of industry.
We endorse the Transportation Act of 1920 enacted by the Republican
Congress as a most conservative legislative achievement, v
These dispatches likewise
said:
to
We are
tion
proposed law was still going on in Congress, having been
twice
^
condemn
We
enforce
We declare it to be our
A
NOTICES
CURRENT
The equality
ORDER.
the
party.
Republican
obedience to
Without
AND
of all citizens under the law has always been a policy of
law and maintenance of order,
our
American Insti¬
tutions must perish.
Our laws must be impartially enforced and speedy
justice should be secured.
PUBLIC ROADS AND HIGHWAYS
We favor liberal appropriations in co-operation with the States for the
construction of highways, which
will bring about a reduction in trans¬
portation costs, better marketing of farm products and improvement in
rural postal delivery, as well as meet the needs of military defense.
In determining the proportion of Federal aid for road construction among
the States, the sums lost in taxation to the respective States by the setting
apart of large portions of their area as forest reservations should be con¬
sidered as a controlling factor.
Conservation is a Republican policy. It began with the passage of the
reclamation act. signed by President Roosevelt.
The recent passage of the
Coal. Oil and Phosphate Leasing bill by a Republican Congress and the
enactment of the Water Power bill, fashioned in accordance with the same
consistent and landmarks in the development of the conserva¬
resources.
We denounce the refusal of the President
Buenos Aires June 12:
principle,
British, French and Italian ships in Argentine ports have resumed the
loading of wheat contracted for. the exporters paying the new 4 peso export
supertax on most of it. Some of these ships, however, will be allowed to
depart without paying the tax, as a result of representations made bv the
Ministers of the three countries against the sudden embargo placed oh the
exportation of wheat prior to enactment of the supertax law.
It was learned to-day that six British ships carrying 13,900 tons will be
thus exempted.
The French and Italian Ministers got corresponding con¬
cessions, for which the French Minister, M. Gaussen, thanked President
Irigoyen prior to his departure to-day for France on leave of absence.
While the remaining exportations will have to pay the tax, it Is known
to be yet an unsettled question as to whether the three Governments will
ship all the wheat previously contracted for.
The British Wheat Com¬
mission declared to-day it did not know whether additional wheat would
be exported after the ships now in Argentine ports load and depart.
sign the Water Power bill, passed after ten years of controversy.
The
Republican party has taken an especially honorable part in saving our na¬
tional forests and in the effort to establish a national forest policy.
Our
Earlier
(June 4)
As
the
already
the
Associated
Press
advices
from
Buenos
Aires
contracted
Associated
In
This
our
to
present, the new export duty would anplv to wheat
for and still awaiting embarkation.
It is learned by
Press
that this
500,000
wheat
with
tons;
wheat
amounts,
in
the
case
of
the
French
British,
other contracts
issue of April 17, page 1597, we made mention of
the fact that wheat had sold in the Buenos Aires market
on
April 12 at 20 pesos 50 centavos to 20 pesos 70 centavos @
100 kilos, the highest prices in the last five years.
On April
23, to quote the press advices received at that time, "the
price of wheat reached the unprecedented quotation of 26
pesos a hundred kilos, which is equal to 3.36 pesos gold a
bushel
national
pressing conservation question relates to our forests.
We are using
resources faster than they are being renewed.
The result is to
most
forest
our
unduly the cost of forest products to consumers and especially
who use more than half the lumber produced in America, and in
to create a timber famine.
The Federal Government, the States
raise
farmers,
end
the
and
devising means to meet the menace.
the sound legislation
recently enacted by the Republican
will insure the promotion and maintenance of the American
private interests must unite in
endorse
We
that
Congress
merchant
marine.
favor
We
the
(nominally about $3.25.)"
application of the
Workmen's Compensation Acts
to the
merchant marine.
recommend
We
American
the
of
without
ships engaged in coastwise trade and all vessels
merchant marine shall pass through the Panama Canal
that
all
premium or tolls.
IMMIGRATION.
at
200,000 tons, and Italian, 240,000
pending, exceeds by far the Argen¬
tine Government's surplus for export, which totals about 1.200,000 tons.
The diplomats,
it is understood, pointed out that the exporters who
contracted with their Governments through the Wheat Commission will be
obliged not only to pay 4 pesos duty per hundred kilos
but to assume the
additional burden imposed by one of the provisions of the law which com¬
pels the exporters to sell to the Argentine Government an amount of wheat
equal to 25% of the total they export at a price 10 pesos less than the
present market price.
tons.
are
our
to
said in part:
law stands
Government,
of
tion
It
was
stated at that time
of living and the standard of citizenship are its most
precious possessions, and the preservation and elevation of those standards
is the first duty of our Government.
The immigration policy of the United States should be such as to insure
that the number of foreigners in the country at any one time shall not
exceed that
which can be assimilated with reasonable rapidity, and to
favor immigrants whose standards are similar to ours.
The selective tests that are at present applied could be improved by re¬
The
standard
physical standard, a more complete exclusion of mental
more effective inspection, applied as near
immigration as possible, as well as at the port of entry.
Justice to the foreigner and to ourselves demands provision for the guidance,
protection and better economic distribution of our alien population.
To
facilitate Government supervision all aliens should be required to register
annually until they become naturalized.
The existing policy of the United States for the practical exclusion of
Asiatic immigrants is sound and should be maintained.
quiring
a
higher
defectives and of criminals and a
the
source
of
NATURALIZATION.
There is urgent need of improvement in our naturalization law.
become a citizen until he has become genuinely American,
No alien
and tests
determining the alien's fitness for American citizenship should be pro¬
vided for by law.
We advocate in addition the independent naturalization of married women.
An American woman should not lose her citizenship by marriage to an alien
resident in the United States.
should
for
June 19 1920.]
THE CHRONICLE
FREE SPEECH AND ALIEN AGITATION
We demand that every American citizen shall
enjoy the ancient and con¬
stitutional right of free speech, free
and
ican
flag and that shall protect the rights of American citizens lawfully in
security of life and enjoyment of property, in connection with an
international law and our treaty rights.
The Republican party is a sincere friend of the Mexican
people.
In its
insistence upon the maintenance of order for the
protection of American
Mexico to
free
established
assembly and the no
less sacred right of the
qualified voter to be represented by his duly chosen
representatives, but no man may advocate resistance to the law, and no
man
may advocate violent overthrow of the Government.
Aliens within the jurisdiction of the United States are not entitled of
right to liberty of agitation directed against the Government or American
institutions.
Every Government has the power to exclude and deport those aliens who
press
constitute
real menace to its peaceful existence.
But in view of the large
of people affected
by the immigration acts and in view of the
malpractice of the Departments of Justice and Labor, an adequate
hearing before a competent administrative tribunal should be as¬
citizens within its borders a great service will
people themselves, for a continuation of present
public
sured
We
RECLAMATION.
policy
favor
a
fixed and comprehensive
wealth and production.
national
We
recognize in
of
reclamation
to
increase
.
w?.,w?,ul(1Jiave only roving bands
with
the
THE SERVICE MEN.
■
r
be
rendered
conditions
the
means
Mexican
disaster
patriotic aspirations.
European quarrels.
According to the estimate of the Harbord Commission, organized
by author¬
ity of President Wilson, we would be called upon to send 59,000 American
boys to police Armenia and to
expend $276,000,000 in the first year and
$756,000,000 in five years.
This estimate is made upon the basis that
development of reclamation through Federal action
taxable wealth a safeguard for the na¬
policy to reclaim lands and the establish¬
ment of a fixed national
policy of development of natural resources in
relation to reclamation
through the now designated Government agencies.
?
and
MANDATE FOR ARMENIA.
We condemn President Wilson for
asking Congress to empower him to
accept a mandate for Armenia.
The acceptance of such a mandate would
throw the United States into the
very maelstrom of
the Turks
saryv
No more
with its increase of production and
tion. We commend to
Congress a
:
interests
.
a
to all.
their
to
numbers
vigorous
3539
of
the
We
help
and
We hold in imperishable remembrance the valor and the
patriotism of the
and sailors of America who
fought in the great war for human
with
or
..<v
Russia,
a
to fight, but in case of serious trouble
force exceeding 200,000 would be neces-
••>Y'/
'
'>
-•
striking illustration
lives of
deeply
American
sympathize
them in
hereafter
all
proper
can be found of President Wilson's
disregard
boys or American ^interests.
with the people of Armenia and stand Beady to
but
ways,
the acceptance of
a
the
Republican party will oppose now
any country in Europe or
mandate for
soldiers
liberty, and
we
pledge ourselves to discharge to the fullest the obligations
grateful nation justly should fulfill in appreciation of the services
on sea and on land.
Republicans are not ungrateful.
Throughout their history they have
shown their gratitude toward the nation's defenders.
Liberal legislation
which
a
rendered_ by its defenders
for
RIVER
The
the
care
of the disabled and infirm and their
dependents has ever
Republican policy toward the soldier and sailor of all the wars in
country has participated.
The present Congress has appropriated
generously for the disabled of the World War.
The amounts already ap¬
plied and authorized for the fiscal years 1920-21 for this purpose reached
the stupendous sum of
$1,180,571,893.
This legislation is significant of
the party's purpose in generously
caring for the maimed and disabled men
marked
which
our
of the
recent
war.
:
We
renew
civil
our
We condemn the present Administration for
its destruction of the efficiency
postal service and of the telegraph and telephone service when con¬
trolled by the Government, and for its failure
properly to compensate em¬
ployes whose expert knowledge is essential to the proper conduct of the
affairs of the postal system.
We commend the Republican Congress for the
enactment of legislation increasing the
pay of postal employes, who up to
that time were the poorest paid in the Government service.
of the
WOMAN
SUFFRAGE.
We
welcome women into full participation
and the activities of the Republican
lican
the affairs of
in
Government
party.
We earnestly hope that Repub¬
in States which nave not yet acted upon the suffrage
ratify the amendment, to the end that all of the women
nation of voting age may participate in the election of 1920. which
important to the welfare of our country.
Legislatures
amendment
of the
so
will
up to the age
would remedy
by the draft and would add to the economic and indus¬
strength of the nation.
National leadership and stimulation will be
necessary to induce the States to adopt a wise system of physical training.
revealed
trial
CHILD
LABOR.
The
Republican party stands for a Federal child labor law and for its
rigid enforcement. If the present law be found unconstitutional or ineffect¬
ive, we shall seek other means to enable Congress to prevent the evils of
labor.
WOMEN IN INDUSTRY.
special problems of employment which make necessary spe¬
cial study.
We commend Congress for the permanent establishment of the
Women's Bureau in the United States Department of Labor to serve as
a source of information
to the States and to Congress.
Women
The
have
principle of equal
for equal service
shouljl
be applied throughout
all branches of the Federal Government in which women are
employed.
Federal aid for vocational
training should take into consideration the
special aptitudes and needs of women workers.
We demand Federal legislation to limit the hours of
employment of women
engaged in intensive industry, the product of which enters into interstate
pay
commerce.
/' >■,v;
is
founded.
Both
encourage in all proper ways the
States Government should
regard to the provisions of the bill,
press dispatches of May 31 said:
national
make
State
and
available
the
Governments
our
should
citizens.
valuable
housing and town planning collected during the war.
should be kept up to date and made currently available.
on
As it passed
the House, the bill carried $12,000,000, but the Senate in¬
to $24,000,000.
At the meeting to-day the Senate confer¬
agree to a total
of $15,000,000, but the suggestion was
turned down by the House.
we
recommend:
Federal
U.
rehabilitation of the
Hawaiian
FOREIGN
The foreign
This
PRESIDENT
THE
JUDGES
of
TAX
AND
ON
SALARY
FEDERAL
UNCONSTITUTIONAL
States
United
the
all
and
Federal
judges are exempt from paying an income tax on their sal¬
aries, according to a decision by the U. S. Supreme Court
June
on
the
The
1.
Court
in
7
a
to
2
decision
declared
that
provisions of the War Revenue Act relating to the sal¬
aries of the President and the Federal
Judges
of
The
decision
reverses
one
a
were uncon¬
lower court.
Judge Walter Evans of Louisville, Ky., brought the appeal
Supreme Court on the ground that the tax violated
to the
the
provision of the U. S. Constitution that Federal Judges
and
the
President
shall
for
receive
their
services
a
com¬
pensation which shall not be diminished during their
tinuance in office.
of
this
on
his
con¬
The tax, he argued, was a diminuation
compensation.
Under the Act, the President paid
of $75,000 a year, approximately $16,000 in
taxes, it is said.
salary
Justice
Van
held
ion,
Devanter,
that
the
who rendered the majority opin¬
section
of
the
Revenue
Act
violated
Constitutional provisions prohibiting the diminution of such
salaries.
The majority opinion held, however, that a Fed¬
eral
come
Judge was not exempt from
or on his property.
Holmes
rendered
in
the
Constitution
tax on his private in¬
dissenting opinion,
a
Justice Brandeis concurred.
a
in which
He declared that he could
see
Federal Judges should
be exempted from the income tax "or were to be a privi¬
leged class."
no
why
reason
The
ery
majority opinion required about an hour for deliv¬
and was said to be one of the longest rendered by the
race.
of
the
War
already
collected
under the invalid
Revenue Act
provisions
under the Court's decision,
will,
be refunded by the Treasury.
RELATIONS.
policy of the Administration has been founded
policy of the present Administration in Mexican matters
responsible for the continued loss of American lives in
and upon our border; for the enormous loss of American and
foreign property; for the lowering of American standards of morality and
social relations with Mexicans, and for the bringing of American ideals of
justice and national honor and political integrity into contempt and ridicule
largely
in
Mexico and throughout the world.
The policy of wordy, futile, written protests against the acts of Mexican
officials, explained the following day by the President himself as being
meaningless and not intended to be considered seriously or enforced," has
but added in degree to that contempt, and has earned for us the sneers and
,
"
jeers of Mexican bandits, and added insult
and
upon
insult against
our
national
dignity.
should not recognize any Mexican Government unless it be a respon¬
Government, willing and able to give sufficient guarantees that the
lives and property of American citizens are respected and protected, that
wrongs will be promptly corrected and just compensation will be made for
injury sustained.
The Republican party pledges itself to a consistent, firm
and effective policy toward Mexico that shall enforce respect for the Amer¬
We
sible
ORGANIZATION
OF
INVESTMENT
CIATION
OF
BANKERS'
The organization of the Investment Bankers'
of
Texas
ASSO¬
TEXAS
Association
recently effected in Austin, the launching of
body having been brought about at a meeting of
investment bankers and municipal bond dealers called by
J. E, Jarratt of San Antonio, after consultation with some
the
of
was
new
the
prominent
investment
bankers
of the
State.
The
charter
membership of the Association is composed of men
residing in Dallas, Houston, San Antonio and Austin, and
it is hoped to have members from some of the other large
towns
in the State.
Various Committees, like the Legisla¬
Committee, the Membership Committee and the Finance
Committee have been appointed.
One of the most important
of the Committees at present is the Legislation Committee;
it is looking after certain legislation which it is expected
will be very beneficial from many standpoints.
The belief
tion
that country
honor
COURT DECLARES
OF
President
Revenues
in
Americanizing and
population; home rule and
ineffective
been
SUPREME
Court in recent years.
mexico.
has
S.
The
The
information
upon no prin¬
ciple and directed by no definite conception of our nation's rights and
obligations. It has been humiliating to America and irritating to other
nations, with the result that after a period of unexampled sacrifice, our
motives are suspected,
our
moral influence is impaired and our Govern¬
ment stands discredited and friendless among the nations of the world.
We favor a
liberal and generous foreign policy,
founded upon definite
moral and political principles,
characterized by a clear understanding of
and firm adherence to our own rights, and unfailing respect for the
rights
of others.
We should afford full and adequate protection to the life, liberty
and
property and all international rights of every American citizen, and
should require a proper respect for the American flag; but we should be
equally careful to manifest a just regard for the rights of other nations.
A scrupulous observance of our international
engagements when lawfully
assumed is essential to our own honor and self-respect and the respect of
other nations.
Subject to a due regard for our international obligations,
we should
leave our country free to develop its civilization along the line
most conducive to the happiness and welfare of the people, and to cast its
influence on the side of justice and right should occasion require.
The
to
INCOMES
information
assistance
educating their greatly disproportionate foreign
the
offered
ees
HAWAII.
Hawaii
Washington
creased its total
Justice
acquiring of homes by
United
For
.(
With
HOUSING.
Government
a
May
on
On that date the joint conference committee voted to
report that further efforts to perfect the measure in con¬
xl.V,
The housing shortage has not only compelled careful study of
ways of
stimulating building, but it has brought into relief the unsatisfactory
character ©f the housing accommodations of
large numbers of the inhab¬
itants of our cities.
A nation of home-owners is the best guaranty of the
maintenance of those principles of liberty and law and order upon which
our
Senate conferees
stitutional.
EDUCATION AND HEALTH.
thorough system of physical education for all children
of 19, including adequate health
supervision and instruction,
child
the House and
31.
A
conditions
at the session of Congress just closed due to
deadlock between
postal service.
-h:,;
_
PREVENTS PASSAGE OF
HARBOR APPROPRIATION BILL. '
River and Harbor Appropriation Bill failed
annual
of passage
DEADLOCK
AND
ference would be futile.
service.
repeated declaration that the civil service law shall be
thoroughly and honestly enforced and extended wherever practicable.
The
recent action of Congress in
enacting a comprehensive civil service retire¬
ment law and in
working out a comprehensive employment and wage policy
that will guarantee equal and just treatment to the
army of Government
workers, and in centralizing the administration of the new and
progressive
employment policy in the hands of the Civil Service Commission is worthy
of all praise.
is
CONFERENCE
is
expressed
will
in
be
the
by those interested that the
means
investment
of creating
securities
the list of officers of the
in
a
the
more
State.
new
Association
widespread interest
The
following
is
Association:
President, J. E.
Jarratt, San Antonio; Vice-Presidents, J. B. Oldham, Dal¬
las, and J. T. Bowman, Austin; Secretary and Treasurer,
Sanders
R.
Fuller, Austin.
The Board of Governors con¬
Wroe, Austin; J. T. Bowman, Austin; J. E.
San Antonio; H. P. Drought, San Antonio; De
sists of H.
Jarratt,
new
A.
J. B. Oldham, Dallas, and W. G.
The purpose of the organization is set, forth
preamble to the Constitution and By-Laws, which is
Dunn, Houston;
Witt C.
this -week.
Exchange or at auctions
Stock
the
ETC.
stocks were made at
*
follows:
as
In order to promote the general welfare and influence of those engaged
purchase and sale of investment securities and to secure uniformity
action, both in legislation and method of handling securities,
with the practical benefits to be derived from personal acquaintance, and
for the discussion of subjects of importance to the members of this Asso¬
ciation and the investing public, and for protection against loss by crime,
or
through wilful and irresponsible delays in investment securities, and to
surround the offerings to its members with greater safeguards, we submit
the following Constitution and By-Laws for the Investment Bankers Asso¬
ciation of Texas."
•
* Xu&jASLMJr
1
the
together
of
Exchange Bank of this city ratified the proposal
increase the capital from $4,620,000 to $6,000,000.
The
the Corn
to
additional stock will be offered to
1
BANKERS FORM ORGANIZATION
TO BE
WITH INVESTMENT BANKERS'
AFFILIATED
ASSOCIATION
Organization of a group of officials of investment bond
houses and banks of Chicago for the handling of blue sky
legislation and to co-operate with officials in the adminis¬
of excess profits tax and similar financial matters
was effected last
week at a meeting of nearly 125 of the
officials of the Union League Club.
The local organization
tration
allied with the Investment Bankers' Asso¬
aims are being organized
the country.
The following officers were elected:
is to be a group
Similar groups with like
ciation.
all
over
Wendell of Lee, Higginson & Co.; Vicechairman, E. M. Stevens, Vice-President of the Illinois
Trust and Savings Bank; secretary, Charles F. Glore of
Glore, Ward & Co.
The executive committee consists of:
George H. Taylor of E. H. Rollins & Sons, Robert W. Baird
of the First National Bank of Milwaukee, H. F. Clippinger
of the Fletcher American Savings Bank of Indianapolis,
Robert P. Minton of P. W. Chapman & Co., James C. Ames
Chairman, Barrett
of
Emerieh & Co., and Roy
Savings Bank.
Ames,
C. Osgood of the First
and
Trust
stockholders of record July
$100 per share, the subscription privilege being
of 30% of their holdings at that time.
Other
at
rate
5.
given in our issue of June
were
*
..;v
;
at the
details
,
Colmnbia Trust Co. authorized on
June 17 the trustees of the Columbia-Knickerbocker Trust
Co. Beneficial Certificates to pay a dividend of 50 cents a
share from the income of the trust on June 30, 1920.
The
board also authorized the trustees to make a payment of $5
a share on account of principal on July 10, 1920.
Both pay¬
ments will be made to certificate holders as of the close of
business June 21.
This transaction represents the process
of the
Directors
The
CHICAGO
17 the stockholders of
special meeting on June
their
At
"
in
bank or trust company
No sales of
110
TRUST COMPANIES,
ITEMS ABOUT BANKS,
Breg, Dallas.
in the
[Vol
THE CHRONICLE
2540
paying to the old Knickerbocker Trust
of
approximately
ing
Co. stockholders
liquidation of certain assets amount¬
funds obtained from the
worth
$3,000,000
to
value
book
of
Knickerbocker Trust Com¬
securities and claims of the old
into the merger of the
Companies, but were
set aside to be liquidated for the account of the stockholders.
The present payment of $5 on account of the principal makes
a
total to date of $40 a share principal received by the
pany's
Knickerbocker
and
certificate
holders
At this
of
The
week's
Jennings
since
the trust.
of
creation
the
Trust
elected
was
Trust
regular meeting of the
York
New
did not go
which
surplus
Columbia
late Frederic B.
a
Company
of
Board of Trustees
this city Percy H.
succeed his father the
Trustee to
The following new officers were
Jennings.
Assistant Secretaries, Irving L. Bennett, Sidney
H. Taft, 2nd and Lindsay Bradford; Assist¬
Treasurer, William J. Birdsall.
appointed:
B.
FORMANE SUCCEEDS JOHN
ON EXECUTIVE COUNCIL OF
OSCAR
John R. Washburn,
Commercial National
R.
WASHBURN
Vice-President of the Continental and
Bank, Chicago, resigned his member¬
of this
executive council
the
on
because of his official
Association
ant
A. B. A.
of the American Bankers'
position in the clearing
house section of the A. B. A., which will entitle him to a
seat on the council next fall.
Wayne Hummer, Vice-presi¬
dent for Illinois, thereupon immediately
appointed Oscar
G. Foreman, President Foreman Brothers' Banking Com¬
pany, to fill the vacancy.
Mr. Foreman assumed the duties
ship
F.
Silleck,
position at once.
At
meeting
a
Bank
National
tion
00
$800,000,
June
record
of
stock
10
of
share
a
to
stock from $500,the stockholders of
a
basis of three-fifths
adopted increasing the capital
was
to
the stockholders of the Salt Springs
Syracuse, N. Y., on June 9th, a resolu¬
of
of
issued
be
to
$100
at
share
a
on
share held.
stock for each
new
The rights
expire June 21st, and the stock is to be paid for July 1st.
Theodore
June
15
Gardner
elected
Company
of
New
Smith,
of
Denver,
Vice-President
a
York
to
fill
of
the
Colorado,
vacancy
on
Trust
was
Union
Central
in the senior
vice-presidency which has existed since George W. Davison
succeeded the late James N. Wallace as President.
ELLSWORTH ON GROWTH OF FINANCIAL
VERTISERS ASSOCIATION
W.
F.
AD¬
Advertisers' Association was
annual convention of the
association in Indianapolis on June 7, by Fred W. Ells¬
worth, president, in reviewing the work of the year.
Mr.
The
growth of the Financial
interestingly at the
described
said:
Ellsworth
"
decidedly beneficial in rapidly and permanently developing
the feature of our annual meetings,
Our Association during the year has become more closely affiliated with
the American Bankers Association through the Public Relations Committee
of that Association, which has in its membership Messrs. Morehouse, Hol¬
derness, and your President.
More than half a hundred of our members have accepted appointment
as members of a larger publicity committee which will work with the Pub¬
lic Relations Committee of the A. B. A. in still further popularizing the
banks and the business of banking.
And right along this line, it seems to
me that we of the Financial Advertisers'
Association, because of our equip¬
ment, our experience and the very nature of our daily employment, can per¬
form a tremendous and far reaching service, not only to ourselves, not only
to our Association, not only to the banks, but in a larger sense to the
general community.
The banker and world are very much misunderstood by
the average man.
The members of our Association, by means of their daily
advertisements and all other forms of advertising which are employed, can
exert a powerful influence in correcting this undesirable and unfair situa¬
tion.
We ourselves know that the banker serves his community competently,
unselfishly and frequently at a great expense to himself.
But the general
public does not know this.
We should tell them.
The Public Relations Committee of the American Bankers Association
is designed to conduct a continuous campaign of intelligent, accurate, con¬
structive education, and our Association can co-operate with this committee
and can also assist by independent action and thus, in addition to our regu¬
lar employment, perform a great big altruistic service, the result of which
cannot fail to have a large part in the solution of our social and economic
problems."
will
prove
"
"
"
ESTIMATED
YIELD
FROM
SECOND
TAX
The second installment of income and excess
for the year
inst.
the
mated
PAYMENT
profits taxes
1919 became due 011 June 15, and on the 14th
Revenue stated that the esti¬
Bureau of Internal
yield
$750,000,000.
from
aggregated nearly
$919,000,000.
This amount comprised the first installment
of income and excess profits taxes for 1919, plus collec¬
account
of
additional
assessments
on
1917
and
Revenue deposits
$7,400,000 for the month of
May, and for the first ten days of June to approximately
1918 returns.
amounted
to
for
has
The average daily Internal
approximately
$10,000,000.
last
the
thirty
years
been
prominently identified
business of Denver, having served his ap¬
with the banking
prenticeship under the late David H. Moffat,
The
First
National
associated
The
West.
the
of
Bank
with
Central
nouncement also says:
President of
Denver, whose life work was
the development of railroading in
Union Trust Company in its an¬
■
Mass.. May 8, 1869 and in 1881 went to
parents. He was educated in the Denver public schools,
from the East Denver High School with high honors in the
After obtaining employment in the First National Bank of
Denver, he was promoted rapidly to official rank, with steady advance fol¬
lowing.
In 1908. at the request of Mr. Moffat, Mr. Smith assumed the
duties of Vice-President of the International Trust Company of Denver,
an
institution
affiliated with
the First National
Bank, and in January,
1919, was elected its President.
During the years 1915 and 1916 the Colorado Bankers Association evinced
their opinion of Mr. Smith's personality and character by making him its
President, and he has been very active in the affairs of the American Bank¬
ers Association, being at the present time a member of the Executive Committe of the Trust Company Section, and member of the Executive Council
for the State of Colorado.
No banking executive in Colorado has so wide
an acquaintance with bankers
in other States.
Mr. Smith is also a director
in a number of large Western corporations.
Mr.
Smith
Colorado
was
with
born in Chelsea.
his
and graduated
class of 1888.
The Central Union Trust also announces the
of
Roger Whittlesey as an
appointment
Assistant Treasurer.
Columbia
of
Langley W. Wiggin, Vice-President, who becomes a Special
Partner in the banking firm of Evans, Still & Company on
July 1st next, was accepted with regret.
Robert I. Curran,
Secretary of the Company, was elected a Vice-President to
succeed Mr. Wiggin.
At the same meeting Charles E. Wolff,
Assistant
Secretary, was elected Controller, Arthur W.
Hutchins, Assistant Treasurer, was elected Secretary, O. C.
Wagstaff and F| C| Kelly were elected Assistant Secretar¬
ies, and W. M. Morgan and M. W. Terry were elected As¬
At
a
meeting of the Board of Directors of the
Trust Company,
of this city on June 17, the resignation
sistant Trust Officers of the Company.
Collections of income and excess profits taxes
ported in the Daily Treasury Statements,
on
In order
new
this source for the month of June was
during the month of March, as shown by the deposits re¬
tions
this
position, Mr. Smith has resigned as Presi¬
dent of The International Trust Company of Denver.
He
closely
The membership committee, under Chairman Grimm, has increased the
membership of our Association from 419 to 498, so that our membership
to-day consists of 471 active members and 25 associate members.
"The committee, of which Mr. •Holderness is chairman, appointed to for¬
mulate rules governing exhibits,
has produced a document which I am
sure
to take
At
City
a
on
meeting of the Directors of
The State Bank of this
June 11th, Arthur J. Van Pelt was appointed As¬
He will be associated with Harry W. Vogel,
sistant Cashier.
Gilpin, Assistant Manager at
branch in the Holland
House building, which is to be opened on June 28.
Mr. Van
Pelt had previously been associated writh the bank from
February, 1903, to November, 1914, when he became iden¬
tified with the State Banking Department, remaining with
Vice-President, and Walter J.
the
Bank's
new
Madison
Square
June 19
until
them
the
given the privilege of subscribing for the additional
stock at $150 per share on the basis of one share of new
stock for every share now held.
Rights to subscribe to the
ers are
Title Guarantee
proposal to increase
the capital from $5,000,000 to $6,000,000 was ratified. The
enlarged capital, as stated in our issue of May 22, will be¬
come effective July 6.
At a meeting on the 15th the Trus¬
tees voted in favor of declaring the $1,000,000 of new stock
as a 20% stock dividend payable July 6.
At
meeting of the stockholders of the
a
& Dominick
on
by that date.
The directors of the Lake Shore
of the founding of their business which was
established June 15, 1870, under the name of Dominick &
anniversary
Dickerman.
Dominick, who purchased a seat on the New York Stock Ex¬
change in 1869, and W. B. Dickerman. They were afterward
joined by the late Bayard Dominick, Sr., George F. Dom¬
inick, M. W. Dominick and Bayard Dominick, Jr.
In 1899
the firm name was changed to Dominick & Dominick.
Sub¬
ham & Phenix National
There
State Bank of Chicago opened its
12 at the intersection of three
longest thoroughfares in the city—Lawrence, Lin¬
coln and North Western Avenues.
The institution occupies
a
is capitalized at
It
officers
The
and safety deposit
$100,000, with $10,000 surplus.
Charles Johnsen, president; Otto J. Gonequipped with vaults
building,
new
boxes.
likewise has a capital of
are
dolf, David E. Gardner and J. G. Squires, vice-presidents,
and M. O. Pfaff, cashier.
Mr. Gardner is known as an ex¬
$200,000.
meeting of the Executive Committee of the
Canby.
the
of
a
Citizens'
Second
The
Lloyd
and
the regular ticket submitted.
on
doors for business on June
Application has been made to the Comptroller of the Cur¬
rency for a charter for the Progress National Bank of this
city, capital $200,000. This proposal institution represents a
conversion of the Progress Bank of New York which was
At
contests
no
Jackson
William C.
Smith,
were
Cashiers of the Chat¬
Bank of this city.
Directors of the Guaranty
Stock
L.
Jesse
organized last year, and which
reelected president of the
has been
Aldrich
,-
Exchange for another year, and Solomon
A. Smith, treasurer.
The following governing committee
was elected to serve thre years: Hugh McB. Johnston, Sigmund Lawton, Joseph A. Rushton and Charles D. Townsend.
The nominating committee to serve one year con¬
sists of Frederick D. Countiss, chairman; R. G. Chandler,
the election of Robert Roy, Jr.,
William S. Wallace as Assistant
and
C.
Frederick
partnership.
Announcement is made of
have
become effective July 1.
to
Chicago
sequently Andrew V. Stout, J. A. Barnard, Gayer G. Dom¬
inick, Bernon S. Prentice and M. B. Dominick were ad¬
mitted to
is
ital
members of the firm were W. G.
The original
Banking & Trust Co. of
recommended to the stockholders
that an increase of $200,000 be made in the capital of the
institution, thereby raising the amount from $800,000 to
$1,000,000.
The additional stock voted by the stockholders
on May 27 was offered to shareholders of record this date
at $125 per share, the par value being $100.
The new cap¬
Ohio,
Cleveland,
fiftieth
June 15 celebrated the
must be made
expire July 8 and payment in full
stock
new
Co., of this city, on June 10 the
Dominick
The stockhold¬
$150,000 to $300,000 were ratified.
ital from
Spring of 1919 when he was made Comp¬
Equitable Trust Company.
troller of the Paris office of the
& Trust
2541
THE CHRONICLE
1920.]
pert in land values.
Mr. Johnsen is also presirent of
Citizens' State Bank, 3228 Lincoln Avenue, Chicago.
Board of
the
Trust Company, of this city, on
following appointments were made: Robert L.
Assistant Vice-President; William L. Kleitz,
Treasurer; and C. O. Pancake, Assistant Secre¬
June 14, the
Exchange National Bank, Chicago, to take
Stock
Assistant
of Edward F.
Mr, Livingston began his business career with the
banking firm of Kountze Brothers of New York.
He served
director of the Live
Swift has been elected a
F.
Louis
Livingston,
the place
Swift, resigned.
tary.
Illinois Trust and Savings
vice-president in the finan¬
cial department of the Associated Advertising Clubs of the
World at the session at Indianapolis last week.
Carl A.
Gode of the Merchants Loan and Trust Company, Chicago,
was re-elected treasurer, and Miss J.
M. Hoagland of the
National City Bank, Chicago, was reelected a director of
F.
departments of the firm's .business and organized its
credit department.
He became a partner on January 1,
1904, retiring in 1912 to become a partner in the firm of
Adams, Livingston & Davis, stock brokers and members of
the New York Stock Exchange.
A year and a half later
in all
retired, and made an extended trip abroad,
giving special attention to the American foreign trade situ¬
ation.
In January, 1915, he formed the firm of Gillespie,
Mr. Livingston
Livingston & Co., which
of the
Conner
Dwight
Bank, Chicago, was elected first
the
participated in many of the larger
department.
By the purchase from P. J. Harmon of 1200 of the 2000
Savings Bank, Chicago,
syndicate undertakings, which firm was dissolved in
cember, 1918.
He entered the Overseas Service of the
shares of the Stockmen's Trust and
eign Department
De¬
For¬
of the Guaranty Trust Company of New
York in January,
1919, and in the following month was ap¬
his associates have secured control
pointed an Assistant Manager
On June 17 the
of the Foreign Department.
appointment of Robert MaeVey as Assistant
Manager, and of John P. Barnshow as Secretary of
London office, was announced by the Guaranty Trust.
its
Board.
Fosburgh, Pratt & Osborn, 27 Pine
Street, New York.
been appointed Assistant Secre¬
Title & Mortgage Company, 135
Harry E. Kuhlman has
New York
tary of the
Broadway.
Kidder, Peabody & Co. announce
that pending the com¬
pletion of the new Stock Exchange Building, corner
and Broad Streets, this city in which they will
manently
of Wall
be per¬
located, they will occupy temporary offices at 18
Broad Street,
New York.
Bank of Mt. Ver¬
issued by the Comp¬
being disposed of at
$125 per $100 share.
Charles R. Gibson is President of the
institution, which expects to begin business about August
1.
The other officials are Clement M. Biddle and Clinton
T.
Taylor,
Vice-Presidents and W. L. Chase, Cashier
Reference to the application for the charter was made in
charter
for
the American National
N. y., capital $109,000, has been
troller of the Currency.
The stock is
non,
our
Vice-President, has been
President of the Cambridge Trust Co. of Cambridge,
to succeed George H. Cox, who has become Chair¬
Alvan
elected
Mass.,
man
At
the
of
a
B.
Hathaway,
First
Bank
of
Cashier of the institution, succeeds Mr. Harmon as
Wellington Leavitt, Jr., Assistant Cashier of
the Depositors State Bank, becomes Cashier.
The negoti¬
ations for Mr. Wilson were conducted by Thomas F. Cham¬
years
berlain,
Hoboken,
N.
stockholders of the Second
J. voted to increase the
capital from $250,000 to $500,000.
The additional stock will
be disposed of to stockholders at par, viz., 100 per share.
The enlarged capital is to become effective July 1.
bank.
At
a
stockholders of the Sixth Na¬
Philadelphia, Pa., plans to increase the cap¬
recent meeting of the
representatives of the purchasers added.
more
Vice-President of the North¬
Chicago, May 18th, assumed his duties
in charge of the bond department this week.
Mr. Bacon
served
for ten years with the
Chicago Trust Company,
W. T. Bacon, who was elected
Trust Company,
ern
Chicago, the last four years having been Vice-President of
the
company.
>:
\
■/'
.*
The
Capital National Bank of Lansing, Mich., has in¬
# creased its capital, effective June 1, from $100,000 to $300,000.
With its increased capital the institution has a sur¬
of
plus
$100,000 and undivided profits of $105,000.
stock
new
increase
was
the
sold
capital
were
$100 per share.
The plans to
ratified by the stockholders on
on
June
1
The
June 1
on
Twin
as
of the Twin
City
dent;
As
W.
State
of
Its
St.
of
on
Waldorf and
A.
Paul,
1
June
J.
Minn.,
under
began
the
name
capital of $200,L. C. Simons, presi¬
with
a
Reeves,
vice-presidents;
Ward, cashier, and M. V. Mullen, assistant cashier.
indicated
president of
become
succeeded
as
resume
above, Theodore G.
the
first
Company" ^of
Smith has resigned
International Trust Company
of
as
Denver
vice-president of the Central Union Trust
York.
John Evans, whom Mr. Smith
president of the Denver institution last year,
Smith's with¬
New
the duties of president with Mr.
drawal effective July 1.
the
Bank
bank
Cities National Bank,
W.
June 1, 1919.
this year were $5,366,000.
national
a
on
The officers of the institution are
000.
to
of
deposits
reported
$4,611,000, comparing with $3,049,000
assets
The
at par,
The bank
6.
February
will
tional Bank of
Vice-President of the Depositors State bank, who
a director of the Stockmen's Trust and
Savings
The board of directors will be increased and two
becomes
F. R.
Board.
meeting on June 11 the
National
of that institution. Mr.
Harmon has retired in order that he may give his large
outside interests closer attention.
E. J. A. Gold, for several
business
issue of March 6.
Co., packers, and
Wilson, president of Wilson &
E.
President.
June 16 elected a Director
Trust Company to fill a vacancy on the
Mr. Fosburgh is the senior member of the firm of
James B. A. Fosburgh was on
of the Metropolitan
A
Thomas
There will be
no
other changes in
personnel of the International Trust Co.
At
of the stockholders of the Northwestern
Louis, Mo., on May 18, 1920, it was voted to
meeting
a
of
Bank
St.
The reorganized institu¬
reorganize as a Trust Company.
he
will
tion
known
as
Company,
the Northwestern Trust
capital of $500,000 and a surplus of $300,000.
The
institution will conduct a real estate, bond and trust busi¬
with
a
banking business as heretofore.
in addition to a general
ness
August H. Hoffmann will be President; August Fick, Vicepresident, and J. F. Obernier, Secretary and Treasurer.
The change is expected to become effective July 2.
of the American
Wilson of Chicago, Stewart
Beckley of Dallas, President of the American Institute
Banking, and Dr. Samuel Callen of Louisville, will be
of
speakers at the Illinois Bankers' Associations annual con¬
vention
at
Galesburg, June 21 and 23.
Maj. Lynn G.
Adams, Superintendent of the Pennsylvania state police, will
talk
"The
on
Wave
of
Crime,
Its
Prevention
Cure."
and
Douglas Malloch will speak at the association dinner.
number of businesses of this description, with most
lucrative results to their own shareholders, but he declared
they had steadfastly set themselves against such a policy.
Lord Hindlip announced that the corporation had doubled
its
profits
The Banque
block
the
lied
with
under
and
the
Virginia, al¬
management as the Ameri¬
city, has recently opened the
building adjoining the bank for business.
In February, 1920, the American Trust Company increased
its capital from $100,000 to $1,000,000.
The erection of a
new building was made necessary by an unusually large in¬
National
can
of its
doors
crease
Bank
of
said
he
and
of 10 per
dividend
Industrielle de Chine of Paris has purchased
Haussman from Rue Caumartin
Boulevard
on
and between Grande Magazine du Prin-
Rue Magador,
growing clientele in the establishment of nu¬
With this important addition to its
of its
ments
branches.
new
merous
holdings, the bank's real properties now easily exceed fcs.
The development of this bank is evidenced in
deposits on May 20 exceeded fcs. 800,000,-
60,000,000.
the fact that its
000; its portfolio went from 65 to over
the next balance sheet is boun^l to
important progress of the institution since last Decem¬
ber.
that
'
new
ENGLISH
June 12.
London,
involving two Charleston, West Virginia, banks,
Mechanics Bank (capital, $25,the Farmers and Miners Bank (capital, $50,-
000), and
000), was ratified by the stockholders of both institutions
on
May 8, and became effective May 16.
The resultant
institution
with
is known
as
the
Merchants & Mechanics Bank,
capital of $100,000.
a
chants & Mechanics Bank
The stockholders of the Mer¬
on
May 7 authorized
an
CABLE.
reported by cable, have been as follows the past week:
is
June 14. June 15
Sat.
Week ending June 18—
the Merchants &
MARKET—PER
FINANCIAL
closing quotations for securities, &e., at London
The daily
d..
Silver, per oz....
A merger
250 million francs, and
show the considerable
same
in the business of the company.
namely,
proposed to pay a
directors
the
cent on the ordinary shares.
temps and the Galleries Lafayette.
The enlargement of
the main office of this bank is necessary to meet the require¬
and
The American Trust Company of Richmond,
Foreign & Colonial Corp. could have floated a
British
the
large
to
Richard S. Hawes of St. Louis, President
Bankers' Association; Thomas E.
D.
(Vol. 110
THE CHRONICLE
2513
Mon.
cn\A
4444
Tues.
.
June 16. June 17. June 18
Wed.
Thurs.
44%
48%
Fri.
48%
104s .2d. 104s.4d. 104s.4d. 104s .2d. 103s.6d. 103s.2d.
Gold per fine oz
47%
47
47%
84%
85
85%
77
Holiday 47%
Consols, 2% per cents.
British, 5 per cents....'..-.,. Holiday 84%
British, 4% per cents
Holiday 77%
French Rentes (in Paris).. fr
59.80
FrenchWarLoan(inParis),. fr
..88.10
77
77
47%
85%
76%
59.35
58.25
57.80
57.75
88.10
88.10
88.15
88.15
price of silver in New York on the same days has
The
been:
YY:Y
.+'1"
90
Silver in N. Y., per oz.. „.cts
80
82
85
99%
99%
increase
of $75,000 in the bank's
to
capital, thereby raising the amount
The consolidated institution is located in the
$100,000.
offices of the Farmers & Miners Bank at 117 State
Street.
The officers of the enlarged bank are S. A. Lewis, President;
P. P. Wilson, Cashier, and W. Z. Rollins, Assistant Cashier.
CANADIAN BANK CLEARINGS.—The clearings for the
the same week in 1917,
of
j;,: vV;.;A:
23.4%.
Week ending June 10.
The First National Bank of
Bristol, Tenn., has increased
capital from $150,000 to $250,000. The additional stock
was authorized by the stockholders on April 2, and it be¬
came effective on June 1.
The selling price of the new stock
was $200 per $100 share.
ending June 13 at Canadian cities, in comparison with
show an increase in the aggregate
week
Clearings at
its
%
Canada-
157,479,283
130,174,577
50,878,431
18,602,977
11,979,900
9,033,106
7.736,280
8,669,464
4,275,870
4,844,291
8,358,568
2,400,000
6,347,789
4,789,927
Montreal
Toronto
Vancouver....,
Application has been made to the Comptroller of the Cur¬
for a charter for the Commercial National Bank, of
Alameda, Cal., with a capital of $100,000.
Ottawa
Quebec
Halifax
Hamilton.
St. John
London-
F.
C.
Harding, New York agent
American Bank, Limited, received
for the Anglo-South
a cable dispatch from
the bank's head office in
London, this week, announcing the
election of three new directors to the board.
They are
Alfred G. Gumpert, Sir Clarendon Golding Hyde and Wil¬
liam
H.
Hollis.
These
men
have
been
closely
connected
with the business development of South America, where the
bank
maintains
23
branches
in
Argentine, Chile, Uruguay
and Peru.
Mr. Gumpert, who has been connected with the
Anglo-South American Bank for some time, has spent close
to 30 years in Latin
ish
America.
He is
a
director of the Brit¬
Overseas Bank,
Ltd.; also of the Trust & Agency Co.,
Ltd., of Australasia; the Commercial Bank of Spanish
America, Ltd., and of the London & South American In¬
vestment Trust,
the firm
in
the
were
of
Sir Clarendon Hyde is
Son, Ltd., who are
Ltd.
S. Pearson &
construction
works
of
the
Port
of
a
Calgary.
Victoria-
Edmondson.
Regina.
921,882
2,496,215
1,900,812
881,567
Brandon
Saskatoon
Moose Jaw
Lethridge.
1,787,699
1,061,242
846,525
Brantford
Fort William....
New Westminster
Medicine Hat—
Kitchener—
453,128
1,205,727
1,399,516
1,876,504
Windsor
Peterborough.—
Sherbrooke.—
9.9
143,368,339
100,023.004
39,648,613
11,450.024
11,136,730
5,493,270
30.1
28.3
62.4
7.6
64.4
32.7
5.830,595
42.6
5,006,600
2,342,800
2,658,600
5.666.661
1,981,495
2,081,978
3,242,373
508,463
1,740,657
1,374,274
689,834
880,238
617,738
465,634
1.2
581.574
48.0
39.6
28.6
0.7
63.7
19.1
33.2
22.9
22.7
696,399
26.6
1,107,745
61.5
24.7
801,038
593,893
458,634
1,831,766
1.011.850
45.0
679,547
38.3
689,086
61.7
43.3
812,868
1,022,718
325,000
23.4
270,323,180
3,794,209
101.4
536,216
Total Canada-
101,399,744
72,817,222
43,697,731
11.042,788
I
8,667,314
4,537,726
4,787,517
€
37.8
6,293,025
2,889,669
3,471,162
6,500,000
2,416,804
3,877,380
4,021,243
693,538
2.031.849
1,549,220
1,160,893
1,884,215
374,569
Prince Albert—.
444,731,705
359,666,017 +
86,702,832
59,138,786
48,964,813
8 436.610
7,864,126
4,817,425
3,110,977
5.082,408
1,991,618
2,147,779
6,474,419
1,638,134
2,769,894
3,361,960
390,603
1,862,504
1,066,364
791,985
756,807
640,858
297,535
404,296
650,049
560,414
572,704
250,495,900
partner in
engaged
Valparaiso, and
recently purchasers of the Chilean Electric Tramway
Bank, Limited.
GOLD
AND
MARKETS.
SILVER
weekly circular of
Samuel Montagu & Co. of London, written under date of
June 3, 1920:
We
reprint
the
following
the
from
GOLD.
eral
Manager and a director of the British Bank of South
America, Ltd., which recently merged with the Anglo-South
ENGLISH
THE
now
& Light Co., Ltd., of Santiago.
He has long had wide in¬
terests in South and Central America.
Mr. Hollis is Gen¬
American
1917.
1918.
or
Dec.
Winnipeg
rency
Inc.
1919.
1920.
a
The Bank of England gold reserve against Its note issue is £113,920,690,
substantial increase of £1,926,315 as compared with last week s return.
A
for
amount of
fair
India
and
gold came into the market this week and
South
was taken
America,
SILVER.
According to cable advices from London the annual
gen¬
eral
meeting of the shareholders of the British Foreign &
Colonial Corporation was held June 4th.
Lord Hindlip,
who presided, said that it had become more and more evi¬
dent that no country, however great its
capital or natural
resources, could render itself an isolated unit immune from
world economic conditions.
As regards the home position
he saw little to justify the assumption that the cost of
living would be materially reduced for some time to come,
as
he thought we had probably not
yet fully traversed
the circle of rising wage demands.
Although one might
not
agree with all the actions and methods of the Chan¬
cellor of the Exchequer, Lord
Hindlip said he believed Mr.
Chamberlain
new
issues
was
of
undoubtedly correct in condemning such
capital as represented merely the transfer
from private owners to the
public, at vastly inflated prices,
of
undertakings, without such capital resulting in the in¬
creased production
desired
to
adopt
of necessities.
a
He stated that had
get-rich-quick policy,
they
the directors of
The rally last week in China exchange proved to be but temporary,
support from that quarter has only been at falling rates, and even then
somewhat of a
reluctant character.
As India is still refraining from
purchases, the market does not possess much animation, a state of affairs
not
improved by sales from America, where the quotation has dipped
below a dollar
the ounce.
Even if fresh American produced
suppUes
(over 60,000,000 ounces per annum are absorbed by the U. S. Mint, Hie
for silver is not good, for melted coin forrealization is arriving
likely to arrive from the Continent In substantial quantitiesthat
is to sav,
the Continent, which was a continual buyer of considerable
amounts before the war, is now a seller on balance to a very appra^ble
outlook
and
The
extent.
drastic
requirements
of
the
TJ.
S.
Mint
for certificates
U. S. origin and refining of the bare
may cause a good deal
though actually suitable, to be excluded from purchase because
the owners cannot definitely verify the contents.
In view of the great absorption of silver in India and the small pro¬
duction in that country
(given by the Director of the U. S. Mint as
270,000 ounces in 1918) the recent discovery of a silver lode near Hie
Tata
Iron rnd Steel Company's works in Bengal is of interest.
The
reef is seven feet thick and has been uncovered to a length of 1000 feet
and a depth of 70 feet.
The assay averages 200 ounces of silver per
ton, together with some gold.
The first bars from the mine were ex¬
acted in Calcutta at the end of last month.
The Times of India states
as
to
the
of metal,
SStte pmmc?ofiilvir
and gold in the
transition rocks of South Bihar
these metals have not
Bengal has long been recognized, but hitherto
found in remunerative quantities.
The exports of bar silver from
San Francisco
March amounted to 8,269,686 ounces.
and
been
,
.
.
during the month of
June 19 1920.]
•
THE CHRONICLE
lacs
in
Silver
of
and
coin
coin
bullion
in
bullion
and
and
bullion
16991
3920
3987
4436
100
Indiain
out
4357
India..
149
India
of
2491
5977
amounted
Securities
(Indian
Government)
2377
Securities (British Government)
,...
6127
The
coinage during the week ending 22nd inst.
of
rupees.
The stock
Shanghai on the 29th ultimo consisted of about
in
May 22.
May 15.
16930
....
.
of
May 7.
rupees.)
circulation
coin
Gold
Gold
RETURNS.
CURRENCY
INDIAN
(In
Notes
16729
•
4028
4349
1142
2833
5377
37 lacs
to
38,150,000
27,000,000 dollars, and 40 lacs of silver bars and U.| S.
dollars, as compared with about 40,330,000 ounces in sycee, 30,000,000
dollars, and 35 lacs of silver bars and U. S. dollars on the 22nd May, 1920.
The Shanghai exchange is quoted at 5s. 7d. the tael.
Statistics for the month of May are appended'.
in
ounces
Highest
Lowest
sycee,
Highest price for 2 mos.. 64d.
Lowest price for 2 mos... 57%d.
Average price for 2 mos.. 59.3d.
—Bar Silver per Oz. Std.—
Gold per
Cash.
2 mos.
Oz. Fine.
57%d.
57%d.
105s. 8d.
for cash.... 65Vzd.
for cash.... 57%d.
for cash.... 60.Old.
price
price
Average
price
Quotations—
May 28
29
May 31
June 1
57$d.
June
June
3
Average
W
silver
The
• •
57%d.
57%d.
57<L
56%d.
2
57&d.
57%d.
57%d.
May
57d.
56%d.
106s.
3d.
106s.
3d.
104s. lOd.
105s.
105s.7.2d.
57.438d.
57.437d.
to-day for cash and forward delivery are respect¬
below those fixed a week ago.
audIHiscellatie0US|§teHJ$
Commercial
NATIONAL BANKS.—The following
information regard¬
the Comptroller of
ing national banks is from the office of
the Currency, Treasury Department:
CHARTERS
ISSUED
Capital
Conversions of State Banks and Trust Companies:
The Farmers and Merchants National Bank of
$25,000
Lompoc, Cal
Conversion of The Farmers and Merchants Savings Bank
SB|
of Lompoc
President, James Sloan: Cashier, W. C. Blsslnger.
The! First National Bank in Barnum, Minn.
Conversion of The State Bank of Barnum.
President, R. W. Barstow; Cashier, F. E. Bauer.
Original organizations:
25.000
r
The National Bank of Long Beach, N.
Y
25,000
—
^-President, H. G. Heyson.
i*'President, James A. McClain: Cashier, Fred. B. Buck.
The First National Bank of Clatakanle, Oregon
President, Norman Merrill: Cashier. Harold B.
The Citizens National Bank of
50,000
O. Elmora), Pa
The First National Bank of Bakerton, (P.
Ridgewood, N
President, W. J. Fullerton: Cashier. F. Z.
The South Side National Bank of Butler. Pa
25,000
—
Hager.
J——...
Total
100,000,
$350,000
......
CAPITAL
STOCK INCREASED
When
Increased
Amount of
Cap
'
-.
'
'
City National Bank of
of
of
The First National Bank of
The First National Bank of
The First National Bank of
The First National Bank of
The First National Bank
The First National Bank
Increase
.
,
.
The
100,000
—
Board.
John E. Allen.
President, Frank E. Troutman: Cashier,
5500.000
Dallas, Texas ...—
Marion. N. C
Massena, N. Y
—.
Montebello, Cal.........
Seymour, Wis
$1,500,000
50,000
25,000
15,000
30,000
25,000
100,000
100,000
60,000
40,000
60,000
125,000
200,000
100,000
10,000
75,000
500,000
—
The England National
The Farmers National
50,000
100,000
'
$1,130,000
Total
The Harrisburg
.
$50,000
Saegertown
25,000
—
**Correspondent: Roy S. Peters.
Conversion of State Banks and Trust Companies:
The Metropolitan National Bank, Seattle, Washington
Metropolitan Bank of Seattle.
Correspondent, J. T. McVay, V.P., Metropolitan
300,000
Conversion of The
ment
mutual
Bank, Seattle.
$375,000
VOLUNTARY LIQUIDATION
National Nank of Dallas, Texas, Capital $500,000.
BiTo take effect May 11, 1920.
Assets purchased by the City.
National Bank of Dallas, Texas.
Liability for circulation assumed
under Section
S
The Security National Bank of Los Angeles, Cal.
Capital $600,000.
To take effect May 15, 1920.
Liquidating Committee: The Board of
of The Security National Bank of Los Angeles, Cal.
Assets purchased
Security Trust & Savings Bank, Los Angeles, Cal,
Directors
by the
APPOINTMENTS TO INTER-STATE
MERCE COMMISSION.
COM¬
the nominations
to the Inter-State Commission made by President Wilson
more than a month ago, the President on June 6 made re¬
cess appointments of the nominees.
They are Henry Jones
Ford, of New Jersey; Mark W. Potter, of New York, and
James
Duncan,
of Massachusetts.
The nominations of
Messrs. Ford and Duncan were sent to the Senate by the
President on April 30, and reference thereto was made in
these columns May 1, page 1818.
Mr. Potter's name was
sent to the Senate on May 6, as noted in our issue of May
8, page 1937.
These three appointments bring the Commis¬
sion up to its newly authorized strength of eleven members.
of the Senate to act on
HARRISON ON INVESTMENT
BANKS IN NATIONAL EQUIPMENT
article entitled,
" Will Savings
BY SAVINGS
BONDS.
Banks Invest in New
Equipment Bonds?" written by Milton Harrison,
Executive Manager of the Savings Banks' Association of the
State of New York, appears in the June 11 bulletin of that
issociation.
In introducing his subject Mr. Harrison refers
National
of S. Davies Warfield, President of the National Association of the Owners
)f Railroad Securities, the conferees having in charge the
Sundry Civil Appropriation bill, added an amendment there¬
to in the closing hours of Congress amending Section 210
to the fact that
through the timely efforts
combine
such
states
their
forces
to
sav¬
bring
amendment to the State law permitting investment
equipment bonds."
The provisions of the laws of Con¬
necticut, New Hampshire, Ohio, Maryland and Rhode Island
governing investment in equipment securities are dealt with
by Mr. Harrison, and among other things he says:
Judging from the nature of the equipment bonds of the National Rail¬
Service Corporation, which will likely De the title of the corpora¬
proposed by Mr. Warfield, savings banks of the country ought to find
in them a safe means of investing their funds.
Although such bonds may
not
be
considered
as
actual
instrumentalities
of
the
government,
they
would,
nevertheless,
be
quasi
government
obligations.
The
contingent
fund of the corporation provided to be created under the Transportation
Act of 1920, from roads whose earnings are in excess of 6% of their fair
value in the aggregate, would, under the plan set forth by the National
Association of Owners of Railroad securities, be loaned to the corporation
by the Interstate Commerce Commission on collateral.
It would be used
to purchase any of its securities, notes or certificates, or such other evi¬
dences of debt as might be issued thereby.
Before this contingent fund is available and in order to acquire cash
capital or credit for the National Railway Service Corporation, the com¬
mission may now lend to it, as its agency, the amount from the revolving
fund which the commission may deem necessary to provide credit to the
corporation—for fulfilling the requirements of such equipment trust or
other
obligations as the corporation may issue.
Thus the corporation
would become an agency of governmental body and the commission would
have the supervision of the Interstate Commerce Commission, which will
assist in directing its operations.
.
The corporation will issue its equipment trust notes,
bonds or other
equipment obligations, secured by the equipment purchased vnth the pro¬
ceeds thereof, and further secured by the deposit with the trustee of the
equipment trust of additional collateral in the agreements of each rail¬
road that will lease equipments from the corporation under terms cover¬
ing annual interest and principal instalments agreed to be paid to each
railroad.
The notes held
by the National Corporation representing the
cash margin supplied by the Interstate Commerce Commission to the cor¬
poration, will be deferred to those sold to the public.
It is thus planned to have the Interstate Commerce Commission lend
to the corporation an adequate percentage of the principal amount of the
cost of the equipment as
a margin in the sale df the equipment obligations.
The corporation may require any railroad which desires to
participate in
the equipment so purchased, to pay an amount to the corporation greater
than the margin named either as a percentage of depreciation on cost
price
of the equipment or the participating railroad may deposit with the corpora¬
tion such collateral as may be determined upon.
This collateral would be
returned to the road when the payment made by the latter to the
corpora¬
tion for account of equipment leased by the
railroad, reaches an amount
entitling it, in the judgment of the trustees, to receive back the collateral
so deposited.
way
The
obligations
a
National Corporation will prove attractive
of bankers.
The amount of money probably
equipment obligations of the National Railway
Service Corporation (assuming that all the state laws have been amended
in the necessary manner) by savings banks of all states where there are
such institutions is approximately $75,000,000.
investments
in
available for
of
such
opinion
the
investment
in
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:
Stocks
Per cent Shares
220 48th Street
Warehouse..$50 lot
100 Atlanta&Char.AirL.Ry.
168 Security Bank (in liquida¬
131)*
tion) $10 per sh. paid.
5,000 Caro. Clinchfleld & O.
$281 lot
$8 persh
Ry., com
cent
Corp., pref312)* Liberty
Farms
pref,
250 Liberty
Farms
$55persh.
Corp.,
$1,000
Corp.,
lot
Per cent
com.
& Navy Co-op.$1)*
Co., $10 each..
per sh.
10 Battery Farms Co
$2 lot
363 Electric Carrier.
$260 lot
Gold
per
$100 lot
317 Butterworth-Judson
Bonds
$10 lot
$43 lot $5,000 Bklyn, City & Newtown
260 Middleburg Mills, pref ($10,000
33 Middleburg Mills, com <
lot
425 Hedley
Stocks
1,710 Atlan. Coast Elec. Ry....
500 Quaker Hill Gold Mines,
Mg.,
$10
R.R. cons. 1st 5s, 1939.
July 1919 coupons on.
7,200 Certf. of partlc. Metro.
Trust
5 Tuxedo School
Co.
in
20
Assets
Liquidation Co. loan,
series,"B"
15,000 marks City of Munich
$900 lot
each—
4% bonds—
$13 lot
$28 per
„l,000m'ks
$1 per sh.
By Messrs. R. L. Day & Co., Boston:
Stocks
$ per sh. Shares
Nat.
Bank,
New-
buryport
5 Powow Riv. Nat. Bank,
216
.....
ver
sh.
90
83 Hobbs Mfg., Worcester,
13 Pepperell Mfg..„
100 Aetna Mills, com
5 Nashua & Lowell R. R.
$
Rubber
Wks., pref
120
260
20 Lanett Cotton Mills
Stocks
60 Monatlquot
110
Amesbury
10 Kilburn Mills
p.ef.
28 Draper
40
Corporation,
ex-
div.
293 M
8 Hood Rubber, pref
Bonds
135
113?* $2,000 Canada Copper conv. 6s,
1928
131 %
98
Per cent
70
By Messrs. Wise, Hobbs & Arnold, Boston:
Shares
Stocks
$ per sh. .Shares
12 Ailington Mills
96
5 Fairhaven Mills, com....
100 U. S. Worsted, com
rect., full pd
20 Commonwealth
204 X
5)*
8 U. S. Worsted, 1st pref.
1 Manomet
Mills,
sub.
80
110
Gas
Stocks
148 Mass. Elec. Cos., pref
6 Plymouth Cordage..
9 per sh.
7
215)*
75 Draper Corp., ex-div—130-130)*
10 A. L. Sayies & Sons, com
27)*
2 Boston Wharf_
80
6 U. S. Envelope, pref
90)*
&
73
Elec., pref
By Messrs. Barnes & Lofland, Philadelphia:
Shares
An
adds " it is desirable that
of
about
2 1st
MILTON
these cases, he
in
Shares
With the failure
states
located
are
..
TJ S
RECESS
In
banks
50 Army
The Tenison
'
banks
Mr. Har¬
all
permit invest¬
by such institutions in equipment obligations of rail¬
roads."
ings
savings
pref.
1,000 Oklahoma Oil
Total
5223
where
Shares
^
National Bank, Harrisburg, Oregon-
Correspondent: J. R. Cartwright, Harrisburg, Oregon.
The First National Bank of Saegertown. Pa. (Succeeds The
Bank)
chase of equipment to be leased to the railroads.
rison points out that "at the present time not
By Messrs. Adrian H. Muller & Sons, New York:
APPLICATIONS FOR CHARTER
Original organizations:
Transportation Act of 1920 to permit of loans from
$300,000,000 revolving funds to be made by the Com¬
mission directly to a National Corporation for the pur¬
300,000
200,000
Lebanon, Pa...."
Klamath Falls, OreBank of Little Rock, Ark
Bank of Wakefield, Neb
First National Bank of Hayward, Cal
The Second National Bank of Erie, Pa
the
the
tion
quotations
ively 2%d. and 2^d.
2543
$ per sh. Shares
Stocks
2 Tradesmens Nat. Bank..
245
2 Manayunk Nat. Bank—
406
1 Guarantee Trust & S. D.
125
2 Continental-Equitable
107
Trust, $50 each
2 Central
Trust
&
Sav.,
87 H
$50 each
6 Wayne Title & Trust...
1 Wm. J. McCahan Sugar
$ per sh.
each, trust rect
75
8 Fidelity Trust
460
12 Automatic Clerk, pref....
120 Automatic Clerk, com..
100 MontanaTonopah Mg.
20
RiversideTraction.com.
Bonds
65 Glrard Nat. Bank
400
10 Northern Nat. Bank
8 Nat. Bank of Commerce
to
subscribe
to
SIxthNat.Bank@$150
25 Farmers
Bank
&
Mech.
Nat.
(liquidation div.
July, 1919, paid)—
$3 lot
9c
16
Per cent
$1,000 Harwood Electric 6a
180
30 rights
$3 lot
100
510
Refg
Stocks
10 Pennsylvania Bank, $50
128
80
1,000 Phil. Suburban Electric
62 H
4,000 Ann Arbor
R."r7,
2 year
notes. 6%, 1921
28)* 48,000 Phil. Vitrified Brick 1st
6s, 1937. Sept., 1919,
coupons on
75
$500 lot
(VOL. 110
THE CHRONICLE
2544
Per
When
Books Closed.
Cent.
Name of Company.
Payablei
Days Inclusive.
DIVIDENDS.
The following
shows all the
dividends announced for the
by large or important corporations:^
Dividends announced this week are printed in
(Continued)
Banks
City, National
italics.
Name of
Alabama Great Southern,
Preferred
—-
—
ordinary
Holders of rec. May 20
Aug. 20
Holders of rec. July
$ 175
Atlanta A West Point
Holders of
1
4X
July
1
„
(qu.)
Topeka A Santa Fe, pref
Aug.
Holders of rec. June 30a
2
3X
Atlantic Coast Line RR., common
(quar.)
Boston A Albany (quar.)....,
Boston A Maine, 1st pref.. Class A
First preferred, Class B.—..
Second preferred. Class C■——
Second preferred, Class D
.
Second preferred, Class E
Buffalo A Susquehanna, com.
July
10
50c.
July
1
2X
June 30
2
July
3.20
July
2.80
July
July
4
1.80
July
Canadan Southern..
(quar.)
R.Il. of N. J. {quar.)
Canadian Pacific, common
Pacific 7% pref..
Preferred.... ——...
Chic. St. Paul Minn. & Omaha, common
3X
Six per cent
Preferred
St. Louis, pref (quar)
1st preferred
Cub* RR., preferred
tDclaware & Hudson Co. (quar.)
Detroit Hillsdale A Southwestern
Detroit A Mackinac, pref
Detroit River Tunnel...——
Georgia RR.A Banking {quar)
Great Northern {quar.)
Hocking Valley Railway
—
Cleve. Cln. Chic. &
Colorado A Southern.
(quar.)
N. J. (quar.)
Kanawha & Michigan
Lackawanna RR. of
tLehigh Valley, common
Preferred
(quar.)
JolielA Chicago
Kansas City
(quar.)
Aug.
2>i
2
———
York Central RR. (quar.).......
& Harlem, com. A pref
N Y. Lackawanna A Western (quar.).
Norfolk A Western, com. (quar.)
Northern RR. ofN. H. {quar.).
Northern Pacific {quar.)-~
Northern Securities
Norwich & Worcester, pref. (quar.)
Philadelphia & Trenton {quar.)
Pitts. Ft. Wayne A Chic., com. (quar.).
Preferred
(quar.)..
PIttsb. McKeesport A Youghioglieny...
New York
2d pref. (quar.)—
Saratoga
Rome A Clinton.
..—
—
Southern Pacific Co. (quar.)....
Southern Railway, preferred
—
St. Louis & San Francisco
K.C.Ft. S.AM. pf. tr. ctfs. {qu.)....
Union Pacific, common (quar.)
United N. J. RR.A Canal Cos. {quar.)
Valley RR. (N. Y.)
Western R.R. of Alabama
June
July
2
July
60c.
and Electric Railways.
Ashevllle Pow. A Light, pref. (quar.)—.
Street
Boston
Electric, pref. (quar.)....
Elevated Ry., common
(quar.).
Preferred
pref. {quar.) ..
Capital Traction, Wash., D. C. (quar.).
Carolina Power A Light, pref. (quar.)..
Cln.A Hamilton Tract., com. {qu.)
Brazilian Tr. Lt.A Pow.,
Preferred {quar.)..
Cincinnati Street Ry. {quar.)
——-
(quar.)
Columbus Electric Co., pref............
Consolidated Traction of N. J
....
Cleveland Ry.
Railway, Pblla..
Duluth,Superior Traction, pref. (quar.)
Eastern Texas Electric Co., com. (quar.)
Continental Passenger
Preferred
———
Southwark Pass. Ry. (quar.).
pref. {quar.)
Iowa Ry.A Light, pref. {quar.). ........
Manhattan Bridge Three,cent Line {qu.) .
Manila Elec. RR. A Ltg. Corp. (quar.).
Montreal Tramways (accc. accuru. divs)
Northern Ohio Tr.ALl., pref. {qu.)
Ottawa Traction (quar.)
New England Invest. A Sec., pref.
Pacific Gas A Electric, com. {quar.)
Porto Rico Rys. {quar.)I
Frank. A
Illinois Traction,
Preferred (quar.) ....
public Service Corp. of N.
Preferred {quar.)
Reading Traction.
*1X
IX
Springfield (Mo.) Ry. A Lt.,pref. (quar.)
Trl-City Ry. A Lt., pref. (quar.)
Twin City R. T., Mlnneap., prel. (qu.)
(Philadelphia)
Yadkin River Power,
preferred (quar.).
1
1
June 30
to
1
1
June 28
1
1
July
1
July
IX
July
1
June
30
2
.June 30
1
1
3
July
July
1
IX
July
1
15
June 30
to
to
June 30
June.20
June"l7
to
June 30
to
June 30
Holdere of rec. June
Holders of rec. June 30a
Holders of rec. May 29a
1
Holders of rec. June 16a
Holders of rec. June 16a
Holdere of rec. June
Holders of rec. June 20
Holders of
rec.
June 19a
Holdere of rec. June 21a
Holders of rec. June
18
Holders of rec. June 10a
Holders of rec. June 15
Holders of rec.
June 26
Holders of rec. June 30a
June 16
to
July
1
June 16
to
July
1
25a
June 21a
Holders of rec. June
Holders of rec.
"Holders of rec. June
21
"Holders of rec. June
Holders of rec. June
15a
Holders of rec.
Holders of rec.
Holders of rec.
1
1
Holders of rec.
July
15
Holders of rec.
July
July
2
1
la
Holders of rec. June 15a
1
Holders of rec.
Holders of rec.
1 "June >i2
to
June 24
to
June 30
Holdere of rec.
1
Holders of rec.
July
12a
Holders of rec. June 15
July
IX
July
$1.50 July
July
IX
July
IX
17
Holders of rec. June 15a
15
2
2
N. J.
United Light A Railways, 1st pref. (qu.)
IX
Washington Wat. Pow., Spokane(quar.)
*$2
West End St. Ry.-, Boston, pref
IX
West India Electric Co., {quar.)
$1
Wisconsin Edison Co
United Electric of
July
to
June 20
June 30
IX
4a
Holders oi rec. June 15
1
1
1
July
Banks.
3
America, Bank of.~.
3
Park National
3
Extra..
Butchers A Drovers,
National.
Colonial {guar.)
July
July
July
87^C. July
3
July
June
16
to
1
June
16
to
July
1
Holdere of
.June 30
Holders of rec. June 20
rec.
July | 1
July
l
Junejl5a
Holders of rec.
June
June
30
June 20
Junel30
June
80
Holders of
5
June 30
to
19
rec.
June 29
Junel22
July
6
Holders of rec.
Junel22
25
......
Holders of rec.
e20
stock)
States
July
1
Holders of
rec. June
18a
Fire Insurance
$2.50
July
Holders of rec. June 28
July
15
Holders of rec. June 28
Miscellaneous,
pref. {quar.).....
Alabama Company, com
—
First and second pref.
{quar.).........
Shoe A Fdy., com.
(quar.)
la
June 15a
June 19
June 15a
June 9a
June 30a
June 15a
June 25
July
1
July 2
Juned21a
«mne 15
Radiator, common (quar.)...
Rolling Mill, com. (quar.)
Preferred (quar.)—
.......
American Seeding Machine com. {guar.)..
American
{extra)........
Preferred {quar.)
—
Sec., pref. A
Amer. Smelters
(quar.)
—
—
American Steel Foundries, com. (quar.).
Prel erred
(quar.).——————
preferred (quar )
Refineries, pref. {qu.)
1
Holders of rec.
1
Holders of rec.
1
1
1
Holders of rec.
Holders of rec.
Holders of rec.
June
June
June
June
June
21
17
17
28
19a
...
accumulated dividends).
Wholesale Corp., pref. (quar.)..
Wind. Glass Mach., com. (quar.)
{account
(quar.). — — -—
—-
A pref. (quar.)...-
Amer.
Woolen, com.
Apsley
Rubber, preferred
Natural Gas, common (Quar.)
Arkansas
Preferrcd( quar.) (No. D—Armour A Co., preferred (quar.) — ....
Associated Oil (quar.)—
Co. (quar )
W. I. SS Lines, com..
Nichols A Co.. pref. {quar.)
Atlantic Coast
Atlantic Gulf A
Austin,
Baldwin
Barnet
Locomotive Wks., com. A
Tube, prel. <«^>---
pref.
Leather,
preferred (quar.)
A Spindler
second pref. {quar.)..
Barnhart Bros.
First
and
rec,
June
10
Holders of rec. June 30
5
July
1
Holders of
1
Holders of rec. June 15a
IX
July
1
Aug. 15
July
15
Holders of
rec.
rec.
June 21a
July
31a
Holders of rec. June 30a
$1.00 July
Holders of
July
IX
$1.50 July
75c. July
July
IX
•>une
19
Holders of rec,
June
19
Holders of
June 30
rec.
rec.
|
Holdere of rec.
June
15a
Holders of rec.
June
12a
Holdere of rec.
June
15a
July
Holders of rec.
July
IX
June 30
Holders of
rec.
June
15a
June 30
Holdere of
rec.
June
15a
July
Holders of rec.
June
16a
July
July
Holdere of rec.
June
15a
Holders of rec.
June
15a
IX
July
Holdere of rec. June
IX
July
Holders of rec. June
15a
2
July
Holders of rec. June
19
IX
July
Holdere of
rec.
May 29a
Aug. 18
la
19
*1
Sept,
Holders of
rec.
2X
July
Holders of
rec.
June 18a
/2
July
Holders of
rec.
June 18a
IX
Aug.
Holders of
rec,
IX
July
Holders of rec. June
12a
IX
June 30
Holders of
14a
*2X Aug. 16* Holders
Holders
1
*1X July
IX
June 30
IX
June
IX
91
July
30
1
June 30
75c. July
15
rec.
July 15a
June
of rec. Aug. 2
of rec. June 23
Holders of rec. June 11a
Holders of rec. June
11a
Holdere of rec. June
15
June
22
to
June 30
Holders of rec. June 30
July
Holders of rec. June 30
IX
July
Holders of rec. June 30
1
July
Holders of
IX
rec.
June 30
July
Holders of rec. June 30
IX
July
June
16
to
June 24
IX
July
June
16
to
June 24
July
Holders of rec. June
July
75c. July
Holders of rec. June
11a
Holders of rec. July
Holders of rec. June
15a
-
IX
IX
$1
June
30
20
to
July
June 20
to
July
11a
la
July
July
June
July
July
Holdere of rec. June
Holders of rec. June
la
Oct.
Oct.
Holdere of rec. Sept.
Holders of rec. Sept.
la
3X
Sept
Holdere of rec. Aug,
IX
IX
(extra)
Tobacco, preferred..
American Surety {quar.)
American Telephone A Telegraph (quar.)
Amer. Tobacco, com. (In Class B com.).
Preferred (quar.)
—American Type Founders, com. {quar.) ..
Preferred {guar.)
----------
Preferred
14a
Holdere of
19
15
*/
American Sumatra
Amer.
June
IX
(quar.)
(quar.)
pref (qu)
second preferred
Amer
Sugar Refg., com A
Common (extra)
Amer.
rec.
X
American Stores, common
Pref.
Holders of
3
(quar.)
Preferred
Atlantic Sugar
1
IX
(quar.)—.
(quar.)
American Snuff, common
Common
July
June 19
IX
Amer.
Common and
June 25
3
(quar.)
(quar.)
Preferred {quar.)...
Locomotive, common (quar.).
Preferred (quar.)
American Public Service, pref. (quar.)..
First and
Holders of rec,
3
(quar.)
(quar.)
B
1
0
American
Preferred
June
July
June 21
July
(quar.)...
Amercian Chicle, pre*, (quar.)
Amercian Cigar, preferred (quar.).
American Exch. Securities Corp., class A
American Express (quar.)
American Gas {quar.).,—
America Gas A Electric, com. {qu.)
Com. {payable in com. stock)
preferred {guar.)
American Hide A Leather, pref. (quar.).
Amer. Internat. Corp. com.A pref.(qu.)
Amer
La France Fire Eng. Com, {quar.).
Common
Holders of rec,
IX
Bosch Magneto
Stock dividend
Preferred
Holders ol rec
50 July
Amalgamated Leather, com. {quar.)......
Preferred {guar.)
—
Amalgamated Oil (quar.)........
American Bank Note, pi el. tquar.)
American Beet Sugai, pref. (quar.)
Amei. Brake
Holders of rec
June 30
July
IX
Co., common (No. 1)...
(quar.)
Preferred
2
June 30
$1
Air Reduction {quar.)
A Ills-Chalmers
IX
IX
"50c. June 30*
(quar.).
Ahmeek Mining
Baltimore
Battery
1
8
E.tra {payable in
Preferred
la
June
July
*75c
June
July
July
June 30
4
American Car A Fdy., com.
"Holders of rec. June 15
June 30
$3
15a
Holdere of rec. June 21a
1
July
to
4
_
{guar.)
Peoples, Brooklyn {quar.)
Title Guarantee A Trust {guar.).........
American Can, preferred
Holdere of rec. June
IX
1
June
rec
Holders of rec. June 17
IX
2
10a
June 20 to June 30
1
July
IX
30
20
2
Amer.
Holders of rec. June 15
July
1
15a
July 11
Holders of rec. June
June 30
July
July
July 11
to
to
Holders of rec. June 21a
15
IX
1
June 20
10
July
h2H
June 11a
rec.
Holders of rec. June
1
1
IX
14a
June 25
July
July
$4.50 July
IX
July
la
15a
Holdere of rec. June
IX
July
July
June 22 to July 1
1
3
June
1
(quar.)
Holders of rec. June 15a
July
2
June 30
5
Holdere of rec. June 22a
July
1
la
9a
Holdere of
July
/
to
Holdere of rec. June 10a
IX
IX
2
July
June 30
2
Holdere of rec. June
July
$3
21
Holders of rec. June 18
IX
.—......
.
19
rec. June
June 30
Italian Discount A Trust
United
June 27 to July
Holders of
19a
July 19
2X
Lawyers' Title A Trust (quar.)
—
to
5
IX
rec.
Holders of rec. June
July
3
2X June 30
July
1
5
„
Advaiice-Rumely Cu.. preferred (quar.j.
July
10
July
1
June 27
June 21 a
ol
June 30
10
July
IX
Holders of rec. June 22
June 30
l"
Holders of rec. July 2
July
July
June 30
2X
Aeolian,Weber Piano APiauola, pf.(qu.)
Advance Candy Mlg. Corp., pf. (quar.)
Holders of
July
IX
IX
3X
J., com. {quar.)
—
19
June 30
IX
Holders of rec. June
16a
June 21a
Holders of reo. May 29a
July
3
—
Ridge Ave. Pass. Ry. Phtla. (qu.).--Becond A 3d Sta. Pass. Ry., Phila. (qu.)
Union Traction
2X
Holders of rec. June 19a
June 29
Aeolian Company, pref. (quar.)
Holdere of rec. June
July
July
Holders of rec. June 21a
June 29
15
Holders of rec. June
July
2X
June 19
4
Equitable {quari).............——
Fidelity {quar,)..................
July 19a
rec.
Holders of tec.
July
2X
July
to
Holdere of rec. June
June 30
1
June 30
rec.
June 30
rec.
Holdere of rec
July
2X
Holders of rec. June 21a
7a
June
29
July
IX
30
Abitibi Power A Paper,
Holder
July
3
June
Holders of rec. June 19
2
Continental..
Holders of rec.
IX
July
$1.50 July
4
Holders of rec. June 19a
Holders of rec. July
July
Rensselaer A
1
Holders of rec. June 15
July?
IX
Holders of
July
Holders of rec. June 15a
July
3
1
3
...
Extra
Fidelity-Phenix Fire.....~..........—
June 22
IX Aug.
2X
July 14
July 2a
to
1
"Holders of
15
July
IX
1*
2
'{quar.)..
Empire
Holders of rec. June 23a
July
IX
1
July
4
Metropolitan {quar.).......... .
2
Holders of rec. June 21a
July
5X
Central Union {quar.)..
Holdere of rec. Junefl2a
3
IX
Aug.
$2.50 July
IX
June 21
July
Columbia {quar.).
Holdere of rec. June! 12a
3
July
$1.75
Morris A Essex
New
rec.
5
New York
8a
Holders of rec. June
$1.25 July
Juiy
Holders of rec. June 18
Holders of rec. June 15a
Aug.
2
June 18a
*5
5
—
Brooklyn (quar
Mercantile
July
July
2
June 22a
June 30
Guaranty Trust (quar.)—..——
Hudson .................i........
Holdere of rec. June 11a
ix July
IX
July
$15
1
July
June 30
{quar.)..
Extra.
July 15
*3X Aug. 10 "Holders of
So
rec.
to
Fulton
la
Holders of rec.
2
$1
Central
----Birmingham, preferred
Bangor Ry. A
July
Holders of
Fidelity {quar.)—
June 30
to
Holders of rec. July
June 80
.
RR. A Coal
of]rec.
July
Holders of rec. June 21
Holdere of rec. June 14a
15
July
Holders
2X
June 20
Holders oi re<\ June 19a
6
June 30
IX
to
July-
June
Bankers {quar.).
Holders of rec. M*yu28a
1
1
16
ix
Aug.
June 26
6
Trust Companies.
Bankers
Holders of rec. June 30a
July
3
2
Holders of rec. June 30a
July
June
.
1
2a
June 20
July
3
Holders of rec. June 30a
July
5
National.
(quar,)..
1
July
Holders of rec. July
20
July
July
2X
Holders of rec. June 20
July
5
—
-
2a
July
Holders of rec. Aug.
June 21
*1
Nashville.....
Maine Central, com. {quar.)—Manhattan Ry. {quar.). .....—.....
Mahoning Coal RR., common..
Common (extra),...—........—
Reading Company,
July
to
to
Holders of rec. Aug.
June 30
1%
Southern, pref. {quar.)
Preferred-
IX
3
July
87 Xc
July
$1.26 July
Louisville A
Michigan
Mobile &
June 22
June 22
1
1
Aug. 20
Aug. 20
2
4a
Holders of rec. June 18a
July
2X
3 M
June 25
rec.
Holdere of rec. June 18a
15
15
1
{quar)
Little Schuylkill Nav.
July
July 20
rec.
Holders of rec. June 22a
July
3
la
la
Holders of rec. June 22a
June 29
July
Holders of rec. June 30a
July
6
Holders of rec. June 19a
June 25
2X
3X
Aug.
6
*2X July
..
,
June 30
Holders of rec. June
June 30
5
June 30
"Holders of
June 29
Chicago & North Western, common
Preferred..
Chicago Rock Island &
to
"Holders of
1X
2
June 21
to
Yorkville
Holders of rec. June
2
Quincy {qu)
LouIbv., com...
Chicago Burlington &
June 21
rec.
Holders of rec. June 26
June 16
Union Exchange
30
rec.
Holders of
July
July
18a
Holders of rec. July
June
Holders of
July
4
6
18a
2
July
5
Holders of
June
to
9a
18a
Holders of rec. June 21
June
June 20
Aug.
June 19a
July
State.
June 30
rec.
Holders of rec. June
July
18a
2
Holders of
July
5
June
June 20
Aug.
June 3
3
Extra
Holders of rec.
1
4
30a
!_
New York,
18a
June 30
June
30
Bank of, N. B. A. {quar.)..
18a
June
June 30
*2
MelropoUian (q uar.) —
June
rec.
Holders of rec.
1%
2
Chesapeake & Ohio
Holders of rec. May 29
Holders of rec.
2
*2
15a
Bank of the {quar.)..........
MetropolUan {quar.).......
Holders of rec.
1M
2X
(quar.)..
Pre'erred
rec.
Manhattan Co.,
1 1
Holders of
1
1
Holders of
June
rec. June
3
.Special
Homestead (Brooklyn)
Holders of rec. June
1
July
rec.
to
30
Holders of rec. June 18a
............
Holders of rec. June 30a
10
—
ot...............
Corn Exchange (quar.).—
Cuba, Bank of, in New York
Fifth Avenue (quar.)
.
Coney Island, Bank
June 20 to June 30
June 30
3
—
16
June 15a
rec.
June 25
2H
Beech Creek
Chic., Indlanap. &
Preferred
June 28
Extra
Ashland Coal A Iron Ry.
Central
Days Inclusive.
$1.75
———.
Albany & Susquehanna...
Atch.
Payable,
(Steam.)
July
3
...—
Commerce, Nat. Bank ol (quar.)..
Commercial Exchange,
Cent.
Company.
Railroads
Holders of
3
(quar.)
Columbia..................
June 20
5
:; Extra;..-----—
Books Closed.
When
Per
Holders of
July
July
4
.
Coal A Iron National
June 23a
July
4
5
(quar.).
National (quar.)
Chase National
Chatham A Phenix
future
Barnsdall Corporation, Class A
Class B (gtmrQ (No.l)...
. -
{qu.)..
*2X
June 30* Holde
2
July
k75
Aug.
15
1
rs
of rec
1
1
la
la
16a
June 19
Holdere of rec. June 19a
Holdere of rec. July
15a
IX
July
1
Holdere of rec. June
12a
1
July
15
Holders of rec. July
10a
IX
July
15
Holders of rec. July
10a
IX
hlX
IX
July
2
Holders of rec. June 21
July
2
Holders of rec. June 21
July
1
Holders of rec. June
15a
1
Holders of rec. June
11
IX
July
July
1
Holders of rec. June
11
IX
July
15
3X
July
1
*2X
July
3
*1X
Aug.
*1X
July
July
June
18
June 27
Holders of rec. June 26
15* Holders of rec. June 25
2* Holders ef rec. June
1
1* Holders of rec. June
15
26
Holders of rec. June 30a
IX
*$2.50 June 30* Holders of
Holders of
Aug.
2
5
*ix Aug.
to
l
3
rec.
June
rec.
June 30a
Holders of rec. July 23
3X
July
Holders of rec. June
in
July
Ju]y
June
19a
Holders of rec. June
18a
ix
ix
Juiy
*62^c|July
Holders of
31
rec.
5a
Holders of rec. July 26a
15* Holders of rec. June 30
-*62Mc July 15*
Holders of
rec.
June 30
JUNE 19
Per
When
Payable.
Miscellaneous
2
1
July
15
♦4
Beatrice Creamery, com. {guar.)
Preferred {guar.)
July
IX
(quar.)
July
i
June 15a
Holders of rec.
Holders of rec. June 291
1 ♦Holders of
rec.
June 19
June 19
*ix
Beaver Board Cos., common (quar.)... ♦$1
July
1 ♦Holders of
rec.
July
1 ♦Holders of
rec. June
*1X
July
1 ♦Holders of
15 Holders of
First preferred (quar.) -—..........
Bell Telephone of Canada {quar.)
Bethlehem Steel, common (quar.)
B
Name of Company.
(Continues)
Miscellaneous
Barrett Co., common (quar.).
Common
Per
Days Inclusive.
(quar.)
15
June 15
rec.
rec. June 30
2
July
1H
IX
.....
July
1
Holders of rec. June 15a
July
1
Holders of rec. June 15a
15a
.
Holders of rec. June
Eight
ner
cent
2
July
1
Holders of rec. June 15a
Genrral Cigar, debenture pref
General Electric
Brit -Amer
Tobacco
com. (pay.
Shoe,
25c
in com. stock).
Canada
1
Holders of rec. June 12a
5
*1X
2
1 ♦Holders of rec. June 20
June 30 Holders of coup. No. 81m
Canadian Converters, Ltd
IX
IX
rec.
June
6% pref. (guar.)
cent cum. pref. (quar.).....
Goulds Manufacturing, common (quar.)
15
Grasselli Chemical, common (quar.)
1
Holders of rec. June
14
Holders of rec. June 18
July
1
July
July
1 ♦Holders of
July
rec. June
July
July
15 ♦Holders of
15 ♦Holders of
rec.
June 30
15 ♦Holders of
rec.
June
1
rec. June
15
Holders of rec. June 16
30
30
July
1
Holders of rec. June 10a
July
1
Holders of rec. June 10
15
July
1
IX June 30
Holders of rec. June
July
1
Holders of rec. June
July
1
Holders of rec. June
July
1
Holders of rec. June 19a
1
1
Holders of rec. June
4
*3X
July
Holders of rec. June 25
1
Holders of
rec.
June
19
July
1
Holders of
rec.
June
19
July
Aug.
1
July
1
15
June 16
to
12
14a
June 30
rec.
July 15
Aug.
1 ♦Holders of
1 ♦Holders of
rec.
July 15
July 15
1 ♦Holders of rec. June 15
1 ♦Holders of rec. June 15
July
MIX
July
July
1
1
rec.
♦Holders of rec. June
15
Holders of rec. June 15
25c.
Holders of rec. June 19a
1 ♦Holders of rec. June 20
Holders of rec. June 15
June 30
Holders of rec. June 19a
July
1
Holders of rec. June 18to
July
1
(1)
July
1
Holders of rec. June 18a
July
1
Holders of rec. June 18a
♦10c
July
July
IX
*$2
k-T-U
...
IX
1
July
July
1 ♦Holders of
♦Holders of
July
1
10
rec. June
rec
Holders of rec. June 25a
50c.
Conley Tin Foil Corp. (No. 1)
(quar.)
July
1
Holders of rec. June
2
July
1
Holders ol rec. June
50c. June 30
Interstate-Callahan Mining...
20
June 20
.
Continental Motors, preferred (quar.)..
Creamery Package Mfg. Com. (quar.).......
Preferred (quar.)—
Crowelldc Thurlow SS. (quar.)
20
July
1
Holders of rec. June
July
1
Holders of rec. June 19a
•IX
July
15
*IX July
*1X July
10
♦Holders of
10
♦Holders of rec. July 1
IX
Crucible Steel, preferred (quar.)
2
Crucible Steel, Com. (quar.)....................
(payable in Com. Stock)............
Cuba Cane Sugar Corp., pref. (quar.)..
31
*116 X July
July
IX
31
*3X
preferred
Cuban-American Sugar, com. (quar.).
Cuba Company,
1
IX
(quar.)
(quar.)
Preferred (quar.).—
->
Cudahy Packing, com. (quar.)
Preferred
July
July
1
Sept. 30
*1X
IX
Dayton Power & Light, pref. (qu.)
Detroit & Cleveland Nav. (quar.)......
Sept. 30
(quar.)...
— .—-
Dominion Canners, Ltd., pref. (qu.).....
Dominion Glass, common (quar.)......
(quar.)
(quar.)._.
Holders of rec. Sept. 10a
Holders of rec. June 10a
June 15a
1 pHolders of rec.
Holders of reo. June 30a
15
July
IX
July
1
Holders of rec.
1
July
July
1
1
Juned22
IX
IX
pref
(quar.)
Holders of rec. June 19
Holders of rec. June 14
2
July
July
1
IX
July
1
Holders of rec. June 14
Holders of rec. June 14
Holders of rec. June
1
10c..
July
1
July
15
July
1
2X
July
2
IX
July
15
3
(quar.)..
Holders of rec. June 26a
June 30
to
July
IX
Dominion Steel Corp., com.
JuneJ26a
IX
1
3X
Dominion Oil (monthly)
July 15
Holders of rec. June 15a
2
Common (extra)....—...
.
July
1
—
June 20
to
10
June 30
5
Holders of rec. June
Holders of rec. June 15
Holders of rec. June 30
5
Holders of rec. June
Nem. Powd., com.(qu.
(quar.)..-.-—
Driver-Harris Co., com. (quar.)
Preferred (quar.).
DvlvXh Edison Elec., pref. (quar.).. . ....
Durham Hosiery Mills Class B (qu.) ....
du Pont (E.I.) de
Preferred
Class B (extra)
*1X
*1X
—
Holders of rec. July
10
Aug.
2
♦Holders of rec. July
20
Aug.
2
♦Holders of rec. July
20
July
June 22
to
July
1
IX
July
June 22
to
July
1
IX
July
2
87 Xc
25c.
♦50c.
(quar.)
26
July
Holders of rec. June 19
Holders of rec. June 19
July
Holders of rec. June 19
♦Holders of rec. June 20
♦Holders of rec. June 20
July
July
July
♦$1
—-i-——> -—-
(quar.)
(quar.)
Eastman Kodak, common
Common (extra)—.—
<2X
July
2X
July
1
Holders of rec. July
Holders of rec. May 31a
2X
July
Holders of rec. May 31a
IX
(quar.)
(qu.).
Preferred (quar.)
(quar.).
1
Holders of rec, May 31a
♦Holders of rec. June 20
♦Holders of rec. June 20
July
*50c.
July
*1X
July
,
^
1
Aug. 1
IX
July
pref. (qu.)........
of Abington &
Electric Light & Power
Rockland, Mass
A pf. (qu)
Empire Steel & Iron, preferred
Endicott-Johnson Corp., com. (quar.)..
(quar.)
preferred (quar.).
Everett Heo,ney & Co., Inc. (quar.).:—...
Fairbanks, Morse A Co., com., (qu.)—
Fairbanks Co., pref. (quar.)....
)
FamousPlayers-Lasky Corp.,com, (qu.)
$2.00 July
4
July
3
Holders of rec. June 15a
Holders of rec. June 14a
July
2X
July
Holders of rec. June 19
Holders of rec. June 12a
SI .25 July
IX
Holders of rec. June 12a
Holders of rec. June 15
July
IX
July
60c
July
la
Holders of rec. Aug.
Holders of rec. June 19a
Holders of rec. June 15
—
1
IX
June 3
2
July
*2
July
X
June 30
Holders of
rec. June
15a
19
19
to
16
to
*1X
July
1 ♦Holders of
l ♦Holders of
rec.
June 15
rec.
June
1 ♦Holders of
rec.
June 15
Common (extra)
Preferred (quar.)
Guantanamo
Sugar
♦10
...
X........
(quar.)
Extra
..............
Extra
July
*1X
July
$1.25 July
July
$5
1
1
20c. June 20
Gum Cove Oil & Refining (quar.)
Holders of
rec.
June 15a
June 30
July
1
15
Holders of rec. June 15a
Holders of rec. June 15a
Holders of rec. June 10
Holders of rec. June 10
10c. June 20
♦37 He July
1 ♦Holders of rec. June
—;
Holders of rec. June 30
Holders of rec. June 15
Holders of rec. June 19a
Holders of rec. June 15a
/50
Holders of
July
Holders of
rec.
July
June
♦Holders of
rec.
June 19
July
$1
Hart, Schaffner A Marx, Inc., pref. (qu.)
IX
•IX
Haverhill Gas Light (quar.)...
Preferred
(quar.)
—_
(Geo. W.) Co., common (quar.)
Preferred
(quar.)
............—
rec.
July
5a
10
Holders of
rec.
June
15a
July
Holders of
rec.
June
16a
2X
July
Holders of
rec.
June
12a
IX
July
Holders of
rec. June
12a
Holders of rec. June 21
June 16
to
June 24
June 16
to
June 24
June 26
to
June 30
IX July
Hendee Mfg., Pref. (quar)..-...................,.
Hercules Powder, common
10
July
six
Common (payable In common stock).
2
June
2
(quar.)
June
IX
July
IX
July
July
Holders of
rec.
June 30
Holders of
rec.
June 30
July
Holders of
rec.
June 15
reo.
July
rec.
June 20
June 15
—..
Herring-Hall-Marvin Safe, pref. (quar).
Hillcrest Collieries, com. (quar).
Preferred (quar)
Huntington Devel. & Gas., prel. (quar.)
IX
IX
Hupp Motor Car Corp., com. (quar.)..
preferred (quar.) ......
*250.
*IX
*750
Hydraulic Steel, com. (quar)..
Preferred (quar)...
...
Ide (Geo. P.) & Co., Inc. pref. (quar.)
Indiahoma Refining (quar.)..
*1X
July
♦Holders of
•Holders of
June
♦Holders of
rec.
June
♦Holders of
rec. June
Aug.
15
15
2
Holders of rec. June
15a
June
Holders of
rec. June
21a
3
July
Holders of
rec. June
18a
IX
July
Holders of
rec.
♦15c.
Ingersoil,Rand, preferred
Internat. Agrlc. Chemical, pref. (quar.)
Internat. Buttonhole Sew. Mach. (qu.)
July
15o.
July
Hold ere of
rec. June
Holders of
Holders of
*1X July
*tl2X
(payable in com. slock)
*3
Aug.
International Merchant Marine. ......
h5
Aug.
Extra (acct. accumulated dividends)
$2.33 July
Internat. Motor Truck. 1st A 2d pref..
June 30a
15
Internal. Harvester Com. (quar)
Com.
IX
Keystone Tire A Rubber, com. (quar.).
Kirschbaum (A. B)& Co., pref. (quar.)
15a
June
16a
rec. June 15a
Holders of rec. June 14a
Holders of
rec.
June 14a
July
1
June 19
1
Holders of
Holders of
rec.
July
reo.
June 21
July
July
2 *Hold°ers of rSc. June 28
2 *Holders of rec. July20
July
1
Holders of
rec.
June
25c. June 30
25c. June 30
30c.
Holders of
rec.
June
Holders of
rec. June
la
Holders of
rec.
June
15a
July
*1X
1
July
1 *Holders of
rec. June
15a
la
20
July
1
July
1
Holders of
Holders of
rec.
June 19
July
1
Holders of
rec.
June
IX
*1X
June 30 *Holders of
rec. June
July
♦2
Works, com. (quar.)
(quar.)
Lackawanna Steel, com. (quar.)...
Laurenlide Co., Ltd. (quar)..
IX
1
Holders of rec. June
June 30 *Holders of rec. June
June 30
19a
15a
15a
18
rec.
June 18
Locomobile Co. of America, pref. (qu.)
Holders of
rec.
June
IX
(quar)..
Lehigh Valley Coal Sales (quar.)
Libby, McNeill A Libby
—
Libby, McNeill A Libby (in stock)
Liberty Motors, com. (quar.)
Preferred (quar.)
—
Preferred (participating divd)
Library Bureau, com. (quar.)
...
Preferred (quar.)....
Liggett A Meyers Tobacco, pref. (quar.)
Lindsay Light, preferred (quar.).
Lawyers Mortgage
Loose-Wiles Biscuit Co., 1st pf.
June 30
June 30
IX
Preferred
July
2
Holders of
rec.
June 23
2X
June 30
Holders of
rec.
June 18
July
1
50C. July
1
Holders of rec. June 17
June
6
to
July 11
$2
*c50
(quar)..
June
6
July
1 *Holders of
rec. June
21
♦2
July
rec.
*2
July
1 ♦Holders of
1 *Holder tof
IX
July
1
2
July
1
IX
July
1
•IX
IX
50c.
Lorillard (P.) Co., com. (quar.)
Aug. 14 *Holdere of
July
July
1
1
July
July
1
*2X July
(payable in com. slock)
Preferred (quar)
Mackay Companies, com. (quar.)
15
♦f50
1
July
15
*1X July
15
July
July
1
IX
(auar.)
Maibohm Motors (quar.)
Preferred
1
20c. July
A Co., Inc., pf. (qu.)
preferred (quar.)
Manhattan Elec. Supply, com. (quar.).
First and second preferred (quar.)
Manhattan Shirt, preferred (quar.)...
1
1
Malllson (H. R.)
IX
July
1
Manati Sugar,
IX
1
1
July
July
IX
July
1
IX
July
1
IX
June 30
Manning, Maxwell & Moore (quar)
Works, pref. (quar)...
*1X
June 21
rec June 21
rec.
June 19
reo.
June 19
rec. June
Holders of
Holders of
rec. June
15a
15
rec. June 17
June 30 *Holders of rec. June 19
IX
Com.
Holders of
Holders of
Holders of
rec.
June 30 ♦Holders of rec. May 31
3
(quar.)
!.
Forbes, com. (qu)
10a
*2X
IX
(quar.)
Mathieson Alkali
15a
July
IX
La Belle Iron
Preferred
July
rec.
3
(quar.)
H) & Co., pref. (quar)
Kresge (S. S.) Co., common
Preferred (quar.)...
Lone Star Gas
1
rec.
rec.
Holders of
Holders of
*ix
IX
Capital distribution
Kolb Bakery, pref.
1
♦2
(quar.)-.
(quar.)
Kaufmann Dept. Stores, pref.
Kress (S.
2
IX
IX
Kansas Gas& Electric, pref. (quar)
Kayser (Julius) <fc Co., com.
July
2
IX
$2
(quar.)
Preferred (quar.)—
Mac Andrew &
Xix
15a
16
—
(quar.)
June
rec. June
June
Kelly-Springfield Tire, pref. (quar.)...
Kennecott Copper Corp. (quar.)
Holders of rec. Sept. 10a
June 25
6 ♦Holders of rec.
Holders of rec. June 21a
1
July
July
r$1.00 July
(quar.)
July 1
Holders of rec. July 15
♦Holders of rec
June
rec.
Holders of
June
First and second preferred (quar)
June 30
2 •Holders of rec.
Holders of reo. June 10a
1
Aug.
IX
IX
IX
Common
19a
June 30 ♦Holders of rec. June 21
Holders of reo. June 15a
June 30
July
rec.
Holders of
1
International Salt (quar.)
July
rec.
Holders of
June 30
Jordan Motor, com.
IX
♦75c.
July
July
June 30
July
15a
Holders of rec. June 15a
Holders of rec. June 29
IX
(quar.)...
Preferred (quar.)
14a
June 30
15
25c.
Continental Candy Corp. {quar.)
June 20
IX
._—
Common (extra)....
1 ♦Holders of
*X
June 20
rec.
Harbison-Walker Refractories
Aug.
Aug.
June
rec.
IX
(quar.).
19a
19a
June 26
Holders of rec.
1
June 15a
rec.
IX
Preferred
Habishaw Electric Cable (quar.)...
June 21
to
June
rec.
Holders of
Holders of
Preferred (quar.)..—................
Great Western Sugar, com. (quar.)
Helme
Holders of rec. June
Holders of rec. Aug.
6a
Holders of rec. June 21a
Holders of
Holders of
el 50 July
...
Haskell & Barker Car (auar.)_
*lA
stock).
16
July
Great Lakes Towing, com. (quar.)
June 30 ♦Holders of rec. June 12
*X
VIX
Mfg.,com.(qu.)
1 ♦Holders of reo. June 30
Holders of rec. June 20a
1 5 Holders of rec. June 30
1 ♦Holders of rec. June 30
I 1
IX
.......
June 30 ♦Holders of rec. June 29
37 Xc June 30
(quar.)..
Electric Storage Battery, com.
Common (extra)...
15
Holders of rec. June 15a
June 30 ♦Holders of rec. June
5a
July
IX
(quar.)
♦2
(quar
(quar.)
26a
July
1
Preferred
12
IX
♦20c
Erie Lighting,
Goodrich (B. F.) Co.. common (quar.)..
Preferred
5a
5a
IX
July
June 30
1 ♦Holders of
46.25c. July
Columbia Sugar {quar.)
Elder Manufacturing,
July
July
June 30
rec.
(stk. dlv.).„....,
.Wernicke Co., pref. (quar.)
Gold& Stock Telegraph (quar)........
•IX
?: Extra
—
rec.
IX
IX
IX
31
to
Holders of rec. July
July
IX
Cluett, Peabody & Co., Inc., pref. (qu.)
Preferred, (quar )
Holders of
15a
IX
*el0
—
rec. June
30
July
July
1X3 uly
Bankers shares (monthly)
Eisenlohr (Otto) & Bro3., com.
2
*1X
Holders of rec. July
$1
Cleve. Automatic Mach., pref. {qu.).
Preferred
Aug.
July
•X
Edmunds & Jones Corp., com.
IX
July
$1
(qu.)
Cleveland Automobile. Pref. (quar ).~
Eastern Steel, common
rec. July
Holders of rec. July
Holders of rec. July
July
2
Preferred B (monthly)—
Mfg.
2
2
IX
IX
■
preferred {monthly)..,
Common {payable in common slock)
Preferred B (monthly)
Common and preferred (monthly)
Common (payable In common stock).
Extra
Aug.
IX
IX
Common and
Eastern
Holders of
Aug.
IX
Cities 8ervice—
Debenture stock
2
X
IX
Globe
June 20
15 ♦Holders of
Holders of
1
2
du
2
25c.
Seven per
Cin. A Sub. Bell Telep, (quar.)
(quar.)
Pont (E. I.) de Nem A Co
Aug.
1-40 Aug.
l
General Tire& Rubber, pref. (quar)
Aug. 16
19a
Holders of rec. June 10a
Holders of rec. June 10a
Holders of rec. July 15a
Juno 15
IX
City Investing, Pref. {quar.)—.............
(quar.)
15
Holders of rec. June 19
IX
Preferred
15
July
July
Cincinnati Gas A Electric (quar.)
Dominion Textile, Ltd., com.
June 25a
1
July
IX
♦1H
(quar.)...
Draper Corporation
rec.
July
June 16
♦1
(quar.).................
Chicago Telephone (quar.)..
......
Chino Copper Co. (quar.)
Dominion Power & Trans.,
Junell8a
2
(quar.)
Debenture 6% preferred (quar])
Debenture 7% preferred (quar.).:
General Railway Signal, com. (quar.)..
(quar.)
rec.
Holders of
—
Preferred
Preferred
Holders of
«2
(quar.)
(quar.)
General Motors, common (quar.)...
Common (payable in common stock).
S
July
rec.
*1X
Preferred
Preferred
June 19a
July
rec.
June 30
$2.50 July
Dominion Iron A Steel, pref.
rec.
June 21
rec.
hX
IX
Gorham Mfg.,
*3
Chandler Motor Car (quar.)
Preferred (quar.).
June 21
June
Holders of rec. June 20
......
Dodge Manufacturing, com.
rec.
reo.
Holders of
Holders of
Globe Rubber Tire Mfg.
$5
Common (extra)
........
First and second Preferred (quar.)..
Detroit Edison
Holders of
July
Holders of rec. June 20
6
(quar.)
(No. 1)
Certain-teed Products Corp., com.
Com.
5
Holders of rec. June 26
•IX
IX
1
1%
1
(quar.).
Continental Can. Inc., com.
21a
1
(quar.)
Consol. Gas, El. Lt. A P., Bait,
15a
July
*8Xc. June 30
Central Bond & Mortgage, Pref. (quar.)...
Consol.
4a
Holders of rec. June
IX
Common (payable in common
June
rec.
Holders of
July
Central States Elec. Corp., pref.
Preferred
rec.
Holders of
Aug.
July
Common (extra)
Preferred (quar.)--......——-
Columbia Graphophone
Holders of
July
IX
Cass& Daly Shoe, pref. {quar.).
Cleveland Worsted Mills
July
Goodyear Tired: Rub., 1st pref. (quar.).',.
Goodyear Tire A Rubber (in stock)
Cement Securities Corp. (quar.)..
Central Agulrre Sugar Companies (qu.).
Chesbrough Mfg., common
rec.
15
$1.17 July
Extra (payable in stock)
Preferred
(quar.)
Holders of
July
(quar.)...
Case (J. I.) Thresh, Machine, pref. (qu.)
Central Teresa Sugar, com.
July
2
(qu)
19
June 10a
2
Case (J. I.) Plow Works—
First and second preferred
Central Leather, preferred
10
July
July 15a
June
rec.
July
(quar.)
Car bo-Hydrogen Co. of Amer., pref.
Carbon 8teel. 2d preferred
Central Coal & Coke, com.
July
rec.
rec.
Holders of
♦3
Canadian Fairbanks,Morse, preferred
Canadian General Electric, com. (quar.)
Canadian Locomotive, common
Preferred
(quar.)
Holders of rec. June 21
2 ♦Holders of
Holders of
2
July
IX
IX
(quar.)...
pf. (qu.)
21
June
19J
June 20
rec.
Holders of rec. June 21a
1
July
*1X
Can. Crocker .Wheeler, com. A
1 ♦Holders of
June 30 ♦Holders of rec. June
*S5
Bread, pref. {quar.)
Holders of rec. June
1
July
Holders of
Holders of
50c. July
General Chemical, preferred (quar.)
July
June 30
IX
$1
Canada Steamship Lines, pref. (quar.).
Canadian Car & Fdy., pref. (quar.)....
Preferred
1
July
f33 1-3 July
pref. (qu.)
Buffalo General Electric (quar.)
Calif. Petroleum Corp., pref. (quar.)—.
Calumet A Arizona Mining (quar.)
Calumet A Hecla Mining (quar.)
July
Holders of rec. June 22
IX
(ordinary Interim)
1X
...............
1
Brunswick-Balke-Collender,
:
1
June 20
75c.
.......
... .
July
Brown
Books Closed.
Dav* Inclusive,
'•
1H
*f20
Aug.
July
IX
(quar.)
Fisk Rubber, com. (quar.)
First pref. (quar.)..i
General American Tank Car, com.
Preferred
General Baking, pref. (quar.)
Pref. (acct. accumulated dividends)..
cent preferred
Booth Fisheries, pref. (quar.)
Brier Hill Steel, com. (In com. stock)..
2
IX
$:2
Six per cent preferred
per
Bigheart Producing & Refg
Payable.
(Concluded).
Famous Players-Lasky Corp.,7 Pfd.(quar.)
Farrell (Wm.) A Son. Inc., pref. (qu.)..
Firestone Tire & Rubber, com. (quar.).
Seven
(quar.)
preferred (quar.)
When
Cent.
Books Closed.
Cent.
Name of Company.
Preferred
2545
THE CHRONICLE
1920.]
July
Department Stores,
2
Sept.
Common (quar.)
....
Common (payable I n common stock). (33 1-3
1
Holders
Holders
Holders
Holders
of
rec.
June 15a
of
reo.
June 16a
of rec. June 30
of rec. June 30
"Holders of
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
rec. June 30
of reo. June
5a
of rec. June
5a
of rec. June 15
of rec. June 21
of
of
rec.
of
rec.
June 19a
of
rec.
June 21a
Holders of
rec.
June 30
rec.
June 15a
June 19a
1 *Holders of rec. June 23
May
Preferred
(quar.)—
Preferred
(quar.)
...
pref. (quar)... i.
McGraw Tire A Rubber, pref. (quar.).
Merchants Despatch TranBport'n (quar)
Merck & Co., pref. (guar)
Mergentbaler Linotype (quar.)
Merrimack Chemical (quar)
Mexican Petroleum, common (quar.)..
Common (payable in common stock).
Preferred (quar.)
Middle States Oil Corporation (quar.)..
Middle States Oil Corp. (in stock)..
Mill Factors Corp.. class A A B (guar.).
McCrory Stores Corp.,
.
IX
IX
*1X
IX
2X
$2
1
Holders of reo. Aug
16a
Holders of rec. June 25to
Holders of
rec.
June
Oct.
Holders of
rec.
Sept. 15a
July
July
♦Holders of
July
Holders of
rec. June
rec.
15a
19
June 20
June
Holders of rec. June 23a
July
Holders of
rec.
June 17
Holders of
rec.
June
Holders of
rec.
June 19
July
Holders of
rec.
June
July
July
Holders of
rec.
Junexl9a
Holders of
rec.
June
15a
July
Holders of
rec.
June
10a
e60
July
2
July
Holders of rec. Junet14a
Holders of rec. June 20
June
2X
$1.25 June
2X
/10
2
40c
5a
19a
Per
Cent.
Name of Company .
(quar.)
Ward & Co., pref.
Power,
(quar.)
com.
Preferred
(quar.)..Mortgage-Bond Co., pref. (guar.)
—...
Narragansell Electric Lighting (quar.)...
National Aniline & Chem., prel. (quar.)
--
(quar.)—
♦Holders of
rec.
June 20
July
July
♦Holders of
rec.
June 20
Holders of
rec.
June
14a
IX
July
141
Preferred..
(quar.)
National Licorice, preferred (quar.).-.
National Oil Co. of N. J., pref. (quar.).
National Paper & Type, com. (quar.)
Preferred (quar.)
National Refining, pref. (quar.)... ..
National Sugar Refining (quar.) —
IX
IX
si
IX
July
July
Holders of
rec.
July
July
Holders of
rec. June
Holdera of
rec.
Holders of
rec.
June 30a
rec.
IX
June 30
20C. July
2
Com.
New England
stock)..
(quar.)
New York Tilled; Mortgage
Western Electric pref.
North
—
4X% bds)..
Telephone, pref. (quar.).....
Ohio State
Ohio Oil
(quar.)
Extra
(quar.)—
(quar.)
Ottawa Car Mfg. (quar.)
Owens Bottle Co., com. (quar.)
Otis Steel,
pref.
Owens Bottle Co.,
—
Com. & CI. B, com.
(in CI. B stock).
Penney (J. C.) Co.,
18a
Truscon Steel, common
Holders of rec. June
14a
•IX
June 22 ♦Holders of rec. June
preferred (quar.)..
pf. (qu.).
July
July
15
15
Holders of rec. June 21
IX
2
June 21
Holders of rec. June
July
1
Holders of rec. June
15
July
1
Holders of
rec. June
15
July
1
Holders of
rec. June
15a
Union Carbide <fc
Holders of
rec. June
16
Union Natural Gas Corp. (quar.)..
United Drug, common (quar.)
Holders of rec. June 30a
Holders of rec. June
July
♦Holders of
rec. June
rec.
May 29
United Retail Stores Corp. com
May 29
rec.
June 25
United Tneatre Equip. Corp., pref. (qu.)
United Verde Extension Mining (quar.)
July
July
1
1
June
16
to
July
June 16
to
July
1
June
rec.
June
15a
July
Holders of
rec.
June
15
75c. July
Holders of
rec.
Hoiuers of reo. June
dp$ 5
10
July
July
10
Holders of
Junes19a
rec.
10
Holdera of
rec. June
Holders of
rec.
July
July
Holders of
1
1 ♦Holders of
rec.
June 19
rec.
June 20
♦$1
July
20 ♦Holders of
rec,
July
Holders of
rec.
June 30
July
June 19
June 30
Holders of
rec.
June
Holders of
rec.
June
July
♦Holders of
I*
2a
16
15
18«
June 21a
rec.
rec. June
to
June 30
July
Holders of
rec.
June
12 X
July
Holders of
rec.
J2X
Oct.
Holders of
rec.
May 31a
Aug. 31a
Holders of
June
rec.
15a
19a
2
July
•2
July
♦Holders of
*3
July
June 30
July
31 ♦Holders of
31 ♦Holders of
rec.
*3
rec.
June 30
*3
It^Extra
July 31 ♦Holders of
reo.
June 30
July
♦Holders of
rec.
June 19
July
♦Holders of rec,June 15
...
50c
(quar.)....
Price Bros, (quar.)
Procter dc Gamble, com. (quar.)
Com. (payable in com. stock)
Providence Gas
•2
•5
*14
*2
Eight per cent preferred (quar.)—
Aug. 14
July
15
(quar.)
•IX
(quar.)
2
IX
25c
(quar.)
3
Realty Associates
Reece Buttonhole Machine (quar.)
(Robert) & Co., 1st & 2d pf. (qu.)
Remington Typewriter, first pref. (qu.).
Second preferred (quar.)
IX
IX
IX
1
rec.
Aug.
2
Holders of
rec.
June
17a
June 21
Holders of rec. June
7a
June 30
Holders of rec. June
14a
July
15
Holders of
July
rec.
Holders of
6
15
15
Holders of rec. June
July
June
Holders of rec. June
15a
rec.
Holders of
July
June 19
rec.
Hoiuers of rec. June 10
July
Holders of
July
rec.
June
S
U
rec.
June
10
Holders of reo. June 15
Holders of
July
rec.
Holders ol
July
rec.
15a
June 15a
Holders of
rec.
June
3
July
Holders of
rec.
IX
July
Holders of
rec.
June^lS
June*15
June 30
Holders ol
rec.
June 22
3
$1
(quar.).—
*2
IX
•IX
•IX
July
July
1
Holders of
15
June 10
to
June 10
First pref.
First preferred
Wahl Co., common
Preferred
South Penn Oil
(quar.)
South Porto Rico Sugar, com.
Preferred (quar.)
(quar.)..
Pipe Lines (quar.)
Petroleum Corp. (monthly)...
Standard Oil (Kentucky) (quar.)
Standard Oil (Ohio) (quar.).
Southwest Pa.
Spencer
Extra—.
1
rec.
June
15a
June 30
Holders ol
rec.
June
July
15
Holders of
rec.
•IX
June 30
July
1
Holders of
reo. June
July
20
Holders of
rec.
20
Holders of
July
Preferred (quar.).....
1
July
1
July
1
h3X
July
1
Holders of rec. June 15a
Holders of rec. June 15a
June 29
June 2
June 19
July
1
Holders of
July
1
June 24
to
July
l
July
15
July
9
to
July
15
June
19
June
16
to
June 19
rec.
Holdera ol rec. June 14a
June 30
July
June 26
Holdera of rec. June
17
Holdera of rec. June
1
15a
July
1
July
July
1
26
July
2
Holders of rec. June
15
June 30
Holders of rec. June
June 30
Holders of rec. June
25
25
Holders of rec. June
25
July
July
1 «
1
*25c. July
(quar.).
'Holders of rec. June
Holders of rec. June 30
23
July
July
15
Holders of rec. Junel9ad
31
Holders of rec. June 30
$1
July
15
Holders of rec. June 30
♦$1.2 5July
♦75c
July
1
♦June
16
to
July 1
1
June 16 to July 1
Holdera of rec. June
14a
214
July
1
IX
July
1
Holders of rec. June
14a
June 30
$1
Holders of rec. June
15a
pf. (qu.).m—.
Worthington Pump & Mach., com. (qu.)
Preferred A (quar.)
—
(qu.)....
Youngstown Sheetdk Tube, com.
1
Holdera of rec. June
19
Aug.
2
Holdera of rec. July
21a
IX
IX
July
July
July
July
July
July
1
Holders of rec. June 22a
1
Holders of rec. June 16
1
Holders of rec. June 21
1
Holdera of rec. June
IX
IX
IX
IX
IX
15
July
Holders of rec. July
10a
3a
1
Holdera of rec. June 2la
Preferred (quar.)
Youngstown Sheet & Tube, com. (qu.)—„
.....———
1
Holdera of rec. June 21a
5
July
1
Holders of rec. June
18
*3
July
1 *
*1X
*3
July
1
July
1
*1X July
(quar.)
Yale <fc Towne Mfg. (quar.)
July
IX
IX
(quar.)
Preferred (quar.)—
21
21
$1
Willys-Overland Co., pref. (qu.)
Woolworth (F. W.), preferred (quar.)..
B
Holders of rec. June
IX
—
Whitman (Wm.) Co., Inc.
19.
Holders of rec. June
June 30
$1.50 July
6
♦$2.50 June 30
—
Holders of rec. June
June 30
3X
—.
June 30
2
.
Preferred (quar.)
Preferred
1 «
June 30
IX
—
Willys Corporation, 2d pref. (quar.)
Wilson & Co., com.
1 «
•IX
Weyman-Bruton Co., common (quar.).
Preferred
(quar.)
White Motors (quar.)
1
June
4
June 30 •
♦$1
Yukon-Alaska Trust (quar.)
of
rec.
July
10
an
June
rec.
2
July
1
Holders of rec. June
a
July
1
Holdera of
rec. June
15
Holders of reo. June
15
June 25
*3
July
♦June
♦Holders of rec. May 28
♦Holders of rec. May 28
to
-July
1
•3
July
•1
July
6
July
Holders of
rec.
June 16
July
Holders of
rec.
J The New York Stock Exchange
date and not until further
b Less British income tax.
e Payable in stock.
/ Payable in common stock,
g Payable In scrip.
of accumulated dividends,
i Payable In Liberty Loan bonds.
Transfer books not closed for this dividend,
July
June
16
July
1
June
16
to
July
1
July
June
16
to
July
1
to
July
June 22
July
Holders of rec. June
July
Holders of
July
rec.
1
I8a
June 15
June 29 ♦Holders of rec. June
rec. June
18
30
1.
B common stock.
I At the rate of 5 sharec of common
stock on every 100 shares of common
stock
outstanding.
Transfers received In order
m
be passed for payment
time to
bonds.
stock.
payable In stock in quarterly installments as follows- 20% July 15
holders of rec. June 30; 2% Oct. 15 to holders of rec. Sept. 30; 2% Jan. 15 1921
holders of rec. Dec. 311920, and 2% April 15 1921 to holders of rec. March 311921.
r
Declared 8%
«
to
be In
of dividend to transferees,
Payable in Glass B common
p
to
In London on or before June 16 will
Payable In United States Victory
n
N. Y. Stock Exchange has
ex-the 40%
ruled that Sears, Roebuck & Co. com. stock be quoted
stock dividend on July 15.
June 16
July
stock of Brown Shoe Co.
quoted the 33 1-3% stock dividend until July
k Payable in Class
15a
2
20c.
receipt from the U. 8, Government
J New York Stock Exchange has ruled that common
15a
July
on
adequate payment of the rental now due.
shall not be
10
5
t Conditional
From unofficial sources,
has ruled that stock will not be quoted ex-dividend on this
19a
June 20 ♦Holders of rec. May 31
June 20 ♦Holders of rec. May 31
June 30 ♦Holdera of rec. June 11
15 ♦Holders of
15
July
IX June 30
Westmoreland Coal (quar.)
June 30a
to
19
June 30
•IX
Westmoreland Coal (quar.).
15
July
Holders of rec. June
*ix July
•t I
(quar.)
(quar.)
WestinghouseElec.de Mfg., com. (qu.).
h On account
IX
a*
Holders of rec. June
June 30
$2
Western Electric, common
June 21
2
Standard Screw, common (qu.)
3
Preferred
2
Standard Textile Products, com. (quar.)
Common (payable in common stock). f25
IX
Preferred Class A and B (quar.)
Steel & Tube Co., preferred (quar.)
Stromberg Carburetor (quar.)
$1.25
Stutz Motor Car (quar.)
♦<»80
Special (payable in stock)
Sullivan Machinery
*$1
Holders of rec. June
June 30
$1
Western Union Telegraph
Holdera of rec. June 15s
16
30a
Holders of rec. June
June 30
•IX
*3
Preferred.......
West Coast Oil (quar.)
♦
to
Holdera of
Holders of rec. June
1
July
Holders of rec. July
June 21
Holders of
1
Holders of rec. July
10
6
15
9a
9a
9a
2
1
IX
(quar.).
Welsbach Co., common.
d Correction,
*5
Alug. 2
tec.
Holdera of rec. June
•20C. July
15
July
Holdera of rec. June
'Holders of
Aug. 16
June 30
50c. July
pref. (quar.)
Weber Piano Co., pref. (quar.)
June
2
6
IX
(quar.)
rec.
*5
Holders of rec. June
July
*20c
...
Waldorf System, common
Holders of
•5
Holders of rec. May
6
$1.50 June 30
....
...
(quar.).—
Oil (quar.)
Roebuck «fc CoCommon (payable in common stock).
—
Holdera of rec. June
16
2
notice,
......
15
July
IX
(quar.).
Wagon Car Corp. com. (quar.)Common (extra)
Preferred (quar.).
16
Extra
July
15a
15a
19a
30a
1
15
15
IX
Virginia Irons, Coal & Coke.
19a
e2r
Holders of rec. June
30a
IX
Preferred (quar.)
19a
Sherwin-Williams of Canada, pref.(qu.)
Sinclair Cons. Oil (payable in stock)
Slose-Sheffield Steel & Iron, pref. (qu.)
Smith (Howard) Paper Mills, com. (qu.)
Preferred (quar.)
...
Solar Refining
Holders of rec. June
15
♦15
June
July
1
July
$2
V. Vlvaudou. common (quar.)
June
IX
IX
Holdera ol rec. June
July
IX
pref. (quar.)
Utilities Securities Corp., pref. (quar.)
reo.
(quar.)
Holders of rec. June
IX
Utah Power & Light,
Holders of
/40
1
•3
(quar.)
Utah Copper Co. (quar.)
Utah-Idaho Sugar (quar.)
15c. June 25
June 30
5
15
Holders of rec. June 15a
July
*5
(quar.)
Second preferred
rec.
Preferred
...
.....
U. S. Worsted, common (No. 1)
Holders ol
July
1
*1
(acct. accumulated divs.).
Holders of reo. June
Seamans
1
15
IX
U. S. Steel Corporation, com. (qua
U. S. Trucking Corp., pref. (quar.)
June 30
Savoy Oil
5a
July
5
..
■
U. S. Printing & Litho., 1st pf.
June 30
Sears.
5a
July
IX July
IX
(qu.)
4a
2
......
1
&Pac.~Co„ com.
Holders ol reo. Sept.
♦50c. Aug.
——
(quar ).
Preferred (quar.)
St. L.Rocky Mt.
1
IX
Gypsum, common (quar)
Extra
June 20
rec.
June 30 ♦Holders of reo. June 15
June 30 ♦Holders of rec. J«ne 15
♦Holders of rec, June 15
July
1
25c. June 21
25C. June 21
Oct.
IX
(extra)—
Preferred
10
Holders of
July
Reynolds (R. J.) Tobacco, com. (quar.)
Common, ClasB B (quar.)
Preferred (quar.)
Rlordan Pulp & Paper, preferred (quar.)
Root& Vandervoort Corp. (quar.)
(quar.).
25
1
2
IX
rec. June
July
25c. July
Aug.
IX
Republic iron & Steel, com. (quar.)
Preferred (quar.)
July 24
July
IX
Series S (quar.)
Reo Motor Car (quar.)
First preferred.
rec.
rec.
June 30
4a
*)5
Walworth Mfg.
July 24
rec.
♦Holders of
♦Holders of
15
rec.
10c. July
Regal Shoe, pref. (quar.)
♦Holders of
♦Holders of
30c. July
Machine (quar.)....
rec. June
15
15 ♦Holders of
•Holders of
Aug. 31
*$1.25 July
July
♦3
(quar.)
Quaker Oats, common (quar.)
Safety Car Heating & Lighting
St. Joseph Lead Co. (quar.)
Aug. 14
Holders of rec. Sept.
....
U. B. Food Products (quar.)
21
June 26
July
1
3714
Preferred (quar.)
19a
June 27
to
•2X
(quar.)
Common
Junej la
Holders of rec. June 20
IX
5a
Oct.
——
(quar.).
Universal Leaf Tobacco, Inc. pf. (qu.)
U. S. Bobbin & Shuttle, com. (quar.)
June 30
July
Holders of rec. June
Pittsburgh Plate Glass, common (quar.)
'Preferred
19a
June
tec.
Aug. 16
80c.
Holdera of rec. June
21a
Holders of
1
$1.50 July
(quar.).
U. B. Playing Card (quar.)
July
Holders of
Prairie Oil& Gas (quar.)
.
June 21a
July
(quar.).
United Shoe Machinery, com.
10
f5
Fruit
United PaperUoard, pref. (quar.)
1
rec.
July
18
*1X
rec.
*50c. June 30 ♦Holders of
Holders of
July
IX
Holdera of rec. June
YX
•$1.25 June 30 •Hoiuers of
•$2.75 June 30 ♦Holders of
United
19a
15a
Holdera of rec. June
1
3
_
June 18
July
Royal Baking Powder, com.
Preferred (quar.)
(quar.).
rec.
1
1
July
$1
Preferred
Holders of
June 30
Rels
24
July
Holders of rec. June
July
n5
2X
June 30
15 ♦Holders of
1
2
rec. June
IX
Holders of rec.
1
Oct.
♦$1.50 July
(quar.).
11
30
15
July
IX
Carbon
rec.
Holders of rec. June
July
Reece Folding
Preferred (quar.)..
♦Holders of
IX
Railway Steel-Spring, com.
Preferred (quar.)..
(quar).
♦Holders of
IX
Ray Consolidated Copper
Preferred
*50c July
IX
2d pf .(qu.
Phelps, Dodge Corp. (quar.)...
Piok (Albert) <fc Co.. preferred (quar.).
Pierce,Arrow Motor Car, pref. (quar.).
Pierce Oil Corp., com. (qu.) in com. stk.
Common (quar.) (pay. In oom. Btock).
Preferred
la
Holders of rec. June 22
Pennsylvania Water & Power (quar.)..
Pettlbone, Mulllken Co., 1st &
Punta Alegre Sugar
1
July
IX
4
Preferred (quar.)..
...
Underwood Typewriter, com.
Holders of rec. June
IX
6
15
2
July
15
July
IX
2a
rec.
♦Holders of rec. June 21
'Holders of rec. July
July
•IX
•IX
(quar.).
June
Holders of
IX
Prairie Pipe Line (quar.)
Preferred
reo.
16
July
1
5
30
June 30
Holders of reo. July
2
12
Holders of
July
June 30
10
Holders of rec. June 18
1
June 25
/6
IX
July
18a
7
7
♦4
(quar.)..
2X
Pennsylvania Rubber, com. (quar.)...
Preferred (quar.)
Preferred
•oc.
Tonopah Extension Mining (quar.)
2X
$1.25
Penn Central Light & Power,
'Holders of rec. June
Holders of rec. June
25c. June 30
*2
Peerless Truck & Motor (quar.)
1
1
June
IX
.....
Holdera of rec. June
15
IX
Parish & Bingham (quar.)
Holders of rec. June
19
$1.25 July
June 30a
rec.
rec.
SI
(quar.)
Holders of rec. June
19
$1.25 June
.........
1
$1.75 June
Corp. (quar.)
♦$1.25 July
d$1.50
Common and Class B, com. (quar.)..
Preferred
Holders of rec. June 25a
Williams Steel Forg. (qu.)..
Pan-American Petroleum & Transport—
Pacific Development Corp. (quar.)
Panama Power & Light, pref. (qu.)..
Panhandle Prod.dc liefg. pref. (quar.)
6
Torrington Company, com. (quar.).....
*1
com.(pay.In com.stk.)
Holdera of rec. June
Holdera of rec. June
Transited;
2
Preferred (quar.)
Holders of rec. June
6
10
50o.
(quar.)..
Orpheum Circuit, com.
June 30
Holders of
*62 Xc July
2
July
(quar.)
Oklahoma Prod. <fc Ref. (quar.)
Oklahoma Natural Gas
Osceola Consolidated Mining
Preferred (quar.).
July
6234c July
*62 Xc July
Extra (payable in Victory
June 30
Holders of
3
..—....
Holders of rec. June
Holders of rec. June 15a
•IX July
(qu.)...
Ogilvle Flour Mills (quar.)
Ohio Body & Blower (quar.)
Ohio Fuel Supply (quar.)
1
July
62>4c July
IX
July
July
IX
—
Holders of rec. June
Holdera of rec. June
2
(quar.)
Todd Shipyards
Holdera of rec. June
30
2
Extra
Extra
15
18
18
18
26
18a
18a
25a
July
5
Northern Pipe Line
la
18a
2
Oil
Tidewater
June 30a
5
Holders of rec. June
Holdera of rec. June
102 June 30
e20c June
..
.
Holders of rec. June
1
15c June 30
...
...
....
15
15
10
30
July
July
July
*2
(quar.).
July
Holders of rec. June
75c. June
23
rec.
rec.
1
July
IX
Telep.A Teleg.(quar.)
rec. June
Holders of
Holders of rec. June
ZX
pref. (In stock) /20
(extra payable In com.
North American Co.
Holders of
Holders of rec. June
1
2
-
Textile Banking Corp. (quar.)..
Ha
15
July
July
2
....
Niagara Falls Power, pref. (quar.)
Nlles-Bemeut-Pond, common (quar.)—
June
rec.
Holders of
15
July
2
Holders of
July
5c.
Coal& Oil
Texas Pacific
Slock dividend.
June 30
-
.
Extra
la
-
Texon Oil & Land.
30a
July
2J4
2
15c. June 20
(quar.)—_—————
Texas Chief Oil (monthly)
15
Holdera of rec. May 27
50c June 30
Swift & Co.
June 19
June
Books Closed
Days Inclusive
(Continued)
Symington (T. H.) Co., com. (quar.).
Preferred (quar.)
June 21
IX
—
Consolidated Copper (quar.)..
River Co., pref. (quar.)
York Air Brake (quar.).
York Dock, preferred—
York Transit
Noble Oil & Gas, com. <fc
June
rec.
When
Payable
Submarine Signal————————
June 30 •Holders of rec. June 19
Nevada
New
rec.
Holders of
Holders of jec. June 12a
Holders of rec. June 14a
July
3
National Surety (quar.)..
New
Holders of
IX June 30
$1
•3
National Lead, common
New
July 10
rec.
July
National Fuel Gas {quar.)..
National Grocer, Com. (quar.).
New
Holders of
Aug.
•IX
•IX
X
June 30 •Holders of
(quar.)
National Cloak & Suit. com.
.
Name of Company
July
Biscuit, common (quar.)....
National
National Breweries
Per
Cent
Books Closed.
Days Inclusive.
Miscellaneous
$1.50
Class A (quar.)
Montana
When
Payable
(Continued.)
Miscellaneous
Mohawk, Mining (guar.)—
Montgomery
[Vol. 110.
THE CHRONICLE
2546
IN. Y. Stock Exchange has
ruled that Middle States Oil be quoted ex-the 50%
stock dividend on July 12.
u
N. Y. Stock Exchange
has ruled that Delaware & Hudson be quoted ex-divi¬
dend on June 21.
v
w
Erroneously reported in
N.
331-3%
Y.
Stock
previous issues as 4% payable Aug. 15.
Exchange has ruled
stock dividend
on
that May Dept. Stores be quoted ex-the
July 12.
ruled that Pan-American Petroleum and Mexican
Petroleum be quoted ex-tbe 10% stock dividend on July 12.
IN.
Y. Stock Exchange has
June 19
THE CHRONICLE
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:
Boston Clearing House
mary
BOSTON CLEARING
Statement of New York City Clearing House Banks
and Trust
st4tement
Companies.—The following detailed
shows the condition of the New York
members for
HOUSE MEMBERS.
3547
City Clearing House
the week ending June 12.
The figures for the
separate banks are the averages of the daily results.
June 12
Changei from
June 5.
Man 22.
1920.
previous week.
1920.
1920.
S
*
3.013,000
Loans, dlsc'ts A investments. 617,260,000
Individual deposits, lnol. U.S. 461,539,000
Due to banks
110,861,000
Time deposits
16,278,000
United States deposits
1,809,000
Exchangee for Clearing House 23,969,000
Due from other banks
53,744,000
Circulation
■
excess
Federal
bank
in
Dec.
Dec.
190,000
Dec.
79,916,000 Dec.
4,680.000
4,876,000
1,619,000
3,164,000
19,929,000
50,538,000
75.234,000
^5.967,000
4,796,000
Dec.
93.000
Inc.
19,173,000
53,837,000
75,236.000
25,083,000
and
Bank
Reserve
Dec.
29,959,000 Dec.
Cash in bank A in F. R. Bank
Reserve
57,000
Dec.
totals, actual figures at end of the week
NEW
2,956,000
3,137,000
4,634,000 613,583,000 612.626,000
866,000 453,799,000 460.673,000
1,865,000 104,413,000 108,996.000
22,000
16,419,000 16,256,000
Dec.
of
case
YORK
RAILWAY MEN—COST OF
TO
INCREASES
PAY
1920
IN 1913 AND
OPERATION
which has
Wages Board of Great Britain,
National
The
RECOMMENDS
BOARD
WAGE
RAILWAY
NY, NBA
Manhattan Co.
Mech A Metals.
15,000
9,000
Bank of America
15,500
National City—
25,000
Chemical Nat- J 4,500 114,400
1,000
1,069
Atlantic Nat'l—
300
6,483
NatBkofComm
25,000
31,040
report
Pacific Bank...
1,000
7,000
3,000
1,697
7,272
19,529
2,910
8,776
8,651
21,582
week,
per
issued
has
a
Chath A Pbenlx
recommending increases ranging from 2 shillings to 7 shil¬
Hanover
Nat'l
Second National
2,000
4,620
1,500
5,000
1,000
1,000
Wages Board
First National-
10,000
Irving National.
Y.
NY CountyNat
Continental Bk
9,000
1,000
1,000
15,000
Metropolitan
Corn Exchange.
-
in
The cost of conceding the men's demands
6 pence.
lings
would
full
have
made
recommendations
With
public
"Times"
had
£35,000,000, it is stated, and the
June
the
estimated
are
to the report
regard
(made
been
4),
cost
to
of the National
advices
London
£10,000,000.
N.
the
of
following to say:
Imp A Trad Nat
National Park..
East River Nat
classes.
500
200
967
400
795
1,000
1,000
2,089
1,478
National.
1,000
620
Seaboard Nat'l.
1,000
5,000
4,395
Avenue-
Lincoln
Nat'l..
Garfield Nat'l.
Fifth
.
Liberty Nat Bk
NY Prod Exch.
Coal A Iron Nat
Union Exch Nat
concedes this principle is regarded as a grave admis¬
sion, and the success of the railwaymen is expected to give an immediate
fillip to the strikes of agricultural laborers, gas-workers and other trades,
in which the workers already saw in the relatively high railway wages the
main motive for increasing their own.
It is asked where the doctrine of proportional increase will stop, for
Bankers
though National Wages Board recommends new action for co-ordinating the
authority to review frage movements in different industries, the difficulty of
securing an agreement in such a matter is recognized.
Meanwhile the public is faced by the prospect of double railway fares
and freights.
New York Trust
the
report
Trust.
U S Mtge A Tr.
Guaranty Trust
Fidelity TrustColumbia Trust
Peoples TrustLincoln Trust..
Metropolitan Tr
Nassau N,Bklyn
Farm Loan A Tr
1,000
1,500
National
of
the
Wages
Great
the
wage
bill
by
Board
Western
Ralph
Railway,
Cope,
there
presented to the
chief
accountant
been
has
added to
of the British railways £100,000,000
London press advices of May
20, from which
foregoing, also gave the following:
1920
1913
employes, included in calculations
416,423
£147,000,000
340,419
paid
£47,000,000
Cost of materials—
locomotive
A
£3,000
.
rails
£6
12s
chairs
£4
Steel boiler plates
Springs
Carriage tires
Gross
£11,000
16s
Steel
Rail
a
£23
ton
£14
£8 18s
£16
9s
£11 14s
per
£228,000,000
cent.
20,000
2,000
25,000
1,000
5,000
hi ,500
3.000
1,000
2,000
18,547
4,803
31,757
1,367
7,453
1,000
6,000
comparing
the
$
$
4,385
10,720
4,294
+628,577
37,862
1,831
114,673
18,093
1,378
1,377
169
580
109
579
3,869
1,534
2,881
1,360
5,466
4.582
2,021
6,986
12,897
34,997
94,022
265,906
24,212
5,772
6,557
108,546
13,014
819
1,399
412
955
1,071
6,552
3,477
15,039
18,019
5,858
20,409
3,585
21,404
1,514
2,773
22,287
25,572
918
37,736
148,759
27,349
163,609
11,228
19,071
169,392
194,249
13,312
6,361
297,071
932
42,717
1,057
3,052
569
1,128
473
950
1,249
2,426
548
2.193
333
1,730
1,037
6,046
10.482
469
2,377
861
554
799
929
4,366
2,281
2,819
4,103
32,598
7,397
53,789
1,506
10,500
«.
_
*
•»
290
«
4,850
21
m
»
m
m
n
Goods
156
Carters
176
Drivers
Goods
guards
126
Passenger guards
126
Porters
(passenger)
197
Checkers
(goods), Class I.... 150
Callers off (goods), Class 1 .. 163
Per Cent.
^
122
Cleaners
porters
<&..
177
Class 1
Gangers (industrial areas)....
Gangers (rural areas)
Undermen
(Industrial areas)..
Undermen (rural areas)
163
(goods),
156
177
195
Carriage and wagon examiners
(provinces)
144
Carriage cleaners (provinces).. 195
The above shows the average rate under agreements of
August,
March, 1920, adjusted under sliding
144
1919
100
"9",333
44
""51
3,299
4,854
49
877
100
622
8,202
2,122
7,640
2,239
196
977
91
13,728
1,070
21,088
7,622
9,209
18,009
15,210
13,174
45,257
79,420
30,221
15,977
20,650
29,467
246,623
210
74
145
387
525
243
503
3,084
,
66
1.926
.
63
600
"402
464
389
5,295
15,660
8,041
26,533
61,748
700
2,747
13,177
445
81,602
34,405
90,305
24,123
1.263
1,112
38,071
18,127
610
573
3,909
1,574
118,466
23,769
4.264
14,215
+125,955
1,051
11,529
2,995
22,022
231
hi,900
11,256
925
52,207
+508,315
,
21.675
744
806
6,164
64,125
2,064
1,907
25,192
28,204
8,800
3,553
562
391
77,905
33,232
3,414
1,318
14,401
949
50
99,525 556,131 c4,053,234 212.165 34,933
Bank
69,392
3,645
2,065
19,649
5,476
30,678
3,250
Average.
Totals, actual
Totals, actual
Totals, actual
Reserve
4JJ26
93,913
6,916
4,031
65,803
36,623
6,796
6,707
4,167
4,210
4.123
55,676
55,752
57,404
36,681
36,519
36,329
93,829
93,699
95,247
co ndition June 12
co ndition June
co ndltlon
5
May 29
2,686
1,637
685
329
6,630
N ot Mem hers of Fe deral Re serve Ba nk
Trust Compan lea.
44,898
1,043
3,465
Title Guar A Tr
5,000 12,906
996
26,388
1,526
4,000
Lawyers T.4Tr
5,994
29,846
16,510
36,623
999
407
Totals, actual
Totals, actual
Totals, actual
18,901
71.286
2,039
4,991
46,356
1,406
00 ndition June 12
71,347
71,246
72,948
1,985
2,108
1,968
4,977
5,120
45,539
46,966
50,284
1,313
9,000
co ndition June
6
co ndition May
29
5,713
1,426
1,357
Gr'd aggr, avge 240,270 444,610
Comparison, pre v. week
5,121.971 108,480 565,153 d4.155,393 2 50,194 34,933
+567 4.000
—13,399+3 ,978 —6,814 —62,812
Gr'd aggr, act'l cond'n
5,114,084 103.554 583,335 •4,184,356 249,870 34,944
June 12
Gr'd aggr, act'l'cond'n
Gr'd aggr, act'lcond'n
Gr'd aggr, act'lcond'n
—
5,264 —2,633 + 8,236
—9,610-7-1,544 —165
5,129,348 106,187575,099 4,193,966251,41435,109
May 29 5.145,181 102,142581,610 4,272,925251,45535,009
May 22 5,127,139104,590553,099 4,184,929251,49734,907
May 1515,156,615104,760578,193 4,211,678251,47635,904
June
t Includes deposits in foreign branches not Included In total footing as follows
National City Bank, $146,380,000; Guaranty Trust
Loan A Trust Co., $20,674,000.
Balances carried In
Co., $105,219,000; Farmers
banks In foreign countries as
National City Bank, $51,504,000; Guaranty Trust
Co., $11,255,000; Farmers' Loan A Trust Co., $2,230,000. c Deposits in foreign
branches not included,
d U. 8. deposits deducted, $22,889,000.
e U. S. deposits
deducted, $22,974,000.
Bills payable, rediscounts, acceptances and other liabilities,
$1,056,687,000.
k As of March 4 1920.
g As of March 10 1920.
h As of April 5
1920.
f April 12 1920.
i May 1 1920.
J May 29 1920.
reserve
for Buch deposits were:
STATEMENTS OF RESERVE POSITION OF CLEARING HOUSE BANES
OTHER INDUSTRIES.
I
Building trade—
Bricklayers
Per
Cent.
108
Masons
AND
Shipbuilding—
Shipwrights
Per
112
113
Laborers
150
126
110
Painters
128
Boot
Laborers
163
Agriculture
Plasterers
115
Engineering—
and
120
.
Road
113
Carters
Patternmakers
114
Laborers
166
Shipbuilding—
255
State banks*—
one-horse
144
(lorry)
97
motormen
(London)....
100
motormen
(Manchester)
115
115
Tram
Riveters
122
General
tries
average
in
Total
Reserve
Surplus
Depositaries
Reserve.
Required.
Reserve.
$
$
$
$
Members Federal
Reserve banks
transport—
Tram
Platers
a
Reserve
in Vault.
160
(London,
van)
Carters
Reserve
Cash
175
shoe
Dockers
Fitters
Averages.
139
"Miscellaneous—
Coal
miners
Cotton
..................
TRUST COMPANIES.
Cent.
Ill
Carpenters
5
and
sc^le from April 1.
other
indus¬
135
~
4,606
132,163
1,705
137
5.583
•,
539,388
3,355
1,345
10,633
kl,560
769
1,000
1,765
1,508
MEN.
Cent.
Firemen
13,333
18,749
7,805
73,257
15,346
2,461
34,050
98,746
146,302
53,151
2,000
Bank-
Gr'd aggr, act'lcond'n
RAILWAY
Ironworkers
3,269
9,662
2,271
13,942
1,793
5571
Average Avgs.
S
5,291
wage
Per
Plumbers
34,769
212,405
11,795
22,995
285,084
198,825
14,990
8,119
391,403
20,528
7,644
9,071
18,233
15,428
15,260
50,001
87,189
26,509
20,958
20,867
41,561
Average.
s
724
283,266
Comparison, pre v. week
increases enjoyed by the railwaymen with
those accorded workers in other industries, one finds that the former have
by far the better of it, as the following table shows (the wage increases
indicated are those occurring between 1914 and April, 1920) :
Upon
1,580
1,571
2.504
339,445
24,969
127,240
130,893
33,650
145,925
Bank I
Circu¬
lation
tories.
$
51,656
137,427
178,397
58,308
571,197
156,989
20,058
5,077
126,460
J 228.020 421,6824,956,772
Average
Though this table shows a large increase in gross revenue to have oc¬
curred, the increase is more than absorbed by the inordinate costs which
the table also indicates, i In consequence,
net profits, as in the United
States, have reached an 1 unprecedentedly low figure.
On the aggregate
capital of the British railways of £1,520,000,000 the net profits were just
3.64
posits.
12s
£29 10s
£49 10s
£41 19s
.£118,000,000
revenue
Deposits.
rribers
f Federal
State Banks. Not Me
18,985
Greenwich Bank g 1,000 g 1,678
839
6,536
250
Bowery Bank..
,
Wages
Deposit
Totals, actual co ndltlon June 12 4,948,908 94,773 574,191 c4 083,142 211,8 7634, 94
Totals, actual co ndition June 5 4,964,403 97,372 565,769 4,091,248 213,470 35,109
Totals, actual co ndltlon May 29 4,976,986 93,544 571,644 4,165,237 213,76 9 35,009
State
A comparison of the costs of railway operation,
including wages and
representative equipment, for the years 1913 and 1920 is afforded by the
following table:
;
Number of
Vault.
year.
a
quote the
we
Average..
7,161
1,456
1,000
1,500
Columbia Bank. k2,000
Since 1913, according to figures recently
384
731
Commonwealth.
Brooklyn Trust.
That
4,450
35,505
10,340
Commercial Ex.
Fifth
four railway managers who
representatives of the rail¬
way
trade unions and representatives of such bodies as the Associated
Chambers of Commerce, the National Union of Manufacturers and the Trade
Union Congress.
The railwaymen's claims for increased wages were based,
not on any
change in the men's own economic situation, but on the circumstance that
other trades, such as dockers and miners, had obtained fresh increases, and
the railwaymen contended that their earnings, as a class, ought always to
be kept at about the same proportion as before to those of these other
The report is unanimous, save for one of the
on the board,
with an equal number of
796
22,227
2,348
Chase National.
served
De¬
%
7,040
fl6,146
13,679
16,051
58,875
5,000
£1
Tims
Demand
S
$
2,000
Amer Exch Nat
of
Net
Legal
Average. Average Average
Members of
Bk of
Nat Butch A Dr
increase
with
in
ments,
Ac.
(.000 omitted.) Nat'l, May 4
Week
Feb. 28
ending State.
June 12 1920. Tr.Cos.,Feb. 28
162
all-round
Nat'
Cash
Invest¬
considering the claims of British railwaymen for an
been
[,000] omitted.)
Reserve
Loans,
Net
Capital. Profits. Discount.
HOUSE
MEMBERS
Fed. Res. Bank
BRITISH
In the
also given.
WEEKLY CLEARING HOU8E RETURNS.
(Stated in thousands of dollars—that is. three ciphers
CLEARING
are
Trust companies*
Total June 12,—
Total
June
5.—
Total May 29
Total May 22
$
556,131,000 556,131,000 633,285,370
4,031.000 10,947,000 10,044,640
7,030,000
6,953,400
4,991,000
2,039,000
22,845,630
902,460
565,153,000 574 108,000 550,283,310
571,967,000 580,954,000 558,494,350
568,269,000 577,137,000 554,770,760
576.241,000 585,050,000J 554,292,460
23,824,690
22,459,650
22,366.240
30,757,545
"6,916
8
000
955,000
8,987,000
8,868,000
8,809,000
76,600
[Vol. 110.
THE CHRONICLE
2548
Actual
BANKS
STATE
Figures.
AND
CITYj
NEW YORK
TRUST COMPANIES IN
I,
Reserve
Cash
Surplus
Week Ended
Reserve.
June 12 1920.
%
Trust Companies.
ff.
State Banks.
Reserve
Reserve
Depositaries
Vault.
Required.
Total
in
Restrie
in
b
%
June
1920.
Members Federal
banks*
Trust
131,150
Capital as of Feb. 28
Surplus as of Feb. 28
38,098,910
28,567,400
24,338,800
Currency & bk. notes
7,690,350
.6,962,000
4,977,000
1.985 000
companies*—
941,500
Total
May 29
Total
May 22
8.877.000 553.099,000 561,975,000 554,285,650
12
Total June
5....
Federal Reserve Bank.
• Ttils 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 12 16,364,950: June 5, $6,352,050; May 29, $6,406,830; May 22, $6,401,640.
•
.
Not members of
required on net demand deposits In the case of State banks
but In the case of members of the Federal Reserve Bank
required on net time deposits, which was as follows:
12. $6,356,280. June 5, $6,404,100; May 29, $6,413,070; May 22, $6,419,550.
b This Is the reserve
and trust companies,
Includes also amount of reserve
June
%
$
28,600,000
52,703,000
734,767,600 Inc.
4,819,900 Dec.
33,423,300 Inc.
Specie
1,241,700;
Deposits with the F.
R. Bank of N. Y„.
Deposits
I
14.000
645,9001
129,307,500 Dec.
19.6% iDec.
State
Banks and Trust Companies Not in
State
Clearing
weekly
RETURN OF NON-MEMBER
$789,341,000
Specie.....——.
8,479,400
19,276,100
75,983,500
-
Total deposits.
HOUSE.
Bank of New York
Inc.
715,700
459,600
3,098,000
Dec.
865,286,200
.
6,647,400
160,500
Dec.
Dec.
819,793,300
Inc.
Deposits, eliminating amounts due from reserve de¬
positaries, and from other nabks and trust com¬
panies in N. Y. City, exchanges and U.S.deposits
Reserve on deposits
Percentage of reserve, 19.6% .
three ciphers (000 omitted.)
Loans,
Net
143,823,900
Dec.
5,421,200
5,803,100
Nat'l
Reserve
Net
Net
Cash
with
Demand
Time
Bank
Nat.bks. May 4 Invest¬
in
Legal
De¬
De¬
Circu¬
8tatebks.Feb.28 ments,
VauU.
Deposi¬
posits.
posits.
lation.
Dis¬
Capital. Profits.
counts,
NON-MEMBERS
Week ending
Average Average Average. Averag
Members of
$
S
Bank.
Fed'l Res.
tories.
&c.
Tr. cos. Feb.28
June 12 1920.
Battery Park Nat.
Mutual Bank..
1,500
1,615
200
691
New Net her land..
600
675
500
1,017
Yorkvllle Bank..
200
670
400
1,353
11,392
10,076
4,961
13,534
9,243
184
294
240
22
458
620
64,035
1,818
First Nat Bk,
JerC
3,400
Total..
6,024
Average Average
$
1
$
1,866 12,355
1,724 12,172
1,096
7,166
651
3,437
1,288
7,510
827
7,175
$
$
14,829
W R Grace & Co..
Currency and bank notes
Deposits with Federal Reserve
Inc.
in the
CLEARING
INSTITUTIONS OF NEW YORK
•
CLEARING
Loans and Investments
Same
following page:
(Stated in thousands of dollars—that is,
of State banks and trust
8UMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
Differences from
(Figure* Furnished by State Banking Department.)
June 12.
previous week.
17% i
Companies.—Follow¬
clearing
Non-Member Banks and Trust
companies in New York City not in the Clearing Home, as
follows:
30,000
1,120,100
ing is the report made to the Clearing House by
non-member institutions which are not included
Banking Department reports
figures showing the condition
2,986,800
209,491,000 Dec.
232,500
2,012,523,600 Dec. 50,390,100
283,234,600 Dec. 6,732,500
0.2 V
"Clearing House Return" on the
House.—The
$
-rnm.mmmmmmm
858,257,900 Dec. 14,228,600
—
deposits..
P. C. reserve to dep..
Reserve on
previous week.
116,700,000
179,589,000
1,978,947,70, Inc.
11,313,600 Dec.
19,162,800,Inc.
186,400:
1,259,100!
74,182,100'Dec.
Loans & investments
8,781,000 583,335,000 592,116.000 554,017.090
8,987,000 575,009,000 583,914,000 555,346,600
8,598,000 581,510,1000 590,108,000 565,769,200
Total June
1920.
37,026,260
6,830,850
previous week.
$
574,191,000 574,191,000 537,164,740
10,021,500
4.167,000
10,963,000
6,796,000
Reserve banks....
State
$
S
$
Differences from
12
June
Differences from
12
7,452
%
76
190
318
239
675
6,402
386
7,710
49,835
576
RESERVE.
-Trust Companies,
Slate Banks
13.75%
6.52%
$77,641,400
29,124,900
22.04%
$106,766,300
18.91%
15.52%
$26,097,600
Cash in vaults.
10,960,000
Deposits In banks and trust cos.
5.16%
State Banks
Not Members of the
Fed'l Reserve Bank
100
100
444
3,509
408
208
3,413
Colonial Bank
600
1,332
14,727
2,069
1,392
16,126
International Bank
500
337
6,670
725
548
6,502
344
1,200
2,113
24,906
3,202
2,148
26,041
444
Bank of Wash Hts.
.—$37,057,600
Total.
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 City outside of
the Clearing House, are as follows:
averages
Total..
.....
Trust Companies
Not Members of the
Fed'l Reserve Bank.
RESULTS OF
BANKS AND TRUST COMPANIES
GREATER NEW
YORK.
IN
500
9,344
637
390
7,816
848
200
437
9,463
312
606
6,057
4,710
700
COMBINED
Hamilton Tr, Bkln
Mechanics Tr, Bay
1,461
18,807
949
996
13,873
5,558
5,969
13,712
1,023
Total
Loans
and
Investments.
Weekended—
Demand
Deposits.
*
Total Cash
in Vault.
Reserve in
Comparison pteyio
89,749
+ 276
+ 642
+ 124
—57
—193
—413
—53
5,300
5,300
Feb.
4
Feb.
21
Feb.
6,009,316,400
5,932,509,000
14
Feb.
Gr'd
7
28
Mar.
Mar.
6.887,539,200
6,871.844.300
6,871,656,000
6,890,723,400
5.891,763.200
5.884,557,500
5.934,438.800
6,946,884,600
5,969,998,300
6,970,588,000
5,929,153,600
5,935,200,400
5,923,805,600
5,928,544,500
5,901,424,000
5,918,063,600
5.911.312.000
6
13
Mar. 20
Mar. 27
April
3
April 10
April 17
April 24
1
May
8
May 15
May 22
May
29
June
5
May
jrune
*
12
This item includes
4,959,263,200
4,922,639,900
4,883,820,600
4,837,357,300
4,881,252,700
4,883,9* 0,600
134,336,100
138,651,200
135,817.600
136,837,300
137,477,600
137,498,800
4,990,480,100
134,062,200
4,916,902,800
4,979,072,300
4,997,453,900
6,015,732,100
132,585,200
129,262,600
134,487,200
129,740,800
5.007.452,600
131,772,400
4,965,687,100
4,938,152,700
126,207,200
136,312,000
131,600,400
4,950,458,200
4,989,835,900
4,985,879,800
5,032,577,100
4.975,186,300
gold, sliver, legal tenders,
682,179,300
667.361,800
642,654,000
673,921,100
647,225,300
9,599 107,960
9,599 108,017
5.693
9,954
89,625
10,3671
89.678
13,614
13,739
578
5,886
9,532 109,254
5.694
10,954
90,351
13,670
592
9,599 107,748
aggr
June
aggr
May 29
Gr'd
aggr
May 22
5,300
deposits deducted. $232,000.
Bills payable, rediscounts, acceptances and
Excess reserve, $572,900 decrease.
a
+ 98
—
125
t2
—5
583
U. S.
other liabilities, $7,417,000.
679,329,400
649,253,400
679,267,600
688,403,300
729,909,700
694,405,700
694,100,200
889,051,100
658,932,400
129,100,500
133,387,300
694,904,700
674,250,800
700,111,800
697,625,700
131,309,5001
699,402,500
131,116,200
us
Depositaries.
Gr'd
576
10,596
+ 212
week
5,300
Grand aggregate..
national bank notes and Federal
Philadelphia Banks.—The Philadelphia Clearing House
the week ending June 12 with comparative
statement for
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
with legal depositaries" and "Cash in vaults."
"Reserve
Reserve notes.
Week ending
State Banks and Trust
In addition to the returns of "State banks
New York City
Companies.—
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.
The provisions of the law governing the reserve require¬
ments of State banking institutions as amended May 22
1917 were published in the "Chronicle" May 19 1917 (V. 104,
p. 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).
are
made up, see
June 12 1920.
June 5
(00) omitted.
Two ciphers
Members of \
Trust
May 29
1920.
1920.
|
Total.
F.R.System Companies
$33,075,0
88.335,0
$4,301,0
$37,376,0
$37,376,0
$37,376,0
Surplus and profits
12,007,0
100,342,0
Loans, dlsc'ts & lnvestm'ts
740,968,0
36,003,0
776,961,0
100,729,0
777,906,0
31,677,0
122,170,0
100,242.0
781,760,0
Capital
Exchanges for Clear.
Bank deposits
Individual
deposits
26,958,0,
117,430,0!
130,731,0;
475,ol
520,886,0
House.
Due from banks
21,051,0
150,0
7,712,0
659,329,0
Time deposits
Total deposits
included)
Res've with Fed. Res. Bank
Reserve with legal deposit's.
13,178,0
117,447,0
131,007,0
541,937,0
21,477,0
7,862,0
680,806,0
2,678,0
52,380.0,
Cash in vault*
27,433,0
17,0
276,0
U. S. deposits (not
Reserve
required
Excess res. & cash
•
held.
in vault. _
Cash In vault Is not
545,726,0
7,926,0
688,374,0
2,995,0
52,380,0
2,536,0
916,0
2,536,0
14,094,0
50,953,0,
Total reserve and cash
134,722,0
3,452,0
3,132,0
69,010,0
54,085,0
14,605,0'
320.0
14,925,0
65,558,0;
counted as reserve for Federal Reserve
28,889,0
117,430,0
131,075,0
548,232,0
7.835,0
687,142 0
4,069,0
52,678,0
52,915,0;
2,526,0
2,567,0
13,311,0
13,237,0
68,752,0
68,482,0
54,617,0
53,964,0
13,865,0
14,788,0?
Bank members.
the weekly statement issued by the Federal Reserve
liabilities of the Member Banks. # Definitions of the different items
14 1917, published in the "Chronicle" Dec. 29 1917, page 2523.
PRINCIPAL RESOURCES AND LIABILITY ITEMS OF MEMBER BANKS LOCATED IN CENTRAL RESERVE
AND OTHER SELECTED CITIES AS AT CLOSE OF BUSINESS JUNE 4, 1920
Member Banks of the
Federal Reserve System.—Following is
Board giving the principal items of the resources and
In the statement were given in the statement of Deo.
STATEMENT SHOWING
in commerical loans, as against further reductions in the
certificates and of war loan paper, accompanied by larger in¬
creases of borrowings from the Federal Reserve Banks, are indicated in the Federal
Reserve Board's weekly statement showing condition on June 4 of 813 member
banks in leading cities.
Moderate increases
Net
withdrawals of Government
while other
deposits for the week totaled about 23 millions,
decline of 24.1 millions for all reporting
banks. Time deposits show a
demand deposits (net) show a
holdings of Treasury
millions for the New York City
gain of 22.3 millions, all outside of New York City.
bond and Victory note holdings show a nominal increase of 1.5
millions, while holdings of Treasury certificates show a further decline of 5.8 mil¬
lions for all reporting banks, and of 9.8 millions for the member banks in New York
City.
Loans secured by U. S. War obligations (War paper) declined 17.6 millions,
largely in New York City, and loans secured by stocks and bonds—4.5 millions,
though the New York City banks report an increase under this head of 6.4 millions.
All other loans and investments, made up largely of commercial loans and discounts,
increased by 30.8 millions and slightly more in New York City,
As a consequence,
total loans and Investments of reporting banks sbow an Increase for the week of 4.5
millions, as against an increase of 15.2 millions recorded for the member banks in
the reporting
banks, and of 64.8
Banks increased from 2,060.1 to
12.1 to 12.2 per centiof the total loans and investments of
For the New York banks this ratio shows an increase
lroml0.6to 11.4 percent.
Of the total paper held under discount by the Federal
Reserve Banks for reporting member banks, the share of war paper was 55 per cent.
At the New York Reserve Bank this share was about 67 per cent.
Total
accommodation at the Federal Reserve
2,091.9 millions or from
United States
New
York City.
institutions.
balances show aD increase of 3.9 millions for all reporting In¬
York City members a decrease in this item of about 8
Cash in vault, largely Federal Reserve notes, increased 22.2
millions, all classes of institutions showing additions under this head.
Federal Reserve
stitutions.
For the New
millions is noted.
June 19
Data for all
I.
Cleveland.
46
116
$46,753
$11,347
bends...
38,005
249,733
89,436
264,082
Other U. 8., incl. Liberty
7,143
U. 8. Victory notes
82
47
$41,874
$14,015
28,312
and
60,002
19,591
53,422
36,072
18,252
19,134
157,539
88,438
65,724
27,581
103,776
57,815
510,816
813
7,271
9,815
15,311
34,485
23,882
269,370
604,609
202,734
2,706
1,519
4,380
19,573
19,161
3,446
8,657
10,540
22,690
39.775
603,442
27,262
54,113
64,870
148,660
1,680,154
24,969
11,729
36,081
241,453
12,445
80,160
35,217
109,905
39,102
338,229
895,969
107,041
388,481
456,897
411,195 1,759,044
415,707
18,005
31,831
296,860
517,961
964,447 1,471,897
98,334
65,387
619,177
563,716 2,532,036
626,552
373,958
676,228
191,569
40,432
23,979
42,628
69,975
14,445
287,194 1,404,705
622,936
151,783
10,511
9,122
307,947
and bonds..
190,780 1,337,055
95,414
196,694
All other loans and investments..
786,875 3,995,396
568,563
sec.
67
61,659
12,741
including
with F. R.
and other banks:
Loans
46
10,014
206,190
650,004
83
Investments,
redlscounted
bills
Total.
San Fran.
35
16,925
$21,526
61,711
40,155
82,798
4,263
Dallas.
35
42,090
9,374
$27,979
34,227
7,980
71,488
Total U.S. securities
Loans
St. Louis. Minneap. Kan. City
Chicago.
107
29,633
U. 8. certificates of Indebtedness...
U. 8. bonds to secure circulation...
Atlanta.
Richm'd.
Q9
57
$12,311
14,029
banks
Number of reporting
Three ciphers (000) omitted.
each district.
reporting banks In
New York Philadel,
Boston.
omitted.
Three ciphers (000)
2549
THE CHRONICLE
1920.]
by U. 8. war obligation
Loans sec. by stocks
Total loans and investments
incl.
1,106,958 6,493,271
rediscounts with F. R. banks..
696,505
127,578
84,982
Reserve balances with F. R. Bank..
18,203
669,937
32,774
3,402
23,264
3,514
346,512
87,381
Secured by U. 8, war
223,450
124,138
63,658
98,936
764
7,072
1,924
160
1,652
39,287
122,106
28,806
11,647
27,821
673
348
250
60
5,420
1,184
59,913
17,368
36
Bankobligations .
Bills payable with F. R.
A?I other
Bills redlscounted with F. R. Bank-
103,978
1*182
r
28,171
55,774
15,855
7,325
5,934
12,875
13,567
obligations.
131,999
3,464
237,863
25,290
41,655
29,608
242,815
77,538
48,656
56 917
45,142
All other..............i..^....i
Secured by U. 8. war
2.
Data for Banks in
Federal Reserve Bank
33,330 1,044,043
148,376 3,111,038
968,998 11,246,502
354,133 1,299,364 17,081,737
80,445
1,419,343
23,483
384,894
27,093
11,969
622,917 11,535,021
232,098
508,059 2,667,977
49,192
52,582
700
3,272
48,553
43,576
Government deposits
79,185
15,463
419,752
19,141
348,383
889,214
365,427
5,676
38,314
Net demand deposits
Time deposits-
33,117
38,482
35,446
25,948
823,148 5,306,276
409,483
137,613
Cash in vault
129,653
59,216
38,298
865,102
385
32,807
1,758
2,384 f|283,969
941,004
58,255
Reporting Banks1
and Branch Cities and All Other
All Other
omitted.
Three cipher•» (000)
June 4.
May 28.
June 4.
May 28.
June 4.
June 4.
May 28.
Total.
Reporting Batiks.
AU F.R.Bank Cities. F. R. Branch Cities.
Chicago.
New York.
June 4.
May 28.
June
May 28.
■
June 6'19
4,'20 May 28*20
198
198
336
337
814
50
813
?®Wti770
50
970
74
970
74
$1,438
$100,045
$70,883
25,457
26,360
143,748
$70,883
144,296
120,729
$269,370
604,609
216,232
337,770
$99,376
119,918
217,380
$98,750
340,132
$269,131
$37,701
$1,438
$270,304
$37,056
$99,737
circulationOther U.S. bonds, incl. Lib. bds.
79,188
109,498
417,118
109,121
52,668
425.713
119,756
609,186
1.514,452
33,822
202,734
603,441
256,043
12,567
33,113
40,752
66,965
447,885
79,066
246,174
40,568
66,567
202,890
u. 8. Victory notes
53,017
116.508
72.575
74,034
965,498
972,649
387,055
384,704
327,601
1,680,154
1,684,364
2,868,446
589 164
327,011
6791,676
Number of reporting banks
u. 8. bonds to secure
u. 8,
certificates of indebtedness-
Total U. 8. securities
12,414
636,978
601,984
Loans and Investments, including
bills redlscounted w 1th F. R.
•
108,167 1,044,043 1,061,590 al .420,581
141,422
107,198
140,352
812,001
796,493
77,089
75,442
494,941
481,274
3,115,454
3,111,038
424,941
492,703
421,332
489.775
337.573
340,553 2,199,931 2,197,810
bonds. 1,181,173 1,174,846
11.215,748 alO,656681
7,135,140 2,162,318 2.180.853 1,907,070 1,899,755 11.246,502
1,048,603 7.177,114
All other loans and Investments 3,521.338 3.489,300 1.047,615
banks:
Loans sec. by U. 8. war oblig—
Loans sec. by stocks and
Total loans & investments,
incl.
rediscounts with F. R. banks:
Reserve balances with F.
R. bank
Cash in vault.
Net demand deposits
Time deposits
Government deposits
Bills payable
17.081,737 17,077,156 15,196,923
11139036 11117600 3,179,500 3,199,682 2,763,201 2,759,874
5,763,461 5,748.251 1,533,205 1,540,279
1,303,769
1,415,397
165,828 1,419,343
164.472
204,364
208,187
132,423 1,046,684 1,045,205
135,009
657,189
649,228
368;882
362,749
384,894
84,292
90.159
73,013
205.444
76,393
218,342
36,143
38,655
107,294
111,955
11,559,093 10,375,244
1,706,954 1,694,958 11,535,021
973.969 8,062,423 8,114,779 1,765,644 1,749,356
961,590
4,772,021 4,836.774
583.587 2,667,977 2,645,705 1,727,163
586,315
869,140
871,600
1 210 062 1,192,978
277,558
278.860
300,016
299,814
75,599 1,180,592
52,582
8,289
6,201
11,880
8,591
65,430
37,790
4,742
3,876
22.480
34,212
with F. R. Bank-
Secured by U.S.war obligations
51,109
296,553
310,928
573,548
179,199
570,741
181,643
112,361
114,127
865.108
893
54-,094
665
859
773
1,752
866,511
1,438
jl,084,182
292,925
899,264
J 251.215
14.5
19.1
All other....................
Bills redlscounted with F. R. B'k-
128,289
219,657
135,715
622,302
31,941
144,615
32,784
152,278
16,767
165,912
235,261
671,531
234,148
124,858
124,684
177,322
6,267
176,651
283,969
941,004
9.7
14.9
15.2
14.4
14.2
14.4
9.6
12.2
18.2
12.1
17.8
Secured by U.S. war obligations
All other..
16,993
4,480
Ratio of U. 8. war securities and
war
paper
a
total loans and
to
Investments,
per
cent
Exclusive of rediscounts with Federal Reserve
The Federal Reserve
banks.
Banks.—Following is the weekly statement
discounted and purchased bills and a corresponding re¬
duction in deposit liabilities, also some decrease in Federal Reserve note circula¬
tion, are indicated in the Federal Reserve Board's weekly bank statement issued as
at close of business on June 11, 1920.
The Bank's gold reserves show an increase
of 4.2 millions and their total cash reserves—an increase of 3.7 millions.
The re¬
serve ratio shows a rise for the week from 42.5 to 43 per cent.
As against an Increase of 7.5 millions in their holdings of paper secured by U. S.
Government obligations (war paper-), the Reserve Banks show decreases of 48.8
millions in other discounted paper and of 6.8 millions in their holdings of accep¬
tances purchased in open market.
Treasury certificate holdings went up 5.3 mil¬
lions largely at the New York and Philadelphia Reserve Banks, while total earn,
ing assets show a net reduction for the week of 42.8 millions.
Of the total war paper holdings of 1,440.9 millions, 651.9 millions, or 45.2 per
cent, were secured by Liberty bonds, 275.4 millions, or 19.1 per cent, by Victory
notes, and 513.6 millions, or 35.7 per cent, by Treasury certificates, as against
43.7, 20 and 36.3 per cent of a total of 1,433.4 millions of war paper reported the
week before.
Total discounts held by the Boston, New York and Cleveland Banks
Moderate liquidation of
Combined Resources and
Liabilities of the Federal
June 11, 1920
vv':
RESOURCES.
F. R. Board
agencies
Gold settlement fund,
Gold with foreign
Gold redemption
agents
Total gold reserves
silver, Ac....—.—
Secured by Govt, war
obligations..—
other
market...
Bills bought In open
Total bills on hand
U. S. Government bonds
U. S. Victory Notes
U. S. certificates of
holdings of the Cleveland
discounted for 7 Reserve Banks in the
against 132.8 millions the week before. Acceptance
and San Francisco Banks comprise 4.8 millions of bills
purchased from the New York and St. Louis Banks, compared with 5.4 millions
reported at the close of the previous week.
Government deposits declined 14.9 millions, while members' reserve deposits
show an increase of 11.5 millions.
Other deposits (including foreign government
credits and non-members' clearing accounts) show a decline of about 13 millions,
while the "float" carried by the Reserve Banks and treated as a deduction from
gross
deposits shows an increase of 10.6 millions, with the result that the
about 27 millions less than the week before.
Reserve note circulation declined 15.1 millions, the New
Federal
York and
reporting considerable reductions in outstanding circulation, as
further increase of over 9 millions in Federal Reserve note circulation
reported by the Cleveland Bank.
An Increase of $176,000 in paid-in capital re¬
flects largely additions to capital and surplus of member banks In the Richmond,
Atlanta, Chicago and Dallas districts.
Chicago Banks
against
a
June 11 1920.
Reserve Banks at the Close of Business
1920!'May 21
1920. May 14 1920.
$
$
167,135,000
424,452,000
111,530,000
calculated
net deposits are
169,735,000
399,889,000
112,781,000
$
171,208,000
389.149.000
112,781,000
May
7
v.;;'
1920. Apr. 30 1920. Apr. 23 1920. June 13,1919
$
172,683,000
392,751,000
112,781,000
$
174,561,000
376,003,000
112,781,000
$
185,654,000
374,380,000
112.781,000
$
355,811,000
582,675,000
1,939,141,000 1,941,580,000 1,936,720,000 1,949,693,000 2,193,874,000
1,965,058,000 1,960,853,000 1,953,103,000 1,939,717,000
133,875,000
134.045,000
68,114,000
134,507,000
139,252,000
139,821,000
139,393,000
138,087,000
137,533,000
2,102,591,000!2,098,940,000
Total reserves
Bills discounted*
A'I
$
164,519,000
431,227,000
111,531,000
issued by the Federal Reserve Board on June 11
inclusive of about 127 millions of paper
South and Middle West, as
672,815,000
938,486,000
663,345,000
678,215,000
673,138,000
682,405,000
703,117,000
707,277,000
711,629,000
1,098,823,000 1,115,902,000 1,121,311,000 1,137,928,000 1,150,658,000 1,117,970,000
1,103,751,000 1,110,864,000 1,112,040,000
126,220,000
137,418,000
135,447,000
142,054.000
150.101,000
158,489,000
137,946,000
142,712,000
149,678,000
fund
Legal tender notes,
:
111,531,000
banks
Total gold held by
Gold with Federal Reserve
9
168,193,000
431,905,000
Gold coin and certificates
June 4 1920. May 28
are
Indebtedness...—
2,083.568,000 2,261,988,000
2,092,496,000 2,079,538,000 2,078.593,000 2,076,087.000 2,070,765.000
1,508,104,000 1,444 175,000 1,465,320,000 1,448,804,000 1,695,576,000
1,440,931,000' 1,433,415,000 1,447,962,000 1,446,723,000
182,598,000
1,043,186,000 1,060,447,000 1,069,751,000 1,029,378,000
1,082,019,000 1,130,843,000 1,071,469,000' 1,053,663,000
404,672,000
234,537,000
409,834,000
407,247,000
413,292,000
418,600,000
417,368,000
403,896,000: 410,688,000
2,882,854,000 2,112,711,000
2,917,754,000 2,964,582.000 2,914,456,000 2,942,318,000
2,926,846,000 2,974,946,000 2,938,031,000
26,797,000
26,797,000
27,130,000
26,976,000
26,796,000
26,796,000
26,794,000
26,795,000
26,796,000
68,000
333,000
68,000
68,000
69,000
69,000
69,000
69,000
69,000
267,066,000
204,405,000
273,037,000
266,649,000
279,463,000
276,761,000
279,531,000
274,816,000
280,108,/000
All other earning assets
3,176,785,000 2,344,579,000
3,221,380,000 3,270,910,000 3,214,357,000 3,235,832,000
3,233,819,000 3,276,626,000 3,244,425,000
12,328.000
10,986,000
12,369,000
12,530,000
12,293.000
12,658,000
12,668,000
12,942,000
13,111,000
Total earning assets....
Bank
premises
Uncollected items and other
from gross deposits
deductions
.
6% redemp. fund agst. f.
r. bank notes
All other resources
Total resources
...
772,903,000
11,794,000
5,751,000
789,616,000
11,745,000
5,640,000
747,190,000
11,862,000
5,699,000
755,476,000
807,445.000
12,081,000
11,787,000
5,006,000
/
5,028,000
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
835,362,000
8,899,000
10,332,000
5,472,146,000
6,186 071,000 6,026,229,000 6,050 467.000 6,108,325,000
6,139,969,000 6,195,509,000 6,114,340,000 6,086.161,000
LIABILITIES.
82,674,000
91,364,000
92,536,000
91,639,000
93.107.000
49,466,000
120,120,000
120,120,000
120,120,000
120,120,000
245,245,000
42,810,000
22,437,000
37,592,000
44,153,000
36,433,000
Government deposits
1,856,092,000 1,633,583,000
1,874,145,000 1,818,615,000 1,859.844,000
1,870,240,000 1,858,774,000 1,852,916,000 1,833,665,000
Due to members, reserve account
623,739,000
589,283,000
524,156,000
539,480,000
630,427.000
578,883,000
553,703,000
601,639,000
574,684,000
Deferred availability Items
127,565,000
102,430,000
104,493,000
99,368,000
98,075,000
102,939,000
98,578,000
99.265,000
86,282,000
Other deposits, incl. for'n gov't credits..
Capital paid in
Surplus
94,284,000
120,120,000
21,830,000
94,108,000
120,120,000
37,113,000
94,000,000
120,120,000
93,786,000
120,120,000
24,368,000
2,479,900,000 2,526,085,000 2,590,615,000 2,630,132,000
2,553,036,000|2,596,791,000 2,541,630,000 2,539,855,000 2,646,800,000 3,092,344,000 3.074,555,000 3,068,307,000 2,499,265,000
3,083,234,000
3,112,205,000 3.127,291,000 3,107,021,000 3,085,202,000
circulation
170,937,000
180,631,000
177,881,000
177,972,000
176,805.000
177,371,000
179,185,000
181,382,0001
181,252,000
F. R. bank notes in circulation—net liab.
39,672,000
57,288,000
60.187,000
63.357.000
66,005,000
69,827,000
72,384,000
Total gross deposits
F. R. notes in actual
All other liabilities
Total liabilities..
78,942,000j
75,947,000
6,139,969,000'6,195,509,000
6,050,467,000 8,108,325 ,OOo'5,472,146,000
6,114,340,000 6,086,161,000 6,188.071,000 6,026,229.000
[Vol. 110
THE CHRONICLE
2550
June 131920.
June 111920.
Ratio ol gold reserve* to net deposit and
F. R. note llabll't ea combined..
40.3%
Ratio of total reserves to net deposit and
F. R. note liabilities combined..
43.0%
42.2%
Ratio of total reserves to F. R. notes In
circulation
after
setting
36%
aside
against net deposit liabilities
Distribution by Maturities—
1-15 days bills bought in open market..
81,946.000
112,306,000
1,480,231,000
1,419,910,000
Indebtedness..
8,300,000
15,856,000
5,537,000
6.806.000
1-16 days municipal warrants
16-80 days bills bought In open market..
16-30 days bills discounted
91,:779*666
"87,388",666
"82,8621666
*89,724*000
245,573,000
4,796,000
279,341,000
2,624,000
292,992,000
286.414.000
2,000.000
1-15 days bills discounted
1-15 days U. 8. certlf. of
16-30 days U. S. certlf. of Indebtedness/.
16-30 days municipal warrants
109,970.000
90,738,000
1,496,952,000 1,439,306,000
1,500,000
81-60 days bills bought in open market..
163,463",000
173,536",000
17*1,683",000
174,089,666
31-60 days bills discounted
486,228,000
11,560,000
477,708,000
12,610,000
423.922,000
6,998,000
424,217.000
5,798.000
31-60 days U. S. certlf. of indebtedness..
31-60 days municipal warrants..
...
61-90 days bills bought In open market..
61-90 days bills discounted
61-90 days U. S. certlf. of Indebtedness..
43,260.666
46,474,666
267,702.000
16,100,000
312,610,000
12,772,000
*69,013",000
*61,864,666
289,520,000
35,869,000
v
297,875,000
13,128,000
61-90 days municipal warrants
Over 90 days bills bought In open market
Over 90 days
48,172,000
bills discounted
Over 90 days certlf. of Indebtedness
Over 90 days municipal warrants..
220,512,000
Federal Reserve Notes—
Outstanding.........................
Held by banks
In actual circulation
......
3,127/291,000
3,085/202,000 3,083/234,000
3,074,555,000
6,962,440,000
3,163,167,000
6,899,860,000 6,854,740,000
3,115,807,000 3,089,741,000
6,784,980,000
3,044,425,000
Fed. Res. Notes (Agents Accounts)—
Reoelved from the Comptroller........
Returned to the Comptroller.....
3,790,827,000
431,334,000
Amount chargeable to Fed. Res. agent
In hands of Federal Reserve Agent
3,764.999,000
420/294,000
Issued to Federal Reserve banks
How
Secured—
By gold coin and certificates
By lawful money........
By eligible paper
Gold redemption fund................
With Federal Reserve Board
257,802,000
257,793.000
2/2 28,803",566
97,369,000
107,847,000
760,740,000
733,175,000
2,255,370~, 000
....
Total
Eligible
paper delivered to
F.R, Agent.. 2,862,936,000 2,908,673,000 2,865,104,000 2,861,121,000 2,896,865,000 2 854,072,000 2,853,705,000 2,815,094,000 2,001,203,00
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS JUNE 4 19310
Boston,
Two ciphers (00) omitted.
Cleveland. Richmond
Atlanta
Chicago.
St. Louis
Minneap
Dallas.
San Fran.
RESOURCES.
Gold coin and certificates
....
Gold Settlement Fund, F. R, B'd
Gold with Foreign Agencies
Total gold held by banks
Gold with Federal Reserve agents
Gold redemption fund...
Total gold reserves
Legal tender notes, silver, Ac
Total reserves
Bills discounted: Secured by Gov¬
ernment war
obligations (»)_
All other.......
Bills bought In open market (b).
......
Total bills
on
hand...........
U. B. Government bonds
U. 8. Government Victory bonds
U. 8. certificates of Indebtedness
Total earning assets
premises
Uncollected Items and other de¬
ductions from gross deposits..
Bank
5%
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 notes in circulation
—net
2,553,036,0
3,112,205,0
liability
181,382,0
78,942,0
All other liabilities
Total liabilities
Memoranda—Contingent liability
-
Discounted paper redlsoounted
with other F. R. banks.....
Bankers' acceptances sold to
other F. R. banks
Contlng. Ilabll.
127,043,0
...
bills pureh. for
foreign correspondents...
(a) Includes bills discounted for
on
2,408,0
16,217,0
other F. R. banks, vis.......
(5) Includes bankers' acceptances
127,043,0
2,408,0
With their endorsement
Without their endorsement
2,371,0
STATEMENT OF FEDERAL RESERVE AGENTS ACCOUNTS AT CLOSE OF BUSINESS JUNE 4 1920,
Two ciphers (00) omitted
Boston.
Federal Reserve notes:
Reoelved from Comptroller...
Returned to Comptroller.....
Chargeable to F. R. Agent
In hands of F. R. Agent
■
•
,
.
'
1
'1
■sued to F. R.
bank, less amt.
returned to F. R.
Agent for
redemption:
CoQat'l security for outst'g notes
Gold ooin and otfs. on hand...
Gold redemption fund....
Gold Set'm't Fund, F. R. B'd
Eligible paper, mln'm required
Total......
Amount of eligible paper
deliv¬
ered to F. R. Agent
F. R. notes outstanding........
...
F. R. notes held by bank.......
F. R. notes In actual circulation.
PhUa.
Cleveland. Richmond
Atlanta.
Chicago.
St. Louis. Minneap.
SanFran
June 19
2551
THE CHRONICLE
1920.]
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA ANl>
BALTIMORE EXCHANGES.
(Gaxrttc.
jankers'
Baltimore
Philadelphia
Boston
Week ending
Wall Street, Friday Night, June
RAILROAD
Business
Stock
the
at
STOCKS.
MISCELLANEOUS
AND
There was
dull and void of interest throughout the week.
more
less
or
of the
and disappointment at the outcome
surprise
Chicago Convention, but first impressions have been
good deal modified and during the passing days the feel¬
a
18
Shares
1920
Saturday
exceptionally-
has been
Exchange
June
18, 1920.
$10,450
7,679
Monday
Tuesday..
13,167
Wednesday
Thursday
Friday
21,266
!
1,707
$82,200
1,008
$1,000
95,950
50,400
40,250
2,233
58,900
83,500
1,262
2,744
2,943
155,900
653
21,000
3,015
5,981
80,100
18,222
21,200
1,028
4,000
8,100
18,300
10,400
5,000
70,672
$218,050
18,623
$481,800
5,018
$46,800
10,338
Hoi iday
Total..
ing is steadily growing that no mistake has been made, that
the nominee of the Convention will receive the hearty sup¬
Bond Sales
Shares
Bond Sales
Shares
Bond Sales
RAILROAD
STATE AND
Sales
of State bonds
at the
Board
657
410
.
BONDS.
limited to $1,000
are
worthy.
Stocks declined on Monday, but the movement stopped
then, a substantial part of that day's decline has been re¬
covered and in several important cases closing prices are
New York Canal 1962 at 91.
higher than last week.
To-day's market has been more active than of late and
the range covered has in most cases
not been wide.
the
Cent. 6s which moved
port of the Republican party and will prove himself
list has added an average of about 1 point to
the railway
its
Northern Pacific recovered 5 points
previous advance.
anticipation and on the announcement that its dividend
rate is to be maintained.
In sympathy therewith, presum¬
in
ably, Union Pacific advanced nearly 2 points.
The more cheerful feeling has been fostered
because
restricted
finished
of
prices,
of
inability
to get raw material
in
or
product out.
represented in our detailed list on the pages which follow:
Sales
STOCKS.
Week ending June 18.
Range since Jan. 1.
Range for Week.
for
Week,
than
more
Of
point.
a
list of 24 relatively active and
a
14 have declined
prominent issues
UNITED
Lowest.
Am.Brake Shoe & F.100
1,000
$ per share.
$ per share
88% Junel8
90
100
100 215
600 130
.
Junel6 215
American Express.... 100
Junel2 135
Preferred
Am. Teleg. &
Amer Woolen
47 % Junel7
47 "% Junel7
91,267
rights-
8434 May 105
Daily Record of Liberty Loan Prices. Junel2. JuneH June 15, June 16, June17. June18.
Total sales In
Junel7
1% Junel2
June17
4
4*
3 34
Junel7
Assets Realization..... 10
100
Atlantic Refg pref....l00
100 104 % Junel7 104 % Junel7 103
Junel2
300
2334
23% Junel5 24
AustinNichols&Conopar
91.82
91.08
91.80
92.00
92.00
91.94
92.08
92.06
100
82
Baldwin Locomo pref 100
300
400
39
1,000
95
100
Brown Shoe Inc
634
852
368
11,50
674
473
795
f High
85.00
85.00
85.50
85.20
85.10
85.56
84.50
84.50
84.60
84.80
85.00
84.92
84.80
85.10
85.00
85.56
[Close
84.50
6
"ii
18
63
8
34
( High
85.70
86.00
85.30
85.40
85.50
85.70
{Low.
85.70
86.00
85.20
85.40!
85.50
85.20
85.30
85.40;
85.50
85.60
June
24
May
82
June
82
June16
97
June 10234
June12
Junel6 40
Junel4 101% Junel8
June
Feb
11834 May
93% Junel5
93
% June 100
Junel2
93
May 101
Junel8
18
June
57
18
Junel8
900
55
% Junel6
Cluett.Peabody pref 100
300
95
Computing-Tab-ReclOO
100
25
20
Detroit United Ry 100
Duluth SS & Atl preflOO
100
90% Junel8
8% June16
Durham Hosiery pf....50
100
94
Junel2
94
Junel2
93
May 10234
100
49
Junel8
49
Junel8
49
June
Gen.Am.TankCarnopar
100
Preferred
Homestake Mining. 100
Int Motor Truck. no par
1st preferred-
100
100
100
2nd preferred
Int Nickel pref.
200
1,200
Junel2
40
May
62
Jan
95
June 104
44
Feb
56
Junel5 !:72
70
Spr
82
9034 June 101
Jan
11
7
Spr
51
Feb
71
81% June18
80
June
88
6%
Junel8
Junel7
57
JunelS
6%
95
Junel8
June
57
95
Junel5 100 %
Junel5
100 140
Junel4 140
Junel4 140
Junel7
50
Spr
57
Jan
Jan 102
May
10034
June
15534
Apr
100
23
Junel2
23
Junel2
1834
38
Apr
200
16
Junel7
17%
Junel7
15
May
3534
1st
100
100
40
Junel2
40
Junel2
37
May
6334
Jan
M St P&S S M pref. 100
500
81
Junel6
81%
Junel5
81
June
94
Feb
52
Junel2
50
Feb
60
Jan
Feb
29
Mar
Feb
100
52
Junel2
Norfolk Southern—-100
600
20
Junel6
22
Junel8
10
OhloBody&Blowenwpar
300
27 H
Junel5
28
Junel4
2734 June
29 34 June
3,700
%
Junel4
1
Jimel2
34 June
134 June
93
Junel7
500
93
Junel7
no par
22,600
38
June15
42
Junel8
P C C & St L ctfs. dep.
Rand Mines Ltd. no pvr
100
74%
7434 Junel8
100
29
JunelS
June 2
Standard
Mill pref. 100
May
37
June
42
June
69
May
7434 June
2834 May
29
200
100
% Junel2
97% Junel?
H Junel4
96
Junel8
2,300 x46% Junel8 x47%
10
34 May
96
May
JunelS j4634
2 34 May
9734 June
June x47% June
Feb 213
Spr
Texas Co full pd rects....
200 182%
JunelS 183% JunelB 158
Recte
615 180 %
June 18 182%
Junel8 168
May 204
Junel8 317%
Junel4 80
Junel8 240
Feb 420
Spr
Spr
80
June
60% paid
......
Tex Pac Land Trust 100
100 317 %
Twin City R T pref 100
200
100
United Dyewood
100
Vulcan Detinnlng—100
100 108%
Junel7 108 % Junel7 108
100 x56
Junel5
z 56
June15 x55
20
Junel6
20
Junel6 320
Underwood pref
100
79
79
Junel4
June
Feb 110
Spr
June|
5734
29
Jan
Mar
Jan
8TOCK EXCHANGE
DAILY, WEEKLY AND YEARLY
TRANSACTIONS AT THE NEW YORK
State, Mun.
United
Ac.,
A Foreign
Stales
Week ending
18
Shares.
1920.
Bonds.
Par Value.
Saturday
305,249
$24,953,900
Monday.
481,802
Tuesday
321,945
3(9,430
286,930
586,159
42,483,200
29,146,000
27,945,000
..J 2,291,515 $203,747,100
$7,450,500
Bonds.
$475,000:
1,014,000
1,409,000
26,146,500
53,072,500
Thursday
Friday
Total
Bonds.
1
$577,500
630,500!
$4,838,000
6,346,000
1,021,500!
9,624,000
17,634,000
9.022,000
2,200,COO j
1,384,000
1,145,500
1,647,000
1,287,500
Wednesday
8,298,650
587,000
$5,928,000 $55,762,65 0
1 8.
Jan. 1 to
June
18.
New York Stock
1920.
Exchange.
1919.
1920.
1919.
Bonds.
Government
7,450,500
$42,116,500
3,039,000
9.900,000
$1,483,145,950
191,517,300
280,306.500
$1,102,385,100
170.605,000
266,516,000
I $69,141,150
$55,055,500
$1,954,969,750
$1,539,506,100
$55,762,650
5,928,000
bonds
Total bonds
85.60
85.30
85.70
85.58
85.60
85.54
85.70
85.90
85.70
85.70
85.98
21
185
244
120!
86
169
f High
85.44
85.14
85.12
85.60
85.38
85.80
*27-'42{ Low.
84.80
84.90
84.96
85.06
85.10
85.20
84.98
85.02
85.14
85.62
units
85.08
85.26;
710
645
1,409
2,956'
1,802
1,685
f High
ILow.
85.50
85.66
85.60
85.68:
85.70
86.00
85.30
85.40
85.38
85.46
85.40
85.50
85.40
85.44
85.60
85.54
85.46
85.76
1,972
1,902
1,735
4,277
2,266
2,111
units
$1,000 units
94.08
f High
94.08
conv.'32-'47{ Low.
4348,1st LL 2d
-94.08
I Close
1
Total sales in $1,000 units
95.96
f High
gold notes,'22-'23] Low.
96.00
96.06
95.90
95.92
95.76
95.90
95.88
95.60
95.50;
95.50
95.60
I Close
95.92
96.00
1 95.88
Victory Liberty Loan
4 34s conv
r
95.76
95.50|
95.62
526
1,546
3,259
f High
'22-'23<Low.
96.00
96.00
95.84
3,837,
95.88
95.68 ? 95.86
95.90
95.92
95.50
95.48
95.52
I Close
Total sales in
95.98
95.96
95.74
95.58
I 95.76
281
621
1,436
95.48'
3,706!
2,274
941
$1,000 units
Victory Liberty Loan
334a,conv gold notes,
Total Bales in $1,000
units
EXCHANGE.—The
FOREIGN
market
1,510 * 1,608
7
95.60
sterling has
for
with prices tending sharply upward.
exchange moved irregularly but also closed
quiet but firm,
ruled
Continental
',"i\
steady.
Exchange at Tarls on London,
50.54; week's range, 50.54
high and 52.15
low.
The
range
for foreign exchange for
the week follows:
Sixty Days.
Sterling Actual-—
for the week
Low for the week
Paris Bankers' Francs—
3.94%
High
the
for
High
Cheques.
3.98%
12.71
week
»
13.33
.v
Marks—
the week...
Germany Bankers'
for
High
Amsterdam Bankers'
High
Guilders—
V
the week
for
35 13-10
35%
the week
for
Low
••••
the week
for
Low
Cables.
3.99 %
DOMESTIC EXCHANGE.—Chicago, par.
St. Louis, 15
3.92%
3.93%
12.60
12.58
13.22
13.20
2.60
3.88%
the week....................
for
Low
2.62
2.38
2.40
36%
36%
35 15-16
25c per
36
$1,000
Boston, par.
San Francisco, par.
Montreal, $125.00 per $1,000
Cincinnati, par.
OUTSIDE MARKET.—" Curb " trading this week was of
discount.
premium.
proportions with the bulk of the
small
actively confined to
regularity in price movements
and hardly any changes worthy of mention.
Several of the
recently active issues were listed on the Stock Exchange this
week which
contributed further to lessen the volume of
a
few issues.
There was no
Midwest Refining which has
been quiet for some
past dropped eight points to 142 and recovered to-day to
146.
Carib Syndicate improved some two points to 20.
In¬
ternal Petroleum moved down from 35 to 33^, recovering
time
declined from 38^ to 36^,
at 38. Maracaibo Explora¬
tion, after a long period of inactivity, sold up from 20 to
24% and ends the week at 23^. Merritt Oil weakened from
W/2 to rn/2 and finished to-day at 16. Industrials were dull
finally to 34yA.
Invincible Oil
to 39 and closed to-day
sold up
devoid of feature General
77
Asphalt, com. dropped from
7iy2, recovered to 76^ and closed to-day at 75^.
shares of Stutz Motor Car were sold down from
453.
It was quoted to-day at 230 bid, offered at 300,
to
few
A
460 to
122,284,063
130,043,279
7,412,975
Stocks—No. shares...
2,291,515
Par value
$203,747,100 $654,487,000 $10,839,275,075 $12,415,591,830
$1,400
$47,200
Bank shares, par
State, mun.,<tc., bonds.
RR. and misc. bonds..
86.00
85.50
Fourth Liberty Loan
and
Week ending June
Sales at
10,38
f High
L L conv ,'32-47< Low
86.00
I Close
trading.
Railroad,
SUKkt.
June
89.18
639
85.80
Total sales in
June
JunelS
93
50,771
Standard Oil rights
Tex Pacif Coal AO
98
98 % Jan
JunelS 89
93
May
24
June
2534 June
JunelS 2554 JunelS
4,900
100 1123* Junel2 11234 Junel2 11234 June 11934 Mar
June16
85
78
78
June
Junel6
Spr
100
78
no par
Stern Bros pref
Junel7
97
Feb
90
24
Sears, Roebuck pref 100
88.86
1,548
85.90
434 b of 1933-38
Jan
100
88.90
670
85.90
Fourth Liberty Loan
June
June 118
95
JunelS
Certificates of dep.....
Remington 2nd prf 100
88,82
1,032
86.00
I Close
634 June
Maxwell Motor....... 100
S Cecilia Sugar
88.74
537
85.70
Total sales in $1,000
Feb
100 100%
Phillips Petrol
88.74
units
Spr
100
Penney (J C) pref... 100
88.76
4 34s of 2d L L conv,
May
60
100
Pacific Devel rights-
88.70
Jan
67% June17
66 % Junel7
Junel5
80
Kayser(Julius)<fcCo 100
100
88.80,
Total sales in $1,000
Feb
90% Junel8
Junel6
8%
Kress(S H)&Co pref 100
Leased line
88.70
Third Liberty Loan
Jan
Junel5
Island Creek Coal....... 1
...
88.72
Jan
72
20,400
preferred
13
89.28
88.70
I Close
4 % s of 1st
Jan
49
Junel6 100 % Junel8
Junel7
Junel7 49
Island Oil & Trans.. 10
Liggett&Myers cl B-100
8
88.90
Third Liberty Loan
1934 June
June 192
Mar
4,037 762% June12 17934 Junel6 150
92
June12
Jan
39
8634 May 100
92% June12
1
Junel2
Junel8
134 June
%
%
June
189,255
51
71
55
June17
Feb
Junel7
100
55
t Jan
50
May 170
{Spr
4,800 57% Junel5 52% Junel7
841
Jan
Feb
77 % Junel6
400
79% Junel4 72
General Motors rights...
1!
88.98
Jan
19 %
'.93® Junel4
General Chemical—-100
4
88.90
I Close
Jan
94 X
93 % Junel7
500
100
5
88.90
Total sales in $1,000
4334 May
93
200
Continental Insur
10
Jan
35
1,700
pref
85.70
88.92
434s of 1928
June
100
100
Preferred
I Close
f High
4 Low
Total sales in $1,000 units
Third Liberty Loan
Spr
Junel6
Case (J I) Flow no par
Certain-TeedProdno par
Case (J I)
4s, convertible, 1932-47
Feb
97 %
97% JunelB
Barnsdall class B..„„. 25
Feb
May 114
92.08
{Low.
$1,000 units
Second Liberty Loan
134 June
82
June16
100
Preferred-
Jan
92.16
92.00
91.90
91.90
92.10
Second Liberty Loan
Mar
52
92.10
92.10
91.90
92.00
f High
{Low.
(Close
3348, 15-30 year, 1932-47
Mar
4634 June
% June
at the Board include $1,000
issues.
Apr
227
Feb 175
June16 170J4
Junel2
95
100
Cable. 100
unchanged
are
at 104 and a liberal movement of the Liberty Loan
4s coup,
Highest
$ per share. $ per share.
Junel8
3
and
STATES BONDS.
of Government bonds
Sales
Total sales In $1,000 units
Shares
Par
Among
point, Reading which have lost the advance noted last
4s, 10-25 year cony, 1942
Highest.
Lowest.
N. Y.
are
week, and Atch. gen 4s and So. Pac. 5s which have declined
First Liberty Loan
this week of shares not
The following sales have occurred
The tendency
implied above, has been downward, although
as
exceptional features
up a
money
easy
railway and industrial issues has again
from last week.
by an in¬
market, by a steady advance in
Sterling exchange in this market, and some improvement
in the local transportation situation.
It is reported, how¬
ever, that the output of iron and steel from the mills is
creasingly
The market for
been dull, narrow and generally featureless.
ex-the
80%
stock dividend.
Submarine Boat lost a point
to-day at 12y2.
The bond department was
to 13 and closed
featured
issues
A
be
by
which
the opening of trading in German municipal
furnished by far the bulk of the trading.
complete record of
found on
page
2559.
"Curb" market transactions will
Exchange—Stock Record, Daily, Weekly and Yearly
PAGES
New York Stock
2552
OCCUPYING THREE
v.
For record of sales during
preceding page
the week of stocks usually Inactive, see
PS*
PER SHARE
STOCKS
HEW YORK STOCK
EXCHANGE
for
Saturday
Monday
Tuesday
June 12
June 14
$ per share
79
79%
74
74
*7
% per share
794
784
*734
•86
88
31
•12
•9
113b
51
52
7434
*744
7
74
74
74
74
7%
700
86
*86
88
x82%
304
414
1134
*
812
82b
314
414
400
31
304
414
304
414
12 4
12
12
9N
*9
51
*21
1124
52
*8
21b
21%
79b
744
74
*84
8b
•8
79
744
7
112*
8b
224
514
8
•
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86
86
314
314
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12
12
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94
1124
1121
94
8
221.
8b
22
32b
314
32t
31
31'-
324
324
49b
484
49
484:
494
494
50
70b
105
694
704
70
70
70
1014
1014
*101
105
103
35'<
36b
35
36
73%
73'f
734
734
64
64
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354
734
tf,
64
12
9
9
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84
21
31%
70
31
42
1124 113
514 614
113
514
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304
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12
42
494
•100
704
103
214
314
484
32
494
694
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103
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354
364
354
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734
734
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644
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214
700
24
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904
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104
94
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12
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19
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14
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694
86
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44
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10
354
14
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814
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34
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1844
185
894
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19
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4
134
134
69
354
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124
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82
3%
„
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94
12
1134
814
8134
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13
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82
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17
17
17
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42
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46
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46
42
4?
45
42
424
974
97
97
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984
424
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42
434
40%
40%
42
124
13
13
13
6
6
54
64
424
414
94
9
25
24
244
24
404
41
40%
6
54
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9
9
9
24%
24
244
404
404
414
24
54
934
244
394
404
44
44
67
674
674
674
68
684
7,8"
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274
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294
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294
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20
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86
86
705s
384
714
387g
244
164
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854
854
854
844
854
854
664
684
684
694
694
704
70
384
224
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38
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384
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854
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234
224
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594
39
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44
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244
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234
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214
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57
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224
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56
384
554
554
224
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404
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384
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1124
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114
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104
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214
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224
214
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224
214
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914
114
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224
56
5534
56
414
394
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624
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23
74
624
32
1134 11334
634
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6334'
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,
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394
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94
23
I
10100
57
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4034
17 400
100
100
6334
o,800
23
Feb 11
94 Feb 13
174 May 20
224
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4(
23
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20
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3954 May24
9
34 May22
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274
274
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68
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28
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304
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334
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344
66
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66
274
29
20
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20
"
94
274
l'.ooo
20
9934 Marl 3
MarlO
195
3
183s Feb 24
15% Feb 24
9
Jan
31*4 May
45
Feb
684 July
514 May
914 Dec
116
May
1724 Mar
34 Apr
217
May
64 Feb
12*8 Dec
24
754 Dec
4178 MarlO
31*4
13*4 Dec
Jan
5
7
Sept
Aprl4
30
Dec
9334 MarlO
8578 Dec
4*4 Marl3
34 Mar
194 Feb 24
1
474 MarlO
1124 Jan
5
52% Mar20
I84 Mar 9
484 Mar
11
Feb 21
trust
ctfs_. 100
Do
314 Jung
13
Nov
254 May
40
Dec
"'*64
31
304
304
35
35
*324
*624
354
*64
66
*69"
324
66
*14
1%
14
24
2
624
14
38%
lb
"874
90
*39
*41
42
♦91
914
42
*82
91
117%
*39
*41
91
*82
1194 *116
41%
394
40%
*91
92
143
143%
*91
140
*75
89
85
904
3*7""
14
"*"14
1
374
14
2
2
14
2
374
334
22% May
94
Jan
4%
Feb
*64
18
Feb 19
Feb 28
Feb 24
Mar29
Feb 20
MarlO
Marll
44 Dec
14
Mar
28*4 Apr
66*4 Dec
23*4 Sept
50
Sept
44 Feb 13
31
Junel8
84 Jan
224 Nov
374 Dec
*75
80
854
*85
864
*85
90
854
*85
90
"37"
Marll
004 Dec
70
50
Mar 12
40
534 July
407g July
234 Feb 11
16
Feb
6
36«4 MarlO
2178 MarlO
100% MarlO
84% Mar 18
434 MarlO
844 JunelG
6634Junel2
3778 May24
224 May20
5934 Junel4
June
50
254 Dec
164 Nov
95
Dec
77
Dec
397g Dec
32
Feb 19
124
68
Feb 27
66
Mar
51
Jan
Jan
80
Feb 11
214 Feb 11
Feb 11
85
87
*85
90
90
42
*85
*38
41
*38
41
*38
41
*38
70
Dec
5
39
Apr
534
Dec
44
Apr
72
24
Dec
Mar26
75
Dec
34
Feb 20
Jung
Jan
844
93%
384
394
27*4
Dec
37
May
33*4 Dec
20
*404
42
*404
42
*404
42
*404
42
914
914
914
*82
93
90%
92
90
90
91
*91
*82
*82
91
*82
91
118
*110
*112
116
414
394
92
914
91
91
I07g Dee
23% Jung
377g Jung
64 Feb 11
12^4 Feb 13
18
Feb 14
50
Feb 13
26
Feb 13
11
Apr 30
100
100
pref
9% Feb 19
184 Mar 1
1053s Jan
3
263s Mar 1
6834 Maris
88% Feb 13
100
100
100
47
35
7
100
25
AJax Rubber Inc
50
10
13% Maris
254 May20
61
May 21
62%Junel5
14 May20
204
100
144
8%
2d pref
Pacific....
pref
100
94
15
2fc
29'4 Jan 27
Feb 11
100
100
100
Jan
1254 MarlO
694 Jan
3
614 May24
84 May25
17
May21
25
...
Mar22
174 Mar26
284 Feb 11
Feb 13
110
pref A....
116
394
92
394
404
2914
1384
40
404
"404
1384
*90
454
*90
92
137
1387R
108
1434 xl37
1084
108
46
46
137
40%
914
1394
114
114
114
♦18
*894
184
*174
*884
924
114
444
12
"Ii% "l'l%
174
174
*174
184
904
904
*884
91
114
11%
*114
19
*174
i8b
924
*884
92
46
*44 ~
454
80
114
114
*17
1734
90
914
43
884
284
86
114
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43
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114
43
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46
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46
59
43
59
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60
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60
844
83
82
82
98
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994
102
17
98
*90
954
974
984
984
964
*98
37
*984
*974
37
*35
164
174
234
234
234
764
*764
774
*734
614
604
614'
604
*904
914
904
904
40
40
40
874
874
*904
*394
*8434
125
1254 *122
*107
*
110
H 8
125
108
|
*122
107
"834 "844
114
*104
824
81
81
95
924
924
9738
102
40
2334
244
85
*104
1734
764
604
84%
114
17
244
394
85
75
614
92
393t
974
984
1071
11
81%
82
*90
97
101
1738
177
"174 "l7%
24
24
101
11
98
1001
93
98%
*100 101
*35
40
174
100
100
pref
40
104 Feb 24
31
Feb 24
204 Feb 19
1278 Feb 24
204 Feb 19
3234 Apr
7
66
Mar29
14% Feb 20
6%
12
Dec
Dec
12
Dec
23*4 July
15
Jung
204 Dec
527g Dec
133
May
274
Jan
11
Dec
25% July
Dec
60
74
Jan
15?g July
Jan
34*4 July
13% July
204
Dec
3.
14
Dec
254 July
Apr
147g July
74
9%
16
17
Feb
304 July
26
July
Feb
614 Jan
Dec
7*4 Mar
Jan
Dec
42»4 Apr
1
46% Mar29
29%
Apr
21
Jan
Jan
12
564
8834 Jan
5
Do
100
pref
Do
pref
3,700 American Cotton Oil
100
100
Do
100
pref
Do
100
pref
100
....100
10,600 Amer International Corp..100
200 Am La France F E
10
800 American LlDseed
100
Do
103
100
prel
23,400 American Locomotive
400
Do
prel
100 Amer Malt A Grain
100
No par
38,400 American Safety Razor
T5,000
100
25
234
2334
*744
764
200 Am Smelt Secur pref ser A.100
5934
604
*904
914
90%
90%
5,000 Amer 8meltlng A Refining. 100
500
Do
pref
IOC
39
394
3834
394
125
1254
109
t Ex-rights.
125"
*105
1254
109
June 4
854 May2 4
38
Feb
6
52
Feb 13
80*4 May24
104 June 8
100
604
*105
Jan 20
Do
pref
American Ice
200
Am Ship A Comm Corp_n/> par
1,700 Am Steel Found tem ctft.33%
Pref temp ctfs......No par
100
1,900 American Sugar Refining..100
340
Do
nref
ICQ
5 Less than 100 shares,
a
Ex-div. and rights,
x
Feb 13
Apr 26
82
Feb 13
964 June 1
30*4 Feb 13
11% Apr 15
16*4 Feb 13
744 May24
564 May20
89
May21
35 May20
86
May20
122 June 7
74
91
102
May20
Ex-dlvidend.
Jan
28
87
Sept
16
z92
Dec
1
33
Jan
454 Jan 28
154 May20
1,500
Jan
Jan
Jan
42
Jan
Apr 16
02
Jan
103*4
American Hide A Leather .100
800
Jan
484 Apr
Feb 13
Mayl2
344 June 7
894 May 14
1244 Feb 25
106
May20
394 Mar 1
79
Jan
Dec
964 Jan
H33junel5
764
109
95
2~ 100 Amer Druggists Syndicate. 10
234
124%
*105
817g
101
174
89
30
3
YI66 Amer Bosch Magneto..No par
6j00 American Can
100
60
*8434
3
Jan
90
550
1*4
92
74'4Feb 13
*744
394
3
404 May 19
9,100 American Car A Foundry.100
14
6378 Jan
39
234
91
2% Mar24
744 May21
76
May20
84% June 2
100
pref
66
3012 May24
60
Jan
5
84*4
l2»84Jan
0134Jan
2
3
844 May
101
S
93
Jan
147% Apr
0
1164 Feb
4
54% Jan
3
86
Mar26
14
30-% Jan
3
122
Jan
3
534 Marl9
154 Jan
424
x98
844
113
JaD
Feb
Dec
Feb
Jan
39%
Jan
88
Jan
104 Nov
134
Jan
714
Jan
374 Aug
Jan
2
54*4
Jan
1204 Jan
?
52%
Feb
68
144 Jan 22
95
Apr
7
99% Jan 2"
444 Mar
85
1094 Apr
h
58
107
t
100
44
Mar
f
Jan
Mar
Jan
Jan
39*4
Dec
304 Jan
Mar3G
28
Dec
79%
Dec
72
614
Dec
94
Dec
1778 Junele
83
Jan
J
1004 Jan
1:
50
Marti
934 Jan
I
334 May
91
Dec
142% Apr 14
1114
Jan
llS*a.Jan
1134
Jan
c Full paid.
2'
May
524
17
Mar31
Jung
384 May
174*4 Mar
Dec
15
25
72
724 May
704 July
29*4
1104 Aug
63
Dec
Feb 24
33
July
917a Nov
224 Feb 20
4
50
60
*904
IN. Feb
100
Preferred
*744
88
126
9634
8034
824
87
95
1004
*35
Bid and asked prices: no sales on this
day.
8034
*90
114
pref
200
*78
44
pref
American Beet Sugar
Do
Feb
May
July
23
100
American Bank Note
1,800
Jung
Feb 24
prefB
"
Sept
44*4 Jung
Feb 21
Do
Do
*
484 May
334 Dec
18
800 Amer Agricultural Chem__100
42
42
854
244 July
124 May
1997g May
30
Western Maryland (nstc)..100
Do
Apr
Feb 11
1434
100
334 July
80% Marl 1
33% Apr 26
8
39
Nov
11
1,800
Alaska Juneau Gold Mln'g.10
1,300
Allls-Chalmera Mfg
100
2,300
374
83*4 Jung
62
644
■"266
14
1%
387g July
58*4 Jung
414 May 4
100
200 Adams Express
600 Advance Rumely
67
254 July
644 Feb 13
23»4 Feb 13
50
Aprl3
May20
Feb 11
Feb 11
Feb 13
Feb 13
Feb 13
Feb
5
Feb 13
May20
May 19
Do
Jan
244 July
16% July
31%
4934
7%
474
774
364
204
66
188
Feb 11
100
Wisconsin Central
32
May
60*8 June
1044 Aug
37% Dec
Feb 11
100
400 Wheeling A Lake Erie Ry.100
Do
pref
100
334
*75
83
45
1084
""43
""*364
77
*844
*854
*624
2
374
77
*854
374
*25
*624
2
38
304
334
66
624
14
2%
*624
334
57
404 Dec
Industrial A Miscellaneous
*
31
May
94 Jun«
Dec
May24
100
2*9"
404 July
104
20% May24
100
Union Paclflo
Do
July
7
100
ICQ
100
pre!
Western
33
234 July
100% May
52*4 Jul?
127g July
100
pref
Texae A Paclfle
Do
July
204 May
100
Do
pref
Southern Paclflo Co
Southern Railway
Do
154 July
10
10*4
A
July
Dec
Dec
174 Feb 24
84*4 Marl 3
164 Maris
July
547g Jung
74
19
184 Doc
May
Jan
Jung
48
Feb 24
25
62*4 July
36
..100
100
934
934
514 Mar26
43
Jan 16
Sept
2578June 1
Do
"800
62
73
Feb
63
334 Mar 9
154 Feb 13
234 Jan 14
Wabash
1,400
274
554 Aug
32
12
July
307g May
21
Alaska Gold Mines
23
"94 "94
274
9
6534 Junel2
33
Feb 13
Do
224
"94 * "*94
84
327g Mar 9
pref
2d pref
g00
■
324 Jlny
Dec
50
lBt
United Railways Invest
Do
pref
100
W
Jan
68
737g Dec
33
Dec
600
mm
224
Feb 21
78
94*4 Apr 2 7
45
Apr 27
45
Apr 27
Twin City Rapid Transit..100
8 300
11
'm
133
80
"
22
Dec
6434 Feb 11
100
pref
'200 Third Avenue
3134
11234 11358
6334
63
26
100
Pacific
Preferred
23 900
*30"
274
*25
100
St Louis Southwestern
onn
100j
65
274
*56
Hartford
W Seaboard Air Llns
74
94
c
May
116
120
Dec
70
Do
5,600
115s
105
Jan
6
St Louis-San Fran tr ctfs.. 100
300
2134
July
Nov
74
....60
Do
200
2134
100
100
preferred
Pittsburgh A West Va
Do
44
"214
94
...1C":
Reading
24,700
*
"""94
1CM
Norfolk A Western
Northern
2,900
854
4334
9
Apr21
Feb 13
Pennsylvania
60
17,575
Pere Marquette v t o*
100
4,500
Do
prior pref v t c
100
300
Do
pref v t c
100
""loo Pitts Cln Chic A St Louis..100
76
Junel7
39
N Y Ontario A Western—.100
1,600
2734
8334
4334
*104
104
22
74
74
12
*30
32
114
1
pref
N Y N H A
31,500
13
12
*30
1124
31%
924
274
*72
4
JunelO
N Y Chicago A St Louis.. 100
200
237g
44
114
914
76
844
434
22
91
274
834
434
74
92
234
76
234
10
10(
New York Central
8,900
60
38%
17
Mar 8
JunelS
97
pref trust ctfs
Second
*16
164
854
71
Feb 11
474 Feb 16
10(
First preferred
17
174
86
664
pref
New Orl Tex A Mex v t 0.. 100
200
284
174
85
Do
49
284
76
914 MarlO
Jan
41
Mar
85
Mayl9
Do
5,100
56
*45
4,S7g Dec
40
1(X
10<
101
5<
Missouri Pacific trust etfs.lOC
500
29
*53
344 Dec
Feb 13
May20
Feb 13
May 5
Central
100
16,400
Nat Rys of Mex 2d pref...100
200
684
20
684 May
8078
34
94
13%
200
32
May 19
124 Feb
1707g July
21
664 Mar
65
Marl 5
88
Feb 24
27
Feb 19
6
Feb
62
_
Dec
514 De<
10(
1,800
9,000
5
31
684
5
Feb 11
42
Feb
Dec
5
614 Marll
9978 June 9
234 Feb 13
644 Feb 13
86
10
1264 Dec
424 Marl l
x67% Junel8
42
May
554 May
694 May
334 July
284 July
274 Feb 28
1978 May24
304 Feb
8
46*4 Feb 13
165
154 July
107
594 MarlO
1078 Feb 20
15
IOC
900 Mlnneap A St L {new)
Missouri Kansas A Texas-10C
414
134
34
Manhattan Ry guar
1,700
25
134 Mario
Jan
3
_
Feb
54
384 Dec
_
Feb
7
28*4 Dei
497a Feb 24
17
Marl5
May20
7
Mar
874 Dec
24
Lehigh Valley
Louisville A Nashville
2,800
934
*74
24
40
Jan
6
7
Jan
HU/hees
$ per share $ per share
104
804 Dec
May
89
767g Dec
j»c
3878 Feb 24
24
Do
300
6
7
110
3
Jan
878 Feb 24
93
Jan
pref.*..—...
300
Kansas City Southern
500
424
1334
864 MarlO
82
May20
Apr21
x82% Junel8
27% Feb 13
4078 May24
10% Feb
Jan
Do
600
578
Feb 11
5
7
Interboro Cons Corp..IV0 Pat
1,000
*97
424
42
*54
"33"
674
*27
98
76
72
28
Illinois
1,600
414
% per ehare
10<
Preferred
17
13
414
33
414
98
100
Iron Ore properties..No pm
Highest
$ ver share
Gulf Mob A Nor tr ctfs...l0(
300
45
4034
2d pref
Great Northern pref
2,300
12
*42
....1(M
1CK
.1(M
1st pref
Do
100
16.400
334
*16
10<
Do
500
354
101
pref
Erie
4,100
31
83
164
*9
354
Do
3,400
14
42
24%
5,300
6934
13
*42
404
,
69
294
424
64
*13
3,000
934
1134
19
137g
1834
134
694
354
124
5,800
4lg
44
912
194
424
974
424
6
91
904
1844 190
31
31
*12
884
354
124
*294
814
34
14
*124
*294
134
50
*114
*184
*134
684
354
31
3%
'
10(
Do
2d pref
1CK
Delaware A Hudson
1(K
Delaware Lack A Western ..6(
Denver A Rio Grands....1(M
1st pref
Do
94
184
674
354
14
874
1844 185
14
3%
174
*40
89
88%
674
81*4
48
50
114
*124
*294
500
""loo
48
354
14
21,900
1,200
24
*47
604
31
644
*22
48
114
184
124
*42
644
24
11%
*13
300
66
10
14
5,000
5,500
52
*644
11%
354
36
304
814
*45
65
94
*18
674
354
*13
52
9%
19
66
*294
64
9%
124
4,000
33
32
487S
5014
x67% 68
*974 103
3578
3634
7434
75
*6334
65
64
64
2,700
300
*644
*63
200
2,500
77;
778
21
Atlanta Birm A
5,000
1,300
1,400
53
52
pref..
Do
1,000
12
10
1123s 1127*
*49
*22
Fe__10(
10<
Atlantic..10<
Atlantic Coast Line RR..101
Baltimore A Ohio-..—..10(
Do
pref
10<
3rooklyn Rapid Transit.. 10(
Certificates of deposit
Canadian Pacific—
10<
Chesapeake A Ohio..
10(
Chicago Great Western...1(X
Do
pref
10(
Chicago Mllw A St Paul__10<
Do
pref
10(
Thlcago A Northwestern.. 10<
Do
pref
10!
Chic Rock Ial A Pao
10(
7% preferred
10<
C% preferred
10<
Clev Cln Chlo A St Louis.. 10(
Do
pref
10(
Colorado A Southern.
10<
itch Topeka A Santa
4,700
794
744
42
*9
$ per share
79
797k
784
86
1124
$ per share
$ per share
Lowest
Lowest
Pa-
Railroads
lharei
79
7b
12
9b
113U
Week
73«i
304
414
42b
12b
the
June 18
734
86
31%
•42
Friday
June 17
June 16
784
744
*7
7b
$ per share
Thursday
Wednesday
June 15
SHARE
Range for Preeiots
Year 1919
Range since Jan. 1.
0» basis of lOO-thars lots
Bales
BIWH AND WW BALA PRICES—PER SHARE, NOT FAR CANT.
184 Sept
28% Sept
41% May
2553
New York Stock Record—Continued—Page 2
ftor record
of sale*
during
the week of utockd usually Inactive,
«ee wood
page preceding
PER
AND
LOW
BALM PRICE8—PER
Saturday
Monday
June 12
June 14
I per thare
89
8934
85*2
854
$ per share
8758
*85
9434
9434
*225
240
864
86W
1004
944
225
103*4
*95
97
88
9834
*95
89
91
Tuesday
June 15
$ per share
884
*85
share
874
88
*854
944
*210
88
*864
90
97
9834
*94
*13s4
Friday
June 17
June 18
5 per share
874
874
9478
*924
*864
90
994
101
97
97*2
*210
404
144
*40
*1334
3934
*42
100
90
95
98
*40
200
*14
1412
*35
50
564
*32
574
1,000
*45
4934
*52
63
65
*60
70
-100
-
Do
pre!
Do
100
{new)
100
pref
Amer Zinc Lead & Smelt-—25
25
5*.100 Anaconda Copper Mining..50
Associated Dry Goods
100
Do
1st preferred
100
Do
2d preferred
-.100
100
100
100 Associated Oil
Atl Gulf A W I SS Line—.100
4,200
Do
pref
100
37
*35
preferred
Do
Do
5678
37
Amer Sumatra Tobacco—-100
—100
400 Amer Writing Paper pref—100
300
44
144
4934
Par
14,000 Amer Woolen of Mass
95l2
9412
44
65
qOO
1614
66
Highest
pref
84
55,500
500
"8,566
Jan
9
9
11
Jan
29
July
40
Jan
65
July
664
674
744
754
54
Feb 13
28
May25
55
Muy24
60
June 5
92
May 19
125
137
Feb 26
1764 Jan
63
Feb 25
174 Feb II
774 Feb 27
8I4 Feb 26
No par
pref
—
Coca Cola
8412
13l2
Dec
544 May
Jan
Jan
874
564
100
65
Feb 10
754 Jan
6
644
Jan
864 Sept
564 Mar
8684 July
714
72
e9
104'4 Jan
6
3
81
Nov
1414 Nov
8
68
Apr
1134 Nov
164
Dec
324
Feb
Feb
1114 Apr
214 Jau
414 Jan
106
604
Jan
444 Jan
67
Junel7
654 Feb 10
78
Feb 13
100
Apr22
101
.No par
—100
144
30
1051
26
107
May24
Mayi3
394 Feb 26
794 Junel7
7
Dec
43
Mar26
23*8
39
49
July
2
244
Dec
43
88
Doc
101
June
June
45
6
29
Jan
100
91
Jan
80
June
Jan
lOl'i
Aug
1074
Jan
S3
Dec
123
80
May20
10
Jan
914 Apr 15
164 Mar30
44«4 Mayl4
100
preferred
Do
No par
25
1
100
800
~
i",200
No par
Gaston W A W, Inc ...No par
General Cigar, Inc
—100
Debenture pref
100
General Electric
...100
100 General Motors Corp pref. 100
93,500
temporary cite..no par
Do
—100
600
Do
Deb stock (6%).
100
Do
deben stock (7%)—100
100
1,600 Goodrich Co (B F)
100
—100
Granby Cons M S A P.--. 100
Gray A Davis. Ino
25
Do
preferred
6
264 Jan
2
1004 Feb 13
274 May20
20
55
644 July
47
Jan
90
Dec
101
Jau
2
1444
Feb
176
Oct
8984 Jan
3
82
Jan
95
June
824
Feb
94»4
564
Jan
934
Oct
Aug
1094
Apr
Dec
80
Jan
172
Junel8
42
Mar 26
684 May21
854 Jan
80
94
6
Apr 20
854 Jan
102
8934 Junel5
102«4 Jan
31
Feb 25
654 Jan
474
33
Junel7
49«4 Jan
464 Dec
63*4 Nov
JunelO
384 Jan
324 Dec
474 July
844 Jan
494
60
Feb 13
"4,366
20
100
Agrieul Corp
100
preferred
Harvester
Preferred,
(new)..—100
new..— 100
100
Int Mercantile Marine
46
900 Iron Products Corp...No par
24
*20
24
107
105
105s*
99
95
95
*94
99
65
*—
65
63
63
2612
2634
2634
30l4
72
*20
2734
284
27
274
71
704
72
70
70i2
72
294
30
24
10612 106i2
2734
13,500
Do
preferred
100
100
14434
*984
102
29
29
155
14434
102
284
29
17*8
16
17*4
164
164
474
45
464
*43i2
46l2
*984
102
284
29
*16i8
*434
*10534
50
120
164
150
145
145
*984 105
*99
29
28
284
284
16
164
164
164
*43
50
46i2
46i2
*10534 125
*10.534 125
140
*134
*1344 140
*1053<
125
Tl0534
125
144
*137
143
1139
140
*135
142
102
*95
102
*93
100
*93
100
*92
100
*92
66
*63
4,700 Lackawanna Steel
Laclede Gas (St Louts)
60
60
60
60
130 *120
130
*120
200 Liggett A Myers
Do
654 Apr29
814 May20
108
60
130
*120
66
*63
66
*63
66
604
*594
604
*594
604
130
*120
Bid and asked prices; no
130
*120
sales on this day.
Jan
Feb
424
104
Feb
48
894
Jan
Oct
1004 Dec
714 July
i Less than 100 shares.
preferred
Do
2d
200 Lorillard (P)
Do
preferred.-.
Mackay Companies
500
X Ex-rights.
Do
1424 Apr 13
115
June 4
1104
Jan
111
Dec
Jan
24
3
214
Jan
674 July
6
9284
Feb
1284 May
154 May20
624 May20
26s4 Jan
7
204
70
3
514 Jan 27
2184 Jan
9
454 Jau 10
764 Feb 13
Feb 1ft
364 Mar 1
8
May21
32
May28
204 May22
984 May20
91
30
105
Jan
534 May20
244 May20
214 May 20
95
Dec
334 JuDe
Jan
82
Jan
80
34
Dec
65
Nov
15
Dec
48
Mar
384 Dec
24*4 Dec
91
Mar
44
July
Jan
164
Nov
Dec
1104
Oct
34
,9,
334 Apr ,(f7
Jan
114*4
Oct
July
274 Nov
6
5
384
9184 Jan
43
264 May20
14434 Junel5
207
Jan
10
195
100
1094 Jan
31
107
624
Marl5
384 Jan
July
68
Apr
Mayl3
Nov
1014
5
21
484 Jan
June
304
5
Jan
1524 Jan
June17
95
120
62
Marl9
794 Jan
May22
33
6
21
Dec
JaD
Dec
JaD
Dec
Jan
36
28
Jan
70
Jan
3
1154 Jan
19
183*4 Jan
2
14784
103
May27
1104 Jan
8
107
64
Feb16
63
60
Apr22
100
108
Febll
1204 July
107*4 Nov
Jan
83
40
2504
115
Dec
100
69*4 Jan
7
844 Mar22
43
Oct
Aug
July
Apr 12
Mayl4
May21
1054 Mayl9
13l«4 Mayl9
100
-100
100
100
n
684 July
374 July
914 July
1494 July
Jan
514 Jan
1114 Jan
274 Feb 11
Feb 26
pref
Ex-div. and rights.
1124 Feb 17
105
69
37
Manati Sugar...
a
Feb 11
614 Apr 8
27
Aprl4
884 Apr 16
63
No par
Tobacco.. 100
100
preferred
Aprl9
100
400 Loose-Wiles Biscuit tr ctfs.100
130
*63
Feb
54>4
40
Jan
774 Apr 14
—100
11,600 Loew's Incorporated-—no par
4,600 Loft Incorporated—-.no par
66
66
—100
Kelly-Springfield Tire
25
Temporary 8% preferred 100
200 Kelsey Wheel, Inc
100
2,100 Kennecott Copper..... No par
14,700 Keystone Tire A Rubber..* 10
100
100
*63
61
Jones Bros Tea, Inc
1,300
102
*140
125
'
""206
preferred
600 Lee Rubber A Tire
304
160
*166
Apr
21
74
264
27l2
♦
Aug
28
Cananea
-.100
700 International Nickel (The).25
9,300 International Paper—...100
300
Do
stamped pref
100
2 634
Wi
954 July
Copper.. 100
1,900 Gulf States Steel tr ctfs.-lOO
500 Hartman Corporation..
100
12,000 Haskel A Barker Car—No par
500
300 Greene
3212
88i2
175s
77
2634
155
38*4 July
3
6
Inter
274
102
Dec
754 Jan
Do
2634
71
15
6
194 Jan
Dec
9484 Jan
200
284
X2734
Oct
Oot
394 Nov
300 Internat
*62
304
484 July
173
314
85
99
724
Jan
5
21
70
70!2
Dec
9
*94
284
234 July
Dec
6
*62
3138
Dec
3
3,500 Inspiration Cons Copper
99
73
Dee
July
Jan
48
794 May25
134
May20
73
May25
May 3
584 May20
July
364 Jan
May20
11
May 201
584 Feb 27
23
9
25
384
1344 Mar20
5234
65
274
150
Jan
95
984 Apr
65
.
Dec
104
86
Oct
2
Feb 17
50
Dec
Jan
464
70
7238
s
164 May
2334 Apr
96
2738
874
Jan nllO
694 Mar
Oct
Jan
Feb 13
96
304
Dec
104
May20
*62
27
July
55
3
684 May25
484 May24
134 Feb 13
*93
*944
105
147
Do
24
261"
Jan
Jan
nl50
Aprl7
Feb
200 Jewel Tea, Inc
106
Feb
91
Jan
33
45
105iS
.
594 Apr 14
854 Jan 21
784 Mayl4
74
*20
Oct
Oct
204
7
Jan
100
20
17l2
7612
*20
*105
154
"524
2784 Apr
95
Oct
99
10«4 Sept
434 Apr 29
1154 May24
13
87i4
234
23
374 Nov
103*4 June
110
June
1094 July
30
3134
107
1064 July
Apr
Jan
100
preferred
Do
Do
23
Dec
54
30»i Dec
654 Feb
1004 Oct
Jan
10,000
106
78*4
Oct
46
*824
24
864 July
102
*20l4
109
Aug
Oct
June
9
*52
*20
76
754
954
Aprl4
-—60
preferred
Aug
*78
Aprl6
Jan
400 Hendee Manufacturing -—100
7U
*106
54
IO284 Jan 22
100
Oct
69
50*4
464 Apr 26
98
Apr
9
104 May24
434 Nov
56
July
914
9378 Mar22
204 Jan
6
May20
764 Feb 13
504 July
Dec
Feb
Oct
Dec
394
Jan
704 Mar22
834 Apr 1
j764 Feb 13
75
Feb 11
294 July
108
374 Nov
3484 Feb
Feb 27
100
July
674 July
90
13
preferred
1164 July
114
1644 Mar29
Feb 26
Jan
Oct
Jan
2,000 Hupp Motor Car Corp
10
900 Indlahoma Refining—--—5
17i2
46
1044
Dec
31
17l2
714
*31
454
564' Feb
Jan
5
1084 Jan
614 Jan
994 JunelS
40 4 May24
974 Junel7
78
Mar26
June 2
110
85
5f>4 Mayl9
624 May24
654 Jan
92*4 Jan 14
11,050 Flsk Rubber
900 Freeport Texas Co
66i2
61l2
374 July
194
Fisher Body Corp
33»4
2314
1212
28l2
Feb
934 Mayl8
125
60i2
39*4 July
654 Feb 11
1 700
35
*82
Oct
17
Jan
4,600 Famous Players Lasky No par
Do
preferred (8%)
100
1,000
Federal Mining A Smelting 100
744
*28
Apr
Feb
100
100
21
166
204
274 Mayl3
25,000 Endicott-Johnson
93
36
Dec
164
4034 Jan
Emerson-Brantlngbam
855s
May
64
25
preferred
Aug
92
16
Jan
preferred
100
Candy Corp No par
100
Do
25
102
484
Continental
Do
July
Dec
115
Apr
294 Jan
Jan
9 n605
Sugar ...10 n400
13
94 Mayl9
200 Dome Mines, Ltd...——.10
18
28
May24
Elk Horn Coal Corp.
50
20
Oct
3
no par
2,600 Cosden A Co
122,00 Crucible Steel of America. 100
38l4
Sept
11
3()4May20
28
May20
50
Mayl9
20,900 Corn Products Refining..
Do
preferred
400
23
July
116
Jan
2,200 Consolidated Textile...No par
100
800 Continental Can, Inc
978
108
46
17,8000 Columbia Grapbophone No par
Do
pref
100
100
Consolidated Cigar
No par
Do
preferred
-.100
""TOO
1,200 Consolidated Gas (N Y)..100
1,800 Cons Inter-State Call Mg.,10
Cuba Cane Sugar
112
Jan
May21
100
100
Do
preferred
3,900
6,000 Cuban-American
107*4 Jul]
Jan
Dec
854 Dec
41
Dec
Apr
Mar20
144 May20
29«4 May 19
80
Mayl9
1,100 Colorado Fuel A Iron
Do
Jan
654
90
554
114 Jan
26
May
24 May
45
Oct
1014
25
5
100
3 400 Columbia Gas A Elec
.
64 May20
May21
20
May20
154 May20
12
July
119
26
Jan
129
145
Jan
Sept
26
100
Cluett, Peabody A Co
21
Feb
Jan
Feb
684 May20
...100
Chino Copper..
"4",500
*34
15
62
Dec
Oct
103
Jan
9634
854
1564
14
No par
2,100
6334
93
114
Dec
Jan
110
324 Apr
964 May 6
May21
74 May 17
88
Mayl9
494 Feb
20«4
Oct
644
par
1,800 Chile Copper..
Do
144 Nov
29
1024 Jan
3
1024 Feb 24
14
Oct
764 May
754 Deo
100
1,500 Cerro de Pasco Cop...No par
6,600 Chandler Motor Car... No par
1,500 Chicago Pneumatic Tool.. 100
85
8
Nov
12
284 Jan
6
854 Jan 28
A
4,700 Central Leather
Do
pref
400
237s
7212
Jan
654 Dec
194 Jan
105
Calumet A Arizona Mining. 10
79
Feb
64
304 Jan 15
preflOO
No
200 California Packing
1,400 California Petroleum.
100
92
3
1484 Apr 9
604 Mar25
153
Junel8
8%
30,866
1924
6
7
May20
cum
Superior Mining.. 10
700
200 Caddo Central Oil A Ref—100
56
142
June 4
Do
Do
Jan
Jan
75
Aug
804 May
68
744 Jan
3
82
8
Jan
Feb
8
Jan
654 Dec
Jan
Mar
61
584
20
Feb
774 July
174
6
Jan
3
Jan 17
Jan
7
1034 Feb 13
40
Apr 23
97
Butte
544 Nov
Apr
138 Jan
Brooklyn Union Gas
Oct
274
594 Jan
1114 Jan
100
100
89
3
214 Jan
9
conv
Jan
C134Jan
Mar
No par
106
Dec
IIO84 June
1694
June 9
June 4
Bethlehem Motors
Jan
May
May20
1234May20
1
—
8034
7
2
102
100 Burns Bros..... 100
1,300 Butte Copper A Zinc v t c.„6
100
200 Butter! ck
53.4
Feb
974 Jan
1654 Jan
37
preferred ———100
"7", 700
454
944
6
45
400 Booth Fisheries
Brooklyn Edison, Inc
,
1084 Mar
3144 Oct
1054 Jan 29
854 May20
944 May24
944 June 18
Do
"""366
Feb
Dec
Jan
114
37,400
"T,66o
100
1914
934
283
100
100
400 Bethlehem Steel Corp
Do
Class B common.. 100
1204 June
Dec
Dec
.—20
Batopllas M Inlng.
Aug
95
preferred ..-——-.100
Barrett Co (The)
Do
73
904
10034 Marl8
May21
Autosales Corporation
50
6% pref temp cortlfs
50
140,700 Baldwin Locomotive Wks.100
25
100 Barnsdall Corp CI A
Corp
f per share
1064 Mar22
Apr 12
514 May20
A T Securities
Highest
S per share
105
Feb 16
9218 May22
209
Lowest
5 per share
t per share
77
Feb 13
no par
lb",'400
140l2
Previous
Year 1919
of 100-share lou
Lowest
Indus. & Miacell. (Con)
Amer Telephone A Teleg—100
3,900
100
100 American Tobacco
93
228
*864
974
2,600
88i8
91
8734
*855g
SHAtM
Ranoe for
Range since Jan. 1
On basis
Week
Sharer
% per share
PRE
SHARK
EXCHANGE
Thursday
235
9934
STOCKS
NEW YORK STOCK
the
NOT PER CENT.
91
240
10134
9434
June 16
$ pe
9458
*210
947s
404
;
91
Wednesday
225
*144
14
884
SHARE
BtAee
for
9JOB
254 Feb 11
14
44
Par value 5100.
"*254 Dec
3
"2Y4
Feb
81
July
94
Feb
120
June
Apr
245
July
Jan
115
July
1514 Apr 14
z Old stock.
Dec
404
794 Ma*
66
July
137
*
Ex-dividend.
Dec
New York Stock
2554
Record—Concluded—Page 3
Inactive, see third page preceding.
week of stocks usually
For record of sales during the
FEE SHARE
JOT
Monday
June
♦25
June 18
$ per share
$ per share
$ per share
*25
26%
*19%
Friday
June 17
16
June
15
$ per share
$ per share
S per share
Thursday
Wednesday
Tuesday
June 14
Saturday
June 12
22%
*19
*"*20
24
"20"
20
♦111
*110
115
♦ill
115
*111%
114
*100%
102
*101
102
*98%
102
*99*4
180
183
178
177%
181% *177
176
*96
97
♦96
"20
20
Shares
"26%
20%
24
2,200
300
.31,100
20%
29%
30
28%
30%
28
29%
""28%
43%
44
43%
43%
43%
43%
42%
43
63
*59%
*95
62
♦59%
*58%
*93%
*59%
62
99
*95
99
33%
*37
99%
*95
62
33%
34
34
29%
99
29%
28%
40%
99%
33*4
33*2
39
*37
39
39
*37
38
34%
34%
*34%
35
34%
34%
*34
35
*34
69%
68
68%
69
71%
71%
73%
73
71
39
92
91%
91
£89%
90%
*37
94
94%
107*4
71%
35
400
30,400
6,100
94
100
107*4
*92%
100
*93
"7*6"
*91
100
78
500
100
""67%
68
9
8%
8%
'*67%
*67
70
67%
67%
*101%
*101%
105
77%
*102
78%
100
*91
100
*91
100
*91
100
*75
80
*75
80
*75
78%
700
*101% 105
103
preferred
National Cloak A Suit
Do
100
12
103
12
105
12%
12%
£12%
12%
97%
98%
12%
800
77%
105
*101
12%
*12%
105
12*4
12%
13
Nat Enam'g A Stamp's...100
-
96%
*31
99
98
98
*96
98
98
900
34%
36
*32
36
*31
36
*31
36
300
*45
51
33%
*45
34
51
51
*45
51
*45%
51
*46
52
52
400
53
53
400
17
38%
600
National Lead...
54
*15%
16
50%
*49
52
51
51
*51
54
53%
53%
16
16
16
16
38%
39%
39
51%
*49
*49
52
4%
4%
50%
53%
63%
38%
38%
*48
4%
*
24%
53
53
122
24%
*54
58
*54
£4%
15*4
15*4
15*4
39%
38*4
*41
39%
51
4%
*121
24%
*54
24%
58
*54
57
53
53
52%
24%
"23%
24"
23*2
57
*54
57
54*2
47
47%
121™
*28%
*28
28%
47
"4*7"
5
New York Air Brake....100
New York Dock
100
51%
1,200
46*4
30
800
104*4
95*8 98
59,500
'
.
-
-
.
-
46*4
-
30
*28%
30
*28%
30
102%
102%
103%
ioi%
102%
*28*2
i'04% "101*8 i'04% "ibi%
27%
*~36%
97%
97
97
33
33
31*4
31*4
31*4
31*4
26
26
26%
37
52%
49%
50%
16%
16%
58*" ""56
*85%
100
"m"
16%
'
"iid
103%
101%
99%
.*95
100%
97%
100
101%
*94*4
103
97%
*93
100
17
3:16%
17
101%
16%
16%
99
97%
100
16%
16%
64
64%
63%
63%
63%
64
87%
88%
84
87%
85
86%
86
93
94%
90%
94
91%
93*8
92%
*94
05
*15%
94%
Elevator
...no par
97%
100
100
16*8
16%
16%
63
64
—
*48
52
*98
16*4
16*2
64
83
93*4
94%
*92%
95 '
*92%
95
50*4
64
47%
51
115% 116%
116% 118%
15%
*15%
15% *15*2
c47%
50*2 *47*2 48%
9%
9%
9%
9%
"'"52%
"53"
51%
52%
116%
117%
117*4
118%
15%
*15%
15%
48%
48%
10%
214
210
10%
*9%
205%
208
*9%
10
213%
"*47
*204
63%
52*
10
84*2
92
90%
210
*204
210
79*2
205
-
-
*
32%
67
67%
*87
89
*275
298
«
§663
101%
101%
41%
79%
41
72%
70%
64%
108
660
§650
89
301
101%
205
"**10% *10%
48
48%
70%
71
*89%
40%
75
75%
69
68%
"io
47%
70%'
55
68%
*89%
91%
14%
14%
89
28%
14*8
44
42%
"*47%
87
129
49%
201
83%
93%
14*8
47%
68%
47
"fib"
49
*41
"10%
—
50
47
*89%
13%
91%
14%
*89%
91%
*87
86%
42%
*42%
128% a:125%
48%
200
*164
14%
13*4
m.
300
1,900
500
49,200
4,000
•»«•»«»
13*4
*42%
125% *121
27%
44
64%
14,451
700
5,100
67,800
50
600
46
90
94%
55%
95%
97
108
59%
94%
107%
*107%
*15
*42%
*6%
48
6%
64*4
64%
65
88%
*94
98
57
17
89
100
60*4
58*4
94%
95
*107%
*57%
108
108
96%
108
47*4
*6%
64%
87%
*94
94%
16%
16%
*42
6%
89
*6%
64*4
69%
91
87%
*94
60%
95
58%
93*4
59%
9434
58*2
94%
108
*108
*58
59
58
58
59
59
400
42
42
*41%
43
41%
42
Do
93*4
92%
104%
105%
105%
67%
68*4
*8%
8%
83
82%
84%
67%
*8*8
82*2
75%
76
77%
74*4
93%
105*2
67*2
9*4
8434
76*4
*104%
105
105
104%
105
70%
70%
£69%
69%
67%
68
*7%
8%
*7%
8%
8%
80%
83%
78%
82
74
72
73%
*72
*105
105%
79
74*4
*106
107%
106
106
109
109
110
20
19
20
£18%
51
51%
50%
51
52
84
83%
50
so"
49%
52%
54
19%
20%
82
82
109
19%
84
106%
63%
*102%
*104
68
63%
106% *106
50
49
52%
54
*51
18%
20
18*4
83
82
*82
61%
v
104
104
112
*104
112
68%
68
*61%
63%
105
*103
*104
8%
107% *106
109%
1*9%
108
109%
90
*80
*51
52
51
51
50*8
83%
84
107% *106
110
49%
50%
18%
82*4
49%
50%
19
83
63*2
Sears.
51*4
52
19%
18%
19%
82%
*82%
62
104%
*104
69%
*68%
18%
51
Jan
2
70%
Dec
80
Jan 6
58%
Dec
75% July
Jan 9
29%
Feb
42% July
Oot
Marl8
22
41
Dec
Aprl4
67
Jan
140%
Oct
111%
Apr] 4
92%
Dec
104%
Dec
Dec
47% Nov
43
Jan
81
51%
May20
May24
May21
May20
Mayl3
Febl3
38%
Jan
99
Oct
108%
23%
Jan
8
101%
Jan
111
Oot
Jan
8
16
Jan
98
Jan
7
93
Dec
June
3
63
Mayl9
108%May24
Shattuck Arl» Copper
10
£2
Shell Transp A Trading
Sinclair Cons Oil Corp
No par
Slose-Sheffleld Steel A Iron 100
do
pref olass B
no par
Tenn Copp A C tr ctfs.No par
Do
Products
100
Typewriter...100
Union Bag A Paper Cor p. 100
Union Oil
no par
No par
100
100
Mar
105
July
60
Dec
Nov
51
Apr
88% May20
7
Feb
132% July
98% Dec
107% Nev
92% May 3
106%
104 T Feb
112- June
16
Marl5
58% May20
34% Feb26
84% Feb27
14%
41
Jan 2
May 13
8% May 2 8
203
May25
8% May24
72% May20
28% May24
61
May20
108
June
5
Febll
100% Junel7
37% May 20
50
Febl3
59
May24
92
June 7
41
Feb13
40% May20
38
9%
Mar26
Febl3
85
May 12
13%
48%
164%
73%
May25
Junell
27
40%
120
May24
May22
May24
Feb20
68%
22%, Jan 6
19
Mar
3
88
Aug
92% May 4
124% Jan 3
46
Dec
106%
Janl3
100
55%
Jan 2
94
Jan
123% May 10
17% Aprl2
83% Apr 6
21% Janl3
243
April
12%
Jan
90%
Jan28
4834
Jan 5
Jan26
82%
94%
310
Mayl8 116
May21 5850
25 c41% Febll
60% May20
Corp..100
pref
Oot
Oot
104% Feb 2
110
Feb25
Texas Company (The)....
Tobacco
109
Aprl9
106% Aprl2
100 5625
non-voting...100
Stewart Warn Sp Corp_.no par
Stromberg-Carburet ..No par
Studebaker Corp (The) ..100
Do
pref
.100
Superior Steel Corp'n...—100
TemtorCorn A F pref A no par
pref
Feb
Jan28
87
10§
5
71%
108% July
121
July
12%
Dec
17
July
53%
Jan
04%
6% Mar
168%
Feb
10
Feb
74
Dec
—44%- Dec
40%
Feb
Mar
Jan
257
Jan
117
38%
Jan
109%
45%
Jan
151
92
Jan
104% Nov
32
Jan
54% June
51% Mar26
118% Apr 8
126% Apr 8
101% Jan31
60
Apr 8
47
Apr 7
38
13% Mar31
9%
nl84
Dec
72%
Jan
115
June
106
Jan
7
97%
Dec
120
Jans
34*4
Dec
37%
Jan
38%
66%
Jan
5
Jan
3
200
Aprl5
127
Aprl4
38
Febll
53
148
Jan
6
Jan
5
Jan 14
115
Jan n345
197%
75
Jan
100
34%
37%
90%
Dec
Feb
U 8 Cast I Pipe A Fdy
15%
Febl3
42% June 5
8
Apr20
25%
55%
Jan 3
14
Apr 7
42%
50
60
Do
a
100
pref
10
Copper
Utah Securities v t c
Vanadium
100
5,500
V Vlvaudou—
1,200
Aug
Jan
74% July
10%
Fab
32% May
60
Apr
91%
Oot
116%
Jan
8
*97%
Dec
167
May
103%
Jan 6
06%
Jan
111
May
40
Feb13
6934
Apr 8
Jan 5
17%
Jan
50% June
1433;
73
Jan
116%
Janl3
109
Jan
139% Nov
119% July
89
May20
105% May21
56% May20
41% Junel4
89% May24
104% Junelo
65
7%
104
Wells, Fargo Express
Oct
38%
Febl3
100
100
100
Do
Oct
119%
May 14
42
Virginia-Carolina Chem
Jan
58% May
215
96
no par
Corp
Oct
58% July
176% July
July
pref
Dec
July
Jan
80% Aug
Do
45%
Jan
50
37% Apr 6
78% Jan 5
62% Nov
74% Oct
Jan
157
U 8 Smelting Ref A M
Oot
3
Jan 3
100
17% May
Jan
Jan 13
100
Oct
Oot
Jan 2
Aprl4
Rubber
Sept
c57%
95%
63
pref
97% July
Oct
Mar26
96%
States
Nov
85
224
1st
89
107
Feb13
Do
Dec
64% Nov
132
Febll
...100
81%
5
Jan
May26
pref
Oct
Aug
Mar 25
113% Mar25
121% May24
Febl3
29
230% Dec
19% July
Aprl9
Aprl4
64
100
74% Nov
Aug
48
100
100
Oot
Deo
NOV
Jan
44% Sept
176
pref
27% July
105%
53*4
84
50
1st preferred
Jaa
145
100
Do
91%
Jan
United Retail Stores —No par
United Fruit..
31%
May
*59
Feb
Marl9
200
preferred
Standard Oil of N J
98
Apr 12
12%
68
100
preferred
Feb
Oot
74% July
105%
124
74
South Porto Rico Sugar...100
Do
5
28% May
59%
76
Jan
3
Jan
43%
78% Nov
45
Jan
50
Mar
109
Jan
5
88%
Feb
115%
Jan28
111%
Dec
116%
117%
97%
21%
July
July
July
June
62
Dec
47% Mar27
Feb
80%
12%
Jan 3
2
65%
8%
Dec
Feb 13
97
Aprl6
54%
Dec
Feb 13
80%
112%
Aprl4
51
Feb
Jan 7
Junel7
110
Jan
54
Mar
*88
Dee
51% Nov
79
May
May20
May 19
May
3
76
Febl3
119
no par
17
Mayl9
21
100
48
May 19
76
Jan
June
92% July
115% Oot
7
Mar31
Telegraph-100
82
Feb 13
100
Westinghouse Air Brake....60
103
May24
44% May20
55%
52%
2,800
Westlnghouse Eleo A Mfg..50
White Motor
50
47
69% Mar29
45
Jan
80
18*4
19*2
25
16% May20
32
Jan
3
23%
Jan
40% June
83*2
83*2
22,900
1,300
100
77% May 21
93
Jan
5
87%
Jan
61*4
62
106*2
1,300
WllsonACo.Inc,
1,500
Wool worth (F W)
98% May
104% July
136% May
100
*61
*104
105
105
65
90
68
66
64
*80
this day.
78
61%
38%
Mar
2,300
65*4
no sales on
46
49%
62
112
2
108*4
105
69%
*jBid and asked prices;
116
Jan
39% Nov
74
Oct
106*2 106*2 *105*4 106*2
53
63%
100
A Co
2,400
107%
500
49%
112
Roebuck
pref
Virginia Iron C A C
300
Nov
65
34% Dec
49*8
50%
*106
49%
105
83% 118,300
76
5,500
84
49%
89
*68%
106*2 106% *106
113
110
119
18%
68%
*80
81*2
*74*2
18*2
84
pref
Utah
18*2
52
no par
68
19%
19
100
50
Company
6S
100
Nov
149
Jan 5
116%
96
105
2,400
July
"il%
Janl3
100
United States Steel Corp.. 100
9%
July
55
41%
113%
93*4 104,100
105%
3,900
*8*8
Nov
~61~%
July
Feb 13
84
Saxon Motor Car Corp No par
900
93%
128
75
Feb 13
10o
Car
United
42
5% Mar
Feb13
Steel
Republic Iron A Steel
500
59
Aprl4
Jan
85% Mar
17,500
93%
157
"Feb
45
14", 200
42
43
Jan
5934
93
o35%
Apr 8
6% Mar 8
9% Apr 6
55%
Jan24
97*2
43
Oct
July
21% July
145«4 Oct
7o®4 July
71%
72%
94%
19% Feb
44% Mar
Apr 8
100
U 8 Realty A Improvement 100
58
Jan 5
27%
Replogle Steel
Do
92%
13% Nov
91% Feb
May
67%
U 8 Industrial Alcohol
41%
5
94%
112
37
26.400
95
92*2
May20
53%
58%
58
107
U S Food Products Corp..100
47
58%
Feb 19
16",500
94
Jan
91%
pre!
Do
*42
Jan
Sept
66
U S Express
109
64
102
15% May24
Public Scrv Corp of N J-100
200
100
93
3
85% Junel8
Underwood
100
7
Jan
10
Transue A Williams St.No par
1,700
47
6%
68
91
*94
6
15
Transcontinental Oil.. No par
45,300
17
108
108
49
91
Febl3
25
100
100
100
201
17%
Jan
Aprl2
pref..............100
Do
United Drug
98
May20
3% MayiO
90
Pittsburgh Coal of Pa
United Alloy Steel
*42*2
*6%
65*4
89%
37
44
45
Pierce Oil Corporation
Do
pref..
;.
100
6%
66*4
92
100
pref
400
80*4
93%
110
Apr
Do
15",500
14%
16%
604
No par
Plerce-Arrow M Car
_
170
45
Jan
102%
July
do
46*4
*16
108% May
2434 July
88% Juns
May
300
*45
Feb
57
44
78
Dec
45%
43
131
49
Dec
8%
Jan 2
6
58
*43
80%
103
Apr 7
Feb
Jan
44
203% £201
Janl3
13
89%
8
63% May20
92% May27
72% Feb26
zl00% May21
11% May 24
Apr
130% *121
*46
102%
92% May25
Dec
800
78%
July
30
14,300
203
81%
92
32
31%
49%
Jan
27%
87%
202%
80
70
JanlO
Jan 3
28
*48%
Jan 3
Feb 9
8712
202%
79*4
80
42%
82%
87"
49
Junell
42
28
200
78%
*15
65%
87%
*94
*42
123% *121
*42%
66
27%
*45
81%
65%
"87"
89
170
:
200
48%
203
78%
44
27*3
.
58
33% May20
■
199
_.i_
170*
Mar
Mar 4
*87
68
Dec sl2l
May24
30,700
3,400
69%
112
93% Febll
"2,700
69%
9
37
£46*8
68
Jan
94
74*2
71*4
*39
116
Royal Dutch Co (N Y shares).
St Joseph Lead
10
Savage Arms Corp
100
....
—
JunelS
30
Do
100*4 100*4
Z72*2
67*4
Oct
107
Republic Motor Truck.No par
Yd" 10"" 10%""
"lb"
47%
47%
68*4
175™
27%
7
56
69
27%
*6%
*55%
47*4
86
7
98
67%
#'
47%
90%
*41
Td'% .."lb
27%
*6%
88%
*94
75%
•
"87™
27%
81%
75
139
Philadelphia Co (Plttsb)—50
200
20
656
100% 100%
40
40
Aug
11,600
■
88%
*48%
43
651
107
26,320
108
662.
*50"
"si™
55
*164
28
201
69%
300
106
|
48%
*89%
101
*86%
*250
3
People's G L A C (Chic)..100
Railway Steel Spring..... 100
Do
pref
100
Ray Consolidated Copper.. 10
Remington Typewriter v t o 100
2,900
32
70*2
89
108
§658
40
■
*42%
650
68
„
*127
§649
89
300
*95
100%
9%:
9%
68%
'
108
75
*41
68
*88
40
|
43
30*2
67%
*250
100%
*50% "*50
47
56%
14%
89
300
"75-
74%
31
67*2
*88
*
75
70%
68%
91%
14%
50
652
66
*250
89
108
75%~~
75
31% 30%
65
65
300
**75%
30%
31%
100%
79%
76
*41
43
"74" ""74*4
40
100%
*"'50% *50% ""50%
*41
30*4
*64
*88
*250
*100
*87%
§301
*100
§655
664
77%
32
64%
-
108
"74" ""73*2
31%
Jan
100
100
im
Oot
125
42
2,700
19,000
48,500
Nev
106% May20
47% Jan 6
36% Apr 8
Punta Alegre Sugar
inn
*75% "74
32%
01%
May21
19% Feb25
no par
Pullman
J.UU
75%
Teles—100
8,500
2,900
1,200
Feb
43% July
75
Nov
30% May20
"l",800
400
"83%
91
•» -
105
86%
93%
54%
52
"
»
111%
103%
*95*2
98*2
Jan
Sept
87
5
Pacific Development—
Pacific Gas A Eleotrlc
63
111
29%
45
100
26
Owens Bottle
Do
103
106%
"I" "dot
73%Junel6
21% May20
47% May21
J50
Junel8
41% May20
no par
*-
116%
*15%
*50
*9%
100
Otla Steel
100
52
15%
10%
*210
94%
94%
116
26
25
Oklahoma Prod A Ref of Am 5
Pressed
113
52%
84
115
no par
Ohio Fuel Supply
3,400
1,100
Marl9
Nov
July
99
'
64
300
"~40"
15% Junel5
200
....
6
96% Junel6
Penn-Seaboard St'l v t c No par
1,120
Jan
Feb13
900
16
100<Nov
Nov
July
July
Mar 25
Febl3
1,800
1,100
25,800
16
40
6
83
83
30
93
51
Oct
Feb
Nov
44
Parish A Bingham
6,700
40
54
Nunnally Co (The)
Ohio Cities Gas (The)
98
x97%
32% May24
100% Jan
32
40%
7
Juna
100
09%
May 4
Jan
67
*98
100
95
30% May 3
3234 May24
50
Pan-Am Pet A Trans
Do
Class B—.......50
*90
*..
6
Jan 6
Mayl9
97
99%
*110% 112
102 103%
Jan
69
July
Jan
Pond Creek Coal
63
71%
52%
69%
22*4
Oct
Bept
Jan
100
104
Feb 6
40% May24
118%
32%
71%
62%
46
1,400
111
Nov
47
1834
102
21
77% Jan 5
22% Apr 17
50% Jan 3
85%
111
60
264
Dec
6
3
*96
101%
Jan
99
Jan
3
58*2
111%
il6'%
103%
162%
Jan 6
26
Jan28
17%
iii'%
»
"eo"
111
Jan 3
105
Jan
57
100
222
Marl 3
18% May24
Jan
85%
99
Febll
88
58
56
99
161
31% Nov
Oot
May
May20
49% May21
86
17%
98%
*96
110
48
*55
17
56
Jan
100
Nova Scotia Steel A Coal.. 100
North American Co
*85%
17%
*85%
18
102
49%
104
61
17*4
86
*16
110
85%
36%
Janl2
300
25%
38*4
36*4
52*4
25*8
38%
107
38% July
48%
Pacific Mall S3
33
*32
131%
117%
86
56
*85%
100
16
85%
x
Jan
Feb10
56
*55
101
98%
*96
*
"di"*
16%
16%
101
*84
86
*85%
86
16%
83*4
93
38%
16%
83%
*»»
49%
15%
50%
39%
36%
50
93
36%
49%
94%
16%
16%
""*56
36%
"36%
37
"62™
94%
"'*16%
"38%
""36%
""49%
27
*25
*"*37
36%
61%
96%
98
96%
*30
33
27%
97*8
37
*30
96%
*30
25
98%
98
xi00%
Dec
60
Febll
Pacific Teleph A
103
Aug
23
Aprl9
8
Febl3
Otis
100
28
137%
June
30
700
1,900
33% Jan
6
30% Jan 8
May20
100% May 14
24*4 May29
45
Ontario Silver Mining
23%
54*2
% per short
...100
preferred
700
128
*50
52%
-
5,400
7*2
6*4
128
52
47%
*
4%
4*4
*
8,000
.......100
100
100
Nevada Consol Copper
Do
50
4%
7%
53
46%
........
24%
24%
38%
*49
51
4%
6*4
4%
4%
i*2*5™ "*120
*15*4
38%
38%
*48
54
7
122
132%
15%
4%
7
*122
24%
*50
65
*52
55
54
pref
Do
51
*49
pref
Do
—
•40
*52%
preferred
Nat Conduit A Cable.No par
200
70
*31
98
100
100
100
100
100
preferred v t o
National Biscuit
'
*91
100
77%
50
Do
500
8*2
8*2
*67
no par
Nat Aniline A Chem vtc.no par
Do
*93
100
Body
National Acme
'
100
8%
*91
78
"*67
100
63
*93
100
*93
107
*61
62%
9
*93
100
8%
*66
*0l"
*61% *"*61% "*61%
100
100
Preferred
Mulllns
107
"70" ""61%
"*60
60%
60%
Mldvale Steel A Ordnance—50
~
1,400
72*4
93
96
93
96%
10
Mont WardACoIllBCorp no par
w
38
*37
34%
68%
Middle States Oil Corp
33*4
*96
*
S Per share
—100
.....100
5
Miami Copper
Montana Power
«»
% per share
20
pref
Do
Highest
$ per share
111
21,500
42% .10,700
62
100
99*2
*59%
34%
*37
710
----
63
99%
33*4
<(J, itrtt
'
29
42%
41%
*59%
'
34%
34%
20%
28%
■:
Lowest
no par
preferred
Mexican Petroleum
~
----
•
.
May Department
Far
25
Highest
Stores—100
.100
Parry Corp
Martin
Do
.
178% .17614 178% xl74% 180
*93*2 -97
97
20%
Industrial AcMlsc. (Con.)
Manhattan Shirt
25*2
111
'
""20%
20%
20%
Year 1919
Lowest
7eek
*19
111% 111%
.*98*4 102
*98*4 102
102
Range for Freeione
On basis of 100-Jftors Ion
STOCK
EXCHANGE
the
111
20
114
YORK
HEW
FEE EH ARE
Range since Jan. 1.
STOCKS
Bates
FRICE8—FEB SHARE, NOT FMM CENT.
AND LOW BALM
SIGH
68
{ Less than 100 shares,
2,000
Western Union
Willys-Overland (The)
Do
pref
(nstc)
v t
e._No par
—.100
May20
61%June18
100
June
3
-100
Worthlngton P A M v t fl—100
Do
pref A
.....100
106% June 4
60
May20
100
67% May24
"200"
t Ex-rights,
Do
Do
pref
prefB
a Ex-div. and rights.
*
88
Ex-dlv.
Feb25
89% Mar 18
119
82%
Jan
82
Sept
8
94%
Jan
Jan 3
40%
Jan
Jan 5
55%
Jan
92% May
July
126
59% June
Oct
145
Aprl4
120
Feb
116%
Jan 8
112%
Dec
95-
Jan27
50
Feb
93%
Janl3
88
Jan
98%
Oct
66
Jan
81
Oe?
c Reduced to basis of $25 par.
n
117% July
Oct
117
Par $100.
2555
and Yearly
New York Stock Exchange—Bond Record, Friday, Weekly
and defaulted bonds.
the Exchange method of quoting bond* mat changed and prices are now-—"and interest"—except for interest
Jan. 1909
,58,
BONDS
Since
N. Y. STOCK EXCHANGE
Jan. 1.
Week ending June
Week's
Friday
June
*<&,
18
Week ending June
18
Ask Low
Bid
U. S. Gozernment.
7 J
let 15-30 year..192
Second Llbei ty Loan
4a
1st L L conv.—19,
4a
No.
Low
7 J
D
92.06 Sale 91.08
D
85.60 Sale 85.20
85.56 Sale 84.50
86.00
805 84.00 94.00
85.64 9207 81.10 92.86
89.28 5464 85.80 95.00
85.56
34 83.00 93.48
147 81.40 92.90
No.
9058
3
90
99
N
1st L L conv—19:
rJ
D
2nd L L conv—19:
2 M
N
85.98 Sale 85.30
85.62 Sale 84.80
S
89.18 Sale 88.70
D
94.08 Sale 94.00
85.76 Sale 85.30
94.08
95.88 Sale 95.50
95.76 Sale 95.48
96.06 12286 94.70 99.40
Big Sandy 1st 48—
96.00 9260 94.64 99140
75J4
Coal River Ry 1st gu 4s—1946
M
3rd L L
86.00
73
434s
lstLL2ndoonvl9:
3A
4>4s
4thLL
192
Victory Liberty Loan
4J4s
conv g notes—.1922-'23
3J4s
conv g notes._.1922-'23
2a oonsol registered
...41930
O
101
June'20
105
1064
104
1054 104
100
1014
100
Argentine Internal 5s of 1909—
8
Bordeaux (City of) 15-yr Os.1934
M
N
July'18
854
86
924
41
50
7512
90l2
744
804
36
90
924
86
744
Sale
904
91
804
Sale
90i2
80is
r
ts414 Sale
72
804
717S
74
7178
864
87
974
Sale
884
96*4
88I2
97
89
7
89
34
86
924
41
937l
894
984
88
1926
79
June'20
'"66
Sale
87
964
974
Sale
91*4
90*4
97I4
90*4
92
133
95
10
87
1931
76
87
954
984
88
96
974
42
42
42
49
33
32
33
2914
38
Feb '20
90
98
Sale
6812
76
75
73
68l2
7478
64
72i2
73
84
83*4
85*4
8412
84l2
83*4
92
"71*5*8
Sale
7112
Bee Great North.
Nebraska Extension 4s...1927
1958
Chicago Great West 1st 4s._1959
Sale
76
77
1554 Sale
55ig
554
71
Chic Ind A Sou 50-yr 4a
85
i
924
Ohio L 8 A East lat 4 Ha
854
934
ChMA StP gen g 4s ser A_el989
A
86
85
86
85is
31I4
Sale
26
30
26
27
924
Sale
92
9212
524
51
5212
48
5
D
O
3
7
27
326
13
54
294
43
Ohio Ind A Loulsv—Ref Cb.1947
N
37
884
93
60
61
Gen A ref Ser A 4 His
84i2
85
252
834
8934
94l2
453
394
96*8
1956
1969
844
Sale
F
A
f
o
894
Sale
89 I8
F
A
94
Sale
94
Convertible
89
9534
25-year debenture 48—1934
904
944
Chic A L Sup Div g 5s
1932
4Hb
1926
Permanent 4s
.1921
Chic A Mo Rlv Div 58—1926
$5 to£
1921
O M A Puget Sd 1st gu 48-1949
86
864
86
924
924
924
924
924
May'20
924
9234
927g
924
M
81
86
M
82
Sale
82
Sale
M
N
m
N
M
N
50
60
F
J
J
j
j
72
72i2
5478 June'20
70
70i2
55
57I4
6312
65
6478
65*4
73
72i2
54*4
Sale
54I4
94
69*2
70
55
Sale
65
Sale
65
Sale
*
J
Sale
59
Sale
58
1004
904
91
814
90
854
89
81
1920
Ohio A N'west Ex 4s —.1886-*26
1880-1926
Registered
General gold 3 34 a
1987
j
f
f
m
.P1987 Q
...1987 M
Regie tered
Stamped 4s
...
1987
M
m
1987
1879-1929 a
Sinking fund 6a.
Registered
Nov'19
91
91
94
91
97
99
09
1074
June 20
50
604
494
49
58
1879-1929 A
Sinking fund 5b
Registered..;
1879-1928 a
Debenture
1879-1929 a
1921 A
5s
Registered
1921
81*4
..
J
Fs—
...—1995 A
Registered
L
1995 A
Adjustment gold 4i
51995 Nov
Registered
41995 Nov
Stamped
41995 M N
D
Conv gold 4s
1955 J
Conv 4s Issue of 1910
1960
East Okla DlV 1st g 4»—1928
Rocky Mtn BJv 1st 48—1965
61*2
Gen g 43
—
Sale
684
70
71
71
261
634
Sale
10
824
70
62
634
734 June'18
64 <8
65
614 June'20
69
684
684 May'20
65
644
724
714
62
7178
60
694
78
June'20
78
894
824
84
84
June'20
82
88
544
66
644 June'20
644
69
Trans Con Short L 1st 48.1958
664
674
Cal-Arlz 1st A ref *Hs"A"1962
71
71
June'20
80
June'19
814
69
68
69
-
834
71
724
724
734
96
S Fe Prcs A Ph 1st s
AU Coast L 1st gold 4s
95
Sale
96
96
78
70
7
Sale
70
70
77
110
A
O
1st gold 58
1934
Bait A Ohio prior 3348..—1925
604
6234
61
Sale
Aug *19
9341014 105
105
July'15
844
794
Sale
794
81
7Q4
—41925
1st 50-year geld 4s
41948
Registered
41948
10-yr conv 434s
1933
Refund A gen 6s Series A.1995
Temporary 10-yr 6 8^-— 1929
Pitta June 1st gold 5a
1922
P June A M Div 1st g 3 34s 1925
? L E A W Va Sys ref 4S..1941
Southw Div 1st gold 334s. 1925
Cent Ohio R 1st e g 4 34s.. 1930
01 Lor A W eon 1st g 58—1933
Registered
Sale
M
67*8
" "72ia
594
60
Sale
*
594
5934
854
594
Sale
854
Sale
112
664
*684
524
Sale
684
Sale
68
-Z
Jan
91
1937
Cs—1922
68
78
924
"46 *
Sale
884
Sale
754
73
"9841*01*4
78
847a
81
574
70
60
58
664
69
92
85is
Apr '20
85
May'20
994 1004
78
June'20
75
Nov 19
87
89
May'20
774
774
844
774
pl945
754
1945
Friday; latest this week,
r
844'86
10-yr temp secur 6s June 1929
Chatt Div pur money g 4s 1951
Mac A Nor Div 1st g 5«-. 1946
Mid Oa A Atl Div 5s
1947
Mobile Div 1st g 68
.1946
Cent RR A B of Ga eoll e 5«. 1937
i
774
.*„."
814
a
82
Due Jan.
814
d Due April,
95°8
99
9214
99i2j
61'«
73
99 is
70
7912
Sale
67_
68
Sale
641ft
70
79i2
79
7238
87*4
65
761a
87
15
64%
131
Sale
80
68i2
May'19
Sale
62i2
97
63
62
99
Sale
100
00*14 "07*4
32
Oct
64
90*8
5818
85U
8718 Apr '20
97i4 Feb '19
89
"67*i*ft "6*9*"
99'is 100'4
Mar'20
May'20
7912
'19
67 i8
67i8
61
62*4
58
9878
987g
98
65
73
60ia
104
83i2 Nov* 19
80" *8*5*'*
Nov'16
95
60
8l"ia "87ia
84% May'20
118
May'18
52*2
6712 June 19
100
98
June 20
98
103
53
53
53*8
53
61
90
May'17
88
98
Mar'll
69
70
70
77
1993 J
79
80
82l2
80
1939 J
69
70
June'20
08
84
75
58*4
65
5814 June'20
665s
62
60*4 6611
81
"62*"
69
Jan
81
81
60
J
61*4
62i2
Spr A Col Div 1st g 4s
M
62i2
72
74l« Jan
61*4
68
84
1940
W W Val Div 1st g 48
1940 J
C I St L A C 1st g 4s ...11930 Q
1st g 5s.. 1928 J
1940
A
O Ind A W 1st pref 5s
<1938 Q
Peoria A East 1st eons 48.1940 A
Income 4s
1990 Apr
O
Oieve Short L 1st gu 4 Ha—1901 A
.".*""" 101*1*2 10214
771|
*19
51
51
Sale
5018
15l4
20
741ft
75
235s May'20
74i2 May'20
74*g
Sale
745g
Refund A Ext 4 Ha
1935
687«
Sale
6878
90U
92
92
6
47
50
I
18
27
J
73
76
8
74
88H
85i2
70
7
60U
9H2
98
June'20
-
75
Conn A Pas Rlvs 1st g 48—1943
Cuba RR 1st 50-year 6s g
Oot
77U
70
1929
94
Nov'16
76*4 Nov'19
68
Colorado A Sou 1st g is
88
'19
7714 Mar'20
82U Sept'19
031| May'19
747ft
41930 Q
O C C A I gen cons g 08—1934 J
June'20
Del Lack A Western—
*69*"
70
Apr '20
Morris A Ess 1st gu 3 Ha—2000
6314
64i2
63
1921
NY Lack A wist 6s
Construction
79
e Due May.
~70~~
June'20
Term A Improv
li
99*4
99*4
98I4
9814
'20
754
*19
814
'17
6218
89" "954
974 June* 17
91*4 Jan
744
Jan
7258
82i2
84
78
86
744 May'19
90
May'18
941a
9714
*85* " ~907s
99*4 Apr '20
98i2
Sept'19
93l8l00!8 100
Ft W A Den C 1st g 0a.—1921
974 100
774 87
974
974
99
734
85
"97"
94 la
96
70
904
100
103
Nov'18
St L Div 1st coll tr g 48—1990
Ind B A W 1st pref 4s
*92
June'20
97
7078
98
707«
8478
99
62
014
53
*67" "80"
74
91
924
834
*59is ~68i8
62ift
85
704
73u
83" "92 ~
'19
Mar' 19
63
cons
94
70
M
Cin 8 A CI
77*4
9634
77*4
6D2
70
88
J
A M Div 1st g 48—1991 J
Registered
78" "78"
70 x
Day A Mich 1st cons 4 He 1931
Clev Cin Ch A St L gen 4s..1993 J
774
45
75
cin H A D 2d gold 4 Ha
C Find A Ft W 1st gu 4s g 1923 M
Cairo Div 1st gold 4s
884
794
1952 J
1937 J
98H
99*4 May'20
J
Ohio A West Ind gen g 6s.-f 1932 Q
Consol 50-year 4a
Oct
65
971a
May'20
6H2
9314
98*4
68
C478
Superior Short L 1st 5s g.el930 M
Cin W
884
694
97*4
IOH2 Oct *10
105ij Nov'19
1930 j
61
June'20
724
V
1930 m
904
Mar'20
964
3He—1930
5s
North Wisconsin 1st 0s
83
85
85*18
M
1930 J
51*4
684
Aug '19
1922
1962
4Hs'41
85
70
Car Clinch A Ohio let 30-yr 5s '38
Cons 6s reduced to
6s
1931
734 Jan '20
624
cons
20-year deb 4Ha_.
85
-
St Paul A K C 8h L 1st
Chic St P M A O
1952
00" '75 "
18
6512
93*4
94i2
May'20
99U Oct '19
J
A
General 5a Serlee B
Mar'20
884
714
78
"724
814
994 Mar'18
46
464
1937
1957
AU A West 1st g 43 gu
1898
Clear A Mah 1st gu g 6s..1943
Roch A Pitts 1st gold 68—1921
604
574
904 Mar'20
Tol A Cin div 1st ref 4s A. 1959
Buffalo R A P gen g 5s
.1988
Registered
Refunding gold 4s..
1934
RI Ark A Louis 1st 4He.. 1934 M
3url O R A N 1st g 58
1934 A
C RI F A N W 1st gu 58—1921 A
Xeok A Des Moines lat 5s 1923 A
39
27
83
Chicago Rock lal A Pao—
J
Railway general gold 4s... 1988
Ch Okla A O cons g 5a
154
64i8
88
Mlob Div 1st gold 6S.. 1924 J
Mil Spar A N W 1st gu 48.1947 m
St L Peo A N W 1st gu 5s 1948 J
80
12
85
72
Ext A imp S f gold 59—1929 F
Ashland Div 1st g 6s... 1925 M
977g
60
June'20
797S
7
95
08
Ohio T H A 80 East 1st 6S-190O J
"56
73
2
........
6414
M
704
81
20
60
60
864
524
5812
86
734
61
Feu
72la
21
....
MUw A S L 1st gu 3 Ha—1941 J
Debenture
"51
6Ua
60
7078 Apr '20
86
"851*4 *85*12 85i2
99
Apr '20
94*8
99*2 10912 Apr '16
92
May'20
96
94i2 Feb '20
96
May'20
96ia 96*2
695g
96
78
29
28
80
Apr '20
594
604
594
9hio River RR 1st g 5s—1936
81
1294 Aug '15
824
674
N
764
684
924
925g Mar'20
78
Jan '20
884
M
7
78
6218
11
70i| Apr '19
70
Des Plalnes Val 1st gu 4 He '47 M
Frem Elk A Mo V 1st 0S..1933 A.
I
Man G B A N W 1st
Mil L S A West 1st g 68—-1921
Atchison Topeka A Santa
70
32
June'20
92
83
79*4
A
1933
1983 M
Sinking fund deb 5s
Registered
99*4
3H8-1941
41995 Q
57
96
96*2
J
1921
g 5s
82
72
63*14 ~607«
24
Apr '20
93U Feb '20
95*8
955s
...
J
68
~62i8
96
531*4 "*55*1*2
j
Wis Valley Div 1st 6s
Apr '20
49 4
80
92
100
514
Mar'20
6D2
92*8 Feb '10
61
96
102
May'20
1004 June'18
787« Dec '18
50
80
Sale
95
1074 108
45
81
61*8
J
Milw A Nor 1st ext 4*8—1934
Cons extended 4 His—.1934 J
J
Wis A Minn Div
1074 Jan '20
99
Mar'20
49
72
J
93
General 6s stamped
loo"
621s
904 1004
75
100
May* 19
62i8 May'20
98ig May'20
75
94
63
70
*
60*4
102
Sept'19
99
78
Jan '20
777a
77*4 Jan '20
775s
General 4a
91
71
J
9878
914 1004
914 1004
100
68
99*4
854 Mar'20
924
924
954
Mar'20
J
9234
924
95
97
80ia
68
j
80
5778
75
914 1004
June'20
61
35
'20
Dubuaue Div 1st b f 6s_. .1920
984 Aug '19
95"
52I2
Jan
Fargo A Sou aaaum g 6s.-1924
80'4
50
70
97
28
82
50
6412
Mar'17
5H2
954
814
93
32
Sale
52
954
95
"93*" "95
Mar'20
8012
26
82
804
8I4
Apr '20
97*4 Feb '13
86
9214 June'20
81
314
M
50
70
86
May'20
924
D
864
91
864
J
Sale
864
*
854
86-4
864
70
8012 Mar'20
el980
j
<1989
A
a2014
974
904
924
68
97
j
Gen'l gold 3Ha Ser B
General 4 Ha Series O
560
Sale
June'20
_«1989 Q
Registered
26
97l8
97
29
901a
68
19U
j
Refunding gold 5a
...1947
J
Refunding 4a Series C....1947
J
Ind A LouIbv lat gu 4s...1956
Gen ref conv Sor B 5s_._a2014
M
90l2
Sale
j
J73
884
132
*
U 8 Mtg A Tr Co ctfs of dep.
Guar Tr Co ctfa of dep
F
Purch money 1st coal 5s__ 1942
Chic A Ind C Ry 1st 5s_—1936 J
m
82
854
20U
68
...
.1937
674
N
28ij
Apr '20
20U
20i4
90i2 Feb '20
68
20*4
1934
180
*209
23
93*4
20*4.25
U 8 Mtg A Tr Co otfs of dep..
lit oonsol gold 6s
General consol 1st 5s
*67" "8D4
7178
75
Chic A E 111 ref A Imp 4s g—1955
743g
'20
9()78 Oct '19
1927
Registered
General 4s
72l2
5s deferred Brown Bros ctfa
Railroad.
98
Feb '15
68l2
J
4s—1961
4s...1982
4s...I960
Canal Improvement 4HB-1964
Canal Improvement 4)48-1965
Highway Improv't 434s..1963
Highway Improv t 4 34s..1965
Virginia funded debt 2-3s..1991
•No price
113
02*4
'20
Jan
1949
J
Canal Improvement
Consol gold 6s
Sale
1949
82
H
63
43
954
57i2
857S
8578
33l2
73
65
June'19
63
32
69
Jan
6II4
6478
78i8 Deo '19
69
42
1950
Ohlcago Burlington A Qulnoy—
Railway 1st Hen 3 Ha
93
76
81H
Warm Springs V 1st g 58—1941
Oblo A Alton RR ref g 3s...1949
176
Canal Improvement
Central of Ga 1st gold 5s
82*4 May'19
88i2 Sept'16
75
Canal Improvement
Consol 1st g 6s.
70
56i4
73
434s Corporate stock
1964
4348 Corporate stock
1966
4Ha Corporate stock July 1967
Canada Sou cons gu A 5s
65*4
5714
70
60
934
State and City Securities.
N Y City—434s Corp ttock-1960
ConsoI434s
37
Oct *19
65
Chic A P W 1st g 5s
General gold 5a
*68
74i2
75
63
1734 Sale
U K of at Brit A Ireland—
Pitts Clev A Tol 1st g
"77 "
7034
74
5614
A
M
58—1942
41952
10-year secured 7s..—..-1930
Gen unified 4348
1964
Ala Mid 1st gu gold 5s...1928
Bruns A W 1st gu gold 41.1938
Onarlee A 9av let gold 7S-1938
LAN col! gold 48
01952
Sav F A W 1st gold 5S
1934
66I4
6978
62"i*4
A
1954 j
Ann Arbor 1st g 4s
82la
77
Sale
1946
F
SterUng loan 4s
1931
Lyons (City of) 15-yr 6s
1934 M
Marseilles (City of) 15-yr 6sl934 M
Mexico—Exter lean £ 5s of 1899 Q
434s Corporate stock
1966
4348 Corporate stock....1963
4% Corporate stock..
1959
4% Corporate stock.....1958
4% Corporate stock
1957
4%Ccrporate stock reg.»1966
New 434s—..
1957
434% Corporate stock
1857
334% Corporate stock...1954
N Y State—4g
1961
7818
69*4
71
Mar'17
Sale
1940
F
j" "j
6-year 534% notes
..1921
20-year gold bond 534s..1937
10-year conv 634s
1929
5-year conv 534s
pJ922
XThese are prices on the basis of
1
10
78iS
78'g
7012
74
.1944
93
stamp".
Tokyo City 5s loan of 1912
1
12
854
1949
Dominican Rep ConsAdm s f 5s'58
Dominion of Canada g 5s...1921
1921
80 ig
72
External loan 434s...
Gold debt 4s Of 1904
95
48—1989
2d oonsol gold 4s..
1989
Joint bonds.
85
S
Paris (City of) 6-year 63
84
Apr '20
707*8
con g
75
12
a
1925
3
71
Potts Creek Br 1st 4s
70
25
75l2
-
85*4
86
70
1992
Illinois Div 3 His
Illinois Div 4s
42
J
Cuba—-External debt 5s of 1904- M
do
70
80
851g
78*8
1992
Craig Valley 1st g 5s
994
41
70
71
70
D
2-yr5i2Sgold notes Aug 1921
10-year 5i|S
1929
Italy (Kingdom of) ,Ser A 634s '25
Japanese Govt—£ loan «348.1925
50
1
87
86
20-year convertible 4 His—1930
30-year conv secured 5s..1946
934
99l2 2821
12
7U2
11
8578
j
do
894
874
Feb '15
9914
of 1911 J
fit 5s of 1914 ear A—1949
79ia
864
85ig
997i« Sale
*18
80
70
——.1939
'E4A Div 1st
99ig
98*4
80
Denver Div 4s——1922
M
Second series 434s
do
do
"German
Registered
Registered....
Jan
High
100 ij
87i4
96*8
Apr '18
lOOij
90
Greenbrier Ry lat gu g 4S-1940
1064
984 Mar'19
99
O
Copenhagen 25-yr s f 534S..1944
1014
104
104
794 Apr '20
874 Mar'20
a
do
101
1054 105
Government.
Chinese (Hukuang Ry) 5s
101
1014 1014 Apr '20
Mar'20
1014 101
104
Anglo-French 6-yr 5a Exter loan
do
85.94 14263 82.00 93.00
100
100
<1930
1925
...1926
Pan Canal 10-30-yr 2s
11936
Pan Canal 10-30-yr 2i reg__1938
Panama Canal 3s 2
1961
Registered
1961
Philippine Island 4s.....1914-34
....
4a registered......
4a ooupon
Foreign
86.00 101.10
—
Low
83
1939
General gold 4HB—
Fourth Liberty Loan
2s oonsol coupon
1st oonsol gold 5a
Atk Low
90
100
N Y A Long Br gen g 4a..1941
Cent Vermont lat gu g 4a__«192C
Oheea A O fund A impt 5a.. 1929
2 M
191
2nd L L
Ext#
High
97
11987
Since
Jan. 1.
87U May'20
97U Apr *20
81H
Am Dock A Imp gu 5a_—1921
Leh A Hud Rlv gen gu 58.1920
Range
P
Rang tor
Last Sale
82
Bid
Registered...
18
89i2
High
92.16 4312 89.30 100.40
Third Liberty Loan
434s
434s
434s
High
Friday
June
18
Cent of N J gen gold 58—1987
First Liberty Loan
334s
a
Week's
Price
Range
Range or
Last Sals
Price
bonos
N. Y. STOCK EXCHANGE
6s
4a
1962
987g
Sale
1923
92
94
987g
987g
921a May'20
1923
89U
9078
90
90
.
63
6
73
707|
-!
987g 100i8
92i2 97*4
1
90
94
1
814
g Due
June. hDueJuly. k Due Aug. q Due Oct. p Due Nov. 0 Due Dec. s Option a
ale.
Week ending June 18
Delaware Lack A Weet—Concl.
2000
Warren let ref gu g 8H«-
F
Htoh
AtJt Low
Bid
102is Feb
A
1st lien equip g 4 H"
1922
96
96%
1st A ref 4a
1943
70%
72
...1936
3 Ha
1946
73*8
75
Improvement gold 6s
1st A refunding 5a
85i8
72l2
Sale
60i2
62
67
66
66
67
67
67*4
Sale
45*4
48i2
J
Mtge A ooll truet 4e A..1949 A
N Y A Erie 1st ext g 4a... 1947 M
M
3rd ext gold
1923
1920 A
O
5th ext gold 4a
1928 J
D
1920 M
1996 J
1996 J
lat oonsol gen lien g 4s-1996 J
Registered
1996 J
Penn ooll trust gold 4a.. 1951
do
oonv
¥
93%
■
8
A
Gen oonv 4s Series D...1953 A
6s.. 1938 J
Erie A Jersey 1st 8 f 6a...1955 J
Genesee River lat a f 6a
1957 J
1936 A
J
N
1937 ¥
1940 Y
Terminal 1st gold 5a... 1943 W
Mid of N J 1st ext 5s
1940 A
79
J
A
88
26
44
1930
1930
Aug'19
48l2
90
75
5168
'
cona
gu 60-year
*80*
M
118
100*2
"
84%
*
2
35
75
........
........
78*4
80
84=8
7
80's
Registered
1951
J
1961 J
J
J
O
88%
"92"
*76% "83%
60
62%
91*8
38
55
May'20
7
Apr '20
58*2
59*4
61*4
"94"
25
22% Dec *19
35
1st ext gold 6s
1944
City A Pac 1st
33
36
Apr
25
24
deposit...
24
26
24
18*2
23
6212
"64""
1955 M
68*8
Sale
Purchased lines 8H*
1952 J
tHO* Texas gold 48... 1953 M
J
5578
6 2 38
68%
68*2
63*4 Mar'20
60
61
61
85*2
Sale
65
95*8 Sept'12
M K A T of T 1st gu g 5S
62
66
58
60
62
Jan
102
95*8
35%
49
50
Apr '20
50
50
56*2
20
May'20
20
20
28
51
Dec '16
3478
38% Dec '19
62% Dec '14
..
........
85%
82
Sale
52
63
97%
97%
83*8
8d 7s extended at 4%
1938
Pac R of Mo 1st extg 4s. .1938
2d extended
1988
gold 5a
BtLIrM A S gen con g 5s
77
79%
1931
81
82*2
Unified A ref gold 4s
74*2
..1929
89
1933
:a
24
63*4
59*4
63*4
72*8
Mob A Ohio new gold 6s
1st ext gold 0s
General gold 4s
1627
11927
1938
69
"69""
......
66
-
*
*50
91
77%
78
70
"*69*
J
J
56*2
62*2
61*2 Feb '20
61*2
61*2
69*2
70
80*a N0VI6
7912 May* 19
N O Tex A Mexico 1st 6s
66
92
Apr
110%
99
~72 "
86
80
20
Mar'20
Apr '20
June'20
68
74%
89%
90
90
96
89
Jasper Branch 1st g 6a...1923
63%
52*4 May'20
77*2
Guaranteed general 4s
94%
94% 102%
91
96%
62*4 69
76% 77%
75% 78
94%
92%
1931
53
79%
87
*60"% "76"
May 20
94*4
76
62
76%
80
June'20
80
95
78
53
67%
67%
56
92*4
-
66%
1927
62
60
*7l"%
80% Oct '17
*64%
*81
97%
Mar'17
21
*17% "30 "
May'20
20
Nat Rys of Mex pr lien 4 Hs.1957
June'16
96%
76% June'20
81
81%
102
July 14
0t LouIb Dlv 6a
Ifasbv Cbatt A St L 1st 5s..1928
51%
5
June'19
St L A Cairo guar g 4s
80
49
89%
69
98
June'20
Montgomery Dlv 1st g 6a. 1947
83" "9312
70
'20
60
67%
69
1929
Riv A G Dlv 1st g 4s
Verdi Y I A W 1st g 58...1920
65" "76*2
67*8
91%
79*t
71% June'20
75
71
83%
66
'18
Oct
68
1948
"72"
"58% 65*"
38
78
15
June'20
58
1946
Cent Br U P 1st g 4s
"S
*35~~
36%
52*4
Apr *20
Mar'20
23%
20
New York Central RR—
50
J
1951 F
A
1923 J
D
Oarb A Shaw 1st gold 4s.. 1932 M
Ohio St L A N O gold 6s.. 1951 J
86*41*00
1961 J
D
1951 J
D
1951 J
Joint 1st ref 5s Series A. 1963 J
Mempb Dlv 1st g 4S...1951 J
Registered
1961 J
St Louis Sou 1st gu g 4s.. 1931 M
l»d III A Iowa 1st g 4s
1956 J
1st A Great Nor 1st g 6s
1916 M
lemes Frank A Clear lBt 48.1959 J
City Sou 1st gold 3S-1960 A
Registered
1950 A
Kansas
D
71*8
74
June'20
D
93
74
70ig
83ig
5978
68
09% Feb '20
65
Nov'17
69*2
69*2
S
65*4
82
77%
«
64*4
76
95
93
u
9034
66'g
72
78
J
5234
Sale
Aug'19
5212
O
Oct
78
Apr 1950 J
J
66"
Sale
Aansas City Term lat 4s... 1960 J
Lake Erie A Weet lat g 6a.. 1937 J
J
64
Sale
J
70
fforth Ohio 1st guar g 6b
1946 A
Leb Val N Y 1st gu g 4HS--1940 J
..
65
Aog'19
82
80
May'20
Sepr'19
1
81
80
78
20o3 IW
N
61*2
61
2003 8*
N
69%
*040
j
*
No price Friday; latest bid and asked this week,
81*a
2d guar gold 5s....
1936
-oa
Due Jan.
Registered
71
64
May'20
71
28
"i!
...i
57%
12
...I
58*2
29
57
55%
96
69%
86*4
63*2
69%
93%
72
79
62
70
61
69
64%
82*2
66%
76%
55
62
52%
60
617f
54
75
Msr'17
49
78%
Feb '20
"49""
82% Jan '20
82%
82%
73
73
49
95% Nov'in
154
May* 16
"76"
1930
Beech Cr Ext lat g 3 Ha.61951
Cart A Ad 1st gu g 4s
17
62
■m r
a
2
56%
1930
705a
81
5378
1998
Registered...
74
0
/.
71*4
63*4
74
80*8 Feb
57%
*40*8
34
65%
74
63%
52% May'20
Battle Cr A Stur 1st gu 3a. 1989
"75%
64
Sale
66% June'20
Beech Creek 1st gu g 4a..1936
63*4
67
3
72*2 June'20
"57"
59
17;
79
32
64
1998
7S
09
J
88
63*2
61
497a
66*2
64*4
1641 J
Registered.
25
87%
"71" *73"
78
'20
53
6338
Sale
Sale
65
90%
41%
71%
to
1997
1998
58
47%
Mlcb Cent coll gold 3Hi—1998
Nov'19
Jan
47%
1997
P-eglsterod
76*4 Dec '19
D
60
90% June'20
1934
1934
Regisiered...
June'20
60
GO
Lake Shore ooll g 3 Ha
Jan
92
64
Debenture gold 4s
16' *15"
'20
15
20
49
1998
Mortgage 3Ha
96% Feb *13
.
59%
1935
Registered
D
1935
.
*47%
1925
Ref A Imp 4HS "A"
2013
New York Cent A Hud Riv—
84
*71
.
Consol 4s Series A
95*a Feb 19
65*2 July'18
65*2
1961
Conv deb 6s
D
60
20*4
lien 4KS.1926
lat consol 4s
Non-cum Income 6s A
Mar'19
84
'86
1977
New Orleans Term 1st 4a... 1963
Nov'lO
73
81*2
Nat of Mex prior
117i2 May'10
8
D
'20
June'16
80
J
A
4 He
3 57s
80
Jan
1951 J
cons g 4t_.
34
47
6s..1920
53
1961 J
Register
45
45
80
52
1951 F
Lehigh Val (Pa)
23
45
45
78% June'20
63
Western Lines 1st g 4s
6a
23
84%
50*4
Spring! Dlv 1st. 1.8 KB
Ref A Impt 5s
26
Feb '20
Sale
1951 J
3Ha
Registered
28
24
85%
Dec '19
69
50*2
J
85*4
May 20
70
68
J
Aug '19
85
K
37
May'20
1st A refunding 5s Ser Ba
40-year gold loan 4a
"39%
25
73
1975
32
33
23%
82*2
cons g
23*8
27%
32%
20
24
79*2
1923
*52% "60%
51
1942
78
62
5
2878
g 4S..1990
Mo K A E 1st gu g 6a
1942
M K A Okla 1st guar 5s..1942
J
•t Louis Dlv A Term g 8s. 1951
Registered
O
'10
79*8
6
35
31
June'20
34
24
Registered
6234
53
27%
27%
1930
..2004
Trust Co certfs of dep
Trust Co certfs of
Deo '16
let A refunding 6s Ser A..1905
July 09
N
A
28
Texas A Okla 1st gu g 6s.. 1943
Missouri Pacific (reorg Col¬
S
A
27*2
95
Gen con stamp gu g 5s..1931
"
80
o
Omaha Dlv lat gold 3a... 1951 F
Trust Co certfs of deposit...
52%
26%
27%
55*2
10*2
Nov'15
o
Litchfield Dlv 1st gold 3s. 1951 J
Loulsv Dlv A Term g 3Ha 1953 J
Middle Dlv reg 5s
1921 F
28
05
73*4 Nov'19
1952 A
O
27*2
78
64
1952 A
J
01990
01*8
o
M
8678
1st A refunding 5s Ser C..1926
64
*85 ~ "92*4
87
Sale
Bher 8b A So 1st gu g 6s.. 1942
Sept'17
42
Nov'19
General 4s
May'20
S
May'20
87
52**2
Missouri Pac 1st
Mar'20
1961 M
...1951 M
91
88
855s
5% secured notes "ext"
73% Oct *18
70*4 Apr "19
84
91
7278
Kan
7
72
91
39
7078
Dall A Waco 1st gu g 5e..l940
9
.......
82
363»
83
92*4
92*4 Apr '20
91ig Apr '20
92
70*2
Refunding gold 4s
1951
StPA8SMoong4slnt gu.1938
82
99
64
71
36%
44
69
1936
9t Louis Dlv 1st ref g 4s..2001 A
97
"62*4
69
40
80
Gen sinking fund 4Hs..
Mar'20
80
40
May'20
36*4
36*4
72%
72%
45
71
1st A refunding 4s
83%
78
J
lat gold 3He
"
96*4 106*2
.......
55
May'20
45
33*4
.
Mississippi Central 1st 5s... 1949
73% June 18
J
42
Mo Kan A Tex—lat gold 4s 1990
Feb '20
78
4238
May 20
42
85%
June'20
95
43%
95%
78
.......
34%
96
97
J
38
70
100
Sale
75
6714
38
89
78
55% Mar'20
95%
67*4
93
78
9034
95
38
92*2
96% 105%
Mar'20
88
85
94
73
68
136U May" 06
85B8
85
95
37*2
1941
Sept'19
83
*20
95U Feb '20
Jan
67*4
1938
83
70%
86
Nov'lO:
Mar'20
85
1934
1st oona 5s
8512 102ij May'16
76*8
94%
10!
67*4
2d gold 4s
84*4 June'20
91
"89**8
1921
M S S M A A 1st g 4a lnt gu_'26
17
Apr
...
95
1st Chic Term a f 4a
96% June'20
........
90*2
56%
56
255
June'20
75*8
Gold
75
1977
Mar'
1st A refunding gold 4s...1949
Ref A ext 50-yr 6e Ser A..1962
Dec '19
83
.......
62
Registered
"77 "
Iowa Centra! 1st gold 5S..1938
Feb '20
76
73%
Illinois Central 1st gold 4a.. 1951 J
97% May'16
98i4 Dec '19
Des M A Ft D 1st gu 4a.
74%
J
J
j
1927
1st consol gold 6s
92
92
June'16
65
Bellev A Car 1st 6s
68.1963
A Jeff Bdge Co gu g -a... 1945
Pacific Ext 1st gold 6s
55
10
Aug
59*4
eons
48
75
75
92
6034
*
5s...1930
cons gu g
Stamped guaranteed
39*8
June'12
J
General
*39%
June'20
96
Houston Belt A Term let 5a. 1937 J
"
Manila RR—Sou lines 4s...1930
52
2312 Jan '17
1
A
95
Mex Internat 1st cods g 49..1977
100*4 Dec *06
39*8 May'20
HockingVal 1st
2d gold
Oen
1
40
74J2
O
*
85
"89" "89 ~
65*8
65
Registered
Mar'20
81%
9l"" *91 '
52
52
6834 -61
3Hs
89
93*2
89
D
65
Feb '05
.1937
N Fla A S 1st gu g 5s
90
68
95
63
J
Gold
88%
82%
59%'
59i2
60
41952
Registered
79
53*8
1953 M
59
75
877g
93%
Gulf A 8 11st ref A t g 5a..51952 J
Registered
7258
L A N-Soutb M Joint 4e_.1952
81%
I
Apr '20
94*8
Feb
15-year secured 5tjs.....l934 J
Cairo Bridge gold 4a
1960 J
L AN AM AM lstg4HB 1945
83
63 %■
72
82
Apr '20
89
J
refunding 4s
44
72
101% 101%
May'201
82
65
74
1st guar gold 5a
1937 J
Will ASF lat gold 5a..1938 J
lat
Sale
93i2 Jan *20
9378
)
.
68
82
79
9478
1937 J
Registered
63*8
Lex A East 1st 50-yr 5s gu 1965
*18
66
9634100
Registered
96*2
Kentucky Central gold 48.1987
41
83
94*2
Collateral trust gokl 4s
101*4 Apr '20;
6318 June'20
Hender Bdge 1st s f g 6s..l931
41%
76
67
70
J
A
85
76*2
......
J
1951
81*4
517a
63
60
60%
Feb *20
Jan
Sale
Feb
46%
47
64i2 May'20
95*2 Nov'19
61
91
85
Sale
O
~90% lOO"
97%
97%
64
96*4
74
J
100% 103
100
19
85
9378
........
1937 J
Registered
46U! 46%
~
SAN Ala
79
D
1st gold 3s sterling
98*4
46
"79%
*18
Jan
o
Mont ext 1st gold 4e_._1937 J
Registered
1951 J
Extended lat gold 3H»—1951 A
9734
91
99% 100
85% 90
100
20
Feb
79*2 Jan
30
Nov'11
D
100
30%
Dec '19
J
95
2
98*2
95
J
89%
90
9938
76
91% 94
87% 100
72
84%
82
68
J
29
87
34
-
76
108
99% 100
1948 A
1955 F
30
—
72%
90i8 Mar'20
Sale
85
73%
17
34
o
J
9978
1965
69%
9658
92
J
Registered
"
68
61%
....
At! Knox A Nor 1st g 6s..1946
39
40
O
D
62
76*4
77
8112 Sept'19
77
*88*"
87*8
7980
Atl Knox A Cln Dlv 4s
67
67
"12
Mar'20
64*8
2d gold 3s
"63 " "73%
May'20
8t Louis Dlv 1st gold 6s.. 1921
"
72
Pensac A Atl 1st gu g 6s..1921
92
J
Ool A H V 1st ext g 4a
col A Tol lat ext 4a
56
47""
79
66
N A C Bdge gen gu g 4 Ha.1945
51
J
4%e 1999 J
....1999 J
"47"
10
77
1
87i2 June'20
Paducah A Mem Dlv 4a._1946
June'16
48
1938 J
cona g
2d gold 0s
I
Dec'19
72
Reduced to gold 4Ha. 1933 J
Registered
.1933 J
Bay A W deb ctfa "A"
NO AM 1st gold 6s
95
92*2
44%
J
Debenture ctfs"B"
95*2
I
"84% "92"
108i2 Sept'19
81
78%
Green
N
95%
1
100
85%
85%
92*2 100*2 101*8 Apr 20
N
1067# Jan '17
88*4 Mar'20
83
1
1933 J
1933 J
Registered
M
1931 M
1930
Minn St Louis 1st 7s
1961 J
Mont O lat gu g da
10-year secure! 7s
Nov'19
48
J
..1937 J
Registered..
Pacific ext guar 4s £
1940 J
a Minn Nor Dlv lat g 4B..1948 A
Minn Union 1st g 6a
1922 J
76*2
81*8
72
1961 J
Registered
1940
1940
..1931
Registered
Collateral trust gold 5s
0
Great Nor C B A Q coll 4§—1921 J
lat consol g 6a
98
1
1
90*8 June'10
73
"96**2 9*1**
Midland Term—1st s f g 6s.1926
0
Ft Paul M A Man 4«
86
Dec '18
Ft Worth A Rio Gr lat g 48.1928 J
1933 A
41921 Q
Unified gold 4s
84
13%
1
1
Aug'19
94
...1937
6s
1
1
Dec *19
723g
Louisville A Nashv gen 6s..1930
Gold
1
*11
Jan
92
*65**8
1927
1
1
62i2
86
90
Nor Sh B 1st con g gu 5s.ol932
Louisiana A Ark 1st g 5s
97
J
Registered
lat A ref 4Kb 8oriea A
Registered
•
75
A
Svanuv A T H 1st oons 6a..1921 J
lit general gold 6e
1942 A
Galv Hous A Hen lat 5a
80
9278
90*8
N
D
Florida E Coaat lat 4H»—1959 J
Fort St U D Co lat r .*a__1941 J
70*4
927b
86
1
1
'20
92
*
1927
L Cin A Lex gold 4H«
34*4
36*8
72i2 June'20
61*4
1
1
june'20
1949
N Y A R B 1st gold 6s
92
35
Jan
62
95
80
3412
67
N Y B A M B 1st con g 58.1935
88%
103
80
76%
»p
J
WlJk A East 1st gu g 5a..1942 J
Bv A Ind 1st oona gu g 6a..1926 J
Mt Vernon let gold 6a...1923 A
Bull Co Branch lat g 58..193C A
83
*
N
General gold 5a
74
72*2
J
N Y A Green L gu g 5e... 1946 M
N Y Suaq A W Is tref 5a. .1937 J
Registered
62
48
73
62
60
95
"73" "73"
1
99U Oct '06
63*2 June'20
61*4
..1937
SO
74% Apr '20
34%
34%
Sale
72%
o
Coal A RR 1st cur gu 6a... 1922 M
Dock A Impt 1st ext 5a... 1943 J
20-year p m deb 5s
92
Dec
98%
1
*19
68
60*8
Guar refunding gold 4s... 1949
07
58
93i2
37l2
35
35%
J
g
2d gold 4Ha
1934
'20
73
Sale
34*8
N
Long Dock oonsol g 6a
1949
Debenture gold 6s
'20
98i2
Safe
34%
o
Ohio A Erie 1st gold 5a...1982 M
"Olev A Mahon Vail
Unified gold 4s
Jan
84
"63% *69"*
O
85
75
4s
Jan
47
Sale
39%
O
1953 A
Oct
431*
94*4 Nov'15
93%100
47
J
92
1932
9512 Apr '20
85
J
95*2
80
*95
J
67
85
92
J
4a Ser A.. 1953 A
Series B
97
64
Gold
May'20
93*2
*87**
S
.
78
1938
1922
Ferry gold 4Hb
'*84*4
89%
~"l5 "92% 103 ~
'20
June'20
General gold 4s...
June"19
86
77
77%
N
4th ext gold 5a..
i
72
Jan
84;% June'20
79
May'20
70i2
10
83
J
73
87*4
66
49
10512 Mar'08
o
70*8
1
Biok
Lotr
'13
89
38
June'20
86
87
Oct
75*4
63
70*4 June'20
92?# May'20
93%
O
Elgin Jollet A East 1st g 5a..1941 M N
Erie 1st consol gold 7a
.1920 M S
Deo
1945
46
July'17
64
4978
82
70
..
J
Registered
DuHBou Shore A Atl g 5s—.1937
677g
727g
25i2 July'16
N
..1937 A
J
60-year
6278
*20
49
78
1
89*2
94U
98% Jan '20
1st lnt reduced to 4s.....1933
6
75
34
D
Det Riv Tun Ter Tun 4 He. .1961 M
Dul Mlaaabe A Nor gen 5a.. 1941 J
Dul A Iron Range lat 5a... .1937 A
Registered
58*4
2
Jan
6312
49%
D
1995 J
48%
O
Del A Mack—lat lien g 4a..1995 J
Erie 1st cone g 4a prior
134
June'20
37%
63%
No.
1
39
Sale
.......
J
92
since
Jan
Mar* 17
9212
105
Registered
1946
Long laid 1st cons gold 6S..41931
1st consol gold 4s
41931
6U4 Apr '11
........
113
1933
Registered
Leh ANY 1st guar g 4s
76
70%
J
1940 J
Rio Gr Weet lat gold 4a..1939 J
N Y L E A W lat g Id 73
67
43
Guaranteed
4Ha_...
84*8
7312
65
1940
4s
Leb Val Coal Co 1st gu g 5S.1933
70
46
Rio Gr June 1st gu g 5b... 1939 J
J
Rio Gr Sou 1st
Gold
81
70*4
66
1955
Trust Co certfs of deposit...
gold 4b
9678
£Sale
73*2
60%
1936
1936
1928
gold 4H*
n
93
...1941
Rang*
30
High
8912
86
Lab V Term Ry 1st gu 9 5s..1941
67
62*4 65%
May'20
99% 100% 102*4 Apr '19
Alb A Susq oonv
Renas A Saratoga 1st 7I..1921
Atk Lou
Bid
nil
P
Mango or
Last Salt
18
Leb Val RR 10-yr ooll 6s..sl928
08
Denver A Rio Grande—
Week'e
Frit*
Fridfrv
June
June 18
ending
High
90
70%
73i2
1st cons g is
Lou
June*20
96
Oonsol
No.
Week
I.
Registered...
Delaware A Hudson—
20-year oonv fit
Jan.
Leut Sale
STOCK EXCHANGE
N. Y
Since
Mange or
Friday
June 18
BONDS
Range
Week'e
Frit*
BONDS
N. Y. STOCK EXCHANGE
Ivoi
Record—Continued—Page 2
York Bond
New
2556
"50%
73
1981
June'20
Gouv A Oswe 1st gu g 6S..1942
80
87*4
Mob A Mai 1st gu g 4b... 1991
W J June R guar
*61 " "72""
747a
N Y A
1st 4e. ..1980
Harlem g
3hb
2000
75% Jan '20
**
64
Er
g
Due June,
ft Due July,
n
Due Sept.
0 Due Oct.
75%
89% Feb '16
64
May'20
83
5 Due Feb.
75*2
* Option sale.
64
" "&4"
Sew
June 12 1920.]
Price
BONDS
June 18
June 18
ending
Bid
tV Y Cent A H R BB «70»)—
N *
cons
gn g
Pine Creek reg guar 6e
is.1993
1932
J
96"
EW40 cea let ezt 5s..*1922 A
Rutland 1st
71
63%
A
52
May'20
52* "62"
60
Feb *2u
53
101
Nov'lfl
Nov'lfl
714
"784
Sale
744
754
78
Pitts A L Erie 2d g 6s...al928 A
Pitts MeK A Y 1st gu 6s. .1932 J
974
...1931 Q
t L A S 1st gold 3HS-..1961
1st gold 334s
..1962
10-year debenture 4s.. 1929
R Y Chi A St L 1st g 4s ..1937
Registered
1937
Debenture
ft est
64
2d gold 4His...
70
a
Sale
77
61
66%
40
44si
59% May'20
Apr '20
93% Apr '20
97% Dec '17
75%
'77%
77% May'20
85%
86
934
Pitts Sh A L E lBt g 5fl_.__-1940
80%
79
76
874
754
744
844
1st consol gold 5s
....1943
Beading Co gen gold 4s
1997
Registered
;
....1997
Jersey Central coll g 4s... 1951
Atlantic City guar 4s g...l961
St Joe A Grand Isl 1st g 4s —1947
St Louis A San Fran (raorg Go)—
53%
A
954
87
664
954
61
Sale
61
47%
Sale
128
95
46%
94%
47%
93%
87%
91
947g
Apr '20
1
83%
78
May 16
90
May 17
Apr '20
ftl96£ A
87
41960
81
72
June'20
674
81*4
654
944
66
"994
K C A M R A B 1st gu
1996
1947
......
66
93%
95
97
59%
Sale
86
64%
744
64
674
June'20
994 Feb '19
974 June'20
7*5
71%
94*4
61
51
53
54
Sale
70
71
684
974
79
50
45
45
45
51
Gold 4s stamped
454
Refunding
444
454
484
65
55
Oaro Cent 1st
40
397g
Fla Cent A Pen 1st ext 68.1923
69
65
50
764
Gray's Pt Ter 1st gu
g 5a-1947
1YSH4 Hartford—
Non-conv deben 4s
43
1947 M
41
Nou-conv deben 3%s—1947 M
Non-conv deben 3 34 s
1954 A
Non-conv deben 4s
*394
.1966 M
454 Feb '20
43
48
43
1966 J
Conv debenture 6s....... 1948 J
45
41
40
81
Cony debenture 3 34 s
50
394
N
474
Apr 20
474 June'20
43
..1956 J
Non-conv deben 4s
70
68
444
May'20
1943
1950
54
60
.——I960
50
50
33%: 33%
Sale 41
Adjustment
01949
41
50
1964 J
914 Jan "12
Qa A Ala Ry 1st eon 5s..ol945
1966 1
60
Ga Car A No 1st gu g 5s..1929
Seaboard A Roan 1st 5s..1926
85%
Non-con? debeD 4e_ —.1956 A
Non-conv deben 4a.... 1966 J
Harlem R-pt Cbes 1st 4s_1964 M
B A N Y Air Line
l?t 4l.. 1965 F
Cent New Eng 1st gu is.. 1961 J
Hartford St Ry 1st 4s
1930 M
Housatonlc R cons g 6s.. 1937 M
N Y Prov A Boston 4s.
scr I
*49* Oct"
664
68
65
504
50
Southern
794 n*c *17
484
A
Nov'19
58
20-year conv 4s
O
37
434s'46 J
394
Registered
Aug *13
Mort guar gold 3 His..*1929
Through St L 1st gu 44-1964
GHA8AMAP 1st 5S1931
68%
Hous E A W T 1st g 6S—1933
70
29
Sept'17
40
Mar'20
75
99% Deo
674
74
Prov A Springfield 1st 68.1922 J
Providence Term 1st 4s.. .1966 M
W A Con East 1st 4 34s...1943
38
61
58
Gila V G A N 1st gu
32
J
13
58
594
60
544
55
714
77
774 Apr 20
1024 May 20
N
1931 M
103
A
Improvement A ext g 6s.. 1934 F
New River 1st gold 6s
1932 A
a A W Ry 1st cons g 4s..1996 A
A
O
O
O
Registered....
1996 A
Dlv'l 1st lien A gen g is. 1944 J
714
4s.....1932 M
34b... 1938 M
8s.......1929
Pocah C A C Joint 4S...1941 J
944
10-year
conv
714 June'20
754 Apr '20
74
674
80
Oct '19
76
764
Mar'20
76
774
944
944
J
M N
68
Sale
......
72
704
80
J
f 434s
1956 J
Pennsylvania RR 1st g 4s..1923 M
Consol gold 48
....1943 M
Consol gold 4s....
Consol 4341--.
65
D
*
*
i
D
M
J
J
D
J
3S
N
524
"22
II
76
73'8
"9
May 19
964 100
954
99
96
944
97
1004
Feb '19
674
102*4
96
June'20
93
60
*98
984 Apr *20
764 Oct '19
604
103
108
374 Dec '16
1034 May'20
103% 108
Sale
63
........
704
63
65%
62
724
68
67
67
67
697*
784 1004 Feb "17
934
..
934 May'20
80
1948 M
N
764
1960 F
77
934
934
814
83%
77
864
15
83
924
80
73
84%
934
103
814 Apr '20
774
9
844 Sale
844
General 434§—.
1965 J
A
D
774
8412
76
Sale
754
76
General 0s
1968 J
o
824
Sale
82
60
82
10-year secured 7s
1930 A
O
1014
Sale 101
449
101
S
A
734
82
83
Feb '20
83
83
H
J
764
78
May'20
78
824
-
Alleg Val gen guar g 4s... 1942 Nk
O R RR A B'ge 1st gu 4s g 1936 F
Fblla Bait A W 1st g if ..1943 M
god us Bay A Sou 1st g 58-1924 J
•onbury A Lewis 1st
g
4s_1936 J
0 N J RR A Can gen 4s.. 1944 1*
J
P
75
824
1014
724 June'20
102
804 L
92
724
82
'93
Jan
~ Dec"]7
Pennsylvania Co—
1921 J
Registered
1921 J
Guar 334s coil trust reg A 1937 M
Guar 3 34s ooii trust ser B. 1941 F
Guar 834s trust etfs C...1942
Guar 334s trust ctfs D... 1944
Guar 16-26-year gold 4s
1931
49-year guar 4s ctfs Ser E.1962
Oln Leb A Nor gu 4b g... 1942
1940 J
ex
1st gu g 4348.1941 J
Ohio Connect 1st gu 4«..
cons
.
1943 M
6s. 1927
M
Tol W V A O gu 4 34s A..1931 J
Series B 434S
..1933 J
? triesC 4«
...1942 M
P C C A St L gu
694 Feb *20
73% Jan '20
584
68
65*
77
76
60
76
Mem Dlv 1st g
Saie
50%
52
76
77% Apr
80
77
1961
1st 30-year 5a Ser B
1944
2d
July'19
7034
80%
81%
85% Sept'19
W
|964
cons
1931
6el930
C
804
104
67
J
67
I
81
80
714
79
884 Feb '17
7)
Apr "2o
794 May'19
764 Apr '20
79
774
88
75
824
f
80* *83
93*4 Apr '17
874 Nov'19
884 8ept*l7
80
June'20
1940 A
O
80
90
O
80
80
May'20
80
90
H
80
80
Apr '20
80
80
Series D 4s guar...
...1946 M
fi
71
A
734
90l2 Oct 19
724 May20
No price Friday; lateet bid and asked,
a
874
834
Due Jan.
» Due Feb.
95
724
0
84
Due June,
60
95
95
89%
90
80
80
80
60
May'20
60
70
93% Mar'17
76% Apr '19
J
J
1928
1952
1947
..1947
.1927
60
80
80% May'20
83
Apr 20
80
83
82%
85%
67"
65
05
73%
81%
86
82% Apr '20
77
78
78
82%
75%
50
Apr '20
May 18
79%
106% NOV'04
83% 83% May'20
81% 77% Apr '20
85
85
56
77%
....
77
63
68
78
55
60%
77%
84%
80%
Feb '20
70
82
May'20
37% Dec '19
08
73
85
35
36
75% May'20
74
76i2
46
42%
47%
68
85%
69
'*60*
25*
82
70
75
45
9%
83%
68
" 47
34%
12%
Feb '19
46
18% Mar'16
18
Aug'18
05
May'20
64%
82
82
June'20
82
65
58
Sept "17
68
70*
77%
.......
79%
Sale
76%
77
85% Oct
79%
79%
Sale
Sale
70%
72
96%
97%
80%
18
80
69
67%
97
Due Oct.
52%
86
67%
0
80%
60
'20
70
3^8.1926
950
.1917
* Due Aug.
97%
80%
Feb '20
Jan
59%
.02008
secured 6s. 1928
4t„1948
Ore Sbort Line 1st g 6f—.1922
1st consol g 5s
....1946
Guar refund 4s
..1929
Utah A Nor gold fis
1926
1st extended 4s.....1933
VandaUa cons g 4s Ser A
1956
Consols 4s Series B
1967
Y era Crus A P 1st gu 4%8—1934
ft Due July.
90
Aug '19
82
10-year perm
*80%
May'10
99% 100
Mar'20
80%
...
26-year conv 4s
1st A refunding 4s
'19
90
79%
1917
Registered
100
Ore RR A Nav con g
764
864 Nov "19
93
75
Jan
104% Deo '16
1990
Union Pacific 1st g 4a
68
91
102% June'll
"82""
1927
1st refundlns g4s
»2%
80%
92% Nov'19
60
77%
Ulster A Del 1st cons g 5s
'12
974
96
85
deposit
Tor Ham A Buff 1st g 4s.. 11946
Dec *16
904 Oct
66
1935
Trust co ctfs of
91
81%
July'19
65
1935
g
81%
8*6*
Western Dlv 1st g fie
Hen
U--
'19
May'20
52
General gold fis.....
50-year gold 4s
80%
88%
60%
82
65
81% Mar'16
92
01%
76%
99% Jan '20
97% Apr '20
80is May'20
"76%
Tol St L A W pr
"2
1
51
Coll trust 4s g Ser A..
964 Feb '12
O
N
A
J
J
S
774
90
67%
1
98
Tol A Ohio Cent 1st gu 6s.. 1836
Tol P A W 1st gold 48
58%
55
87%
gold 6s
W Mln W A N W 1st gu
61%
50
82%
55
Oct
95%
1894-1944
1953
St L M Bridge Ter gu g 5s.1930
Texas A Pac 1st gold 6e
2000
2nd gold Income fie
*2000 Mar
1st
61%
78)4 Apr '20
60
Gen refund s f g 4s
Kan A M 1st gu g 4s
80
61%
9534
73
55%
75
92% July'19
june'20
44%
Spokane Internet 1st g 5s.. 1955
Term Assn of St L 1st g 4Hs 1939
73%
May'18
20
I
89%
82%
92%
1924
9 A W 1st cy gu 4s
10!
I
94
81%
73
51
75
52%
80
4S..1949
1930
Co as 1st gold 6a—.....1956
E Teun reorg Hen g 5s.... 1938
Ga Midland 1st 3s
1946
Ga Pac Ry 1st g 60
-1922
Knoxv A Ohio 1st g 60—1926
Mob A Blr prior lien g 5s. 1945
Mortgage gold 4s..
1945
Rich A Dan deb 5s stmpd. 1927
Rich A Meek 1st g fls
1948
Virginia Mid Ser D 4-6s.-192l
Ferles E 6s
...1926
Series F 5s
.—.1926
General 5s
1936
Va A So'w'n 1st gu 5s—2003
1st cons 50-year 5s.. 1958
694
Dec '19
804
5634
55%
I 51
!
1948
4s
E T Va A Ga Dlv g 5S—.
2d 20-year 60
Feb '20
85
75
Atl A Danv 1st g 4s.__—1948
714
-.1942 A
56%
4Hs-5e—1996
97%
...1942 M
3*2*guar gold. 1949 F
1
1994
95%
Series B guar
aeries E
77
95%
*7*6 * "83*4
79*4
87%
29
694
694
73%
76
73%
Sale
95%
Nov'19
844
64
N
J
N
J
974
Series C guar
*
4348 A
7*0
19
95% Apr '20
69% Mar'20
584
1942 A
Pitts Y A Ash 1st
97
964
584
€rse A Pitts gu g 334s B.. 1940 J
Gr R A 1
98
96
t
Int reduced to 3 34s.. 1942 A
Series C 3348
1948 M
Series D 334 >
1960 F
Series C
974
A
J
D
J
O
A C
M N
M N
01 A Mar 1st gu g 4348...1935 M
*t5I A P gen gu 4348 ser A. 1942 J
Series B
J
J
96
63-s
81%
La Dlv B L 1st g fis
Guar 1st gold 434*..
90
Southern—1st cons g 5e—1994
Atl A Yad 1st g guar
*69* "814
99
93%
93%
68
564
Nov'19
91%
85%
85
55%
514
* "87"
98*4
65
83%' 82%
Sale
85
97
I
53
Safe
94
93
Safe 69%
81%
734
85%
"8*4% *93%
70%
81
524
87
*8*1%
1955
64%
80
80%
674
70
92% June' 19
Sale
a2047 Q
s
96
80%
67%
494
60%
*87 "
66%
Develop A gen 4s Ser A—1956
Mob A Ohio coll tr g 4e—1938
78
"10 "76% "82%
81
76
69
65%
65%
Registered—
m
106
94
go Pac Coast 1st gu 4s g—1937
61%
Registered
a2047 Q
Ref A Imp 4 34s aer A
2047 J
Bt Paul-Dulutb Dlv g 4s.. 1996 J
Pacific Coast Co 1st g 6s.-.1948
87
Ala Gt Sou 1st cons A 5s.. 1943
General lien gold 3a.:
Oregon-wasb 1st A ref 4s. ..1961 J
88%
93
Bt Louis dlv lBt g 4s
53
43
9834 Apr '20
91% Apr '20
86%
86%
96
Apr '20
100
87%
86%
77
70%
704
674 May'20
Paducab A Ills lBt
99
70
694
1571
Ban Fran Terml 1st 4s—1850
76
m
73
""74; "737s "937g
Mar'20
70
Sale
61%
Mar'19
80
984
704
29
l00% Oot *17
94%
.1938
5s...1927
5s._.1937
Bo Pac RR lBt ref 4s
88%
mm
June'20
94
85
724
984
684
gold 6s... 1923 F
Registered certificates.. 1923 Q
St Paul A Dulutb 1st 3s.. 1931 F
1st consol gold 4s.
1968 J
Wash Cent 1st gold 4s
1948 Q
Nor Pac Term Co 1st g 6s..1933 J
94
94%
734
984 Jan *20
June'20
*86%
Oct '16
84% May'20
104%
prior lien rail¬
way A land grant g 4s
1997 Q
Registered
.1997 Q
"81%
"80~
Nov '18
9*44
95t4
734
Pacific
8t P A N P gen
95
Atl A Chart A L 1st A 4 Hb 1944
734
95
49
l00
Tex A N O con gold 5s... 1943
*704 "7*8*4
964 Dec '19
conv 4
conv
O C A T 1st guar gold 6s_1922
»«lo V A N E 1st gu g 4S..1989
Northern
So Pac of Cal—Gu g
103** 103*
26
74
79
70
10-20-ycar
liO-25-year
Feb'20
71
Ore A Cal lBt guar g
41%
81% Mar'20
90
Morgan's La A T 1st 6s. .1920
No of Cal guar g 5s
30
38
Mar'20
81
1921
Louisiana West 1st 6s
77%
564
77%
102% 104%
87
1941
49
19,
25
62% June'20
l00
Oct '18
63
*85*
84%
gu—1937
A A N W 1st gu g 5fl
60"" *60 *
77
95
Geu gold 4s lnt guar
1921
Waco A N W dlv 1st g 6s *30
6I4
Nov'16
103
734
724
conv
52
Apr '20
122
98
714
4s.....1932 J
10-26-year
58
924 June'12
49%
61
Mar'20
69%
87% Sept'16
7634
76%
77%
1933
1st guar 5s red
H A T C 1st g 5s lnt
554 June'20
Norf A Sou 1st gold 6s
Norf A West gen gold 6s
..1941 M
40
884 Feb '14
744 Dec'19
01992 M
Registered 96,000 only..01992 M
General 4s
1956 J
D
Norfolk Sou 1st A ref A 6s.. 1961 F
A
W Y O A W ref 1st g 4s
1949
2d exten 5s guar
"
60%
July'19
6834
84%
64
02
55
2
Dec '16
81
?3
Sale
62%
1931
g 58—1924
344
I
N
101
I
Sale
76%
3934
59
64%
1
July'14
394
56%
64
...j 96% May* 19
69
83
New England cons 6s
1946 J
Congo] 4«............1946 J
50
48%
........
1934
Cent Pac 1st ref gu g 4s..1949
Boston Terminal 1st 4s... 1939 A
May'20
50%
34
41%
64
65
f 90
Feb 14
s74% Sale 74%
75%
95
Sale
93%
96
87
694
39%
49
*54%
62
1 86% Mar'20
64
*1949
01929
1
6,
64
95
Pacific Co—
Registered.
44
6
87%
64%
64
May'20
99% Nov'19
74%
........
Gold 4s (Cent Pac coll)..*1949
June'20
106% May'15
N
N
Providence Secur deb 4s.. 1957 M
1943
20-year conv 5s
1942 A
..
19
614
N
1964 M
Naugatuck RR 1st 4s
July 18
.—I
70
80
617g
80
Consol gold 5b.
100
66%
60
.-I
64% Mar'20
104
1st land grant ext g 6s—1930
1930 F
17
'20
87%
56% 66
39% 50%
94% 102
91
9234
97
60
Jan
71*
81
72%
64
Non-conv deben 4s
Non-conv deben 4s
Oct
6134!
62%
54
4s_—1949
con g
Sale
33
1959
5e
4s
Cons Ry non-conv 4s
NYW'cbesAB 1st
62
59
62
60
8 A A A Pass 1st gu a 4b
Seaboard Air Line g 4s
9V Y Connect 1st gu 4 V-e A..1963 V
19;
65
98% Jan '14
Atl Blrm 30-yr 1st g 4s..«1933
45
44%
40%
9
66
83%
61
61%
50
Apr '20
52
52%
62%
54
62
St L 8 W 1st g 4s bond ctfs—1989
2d g 4s Income bond otfs.pl989
Consol gold 4s
1932
1st terminal A unifying 68.1952
64%
54
59%
58.1929
71
Equip trust 4 Hs.. 1920-1926 J
J
K C Ft 8 A M cons g 68.1928
K C Ft 8 A M Ry ref g 4S-1936
Nov 17
O
Oct
St Louis A San Fran gan 0s_193l J
General gold 5s
....1931
664
704
65
59%
1928
53%
6®
83%
72
664
52
131
Sale
63%
66
60
Sale
72
Sale
89
55
May'20
Sale
634
65
82li
78*
72
66
70
67%
Shore 1st 4s guar...2361 J
2381 J
77
3
83%
72
a Y C Lines eg tr 5s.. 1920-22 M
55
..J
53%
63%
65
L™
93%
71
1951
73
65
79
85%
93%
I960
Prior lien Ser C 6s
Cum adjust Ser A 6s
Inoome Series A 6s
May'20
64"
Registered...
74%
87%
71%
42
94
Prior lien Ser B 5s
85
A
Sale
75%
59%
40
Prior lien Ser A 4s__
,
Nov'19
77
934
76
®
77
42
95
80
70
664
69
Marl6
77
71
A
87
f 4s 1937
634
M
May 20
June 17
80
.61921
97
100
69
934
'20
•
...1956
St L A 8 F RR cons g 4s
Southw Dlv 1st g 5s
M
88%
100%
97
69
934
'20
664 Mar'20
..1931 M
4s
"20
82
1940 J
1940 J
Registered
88%
99
Philippine Ry 1st 30-yr
954
954
994 Aug *17
984 Nov'18
814
1931 M
Registered
76
97
1st Series B 4s..
934 May'20
103
MayT7
1304 Jan '09
954
1934 J
4S-.
76%
Pere Marquette 1st Ser A 58-1966
60
844 Nov'19
1931 M
Ka A A O R 1st gu o 6s...1938 J
Mahon CM RR 1st 6s
1934 J
High
82% 82%
7% 73 %
1963
65
784
744
Lew
73%
73%
76% June'20
654 June"20
Jan
No.
82LA
71
69
65
High
71
1957
C 8t L A F 1st cons g 5s..1932
Peoria A Pekln Uo 1st 6s g._1921
*19
934 Jan
At* Low
But
Mange
Since
Jan. l
Latt Sale
18
Series F guar 4s go!d...l953
" "974
103
1931 M
Michigan Central
95
77
90%
C. C. A St. L (Co«.)—
P
92%
76
•Odea A Blk Riv gu g 4s..1922 J
(lake Shore gold 3 34a
1997 J
Registered
....1997 J
Debenture gold 4s
1928 M
Id guaranteed 6s
92%
78
50
«t Lawr A Adir 1st g 6a... 1996 J
»d gold 8s
1996 A
Registered...
High
June
June 18
Series O 4s guar
Series I cons gu 4H«—
92%Jan '20
78*4 Apr 19
113
May'15
95
May'20
60
434*
1911
Of A L Cham 1st gn 4s g -1948 J
Rut-Canada 1st gu g 4s .1949 J
16-year gold 4s
Lata
ending
Mange or
FrU'ty
Y. STOCK EXCHANGE
Week
West's
Price
BONDS
Si'ice
Jan. 1.
High
2557
Continued- Page 3
Mange
0'
Oct
Record
80
J
eon g
Bono*
Loit Sale
AskLow
88*4
Northern 1st g ob -1923 A
*
M YAPu 1st
Bond
w$ar$
Frida*
N. f. STOCK EXCHANGE
Week
York
81%
83
76
76%
96%
97
71% june'20
97% May'20
82%
82%
76
75%
87%
89
88% May'20
79%
86
89
84%
74%
85%
22:
78%
"88%
60
66
81
96
103
■3
80«4 Dec. 19
80% Juns'18
35
p Due Nov.
10i
wrn
-1
66% 81
97% 101
82
■31
93
74%
85
92%
88%
Feb '18
Mav'19
g Due
Dec.
s Option sale.
New YorK Bond Record
3558
Week
Range or
Lait Sale
June 18
HQ
BONDS
Since
Week't
Friday
t jvnr fcu»d
EXCHANGE
ending June 18
N Y STOCK EXCHANGE
Jan
June 18
Week ending
1.
S*
Range
Friday
5-
Range
Week't
Price
Range
Price
BONDS
N Y STOCK
IVol. no.
—Concluded—Page 4
or
Latt Sale
June 18
P
Since
Jan. 1
1
—1939
Debenture aerlee B
1939
lit Hen equip i id g 6a—.1921
lit lien 60-yr g term 4a—1964
Det 4 Ch Est let g 6a
1941
Dee Moines Dlv lat g 48—1939
OmDiv lat g 3 Hs
1941
2d gold 6a
74%
743s
11
72%
85%
82
83
76
79
91
1
73
83
75
J
M
S
J
J
08%
887a
J
J
ZZ
A
O
51
75%
55
*63% "66
50
83
83%
54%
58
78%
Sale
85%
69
83
91
3
78l2
I
i
46
1
Wis Cent 60-yr lat gen 4a
1949
Sup 4 Dul dlv 4 term lat 4a '36
50%
62%
J
52
69%
J
63%
65
N
63%
67
J
M
55
June'20
55
58
15
20
13
11% June'20
13% May 20
11
11%
Am SB of W Va 1st 5s
92
64
03%
76
Sale
Booth Fisheries deb 0 f 6s—1920
O
90%
90
Braden Cop M coil tr s f 68—1931
Bush Terminal 1st 4s.—.—1952
84
Sale
84
O
65%
1955
J
71%
64%
77%
65
71
June'20
71
82
Buildings 5s guar tax ex..I960
Chic C A Conn Rys s f 6a—.1927
O
71
73
71
June'20
71
88
45%
"63*
92%
82%
61
58
Mar'18
75%
76%
76%
1
Sale 100%
97
98
101%
47
100
10034
98
46
97
10884
75
73
73
5
81
21%
J
21%
40%
Bk Q Co 4 8 con gu g
-
•
M
5s..1941
1941 J
Bklyn Un El 1st g 4-6a.._1960 F
Stamped guar 4-6a
1966 F
Bklyn Q Co 4 8 1st 5a
-
Sale
37
Certificates of deposit
24
23%
44
37
J
I-yr 7% secured notes..»1921 J
Certificates of deposit atmp'd
Bk City 1st cons 5a..1916-1941 J
38
J
N
70
75
.......
J
80
A
68
60%
A
62
59
Kings County E 1st g 4a.. 1949 F
Stamped guar 4a
1949 F
Nassau Elec guar gold 4a. 1951 J
A
53
54
A
53
60
..1927 F
A
Conn Ry 4 L 1st 4 ref g 4Hs 1951 J
J
1951 J
Oet United 1st cons g 4Hs—1932 J
ft Smith Lt 4 Tr 1st g 6a...1936 M
ilhlcago Rys lat 5a
Stamped
guar 4 Ha
Hud 4 Manhat 5s
1967 F
A
aer
Adjust income 6s
..1967
s
23
59
60
J
60
6678
J
60%
61
57
Sale
70
S
58
A
18V Sale
mm
June'20
523# Apr "20
62% Apr 20
62
May'20
I
1
1
1
«
1
4
....
O
73
90
—
J
f 6s.. 1953 M
53%
55
53%
54%
S
D
1993 M
S
F
40
38
S
M
A
30
397g
22
37
37
62%
63%
70
71
June'20
....
66
Apr
20
——
80
62
59
63
23
May 20
69i2
681$
Feb *20
77
22%
21%
O
58
....
6
78
Ma/20
90
95%
1928 M
N
91%
95
Apr *20
94
95
N
87%
89
Mar'20
89
89
84%
Sale
84%
85%
77%
80
84%
7734
7734
84%
76*4
95%
80
75
83%
1928
Am Cot OH debenture 5a
1931
73
78
13%
19%
18
13%
129
52
June'20
54i2
Oct 19
54i4
75
2
2
40
67%
21
June'20
21
40
40
Mar'20
40
42
40
40
Dec'19
1
•
1
1
E lison lnc gen 5s A. 1949 J
Bklyn Un Gas lat cona g 5s. 1945 M
Olncln Gas 4 Elec lst4ref 5a 1966 A
6i8
41
6
6
50
65
64%
64%
6
4%
6U2
64% Jai
55
.
.
1
1
1
t
1
40
51»4
21%
31
1
66l2
—
30
24
Sale
69
6712
D
90%
........
103
30
70
"68" ~82%
N
80
72
mrnmm
83
86
mmmm
mrnmm
72
O
.
85
87
Sale
79
S
S
82%
73%
94
86
94
70
A
;
:
0Oi
*90%
84%
J
O
N
Feb '18
84
1931
77%
O
1
1
A
58.1927
J
Int Paper conv at g 6s
1935
1st A ref 0 f conv ser A...1947
A
Liggett A Myers Tobao 7s.. 1944
98
92
76
96
91
Nat Starch 20-year deb 6s.. 1930 J
M
National Tube 1st 5s
1942
Sale
deb 6s.. 1931
J
9934
"91"
94
88
97%
93%
96%
83
83
93%
83
91%
91%
91
June'20
88
9984
93%
104% 10434 June'20
90
105%
88
88
104
110
95
96
80
J
100
95
*91%
N
99%
81
86%
99% 111
77
89%
May 20
93% Apr '20
84
N
99%
79
93%
92
N
99%
7*6% "84%
78%
80
80
101%
Sale 106
79
May'20
78
79%
97
9584
102
101
70%
81
•16
76%
91
60
41
83
95%
89
4
75
95%
2j
May'20
84
100%
100%
95% 100
99% Jan '20
102"
J
conv
81%
98
Nov'18
•
76%
100%
D
1930
96%
Sale
A
Milling 1st 6s
81
Sale
76%
A
1961
60
96
O
F
1944
June'20
67
86%
A
...1951
7s
92
193
95% June'20
89
89
Sale
81%
97%
90
*9*8*"
76
78%
97
70
97%
97%
J
94
12
June'20
90
63
89%
80%
119
"74% "83%
May'20
98
Sale
89
O
117
91
101
s81
99%
73% Dec '18
J
F
5s
90%
100
74
75
95%
N
29
May'20
76
O
20-year deb. 6s
Feb. 1940
Ingersoll-Rand 1st 6s......1935 J
Int Agrlc Corp 1st 20-yr 5S..1932 M
70
89
D
88
8ept'19
96%
89
J
89% May'20
May 20
89%
90
87
87
Union Bag A Paper 1st 5a__ 1930
Stamped
1930
Union OH Co of Cal 1st 6s—1931
84
U 8 Realty AI eonv deb g 6s
U S Rubber 5-year seo 7s
1st A ref 6s series A
U 8 Smelt Ref A M conv 6s.
1924
1922
81%
81%
80%
81%
99%
Sale
99%
99%
1947
78%
Sale
78%
79
1926
95%
96%
95%
95%
Va-Caro Chem 1st 15-yr 5s. 1923
Conv deb 6s
el924
91%
92%
9134
94
97
93
Sale
943s
95
90%
90%
82%
89%
97%
80
77
89
79%
80
7734
86%
78
95%
89%
87
88%
94%
1922
83%
•
1
Sale
1
1932
a
Oct '14
95
90
28
"74"" "84%
5
99% 103%
78% 90
94% 105
49
5
3
9134j
June20
91%
I
—
8
93
95%
101
93
97'*
"75"% "77"
70
82%
87%
82
A
1949 M
S
S
J
59
60
J
85
70
71%
75%
76
12
Sale
85
85%
11
86
92%
90
Sale
86%
77%
Sale
77%
......
86
80% June'20
88%
89% '249
M
N
58
89
1931 M
1953 J
N
Va Iron Coal A Co.e 1st g 5s 1949 M
8
s
f
Corp—[coup
10-6B-year Sslreg
s
Victor Fuel 1st
dl963
dl963
f 6s.
a
f 5s
78%
81
79%
72%
90%
Convertible
83
20-yr convertible 4 Ha
30-yr temp coll tr 6a
**7*5" *85"
J
62
70
82
17
82
2
~8S~% "88%
67
71%
■■
68
80
80%
J
16
86
S
91
_70 " "70"
98%
M
86
N
72%
J
8518
77%
....
"84%
84%
82
90
1
1
1
1
1
93
9984
88
99%
1
1
It© "81% "83%
Cent Dlst Tel 1st 30-yr
Commercial Cable lat g
Registered
20
73
7334
73
80%
67
65
June'20
62%
69
78
79%
78
May'20
78
85
74%
93%
Sale
74
70
72%
Sale
9234
72
92
83%
99%
90%
96
60
60
81%
64%
„...,
"78* "81%
Cumb T A T lat A gen 6a...1937
94
90% Apr *20
60
Apr '20
68% Jan '18
70
88
J
*
M
f 4H8.1939 M
83
1924
75
98
84
*70" "80%
May'20
Apr 16
83
"82% ~90 "
83
84%
mrnmm
Q
Q
"qIT.
99%
72%
99%
81%
883s
Sale
88%
883S
8
84
96%
Pacific Tel A Tel lat 5a
*85 " ~89_"
mmmm
70
S
7
59
Keystone Telephone 1st 5s..1935
■
88
M
72
88%
73% Sale
N
J
96
67
80
M
1946 J
1925 F
5a—1943 J
4a—2397 Q
2397 Q
1933
M
Trenton G 4 EI lat g
80%
m
1936
N Y A N J Telephone 5a g„ 1920
Syracuse Light 4 Power 5a
82
mrnmm
J
4s
Mich State Teleph 1st 6s
97%:
Nov'19
Mar 19
Telegraph & Telsphone
75
80%
8684
94%
99%
85%
89
•
84%
~~~2
Sale
N
81%
June'20
84
*80 " "85*
85
83
84
89%
M
D
*85
76%
N
89
D
76%
M
65%
....
85%
85
83»4 May 20
N
Sale
90
86
M
85 %
4
71
U S Steel
93%
12
88%
78%
70
76
72%
83%
27
90
86%
83%
89
60
100
J
78
68%
7-year convertible 6s
59%
J
o
75%
90
74
Feb '19
J
60
74
88%
60%
85
72
73»4
72%
June'20
71
—
*8*7%
O
78
74
J
—
105
........
S
St L Roe. Mt A P 6s stmpd.1955
Tenn Coal I A RR gen 5s.. 1951
Utah Fuel 1st
Pao Pow 4 Lt lat 4 ref 20-yr
1930 F
74
72
85
D
—
89
Sale
72%
N
f_1940
Dec'14
78
98
72%
O
1926
93% July'19
91% Nov'19
"76% "79"
A
"84"% ~84%
....
79%
"75% ZZ
101
deb 4H0——1940
Indiana Steel 1st 5s
..1952
s
Sale
79
A
1925
Repub IAS 10-30-yr 6s
91%
80
D
s
89%
90%
D
8
1926
Am Telep A Tel coll tr 4s.—1929
J
J
J
Mldvale Steel A O conv a f 5sl936
Pleasant Val Coal 1st s f 6s. 1928
Pocah Con Collier 1st s f 58.1957
85
73%
77
6a...1936,-J
N
O
1
82%
73%
1926 *
1942,M
Lackawanna Steel lat g 58—1923
1st cons 6a aeries A
1950
mmmm
89
89
f 6s
Jeff A Clear C A 12d 5s
90
"74% "85%
72
J
s
1st A ref 5s guar A
J
"si" *85%
82%
82
M
98%
90%
79
May 20
78%
N
A
94
8ale
A
74-%
68
91
87
93%
A
J
conv 1st g
20-yr p m A imp a f
....
N
f 6a. .1938 J
90
mmmm
92
May'20
Sale
74%
7
.-I
78
77
J
N
E I du Pont Powder 4Hs
1930
D
General Baking 1st 25-yr 68.1930 J
F
A
Gen Electric deb g 3Hs
1942
S
Debenture 5a
1952 M
Buff A 8uaq Iron a f 5a
Debenture 5a
1
1 1 «. H»
1
83
A
Stand Gas 4 EI conv s f 6s.. 1926 J
Syracuse Lighting let g 5s—1951 J
mmmm
89%
94%
May'20
82
117
117
N
Sugar conv 7s ..1930
89
•111
1
87%
D
68.1930 F
Sale
Corn Prod Refg a f g 58—1931 M
M
lat 25-year a f 5b
1934
J
Cuba Cane
86
Pacific G 4 E »Co—Cal Q 4 E—
No price Friday; latest bid
77%
Illinois Steel
65
*
94%
95
81%
a
88
93%
81%
95%
75
77
United Fuel Gas 1st
Sale
79
82%
77%
"""I
84%
60%
1954
5a—.1949
Union Eleo Lt 4 P lat g 6s
1932
Refunding 4 extension 5s. 1933
89%
92%
O
D
92l2
Sale
A
J
84
Elk Horn Coal conv 6s
82%
84
D
J
53
95%
91
O
O
84%
Purchase money g 4s
1949 F
Ed Eleo 111 1st cona g 5s.. 1995 J
..1947
Ch G-L 4 Coke 1st gu g 5s 1937
Con G Co of Ch 1st gu g 5s 1936
Ind Nat Gas 4 01130-yr 5sl936
Mu Fuel Gas let gu g 6s—1947
Philadelphia Co conv g 6s..1922
85%
D
77
Refunding gold 6s
84%
79
95
81%
78%
M
Sale
O
70
100
8
Peop Gas 4 C lat cona g 68.1943 A
f 6b
79
79
79
87% 100
Pat 4 Passaic G 4 El 6a
84%
Col Indus 1st A ooll 5s gu..1934
Cons Coal of Md lstAref 58.1950
90
5a International Series
D
Cahaba C M Co lat gu 6a_.1922
Colo F A I Co gen a f 5s
1943
95l2 Ap
O
Pacific G 4 E gen 4 ref 6a..l942 J
86
87%
Ap
87%
1997 A
1925 M
con g
15
99% "43 "983s 10184
79
83%
N
Corp unifying 4 ref 6b.—1937 M
s
81
June 19
95%
J
Hudson Co Gaa lat g 5a
1949 M
Kan City (Mo Gas 1st g 5s. 1922 A
Kings Co El L 4 P g 5a
1937 A
WY4Q El L4P lit
Foundry 1st
79
81
98%
95
98%
D
YGELH4Pg5s
J
Am Writ Paper s f 7-6s
1939
Baldw Loco Wor.s 1st 5s.. 1940 M
F
Cent
Beth Steel 1st ext
Sept'15
68
Gaa 4 Eleo Berg Co o g 5a
1949 J
Havana Eleo conaol g 6a.... 1962 F
N
"25"" "30 "
30
J
#«-
1948 J
1948 J
47%
63
84
Newark Con Gaa g 6s
88
May'20
90% July'19
Coal, Iron & Stool
85
Lac Gas L of St L Ref 4 ext 5s '34 A
Milwaukee Gas L 1st 4s
1927 M
87
O
West Electric 1st 5s Deo
83
48.1939 J
"75"%
3
69
00
90
90
Am Sm A R lat 30-yr 6a aer A *47 A
A
Am Tobacco 40-year g 6a
1944
Gold 4a
1961 F
The Texas Co
22%
20%
75
94%
78
A
92
8
23l2
65
1
23i2
28
86
71%
58%
Sale
90
N
84
47%
85
81
1
71%
60%
87%
F
75
"66"
73
74
May'20
O
M
N Y Air Bra.e 1st conv 6S.1938 M
M
Standard
....
52
J
oon g
A
1924
87%
60
61
60
60
J
Nat Enam A Stampg 1st 5a. 1929 J
1
....
71%
Industrial
68
"80 " "80""
23%
Detroit Edison 1st coll tr 5s. 1933 J
1st 4 ref 5s ser A
.»1940 M
Ed El III Bkn 1st
&
Lorillard Co (P
....
12
85
Purchase money 6s
Convertible deb 6s
7%
7%
11
23
83
1932 M
31
....
42
41
96%
N
5a
—
_
Dec '19
93
69
21
4% June'20
473s
Cons Gaa EL4P ol Bait 5-yr 58*21 M
Detroit City Gas gold 5s
1923 J
cona g
"20" "32"
24
89
Columbus Gas 1st gold 5s.. 1932
Oonsol Gas5-yr conv 7a.t—1925
Eq Q L N Y lat
75
L
1927
Stamped
70
2U2
1927
Columbia G 4 E 1st 5s
77
2U2
50
J
77
3
23!2
Bkly
"92 " "94"%
1
87
ctfsdep
On and Electric Light
Atlanta G L Co lat g 5a
1947 J
»
22%
35
Equit Tr (N Y Inter otfa
Ry 4 Pow 1st 4 ref 5a. ..1934 J
•
•
....
70
Manufacturing
Distill Sec Cor
•
O
Cent Leather 20-year g 6a..1925 A
F
Conaol Tobacco g 4a
1951
21%
243g
2334
60%
----
82
O
60
61%
Sale
4278
66
58
51
1
O
1938
48
July'19
22
1928 J
conv a f 6a
72
82
m
23
June'20
51
53
10-yr
60
mm*
A
Wilson A Co 1st 25-yr a f 0a. 1941
13
•
N
Wash Water Power 1st 5a_.1939 J
July'19
*40%
Bt Louis Transit gu 5s
1924 A
United RRs San Fr a 14s... 1927 A
Tennessee Cop 1st conv 6s..1925 M
28
70,
N
United Rys Inv 5s Pitta 188—1926 M
United Rys St L 1st g 4s
1934 J
55
73%
65
93
85~ ~88 ~
May 20
74
78%
67%
91
Oct'19
85
82
72
A
59
59
Apr '20
91
101%
76
N
60
23
197s
....
N
June 16
59
90
97
N
60
20
88
Apr'14
94
59
86
O
Ontario Transmission 5s
1945 M
Pub Serv Corp N J gen 6S..1959 A
70
56%
J
Niag Loc. A O Pow 1st 5s..1954 M
Apr
83
A
Nor States Power 25-yr 5s A 1941
Ontario Power N F lat 5a__1943 F
Am Agrlc Chem lat c 5a
Conv deben 5a
94
1948
mm
60
67
66
Tri-City Ry 4 Lt 1st a f 5a.. 1923
Ondergr of London 4Hs
1933 J
m
68
20
15i2
75
ZZ "79%
O
A
A
m
*69
61
........
al932
54
70
J
A
66
60
20
6% Sale
4%
578
50% 523g
72%
al960 A
1937 J
Ref A gen 0s.._.
68
'20
57
1939
47!
Apr
A
Union Tr (NY
O
1941 A
f 6s
s
—1
Apr
86
92
'20
61
Jan
5658
18%
Jan
Portland Gen Elec lat 6s. 1936 J
ft Joa Ry L H 4 P 1st g 5s_.1937 M
ft Paul City Cab cons g 5s.. 1937 J
Third Ave 1st ref 4a
1960 J
66
60
*70% *83 ~
92
57U
60
77
N
N
45
July'19 ....1
72%
........
al942 A
47
31%
57%
79%
N
J
63
60
74
O
59
18|
93
65
81
4s ser 2..1966
2
....
84
6
83%
10-20-year 5sa eries 3
1932
N Y Doc. 60-yr 1st g 4s
1951
Niagara Falls Power 1st 6S..1932
64
53
"h\
74
Mtge Bonds (N Y
60
....
84
80%
61
6014
May'20
Feb '18
"84%
73%
Morris A Co 1st 8 f 4 H»
mm'
75
J
Computing-Tab-Rec a f 68—1941 J
Granby Cona MSAP con 6a A *28 M
60
mm
23
76
O
3334
1
92
N Y State Rys lat cons 4 Ha. 1962 M
Portland Ry 1st 4 ref 6s
1930 M
Portld Ry Lt 4 P 1st ref 5a. 1942 F
Income 6s
1932 A
Stamped
....
«...
62
68
N Y Munlclp Ry 1st a f 6s A. 1968
W Y Rya 1st R E 4 ref 4a... 1942
Third Ave Ry 1st g 5a
97
28
May* 18
40i2 Dec '19
81%
69
4H8—1935
Adj Income 5s
101%
38
35
34
54
ZZ '*94
Refunding 4 exten 4Ha..1931
Certificates of deposit..
80-year adj lnc 5s.
Certificates of deposit
Sale
O
Montreal Tram 1st 4 ref 6s.1941
New on Ry 4 Lt gen
74
J
75
Great Falls Pow 1st a f 5s... 1940 M
56
62%
60%
—
51%
O
A
Metropolitan Street Ry—
Bway 4 7th Av lat c g 5S.1943 J
1993
1938
1926
J
N
21%
....
15
A
Col 4 8th Av 1st gu g 5s..
Lex Av 4 P F 1st gu g 58..
Met WS El (Chic 1st g 4a
Idllw Elec Ry 4 Lt cons g 6s
O
21
21
102
_
1st Ser C 6%g (ctfs)
1963 J
ChHe Copper 10-yr conv 7a. 1923 M
Coll tr A conv 6a aer A
62%
-—--
63%
67
15
A
laterboro-Metrop coll 4Ha. 1966
Certificates of Deposit
(nterboro Rap Tran 1st 6S..1966
Manhat Ry (N Y cons g 4s. 1990
Stamped tax-exempt
1990
Manila Elec Ry 4 Lt
mm
J
.1932 F
N Y 4 Jersey 1st 5a
A
Montana Power 1st 5s A—.1943
O
17
98
D
Int Mercan Marine
Street Railway
Stooklyn Rapid Tran g 5s..1945 A
1st refund conv gold 4a
2002 J
13
1920 M N
Chic Un Stat'n 1st gu 4Ha A 1963
90% Mar'17
S
56
11
S
Feb'17
J
Winston-Salem 8 B 1st 4a.. 1960 J
55%
8
70%
90%
——
A
46%
Oct'19
S
81
29
Exten 4 Impt gold 6a
*45%
88
D
1926 M
1926 M
Conv deb 0s series B
Conaol 58
90i2 Apr '20
LOO
88
85%
95
Nov'19
1948 M
Oct'17
78
87
95
Mar'20
88%
High
73
Alaska Gold M deb 6s A
"""5 "48" "53"
54% —I
64 tg
95
ZZ
J
J
Low
4
Armour A Co 1st real est 4Hs '39
49i2
83
No.
75
"e'o" "72"
Apr 20
Aug'18
48
74%
Miscellaneous
"88%
Oct'19
82
Sale
"61" "55%
June'20
Wbeel Dlv lat gold 6s
88%
88%
I
Aug'12
52
36
22
O
1926
1928 J
1930 F
Refunding 4Hb aeries A..1966 M
RR lat conaol 4a
1949 M
Wheeling 4 L E 1st g 5a
69%
49
1IItII
( 1
1
74%
A
Adams Ex coll tr g 4s
80
74*2
S
1941 M
A
3^8——1945 F
A
lat 40-yr guar 4a
1946 F
West Maryland lat g 4a
.1952 A O
J
West N Y 4 Pa lat g 5a
1937 J
Gen gold 4a
1943 A O
Income 5a
pi943 NOV
S
Western Pao lit aer A 6a ..1946 M
Tol 4 Cb Dlv g 4a
waab Terml lat gu
A
Mar'20
High
Lt— (Concl.)
1944 F
Utlca Elec L A P lat g 5a...1950 J
Utlca Gaa A Elec ref 6s..—1957
Westchester Ltd gold 5a
1950 J
Aug'18
70«4 Nov'19
Ga* & Electric
Utah Power A Lt 1st 6a
97% July'19
*95%
J
J
74l2
74J2
90
Atk Low
Bid
High
73%
Sale
82
A
J
Law
Sale
74%
N
F
No.
High
Atk
Bid
N
M
Virginian lit 5s aeries A
1962
Wabash 1st gold 5a
—.1939 M
79%
Sale
79%
7934
6
76%
88%
■»
West Union coll tr cur 5a
1938 J
Fund A real eat g 4Hs_—1950 M
Mut Un Tel gu ext 5a
1941 M
78%
79
78%
78%
2
78
Sale
78
78
3
78%
70%
85%
86%
76
77
76
76
5
74
81%
NY Telep 1st A gen a
30-yr deben
a
99% Jan '20
"74% *74%
f 6a...Feb 1949
1937 J
South Bell Tel A T lat a f 58.1941
Nort
and asked, a Due Jan. 6 Due April, c Due May. 0 Due June,
wrat Tel gu 4
Hag._1934 J
97
*
74
75
39
101% Sept'17
91
'/i
ft Due July. A: Due Aug. 0 Due Oct. v Due Nov. a Due
Dec. a Option sale.
june 19
the chronicle
1920.]
New York "Curb" Market.—Below
we give a record of
security market from June 12
It covers the week ending Friday
2559
to June
18, both inclusive.
afternoon.
Last
Stocks—
Par
Week's Range
oj Prices
Low
High
to transactions
the "Curb"
on
no
such
to
as
reliability attaches
those on the regularly
Shares
Price
the New
York
Stock
Exchange, for instance, only
members of the Exchange can engage in business, and they
are permitted to deal only in securities regularly listed—that
is, securities wherel the companies responsible for them have
complied with certain stringent requirements before being
admitted to dealings.
Every precaution, too, is taken to
insure that quotations coming over the "tape," or reported
in the official list at the end of the day, are authentic.
On the "Curb," on the other hand, there are no restrictions
whatever.
Any security may be dealt in and any one can
meet there and make prices and have them included in the
lists of those who make it a business to furnish daily records
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.
Sales
Friday
Week ending June 18
14%
12
15%
3,300
12
June
45
79%
81
1,000
10%
3%
11
6,800
79% June
9%
Ap
90
10%
3%
4
28,100
2%
2
Boone
OU—-,
.5
Boston-Wyoming Oil L....
V
Canadian-Amer O & G r
%
15,200
13-16 15-16
2%
K
20,500
Stocks—
Par
Week's Range
for
of Prices
Low
High
Week
Price
l
Shares
Low
Dominion Oil r.
Elk Basin Petrol r
"i"%
Engineers Petrol Co r
Ertet Oil r._.
2%
9%
Explosives r.(no par)
4%
Apr
9%
21M
10
22%
1,400
20
Feb
40
Jan
47
47
100
40
47
June
7
3,600
3,900
May
May
11%
Feb
39% May
68
Apr
64
7
40
(no par)
100
6%
40
44
5
10% June
Brit AmerTobord
1%
3,900
1,500
K
K
5-16
2%
16,800
7,500
33%
81%
2%
7,700
Granada Oil Corp cl A r....l
9%
9%
10
2,050
6
(t)
26%
26%
300
/
2
2%
%
9-16
8,100
%
5-16
5,700
£l
Internat Petrol t
34%
33%
36%
6K
3%
35
1,300
38
..50
Invincible Oil f—
Zlsland Oil <fc Transport..l0
King Petroleum Corp r.—1
T"4%
1
1
7%
8%
25
24%
7%
r..(f)
23%
20
16
10
3%
3
3 %
22%
25
33%
22%
32%
-
June
68
June
Omar Oil & Gas
51
May
54
June
30
June
32
June
Preferred r—
14
1,300
14
Jan
Pennok Oilr—
3
16
25J*
~31%
General Asphalt, com r.100
75 %
8%
r....(t)
26
500
20% May
41
300
39
Feb
35
500
30
June
7%
71%
8%
77
Jan
2% June
Superior Oil new
Super iorOilCorpr (nopar)
June
22%
22
8%
Mercer Motors r....(no par)
Nat Fireprooflng pref r._.50
18
National Vanadium r...._..l
1
Jan
1
Jan
29
June
40
Jan
40
June
101
Jan
7% May
20
Jan
1
Tropical Oil Corp r....—.25
17
Jan
United Tex Petrol r.-
2%
18%
Apr
Vlctoiia Oil r
41
(no par)
Nor Am Pulp & Paper....(f)
Perfection T & R r
10
5%
31
93
900
10
Feb
3,600
1
% June
700
13
Feb
13%
IK
43%
10%
18
19 %
16
900
2
11,500
41
200
6
10,100
IK
39
5 %
1%
2%
5
(no par)
39
Republic Rubber r.(no par)
Reynolds (R J) Tob B r..25
2%
38%
2%
40%
Roy de France Toilet Prod 5
ZSanta Cecilia Sug new-..(f)
6%
36
119
5 %
Standard Gas El com......50
15
StandardMotorConsti rlO)
Stutz Motor Car r (no par)
Apr
2
% June
300
10
35
Jan
1,900
12
13%
37
12%
10
15
4%
May
20
June
1 % May
Feb
30
500
13
1%
165
36
34%
172
163
White Oil Corp r....(no par)
46%
%
10
*1%
2,800
76
May
200
May
54%
19
6%
Feb
2%
Apr
1,230
1
% June
1 3-16
Mar
9,400
24,500
% June
lc
May
73c
3,000
58c
Mar
91c
25c
25c
27c
June
42c
1 1-16
21,800
2,800
25c
1
1
May
1%
Jan
% May
1 1-16
Jan
5
—1
1
Caledonia Mining
1
Carson Hill Gold r—
Jan
1
Jan
Cortez Silver r
Apr
Mar
Cash Boy Consol.....
Consol Copper
1
%
1%C
Boston & Montana Dev....5
Canada Copper Co Ltd—...5
Canadalaria Silver r..
1
1
Mines
5
Consol Virginia Silver r—5
1
71c
5c
6c
25,300
3%
30%
3%
27
6c
..........
4,010
2,200
1,100
Divide Extension
May
Mar
1
-..
2
25C
24c
27c
20,500
22c
May
Mar
2 V
2H
8
Eureka Holly r——1
Apr
Gadsden r...................
Jan
Golden Gate Exploration r 5
5
10
2
27,600
7% May
14,500
20,325
%'May
%
1
%
1
Forty-nine Mining r—.....1
Jan
3%
*/,
17,700
9
2
8
1
18%
U
%
Feb
lc
June
4c
15c
Apr
Apr
40c
lc
lc
2c
Gold Zone Divide r—
1
16c
15c
17c
Jan
Great Bend r—
1
2c
lc
2c
11,300
Jan
Hattie Gold r..............
23c
24c
3,000
90%
90%
800
87% June
Second preferred r....„100
58
58
63
315
58
June
100
Jan
Jim Butler t—...
85
Jan
1
...........—
—10c
Louisiana Consol
13%
6 2 'a
31%
22
22
Shell Transp & Trad r
18,100
1 % June
1,000
% June
11% May
20
30
34% May
1,300
22,700
200
21%
May
Apr
3% May
1
June
25
Apr
Apr
Machawara Ming r
1
£l
24
22%
25
3,550
May
31
298
302
298
June
1
Mason Valley
290
5
280
May
311
318
175
303
May
Standard Oil of NY r„..100
385
376
385
172
370
May
480
15% May
20
15c
14c
16c
16,800
14c
June
27c
Jan
5c
6c
18,700
5c
May
12c
Mar
lc
2%c
16.300
lc
June
4c
7e
%
12,700
5c
June
15c
10,850
6c
New Jersey Zinc r
Nipissing Mines..
Ophir Silver Mines r
Mar
Prince Consol.
100
5
„1
—2
...
Reco Div r...
5%c
K
%
•
%
7,200
16c
16,800
.....10
1
1
1
June
92c
Jan
78c
Jan
12c
13c
7,400
12c
June
14c
June
200%
9%
5%
9%
1,500
K
%
7-16
2,400
%
7,700
6,300
% May
9-16
6%c
%
6%e
1-16
1-16
%
1
3%
Apr
H
Jan
Silver King of Arizona new
Jan
Silver King Divide r
1
3c
34,500
50c
May
1 %
1
Silver Pick Consol r
1
7c
Simon Silver & Lead r
May
K
May
Apr
1% June
198
Mar
8%
June
% June
4%c
80c
K
25c
7,000
560
204
200
1
Silver Dollar Mining r
2%
51
7-16
23 c
IK
Jan
Jan
3%
6%C May
74c
5,000
1
li % May
Jan
Jan
1,400
85,000
Jan
%
32c
76c
41c
%
1%
97c
Jan
90c
36c
Vs
1%
2,350
May
June
Jan
Jan
Jan
76c
36c
2%
%
Jan
80c
29c
2
36c
,.„™
1-16
3-16
13c
Feb
K
75c
1
St Croix Silver
......1
%
4% Mar
3,800
2,000
3,500
1%
Rex Consolidated Min
Amalgamated Royalty r._.l
17.900
22c
13c
Roper Group Ming
Mar
Other Oil Stocks
5-16
21c
14c
5%
Jan
355
3 15-16 Jan
1,000
11c
Mother Lode r
Mar
355
312
25
3,240
5
Jan
388
290
Standard Oil (Calif) r._.100
100
40
19
2
4%
21c
Magma Chief r~
Marsh Mining r
Murray Mog M Ltd
Nabob Consolidated
Snbsldiarlcs
Jan
Jan
Mar
16%
4 1-16
%
Mountain States Silv r—1
Former Staudard OH
4%c
Jan
1%C
Jumbo Extension.
Knox Divide r
Jan
2%
16%
4 1-16
(t)
Honduras Amer Synd r
Rights
24c
June
K June
5c
25e
Hecla Mining....—
Jan
Kewanusr.
Jan
15c
Jan
First preferred r—.....100
2%
3
June
Feb
1
Mar
15-16 Apr
52c
4%
June
Mar
15-16 Jan
8%c
40%
3%
12%
3 %
16
6c
Jan
26%
15-16 Jan
Jan
27
80
May
15c
2,700
Feb
Jan
Jan
60c
May
32
May
18% May
10
Mar
8c
30
10
5%
19,000
32,900
23,600
21,700
52
Jan
12c
10c
Goldfleld Devel r
300
Jan
9c
Feb
600
40
Apr
1,200
55
4,800
an
3,000
June
19%
% June
62c
Jan
% June
7c
Jan
5
K
39
10%
Feb
38c
49c
74c
70c
%
9%c
8%c
l%c
100
10c
Goldfleld Merger r——....1
9-16
1,700
1
%
72c
39
80
June
2% May
52c
39
1% May
1% May
Feb
5c
32,400
3
Gold field Consol r
2,800
20
60c
2%
Jan
17,500
June
June
58c
Eureka Croesus Min r
Feb
5c
60c
Emma Silver—
151
3c
3-16 May
4c
May
1
El Salvador Silver Mln r..l
475
21,900
26,100
%
Jan
41% May
2c
5-16
30%
5-16
Jan
Apr
2%
15-16 June
4c
Mar
1 1-16
Apr
2%
%
6c
27
230
%
4c
3,000
2%
Jan
6c
Apr
26%
735
1
7
2c
Booth r
10%
1 1-16
1
19
Royal Dutch Co r.....'.
Jan
18,900
59
1% May
1%
Apr
11,000
8%
61,600
13,900
Mar
May
1 3-16
3% June
7-16
June
1
I
200
9-16
25
12
.
3%
3%
6c
150
Apr
3%
Feb
2%
1
13%
33%
50
Jan
6c
35
4,600
%
May
Jan
Jan
3c
Mar
440
3,600
14,400
4,000
1%
19
93^
Jan
5c
May
May
8% June
100
1%
13
June
*
2,300
21
3
Jan
Jan
23%
1%
2%
% June
% May
4,875
3%
1
America Mines r
Jan
10%
Arcadia Oil r.
6,300
%
1%
Feb
4c
Jan
54%
6% June
1%
New Jersey Zinc T
15
5%c
June
1%
Libby McNeil & Libby r....
1 % June
1
Belcher-Divide r
....„10e
Belcher Extension....—10c
36
5
Alaska-Brit Col Metals.—.1
4%
19%
88%
Anna Bell
1,700
Ma
Mar
48% June
46% June
% June
13
Arkansas Natural Gas r.
20
115 **
Mining Stocks—
Big Ledge Copper Co
70
100
3 % May
15%
Jan
19 aEJune
Atlanta Mines r.....
1,300
13%
r—(f)
Jan
10%
Allied Oil r
2,700
20
19
13% f Jan
22% Mar
3% June
%
Apr
%
Feb
r7% f Jan
73% ? Jan
43% June
45% June
1%
1%
56
r
Feb
June
Jan
Jan
June
Jan
3,090
Woodburn Oil Corp
3
80
Allen Oil r
200
6,700
11%
38
Jan
40% May
4 %
Jan
2% June
57,200
1
6,500
Willys Corp com r (no par)
Ohio Oilr
45%
15
2%
May
Mar
Jan
6%
5%
36
May
2%
10
May
2% Mar
30%
Ma
4% May
May
3
Feb
%
3
15
June
31%
(t>
30
3
2,700
Jan
Jan
Jan
10%
1%
Feb
19
5,300
19
June
K May
% May
100
31,200
3
'
7%
1,100
4%
9%
Feb
19 %
1
Apr
May
48%
47%
10
—.5
Vulcan Oil r—
90
9
18%
20
ol*
26
Jan
June
June
June
17
1,700
Jan
Mar
Mar
5,300
14
U S Light & Heat com r,.10
South Penn Oil r
19
%
19%
5 %
35
42%
14
39
U S Distributing Com r..50
Anglo-Amer Oilr—
10,500
14%
Candyr....(f)
Warren Bros r
10
21%
2%
%
3% May
1
500
16,300
i 1,600
Jan
1 5-16 | Apr
Feb
15,800
5,600
19
19
Trinity Oil Corp r.....
Apr
% June
Jan
Jan
%
2%
3,100
44%
Texas-Ranger Prod & R-..1
Texon Oil & Land......;.—.1
4%
180
June
3
Jan
Arizona Globe Copper
6
1%
1%
5%
-
20%
2%
4%
19
Mar
May
6c
5,300
1,200
200
>9%
"19*"
1,100
5,900
34
5
2%
2,300
1%
21
Jan
50
45
13
12
Apr
3 % June
May
2% May
400
460
128
Jan
5% June
Jan
20%
39
1,500
118
14%
8%
39
1,200
260
33%
r..(f)
Feb
2
600
9,500
1%
Untd Picture Prod Corpr (f)
United Profit Sha»*lng....25c
Mar
5,500
36
(+)
Mar
18,500
25
453
(f
May
May
1% June
123
13%
2,850
31,500
22%
Jan
118
8%
Apr
53
2%
%
Apr
32
1 % June
6
Mar
12% June
1%
Apr
May
20
10
6—
33
43
200
6,500
39%
2%
41%
40%
25% June
4,280
1,200
1
1%
40
100
2%
36
Feb
14% Mar
2,600
9
11%
1%
13 %
13%
2%
45
10 K
35%
(f)
3
400
2%
Printz Biederman Co T....25
22% June
Feb
46%
2,000
700
9
43%
ZPart paid
Ful paid rckt
24
29
8H
2H
25 %
4%
4,200
1,200
2
.
17,100
22,000
15
2%
44
LocoMobile Cor.....(no par)
U S Steamship
U S Transport r.
_
90
Libby McNeil & Libbyr.10
USH ighSpeedSteel&Tool
2
3,900
5,000
2,400
17
17%
ZTexas Pac Coal & Oil r.,10
1 %
2% 2 11-16
2%
Jan
1,700
i
Stelner Oil Corp r..(no par)
June
30%
Lincoln Mot Co Inc AT....50
Times Square Auto Sup r
Todd Shipyards Corp
...5
34
3 %
Lig-Mar Coal Mining r..._.l
Sweets Co of Amer r
..
131
10
Submarine Boat v t c..
Petrol Corp
St anton Oil new r
June
June
May
700
*33%
10
10
Skelly Oil Co r
hpencer
June
IK
13 %
Swift Internat r
Jan
Mar
18
11%
Singer Mfg r
8% June
130
180
126
150
14
June
>3%* 3%
32%^ 33%
3%
5
270
24
r—(+)
com
Simms Petroleum r(no par)
3,800
1
Root & Vandewoort
7% June
62% May
Salpulpa Refining r
20
Kay County Gas r
r
3,850
32,000
29
131
Intercontinental Rubb..l00
.....
Jan
53
22%
r—(f)
Radio Corp of Amer r
Preferred r.
Jan
Apr
50
30
Jan
1,900
7,500
22% June
,*
Ryan Consolidated r w i
Ryan Petroleum r
1
Salt Creek Producers r....25
Jan
27
7%
32 V
Jan
44%
Feb
Feb
14 %
13%
7K
7%
K
May
16
1,300
7
5
Jan
9
23/
Riekard Texas Co r—
150
,...100
N YShipbuilding
Apr
18
comrlOO
Keystone Solether r—
24%
14
10
Producers & Ref r..„
Red Rock Oil & Gas r—...
125
2
Hercules Paper r....(no par)
Indian Packing Cor
Apr
Pittsb Oil & Gas r.....—100
200
2
1
50
com
3%
900
150
GrapeO laProd Corpcom..l
Preferred r—
Apr
18
Good Tire & Tire pf r...,100
HallSwitch & Sig
200
2% June
6
4% June
2%
Jan
11
38
1,770
65
Jan
41
34%
3%
9%
61
6
125
Goldwyn Picture r.(no par)
Preferred.....
2%
Feb
15% May
4% Feb
35
May
28%
142
41
(+)
Empire Steel&Ironcom 100
Empire Tube & Steel
Guautanamo Sugar
7%
4,300
2,200
May
36
35%
Davles (Wm) Co Inc r...(+)
Gillette Safety Razor
18
7 H
ServBankersshsrd)
Conley Tin FolL
3%
May
2% June
85
10
PApr
26
9
9%
65
100
Apr
8
Feb
4,000
3%
3
Panh'dle. Prod&Refcomr (t)
600
900
3 J
%
10
200
1,900
300
11c
3 %
.....1
North American Oil r
Ohio Fuel Oil r
150
5
1
Morton Petrol of Maine r..l
Oklahoma Nat Gas r
15
1%
47
May
16
7c
2
77
Feb
4%
2
16%
142
10c
Apr
Mar
27
24% June
15
146*
34'Jan
7-16 May
3-16 May
740
1,320
9,300
10
Jan
Feb
16
g Apr
39%
Jan
3% May
1 % Mar
1%
Jan
13-16 May
7% June
7%
24%
5%
Jan
Mar
2%
Jan
% 'Mar
4%
Jan
60%
Jan
120 M! Jan
Jan
780
15%
5%
"*15%
Midwest-Texas Oil r
26,500
9,400
1,000
26
7
32
14%
2%
4%
1
.25
Noble Oil & Gas
13,600
7%
8%
1
Livingston Oil Corp r
Livingston Petroleum r..
Lone Star Gas r....„...
39
5 Jan
7%
May
1%
Jan
t>33%
Jan
11%
1% May
700
%
5-16
'
Harvey Crude Oil
54
85
26%
1
Gum Cove Oil new r........l0
Hudson Oil r.
68
2%
3
26
Guffy-Gillespie Oil r.
81%
£ May
10
81% June
2%
52
85
31
100
2%
Jan
4
May
May
400
10
Jan
Mar
53
% May
3-16 May
2
Jan
% June
May
100
14%
bear..£l)
1
...
64
Buddy Buds Inc r..(no par
Carbon Steel, com r.—100
3-16
r.——
Preferred r
Glenrock Oil
30
Car Ltg & Power r...
25
ZCase (J I) Plow Wks r..(f)
Cent Teresa Sug, com—10
39%
1,100
2,800
%
2%
Gilliland Oil com r (no par)
4
64
..
9 % June
3% May
7% May
1,600
/:
5
32
Preferred r.—
Automatic Fuel S r....
Brier Hill SteeL
Un Retail Sts
4,200
1 %
Jan
7— Mar
22
Co|,com(no par)
Ranier Motor
7,700
10%
8%
1
Mexico Oil Corp-
47
Aluminum Mfrsr..(no par)
Am Brake Shoe & Fdy com
Amer Chicle r
3
2%
6 % May
1
May
2%
32%
5
.
Esmeralda Ol & Gasr
Federal Oil
2% June
1 %
1
Apr
K
200
8
4%
6
1%
Ap
Ap
7%
3%
1%
2,500
55,700
1%
9%
4%
10
Duquesne Oil r.—
Feb
Apr
Apr
15% June
1,200
2%
7%
1%
10%
4%
7
1%
Cushing Petr Corp com r..5
Metropolitan Petroleum-25
Mexican Pannco Oil
10
High
20
2%
Midwest Reflningr.......—50
Acme Coal r......
%
18
7%
5
com r
3
Jan
13
600
9-16
1
Carlb Syndicate r new
Casa Oil r
Cosden & Co
Merritt Oil Corp r
Range since Jan. 1
Last
Sale
Hydraulic Steel
High
81
Maracaibo Oil Explor
Cities
Low
Bigheart Prod & Ref—....10
Manhattan Oil r....(no par)
AmCandy
Week
Atlantic Gulf Oil Corp.. 100
Boston-Mexican Petrol r.
organized stock exchanges.
Aetna
Rangesince Jan. 1
JOT
Sale
Arkansas Natural Gas-—10
It should be understood that
On
Sales
Friday
Week ending June 18
the transactions in the outside
K
1%
May
% June
May
12,000
6c
%
29,200
1-16
\ %
2,700
3,100
Mar
% June
Apr
12%
Jan
1%
Feb
13-16
Jan
% June
12c
Jan
%
Jan
% June
%
Feb
2%
Apr
60c
ln'/s
36,000
30c
June
2%c
3c
22,300
2c
May
14c
Jan
6%c
8c
17,300
2c
Jan
30c
Mar
X
40 c
5
8c
8% June
300
May
30c
11-16
1%.
7,900
%
May
1 1-16 June
1% June
Sales
Friday
June 18
1M
1 5-16
Jan
Jan
3M
Jan
24,875
Maj
1 M May
4M
IK
5,015
1 5-16 June
1 K
1M
1,840
1 3-16
May
3M
8,970
3
June
6c
May
11c
Mar
29c
6Mc
8Mc
17,200
7Mc
7c
8Mc
20,400!
4,000
1
Vt
IK
2c
10c
12c
23,600
1
1
5c
4c
5c
70
Preferred..
75
Bond
Mtge
77
255
60
86
Surety..
Nat
Title
Y
N
Tel A Tel 6s r
;i922
6% notes r
...1924
Anglo-Amer Oil 7 K* x....'25
Belgian Govt Ext 7
*
External 6s r—.........1925
External 6s r.—
1921
Chic A N W 7s w 1 r—1930
C C C & L & L Ry 6s rl929
May
20c
4c
Ask
Bid.
Pat
1125
Consol
Textile deb 7s
89 M
Jan
Buckeye Pipe Line Co...
% June
97 M
Jan
Cheeebrough Mfg new...101
18,000
92
June
96 M
Jan
70,000;
97 M 516,000
88 M
35,000
98
29,000
99 K
June
100 %
Mar
97
97
96
June
85
June
96 M
Apr
99 M
99 M
405,000
dune
99 %
85M
12,000
99 M
82
93
May-
88 M
97 M
99 M
98
99 K
85
93
r.'23
99 M
6,000
94
99 M
Feb
97
103 K
Apr
100M May
160
27
June
750,000
26 M
June
250,000
26
June
27
29 M
27M
30
600,000
27M June
30
33
475,000
29
June
33
21
21
31
380,000
21
June
31
25M
24 M
25
26 M 2650000
24 M
June
26M
26 M 2600000
25
June
26 %
28
26 K
June
26 K
28
27
28
150,000
27
June
28
27
29
200,000
27
June
29
27 M
29
100,000
27M June
29
29
30
200,000
29
June
30
June
31
100,000
29M
June
31
June
9
300,000
June
9
98 M
May
94
13,000
96 K
30,000
95 M
June
Jan
39
66 M
27M
12,000
23 M
97 M
97 M
40,000
97 K May
98
83
May
93
OA
84
4,000
97 K
97 M
98 M
85,000
97M June
98 K
98 M
99
53,000
98
99 M
24 M
26 % 6100000
24 M
26
26 M
M
Marks
Bonds
26
25
-
Dresden 4s r
Frankfort 4s r—
....
Frankforts 5s x..........—.....
Govt 4s r....
Hamburg 4s x........
...
Leipzig 4Ms x.
Leipzig 5s r........
Munich 4s r.
26
—..J
Hamburg 4 Ms r...
.......
29
.................
27 M
Mainz 4s r....
Nuremburg 4s r......
t No par
this week, where
listed.
w
Odd lots,
24M June
26
50,000
26 M
June
June
26M
29
1000000
2050000
29M
29
9
9
x
I Dollars
NOTICES
-
Deutsch have formed a co¬
and Sigmund S.
Mr. Greenbaum
has been in the Investment
Mr. Deutsch was
Build¬
estab¬
business for
formerly with the Union Trust Com¬
formerly
manager
Bond
the
of
Lachenbruch & Co., Investment Bankers, 42 Broad street, New
branches in Chicago, Detroit, Philadelphia and Pittsburgh, are
their clients the stocks of the Goodyear Tire and Rubber Com¬
pany in units of two Preferred and one Common for $300.
A very interest¬
ing circular outlining the exceptional yield at present prices and also
portraying the unique position of this company's operations
and rubber industry, and its exceptional cash and stock dividend record,
—Morton
York, with
offering to
in the tire
prices
Bid
Amsrlca *
207
213
Banks
! Industrial*
265
275
Atlantic
200
215
200
ill
;
..
Trust Go's
I
.Irving Nut 01
Bid
| American
215
91
Pa-
Bid.
Ask.
102
American Cigar common. 10*
128
132
10*
2<
I *50
52
80
145
*14
*14
85
160
15
15
10*
285
78
74
30
300
27
120
173
Colt's Patent
...
10*
Debenture stock
1(X
Eastern Bteel
Empire Steel A Iron com
10*
.
1(X
Preferred
Hercules Powder com... 10*
10*
Preferred
Nilee-Bement-Pond com. 10*
Preferred
10*
Thomas Iron
10*
...
1st preferred
2nd
preferred
Iron..
Preferred
38
42
220
New York Co
145
York...
460
200"
Fidelity
222
270
340
410
420
280
290
Paclflo *
135
Hudson
137
143
Park
625
675
Law Tit A Tr
138
143
565
Pubiio
360
Lincoln Trust
150
415
425
Republic*
Mercantile Tr
315
City
260
270
Coal A Iron..
250
Metropolitan.
105
125
Second
450
~
37*2
chester)
Canadian Pao 0s 1924.MAS
Del A Hudson 6a 1920. .FA;
20
Goodrich (BF)Co7s
30
Great North 5s
8
85
90
Com'w'th Pow Ry A Lt.
.
L)ggettAMyer8Tob6s'21JAl
1(X
17
19
Penn Co 4«s
9658|
97i8
Pub
1921..JAD 1<
Ser Coro NJ 7s *22.MAf
Reyn (RJ)
Tob 6s '22.FAA
Preferred
9
712I
Mississippi Rlv Pow com.100
10
12
100
45
49
7l-"?4
*8
72 34
West Elec conv
Preferred
First Mtge 5s 1951...JAJ
Trust...
500
575
Union Exch..
N Y Trust...
610
620
Paclflo Gas A EleclBt pref 100
United States*
173
183
Title Gu A Tr
330
390
Puget 8d Pow & Light ..100
80
14
Wash H'ts*
850
U S Mtg A Tr
405
415
100
53
United
825
840
8tatee
Preferred..
100
Republic Ry A Light
140
205
Brooklyn
155
215
Tr.
South CaJlf Edison oom__100
490
505
272
940
First
Hamilton
262
168
Green point...
150
165
!
Kings County
650
700
158
Hillside*
110
120
|
Manufacturers
190
205
880
900
234
240
Homestead*..
195
210
Mechanics'*..
People's
80
88
.100
Preferred.
Standard Gas A El (Del).
50
92
100
Preferred
United Lt A Rys 00m
100
100
Montauk •___
100
110
815
Nassau
205
215
Western Power common. 100
Preferred............100
365
380
North Side*..
195
People's
145
1st
205
540
8
week
with a (*) are
J New
stock
State banks
t Sale at auction or at
t Ex-dividend
y Ex-rights
97
82
84
95l2j
96
90
87
9D2 92
9712 98
97^ 9734
86
84
9834 987g
industrial
40
86
100
100
195
no par
40
63
American Brass
American Chicle com
.
rUU
Preferred
100
American Hardware
Typefounders com.100
Preferred
100
Borden Company com ..100
Preferred
100
Amer
Preferred.
100
Co....100
...100
1st g 6s June 1
1622._J-D
Celluloid
Company
Havana Tobacco
15
preferred
36
1h
2i2
4*2
19
21
12
55
14
58
135
40
200
42
69
140
45
88
84
100 102
90
92
160
li2
2i2
6
10
/50
57
Ioteroontlnen Rubb oom.100
10
..100
57
International Silver pref.100
»90
*85
120
.130
100
80
j 83
118
<f2
120
3
jInternational Salt
1st gold 5s
1951..1...A-0
60
iLehlgh Valley Coal 8alM_
16
61
!Royal Baking Pow
160
marked
92
and Miscellaneous
82
16
56
12
83
95
*13
*35
92
60
Singer Manufacturing... 100
1)270
60
Preferred
Tennessee Ry L A P 00m. 100
220
530
63
63
100
Preferred
Coney Island*
160
100
Preferred
7s 1925. A&O
12
38
81
67
67
31
79
185
100
Preferred
flwiftACo 6s 1921
45
1G0
Preferred
Southern Ry 6h 1922
80
90l2|
96l2|
Sloss-Sbef 8 4 1*18 '29.FAJ
45
40
75
175
Brooklyn
9
.
1921. JA.
68 Nov 15 1923..MAN 1
Laclede Gas 7s Jan 1929FAA
KG Term Ry 4^8
MAI
FA A 1
Texas Co 7s 1923
MAb
Utah Bee Corp 6r "22 MAS 15
10C
160
375
99i2 100
94
92
997s lOOlg
943j 9514
9914
99
95
92
10C
IOC
23d Ward*...
Brooklyn
100
973,, 98*4
9634 97U
9234
92
65
430
Yorkvllle *
88
995g|
64
North Texas Eleo Co com 100
125
9934
9934
99*4
99
99
87
10C
420
A
MAJ
94
10C
North'n States Pow aom. 100
InB
'25 AAC
1920..
92l2
100*8
324
190
Life
1924MAh
.JA.
92
90
92
933.
99?*
99
25
322
200
Y
'23JAJ15
7% notes July 15
82
55
10*
Tradesmen's*
190
Anglo-Amer Oil 7igs '25 AA<
Beth St 7s July 15'£2_JAJ 15
Federal Sug Rfg 6s
State*
430
1922
General Elec 6s 1920...
200
220
notes
MAh
MAh
MAh
10
233
120
this
7%
1920-MAh
65
180
Common¬
•Banks
*36i2|
228
N
Amer Tobacco 7b
60
Northern Ohio Elec Corp. (t)
Mutual (West¬
200
A At
6% notes 1922
10<
Preferred
170
Chemical
555
350
350
MAS
1924. FA.
1924
Amer Tel A Tel 6s
128
HX
Great West Pow 6b 1948.JAJ
160
Ghat A Phen.
690
Am Cot OU OS
125
78
50
10<
Colorado Power com
350
Chelsea Exch*
Seaboard
Securities—Cen
7% notes 1921
6* *zl05
61
Preferred
290
Guaranty Tr.
•
Short Term
7% notes 1923
Anaconda CopMln '29. J A
Cities Service Co 00m
232
Fulton
475"
.
10'
Preferred
90
...
Preferred
New
-
(J S) Co
4812
Federal Light A Traction. 10C
Bryant Park*
Butch A Drov
change
65
83
-
toung
95
38
Gent Merc
Trad..
33
460
80
385
Imp A
410
1(X
Farm L A Tr.
185
...
99
Elec Bond A Share pref.. 10C
Equitable Tr.
150
Harriman
85
Preferred
200
395
490
Nat American
Hanover
l4o
87
95
175
41
Mutual*
Greenwich
19a
lOi
120
105
305"
155
Gotham
33o
96
300
160
Garfield
600
475
99
80
220
Empire
145
First
10
isynolde (R J) Tobacco. 10*
B common stock
10'
Preferred
10*
Conley Foil (new)
35
75
213
93
102
Commercial..
Neth*__
bearer.. £
105
165
80
340
160
10'
British-Amer Tobac ord..£
*25
145
New
Preferred
nopai
332
Bronx Nat...
re.
S
Stocks—Per
>
MacAndrews A Forbw..HX
Columbia
..
moo
83
290
-
to
JobnsoD Tin Foil dt Mst.iU-
280
225
Vlrglr aaRyOs
81
370
5*
*23
10'
410
10*
90
100
60
iix
46
80
Winchester Co com
Woodward
Equipment 5s
Brit-Am Tobac,
I) de Nemours
A Co common
7.90 7.00
7.90 7.00
7.91 7.00
7.00 6.87
7.50 7.00
-
Amer Machine A Fdry..
Fire Arms
Mfg
duPont (E
4^ 8
Southern Railway
75
375
295
920
6.75
97
70
365
105
Fifth
7.25
85
Central Union
Boro*.
East River...
8.12 7.25
4Kb, 7
190
395
335
Fifth Avenue*
.
7.2, 6.50
7.50 6.50
8.50 7.50
8.51 7.50
8.12 7.25
10*
10(
385
215
180
5s
St Louis A San Franoisci 5s
10*
Liberty
Mech A Met.
112
......
Ohio r*afcra; 4s
240
Manhattan *.
420
Reading Co 4Kb
3t Louis Iron Mt A Sou
acific 7s
NY
125
210
....
Union
Lincoln
!
155
wealth*...
.
*70
Preferred
145
Continental*.
Corn Exch*..
Cosmop'tan*.
Cuba (Bk of).
7.26 6.90
7.25 -V50
...
Equipment 4s
6(
Preferred
Amer Pubiio Utilities com 10*
360
Broadway Cen
Ex*.
.....
7s
Pennsylvania Rk mi.
Toledo a
Carolina PowALlght com 1(X
350"
425
Oomm'l
Northern Pacific 7s_
Pacific Fruit Express
7.37 6.60
7.90 7 00
7.40 6.50
7.16 6.90
80
Preferred
Atk
Bankers Trust
Battery Park.
Commerce...
.
Norfolk A Western 434«
83
250
Bowery*
Columbia*...
8.00 7 25
.
112
Amer Lt A Trac 00m
New York
210
190
Colonial *
Equipment 4^ 8...
.few York Cent 4Ks, 5a, 7s
N Y Ontario A West 4>4.
Amer Power A Lt com... 10*
Companies
dollars per share.
Amar Exch...
4.
8.36 7.60
8.37 7.40
8.00 7 25
Mobile A Ohio 5s...
400
Preferred
Chase
7.50 7.00
Equipment 4Xs...
Public Utilities
City Banks and Trust
All
Bronx
Equipment 5s and 7s
Missouri Kansas A Texas
.Missouri Pacific 5s
375
Bllse (E W) Co common.
application to the above firm.
ill
Equipment 6s
.■
Mlnn8tPABSM4Ms...
5*
Baboook A Wilcox
Preferred
Bid
7.87 7.00
7.40 6.40
7.76 6.75
7.7i 6 75
7.5( 7.00
Michigan Central 5s.....
10*
..10*
Preferred
Amer Gas A Elec 00m...
flanks—N Y
7 40 6 50
joulsvllle A Nashville fii...
Southern Pacific Co
SoovH) Manufacturing... 10*
New York
7 40. 6.50
Equipment 4Mb...
Xanawha A Michigan 4>55
166
Chicago.
upon
■Ilinols Central 61
75
Phelps-Dodge Corp
be had
8.50, 7.50
7.90, 7 00
7.90 7.00
>ar«
Department of
Paine, Weber & Company's Chicago office, has recently become associated
with Tilden & Tilden,
Inc., Investment Bankers, 208 S. La Salle street,
can
Equipment 5s
16)
80
108
prsf
preferred
2d pref erred
partnership with offices in the Continental and Commercial Bank
ing, Chicago, to deal in securities and underwriting and financing
pany of Chicago.
—David
O.
True,
8.50 7 50
Equipment 4M«-■locking Valley iigs
10*
Astna Explosives
1st
20 Broad St., New York
interesting analysis
Corporation.
—Samuel M. Greenbaum
few years;
-firle 5s
Canada Fdys A Forgings.lO*
June
City, are publishing an
regarding the future possibilities of United Railway
industries.
7.40 6.50
8.25I 7.25
8 25. 7.25
8.25: 7 25
Seaboard Air Line 53...
Ordnance Stocks—Per
Carbon Bteel common
CURREN T
& Company,
Equipment 5s
Colorado A Southern 5«...
...
value, f Listed as a prospect. I Listed on the Stock Ex¬
additional transactions will be found. 0 New stock, r Un¬
Ex-dividend, y Ex-rights. 2 Ex-stock dividend.
k Correction.
;
When Issued,
1,000 lire, flat,
26M
June
8.00! 7.25
Atlae Powder oommon... 10*
Stuttgart 4s r.....—........—....
Vienna 4s r....
..................
change
29 M
-29M
24 M
7.25
7.50
.
'hloago R IA Pao 4M<
......
99
Mar
Indiana Pipe Line Co.
6.75
7.40
7.00
7.25
8.50 7.50
8.50 7.50
Chicago A N W 4
250,000
93 M
90
26
97 M
29M
4Ms *
the past
Chic St LouIb A N O 5s....
27
69
40.000
95 M
Berlin 4s r—..........
lished
95
29
900,000
93 M
...................
—Kriger
50
95
101
29
99
600,000
95 M
Illinois Pipe Line
Chicago A Alton 4M«
Equipment 5a
Chicago A Eastern 111 5Ms
Chiolnd A Loulsv4MS-—
26 M
26
70
Apr
56
70
94 M
Cologne 4s r...
per
140
27
June
55
69
95
June
-
Equipment 5s
30
750,000
56
70
Coblenz 4s r...,—.................
*
Preferred new
Chesapeake A Ohio
115
90
90
155
*86
*33
*25
155
101
KM
Preferred old
106
29 M
June
June
56
Bremen 4s x.........
German
1(X
Galena-Signal Oil com
Central of Georgia 4M«-
25M
99
55
26 M
7s r .'25
Govt A Municipal
(Dollars qer 1,000 marks)
Bremen
Cumberland Pipe Line.-.101
Eureka Pipe Line Co
101
7 50.
8.40
7.80
8 00
8 CO
8 50
A Os
Jaro Cllnchfield A Ohio us
87
25 M
297,000
German
Greater
Continental Oil
10(
Crescent Pipe Line Co... 6(
7.50 6.75
7.50; 6.75
...
230
29
Elec conv
Berlin 4s x.
Jan
June
Jan
89
Apr
101
preferred new
97M June
Equipment fl«
Canadian Paclflo 4 Ms
1(M
88
«
35
June
International Petroleum. £;
26
Apr
National Transit Co...12.6(
160
New York Transit Co...101
Jan
97
Northern Pipe Line Co. HX
93
June
Feb
Ohio Oil Co
21 *295 300
45
Penn-Mex Fuel Co
21
*42
Apr
570
Jan
Prairie Oil A Gas
10( 560
210
Prairie Pipe Line
.10*
205
Mar
150
Solar Refining
101
325
Apr
118
Southern Pipe Line Co__10<
113
180
■South Penn Oil
.10*
270
68
Southwest Pa Pipe Lines. 10<
64
June
115
June
Standard Oil (California) .10(
310
175
Standard Oil (Indiana). .101
660
June
140
Standard Oil (Kansas)._.10(
520
June
June
Standard Oil (Kentucky) 10<
350 |370
450
June
Standard Oil (Nebraska).10*
425
;60
June
Standard Oil of New Jer.lOf
650
June
Preferred
1(M
IOOI4 100*2
190
June
Standard Oil of New Y'k .1(X
385
440
June
Standard Oil (Ohio)
1(X
420
102
June I
preferred
1"1
90
June | Bwan A Finch
1(X
70
111
June
Union Tank Car Co
10*
107
98
June
Preferred..
96
380
June
Vacuum Oil
1(X
375
30
June
Washington Oil
1(
*25
99 M
Hud Co 7s r w 11930
French 4s r
French 5s x
—....
Goodrich (B F) Co 78 -1925
Kennecott Cop 7s r..,...1930
Ohio Cities Gas 7s........ 1923
Russian Govt 6yjSX...A9l9
Sinclair Con Oil 7^s r....'25
Switzerland Govt 5Ms 1929
Texas Co 7% notes T...1923
Del A
Western
May
93
Pittsburgh 4H
Equipment 4s...
10512
476
*85
220
102
110
*28
130
98
47
5t
68
87,000
8.50: 7.50
7.50 6.75
Baltimore A Ohio
Buff Roch A
25
Anglo-American Oil nsw. £.
23
Atlantic Refining.
10* 1150
preferred
_..-l(X 104
Borne-Scrymser Co
10<
440
Mar
l„80,000
M
"f."
Equipments—PerCi Basis
BR.
Shar e
/*<
Standard Oil Stocks
Apr
Mar
IK
12c
June
70M
92
92
99 M
170
Interest" except where marked
prices are "and
bond
Jaa
3c
13-16 Jan
All
99K 100
Am
82
150
Jan
94 K
68 M
93 %
70
160
75
Tltla A M 0
..
deb 6s* '39
150
West A Bronx
134
127
Mortgage.
Quotations for Sundry Securities
Jan
Apr
Bonds
Allied Pack conv
A
Jan
1 K
6Mc June
500
73
245
Amer
Apr
2 7-16
lc
31,600
Surety.
Bond A M Q.
City Investing
Aaeoo
Jan
4M
M May
7,000
KnobCop pref r..„10
Wilber Mining..
1
3 M
1M June
1M
2c
10c
Extension—lOc
Mining
10c
7c
|
1
13.050
IH
2c
White
(Brooklyn;.
U 8 Casualty.
198
Ask
no
US Title Guar
80
Bid
105
87
Realty
2 15-16 Jan
1 5-16
1
•
Ask
120
192
Mtgej
Lawyers
Jan
1M
4,140
7c
—.10c
share.
per
Bid
75
115
Ask
6'
Apr
7c
14c
3
Gold Quartz.. 1
End ConsoL5
White Cap
7c
41c
3c
9,500
14.700
1M
Washington
White Cap
Jan
June
Mc June
17,200
IK
Mining
1
Continental Mines r..l
West
5c
23c
Mc
2c
1M 1 11-16
1M
1M
IMo
United Eastern
Divide r.
4c
22c
3-16
prices dollars
All
Jan
V%
Jan
Realty and Surety Companies
New York City
,,o
High
Low
2,100j
M
18c
4Mc
-.-.—.—...
Mines r—
Sutherland Divide r.—...
Tonopah Belmont Dev......l
Tonopah Divide r...
.1
Tonopah Extension r.
1
Tonopah Mining r.......—....1
Victory
3-16
K
Sunburst Cons
U 8
High
Low
1
Range since Jan.
Week
Shares
Bid
Silver-Lead
Mining
oj Prices
Jor
Week's Range
Price
Par
Stocks—
Success
Last
Sale
Week ending
Standard
[VOL. 110.
THE CHRONICLE
2560
com..
Preferred
81nger Mfg Ltd
Stock Ex¬
•Per
6 Basis,
share.
/Flat price,
n
Nominal,
d Purchaser also
x
Ex-divldend
pays
accrued dividend.
Ex-rights.
60
100
CI
70
12
72l2
95
88
«New stock.
June 19 1920.]
BOSTON STOCK EXCHANGE—Stock Record
AH A KM PRICES—NOT PER CENTUM PRICES
Salts/or
STOCKS
the
Wednesday
Saturday
Monday
Tuesday
June 12
June 14
June 15
Thursday
Friday
June 17
June 18
June 16
BOSTON
Week.
2561
°;.z.
Range Since Jan
Range for
I.
STOCK
Prttietn
Year 1919.
EXCHANGE
Shares
Lowest.
Lowest.
Rig test
Railroads
1244
1244
63
125
124
...
125
|
63
I *85
63
*85
63
32
32*2
42i2
*135
424
424
125
61
*83
*334
255
*42
*135
A
Albany
Do
119
*4
""*34
6
*8
137
116
Deo
8(F May 25
80
Feb 18
674 Jan
2
62
Dec
874 Jan
2
86
Dec
100
30
38
28
.LlOO
39
40
Oct
100
134
130
Sept
100
Maine
...
pre!
(.
Last Sale 72
........
*60*
*574
*284
624 *60
294
*284
76
30* *284
294
76
Do
June'20
Do
Oct* 19
60
294
291.1
*
*
22
76
*70
46
Jan 28
143
Mar 15
Jan
Mar'20
*20
8
80
71
71
70
40
40
40
391
40
*39
"394 "40'
*51
52
52
52
52
52
*52
*52
7
Mar
8
Jan 28
11
Mar
5
Jan 30
132
Jan
8
132
Oct
74
7
86
Jan
2
84
Feb
pre!
Rutland
75
*39
4
8
130
100
June
34 Nov
24 Nov
994 Mar
100
68
60
Jan
5
Do
70
Mar
86
Jan
Mar 29
85
74
June 16
86
100
15
Jan 20
100
70
June 15
60
38
pref
70
94
Oct
1
x71
Dec
254 Mar 11
15
Dec
87
82
Apr
Jan 31
May 17
494May 25
5's
54
5
2
2
2
2
8
*7
8
*7
*7
I
83
83
75
75
75
*824
76
75
7
7
35
*30
29
29
11
114
*28
104
10
44May 24
26
1
Feb 24
2
June
7
60
5
Feb 10
8
Apr
1
100
80
Apr 30
3
384 Sept
554 Jan
6
47
Sept
5
Dee
24
24
24
24
2
24
2
2
*134
134
*134
134
134
134
54
54
54
344
3434
204
*5
34
35
34
344
204
*184
204
75
*65
75
*65
150
*147
148
148
*65
*147
150
149
20
31
314
304
314
*31
15
15
15
*13
*31
314
15
15
3912
40
*394
40
2634
27
*25
26
19
1978
184
19
614
6158
61
61
134
134
135s
134
"64
"*64
7
13
134
134
*94
10
*94
95
94
Internet
754
754
75
75
754
58
59
'1274
58
*126
128
33
33
344
86
864
£844
35
35
87
864
864
29
*274
*284
284
*27
284' "28
£284
284
28
29
162
1624
1624
87
*28!2
2834
284
162
364
364
364
*2134
25
214
25
19
19
19
*404
41
*68
25
224
224
184
*184
404
184
404
107
*40
*68
70
70
194
254
264
26
264
264
4234
424
424
424
£404
414
404
244;
244
154
101,4
25
£244
154
16
154
204
*32
.
I
33
31
20
19
19
714
60
63
70
*61
63
68
254
254
*.80
Swllt A Co
100
31
Torrlngton
26
3
*104
114
*104
*9
94
*
„
*315
320
320
27
27
328
27
27
264
*114
13
384
384
384
*44
44
*44
44
94
*124
94
*94
124
13
24
*2
*44
*24
*44
3
,
24
1
*•75
52
52
51
94]
1241
124
5
*2
24
3
*44
3
3
'.75
1
2
.75
1
51
54
514
Vd.
*804
81
81
81
81
*80
81
*29
30
30
30
30
30
*338
*14
34
*33s
*24
34
*2
24
14
3
*34
*14
*34
*24
*14
*34
34
14
*3
34
•
*24
3
.54
5
5
614
614
604
614
614
614
164
164
164
164
*534
7
*54
7
164
*94
174
*.50
94
174'
.75
*14
14
94«
17
*.50
*14
9
174
17
.75
'.50
*14
14
*26
28
26
42
*39
26
26
*39
42
*394
*50
52
50
50
49
*39
40
41
41
*38
*14
15
14
*14
14
134
*14
*14
24
*14
.20
*,14
*44
*34
*14
54
4
14
.60
.60
*.14
*44
*34
*14
.60
14
134
l5ie
24
*14
.20
*.14
*44
*34
*14
54
4
14
.65
*.65
*14
14
14
14
*14
*64
*14
24
24
24
24
*24
IV
64
.50
.15
1S8
7
.50
16
.75
*
14
*64
.48
16
14
74
.48
16
.75
Bid and asked prices.
Bingham Mines
Calumet A Hecla
1
114june'20
384
384
£44
44
"~70
654
804
!
304i
158
.40
17
Hancock
Helvetia
804
20
u
*13
66
Jan 21
37
Jan
6
70
Jan
38
Jan
.60
Apr
Feb 25
304 Mar 22
75c Mar 22
14 Feb 27
77
Jan 3
Last Sale .75
315
May 10
May
7
174 Feb 13
114 June 11
£38
3
May 20
Jan 3
84May21
114 Feb 11
2
June
9
44 Feb 13
409
Jan
404
2
3
Jan 10
104
Feb
6
Nov
20c
360
Jan
Mar
124 May
12
Mar
484 Jan
39
Mar
4?8Mar
144 Jan
2
Mar
44
Feb
Jan
8
Feb
164 Jan
16
6
44 Apr
64 Mar 31
13g May
4
May
5
20o
Feb
60c
Mar 26
4 Jan 14
60o
Mar
39
Feb 13
564June16
42
Apr
77
Apr 21
81
June
8
78
Apr
29
May 20
38
Jan
3
24
5
3
2
May 19
26
5
15«May 24
MassConsol
...
26
40c Jan
Apr
324 Dec
44 Apr
154 Jan
107s Apr 27
4
Jan
Mar 24
34
Jan
Oct
24 Jan
5
99o
478 Apr
7
3
Jan
34 Jan
3
2
Apr
24
Apr
Jan 21
Mar
26
3%june 15
54 Jan
3
4
Feb
Mayflower-Old Colony.... 26
Michigan
25
5
May 21
44 May 14
114 Jan
2
2
Jan
74 Jan
2
Mohawk
270
New Cornelia Copper
"17"
New
25
6
378
715
17
Do
May 17
May 20
64 Feb 13
24
Mar 12
29
79
Feb 16
89
May 12
6
84June16
5
8
124 Jan
64 May
87a
80o Jan 27
....
25
4 Feb
14 May
Old Dominion Co
25
25
2
8
May 20
Osceola
26
39
May 21
58
24 Jan 26
374 Jan
6
Feb
674 Mar
84
Jan
9
Feb
25c
Apr
75c
Mar
214 Apr 20
15
25
Mining
144 Mar
?
Feb 13
16
......
Lake
Jan
74 Jan
Feb
494 Feb
24
May 12
North Butte
OJlbway
30
June'20
Mar 27
100
pref
16
72
21
6
Nlplsslng Mines
North
59
100
ldrla Quicksilver....
New River Company
June'20
14
Last Sale 24
Last Sale
14
.65
304 Mar
40
Jan
Mar
Qulnoy
...
26
49
June 15
65
Jan
62
Mar
St Mary's Mineral Land..
26
38
May 20
68
Jon
40
Mar
mo par
124May 24
19
Jan
13
Jan
10
14May 13
2
Jan
26
10c Mario
24 Apr 15
40c
5
lOcMay 11
44 Feb 11
26c Jan 10
8c
Seneca Copper Corp
210
14
Shannon
June'20
South Utah M A S
.14 june'20
44
Last Sale
.......
South Lake
...
26
100 Superior A Boston Copper 10
Trinity
26
60
5
l~4June'20
1,300
14
350
Superior
Tuolumne Copper........
6
64
*14
198
!4
450
Utah Metal A Tunnel
150
14
*24
7
14
Victoria
450
*64
14
24
6
1
1
26
Winona
26
-7"
74
74
24
.65
17
.75
May 20
04 Mar 18
...
26
Copper
435
31616 31816
17
9
5c
Jan
42
10
5
17
6
6
26
.20
*.50
1
26
...
May
24May 13
624 Mar
10c
4 Jan
135
Last Sale 14
May'20
1
254
26'4
Last Sale 40
24
.50
pref..............
Isle Royale Copper
May 25
9
Mason Valley Mine
7June'20
14
6 Ex-stock dividend,
9
77.5
14
14
Do
1
La Salle Copper
40
*
6
578
164
50
14
Feb
May
Feb
44
17
.75
14
26
Lake Copper Co
"84 "84
40
*.55
Mar
15
34Junel6
14 Apr 30
3
May 20
24May 12
27June'20
9
50
14
25
Island Creek Coal....
Keweenaw
24June'20
Last Sale
50
4
Aug
17
107
174
*44
...
Indiana Mining
Kerr Lake
341 June'20
614
414
*.14
28
Feb
44
14
5
Oct
Jan
May
54
42
*14
10
3
60
Last Sale
264
14
24
Jan
June 18
50
Last Sale
5
*14
10
26
25
50
1
134
...
Consolidated...«
550
*14
70
Franklin
1,203
14
*39
20
East Butte Copper
455
*254
14
26
..............
Davis-Daly Copper
20
54
-
42
Daly-West
600
564
26
20
10
Copper Range Co
190
94
124
Last Sale
*.50
26
Centennial
10
10
7
174
.75
Copper..
300
I
6
10
...
Carson Hill Gold
17
84
Jan
44
79
30
25
36
.75
*54
17
Jan
524
26
60
7,420
3
*164
9
18
2
234 Apr 7
444 Jan 26
25c June
Arizona Commercial
Butte-Balaklava
85
94
Jan
115
2
26
...
'"£15
319
94
124
29
*804
*83
614
7
*23
83
*44
Dec
324
2
Mar
26
304
54
34
54
154
8
184May 21
26
Allouez
5
82
25
„
...
10
26
2
54
34
6
'
94
9
Consolidated.
Ahmeek..
Arcadian Consolidated
34!
44
30 June
61
Wlckwlre Spencer Steel..
"l35
lOjune'20
24
34
*54
24
.06June'20
94'
*34
44
164
*24
13
*2
54
6
494 Apr
Feb 16
17
100
Algomah Mining
30june'20
Last Sale
*24
6
Manufacturing. 20
Adventure
""50
,25June'20
44'
3
44
34
6
June'20
____!
384
34
*44
*338
Dec
74
23
284
*l7ia
*3
24
30
254
6
319
14!
3
7
Feb 11
100
Warren Bros
34
24
24
Walworth
972
|
34
34
314 Jan
254 Apr
Jan
Mar 19
60
Last Sale
34
*34
14
30
July
19
69
Last Sale
13
*94
35
26
100
284
*124
3
244May 5
124 Feb 11
100
328
44!
44
24
*316
*44
Jan
Jan
pref
.94
384
Jan
55
49
2d
|
.10
4v
94
24
5
*104
*12
13
14
394June 18
let pref
Last Sale
*.06
28
2
Apr 13
Do
24
114
384
*44
124
31
*9
268
660
93
Jan
28
10
Watch
20
254
Feb
145
Jan 12
254May 12
Do
Last Sale
24
284
38
10
*2
*.25
320
.
*114
*124
*384
134
.10
Waldorf System Ino
....
16
Jan
66
Last
Sale,4
May'20:
d Ex-dlvidend and rights,
Utah-Apex Mining
Utah Consolidated
Wolverine
......
e
Assessment paid,
25
26
Wyandotte
h Ex-rights,
x
6
Jan
14 Mar
1
24 Jan 19
50cMay 19
14May 20
64May 3
l4May 21
24June 14
14 Jan 10
40c June 15
15
May 19
6
4May
Ex-dividend,
w
3
Mar
1
64 Jan 29
14 Apr
Jan
Jan
4
7
34May 20
Mar
14
7ic
Jan 23
Dec
Dec
14 May
34 Jan
6
74
14
34 Jan
8
14 Mar
2
7
94 Feb20
23
Jan
Jan 10
14Mar22
96
Sept
....
26
29
25
3
Mario
60June*20
...J
83
3
25
pref
Waltham
July
76
62June'20
...
94
*.06
1,396
72
Feb 26
65
Ventura Coneol Oil Fields.
20
Last Sale .80
64
114
*9
.10
II,555
Do
474 Nov
Jan 26
Mining
.95
*30
315
June
6
United Snoe Maoh Corp
1,645
Jan
149
133
Union Twist Drill
2,243
71
Feb
674 Nov
38
May 24
1064 June 18
Last Sale
.40
24
fi
no par
Last Sale
*62
32
*104
114
94
*9
320
.09
30
21 v8
30is
228
78
77
*.25
64
.40
*•06
*.06
.95
24
214
26
*.80
62
3
16
...
*.25
*30
32
244
16!
63
25
25
62
*30
*24
32
*24
394
68
.40
*;25
254
674
26
40
244
I64
Magneto
Jan.
Dec
130
99
Feb 13
Stewart Mlg Corp
...
*60
13
Slmms
19
i«
734
22
25
190
31
31
|
68
*•80
.95
62
*
I
314
*25
254
25
624
.40
*30
N
68
*•80
.95
624
*.25
63
60
*
#
21
Shawmut SS
86
60
fan 21
34i8Mar 30
1764 Jan 19
4
4
May 14
504
214
73
*19
20
*67
204
72
33
*19
21
314
21
21
Root A V Dervoort CI A no par
1,405
Oct
Jan,
Mar
Jan 20
894 Jan
364 Jan
144 May
364June
285
664
8
90 June
10
194
244'
244
100
40
414
16
May 25
16
Plant (Thos G) prel
Reece Button-Hole
99
11
Jan
May 29
63
16
160
Pacific Mills
35
90
1384
May 20
19
264
25
6
Inc
28*8 Nov
Sfcjj Feb
Feb
63
8
Mar
40
254
1578
June
33 June
6
Oct.
Sept
9*8
Dec
78
6
57
1064 108
2534
244
684 Feb
125
10
8
Jan
11
64
1014 Jan 10
June 10
30
108
70
394'
£38
41
107
1074
70
*68
70
*394
90
8!
3178 Apr
16
28
*154June20.
684
July
.
7i
84 Apr
24
3
1
Mar
Jan
804 Feb
4
8
824May
177
Last Sale
19
76
May 25
100
Circuit
Oct
Apr
June 10
New England Telephone.. 100
Orpheum
28
60
Ohio Body A Blower... no par
j
364
404
143
85
234
3
June
45
Linotype...100
Mexican Investment Inc..
294June'20
162
*15
*354
1084
Do
pref
Mergenthaler
510
2
26
27
94 June
Massachusetts Gas Cos... 100
Oct
364 Jan
94 Apr30
1st pref. 100
159
5
Apr
3
4-4 Mar
124June
10
Theatres
MoElwaln (W H)
40
37
19
404
100
10
Loew'e
844
Last Sale
25
1074
1094
pref
7
16
Apr 14
164June 10
61
June 14
£39 inline
Libby, McNeill A Llbby_..10
844
90
90
*15
15
*154
*36
25
Cement Corp .no par
Products
no par
165
1254 1254
33
34
29
29
36
Feb 13
June 12
794
58
1274
33
Apr
15
320
58
*1254
58
128
Jan
39
138
28
10
754
6
8
Feb 20
par
134
75
3
88
..
44 Jan
314 Deo
64 Mar 23
364 Jan
284May
157
Island OH A Trans Corp..
35
144May 28
Feb 11
13
76
59
Do
2,363
94
128
1084
Internat
Dec
May 15
Greenfield Tap A Die
190
Dec
6
63
60
Dec
24
5
140
no
7
3
Jan
7
34 Feb 14
Fisheries.
Jan
174
34 Jan
100
Gorton-Pew
772
Feb 11
100
Elder Corporation
174
10
95
36
.
655
5
354 Apr 17
10
Apr 23
127b Apr 14
274 Feb 13
19
Feb 11
10
10
95
June
6
25
pref
25
"64 "64
134
10
95
59
*12714
Do
245
754
754
Edison Electric Ilium
25
10
'
Apr 20
5
Manufacturing
164
64
10
Eastern SS Lines Ino
25
95
10
♦
Eastern
38
148
314
60
62
'
74
7
7
64
*
I,654
May'20
314
184
38
10
210
26
7
14
124 Apr 23
40
*
Dec
10
260
65
184
19
Jan
16
Connor (John T)
East Boston Land
Blgheart Prod A Refg
Feb
784
Jan
84May J 3
Boston Mex Pet Trusteeeno par
79
Jan 13
19
325
15
26
25
184
28
10
Dec
83
264 Jan
par
Chocolate
95
!004Marl8,
167
Apr 20
178 Apr
13
173 June 18
334
1474
*394
394
394
*24
Beacon
24 Apr
7
10
334
314
15
AtlaaTaclcCorporatlon.no
Jan
56c
16
Century Steel ol Amer inc.
5
Last Sale 74
10
June
715
5
148
75
20
Art Metal Construe Ino
74 Mar 15'
May 28
June
7
5,435
3,750
134
70
3478
*65
83
75
par
2
134
24
14
204
3458
*19
no par
..no par
prel
114
24
104
24
24
54
Do
Anglo-Am Comml Corp.nu
150
24
pref
Amoskeag Mfg
""596
29
29
_
Amer Telep A Teleg
420
84
*14
*5
Do
55
:
84
May'20
I
Amer Pneumatic Service.
216
104
24
54
1,819
Last Sale 34
24
13V
93
84
24
*5
35
•
84
24
137g
8
Am OH Engineering
2,210
75 4
84
11
14
924
104
84
84
114
5
14
35
29
9
*84
834j
11
'*284
28
294
*84
83
83
75
♦
84
*304
29
95
870
5
8
83
84
858
8
954
75
9478
2
944
944
*83
95
I
944
8
5
944
54
2
Oct
454 Jan
Miscellaneous
514
14
5
*14
*74
54
Dec
86
6
Mar 31
50
pre!
Mar
597g Dec
254 Dec
5
364 Mar 10
85
West End Street
12
3
234 Feb 11
81
May 28
.IOC
Vermont A Massachusetts
143
...
~72 "Mar 30
Jan 12
100
..100
Old Colony
May'20
*70
4i2June
Dec
par
Northern New Hampshire. 100
Norwich A Worcester prof .100
June'20
Jan
100
N Y N H A Hartlord..
85
74
22
*
22
6
May 21
May 28
10c
no par
no
pre!
Do
Last Sale 81
* £76*
80
pre!
Maine Central...
2
60
294
Last Sale 85
*76
Feb 11
Marl6
Georgia Ry A Eleo etampd.100
Mar'20
624
Providence
Bost A Wore Eleo pre
Chlo Juno Ry A U 8 Y
June'20
Last Sale 1034
*59
132
Boston Suburban Elec__»o par
Dec'19
Last Sale 130 June'20
Last Sale 764 June'20
764
764
Boston A
Last Sale 44
Last Sale
8
9
133
133
♦
764
6
*
9
*
'34
*34
6
*8
9
133
Last Sale 135 May'20
..
Feb 17
100
Boston A
56
100
Elevated
ore
Last Sale 10c
,*135
137
137
Boston
Do
334
324
*42
*135
Boston
111
614
Last Sale 844June'20
334
334
182
125
124
614
£614
63
......
324
324
424 *42
32
125
125
63
*85
87
50o
Jan
Jan
Jan
15
Mar
40c
Mar
Half-paid.
/
-
-
-
Mat
-
2562
THE CHRONICLE
STOCK
PHILADELPHIA
EXCHANGE.—The
complete
Outside Stock Exchanges
transactions at the Philadelphia
of
record
Stock Exchange
from June 12 to June 18, both inclusive, compiled from the
official sales lists, is given below.
Prices for stocks are all
dollars
are
Boston Bond Record.—Transactions in bonds at Boston
Stock Exchange
For bonds the quotations
share, not per cent.
per
June 12 to June 18, both inclusive:
Sales
Friday
cent of par value.
per
[Vol. 110.
■
.
Last
Sales
Friday
Last
Bonds-
Week's Range
for
of Prices.
High
Shares.
Sale.
Week's Range
for
Sale.
of Prices.
Week.
Price.
Low.
Week.
1932-47
USLibLoan3% 8
Range
91.54 92 .10
since
Jan.
Low.
High.
Range since Jan. i.
1.
High.
Low.
100.00 Jan
American Stores
preferred.
Cambria Iron..--
124
20
91
Feb
May
93
Feb
2
38
June
40
Feb
21%
126%
270
23
37%
Jan
56%
Feb
46%
May
Apr
Mar
1,839
99
Feb
141
Jan
15
270
June
270
June
270
30
285
44%
30%
29%
44%
10
10
25
13%
14
540
12
May
22
58%
59
232
58% June
40% May
65
47%
29
Co.........-.100
Keystone Telephone..—50
Lake Superior Corp
100
Lehigh Navigation....
Leh.gh Valley. . —
1,147
92
-116
lok
receipts..
Full paid
J G Brill
31
45
38
20
129
92
38
par
no
100
50
Elec Storage Battery... 100
Frank. & So'wark Pass..50
Insurance Co of N A.... 10
1st
24
38
21%
37%
44%
100
13%
—50
*41%
50
41%
65
40
381
43%
Apr
Apr
58%
Apr
13
Jan
Mar
Mar
Mar
27%
10
37%
30%
May
27%
$4,700
89.04May
1932-47
85.24 85.24
150
84.24 84.54
1,050
83.24May
82.04May
93.04 Jan
1927-42
lstLibLoan4%s .1932-47
2dLibLoan4%8.. 1927-42
3d LibLoan4 % «
1928
4thLlbLoan4 % a. 1933-38
Victory 4%s
..1922-23
Fin AgrlcChem 5s....1928
85.24 86.00
3,950
82.14May
93.80 Jan
84.64 85.84
43,100
81.60May
92.98 Jail
High.
38
37%
Alliance Insurance
American Gas..
Low.
1st Lib Loan 4s.
2d Lib Loan 4s.
Price.
Par.
Stocks—
9% May
Jan
Mar
Little Schuylkill
38
38
2
38
June
41
Jan
Mid vale Steel &
42
43%
140
41
May
51%
68
264
76
88.54 89.16
84.50 85.76
95.24 96.20
88v,
89
31,200
38,550
29,750
5,000
99%, 99%
Anglo,French 5,year 5s
Atl G & W I 8 8 L 5S.1959
70
70
Carson Hill Gold 7s -.1923
70%
115
..1929
81
81
-.1951
71%
3,000
N E Telephone 5s.
..1932
Pond Creek Coal 6s
-
78%
.1944
88% June
82%
93% Feb
99
81 Jan
78 May
85
77%
5,000
Mar
%s June
7s May
100 Feb
84
77%
99.30 Jan
81 June
77%
85~
Western Tel & Tel 5s .1932
Switt & Co 1st 5«
94.96 Jan
92.98 Jan
4,000
12,000
3,000
1,000
15,500
.1923
86,OOMay
81.74May
3,000
72
78
78%
92% 92%
92.34 Jan
94.84May
13,000
115
Mass Gas 4%s
Miss RIv Power 5a
Jan
67%
_
150
Jan
91% Mar
76
69%Mar
Jan
85 Mar
92 J an
93%
Apr
82 May
93%
Jan
84
Jau
Jan
-—50
Ord
50
Salt Mfg.. .——50
Pennsyl
67 %
Pennsylvania.........—50
38 %
2%
2%
Penn Traffic.
Phil Traction
.— —
Tono .Belmont
190
29%
2,294
1,943
20%
May
16
May
50%
215
50
June
63
1%
1%
17-16 17-16
165
1%
1%
May
May
3 1-16 Jan
710
28%
"41%
41%
92%
93%
105
71
20
9%
84.94
57
Jan
90
May
108%
Jan
10.5
June
114
Feb
15
8
Feb
14
71
June
9%
30%
20
8%
marizing
the
the fiscal
year, contends that " we must stop spending;
must
75
Jan
Jan
12
Mar
32
Jan
economize;
appropriations and expenditures
"
have
for
we
must cut out waste and duplication in
we
the Government service."
"We
must," Mr.
Good declares,
a
work program and that program must be a business
program
that will permit the business of the Government,
Jan
May
Federal
the greatest
business in all the world so far as expenditures
concerned, to be conducted along business lines." Chair¬
man
Good expressed the belief that the budget bill which
91.90 Jan
83.20 May
94.60
Jan
failed
82.30 May
92.88
Jan
8^,100
94.70 May
99.34 Jan.
have contributed largely
5,000
95.60 June
97.56
71
94
60%
41%
54
56
54%
54%
June
60
41% June
5,000
28,000
tion
54
June
65
Jan
54%
300
June
66
Feb
Jan
68%
1,000
67
June
85
50
50
3,000
48
May
63
61
61
7,000
61
May
72%
78
1946
1930
1960
78
1,000
78
June
78
June
4
15,200
30
Jan
101%
56,000
June
100%
Apr
3%
3%
101
101%
enactment
for
fected
3%
Mar
102% June
126,298,
of
the
thorough organiza¬
Government
ever
ef¬
The total carried by the thirteen
$462,575,190
civil
Snudry
437,106.800
Naval
433,279,574
Army
392,558,365
Jan
Pension
3,000
95% May
97
Jan
Legislative,
14,000
82
May
93
Jan
84
1,500
26,000
81%
June
93%
Feb
60
June
66
Jan
Fortifications
14,000
72
Apr
82%
Apr
District
101%
Jan
92
June
84
1,000
74
60%
76%
98%
98%
1.000
98
Apr
38
38
38
June
66%
67%
1,000
8,000
Wheel & L E 4s.——1949
60%
50%
Wllkesbarre G & E 5s
75
75
"67"
Congress would
follows:
as
96
84
60
Span Am Iron 6s.. —1927
Un Rys gold tr ctfs 4s. 1949
United Rys Invest 58.1926
of
Office
Past
83
"74"
session
great annual supply bills, as given by Mr. Good, was $2,212,-
83
84
Pub Serv Corp NJ 5s .1959
last
to bringing about an efficient sys¬
affairs
by any country,"
82%
......1966
financial
the
90
83
-1966
the
at
Jan
68%
-1935
of
of Government finances—" the most
tem
Jan
99%
Jan
41% June
41% June
93% June
6,000
8,000
Mar
82
May
71
100
41%
Reading gen 4s....... 1997
x
in the Government's financial policies " is
by Chairman Good of the House Appropriations
Committee.
Mr. Good, in a statement on June 14 sum¬
86.40 May
93%
P W & B ctfs 4s..... 1921
do
June
48
60
.
do
41
revolution
A
21,000
71
Sup Corp 5s..... 1924
Leh Val Gen cons 4.. 2003
Mid vale S & Ord 5s... 1936
Phila Elec 1st 5s
1,257
8%
APPROPRIATIONS
EXPENDITURES
demanded
95.60 95.60
Lake
10,yr 7s
Consol 4Mis.—
Jan
30
HOUSE
GOVERNMENT
95.56 96.00
1921
Penn RR
Jan
185
60
ON
85.42 85.66 103,100
-1945
Nail Prop 4-Gs.
37
May
8%
88.80 98.90
ctfs 4s.. 1945
Keystone Tel 1st 5s.
Feb
165
85.38— $15,500
—...1995
.
Jan
2%
28% June
OF
are
4%8-1927-42
small....
Jan
34
105
71
~30"
Jan
25% J an
330
8%
....1928
4148.-1933-38
Victory 4 lis
1922-23
Victory 3Me
1922-23
Amer Gas & Elec srn.2007
Baldwin Locom 1st 58.1940
do
42
94%
36%
28
71
105
8%
625
29%
165
165
COMMITTEE
"
May
GOOD
Jan
19%
29%
CHAIRMAN
Apr
32%
4th Lib L
do
Mar
50%
J
Bklyn R T 7s.
43%
2%
42%
22%
1 7-16
Bonds—1
Elec & Peo tr
2 %
34
18%
3d Lib L 4%s..
Bait & Ohio 5s.
221
21%
"1%
1
100
United Gas Impt
50
U S Steel Corp.
-100
Preferred.
100
Warwick Iron & 8.
10
Westmoreland Coal
50
York Railways
——50
preferred.
——50
U 8 2d Lib L
May
A pr
May
38
498
31%
Tonopah Mining.. —.--1
Union Traction. ....—50
United Cos of N
2%
36%
18%
50
Bevel.
3,274
2%
21%
Transit.....-50
Phil Rapid
39
31%
36%
Philadelphia Co (Pitts)..50
Pref (cum. 6%)
-50
Phila Elec of Pa
.—25
67% June
77% June
Jan
49
-Jan
65% June
50% June
25,000
5,000
49—
50% June
75
June
75
June
279,150,000
executive
judicial..
and
104.735,726
Agriculture
River
....
Columbia.
of
18,373,004
Harbor
and
31.712,784
18,833,442
..........
12,400.000
Indian
10.040,655
Diplomatic
Military
Consular
and
Academy
9,218,531
2,142,212
.
Ex-dividend.
Baltimore Stock Exchange.—Record of transactions at
Stock Exchange, June 12 to June 18, both in¬
Baltimore
clusive, compiled from official sales lists:
Last
Week's
Sale.
Alabama Co
of Prices
10
Baltimore Elec, pref....50
«<«■
-
m
m
mmm
Cent Teresa Sugar
10
35%
234
3%
36%
385
1.20
2,153
m
36%
1.05
1.09
1
Celestine Oil
15
3%
*
m
86%
•
*
-
-
-
7%
300
8%
6 %
-
50
75
80
Feb
30
June
Feb
2%
36
Mar
1.05 June
6
.10
8%
CommerclalCfcfidit,pref.B25
21%
22
97%
99%
370
75
77%
394
75
Consol Gas, E L & P.. 100
Consolidation
Coal
Davison Chemical ..no par
-
mmm
75
Mt V-Wood Mills v t r.100
r--.-100
May
4%
------
■mm"
79"
June
to be used
89
37%
115
32%
Feb
71%
165
67%
May
3%
75
3%
Apr
4
8%
68
8%
June
10
44%
93%
$1,363,768,980, of which $980,000,000 is
the
public
debt
and
$260,800,000
for
the
as
loans to the railroads for
a
period of fifteen
years.
Jan
cies
Apr
9%
103%
to
Minor miscellaneous appropriations with the deficien¬
brought the total appropriations to $4,859,890,327. This,
Jau
Chairman
11
on
sinking fund.
Miscellaneous appropriations included $725,000,000 by the Transportation Act, of which $300,000,000 is
602.16
25
Feb
interest
Jan
June
bills, permanent appropriations and
expenditures authorized by Congress for stated pe¬
Jan
3%
Good said, represented a saving of $1,474,422,compared with the estimates submitted to Con¬
as
Jan
gress.
Jan
$2,558,968,400 qf the appropriations
the sum including the funds
provided for the railroads, for the interest on the public
debt, the payment to the sinking fund and $293,168,400 ap¬
propriated for re-education, hospital treatment and insur¬
Jan
May
Apr
Jan
Mar
Jan
45
38
45
June
70
67
87
June
95
Jan
79
13
74
Feb
6
6
50
6
13
13
10
11
Good charged off
Mr.
as
direct
a
war
" hangover,"
Jan
90
45
:
87
78%
------
13
1.
to these
amounted
3.40
36
•
riods
Jan
70%
m'mm'm
70%
Pennsylv Water & Pow. 100
Pittsburgh Oil, pref
10
United Ry & Electric...50
8%
20
40
40
8%
--
------
25
MoUon Vail Trac
v t
-
100
Hous Oil pref trust ctfs. 100
Kentucky Cos Oil, pref--5
Preferred.,
•
55
90
June
95%
Preferred
Jan.
High.
Low.
Shares.
30
"lo"
50
Atlantic Petroleum
since
Week.
.
High.
Low.
100
Arundel Corporation
Range
for
85%
Price.
Par.
Stocks—
Range
annual
for
Sales
Friday
In addition
84%
Mar
June
6
June
Feb
15
Jan
payments for veterans of the world war.
The army
together got $855,956,962 for the next fiscal year,
ance
and
navy
leaving
a
total of $979,319,916 as the funds for all the other
civil functions of the Government during the year.
Bonds—>
Bait Traction 1st 5s..1929
City ^Suburban 1st 5S.1922
Cons G, E L & P 4%s_1935
------
conv s
...40
Iowa Central 43
87% June
95%
95
1,000
95
Mar
95%
Jan
74
1,000
74
May
81
Jan
June
92%
1......
Macon Dub & Sav 5S-1947
United Ry & Elec 4s. .1949
Income 4s
1949
Jan
87%
74
1,000
92%
96%
96%
96%
2,000
.98% June
96
96
96
2,000
96
Jan
86
86%
2,000
83
May
5 per cent notes...
7 per cent notes-conv 6s. 1923
Consol'n Coal
Cosden & Co
$2,000
87%
95
------
------
------
------
Funding 5s small-.1936
61%
92%
95
Jan
100%
Jan
98%
93%
Apr
Apr
38
38
5,000
38
Juue
38
June
60
60
June
60
June
61%
1,000
23,000
60
61
55
May
69
Jan
45%
45%
3,000
42
Mar
48%
Jan
59
59
400
56
Mar
63
Jan
1
Mr.
Good also made
public
a
revised statement furnished
him
by the Secretary of the Treasury in which it was
estimated that receipts for the fiscal year 1920 would be
to
$7,691,157,196, and estimated expenditures during that period
would be $12,008,048,051.
He said:
The revised statement shows tliat the Secretary then estimated that there
be a deficit at the end of the fiscal year ending June 30,
1920. of
would
$4,316,890,855.
excess
would
nished
no
be
details
True, the Secretary stated in his letter that he felt this
considerably less than the revised estimate, hut he fur¬
and no revision of his estimate.i
this Congress to be condemned because it refused to reduce taxes
the Secretary of the Treasury estimates there may be an excess of
expenditures over receipts of $4,316,890,855 at the end of the fiscal year?
What business concern,
finding that its expenditures were exceeding its
revenues, would not attempt to find additional sources of revenue or reduce
expenditures?
The President would reverse the experience of the business world.
When
Is
EFFORTS TO REPEAL WAR-TIME LAWS FAIL.
The resolution
emergency
having for its purpose repeal of war-time
legislation failed to receive the President's sig¬
5.
In consequence the numerous laws and
nature on June
presidential
upon
proclamations
having
provisions
the date of the termination of the
war
contingent
will continue
in force.
The repeal
bill, as noted in the " Chronicle," June 5, page
2349, was adopted by the House on June 3.
The measure
passed the Senate the following day with minor amend¬
ments which were accepted by the House, and was then sent
to the President, who failed, however, to take any action on
the measure.
When
he
finds
the
that
Government,
would at the
expenses
of
the
Government exceed the
revenues
of
the
he would, as is shown by his estimate, increase expenses and
same time cut oft receipts. To adopt such a course would spell
financial disaster—for
any
business concern it would mean bankruptcy.
hope.
In the future we must have a business administration,
administration that will turn its attention to the normal activities at
home and that will reduce expenditures all along the line.
We must bring
about a revolution in the Government's financial policies.
We must stop
But there is
an
We must economize.
We must cut out waste and duplication in
We must have a work program and that program
business program that will permit the business of the Govern¬
ment, the greatest business in all the world so far as expenditures are
concerned, to be conducted along business lines.
spending.
the Government service.
must
be
a
THE CHRONICLE
June 19 1920.]
Itmestmcut and
Jjwiilxwti |ixfctli0cttcc.
GROSS
RAILROAD
The
2563
EARNINGS
earnings of various STEAM roads from which regular weekly or monthly returns
oan 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
are brought together separately on a subsequent page.
.
following table shows the
gross
,
Week
ROADS.
Current
or
Month.
Alabama & VicksAnn
Arbor..
.
1st wk
June
Ohio.. April
Bangor & Aroostook April
April
April
Bingham & Garfield April
Birmingham South. April
Boston & Mane
April
Bklyn E D Teriminal April
Buff Roch & Pittsb.
Buffalo & Susq
Canadian Nat Rys.
•Canadian Pacific
'
Can Pac Lines in Me
Caro Clinch & Ohio.
Central of Georgia..
Central RR of N J_.
England. April
April
•Charleston & W Car April
Ches & Ohio Lines.. April
April
Chicago & Alton
Chic Burl & Quincy. February
April
Chicago & East 111.
Chicago Great West April
Central Vermont
_
Chic lnd & Louisv— March
April
April
_
Chic Milw & St Paul
Chic & North West. April
Chic Peoria & St L. February
April
April
April
April
April
April
_
Chic R I & Gulf..
Chic St P M & Om.
Chic Terre H & S E.
Cine lnd & Western
Cin N O & Tex Pac.
Golo & Southern
lstwk
Ft W& Den City. April
Trin & Brazos Val
June
April
April
Colo & Wyoming..
Range
March
Cuba Railroad
March
Copper
663,958
1.670 537
Mo
K&TRyofTex April
Mo & North Arkan. April
Mo Okla & Gulf
March
8,485,564'
5.778,536
Missouri Pacific
2,588,743,
1.555,635
Monongahela
1,859,871!
1.559,145
901.414
1,072,417
22,960,934
50,199,190
351,247
1.810.366
April
connect April
Monongahela
April
MontourApril
Nashv Chatt & St L April
Nevada-Cal-Oregon
4th wkMay
Northern.. April
Newburgh & Sou Sb April
Nevada
New Orl Great Nor. April
New Orl & Nor East April
N O Texas & Mex__ April
Beaum S L & W
April
_
.
St L Browns & M
New York Central.
lnd
April
April
April
April
April
April
April
_
Harbor Belt.
Lake Erie & West
Michigan Central
Cincinnati North.
ClevC C & St L__
"
Cent New
Chic R I & Pacific.
Month.
961.095
2.866.924
442.076
227.319
55.132!
58.224
176.783
6,517,1875,484,927 23.981.911 20.320.398
145.998,
275.407
21.2131
77.753
2nd wk June
464,206
255,447 8.780.299 6,381,464
226.278
150,309
907,321!
666,808
April
1st wk June 1,618.1951,509,340 39.406,480 36,562,177
1st wk June 3,619.000 2,957,000 77.732,000 64,784,000
April
j
283.4391 347.612 1.198.792] 1.310,816
April
!
521,406
441,947
1,350,013
1,578.221
2,073.346 1.738.687 6,465,314 4,943,494
March
March
9.692.373
3.878.510 3,077,687 10.716.764
Bessemer & LErie..
Junction.
1,918.980
Pitts & Lake Erie April
Tol & Ohio Cent. April
Kanawha & Mich April
N Y Chic & St Louis
N Y N H &
1 879.659
466 901
349 939
1.635.423
448.729
431,809
1,645,303
1,878.254
279,548
293,971
1,136.560 1,042.996
6,199,907 5.438,225 25,056.831 21,538,163
1,682.120 1,980,676, 8,469,266 7,736.254
13216614 10479346 29.786.962 22,126.426
1,852,938 1 828,764; 9,154,083 7.455,375
1.615,240 1.585,432; 7,433.359 6,429.860
851,988' 3.465.092: 2,576,401
1.123,669
94,679
240,050
1,025,734 1,063,735
11879407 11967 299 51.122.215 44,149,524
10525 992,9,840.278 46.233,257 38,734,266
208.128|
Norfolk & Western. April
Norfolk
Northern
84.916
Pennsyl RK
& Co.- March
Bait Ches & Atl__ April
Cumberland Vail.
February
Long Island
April
Mary Del & Va__ April
N
Y Phila & Norf March
Tol Peor & West.
W Jersey & Seash
April
March
Rap & Iud February
Grand
Pitts C C & St L_
Peoria & Pekin Un_
Pere
Marquette
Perkiomen
—
Phila Beth & N E__
247.736
221.647
April
April
Minn & Internat.
NorthwesternPacific April
Pacific Coast
1 April
8,960,968 8.272.617 40,918,204 31,882,242
377,268 2,149,873. 1,463,458
476,599
9.900,356! 8,295,824
2.328,241 2,031.348
287,355
239,527
1,551,058 1,257,461
225.971
281,345
1,355,903!
886,064
1,494,493 1.435,788 6,242,9711 5,572.445
448,937 11,737,829 10.210,917
4*1,288
824,231
903,274
3,924.656 3,262,740
603,380
405,108
115,384
95,342
88.885
379,510
81,710
269,260
70,668
Southern._ April
Alabama. April
Northern Pacific
239.012
410,082;
113.706
April
Hartf., April
N Y Ont & Western April
N Y Susq & West.. April
3,663.613 3,614,833
199.739
217,087
3,020 560 2.552 496 11,159,739:10 173 798
Phila &
Del Lack & West
April
Denv & Rio Grande April
Denver & Salt Lake Apru
4.402.57215.480,194120,913,874 21,810.350
Pittsb & West Va__
Port Reading
Detroit & Mackinac April
Detroit To! & Iront. April
2,490,172 2.236,386 11,555,787
49,526
191,430
695,399
137,491
109,266
562.722
284,417
285,913
1,434,019
303.112
116,751
160,707
217,753
516,227
615,362
341,123 1.130,206
862,771
112,473
88,423
2,040.739
452,983
Camaguey & N eu v March
Delaware &
Hudson April
Det & Tol Shore L_
Dul & Iron Range.
February
April
.
_
Dul Missabe & Nor. April
Dul Sou Shore & Atl 1st wk June
Duluth Winn & Pac March
East 9t Louis Conn. February
Elgin Joliet & East. April
El Paso & So West. April
Erie Railroad
April
Chicago & Erie.. April
New Jer & N Y.. April
Florida East Coast. April
Fonda Johns & Glov March
Ft Smith & Western April
Galveston Wharf
April
March
Georgia Railroad
1,445,334 1,283,088
Det Gr H & Milw April
April
Great North System April
Green Bay & West. February
Gulf Mobile & Nor.
April
Gulf & Ship Island. April
April
April
Hocking Valley
Illinois Central
Terminal
Illinois
April
Internat & Grt Nor.
April
Kan City Mex & Or April
K C Mex & O of Tex April
Kansas City South. April
Texark & Ft Sm__ April
Kansas City Term.. March
Lake Terminal
April
Lehigh & Hud River April
Lehigh & New Eng. April
April
Lehigh Valley
Los Ang & Salt Lake April
Louisiana & Arkan. April
Louisiana Ry & Nav March
Louisville & Nashv. April
Loulsv Hend & St L April
Maine Central
April
Mineral Range
1st wk June
Minneap & St Louis April
Minn St P & S S M. April
Mississippi Central. April
Missouri Kan & Tex April
Pitts Shaw & North
Quincy Om & K C..
662.554
Rich Fred & Potom.
Wash
1,199,332
365.830
St
5,103.255
312.858
261.377
591,336
393,570
1,568,486
Ft W & Rio Gran. March
192,118
7,269,485
4,180,821
26,531,361
3,241.785
313,222
3,800,106
468,504
264,199
1,565.305
7,035,770
4,659,792
5.556.4976,801,844 29.258,042
583,418
76,859
1,110,435
107,583
136,678
124,205
564,189
125,590
805.622
84,548
834,315
87,494
120,802
69,274
.3,238.365
384.766
335,114
St Louis Southwest. February
St L S W of Texas March
St
Louis Transfer..
February
San Ant & AranPass April
San Ant Uvalde & Gulf
April
Seaboard Air Line.. April
Buffalo—__ April
South
Southern
Pacific
Arizona
March
Eastern. March
Galv Harris & S A March
Hous & Tex Cent. March
Hous E & W Tex. March
253,552
548.835
April
April
Louis-SaJn Fran.. April
StL-SFofTexas. March
539.673
268.019
Southern.. February
St Jos & Grand Isl'd
1,728.324
1,780.658
584.968
April
April
April
April
April
April
April
April
April
April
February
April
Rutland
893,400
203.597
Reading
Pittsb & Shawmut..
9,140,272
152.633
93,522
1,477.557 1,631,494
1,031,502 1,051,950
200.184
556.564
,98,083
Georgia & Florida.. March
Grand Trunk Syst.. 4th wk May 2,644,111 2.433.260
Ch D & CGT Jet. April
149.866
83.335
Grd Trunk West-
or
613.453
1.126,027
4,061,519
29,866,890
211,737
768.432
721,684
2,216,568
32,772,805
328,265
4,260,564
350,051
319,709
Previous
Current
Previous
Year.
Year.
Year.
Year.
1,304.522
4,726,952
8,953,850 7,370,704 34,071.721
90,488
209.112
93,457
194,790
305,766
1,192,181
222,099
182,472
914,100
765,558 4,093,556
780,836
9,475,760 8,015,773 43,887,694
72,091
64,593
276,388
1,229,998 1,092,233
5,536,790
108,896
123,633
499,090
97,107
81,986
545,193
1.266,234 1,147,678 5,655.469
619.426
203,993
121,408
127,040
104,555
371,756
144,218|
193.9081
6,675
131,746
115.437
202.392
487,686
5,981
110.529
151.303
190.609
517,100
101.319
604.986
515,292
822,333
2,424.593
764,129
650,458
2.376,483
151,570
129,005
747,703;
224,387!
2.904,725
725,652,
314,57l| 1,226.421
504,751! 374.408
1,477,449 1,985,635
98,998
103,993
St L Mer Bridge
T February
Texas & Pacific.... 1st wk June
Toledo St L & West. April
Ulster & Delaware.. April
Union Pacific
April
8.920,403 8,600,940 38.577,082 33,606,502
Oregon Short Line April
April
(Penn)_. April
April
Vicks Shreve & Pac. April
Virginian RR
April
228.212
226,489
1,647,266 1,385,944
Western
Ore-Wash RR&N
Union RIt
Utah
855,866
Wabash Railroad
475,753
914,396
5.616,445
5.412,744
9,406
290,776
391,612
11,114
1,202.325 1.007,539 5.058.284
3,810,739
3,039,766 3,131,747 12.446,531 12,131,329
80,823!
75,353
306,665
7,309,674
2,669,604 2.565.829 11.826,472 10,103,488
..
Maryland.
Pacific.—
Western Ry of Ala.
Western
-
.
Wheel & Lake Erie.
Wichita Falls & N W
Yazoo & Miss Valley
2.712,267
1.189,621
641.456
622,175
105,407
140,271
885,341
701.698
774,300
531.476
987.900
855.456
6,198,525 6.560,632
290,154
348,333
1,814.652
1.816.254
604,389
525,871
2,323,747
2,18. .980
1,040.255
1,536,811
26,073,527 20,940,762
8,082,920 6,920,967
529,925
94.189
82,613
2,215,523 2,690,531 10,869,327
377,604
86,248;
92,977
348,686
110,341
52,929
387,189
9,982.716
326,769
300,692
20.656,423
343,090
329,639
421,172
823,313
6.369.018 5,471,389 26,894,558
508.341
114,474
84,474
463,703
86,770
93,774!
531,285
100,236
73,052
636,851
69,470
233,938
217 843
163.350
77.867
94,738
3,800,267 4,086,830
873.982
831,710
685,472
778,960
332.144
309,844
1,650,218
1,387,492
493,618
402,152
1.017,155
861,290
206,205
205,945
6,556,381 5,855.857 28,029,004 23,370,321
493,829
322,575
153.2341
126,162
410.144
299,399
135,799
105,808
1.970.774
3.131.898
971.498
1.562,159
2,198,193
1,427,574
455,877
745,905
116.547
378.979!
146 797
94.708
262,616
194.330
295.758
98 043
1.453,783
1,280,674
446 328
314.834
3,636,521 3,359,084 16,803,276 13,766,770
62,444
409,956
345,083;
304,444
1.951,316 1,581,654
818,733
656,096
183,663
"""
301,710
554,819
1,021,022
5,875,481
2,791,549
714,793
1,295,954
2,520,595
637,249
2,367.387
1.747,924
3,350,354
5,975.336
1,871,973
3,188,631
4,735,674
116.914J
444.133
16142271: 13333143 40,640,797 39,148,773
256,985
2,597.474 2 304,631
743,705
828,982
Mobile & Ohio
1,329,2881,214,250
April
427,669.
350,551
Georgia Sou & Fla April
126,247
South Ry in Miss. April
131,636
123,104
74,963
Spokane Internat'l. April
632,807
557,583
Spok Portl & Seattle April
130,416
188.371
Staten Isl Rap Tran April
Tenn Ala & Georgia 4thwkMay
4,741
2,115
236,206
Tennessee Central.. April
228,577
RRAssnofStL March
717,766
1,995,532
5,999.464 6,189,619 23.876.952 23.966.345
675,742.
511.269
2.641.011 2,018,237
405,880
127,385!
80,692!
513,026
8,602.248!7.747,573 34,423,651 29,949,699
450,442
361,175
124,204
96,009
2,042,052
1,583.349
454.439
503,322
2.135,230
430,266
1,708.162
485,397
41114740 35064034 115867675 106583590
386,115
399,070
128,409
124,813
429.3971
Term
99,979
535,235
553,448
5.727,435 5,279,820 26.890,037 20,725,110
1.635,391 1,963,786! 10.191,203 9,545,588
628,104
591.208 3,196,838 2,306,615
295,097
351,594
1,370.164 1,096,713
1.591.79211,960,8971 8,209.628 8,075.660
8.596,735 8.118,783 34.918,646 30,062.653
Southern Railway., lstwk June
Ala Great South. April
4,658.410
436,887
309,301
381,883
759,317
980.143
104.929
558.753
436,071
174,414
1.583.177
720,495
411.371
25331086 22701274 102083559 91,467,178
1,973,116
322,147;
453,335 2,369,480
3,134,881 2,939.753
677,6761
706,782
4,687,541;5,757,069,25.177.489 22,521,264
919,266
236.279! 266,079 1,008,548
207.645
866,405
800,496
Texas & New Orl. March
9.240.717
117,918
Morg La & Texas March
384.990
96,377
96,016
163,364
181,098
658,012
286.881
281,049
1,276.987
938.433
4,250.113 5,105,030 19,855,400 18,548,829
1,028,956 1.507,112 5,682,782
5,544,089
335,409
172,223
1,407,617
688,084
297,842
7.257.424
614.607
481,187
297.544
570,788
7.587.079 6,868.820 35.534,088 27,471,548
661.136
990,497
260,371;
99.349
262.909,
1,099,099 1,023,397
218,920
292.549
321,652
90.116!
111,366
1,930,753 1,599,324 « 7,717,748 6.016.176
2.313.706 1,944.485
Louisiana Western March
322,376
347,864
847,123 1,097,015
329.225
Current
S
222.410
488.718
299,368
297.128
1,054,415
6,339,464 6,312,476 25,677.658
15226698 13301 950 63,938.696
238.526
120,485
646,864
680,621
460.631
2,133,327
118.854
256,398
1.286.730
876,624
2.755.681
916,421
142.239
86.929
582,539
B & O Chic Term. March
Chicago
778.300
71,823
78.191'
Week
Year.
231,115
Atlantic City
April
Atlantic Coast Line. April
Belt Ry of Chicago.
Year.
1,861.985 1,515,299
632,594!
413,998
441,767!
390.530
April
Atlanta Birm & Atl. April
Atlanta & West Pt_ April
Baltimore &
Previous
j
14911806 12818623 67.955,621 50,910.056
Atcb Topeka & S Fe April
Gulf Colo & S Fe_ April
Panhandle & S Fe
,
S
is
233939; 215,778
I
March
.
___
Year,
ROADS.
Previous
Current
Year.
Jan. 1 to Latest Date
Latest Gross Earnings.
Jan. 1 to Latest Date.
Latest Oross Earnings.
411 665
296.027
657,587
491.623
2,637,187
1,012,212
4,967.323
1,950,566
549,701
910.416
1,782.144
1,496,427
551,464
280,765
2,227,347
616,410
68,008
950.624
660.534
1.154,954
666.414
880,609
2.564,693
2,382,459
602,563
355.200
50,721
874.058
462.251
206.376
332,566
650,816 16,797,622 14,088,250
750,883
3,179,844 2,256,714
745,648
618,991
334,320
97,777
288,826
98,452
7,279,067 8,171,586136,995,016 32,783,685
2,705,544 2,823,799 13,898,885 11,077,218
2,173,492 2,049,454 10,589,245 8,307,165
712,394
105,306
388,321
1,327,509
612.6791
64,379
1,443,332
1,028,271
4,848,588
2,922,214
March
4,373,592 3,505,276 13.531.432 10,568,087
7.305,120 5,897,658
369,201
260.297
1st wk June
830.827 4,128,261
3,191,941
792,809
Ajpril
443.129
235 873
885,329
208,665
April
962,184 4,326,389
3,046,637
1,018,183
April
150.178
858,663
574,663
173,486
April
2,003,526 1,798,694 9,452,835 7,336.040
April
237,839
680,346
AGGREGATE 07 GROSS EARNINGS—Weekly and Monthly.
Increase
Current
Weekly Summaries.
week Mar
3d
4th week Mar
1st week Apr
week Apr
2d
3d
week Apr
4th week Apr
week
2d
week
3d week
4th week
1st
1st
(12
(10
(10
( 9
(13
(14
May (15
May (18
May (16
May (16
roads).
roads).
roads).
roads).
roads).
roads).
roads).
roads).
roads).
roads).
week June (12 roads).
Previous
Year.
Year.
Decrease.
$
*
Current
$
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.
10 450,316
6.948.321
10.419.611
6,617,762
6,254,497
6,679.491
12,957,316
7,517,103
or
*
%
+906,358 13.84
+ 2,364,481 13.04
+1,602,063 22.69
+911,381 24.21
I Mileage.
'
233,931
232,169
226,654
August
233.423
September .232,772
October——233,192
!
November -.233.032
May
June
+826.982 14.57
11,088.114
10,885,509
15,097,292
-
8,878,546
+ 1.571,770 17.70
| December —233.899
; January
-232,511
February—231.304
213,434
March.
tir
•
We
no
longer Include Mexican roads in any of our totals.
Curr.Yr.
i July
+2,076.040 12.38
+1,200.820 13.81
+1,278,440 15.97
+1,294,717 11.53
+2,174,417 11.89
Monthly Summaries.
Previous
Year.
Year.
Prev.Yr.
234,339 413,190.408
232.682 424.035.872
226.934 454,588,513
233.203 469,868.678
232.349 495.123.397
233,136 508.023.854
232,911 436,436.551
233.814 451.991.330
or
Decrease.
%
S
378,058,163
393,265.898
469,246,733
502,505,334
485,870.475
489,081.358
439.029,989
440,481,121
232,210 494.706.125 392,927.365
231,0171421,180.876 348,749.787
212,770 408,582,467 347,090,277
—
Increase
+35.132,305 9.29
+30,769,974 7.83
—14,658,220 3 13
—32,636.656 6.40
1 97
+9.252,922
3 87
+ 18,942.496
—2.593.438 0 59
+11.510,200 2.61
+ 101778760 25,80
+72,431.089 20.77
+61,492,190 17.72
we sum up
of June,
Latest Gross Earnings.
The table
12 roads
covers
and shows 17.70%
the
week last
same
Current
Company.
or
in¬
Month.
1920.
year.
Increase.
1919.
Decrease.
-
-- -
Second Avenue
-
86,395
11,114
- — - -
Buffalo Rochester & PittsburghCanadian National Rys
Canadian Pacific
Colorado & Southern
.
Duluth South Shore & Atl
Georgia South°rn &
Mineral Range
Flordia
Mobile & Ohio
Southern Railway
Texas & PacificWestern
Maryland
Total (12 roads)
71,823
255,447
1,509,340
2,957,000
448,937
88,423
71,971
9,406
250,454
2,304,631
650,816
260,298
65,300
292,843
100,067
108,903
312,473
10,450,316
_.
662,000
32,3.51
55,262
789,823
98,579
2,102,017
1,378,293
3,499,667
4.135,038
8,179,638
371,682
179,430
882,221
742.180
181,524
36.051
845,455
134,329
45.548
115,057
3,036,957
412,869
818,993
1,927,680
1,131,252
3,348,866
3,500,724
6,929,992
568.895
506,519
777.465
179,066
459,251
259,377
904,862
1017814
73,608
968,467
143.276
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:
8,878,546 1,571,770
to Latest Dates—The table following
and net earnings with charges and surplus
STEAM railroad and industrial companies reported this
Monthly
Gross
Net after
Fixed
[Earnings.
Taxes.
$
Charges.
$
$
Balance,
[Surplus,
1,990,226
May '20
2,219,331
'19
Cities Service Co
1,785,853
10,606,059
9,161,801
2,159,873
1,723,859
10,315,686
8,853,986
169,647
171,062
812,547
771,958
369,612
316,314
1,552,585
1,311,718
130,441
104,120
551,792
423,617
55,466
57,929
222,070
229,883
329,722
193,734
23,127
43,681
115,393
187,034
26,769
xDe!3,637
22,788
X21.140
131,286 sDefl4,885
116,038
x72,223
week:
Gross EarningsPrevious
Current
Year.
Roads.
Year.
—Net EarningsCurrent
Previous
Year.
Year.
$
5 mos '20
'19
Fed Lt & Tr Co
'20
'19
Apr
,
$
222,411
69,686
61,562
..Apr
231,116
Point-b
144,553
901,414
488,719
256,673
Jan 1
to Apr 30
466,901 def!66,967 def 47,678
349,939
Central New England_b ...Apr
1,879,659 def773,656 defl25,094
1,635,423
Jan 1 to Apr 30
2,552,496
287,292
100,724
Delaware & Hudson _b__ -_Apr 3,020,560
.--1-11,159,739 1 0,173,798 defl92,156
123,734
Jan 1 to Apr 30
Mo. Kan & Tex of Texas .bApr 2,313,706
1,944,485
104,686
142,748
9,240,717
7,257,424 def563,260
34,712
Jan 1 to Apr 30
408,029
941,997
NYNH& Hart.b.... ._Apr 8,596,735 8,118,783
Jan 1 to Apr 30
......34,918,646 30,062,653 def365,769
945,021
208,665
235,874
49,881
72,924
Western Ry of Alabama.b....Apr
443,129
885,329
101,652
203,141
Jan 1
to Apr 30—
Wich Falls & Northwest..bApr
173,486
150,178 def 46,744 def 52,744
Jan 1 to Apr 30
858,663
574,663 def
893 def 75,460
b Net earnings here given are before deducting taxes.
4 mos '20
& West
Atlanta
$
85,538
1,193.874
79,993
3,590,207
Electric Railway and Other Public Utility Net Earn¬
shows the gross
of
13,109
1005,744
123.535
196,922
544,139
331,387
998,363
.
Net increase (17.70%)
Net Earnings
February
Previous
Year.
$
416 <537
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
March
Wash Bait & Annap.
Youngstown & Ohio. April
24,050
14,424
1,728
315,774
2,597,474
750,883
369,201
Ann Arbor
to Latest Date.
Year.
36.236
282,074
42,777
St L Rocky Mt & Pac March
Southern Cal Edison. April
$
6,368
154,881
108,855
1
Current
Year.
%
■
$
78,191
410,328
1,018,195
3.619,000
481,288
Previous
Year.
Richmond Lt & RR_. February
First week June.
Jan.
Name of Road
separately the earnings for the first week
in the aggregate over
crease
[VOL. 110.
Earnings by Weeks.—In the table which
Latest Gross
follows
CHRONICLE
THE
2564
ELECTRIC
RAILWAY
AND PUBLIC
UTILITY
'19
Newport News &
Hampton Ry. Gas
& Electric Co
May '20
Earnings.
Jan.
1
mos
241,736
'20
1,030,043
1,062,398
'19
74,975
46,191
Penn Cent Lt &
Pow Co & Subs
'20
'19
180,836
144,739
12 mos '20
1,985,652
'19
1,790,443
Apr
Havana Elec Ry
Lt & Pow Co
mos
21,091
390,514
291,695
182,668
x336,698
X193.588
758,042 xl,105,540
784,265
x661,685
512,494
381,910
1,836,922
1,413,011
749,743
3,641,076
2,836,512
'20
'19
37,985
27,427
29,271
355,756
349,469
65,412
50,362
746,270
641,164
965,734
'19
COS.
'20
Apr
4
x
Latest Gross
209,981
'19
5
1,552,797
9,503,139
8,082,028
200,963
After allowing for other income received.
to Latest Date.
Name of Road
or
Current
Month.
Previous
Current
Year.
Company.
Year.
Year.
Previous
Year.
$•"
554,028
133.575
713,957
166,504
945,774
1,287,180
330,392 220,581
45,487
54,738
10,832
17,396
375,646
330,543
82,390
98,474
151.897
114,492
27,371
37,725
916,655
1,066,535
191,619
265,928
/1 ,0245000 /9208000 /39181,00 0^35032,000
Adirondack El Pow Co April
Alabama Power Co.. April
Atlantic Shore Ry... April
Bangor Ry & Electric
Baton Rouge Elec Co
Blackstone V G & El.
^Brazilian Trac.L & P
Bklyn Rap Tran SysaBklyn City RR
aBklyn lits RR...
Coney Isld & Bklyn
Coney Isld & Grave
Nassau Electric...
April )
April
April
April
February
February
February
February
February
South Brooklyn... February
New York Consol.. February
Bklyn Qu Co & Sub February
Cape Breton Elec Co. April
Cent Miss V El Prop. April
Chattanooga Ry & Lt April
Cities Sendee Co
May
Oleve Painesv & East April
eColumbia Gas & Elec April
Columbus (Ga) El Co April
Com'w'th I*. Ry & Lt April
Connecticut Power Co April
Consum Pow (Mich). April
Cumb Co (Me) P & L April
Dayton Pow & Light. April
.
dDetroit Edison
.
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 April
Ft Worth Pow &Lt__ April
Galv-Bous Elec Co.. April
Georgia Lt, P & Rys.
Great West Pow Sys
Harrisburg Railways.
Havana El Ry, L& P
e
Haverhill Gas Lt Co.
Honolulu R T & Land
Houghton Co El Co..
Houghton Co Trac Co
Hudson & Manhattan
d Illinois
Traction...
ZInterboro Rap Tran.
Kansas Gas & Elec Co
Keokuk Electric Co..
Key West Electric Co
Lake Shore Elec Ry..
Long Island Electric.
Louisville Railway
Lowell Electric Corp.
Manhattan & Queens
Manhat Bdge 3c Line
cMilw El Ry & Lt Co
Miss River Power Co.
Nashville Ry & Light
New England Power.
NewpN&HRy.G&E
March
April
March
April
April
April
April
April
February
April
AprU
April
April
April
March
February
April
April
February
February
AprU
AprU
April
April
May
New York Dock Co.. April
N Y & Long Island.. February
N Y&NorthShore__ February
N Y & Queens County February
6N Y RaUways
ftEighth Avenue
ftNinth Avenue
Northern Ohio Elec..
North Texas Electric.
Ocean Electric (L I)._
Pacific Power & Light
Phila & Western
Phila Rap Transit Co
Portland Gas & Coke.
Port(Ore)Ry,L&PCo
Puget Sd Tr. Lt & P.
Republic Ry & Lt Co
February
February
February
AprU
April
February
April
April
AprU
April
April
March
AprU
711,161
4,570 J666,440
157,233 129,052
4,039
2,934
430,052 375*550
71,185
57,185
.
1621,032 1150,893
101,766
46,456
121,289
47,111
<
1,552,196
13,232
343,568
[1,379,372
8,296
946,059
Financial
preceding month will be
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.
have
been
given
on
116,418
186,058
Reports.—An index to annual reports of steam
railroads, street railway and miscellaneous companies which
published
during the
the last Saturday of each month.
5,856
774,464
143,438
3,225,785
273,145
REPORTS
FINANCIAL
;
267,569
2,403,667
207,446
184,534
131.752
315,245
159,819
40,110
32,228
432,639
111 ,093
77,135
2219,331 1785,853 10,606.059 9.161,801
189.457
217,956
57,191
48,496
1236,830 998,638 5,327.617 4,380,074
404,018
526,044
128,911
100,249
2514,982 2007,033 10,135,406 8,266,581
479,310
411,438
117,399
93,750
1129,575 898,569 4,286,077 3,410,291
821,156
940,752
239,901 203,517
997,605
300,976 233.823 1,254,390
1866,245 1375,361
5,543,163 4.155,920
611,736
647,682
161,790
159,522
1,338,745 1,068,602
300,067 247.624
430,074
497,655
124,262
109,133
364,934
454,999
109.704
92,459
90,231
109,312
27,169
20,525
500,794
609,996
150,852
124,652
221,749
272,680
66,245
51,871
369,621
316,314 1,552,585 1,311,718
422,211
642,355
160,766
94,981
965,508
1,100,061
299,825 247,481
351,573
427,251
140,080 118,257
460,104 412,599 1,870,307 1,675,375
392,730
420,271
150,143 132,248
965,734 749,743 3.641,076 2.836,512
149.258
121,269
36,557
27.534
237,782
269,527
73,523
60,770
155,676
177,498
39,537
35,534
104,017
113,414
26,981
24,629
959,187
520,595 445,855 1,078,981
1684,606 1340,440 6,751,171 5,559,704
4599,227 4015,037 18,388,848 15,322,035
269,324
212,122 1,152,680
938,492
29,360
24,213
99,391
113,388
76.566
84,469
22,536
18,245
551.678
257,477
185.808
721,245
37,357
29,596
14,910
14,406
342,575 339,350 1,319,111 1,303,102
338,537
104,273
79,260
418,382
34,349
38,206
14,546
18,104
24,110
38,719
18,427
11,375
1485,918 1158,790 5.994.906 4,769,882
718,111
812,040
203,795 184,922
1.220,303 1,056,645
315,116 264,051
461.479 289,848 1,801,348 1,226,015
209,981 241,736 1,030,043 1,062,398
448,921 438,683 1,805,653 1,656.827
75,080
60,947
22,605
34,795
21,441
15,286
2,869
10,659
150,641
145,042
54,583
71,953
1,178,103
317,785
1,879,847
109,022
16,986 ^917,583
44,956
4,818
982,371
723,398 3,695,629 2,805,110
310,205 259,595 1,248,478 1,011,607
17,804 1 13,853
7,841
6,577
650,032
803,810
209,446 168,319
213,369
223,020
63,421
57,529
3174,884 2909,234 12,096,561 11,126,351
705,790
829,851
215,777 160,923
738,752 706,244 2.958.907 2,832,869
2,569,748
844,117
659,568 493,364 2.702,923 2,046,137
New
Tex^s
Orleans
Mexico
&
Railway
(Fourth annual report, year ended Dec. 31 1919)
G.
President
II.
Walker,
writes
27,
April
in substance:
I
beg to submit herewith the fourth annual report of this company,
the year ending Dec. 31, 1919. As in 1918, your property was oper¬
ated
by
the United
States
It.
It.
Administration.
The earnings
as
shown,
clearly
indicate
that
the
increases
of June,
1918,
in freight
for
rates
and
cost,
due
fares, were inadequate to meet the higher operating
the very material advances in wages and supplies.
It is
satisfaction, however, that in comparison with the operations
of other Southwestern
roads, your property has made a very creditable
performance.
a
passenger
to
of
matter
Further
particulars
from pamphlet
condensed
report
Trusts.—The
total
Equipment
Trust
obligations
of
the
Dec. 31, 1919, amounted to only $448,000, being represented
by outstanding
" N.
O.
T. & M.
R. It.
Co.,
Series
' B '
Equipment
Trust
Notes."
a
first
Jien upon
1,000 refrigerator cars under contract
of lease to " Frisco Refrigerator Line," 250 liat cars and 4 gas electric
motor cars.
The rental payments to be made by the" Frisco Refrigerator
Equipment
at
company,
Line"
during
sufficient
than
more
are
maturities
life
the
of
the
meet
to
the
installment
and
interest
Trust.
Signed.—Negotiations for a contract with
the
United States Government covering the use of your property during
Federal control have not yet been concluded.
Based upon the amount
certified to by the Interstate Commerce Commission
the company would
be entitled to compensation of $1,101,215 per annum or $2,202.43 for the
first and second years of Federal
control.
This amount has, however,
not been accepted and it is hoped that a more satisfactory and equitable
amount will ultimately be agreed upon.
Federal
Contract
Status
Not
Yet
of Company's Account with
Dec.
(1)
Debits
ferred
(Total
Federal
to
Agents'
and
S.
Dec.
1917,
31,
as
$2,476,570
balances,
1917,
31,
Dec.
transferred
and retained,.
Jan.
1,
1918,
128,859
1,602,776
229,353
transferred
to
661,623
account
Road
property retired and not replaced
Equipment retired chargeable to U. S. R. R. Administration...,
(2)
Credits
(Total
$6,620,269).—Liabilities,
Dec.
31,
paid
Corporate
liabilities
discharged
Sundry
operating expense and income debits,
prior
1.
1918,
paid
Expenditures for
additions
and
betterments..;
Advances
on
compensation
(3)
Annual
based
♦Net
,
Compensation.—Amount
annual
compensation
upon
Commerce
Commission
amount due
♦Note.—This
taken
over
in
returned
of
trans¬
account
Assets, Dec. 31, 1917, collected by government
Sundry
revenue
and
income items,
prior to
adjusted
Material
and
supply balance,
Dec.
31, 1917,
Federal
Administration
R.
R.
1919.
account
conductors'
Federal
to
U.
31,
$5,155,997).—Cash,
N.
amount
for
O.
two
T.
includes
1917,
$3,733,088
814,716
to
Jan.
280,892
218,873
1,572,700
due N. O.. T. & M. Ry.
certified to by Interstate
years.
& M,
10,443
46,371
2,202,431
Ry
$661,624
$738,158
value of materials and supplies
Administration,
which
will
be
Federal control.
year 15.9 miles of 75-lb. main line
by
United
States
R.
R.
units at the termination of
Structures.—During the
renewed with 80-lb. rail and 15.0 miles of 65-lb.
main
line
replaced with 75-lb. rail released.
45,000 cubic yards of gravel was applied,
of which amount about
40,000 yards was replacement ; the balance new and additional
Of the
main line 213 miles is now ballasted with gravel and 281.14 miles with
Way
rail
rail
and
was
was
shell,
the remaining
72.26
miles being
on
sand
with
no
shell
or
gravel
lineal
feet
lineal
273,399
cross,
427,401
switch ties renewed.
ballast.
.
For the
equipment
inventory
physical property
during the year 1920, but, from the best
obtainable, it will probably be the latter part of 1922 before
report
on
the valuation of these lines is rendered by
the
Interstate Commerce Commission.
the
information
tentative
1919
1918.....
1917
842,603
1916
598,901
CALENDAR
FOR
STATISTICS
Average
miles
Revenue
tons
Revenue
ton
per
mile..,
Revenue per passenger per mile
Operating revenue per mile....
Passengers
one
AND
N.
(Incl.
O.
CORPORATE
1918,
Operating
Revenue—
Freight
Passenger
Mail,
&c
express,
67
$6,661,229
$1,005,563
844,81S
211,976
1,891,119
262,187
Cr. 22,337
$5,762,033
$2,251,680
269,373
$4,193,326
$2,467,903
285,612
$1,982,307
$2,182,291
income
$1,611,069
147,383
income
$1,758,452
$2,224,434
Cr. 131,057
235,127
182,773
Total
operating
of
Maintenance
Traffic
$2,103,479
1,748,349
141,505
2.909,120
375,164
&c
equipment...
expenses
Transportation
General
♦...
Transportation
Total
for
operating
,>
..
Cr.
inestment.
$7,275,618
$1,885,839
expenses...
Net
earnings
Taxes, &c
274.770
Operating
Other
Gross
income
of
Cr.78,413
Miscellaneous
INCOME
CORPORATE
ACCOUNT
CALENDAR
FOR
1
Railway
oper.
(See note)
(Not paid by U.
of
from
Income
from
unf.
Gross
-ents
funded
Equipment
Interest
and
R.
30,031
1,101,215
73,381
$1,253,082
17,441
accts
R.
*1,101)215
Admin.
deb. $4,035
...
debt:
$1,036,644
J3)l49
310
78.021
454
211,313
debt
income
charges................
charges
Balance
44,175
422
def. $349,569
def. $39,782
*
See text.
The company deducts the total amount for two years from
1919 accounts.
Here shown in the years to which the amounts apnlv for
sake of simplicity.
Note.—Railway operating revenues represent items which were carried in
suspense prior to Federal control period.
CONSOLIDATED
(Including
tlje
BALANCE
companies
DEC.
SHEET
above
Assets—
equipment
Deposits in lieu of mortgaged property...
Miscel.
physical
property...
Investments
in
affiliated
companies
investments
Cash
&c.,
P.
S.
U.
11,913
.....
O.
3,182
348,778
3,549
55,410
9,736
517,312
companies
and
companies.
Express
Individual
def.
Other
S.
U.
dividends
and
Interest
receivable
Unadjusted
Admin
debits
Total
.....
...
mortgage
Interest
15,005,300
5,870,000
176,282
387,191.
303,113
5,047,569
matured
Interest
accrued
liabilities
Deferred
U.
R.
S.
Tax
Admin
R.
liability
Oper. reserves
..........................
Accrued depreciation (equipment)...
credits
Unadjusted
Adv.
in
compens.
Additions
and
Profit
..........
—
........................
property
to
surplus
Appropriated
loss
87.406
3,034
414,236
through inc. & sufp..
not invested
96,003
530.064
588,038
1918.
$
15,005,300
5,870,000
13,849,250
560.000
319,076
72,457
2.754
72,057
36,350
170,986
4,362,577
19,955
111,700
532.315
842,926
2,340,488
47,447,151
—V.
110.
D.
871.
...
,
1886, and now constitute
The district
exist thus far for
part
of the area thus far
proved.
Geographically, the reef formation is simple to
It can be, and is, worked much in the same manner as a coal
seam
particularly in the east of the district where the dip is shallow.
Most of the companies which are sponsored or controlled by Rand Mines,
degree.
a
Limited,
in which it holds important
or
interests, are operating in what
is
also a shareholder in the
There has been a con¬
tinuity of management since the formation of the company.
The sharehold¬
ings of Rand Mines. Limited, are entered in its balance sheet at cost price
when cost price is below market value, and are written down to or below
market value when cost price exceeds market value.
The company is not an independent producer.
The approximate number
as the Central Rand;
but the company is
important of the Eastern Rind companies.
known
more
of
employees is 160.
its
,Etc.—Dividends and distributions by the company during the
or an average per annum of
past ten years have aggregated £10,009,000,
197% upon the shares.
Notwithstanding this,
accumulated
During the_period
reduction
which
upward
tendency of working costs, coupled with the fact that the price for gold
remained constant.
During the past year representatives of the gold min¬
ing industry in South Africa have succeeded in obtaining a license from
the British
Government under which the various companies are allowed,
under certain conditions, to dispose of their gold in the best market avail¬
able.
The removal of the war time restrictions enables the companies to
take advantage of present economic conditions and to dispose of their gold
the company had
of 1918 reserves amounting to £2,800,000.
the company's dividends fell off, in consequence of the
in dividends received by the company from the various companies in
it is interested.
This general decline in dividends was due to the
to the end
of the
war
premium.
Distributed as Dividends to
a
£14,092.938
ing
(aggregat¬
-•••..■ iVflr
Year.
..
Year.
Year.
.
„
Shareholders of Company
in 20 years.—Ed.)
£
1898
£.337.136
1908
1901
253.565
1909
1902
359,191
(do bonus)
1903
448,989
1910
1904
448.989
1911
1905
808.180
1912
1906
583,686
1913
Annual Receipts, less Administrative
1914. [1919 supplied by Ed. J
1916
£1,062,997
850,398
797,248
1917
770.673
1918
451,774
531,498
1914
853,079
917.155
683,822
1,026,666
1,169,297
1.169,297
1,169,297
1915
( 1919
I Supplied by Ed.
Expenses and Taxes of the
1915.
£1.166,554
—V. 110,
Mt.
869,496
235,000
1,581,565
44,513,765
p.
1916.
1917.
Company
£886.389
2297.
£953.295
£863,537
£529.421
Vernon-Woodberry
on page
The Circular
of accumulated
pref.
income
comparative
The
(June 12)
1919.
£846,568
1918.
Mills,
Inc.,
Report for fiscal year ending
Baltimore, Md.
Dec. 31 1910
account was given
last
week
2485.
regarding the proposed discharge of
dividends on the pref. stock by an
the 19%
issue of
stock at par and also the plan to extend the voting
subsequent page of today's Chronicle.
trust is cited on a
President Howard
Baetjer, Baltimore, April 27,
wrote in
substance:
Results.—Earnings for the year, after deducting all charges, including
interest and depreciation, amount to $1,168,551. Tbe loss due to the
flood, $205,500. and the Federal taxes, estimated at $100,500,
note
Tallassee
must
be
deducted
from
this
amount,
leaving earnings applicable to
of $862,551 Against $1,137,050 in 1918.]
dividend of 3%% upon the Preferred stock was paid
a
further dividend of 3%% was declared Dec 2 1919,
divi¬
dends
A
and
amount
1,572,700
869,496
235,000
„„„„
.
gold fields were discovered in
by far the greatest source of the world's gold supply.
com¬
prises a series of banket beds, called reefs, proved to
a
stretch of over sixty miles, practically unlimited in depth, sedimentary in
formation, and payable until great depths is attained over the greater
After
carried to surplus $434,907.
the armistice the demand for our
July 15 1919.
leaving the net
product fell off to a marked de¬
The volume of new orders received was less than our production,
the mills were operated, in part, upon stock goods.
The second half of
gree.
and
the
showed improvement both as to demand and prices for most classes
of goods manufactured by the company.
The demand, and prices obtain¬
able for heavy duck, however, have been kept at comparatively low levels
year
Total
Africa.
South
*15,452
44.513,765
$
stock
£550,000, consisting of
value of five shillings each. The issue of capital
(including the ordinary shares, an interest in which is represented by the
certificates for " American Shares "
issued under the Deposit Agreement
hereinbefore referred to),
is £531,498.15s., representing 2,125,995 shares.
All of the said issued shares are fully paid and non-assessable and no per¬
sonal liability attaches to the shareholders with respect thereto.
The amount of the capital originally authorized was £400,000.
consisting
of £1 shares, of which 332,708 shares were issued.
On Oct. 23 1901, the
authorized capital was fixed at £490,000, divided into 1.960,000 shares of
the par value of five shillings each; June 20 1911, the authorized capital
was increased to £550.000.
The company has no funded debt.
Properties.—Rand Mines. Limited, is chiefly a holding company, owning
shades in a large number of companies owning and operating gold mines in
the Witwatersrand District of the Transvaal. Union of South Africa.
It
also owns mining claims, farm properties, reservoirs and other properties in
2,200,000 shares of the par
since
47.447,151
bonds
i5%
non-cumulative income bonds......... 13,849,250
Equipment trust notes
....;
448,000
Traffic, &cv. balances...........22,096
Accounts and wages
unpaid...
100.759
Miscellaneous
accounts
payable...........
5,806
First
1.325
537,082
4,897,889
287,782
1919.
Liabilities—
Capital
Oct. 23. 1901.
Republic, on Feb. 22, 1893, and hmended
Capitalization.—The authorized capital stock is
African
'
5,155,997
2,468,242
assets
R.
R.
authority to add, on or before January
1914.
receivable:
Dept..;..,
Dept
War
S.
120,951
1,758,824
852,638
242,012
accounts
Miscellaneous
U.
dep...
receivable................
and
bills
and
3,778
balances....................
drafts
Time
Traffic,
6,120
109,739
597,066
39,315
2,611
.
Loans
$
35,291,356
952 638
of Rand Mines, Limited; with
1, 1921, additional
of such certificates upon official notice of issuance against
Ordinary Shares deposited.
An authoritative statement furnished to the Exchange as
of May 20 says in substance:
Organization.—Rand Mines, Limited, was organized under Articles of
Association, registered at office of Registrar of Deeds, Pretoria, in the South
senting 2% Ordinary Shares
Amounts
35,405,961
1,759)582
listing of certificates of Bankers Trust Company for 60,000
"American Shares," each such "American Share" repre¬
at
1918.
$
,
and
Other
31.
mentioned.)
1919.
Road
appropriation account, and balance sheet for the
1919.
New York Stock Exchange on May 26 authorized the
account,
up
surplus
issue of the
profit and loss
calendar year
Dividends,
1,396,131
26,133
Bonds
notes
unfunded
on
Miscellaneous
Other
S.
income
on
53,173
$1,160,284
U.
income
facility
Interest
$4,821
6,628
12,096
securities
from
due
rental
2,648
physical
property.
securities................
funded
1,685
$16,167
50,558
income...
rent
Income
Joint
$1,725
3,597
equipment
non-operating
Miscellaneous
def.
def. $28,998
income
Miscellaneous
Est.
2.694
....;*
Operating
Miscel.
$14,482
def. $14,482
def. $26,303
revenue
this
found the company's
be
will
Chronicle"
of
department
advertising
the
In
"
Company).
31, 1919)
(Report for Fiscal Year Ending Dec.
The Witwatersrand
R.
71,402
operating
Taxes
Hire
1918.
$45,098
R.
S.
Admin.)
Net
YEARS.
1919.
revenues
elxp.
Railway oper.
Correct
comparison
unavailable
$1,937,590
$1,457,631
surplus
Balance
242,127
108,630
270,603
equipment
facility rents
Hire
Joint
$8,013,713
$1,365,730
1,501,381
112,691
2,488,352
293,946
$9,161,457
revenues...
way,
of
Maintenance
data
many
(Transvaal Gold Mine Holding
Mines, Ltd.
The
Lake & W. Ry., Orange &
Iberia St. Mary & East. Ry. and
Sour
Rand
1917.
Ity.. St. L. Browns. & Mex. Ry.. Beaum,
N. W. R. R., New Iberia & N. R. R.,
Louisiana Southern Ry. leasehold.)
1919;
1918.
1917
$6,224,275
$5,516,168
$4,420,432
2,439,023
2,039,488
1,761,533
498,159
458,057
479,264
Mex.
&
Tex.
1919
YEARS
CALENDAR
FOR
$7,242
$8,713
$10,114
ACCOUNT
OPERATING
FEDERAL
relating to the con¬
of the company, to¬
gether with its dividends earning and production for a
series of years, and its income and surplus accounts and
balance sheet for two years ending February 28.—V. 110, p.
also
changes,
organization and properties
solidation
2.39 cts.
2.61 cts.
2.69 cts.
this
by
1.77 cts.
752,811
73,748,378
1,088,330
77,953,903
1,393,922
90,695,274
'
the offi¬
beet sugar company to the
New York Stock Exchange in connection with the listing
of its $5,000,000 8%
cumulative Sinking Fund Preferred
Stock.
The statement shows the original capitalization and
made
statement
cial
3,555,975
375.451,172
1.44 cts.
1.29 cts.
mile......
per
carried
carried
Passengers
920
2,619,393
382,128,236
2,828,399
447,893.055
6,1920)
2293.
1917.
920
1918.
920
operated..
carried
151,505
150,908
168,509
135,586
YEARS.
1919.
Revenue tons carried one mile..,
Mer.Ac.
463,643
380,758
706,374
437,925
930,595
854,114
1,151,173
1,065,929
(Statement to New York Stock Exchange, dated May
On subsequent pages of this issue will be found
subsequent
YEARS.
Manufac.
Forests.
Mines.
608,493
474,252
559,346
470,323
Animals.
90,619
97,580
127,970
130,964
Agricult.
583,544
661,781
torn.
CALENDAR
CARRIED .FOR
COMMODITIES
In
Utah.—
Amalgamated Sugar Company, Ogden,
206,136
and
ties,
bridge
feet
Equipment.— There was expended for betterments $12,202.
year there is a net deduction of 44 cars and the book value of
is reduced $14,982 net.
Valuation.—It is expected the Government will complete its
of
2565
THE CHRONICLE
1920.]
June 19
2566
THE CHRONICLE
throughout the year,
Government stocks.
due to the placing upon the market of the very large
This condition
has prevented the Increase in price
in the case of lighter cotton fabrics.
The ex¬
port business showed a marked improvement over that of the
past two
years.
y;,;.
Additions, Etc.—Further improvements to the properties were made
during the year. A reserve of $300,000, to cover depreciation of
buildings
and equipment was set aside from
earnings, and has been expended.
Vari¬
ous
additions have been made to the
properties, involving an expenditure
of $117,000.
which
has
Flood
been
marked
so
Losses.—In
December
the
sustained
company
a
loss
severe
Note
6%
[V.
Issue.—In
December
Notes, payable
107. p —j
It
that
general level
required would
met
to
therefore
been
Dec.
31.
therefore
a
to
necessary
Assets—
the
the
Dec.
its
31,
issue of
1919.
$1,500,000
1920
and
1921.
after the armistice,
amount of
working
issue
of
additional
$500,000
of
amount
1919
1918
S
Liabilities—
Notes
due
capital
1919
1918
$
plants,
7% eum. pref. stk..z
10,607,527 10,556,412 Common stock.
z
Investments.........
203,610
671,721 6% notes
Cash.
284,010
660,666 Accounts payable..,.
Notes receivable—
70,734
77,793 Notes payable
Accts. receiv., less
Accrued
1,526,747
1,484,697 Div.
4,097,224
4,044,368
Materials A sup...
475.960
650,000
51,313
Miscel. reserves-
83,566
Reserves for Federal
100,876
6,109,200
4,511,900
2,000,000
242,830
4,511,900
1,500,000
137,361
accounts..,.
inventory-
$
6,109,200
Good-will
reserve
of
working
<
$
Prop'ty A
sold
company
be
renew
1919, and to finance
through bank loans.
required,
the
instalments,
felt at that time,
immediately
of prices would fall, and the
reduced, so that these payments could
earnings, as they fell due.
Cotton prices have,
however,
point much beyond that reached during the war.
It has
of
out
increased
1918
three
the
capital
be
in
was
Mdse.
Exp.
applic.
to
war taxes
fut. oper..—.
Other assets
1,432
Total
~
uvuuvmuft
V Subject
declared.
JJ*
A eon
iviv
vc
JUJL
213,822
621,088
...
1,301,670
.54,277
3,519,152
Total...........
ICOCJI
3,084,252
17,368,120 17.547,240
uupi WUAUUll
$19 per share accumulated
dividends, on
The income account was published in V.
110
to
UI
pjJiriLH.
preferred
p.
deducting $1,640,800 pref. and $938,100
V. 110 p. 2,485, 2493.
Fisher
213,822
y
After
2
and
51,583 Surplus ff.
17,368,120 17.547,240
XAIW.
declared
pay. Jan. 15, '20..
stock
when
2,485, 2493.
common
in treasury.—
stocks
Body Corp. and Subsidiary Companies, N. Y.
(Report for Fiscal Year Ending April 30,
1920)
Motors
capita]
stock,
Corporation
by
purchase
of
60%
of the
the
capitalization also being expanded and
Ohio Corporation being organized as a
subsidiary to build a large additional plant.
See particu¬
the
Fisher
lars
ance
dend
Body
to these matters and
as
new
note issues
Sheet) in V. 109, p. 480, 1612, 1990.
of $2.50 per share on common
stock
1920, and the
COMBINED
same amount
INCOME
earnings
and
income
from
was
initial
divi¬
paid Feb. 2,
May 1.
ACCOUNT
FOR YEARS
ENDING
1919-20
Net
(Compare Bal¬
An
APRIL
1918-19.
SO.
1917-18.
oper.,
after
deducting all expenses of the
business,
expend,
for repairs
and
maintenance of the properties and an
adequate allowance for accruing re¬
newals and depreciation
Deduct—Interest charges, bank loans.....
$6,747,867
359,759 V
367,628 J
On bonded and debenture
debt...........
Subsidiary Co's. dividends paid
or
Loss
on
Canadian Exchange, etc
Federal and Canadian profits
$3,534,853
$4,352,078
306,564
203,111
ac¬
crued
13,000
250,000
......
war taxes.
1,390,000
b1,294,486
$1,603,289
$2,854,481
296,336
........
1,625,000
$4,367,480
Bab, net inc. Fisher Body Corp
Deduct—Dividends on pref. stock (7%
P. a.)
Common dividends ($5 per
share).
304,539
326,305
„
2,500,000
Balance, surplus...
bAn
$1,571,144
$1,298,750
$403,000 for Federal taxes was deducted from
$2,528,176
,
additional
Apr. 30, 1918.
CONSOLIDATED
BALANCE
SHEET
APRIL
Assets
SO
the surplus
1
SUB.
of
COS.)
1920.
1919.
$17,991,201
Properties and plant
Patents
$7,070,814
188,441
Notes receivable of Chevrolet Motor
Co.
Notes of affiliated
companies maturing..
Sinking fund for redemp. of pref. stock.—.......
250,000
1,993,914
4,000,000
13,840,000
Investments
18,450
47,711
41,604
18,119,615
1,570,600
5,069,988
7,004,731
396,871
820,353
6,693,045
1,500,000
2,589,093
2,107,404
$72,328,804
$20,352,001
r$4,213,500
629,711,324
5.000,000
$4,334,000
2,111,325
Raw
material, supplies and work in progress
(at cost)—;—
:
y v;,• ••
Marketable securities
Notes and accounts receivable........
.......
Cash-
Prepaid taxes, Ac
Other deferred charges
"Construction of the Fisher
Body Ohio Company plant is under way and
to be in production
early in the fall of this year."]—V. 110,
It is expected
p.
81,591
-
7% cumulative preferred stock
Bal. represented by 200,000sh.
6% serial gold
notes
com.
(V
110 p 566,
8% cum. pref. stk.........„.
National Plate Glass Co. (V
6% serial gold notes...
Federal Plate Glass Co.
(V
Chmn. Edgar L.
900,000
163; V
Operations Under Joint Agreements.—Under the joint agreements above
mentioned, our associates have, to Dec. 31 1919 produced 8,765,050 barrels
of oil and have drilled 232 oil
a total of 402 oil wells, 34
gas
wells, 10 gas wells and 55 dry holes, making
wells, and 111 dry holes drilled on the company's
leasehold properties.
On April i there were 81 strings of tools running on
the properties which the company is
operating and 133 strings of tools on
properties being operated under joint agreements.
The large percentage of dry noles drilled is due to the fact that a consider¬
able number of wells have had to be drilled to
protect leases and as offsets,
wnich otherwise would not have been drilled.
The
Adv. by U. S. Govt,
on
During 1919 the drilling done by the
Production on Fee Land.—The figures of production given below do not
include the production from the company's fee land in the shallow field
of Btrawn, wnere operations were commenced in 1914.
It was
north
necessary that the company should drill its leasehold properties before its
fee lands, and no attempt has been made to develop the latter by drilling
the deeper sand.
The fee land has produced 718,962 barrels of oil to
Dec. 31 1919.
The company also has 27 gas wells in this district which are
supplying gas for the towns of Thurber and Strawn, as well as for the
drilling operations throughout the field.
,
Agreements have been entered into with the Chestnut & Smith Corpor¬
ation as to a portion of the company'6 acreage,
whereby that corporation^
is to build gas absorption and compression plants for the extraction of
gasoline from casing head gas.
These plants are being built without cost
to the company and are to be operated on a royalty basis.
Acreage Near Amarilla, Tex., in Oklahoma, Mexico, &c.—The company
is not confining its operations to the North Central Texas field alone, but,
in association with others, has secured an interest in approximately 289,000
acres in the Panhandle district of Texas, near
Amarillo, where considerable
gas already has been developed.
The district appears to be favorable for
the production of oil and the company and its associates are now drilling
four wells in that vicinity.
The company has leases covering 4,800 acres in Creek County, Okla
The first well in this district has recently been completed. It is producing
100 barrels of oil a day from a 2,600 foot sand.
The Creek County acreage
is scattered and recent developments make portions of it look most attractive.
The company, in association with others, has acquired an interest in«
leases covering over 355,000 acres in Mexico, and is about closing negoti¬
ations for a lease on an 80,000 acre tract in Columbia, South America, both
of which, according to geological reports, promise fully to justify investments.
Refining.—The company at the present time has negotiations pending
which look to its for engaging in the refining business in a substantial way.
Valuation in Balance Sheet.—The company's leaseholds on lands in the
North Central Texas field are carried into its balance-sheet at a valuation;
of $24 26 per acre.
The fee lands, amounting to approximately 70,000
acres, are carried on its books at their original cost as farm or coal lands, no
value having been set up on account of the oil or gas which they have pro¬
duced and are known to contain.
Nor has any valuation beyond cost been
placed upon the leases in the Panhandle district, in Oklahoma, in Mexico
or in Colombia.
It is wholly impossible to make any precise or safe estimate
of the value of oil lands, of leases or of contracts based
upon an estimate of
the amount or the life of future production.
The company has been fortunate in being able to develop its properties
and business to their present great
dimensions, at a cost of many millions of
dollars, without calling upon stockholders for any considerable contribution.
Coal Mines.—The company is still
operating its coal mines, the gross
profit of which in 1919 was $341,775.
Owing to oil supplanting coal as
fuel the tonnage recently produced has not been as large as heretofore but
in view of the probable rapid decline in the
production of oil as compared
with the world's demands and of the large and
increasing requirement for the
production of lubricating oils, and particularly in view of the fact that
are eady fuel oil has advanced in
many sections to a price above that of coal,,
we may expect in the very near future
again to be operating our mines at
to
5,130.370
721,484
1,429,579
1,867,986
6,395,139
2,059,986
5,271,410
$72,328,804
Includes
land,
$20,352,001
829,197
the original
substituted in
consisting
of
William
voting
1919
300,000
Butler, writing
trust
an
shares
agreement,
or
at an increased capacity.
Accounts for
Depletion and Depreciation.—There have been set
the most conservative justifiable practice,
and
of revenue.
They do not represent aa
development operation which has not resulted in bringing in production,
all such unprofitable development work having been ciiarged to operation.
in
accordance
actual
with
re-investment
earns.,
on April 29, said:
expiring Aug. 25 1921,
1924, the
agreement
expiring Oct. 1
of Common stock of the
Fisher
Body
there
$20,112,266;oper.
exp.,
1919.
$4,532,945;oper. profit..$16,579,321
Other income
6,742,371
Gross income
$22,321,692
Deduct—Depletion & depreciation, labor &
expenses
of oil &
construction & development, and provision for estimated
Federal taxes.
gas
Dividends paid...
Surplus for
(35%)
year
16,913,081
1,399,818
$4,008,793
BALANCE SHEET DECEMBER 31
reserve
[Vote—Comptroller
"For
Reserve
buildings,
machinery, tools, dies, patterns, Ac., equipment'
for depreciation, $3,579,490.
r After
deducting 786,500 shares retired,
s
In 1920, represents
500,000 shares of
no par value: in
1919, 200,000 shares, z Includes $1,475,000 eor
purchase o« Libertv
Bonds of which $1,500,000
(par value) are pledged as collateral: and
$4,045,000 are
secured by a deposit of
notes receivable $4,000,000, and
Canadian Government
bonds $50.000—V 110
p. 2491.
was
usual
Other Interests.—Our mercantile interests in Thurber yielded a net income
pring 1919 of $176,568 70. We also operate the only plant in Texas.making
vitrified brick, the demand for which is rapidly increasing.
Gross,
4,065,000
251,503
Surplus
z
750,000
79,000
13,560,000
aeroplane contract, less
amount repaid
Accounts payable
Miscellaneous
J
Prov. forFed'l taxes & Can. bus.
prof, war taxes
$21,570,691, less
of dry
and by its associates has
opened up acreage which appears to be very valuable and which is so located
that it can be developed in a more economical manner than that
aojacent
to Ranger.
v♦* v.'":':-*4.
Pumps.—The company is arranging as rapidly as possible to put under
pump, wells which are not flowing.
This has already been accomplished
successfully in the cases of 81 deep wells, and other wells will be added as
fast as pumping apparatus can be secured.
For the largest part of the great,,
stable oil production of this country is dependent
upon such pumping oper¬
company
INCOME ACCOUNT FOR THE YEAR ENDING DEC. 31
z
Total.
percentage
holes should be greatly reduced in future
operation.
4,000,000
109
Land contract payable..........
Bank loanB
Marston, N. Y., April 21, wrote in subst.r
Under this arrangement the
company has become a one-half owner in.
137 productive oil wells and 6 gas wells and has a
contingent one-half interest
in the remaining wells yet to be drilled, and also
enjoys the benefit of the
excellent established organizations of its
associates.
»*•
represent
..
p
Co., N. Y. and Thurber, Tex.
Oil, &c., Properties.—The company holds leases on 313,374 acres of land
and owns in fee 69,933 acres in the
North Central Texas Oil field.
The
leaseholds are distributed by
counties, in acres, as follows: Stephens, 170,771;
Palo Pinto, 68,966: Eastland, 36,125:
Erath, 13,046; Young, 6,710; Throck¬
morton, 17,356; Shackelford, 400; total, 313,374.
Oil Production.—Since the
drilling in of the McClesky well late in 1917
the company has produced from its leasehold
properties 6.910,795.07 barrels
of oil, and has drilled 170 oil wells, 24
gas wells, and 56 wells which were
dry or could not be operated profitably.
Co-operative Oil AgreementsCo-operative agreements have been made
covering approximately 150,000 acres of leasehold lands, in which the com¬
pany retains a one-half interest, for which It has received 16,050,250 in
cash and $820,579 in oil, and is to further receive
$1,631,490 in cash and
$2,908,652 in oil before the arrangement for an equal division of profits
becomes operative. In addition, our associates
were required to drill 199'
wells free of cost to the
company and a number of wells which, contingent
upon production, were to be free of cost.
up
876),
110 p 556, 876),
I..........
85,
566), 6% serial gold notes
p
stk. (no par)
(V 109 p 4801
National Plate Glass Co.
2385.
(Report for Fiscal Year ending Dec. 31 1919.)
thir
Total
Liabilities—
2491,
Texas Pacific Coal & Oil
ations.
The control of this
company was acquired in 1919 by the
General
poration deposited by General Motors Corporation, and
35,000 shares of the
original 200,000 shares, making total of 335,000 shares
deposited with,
the Trustees.
The Trustees are F.
J.
Fisher. L. Mendelssohn. W. C.
Durant, Pierre Dupont.
at
Tallassee. due to the breaking of a dam belonging to a
power company
situated immediately above its
property. The resulting flood, coming at a
time when
the stage of
the river
was
already high, caused a damage
estimate at $205,500, and this sum has been
charged against the earnings
of the past year.
The mills were shut down for a
period of one month,
resulting in a complete loss of production at Tallassee
during that time.
(Vol.110.
1919.
Ass€ts-~~~
Coal department—lands, buildings and other property
♦Oil and gas department—oil and gas wells and lines, leaseholds,
$4,565,803
buildings, equipment and other property
14,387,640
Cash, $1,920,335; U. S. bonds, &c., $3,094,578
5,014,913
Accounts and notes receivable, &c., $6,995,434; materials and
supplies. $5,126,724
xl2,122,158
Deferred items
389,190'
trust
Cor¬
Total
$36,479,704
■
2567
THE CHRONICLE
June 19 1920.]
to considerably more than $200,000,000)
testimonial of the public appreciation of Victor goods.
Capacity.—Our volume of sales is only limited by capacity,
and our capacity is only limited by the ability to secure and train skilled
labor.
Our plant is being increased as rapidly as the .organization can be
trained to operate it.
Most elaborate plans are under way whereby the
required capacity will be reached, and before Dec. 31, 1920, our output
(which estimated at list amount
Liabilities—
Capital stock
————
Accounts payable (including estimated Federal taxes)
Reserves for depletion and depreciation
-
$6,000,000
5,079,450
11,244,081
SurpJus^.^..,,.,'-^-—
14.156,173
,«
———-
$36,479,704
Subject to sucn adjustments as may result from physical inventories,
uncompleted at Dec. 31 1919 of materials and supplies and oil and gas
Total
x
properties.
is
substantial
a
Increase in
should substantially cover the future normal demand.
Protection of Patents.—Infringers and imitators will be pushed by our
legal department more vigorously in the future than ever before.
Such
piratical
enterprises have become phenomenally numerous,
due to the
Annual Dividend Record XCompiled by Editor.)
i
Dividends Since 1908— Afar.'09.
June '09.
Oct. *09.
'10 to Mar. *20.
(a) Regular..
IX
2% stock
2
6% (1X Q—J)
(b) Extras: Oct. 30 1918, 5%; Dec. 31 1918, 5%; Mar. 31 1919, 5%; June
prolonged curtailment in our output.
Several important decisions have
already been secured and we are determined to make a clean sweep, just
1919,7X%; Sept. 1919, ll%;.Jan. 1920, 5X%In April 16 1919 the company voted to increase the authorized capital
stock from $5,000,000 to $6,000,000, the new stock being offered at par to
shareholders of record May 1 1919.
V. 108, p. 1615, 1516.
In Nov. 1919
the company subdivided the $100 shares into ten shares of $10 each.
V. 109,
p. 1468, ±898.
In April 1920 the stockholders authorized an increase in
capital stock from $6,000,000 to $10,000,000 and in May stockholders of
record May 22 1920 were given the rights to subscribe to $2,000,000 of the
increased stock, payable 50% on June 10 and 50% July 10
1920.
See
"General Investment News" on a following page.---Ed.H-y • 110, p.1199.
talking
_
Allied Packers,
the lijfe of Mr. Berliner's patents.
Victor goods are still
by patents.
We do not claim to control the manufacture of
machines and never did, but we do claim to control the peculiar
features which contribute largely to the superiority of Victor goods.
Financial.—Thanks to its conservative policy, particularly in the pay¬
ment of dividends, the company is amply prepared to handle all increases
did during
we
as
protected
its
in
plant without resorting to outside capital.
company increased its surplus in 1919 $2,111,538 to $27,859,418,
paying on the $4,999,000 Common stock cash dividends aggregating
50%, viz., 5% each quarter (Q.-J. 15) and 15% extra in July and again
in October.
On April 15 1920 the company made a quarterly distribution
of 25%
on the Common shares,
and the same amount has been declared
payable July 15.—V. 110, p. 1858.—ED.]
[The
after
Incorporated, Chicago
1918.
1919.
Assets—
•'
•
(Statement for half year ending April 30, 1920)
President J. A. Hawkinson,
June 4, says
on
writing to Imbrie & Co., N. Y.,
in substance:
applicable to bond interest for the first half of the fiscal
are at the rate of more than twice the bond inter¬
for that period.
The indicated net earnings from Nov. 1,
1919, to April 30, 1920, are about $1,010,000, while the bond interest for
that period is $480,000.
The final audit of these figures may show slight
ghanges.
Considering the unprecedented conditions existing in the packing in¬
dustry during this period and the world wide unsettlement of business, I
believe these earnings should be satisfactory to the company's security
holders.
The company is in a very strong financial position ; our quick assets are
in excess of two to one against our quick liabilities.
The earnings
closing
year
est
April 30
on
:■
.
requirements
Imbrie & Co. further says:
Inventories—
receivable.
Marketable securities
Cash and invest. _A
-----------
—-
— _ —
books
showed
$10,805,000,
$3,460,000 is
issue
of
a
•'
*
-----
—
110,
V.
-
Investments at cost-.——
Advances transportation claims, etc
186,696
11,291,000
—
—
————
4.452,890
flFor commandeered merchandise.—v. 110, p.
2,000,000
58,351
$34,295,764
7% cumulative preferred stock
Common stock, 200,000 shares (no
i
par)
—
....
——————
payable, etc
1
$6,061,100
8,557,500
8,964,152
430,398
1,009,667
$5,616,000
1,823,322
reserves
...
trust notes
...
121,658
56,870
16,000,000
6 %—20 .year bonds, Matthews
—
Victor
—
—-
—
16,000,000
—
$41,719,688
9,098,457
$34,295,764
Eldridge R. Johnson, April 23, wrote in
18,
RR.—First Pref. Dividend.—
will be paid July 1 to stockholders of
$2.00 per
the First Pref. stock as follows:
Glass A.
$3.20 per share; Class C, $2.80 per share; Class
on
Class B.
share; Class E,
share;
per
$1.80 per share.—V. 110, p.
Boston Elevated
Chairman
asked
has
Mgr. Dana and Counsel Barum
approval for permission to use
$4,456,000 from proceeds of the sale of the Cambridge
subway as follows:
(a) $1,481,000 in payment of purchase of West
St. Ry. bonds due Aug.
1, 1920; (b) $1,000,000 for extensions and
$1,875,000 for payment of short term notes representing permanent addi¬
tions, etc.—V. 110, p. 2487.
remaining
the
sub¬
Canadian National
In
profits impossible.
In addition to the general Excess Profit Tax, the
Victor
Company, on account of manufacturing a semi-luxury, has been
obliged to pay an extra Excise Tax of 5% on turn-over.
Therefore, all
thirgs considered, the profits are as great as could be expected.
Plant,i Etc.-—A comparison of the items, land, buildings, machinery, fur¬
niture and fixtures as shown on the balance sheets for the last three years
might lead one to conclude that the pkuit
aggregate cash value of these items has been
had not been enlarged for the
reduced between Dec. 31, 1917,
1919, by some $300,000.
This apparent paradox is ac¬
counted for by the fact that the value of abandoned machinery and prop¬
erty and the usual depreciation charges amounted to more than the value
of
new
machinery and property acquired.
There has been actually re¬
invested
in
the
plant,
under the most advantageous circumstances,
an
amount equal to $1,220,000.
1
The rapacity of the plant has been steadily increased since October 1919,
at which time, as before mentioned,
the company reached a normal output.
The new machinery installed has a vastly greater capacity than the old,
new
methods are more efficient, and while, due to the scarcity of labor,
the entire working organization is only slightly above pre-war normal, the
output is considerably above, and during the next twelve months we expect
to achieve the greatest expansion
in our history.
Prices.—The company has
refrained from profiteering methods, having
advanced its prices in general to meet the unusual increase in the cost
of
production by only 22%.
The days of large profits in the talking
machine business have passed forever.
Fortunately, however, the Victor
Company
has achieved a very substantial increase in its turn-over.
Competition.—During the period in which we werp handicapped by war
orders competition flourished.
The scarcity of Victor goods placed a pre¬
mium on competition which, in many cases, was purely imitative and in¬
31,
fringing.
Unfilled Orders.—Notwithstanding this,
D, $4.00
2291, 2186.
Ry.—Proceeds of Subway Sale.—
Jackson of the trustees, Gen.
the Mass. P.
U. Commission's
Rys.—Additional Sub. Co.*s.—
,
Operation.—This report covers a period for which there is no basis of
comparison.
Although the war ended in Nov. 1918, it was not until
March 1919 that the Victor plants were completely cleared of war work,
therefore our manufacturing of talking
machines was practically begun
again on that date.
Although the machine output was reduced for a cer¬
tain period in the war to as low as 10%
of normal, the output again
reached pre-war normal by October 1919.
As anticipated,
the profits during 1919 were not entirely satisfactory.
The
percentage
of
profit has been steadily falling since 1915.
This
is
fully explained by the fact that wages have advanced over 110%,
the
materials actually used] have advanced over 74%, besides which we
have had
to meet the Excess Profit Tax,
which of course makes large
Dec.
June
End
(c)
(18th Annual Report—Year Ended Dec. 31, 1919)
and
the
semi-annual preferential dividend
A
record
116,839
Talking Machine Co.
stance:
of
Boston & Maine
-—
35,000
21.994
1,059,500
.Blackwell, Ltd.
Minority stockholders proportion of net worth.
Surplus—..........
————————
recent
the
.....
declared
Debenture bonds
Railway.—iVcti? Management.—
readjustment made possible it is believed through the as¬
bondholders of the Scranton Railway and the Scranton,
Biughamton & Montrose Railway, which control the Binghamton Railway,
the new management for the last named it Is stated includes with others:
Directors: Richard W. Day, Scranton, chairman; William H. Hecox, Ad¬
dison
J.
Parsons, cashier of First National
Bank; Walter H. Morse,
cashier of the City National Bank; Fred W. Ogden, of the Crocker-Ogden
Co.; Frank L. Fuller, Scranton and Binghamton; Thomas J. Keenan, at¬
torney for Receiver Phelps.
.
Officers:
President, Frank L.
Fuller, re-elected; First Vice-President,
Richard W.
Day, Scranton; Second Vice-President, Addison ,1. I arsons;
Secretary, William II. Hecox; Treasurer, Elmer M. White.
G. Trucy Rogers, long identified with the company it appears has retired
as director.
Compare V. 110, p. 2386.
641,491
401,505
Accrued accounts
Binghamton (N. Y.)
In
.
v
Notes payable and bank loans
Bank overdrafts, etc.
in Adrian, Mich., has
Service Co. which also
5s.—
$75,000 1st M.
the
ROADS
Ry.—Offered for Sale.—
offered
sistance
1189,1090.
Liabilities—
President
34,293,673
road which operates about 4 miles of track
for sale.
Road is controlled by Cities
This
been
owns
—
$41,719,688
Total
37,860.694
INCLUDING ELECTRIC
Adrian (Mich.) St.
———
....
2,362,168
Total
Miscellaneous
to
62,878
5,369,698
*
charges......
Collateral
Q17
4,742*732
—
Good-will, brands & trade marks
Dividends
,
i.ui/.oo
— ——
11,283,413
—..--A—————
Property, plants, etc
Accounts
—
GENERAL INVESTMENT NEWS
1919.
$9,143,365
Deferred
3,544,892
25,747,881
2289.
p.
RAILROADS,
1920Cash.—
$3,460,684
Notes & trade accep. rec. & acc. int
55,914 I
Accounts receivable--.^--. —..—.—.ii—.---5,047,1471
British Government—a694,747
Inventories.
11,961,546
Government securities..—
...J—
1,878,358
Canadian customs & draw back——————AwA
46,284
,
Miscellaneous
_
5.000,376
outstanding."
CONSOLIDATED BALANCE SHEET—MAY 1.
Assets—
%
4,999,000
1.900
27,859,419
ment of income
Surplus
V '
4,999,000
1.900
payable (including provision for payand excess profits taxes)
Accounts
J
'
.
Preferred stock
quiek assets of $23,134,000, as against quick liabilities of
ratio of better than two to one.
Of these quick assets
cash.
The net quick assets alone are 77% of the entire
bonds
3,632,384
34,293,673
1918.
Common stock——————.—...—...
in
debenture
6,274,899
37,860,694
1919.
Total
"During this period the company has increased its sales 18 8/10% over
those of its constituent companies for the same months of 1919. Its killings
show an increase even greater than this.
On May 1, 1920, the company's
6,313,761
4,961,532
------——_ -
- - _
'
'
*
10,209,828
—...—
Total—.—.—
Liabilities—
9,700,237
2
285,610
264,475
11,854,552
4,814,883
3,741,532
9,530,408
2
301,360
268,906
—
Patents, territorial rights and matrices.
Cash and invest, held for trust funds
Deferred charges
Accounts
<|
5
.
Land, buildings, machinery, etc
the figures of our unfilled orders
addition
the companies
to
mentioned in
1287, additional
Government-owned
incorporators:
V. 110, p.
companies have been incorporated by the officials of this
property, each with a capital of $40,000 and with the same
Canadian Prospector, Ltd.. Canadian Victor,
Ltd., Canadian Commander.
Ltd.,
Canadian Cruiser, Ltd.. Canadian Pathfinder, Ltd., Canadian
porter
Ltd., Canadian Importer, Ltd.. Canadian Farmer. Ltd..
Beaver, Ltd., Canadian Sealer. Ltd.. Canadian Constructor, Ltd.—See
Ex¬
Canadian
V.
110,
2387.
p.
Exchange Bonds.—
Central Vermont Ry.—May
committee for the First Mtge.
The
4s due May 1. 1920
of which Henry
is chairman, announces that more than 80% of the bonds have
subjected to the agreement dated March 5. The committee has approved
the exchange of
and has determined to exchange the deposited bonds for
new
10-Year 5%
bonds of the company, guaranteed, both principal and
interest by Grand Trunk Ry. of Canada,
Holders of the bonds who have not already deposited their ?>onds under
Agreement may deposit their bonds on or before July 15, 1920.
The New York Trust Co. has been named as Trustee under an Indenture
dated
March 15,
1920, securing an issue of $15,000,000 par value Re¬
Cooper
E.
funding
mtge.
5%
gold
bonds.—V,
Chicago & Eastern Illinois
Rale
of
110, p.
2487, 2482.
RR.—Sale Postponed.—
foreclosure, scheduled for June 15, has been again
19.—V. 110, p. 2075.
the road under
postponed to Oct.
Chicago & North Western
Ry.—Dividend Correction.—
21/£c/o dividend on the Common stock and the 3Vjt% dividend on
stock are both payable July 15 to holders of record June 18 (not
21, as first announced by the company).—V. 110, p. 2487, 2075.
The
the Pref.
June
Chicago Elevated Ry.—IFage Increase.
Representatives of the union have signed an agreement
giving motormen, conductors, guards and trainmen 82
pany
an
cents, and unskilled
p.
464.
increase of 15
cents.—V.
110,
with the com¬
cents an hour,
of 10
laborers 72 cents, an increase
Chicago Surface Lines.—Wage Increase.—
The
employees
increase
in
wage
have voted to accept the offer of the
of 15 cents an hour.—V. 110, p. 2291.
company of an
2568
THE CHRONICLE
Cleveland, Cincinnati, Chicago & St. Louis Railway.
New
See
York
Central
below.—V.
R.Ii.
Porto Rico
p.1848.
110,
[Vol. no
Rys. Co., Ltd.—Common Div. Resumed.—
A
quarterly dividend of 1% has been declared on the outstanding $3,000,Common stock, payable July 2 to holders of record June 15.
An
initial
dividend of
1%
was
paid in Oct.,
1911.
which has been paid
quarterly to July, 1914, incl.; none since.—V. 110, p. 1188.
000
Elgin, Joliet & Eastern Ry.—New Directors.—
P.
F. McManus,
C. H. Kenzel and
directors, succeeding Richard Trimble,
110, p. 2192. 1289.
G.
W.
W.
J.
Williams
have
Filbert and
been
P.
L.
elected
Fisher.—
Providence & Danielson Ry.—Lease Abrogated.—
V.
Rhode
See
Great
Northern
It
is
stated
that
it
is expected
that
Ry.—New Financing
discussions
under
Contemplated.—
between representatives of
the company and their bankers relative to plans for taking care of
$20,000,000 5%
Collateral Trust Notes due Sept. 1 next.
Current rumors state
the
are
securities
new
bear
Interest
in
the
neighbor¬
hood of 77 p. a.
It is also stated that the company may possibly do some
equipment financing, having recently contracted for some new equipment.—
—V. 110, p. 1415.
Co.,
below.-—V.
108.
684.
p.
Portland Ry., Light & Power Co.—Fare Increase.—
way
will
Island
The Oregon P.
S. Commission has issued an order, effective June 15,
fixing street railway fares at 8c for a single cash fare, with strip tickets
the rate of 6 for 45c and books of tickets at the rate of 50 for $3.65.
This compares with a present cash 6c fare and tickets for 5%c.—V. 110,
p. 2292, 1416.
at
,
Sound
Puget
Georgia Ry. & Power Co.—Equipment Notes.—
The
Georgia BR.
Commission
has
authorized
the
company
to Issue
$278,000 equipment trust notes in part payment for 27 new cars, costing
about $381,000.—V.
110, p. 1289.
Into Purchase
Traction
Light
Co.—Investigation
Power
&
of Property by City.—
Mayor Hugh M. Caldwell has signed an ordinance authorizing and directing
to inquire
into the purchase by the city of Seattle of the traction
of the company for the sum of $15,000,000.
The sum of $10,000
lias been appropriated for the investigation.—V. 110, p. 1290.
him
lines
Iowa
Railway & Light Co —Earnings.—
March 31 Years
Gross
1919-20
earnings
Operating
and
expenses
1918-19
$2,508,716
1,831,029
taxes
$2,173,208
1,583,670
Net
earnings
*$675,087
*
Before deducting interest on bonds and secured
notes outstanding
$323,890
which leaves $351,797 surplus after interest.—V.
109, p. 770
Johnstown
Cash
fares,
tickets
Kansas
for
25
raised
were
cents.—V.
109,
6
from
cents
Four
cents.
City Railways.—Protective Committee.—
Tie
Mortimer
will
devote a portion of his time to assisting
the ground.—V. 110, p. 2292, 1526.
on
Kansas
the
company
1289,
1089.
of
cents
The
hour
V.
hour
third
and
San
of
wages
motormen
and
conductors
have
50 cents second
year,
been
increased
8
cents
year,
Francisco—Oakland
RR.
to
Commissiin
the
safety
motor
P.
View
Rhode
Receiver
(N. Y.) Ry.,
who recently
2481. 1188.
Mahoning Coal RR.—Extra Dividend.—
An extra dividend of
$15 per share (30%) has been declared on the
outstanding $1,500,000 Common stock, payable July 1 to holders of record
June 21.
The
regular semi-annual dividend of $5 per share was also
declared on the Common
stock, payable Aug. 2 to holders of record July 16.
A, dividend of 60% was paid in May last, prior to which regular dividends
of 20%
and extras of 30%. aggregating 50%j or $25
per share,
were
paid each year since 1915.—V. 110, p. 1642.
St.
$124,for 25
system.-—V.
payment
part
as
issue
to
company
Alameda
its
County
Island
Co.,'
108,
above.—V.
.
.
685.
p.
Department of Public Utilities
increase
fare
increase
of
tickets
to
six
for
50
cents,
38%, effective June 15.—V.
has
authorized
instead
108,
p.
of
five
the company to
30 cents, an
trainmen
Michigan RR.—Temporary Fare Increase.—
The City Commission of
Kalamazoo, Mich., on May 30
tion permitting the
company to charge a 10 cent fare, or
25 cents.
The new rates will prevail until the
contract
electors,
between
until
Dec.
passed a resolu¬
three tickets for
primary election in August,
the
city
and if it should not
continue
31. next,
the
company should be given
reduced accordingly.—V.
the
company
the
10-cent
p.
will
fare
lie
as
submitted
rate,
1849.
in which
case
to
permitted
now
unless any of the other cities
lower
a
110,
and
carry
served
the fare
June
1
have
and
to
accepted
continue
increase of 5 cents an hour,
months.—V. 110, p. 872.
wage
a
for
six
ef¬
Tri-City Ry. & Light Co.—Injunction.—
for
2123.
Ry., Conn.—Claims—to Junk Road.—
Robert
Court,
Joseph (Mo.) Ry. Lt. Ht. & Power Co.—Wages.—
fective
Massachusetts, Northeastern St. Ry.—Fare Increase.—
The Mass.
a
the
Louis
St.
on
W.
Perkins, in a report filed with the Clerk of the
reports a total of $4,798,136 in claims against the com¬
pany.
The claims are summarized as $658,016 in common, $131,149 in
preferred, $3,472,400 subordinated to general creditors and $541,570 dis¬
allowed.
The estate
of Morton F. Plant is the principal creditor.
Judge George E.
Hinman has signed an order in the Superior Court
allowing Receiver Robert W. Perkins to junk the line of the company from
Flanders Corners, East Lyme, to New Haven,
approximately 73 miles of
trackage.
Disposition of the equipment is included in the order, which
permits the receiver to sell the property, either at private or public sale
or
dismantle it.—V.
110, p. 1749.
Superior
The
the
of
u*e
Ry.—Lease Abrogated.—
an
(Ky.) Railway.—New President.—
Barnes,
recently Gen. Mgr. of the Schenectady
has been elected President, succeeding Thomas J.
Mi nary,
accepted the position of Chairman of the board.—V. 110, p.
when
authorized
Co.
for
cars
Shore Line Electric
Louisville
will
Terminal Ry.—
has
Car
American
2193.
p.
See
Light Co.—Wage Increase.—
advanced
were
first
2076.
p.
James
110,
year,
notes
Sea
54 cents thereafter.—
year and
hour
Calif.
The
279
Street Ry.—Wage Increase.—
to 47 cents first
110,
cash
4 cents an hour effective June 1 to
47 cents an hour second year, 48 cents an
49 cents an hour fourth year and 50 cents an hour fifth
thereafter.—V. 109, p. 174.
trainmen
an
double-end
i
(Ont.)
year,
Company.—Abrogates Leases.—
Roanoke Traction &
Wages
44
110,
London
regular quarterly dividend
earnings for the last quarter
corresponding period of last
the
In a decree entered in the Rhode Island Superior Court on Jan.
9 by
Presiding Justice Tanner, the receivers of the company were granted author¬
ity to surrender and reject the leases given May 29. 1911, for a period of
999 years, under which the company operated the Providence & Danielson
Ry. and Sea View Ry. The lines will be turned back to their owners on
Sept. 7.—V. 110, p. 2193.
City Southern Ry.—Preferred Dividend.—
A quarterly dividend of 1% has been declared on the Pref.
stock, payable
July lo to holders of record June 30 ; provided, there shall have been re¬
ceived from the U. S. Government a sum sufficient to
pay the same.—V. 110.
p.
the
on
Although
over
1743.
year
management
action
no
stock.
directors, it is stated, felt that in view of pending financing the
should be conserved and used for necessary construction.—V.
the
p.
Protective Committee for
the
security holers.
Arthur
Reynolds,
Chairman, and H. L. Stuart, Vice Chairman, have assumed active partici¬
pation in the management of the affairs of the company. The Committee
has retained James II.
Mortimer, until recently President of the North
American Co.
and its subsidiary companies, to represent the Committee.
Mr.
took
substantial increase
resources
1079.
p.
June 15
on
the preferred
on
shown
Rhode Island
7
to
directors
1% %
have
(Pa.) Traction Co.—Fare Increase.—
effective June 1
sold
are
$589,537
Republic Ry. & Light Co.—Pref. Div. Passed.—
The
of
As a result of the granting of an injunction by Judge House, the Tri-City
Ry. of Davenport, la., is still charging 7-cent fares on its lines in Daven¬
port.
Judge House acted upon a petition of Davenport retail merchants,
who asked that the City Council be restrained from enforcing the terms
of an ordinance which provided that the fare revert to 5 cents on June 1,
and that the company be restrained from ceasing operation.
The com¬
pany is continuing to pay its employees a wage scale of 60 cents an hour.
The permanent wage question will be settled by an arbitration board.—V.
110, p. 2488.
by
will
be
The
Street Ry.,
Boston.—Bond Application.—
has applied to the Mass. P. U. Commission for authority
$1,581,000 7% bonds to run not exceeding 30 years, to refund
a
like amount of bonds due Aug. 1, 1920.
See also Boston Elevated Ry.
above.—V. 109, p.
1893.
■
-:
to
stockholders on June 15 voted
favorably on the merger plan of the
Middle West Securities Co. by the Middle West Utilities Co.
For outline of
see V. 110, p.
2076, 2192.
End
West
The
Middle West Utilities Co.—Plan
Approved.—
company
issue
.
.
plan
INDUSTRIAL
Northern Pacific
The directors
Ry.—Regular Dividend.—
have declared the regular
quarterly dividend of 1%%
on
the
outstanding $248,000,000 capital stock, payable Aug. 2 to holders of record
July 2.
This rate has been paid quarterly since 1910.
_
President Howard Elliott is
quoted
as
saying that
no
other dividend action
had be<?n contemi)late<l by the directors.—V. 110,
2076
p. 2193,
Stock Retired—$104£50 Bonds
Press
reports
the
open
Cincinnati
It
is
issued
stated
a
has
price,
been
the
substantial
company
that
circular
stipulated
months
it
and
ago
to purchase
is
learned
some
of
the
the bonds
that
the
leading
in
the
banks
open
purchaser
of
Paris
market at a
of
the
bonds
New York Central
RR.
It is understood
that already a
of the issue has been purchased for the account of the
that every effort will be made to obtain the
remaining bonds
part
and
outstanding.—V.
Peoria
The
six
offering
110,
p.
2292,
1643.
(III.) Ry.—Wage Increase.—
employees,
who had been in strike for higher wages for two weeks
work, having been granted an increase in wages.
The
56 and 59 cents an hour.
The maximum scale previously
was 47 cents an hour.
Company is to apply to the P. U. Commission for
increased fares over the present fare of 6 cents.—V.
108, p. 2630.
have
new
returned
scale
is
to
W.
succeed
Mantz,
the
late
recently
John
B.
Vice-President, has been elected
Parsons.—V. 108, p. 785.
President,
Pittsburgh (Pa.) Rys.—Wage Increase.—
The
carmen
have accepted
the wage award
offered
by the receivers.
new
of
the
Called—Earnings, Etc.—
declines
company
to
confirm
a
current
to
report
the
management has purchased in the open market and has
100,000 shares of common stock out of the 628,414 shares
value outstanding at reorganization.
The balance sheet of
1920
shows total common stock outstanding to be o61,714%
the
about
par
31
shares, contrasting, it is
1919
(V. 110, p. 1847).
understood,
601,614%
with
shares on
Dec.
31
_
outstanding (recently $522,000) there h&je bemi
called for redemption $104,250 (25 of $50 each and 103 of $1,000 each)
and
the
same
will
be paid
at par and
int. on July 1 1920 at the
Guaranty Trust Co., 140 Broadway, N. Y. City.
The earnings
for April
1920 were about $149,000 and for May still
better results were expected.
Income account of Aetna Explosives, Inc., for three months ended Mar.
31, 1920:
Gross sales,
$2,283,040; less cost of sales & all expenses, incl
deprec.,
$1,938,163; net-profit, $344,876; miscellaneous income, $96,293; gross
income, $441,169 ; interest on funded debt, $64,168; net profit for three
months, $377,001.
'
Earned surplus to Dec. 31 1919 was $296,669; capital surplus. $5,567,325; total surplus (as per balance sheet Mar. 31, 1920), $6,240,995.—
V. 110, p. 1847, 2489.
Of
the
series
of
bonds
,
„
„
.
53,
Philadelphia Traction Co.—New President.—
George
to
no
March
RR.—Reported Buying Deb. Bonds.—
state that the New York Central RR. has been
purchasing
market,
through French banking interests,
the Cleveland,
Chicago & St. Louis Ry. 4% Debenture of 1910. due June 1.
1930. of which 50,000,000 frs. ($9,650,181) were sold by
Morgan, Harjes
& Co.
Comptoir Nacionale d'Escompte de Paris and Societe Generale.
In
that
effect
retired
of
New York Central
official
An
MISCELLANEOUS.
AND
Explosives Co., Inc., New York.—Amount of Common
Aetna
Alabama
The
,
,
Company.—Common Dividend of 5%.—
directors
have
declared
a
dividend
of
5%
on
the
stock
common
payable July 1 to holders of record June 21.
In January last a distribu¬
tion of 4% was made while in July 1919 3% was paid.
The board fixes
no
specified time which this common dividend covers.
The management,
it is said,
has closed a deal for the purchase of 640 acres of additional
coal
land adjacent to part of its present property holdings.—V. 110,
p.
1528, 659.
American
The
Bosch Magneto
Corp.—Stock Dividend &c.—
wage increase, retroactive to May 1, gives the men 64, 68 and 70
an
hour according to the length of service.
The old scale was 49,
52 and 54 cents an hour.
It is expected that this wage increase will neces¬
sitate an increase in fares from 7 % cents, or four checks for 30 cents to
on
reducing the number of
to issue
to
employees from
$4,000 shares;
(b)
on
authorizing the issuance of 16.000
unissued shares (at the consideration of $5 per share) as a stock dividend
8
of
cents
1/3 cents
or
three checks
for
25
cents.—V.
110,
p.
2388.
The
shares
$5,000
20%
stockholders
which
the
will
vote
directors
June
29
(a)
authorized
are
to
payable
July
15
to
stock
of
record
July
1
(V.
110,
p.
2293)
;
JUNE 19
(c)
on
on increasing the stated capital from $2,500,000
ratifying the plan adopted 'by the directors for
(V. 110, p. 2388).
Net earnings for the 5 months ended May 31 are
against
that
mated
reported as $929,334
is esti¬
.
of 1919.—V.
all
in
110,
Co.—Quarterly Report.—
Quarters ending Mar. 31—
Quarters ending Mar. 31—earnings
Total operating expenses
def.$114,358 def.$
...def.$ 84,585
Net
1918.
$371,044
375,385
4,341
Balance, incl. misc. inc
def.$ 81,618 def.$106,785
$
8,018
The company reports for May, 192,700 dry tons milled; calculated heads,
.873c.; per cent extraction, 79.61; tails, .178c.—V. 110, p. 1750, 872.
Shoe
Brake
dividend
extra
&
Co.—Extra Dividend.—
Foundry
l1/4%. and
of
the
quarterly
regular
dividend
of
1 % % have been declared on the Pref.
stock, in addition to the regular
quarterly of 1%% on the Common stock, all payable June 30 to holders of
record June
15.
A like amount was paid extra on the Pref. stock in
last.—Compare
March
stock readjustment plan
in V.
110, p. 2293, 2194.
substantial block of common
$40 per share. Circular shows:
at
a
Depreciation
6,946
& Co. are of¬
stock (no par value)
Corporation.—Initial Class " B " Dividend.—
Barnsdall
2%% has been declared on the Class " B " non¬
along with the usual quarterly of 2%% on the
both payable July 15 to holders of record June
initial dividend of
An
(par $25)
voting stock
stock,
voting
" A "
Class
shares.
for Common Stock After Pref. Divd., Taxes, Etc.
1919.
1918.
1917.
1914.
1912.
.$1,419,745
$1,083,590
$411,498
$1,402,988
$1.4(32,189
Per share on 162,500
shares
$8.73
$0.67
$2.53
$8.63
$8.99
$9.37
With the exception of the years 1917 and 1918, Company has paid divi¬
dends continuously since 1902.
These dividends have averaged over $6
per share annually on the present outstanding stock.
The recent rate has
been $4 per annuip.
Complete annual report in V. 110, p. 869, 1974.
Earnings Available
Cal years:
Net earnings.
.
30.—V. 110, p. 2078, 1975.
Hadfield-Penfield
See
extra
Co.
below—V.
105,
p.
this week state that plans for the merger of the Barrett
National Analine & Chemical Co., and General Chemical Co., are well
way.
Although nothing definite can be learned from the companies
themselves or their bankers, the sharp advance in the stock of the com¬
Current reports
Co..
under
dividend
of
2%
payable in
common
stock
in
addition to the
1 to
the
usual quarterly dividend of 2'^% has been declared, both payable July
holders of record June 18. The regular quarterly dividend of 1%% on
preferred stock will be paid on Aug. 2 to holders of record July 15.—V. 109,
p. 2441.
Sugar Refining Co., N. Y.—New Refinery in Balti¬
American
more—Status of Company.—
Under caption of
" Baltimore Welcomes,"
The
Company.—To Erect Building.—
it is stated, is to (erect a 23-story
cost of $1,500,000 at the southwest
St., New Cork.—V. 110, p. 1523.
company,
at
building
a
work
active
at
the new
refining site in
the
Co.—Notes Offered.—H a rris,
90^ and int. to yield 7.35%
Gold Notes, series "D" circular
Baltimore.
refined sugar
trucks,
to a
plants, with 135 miles of railroad, with logging camps.
Our cut-over lands
in
the Adirondacks we are reforesting.
We make our own cartons for
and
packing of sugar, making last year, entirely aside from those which
bought outside, 160,000,000 cartons.
We consume between 600,000
700,000 tons of coal a year.
We buy enough cotton cloth to more
than
go
round the world,
as we also do of paper used
employees runs only between
theless our total number of
in packing.
a
recently
capacity
last
The
1920, due June 1, 1925.
Int. payable J. & D. Callable
at 100t6 and int. on any int. date.
Denom. $1,000.
Bridgeport (Conn.),.
Trust Co., Trustee.
Tax exempt in Connecticut.
Company.—Incorp. in Connecticut in 1849.
Conducts entire gas business
in
Bridgeport and In Stratford and Fairfield, Conn.
Population (est.),
160,000.
Owns 260 miles of mains through which 1,071,441,100 cu. ft.
of
few
American
special charter which, in the opinion
unlimited in time.
Capitalization after this financing
Capital stock (8% dividends)
First Mortgage 4%
Bonds, due 1952.......
the time
at
6%
2293.
a
rights
Outstanding
Authorized
$2,500,000
$4,000,000
1,000,000
1,000,000
including present issue
1,000,000
750,000
Purpose.—Proceeds will be used to retire $250,000 notes (Series "A ')
maturing Aug. 2, 1920, and for extensions and improvements.
Earnings Year ended December 31, 1919
Notes,
Gold
5%
tftXGS*
flffpT"
Mpt
$1,212,341
earnings
Gross
*
•
interest on
Annual
il*
•
•
•
•
*
•
•
«
#'•
•«•#•«» »> • • ••• ••••••• •
04i/jU\)0
• * • • • • •
011'522
Bonds and Notes..
272,166
surplus
Balance
88, p. 161.
—V.
O.—Meeting to Rescind
Six New Shores of No Par
Value Stock for Each $100 Share.—
The stockholders will vote July 2
(1) on rescinding the 20% Common
stock dividend recently declared.
(2) on approving a plan to issue six
shares of no par value Common stock for each share of authorizejl stock
'(150,000 shares, par $100).
There Is outstanding $12,500,000 Common
Hill Steel Co., Youngstown,
Stock Dividend.—To Issue
stock
and $5,000,000 Preferred stock.
Detailed Description of Plant
Reference Book
Hill
Brier
The
Properties and Products.
is the title of a
handsomely illustrated
which is valuable alike
pages recently issued,
who desires a complete history of
volume of 319
to the
the company and a description
of its mines and plant, to the student wishing a pictorial story of the art
of steel making from ore to finished product, and to the purchaser of steel
in
its various forms and shapes.
The book was compiled and edited by
Russell G. Carter, of Youngstown, O., advertising manager.—v. 110, P2078.
of
Woolen Co.,
Boston.—Subscription to Stock.—
$20,000,000 new Common
subscription, July 7 and 50% Aug. 9
installments from July 7.—Compare V.
of making
deferred
2489.
Corporation.—Balance Sheet. —
shareholders of the Nova Scotia Steel & Coal
following tentative balance sheet for the proposed
British Empire Steel
A
to
letter
circular
the
(see below), gives the
amalgamated company:
Co.
'.\r Balance Sheet—December 31, 1919
Liabilities—
Net
issued
cap.
stk. .$207,000,000
$403,770,990 Net funded debt..
43,550,294
Deferred pay'ts on prop.,
Assets—
.
Properties, etc.
Deferments
2,973,464
Investments
Deferred
for
Cash
charges
.....
bd. redemp
Call
loans
S. gov. bonds
accts. recelv...
Inventories
U.
&
Can.
Notes
&
const't
259'221
24,091,269
1,526,204
4,913,591
17,018,536
27,757,052
CAPITALIZATION
PROPOSED
stock is 50%
with interest
110, p. 2077,
1.308,231
1.998,844
surplus
♦Capital
other
&
Bank
.
etc.,
Renew.,
6,445,973
loans
payable .........
pay., taxes & div.
Paymts. on incom. contr
Notes
Accts.
OF BRITISH
15,147,017
10,216,847
.$484,389,362
Total
..$484,389,362
Total.
cos.
credits
reserves..
Deferred
•
Cash
EMPIRE STEEL
CORPORATION.
Capital Stock :
7% Cumulative Preference stock
8%
Cumulative and Participating
ence
7%
To Be
Common
stock
.
.
Issued.
$37,000,000
To Tie
Authorized.
$40,000,000
Prefer¬
stock.
....„
.......................
25.000,000
100,000,000
stock
Non-Cumulative Preference
72,750.000
79,000,000
150,000,000
210,000,000
$213,750,000
$500,000,000
Total
be held for constituent com¬
panies :
7%
Non-Cumulative
Preference
Deduct:—To
4,750,000
2,000,000
stock
Never-,
years
method of payment for the
at
on
40,000 customers. Operates
of counsel, grants franchise
distributed during 1919, to about
were
gas
under
Common
stock
6,750,000
$207,000,000
Funded
debt
represented by bonds
of
constituent
stocks
debenture
and
com¬
$44,616,693
panies
Deduct:—Held
for sinking fund, in treas¬
or
by
constituent
com¬
panies
ury
2,973,898
$41,642,795
which add bonds to be
purchase agreements
be retired
To
of
issued in terms
less bonds to
$1,907,500
'
$43,550,295
assigned for the taking out of a provincial charter Is that
government has amended the Companies Act so as to
permit of the issue of shares either in the denomination of $100 each, or
of £1 each, and providing that these shares should be exchangeable at the
rate of 20 £1 shares for $100.
This makes it possible for a Canadian
company to have its shares listed in
the $100 denomination on the Cann/Bnn
o«AmoHnnTi
^YchflncrAs
and In
£1
on tho London
Stock
One
the
The
June 1,
Dated
10,000 and 12,000.
property in1 Cuba,
also acquired a
very
beautiful
producing about 90,000 tons of raw sugar a year.
we have gone
more extensively into the molasses
business and have built receiving stations in connection with that busi¬
ness,
together with tank cars and tank steamers.
[General Manager Ralph S. Stubbs adds:
"The plant which will be
located at Locust Point, in the heart of Baltimore will be one of the largest
and most modern sugar refineries in the world. Our total water frontage is
over a quarter of a mile in length.
We will
employ approximately 1,500
people—men and women.
The raw sugar needed to serve this refinery will
require from two to four ships each week.
Under normal conditions this
plant should ship by railroad alone from 50 to 75 carloads of sugar and
sugar products daily.)
Compare V. 110, p. 2077, 1081.
have
We
with
shows:
2389,
grand total of between 7,000,000 and 8,000,000 barrels of sugar, or ap¬
proximately 80,000 carloads of sugar.
This is a large operation, all done
on
a very slender margin.
We manufacture our own barrels,
and for that purpose have 525 sq.
miles of timber.
We have seven stave plants and four barrel assembling
the
(five-year)
$500,000 5%
Extracts from
five years
ment, machinery and other manufacturing accessories.
The
is shipped by coastwise steamers, railroads
and automobile
we
of Madison
corner
& Co. are offering at
Forbes
Investor
Speech by President Earl D. Babst
I have been an officer of this company, our net profit
from operations has ranged from 2 to 4%% on our sales, or from one mill
to 1/3 cent, or 3 mills, on every pound of refined sugar produced.
Speak¬
ing in terms of sugar, each 2-cent postage stamp means the profit of
refining 20 pounds of sugar.
It is 10 years since we built at Chalmette near New Orleans our last
refinery, without doubt the peer of any sugar refinery in the world.
We
were ready for another at some point.
In 1900 we had 60% of the sugar
business of the country and our competitors had 40%.
To-day we have not
more
than 30%l, our competitors at least 70%.
While our volume is as
large as it ever has been, yet our percentage has gone down to a point
where
we
must put ourselves
in position to share at least with our
competitors the general growth of the business.
We have six refineries, one at Boston, two in New York harbor, two in
Philadelphia harbor and one in New Orleans.
There are 16 other can
sugar
refineries and, 94 operating beet plants in the United States, all
producing table sugar, in open competition with each other.
In our opera¬
tions last year we docked at our refineries 533 ships of all sizes, bringing
1^ million tons of raw sugar from the West Indies.
In normal years we
have ships from the Orient, Java, Peru, Brazil, Venezuela, British Guiana,
in addition to those from the West Indies, and from many other markets.
In order to manufacture this raw sugar into refined sugar we bring into
our
refineries each year about 50,000 carloads of packing material, equip¬
the
In
office and salesroom
45th
and
Avenue
little
Company has issued in
pamphlet form the various addresses which were made at the dinner given
by the firm of Alexander Brown & Sons to the president, directors and
officers of the company on Jan.
16, 1920, to celebrate the beginning of
Condensedi
regarding the merger may be forth¬
1640.
panies would indicate Jthat a statement
coming in the near future.—V. 110. p.
20%
2096.
Gas & Electric Co.—Stock Dividend.—
American
An
Steel
1
-
Co.—Merger Rumors.—
Barrett
Brier
Clay Machinery Co., Bucyrus, O.—Acquired.
American
$167,000
$180,000
$93,114
880.
p.
Bridgeport (Conn.) Gas Light
Company.—Organized in 1899.
Is today one of the principal manufac¬
of chewing gum in the world.
Owns and operates 6 plants in the
United States, and, through its subsidiaries,
plants in Toronto, Canada,
and London, Eng.
Included in its products are the well known " Adams V
and " Beeman's " brands.
Purpose.-—Proceeds from the sale of the new Common stock (82,500
shares)
will be used to provide additional working capital and to pay
for a new plant being erected in Long Island City.
Capitalization authorized and outstanding upon completion of this ftnayicing.
Amer Chicle
6% Notes.$2,500,000 I Pref. stock 6% Cum
$3,000,000
Sen Sen Chiclet 6s 1929 2,047,500
| Com.
(no par value). .162,500 sh.
Company had outstanding 80,000 shares of Common stock, par $100,
which it is proposed
to exchange, on the basis of share for share, for
shares
of
Common
stock without
par
value.
The 162,500
shares of
Common stock assumes the exchange upon the above basis of the entire
amount
of
Common
stock
having par value and
the issue of 82,500
Net
147,582
140,000
—■—
$90,000
surplus
108,
turers
additional
17,023
59,500
...
Taxes
Stock Offered.—H o rnblower
Weeks, white, Weld & Co. and Lowr, Dixon
fering
1,812
$289,58(2
59,500
(6))54,000
9,1082
180,000
59,500
dividends
Borden
American Chicle Co.—Common
&
$310,523
59,500
(6) 54,000
$194,926
(7%)
divtls
Pfd.
Common
V.
1919.
$304,017
418,374
1920.
$413,246
497,831
Gross
American
(4%) 40,500
....
Total
Total
An
$262,086
2388, 2293.
p.
Alaska Gold Mines
$263,936
145,523
165,000
$121,760
14,926
$156,446
earnings
Net earnings
Previous
surplus
will be
Cash dividend is now $10 per share per
annum.
-J
Shipments in the five months ending May 31 totaled $4,500,000 com¬
pared with $6,000,000 gross for the full year of 1919.
The five months'
business resulted in
180.000 instruments being shipped against 207,000
share.
$25 per
or
1916
1917
1918
1919
$197,944
76,446
80,000
Gross
$973,403 for the 12 months ending Dec. 31,1919.
It
net profits for
1920 after deducting Federal taxes,
$2,500,000,
Co.—Annual Report.-
American Wringer
to $2,580,000. ; (d)
issuing stock to em¬
ployees
as
2569
THE CHRONICLE
1920.]
reason
Nova
Scotia
THE CHRONICLE
2570
Exchange,
adian
and
them
enables
American
or
vice versa.—V.
to
wish
holders
exchanged
be
at
time
any
to make delivery on
In
Can¬
case
the London market
United
in
[Vol. 110
States, Closed by Impending Importation of Thou¬
or
sands of European
110, p. 2393.
War Planes.—
This company,
Canadian Converters Co., Ltd.—Dividend Increased.—
A quarterly dividend
of 1%%. has been declared on
the outstanding
$1,733,500 Common stock, payable Aug. 10 to holders of record July 31.
A quarterly dividend of
1 %% was paid in Feb. and again in May last,
prior to which \lA % had been paid quarterly since Aug. 1918.—V. 110,
p.
204.
Cement Securities
wnich represents three-fourths of the entire American air¬
industry, on June 11 announced practically complete abandonment of
all plans for
the manufacture of commercial airplanes in this country.
Vice-Pres. C. M. Keys says:
"This step is taken as the direct result of
the failure of Congress to protect the airplane market off the United States
against the invasion of British airplanes, bought by a syndicate from the
British Government at 1% of their cost, for export to this country and
now
about to be dumped into this market.
Before July
1 the Curtiss
Corporation will stop the manufacture of airplanes, motors and accessories
at the Buffalo plant,
and this factory will immediately become engaged iu
the manufacture of other products.
craft
Co., Denver.—Dividend Increased.—
A
quarterly dividend
of 3%
has
been
declared on the outstanding
$8,700,000 Capital stock payable July 1 to holders of record June 15.
This action increases the annual rate from 8% to 12%.—-V. 110, p. 1190.
"
This
Chino
output for May was 3,930,723 lbs. of copper as against 3,583,390
1919; total output for 5 months ending May 31 was 18,145,954 lbs.
of copper against 18,045,819 lbs. in 1919.—V. 110, p.
2190. 2079.
Cleveland Cliffs Iron Co.—Stock Acquisition.—
S.
of
L.
Mather,
secretary, writing to the " Chronicle " June 14
All
says:
the common stock of The Trurnbull-Oliffs Furnace
Co. has been purchased
Cleveland-Cliffs Iron Co., and the preferred
stock of Trumbull-Cliffs Furnace Co., has been subscribed for by ClevelandCliffs Iron Co., so that there is none of this stock being offered on the
market, at the present at least.—V. 109, p. 1276.
Trumbull
by
Steel
Columbia
Co.
and
Sugar Co.—Dividend Decreased.—
An extra dividend of 1%
has been declared
the outstanding $3,000,000
capital stock, along with the regular quarterly dividend of 2%, both payable
July 1 to holders of record June 20.
A quarterly dividend of 3% was paid
in
April
last.—V.
100,
Consolidated
Net
Cigar Corp.—Earnings, etc.—
earnings
taxes,
the 4 months ending April 30 1920. before deducting
$864,839, compared with net profits of $610,828 be¬
and State taxes for the period from
May 16 1919
for
reported
are
on
819.
p.
as
fore dividends and Federal
Dec.
to
1919.
31
The
company
parts of the country, and
mately $5,249,000.—V.
Cosden
Net
&
2294,
p.
factories
in widely scattered
working capital of approxi¬
net
a
1190.
Co., Baltimore.—Earnings—Production.—
earnings applicable to dividends /for the quarter ending March
31,
we learn were about $2,500,000.
The report for the year 1919, it
1920,
understood
is
31
has
now
is said to have
110,
dividends
will
and
show
net
income of
approximately
for
Federal
income
and
refined
company
with
compared
(Wm.)
Cramp & Sons Ship & Engine Bldg. Co .—Meeting
July 1 to Increase Authorized Capital Stock to $20,000,000.—
Stock Dividend of 150% Proposed.—
The
stockholders
will
vote
July
1
increasing
on
the
authorized capital
stock
from
$0,250,000 ($6,098,000 outstanding) to $20,000,000 with a
view to the declaration of the stock dividend of
150% or $9,147,000 recom¬
mended by the directors at their
meeting on April 29.
This dividend, if
paid
will increase the outstanding capital stock to
$15,245,000, leaving
$4,755,000 in the treasury for future use.
The
report submitted to the shareholders April 29
(V. 110
p
1971),
that in 1919 the company earned
34%% upon the amount of stock
shows
outstanding and had
were
long withheld,
accumulated
an
surplus of $10,908,566.
Dividends
might have warranted some dis¬
tribution in cash.
As the American .Ship & Commerce
Corporation owns a
majority of the Cramp stock, the stock dividend will put more than
$5,000,000
of
1971.
additional
when
even
stock
earnings
the
treasury
in
of
that
corporation.—V.
110,
p.
1852.
Crocker-Wheeler Co.—Stock Rights—Stock Div.—
All
stockholders.
allowed
Common and Preferred, of record
subscribe at par on or before that date for
to
July
new
3
1920,
stock as
will be
follows:
10% or $242,000 new Pref. stock; (b) 20% or $484,000 new Common
stock.
Subscriptions will be payable either in full on July 3 or in instal¬
ments due. it is understood, as
follows: 10% July 3 and 30% each on or
about Sept. 3. Nov. 3 and Jan. 3.
(a)
The
directors
have
tioned: U.
2
i
declared
stock
a
dividend
Common stock, payJan.
and to favorable posi¬
dividends.—Compare V. 109,
Government respecting stock
S.
4.
Crowell & Thurlow
Steamship Co.—Dividends.—
A
quarterly dividend of 75 cents per share has been declared on the out¬
standing 300,000 shares of capital stock (par $10, not
$100), payable June
30 to holders of record June 21.
Dividends at the rate of $2 quarterly
were
paid from Sept, 1919 to March 1920, inel.
A quarterly of $3 was
paid in June 1919 and $1 in March 1919.
The
he
"Boston
Financial
slightly
running
News"
better
than
that
says
last year
earnings
when
ings on the 100,000 shares then
outstanding
taxes.
In August the
company will launch a
is
being
built
from
earnings."—V.
Crucible Steel
quarterly
(2)
a
stock
distribution
Common
in
July
cash
"are
understood to
showed earn¬
company
$16
over
share
after
steamer
that
per
10,000-ton
1976.
June
on
on
of
to
holders
the
16 2-3%
31
July
this
stock
Common stock
Dividend:—Initial
the
on
of
dividend
from
16
will
of
1%%
a
and
shares,
15.
The
July
increase
was
(1)
shares
Common
record
$37,500,000
dividend
declared
Common
to
the
out¬
$43,750,000.
paid
on
the
Common
1919,
shares
3% was paid in Oct. 1919 and Jan 1920.
On April 30 a
of 3%
was
paid together with a 50% stock dividend or
following an increase in the total authorized issue of Comfrom $25,000,000 to $75,000,000.
Compare V. 110. n. 1191
767.
The
Issued
stock
by
dividend
outlined at the special
surplus
ized
from
belonged
from
time
to
still
be
in
existence and
to
be
sound.
"
The Buffalo plant has been engaged entirely since the Armistice,
in
manufacturing commercial airplanes and motors.
This plant which has
been commonly known as the Churchill St. plant, has produced nearly onethird of all the airplanes made in the United States since the beginning
of the industry.
The company built this factory in 1915, in order to
build airplanes for the British Government.
Its engineers developed the
plane which became the standard training planes of the British, Canadian
American forces and they also developed the large twin-motored flying
boats which patrolled the British Channel during the submarine campaign.
At the close of the war,
the Curtiss Company had in operation seven
plants.
The largest of them, at North Elmwood Ave., Buffalo, has been
sold
to
the Government for storage.
The Churchill St.
plant was the
second largest and is now going out of the airplane business.
The plant
at Hammomlsport which produced more
than 5,000 motors during the war
for the British, Canadian and American
Governments, has been sold aftd
has gone out of the airplane business.
The Burgess plant at Marblehead,
Mass., is not operating.
The largest unit of that plant was destroyed by
fire a year ago.
The plants on Niagara St., Austin St., and South Elmwood Ave., were leased plants and the leases were given up shortly after
the Aftnistice.
The plant of the Curtiss Engineering Corporation at Garden
City, New York, is operating and will continue to operate.
The repair
depots are being operated whenever necessary throughout the country.—V.
109, p. 1277.
and
Daly-West Mining Co.—Dividend Increased.—
quarterly dividend of 25 cents per share has been declared on the stock,
payable July 1 to holders of record June 19.
A dividend of 15 cents pet*
share was paid in April last, before which % %
of 1% was paid in Jan.
1913,
which
to
in
now
C.
H.
declared
is
Wilkinson
in
additional
was
a
to
lie
Common
stock
distributed
conservative
on
June
accordance
meeting of the shareholders.
the
and
time
Chairman
to
It
has
the
10.
with
was
1920
the
Geo. VV. Lainbourne is quoted:
" Willi results of June operations,
at $25,000, earnings for the 6 months will be sufficient to pay
quarterly dividends of 25 cents per share for the balance of the year."—
V. 110, p. 1191.
Dodge Manufacturing Co —Extra Dividend.—
An
since
Common
been
the
author¬
stockholders-
manner.
"
The position of your company allows not
only a continuance of the
dividend return on the $25,000,000 Common stock, but in addition
barring an unusual condition in general business, which it neither con¬
templated nor expected, a continuance at the rate of 8% on the entire
issue including the new stock now issued and
yet to be Issued.
Earnings of your company for the past nine months of the fiscal year
fully warrant the payment of 8% upon the entire amount of the Common
capital stock both
issued
and
outstanding and authorized but not yet
issued, after making provision for the prior rights of the preferred stock."
of 1% has been declared on the Common stock, in
regular quarterly of 1%%, both payable July 1 to holders
20.
An extra dividend of 1%
has been paid quarterly
dividend
extra
to the
addition
June
record
of
1919, while 2% was paid in January 1919.—V.
since April
Co .—Called Bonds
Coal
Dominion
Though
Ccrrency,
Their
on
Holder Either in Montreal
or
110, p. 973.
Paid Only in
Payable
Face
at
Canadian
Option
of
Boston.—
Treasurer of the National Academy of Sciences, Wash¬
calls attention to the correspondence which he lias had
redemption of a 1st M. 5% Sinking Fund Gold bond of
the Dominion Coal Co.,
Ltd., held by the Academy.
The bonds of this
issue provide
for redemption either in Montreal or Boston.
The Trust
Company
trustee admits that the bonds at maturity must be paid at
Boston in
United States funds if the holders so desire but sets up the
claim that a
called
bond
is redeemable only in Canadian
funds.
This
ruling means a considerable loss to American investors at the present
rate of exchange and it seems proper they should be informed concerning
it.
this being
the first case of the kind coining within our knowledge
in the last third of a century.—V. 108, p. 2531.
L.
F.
Ransome,
D.
C.,
to
ington,
the
relative
Steel
Dominion
Corporation.—Merger Matters.—
the company named George Caverhill, Hon.
R. DanMackenzie, William McMaster, J. H. Plummer and
E
R
Wood on June 13 issued a circular objecting to the proposed amal¬
gamation plan
on
the ground that sufficient information had not been
furnished resecting the matter and that
the terms offered the Dominion
Securities Corporation were not sufficiently favorable.
The " Toronto Globe " on June 14 said :
Among the statements in the
letter is one to the effect that the new balance sheet just issued for the
" cash "
is
It
but,
which it
revealed
whom,
to
for
Terms
also
exchanges
the
share,
Corporation [which see above] includes $25,000,000
is proposed to raise by the sale of Preferred
that the balance of $38,000,000 Common stock
are made is to be sold for $11,400,000,
or $30 per
Steel
Empire
the
stock.
after
William
Sir
British
in
of
directors
Six
durand
exchange
is not stated.
of stock of Dominion
Steel,
Nova
Scotia
Steel, and
Steamships are set out, and the letter goes on: "The balance
sheets of the two companies last named are published, and are available.
Canada
properties of the Nova Scotia Steel Co. are well known to your di¬
but beyond the information furnished by the balance sheet, they
little knowledge of the affairs of Canada
Steamships.
rectors,
have
"
companies, no information .whatever
assets, liabilities and earnings,
it
the owners refuse to allow their position
to be disclosed
to your board.
It would appear that they are together
to
receive
the
following consideration:
Cash,
$6,945,000; bonds
(as¬
sumed). $3,800,000; 7% cumulative preferred stock, $7,550,000; 7% noncumulative preferred stock, $7,257,000: common stock, $11.850.1000.
'
These companies, therefore,
form an important part of the combina¬
tion, and, it is to be observed, are to receive a large sum of money."
,
President R.
M. Wolvin on
June 13 made a statement to the stock¬
As
has
the
regards
been
giveu
being stated
remaining
to
as
in
that
their
some
eight
separate
cases
"
part: "I am very much In favor of uniting our inter¬
Empire iSteel Corporation.
I believe this would be ad¬
the Industries concerned, and that such a consolidation
national importance.
As your President I must protect the inter¬
of the Dominion
Steel Corporation
and will do so to the best of
holders
ests
saying in
in
the
vantageous
is
of
British
to
Negotiations
ability.
complete.
my
policy
then stated
none since.
Pres.
estimated
ests
Statement
"
Company is going out of the
of these dumped machines
in the market, however,
many
presence
are
to
found
The
dividend
$12,500,000,
inou
Directors
dividend
cash
of
of
new
2079,
p.
dividend
payable
standing
110,
the
Co. of America.—16 2-3 Stock
Dividend.—2%
Cash Dividend.— The
2%
both
Their
made it impossible to build and sell up to date commercial
American airplanes.
keeping in operation ample facilities at Garden City, to take
care
of all the demands of our distributors and to furnish replacements
for the large number of Curtiss machines now in use.
We propose during
this period to protect, as well as we can, both the American industry and
the interests of our stockholders and we fully expect that when this area
of exploitation
of war surpluses is over, the American industry will be
on
h subject to the approval of the stockholders
"
p.
also
amounting to 10% of the Common stock outstanding
*
.
f.
Curtiss
the
States.
A
about 2,100,000 barrels of gasoliue and naptlia In
1,740,000 barrels in 1918.
On Jan.
1,
1920, the
company was producing about 11,000 bbls. of oil daily and had attained
a
refining capacity of 25,000 bbls. daily.—V. 110, p. 1751, 1293.
1919
that
course
"We
excess
profits', taxes.
The
mean
We do not believe that
the United
of
types
$6,000,000, after deducting all
over
$575,000
of
has
Copper Co.—Production.—
The
not
In
be sold
will
in
does
airplane business.
"I
connection
in
with
this
matter
are
still
in¬
'
directors should as soon as possible present this
matter to you
as shareholders,
with their recommendation, and that you
should be given an early opportunity to pass thereon."
Compare British Empire Steel Corp. above and Nova Scotia Steel &
Coal Co. and Port Arthur Shipbuilding Co. below—Y. 110, p. 2390. 1976.
feel
that
your
initial
"
—V.
110,
Curtiss
p.
1645,
1191.
Aeroplane & Motor Corp.—Largest Aircraft Factory
Dwight Manufacturing Co., Boston.—Official Circular
Stock
as
to
Dividend.—Change of Par Value.—
Pres.
James
R.
Hooper
in
a
letter
of
May
12
to
stockholders,
says
in
substance:
The
Company
capitalized in 1872 with an outstanding capital of
$1,200,000 in shares of $500 each.
In 1894 the company was authorized
to increase its Capital to $1,800.000—but
no change
in Capital resulted.
It Is felt that a par value of $100 per share will more nearly conform
to present custom, giving each stockholder 5 shares of $100
par value,—
for each old share of $500.
was
June 19
as
City, Ala., was built under amended
about
$1,300,000 and with subsequent
has there, a complete mill and village in
excellent condition, the mill containing 74,492 spindles,
aud 1960 looms.
This plant has been paid for entirely out of surplus earnings.
Your directors feel that ihe above expenditure should be capitalized to
189G-1902
In
charter.
mill
the
The
Additions
the
initial
Alabama
at
cost
company
$1,200,000—by
of
extent
of
as
May
24,
The directors
a
1920,
twenty
dividend of
extra
an
V.
of
1%
the tem¬
on
the usual quarterly dividend of 1%%
record, June 19.
An extra divd. of
in April last.—V. 110, p. 1529, 1522.
paid
was
Eastern Car Co.—Terms
See
Scotia
Nova
years
110,
present
the
p.
Eastman
p.
and
ago,
our
ability
to
meet
above stock on or (before June 15 in
of common at paif.
See V. 110, p.
the
1191.
Kodak
Co., Rochester, N. Y.—Purchase.—
it is stated, has
Tenn., erected at
company,
Electric
Fall River
Bleachery Corp., Fall River.—150% Stock Div.—
that a stock dividend of 150% was paid May 28 to
May 28 on both
the Common and Pref. stocks, as
the stockholders on May 20.
The outstanding Common
stock, it is said, was thus increased from $400,000 to $1,000,000 (author¬
ized) and the Pref. from $200,000 to $500,000 (authorized).
Spencer Borden is President; Spencer Borden, Jr., Treasurer, and G. O.
It
understood
is
record
of
authorized
Lathrop,
Secretary.
Sugar Refining Co.—Capital Increase.—
The company
p.
Federal
at
101
and
July
&
Light
int.
Boston.—To Refund Notes.—
Co.,
Notes
Lindsey
1.
Canada
&
Swiftsure
See
notes,—due July
coupon
Oil
be
to
are
are
re¬
Hooper
secured
in
the
manner
same
as
President.
is
Steamship Corp.—Bond Guaranty, Etc.
Transport,
Inc.,
United
and
annual
&
States
Mail
Steamship
meeting scheduled
for June
has
16
17.—Vol.
p.
106, p. 712, 1690, 2125, 2554; V.
976, 1168, 1613, 2526, 2531 ; V. 109,
110,
p.
205,
Dividends
have
been
110,
for
the
on
the
months'
two
stock
Pref.
and
both
declared,
2079, 2071.
p.
of
Corp.—Dividends.
period.
50
cents
payable July
1
Barrett
Co..
above.—V.
Electric
General
decision
|
and June, of $1.17 per
share on the Common stock
May
per
to
holders of
record June
21.—
:
General Chemical Co.—Merger
See
been postponed to Aug.
107, p. 1582, 2472; V.
1613, 2175, 2261; V.
p.
1752.
General American Tank Car
V.
110.
a
General
Rumors.
is
yards at Detroit, Ecorse, Mich., and Ashtabula, O., and was a
producer of ocean going ships on the Great Lakes during the war.—V.
P. 2437.
^ v;;".:•..
with
recent
of
offering
advanced
the
was
issued
as
of June 2
in
common
newspaper
good-will,
Patents,
advices,
11,976,191
8,347,698
20,323,889
etc
Gross
$58,589,424 $388,063,097
$83,217,762
$2,651,210
f2,17$,000
2,328,000
40,548,360
1,150,647
41.699,007
70.311.100
14,985,200
85,296,300
136,904.217
16,506,783
153,411,000
602,920
982,423
1.585,344
58,656,737
19,985,160
78,641.897
$446,652,521
♦$85,868,972
assets
liabilities
Funded
debt
150,000
Reserves
Preferred
and
Common
debenture
stock..
stock
stock
companies'
Subsidiary
Surplus
$58,589,424
$416,652,521
Total
Includes
$388,063,097
$21,840,000 in notes given in payment for stock of Fisher Body
notes mature and are being paid at the rate of $1,000,000
t Decrease.
have
increased
upwards of $40,000,000 and surplus account
which
month,
Reserves
over
$58,000,000 [not $52,000,000], while total capital stock liability has
from upwards of $31,000,000 to over $238,000,000 or over 7
increased
[See report for the calendar year 1919 in V. 110, p. 1637. 2835.)
Street Journal " on June 11 said: "There are approximately 400
times.
"
automobile and motor truck factories in the United States.
In
1919 1,974.016 passenger cars and trucks were turned out in the United
States.
Of this number
Ford made about 835,000 and General
Motors
406,158. a total of 1,241,158.
In 1920 approximately 2,450.000 passenger
cars
and
trucks will be produced in this country.
Ford should produce
1.000,000 cars and General Motors expects to turn out 612.000 vehicles,
a
combined output of 1,612,000. equivalent to about 65% of the country's
total
production."
I
" Financial
Corporation for year ended April 30
Reports " above.—V.
Co.
Globe-Werxiicke
(Mfrs.
Increase in Com. & Pref.
The
stockholders
Common
auth.
stock
Pref.
will
from
stock
vote
Furniture), Cincinnati.
Share Stock Dividend.—
on
June
$2,500,000 (all
$1,000,000 to
from
110, p. 2390, 2385.
Office
(not
$2,000,000.
Digest of Circular Signed by Pres. H.
C. Yeiser, Cincinnati, May 15.
directors have in view.
to explain the plans which the
Of the $3,500,000 of Common stock to be
be issued
as
a
stock dividend of 100% to
It
is
proper
,•
June 14) on Increasing the
outstanding) to $6,000,000. and the
22
authorized, $2,500,000 is to
present holders of Common
stock, and $1,000,000 to be set aside for sale on easy terms to employes.
The dividend rate On
the enlarged Common stock to be fixed for the
present, at 6%, which is equivalent to 12% on present outstanding.
The proposed increase in Pref. stock is not to be issued until such time
the
to
company
issue
the Caribou
Co.—Initial Dividend.
Initial
Co.—Change of Name.—
will of THE AMERICAN CLAY MACHINERY CO.
2096—have been taken over by THE HADFIELD-PENFIELD
STEEL CO.
This new company is the result of largely increased business
along diversified lines and an opportunity to align itself with the great
Hadfleld steel industries of Sheffield, Eng.
All branches of the business
will be continued by the new organization.
Originally the American Clay Machinery Co. manufactured a line of
clay working machinery but its activities have been so enlarged that the
word " Clav " does not correctly represent the products of the company.
Company
is now building fuel oil engines, steam shovels, cement ma¬
chinery, clay machinery, bakery machinery, gasoline locomotives and other
lines
of machinery.
Sir Robert Hadfleld noted as one of the greatest
manufacturers of steel and steel products with headquarters and works at
105,
—V.
p.
Eng., is now allied with the company.
(Pa.),
Pipe
contemplated
recently
Board
Pipe
&
an
Co.
Bending
increase in the capital
stock from
held May 28,
$1 150,000 to $6,000,000 but at a stockholders' meeting
it developed that the time was not propitious for such increase and
action thereon
was
therefore indefinitely postponed.
II. W. Cassel is
secretary.—V. 103, p. 147.
1920
Commercial & Sugar Co.—Extra Dividend.—
of 75 cents per share has been declared on the out¬
standing 400,000 shares of stock (par value $25) in addition to the regular
monthly dividend of 25 cents, both payable July 0 to holders ot record
June 25.
In May and
June last $1.25 per share was nald extra; in Sept.
and Nov. 1919, extras of 50 cents per share were paid.1—V. 110, p. 2295,
Hawaiian
extra
dividend
1854.
:
;
Hendee
Manufacturing
for
.
....
1
..
Co.—Listing—Earnings.—
Exchange on June
10,000 shares preferred
Stock
Boston
The
certificates
14 placed on the list temporary
stock and 100,000 shares common
&t*Earnings^ for
441;
eight months ending April 30, 1920:
Gross profit, $932,other income, $94,661; total income, $1,027,102.
Ueduct:
administration, etc. expenses. $424,518; dividends paid $61,21 < ;
miscell.
balance
ments
—V.
surplus for period. $541,367;
(net), $17,985; profit and loss
p.
470. 1530.
previous surplus, $576.391; adjust¬
surplus April 30, 1920, $1,099,7(3.
110.
Her&chell-Spillman Motor Co.—Shipments, Etc.—
company in announcing
payment of the dividend on its Preferred
Common stock payable July 1. to stockholders of record of June 21,
reports increases in the value of its shipments from $257,000 in April to
$375 000 in May.
With improvement of the freight situation. President
Burtsell states, materials are coming in better so that the company ex¬
pects to run $400,000 or more in shipments for the mouth of June.
By July 1, a large extension to the company's plant at Tonawanda, N. Y
is to be completed giving capacity for nearly double the present output,
bring it to 200 motors a day.
Growth in demand, particularly for motors
for commercial cars and trucks, is reported furnishing a permanent element
in the market for motors.
Compare V. 109, p. 1895; V. 110, p. 1184,
This
and
1294.
Wall
Report of Fisher Body
108,
quarterly dividend of 37^ cents per share has been declared
on
the outstanding Common stock (no par value) payable July 1 to holders
of record June 20.
Dividends at the rate if 1% were paid quarterly on
the Common stock
(par $100) since July 1916 by the old company (The
Harbirsliaw Electric Cable Co., Inc.).—V. 110, p. 1646, 1530.
Hershey Chocolate
passenger
See
Electric Cable
Habirshaw
An
Selling,
Current
authorized
7% Pref. stock, proceeds to be used to complete
bydro-electrlc plant on the Feather river.—V. 110, p. 1092.
An
Corporation.—Official Statement.—
the
in
has
large
Authorized.—
Co. of Calif.—Stock
Commission
$1,500,000
The
.
each
R.
Harrisburg
stock discloses certain
for which reason the
following matter is reprinted to rectify our record:
The following comparison shows the growth of the company during the
past four years:
•
Dec. 1919
July 1915
Increase
Current assets
$215,824,786 $34,054,689 $181,770,096
Fixed assets
153,803,642
15,819,852
137.983,791
Miscellaneous
assets
56,700,204
367,185
56,333.020
*
It.
Calif.
The
Sheffield,
just
Revised Data.—The official circulation which
inaccuracies
Shifyyards.—
reported that the company is preparing to sell its plant, equip¬
ment
and good
will and go out of business because of the unfavorable
outlook for the shipbuilding industry.
The company operates dry docks
Co.—Lamp Patent Sustained.—
Motors
connection
Corp.
.
Engineering Works.—To Sell
Great Lakes
It
1976.
p.
handed down by Judge Ilough, the U. S. Circuit
•Court of Appeals has sustained
the Langinuir gas-filled lamp patent in
the case of Company against the Nitro-Tungsten Lamp Co. of Providence,
R.
I.
This opinion upholds that rendered by Judge Mayer on
Oct. 27,
1919 and paves the way for an injunction restraining the defendant from
the manufacture of this type of lamp.—V. 110, p. 2491, 2295.
In
Outstanding
The business and good
Wigmore,' Inc —Meeting Postponed.—
108,
share
Authorized
$100,000,000 $46,844,100
100,000,000
51,890,000
Position of Company: (1) Producing about 20% of total automobile tire
business of country.
(2) producing largest single volume of pneumatic
truck tires, also one of the largest outputs of solid truck tires, both in
extensive demand
in industrial
and agricultural fields.
(3) producing
mechanical goods,
such as power transmission belts, also packing, hose
and valves now in rapidly increasing demand in the fields mentioned.
(4)
producing Neolin soles and Wingfoot rubber heels, widely distributed by
the shoe trade.—Compare V. 110, p. 2385, 2390.
stock
Hadfield-Penfield Steel
Williams
Gaston
•
1
below.
The
the surplus on
giving effect to
and
Secretary of State, increas¬
$20,000,000.
See V.
110,
June
France
•Co.
to
on or
before June 15 to company's office,
Boston, in exchange for new notes to be dated June 15,
15,. 1925 to bear interest at 8% callable on 60 days'
due
due
ones
$10,000,000
forward their notes
to
and
notice
capitalization of a portion of
of stock dividend of 150%, hut without
present financing
Great Western Power
Power
Congress St.,
1920
certificate with the
a
from
stock
holders of the $500,000 6%
quested
35
has filed
its capital
2295.
The
right to subscribe to
block of 2 shares pref. and 1
2390.]
by
Federal
ing
declaration
recent
7%
Cumul. Pref.
Common stock
Storage Battery Co.—To Issue New Stock.—
It is reported that notice will be sent to the stockholders in a few days
giving them the privilege of subscribing to new stock, the price being, it is
understood, par.
The amount of the offering, according to unofficial informa-!
ition, may amount to 25%—Y. 110, p. 1181.
holders
the dividends is beyond ques¬
dividend about 20 times.
Capitalization.—Reflecting
purchased the Government war buildings
Kingsport.
a cost of over $1,000,000,
and will use
it as a nucleus for the Kodak branch factory.—V. 110, p. 2187,
The
ample working
2390.
share
at
has
company
stockholders of record June 1 were given the
[The
110,
below.—V.
Co.
At
Goodyear Tire & Rubber Co., Akron, O.-—Offering of Stocks.
Cleveland, are offering the unsold portion
of $20,000,000 7% Com. Pref. stock
(par $100) and $10,000,000 common stock (par $100) in blocks of 2 shares of
pref. and 1 share of common for $300.
Bankers State:
of Exchange.—
Coal
Steel &
of.
use
Borton & Borton,
of 1%
%
porary "B " certificates along with
both payable July 1 to holders of
%
made
Last year we could have paid our preferred
tion.
MiUs.—Extra Dividend.—
declared
have
be
can
in
each, for each share of $500 then
Durham Hosiery
it
capital, although it is spending large amounts in permanent investments
Cincinnati, Chicago and Cleveland.
The money is to be ultimately used
(when business conditions are more settled) for increasing the range of
our
branch stores—which have been a profitable source of income;
pro¬
tecting ourselves as to materials and goods; and acquiring residence prop¬
erty in Norwood for the benefit of our employes.
Our present preferred stock is
out of proportion to our assets, which
are
now more
than four times what they were when it was issued nearly
was
now
stock dividend of 100%-—giving to each
five new shares of a par value of $100
held.
For several years the Chicopee plant has been in process of re-building—
about one-half of the work having been completed and paid for out of
surplus, and it is proposed to complete thisl work as rapidly as conditions
permit, without interruption to the running of the mills.—V. 110, p. 2294.
the
stockholder
2571
THE CHRONICLE
1920.]
This
110,
company
p.
was
Corp.—Incorporated.—
incorporated in
Delaware on June
11.—Compare V.
2491.
Houston
Oil Co. of Texas.—Reports on
Properties.
,
copies of
President in
Hutchinson,
which is
Co. in
Official Reports.—The company is sending to its stockholders
report on the property prepared by E. H. Buckner
Vice
charge of oil developments, and also a
report from F. M.
President of the Higgins Oil & Fuel Co.. 53% of the stock of
held by the trustees of the Southwestern Settlement & Development
trust for the stockholders of the Houston Co.
Properties of the Houston Oil Co.—The report goes into
detail as to the acreage in Texas and Louisiana, very largely the former.
It shows
that in Jasper County. Texas, alone, the Houston Oil Co. has
233 640 acres; in Newton County, Texas. 139.371, and in Hardan County
168 015
Other large boldirsrs are 89,452 acres in Tyler County, 36.327 in
San' Augustine County. 33,581 in Sabine County. 20,349 in Polk County.
8 186 in Jefferson County, 18,494 in Orange County. 10434 acres in Liberty
a
considerable
Countv,
13,354 in Shelby County,
it has 14,336 acres.
Plans.—The report also
La.
all in Texas, while in
Beauregard Parish,
-
shows the actual status of the plans of the
Houston
Oil Co. by districts.
Mr. Buckner says that the territory em¬
braced in the report,
"except that in Clay and Navarre Counties, lies in
what is known as the oil belt of East Texas and Louisiana and the Gulf
Coastal fields, and is the last undeveloped and unexplored oil region of
the
southwest."
Mr, Buckner adds that "it is my opinion that future
2572
drilling
THE CHRONICLE
will
develop fields
tioned."
of
value
gTeat
and
on
the
around
lands
Preferred
men¬
>
Hutchinson in his report of the properties of
the Higgins Oil & Fuel Co. goes into similar details and
gives the actual
production on the different properties. These properties consist of fee lands,
leases, mineral rights, royalties, wells, pipe lines, etc., in the States
of
Louisiana,
It
3 Mos.
Cost
of
well
as
to
5 Mos. to
Nov. 30, '19
4«
Int.
Fed.
it
12 mos. to
'19
$12,948,774
10,908,533
1,216,266
207
it...
a
dividends
$1,103,688
16,933
16,434
dividends
i
$
had
company
be
to
capital
Balance,
In
surplus
1920
535,603
79,030
$1,086,755
$
United
been
1752,
p.
elected
a
A
semi-annual
19.
July
of
N.
Y.,
An
Drug
Co.
below.—V.
of
3%%
1919.—Y.
102,
have
declared
stock
a
dividend
outstanding Common stock.
The
hereafter
2% semi-annual dividends
regular
cash
dividend.
The
rate
of
The
stockholders
follows;
The
as
will
vote
July
authorized
in
the
6% to 7% a year by the declaration
1%% payable July 15.
22
12%%
has
the
been
is
increased
quarterly
to
to
of
be
to
the
from
dividend
the
The
from
$80,000,000
to
$130,000,000.
Of
this
$50,000,000
additional
st|pek
$10,000,000 will be used to pay the 12%% stock dividend on the
present
$80,000,000 Common stock, $20,000,000 will be available for the
payr
of
merit
2% semi-annual stock dividends and $20,000,000 will lie
offered
to employes.
It is
also
proposed to increase the preferred stock from
$60,000,000
to $100,000,000, the additional
$40,000,000 preferred stock, in addition
to
the
$20,000,000
Common
stock,
to be offered to employes under the
ownership and profit sharing plan.
12%% stock dividend is approximately the amount of cash divi¬
dends not paid during the four
years of war on
$40,000,000 of Common
stock, and it is projK>sed to pay this stock dividend as soon
stock
after
it
is
1846.
p.
possilde
as
ratified
by
the
stockholders,
probably
early
:
in
Sept.—V
110,
The
" Chronicle "
has
had
this
Earnings in the four months
charges and taxes, or at the
after
(«r 283,108 shares of
Wright-Martin
Profits
shares
last
of
rate
of
than
more
common stock.
The $8,000,000 assets
Co. last year are only
beginning to
Aircraft
year
were
equivalent
to
approved.
about
$25
share
a
$10
share
a
received from
show returns.
about
ou
70,778
stock
common
outstanding Dec. 31, 1919.
As a result of the
Wright-Martin, International Motor Truck has out¬
standing $10,921,000 cumulative
7%
First
Preferred, and $5,331,000
cumulative
consolidation
with
7%
Results
2d Pref. stock.
thus
far
achieved
$7,000,000 raised by
ambitious
plans and
carry them through.
$20,000,000.,
year,, or
trucks,
at
and
and
is
It
in
well
no
been
stock
with
business last
approximate
1,800
funded debt.
have
common
fortified
Gross
ought to
turned out
has
1920
recent
It
International
Production
the
without
offering.
$20,000,000
year
was
in
$40,000,000 in
trucks
in
the
first
the
the help of the
The company has
working capital to
the neighborhood
1920.
three
months
of
of
this
annual
rate of
7,200 trucks.
April's output was 800
820, or at the annual rate of approximately 12,000.
the full twelve months of 1920
ought to total between 9,000
trucks.
May's
The growth of the company's business
since 1913 is shown in the follow¬
figures of trucks produced, 1920—9,000 to
10,000 (estimated) ; 1919—
ing
5,015;
Wall
in
V.
1918—3,821; 1917—2,981; 1916—1,977; 1915—1,607;
1914—544;
Street
110,
Journal.s
p.
Compare official statement
to
N.
Y.
Stock
2071, 2295, 2391.
Exchange
Mt.
George
of
man
F.
108,
883.
p.
Koppers
Co.—Guaranteed
Equip.
Certificates
Offered.—
Co., Pittsburgh, are offering at prices to yield
V/2%, according to maturity, $2,020,000 Koppers Equipment
Trust 1% Certificates.
Principal and dividends guaranteed
Union Trust
by
endorsement
June
15,
1920.
inch
Div. payable at
Pennsylvania 4-mill
tion
for
normal
Koppers
Co., Pittsburgh By-Product
Seaboard By-Product Coke Co. Bankers state:
Coke Co. and
Dated
by
Mature $202,000 each June 15,
1921
Union Trust Co.,
Pittsburg, Trustee.
tax
Federal
refunded
income
tax
and
div.
are
payable
to
without
1930,
deduc¬
to
2%.
Secured by 1,000 new
steel hopper cars of M. C.
B.
A. type, comprising 100 70-ton cars and
900
50-ton cars,
the
total
cost
being $2,695,000, against which these
certificates
will
be
issued
providing an equity of about 25%.
which
will be paid in cash.—V.
107, p. 85.
up
Lp Belle Iron Works.—Consolidation
See
Wheeling
Steel
Corp.
below.—Y.
110,
the
of
extra
regular
record
V.
109,
p.
dividend
of
quarterly
June
15.
1%
has
dividend
A
like
been
of
declared
1%%
amount
was
on
both
paid
the
payable
in
110,
769,
p.
directors
July
in
1
to
to
holders
Januarv
last.—
2269.
:
>
The
will
not
participate in the divi¬
shows
year
1,
The Trustees
1920.
A
The
July
participating dividend
of
1
2% represents
to
an
holders
extra
the
the
Preferred
Common
and
pf record June 21.
distribution made to
the
British
Pay
to
their
for
for
a
the
have decided to
distribution
prompt
of
dividends
to
certificate
holders
sub¬
the same terms as the existing agreement.
dividend, if approved, will be declared payable July 15 to
holders of record July 1.
On and after July 15, 1920, new voting trust
certificates will be delivered In
exchange for the certificates for an equal
number of shares of the same class issued under
the existing agreement,
and, together there with, certificates for the 19% dividend on the Pref.
stock, if declared, ou surrender otf such existing certificates at the office
of the Safe Deposit & Trust Co.,
13 South St., Baltimore.
In the years
immediately succeeding the reorganization of the company,
no dividend was paid on
its Preferred Stock.
Later a part of the dividend
was paid,
and during the last three half-year periods the current dividend
has
on
stock
been
paid
in
full.
years amounts to
Data
On
from
19%
The
letter
completion
of
total
of the
par
arrears
accumulated during the earlier
value of the outstanding Preferred Stock.
of Pres.
Howard
reorganization
Baetjer, June 9, 1920.—
in
1915, the mills and equipment were
working capital was lacking, and credit
impaired.
The directors adopted the policy of using all available
surplus
earnings to remedy these defects.
The mills and equipment are now in an
efficient operating condition.
Further necessary expenditures should be met
from
surplus earnings.
The company's
credit
has
been
improved
and
established, though it has not been possible to reduce the $2,500,000 notes
issued to supply the necessary
working capital at time of reorganization.
Net earnings since
1915, in excess of dividends paid exceed $3,500,000,
and if no increase in working capital had been
required, this excess would
serious
in
large
of
of
need
part
have
betterment,
been
dividends.
earnings
in
available
Working
excess
of
for
the
capital
dividends.
accumulated
our
reduction
has
This
of
absorbed
the
$3,500,000,
the
debt
entire
and
pay¬
$3,500,000
therefore,
represents
earnings invested in cotton, finished goods and accounts
It gives company a basis of credit which
should reasonably
ability not only to renew its notes, but to obtain
necessary
banking accommodations for any additional
working capital requirements
until a decline in prices releases
part of its working capital and makes it
receivable.
its
assure
available
for
the
reduction
of
debts.
As the dividend
has been earned,
its payment should not be deferred
longer than the interest of the company and its stockholders
require.
Payrneut in cash at once can be made only by borrowing money for the
which is considered unwise.
To postpone payment until decline in
it possible to liquidate in cash out of
working capital re¬
an
uncertain but probably an extended delay.
The Com¬
pany therefore proposes to make the
payment of the entire arrears of 19%
in
Preferred stock at par.
purpose
prices
makes
leased,
involves
The stock dividend referred to Includes
only the arrears at this date;
the current dividend of
3%% for the current six months will be paid July
15,
1920, to stock of record July 1.
110, p. 2485. 2493.
V.
in
Compare annual report above and also
.
.
t
National Aniline & Chemical Co
.—Merger
See
Barrett
Co.,
above.—V.
110,
p.
Rumors.
769.
Copper Co.—Production.—
■
v
output
for May was 4,350,000 lbs. of copper as
against 3,700,000
total output for the 5 months ending Mav 31 was
20,081,938 lbs.
copper
against 19,663,000 lbs. in 1919.—V.
110, p. 2197, 2081.
1919;
New York Taxicab
Notice is given
ment
on
at
account
in
of
Barclays Bank,
debentures
for
Co.—Liquidation.—
London to the holders of debentures that a
first instal¬
capital of £4 14s. per debenture of £20 is now
Ltd., 54 Lombard
endorsement
in
pay¬
St.,
respect
of
E.
C.
this
3,
New York
This company
new
on
presentation
payment.—V.
A
on
profit of £1,220,from
terminate the agreement as of July 15,
voting trust agreement has been prepared with the present
period of five years, providing for the voting of the stock
new
Trustees
the
participating dividend of 2% has been declared
stocks, together with quarterly dividends of
2%% on
2% on the Pref. stocks, all payable
a
existing Voting Trust Agreement provides for its expiration on
1920, with the right of the Trustees to-' terminate at an earlier
Aug.
able
Liberty Motor Car Co.—Extra Dividend.—
last
1977.
announce
date.
of
addition
December
subst.:
in
stock
exira
in
Vernon-Woodberry Mills, Inc., Baltimore.—Plan
The
The
Lawyers Title & Trust Co., N. Y.—Extra Dividend.—
An
Dividend.—
intention to vote June 25 on
declaring a
19% dividend payable in Pref. stock at par (1.9 shares for each 10 shares
outstanding) for the purpose of discharging all of the 19% of dividend
accumulations on the pref.
shares, provided the holders of a majority in
interest olf the Pref. stock certificates shall
signify their approval of the
plan prior to the meeting on June 25.
The voting trustees further say in
Completion.
2391.
p.
issued
statement for the late fiscal
Nevada Consolidated
Near
Ltd.—Final
of Accumulated Pref. Dividends in Pref. Stock—To
Extend Voting Trust for Five Years—Annual
Report.—
of
Morrison, Vice-Pres. of the General Electric Co. and Chair¬
Sprague Electric Co., has been elected a director.—Y.
the
Co.,
the 19%
ment
Intertype Corporation.—New Director.—
Telegraph
15% has been declared on the Ordinary and Preference
a bonus of 5
shilling per share, both to be payable at
voted May 24 to increase the authorized common
stock
to $1,500,000.
The pref. stock remains the same at $1,"It Is not the intention to issue this stock at the
present time."
Compare V.
in
for
10,000
Wireless
stockholders
The
$1,300,000,
annual
(by stock¬
$800,000
500,000.
stantially
published
statement officially
to April 30,
1920, exceeded
increase the out¬
Maynard Coal Co., Columbus, O.—Capital Increase.—
and
International Motor Truck Co
.—Earnings, Etc.—
will
of $2 per. share has been declared on
the Common
the usual quarterly dividends of $1 per share on the
to
stock
new
The
from
The
.
stock distribution
000
(including £590,000 representing damages received
Government) and a surplus of £955,000.—V. 110, p. 82.
of
directors
increased
This
dend and bonus.
$80,-
decided
addition
proposal
stock
the
on
also
in
regular
a
on
have
stock
latter
of
Common
of
directors
50%.—
1%%
The financial
000,000
pay
of
shares, together with
an
early date.
has
Regular Dividend Rate Increased.—To Increase Capital, &c.—
directors
dividend
and
A final dividend of
International Harvester Co.—Declares 12V2% Stock Dividend.
The
extra
Marconi
1063.
p.
184.
p.
on the Pref. stocks, all payable June 30 to holders
of record June 25.
An extra dividend of $2
per share has been paid on
the Common stock in each quarter since Jan. 1918.—V.
110, p. 1192.
Mining Co., Ltd.—Dividend Increased.—
dividend
105,
to $9,000,000, total amount authorized
9).—Compare V. 110, p. 2492, 2197.
June
on
in addition
stock
has
been declared, on the outstanding
Common stock, together with the regular semi-annual dividend
on
the Pref. stock,
both payable July 1 to holders of record
Semi-annual dividends of 3% were
paid in Jan. last and in
$500,000
of 3%%
June
Co.
'
Liggett Co .—Capital Increase.—
the regular cash dividend of 2%% has been
$6,000,000 Common stock, both payable July 15
Common
Vice-Pres. of the Guaranty Trust
director.—V. 110, p. 1530, 1092.
pro¬
108,
Magor Car Corporation.—Extra Dividend.—
470.
Conway.
Intercolonial Coal
a
on
stock dividend of 50% and
on the outstanding
holders
Independent Warehouses, Inc., N. Y. C.—New Director.—
Palen
date
2444.
p.
standing Common stock
Federal
taxes,
in
1919
after
Federal
taxes.—
balance sheet as of March .31 last shows cash
amounting
to $1,049,863; accounts
receivable, $1,077,749; bills receivable, $20,000;
inventories at cost. $3,0.38,013; current accounts
payable, not due, $1,971,954 ; reserve for Federal and other
taxes. $728,378, and total assets and
liabilities of $13,747,326.—V.
W.
receive
early
.
to holders of record June 30.
456,573
before
The consolidated
110,
109,
an
MacAndrews & Forbes Co.—Stock Dividend
of
A
$1,009,344
.....
stock.—V.
at
authorized to issue $350,000 Pref. stock,
contemplated extensions and improvements.—V.
declared
a
stockholders
vote
been
for
used
(Louis K.)
129,803
......
Common
will
485.
p.
See
Net profits
Preferred
Common
that
Lockport (N. Y.), Light, Heat & Power Co.—Stock.—
The
1,504,432
1,800
a
etc
year
shareholders
N.
ceeds
taxes
each
the
authorized
it
.....
bank loans, trade notes,
on
that
Gales;
June 30,
$9,997,690
7,675,936
a
Selling, admin, and gen. exp.,
incl.
the
in
dividends.
officers are:
Chairman, Louis K. Liggett; President, George M.
Viee-Pres., Sir Jesse Boot; Vice-Pres., J. J. Allen; Vice-Pres., J.
Staples, Jr.; Treas., J. A. Galvin.
Directors:
Louis K. Liggett,
Pres. United Drug Co. of America; Sir
Jesse Boot, Chairman Boots, Ltd.; George M. Gales, Pres. Louis K.
Liggett
Co. of. U. S.; W. E. Church, Pres. & Mgr. of the British branch of the
United Drug Co.; J. J. Allen, Pres. of the United Drug Co. of Can.,
Ltd.;
W. C. Watt, Vice-Pres. of the Louis K. Liggett Co. of U. S.; J. W. MeCoubrey, Vice-Pres. of United Drug Co. of Can,, Ltd.; J. B. Cobb, director
of UDited Drug Co.; and J.
N. Staples, Jr., Vice-Pres. & Gen. Mgr. of
United Drug Co. (U. S.).
See United Drug Co. below and compare V. 110,
p. 2492.
Baltimore
as
31, '20
*
sales
in
Liggett's International, Ltd., Inc.—Officers.—
Hupp Motor Car Corporation.—Earnings.—
Mar.
stockholders
10%
understood
The
Transfer agent in "New York
sales
is
increasing
Texas and Oklahoma.
Transfer Agent.—The United States Mortgage & Trust Co. has been
appointed Transfer Agent in New York of the stock of the company, and
gives notice that transfers of stock certificates may hereafter be made at
its office at 55 Cedar St.. N. Y. City.
Certificates heretofore issued in
Baltimore may be transferred at the New York Transfer
Agency, where|
new
certificates, interchangeable between New York and
Baltimore, will
be issued.—V. 110, p. 260. 166.
Net
of
total
Higgins Properties.—Mr.
[Vol. 110.
106,
of
p.
Telephone Co.—New Business.—
announced on
or
telephone stations in N. Y.
about June 12
that it had installed
35,418
City since Jan. 1 notwithstanding "almost
June 19
obstacles"
insurmountable
its
books—V.
110,
and
1978,
p.
North Butte Mining
lias
now
unfilled
64,843
1753.
-
applications
'
on
dividend of 3%
12.
June
record
Sept.
dividend
quarterly
regular
Co.—Production.—
108.
1914.—V.
shareholders
3%
of
both
payable June
of 3%
15
Coal Co.—Merger.—
entered into with the British
Digest of Statement by President D. H.
plan
Merger.—A
Scotia
companies,
under
McDougsll.
Directors for a proposed
the title 44 British Em¬
Limited," namely:
extra
Procter & Gamble Co.—Stock Dividend.—
Lines, Limited, and its subsidiaries.
Collingwood Shipbuilding Co., Ltd., and its subsidiaries.
Port Arthur Shipbuilding Co., Ltd., and its subsidiaries.
Halifax Shipyards, Limited, and its subsidiaries.
Davie Shipbuilding and Repairing Company, Limited.
Maritime Nail Company, Limited.
Canada Foundries & Forgings, Ltd., and its subsidiaries.
Century Coal Co., Limited.
[Two new companies, the Port Arthur Shipbuilding Corporation, Ltd.,
and
the
Collingwood Shipbuilding Corporation,
Ltd., were incorporated
under
Dominion
laws on May
31,
1920, each with $100,000 of auth.
stock.]
Capitalization.—British Empire Steel Corporation, Ltd., has an
capital of $500,000 of which it is proposed to issue for present
purposes $207,000,000, as follows:
Proposed Capital Stock—
Authorized
To he Issued
7 per
cent. Cumulative Preferred.
$40,000,000
$37,000,000
8 per
cent. Cumulative Participating
100,000,000
25,000,000
7 per cent, non cumulative Preferred,......150,000,000
68,000,000
Common
210,000,000
77,000,000
The 7% cumulative Preferred Shares of the new corporation are pro¬
posed to be issued in exchange for existing preference shares of the com¬
panies which enter the consolidation.
Such exchange of preference shares
will be at the option of the holders and upon the terms hereinafter men¬
capital
New
authorized
tioned.
The directors have declared the regular quarterly cash dividend of 5% on
common stock and an extra stock dividend of 4%, payable Aug.
14 to
holders of record July 24.
Company has paid a 4% stock dividend in
the
Aug. each year since 1913,
The first dividend on the new stock to be issued
as the stock dividend will be paid Nov.
15.—V. 110, p. 771.
Public Service Co. of Northern Illinois.—Rates.—
both as regards dividends and distribution
a first preference
winding up.
assets on
the basis
hereinafter detailed for the outstanding common shares of the companies
entering the consolidation and are convertible at the owner's option into
Cumulative Preference Shares are to be exchanged on
The Non
shares at any
Common
time before Jan. 1,
1925.
of Exchange.—Shareholders of the Nova
Terms
Scotia Steel & Coal Co.,
Ltd., are offered an exchange on the following basis:
(a) 90 shares of
7% Non Cumulative and Convertible Preference stock plus forty shares
of the common stock of British Empire Steel Corporation,
Ltd., for 100
shares of the common stock of the Nova Scotia Steel &
Coal Company,
(b) One and one-fifth shares of 7% cumulative Preference stock of
Empire Steel Corporation, Ltd., for one share of Preference stock
(c) One share of 7% Cumulative
Preference stock of
British Empire Steel Corporation, Limited, for one
Ltd.
British
of the Nova Scotia Steel & Coal Co., Ltd,
6% Preference stock of The Eastern Car Co., Ltd.
[The British
Steel Corp. agrees to exchange 135,000 fully paid non-cum. Pref.
60,000 Common shares (par $100) for 150,000 Common out¬
standing shares of Nova Scotia Co.]
The bond and debenture issues of the various companies are to remain
of
share
Empire
shares
and
undisturbed.
Sheet—Earnings—An
Balance
addendum
this
to
is
circular
a
balance
as
at Dec. 31, 1919 [See British Empire Steel Corp. above.
Ed.]
consolidating the assets and liabilities of the constituent companies in¬
cluding the new capital to be provided.
This balance sheet is based upon
the reports of the American Appraisal Company as to the value of the
assets of the companies proposed to be cnsolidated.
Marwick,
Mitchell & Co.,
chartered accountants, have examined the
books of the various companies and have certified to the average earnings
sheet
during the past three years as being $16,056,880 per annum.
These figures disclose an earning power sufficient to provide,
after the
of interest on all underlying securities and dividends on the 7%
and 7% non-cumulative preference shares, a balance equivalent
approximately to 8% on the common shares proposed to be Issued.
Outlook.—The new capital
will provide for very necessary extensions
in the mining and steel making operations, and this is in our opinion a
most attractive feature of the consolidation.
There are special considera¬
tions connected with the consolidation of the mining, steel making, trans¬
payment
portation and other allied operations of your company that should be par¬
ticularly called to your attention.
The coal field in Cape Breton and the iron-ore deposit in Newfoundland
In which the properties of your company and of the Dominion Steel Cor¬
are respectively situated, are in each case essentially
deposit with undersea extensions.
Development of these
most effectively be achieved by combined operation, which
would make it possible to extract the largest quantity of coal and iron
ore over the maximum life of the deposits at the minimum cost.
There has been in the past a certain amount of duplicate capital ex¬
one
can
penditure and unnecessary overhead and operatnig costs caused by con¬
ducting independent parallel operations, and much greater duplication of
expenditure can be avoided by combined operation.
The extraction from the undersea areas, both of coal and iron ore, will
require the additional provision of unusually large mine openings and
commensuratelv large surface plant, but these expenditures can be de¬
ferred and ultimately lessened in extent under combined operation.
More
Immediately important, combined operation would enable the working of
areas that are not now available because of lease complications and larger
outputs of
possible.
and
coal
ore
at
cheaper production costs
are
at once
made
of the two companies have now reached the
stage where extensive development must be proceeded with.
If operated
independently these expenditures must to a great extent be similar in
the case of each
company.
Consolidation would avoid much duplicate
expenditure and result in economy of operation.
The inclusion
of the Canada Steamship Lines,
Limited, provides the
additional facilities required to handle the larger tonnages of raw ma¬
terials and finished products which the new company will be called upon
to transport,
and the addition of a number of modern fdiipbuildlng and
ship repair plants will provide a valuable market for the steel products
entering into the construction and repair of ships.
See also British Empire Steel Corporation and Dominion Steel Corpora¬
tion above and compare announcement In V. 110, p. 1978, 2493, 1288.
The
iron
Pabst
steel
and
plants
Co.—Prohibition Laws Held Constitutional
L.o.—frohibition
tleld
Brewing
I
Chronicle "
eek's
•
0
i
•
n
y*"t
page
*
108,
2452.—V.
/t
/ii
p.
2635.
ir*
«
•
_
Peoples Gas Light & Coke Co., Chicago.—Rate Increase.—
The
Illinois
rates from
P.
85 to
TJ.
115
Commission
per
has
issued
an
1,000 cubic feet.—V.
Rand
(Gold)
of
with
order increasing
110, p. 1856.
the
gas
gold
as
as
The
rates
110,
p.
3,445,105
in
ozs.
110,
1919.—V.
p.
2297,
2082.
May was 4,260,000 lbs. of copper as against 3,975,000
total output for 5 months ending May 31 was 20,084,073
against 20,037,000 lbs. in 1919.—V. 110, p. 2198, 2082.
output
for
in
1919;
lbs.
of
copper
(R. J.)
Reynolds Tobacco Co.—Date of Record Changed.—
The company
the
of
that hereafter its quarterly dividends payable on
April, July and October will be paid to holders
month prior to the date of payment, instead
holders of record on the 20th.—V. 110, p. 2392, 1978.
first
day
record
on
to
Securities
announces
of January,
15th
the
Riordon
the
of
Ltd.—Pre/. Stock Offering.—The Royal
Company,
Corp., Montreal, Parkinson & Berr, E. H. Rollins &
Sons and Coffin & Burr are
offering First Pref. (a. & d.) stock,
8% Cumul.
a
90 flat, with
at
30% bonus in
stock.—
common
(U. S. Funds).—Circular shows:
Dividends
at
110
and
Q
&
div.
(cum. from July
div. date.
J
on
1>
1920).
Red.
all
or
part by
lot
any
To Be Issued
8% Cum. 1st Pref. shares (par $100)
$30,000,000
$10,000,000
7% Conv. Cum. 2d Pref. shares.
10,000,000
10,000,000
Common shares .."
40,000,000
27,000,000
There will be authorized $30,000,000 7% Mtge. Sinking Fund bonds,
of which $7,401,000 will be presently issued/ which amount will in¬
clude bonds to be held by trustee to provide for ultimate retirement
of outstanding funded debt of the Riordon Pulp & Paper Co., Ltd.
Company.—Incorp. in Canada to acquire the properties and assets
of Riordon Pulp & Paper Co., Ltd., Kipawa Co., Ltd., and all the
issued capital stock of Gatineau Co., Ltd., which has been incorp. to
acquire the water powers, timber limits and mill properties subject
to
$5,000,000 funded debt of Gilmour & Hughson, Ltd., and W. C.
Edwards & Co.,
Ltd.
Will also own over 60% of the outstanding
capital stock of the Ticonderoga Pulp & Paper Co.
Combined timber
holdings comprise 10,590 sq. miles of leasehold timber limits located
Capitalization—
in
mostly
Authorized
.
Quebec
the
on
watersheds
of
Ottawa
the
and tributaries, containing over 25,000,000
1,200,000,000 feet of pine.
Water powers,
developed, on the
watersheds
of
the
Quinze,
Rouge and Nation rivers, etc., have a capacity
rivers,
and
over
hydro-electric
Gatineau
and
cords of pulpwood
developed and un¬
Gatineau,
Kipawa,
of 175,000 h. p. of
power.
Output.—Company's
(and subsidiaries) annual output at present
to 128,000
tons as follows: Bleached sulphite pulp, 91,000;
easy
bleaching sulphite pulp, 8,000; soda tpulp, 11,000; book paper,
18,000; increased Kipawa plant output available March 1921, 25,000;
total annual output, 153,000 tons.
Lumber, feet b. m., 125,000,000.
Earnings.—-Net earnings of properties acquired, for the calendar
year 1919, after interest on present funded debt of the co. and sub¬
sidiaries
available
for
1st
Pref.
Divs.,
deprec.,
depletion
and
taxes, amounted to over $2,250,000.
For the current year, 1920, net
earnings after interest charges, deprec. and depletion and available
for 1st Pref. Divs. and taxes are estimated to be not less than $5,000,000.
Application
Common
shares
1648.
will
on
be
made
Montreal
in
due
Stock
course
to
list
Exchange.—V.
both
110,
p.
1st
Pref.
and
2494.
(Dwight P.) Robinson & Co., Inc.—Westinghouse Merger.—
committee consisting of Guy E.
Tripp, Homer Loring and John
McGinley announces that the plan some time ago agreed upon for the
Co., Inc., and Dwight P. Rob¬
the new company having been
incorporatetd under Virginia laws as Dwight P. Robinson & Co., Inc.
Holders of certificates of deposit fori both the preferred and common
stock of the Westinghouse Company
may now present
the same to the
The
R.
merger of Westinghouse, Church, Kerr, &
inson & Co., Inc., has been consummated,
Chase
National
Bank
and
receive
the
new
stock
certificates
to
which
they
entitled under the terms of the plan, viz.:
(a) for each $100 share
6% cum. Pref., $100 in new 7% cum. Pref. and (b) for each $100
of Common, $100 in new 6% participating non-cum. 2nd Pref.
Holders of certificates for the Preferred stock of the Westinghouse Com¬
pany who make this change will
receive dividends on that issue cover¬
ing the period from Jan. 1, 1920, to May 1, 1920, at the rate of 6%
a
year.
Dividends on the new 7% First Preferred shares will be cumu¬
lative from May 1, last.
Holders of Westinghouse Common who make
the exchange will get dividends at the rate of 5% a year for one month,
the dividend for three months at that rate having been paid on March
10 of this year.
!.l 11
Holders of tUe Preferred stock of the old Robinson Company, upon duly
are
of
surrendering
holders
of
the same, will receive cash at the
Robinson Common stock will get new
rates agreed upon and
Common stock without
par value share for
The current fiscal
share.
year of the new company will consist of eight months
ending on Dec. 31, next; thereafter the fiscal year will be the calendar
year.—See plan in V. 110, p. 976, 1193, 1421, 2392.
Royal Dutch Co.—New Slock.—New Sub. Company.—
The
Co., New York, has been informed by Company
given the right to subscribe at par for one new
held, while subscription
applications are to be filed In Holland by Dutch shareholders from June
14 until June 28, 1920.
The dates for subscription to 44 New York Shares " will be announced
by the Equitable Trust Co. later, and it is not necessary for holders of
Equitable
for every
share
New
le
Trust
shareholders will
that
Trust
advices have been received by the Trust Company from Holland,
stockholders will vote on June 30, to fix the final dividend over
1919 at 30%, and that the dividend will probably be payable
8, 1920,inHolland.
When this dividend has been received by the
Company on shares deposited with it, notices will be given to the
year
July
be
two shares of Ordinary stock now
jgork " and 44 American " Shares to take any action at this time.
the
are
against $9,084,572 in 1919.—V. 110, p. 2198,
in
Mines, Ltd.—Gold Output.—
against
lbs.
44
0
officially informed, were $3,714,248 as compared
$2,399,416 in 1919; total sales for the 5 months ending May 31, wert
$12,210,860
we
increase
Ray Consolidated Copper Co.—Copper Output.—
CaJde
for May,
the
for further evidence.—Y.
Output for May was 699,041 ozs. of gold as against 724,995 ozs. in
total output for the 5 months ending May 31 was 3,388,889 ozs.
(J. C.) Penney Company.—May Sales.—
Sales
suspended
30,
1919;
Limited,
continuous
deposits
has
until Aug.
amount
cumulative
poration,
Commission
771.. ■
The
of
U.
P.
by the company
proposed
of
8% cumulative Participating Shares are being sold for the purpose
supplying additional capital for extension and improvement for the con¬
solidated properties.
The Cumulative Preference Stock ranks with the cumulative participat¬
Illinois
The
of
ing stock as
Gas Co.—Extra Dividend.—
dividend
of $3 per share has been declared on the $18,000,000
outstanding Capital stock, along with the regular quarterly dividend of
$3, both payable July 31 to holders of record June 30.
In April last, $5
extra was paid; in Jan. last, $7; in Jan. and Oct. 1919, $5 each and in
April and July 1919, $2 each.—Y. 110, p. 1193.
Steel
Steamship
Canada
Burnham
Prairie Oil &
An
Corporation, Ltd., and its subsidiaries.
& Coal Company, Ltd., and its subsidiaries.
Steel
Dominion
submitted to your
following
Corporation,
pire Steel
Nova
been
has
the
of
Consolidation
Shipbuilding Co., Ltd.—'Dividend—Merger.—
& Co.
announce
that plans for the merger of various
steel, shipbuilding, steamship and other companies, to be known
as the British Empire Steel Corporation,
while not yet completed, are prog¬
ressing satisfactorily.
Compare Nova Scotia Steel & Coal Co., Ltd., above.
The Port Arthur Shipbuilding Co., Ltd., one of the companies involved
in the merger,
refinanced by John Burnham & Co. and the stock sold in
Chicago three or four years ago, has dfuring the past several years been
gradually increasing the dividend on the Common stock which has just
been
raised from 8% to
10%.
The book value of the Common stock,
which was originally given away with the Preferred, is now over 115.
On May 31,
1920 the 44 Port Arthur Shipbuilding Corporation, Ltd.,"
was
incorporated under Dominion laws with $100,000 of auth. capital
stock in $100 shares and Robert John Forster of Montreal as Secretary.—
V. 110, p. 1978.
>
agreement
asked to vote June 25 on approving the
Empire Steel Co. which see above.
are
of
holders
to
been paid quarterly since
has
1064.
p.
Nova Scotia Steel &
The
along with the
has been declared on the stock,
extra dividend
An
Arthur
John
Co., Chicago.—Extra Dividend.—
Yeast
Northwestern
Port
Canadian
The production
in May was 892,118 lbs. of copper as compared with
584,916 lbs. in 1919; total production for the 5 months ending May 31
was
7,537,173 lbs. of copper against 5,172,833 lbs. in 1919.—V. 110, p.
2082, 1753. ■
An extra
3573
THE CHRONICLE
1920.]
THE CHRONICLE
2574
of " New York " and " American " shares as to the record date,
distribution and date of payment of this dividend on their shares.
"Wyoming Oil News ' of Denver, Colo., and Casper. Wyo., states the
Royal Dutch Co. has organized the Matador Petroleum Co. In Wyoming
with
an
authorized capital of $1,000,000 to take over the holdings Ito
Wyoming, Colorado. Montana, North Dakota, South Dakota, Idaho, Utah,
Nevada, Arizona and New Mexico of the Roxana Petroleum Co. and tin.'
Shell Co. of California.
The new company will have its headquarters at
The
Ball will be manager.—V. 110, p. 2198, 2082.
Cheyenue and Max W.
Shell Transport
Equitable Trust Co. of N. Y. lias been informed by cable that the
for the flseal year ending Dec. 31, 1919, of 25%, namely
The
dividend
final
shillings
5
American
When
with
record
to
dend
In
equivalent
is
to
shillings
10
per
shares.
last,
February
dividend of 10%.
1919 of 35%.
above.—V. 110,
a
disbursements
total
which
Company on shares
notice will be given to the holders of American shares
rate Of distribution and date for payment of this divi¬
it,
date,
their
on
Share,
British
per
Co.
or
2 shillings,
p.
1754,
paid,
was
making
for
Dutch
See
Royal
Simmons Company,
Kenosha, Wis.—Stock Increase.—
half each of Common and 7% Cum. Pref.)
to include the former $20,000,000 Preferred
under¬
stood
shares
of no pur value Common stock.
The latter, it is understood, will for the
present remain unissued except in so far as required for exchange for the
old $20,000,000 Common on terms proposed.
Compare V. 108, p. 2130.
sisting
to an amount
and 1,050,000
(nominal
of 2%
has been declared on the outstanding capital
together with an extra cash dividend of 1% and the
dividend of l%%, all payable June 30 to holders of
record June 18.
In March 1920, 5%% ; Jan. 1920, 5%% ; Sept. 1919,
11%,; June 1919,
7%%; and in March 1919, 5% extra was paid.—
V. 110, p. 2199, 1979.
See Riordon
Star Rubber Co.,
stock
100%
declared
recently
Cleveland-Cliffs
See
1918
prof,
divs.
for
United
$58,058,598
9,706,716
7,343,098
6,684,370
1.829,399
782,030
371,814
$6,312,556
$6,501,668
$7,877,317
of the company and its subsidiaries for the
including the operating results of the Jronwood, Mayplants only since July 1 1919, the date of merger,
shows:
Sales. $44,120,605; cost of sales. $39,222,701; miscellaneous in¬
come
$899,921; miscellaneous income and reserve for Federal taxes, $569,443 ;* interest on funded and other debt, $2,032,154; Preferred dividends,
$537,039; net earnings, $2,658,591.
:
The report points out that provision was made during the year for depre¬
ciation
depletion, repairs and maintenance, amounting to $4,225,536 and in
addition the company expended net during the year $4,319,663 on construc¬
tion of additions and extensions to the plants which will increase the output
of pipe and pig iron and the efficiency of operation of the various depart¬
earnings
1919.
year
and
Kalamazoo
ments.
The unfilled orders on
Dec. 31 amounted to 603,000 tons of pipe, steel and
pig iron.
The results for the first four months of 1920 are as follows: Gross earn¬
ings after Federal taxes, $3.569.464; interest, $537,984 ; balance for divi¬
dends,
V.
110,
Preferred
$3,031,480;
p. 1857.
dividends,
$405,333;
surplus,
$2,623.147.—
1% lias been declared on the Common stock along
with the regular quarterly of 1%, both payable July 1 to holders of record
June 21.
A like amount was paid extra in April last.—V. 110, p. 1194,
dividend of
extra
1095.
United
Allan A. Ryan's Answer
to
New York Stock Exchange
Governors of
—
In the advertising
to-day's " Chronicle " will be found the detailed
made this week by the chairman of the company,
columns of
answer
Allan A.
the
Ilyan, to the invitation of the Board of Governors
York Stock Exchange that he appear before
New
(notwithstanding his resignation from the Exchange)
for his part in the " corner " of March last
Stutz Motor stock.
See also " Current News" item on a
them
and stand trial
preceding page.
asks for specific findings of facts on 47 ques¬
the query. " are not the net profits of the
over $3,000,000 a year?
1
The matter at issue arose out of the corner in the company's stock last
March.
Following a spectacular rise in the price of the company's shares
on the
New York Stock Exchange, the Business Conduct Committee of the
Exchange, after investigation, reported that Mr. Ryan owned 80,000 shares
of the capital stock and that he and his family, friends and immediate asso¬
ciates owned or had contracts for the delivery of stock aggregating 110,000
shares or 10,000 shares more than the entire capital stock as then outstand¬
ing
Subsequently on March 31 the Governing Board of the Exchange re¬
moved the stock from the list on the ground that it was not sufficiently dis¬
tributed to ensure a free and open market.
This was followed bv Mr. Ryan's
resignation from the Exchange.
Mr. Ryan stated that some 58 firms held
short "
contracts.
See further particulars in the " Chronicle V under
"Current Items" in V. 110, p. 1372, 1482, 1588, 1592, 1703, 1803.—V.
110, p. 2494, 2393.
Mr
tions
Stutz
110,
the
p.
authorized
capital
stock
1533, 2083.
Co.—Subscription for New Stock.—
Retail
Stores
Corp.
below.—V.
110,
2083.
p.
1755.
Drug Co.—Directors Approve Purchase —
directors
have
formally approved the purchase of Boots Pure Drug
Ltd.
For full details see V. 110, p. 2495,
Louis K. Liggett Co., a subsidiary of the United Drug Co., has
increased its Common Capital stock from 87,030 shares to
102,000 shares,
par $100.
Company has $50,000 6% pref. stock.—V. 110, p. 2495, 2200.
The
United Retail Stores
Corp.—5% Stock Dividend.—
dividend of 5% has been declared on the outstanding Common
payable Aug. 16 to holders of record Aug. 2.
The stock dividend, it
is said, will require the distribution of about
27,500 shares (no par value) —
V.
110, p.
1085, 977.
A
stock
stock,
United States Mail
Steamship Co.—Organized.—
The
organization of this company
was
recently announced with an
capital of 200,000 shares of no par value, all owned by President
Francis It.
Mayer and Charles Mayer.
The company was incorporated in
New
York especially to operate former German ships allocated to It
by
■
issued
the
United
ton
a
their
States
month
purchase
Shipping Board at
a
five-year lease
under
the
boats
the
at
expiration
a
rental
with
of
an
the
of
$3.50
option
lease
per
by
if
net
the
registered
company
to
Congress authorizes
sale.
company,
it is stated, has contracted for the operation of the
steamships with a total net tonnage of about 98,121.
The George Wash¬
ington, Mount Vernon,
Agamemnon, Pocohontas,
Susquehanna,
Princess
Matoika,
Antigone and Madawaska, all of more than 10,000 tons each.
Other Shipping Board vessels which have been acquired are the Callao,
America, Ainphion and Freedom, and negotiations are pending for leasing
The passenger ships, it is stated, will be refitted to
with the other large transatlantic lines.
Routes contracted for
(A) New York to Queenstown, Cherbourg and Southampton;
(b) New York to Dover, Boulogne and Danzig, returning via Cherbourg
and
Southampton;
(c) Boston to Queenstown. Cherbourg and Southamp¬
ton; (d) The right to establish services to Mediterranean ports has also
been granted the company.
The company,
it is stated, as a subsidiary of the France and Canada
Steamship Corp., organized at the beginning of the war by Francis R.
Mayer, and is said to operate one of the largest fleet of schooners on the
compete
follows
as
in
increase
the Huron and Aeolus.
Stulz Motor Car Co .—Chairman
of
to
The
& Engine Co., Chicago.—Extra Dividend.—
Stover Mfg.
An
15
Co.,
$3,962,445
consolidated
The
ville
2200.
p.
Cigar Stores Corp.—May Sales.—
United
See
&
deprec
calendar
June
United Gas Improvement
The
avail,
110,
Sales for May are reported as $0,823,443 as compared with
$5,376,400 in
1919; total sales for 5 months ending May 31, $29,826,387 as against $23,067.456 in 1919.
Akron.
Report.—
2,118,470
charges
above.—V.
Under the allotment
Fed.
after
taxes
Co.
1916
$30,083,525
thus
6,080,915
...$44,120,605
Gross sales
Iron
of Calif.—Stock Increase.—
Products,
1.
1917
$43,218,016
1919
Years—
Calendar
Co.
$50,000,000 to $100,000,000.—V.
from
1279.
offer to the stockholders to subscribe to $6,103,000
Preferred stock at par ($50), about 18% of the new stock was taken,
the underwriting syndicate
taking the balance.
Stockholders'
subscrip¬
tion privilege expired at 8 p. m. June 15.
There were 20,452 shares sub¬
scribed for and paid for in full, and 2,606 shares subscribed on which the
first instalment was paid, making a total of 23,058 shares subscribed to
by stockholders.—See V. 110, p. 1979.
April
paid
was
Factories at
Steel & Tube Co. of America.—Annual
Net
Oil
p.
Co.—Acquisition.
1%
increasing the total outstanding capital stock to $1,530,030.
The company
is incorporated in the State of Ohio with
$2,500,000 Common stock and
$1,500,000 Preferred stock authorized.
pneumatic tires, molded goods, etc.
Steel
The stockholders voted
Akron, Ohio.—Stock Dividend.—
of
dividend
Co., Ltd., above.—V. 108,
Turnbull
Union
it is stated, will pay a 25% stock dividend on its Common
originally declared, but will make no additional distribution, as
proposed by directors, because of the 10% tax in the Soldiers' Bonus Bill.—
Compare V. 110, p. 2494.
Fixed
quarterly
Ticondtroga Pulp & Paper Co.—Control.—
company,
Gross
dividend
(par value $10)
regular
as
The
& Pacific Coal & Oil Co.—Extra & Stock Divs.—
stuck
stock
Standard Textile Products Co.—Dividend.
The
Into the Common stock at $90 per share; i.e. on basis of 10*
each $900 notes,
(b) Into the Pref. stock at $100 per share;
basis of 10 shares for each $1000 notes.
for
Texas
2482. '
stock
par
company
par
(a)
on
A
Gross earnings for the calendar year 1919 aggregate $18,766,767; oper¬
ating expenses, taxes and depreciation, $16,098,531; net earnings, $2,668,235; dividends. $4,000,000 *, profit and loss surplus, $14,751,987.
This
is
the
first
financial statement
issued in two years.—V.
107,
p.
has
authorized
and
outstanding:
value),
40,000
shares;
Common
stock
value), 160,000 shares.
Pref. stock is pref. as to divs. up to
(nominal
stock
and as to assets up to $110 per sh.
Callable on 30 days' notice at
110 and div., Sinking fund of 10% of the net surplus each year is provided
for.
Conversion.—Noteholder has the right at and
before maturity to con¬
Oil Co.—Earnings.—
South Penn
each of 12,006'
$8
i. e.
Delaware corporation, manufacturers of brass and iron beds, lias
its authorized issue of capital stock
from $40,000,000 (con¬
This
steel tank steamships,
.
Swiftsure
Company.—The
Preferred
shares
increased
new
Steamship Corp. of New York, and
the France & Canada Steamship Co., Ltd., operate 15 freighters of their
own
and
40 freighters under charter.
The combined net worth of the
two guaranteeing Companies as of Dec. 31, 1919, alfter providing adequate
reserves for Federal taxes,
bad debts, depreciation, and contingencies, was,
$11,332,772.
These Companies have no funded debt and cannot create any
during the life of these notes.
Earnings.—Earnings of the two guaranteeing Companies, exclusive of
the earnings of subsidiaries, for the three years ended Dec. 31, 1919, were:
Net, after deprec., Federal taxes, etc, reserves, $6,320,330; Average net
$2,106,777; Maximum annual interest charge on this
profit per year,
entire issue. $309,470.
■"; 1
vert
1649.
7
'Guarantors. —The France & Canada
Share, has been declared, payable July 5.
the dividend has been received by the Trust
deposited
as
& Trading Co.—Final Dividend for 1919.—
Shipping Board of
weight capacity.
S.
dead
tons
of
rate
U.
the
holders
[Vol. 110.
in his answer,
Ryan,
which
he presents,
Company
among
seas.
Mr. Mayer is quoted as saying: " The opportunity for American ship¬
ping is now at its apex.
Whether the United States is to become a force
the world's trade depends entirely
upon
public interest and support.
The United
States Mail Steamship Co. has been organized with the ob¬
ject of placing the American flag to the forefront, and expects to com¬
pete successfully with the largest and most influential steamship lines
under any flag."
in
the rate of
at
States Playing Card Co.—Extra Dividend.—
United
%
The company has declared the usual quarterly dividend of $3 a share and
an
extra dividend of $5 a share, both payable July 1 to stock of record
June 19.
In Oct. 1918. and Jan. 1 1920, paid extra dividends of 5% each
and
in
Jan.
Utah
1919 paid 5%
extra
in Liberty bonds.—V.
110,
p.
2200,
Copper Co.—Copper Production.—
Output for May was 9,994,781 lbs. of copper, compared with 9,125,000
in 1919; total output for 5 months ending May 31 was 46.017.999 lbs.
copper, as against 47,746,000 lbs, in 1919.—V. 110, p. 2200, 2083.
lbs.
of
"
Victor
For
Sullivan Machinery
A
par
dividend
of
value stock,
$1
per
Co.—Dividends Increased.—
share
has
been
declared
on
the
outstanding
payable July 15 to holders of record June 30.
no
In April
1% was paid on the old stock (par $100) along with
the regular quarterly of 1%%.
Extras of 1% have been paid each quarter
since July 1916.—V. 110, p. 2392, 2083.
last
an
extra
Swiftsure
of
Oil
Transport, Inc.—Guaranteed Notes Offered.—
Peabody, Houghteling & Co., Chicago, are offering at prices
ranging from 98.76 and
int.
to 97.13 and int.
to
net 8%
serial gold notes.
Guaranteed jointly and severally by the
Steamship Corp. of New York, and France
6 Canada Steamship Co., Ltd., of Montreal.
Circular shows:
Exempt from normal Federal Income Tax up to 2%.
Dated April 1, 1920.
semi-annually Oct. 1, 1921 to 1923.
Denom. $1000 (C*).
Red. in
reyerse of numerical order on any int. date on 90 days notice, at a
premium of % of 1% for each year notes have to run.
Int. payable A. &
O. at the Old Colony Trust Co., Boston, Trustee.
Purpose.—Proceeds are to be used in connection with the purchase through
Due
the
Machine
Co.—Special
Dividend—Report.—
second
phone Co."—V.
110,
p.
Vulcan Detinning
according to maturity $4,421,000 convertible guaranteed 7%
France & Canada
Talking
Annual
Report see " Financial Reports " on a preceding page.
quarterly dividend of $25 per share has been declared on the
Common stock payable July 15 to holders of record June 30. The first
quarterly dividend of $25 was paid in April last, prior to which quarterly
dividends of 5%
(20% p. a.) were paid.
Extras of $15 per share were
paid in July and Oct., 1919, and in Aug. and Dec., 1917.
The
" Financial
America"
says:
"A
recent
issue
of
the
London
"
Financier," says that an American group, understood to be the Vic¬
tor
Talking Machine Co., has taken 850,000 shares of the Gramophone
Co., Ltd.. of England, at 25s. a share.
It is added that three directors
of
the Victor Talking Machine Co.
will join the board of the Gramo¬
A
1858.
Co.—Capital Increased.—
The company is reported to have filed a certificate
State in Trenton, N. .T., on June 15, increasing the
$3,500,000 to $5,646,000.
The new stock is to be
share of 7% Cumulative Pref. par $100, and 12,260
stock par value $100.—V. 110, p. 1650, 1438. f
of
with the Secretary
Capital stock from
divided into 9,200
shares of Common
"Westinghouse Electric & Mfg. Co.—New Director.—
George
James
N.
W.
Davison
Wallace.—V.
(For
has
been
110,
p.
elected a
2289, 568.
director
continuation of Investment News
see
to
succeed
page
the
2578)
late
June 19
2575
THE CHRONICLE
1920.]
Srjiortg anh Bonmteuts
THE
AMALGAMATED SUGAR COMPANY
(Organized Under the Laws of Utah)
OFFICIAL
EIGHT
ITS
THE
TO
STATEMENT
NEW YORK
PER CENT
applica¬
porary
its
have listed
to
$100
thority
notice of issuance in exchange for
porary
All
January
15, 1915,
as
Company
and
was
the
It owned
Its
Capital Stock authorized consisted of 40,000 shares of the
par value of $100 each, all Common Stock.
At the time of
approximately 33,000,000 pounds of sugar.
plants at Ogden and Logan, Utah, and Burley, Idaho.
companies, known respectively as Lewiston Sugar Company
and
Amalgamated Sugar Company.
Its business in ac¬
cordance with its charter consists of the manufacture and
there
consolidation
outstanding 25,514 shares.
were
original capitalization of the
The
Company and subse¬
quent changes are as follows:
refining of beet sugar.
Issued
Authorized
Issued
15, 1915
increased to
Sept. 19, 1918
Aug. 9, 1917,
.
Issued
Authorized
Par value $100
Par value $100
Authorized
Common
8% Cum. S. F. 1st Preferred
8% Cumulative Preferred,
At consolidation, Jan.
incorporated under
refine sugar from beets.
was
Amalgamated Sugar Company was incorpor¬
laws of Utah, July 5, 1902.
Its business
the manufacture of beet sugar, and its annual output
was
on
consolidation of two former Utah
a
refinery
output
under
was
paid and non-assessable, and no
Utah
Sugar
hundred
one
The former
outstanding tem¬
ated
of said stock is full
a
annual
certificates.
personal liability attaches to shareholders.
The Company was organized under the laws of
Company's charter is
lands at Lewiston, Utah, and its
approximately 16,000,000 pounds of
sugar.
Its capital, authorized, issued and outstanding, con¬
sisted of 100,000 shares of the par value of $10 each.
had
It
consisting of 50,000 shares of the par
official
Lewiston
The
value
each, which are issued and outstanding with au¬
to substitute permanent engraved certificates on
Stock,
the
the laws of Utah, June 15, 1903, to
Cumulative Sinking Fund First Pre¬
Eight per cent.
of
years.
certificates for $5,000,000, (total authorized issue) of
ferred
of
the New York
on
duration
The
Stock Exchange tem¬
The Amalgamated Sugar Company hereby makes
tion
STOCK EXCHANGE IN CONNECTION WITH THE LISTING OF
CUMULATIVE SINKING FUND FIRST PREFERRED STOCK.
$5,824,400
$6,000,000
(par value $100)
$25,000,000
(par value $10)
$390,000
$3,750,000
(authorization
(issued from,
cancelled
time to time on
Jan. 28
1920)
conversion of
bonds and since
retired)
July
$5,000,000
28, 1919
Increased to
$5,000,000
..
$6,824,400
summer of
in
1919.
There
the
various
any
is
farms
$50,000 upon
the Company, nor are there
by
purchased
bonds of the Company outstanding.
the
and articles of consolidation under
took
Company
over
DATA
BY
Sugar
Lewiston
in excess of all liabilities against
companies.
All of the Capital
Stock, properties and assets
of the two said companies were
consoli¬
Capital
Stock, properties, and assets, The Amalgamated Sugar Com¬
pany paid $230,270 in cash and Common Stock of the par
value of $5,824,400.
Permission to sell securities was given
by the Securities Commission of Utah, July 30, 1919.
and their liabilities assumed by, the
company.
As full consideration for such
conveyed to,
Company has no subsidiary
The
Companies.
INCORPORATION OP THE AMALGAMATED SUGAR COMPANY
SUGAR COMPANY AND LEWISTON SUGAR COMPANY
RELATING TO
CONSOLIDATION
either
dated
which
Company and
Amalgamated Sugar Company, filed with the Secretary of
State of Utah, certified that the fair net cash value of the
properties, assets, rights, goodwill and interest of said two
The agreement
was $6,054,670
and both of said
properties, with companies
mortgage 011 the Company's
no
exception of mortgages not in excess of
OF AMALGAMATED
1
Lewiston
Amalgamated
-
Sugar Company Sugar Company
Number of shares of stock or predecessor
Par value ol shares
companies outstanding at time of
.........
$10
-
______—
—
$1,000,000
$2,5ol,400
predecessor companies outstanding
—
—
stock as provided in Certificate of Incorporation of The Amalgamated Sugar Company
Number of shares of stock of The Amalgamated Swgar Company to be issued for each share of stock of
predecessor companies
'
•--- —
Amount to be paid in cash by The Amalgamated Sugar Company to holder of each share of stock of predecessor
companies
-—
Total number of shares of stock of The Amalgamated Sugar Company to be issued to stockholders of predeces-
Total Capital Stock of
Totals
100,000
25,514
consolidation......................
Basis for exchange of old
sor
companies..—.........
Total par value ($100 each) of shares of
holders of predecessor companies
Total amount to be paid in
panies
Total payment to
Sugar Company to
$3,827,100
$2,000,000
$127,570
$100,000
$227,570
$3,954,670
$2,100,000
$6,054,670
««•«..<
be made to stockholders of predecessor
companies...................—...——........
MADE TO STOCKHOLDERS OF
PREDECESSOR COMPANIES ON Payment in
CONSOLIDATION.
stock
■
•
poration
stockholders of predecessor
——
$127,570
100,000
$3,954,670
2,100,000
$5,827,100
$227,570
2,700
$6,054,670
$230,270
$6,054,670
...........—
;
cash, instead of issue of stock to persons
issued and cash actually
payment
in cash
$3,827,100
2,000,000
—.——...
Total
Total stock actually
Total
Payment
Cetlflcate of Incor¬
.
LewlBton Sugar Company—....
of
Amalgamated.
Sugar Company
,
companies upon consolidation as provided In
Amalgamated Sugar Company
Adjustment for payment of
$5,827,100
Company to be issued to stock¬
stockholders of predecessor com¬
The
Amount payable to
58,271
38,271
.......
STATEMENT SHOWING PAYMENT
20,000
—
cash by The Amalgamated
......
$1.00
*5.00
........—......
.....—-----—.............
stock of The Amalgamated Sugar
1-5
U4
2,700
entitled to fractional shares.
$5,824,400
paid
....
As per
Actual
certificate
disposition
of incorporation
shares
shares
38,271
Amalgamated Sugar Co
stockholders of Lewiston Sugar Company
To stockholders of
To
20,000
58,271
Total to stockholders of
.
predecessor companies
might determine ...
58,244
Total authorized in Certf Icate
1,729
of Incorporation.
$1,000,000 par value additional Common Stock was sold
cash at par to provide additional
The $5,000,000 Eight per
Cent. Cumulative
Stock outstanding was issued
,in 1919 for cash, for the following purposes: (a) to pay off
and discharge an issue of First Mortgage Seven per Cent.
Serial Convertible Gold Bonds of the Company, of which
$3,750,000 had been authorized and issued, and of which
there were outstanding at the date such bonds were called
•Sinking Fund First Preferred
60,000
...
in the summer of 1919 for
working capital.
1,756
60,000
To be issued as board
for
payment, $3,360,000, the
balance having been converted
Eight per Cent. Stock;
of First Preferred Cumu¬
the entire amount thereof
outstanding; and (c) to provide additional working capital.
The preferences of the Eight per Cent. Cumulative Sink¬
ing Fund First Preferred Stock are as follows:
The Eight per Cent. Cumulative Sinking Fund First Pre¬
ferred Stock shall be fully paid and non-assessable when
into
First
Preferred
Cumulative
to redeem $390,000 par value
lative Eight per Cent. Stock, being
(b)
issued and the
Stock
ferred
[Vol. 110.
THE CHRONICLE
2576
private property of the holders of said Pre¬
shall
not
be
for
liable
the obligations of
the
twenty-one
days' notice thereof to the stockholders by the
officers of the
other
No
Company
or
additional
or
said Common stockholders.
stock having equality with,
or
said Preferred Stock shall be
entitled to receive out of the surplus and net profits arising
from the business of the Company, when and as declared,
preference or priority over, the five million dollars ($5,000,000) par value of Said Preferred Stock, either as to pay¬
cumulative yearly
ment of dividends or
Company.
The holders
of
dividends at the rate of Eight per cent.
(8) per annum from August 1, 1919, payable in equal quar¬
terly instalments on the first days of February, May, August
November, and in the event such dividend of eight per
and
cent
(8%)
said Preferred
on
Stock shall not be paid
in
distribution of assets
or
in any other
respect, shall be issued without the consent, given in wait¬
ing or at a meeting, of at least seventy-five per cent. (75%)
in amount of the Eight per Cent. Cumulative Sinking Fund
Stock
Preferred
First
then
(exclusive
outstanding
of
any
amounts
eight per cent. (8%) not paid in any year shall be paid out
of and from the surplus and net profits of the company and
acquired by the Company or held for retirement)
and unless the average net earnings of the Company applic¬
able to the payment of dividends for the three fiscal years
shall accumulate and be
preceding the date of the proposed issuance of such other
in whole or in part, such part of said dividend of
any year
paid before any dividends may be
paid upon the Common Stock; and no dividends shall at
any time be payable, paid or set apart on the Common Stock
until
all
dividends
accrued
shall
been, declared
have
and
said issued and outstanding Pre¬
ferred Stock and until the surplus and net profits of the
Company applicable to the payment of dividends on said
Preferred Stock shall be equal to the amount required to
paid or set apart
all
on
said Preferred Stock for the further
year after the withdrawal of any sum
proposed to be paid as a dividend on the Common Stock.
Said Preferred Stock shall, in the event of the dissolution,
liquidation or winding up of the Company, whether volun¬
tary or involuntary, be paid the full par value, together with
the full amount of any unpaid and accrued dividends there¬
on, before any sum shall be paid or distributed or any assets
applied upon the Common Stock; but the said Preferred
the dividends
period of one fulll
pay
Stock
shall
earnings
or
on
be
not
entitled
to
receive
out
of
the
surplus
profits of the Company any excess of said cumu¬
over the rate of eight per cent.
(8%) per
lative dividends
annum, nor
in
distribution
any
have
shall
shall said Preferred Stock be entitled to share
been
after there
of assets of the Company
paid thereon the full amount of the par
value
thereof, together with all accrued and unpaid dividends
thereon, except that in case of liquidation, dissolution or
winding up which is partially or wholly the result of volun¬
tary action on the part of the holders of a majority or more
of the Common Stock, there shall also be paid to the holders
of said
($20)
or
Preferred
per
of
share before
the
further
any sum
of twenty
sum
dollars
shall be paid or distributed
The holders
assets applied upon the Common Stock.
any
Preferred
said
additional
any
Stock
or
Stock
shall
entitled
be
to
subscribe for
increased Preferred Capital Stock of the
Company which may at any time be issued, pro rata with
the Common stockholders, but shall not be entitled to sub¬
scribe for any Common Capital Stock which may at any
time
be issued.
The
Stock
required to pay the dividends upon all said Preferred
then
Company
may
outstanding and upon the other
or
additional
stock then proposed to be issued. No mortgage or other fixed
obligation constituting
lien upon
a
any
of'the property
or
franchises of the Company, whether now owned or hereafter
acquired,
or
upon
property
any
franchises of
or
sub¬
any
sidiary company, whether now owned or hereafter acquired,
or
other indebtedness, either of the Company or of any
any
subsidiary company, shall be created or
made without the
similarly expressed, of at least seventy-five per
(75%) in amount of said Preferred Stock then out¬
consent,
cent.
standing
(exclusive of any amounts acquired by the Com¬
held for retirement), except that purchase money
mortgages not exceeding in amount seventy-five per cent.
pany
or
(75%) of the actual cost or fair value, whichever shall be
lesser, of property hereafter acquired, may be given
the
without
such
not limit or
and except that this provision shall
consent;
restrict the right of the
Company or of a sub¬
sidiary company to make loans in the ordinary course of its
business, provided that no such loan, whether secured or un¬
secured, shall mature later than
Company
shall be
that
agrees
long
so
one year
as any
from its date. The
of said Preferred Stock
outstanding it will at all times maintain net current
at least
assets
equal to 60 per cent, of the amount of said
Preferred Stock at the time outstanding, the expression " net
current assets "
being defined as cash and accounts, bills re¬
ceivable, products manufactured or in process of manufac¬
ture,
materials, supplies, and obligations and securities
readily ascertainable market value, less the liabili¬
all obligations of
Company except Capital Stock of the Company and pur¬
raw
having
a
ties of the Company, such liabilities being
the
chase money
mortgages.
The Company shall create and maintain, with a Sinking
Fund Trustee appointed by its Board of Directors, a sink¬
ing fund
redeem said shares, or any part thereof,
said Preferred Stock on any dividend payment date by
of
additional stock shall have been at least three times the
or
amount
000,000)
shall
for
par
the
benefit
said
of
five million
($5,-
dollars
value of Preferred Stock, and for this purpose
annually, commencing May 1, 1920, and on each
Sinking Fund Trustee,
pay
paying in cash therefor the sum of one hundred and twenty
first day
of May thereafter, to the
dollars
from
surplus
($120)
share, and the dividends accumulated
the date fixed for such redemption.
Notice of every such
to
per
redemption shall be given by publication thereof once a week
for three successive weeks in a daily newspaper of general
circulation published
the
in the City of New York, New York,
first"
publication to I be at least sixty days prior to the
redemption date, and a written notice of such redemption
shall
also be deposited in the United States mail, duly
stamped and addressed to the holder of record of such Pre¬
ferred shares, as shown upon the books of the Company,
at least sixty days prior to the date of such redemption.
From
date
and
after
the
fixed
date
in
any
such notice
as
the
of
redemption, unless the Company shall fail to pro¬
vide sufficient moneys at the time and place specified in
such notice for the payment of the redemption price, all
dividends on such Preferred Stock thereby called for re¬
demption shall cease to
thereof
as
accrue,
and all rights of the holders
stockholders of the Company, except the right to
receive the redemption price, shall cease and determine.
The
designation and calling of any of said Preferred Stock for
redemption shall be in such manner as the Board of Direc¬
tors may determine before such call.
So long as any quarterly dividends have not been passed
or
unpaid, the holders of said Preferred Stock
no
voting
power on any
question, except
as
shall have
hereinafter other¬
wise provided;
but when two such quarterly dividends are
unpaid then and thereafter until all arrearages of dividends
shall
have
been
paid on said Preferred Stock, the holders
a meeting of
thereof shall be entitled to vote said stock at
the Preferred stockholders
called
on
pany or
of the
Company, which shall be
twenty-one days' notice by the officers of the Com¬
the holders of at least one hundred thousand dollars
($100,000)
one-third
par
value of said Preferred Stock, and to elect
of the full
number of the
Board of Directors of
the
Company in lieu of one-third of the full number of the
Board of Directors of the Company as then existing, and
such Preferred stockholders at such meeting shall designate
the members of the Board whose term of office is to expire
upon
the qualification of such one-third
so
elected by said
Preferred stockholders.
of
dividends
to the
the
After the payment of all arrearages
exclusive voting power shall be returned
holders of the
Common Stock ;
and
new
directors in
lieu of the directors elected by the holders of said Preferred
Stock may be elected by such Common stockholders at a
meeting which shall be called by the officers of the Company
or
the
holders
($100,000)
par
of
at
value
least
of
one
said
hundred
Common
thousand
Stock,
dollars
and
upon
its
surplus
and
profits
day of February preceding the date
existing
on
the last
of such sinking fund
before paying or providing for the payment of
dividends upon any stock other than said Preferred Stock, a
payment,
sum
sufficient to
provide for the retirement, at one hundred
and
twenty dollars ($120) per share and accrued dividend,
of two per cent.
(2%) of the maximum amount of such
Preferred
Stock
outstanding during the twelve months'
period preceding the date of such sinking fund payment,
exclusive of any amount held in the sinking fund at the
date of such
so
that
Said obligation shall be cumulative
payment.
if in
surplus and surplus profits are
Company to deposit the sum so
required, it shall deposit in such year as much thereof as
possible after paying or providing for the payment of divi¬
dends for such year upon said Preferred Stock and shall
deposit the deficiency in the succeeding year or years.
The
Company shall make an agreement with such Sinking Fund
Trustee for the purpose of effectuating the sinking fund
provisions, Yvhich agreement shall contain such additional
or
other terms and provisions as may seem to the Board
of Directors to be necessary or proper, and may specifically
provide that in any offering to the sinking fund the Com¬
pany may tender any of such Preferred Stock "in any manner
acquired by it, upon the same terms as other such Preferred
stockholders, the Company hereby reserving the right to
purchase or otherwise acquire any of said Preferred Stock,
and to own, hold, hypothecate and dispose of the same.
any
one year
not sufficient to enable the
The Certificate of Incorporation
(Art. 10) gives the Board
of Directors power
to sell or mortgage all or any part of the
properties
Corporation.
of
the
ho-wever, must
concur to
Two-thirds
of
the Board,
dispose of the entirety of the assets.
This
right is subject to the" amendment of July 26, 1919,
provides that no mortgage
(except for purchase
money), lien or other indebtedness upon the properties or
which
franchises
of
the
Company
of
or
subsidiary shall be
75% of outstanding
any
created without the consent of at least
Preferred
Stock.
Article II, Section I of the By Laws provides as follows:
"
two
The
of
number
whom
Directors
of
shall
be
Preferred
in
and
the
Stock,
except that
Board
when
Article 4
The
of
and
the
if
of
selected
Preferred
default
Articles
of
be
this
Company
shall
at the direction of
accordance
the
be
fifteen,
at
underwriters
least
of
the
with agreement approved July 3,
1919,
stockholders may elect one-third of the
made
in
accordance with
the provisions
of
Incorporation."
Company has seven factories located at or near
Ogden, Logan, Smithfield and Lewiston, Utah and Burley,
.
JUNE 19
Paul
Twin
and
plants
THE CHRONTCLE
Falls,
located
are
other
1920.]
than
is
those at
Idaho.
owned
cement
land
fee.
tvAll
Ogden and Logan
struction with buildings
with
The
in
stacks,
011
stokers,
silos
cement
for
storage of coal under water and modern beet sheds and beet
loading stations, and
well maintained.
to
the
been
located
beets
sugar
handle
to
Their aggregate daily
and
the
the
beet
factories
of
crop
are
the
con¬
ENDED
FEBRUARY 29,
Operating profit and miscellaneous income.
district.
on
plant.
$2,910,925.37
Interest, discount and premium
Interest
on
$369,645.01
424,938.24
.
on
bonds retired
notes
186,634.98
General administrative expenses.
314,933.52
246,902.33
Taxes (excluding Federal taxes)
Miscellaneous charges (net)..
79,195.60
1,622,249.68
Net income for year
Profit
$1,288,676.05
374,521.76
of factory plants, etc.
on sale
d<£
$1,663,197.81
114,115.62
Estimated income tax.
Estimated net income after deducting taxes
ANALYSIS
OF SURPLUS
ACCOUNT
FOR FISCAL YEAR ENDED
FEBRUARY
28,
Surplus account—balance at February 28, 1918..
*$4,972,661.77
522,403.00
Adjusted balance at February 28, 1918.......
book
and
values
made as of February
SURPLUS
$4,450,258.77
Surplus account—balance at February 28 1919
Restore amount reserved in excess of amount required for—
Reduction in value of plants and real estate
$665,563.13
Reduction in value of miscellaneous assets
2,747.42
Federal
provisions for sundry reserves
Reserve for sundry liabilities.
Less—
IT1
Reserve for reduction in value
of securities
$32,660.00
118,604.75
retirement of old Preferred
Preferred Stock
Charges in connection with
and issue of new
>
291,413.93
442,678.68
$937,714.08
......
connection
with
Pacific
ad¬
Sugar
$2,521,388.83
-
Less dividends on Preferred Stock—
Corporation, divided as follows;
Fiscal year 1917 crop
$122,503.93
Fiscal year 1918 crop
334,655.48
Fiscal year 1919 crop
78,322.87
/
7.255.27
Reserve for losses in connection with Paci c Sugar Corp.
Reduction in book value (cost) of
the
ended
year
_
675,565.82
50,000.00
...
...
1920
$2,288,501 69
$2,964,067.51
actions with the Pacific Sugar Corporation;
to
including
and
1919
35,252.00
298,027.97
42,646.29
Charges in connection with securities of and trans,
in
prior to
taxes,
28
Feb.
t$387,116.87
Reduction in value of railroad spur
Reserve for bad debts
vances
YEAR ENDED FEBRUARY 29
(Subject to verification and adjustment)
28, 1919
Reduction In values of plants and real estate (net)
Reduction in value of non-operating securities
securities held
$1,549,082.19
ACCOUNT FOR
1919
Less adjustment for accrued Federal taxes
Less reduction In
1920
Less—
Depreciation
preciation.
:
YEAR
capacity is about 4,800 tons of beets.
The Company's policy is to write off 5% annually for
Losses
FOR
The territory which they serve is adapted
growing of
veniently
in good condition and have
are
ACCOUNT
(Subject to verification and adjustment).
con¬
equipped
are
INCOME
these
factories
of modem
are
of brick and steel, and
automatic
which
of the
2577
,
Old Preferred (since retired)
Feb. 1 1920
$14,236.61
100,000.00
1 1919 (2%)
New Preferred, Nov.
(2%).
100,000.00
-
535,482.28
Miscellaneous
$2,307,152.22
$3,856,234.41
in
charges
the
with
connection
214,236.61
65,783.85
'
Pacific Sugar Corp
Add net Income for fiscal year 1920
(The
(estimated)
..1,549.082.19
1,538 980.21
Amalgamated Sugar Company's
interest in the Pacific Sugar Corpora-
BALANCE
2,352,023.34
SHEET AS OF FEBRUARY 29
1920
(Subject to verification and adjustment).
tion has been disposed of).
$2,098,235.43
Less—
192870
ASSETS
Fi.ed operating assets—
Dividend of April
1, 1918 (3%)
$174,732.00
Factories, loading stations and piling grounds.
24,268.96
Miscellaneous charges..—.....
199,000.96
$1 899,234.47
fiscal year 1919
Add net income for
-
389,267.22
$2,288,501.69
Surplus balance, February 28 1919
$7,091,137.87
1,501,677.53
Less—Depreciation reserve
$5,589,460.34
Housing facilities, railroad spurs and company farms..
478,383.06
Equipment (excluding factory machinery).
Total fixed operating assets.
148,127.15
—
-
$6,215,970.55
-----
Non-operating assets—
books at February 28, 1918, was| $8,355,033.59.
This
adjusted, by entries made recently as of February 28, 1919 to $4,972,661.77,
*The surplus as
was
per
appreciation
as
per
books,
$2,715,328.48,
of sugar at February 28, 1918, by $667,043.34.
^Excluding net appreciation written off, $2,715,328.48, as stated in the pre¬
by
writing
the
off
net
Real estate.
$40,400.00
Idaho Ry. Co. 6% bonds and con¬
Ogden, Logan &
vertible notes
Town of Lewiston,
ceding
Oregon, Wash. Ry. & Navig. Co. 4% bonds.
Utah, Idaho, Central Railroad Co. stock
Miscellaneous stocks
note.
BALANCE SHEET
AS OF
FEBRUARY 28,
1919
Investment at Traey, Cal.
Fixed operating assets—
164,000 00
—
Utah, 5% bonds
and reducing the inventory value
--------
27,108,00
650,000.00
(since sold)
Total non-operating assets
$7,894,180.91
1,229,342.13
Factories, loading stations and piling grounds.
Less
depreciation reserve
>
—
—
174,619,06
—
Notes receivable
99,502.97
receivables
Total long term
190,360.68
—
$718,194.25
Land contracts.
538,984.37
623,780.75
Equipment (excluding factory machinery)
1,102,458.00
_
Long term receivables—
Real estate mortgages.
$6,664,838.78
Housing facilities, railroad spurs and company farms.
Securities of affiliated companies
47,000.00
13,950.00
160,000.00
—
$992,316.28
Current assets—
Total
$8,017,964.58
fixed operating assets
-.-.$1,331,099.46
80,000.00
101,278,64
1,686,356.28
1,799,894.34
136,910.73
-
-
U. S. Liberty bonds
Non-operating assets—
Inventories, or cost of market
$90,000.00
Real estate
Ogden, Logan & Idaho Ry. Co. 6%
Notes receivable
bonds and con¬
Accounts receivable
164,000.00
vertible notes
Town of Lewiston,
Cash
Utah, 5% bonds.
Other current assets
47,000.00
—
13,950.00
Oregon, Wash. Ry. <fc Navig. Co. 4% bonds...
Miscellaneous stocks.
10,608.00
—
325,558.00
Total non-operating assets
—
9,245,439.45
Deferred asset—Cost of 1920 sugar, operations to date....
Total assets—__
110,543.37
$17,666,727.65
—
-
_
LIABILITIES.
Capital Stock-
Long term receivables—
$375,823.06
195,696.91
Real estate mortgages
Contracts and notes
-
*
,
„„„
571,519.97
Current assets—
Common Stock—
Authorized
.$25,000,000.00
..18,175,600.00
Less—Unissued.
Common Stock outstanding
Cash......
$508,716.93
412,600.00
7,641,786.59
168,241.73
-
-
U. S. Liberty bonds
—
Inventories at cost or market
Demand and farmers' notes
__
receivable
Contracts receivable. .v.,,..—.-—Other current assets-
Authorized and issued
1,406,416.00
Accounts receivable.,.......—
65,228,89
Total Capital
——
.
Stock issued and outstanding
Notes
10 368 476 68
payable—
payable
Deferred assets—
balance from prior
$174,069.18
293,954.17
date(inc. accrued overhead)
Total current assets
years).
$19,751,541.48
Total assets.
.
-----
1,986,093.24
3,856,234.41
Total liabilities.
...
LIABILITIES
paid
$17,666,727.65
..
the Common Stock since the organi¬
zation of the Company have been as follows:
Capital Stock—
on
Year ended February
Common Stock—
....—
...
...
Cumulative 8% Stock—
„„
$5,824,400.00
„„„
.
I
The Company's production of sugar for the last five years,
ending February 28, of each year, is as follows:
--S3,750,000.00
3,661,500.00
Authorized
Less unissued
Year
First Preferred Cumulative
88,500.00
8% Stock outstanding.
Stock Issued and outstanding and cancelled
7% Gold bonds (to be retired on Aug. 1, 1919, and
Total Capital
•First Mortgage
cancelled)
-
—
$5,912,900.00
3,661,500.00
Amount
1916-.--
the
86,941,643.82
Notes payable
303,347.42
Accounts payable
Estimated income taxes (for fiscal years ended
—
-
Total current liabilities......——
Sundry reserves
Total liabilities....
g (act itiJiei.
-
-
...
—
pounds
pounds
pounds
pounds
pounds
-
Company,has approximately 2,700 employees during
manufacturing period and approximately 800 employees
at other
Feb. 28,
The
150,000.00
times.
Company's
—
7,394,991.24
493,648.55
2,288,501.69
earnings
the
last
five
years
are
as
ended February 29,1916
ended February 28, 1917
February 28, 1918
For the year ended February 28, 1919
For the year
$1,857,555.85
For the year
2,680,754.79
1,423,213.64
389,267.22
1,549,082.19
For the year ended
$19,751,541.48
for
r
follows:
Surplus
91,115,200
92,459,672
94,035,694
112,313,836
87,458,500
-
-
..
The
Current liabilities—
1918, and Feb. 28, 1919)
13%
12%
12%
3%
...
Year ended February
Year
Common stock outstanding.
29, 1916
28, 1917
28,1918
ended February 28, 1919
Year ended February
$25,000,000.00
19,175,600.00
—
Less unissued......
First Preferred
137,015.16
—-
The dividends
Authorized
1920, and
Total current liabilities.
Surplus
468,023.35
Unamortized discount on bonds
5,000,000.00
$11,824,400.00
—/.$1,476,736.44
372,341.64
—
Accounts
Estimated income taxes (year ended Feb. 29
Cost of 1919 sugar oper. to
.
Current liabilities—
165,485.44
——-
-
$6,824,400.00
8% Cumulative Sinking Fund First Preferred Stock—
For the year
ended February 29, 1920
COMPANY
FISCAL YEAR ENDED FEBRUARY 28,
1919
'
Less
$358,889.18
Depreciation on plant
bonds.. — ...
Interest and discount on
notes—w-*---—
on
—
General administrative expense...
taxes) —
(net)
(excluding Federal
Taxes
Miscellaneous charges
is
$438,901.83
49,634.61
Estimated Income tax.
Net income
$389,267.22
after deducting taxes
its stock interest in any constituent,
owned or controlled company, or allow any .of
constituent, subsidiary, owned or controlled companies
Not
to
dispose of
subsidiary,
said
in other companies unless for
retirement and cancellation, except under existing authority
or on direct authorization of stockholders of the Company
holding the said companies.
dispose of stock interests
to
To publish at least once in each year and
stockholders, at least fifteen days in advance
submit to the
of the annua
physical ant
the previous
meeting of the corporation, a statement of its
financial condition, an income account covering
fiscal year, and a
balance sheet showing assets
and liabilities
the year; also annually an income account and
balance sheet of all constituent, subsidiary, owned or con
at the end of
trolled
companies ; or a consolidated
income account and a
consolidated balance sheet.
Exchange,
a
transfer office or agency in the
Borough of
securities
Manhattan, City of New York, where all listed
shall be directly transferable, and the principal of
securities
with
also
able;
a
interest or dividends thereon
Manhattan,
office or agency
be registered.
registry office in the Borough of
City of New York, other than its transfer
in said city, where all listed securities shall
securities, of a transfer
agency or of a registrar of its stock, or of a trustee of its
bonds or other securities, without the approval of the Com
mittee on Stock List, and not to select as a trustee an officer
change in listed
Not to make any
'
all listed
shall be pay¬
director of the Company.
or
To notify
the event of the issuance
the Stock Exchange in
rights or subscriptions to or allotments of
and afford the holders of listed securities
ties
its securi¬
a proper
period within which to record their interests after authori¬
zation, and that all rights, subscriptions or allotments shall
be transferable, payable and deliverable in the Borough of
York.
Manhattan, City of New
notify the Stock Exchange of the issuance of addi¬
tional amounts of listed securities, and make immediate ap¬
To
plication for the listing
thereof.
publish promptly to holders of bonds and stocks any
action in respect to interest on bonds, dividends 011 shares,
or allotment of rights for subscription to securities, notices
thereof to be sent to the Stock Exchange, and to give to
the Stock Exchange at least ten days' notice in advance of
the closing of the transfer books or extensions, or the tak¬
ing of a record of holders for any purpose.
To redeem Preferred Stock in accordance with the require¬
To
ments of the Stock
To
notify
Exchange.
Exchange if deposited
the Stock
collateral is
changed or removed.
fiscal
The
the Company
ends the last day of
February of each year.
second
the Company's principal
office, David Eccles Building, Ogden, Utah.
The annual meeting
of the Company is held on the
Wednesday of May in each year at
Company's Directors (elected annually) are as fol¬
Anthon H. Lund, Stephen L. Richards, of Salt Lake
The
lows:
Marriner S. Eccles of
Logan, Utah; and Horace Havemeyer, of New York City.
(♦Selected by underwriters of Preferred Stock.)
S.
Browning
of
Company's Officers are as follows:
Anthon H. Lund,
D. C. Eccles, Vice-President; Joseph Scowcroft,
Vice-President; S. M. Edgell, Vice-President and Treasurer;
The
Joseph Quinney, Jr., Secretary.
Transfer
The
Agent
City.
The
City.
</ ■
Bankers
is
"L:v
Trust
AMALGAMATED
By
Committee
New
Bank, New York
S.
M.
SUGAR COMPANY,
Edgell,
Vice-President.
recommends
that
the
above-described
temporary certificates for $5,000,000 Eight per Cent. Cumu¬
lative First Preferred Stock be admitted to the list, with
authority to substitute permanent engraved certificates, on
official notice of issuance in exchange for outstanding tem¬
porary
certificates,
in
accordance with
the terms of this
application.
H. K. Pomroy,
Acting Chairman.
Adopted by the Governing Committee, May 26, 1920.
E. V. D. Cox, Secretary.
stock, dr.—Acquisition of assets of the
of stock in the new corporation on an
Exchange of
companies is to be
exchange basis sub¬
stantially as follows:
on
(a)
The stockholders of the La Belle Iron Works will vote
increasing the authorized capital stock from $20,000,000 to
July 2 next,
$27,000,000,
approximately 66 2/3% will be declared upon the Com¬
mon
shares, taking it for granted that stock increase will be authorized.
Common and Preferred shareholders will
then have the privilege to ex¬
change their holdings, share for share, for Common and Preferred " B "
stocks in the new corporation.
a
stock dividend of
stockholders will shortly vote on increas¬
Wheeling Steel & Iron Co.
(b)
authorized stock from $10,000,000 to $14,000,000 and declare a
of 45%.
Holders of this stock will then be given the right
to exchange their holdings for shares of the new
corporation in the ap¬
proximate ratio of % of a share of Preferred V B " and % of a share
of Common for each share of Wheeling Steel & Iron Co. held.
the
ing
stock dividend
The.
Whitaker-Glessner
Co.,
present
issued
capital
$1,311,900
it is understood, will declare a stock
of 17% %, and the basis upon which the Common
and Preferred holdings will be exchanged for new corporation stock will be
as follows:
One share of old Preferred will be exchanged for one share of
new Preferred
"A" ; and one share of old Common, after the 17%% stock
dividend has been made effective, will be exchanged for 1/3 share of new
Preferred " II " and 2/3 of a share of new Common.
$19,359,500 Common,
and
Preferred
dividend on Common shares
Probable Capitalization—
To be
To be
Issued.
(par
$100)
cumul.
and f
j
convertible
Common
Funded
40,000,000
a7,555,074
and!
10%
$24,000,000
70,000,000
cumul.
Issued.
$30,000,000
"B,"
Preferred
8%
$100)
(par
"A,'
convertible •
Preferred
$100).......
(par
debt
$2,421,000 ; Wheeling Steel & Iron Co., $2,308,574 ; Whitaker-Glessner Co., $2,825,500.
Product.—Iron ore. ingots, plates, tin plate, culverts, nails, toluol, coal,
slabs, sheets, tie plates, steel barrels, benzol, petroleum, coke, billets, pipe,
ceilings, tacks, tar, tubs, pig iron,, sheet bars, tubular goods, metal roofings,
terne plate, sulphate of ammoniu, solvent naptha, also a varied line of gal¬
vanized and black ware, such as buckets, pans, cans, etc., is manufactured.
Property & Capacity.— Six blast furnaces annual capacity over 1,000,000
tons; Bessemer plant capacity in excess of 225,000 tons; tube mills of
225,000 tons capacity; tin plate, 2,200,000 boxes; skelp mills, over 175,000
tons; finishing plants, 300,000 tons; 21 open-hearth furnaces, 800,000 tons;
blooming mills1; bar mills; wrought and galvanized pipe plants; hot sheet
and plate mills; coke ovens and regenerative ovens for recovery of tar, gas,
sulphate of ammonia, and light oil; plant for making benzol, toluol and sol¬
vent naptha. Ownership of land! is over 1,000 acres; coal lands owned, about
18.000 acres; proven iron ore properties owned estimated at 15,000.000 tons,
besides deposits made available through stock ownership in other companies.
Limestone properties are also owned.
Plants located at Wheeling. Beech
Bottom, and Benwood. W. Va.. Steubenville, Yorkville. Portsmouth, and
Martins Ferry, Ohio.
Stores and warehouses in N. Y. City. Phila., Chicago.
St. Louis. Kansas City, Minneapolis, Chattanooga, and Richmond.
Belle
La
Iron
Works.
of shipments of three companies for 1919 was in ex¬
total income over $11,500,000; net earnings, before
$7,577,481.
Principal combined tonnage produced for the
year
was:
Pig iron, 462.357; ingots. 637,253: finished goods. 679.253;
iron ore. 886.033: coal. 804.505; coke (by-product), 351,333; tar, 4.228,879
gallons; benzol, 1,015,037 gallons; petroleum, 4,328 barrels.
Total out¬
standing capital stock ($100 par) of La Belle Lron Works, Wheeling Steel
& Iron Co. and Whitaker-Glessner Co. at the close of 1919 aggregated $24.Earnings, rfc.—Value
$64,000,000;
of
cess
dividends.
%vere
307,280.
Based upon outstanding shares and net surplus
surplus available per share was approximately $145.
at end of 1919,
Paid.—Substantial stock and cash dividends have been disbursed
by these companies over a period of years.
Total dividends paid beginning
with 1915, by companies being merged, to date, aggregate $32,255,234 as
follows:
(a) La Belle Iron Works (Pfd. and Com.), cash. $7,337,396: (b)
Wheeling Steel & Iron Co.l cash. $3,600.413: stock. $3,097,280; (c) Whit¬
aker-Glessner Co. (Pfd. and Com.), cash. $2,672,545; stock, $15,487,600.
Corporation.—Production.—
White Oil
production for May was 232,999 bbls. of oil, while after deduc¬
tion
for royalties and working interest, net production was 170,753 bbls.
or an average of 5,508 bbls.
a day net to the company,—V. 110, p. 1650.
The
gross
Whitaker-Glessner
Co.—Consolidation &c.
Corp. above.Wheeling Steel Corp. above.-
See Wheeling
See
Steel
-V,
110.
p.
-V.
110,
p.
2393.
Brooklyn, N. Y.—Offering of Bonds.
White, Weld & Co.. New York, are offering at 97 and int.
to yield about 7.75% $1,500,000 5-year 7%
Sinking Fund
Gold bonds, series "A."
(See advertising pages.)
Dated
June 15, 1920.
Due June 15, 1925.
For full description of
bonds, history of company, property and balance sheet see
(J. H.) Williams & Co.,
V.
110,
p.
2402,
2495.
Willys-Overland Co., Toledo, O.—Approve Plan for
writing 600j000 Common Shares.—New Directors.—
12
Pres.
Under¬
June 10 ratified the plan for underwriting 600,000
stockholders also increased the board of directors from 9
of E. R. Tinker, Vice-Pres. Chase Securities
stockholders on
The
shares.
to
The
members by the election
Corp.;
This
in¬
notable
remainder
The annual ingot capacity will be
effected by issue
.
.
THE
Company,
V
;
Registrar is The Liberty National
■
authorized capital of $100,-
Delaware.
being carried as surplus and reserves.
1,000.000 tons.
Utah;
Ogden,
President;
York
an
Co. and
into a corporation
J. D. Merriman & Co. say in substance;
This is Ihe most ambitious
dustrial project ever undertaken in the Wheeling district and will be
in that only about 80% of the net worth will be capitalized, the
City, Utah; David C. Eccles, Joseph Scowcroft, *S. M.
Edgell, G. L. Becker, E. O. Wattis, Royal Eccles, Adam
Patterson, R. B. Porter, Fred G. Taylor, *C. A. Day and
M.
be merged
Dividends
of
year
will
with
name
000,000, and incorp. in
a
of any
above
the
gives the basis upon
Works, Wheeling Steel & Iron
Co.
Whitaker-Glessner
(c)
rules of the Stock
in accordance with the
maintain,
To
substantially accurate plan and
a
which La Belle Iron
of
with the New
Amalgamated Sugar Company agrees
York Stock Exchange as follows:
Independent Steel
Corporation Practically Com¬
Companies Into a $100,000j000
1,465,519.63
Net income for year...
The
110.
pleted.—Synopsis of Plan.— The M Chronicle "
has been
officially informed that the following, published by J. D.
Merriman & Co. (Investment Securities), Wheeling, W. Va.,
211,509.36
316,731.02
204,083.30
186,064.61
188,242.16
—--
Steel Corp.—Merger of Three
Wheeling
$1,904,421.46
miscellaneous income
Operating profit and.
Vol.
(Continued from 2574)
AMALGAMATED SUGAR
THE
INCOME ACCOUNT FOR
Interest
I
THE CHRONICLE
2578
George Peek, Pres. Moline Plow Co.,
American Can Co.—Compare V. 110, p.
Yale
& Towne
and J. R. Harbeck, Vice2393.
Manufacturing Co.—Acquisition.—
it is announced/has purchased the industrial electric truck
division of the C. H. Hunt Co., Staten Island.
Hunt trucks are manufac¬
tured in several types and have been in use for years in railroad terminals,
steamship piers, warehouses and manufacturing plants.
The business will
be combined with the Yale & Towne hoist department thus making it pos¬
sible to furnish the complete equipment for moving medium and light loads
either vertically or horizontally.
Arrangements, it is stated, have been
completed to manufacture the Hunt line of trucks at Stamford, Conn.
Willard l. Case has been elected treasurer, effective July 1, to succeed J. B.
Milliken, retired.—V. 110, p. 2402.
The company,
JUNE
2579
CHRONICLE
THE
19^1920.]
The rationing system means that the well
bowl will vanish from the tables of restaurants.
first considered.
Jglxc <£kmimcraal JEiwrs.
filled sugar
Sweetening for drinks will be given in an envelope or a
But there will be no more helping yourself to three
COMMERCl^^
lump.
and
Friday
of American trade is still slackening.
This is
merely to railroad congestion, although that un¬
four
cost
18, 1920.
June
night,
five
The pace
not
due
As a matter of fact the
facilities are
gradually improving even
though they are still far from what they might be.
But the
conservative note is everywhere manifest.
Even in the
Middle West where trade is better than in some other parts
has its natural effect.
doubtedly
transportation
caution is becoming more noticeable.
Cancel¬
goods orders are still very noticeable in
of the country,
of
lations
woolen
days a
week.
And perhaps it is not without significance that re¬
ports of cancellations of woolen orders begin to come from
England.
There as well as here manufacturers are trying
this country
fact is however
point where manufacturers are begin¬
The significant
tendency.
this
combat
to
and more mills are working only three
that it has reached a
find it necessary to oppose it.
In iron and steel,
hampered by the scarcity of fuel and cars. It is
noticeable however that there is more interest felt in the
ning to
business is
purchases and
there are hints that prices here and there have eased some¬
what.
Lower prices also prevail for some descriptions of
cotton goods.
Trade in raw wool, hides and leather is notice¬
ably quiet.
There is less demand for new automobiles and
tires.
Second-hand cars it is significant are more plentiful
and declining in price.
This is something new.
The shoe
question of deliveries than in making new
£eels the effects of
trade
economy
throughout the country.
Building is restricted by car shortage and restricted credits.
Time money is scarce and high, and commercial paper is up
the country.
cent or even higher in some parts of
West the retail trade is nowhere more than
8 per
to
At
fair and in
sections it is rather slow.
Here and there it has been
stimulated as in parts of the West by hot weather and re¬
many
But it is still noticeable that even sharp
declines at the department stores have less effect than they
did a few weeks ago for the reason that the public is in¬
clined to look for still further reductions and in the mean¬
ductions in
prices.
held aloof as much as possible.
In the
of deliveries of raw materials
time is disposed to
wholesale trade the slowness
the delay
and
in
shipments of manufactured
products are
And it is
seriously militate against business.
noticeable that failures have somewhat increased.
factors which
than
larger
week
same
They are
week, and noticeably larger than in the
last year, though they fall quite as plainly be¬
last
previous years. The lessened activity
trade and " frozen credits" due to railroad congestion
I
The weather
the
country
mills
has
and
heat.
to
The
a
been
Carolinas
had
100
100
and
the
to
Brazil
in
rallied later.
a
of
number
the
of
hot
a
102
to
24.75c.
105
to
degress
in
the
in
gulf
23c. ;
Futures
South
mid¬
I
days.
eight
snow
Georgia
states,
at
and
lowered
@ 21.15c.;
American
declined
of
steel
of
wave
of
wave
prime western 21.10
Continent
kegs
Ohio
various parts
sharp drop in the temperature and
later by heavy rains.
Lard quiet but steady;
refined
in
because
close
west
flurries.
has
and
here
Youngstown,
at
Omaha, Neb. had
It
hot
been
forced
were
summer
the
loaf of bread
spoonsful—as in the days when a
cents.
23.25c.;
time
one
Stocks of lard at Chicago are up to
but
88,000,000
lbs.
the largest on record for June 15th.
They are within
15,000,000 lbs. of the largest ever known.
But the rise in
grain and hogs eventually had some effect.
Packers, com¬
mission houses and shorts have been
buying.
Today prices
were higher but the net rise for the week is
small.
DAILY
,
CLOSING
PRICES
OF
LARD
FUTURES
IN
CHICAGO.
Sat.
Mon.
Tues.
Wed.
20.70
20.85
20.72
20.95
20.82
20.85
21.67
,
July delivery
September delivery
21.75
21.62
21.92
21.80
21.85
Thurs.
Fri.
PORK stead ; mess
840. ; family 848. @ 850.
July closed
834.70 and Sept. at $36.35 a rise of 20c. to 60c. for the
at
week.
Beef steady;
$18 @ $20.; packet $17. @ $19.;
No. 1 and No. 2 canned roast
Cut meats steady; pickled hams 10 to 20 lbs
mess
extra Indian Mess $40.
beef
$3.25.
@ $42.
30^ @ 31^c.; picnic 17J£ @ 19^c.; pickled bellies 6 to 12
lbs. 26
@ 28c. Butter, creamery extras 58^ @ 59c. Cheese,
flats 20 @ 29c.
Eggs, fresh gathered extras isy2 @ 49c.
COFFEE
No.
the spot quiet but steady; No. 7
on
Santos
4
I utures
23^@24c.;
advanced
Rio, 15i/c. •
to good Cucuta 21U(5)22c.
and then reacted in a small
fair
slightly
market
despite higher cables and reports of damage by frost
in Brazil.
For the damage appears to have been
slight and
trade
spot
here
coffee lower.
has
been
slow
with
grades
some
Bull markets in commodities
be out of fashion for the time being.
is of slackening trade,
of
mild
to some to
seem
The talk everywhere
deflation, impending declines in mer¬
Today futures declined and they end
chandise
generally.
moderately lower for the week closing steady.
Closing prices for coffee futures
were
June
1419
14201 March
1406
follows:
as
1420
July
September
1410
1412
@
@
1413
18.50c.
for
1420
1421
hind those of the three
of
effects even though they are not
serious.
Collections however are rather slower.
One notice¬
able feature is the rise in sterling and continental exchange.
This with a tendency towards easier prices for commodities
have had their unavoidable
trade. There is a steady
European demand for rye.
Wheat exports are large, reachling 9,430,000 bushels for the week.
Some European inquiry
is noticeable for iron and steel.
Basic pig iron has ad¬
vanced.
Also the wheat crop is on the whole looking better,
especially west of the Mississippi River.
This applies to
both winter and spring wheat.
And the outlook in the corn
belt has also improved.
Food prices have declined some¬
what.
The weather has been on the whole better for the
cotton crop although it is still late.
The dullness of the
stock market has attracted some attention.
But taking the
country as a whole business conditions are sound, all the
more
so
from the increasing caution
noticeable almost
everywhere and suggesting that " forwarned is forearmed."
There is no political excitement as yet.
But as the year
in the end stimulate export
may
the contest for the Presidency
advances
may
have more or
less effect on business.
Longshoremen's strike here persists and piers are
still congested though the trucks of the Citizens Committee
moved 550 tons in one day despite interference.
And now
it is announced that the Citizens' Transportation Committee,
The
criminal prosecution of those
carriers fail or refuse
in the handling of freight at their
steamship companies who as common
law
out the
carry
piers.
Wool
is
so
to meet in Chicago on
for reestablishing a
financial
500,000
operations.
market for wool and for giving
announce
various
continue to decline in Paris.
Havre.
month,
On
one-third curtailment in
commodities in every-day
Cotton, which for several
has again undergone an important decline
reports of a smaller cocoon harvest next
Japanese raw silks have advanced 65
cents to $1.
this week.
v
the shares of British
mills coincident with the sharp falling off in the trade of
Lancashire, due in part to big decline in silver and Far
Eastern exchange.
The buying power of the Far East has
There
been
centrifugal
19.56
for
96
Porto
on
degrees
Itican.
test;
Granulated
narrow
quiet and rather lower.
sugar
22@24c.
trading with spot
raw
And refined prices are sup¬
posed to have reached their crest.
for the week fell
and
69,848
73,227
in
651,280
in
Centrals
and
78
a
year
the
Receipts at Cuban ports
54,516 tons against 62,745 last week
off to
the
exports
ago;
previous
week;
previous
week
last
year. |
Of
56,511
tons
against
649,285
tons
against
were
stocks
and
grinding number only 34,
1,195,513
against 45
a
year
week
a
ago.
ago
the
exports 35,276 tons were for
ports.
Early sales here include
100,000 bags of Cuba June-July shipment at 19c. cost and
freight; also San Domingo afloat at 18.75c. c. i. f. and
United
States
Atlantic
Porto Rico afloat at 20.06 to 20.31c.
Savannah
trade
ment at 19.50c.
what
c.
c.
i. f.
steadier after
Later
sales
of
raw
Cuba
on
and
Boston
white
and
July ship¬
the spot became some¬
at
18^c.
Porto Rico June shipment at 19.5&. c.
by
i. f.
buyers took 10,000 Java
i. f.
c. i. f. and of
It is estimated
that something like 100,000 tons of foreign sugar
of Cuba and Porto Rico) will arrive here each
some
(outside
month
during the summer.
This is supposed
dampened the spirits a little of Cuban holders.
has
greatly
been
a
reduced.
big decline in
British
mills
have
been
forced to
export unusual quantities of cotton goods to America.
Sugar
Closing prices for
rationing
is
soon
sugur
June
1845
July
Aug
1845
1840
OILS—Linseed
bbls.
@
@
@
lower
17^@17^c.;
to
begin
here. ' Homes
will
be
futures
were
as
to
have
follows:
1860 Sept.
1860 Dec.
1850 J an.
and
Cochin,
quiet:
1835
1665
1490
Cocoanut
18@18^c.
oil,
Olive,
@ 1840
@1675
@ 1500
Ceylon,
$3@$3.15.|
Corn, car lots^ 19r^@20c.
Lard, strained winter 1.67@1.70c.
Cod,
domestic
L15@1.17c.
Newfoundland
l,20@1.25c.
Spirits of turpentine $1.85.
Common to good strained rosin
$15.00.
PETROLEUM lower;
mills of Gastonia County, North Carolina,
spindles
Prices of
days was firm,
in
lower;
and
Futures ceased somewhat
aid to producers.
The combed yarn
use
sheep ranchers
June 17 to consider
dull that western bankers and
have been asked
means
with
Cuban
^
through its counsel threatens
to
SUGAR
13.50@14.50c.;
steel
bbls.
northern
cases
30c.;
refined in bbls. 23.50@24.50c.; bulk
26@27c.
consumers
Louisiana
a
new
Gasoline active and steady;
32c.; gas machine 49c.
in
1,000 bbl. well was reported.
Good reports on new work have been received from Mon¬
tana and Wyoming.
Production in those states is expected
to
increase
materially through the activity of wildcatters.
the Wyoming Oil News 125 operations are
reported to be under way in Montana.
Shipments of crude
According
to
petroleum and refinery products from Houston, Texas City,
Sabine, Port Arthur and Baton Rouge in May according
the
Oil
City Derrick were 5,580,934 bbls. against 5,562,651 in the previous month.
The shipments of refinery
products showed an increase of 59,938 bbls. over April, but
crude shipments were 118,912 bbls. lower than the April
to
total.
1
RUBBER
Offerings latterly
quiet.
and
lower
however
ribbed
light
Receipts 10
45@45j4c. and for Jan.-June, 1921, 45j4c.
FREIGHTS
39,505
1,796,537
154,687
1,664
340,940
1,801
8,435
92,505
36,377
236,104
19,983
$15
101,517
10,332
1,296,818
39,295
1,464,867
331,621
425,841
1,537
260,510
3,983
144,478
4,590
22.529
3,463
42,879
""Ti'.iob
..
Mobile
—...
Pensacola.
...........
coal
2,500
85,180
2,448
320
443,634
7,808
241,993
6
142.559
42,128
68,130
66.530
1,567
338,931
4,574
1,604
195,692
132,171
306,274
46,401
106,307
Wilmington....
Yorfolk-....
........
4,343
63
592
27,358
1,005
3,288
10,482
*38,869
'"98,998
340
144,355
883
28,663
3,843
11,455
88,367
326
20.589
337
4,392
5,465
7,939
329
20,359
967
30.151
6.630 452
138.529
5.369.174
959.156
1,311,614
26
Newport News, &c.
New York
$21.50, .Tun*1
...
Philadelphia.—
Jnly; to Sebastopol or Theodosia, $27; to a French Atlantic port, $1750
prompt; to Oxelsund, $21, July; to a French Atlantic port, $18.50, JuneJuly; to River Plata, $13.75, July 15-Aug. 15; from Atlantic range to
West Italy, $20, June-July 25; flour from Portland, Me., to Cadiz, $23,
June; coal from Philadelphia to Christiania, $31.
Totals
give below the totals at leading ports for six seasons:
In Amsterdam it ap¬
TOBACCO has been quiet but firm.
that Sumatra has been selling at prices that mean a
wrapping cost to American cigar manufacturers of $10 to
$13 per thousand.
It is also stated that new remedios,
Galveston
Texas
Orleans.
Mobile
hands at 45 to 48c.
of Havana, is selling from farmers'
lb. or about $1.05 per pound plus the duty for stripped
For New Porto Rico it is said $1.50
$1.70 per lb.
dicted
will
last year's
is asked.
October
in
sell
6
1,567:
The
two
years
at the rate of 2,000 tons
—
53
96
1,361
6,7-9
130
84
269
10.153
3,966
5,350
271
246
4,239
6,516
3,000
4,264
208
*""596
3,226
5,288
2,660
926
1,757
7,775
3,249
"1,853
39,947
74,408
63,870
30,014
5,369,174'
6,630,452
for
the
5,617,41' 6/22/59
reach a
evening
ending this
week
6,864,241 10,^)6,688
39,161 hales, of which 12,837 were to Great Britain,
Below are
5,495 to France and 20,829 to other destinations.
it is stated 75,000 tons
the exports for
it
past.
It will be taken
for two years to come.
20,947
"
2,579
30,151:
exports
total of
of American copper or the largest indi¬
for
purchase
Since Aug. 1
16,436
3,158
15,024
3,000
1,137
698
16,417
1,717
7,272
2,000
138,529
1,261
Tot. this week
16,842
63
26
All others
steady but quiet for home
168,000,000 lbs.
vidual
320
__
N'port N.,&c_
Consumers in France have bought
seems
500
Norfolk
consumption. Elec¬
trolytic 18.75@19c.
Small sales have been made supposedly
for Japanese account at 18@18^c.
Some dealers are quot¬
ing 18^@18^4c.
Large dealers however adhere to 19c. for
June and" July and 19^c. for Aug. and Sept.
or
3,154
Charleston, &c
Wilmington
Binders of 1919 crop it is pre¬
at a substantial advance over
price.
COPPER
l,537j
8avannah
Brunswick
fillers laid down here.
to
City,&c
New
1915.
1916.
20,863
8,373
39,505
5,435
39,295
3,r83
31,183
2,500
7,808
4,574
1,604
8,969
2,479
10,332
1917.
1918.
1919.
1920.
Receipts at—
pears
per
4,595
comparison may be made with other years,
order that
In
we
crop
222,103
10,000
1,251,582
160,137
31,183
500
3,154
Boston........
Atlantic range to West Italy.
from
21,432
1.002,940
28
Brunswick
Savannah.....
Baltimore..
included
9,812
Charleston..
complaints of high demurrage charges.
Charters
537527
15,795
19,550
—
J acksonvlUe.
the longshoremen's strike will soon be
broken by measures taken
by the merchants.
Meantime
charters are slow.
Shippers demand lower rates.
There
are
2,071,666
Yew Orleans.
that
hoped
1919
8,969
Aran. Pass
one
be
to
1920
1 1918
Week
Texas City—
day only five went out in ballast.
It was very
different recently.
Of course the strike here and the scarcity
of bunker coal are drawbacks too plain to be ignored.
It is
in
left
1 1919
Pt. Arthur, &.C........
That is a gain surely out of 24 that
leaving port in ballast.
Since Aug
This
Since Aug.
Galveston
gradually moving towards
instance fewer vessels are
very
For
condition.
normal
more
are
This
Week
June 18
43}4c.J July-Dec
3914c.; August 40c.; Sept. 41c.; Oet.-Dec.
OCEAN
110
Stock
1918-19
1919-20
and the tone rather steadier.
Smoked
sheets were quoted at 38c.; June arrival 39e.; July
been
have
fVoL
THE CHRONICLE
2580
the week and since Aug. 1, 1919.
Week ending June 18,
From June 1 1919 to June
1920
18, 1920
Exported to—
Exported to—
Expo t8
TIN
a
lower
the
on
further decline in
tin
but
London
and
market
silver advanced.
later
quiet
Texas City.
quiet
lower;
and
spot
New
8.00.
York
Zinc
Britain
17,156 1,307,463
221,686
4,914
4,717
7,525
.
Total
Other
Britain France
Galveston...
and lower at
Great
Great
from—
Spot
quoted at 47c., June 45.05c. and 45.75c. for October.
was
Lead
the
of
weakness
silver
.
Other
France
108,681
Total
470,318 1,886,462
20,934
242,620
70,284
70,284
Houston
basic
IRON
has
been
quiet except
for
business in
some
is
seem
especially indifferent.
70
14
14
of
coal.
rather
still
Finished
19,013
21,614
Pensacola....
weaker
but
in
some
semi-finished
cases
at
is
176,796
94,263
"197149
29,727
143,139
Wilmington.
29.363
16,847
2,350
19,027
113,582
159,792
47,250
165,926
158,171
194,575
403
5,516
20,450
500
3,435
8,023
13,203
Brunswick...
Philadelphia
Providence..
375
Pittsburgh is said to
Transportation is gradually improving.
With less
demand premiums on finished products are
slowly falling.
it is said
are
less anxious.
-
Automobile manufacturers
asking for cancellation
Japanese
and
758
Total.—..
12,837
5,495
Total '18-T9
69,766
Total '17-' 18
52.696
11,200
not
ADDITION
give
evening the total
6,939
6,794
Orleans.-
Wed.
Thurs..
Fri.
1919—
1918
16,936
1,866
8,869
650
1,664
Total
1,845
1,149
384
125
1,078
2J87
1,456
1,565
10,332
58
557
65
100
100
569
383
647
217
756
582
3,154
500
500
prices.
37
1
177
320
6
6
Temperatures
233
1,567
Speculation
105
Wilmington.
218
262
292
205
357
26
N'port News, &c
201
82
Boston
a
57
26
4,786
3,882
340
Baltimore
111
168
50
6,017
3,975
4,971
329
6,520
30,151
following table shows the week's total receipts, the
Aug. 1, 1919 and the stocks tonight, compared
total
last year.
small
under
since
with
mm
1,000
1,000
-
2,000
2,000
2,000
6,000
20,854
13,841
5,646
16,640
5,000
—
53,613
41.640
9,900
838,608
18,859 120,548
5,817 159,427 1,152,187
9,450 41,286 1.131,907
scale
in
cotton
at
for
irregular
future delivery has been on
but on the whole declining
the main has been favorable.
sides of the Mississippi have on
some
days run as high as 100 degrees and upward.
In
Georgia and South Carolina they reached, in fact, 104 to
105 degrees.
Naturally there has been some complaint of
high temperatures at this time but in the main it is be¬
lieved that they have been favorable.
For one thing they
have a tendency to check ravages of boll weevil.
They also
favor cultivation; weeds and grass are less likely to spread
592
592
New York
Totals this week
mm mm
♦Estimated.
.*
Brunswick
Philadelphia.
150
-
—
1,537
....
Norfolk
79,611
2,500
1,000
2,493
48,877
Stock.
129,743
252,010
40,379
240,993
2,097
44,401
36,869
92,116
815
1,433
-
Charleston.
-
21,576
81,489
815
Savannah
The
1920—
67
.
Jacksonville
209
-
5,000
ports*._
Total
607
Pensacola.
24,944
2,736
Total
2,"013
-
13.00C
—
1,098
Pt. Arthur, &c
New Orleans
Mobile.
Total.
500
1,000
438
Texas City..
wise.
2,269
18,585
5.146
1,843
York*...
2,017
Galveston
Coast¬
2,500
1,000
Total
994
Other
Cont.
Charleston
Mobile
Leaving
Germany.
France,
Norfolk.
Tues.
We add similar figures
Savannah
Other
Mon.
Britain.
New
New
telegrams to-night
Shipboard, Not Cleared for-
\
Galveston
August 1, 1919, of 1,260,678 bales.
Sat.
Great
June 18 at—
1919, 6,630,452 bales, against 5,369,774 bales for
period of 1918-19, showing an increase since
at—
our
-
On
7
previous week, making the total receipts since the 1st
Receipts
above exports,
to
cleared, at the ports named.
For the
receipts have reached
30,151 bales, against 39,277 bales last week and 37,888 bales
same
543,211 2,622,041 6,129,371
701,585 1,841,508 4,729,809
580,995 1.245.404 3,953,108
the following amounts of cotton on shipboard,
us
THE, MOVEMENT OF THE CROP, as indicated by our
telegrams from the South to-night, is given below.
39,161 2,964,119
20,829
for New York.
Friday Night, June 18, 1920.
the
53,898
39.221
19,757 159,140 2,186,716
15,880 79,77612,127,309
69,617
have
seem
IN
the
272,320
53,898
39,221
.
cancelled
its
also
of August,
118,612
9,647
272,320
851
851
Seattle......
Tacoma
COTTON
ending this
2,164
Portland,Or.
reported ended.
week
375
118,612
7,483
Los Angeles-
are
8,899
suspension of contracts.
or
interests
1,700
1,617
1,617
San Fran.....
The switchmen's strike at Chicago is
Chinese
purchases of plates.
2,321
Baltimore.
be firm.
Consumers
4,017
1,543
778
758
Boston.
be
176,796
108,571
9,622
14,531
4,964
3,480
4,017
Norfolk--™.,
to
'lOO
21,714
642,260 1,156,673
208,346
Charleston...
Coke
reported
19,013
*"*""
306,067
7,287
Savannah
badly handicapped by the shortage
steel
24,614
Jacksonville.
*7,287
644,158 1,244,151
5,197
119,022
120,660
89,211
New York....
is
trade
479,333
Mobile.........
quoted at $14.@$16. according to time of shipment.
STEEL
"5,154
600
4,5.54
New Orleans
Pittsburgh; also there has been fair export busi¬
ness with
Glasgow.
Basic is 50c. higher.
Domestic trade
lags and Southern iron is quoted in some quarters $42.@$43.
Birmingham.
Car and fuel shortage still hamper business.
buyers
250
70
El Paso
at
In the middle West
250
San Antonio
PIG
Pt. Nogalez.
7.45c.@7.50 for spot St. Louis.
to
|
The
such
make up
weather
on
in
both
conditions.
They tend to promote growth and
for lost time, the crop it is well known being
very generally
late.
The latest weekly government report
r
June 19
was
favlrable
so
for
local
and
siderable;
In Georgia the crop had the
the season.
It made excellent
St.
of
week
Warmer nights had a good effect
in the Atlantic States.
Very good progress was made in
Arkansas and also in Oklahoma.
The crop also improved
in Mississippi.
progress
varies
widely ranging from poor to very good. But on the whole
the crop outlook has been more cheerful.
If it continues
to be it will naturally have an effect on the government
report of July 2nd, the data for which comes down to
And
June 25th.
of
ance
25th, by the way, the first issu¬
June
on
It remains to be seen how
notices is due.
July
be
convenience
the
For
show
which
outside speculators.
The shorts it is inti¬
mated are against trade hedges.
Straddles between the
old and new crop months and straddles between New York
and Liverpool.
Time will show whether an effort will be
made to dislodge the longs or whether they will quietly get
held largely by
out before notice
Spot
Market
Tuesday
Wednesday
Thursday
Friday
Contract
Total
Quiet.
Steady
Quiet, 25 pts. dec—
Quiet, unchanged—
Quiet unchanged
Monday.—..—..
Spot
Closed
Closed
Steady
Barely steadyBarely steady-
Steady
Total
prices
at
past week have been as follows:
New York for the
Friday.
Monday, Tuesday, Wed'day, Thursd'y,
Sat'day,
June
14
12. June
June
and closing
lowest
highest,
FUTURES.—The
15. June
June
16
June
17
Week
18.
June—
Range...
day.
goods reports are not cheering.
It is
last week the total sales at Fall River rose to
that
cotton
piecbs of print cloths.
120,000
spot and
SALES
Futures
Quiet, unchanged—
Quiet, 50 pts. dec
Quiet, unchanged
Saturday
38.45
Closing
true
for
market
the
how
glance
a
Market
a
Meanwhile
at
future closed on same days.
number will be sent out.
One view is that it will
rather large.
The long interest in July is said to be
large
indicated in the following statement-.
of the reader we also add columns
week at New York are
it is true that the condition there
Texas though
in
each day during the
The total sales of cotton on the spot
South sold con¬
The
SALES AT NEW YORK.
MARKET AND
considerable selling both
interests.
of town
did Wall
so
favorable
most
it caused
that
out
2581
THE CHRONICLE
1920.]
But here trade has been
July—
—
37.50
37.50
37.60
37.95
38.00
38.30-.51 37.98-.54 37.60.04 37.60-.12 37.40-.75 37.25-.62 37.25-Z54
37.50-.53
37.60-.62 37.45
37.95
38.43-.45 38.00
Range
Closing
August—
Range
36.74
36.50
—
35.60
36.25
36.74
36.00
—
35.92
—
35.60-.75 35.50
35.95
35.55
—
35.45
—
35.10
35)60 /74
35.60
Closing
Yarns have been reported weaker.
And the indi¬
cations are that importations • of foreign cotton goods are
September—
likely to increase as time goes on especially as Manchester's
business with the Far East is hampered by lower exchange.
October—
quiet.
British
dull.
mill
apparently on the trade of India, China and Japan.
down
that matter seems to be
the world for
in
more
a
longer
indulging in a sober second thought.
Silver has recently
been declining again and reached a point only about half
in London as it was some months ago.
In this
country it is said that silks and woolens are competing
more
actively with cottons.
high
as
In these
times, too, it is difficult to stimulate bull specu¬
The feeling is that the people at
commodities.
in
lation
against present prices to say nothing pf higher
large are
Exports of late have been light.
The number of
woolen mills, too, that are working about three days a week
is increasing.
It is said that about 65 per cent of the mills
in and around Philadelphia are now working on practically
prices.
closed
mill
per
cent
Massachusetts
A
entirely.
cambric
25
Some
schedule.
that
down
on
the
16th
it
appears,
shut
woolen,
worsted
and
have,
inst.
not
to
reopen
until
July 16, owing to cancellations of orders.
hand, however, the crop is still late, the plant
On the other
in
sections is still small and it is safd that the high
many
temperatures have done more or less harm in the low lands
of North Carolina.
Also it is declared that parts of Texas
need rain to
now
bring
up
late planted cotton.
It is urged,
that the weather must be perfect from now on if the
South is to raise anything like an adequate crop.
Even
too,
—
Range
34.90
Closing.......
—
34.10
—
34.10
Range....
Closing....
...
greater steadiness than later deliveries.
In fact, one of the
features during the week lias been the tendency towards
an increase on the discounts in the distant months.
There
is
said
be
to
a
pretty good demand for the better grades
the low grades are admittedly dull.
Silver advanced later in the week to 49^1 in London.
Some
Wall St. shorts have covered.
For five days in succession
the
at
South,
though
temperatures were 100 degrees and
the belt.
To-day prices advanced
the
of
Texas,
per
"short."
cent,
Carolina mills had little
trade
on
production
the
on
rains
heavy
in
There is fear of weevil if rains con¬
bought
Liverpool
tinue.
on
Mississippi and elsewhere which found
Tennessee,
market
the
above in wide tracts
Curtailment of 33
announced by some North
balance.
effect nor did reports of declining
Closing
February—
But prices end lower for the week.
the spot closed here at 39.25c., a drop of 75^
England.
points.
The official
quotation for middling upland cotton in the
day for the past week has been:
June 12 to June 18—
Middling
uplands
_
Sat.
40.00
Mon.
39.50
NEW YORK QUOTATIONS
1919
1917
1916
1915
1914
1913
32.99-.00
33.70
—
32.85
—
32.85
31.94-00
32.75
32.35
32.35
—
March—
Range...
prV—
32.00
32.00
Range..
31.90
32.00
32.25
32.25
33.05
Closing
May—
—
32.25
—
32.76-.35 32.00-.85 31.80-.91 31.80-.20 31.35- .65 31.55-.00 31.35-195
31.50
31.90
32.05 — 31.99-.05 31.50
32.85
Range...
Closing....
31.80-.62 31-78 ,/50
32.45-r46
33.31-.50 32.52-.38 32.25-.73 32.05-.80 31.78-.
33.40-.41 32.52-.57 32.55-.60 32.05-. 10 32.05-
......
Closing
A
...
38c;
1
3Gc;
f
t
35c;
a
THE VISIBLE SUPPLY OF
3
34c;
i
33c;
32c.
COTTON to-night, as made
by cable and telegraph, is as follows.
Foreign stocks, as
as the afloat, are this week's returns, and consequently
up
well
foreign figures are brought down to Thursday evening.
to make the total the complete figures for to-night
all
But
(Friday), we add the item of exports from the
including in it the exports of Friday only.
Total Great Britain
332,000
483,000
150,000
5,000
113,000
1,000
192,000
6,000
60,000
7,000
3,000
89,000
25,000
13,000
25,000
44,000
__
*1,000
80,000
275,000
Stock at Bremen
Stock at Havre
'
_
__
Stock at Trieste
.......
85,000
120,000
47,000
580,000
Total European stocks
India cotton afloat for Europe—
>pe__
Amer. cotton afloat for EuroEur.
Egypt. Brazil,
&cv afloat for
282,000
881,000
29,000
456,000
387,613
169,000
108,000
240,268
50,000
959,156
1,011,260
towns
5 ,642,684
Total visible supply..
Of the above,
83,000
260,000
38,000
99,000
907,000
869,146
18,726
624,402
32,950
to-day
796,100
13,593
3,447,095
descriptions are as follows:
5,173,620
totals of American and other
35,000
136,000
*650,000
1,173,193
304,000
1,068,000
1,311,614
1,130,443
798,000
*
13,000
29,000
96,000
ports
315,000
124,000
1,868,000
1,310,000
in Alexandria, Egypt
India
Stock in Bombay,
Stock in U. S. interior
*1,000
20,000
.
Total Continental stocks
U. S. exports
599,000
510,000
*1,000
Stock at Ghent
Stock in U. S.
76,000
274,000
22,000
36,000
1,288,000
...
Stock at Manchester
Stock
414,000
11,000
163,000
bales._
Stock at Liverpool
Stock at London
Stock at Genoa
1917.
1918.
1919.
1920.
1,114,000
June 18—
United States,
3,692,065
American—
bales.
Liverpool stock
Continental stock.
American afloat for Europe.
....
U. S. port stocks
U. S. interior stocks
U. S. exports
810,000
114,000
326,000
310,000
145,000
Manchester stock
50,000
8,000
27,000
489,000
252,000
*109,000
*261,000
240,268
387,613
169,000
136,000
959,156
1 ,011,260
1,311,614
1,130,443
1,173,193
869,146
18,726
796,100
32,950
3,654,684
3,490,620
2,461,065
2,168,095
304,000
184,000
160,000
104,000
11,000
18,000
91,000
108,000
13,000
26,000
30,000
29,000
22,000
28,000
15,000
13,000
to-day
Total American....
East Indian, Brazil, &c.—
Liverpool stock
London stock
Manchester stock.
Continental stock
India afloat for Europe
624,402
13,593
25.000
17,000
54,000
35,000
38,000
39-25
32.60
29.80
26.20
12.85
9.80
13.40
12.40
1912-C
1911
1910.
1909
1908-
1907
1906
1905
11.80 1904-c
15.50 1903
15.00 1902.
11.40 1901.
12.10 1900.
12.95 1899.
11.10 1898.
9.15 1897.
Wed. Thurs.
Tues.
39.50
39.25
Fri.
39.25
39.25
FOR 32 YEARS.
11.70
1896_c.
12.40
1895—.
50,000
29,000
83,000
96,000
1,310,000
304,000
1,068,000
260,000
650,000
99,000
907,000
1,988,000
3,654,684
1,683,000
3,490,620
1,231,000
2,461,065
1,279,000
2,168,095
Total visible supply.
supply...
5,642,684
5,173.620
3,692,065
3,447,095
Egypt, Brazil, &C.,Iafloat
Stock in Alexandria, Egypt
Stock in Bombay,
26,64d
39,25c
74,50d
19.82d.
22.19d.
33.15c.
30.50c.
26.55c.
30.58d.
31.13d.
32.20d.
48,00d
29.75d.
39.00d.
25.00d.
21,35 d
22,60d
17.80d.
21.37d.
18.80d.
18.35d.
21.62d.
18.98d.
TinneveJly, good, Liverpool
of 77,717
1891
8.44
of
1890
12.19
11.06
1894.
8.50
9.06
1893-_j
1892
6.31
6.50
7.75
1889
19.45d.
Middling uplands, Liverpool
Middling uplands. New York
Egypt, good sakel, Liverpool
Peruvian, rough, good, Liverpool.
7.62
7.19
7.25
806
7.50
9.25
India
Broach, fine, Liverpool
New York market each
1920 -c
32.30-.06 32.30-^96
31.94-.
Range
Closing
32.95 005
33.66-.71
Total East India, &c
Total American
in
Middling on
1918
—
52 33.05- .85
33.77-.96 33.07-.86 32.70-.27 32.55-.30 32.30-.
33.90-.93 33.07-.08 33.05-. 10 32.55-.60 32.57-.
Range
Stock at Marseilles
which
is 79.8 per cent.
A leap from 64.2 to 79.8 is hardly con¬
ceivable.
An increase of say 5 to 8 per cent would bring
the condition up to 67.4 to 70.4, the latter about where it
was on July 2nd a year ago, i. e., 70.
In other words, very
many are still dubious as to the possibility of raising an
ample crop or anything like it.
Wall St. and Liverpool
have at times been good buyers.
The trade has also bought
to some extent.
And July and Oct. have shown noticeably
34.05
33.70
—
January—
Stock at Barcelona
July 2nd could be well below the 10 year average,
33.60
—
34.43-.65 33.77-54 33.40-.93 33.25-.03 32.95
34.53 — 33.77 — 33.78 — 33.25-.35 33.30
during the next 10 days the May
on
35.40
—
December—
condition of 62.4 was so low that the condition as reported
wreather
favorable
with
35.05
November—
con¬
is there feverish activity in
all kinds of commodities regardless of price.
The world is
No
mood.
servative
36.30
35.46-.73 34.87-.62 34.53-.09 34.58-. 18 34.30-.77 34.30-.05 34.30-*73
35.63-.65 34.87-.90 34.90-.93 34.58-.60 34.54-.57 34.90-.93
Range
Closing.......
has
China
All
is
recently declined heavily.
Trade with India
fallen off sharply.
Dulness has settled
have
shares
and
business
Manchester's
Meanwhile
Range
Closing
-
.
.
♦
Estimatod,
The above
figures for 1920 show a decrease from last week
bales, a gain of 469,064 bales over 1919, an excess
1,950.619 bales over 1918 and a gain of
over
1917.
2,195,589 bales
[Vol. 110.
THE CHRONICLE
2582
INTERIOR TOWNS MOVEMENT
QUOTATIONS FOR MIDDLING COTTON
Closing Quotations for Middling Cotton on—
Movement to June 18, 1820
Week ending June 18
Week
Montgomery
14
Selma—
Ark., Helena....143
Llttle|Rock—
Pine Bluff
...
Ga., Albany
265
Athens
Atlanta.
1,501
4,141
.
AugustaColumbus
....
Macon—....
250
.......—
Rome—
33
w
57
La., Shreveport
Miss., Columbus-
21
681
"2,771
3,855
23,164
30,500
917
21,649
19,040
1,000
1,597
7,937
77,079
300
3,704
15,000
10,199
750
34
386
751
551
299
299
8,683
766,160
8,791
16,815
450
60,218
424
207
15,252
175
326
800
65,900
400
24,000
676
11,620
25,463
Greenwood
154
21
...
Natchez—
6
Vlcksburg
Yazoo CityMo., St. Louis......
N. C., Greensboro
Raleigh
....
O., Cincinnati.......
Okla., Ardmore
Chlckasha—
Hugo.....
Oklahoma-
644
237
122
43
11,026
9,897
1,676
534
60,369
829
6,081
1,286
143,431
15,104
2,213
20,222
4,102
1,172,294
1,483
59,627
6,805
39,004
79,680
16,283
;
8. C„ Greenville........
...
Greenwood
1*2,586
Tenn., Memphis
Nashville—
*1,198
Tex., Abilene..
BrenhamClarksvllle
3
929
242
Dallas
720
Honey Grove
Houston
San Antonio..-
47,284
Total, 41 towns-.
The above totals shows
4
61
12,6*81*
902
1,011,260
61,769
6,878,104
that
307,506
1,038
3,833
1,733
3,713
17,786
3,220
244,488
13,147
511
35,796
1,971,615
130,322
40,651
8,555
3,647
Paris...
2,019
the interios stocks
have
de¬
during the week 14,485 bales, and are tonight 38,405
less
that at the
period last year.
The receipts
all the towns have been 119,183 bales smaller than the
at
week
same
last
same
year.
OVERLAND
MOVEMENT
WEEK AND
THE
from telegraphic reports Friday night.
The results for
the week and since Aug. 1 in the last two years are as follows:
1919-20
Since
June 18—
Shipped—
-1918-19Since
Week.
Via St. Louis.
Via Mounds, &c
Aug. 1.
Week.
a9,780
13,422
a55,681
70
517
24,908
105,713
62,954
99.792
6,349
798,452
8,791
6764,654
5,329
409,710
97
Via Rock Island
Via Louisville
23,996
113,756
26,413
223,149
,5,987
Via Cincinnati
Via Virginia points
200
6,134
2,146
Via other routes, &c
Aug. 1.
494,878
1,121
900
440,554
28,684 2,002,232
32.159 2,142,378
Shipments—
to N.
Wednes¬
day
Y., Boston, &c__.
1,261
180.669
2,551
69,260
252,912
134
60,471
46,944
Inland, &c., from South.
1,248
6.497
4,890
251,837
Total to be deducted
9,006
502,841
7,575
359,252
Leaving total net overland*.,..■■.■19,678 1,499,391
24,584
1,783,126
day
40.00
40.00
39.50
39.50
New Orleans
41.00
41.00
40.75
40.75
40.75
40.75
Mobile.
40.50
40.50
40.50
40.50
40.50
40.50
Savannah
42.00
42.00
42.00
42.00
41.50
Charleston
40.50
41.50
41.50
Revised.
650,000 bales added
as
revision of movement in May.
The
foregoing shows the week's net overland movement
has been 19,678 bales, against 24,584 bales for the
week last year, and that for the season to date the aggregate
net overland
exhibits
decrease from
a
a
year
of 283,735
ago
bales.
41.00
39.50
40.25
39.75
39.75
39.50
39.50
43.00
43.00
42.50
42.00
42.00
41.00
Memphis.
41.00
41.09
41.00
41.00
41.00
39.. 0
40.15
40.05
39.75
39.55
39.55
39.75
39.25
39.50
39.50
39.50
39.50
40.50
40.50
40.50
40.50
40.50
40.50,
.....
....
Dallas
...
Houston
Little Rock
.....
REPORTS
from
TELEGRAPH.—Telegraphic
evening indicate that the
BY
the
WEATHER
advices
this
South
favorable for cotton
made very satisfactory progress
in the main.
Texas reports indicate steady improvement.
Texas.—General.—The weekly weather was very favor¬
able for plant development and cotton made steady improve¬
ment.
Precipitation except locally was moderate and mostly
weather during the week has been very
as
rule and the crop has
a
distributed in the western and southern portions.
made good progress
Rain.
Galveston, Texas—_
Abilene
Rainfall.
0.72 in.
0.06 In.
0.36 in.
day
0.40 in.
day
0.08 in.
day
0.38 in.
day
3.10 in.
dry
days
0.78 in.
days
2.72 in.
dry
dry
dry
0.84 in.
days
0.90 In.
day
0.53 in.
days
l'day
Brenham
Brownsville
1
Cuero
1
Thermometer-
__1
Dallas
Henrietta
1
Huntsville
Kerrviile
2
Lampasas
Long view
Luiing
Nacogdoches
3
_ — __
—
2
-1
1
Paris
3
Antonio
San
1 day
Weatherford
0.84 in.
dry
Ardmore, Okla
Altus
2 days
6.43 in"
Muskogee
1 day
1 day
1 day
0.11 in.
Oklahoma City
0.75 in.
0.71 in.
0.12 in.
1 day
1 day
Little Rock
Alexandria, La
0.45 in.
0.70 in.
1 day
dry
2 days
Amite
low 76
>
mean
83
low 62
high 90
high 94
high 95
high 94
high 92
high 94
high 97
high 93
high 88
high 92
high 97
high 96
high 97
high 92
high 98
high 92
high 98
high 98
high 99
high 95
high 95
high 98
high 95
high 97
high 98
high 96
•
1 day
2 days
Palestine
Planting
in northwestern sections.
f
mean
78
low 66
mean
81
low 68
mean
81
low 65
low 64
mean
79
79
mean
low 62
mean
80
low 68
mean
low 64
mean
81
76
low 63
low 64
mean
78
mean
low 66
mean
81
81
79
79
low 61
mean
66
mean
low 62
mean
80
low 68
low 64
mean
80
mean
81
low 66
low 68
mean
82
83
low 62
mean
78
82
80
80
low
mean
low 69
mean
low 61
low 65
mean
low 65
mean
mean
8l
low 68
mean
85
low 62
mean
79
85
high 95
low 71
mean 83
mean 85
dry
high 101 low 69
low 73
mean 85
Greenwood
--1 day
0.71 in.
high 97
mean 83
low 67
Okalona
1 day
0.36 in.
high 99
low 67
mean 80
Vicksburg
_1 day
0.41 in.
high 93
Mobile, Ala.—Weather very favorable all the week and growth and cultivation
have made good progress.
Hot days check weevils.
First bloom on the 16th
New Orleans
0.22 In.
mean
dry
Shreveport
Columbus, Miss
-
two weeks late.
*
1 day
1 day
Decatur
Montgomery.
dry
—
Selma
.
trace
Gainesville,
Fla
dry
dry
_
Madison
—2 days
dry
Savannah, Ga___
Athens, Ga
Augusta
__
dry
-_1 day
—
Charleston, S. C_
Greenwood
0.06 in.
dry
1 day
Columbia
Newbern
trace
-
-------
—
-_2 days
»,
both
below and
0.15 in.
dry
1,
dry
_-i
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
MARKET.—Our
yarns
leave
mean
82
mean
86
low 66
mean
82
low 67
mean
82
low 71
low 66
low 67
low 71
low 67
low 73
low 70
low 73
low 69
low 66
low 65
low 66
low 72
mean
86
84
mean
mean
mean
mean
mean
mean
maeni86
mean
mean
mean
mean
mean
received
the
84
86
85
85
84
85
81
82
80
84
by
is
market
We give prices for to-day
and cloth.
those for
mean
low 73
94
that
84
low 67
low 66
98
97
98
97
97
100
100
100
100
102
97
98
100
101
96
100
93
report
from Manchester states
to-night
for
0-03 in.
dry
Conway-Charlotte, N. C
cable
0 80 in.
dry
— -_
Columbus
dull
0.40 in.
0.21 in.,
previous weeks of this and last
for comparison:
year
j
1919.
1920.
_
"41**66"""
Augusta.
Philadelphia.
MANCHESTER
this yenr
40.50
41.00
40*50"*
40.50
40.50
41.00
7*40.50*
40.50
...........
40.50
40.50
40.50
........
Norfolk
Baltimore—
Dyersburg, Tenn
Memphis
"■Including movement by rail to Canada.
day
39.50
40.50
--
a
Fr
Thurs¬
day
Eldorado
FOR
up
Overland
Tues¬
day
Brinkley, Ark
SINCE AUG. 1.—We give below a statement showing the
overland movement for the week and since Aug. 1, as made
Deduct
Mon¬
Galveston—
26,311
211
32,921
183
Meridian-
bales
1,617
5,924
475
43,490
19,960
1,709
2,712
6,105
5,382
Clarksdale-
creased
June 18
Week
5,874
71,738
38,491
31,598
186,186
105,938
9,702
156,084
263,520
548,623
34,501
212,866
55,173
76,243
17,349
140,330
109,592
36,614
25,858
18,059
Ala., Eufaula.
Stocks
Shipments
Season
Satur¬
day
Receipts
TOWNS
■
In
,
-1919-20——
■
,
Sight and Spinners
Week.
Takings._
Aug. 1.
6,630,452
Receipts at ports to Juno 18
30,151
Net overland to June 18--._
19,678
Southern consumption to June 18a 75,000
Total marketed
Interior stock
in
1918-19
Since
124,829
--*14,485
excess
Came Into sight during week
Total in sight June 18
1,499,391
11,397,843
209,213
219.113
*63,317
10.293,300
433.827
155,796
"miTT
11,607,056
-_
62,845
Aug. 1.
5,369,174
1,783,126
3,141,000
24,584
56,000
3,268,000
110,344
North, spinn's' takings to June 18
Week.
138.529
10,727,127
2,750,071
85,491
2,000,786
32s
a
These figures
are
consumption; takings not
g
Apr.
Week—
Bales.
112.678
145,741
137,537
60
@
60
@
Since Aug. 1—Bales.
21
11,581,129
22.
1915-16—June
23..
.12,292.333
11,957,204
NEW ORLEANS CONTRACT
MARKET.—The closing
quotations for leading contracts in the New Orleans cotton
markets for the past week have been as follows:
June 12
June 14. June
38.53
38.07
July—
September.——.—,
38.46-. 49 38.00-.05 37.80
7
55
@
14
55
@
21
53
@
y2
53y2
28
36.00
—
35.21
—
37.97
15. June
53
16. June
17. June
37.70
—
37.55
37.85
—
—
37.63
—
37.48-.51 37.78
—
34.90
—
34.84
—
35.22
35.50-.52 34.71-.79 34.74-.77 34.40-.43 34.34-.40 34.72-.76
.......
—
32.43-.45 32.50-.52 32.08-. 10 31.94-.98 32.36
—
31.78
33.34
—
—
31.85
—
31.43
—
31.29
—
31.70
Tone—
Spot.
Options™
Steady
Steady
Steady
Barely
Steady
@46 0
s.
d.
d.
d.
d.
s.
d.
26.18
25.83
27%
27%
@
29%
18
0
@
28%
18
4
26.63
26.40
26.14
26.10
28%
29%
31%
31%
@ 30%
@32%
@ 34%
@ 34%
@45 6 27.80 36%
@45 6 27.36 36%
@45 6 26.64 36%
@ 39%
@ 40%
@ 40%
d.
s.
d.
@23 9
@24 4
18.53
@24
@24
@24
@24
17.19
17.29
@
42
6
6
@46 0
@46 0
42
0
@45 6
42
0
@45 6
18
6
19
6
20
0
20 0
3
0
6
6
17.75
19.38
20.44
53
18
41
6
6
41
41
6
SUPPLY
Cotton Takings.
Week
Visible
and
AND
OF
1919-1920
Season.
Season.
Week.
June 11... .5,720,401
Visible supply Aug. 1..
American in sight to June
18
110,344
Bombay receipts to June 17.b 115,000
Other
Indian
shipments to
Other
TAKINGS
supply
......
22
6
22
9
23
3
@26 9
@27 0
@27 6
18.96
20.38
19.82
COTTON.
-1918-1919.-
Week.
Season.
5,236,730
3,02V,450
4,792,018
11,607,056
' 3,329,000
155,796
60,000
10,727,127
2,240,000
28,000
1,000
4,000
223,000
756,000
232,000
3,000
2,000
3,000
113,000
642,000
194,000
5,978,745
20,939,074
5,460,526
16,943,577
18... .5,642,684
5,642,684
5,173,620
5,173,620
.b
17
rets,
to
June
16.b
supply to June 16*..b
supply.
—
—
—
34.50-. 52 33.60-.66 33.64-.65 33.25-.28 33.23-.26 33.62-.63
33.90
— 33.01
— 33.10-.15 32.60-;65
32.60-62 33.07 —
May
@46 0
6
Cot'n
Mid
Hp's
18.
—
December.—
March—
6
42
76
76
76
76
@76
@ 76
@ 76
53
11
June
Fritay,
October—
January
d.
328 Cop
Twist.
June
Total
—
s.
42
8% lbs. Shirtings, Common
to Finest
May
Alexandria
Saturday. Monday, Tuesday, Wed'day, Thursd'y.
Bp's
42
77
77
WORLD'S
1917-18—June
1916-17—June
June
to Finest.
d.
d.
23
30
Movement into sight in previous years.
1918—June 21..
1917—June 22
1916—June 23-——
Cop
Twist.
4
"■Decrease during week,
available.
8% lb. Shirt- Cot'n
ings, Common Mid..
Since
Quiet
Steady
Steady
Steady
Steady
Steady
Steady
Steady
Deduct:—
Visible
Total
supply
Juue
takings to June
18a 336,061
15,296,390
286,906
11,769,957
Of
which
American.......
222,061
11,143,390
224,706
9,182,957
Of which other.
114,000
4,153,000
62,000
2,587,000
*
Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
a This
total
includes
the
estimated
consumption
by
Southern
mills,
3,268,000 bales in 1919-20 and 3,141,000 bales in 1918-1919—takings not
being available—and the aggregate amounts taken by Northern and for¬
eign spinners, 12,028,390 bales in 1919-20 and 8,628,957 bales In 1918-19,
of which
7,875,390 bales and 6,041,957 bales American,
b Estimated.
.
June 19
MANUFAC¬
statement showing the exports
TURES.—We
give below a
of com¬
corresponding period of the
April 30, 1920, and for the purposes
months ended
like
nine
for March and of the
of domestic cotton manufactures
parison,
COTTON
OF
EXPORTS
DOMESTIC
the
for
figures
J.
Cotton
Piece
Exported.
Wearing apparel, knit
goods
value
Wearing
apparel,
all
other
.value
value
other
463,78^,217
$8,881,107 $162,049,548
2,199,102
40,003,091
17,600,690
12,556,775
10,981,529
7,871,984
11,520,858
29,057,300
621,102
923,802
3,395,259
12,200,740
36,130,898
for
ments
particulars of the cotton ship¬
arranged in our usual form, are as
NEWS.—The
the
week,
follows:
France
many
778
4,717
1,085
3,944
408
7,525
4,554
Yew York
Total
Japan
Italy
land
Belgium
New Orleans
2,321
17,156
5,154
7,287
4,017
50
870
100
....
600
*2,287
Savannah—
5,000
...
4,017
Norfolk
Boston
758
758
..
1,617
1,617
851
San Francisco
851
Seattle
Total
7,468 39,161
650
870
508
11,333
5,495
12,837
the fol¬
port:
LIVERPOOL.—By cable from Liverpool we have
lowing statement of the week's sales, stocks, &c., at that
'
:
,
I
>■
Of which speculators took-
24,p00
19,000
15,000
7,000
74,000
17,000
9,000
......
Of which exporters took——
............
........
8,000
7,000
14,000
13.000
41,0b0
68,000
1,150,000
859,000
Sales, American
Actual export.
Forwarded
'.
Total stock
June 18
June 11
June 4
19,000
May 26
10,000
Sales of the stock
1,171,000
889,000
Or which American-
1,136,000
848,000
58,000
1,11,4000
810,000
42,000
66,000
44,000
34,000
30,000
161,000
41,000
147,000
35.000
133,000
15,000
Amount afloat......
it Of which American
114,000
100,000
74,000
Total imports for the week
Of which American—
The
each
............
market for spots and futures
of the Liverpool
tone
daily closing prices of
the joast week and the
day of
spot cotton have been as follows:
Monday
Tuesday
Wednesday
Thursday
Friday
Quiet
Saturday
Spot
Dull
Quiet
Quiet
Quiet
Market,
12:15
P, M.
Mid
Upl'dta
27.31
Quiet
Futures
Market
@ 6 pts.
4
\
4,000
Quiet
Quiet
@ 28 pts
10
@ 15 pts
25
Quiet
@ 32 pts
decline
advance
Steady
Easy
Steady
t
..
2 pts.
Quiet
8
4
3 pts. dec.to
decline
[
Market,
The
26.64
4,000
advance
opened
P. M
23
27.00
4,000
Quiet
'
4,000
DAY
27.15
3,000
27.62
HOLI¬
Sales
pts.
adv.
Irregular
19 @ 29
dec. 53 @ 63 pts 24 @ 31 pts 35 @ 62 pts
pts
advance
decline
advance
decline
toSpts.adv
each day are given
prices of futures at Liverpool for
to
12 X
12^
p. m.
p. in.
d.
d.
..
August..—.—-
September
..
October........
NovemberDecember-
HOLI¬
4
12X
d.
d.
d.
d.
4
12J4
p. m. p. m. p. m. p. m.
p. m. p. m. p. m.
d.
4
12H
d
d.
12 M
p. m. p. m.
d.
.
4
d.
d.
February....
March
April
Crop prospects in the U. S. and
Exporters would buy clears if they
could get them but they are scarce.
Will exporters take
hard
wheat straights?
It is intimated that they seem
rather inclined to.
In the main however they want first and
second clears.
The Minneapolis Northwestern Miller says:
Flour and feed are dull, with little demand except for
the
lower grades of flour,
and mills generally are not
pressing sales.
Feed prices are slowly falling, but are still
only about $1.50 per ton lower than the record high point
four weeks ago.
Flour prices dropped sharply the first part
of last week, but recovered later, and are now only about
25 cents per bbl. lower than on June 5th.
Opinion is sharply
divided as to what wheat and flour prices will do next month,
after the new crop begins to arrive.
The output continues
fair for this season, which is normally slack.
The KansasOkla. hard winter wheat mills reported last week an output
of 63% of capacity, the Ohio Valley soft winter wheat mills
44% and the spring wheat mills 45%.
The Portland (Ore.)
Commercial Review says:
"Milling business during the
past week has been more brisk than for the last month.
Flour prices are ascending and with them comes a better
demand.
Best patents are now quoted $13.90 to $14. with
straights $11.15@$11.25.
Wheat is now commanding 60 to
65c. premiums, the former price for soft and the letter for
Turkey Red.
There is quite an active , demand for all
kinds of flour and exporters are willing to pay $11.50 for a
soft wheat f^our, but millers cannot secure the wheat to
grind the same and transportation is not of the best."
Later the Southwest offered flour more freely at lower
prices with wheat crop reports favorable.
Wheat sold off early in the weak at 3.05 for No. 2 winter
on the track spot
and $3. c.i.f. July-August.
At the Gulf
No. 2 was $2.98 for August shipment.
The visible supply
decreased 3,307,000 bushels against a decrease last year of
2,387,000
bushels.
The total is now 31,952,000 bushels
against 13,439,000 a year ago.
The weather has been fine
for maturing the prop.
In Okla. yields are reported of
"
15 to 30 bushels to
said to be
j.
editorial columns
with
an account at
length of the condition of the plant in each
section of the South.
The report has been prepared in cir¬
cular form, and the circulars may be had in quantities with
business card printed
Special
annual Cotton Acreage Report,
thereon.
cards
business
of
issue of the " Chronicle
Bros.
M.
Bache
Ltd.
i
E.
& Co.
and
burst
abundant.
appears
Jugoslavia for monthly
The British Wheat Commission an¬
wheat at Argentina ports has
It is uncertain however whether additional
resumed.
wheat
will
be
in
sections
some
the
outlook
parts
of
not serious.
the
for
Kingdom
cereals
all
much
is
districts
due
dryness
to
it is impossible to transport even this.
heat
has
caused
deterioration
of
In Hungary extreme
Good
crops.
crops
Brothers.
and
I
Stackpole.
number of the leading dry goods com¬
Those represented are:
Woodward, Baldwin & Co.
Amory, Brown & Co.
Parker, Wilder & Co.
Watts, Stebbins & Co.
,
mill
are
being harvested in the Balkans.
Except in parts of the upper Miss. Valley spring wheat
latterly made very good advance, and the crop con¬
tinues
mostly in very satisfactory condition.
Only fair
has
progress was reported in Iowa.
«But it is generally excellent
Spring wheat made fairly good to excellent
in the northern Great Plains states.
was
reported
belt.
The
the
north
Pacific coast
rains
from
were
the
very
states.
more
beneficial
Warm,
Satisfactory
westerly
in
portion of
Montana and
dry weather of the
portions of the belt, and the crop ripened rapidly.
Munds, Rogers &
Stein hauser & Co.
Also the cards of a
but is
Italy harvesting will be late in the northern
and central districts, but crops in these sections are con¬
sidered good.
Prospects in the southern part of that country
however are very poor.
In Australia widespread rains are
making increased sowings of wheat possible. In Russia ac¬
cording to reports there is only a small surplus of grain, and
week hastened the
Weil
Bond, McEnany & Co.
William Ray & Co.
In
Earing
In
ithe
Flilger & Co.
& Bryan.
Gwynne Co.
R.
H.
Hooper & Co.
Rhd Siedenburg & Co.
rainfall.
satisfactory.
advance
Walker & Co.
good, though
Some deterioration has occurred
good.
southern
crops are
too
been
has
progress
B.
P.
there
of new wheat is very
in
after the present fleet of steamers
exported
In the United
Logan
Gwathmey & Co.
McFadden. Sands & Co.
Catlin & Co.
been
the loading of
Jenks,
Dwight & Co.
merchants
&
Paul
& Co.
Bros.
mission
Sbutt & Co.
Schwarz & Co.
Beer.
John F. Clark & Co.
H.
Wagner & Co.
Henry Hentz & Co.
Lehman
M.
Corn,
W.
Hopkins.
that
nounced
in Minnesota.
Geo.
& Co.
Weld
of New York and
the advertising columns of this
":
Anderson, Clayton & Fleming.
Geo. H. McFadden & Bro.
Reinhart & Co.,
representative
following
the
commission and brokerage houses
other cities will be found in
S.
has
Monsoon
the
France
will be found to-day our
E.
India
There is
the acre and of good quality.
big crop in that state.
a
23.74
24.33 24.37 24.01 23.74 23.89 24.01 23.74 23.47 23.43
23.40
23.91 23.94 23.58 23.34 23.49 23.61 23.34 23.14 23.11
22.84
23.33 23.34 22.98 22.74 22.89 23.01 22.76 22.58 22.50
COTTON ACREAGE REPORT.—In our
J.
a new
answer
improved.
has cleared.
22.36
22.80 22.83 22.48 22.30 22.49 22.59 22.33 22.16 22.09
22.08
22.46 22.49 22.12 21.94 22.15 22.25 21.99 21.84 21.80
21.85 21.94 21.69 21.56 21.53 21.83
22.14 22.18 21.81 21.63
21.23 21.54
21.82 21.87 21.51 21.33 21.55 21.64 21.39 21.28
21.34
21.59 21.64 21.28 21.10 21.32 21.41 21.16 21.06 21.02
21.12
21.37 21.42 21.06 20.88 21.10 21.19 20.94 20.84 20.80
DAY
.
January-—
Stephen
ahead.
cautious.
buyers are
Canada have
25.62 25.50 25.31 25.04 25.15 25.28 25.00 24.66 24.64 24.85
24.55
25.32 25.20 25.01 24.74 24.85 24.98 24.70 24.36 24.34
24.13
24.86 24.82 24.54 24.28 24.39 24.52 24.24 23.94 23.92
June-
July-.!
4
12 K
p. m.
Hubbard
believe that present
importations of grain.
June 12
June 18
cotton
find it difficult to
They
velopments.
In
May—
18, 1920.
awaiting further de¬
Greece has made arrangements with
Fri.
Thurs.
Wed.
| Tues.
Mon.
Buyers are
quiet.
been
has
prices will hold especially with a new season just
Which way will wheat prices go on the opening of
season?
This after all is a question so hard to
below:
Sat.
Corp.
Friday Night, June
that
Hoi-
Ger-
Great
Britain
Galveston
.
_
BREADSTUFFS
Flour
$17,324,012 $280,541,742 $188,995,102
$36,225,044
value
of
SHIPPING
Gosho Co.
Anglo South American Bank.
Park Union Foreign Banking
Nitrate Committee.
Chemical National Bank.
American Mfg. Co.
Chilean
21,213,970
1,303,640
manufactures
Total
Vogel.
West. Baker & Co.
$108,349,461
2,223,544
1,115,692
1,476,356
4,417,260
cotton... value
Yarn
1919-20.
697,968,065
4,891,617
.......value
Waste
All
1919.
38,814,294
1920.
goods
yards
80,275,053
goods... .Value $22,100,575
Piece
Scheffer, Schramm &
H. A. Caesar & Co.
Fabyan & Co.
William Whitman & Co.
Hunter Mfg. & Com. Co.
Taylor, | Clapp & Beall.
Bliss,
Also:
30.
1918-19.
10 Mos. ending April
Month ending April 30.
of
& Co.
Talcott, Inc.
Heineman
James
Stevens & Co.
P.
H. Pope & Co
C.
Deering, Milliken & Co.
L. F. Dommerich & Co.
previous year are also presented:
Manufactures
2583
THE CHRONICLE
1920.]
selling agents in
the country.
American Bleached Goods Co.
Seaboard Mills.
^William Iselin & Co.
Converse & Co.
Minot, Hopper & Co.
The
maturity of winter wheat in the southern
Guaranty Trust Co.
importance when it
touches
on
a
matter
of
great
says:
''0,De development, which will likely react favorably on French exchange,
will be the final adoption by the Government of that country of a wheat
policy for the coming year.
The new wheat bill provides for the purchase
k,tat,e at a £xed ppce of a11 wheat
grown in
the country during
1920
and also for the purchase by the State of all foreign wheat to be im¬
ported into the country during the year.
The exact extent to which this
monopoly of wheat importation by the Government will relieve France of
the necessity of importing American wheat cannot be determined now
of
course,
but it becomes almost obvious that her wheat purchases in this
country will be lessened materially as a result of the policy and the ex¬
change situation bettered accordingly."
2584
Later
THE CHRONICLE
exporters
bushels
on
said
were
about
have taken
to
basis of $3.01 f.o.b, Guilf ports and
a
100,000
$2.90 c.i.f.
Georgian Bay.
DAILY
2
CLOSING
PRICES
OP
IN
WHEAT
Mon.
302
red...
Indian
305
Tries.
NEW
Wed.
308
ern
YORK.
300
312@318
in
the
week
last year of 784,000 bushels.
only 2,628,000 bushels against 3,628,000
bushels a year ago.
There is a fear here that small receipts
will continue; they have been a notable factor of course
total
with
same
is
now
recent
rather
advance.
Normal
railroad
conditions
seem
long way off.
An
interesting fact is that although the receipts at
primary points last week were 1,500,000 bushels larger than
in the previous week the visible
supply actually decreased
51,000 bushels. This is rather striking testimony to the
a
rapidity with which corn is going into consumption.
The
receipts it is clear enough are not keeping pace with it.
Warmer and very favorable weather
prevailed through¬
out
the principal
corn
growing states.
The crop made
good progress in practically all sections of the Rocky Moun¬
tains.
The weeks was especially favorable in the Great
Central Valley and in much of the Great
Plains, and rapid
growth was reported in those sections.
Today prices ad¬
vanced.
good.
Receipts
The
were fair at
Chicago but the demand
was
situation had not improved
very much; 480
switchmen, however, have returnd to work.
Price are
higher at the close than a week ago.
car
DAILY
2
yellow
OF CORN
DAILY CLOSING PRICES OF
204
205%
Mon.
..171%
Wed.
last
last
Flour.
Fri.
207%
206%
a
time
Wed.
Thurs.
177% 178%
167% 169%
and
then
Fri.
177%
167%
179%
169%
advanced
on
week
99,000
bushels
against
as
decrease
a
1,939,000 bushels, but on the other hand the
total reaches
only 6,207,000 bushels against 14,983,000 last
There have
year.
West
would
With
good
in
ress
do
the
lack
the
of
most
weather
fears
if
it
that
is
was
Chicago
215,000
...
the crop has made
in
the
Duiuth
the
the
satisfactory
region.
in
the
were
less
that
prog¬
only
a
retarded
was
a
July
No.
No.
2 white.
135@136
135@136
DAILY CLOSING
T
,
,,
,
.
135@136
135@136
PRICES
,
OF
SiLd?iVePr,-in eI«vat,or-vl
September delivery in elevator......
Rye has been in
under
the
freely.
Cash
some
of
spur
But later
premiums
558,000
3,292,000
670,000
743,000
619,000
29,990,000
84,887,000
33,637,000
36,780,000
22,827,000
Total wk.'20
340,000
280,000
193,000
Same wk.'19
Samewk/18
103%
103%
84%
85%
85%
strength.
Shorts
1919-20
1918-19
1917-18
Total
receipts
the
for
week
Flour
102%
84%
104
are
Commission
houses
covered
Corn,
Oats,
Barley,
Rye,
Bushels.
Bushels.
Bushels.
Pennsylvania
Corning
....$6 10
........
4
Somerset,
and
425
32
17
rather
872,000
546,000
342,000
9,000
"""56,000
"532",000
""5*7",000
""92",660
"""i",666
259,000
856,000
46,000
123,000
"866",000
""53,600
430,000
7,000
""68,000
2,442,000
Baltimore
..
Galveston..
810,000
9,571,000
856,000
SinceJanl.19 18,035,000
Since Jan.*20
.
Itcucipto
Orleans
The
4
00
deg,
above
Ragland
2
10
Wooster
4
05
North
3 73
Lima...,.,
South
Lima
3 73
"112",000
livo
1,668,000
30,949,000
on
$3 63
Kansas
homa
seaboard
shown
are
Exports from—
New York
Strawn
Flour,
Oats,
Rye,
Barley,
Peas,
Bushels.
Bushels.
Bushels.
Bushels.
New Orleans
..
Electra
.........
"21",000
72,000
179,000
14,166
9,052
6,000
36*600
322",606
494",660
545", 000
28,000
142,000
62,562 1,848,065
650,166
384,980 1,635,371 2,902,476 1,276,265
66,084
72,000
3,316,084
5,080,631
"e'ooo
23,000
102,000
2,516,000
584,934
9,052
1,129
July 1 1919 is as below:
Flour.
Wheat.
-
Corn.
Exports for Week
and since
Since
Week
Week
Since
Week
Since
July 1
July 1
June 12
July 1
June 12
1919
1920.
1919.
1920.
Barrels.
Barrels.
Bushels.
Bushels.
June
12
UnitedKingdom
84,908
300,901
6,708,047
10,643,388
42,518
1,090,313
West Indies
92,530
Other Countries
"64,077
326,945
584,934
20,512,403
18,492,235
970,000
1,743,652
...
1919
2,336,084
10,000
Total 1918-19..
The
384,980
visible
granary
at
seaboard
.$3 00
supply
ports
June
12
Bushels.
2,481,243
"5",122
58,563
246,500
89,969
1,043,131
3,970
""423", 025
3,316,084
5,080,631
grain,
"2",399
13,702
148,824,300
157,287,144
66,084
3,878,515
72,000
5,510,015
comprising
the
principal points
of accumulation at
1920 was as follows:
stocks
lake
in
and
GRAIN STOCKS.
United-States—
New
bush.
York....
Boston
....
1
Chicago Aflat
-
2
75
3
00
Kansas City
Henrietta
3
00
Peoria
Caddo. La., light..
Caddo, crude
3
50
Indianapolis
2
50
Omaha
De
3 40
...
St. Louis
Moran
On
"227", 606
211,000
95,000
126,000
189,000
3,480,000
4,142,000
"21T,666
~~62l",666
19,000
18,000
53,100
24,000
475,000
1,700,000
206,000
599,900
'~58~, 000
18,000
1,311,000
Rye.
Barley,
bush.
277,000
1,000
477,000
1,507,000
28,000
137,000
2,478,000
104,000
12,000
251,000
bush.
'
48,000
3,000
15,000
3,000
531,000
297,000
363,000
572,000
78,000
M il waukee
Ilealdton
bush.
4,000
83,000
261,000
14,000
2,763,000
Chicago.
98
Oats,
387,000
2,235,000
...........
New Orleans
Duiuth
bush.
12,000
2,544,000
Philadelphia
Baltimore
Corn,
462,000
6,000
2,705,000
...
77
50
of
Wheat,
3
Soto
57,637,079
90,583,136
167,330
13,730
Bushels.
58
Minneapolis
3
758,065
139,000
3,000
423,000
28,562
181,934
36,084
48,666
Newport News.
00
light.. 3 00
heavy. 1 75
the
state¬
Barrels.
Norfolk
3
3 50
Corsicana.
Corsicana,
annexed
Corn,
304,000
Baltimore
Thrall
Okla¬
the
Bushels.
Wheat,
Bushels.
126,084
3
.......
in
ment:
3 77
&
95,000
1,846,000
5,507,000 23,947,000
1,675,000
815,000
13,862,000 1 20,909,000
bills of lading.
ports for
through
several
the
12
Detroit last weeks
2U?'
Indiana
"190" 000
1WV4UUV
from
June
ending
669,000
8,801,000
218,000
6,484,000
foreign ports
exports
3,000
715,000
98,420,000
uvy
for
""82,000
17,000
8,181,000
5,498,000
58,129,000
3,942,000
Total wk.'20
Week 1919
""72,000
6,000
26,000
Boston.....
week
34,000
.
170,000
Montreal
U/
653,000
139,000
53,000
811,000
6,000
Newport Ns
Toledo
FUTURES IN CHICAGO.
215% 216% 219% 219% 215™'
190% 192
192% 191% 187% 189%
Princeton
Illinois
Plymouth
'
93,000
Portland,Me
Philadelphia
Buffalo
July delivery in elevator
September delivery in elevator.
seaboard ports
Bushels.
Galveston
CLOSING PRICES OF RYE
at the
follow:
New York..
to be light.
became
unsatisfactory.
Cabell
1920
Wheat,
Br.No.Am.Col.
86%
Dutch interests bought
moderately it appears
on the 15th inst.
but holders on the whole have of
late shown
more disposition to sell
than exporters have to
buy.
Today
prices advanced with a fair
export demand and small offer¬
ings.
July is higher for the week;
Sept. is a little lower.
Chicago had reports of a good demand from
Germanv.
Another version is that
Germany wants to buy, but its
DAILY
June 12
51.280,000
Bushels.
Barrels.
Receipts at—
Continent
Fri.
large sellers.
credits
of flour and grain
ended
Total
Thurs.
have
82,000
8ince Aug. 1
So.&CentAmr..
CHICAGO.
Wed.
!
Fri
134@135
Tues.
the export demand
proved
on
6,604,000
5,400,000
4,068,000
2,566,000
6,261,000
3,538,000
Omaha.
demand for export and has advanced
July's
fell.
4,233,000
2,207,000
1,789,000
25,000
41,000
1920
133@134
OATS FUTURES IN
84
170,000
270,000
""9", 000
18,000
508,000
56,000
7,000
26,000
72,006
Kansas City
134@i.35
Bat.
Mon.
Vs 102%
,
709,000
592,000
~~ii",666
T
Peoria
July 1 to—
133@134
134@135
134@135
396,000
v:
Detroit
St. Louis...
17,000
was
noticeably
strong.
And
premiums
were
firm.
Closing
prices are higher on Sept. for the week and
about the same
on July as last
Friday.
DAILY CLOSING PRICES
OF OATS IN NEW YORK.
Bat.
Mon.
Tues.
Wed.
Thurs
1 white. 135 @136
135@136
610,000
190,000
12,000
-
Toledo
Ohio
favorable.
839,000
17,000
1,006,000
224,000
53,000
137,000
17,883,000 406,561,000 187,070,000 192,007,000
15,219,000 397.620.000 189,219,000 263,724,000
14,383,000 162.178.0001 219,315,000 294,985,000
Milwaukee
Valley.
Today
good demand for Sept.
Some crop
southwest
18,000
583,000
Rye.
bushMlbs.
67,000
434,000
71,000
made
crop
149,000
173,000
153,000
4,000
398,000
58,000
43,000
350,000
239,000
56,000
1
Montreal
The
825,000
694,000
66,000
-—
._
except
areas
Lake
satisfactory advance
prices advanced with
at
Barley
bushASlbs.
328,000
1,218,000
Minneapolis
Portland, Me._
Philadelphia
reported in Iowa and growth
moisture
reports from
the hot weather
protracted.
principal producing
fair advance
by
been
harm
Oats.
bushMlbs.
165,500
252,000
bblslOOlbs bushMlbs.
of
year
Corn.
bushMlbs.
Wheat
Receipts at
New Orleans
Thurs.
206%
Tues.
174%
164%
162
declined for
corn
NEW YORK.
Tues.
reports of dry weather, the strong cast position, a rise in
rye, and covering of short.
From Okla. came reports of
late sown oats
looking small with the weather too hot
and the plant
short, thin and weedy.
The visible supply
increased
August 1 for each of the last three years have
CORN FUTURES IN CHICAGO.
Bat.
July delivery in elevator
September delivery in elevator
IN
Mon.
205 &
Oats like
since
Norfolk
CLOSING PRICES
Bat.
No.
prepared by us from figures collected
The receipts at West¬
are
been:
declined early and then rallied on reports of
corn
increase
below
lake and river ports for the week ending last Saturday
and
Fri.
Thurs.
305
dry weather, injury by insects and light receipts. The visible
supply decreased 51,000 bushels in sharp contrast with an
The
The statements of the movement of breadstuffs to market
indicated
by the New York Produce Exchange.
Bat.
No.
[Vol. 110.
-
94,000
1,097,000
4,881,000
226,000
5,925,000
-
73,000
605,000
Lakes
240,000
169,000
36,000
331,000
457,000
32,000
13,000
121,000
174,000
173,000
926,000
4,000
45,000
100,000
94,000
4,000
106,000
50,000
394,000
244,000
117,000
On Canal and River
34,000
281,000
2,579,000
25,000
105,000
279,00
12,000
15,000
GRAIN
Wheat—
No.
2
I
red.
Total June 12, 1920
Oats—
spring
nom
_^No. 2 yellow
2 06%
&O72
2
The
following
|are
52%
No.
1
No.
2
white
3
white
134 @135
135 @135
....134@135
Barley—
Feeding
Malting
Spring patents
$13
straights, soft 13
straights.... 13
Rye flour
11
Corn goods, 100 lbs.—
14 25
No.
25@
14 25
75 @
12
Nos.
Nos.
meal
.
Montreal
Ft. William & Pt. Arthur
Other Canadian
4 90 @
00 @
5
50
Nos.
5
00
5 25
Oats
spot
—
Total June 12, 1920.
Total June 5 1920---
50@$14 50 Barley goods—Portage barley—
25 @
Kansas
flour
8,582,000
9,259,000
4,508,000
4,000
2,010,000
.
2,995,000
283,000
676,000
424,000
1,486,000
.
1,383,000
1,931,000
1,486,000
1,404,000
1,690,000
1,627.000
6,207,000
1,323,000
8,582,000
1,486,000
3,136,000
1,690,000
7,530,000 10,068,000
8,039,000 10,663,000
4,826,000
4,862,000
Canadian—
170
closing quotations:
Winter
Corn
6,207,000
6,108,000
3,136,000
Total June 5, 1920
35,259,000 2,679,000
3,235,000
Note. Bonded grain not included above.
Oats, 250,000 New York, 1,898,000
Buffalo afloat, total 2,148 ,000, against 8,000 bushels in 1919, barley, New York,
2,000, Boston, 3,000, total 5,000 bushels against 53,000 bushels in 1919.
177
FLOUR
Yellow
2,628,000
.
$3 12@$3 18
No.
No. 1
Corn—
31,952,000
1
2,
3 and
2-0
4-0
goods
and
and
—
delivery
4 pearl
3-0
5-0
9,513,000
9,299,000
4,000
6,000
American
25
@
7
40
31,952,000
9,513,000
2,628,000
Total June 12 1920—
7
361,000
Summary—
$7 25
6 50
7
796,000
533,000
41,465,000
Total June 5 1920...
44,558,000
2,632,000
2,685,000
Canadian
...
....
4,000
50
Carload
12 10
The
world's
wheat and corn for the week
shipment of
ending June 12 1920 and since July 1 1919 and 1918 are
shown
the
in
interesting discussions
very
concerning the
.
\
Corn.
.
1918-19.
1919-20.
1918-19.
1919-20
Exports.
Since
Since
Since
Week
June 12.
July 1.
June 17.
June 12.
Bushels.
Bushels.
Bushels.
Bushels.
Since
•
July 1.
July 1.
Bushels.
Bushels.
2,772,000
42,000
5,022,000 299,479,000 332,312,000
NorthAmer
8,490,000
Russia....
Danube
Argentina
Australia.
83",767",00
89,217,000
65,100,000
5,623,000
3,812,000
1,750",066
10,284,000 618,679,000 490,614,000
2,869,000 134,277,000
1,328,000
_
288,000
1,911,000
Oth countr
Total
2",827",000 129,755",000 39",639",000
3",934,66o 227,784,666
-
India
..
heard
about
the
markets
Some say
railroad bill of
lading.
Foreign trade conditions are becoming more un¬
settled.
There has been a very substantial increase in im¬
ports.
For the ten months ending in April over 100,000,000
yards of cotton cloths were imported, against barely 20,000,000 yards In the corresponding ten months of a year
ago; of course, however, the balance of trade in cotton
goods is still largely in our favor.
Textile men are greatly
encouraged by the nominations at Chicago by the party
that stands for the protection of American interests by a
high tariff, and are not materially disturbed by the current
imports of dry goods.
DOMESTIC COTTON GOODS.—The expected improve¬
in
that
Wheat.
are
form of sales note submitted for criticism
new
by the Association of Cotton Textile Merchants.
following:
Week
2585
THE CHRONICLE
Jtjne 191920.]
4",538",000
52,667,00
ment
verbiage it compares well with a
in
the gray
goods market has not materialized.
The
off.
Sheetings
volume of orders sent to the mills is falling
BULLETIN
WEATHER
JUNE
16.—The
issued
by
general summary
Department
the
FOR
ENDING
of the weather bulletin
WEEK
THE
indicating the
of Agriculture,
influence of the weather for the week
ending June 16 is as
follows:
and generally dry throughout
growing States, which conditions were very
Cotton made satisfactory progress in practically
cotton
the
crop.
favorable for that
all portions of the
sections.
The
especially favorable;
and substantial improvement was reported in
warmer
nights in the more Eastern districts were
many
belt,
Carolina, with nearly an average condition,
while
the
most
favorable weather of the season was experienced in
Georgia; the plants are still small and late, however, in the latter State,
which is also the case in Alabama.
The crop made excellent progress in
Mississippi, but is about two weeks late there, while fairly good stands
are mostly
well cultivated in Tennessee.
CORN.—Warmer weather that prevailed throughout the principal corn
growing States was very favorable for corn, and that crop made good to
excellent progress in
practically all sections of the Rocky Mountains.
The week was especially favorable in Great Central Valley and in much
of
the Grent Plains,
and rapid growth was reported In those sections.
Planting is about completed in the late northern districts, and tempera¬
tures
were
favorable for the germination of the late planting in those
sections.
The weather was especially favorable for cultivation, and this
work
made rapid progress in
the central and southern sections of the
country; the crop is now mostly cultivated.
SPRING
WHEAT.—Except
in parts of the upper Missippi
Valley
spring wheat made very good advance in nearly all portions of the spring
wheat belt, and that crop continues mostly in very satisfactory condition.
Only fair progress was reported in Iowa, and the condition of the crop
is somewhat disappointing in that State, but it is generally excellent in
Minnesota.
Spring wheat made fairly good to excellent progress in the
the crop
northern
the
from
has improved in South
Plains
Great
more
western
States,
while satisfactory
portions of the belt.
WHEAT.—The
WINTER
warm,
dry
weather of
advance
was
reported
the week hastened
the
of winter wheat in the southern portions of the belt, and the
ripened rapidly.
Harvest is under way in eastern North Carolina
some wheat
is ready to cut in Tennessee, while farther west harvest
maturity
crop
and
is
progressing
lower
Ohio
rapidly in
Valley.
weather
hot
was
southern Oklahoma;
some
has been cut in the
Wheat made fair advance in central districts, but the
rather unfavorable in localities by causing premature
The hot weather was rather unfavorable in
Kansas, where
wheat
is ripening too fast in
some localities, but farther north in the
Great Plains area good progress was reported.
Rains were very beneficial
'n the more northwestern States, while normal advance was made in the
ripening.
central
plateau
areas,
but
more
moisture
is
needed
in
much
of
the
Northeast.
THE DRY GOODS TRADE
New York,
Friday night, June 18, 1920.
primary dry goods markets continues
lethargic, particularly so iu first hand channels where the
hesitation is plainly noticeable.
The stress of money and
general uncertainty are said to be the dominating factors.
Many commission houses would be better disposed to make
concessions iu prices if they felt the result would improve the
position of the consumer, but they are not sure the conces¬
sions would not be quickly absorbed by the jobber and the
retailer.
Despite the many price inducements offered by
retail stores, the best information obtained in the local trade
is that not much of an inroad has been made into stocks;
Trading
the
now
to
is
in
the
large quantities of merchandise delayed in transit and
being received have been more than enough, according
reports, to make up any deficiency caused by the sales.
It
related that the demand for fine cotton goods is being
constructions
and
turers
are
buying
are
being
more
asked
than
for,
other
Some special widths
and bag manufac¬
consumers.
Sales of
5-yard 36-inch sheetings have been made at 17^c and
at
COTTON.—The week was moderately warm
in light demand for most purposes.
are
5.50s
The print cloths markets were on the whole very
quiet during the week, and some of the business done was
put through on concessions; second hands for instance sell¬
ing June lots of 38j^ inch 60x48s at 20^c, and similar de¬
liveries of 38^4 inch 64x60s at 23c. both prices representing
a drop of half a
cent a yard from the recent " top."
38%
inch 64x64s quoted at 24 cents.
Some denim mills are mak¬
ing low prices for export, and buyers of colored goods for
export are requesting more goods and on standard lines.
The probabilities are that large manufacturers of denims
will make new prices before the Fourth of July for dis¬
tribution three months ahead.
Fine cloths are held at
such high prices by mills that converters are holding off.
It
is
said that some garment manufacturers are finding it
more profitable to sell their cotton piece goods than to cut
them up for dresses, the argument being that the loss on
the materials is less than on the made-up garments.
In
cotton goods lines resistance to price revisions is stronger in
many places than is true of other textiles.
The raw ma¬
terial outlook is had and prices high.
Late reports from
the cotton belt say that hot and dry weather has improved
crop conditions somewhat, but pessimism rules.
Some sub¬
stantial sales of printed goods for export were quietly made
last week, more than 1,000 cases being engaged.
Some com¬
mission houses are endeavoring to formulate financial plans
for financing sales of goods in Central Europe in conjunc¬
16^ c.
tion
with
downtown banks.
WOOLEN
GOODS.—The raw
material end of the wool
goods trade continues to attract considerable attention.
the central trading markets here and abroad raw wool
In
is
abundant as to quantity.
And the
public temper is against further advances in woolen goods
prices, for the people need clothes at fair prices. Merchants
go on talking about higher prices for wool goods but buyers
will not pay them, for the consumer is no longer willing
to take the " buck" when passed to him.
Price deflation
regarded as so essential in the wool world is being gradually
brought about. Wool men say that the tremendous suiiplies
of the raw material in the world are forcing the market
down by their own weight.
Worsted yarns are declining.
Cancellations continue to worry the trade, and at a special
decidedly
lower,
and
get-together meeting on Tuesday last at the Waldorf-Astoria
steps were taken to put a stop to the growing practice of
cancellations, characterized as a serious, self-imposed menace
to the industry.
Some large commission houses have con¬
policy of closing accounts where attempts
The sales of men's clothing in
the Madison Square Garden is reported making fine progress,
the better grade garments being the greatest in demand.
The wool goods trade on the whole is working harmoniously
cluded to adopt the
at
cancellations are made.
to sustain
prices.
DRY GOODS—Buyers of linens, returning
from Ireland, say that there is not the slightest indication
the conviction grows that a
of a
break in prices, and that the uneasiness displayed
readjustment of price must of necessity be made in the
course of merchandising conditions,
whatever now may be amongst the handlers of linens there may be attributed to
their temperament and inclination to borrow trouble and to
the opinion of manufacturers who continue to harp upon
take notice of the least falling off in orders.
The demand
high costs and a few other things.
Dress stocks in retail
for linens abroad is given as much depressed compared with
hands are known to be large, and there are sizable accumula¬
business earlier in the year; but buyers are aware of the
tions in the wholesale trade, but buyers are not finding
conditions and many have renounced hope of getting addi¬
desirable purchases in the merchandise offered.
Manufac¬
tional goods, hence are not seen in the markets.
Reports
turers, it is said, are showing a disposition to meet the re¬
say that the lack of activity in Belfast is for the most part
tailers half way in an attempt to accede to the popular
demand for more reasonable prices.
It is said of them due to a slackening in demand from the United States and
from London.
Neither the merchants nor the speculative
that they are now giving serious thought to the imminence
jobbers are believed to have any considerable stocks. Lower
of a price revision for spring merchandising that will prove
prices are not looked for, but those predicting higher prices
attractive to the jobbers when they come to the markets next
are said to be in the minority.
Scattered lots of linens con¬
month.
That some revision will come in many lines of
tinue to arrive in New York every week.
Stocks of burlaps
cotton goods is now evident in the declining yarn markets.
in consumers' hands in this country are known to be light, in
Price advances in cotton goods and in other goods have
so far as the hag manufacturers are concerned.
Importers
f been checked, and even though there is unmistakable evi¬
are asking 8c for 8-40s and will take a shade less.
Heavies
dence of price declines in many lines mrchandise managers
may be had at lie.
In some cases this price may be shaded.
say they are having a difficult time to convince buyers of
Goods for future shipment continue easy, as low as 7.60c
the downward trend.
But unless a radical financial change
having been quoted on October-December lightweights, and
occurs there is no apprehension of anything save an orderly
10.60c on heavies.
Dundees are slightly higher than Calcutta
revision.
Salesmen in the West in the interest of hosiery
stock, but comparatively little business is reported by the
and knit goods
manufacturers report that the prospects
Dundee manufacturers.
for early business in these markets are very slight.
Some
affected
seriously by the lower prices asked for
made-up, and as time goes on
silk goods
FOREIGN
THE CHRONICLE
2586
COUNTY
BERKS
(P. O. Reading), Pa.—BOND OFFERING.—John
County Controller, will receive bids until 10 a. m. June
following 5% tax-free bonds:
2375,000 road bonds.
Due yearly on July 1 as follows: $22,000, 1926;
$23,000,
1927;
$24,000,
1928;
$25,000,
1929;
$26,000,
1930;
$27,000, 1931; $28,000,
1932; $29,00,
1933;
$30,000,
1934;
$31,000, 1935; $33,000, 1936; $38,000, 1937; $39,000, 1938.
600,000 bridge bonds.
Due yearly July 1 as follows: $35,000, 1926;
$37,000,
1927; $38,000,
1928;
$40,000,
1929;
$43,000, 1930;
$44,000,
1931;
$46,000,
1932;
$48,000,
1933;
$51,000,
1934;
$53,000, 1935; $55,000, 1936, 1937 & 1938.
Denom. $1,000.
Date July 1, 1920.
Int. J. & J.
Cert, checks for 1%
of amount of bonds
offered, required.
P.
~
NEWS ITEMS.
Chicago, III.—Bankers Refuse Loan to City.
Chicago banks have refused to grant
request of the city for a loan of $15,000,000.
the
The Chi¬
Tribune says in part:
cago
say
for
this
time.
city officials say, In effect, that they will not stop expenditures
public works; that they will igo ahead, and that the money must be
furnished.
This Is a poor financial policy.
No business man would think
of proceeding on that basis."
De
Graff School
Court
Sustains
preme
of
(P. O. De Graff), Ohio.—Supreme
Court,
action
District
Appelate
Decision.—The State Su¬
according to reports, on May 11 upheld the
the Appelate Court in the case of " Samuel A.
Kinsinger
Court*s
The Board of Education of De Graff," in re¬
fusing the plaintiff's application for an injunction to pre¬
the
vent
$18,500
Education
building bonds.—V.
in
its
issue
of
May
110,
12,
from
1107.
p.
issuing $120,000 school
Urbana
The
by
Kinsinger, said:
Kinsinger claimed
"
the law creating the state indus¬
superseding the state liability board
of awards and other state
departments, including the in¬
spector of workshops and factories, is unconstitutional.
"It was also claimed by Kinsinger that by
implication,
trial
commission
and
of the industrial commission act repealed the law
authorizing boards of education to issue bonds in excess
passage
Smith
of the
one
per cent law in cases where the bureau of
workshops and factories condemn school buildings and the
voters authorize the issuance of bonds at
The
above
tives
voted
adopted
eral
A
Woman
Woman
Suffrage Amendment Defeated.
Suffrage Amendment
June 15,
on
down
the
defeated
was
when the House of Representa¬
Federal
ratification
resolution, and
resolution opposing Federal suffrage.
The Fed¬
a
ratification
resolution
House and is
now
failed in the
Senate
kate suffrage has been
granting
measure
Tamaqua,
June 8.
on
passed by the
before the Senate.
Schuylkill
Extended.—On
June
Denom.
$500.
payable
at
Jan.
on
is reported,
ordinance extending the borough's
mile
of
Borough
the Council
boundaries
west, taking in the village of Newkirk.
passed
over
This
one
action
was
taken because 62%
of the residents of Schuylkill
Township asked for" annexation.
Besides increasing the
population of the borough by about 700, it will be a big
gain to the borough from a financial standpoint, as the an¬
bonds.—V.
110,
private sale.
Date
the
1
Jan.
office
from
1
of
1925
1920.
the
to
Prin.
County
1934
and
6, 1919.
int. (J. & J.)
$10,000 yearly
for
1% required.
semi-ann.
Treasurer.
incl.
Cert,
Due
check
Washington
County,
Va.—BOND
OFFERING.—Sealed
23, by D. E. Frizzell, City
Street and Beaver Creek
bonds.
Denom.
$500 or
multiples thereof.
Date June 1 1920.
Int. J.
& D., payable at the office of the
City
Treasurer or at the Dominion National
Bank, Bristol.
Due
$5,000
yearly beginning Dec 1 1924.
Cert, check for 2%, required.
Official
circular
states
the
city has always promptly
paid interest and
maturing obligations and that no default in payment has ever oc¬
curred and that
there is no controversy or litigation
bids
will
be
received
until
Treasurer, for $100,000
Channel
Improvement
threatened
to
their
BRAINTREE,
June
14th
the
dated
taxes,
the
Norfolk
to
18
C.
coupon
existence
of
the
validity of these
title
of
or
officials
bonds.
County,
loan
and
D.
the
nor
temporary
BRIDGEPORT,
June
m.
corporate
offices,
June
awarded
was
p.
tax-free
pending
affecting
respective
8
6%
Mass.—TEMPORARY LOAN.—On
$25,000, issued in anticipation of
22, 1920—V. 110, p. 2505—
Co., on a 6.40% discount basis.
of
maturing Nov.
Parker
Fairfield
&
County,
Conn.—BOND
SALE.—Harris,
have purchased and are now offering
to investors at a price to
yield 5%% an issue of $300,000
5% taxfree
gold
coupon
(with
privilege
of
registration)
paving
bonds.
Denom. $1,000.
Date June 1, 1920.
Prin. and semi-ann. int.
(J. &
D.)
payable in
Bridgeport.
Due
$60,000 yearly on June 1 from
Forbes
1921
&
Co.,
1925
to
New
of
incl.
N
.
BRISTOL COUNTY
15
the
York,
(P. O.
->y'
Taunton), Mass.—NOTE SALE.—On June
$40,000
6%
coupon
tax-free
hospital notes offered on that
110, p. 2505-—were awarded to the Taunton
Savings Bank,
at par.
Date June 15
1920.
Due June 15, 1921.
date—V.
of Taunton,
BRISTOW, Boyd County, Neb.—BOND SALE.—An issue of
$7,100
5%% electric light and water bonds was sold
during May to the
of Nebraska at
par.
Date April l 1920.
Due April 1
1940.
Optional after 5 years.
State
CAIN SCHOOL TOWNSHIP (P. O.
Hillsboro),
Tnd —BOND
OFFERING.—Proposals will be
Fountain
received
6
by
of
William
school
coupon
bldg.
semi-ann.
Hillsboro.
from
of
1921
the
int.
Due
to
1931,
Brant,
Township
$2,250 on June 29
incl.; and $3,000
from
years
E.
bonds.
Denom. $750.
(J. & D ), payable at
1932
to
and
Trustee,
Date
the
June
29
in
29
and
County,
until
for
3
p.
$67,500
29
m.
6%
1920.
each
Prin.
State
Hillsboro
Dec
June
on
Bank,
of
Dec.
the
29
years
in
each
1934,
incl.
Cert, check on a responsible
company of Fountain County,
for $1,500, pavable to
the above Trustee, required.
Bonds to be delivered and
paid for on
or
before July 29,
Purchaser to pay accrued interest.
'
bank
trust
or
COUNTY
The
Bankers
Trust
(P.
Co.
O.
of
Great
Denver
Falls),
has
Mont.—BOND
purchased
in
nfC^?nn!F(?SNrTY,/P* bonds
$40,000 5% funding P' ftIantie>» Iowa.—BOND
sold
Jan.
of
was
&
Co.,
of
J.
&
Davenport,
J.
Due
at
100.50.
yearly
on
2
on
Denom.
Jan.
1
from
to
Geo.
Date
t0„
of
$7o,000
6%
light
coupon
plant
im.pt.
1940
-J- Edwards of Oklahoma City—V.,
$1,000
1,
and
are
dated
April
1
1920.
M.
6%
110,
p
$15,000
SALE.—An
to
$1,000.
1933
issue
Bechtel
Jan.
1
1920
'
incl.
CLAREMORB, Roger County, Okla.—DESCRIPTION
The
SALE.—
$200,000
bonds recently offered without success—V
$10,000 annually from 1922 to 1938
inch, and
1939 and 1940,
Due
annually
Int.
the
highway
OF
BONDS.
bonds
110,
recently awarded
1662—are in denom.
p.
Int.
A.
&
194o.
O.
Due
April
.
nexed
/«CI^Y »C01Em£Y CONSOLIDATED
(P. O.
every year.
X'
Date
territory includes valuable coal lands, and it is es¬
timated that $25,000 additional will be collected in taxes
2411.
p.
The
county of
Bourbon
has
never
defaulted
in
the
payment of
principal or interest of any bonds.
Bonded debt, $22,500.
Assessed
value, $32,000,000.
Population 1910
(census), 17,432.
serial
County, Pa.—Boundaries
12, it
school
bonds at
2103.
an
5%%
BOURBON
COUNTY
(P.
O.
Paris), Ky.—BOND
OFFERING.—
Proposala will be received on nr before June 30 (to be npe"ed about
It A. M. on said date) by John T.
Collins, County Commissioner and
Receiver, for $100,000 5% tax-free road and bridge bonds author¬
ized
by a vote of 1085 to 480 at an election held Sept.
and
Federal
Louisiana,
special election."
required.
BOULDER, Boulder County, Colo.—BIDS REJECTED.—At the of¬
fering of $65,000 refunding water works bonds on June 1 all bids
were rejected.
It is reported that the city is attempting to sell the
July
Louisiana.—Federal
in
a
Bessemer), Jefferson
that an issue of $100,on
July 6.
Cert,
sale
INDEPENDENT SCHOOL DISTRICT (P. O. Boise City),
County, Ida.—BIDS REJECTED.—The only bid received on June
7 for the school bonds-—V. 110, p. 2103—which was submitted
by the
First National Bank of Boise City for the Harris Trust &
Savings
Bank of Chicago, was rejected.
"Citizen,"
explaining the charges made
O.
offered
BOISE
vs.
Board of
be
Ada
BRISTOL,
"Our
for
will
BONSAIL UNION SCHOOL DISTRICT, San Diego County, Calif.—
NO
BIDS
RECEIVED.—No
bids
were
received
on
June
8
for
the
more
at
$1,000
bonds
it is stated.
"
essential
for
school
BILLINGS, Yellowstone County, Mont.—BOND SALE.— The $50,000
6% water bonds offered on June 15—V. 110, p. 2312—have been sold,
American Bankers Association.
not
20-year
check
"
are
the
000
big Chicago banks have flatly refused to lend the city any more
to tide over its financial difficulties.
The clearing house banks
already have loaned the city $15,000,000 on tax anticipation warrants,
as
has been their custom in
former years,
but have firmly declined a
request for another loan of $15,000,000 on tax warrants.
The banks take the position that the city officials have flouted their advice
as
to the proper conduct of the city's financial affairs, and therefore can
expect no further financial assistance.
The
attitude
of the bankers
was
explained yesterday by James B.
Forgan, chairman of the Chicago Clearing House Association.
The Chicago banks have gone as far as they can in financing the city's
needs," be said.
" They can go no further despite the fact that the
city, through the autocratic stand of the administration, faces bankruptcy
before the year is ended.
"We have suggested that the city economize and curtail Its program
of public improvements as much as possible until a more
opportune time
for financing them.
This suggestion is in line with the recommendations
of the recent conference on credit conditions which
was
participated in
by the Federal Reserve Board, the Federal Reserve Advisory Council, the
class A directors of the Federal Reserve Banks, and a committee of the
that
for
BESSEMER
SCHOOL
DISTRICT
(P.
County, Ala.—BOND OFFERING.—Reports
The
money
This conference,
held in Washington last month, was attended by
than
fifty
financial experts.
One recommendation,
which
applies
particularly to Chicago at this time, follows: ' States, counties and munici¬
palities could render important aid by deferring the issue of bonds, thus
not competing for credit,
and by deferring as far as possible all public
works and improvements.'
"
This suggestion has been ignored by the city of
Chicago, and It now
stands in
the position of refusing to co-operate with
the people of the
country in conserving credit.
The city is demanding money for things
Wanner,
24
j^iate and Citg gqrarttmcut
It is stated that the
[Vol. 110.
&
NO.
Ill
Averhill), Minn.
BOND SALE.—On May
24
Stanley Gates
of
St.
Paul, were awarded
$50,000
6%% school bonds—
P'
l?2.' a basis of about 5.76%.
Denom. $1,000.
Co
*
at
SCHOOL DISTRICT
May
the
i
1,
First
1920.
Natl.
Prin.
Bank,
and
St.
semi-ann.
int.
(M.
&
Paul.
Due May 1, 1935.
N.)
payable
Financial
BOND
PROPOSALS
AND
NEGOTIATIONS
Statement.
Actual value of taxables
(estimated)
Assessed value of taxables
(1919)
Total
this week have been
ABERDEEN
Wash.— BOND
awarded
was
2312
the
$500
Harbor County,
offering par for 5%s
school
Int.
months,
6
every
$20,000
$500.
J.
&
after
3
bonds
D.
offered
Due
in
from
years
on
23
June
5—V.
subject
years,
110
to
p.
call
dates.
ADAMS COUNTY
(P. O. Decatur), Intl.—BOND SALE.—Of the five
of 4%% road bonds,
aggregating $31,200, offered on June 14—
110,, p. 2410—the $5,120 Fred Bilderback, $4,800 D. E. Bollinger,
and $4,880 Daniel Fuhrer road bonds were
awarded to the
V.
&
Trust
ARCADE,
will
be
Co.
of
Peoples
Decatur,
Wyoming
received
until
at
par
and
interest.
County, N. Y.—BOND
July
3
by
L.
A.
OFFERING.—Proposals
IVIason,
Village
Clerk, for the
$15,000 5% electric light and power plant extension
bonds, recently
approved by the voters—V. 110 p. 1661.
Denom. $1,000.
Date Aug
2
1920.
Prin.
and
annual
interest
payable at the Citizens
Arcade.
Due $1,000 yearly from 1921 to
1935, incl.
ARTESIAN SCHOOL DISTRICT NO.
16
(P. O.
County,
until
N.
Bank
Artesia),
Mex.—BOND
OFFERING.—Sealed
bids
will
be
of
Eddy
received
8
p. m. July 5 by S. M. Gilbert, Clerk, for the
$50,000 6% school
recently voted—V. 110, p. 2215.
Int. F. & A.
Cert, check for
required.
bonds
$500
BACA
COUNTY
SCHOOL
Colo.—DESCRIPTION
bonds
at
awarded
par
and
Denoms.,
M.
&
N.
3
on
OF
May
8
interest—V.
for
Due
DISTRICT
BONDS —The
to
the
NO.
4
$13,500
International
(P.
6%
O.
Springfield),
school
Trust
Co.
110,
p.
2215—are
described
$1,000 and 1 for $500.
Date
May 15,
May 15, 1950, optional May 15, 1935.
(this
issue
$900 000
286*918
* *"'
only)........
(estimted),
50 000
4,50.
CALEXICO SCHOOL
DISTRICT, Imperial County, Calif.—BOND
OFFERING.—Sealed proposals will be received until 2
p. m. June 21 bv
M.
S.
Cook.
Clerk
Board of County
Supervisors (P. O. El Centro)
for
Denom. $500.
Date May 17 1920.
Principal
payable at the office of the County Treasurer
$6,000 yearly from 1921 to 1945, inclusive.
Certified or cashier's
check for 5% of the amount of bid,
payable to the Chairman Board of Coun¬
ty Commissioners, required.
Purchaser to pay accrued interest.
Bonded
debt, $91,000.
Assessed valuo of taxable
property
$150,000 6% school bonds.
and
semi-annual
interest
Due
issues
Loan
debt
Population
SCHOOL DISTRICT NO. 5, Grays
SALE.—The State of Washington
Denom.
bonded
follows:
as
of
as
building
Denver
follows:
1920,
Int.
1919-1920. $5,747,258.
CALIPATRIA
UNION
HIGH
SCHOOL
DISTRICT,
Imperial
County, Calif.—BOND OFFERING.—Sealed bids will be received
by M S
Cook, Clerk Board of County Supervisors (P. O. El
Centro), for $150 000
6% school bonds until 2 p. m. June 21.
Denom. $1,000.
1920.
Date'May
Principal
and semi-annual
Treasurer.
Due $10,000
17
interest payable at the office of
the
yearly from 1925 to 1939. inclusive
cashier's check for 5% of the amount of
bid, payable to the
Chairman Board of County Supervisors,
required.
Bonded debt
none
assessed value of taxable
property 1919-1920,
County
Certified
or
$6,693,262.
CARBON COUNTY (P. O.
Rawlins), Wyo.—BOND OFFERING
Proposals will be received on or before June 24 at 11 a. m.
by A. W Rasmussen, Chairman Pro Tern of the Board of
County Commissioners for
$100,000 6% coupon hospital bonds. Denom. $1,000.
Date April 1 1920
Prin. and semi-ann. int. (A. & O.), payable at the
National Bank of Com¬
merce, N. Y.
Due in 20 years and redeemaole (1-10)
annually beginning
with the year 1930.
Cert, check on a national bank in
Wyoming for $10 000 required.
The approving opinion of A. J. Rosier,
County Attorney
and of H. F. Collins of Denver, will be furnished.
Purchaser to pay accrued
interest.
1
Jtjne 19
.
THE
1920.]
CAREY VILLAGE
6,400 Tallmadge Ave. Sewer bonds.
$1,000.
Date Mar. 1 1920.
Int.
Mar. 1 from 1921 to 1929, inch,
O. Carey), Wyandot
Clerk of Board of
6% coupon
Code. Denom.
SCHOOL DISTRICT (P
County, Ohio.—BOND OFFERING.—F. A. Galbroner,
Education, will receive bids until 12 m. June 25 for $155,000
school-building bonds.
Auth., Sec. 7625-7630-1, Gen.
$1,000 and $875.
Date June 1 1920.
Principal and
payable at the First National Bank of Carey. Due
from June 1 1921 to Dec. 1 1940, inclusive.
Certified check
bank in Wyandot County for 5% of amount of bonds
for,
Clerk of Board of Education, required.
Purchaser to pay
CLEVELAND, Cuyahoga County,
bids were received for the 7 issues
$3,670,000,
gregating
BONDS
of 5%% coupon
Amount.
2,200
7,900
bonds, ag¬
offered on June 14—V. 110, p. 2313.
the five months ending May 31, 1920, the
5% interest, were sold to the Sinking
1,100
SOLD.—During
following bonds, all bearing
Fund Commission, at par:
>
Date.
Public Bath
Oct. 1, *19
Cuyahoga R.
Puriflc'n.Oct. 1,'16
Lake
Erie
Purific'n.. .Oct. 1,'16
Water Funded Debt... .Mar. 1,'20
River and Harbor......Mar. 1,'20
Sewer
Funded
Debt.. .Mar. 1,'20
Bridge Funded Debt
Mar. 1,'20
Bridge Funded Debt
Mar. 1,'20
Water
July 1,'19
Public Halls
..........Mar. 1,'19
Street Opening
........May 1,'19
Street Opening
Oct. 1,'19
Garbage
.Dec. 1,'19
Street Opening
........ .Oct. 1, '19
Rapid Transit
May 1,'18
Purpose.
Date
1920.
1
semi-annual interest
on a solvent
bid
payable to the
accrued interest.
Ohio.—NO BIDS RECEIVED.—
Denom. 9 for $600, 1 for
Due $600 yearly on
M. & S.
and $1,000 Mar. 1
Street Paving
Int.
A.
&
O.
bonds.
Due yearly
and $600 April 1 1922.
semi-ann. int. payable at the Citizens
check for 10% of amount of bonds
the Village Treasurer, required.
1921,
Prin.
and
Cert,
•Falls.
Maturity.
Sold.
Oct. 1, '21-'43 Feb. 20
Oct. 1, 27&'28 Apr. 1
Oct. 1,1927
Apr. 1
Apr. 1,'21-'25 Apr. 17
1930.
Denom. $1,000. Date April
on April 1 as follows:
$2,000, 1921 to 1927, inch; $3,000, 1928 and 1929; $4,000, 1930.
Newberry Street Paving bonds.
Denom. 4 for $500, 1 for
$200.
Date April 1 1920.
Int. A. & O,
Due $200 April 1
1921, and $500 yearly on April 1 from 1922 to 1925, inch
South Second Street Sewer bonds.
Denom. 9 for $800, 1 for
$700.
Date April 1 1920.
Int. A. & O.
Due $800 yearly on
April 1 from 1921 to 1929, inch, and $700 April 1, 1930.
South Second Street Sewer bonds.
Denom. 1 for $500, 1 for
$600.
Date April 1 1920.
Int. A. & O.
Due $500 April 1
24,000 Newberry
$3,875 each six months
No
25 87
CHRONICLE
Bank of Cuyahoga
bid for, payable to
$75,000 5^%
2005—have been
Date March 1
to 1954 inch
50,000
50,000
Apr. 1,'21-'25 Apr. 17
EAST LIVERPOOL, Columbiana County, Ohio.—BOND OFFERING.
25,000
Apr. 1, '21-'25 Apr. 17 —John T. Burns, City Auditor, will receive proposals until 12 m. June 24
25,000
Apr. 1, '21-'25 Apr. 17 for the following 5% special assessment street-improvement bonds:
10,000
Apr. 1,'21-'25 Apr. 17 83,455 Market St. improvement bonds. Due yearly on July 1 as follows:
60,000
July 1,'20-'25 Apr. 17
$600 1921, $650 1922, $700 1923, $740 1924 and $765 1925.
600,000
Mar. 1, 1969
Apr. 30
5,230 Dresden Ave. impt. bonds.
Due yearly on July 1 as follows: $950
200,000
May 1,'30-'49 Apr. 30
1921, $1,000 1922, $1,050 1923, $1,100 1924 and $1,130 1925.
16,000
Oct. 1,'34-'41 Apr. 30
924 Brady Alley impt. bonds.
Due yearly on July 1 as follows: $140
60,000
Dec. 1, '21-'40 Apr. 30
1921, $160 1922, $180 1923, $210 1924 and $234 1925.
25,000
Oct. 1,'20-'44 Apr. 30
4,900 Broadway street-impt. bonds.
Due yearly on July 1 as follows:
25,000
May 1,'44-'56 Apr. 30
$850 1921, $900 1922, $950 1923, $1,050 1924 and $1,150 1925.
Date July 1
1920.
Interest payable annually.
Certified check for
COHOES, Albany County, N. Y.—BOND OFFERING.—Proposals will
$100, payable to the City Treasurer, required.
Bonds to be delivered and
be received until 10 a. m. June 24 by Adelard Bibeau, City Controller,
for $75,000 6% 1-25-year serial water bonds, it is reported.
Int. semi- paid for within ten days from date of award. Purchaser to pay accrued int.
Cert, check for 2% required.
EATON, Preble County, Ohio —BOND OFFERING —Proposals will
be received until 7 p. m. June 21 by Robert S. Fisher, Village Clerk, for
COOK COUNTY FOREST PRESERVE DISTRICT (P. O. Chicago),
111.—BIDS
REJECTED—BONDS
TO
BE RE-OFFERED.—All
bids $27,500 6% water-works bonds. Denom. $500. Date June 15 1920.
Int. sem-ann.
Due serially on June 15 from 1922 to 1948, incl.
Cert,
received for the $1,000,000 4% 2-17 year serial bonds, dated June 1,
check on an Eaton bank for $500 required.
1920, offered on June 14—V. 110, p. 2506—were rejected as being too
DECATUR COUNTY (P. O. Leon), Iowa.—BOND SALE.—On Jan 7
low.
The bonds will be re-offered.
Geo.
M.
Bechtel & Co., of Davenport, were awarded $50,000 5%
CLINTON, Clinton County, Okla.—BOND SALE.—An Issue of $25,funding bonds.
Denom. $1,000.
Date Jan. 2 1920. Int. J. & J. Due
000 convention hall bonds has been bid In by the city.
$10,000 yearly from 1934 to 1938 incl.
COLUMBUS,
Franklin
County, Ohio.—BONDS REFUSED.—'The
Ohio State Journal " in its issue of June 3 has the following to
DERRY, Rockingham County, N. H.—BOND SALE.—The $50,000
say in regard to the refusal -of Field, Richards & Co.. of New York,
5% water bonds, offered on Mar 31—V, 110, p 1337-—were awarded
to
accept the $250,000 4%% flood protection and $561,866
5% de¬
that date to Harris, Forbes & Co., of Boston, at 99.50, minus the
cost of printing the bonds, a basis of about 5.07%.
ficiency funding bonds, awarded to them on Apr. 7.—V. 110, p. 1553.
Denom. $1,000
& $500.
Field, Richards & Co., New York bond brokers, yesterday asked
Date Apr 1, 1920.
Int A & O. Due $2,500 yearly on Apr 1
the city sinking fund trustees to return their bid on $816,000 of the
from
1921 to 1940, incl.
city's
bonds
offered for sale several weeks ago, asserting the
DIX, Kimball County, Neb.—BOND SALE.—The State of Nebraska
trustees haven't authority to sell them.
during May purchased $3,900 6% electric light bonds at par.
Date
The brokers acted on advice of their attorneys, who held that
April 24 1920.
Due April 24 1940.
Optional after 5 years.
proceeds of the bonds would not be used for meeting the obligations
DOUGLAS COUNTY
(P. O. Omaha), Neb.—BOND SALE.—'The
of the sinking fund trustees, but of the city.
Should
City
Attorney
Scarlett
concur
with this opinion Continental and Commercial Trust & Savings Bank and A. B. Leach
& Co.,
were awarded on June 1 $200,000 5%
court house bonds at
the
bonds will be
returned to the finance committee of council,
93.21, a basis of about 5.67%.
Denom. $1,000.
Date Jan. 1 1920.
which
could
legally dispose of them if buyers can be obtained,
Int. J. & J.
Due $100,000 on Jan. 1 1935, and $100,000 on Jan. 1 1936.
Assistant City Attorney Leach declared.
This is the first time
that the legal question of the trustees'
DOVER,
Tuscarawas
County,
Ohio.—BONDS RE-SOLD.—The
authority has been raised, according to Leach.
The brokers' ad¬
$100,000 5%% 10-year (aver.) electric light and power plant bonds,
visers' decision 'does not mean that the bonds are invalid in any
which were awarded to E. H. Rollins & Sons, who after refused to
accept them, have been sold to E. C. Froelich.
Date Mar. 1 1920.
particular, but questions who shall dispose of them,' Leach said.
If
returned to council the bonds probably cannot be sold,
as
Due
Apr. 1 and Oct.
1 of each year as follows: $1,000, 1922;
only the sinking fund trustees have power to sell bonds at a dis¬
$1,500, 1923; $2,000, 1924; $2,500, 1925 to 1929, incl.; $3,000, 1930;
count, and it is assumed there would be no purchasers, as county
$3,500, 1931; $4,000, 1932 to 1937, incl., and $5,000, Apr. 1 1938.
bonds
at
6%,
the maximum rate, 1 have gone begging, declared
EASTON SCHOOL DISTRICT (P. O. Easton), Buchanan County,
Leach.
Mo.—BOND OFFERING.—H. M. Homon, Secretary Board of Educa¬
The
bonds
are
of two issues,
$250,000 flood protection and
tion, will receive bids, it is stated, for $17,700 6% school bonds un¬
$566,000 deficiency bonds issued to meet the deficit in last year's
til June 22.
operating expense.
Inasmuch as the sinking fund has accepted
EDMUNDS COUNTY (P. O. Ipswich), So. Dak.—BOND SALE.—
them from the city,
the money is in the city treasury, but it was
The-Drake-Ballard Co., bidding par and interest for 6s was awarded
desired that the sinking fund trustees sell them so that they could
the $75,000 funding bonds offered op June 5—V. 110, p. 2314.
purchase more city bonds.
EL CENTRO, Imperial County, Calif.—BOND OFFERING.—Sealed
CORINTH, Alcorn County, Miss.—BOND OFFERING.—Sealed bids
bids will be received until 7:30 p. m. June 23 by WL E. Van Way,
will be received for $15,000 school equipment,
$9,000 fire apparatus
City Clerk, for
$15,000 6% municipal impt. bonds.
Denom. 375.
and $6,000 street machinery bonds, it is stated, until 8 p. m. July 1.
Dated July 2
1920.
Prin. and semi-ann. int. payable at the office
^COSHOCTON, ICoshocton County, Ohio .—BOND OFFERING.—
of the City Treasurer.
Due $375 yearly on July 2 from 1921 to 1960
Proposals will bo received until 12 m. June 21 by William II. Williams, City
incl.
Cert, check on a responsible bank for 3%, payable to President
Auditor, for tho following 5%% bonds:
Board of Trustees, required.
Bonded debt, $387,500. Assessed value
$10,509 street impt. bonds.
Due $500 semi-annually from Mar. 1 1921
1919-1920 $4,365,245.
Estimated value of property $5,818,327.
Rate
to Mar. 1 1940, inclusive.
of taxation
(per $100) $1.80.
There is no controversy or litigation
3.000 street intersection bonds.
pending or threatened affecting the legality of said bonds.
Denom. $500.
Date July 1 1920.
Int. semi ann. Cert, check on a
ELKHART SCHOOL TOWNSHIP (P. O. Goshen), Elkhart County,
Coshocton County bank for 10% of amount of bonds bid for required.
Ind.—BOND SALE.—On June 8 the $50,000 5W% school bldg. bonds,
*S*CUMBERLAND,YGuernsey County, Ohio.—BOND OFFERING.—
offered on that date—V.
110, p. 2314—were awarded to the State
Henry St. Clair, Village Clork, will receive proposals until 12 m. June 21
Bank of Goshen, at 100.04 and interest, a basis of about 5.49%.
Due
for $4,000 6% electric works impt. bonds.
Auth. Sec. 3942 Gen. Code. $2,500 yearly for 20 years.
Denom. $400.
Date July 1 1920.
Int. semi-ann.
Due $400 yearly on
ELLIS
COUNTY
DRAINAGE DISTRICT NO. 1, Tex.—BONDS
JulySl from 1922 to 1931, incl.
Cert, check for 5% of amount of bonds
bid for, payable to the Village Treasurer, required.
Bonds to be delivered REGISTERED.—The State Comptroller on June 10 registered $250,000
\/:K.
•"::and paid_for withinUO days from date of award.
Purchaser to pay accrued 6% serial bonds.
ELLWOOD CITY SCHOOL DISTRICT (P. O. Ellwood City), Law¬
interest.*?!
rence
County, Pa.—BOND OFFERING.—Sealed bids will be received
CUYAHOGA FALLS, Summit County, Ohio.—BOND OFFERING.—
until 2 p. m. June 25 by B. W. Schaffner, District Treasurer, for
H. O. Bolich, Village Clerk, will receive bids until 12 m. June 22 for
$26,000 5% tax-free school bldg. bonds.
Denom. $1,000. Date July 1
the following 6%
bonds:
1920.
semi-ann.
Due
six
$ 5,100 Wadsworth Street Lateral Sewer System bonds.
Denom. 9 to Jan.Int. 1930, incl. Cert, $2,000 each $500 months from Jan. 1 1924
1
check for
required. Purchasers to
for $500, 1 for $600.
Date Sept 1 1919.
Int. M. & S. Due
furnish the necessary bonds.
$500 yearly on Sept. 1 from 1920 to 1928, inch, and $600
Sept. 1 1929.
'
Vy;-'
EL PASO COUNTY CONSOLIDATED SCHOOL DISTRICT NO. 49
6,290 Front Street Lateral Sewer System bonds.
Denom. 12 for (P. O. Falcon), Colo.—BOND SALE.—An issue of $25,000 school bonds
$500, $1 for $290..
Date Nov 1 1919.
Int. M. & N. Due has been sold to Sweet, Causey, Foster & Co., of Denver.
yearly on Nov. 1 as follows: $300, 1920 to 1926, inch; $1,000,
EL PASO COUNTY SCHOOL DISTRICT NO. 9 (P. O. Wigwam),
1927 to 1928, and $790, 1929.
Colo.)—BOND ELECTION.—SALE.—Subject to an election shortly the
36,800 "Water Street Paving bonds.
Denom. 36 for $1,000, 1 for Bankers Trust Co. of Denver has purchased $15,500 6% 10-20 yr.
$800.
Date May 1 1920.
Int. M. & N.
Due yearly on May
(opt.) bonds.
1 as follows: $3,000, 1921 to 1926, inch; $4,000, 1927 and 1928;
EVERETT, Middlesex County, Mass.—TEMPORARY LOAN.—A. tem¬
$5,000, 1929, and $5,800, 1930.
porary
anticipation of revenue, dated
2,000 Water Street Paving bonds.
Denom. $400.
Date. May 1, June 18 loan of $200,000, issued in on Jan, 20, Feb. 10, Mar. 10 and
1920, and maturing $50,000
1920.
Int. M. & N.
Due $400 yearly on May 1 from 1921 to
Apr. 20 1920, was awarded on June 16 to Percy G. Crocker & Co.,
1925, inch
of Boston, on a 6.59% discount basis, plus a premium $.50.
6,600 Poole Street Paving bonds,
Denom. $600. Date May 1, 1920.
Int. M. & N.
Due $600 yearly on May 1 from 1921 to 1929,.
FLORENCE, Codington County, So. Caro.—BOND OFFERING.—
inch, and $1,200 May 1, 1930.
According to reports bids will be received until 12 m. June 22 by
135 Poole Street Paving bond.
Date May 1 1920.
Int. M. & N.
W. H. Malloy, City Clerk, for $25,000 6% 30-year refunding bonds.
Due May 1
1922.
FT. MORGAN, Morgan County, Colo.—BIDS REJECTED.—At
the
6,100 Water Street Sewer bonds.
Denom. 10 for $600, 1 for $100.
offering of $300,000
6% special paving bonds on June 11 all bids
Date May 1 1920.
Int. M. & N.
Due $600 yearly on May 1
$115,000
150,000
75,000
DAVIS, Yolo County, Calif.—BOND
SALE.—The
municipal water bonds mentioned in V. 109, p.
to R. H. Moulton & Co., at par.
Denom. $500.
1920.
Int. M. & S.
Due yearly on March 1 from 1925
sold
ann.
"
on
"
"
"
"
"
on
"
1921
from
Water
300
Int.
17,000
&
No.
Date
N.
incl., and $700 May 1 1930.
Sewer bonds.
Denom. $100. Date
Due $100 on May 1 in 1921, 1922
Lateral
Street
Sewer
April 1 1920.
Int.
$1,000, 1921 to
follows:
System
yearly
1
1925.
on
April
1
from
May 1 1920.
and 1923,
Denom. $1,000.
April 1 as
A. & O.
Due yearly on
1926, inch; $2,000, 1927
$3,000, 1929. and $4,000, 1930.
No. Street Lateral Sewer Svstem
1
for
$200.
Date April 1 1920.
2,200
bonds.
1921
and 1928;
Denom. 4 for $500,
Int. A. & O.
Due $500
1924, inch, and $200 April
bonds.
to
/
$i,o00.
35,000 Highland View Lateral Sewer bonds.
Denom.
April 1 1920,
Int. A. & O.
Due $3,000 yearly
from 1921 to 1929, inch, and $8,000 April 1 1930.
7,500 West Broad Street Lateral Sewer
May 1,- 1920.
Int. M. & N, Due
1921 to 1930, inch
Falls Street
3,300
Denom. $750. Date
Denom. 9 for $300, 1 for
Int. A. & O.
Due $300 yearly on
inch, and $600 April 1 1930.
14,600 Falls Street Lateral Sewer System bonds.
$1,000, 1 for $600.
Date April 1 1920. Int.
yearly on April
1 as follows: $1,000, 1921
$2,000, 1928 and 1929, and $3,600, 1930.
.
Date
on April 1
$750 yearly on May 1 from
Lateral Sewer bonds.
$600.
Date April 1 1920.
April 1 from 1921 to 1929,
bonds.
rejected
FOUNTAIN COUNTY (P. O. Covington),
received for the $14,800 4 *4%
Wabash Twp. road bonds, offered on June
WGff*
1929,
to
Street
M.
Denom. 14 for
A. & O. Due
to
1927, incl *
Ind.—NO BIDS.—No bids
Schuyler La Tourette et al
4—V. 110, p. 2314.
FRANKLIN COUNTY
(P. O. Columbus), Ohio.—BOND OFFER¬
ING.—Proposals will be received until 10 a. m. June 26 by Ralph W.
Smith, Clerk of Board of Education, for $128,000 6% Third Ave.
Road
Impt. bonds."
Auth. Sec. 6906 Gen. Code.
Denom. $1,000.
Date June 15 1920.
Prin. and semi-ann. int. (J. & D.), payable at
the County Treasurer's office.
Due $12,000 on June 15 in 1921 & 1922,
and $13,000 yearly on June 15 from 1923 to 1930, incl.
Cert, check
a
solvent national bank or trust company, for 1% of amount of
bonds bid for, payable to Board of County Commissioners, required.
Bonds to be delivered and paid for at Columbus.
Purchaser to pay
were
on
accrued
interest.
FRANKLIN TOWNSHIP RURAL SCHOOL DISTRICT, Franklin
County, Ohio.—BOND OFFERING.—Proposals will be received until
10
a.
m.
June
28 by Roscoe
Stout, Clerk of Board of Education, for
$30,000 6% school bonds.
Auth.
Date April 1 1920.
Int. A. & O.
April 1 1921 to Oct. 1 1926, incl.
bank for 1% of amount of bonds
accrued interest.
Sec. 7626 Gen. Code. Denom. $500.
Due $2,500 each six months from
Cert, check on a solvent national
bid for, required. Purchaser to pay
(P. O. Winnemucca), New—BOND BALE.—
of $25,000 6%
Courthouse bonds was recently awarded at
follows:
$20,000 bonds to the First National Bank, Win¬
nemucca: 5,000 bonds to Albert Seeliger.
Denom. $1,000.
Int. J. & J.
Due yearly as follows:
$5,000 1933, $10,000 1934 and $10,000 1935.
for
GREENSBORO,
stated
Greene
OFFERING.*- It
Gsl.—BOND
County,
is
that Henry M. Spinks, City Clerk, will receive bids for $25,000
works, $8,000 sewer, $10,000 light, $5,000 city hall and $4,000
water
paving
5%
bonds until
GREENBRIER
3 p.
June
m.
COUNTY
BOND
$1,000.
Denom.
24.
school
O. Lewisburg), W. Va.—BOND OF¬
FERING.—According to reports proposals will be received by Paul C
Hogsett,
County
(P.
2
until
Clerk,
July
p.m.
0
$41,500
for
Magisterial Road District bonds.
Int. semi-ann.
of bid payable to the County Sheriff, required.
GOODING,
10-20
has
sold,
Due
it
Elliott
Inc.
Date June
V
Board
of
check
for
County Supervisors,
$500, required.
GREEN
CAMP
for
In
$90,000
road
6%
Camp), Marion County, Ohio.—B0NIJ8 VOTED.—At an
May 28 a proposition to issue $80,000 school building
by a majority of 41 out of about 237 votes cast.
GREENFIELD
O.
Greenfield),
sals will
VILLAGE
Clerk
of
Bldg.
repair
EXEMPTED
SCHOOL
(P. O. Green
election held
bonds carried
DISTRICT
(P.
Highland
County, Ohio.—BOND OFFERING.—Propo¬
m.
to-day (June 19) by O. E. Styerwalt,
Education, for $17,000 5%% South Side School
be received
Board
until
of
12
and
impt. bonds.
Auth. Sec. 7629 Gen. Code.
Denom.
July 1, 1920.
Int. semi-ann.
Due July 1 1930.
Cert,
check for 2%
of amount of bonds bid for, payable to O. E. Styer¬
walt, Clerk, required.
Purchaser to pay accrued interest.
$1,000.
bids
no
(P.
1931, incl.
TOWNSHIP
SPECIAL
RURAL
SCHOOL
DISTRICT
cess
Mar.
on
Industrial
(P.
23—V.
110,
Commission
1554—has
p.
of
been
sold
at
to
par
the
State
Ohio.
GREENWOOD, Charles Mix County, So. Caro.—BOND OFFERING—
An issue of $200,000
6% bonds will be offered for sale on July 8, it is
stated.
Int.
semi-ann.
Cert,
GROTON, Tompkins
will
be
received
check
for
$2,000
required.
County, N. Y.—BOND
until
2:30
p.
June
m.
25
Trust
semi-ann.
Denom.
for $90,000 water bonds, to bear
exceed 6%.
Denom. $1,000.
Date May 1 1920.
May 1 from 1921 to 1950, incl.
Cert, check on
trust
or
for
company,
Purchaser
to
5%
of
accrued
pay
of
amount
bid
for,
issue.
after
years
Cert
check
for
5%
of
the
of
amount
May
on
$1,000,
be
Due serially from
bonds
bid
required.
for,
offered
for
sale
JOHNSON
CEIVED.—No
11-20
GUNNISON
son),
be
voted
bonds
on
receiving
that
HIGH
SCHOOL, DISTRICT
again
the
voted
were
because
the
on
May 3—V.
snow
prevented
O. Gunni¬
the
$100,000
2104—are to
(P.
July
110, p.
some
districts
12
Noblesville,
at
'
par.
HAMILTON COUNTY (P. O. Webster
City), Iowa.—BOND BALE.—
Recently $113,000 5% funding bonds were awarded
as
$50,000
Denom.
bonds
to
the
63,000
$1,000.
bonds
to
Geo.
HARDIN
Int.
J.
COUNTY
Proposals wil!
be
&
Bankers Mtge.
M. Bechtel &
year
CITY
25
Denom.
Kenton),
until
Ohio.—BOND
of
Denom.
OFFERING
12
check
Board
18
for
chaser
to
for
$200,
accrued
pay
Cert,
payable
to
the
County
Treasurer,
RIDS.—At
er extension bonds—V. 110,
received
required.
interest.
County» Mont.—AO
the
Pur¬
present
bonds
were
",'CKORY, Catawaba County, No. Caro.—BOND OFFERING.—
wSrv
6 recfived until 8 p. m. July 6 It is stated, by R. H.
Henry, City ™
Manager, for the following 6%
3-30-year serial bonds:
will
Date June
$6,000,
1931
DISTRICT
(P.
O.
OFFERING.—Proposals
Kenton),
will
be
Hardin
received
until
to
1921
1935,
1
1920.
to
incl.;
Int.
&
A.
O.
Due
yearly
on
Oct.
1925. incl.; $8,000,
1926 to 1930, incl.;
$12,000, 1936 to 1937, and $6,000, 1938.
check for
$1,000. payable
to the Treasurer of
the
Board
of
Education, required.
Bonds to be delivered and paid for within 20
days from date of award, at the office of the above clerk.
Purchaser
to
accrued
pay
KING
interest.
COUNTY
SCHOOL
DISTRICT
NO.
49,®* Wash.—BOND
OFFERING.—Bids will be received until 11a.m. June 21 by Wm. A. Gaines
coupon school bonds at not
exceeding 6% interest.
Denom. $500.
Prin. and semi-ann. int. payable
County Treasurer (P.O. Seattle), for $28,000
at the office of the
County Treasurer.
Due yearly beginning 1924.
All bids excepting from the State of
Washington must be accompanied
by a certified check or draft made payable to the County Treasurer of said
King County, in the sum of 1% of the par value of said bonds.
Bonds
will be ready for
delivery July 15 1920.
&
teA
41
Cash
£B
$614,468 00
__
hand, General Fund.
Uncollected taxes
on
Warrants
W
....
82 70
5,795 87
82146
____
outstanding
...
Bonds outstanding
r___
_ _ _
_-^
None
KING COUNTY SCHOOL DISTRICT UNION
"A," Wash.—PRICE
PAID.—The pricie paid for the $15,000 school bonds awarded on June
3 to the State of
Washington—V. 110, p. 2507—was par and interest
for 5 % s.
KING
offer-
1773—no bids
p.
6%
Financial Statement.
in.
July 6 by Gertrude O. Jones,
of County Commissioners for
$19,100.67 6% bonds.
$1 000, 1 for $1,100.67.
Date day of sale.
Semi-ann!
int., payable at the County Treasurer's office.
Due $2,000
yearly on
July 6 from 192! to 1929, Incl., and
$1,100.67 July 6 1930.
Clerk
(P. O. Willow
$4,000
$500.
John E. Rubins, Clerk of Board of Education, for
school repair bonds.
Auth. Sec. 7624-7630 Gen. Code.
$1,000.
follows:
as
$10,000,
Denom.
by
5%%
1
SCHOOL
Ohio.—BOND
June
m.
30.
Assessed valuation
O.
received
follows:
Co., Des Moines.
Co., Davenport.
J.
(P.
incl.
CITY,
$150,000
from
notice.
proper
o1?kT?£LC?UNTY <p* °* Noblesville), Ind.—BOND BALE—
% !r
'
J* Brock Noblesville Twp. road bonds, offered on
IV—V;,,110, P* 2314—were awarded to the Citizens State Bank,
™
of
COUNTY
Colo.—CORRECTION.—ELECTION.—iDuring
1934,
to
Washington
County,
Tenn.—NO
BID 8
RE¬
bids were received, it is stated,
for the $150,000 5%
serial school bonds, offered on May 31—V. 110, p. 1997.
KENTON
County,
June
on
Cert,
high school
1921
received,
JEFFERSON COUNTY SCHOOL DISTRICT NO. 30
be
required.
Harrison
County,
Miss.—BOND
OFFERING.—Bids
will be received by Geo. P.
Kearse, City Clerk, for the $60,000 school,
$20,000 municipal wharf, and $15,000 fire
apparatus 6%
bonds, re¬
cently voted—V. 110, p. 2506—until 10 a. m.
July 8.
Denom. $1,000.
Date Aug. 1 1920.
Due and payable not later than 25
of
(P. O. Jackson), Mich.—PURCHASE PRICE.—
$200,000 road bonds awarded on May 6 to the
110, p. 2315—bear interest at 5%%, payable
1
and
Nov.
1.
The
price
paid
was
100.003.
Co.—V.
Creek), Moiit.—BOND OFFERING.—An issue of
interest.
GULFPORT,
date
9
required.
$3,000 yearly on
incorporated bank
an
NO.
Blackburn,
Rock
County,
Wise.—BON D
OFFERING—Bids
it is stated, for $160,000 6% 1-16 year serial street
impt. bonds until 2 p. m. June 28 by Ervin J. Sartell, City Clerk.
Denom. $500.
Date July 1 1920.
Prin. and semi-ann. int. (J. & J.),
payable at a place designated by the Mayor or Clerk.
Due $10,000
yearly on July 1 from 1921 to 1936, incl.
Cert, check for $3,000,
Due
bonds
N.
JANESVILLE,
will
OFFERING.—Proposals
by C. O. Rhodes, Village
interest at a rate not to
Clerk,
DISTRICT
SCHOOL
OFFERING—R.
Minn.—BOND
JACKSON COUNTY
Springs,
R. F. I). No. 3), Clark County, Ohio.—BOND
$30-,000 5% 1-30 year serial coupon school-house-site and
bonds, dated Mar. 1 1920, which were offered without suc¬
INDEPENDENT
School
DESCRIPTION.—The
Detroit
Yellow
5.50%.
yield
price to
a
required.
are
BALE.-—The
erection
COUNTY
Nashwauk),
of
.
GREEN
O.
purchasers at
Board, will receive bids for $370,000 6%% coupon
school
bonds
offered
unsuccessfully on June
8—V.
110,
p.
2412—
until 8.30 p. m. July 13.
Denom. $1,000.
Int. semi-ann.
Due $37,000
yearly
on
Aug.
1
from
1921
to
1930,
incl.
Cert,
check for 5%
when offered
on
May 15—V. 110, p. 2314—
advised by the Clerk of the Board of Educa¬
1920.
Due $600 yearly on Oct 1 from 1922 to
sold, we
May 1
Date
O.
Clerk
received
were
been
tion.
to
COUNTY
ITASCA
Date
GREEN TOWNSHIP SCHOOL DISTRICT (P. O. Laings), Monroe
County, Ohio.—BOND BALE.—The $6,000 6% school bonds, for which
have
bonds
the
(P. O. Idagrove), Iowa.—BOND BALE—On Jan. 2
the
White,
Phillips Co. was awarded $50,000 5%
bridge funding
bonds at 100.50.
Denom. $1,000.
Int. J. & J.
IRONWOOD, Gogebic County, Mich.—BOND BALE.—Of the two
issues
of 5%
bonds offered unsuccessfully on May
25—V. 110, p.
2412—the $275,000 water bonds have been sold to Bolger, Mosser &
Willaman, of Chicago, at par.
Date May 1 1920.
Prin. and semiann.
int.
(M.
& N.), payable at the City Treasurer's office.
Due
$75,000 on May 1 in 1925, 1930 and 1935, and $50,000 May 1 1940.
The $300,000 municipal site and bldg. bonds will not be sold until
the conditions of the money market improves.
ISLAND COUNTY (P. O. Coupeville), Wash.—BONDB NOT BOLD.—
No sale was made of the $27,000 county bonds offered on June 7—
V.
110, p. 2315.
Cert
bonds.
DISTRICT
SCHOOL
and the Union Trust Co. of Indianapolis, and the
& Savings
Bank and the Continental & Commercial
Savings Bank, of Chicago, offered to pay $1,433,732.
" ad," on a preceding page of this issue, the syndicate is
an
IDA
%r-
TOWNSHIP
p.
Trust
&
offering
1,
:
GRAYSON COUNTY
(P. O. Independence), Va —BOND OFFER
ING.—Sealed bids will be received until 2 p. m. July 1 by the Clerk
/.
12
the
$1,645,000 4%% 20-year coupon
2412—were awarded to Wm. R. Compton &
June
110,
& Harrison,
Harris
Trust
Ida.—BOND BALE.—The $7,000 6%
bonds 1 mentioned in —V. 110, p. 1448
1940.
in
cheek for 2%
County,
city park
is stated, to Carstens & Earles,
optional in 1930.
(opt.)
year
been
1920,
Gooding
BALE.—On
bonds—V.
Co., of St. Louis, and the Meyer-Kiser Bank, of Indianapolis, at their
bid nf $1,449.809.25.
eausl to 88.134, a basis of about 5.77%.
Date
June 15 1920.
Due June 15 1940.
A syndicate composed of Breed,
Frankford
0%
Cert,
as
HUNTSVILLE SCHOOL DISTRICT
(P. O. HuntsvHle), Madison
County, Ala.—BONDS DEFEATED—By a vote of 121 " for " to 317
against99 the proposition to issue $225,000 bonds was defeated on
June 14—V. 110, p. 2507.
INDIANAPOLIS SCHOOL DISTRICT (P. o. Indianapolis), Marion
County, Ind.—BOND OFFERING.—Proposals will be received until
2
p.
m.
June 26 by George C. Hitt, Business Director, for $50,000
4%% coupon school bonds.
Denom. $1,000.
Date July 1 1920.
Prin.
and semi-ann. int.
(J. & J.) payable at Winslow, Lamer & Co., of
New York.
Due July 1 1940.
Cert, check on a responsible bank or
trust company, in Indianapolis, for 3% of amount of bonds bid for,
payable to the Board of School Commissioners, required.
receiving
proposals for the
$84,000
5 %%
bonds, which were to have been sold on June
15—V. 110, p. 250C—has been extended to June 30.
Int. semi-ann.
Due
yearly from 1921 to 1938, incl.
Bids are to be addressed to
Julius A. Metz, Village Clerk.
time
issue
$t
extension
main
water
COUNTY
PAID.—The price
to
the
est
State
for
of
SCHOOL
paid
for
DISTRICT
the
$65,000
Washington—V.
NO.
school
110,
189,
Wash.—PRICE
bonds
sold
2507—was
p.
on
June
and
par
4
inter¬
5s.
~
$
Date
a
t,„i,
April
35,000
school
bonds—V.
10,
Jol5'00,0 ™unicil,al building
19-0.
Bids
,
1
will
be
bonds.
considered
$25,000 or multiples of
bonds
1898.
p.
for
the
school
$25,000 of municipal
bonds
building
KIOWA
iw£SL£NGEN IMPENDENT
SCHOOL DISTRICT
w^)A^amfr°n County, Tex.—BOND BALE—The
R?ato nf^rre
orl Apnl *rrv/ 110, p* 1109—have
Texas at par and
Interest.
(P.
O.
,COUNTY
OFFERING—Frank O. Kaste,
Olerk, will sell at public auction June 28 the
following 6%
bonds recently voted—V. 110,
p.
2314:
$125,000 sewer bonds.
Cert, check on some
reliable
An
nnn
40,000
Payal)le to the City Treasurer,
park
bonds.
Cert,
check
on
payable to the City Treasurer,
t\
?fe?h?'rftVT°'0 Date July,1
reliable
be furnished
by
required.
HAZLEITURST
SCHOOL
made
of
The
the
above
$30,000 school
are
still
Fremont
Sr $?nha
Sent
1
DISTRICT
SOLD.—On
NOT
on
bonds—V.
the
(P.
O
June
110,
p
no
2506
for
$1,200,
Ob b
diSositlim
was
aisposmon was
market.
County,
Wyo.—BOND
7
to
the
in
1925, 1930,
(P.
$100,000
$3,000
1927,
,,
until
Denom.
June
26
11
local
O.
1448—when
p.
banks
at
1935,
court
par.
1940,
house
Fowler,
Room
no
Date
1945
and
sale
May
1
1950.
was
1920
bonds—V.
110,
p
2412
Madison County, Ind.—BOND
Carpenter,
Township Trustee,
will
receive
June
26, for $33,000
6% coupon school
Date June 26,
1920.
Int. semi-ann.
Due
and $5,000 yearly on June 26 from 1922 to
m.,
1921,
J^£^V0GTn INLET DISTRICT,
O.
next
$10,000
Lebanon), Mo.—BONDS DEFEATED.—
county
C.
a.
incl.
S.
the
$1,000.
OFFERING.—Proposals
P.
Arlington),
in
$114,000
110,
13—V.
sold
ER1NG.—Henry
bonds.
O.
purchased
(P. O. Kittannlng), Armstrong
coupon
funding
bonds,
BALE.—-The
I^FAYETTE SCHOOL TOWNSHIP,
E.
(P.
election
has
Port Orchard), Wash.—BOND OFFERreceived before July 7 by J. M. Peters,
6% gold coupon road bonds,
Denom.
Apr.
COUNTY
the
21
an
O.
May 1
on
to
$300,000
on
been
NO.
Denver
will
be
received,
Chairman
of
the
No.
7, Post Office
Board
Palm
until
of
1
County,
2
p.
District
Fla—BOND
July 1, by
Commissioners
m.
Building, West Palm Beach) for
$150,000 6% bonds.
Denom. $1,000.
Date July 1 1920.
Prin. and
int. payable at the Seaboard Nat'l
Bank, N. Y., or any
county depository of Palm Beach County.
Due yearly as follows*
$4,000 1925 tn 1929. Incl ; $5.MM 193ft to 1934, inch:
$6.06ft 1935 to
1939, incl.; $7,000 1940 to 1944, incl., and $8,000 1945 to 1949
incl.
Cert, check for 10% of the amount of bonds bid
upon payable to the
above chairman required.
The opinion of John C. Thomson of N.
semi-ann.
OFFERING.—Wm.
/
& VrlSrer^'&er^'cheT.'CioT; SflS." the
Cnninh
of
defeated.
proposals
i?
'
recaive sealed bids until 8 p.
Pri! yfa!^ (opt > sewerage bonds. Denom.
on
have
June
bank
Haxlehurstl
15
4%%
LACLEDE
On
were
i
at
$19,000
$3,750
Thomson of N. Y.
Printed bonds will
the city and will be ready
approximately July 1, 1920.
County, Migg.—BONDS
Due
for
Int J* & J' Payable at the office
Bank
City Treasurer or at option of holder at the Liberty National
7
9 John ,?a™£e wil1 dellver to the purchaser the
/v° C.
approving opinion of
(P.
for
Pa .—BOND
L
bank
19?°-
DISTRICT
KITTANNING SCHOOL DISTRICT
^
required.
some
Auditor,
offered
made,
oPAIR^' Hm County, Mont .—BOND
Cbty
SCHOOL
ELECTION.—SALE.—Subject
IpU-—Sealed bids will be
Har-
$40,000 5% school
been sold to the
COUNTY
Colo.—BOND
thirty days the Bankers Trust Co.
6% 15-30 year (opt.) school bonds.
County
State of
G.
July 14,
$500. Date
m.
°' the
7
HUMBOLDT COUNTY
An
par
OFFERING POST¬
County, N. Y.—BOND
GOWANDA, Cattaraugus
PONED.—Tho
June
$60,000 6% 14% year (over) school bonds.
Date June 1 1920—
V. 110, p. 2412—at 100.541 and interest, a basis of about 5.95%.
N.
&
Calif.—
BALE*-The
BOND
the
_
M
110
SCHOOL
DISTRICT,
Los
Angeles
County,
Citizens National Bank was awarded on
HUDSON
GIBSON COUNTY
(P. O. Princeton), hid.—BOND OFFERING
Proposals will be received until 10 a. m. Jurie 26 by S. Witherspoon
County Treasurer, for the following 4%% road bonds,
$12,940 Nicholas P. Wirth et al Union Twp. bonds,
Denom. $647
Date Mar. 15, 1920.
Due $1,294 each six months from May
15, 1921 to Nov 15, 1925, incl.
3,200 Joseph Kolb et al Washington Twp. bonds.
Denom. $160
Date Nov 15, 1919.
Due $320 each six months from May 15
1921 to Nov 15, 1925, incl.
18,000 Josephus Emerson et al Montgomery Twp. bonds.
Denom
$900.
Date Mar 15, 1920.
Due $1,800 each six months from
May 15, 1921 to Nov 15 1925, incl.
,
Int.
[Vol
THE CHRONICLE
2588
will
be
furnished.
Y
THE
June 19 1920.]
(P. O. Meridian), Miss.—BOND OFFER¬
until July 6 for $50,000 road bonds at not
exceeding 6% interest being part ot an issue of $200,000 authorized
by a vote of 380 to 295 at an election held June 4.
LAUDERDALE COUNTY
ING.—Bkis will be received
TOWNSHIP
(P. O. Greentown), Howard
BALE.—J. F. Wild & Co., of Indianapolis, were
$39,300 6% school bonds offered on June 11—
Date July 1 1920.
Due $2,620 yearly on July 1
SCHOOL
LIBERTY
the first
Cert,
$500 bond maturing Oct 4 1923, and the last Oct. 1 1941;
$1,000 bond maturing Oct. 1 1927, and the last Oct. 1 1945.
check for 1% of amount of bonds bid for,
but in any event not
less than
$250, payable to the Village Treasurer, required.
Bonds
to
be delivered and paid for within 10 days from date of award.
V.
at
the
par
2315.
1921 to 1935,
110,
from
p.
inch
(P.
1929.
15
May
TOWNSHIP
FALLS, Herkimer County, N. Y.—BOND8
$160,000 5% schol bldg. bonds, offered on June
2507—were not disposed of.
i
LITTLE
The
NOT SOLD.—
14—V. 110, p
LIMA, Allen County, Ohio.—BOND OFFERING.—David L. Rupert,
•City Auditor, will receive proposals until 12 m. June 21 for the
6% special assessment paving refunding bonds:
$3(3,000 Jackson Street '
m,
bonds.
•
Denom. $1,000.
Due $5,COO
on
April 1 from 1921 to 1926, inclusive, and $6,000 April 1
I 16,500 Scott Street bonds.
Denom. $500 and $1,000.
Due yearly on
April 1 as follows: $2,000 1921 to 1925, inclusive: $3,000 April 1
1926 and $3,500 April 1 1927.
following
yearly
1927.
Vine Street bonds.
Denom. $1,000.
follows: $3,000 2921 to 1924, inclusive,
18,000
Due yearly on April 1 as
and $2,000 1925 to 1927,
'
inclusive.
17,500 McPheron Ave. bonds.
Denom.
on April
1 as follows: $2,000 2921
and 1926; and $3,500 1927.
$500 and $1,000. Due yearly
to 1924, inclusive; $3,000 1925
North Metcalf Street No. 5 bonds.
Denom. $1,000. Due $1,000
yearly on April 1 from 1921 to 1927, inclusive.
North Metcalf Street No. 6 bonds,
Denom. $500 and $1,000.
Due $500 April 1 1921 and $1,000 yearly on April 1 from 1922 to
1927, inclusive.
Auth., Sec. 3914 and 3916, Gen. Code.
Date April 1 1920. Int.
A. & O.
Certified check on a solvent bank, for 3% of amount of bonds
bid for. payable to the City Treasurer, required.
Bonds to be delivered
a nd paid for within 15 days from date of aw ard.
Purchaser to pay accrued
7,000
|
6,500
11
June
on
Mln n.-—N0
BIDS RECEIVED.—No
for the two issues of 5% tax-free
$370,000—V.
gregating
relative
action
interest.
accrued
pay
MINNEAPOLIS,
received
no
O. Liberty Center), Wells
County, Ind.—BOND BALE.—'The $31,000 6% coupon school building
bonds,
offered on June 1—Y. 110, p. 2218—were awarded to the
Farmers'
State Bank of Poneto,
at par and interest.
Date May
15
1920.
Due each six months as follows:
$1,000 May 15, 1921,
$1,500 Nov. 15 1921, $1,000 May 15 1922, and $2,000 Nov. 15 1922 to
SCHOOL
LIBERTY
to
Purchaser
County, Ind.—BOND
awarded
2589
CHRONICLE
to
p. 2316—The City
readvertising said bonds.
110,
bids were
bonds, ag¬
Council has taken
Scots Bluff County, Neb.—BOND SALE.—An issue of
$10,000 5\%j% electrical bonds was sold at par during May to the
State of Nebraska.
Date May 1 1920.
Due May 1 1940 (optional)
MITCHELL,
5
after
years.
MONTGOMERY COUNTY (P. O. Dayton), Ohio.—BOND SALE.—*
The
$60,000
5%% tuberculosis hospital bonds offered unsuccess¬
fully
on
May
8—V.
110, p.
2413—have been disposed of, the
County Auditor advises us.
Date May 1 1920.
Due $3,000 yearly
on
May 1 from 1921 to 1940, incl.
MONTGOMERY
O. Dayton),
(P.
COUNTY
Ohio.—BOND OFFER¬
ING.—Proposals will be received until 10 a. m. June 26 by F. A.
Kilmer, Clerk of Board of County Comm'rs., for $9,300 6% coupon
Hoover Ave.
impt. bonds.
Denoms. $1,000 and $650.
Date June 1
1920.
Prin. and semi-ann. int.
(J. & D.) payable at the County
Treasurer's office.
Due $4,650 on June 1 in 1921 and 1922.
COUNTY (P. O. Mineola), N. Y.—BOND SALE.—On June
$790,000 5% gold coupon (with privilege of registration) road
bonds, offered on that date—V. 110, p. 2316—were disposed of
at par as follows:
$100,000 bonds to each of the following banks;
Bank of Lawrence, Nassau County Trust Co., First National Bank
of Hempstead, First National Bank of Freeport, North Shore Bank
of Oyster Bay, Glen Cove Bank, and Oyster Bay Bank, and $90,000
to the Bank of Rockville Centre.
Date June 1 1920.
Due $158,000
yearly on Aug 1 from 1925 to 1929, incl.
NELSONVILLE, Athens County, Ohio.—BOND OFFERING—Proy
NASSAU
the
14
impt.
Cit-
posals will be received until 12 m. June 26 by A. W. Limon, Clerk of
Oouncil, for $15,000 6% water-works bonds.
Auth. Sec. 3942 ana 3943
Gen. Code.
Denom. $1,000.
Date March 1 le20.
Due $1,000 yearly
on
March 1 from 1921 to 1955, incl.
Cert, chock for 2% of amount of
bonds bid for, payable to the City Treasurer, required.
A similar issue of bonds was otfered onJjApril 3.—V.fllO, p. 1218.
'
NEWBERRY, Newberry County, So. Caro.—BONDS NOT SOLD.—
sale was made on June 10 of the $100,000 30-year street impt.,
ntcrest.
No
LORAIN, Lorain County, Ohio.—BOND OFFERING.—Proposals will
be received until 12 m. July 1 by Chas. L. Patterson, City Auditor,
for $94,000
6% coupon street impt. bonds.
Denom. $1,000.
Date
Apr. 15 1920.
Int. M. & S.
Due $4,000 Sept. 15 1921 and $10,000
yearly on Sept 15 from 1922 to 1930, incl.
Cert, check for 2% of
amount of bonds bid for, payable to the City Treasurer, required.
LOS
ANGELES
GRAMMAR
SCHOOL DISTRICT (P. O. Los
$52,000
Angeles
County,
of
vote
Calif.—IiONDB VOTED.—On June 8 the voters
$6,000,000 school bonds, it is stated, by a
the issuance of
36,972 to 2,579.
authorized
ANGELES HIGH SCHOOL DISTRICT (P. O. Los Angeles),
County, CalifBONDS VOTED.—The voters on June 8
$3,500,000 bonds, it is stated, by 36,517 to 2,855.
MADISON COUNTY (P. O. London), Ohio.—BONDS NOT SOLD.—
LOS
Los
10-year
est.
V.
25-year water works,
electric light coupon
110, p.
2218.
NEWBURGH HEIGHTS, Cuyahoga County,
ING.—Proposals will be received until 12 m,
and
3,037.20 grading
Angeles
$40,600 6% coupon Columbus-Washington C. H.
bonds, offered on June 14—V. 110, p. 2315—were
bids were received.
I. C. H. No. 50
not sold, as no
satisfactory
COUNTY
MADISON
(P.
O.
Canton), Miss.—BOND
OFFERING.
McCool, Clerk Board of County Supervisors, will sell at public
at 11 a. m. on July 6 $150,000 1-20 year serial road bonds
not exceeding 6%
interest.
Denoms. $500 or $1,000 at option of
C.
D.
auction
at
Date July 1
purchaser.
the
of
County
BOND
Int. semi-ann. payable at the office
1920,
Treasurer.
OFFERING.—At 12 m. on said date
the above Clerk will also
public auction $50,000 1-20-year serial road bonds at not ex¬
ceeding 6% interest.
Denoms. $500 or $1,000 at option of purchaser.
Date July 1 1920.
Int. semi-ann. payable at the office of the County
sell
at
Treasurer.
MADISON COUNTY SCHOOL
VOTED.—On
June
1
BONDS
DISTRICT (P. O. Rexburg), Ida.—
6% school building bonds
$48,000
carried.
i
(Town) UNION FREE SCHOOL DISTRICT NO. 9 (P. O.
Round Lake), Saratoga County, N. Y.—BOND SALE.—On June 16 the
$28,000 6% 1-28 year serial school bonds, dated July 1, 1920—V. 110,
p.
2507—were awarded to Paine, Webber & Co., of New York, at
100.0625, a basis of about 5.99%.
The only other bidder was the
First National Bank, of Mechanicville, which offered par.
MALTA
MANCHESTER, Hillsborough County, N.
June 15 the temporary loan of $250,000,
On
H.—TEMPORARY LOAN.
issued in anticipation of
p.
of
dated June 15 1920, and maturing Dec. 30 1920—V. 110,
2507-—was awarded to the Manchester Safety Deposit & Trust Co.,
Manchester, on a 6.90% discount basis, plus a premium of $3.50.
taxes,
O. Phoenix), Ariz.—BOND ELECTION
state that $4,500,000 county highway
bonds are being considered.
1
MARION
COUNTY
(P. O. Marion), Ohio.—BONDS REFUSEDRESOLD.—'The $133,000 6% coupon Marion-Kenton I. C. H. No. 112
bonds,
awarded on May 24 to Spitzer, Rorick & Co.—V. 110, p.
2316—have been refused by them, it is reported.
It is further stated
that the State Industrial
Commission of Ohio has purchased the
issue at par.
Date June 1, 1920.
Due $6,000 each six months from
Mar. 1 1921 to Mar. 1 1924, incl., and $7,000 each six months from
Sept. 1 1924 to Sept. 1 1930, incl.
COUNTY
MARICOPA
(P.
CONSIDERED—Newspapers
MAXWELL, Colfax County, N.
will be received on or before
bids
lage
Clerk,
bonds.
for
Denom.
$15,000
$100.
Mex.—BOND OFFERING.—Sealed
July 14 by Jose S. Espinosa, Vil¬
6% 20-30 year (opt.) water works system
Date July 1, 1920.
Colusa County,
bids received on June 8
2413.
MIDDLETOWN SCHOOL DISTRICT (P. O. Middletown), Butler
County, Ohio.—BOND SALE.—The $30,000 6%% coupon school build¬
ing bonds offered unsuccessfully April 9—V. 110, p. 1774—have been
sold to local banks at par.
Date April 1 1920.
Due $5,000 on April
1 in 1923,
1924, 1926, 1927, 1928 and 1929.
MAXWELL
UNION
HIGH
SCHOOL
DISTRICT,
Calif.—NO BIDS RECEIVED.—There were no
the $85,600 5%% school bonds—V. 110, p.
for
MIAMI
COUNTY
(P.
O.
Troy),
Ohio.—BOND
in
May 15 1920.
Prin. and
Broadway Savings & Trust
£ id, payable to
solvent bank
interest*
MILFORD, CLERMONT AND HAMILTON COUNTIES,
BOND OFFERING.—H. L. Schroeder, Village Clerk, will receive
until 12 m. June 26 for $7,000 6% water-works smoke-stack bonds.
Ohio.—
proposals
Denom.
Date May 1 1920.
Principal and semi-annual interest payable at
the)Milford National Bank, of Milford.
Due $100 yearly on May 1 from
1921 to 1930, inclusive.
Certified check for 10% of amount of bonds bid
for, payable to the "Village of Milford," required.
Bonds to be delivered
and paid for within ten days from date of award.
Purchaser to pay accrued
$100.
interest.
MILTON
SCHOOL DISTRICT (P. O. Milton), Northumberland
County
Pa .—BONDS NOT SOLD—TO RE-ADVERTISE.—An issue of
$100,000 5% school bonds, offered on June 10, was not sold.
Denom.
$500.
Date July 1, 1920.
Due $2,000 semi-annually from 1925 to
1949, incl.
Geo. D. Hedenberg, President of Board of School Di¬
rectors, advises us that the bonds will be re-advertised In the near
future.
MINERVA,
Stark County, Ohio.—BOND
OFFERING.—Proposals
be
received until 12 m., June 30, by Harvey Glass, Village
Clerk,
for $50,001
6% coupon electric light works impt. bonds.
Denom.
50 for $501, 26 for $1,000.
Date Aug. 1 1920.
Int. (A. &
O.)
Due serially from Oct. 1 1923 to Oct 1945, incl., the first
will
1 for $537.20,
Denom.
Due on Oct. 1 as follows:
1926,
1928 and
1930.
Date
the
5
$537.20, 1922; $500
semi-ann. Int (A. & O.), payable at
Co., of Cleveland.
Cert, checks on
located in Cuyahoga County, for 5% of amount
the Village Treasurer, required.
of
Wilmington), Del .—BOND OF¬
until 12 m. June 22 by James
of Finance Committee, for the following 4%%
NEW CASTLE COUNTY
(P. O.
FERING.—Proposals will be received
Shaw, Chairman
gold bonds:
$200,000 highway
impt.
G.
coupon
1924
from
Due
bonds.
incl.
1933,
to
$20,000
yearly,
on
July
1
Due $30,000 on July 1 in 1936, 1937
and 1938; and $10,000 July 1, 1939.
Denom.
$1,000.
Date July 1, 1920.
Prin. and semi-ann. int. (J.
& J.),
payable in gold coin of the U. S. of the present standard
of weight and fineness, at the Farmers' Bank of Wilmington.
Cert,
check for 2% of amount of bonds bid for, payable to the County
Treasurer, required.
Bids are desired on forms which will be fur¬
nished by the U. S. Mtge. & Trust Co., or by the Chairman of the
impt.
bridge
100,000
Finance
bonds.
Committee.
of these
legality
The
issues has been
examined by Caldwell and
furnished
Raymond, of New York, whose favorable opinion will be
to the purchaser.
The bonds will be prepared under the supervision
of the United States Mortgage & Trust Company., New York, which
will
certify as to the genuiness of the signature to the County
officials and the seal Impressed thereon.
HANOVER COUNTY
AWARDED.
IN PART.
NEW
BONDS
school
were
bonds offered on June
awarded on that day, it
Co.
Trust
Wilmington,
of
(P. O. Wilmington), No. Caro.—
Of the $225,000 5% 2-25-year serial
14—V. 110, p. 2507—$50,000 bonds
is stated, to the Citizens' Bank &
at par.
New London County, Conn.—BOND OFFERING.—
Proposals will be received until 2 p. m., June 28 by Malcolm M.
Scott, Chairman
of Finance Committee of the Court of Common
Council, for $63,000 5% coupon (with privilege of registration) gold
school funding and refunding bonds.
Denom. $1,000.
Date July
1
1920.
Prin. and semi-ann. int.
(J. & J.), payable at the City
Treasurer's office, or at the Old Colony Trust Co. of Boston, at holder's
option.
Due, $2,000 Dec. 1 1920, $4,000 on July 1 in 1921, 1922,
and
1924; $3,000 yearly on July 1 from 1925 to 1939, incl.
Cert,
check on an incorporated bank or trust company, for 2% of amount
of
bonds bid for,
payable to Fitch D. Comstock, City Treasurer,
required.
Bonds to be delivered and paid for at the City Treasurer's
office or at the
Old Colony Trust Co. of Boston, on July 1, or as
soon
thereafter as bonds can he prepared.
Bids are desired on
forms which will he furnished by the Old Colony Trust Co.
NEW LONDON,
1923
110,
of
issues
p.
Niagara County, N. Y.—BOND SALE.—The
or registered bonds, offered on June 15—V.
awarded to A. B. Leach & Co., of New York, as
FALLS,
NIAGARA
three
coupon
2508—were
follows;
$348,970 5%%
26 year (aver.) sewer bonds, at 100.13, a
Due $28,970 July 1 1942, and $40,000
5.24%.
1
from
114,650 5%%
about
1943
16%
to
year
5.29%.
1950,
(aver.)
Due
basis of about
yearly on July
incl.
repaying bonds, at 102.33, a basis of
$20,000 yearly on
$14,650 July 1 1934, and
from 1935 to 1939, incl.
5%% 27% year (aver.) water bonds, at 100.13, a basis of
about 5.24%.
Due $14,486 July 1, 1946; and $15,000 on July
1 in 1947, 1948 and 1949.
July 1
posals
Eccru6d
1924,
bonds.
sidewalk
and
$500.
for
OFFERING.—Pro¬
will be received until 10 a. m. June 30 by T. B. Radabaugh,
County Auditor, for
$6,000 6% coupon court house bonds.
Auth.
Sec. 2436 Gen. Code.
Denom. $500.
Date Apr. 1, 1920.
Prin. and
semi-ann.
int.
(A. & O.) payable at the County Treasurer's office,
where bonds are also to be delivered and paid for within 10 days
from date of award.
Due $500 each six months from April 1 1921
to
Oct.
1, 1926, incl.
Cert, check for 5% of amount of bonds bid
for, payable to the County Auditor,
required.
Purchaser to pay
Ohio.—BOND OFFERJuly 6 by J. A. Fitz¬
Village Clerk, for the following 6% coupon, East 41st Street
impt. bonds:
$11,742.43
water and sewer bonds.
Denom. 1 for $742.43,
22 for $500.
Due yearly on Oct. 1, as follows: $1,242.43,
1921; $1,000, 1922 to 1924, incl.; $1,500, 1925; $1,000, 1926
to 1929, incl.,
and $1,500 1930.
gerald,
voted
The
$20,000 15-year sewerage and $18,000
bonds at not exceeding 5%% inter¬
59,486
Date
July 1
1920.
(P. O. Wanamie), Luzerne County, Pa.—
OFFERING.—Proposals will be received until 7 p. m. July 7 by
Thomas W. Turner, Secretary of Township Comm'rs., for the $60,000
5% coupon bonds offered on June 9—V. 110, p. 2413—when no sale
was transacted.
Denom. $1,000.
Date July 1 1920. Int. J. & J. Due
yearly on July 1 as follows: $5,000 1932, 1933 & 1934; $10,000, 1935,
1936 & 1937; land $15,000, 1938.
Certified check for $1,000 required.
NEWPORT TOWNSHIP
BOND
NORTH
TONAWANDA,
Niagara County, N.
Y.—BOND OFFER¬
ING.—Proposals will be received until 8 p. m., July 12 by F. C.
Goltz, City Clerk, for the following 5%% street Impt. bonds:
720, $5,000 and $4,300.
Denoms. $2,720, $500 and $430.
1
1920.
Prin. and semi-ann. int. (J. & J.), payable at the Chase
National Bank of New York.
Due one bond of each Issue an ag¬
$27,Date July
gregate
checks
of
for
Treasurer,
NORTH
$3,650, yearly on July
$1,000, $250 and $250
required.
CAROLINA
1 from 1921 to 1930, incl. Cert,
respectively, payable to the City
(State of).—NO BIDS RECEIVED.—No bids
for the $500,000 permanent bonds at not
110, p. 2508.
received on June 15
4% interest—V.
were
exceeding
SCHOOL DISTRICT (P. O. Palmerton), Carbon
Pa.—BOND OFFERING.—Proposals will be received until
July 3 by P. C. Bittner, Secretary of School District, for
$90,000 17% year (aver.)
building bonds, to bear interest at 5%,
5%% or 5%%.
Int. semi-ann.
Cert, check for $2,000, required.
PALMERTON
County,
1:30
p.
r
m.
NORWICH, Chenango County, N. Y.— BOND OFFERING. — At
m.,
June 23, Edward E. Davis, City Chamberlain, will sell
public
auction
$9,000
5% special appropriation bonds.
Denom.
11 000.
Date July 1 1920.
Int. J. & J.
Due yearly, on Jan. 1, as
follows:
$2,000, 1926; $1,000, 1927, and $2,000 in 1928, 1929 and
1930.
Cert, check for 1% ot amount of bonds bid for, payable to
p.
Purchaser to pay accrued interest
Chamberlain, required.
the City
NUNN, Weld County, Colo.—SALE POSTPONED.—Owing to the
conditions the sale of $30,000 water works bonds (recently
voted—V. 110, p. 1665), has been postponed.
market
OAK PARK PARK DISTRICT (P. O. Oak Park), Cook County,
J1L—BOND SALE.—The $40,000 5% site purchase bonds offered on
June 14—V.
110, p. 2413—were awarded to the Suburban Trust &
Savings Bank, at 97, a basis of about 5.32%.
Date June 1 1920
Due $20,000 on Dec. 1 in
1932 and 1933.
(P. O. Rochester), Minn.—BOND BALE.—
6% road bonds—V. 110, p. 2316—were sold
Co., for $90,325, equal to 100.36.
Denom
OLMSTED COUNTY
On June 10 the $90,000
Wells-Dickey
Date June 1 1920.
June 1 1925.
the
to
$1,000.
Due June 1 1930, op
(J. & D.).
Int.
after
tional
County, Ohio.—BOND
OFFERING.—
Proposals will be received until 12 m, July 10 by W. R. Aber,
Village
Clerk, for $4,000 6% electrical
equipment bonds.
Auth.
Sec. 3939 Gen. Code.
Denom. $250.
Date day of sale.
Int. semiann.
Due $250 yearly on July 10 from 1921 to 1936, incl.
Cert,
check for 1% of amount of bonds bid for, payable to the Village
Treasurer,
required.
Bonds to be delivered and paid for within
10 days from date of award.
Purchaser to pay accrued Interest,
and
furnish
and print at, his own expense, the necessary blank
Clermont
OWEN S VILLE,
bonds.
COUNTY
PAWNEE
(P.
O.
City), Neb .—BOND SALE.
Pawnee
sold to the
1 1923
During May an issue of $11,000 5^ funding bonds was
State
of Nebraska at par.
Date Dec. 1 1919.
Due Dec.
OFFERING.—
Ind.—BOND
Petersburg),
COUNTY
PIKE
County Auditor, will receive bids until 2 p. m., July 7
for
$150,000 5% court house bonds.
Denoms. $2,000. $1,000, $500
and $250.
Date May 15 1920.
Int. (M. & N.).
Due $3,750 on May
15 and Nov. 15 in each of the years from 1921 to 1930, incl.; $7,500
on
May 15 and $3,750 on Nov.
15 in 1931; $3,750 on May 15 and
Nov.
15 in each of the years from 1932 to 1938, incl.; $7,500 on
Risley,
$3,750 on
and
15
May
Nov.
15 in 1939.
Ohio has purchased the $150,000 Wtf/a Bchool house bonds,
without success on March 29—V. 110, p. 1556.
Due yearly
on
March 1 as follows:
$1,000, 1922 to 1926, incl.; $2,000, 1927 to
1931, incl.;
$3,000, 1932 to 1936 incl.; $4,000, 1937 to 1940, incl.;
$5,000, 1941 to 1944, incl.; $6,000, 1945 to 1948, incl.; $7,000, 1949
to
1952, incl., and $8,000, 1953 to 1956, incl.; all of these bonds
scheduled to mature after March 1 1940, are subject to call on any
Interest paying date on or after March
1 1940.
of
offered
CITY SCHOOL DISTRICT (P. O. Oklahoma City)
County, Okla.—BONDS NOT SOLD.—Reports say that the
OKLAHOMA
Oklahoma
$820,000 5%
not
—were
Orange,
COUNTY
(P.
O.
Merchants' State
Bank and the
were recently
awarded
District
bonds
and
National
ORANGE
the
16
offered on May 31—V. 110 p. 2219
school building bonds
sold.
ORANGE
Farmers
Citizens'
at
Orange), Va.—BOND SALE.—The
Bank of Fredericksburg and the
National Bank of Orange, both of
$63,000 6% 25-year Gordon Road
par.
COUNTY
(P. O. Goshen), N.
Y.—BOND SALE.—On June
date—V. 110,
road bonds, offered on that
$60,000 5J/2% coupon
& Merrifleld, of N. Y., it is stated
Date July 1, 1920; Due $5,000
yearly on July 1 from 1930 to 1941, incl.
Other bidders were:
Thayer, Drew & Co.......102.565 j
Rutter & Co............. .100.87
2316—were awarded to Sherwood
at 102.57,
a basis
of about 5.31%.
p.
Schmeltzer.......102,520 |
&
Barr
(State
OREGON
SALE.—On
ot).—BOND
June
15
the
$1,500,000
4%% 14% year (aver) gold highway bonds, dated April 1, 1920—V.
110, p. 2413—were sold to Henry Teal of Portland who represented a
syndicate composed of Eastabrook & Co., Remick, Hodges & Co.,
Merrill, Oldham & Co., and R. L. Day & Co., at 87.62 about a 5.75%
basis.
BAY
UNION
FREE
SCHOOL DISTRICT No. 9
(P. O.
Oyster Bay), Nassau County; N. Y.—BOND SALE.—On June 15 the
$50,000
5^% coupon or registered school bonds, offered on that
date—V. 110, p. 2413—were awarded to the North Shore Bank, of
Oyster Bay, at 101, a basis of about 5.37%.
Date July 1, 1920.
Due
$2,500 yearly on July 1
Jan
bonds.
from 1921 to 1940, incl.
(P. O. Emmetsburg) Iowa.—BOND SALE.—
was awarded $52,000 5% funding
1920.
Int. M. & N.
ALTO COUNTY
PAID
On
the White-Phillips Co.,
Denom. $500.
Date Jan 1
2
Essex County, Mass.—TEMPORARY LOAN.—On June
15 a temporary loan of $50,000,
issued in anticipation of revenue,
dated June 15 and maturing Dec 1,
1920, was awarded to Harris
Forbes & Co. and R. L. Day & Co., on a 6.49% discount basis, each
firm taking $25,000.
PEABODY,
PLAIN TOWNSHIP RURAL
accrued Interest.
POLK COUNTY
On
as
COUNTY SCHOOL DISTRICT No. 2 (P. O. StevensBIDS RECEIVED.—No bids were received for the
6% school bonds offered on June 2—V. 110, p. 2106.
ROCHESTER, N. Y.—NOTE SALE.—On June 11 an issue of $75,000 water works impt. notes, maturing eight months from June 14
1920, was awarded to the Lincoln National Bank of Rochester, oh
a
6% interest basis, plus a premium of $5.
NOTE SALE.—On June 16 the
the $150,000 Over-Due Tax Notes,
maturing four months from June 21—V. 110, p. 2508—were awarded
to the Union Trust Co., of Rochester, on a 6% interest basis.
RAVALLI
(P. O. Crookston), Minn.—NO BIDS RECEIVED.—
11 no bids were submitted for
exceeding 5y2% interest—V. 110,
Williams, Deputy Comptroller, for the following notes,
months from June 28, 1920, at the Central Union
Trust Co.,
of New York, where notes will also be delivered and
paid for on June 28; $50,000 war emergency notes, $35,000 Brown
Street Subway notes, and $300,000 local impt. notes.
Bidders must
state rate of interest, designate denominations desired, and to whom
the
p.
road
2316.
and
ditch bonds
PORTALES, Roosevelt County, N. Mex.—BOND OFFERING.—Bid
26 by S. N. Hancock, Town Clerk, fo
$35,000 6% 20-30-year (opt.) coupon water-works bonds.
1920.
Cert, check on a national bank for $1,000 required.
_
Date June 1
No bids less
and accrued interest will be considered.
PROSPECT SCHOOL DISTRICT (P. O. Prospect), Marion County,
Ohio.—BOND OFFERING.—Proposals will be received until 12 m.,
June 26 by Hector S. Young, Prosecuting Attorney of Marion County
(P.
O. Box 35, Marion, Ohio), for $150,000 5"Yf/a coupon school
building bonds.
Auth. Sec. 7625—7627 Gen. Code.
Denom. $1,000.
Date June
1 1920.
Int. (M. & S.)
Due $1,000 on March 1 and
Sept. 1 in the years 1921 to 1928, incl.; $4,000 on March 1 and
Sept. 1 in the years 1929 to 1938, incl.; $4,000 on March 1
and
$5,000 on Sept. 1 in the years 1939 to 1944, incl.
Cert, check for
$200 .payable to H. V. Mounts, Clerk of Board of Education, re¬
quired.
Bonds to be delivered and paid for within 10 days from
date of award.
Purcher to pay accrued interest.
than par
Cumberland
Me.—-LOAN
County,
OFFERING.—Pro¬
posals will be received until 12 m. June 23 by J. R. Gilmartin, City
Treasurer,
for the purchase at discount of a temporary loan of
$300,000,
issued in anticipation of taxes, dated July 1 1920, and
maturing Oct 4 1920, at the First National Bank, of Boston, at which
bank delivery will be made on July 1.
Denoms. to suit purchaser.
Notes will be certified as to genuineness and validity by the First
National Bank of Boston under advice of Ropes, Gray, Boyden &
Perkins.
All legal papers incident to the loan will be filed at the
said bank, where they may be inspected at any time.
(P. O. Beckley), W. Va.—BOND OFFERING.—
will be received, it is stated, for $147,000 5% 30-year road bonds
12 m. June 28 by Jackson Smith, Clerk of the County Court.
RALEIGH COUNTY
Bids
until
Denom.
$500.
RALLS INDEPENDENT SCHOOL DISTRICT
(P. O. Ralls), Crosby
County, Tex.—BOND SALE.—The $71,000 5% 20-40 year bonds men¬
tioned in V. 110, p. 1451, have been awarded to the State of Texas
at par and interest.
QUINTON, Pittsburg
22
the
$75,000
voters
sewer
will
County, Okla.—BOND ELECTION.—On June
decide
construction
it is stated.
B.
E.
by
four
maturing
payable.
be made
notes shall
bearer)
(not
RICHMOND, Va .—CERTIFICATE OFFERING.—Until 12 m. June 25
Comptroller, will receive bids for $900,000 6% registered
certificates of indebtedness.
Denoms. $5,000, $10,000, $25,000 and $50,000
u> suit purchaser.
Date July 1 1920.
Prin. and semi-ann. int. (J. & J.),
payable at the office of the City Comptroller or at some bank in Richmond
or New York City at option of purchaser.
Due $100,000 yearly on July 1
from 1921 to 1929, incl.
Cert, check for \ Yi% of the amount of certifi¬
cates bid for required.
whether
and
they
$25,000
(P.
DISTRICT
SCHOOL
ROME
are
water
in
main
favor
of
extension
issuing
bonds
school
$100,000
Rome), Floyd County, Ga.—
ordered to vote upon issuing
O.
bonds.
SCHOOL DISTRICT No. 55 (P. O. Brock¬
Mont.—BOND
OFFERING.—On
July
12
$17,475 10-20-year
school bonds at not exceeding 6% interest will be offered for
Denoms. 30 for $500 and 15 for $165.
Int. semi-ann.
Cert,
for $1,000, payable to A. M. Lodmell, Clerk, required.
ROOSEVELT COUNTY
ton),
(opt.)
sale.
check
SACRAMENTO
GRAMMAR
SCHOOL
DISTRICT,
Sacramento
CaUf.—NO BIDS RECEIVED.—On June 8 no bids were re¬
for the $1,400,000 school bonds—V. 110, p. 2317—The bonds
will be sold at a private sale.
County,
ceived
SAC COUNTY (P. O. Sac City) Iowa,—BOND SALE.—The White,
Co., was awarded on Jan 2 $22,000 5% funding bonds for
$22,262 equal to 101.19.
Denom. $1,000.
Date Jan 1 1920.
Int J &
J.
Due yearly from 1924 to 1938 incl.
Phillips
HIGH SCHOOL DISTRICT, Sacramento County,
SUBMITTED.—No
bids
were
submitted for the
SACRAMENTO
BIDS
Calif.—NO
$684,000 school
sold
be
will
8—V. 110, p. 2317—The bonds
bonds offered on June
at
private
a
sale.
Cattaraugus County, N. Y.—BOND OFFERING.—
Geo. H. Elliott, City Clerk, will receive proposals until 7:30 p. m.,
July 6 for the following 5% registered bonds:
$20,000 water extension bonds.
Denom. $1,000.
Due $1,000 yearly
on
Aug, 1 from 1928 to 1947, incl.
5,000 light extension bonds.
Denom. $500.
Due $500 yearly on
Aug. 1 from 1924 to 1933, incl.
Date Aug.
1 1920.
Prin. and semi-ann. int. (F. & A.), payable
at the First National
Bank of Salamanca, unless another place is
named
In
the
successful
bid.
Cert,
check for $500, payable to
F. W. Gardner,
City Comptroller, required.
SALAMANCA,
CITY SCHOOL DISTRICT
(P. O. Sandusky), Erie
Ohio.—BOND OFFERING.—Proposals will be received until
2, by Alice Baumeister, Clerk of Board of Education,
for
5^% heating plant bonds.
Denom. $1,000.
Date day
of sale.
Int. semi-ann.
Due $3,000 yearly on July 2 from 1921 to
1929, incl.
Cert, check on a solvent bank for 1% of amount of
bonds bid for, payable to the Board of Education, required.
Pur¬
chaser to pay accrued interest.
SANDUSKY
County,
July
$27,000
m.,
SANDUSKY
1921
$500 each six months from Sept.
$250 March 15 1921, and
Sept. 15 1928, incl.
Due
S.)
for
1
Denom.
COUNTY
(P. O.
Fremont), Ohio.—BOND SALE.—
People's Banking Co. of Clyde was awarded at par
$7,750 5% coupon
West State Street Paving bonds.
$250 and 15 for $500.
Date June 1 1920.
Int. (M. &
the
interest
and
15
1
June
On
to
SCHOOL DISTRICT (P.
N.
M.—BOND
ELECTION.—An
issue
bonds will be voted upon this month.
O.
of
San Jon), Quay County,
$35,000
school
building
SAN
JON
SAN
LEANDRO, Alameda County, Calif.—BOND SALE.—On June
Leandro State Bank was awarded the $11,000 6% street
$11,117.50 equal to 101.06,
Date May 1 1920.
Int.
San
the
7
improvement bonds—V. 110, p. 2414—for
a
basis of about 5.79%.
Denom. $1,000.
(M.
N.)
&
$1,000
Due
vote
to
on
1921
from
No.
6
(P. O. Nor¬
may be
election
PROPOSED.—An
school
$34,000
incl.
1931,
to
SCHOOL DISTRICT,
ELECTION
Colo.—BOND
soon
yearly
COUNTY
MIGUEL
SAN
wood),
bonds.
SAN MIGUEL COUNTY SCHOOL DISTRICT, No. 21 (P. O. Las
Vegas), N. M.—BOND SALE.—Sidlo, Simons, Fels & Co. of Denver
have
purchased the
$10,000 6% 20-30-year
(opt.) school bonds
offered on June 7—V.
110, p. 2317.
will be received until 2 p. m. June
PORTLAND,
received until 2:30 p. m. June
NOTE OFFERING.—Proposals will be
23,
held
June
not
O.
$45,000
SCHOOL DISTRICT (P. O. New Al¬
bany, Franklin County, Ohio.—BOND OFFERING.—Proposals will be
until 10 a. m., July 2, by E. C. Babbitt, Clerk of Board of
Education, for $2,500 6% school bonds.
Denom. $500.
Date June
1 1920.
Int.
(A. & O.).
Due $500 yearly, on April 1 from 1921 to
1925, incl.
Cert, check on a solvent national bank as trust com¬
pany, for
1% of amount of bonds bid for, required.
Puchaser to
received
pay
(P.
viile), Mont.—NO
12
OYSTER
DISTRICT
SCHOOL
RURAL
BOND ELECTION.—An election has been
Wil¬
PIONEER VILLAGE SCHOOL DISTRICT (P. O. Pioneer),
liams County, Ohio.—BOND
SALE.—The State Industrial Commis¬
sion
TOWNSHIP
RANDOLPH
Clayton), Montgomery County, Ohio.—BOND OFFERING.—Claude B.
Gardiner, Clerk of Board of Education, will receive porposals until
1 p. m., July 3 for $150,000 6% school bonds.
Denom. $1,000. Date
day of sale.
Int. (M. & S.)
Due $1,000 on March 1 and $2,000 on
Sept. 1 in each of the years from 1923 to 1928, incl.; $2,000 on March
1 and Sept. 1 1929 to 1934, incl.; $2,000 on March 1 and $3,000 on
Sept. 1 1935 to 1940, incl.; $3,000 on March 1 and Sept. 1 1941 to
1946, incl.; $3,000 on March 1 and $4,000 on Sept. 1 1947 to 1952,
incl.
Cert, check on a solvent bank, for 5% of amount of bid, pay¬
able to the above clerk, required.
Bonds to be delivered and paid
for at the Farmers' State Bank of Englewood, within 10 days from
date of award.
Legality approved by Shaffer & Williams, of Cin¬
cinnati.
Purchaser to pay accrued interest.
...
V-
H. C. Cofor, City
five years,
(P. O.
after
optional
F.
(Vol. 110.
THE CHRONICLE
2590
Simons,
SANTA
issuing
election
SMITH
15
highway
$100,000
dated
April
1
it
E.
will
Schlottman,
sold
(opt.)
to Sidlo,
bonds.
of Nashville offering 97.27,
is
SCHUYLKILL COUNTY
-Proposals
(P. O. Las
20-30-yegr
been
may
stated the $200,000
1920—V. 10, p. 2107.
awarded,
6%
(P. O. Carthage), Tenn.—BOND
COUNTY
Coldwell & Co.
were
$7,500
2317—have
p.
(P. O. Nogales), Ariz.—BOND ELECTION
be held to vote on the question of
CRUZ COUNTY
PROPOSED.—An
110,
of Denver.
Co.
&
Fels
7—V.
June
on
40
SCHOOL DISTRICT, No.
SALE.—'The
M.—BOND
N.
offered
bonds
COUNTY
MIGUEL
SAN
Vegas),
6%
SALE.—On June
basis of about 6.21%,
30-year coupon bonds,
a
(P. O. Pottsville), To.—BOND OFFERING.
11:30 a. m., June 25, by John
for $750,000 5%
coupon high¬
be received until
County Controller,
bonds.
Denoms. 50 for $5,000, 300 for $1,000, and 300 for
$500.
Int. (J. & J.)
Due July 1 1950, redeemable on any interest
paying date
after July 1
1930.
Cert, check or bank draft for
way
10% of
amount
of bonds required.
SCHENECTADY, Schenectady County, N. Y.—NOTE SALE.—On
11 the $284,224.54 temporary notes, issued in anticipation of the
sale of bonds for the construction of a bridge, dated June 14 1920
June
and
payable
Dec
1920—V.
14
110, ,p.
2414—were
disposed
of
as
I
follows:
S. N. Bond & Co., at 6% interest.
the Citizens Trust Co., of Schenectady, at 6% interest.
the Union National Bank, of Schenectady, at 6% interest.
to the Schenectady Trust Co., of Schenectady, at 6% int.
20,000 to the Mohawk National Bank, of Schenectady, at 5% int.
$100,000
32,000
25,009
75,000
to
to
to
32,224.54 to the City
3%% interest.
SCOTTA,
the $18,000
Comptroller,
as
custodian of
2508—were awarded to Sherwood & Merrifleld,
and
interest
local
funds,
at
Schenectady County, N. Y.—BOND SALE.—On June 15
registered sewer bonds, offered on that date—V. 110, p.
for
6s,
a
basis
of about 5.91%.
of New York, at 100.78
Date Aug 1
$1,000 yearly on Aug 1 from 1925 to 1942, incl.
of Schenectady, were:
Union National Bank.. .$18,180.25 | Schenectady
1920
Due
Other bidders, both
,
Trust
Co
$18,000
June 19
Amount
SEATTLE, Wash.—BOND SALE.—The city Issued the following 6%
bonds,
aggregating
Dist. No.
$215,816.50
Amount.
3190
$83,532.90
161,093.66
3216
All
at
Date.
of
the
Paving
Paving
May
1920
12,189.94
3
May 10 1920
Grading May 23 1920
bonds are subject to call
above
date.
May:
Due.
May
3 1932
May 10 1932
May 22 1932
on any interest paying
County,
OFFERING.—W.
Caro.-—BOND
So.
20-40
(opt.)
year
F.
DISTRICT
HIGHWAY
(P.
Home), Elmore County, Ida.—BONDS NOT SOLD.—No sale
The
bonds
above
are
still
on
the
UPSHUR COUNTY
market.
An
SOUTH
(State of).—BONDS OFFERED
DAKOTA
BY BANKERS.—
Halsey, Stuart & Co., National City Co., the Harris Trust & Savings
Bank, and the Continental & Commercial Trust & Savings Bank are
offering to investors at a price to yield 5.75% the following coupon
(with privilege of registration) bonds:
'
$2,000,000 5%% Rural Credit bonds.
Due July 1 1935.
500,000 5% road bonds.
Due yearly on July 1 as follows: $150,000
1926, $150,000 1927 and $200,000 1928.
Denom. $1,000.
Date July 1 1920.
Prin and semi-ann int (J & J),
payable at the Continental & Commercial Trust & Savings Bank,
Chicago, or at the First National Bank, N. Y.
for
valuation
Bonded
taxation......
(including this issue)
Population: 1910 census, 583,888; 1918 estimated,
Total bonded debt less than 1.50% of
assessed valuation.
These
bonds
are
legal investment for Savings Banks and
Funds in New York, Connecticut and various other States.
SOUTH
ST.
SPECIAL
PAUL
SCHOOL
DISTRICT
NO.
elsewhere
SPENCER
this
in
UTAH
&
to
County,
Ohio.—BOND
COUNTY
MENT.—In
(P. O. Sumter)
connection
with
advertise¬
of
awarded
July 1,
rate
of
bid.
1920.
Prin. and semi-ann. int. (J. & J.)
Bank, of Boston.
The $128,000 school
Due
Dec
May
was
31
25 the Palmer Bond
awarded $700,000
6%
1920.
28
be
ELECTION.—The
City
an election to be
held June 29 for the purpose
proposition to issue $950,000 water works bonds.
ordered
has
voting
on
a
County, N.
Y.—BOND
SALE.—The
Citi¬
INDEPENDENT
SCHOOL
DISTRICT
(P.
REGISTERED.—On June
5% 10-40 year bonds.
9
O. WyUe),
the State
CITY SCHOOL DISTRICT
(P. O. Warren), Trumbull
Ohio.—BOND SALE.—On June 11 the $122,000 6% school
110, p. 2220—were awarded to the Union Savings & Trust
Co., of Warren, at par and interest.
Date June 1, 1920.
Due $22,000
June 1 1938, and $25,000 yearly on June 1 from 1939 to 1942, incl.
WARRENSVILLK
OFFERING.—Pro¬
RURAL
Cuyahoga County,
vUle),
SCHOOL
Ohio.—BOND
DISTRICT
(P. O. Warrens-
SALE.—The State Industrial
the $65,000 5%% coupon
school
site
and bldg.
bonds offered on April 19—V.
110, p. 1558.
Date Mar. 1 1920.
Due yearly on Mar. 1 as follows: $1,000, 1921 to
1925,
incl.; $1,500, 1926 to 1930, incl.; $2,000, 1931 to 1935, incl.;
$2,500, 1936 to 1940, incl., and $3,000, 1941 to 1950, incl.
Commission
Ohio
of
has purchased
at
par
COUNTY (P. O. Boonville), Ind.—BOND OFFERING.—
County Treasurer, will receive bids until 10 a. m.
$64,000 4%% William Tooley et al Boon Twp. road
bonds.
Denom. t$636.75.
Date May
8,
1920.
Int. M. & N. Due
$3,183.75 each six months beginning May 15, 1921.
WARRICK
James
June
So.
interest
SALE.—On
City,
Lake
WARREN
L.
30
Allen,
for
.
WASHINGTON COUNTY (P O Hagerstown), Md —BOND OFFER¬
of County Commissioners will receive proposals until
ING.—The Board
property, estimated....
lowest
on
bonds—V.
m. June 22 for the following 5%coupon tax-free bonds:
$40,000 Hancock School bonds.
Denoms. 20 for $1,000, 20 for $500 and
100 for $100.
Due $2,000 yearly on July 1 from 1925 to 1944, incl.
500,000 school and road impt. bonds.
Denoms. 50 for $100, 210 for $500
and 390 for $1,000.
Due $25,000 yearly on July 1 from 1930 to
12
1919
at
registered
County,
SWAMPSCOTT, Essex County, Mass.—BOND OFFERING.—It is re¬
ported that proposals will be received by the Treasurer, until 8 p. m.
24 for $128,000 school and $25,000 water coupon tax-free bonds,
be
was
upon.
WYLIE
1949, inclusive.
«
Date July 1
June
to
1920.
1
County, Tex.—BONDS
Comptroller registered $15,000
.....$100,000,000
10,638,331
Total County Debt not including this issue.....
62,000
Sinking Fund
28,000
Population:
1910 census, 38,472; present estimated, 45,000.
value
Salt
of
Collin
Financial Statement.
value
Assessed
Co.,
June
WELLSVILLE, Allegany
5xh%
road and bridge bonds,
peared in V. 110, p. 2509, we are in receipt of the following:
Actual
bonds
zens
National
Bank, of Wellsville, bidding par, was awarded the
following three issues of 5%% bonds, offered on June 14—V. 110,
p. 2509:
$35,000 Electric light bonds.
Date Oct 1 1920.
Int. A. & O.
Due
$3,500 yearly on Oct. 1 from 1925 to 1934, inclusive.
Date Oct. 1 1920.
Int. A. & O.
Due $1,500
15,000 Water bonds.
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.
Caro.—FINANCIAL STATE¬
offering on June 22 of the $500,000
official advertisement of which ap¬
the
road
WARREN, Trumbull County, Ohio.—BOND
.
posals will be received until 12 m., July 2, by W. J. Barrett, City
Auditor, for $12,760
5y<£/0, coupon street improvement (city's por¬
tion) bonds.
Auth. Sec. 3939 Gen. Code.
Denom. 1 for $760, and 12
for
$1,000.
Date March 1 1920.
Int. semi-ann.
Due $760 March
1 1921, $1,000 yearly on March 1 from 1922 to 1927, incl., and $2,000
March
1,
1928, 1929 and 1930.
Cert,
check for 5%
of amount of
bonds bid for, required.
Bonds to be delivered and paid for within
10
days
from
date
of
award.
SUMTER
of)—VOTE
(State
Date
Council
of
interest.
Clark
special
Comptroller.
VANLUE VILLAGE SCHOOL DISTRICT (P O Vanlue), Hancock
County, Ohio —BOND OFFERING.—W. L. Daniels, Clerk of Board of
bids until 12 m. July 1 for $170,000 6% school
building bonds.
Auth. Sec. 7625-7627 and 5659 Gen. Code.
Denom.
$1,000.
Date July 1 1920.
Int. semi-ann.
Due $5,000 on July 1 and
$4,000 on Jan. 1 from July 1 1921 to July 1 1930, incl., and $4,000 on Jan. 1
and July 1 from Jan. 1 1931 to Jan. 1 1941, incl.
Cert, check for $2,500,
payable to the Board of Education required.
(P.
accrued
pay
Date
bonds
Education, will receive
-
SPRINGFIELD,
5%%
State
the
Mortgage
voted
O. Rockport), Ind.—BOND OFFERING.—
R. W. Richards, Jr., County Auditor, will receive bids until 2 p. m.,
Aug. 2 for the following 5% bonds:
$80,000 court house bonds.
Denom. $1,000.
Due $2,000 each six
months from May 15 1921 to Nov. 15 1940, incl.
15,500 Lake Drain
bridge judgment bonds.
Denom.
$500.
Due
$1,000 each six months, beginning May 15 1921.
Date May 15, 1920.
Int. (M. & N.)
Cert, check on a reliable bank
in Spencer County for
3% of amount of bonds bid for, payable to
the Board of County Commissioners, required.
Bids must be made
upon forms which
will be furnished by the County Auditor.
Pur¬
chaser
Snyder,
VICTOR,
Teton
County, Ida.—BOND ELECTION.—On June
$7,000 bonds to purchase a municipal water works system, will
Trust
Department.
COUNTY
O.
O. Gilmer), Tex.—BONDS REGISTERED.—
(P.
$200,000
with
12
notes.
1
purchaser.
The official notice of this bond offering will be found among the
ments
OFFERING.—
H.
offering of the $140,000 514% coupon school-building bonds (V. 110, p.
2318).
Proposals for these bonds will be received until 12 m. June 25 by
Harry D. Baker, Clerk of Board of Education.
Denom. $500.
Date
July 1 1920.
Int. M. & S.
Due $2,000 each six months from Sept. 1 1921
to March 1 1956, inclusive.
Certified check for 10% of amount of bonds
bid for, payable to the above Clerk, required.
Bonds to be delivered and
paid for within ten days from date of award.
Purchaser to pay accrued int.
(P. O.
South
St.
Paul),
Dakota
County,
Minn.—BOND
OFFERING.—
Proposals will be received until 12M., June 30, by J. R. Stevenson,
Secretary Board of Education, for the following 6% bonds.
$12,000 school bonds.
Due on July 1 as follows:
$4,000 1930,
$4,000 1932 and $4,000 1935.
475,000 school building bonds.
Due yearly beginning 1932.
Denom. $500 and $1,000 at option of purchaser.
Date July 1, 1920.
Prin. and semi-ann. int. payable at the American Exchange National
Bank, N. Y.
Cert, check for 2%
of the amount of bonds bid for
payable
F.
J.
O'Donnell,
Treasurer
of
Board
of Education,
re¬
quired the bonds will be delivered to the purchaser thereof at the
office of the secretary or elsewhere
in the United States at option
of
by
3,
URBANA SCHOOL DISTRICT (P. O. Urbana), Champaign County, *
Ohio.—BOND OFFERING.—Further details are at hand relative to the
$2,095,154,178
30,450,000
735,000.
debt
of
issue
June
Statement.
Financial
Assessed
be received until 12 m., July
for $15,000 6% sewer bonds.
Denom. $500.
June 1
1920.
Int. semi-ann.
Cert, check 3% of amount of
bid
for, payable to the Village Treasurer, required.
bonds—Y. 110, p. 2318.
May 31 of the $25,000 6%
on
| s\nHo*:i?rUl *25
(P. O. Tipton), Ind.—BONDS NOT SOLD.—The
Eiler et al Cicero Twp. road bonds, offered on
p.
2318—were not sold.
■.
/,•.
v'
UHRICHSVILLE, Tuscarawas County, Ohio.—BOND
made
was
7-—V.
Proposals will
Village Clerk,
Mountain
O.
Mar. 1, 1920
Wm.
110,
UNION COUNTY
(P. O. La Grande), Ore.—CORRECTION.—The
price paid for the $60,000 road bonds awarded on June 7 as reported
in V.
110, p. 2509—was $60,005 (not $60,008) equal to 100.008.
SIDNEY, Delaware County, N. Y.—NO BIDDERS.—There were no
the $35,000 5% River Street impt. bonds, offered on June
15—V. 110, p. 2508.
'
PRAIRIE
Street repair
4%%
June
bidders for
SMITH'S
Nov. 1, 1922
Oct. 1, 1922
TIPTON COUNTY
12 m July 7.
bonds until
coupon
Feb. 1, 1920
July 1, 1920
402,764.55
Austin. Chairman of the Town Board of Public Works Commissioners,
will receive sealed bids for $86,000 water works and $31,000 sewerage
5%
Jan. 1, 1930
Bonds—
$100,000
100,000
$9,120
Oconee
Jan. 1, 1920
Street cleaning
Street cleaning
Assessment
v.
SENECA,
Maturity
Date
Purpose
Street repair
$250,000
during
par
Purpose.
3195
3591
THE CHRONICLE
1920.]
Prin. and semi-ann. int. (J. & J.), payable at the
Cert, check for 2% of amount of
Commissioners required.
Bonds to
1920.
office of the County Commissioners.
bonds bid for, payable to the County
Denom.
$1,000.
Date
payable at the First
be
delivered and paid for on July
1.
National
bonds mature $7,000
July 1 from 1921 to 1928, and $6,000 yearly on July 1 from
1929 to 1940, incl.; and the $25,000 water bonds mature $1,000 yearly
on
July 1 from 1921 to 1945, incl.
Bonds to be delivered and paid
for at the First National Bank, of Boston, on July 6.
yearly
WATERVLIET, Albany County, N. Y.—BOND OFFERING.—Pro¬
posals will be received until 4 p. m. June 29 (date changed from
June 22—V. 110, p. 2509) by M. I. Dunn, Director of Finance, for the
following 6% coupon (with privilege of registration) paving bonds
which were offered unsuccessfully as 5s on April 22 (V. 110, p. 1902):
on
SUMMIT COUNTY
posals
will
Clerk
of
be
(P. O. Akron), Ohio.—BOND OFFERING.—Pro¬
received until 12 m., June 29, by L. M. Kauffman,
of
County
Supervisors,
for
the
following
5%%
bonds, maturing $4,000 yearly on May 1 from 1921 to 1931,
incl., and $5,000 May 1 1932.
bonds maturing $8,000 yearly on Sept 1 from 1920 to 1928r
incl., and $5,000 Sept 1 1929.
Denom. $1,000.
Date May 1, 1920.
Principal and semi-annual in¬
terest
payable at the office of the Director of Finance.
Certified
check for 2% of amount of bonds bid for, payable to the "City of
$49,000
Board
77,000
bonds:
coupon
$500,000 county building bonds.
1921
to
1940, incl.
Due
$25,000 yearly
on
Oct.
1
from
bridge bonds.
Due yearly on Oct. 1 aa follows:
$5,000
1921, 1922 and 1923, and $4,000, 1924 to 1930, incl.
24,000 bridge bonds.
Due yearly on Oct. 1 as follows:
$3,000
1921 to 1924, incl., and $2,000 1925 to 1930, incl.
Denom.
$1,000.
Date June 1 1920.
Prin. and semi-ann. int. (A.
& O.), payable at the County Treasurer's office.
Cert, check for
43,000
Watervliet," required.
next
,
5% of
amount of bonds bid for, payable
required.
Bonds
to
be
delivered
and
Treasurer's
July
14
R.
County,
this town
L.
Nutt
TANGIPAHOA
Bankers
1
TEXAS
Amount
$1,000
500
1,900
2,900
3,000
3,000
1,800
2,000
4,000
is
Fla.—BOND
will offer
Mayor.
PARISH
for
SCHOOL
OFFERING.—At
$40,000
sale
to
$60,000
1.30 p. m.
municipal
$
NO.
39
(P.
O.
Anderson County Common Sch. Dist. No. 1...
Angelina County Common Sch. Dist. No. 36
Cass County Common Sch. Dist. No. 29
Cass County Common Sch. Dist No. 42...
Charco Independent Sch. Dist
Falls County Common Sch. Dist. No. 31
George Independent Sch. Dist
Hopkins County Common Sch. Dist. No. 15
Matagorda County Common Sch. Dist. No. 22.
County,
TOLEDO,
months
at
par
General
of
Denver.
Cuyahoga
County,
Ohio.—BOND
OFFERING.—
Mar.
3,938.64
Lucas
Ohio.—BONDS
31,
the following
1920
by the Sinking Fund Commission:
Bonds—
Ave.
special
assessment
water
main
bonds;
Nov.
Oct.
1
as
follows:
$1,500, 1920 to 1925, incl.; $3,000,
1926; $1,500, 1927 and 1928, and $1,816.32, 1929.
W.
136th St. special assessment sewer bonds.
Denom.
$692.13 and $692.22.
Date Aug.
15 1919.
Due
$692.13
yearly on Aug. 15 from 1920 to 1928, incl., and $692.22
Aug. 15, 1929.
5,190.92 W.
136th
St.
special
assessment
water
main
bonds.
Denom.
$519.09 and $519.15.
Date Aug.
15 1919.
Due
on
20 Yrs.
20 Yrs.
6,921.39
...10-20 Yrs.
10-15 Yrs.
5-20 Yrs.
10-20 Yrs.
5-20 Yrs.
SOLD.—During the five
5% bonds were purchased
Nichols
$500 and $438.64.
Date Nov. 1 1919.
Due $500
1, in 1921, 1922, 1923, 1924, 1926, 1927 and 1928,
and $438.64, Nov. 1, 1929.
16,816.32 Elsienna St. paving (special assessment) bonds.
Denom.
$1,000, $500 and $316.32.
Date Oct. 1 1919.
Due yearly
.
—
$1,038.18
Auth.,
ment
County,
1945
culvert bonds,
Denom. $1,000,
Victory Blvd. special assessment sewer bonds.
Denom.
$1,000 and $1,040.
Date May 1 1920.
Due yearly on May
1
as
follows:
$13,000, 1921 and 1922; $14,000,
1923 to
1929, incl., and $14,040, 1930.
Denom.
5-10 Yrs.
SCHOOL DISTRICT
(P. O. Techuacana), Lime
Tex.—BONDS
DEFEATED.—At
a
recent
election
defeated.
The
vote
was
29
"for"
to
34
15
bridge and
on
10-20 Yrs.
....
were
ending May
for
138,040.00
TECIIUACANA
Stone
29
16,000.00
DISTRICT
(State of).—BONDS REGISTERED.—The State Comptroller
the following 5% bonds on June 9:
Place and Purpose of Issue
Due
$25,000 2bonds
"
against."
PARK,
Hendrickson, Village /Clerk, will receive bids until 12 m.
the following 5%% coupon bonds:^
50,000,00 sewer bonds.
Denom. $1,000.
Date Mar. 15, 1920.
Due
June
Amite), La.—BOND OFFERING.—Sealed bids will be received at any
time
by W.
A.
Sisemore, Secretary and Treasurer of the Parish
School
Board, for $50,000 5%
school bonds.
Denom.
$500.
Date
Sept. 15, 1920.
Int. semi-ann.
Cert, check for 10% of issue required.
registered
Co.
Trust
WEST
Stephen
office.
TAVARES, Lake
on
bonds.
to the County Treasurer,
paid
for at the County
COUNTY
SCHOOL
DISTRICT NO.
30,
Colo.—
ELECTION.—BALE.—Subject to an election to be held in the
thirty days $10,000 6% 20-30 year (opt.) have been sold to the
WASHINGTON
BOND
yearly on Aug. 15 from 1920 to 1923, incl., and
$2,076.48, 1924.
and bridge bonds, Sec. 3939 Gen. Code; special assess¬
bonds, Sec. 3914 Gen. Code.
Int. semi-ann.
Cert,
check on
sewer
bank
other
than the one making the bid, for
5% of amount
for, payable to the Village Treasurer, required.
Bonds,
and paid for within 15 days from date of
award
Purchaser to pay accrued interest.
some
of
bonds
to
be
bid
delivered
[Vol. 11".
CHRONTCLE
THE
2592
WELD
COUNTY
(P.
O. Greeley), Colo.—-AO
PROPOSED.—We are advised by Chas. E. Littel,
Co., of Warren,
Recorder,
Denom.
JiOND ELECTION
County Clerk and
stating that the people of the co.unty would
be asked to vote upon a bond issue of $1,000,000 at the fall election
the money to be used for the building of permanent/bridges in the
county—V.
110, p. 2415—are erroneous.
that
1
for
$250
MANITOBA
$1,000,000
5%
Date June 1, 1920.
Due $22,000
Aug. 15 from 1920 to 1923, incl., and
$500.
Date June 1, 1920.
Int. (M. &
at yar and interest.
$1,038.1
reports
yearly
and
on
15
for
(Province of).—TREASURY BILLS SOLD.—An issue of
Treasury Bills, maturing Oct. 1 1920, has been dis¬
posed of.
'
COUNTY (P. O. Harlowton), Mont.—BOND OFFERproposals will be received until 2 p. m. July 12 by W.
County Clerk, for $175,000 7% special relief bonds, of¬
fered
without success on June 1—V.
110, p. 2509.
Denom. $1,000.
Date June 1 1920.
Prln, and semi-ann. int.
(J. & D.), payable at
County Treasurer's office.
Due June 1 1925, and redeemable in 2
years after date of execution or any interest paying date thereafter.
(Province of) .—DEBENTURE SALE.—On June 14 an is¬
$3,000,000 6%
10-year gold coupon (with privilege of regis¬
hydro debentures, was awarded to a syndicate composed of
Wood, Gundy & Co., A. E. Ames & Co., and the Dominion Securities
Corp., at 98.317, a basis of about 6.23%, Denom. $1,000,
Date June
15, 1920.
Prin. and semi-ann. int. (J & D) payable in gold coin, at
Cert,
treal,
WHEATLAND
ONTARIO
INC.—Sealed
W.
check
WHITE
for
$7,000,
COUNTY
tration)
O.
Monticello), Ind.—BOND OFFERING.—
Proposals will be received until 10 a. m., June 22, by E. B. Steely,
Treasurer, for $16,000 4%%, Bart Holmes et al Union Twp.
road bonds.
Denom. $800.
Date April 6 1920.
Int. (M. & N.)
Due
$800 each six months from May 15 1921 to Nov. 15 1930, incl.
O.
Joes),
shortly,
6%
Colo.*—BOND
the
Bankers
serial after ten
ELECTION.—HALE.—Subject
Trust
years
Co. of Denver
school bonds.
has
been
to
1
(P.
7-13
chased,
its
Provinces
SHEKBROOKE, Que.—DEBENTURE ELECTION.—An election is be¬
(June 19) to vote on the question of issuing $566,000
impt, debentures.
:
ing held to-day
local
SMITHS
CARLETON COUNTY (P. O. Ottawa), Que.—DEBENTURE OFFER¬
ING.—Tenders will
be
received
until
June
21
by Chas.
Macnab,
for
$40,000
30-year
and
$150,000
20-year
tures.
6%
7
the
offered
&
Co.,
$30,000
on
of
date—V.
Regina,
at
110, p.
2103—were
awarded
to
Harris,
SALE.—The
three
issues
of
20-year installment debentures, offered unsuccessfully on May 17
110, p. 2319—have been disposed of, the $25,000 fire-hall and
engine debentures going to W. L. McKinnon & Co., and the $4,555.64
local impt. and $5,574 water main debentures
going to local investors.
deben¬
&
SUDBURY, Ont.—DEBENTURE SALE.—During
Co., of Toronto, purchased at 96.53, an issue
housing debentures of this town.
May, Wood, Gundy
$100,000 6% 20-
of
installment
PLAINS, R. M„ Man.—DEBENTURE SALE.—On June
6% 30-year installment road and bridge debentures,
that
Ont.—DEBENTURE
FALLS,
6%
—V.
EAST SANDWICH, Ont.—DEBENTURE OFFERING.—The munici¬
pality is calling for tenders for an Issue of $56,000 6% 15-installment
road and sewer debentures,
according to reports.
GILBERT
Ont.—DEBENTURE HALE.—It is reported that
have purchased $125,000 614% 20-year
Ames & Go,, of Toronto,
debentures of this city.
E
ST. JOHN COUNTY (P. O. St. John), N, B.—DEBENTURE OFFERINC.—Proposals will be received until June 21 by J. King Kelly,
County Secretary, for $100,000 6% 10-year debentures.
Denom. $200,
$500 & si,coo.
.r ::
Municipalities.
CANADIAN
BRANTFORn. ONT.—DEBENTURE HALE.—Tt i« reported that in
May the city disposed of $400,000 5%% debentures, $300,000 going to
local investors, and $100,000 to W. L. McKinnon &
Co., of Toronto.
County Clerk,
Mon¬
RIVER, Ont.—.DEBENTURE SALE.—An issue of $10,474.35
year serial
debentures of this municipality has been pur¬
according to reports, by Brent, Noxon & Co. of Toronto.
2414—-were rejc- ed.
ST. CATHARINES,
$9,100
A.
and
in
8TRUTHER8 FUHOOL DISTRICT
fP.
O.
Struthers), Mahoning
County, Ohio.—BIDS REJECTED.—All bids received on June 14 for the
*275,000 6 % coupon school bonds, offered on that date—V. 110,
p.
serial
CANADA,
Bank of Montreal,
1930.
15,
RAINY
election
an
awarded
June
Ont.—DEBENTURE
OFFERING.— Newspapers
that the council has decided to invite bids for $260,000 bridge
$240,000 school debentures.
6%
(P. O. Monticello), Ind.—AO BIDS RECEIVED —
No bids were received for the $190,000 AV2%
Michael Renck et al
Union Twp. road bonds, offered on June 15—V. 110, p. 2510.
NO.
Due
PETERBOROUGH,
and
WHITE COUNTY
DISTRICT
Treasurer's office, or at the
holder's option.
at
report
County
YUMA COUNTY CONSOLIDATED SCHOOL
Provincial
the
required.
(P.
of
sue
Fhares,
SWAN
Clerk,
92.122.
RIVER,
received
be
Read
for
until
Man .—DEBENTURE
12
$58,000
OFFERING.—Proposals
will
July 6, by Joseph Armstrong, Municipality
1-30-year installment road debentures.
Int.
m.,
.6%
semi-ann.
LOUISE, R. M., Man.—DEBENTURE ELECTION.—On June 25, It is
stated, the voters will have submitted to them a by-law to issue
$8,000 skating rink debentures.
THREE RIVERS, Que.—DEBENTURE OFFERING.—Arthur
Nobert,
Municipality Treasurer, will receive bids until June 28 for $80.,000
6% 30-year, $277,000 5^% 10-year, and $6,000 5% 10-year debentures.
jfffnandal
ANNOUNCEMENT
LOANS
OF
THE
OF CONSOLIDATION
£HANGED conditions in Commerce and Industry
City of Philadelphia
^
demand larger banking units.
"OLD
BULLION," in recognition of this need, is
joining forces with the Citizens National Bank, its hon¬
ored friend and neighbor of
many years' standing.
United under the
1
Biddle & Henry
the
§
§
enlarged
service
of
of the Chemical. National
name
institution
its
dedicates
depositors
and
itself
the
throughout
friends
the
m
their atten¬
S
length and breadth of the land
and invites
tion
made
to
the
facilities
greater
Bank,
to
anew
possible
by
the
consolidation.
104 South Fifth Street
IVe
1
Philadelphia
KS
seeking
are
new
business
on
our
record.
j
I'
.
New York Telephone Canal 8347-8-9
(Elirmiral National lank
s
of £mu
270
fork
Broadway
Established 1824
Resources 225 Millions
MUNICIPAL BONDS
Wholesaling entire issues
School
District
of Texas.
and
Circular»
of
Road
on
Cityf County,
District
Bonds
Request.
CHARTERED
Uakold G.Wise &CompanT
United States Trust Company of New York
Houston,'Texas
45-47
Capital,
$200,000 Bayonne, N. J., Water 5y2s,
due April 1, 1926, to return 5.65%
$300,000 Jersey City, N. J., Imp. 6s,
due
June 1,
1926, to return 5.65%
M. M. FREEMAN & CO.
421 Chestnut Street
Philadelphia
-
-
WALL STREET
-
-
conservative
or
carried
It allows interest at current rates
EDWARD
W.
FINCH
»
deposits.
,
President
WILLIAMSON PELL, Vice-President
FREDERIC W. ROBBERT, Assist.
Secretary
ROBERT S. OSBORNE, Asst. Secretary
THOMAS H. WILSON, Asst. Secretary
WILLIAM G. GREEN, Assistant
Secretary
on
Members New York Stock
Exchange
NEW YORE
BROADWAY.
J.
terms.
& TAR BELL
on
SHELDON,
KINGSLEY, 1st Vice-Pres.
WORCESTER, Secretary
CHARLES A. EDWARDS, Asst. Secretary
WILLIAM C. LEE, Assistant Secretary
TRUSTEES
unlisted securities.
Inquiries invited.
$14,512,007.58
It holds, manages and invests money, securities and other
property, real and
personal, for estates, corporations and individuals.
-.y
WILFRED
Inactive and
$2,000,000.00
-
-
This Company acts as
Executor, Administrator, Guardian, Trustee, Court
Depositary and in other recognized trust capacities.
WILLIAM M.
bought and sold for cash,
-
Surplus and Undivided Profits,
Telephone, Lombard 710
STOCKS AND BONDS
1859
JOHN A.
WILLIAM ROCKEFELLER
FRANK LYMAN
J. PHELPS
JOHN
LEWIS CASS LEDYARD
LYMAN J GAGE
PAYNE WHITNEY
STEWART, Chairman of the Board
EDWARD W. SHELDON
CHAUNCEY KEEP
ARTHUR CURTISS JAMES
WILLIAM M. KINGSLEY
WILLIAM
OGDEN
STEWART
MILLS
TOD
CORNELIUS N. BLISS JR.
HENRY W. de FOREST
WILLIAM VINCENT ASTOR
*
WILLIAM SLOANE
JUNE 19
1920.]
THE CHRONICLE
XXXI
Bros. &
Co.
COTTON MERCHANTS
COFFEE
'■r
V
EXCHANGE
■
.
HANOVER
NEW
"
l
BUILDING
'
.
v
SQUARE
YORK
MEMBERS
New York Cotton
Exchange
New Orleans Cotton
Exchange
N. Y. Coffee &
Sugar Exch.
Chicago Board of Trade
New York Produce
Associate Members
Exchange
Liverpool Cotton Association
CABLE ADDRESS
"NODINE" NEW YORK
f
xxxii
THE CHRONICLE
^
June 19 1920,]
^financial
/
H. A. CAESAR & CO.
50 Union Square
New York
Finance Accounts
of
Manufacturers
Promoting
Foreign
and
and
Domestic
Merchants
Your
Far Eastern
Business
-one
with
CHINA AND JAPANawaiting development—the
SOU rr.es
sources
awaitino-
limitless
re¬
develo
other rich in
products of shop, mill and factory—are logical markets
for American
products, and fields for American enter¬
prise.
To American
business men wishing to enter the Far Eastern
territory
goods or with their money we offer the services of our branches
Shanghai, Yokohama and Tokio for promoting their best business
with their
at
interests.
Direct connections with Europe through our branch in
Paris.
OFFICERS
Charles A. Holder
President
T. Fred
Aspden
Vice-PreaiderU
E. B. MacKenzie
Secretary & Treasurer
BRANCHES
SAN
FRANCISCO
SEATTLE
TOKIO
YOKOHAMA
SHANGHAI
PARK'(Jnion
FOREIGN BANKING CORPORATION
PARIS
56 Wall Street, New York
"•"Ml
| Paid Up Capital and Surplus $2,250,000
JUNE 19
THE CHRONICLE
1920.]
xxxiii
GJottrm
L. F. DOMMERICH & CO
FINANCE
ACCOUNTS
OF
MANUFACTURERS
AND
MERCHANTS, DISCOUNT AND GUARANTEE SALES
General
Offices, 254 Fourth Avenue
YORK
NEW
Established
over
80 Years
Rhode Island
James Talcott, Inc.
General
Offices
Hospital Trust
Company
DIRECTORS
225 FOURTH AVENUE
Edward D. Pearoe
NEW YORK CITY
William L.
Herbert J. Welle
Frank H.
FOUNDED 1854
Royal C. Taft
J. Arthur At wood
William O. Dart
Stephen O. Meteall
Waiter R. Callander
Jamoe K. Sullivan
Horatio A. Hunt
Thomaa H. West, Jr
Benjamin M. Jackson
Agents, Factors
and
Manufacturers
Correspondents for
and
Merchants
in
W. Matteeon
Fioufi.
Robert H. I. Goddard
Henry D. Sharpe
Frederick A. Ballon
Albert W. Diraick
Henry F. Llppitt
Charier D. Owen, J».
Iaaao B. Morrlmau
the United States and Abroad.
Hedgman
Swan
Rowland Haaard
Lyman B. Ooff
Howard O. Sturgea
Alfred K. Potter
OFFICERS
Herbert J. Wells, Chairman of the Boari
Thomas H. West, Jr.. President
Entire Production of Textile Mills Sold and Financed.
Accounts Guaranteed and
Discounted.
Horatio A. Hunt
H
Trust
QUOMAKEL
Aest
Trust Offim
Robert T. Downs
Asst. Trust Offim
Gardner
Vic* PresiA*ut
CABLE ADDRESS
Ernest A. Harris
Vic* President
Preston
»i
Harry W. Simmons
Officer
Asst. Trust Offim
Shut/ B. Hagao
Henry L. Spader
Vie* President
Assistant
John H. Weils,
OFFICERS
J. FREDERICK TALCOTT,
President and Treasurer
CHARLES E.
Vice-President
FRANCIS E.
MATHEWSON,
Secretary
Secretary
Ralph S. Richards
Assistant Setrstart
.
Gilbert A. Harrington
Asst.
TALCOTT,
Assistant
G, Burton Hlbbert
Secretary
Seeretmrw
George H. Cspron
Vic* President
Ralph W. Bowen
Trust Offim
Assistant
Seeretart
Providence, Ithade Island
JAMES TALCOTT, JR.,
Assistant Treasurer
THOMAS J. McGANN,
Assistant
Secretary
JAMES L. COX,
Assistant
Secretary
HOOKER TALCOTT,
Assistant
Secretary
GmraiTrustCompany
OF
ILLINOIS
CHICAGO
Under
National. State and
Clearing House Supervision
Act*
Accounts
a*
Executor,
Trustee,
Administrator,
Guardian,
Receiver,
Registrar and
Transfer Agent
Girard Trust
Company
PHILADELPHIA
Chartered
and
Correspondence invited
Efficiently
handle all
equipped
to
business pertain¬
a
complete service to acoounts
CAPITAL and SURPLUS, $10,000,003
Hun bar
deposits.
banks
ing to banking, aad otter
1636
of
Fa da ml
Retervi
of banks, corporations, firms
and Individuals.
Syetan
Interest allowed
on
of
bankers received
Capital & Sur¬
E.
B. Morris,
plus
President
$7,000,000
Deposits.
$00,000,000
xxxiv
THE CHRONICLE
[Vol. 110
ANDERSON, CLAYTON & FLEMING
Cotton Merchants
15 William Street, New York
City
and
Norfolk, Virginia
Special attention paid to Spinners' requirements
ANDERSON, CLAYTON & COMPANY
Oklahoma City, Houston, Savannah, Atlanta
New Orleans,
Offices in all
ALLAN BOND
LEON
Boston
important European Centres.
WILLIAM J. WALSH
ELWOOD P. McENANY
GIBERTT
G. W. CLAY
INVESTMENT SECURITIES
Special Partners
/
EMERY, PECK & ROCK WOOD
£
Continental
Commercial
Bank
Building
CHICAGO
Railway Exchanga Building
BOND, McENANY & CO.
MILWAUKEE
MEMBERS
NEW
Dominick $ Dominic k
YORK COTTON EXCHANGE
Established
NEW ORLEANS COTTON EXCHANGE
1870
115 BBOADWAY
ASSOCIATE MEMBERS
Daalars
LIVERPOOL COTTON EXCHANGE
In
INVESTMENT SECURITIES
Members New Yerk Stack Exchanga
CABLE ADDRESS ALLANBOND
26 EXCHANGE PLACE
NEW YORK
Municipal
'Are
from
Exempt
Bonds
Federal
Incsrae
Yielding from
Send jo*
Correspondence Invited
Ta»~c
to 5%.
Liet
THE HANCHETT BOND CO
Incorporated 1910
S9
Established 1872
Henry Beer
Edgar H.
J.
Bright
I
O—
Jill
Oo
I
William
C.
"CD
JZ5.
"P
n
325 Baronne Street,
L| l
Pi
L|'
Mi
Morgan
South
New York Stock Exchange
New York Cotton Exchange
/
C. F# Childs &
PRIVATE
Chicago Board of Trade
WIRES TO
Company
Specialists
New York Coffee & Sugar Exchange, Inc.
New York Produce Exchange
Associate Members
Straal
Abrams
MEMBERS OF
New Orleans Future Brokers' Association
Sali«
L>
r-T,
NEW ORLEANS
New Orleans Cotton Exchange
La
CHICAGO
Barkdull
Liverpool
Ue Sa Government Bonds
CAPITAL. $800,008
Cotton Association
CHICAGO
PRINCIPAL POINTS
8C 8 So. La Salle St.
NEW YORK
ISO
Broadway
THE CHRONICLE
June 19 1920.]
xxxv
Cotton
GEO.
H1PFADDEN
H.
BRO.
&
Merchants
Cotton
PHILADELPHIA
NEW
25
YORK
Street
Broad
67 Worth
DEALERS
IN AMERICAN,
Street
EGYPTIAN AND FOREIGN COTTONS
Selling Agencies
IN
NEW
BOSTON,
ENGLAND AND
-
-
PROVIDENCE,
70
PALL RIVER,
GREENSBORO, N. C.
MONTREAL,
SPARTANBURG, S. C.
17 St. John Street
MACON, GA.
ATHENS, GA.
COLUMBUS, GA.
GREENVILLE, S. C.
252 Genesee Street
-
AUGUSTA, GA.
COLUMBIA, S. C.
202 Rock Street
-
NORFOLK, VA.
CHARLOTTE, N. C.
29 North Water Street
-
THE SOUTH
ATLANTA, GA.
Kilby Street
16 Market Square
-
NEW BEDFORD,
UTICA,
IN
CANADA
NEW ORLEANS, LA.
Foreign Correspondents:
FREDERIC ZEREGA & CO.,
Liverpool
NAAMLOOZE VENNOOTSCHAP MCFADDEN'S CIE VOOR IMPORT EN EXPORT,
Rotterdam
SOCIETE D'IMPORTATION ET DE COMMISSION, Havre
MCFADDEN
& CO.,
S. A. I., Milan
Alexandria, Egypt
REINHART & CO.,
,
GEO. H. MCFADDEN & BRO.'S
Agency, Lima, Peru
Jfinancfal
$300,000 Casey-Hudson Company
1%
Cumulative Serial Preferred Stock at
$190 per share and accrued dividends
Serial redemptions, 1923-1932
Business—General
business
In
Screw Machine Products, besides
Automatic
manufacturing
and marketing several important articles in large
Quantities.
■>
Net Quick Assets—$147 per share of Pre¬
REINHART & CO.,
ferred Stock.
Net
Tangible Assets—Ova* $200 per share of
Preferred
COTTON MERCHANTS
Stock.
Earnings—Average Annual Net Earnings of
the Company $109,177.98, or over four and onehalf times dividend requirements.
Special Circular
on
No. 7 Adib Street
Request.
George H. Taylor, Jr. & Co.
ALEXANDRIA, EGYPT
Telegraphic Address
-
REINHART
-
ALEXANDRIA
High Grade Investments
111 W. Monroe St.,
Chicago
Foreign Correspondents:
Caldwell & Company
Reinhart
SOUTHERN MUNICIPALS
&
Gilg,
Manchester,
England.
Cumberland Tel. A Telep. Co. 6a
Nashville Chattanooga A St. Louis By.
Nashville A Decatur By.
Nashville Hallway A Light Oe. Securities
Paul Reinhart &
$17 Security Bid*.
$14 Union Street
selling agencies in New England, Southern States
;
Societe
and Canada.
-
d'Importation et de Commission (ancienne maison
Louis
H.
Philadelphia, U. S. A., and their
ST. LOUIS, MO.
NASHVILLE, TENN.,
F.
Cie, Winterthur, Switzerland.
Geo. H. McFadden & Bro.,
PRINCE
&
Reinhart), Havre, France.
C(
BAN CERS
HOPKINS,
DWIGHT &, CO.
BOSTON, MASS,
HIGH-GRADE
Hczntttf* ct
INVESTMENT*
Nsy York A Heme
COTTON AND COTTON-SEED OIL
COMMISSION
MERCHANTS
COTTON EXCHANGE BUILDING,
-
NEW YORK
\
THE CHRONICLE
XXXVI
[VOL. 110.
Jftmmrial
George M. Shutt
dotton
Herman D. Hens*]
STEPHEN M. WELD & CO.
COTTON
George M. Shutt & Co.
MERCHANTS
82-92 BEAVER
Cotton Brokers
132 S.
ST., NEW YORK
FOURTH STREET,
PHILADELPHIA, PA.
DEVEREUX BUILDING
Coffee
UTICA, N. Y.
CORRESPONDENTS-
Exchange Building
Hanover Square
NEW
Stephen M. Weld & Co. of Boston
YORK
STATE
89
Personal
attention
THIRD
122
given to all orders.
20
SOUTH
791
STREET, BOSTON
STREET, FALL RIVER
WATER
PURCHASE
STREET, PROVIDENCE
STREET, NEW BEDFORD
Weld &
C&M. O. Oarn
Paul Bchwar*
August Scblweaberg
819
Prank A. Kimball
Corn, Schwarz
&
William
Street
New
White
STREET, NEW ORLEANS, LA.
Weld & Co.
Co.
LIVERPOOL
COMMISSION MERCHANTS
15
GRAVIER
LONDON]PARIS
ROUBAIX
BOMBAY
York
Weld & Neville
MEMBERS
OP
82
Naw
York Cotton
New
Orleans
New
York Produce
New
York Coffee Exchange
BEAVER
Exchange
Cotton
STREET, NEW YORK
Exchange
Exchange
Weld-Neville Cotton Co.
/
HOUSTON, TEXAS
C. S. Webb, Inc.
McClellan &
ENGINEERING
HI
&
Campion
GREENVILLE, S. C.
E. G. Gibbons
MANAGEMENT
MEMPHIS, TENN.
BROADWAY
NEW
YORK CITY
Special Attention Given to Spinners' Requirements and
WANTED
Execution of Orders for Future Deliveries in New
Offerings of registered legal railroad bonds
York,
Liverpool, New Orleans, Havre and Alexandria.
SEAS0NG00D, HAAS MCDONALD
Member. Nr. York Stock
II
Bxchmfe
Breadway
New York
Agencies.
New
Cable
"
Central Bond & Mortgage Co.
208 South La Salle St.
York. N. Y.
Seattle, Washington
Calexico, California
Galveston, Texas
Greenville, Texas
Address
GOSHO "
Corsicana.
Texas
Austin, Texas
Paris. Texas
Waco. Texas
Abilene, Texas
Ft. Worth
CHICAGO
recommends'to'conservative investors
the purchase of
GOSHO
BUTLER BROTHERS
COMPANY
INCORPORATED
Has large undletributed
aurplua
FORT
AMERICAN
WOOLEN
COTTON
Paid 22% dividend In 1919
Book value far ia excess of
market price
ever
Statistical
GOSHO KABUSHIKI KAISHA, OSAKA, JAPAN.
5 times dlvldtad requirements.
Analysis
Sent Free
an
EXPORTERS
Agency for
PACKARD 7% PREFERRED
Earnings
WORTH, TEXAS
COMMON
Request.
With
Branches
Yokohama,
FIRST
NATIONAL
BANK
Kobe, New York, Bombay, Calcutta, Tsingtau,
Shanghai, Tientsin, Hankow, Hongkong, Dairen, Manchester,
and Liverpool, England
RICHMOND, VA.
Capital and Surplus,
John
W.
M. Miller,
-
$3,000,000.00
Jr., President
M. Addison, Vice-President
R. Burnett, Vice-President
C.
Alex. F. Ryland, Vice-President
S. P. Ryland, Vice-President
Jas. M. Ball, Jr., Cashier
All cotton concentrated to Gosho Concentration &
for
classing, stapling and weighing at
custody or port ladings.
Galveston,
Compress Company
Texas, and shipped
under
Correspondence with Spinners and Brokers solicited.
Correspondence Invited
i
JUNE 19 1920.]
xxx vii
THE CHRONICLE
dfllfcm
(Ettttan
ThTLif^f
Chilean NitrateDeposits
SECURITIES
A. D. 1917
Careful
analysis given every afternoon in our
closing Stock Letter. Technical points compre¬
hensively treated. Special analyses of leading
securities frequently issued.
Correspondence
Total
) 720
deposits"1) million
^
Nitrate
in Chile
I
invited.
COTTON
Estimated life
of
Our
weekly Cotton Letter and special corre¬
spondence combine a highly interesting as well
valuable service to those in the trade.
as
in
World's
Send
consumption
For Reliable
Dr.
E W.WAGNER & CO.
•
•
•.
i'-
Established
\
I
deposits at
present rate of
Gratuitous distribution.
your name.
tons
WM.
300
years
Information Write
S. MYERS, Director
25 Madison Avenue, New
York
•''-"••v."
1887.
New York Stock Exchange
Cotton
New
York
New
York Produce
Exchange
CHRISTIAN &1PARS0NS
Exchange
N. Y. Coffee and Sugar Exchange
Cotton Exchange
New Orleans
Commercial
Chicago Board of Trade
Members
Chicago Stock Exchange
Cleveland Stock Exchange
Minneapolis Chamber of Commerce
CO.
Paper
Collateral Loans
Investment Securities
St. Louis Merchants Exchange
Milwaukee Chamber of Commerce
33 NEW ST
Chicago, III.
238 S. La Sallt St
NEW YORK
NEW LOAN
$1,500,000
Washington
Port of Tacoma,
General Obligation 5%
Bonds
Financial Statement
Actual value
J. S. BACHE & CO.
__$189,S84,048
;
Assessed valuation, 1919
Total bonded debt (this Issue
Debt
Sonded
L«m
than
Quarters Per Cent of
;
42 BROADWAY, NEW YORK CITY
®£>®£2,024
only)1,600,000
One and Three-
Assessed Valuation.
Maturing 1331-1965
Price, Par and Interest
MEMBERS
N.
Y. Cotton,
Chicago
19 South La Salle Street,
New Orleans Cotton Exchange
Chicago Board of Trade
Associate
Bolger, Mosser & Willaman
Stock, Produce, Coffee and Sugar Exchanges
Members
Cotton
Liverpool
Association
$270,000
COTTON STOCKS AND BONDS
Stephens County, Texas
DIRECT OBLIGATION
5y2% BONDS
COTTON SEED OIL AND COFFEE
Orders Executed for Future
in
New
*
Due serially 1921 to 1960
1919218,202 010
71 ''COO
assessed valua* on
Assessed value of taxable property
Total bonded Indebtedness
Delivery of Cotton
Bonded debt less than 4% of
Population, estimated, 20,000.
York, New Orleans and Liverpool
Price—100 and Accrued Interest
Liberal Advances
Liberal Terms and
or
on
Consignments of Cotton
Special Facilities for Receiving
Delivering
on
Mortgage Trust Compan?
Saint Louis
202 North Broadway
Contracts
Day & Zimmermann, Inc
JNO.
F.
A.
RUSSELL CLARK
CLARK
H.
J.
JOS.
SHATFORD
A.
MARKS
ENGINEERS
MEYERS
JNO. F. CLARK & CO.
Cotton (Spots
and Futures), Stocks, Bonds, Grain, Provisions,
Coffee, Sugar and Cotton Seed Oil
NEW
NEW ORLEANS, LA.,
824-826 Gravier Street
144
YORK, N. Y.
MEMPHIS,
Falls
Pearl Street
TENN.
Bldg., 26 N. Front St.
N. Y. Cotton Exchange
N. Y. Coffee and Sugar Exchange
Chicago Board of Trade
Exchange
N. O. Future Brokers Ass'n.
N. O. Board of Trade
Appraisals, Audita, Management
In oonneotlon with
Members
N. O. Cotton
Engineering, Construction, Reports
Publio Utilities & Industrial Properttei
HOME
New York
1
Private
Wires
Between
NEW
Produce Exchange
ORLEANS,
of
NEW YORK,
CHICAGO and Principal Points
OFFICE
<11 Chestnut St.
Philadelphia
the Cotton Belt
NEW YORK OFFICE
2 Wall Street
CHICAQO OFFlCfc
Harris Trust Bid®,
xxxviii
THE CHRONICLE
[Vol. 110.
Cotton
(Euttmi
ESTABLISHED 1850
HENRY HENTZ & CO.
"AMERICAN"
Commission Merchants
16-22 William Street
35
New York
BAGGING FOR
Congress Street
Boston, Mass.
Execute
Orders
for
Future
Delivery
COTTON
COVERING
AT THE NEW YORK, LIVERPOOL AND NEW ORLEANS
COTTON
COTTON BALES
EXCHANGES
Members of
NEW YORK
NEW
NEW
YORK
COTTON EXCHANGE
YORK STOCK
EXCHANGE
COFFEE AND SUGAR
NEW
EXCHANGE, INC.
YORK PRODUCE EXCHANGE
CHICAGO BOARD
OF TRADE
ASSOCIATE MEMBERS LIVERPOOL COTTON EXCHANGE
''American" Brand
Manila
GWATHMEY & CO
Rope
20-24
Towing Lines
Exchange Place, New York
Cotton Merchants
Marine Oakum
MEMBERS
Ratline & Marlines
NEW YORK COTTON
EXCHANGE
NEW YORK STOCK EXCHANGE
Tarred Rigging
NEW YORK COFFEE and SUGAR
EXCHANGE, Inc.
NEW YORK PRODUCE EXCHANGE
Twines & Cordage
hrr...
COTTON EXCHANGE
N EW ORLEANS
ffe:
CHICAGO BOARD OF TRADE
m'fmr
%r*'t itTgT7r""*r
-
Associate Members
LIVERPOOL .COTTON ASSOCIATION
1
AMERICAN
J. Franklin M£Fadden
MANUFACTURING
COMPANY
Harold A. Sands
MTadden, Sands & Co.
COTTON MERCHANTS
BROOKLYN, N. Y. CITY
115 Chestnut Street
Noble & West Streets
ST.
LOUIS, MO.
CABLE
Rialto Building
CHARLESTON, S. C.
Charleston
Bagging
(Branch)
Mfg.
,
ADDRESS, "MACSANDS"
BOSTON, 141 Milk Street
&
ORLEANS, LA.
C. O. Elmer, 312 Tchoupitoulas St.
PHILADELPHIA, PA.
BRANCH OFFICES:
Co.
GALVESTON, TEX.
Security Bldg. (Warren Jones
Gratz)
NEW
James Lawrence
NEW
YORK, 20 Exchange Place
FALL
RIVER, 17 Purchase Street
NEW
BEDFORD, 15 Hamilton St.
|
PROVIDENCE, 32 Westminster St.
UTICA, 73 Genesee St.
Jdne
"
THE CHRONICLE
191920.]
xxxix
jffttanrtal
gotten
$50,000
DOUGLAS COUNTY, WISCONSIN
JENKS, GWYNNE & CO.
6% COUNTY ROAD BONDS
Due
New York, N. Y.
Broad Street
15
Denomination 51,000
Dated April 1, 1920
serially 1930 to 1939
Principal and semi-annual interest (April 1 and
1) payable at the Treasurer s office,
Superior, Wisconsin.
October
Financial Statement.
BROKERS
$100,000,000
Real Value (estimated)
Assessed Valuation
.;v
;--'v..-f ;- iJ:■
'
'
MEMBERS
71,432,238
-
1,323,500
Total Bonded Debt...
Population 75,000
Price
New York Stock Exchange
New York Produce Exchange
York Coffee and Sugar Exchange Chicago Board of Trade
Associate Members Liverpool Cotton Association
New York Cotton Exchange
yield
to
for
5H%
maturity
any
New Orleans Cotton Exchange
New
Elston &
Company
Investment securities
108
La
S.
Salle St.
CHICAGO
Orders executed
Special
on
Attention to
Our TEN YEAR
above Exchanges
Spot Cotton Deliveries
GERMAN
COTTON STATEMENT sent on request '
Bonds and Marks
Consignments invited
Montreal Office:
Oar circular
application.
on
29 Hospital Street
Wollenberger & Co.
105 So. La Salle St.
Special Partner
WILLIAM STACKPOLE
ROGERS
H. PENDLETON
INVESTMENT BANKERS
LYMAN B. KENDALL
J. THEUS MUNDS
FRANCIS D. WINSLOW
CHICAGO
Munds,Rogers & Stackpole
■f:';
SPFCIAI I7F
WF
Alfred Decker & Cohn 7%
IN
Pref. Stook
Brunswick-Balke-Collender Co. 6s
Charcoal Iron Co. of America 7s
MEMBERS
NEW YORK COTTON
EXCHANGE
EXCHANGE
NEW YORK STOCK
Chicago Junction RR. Co. First; 4s
General American Tank Car Equip. 6i
Godchaux Sugars, Inc., 7% Pref Stook
Penick & Ford, Ltd
Inc., 7% Pf. Stk.
,
CHICAGO BOARD OF TRADE
Orders
Executed for Future
Domestic and
Delivery Cotton
Foreign Correspondence
25
Broad
New
Rainey-Wood Coke Co. 1st 6s
Invited
STOCK
&
DEPT.
BOND
New York City
Boston, Mass.
Corporation
Bond.
16 Vanderbilt Ave.
Street
State
MILWAUKEE
Nashville Hallway A Light G«. Securities.
Naahville & Decatur RR.
Naahvllle Chattanooga & St. Loula By.
City
Municipal,
10
S3S
&
NASHVILLE
.
.
Public
N.
Y.
N
COTTON
Q
MEMBERS
.
TENNESSEE
A CO.
INVESTMENT SECURITIES
1878
ASSOCIATE MEMBER
EXCHANGE
108 South La Sail. Street,
LIVERPOOL COTTON EXCHANGE
EXCHANGE
CHICAGO
Detreit
New Yerk
Grand Rapids
Milwaukee
f
a?'
WEIL BROTHERS
CottOTl Merchants
Demopolis, Ala.
Selma, Ala.
Winder, Ga.
Toccoa,
Ga.
Montezuma,
MONTGOMERY,
ALA.
Ga.
Columbus, Ga.
Decatur, Ala.
Greenville, Ala.
New York, 42 Cotton Exchange
New
13 Hkks
BuiW;ng
Dothan, Ala.
Jackson, Tenn.
Greenville, S. C., Conyers Building
INVESTMENT SECURITIES
19 William Straat
St.
NEW YORK
CHICAGO
LONDON
New Jersey
OUTWATER & WELLS
15 Exchange Place
'
& Company
Securities
Liverpool, Eng., Orleans House
P. W. Chapman
111 South La Sail.
Tupelo, Miss.
Amory, Miss.
Aberdeen, Miss.
New Albany, Miss.
Augusta, Ga.
Eufaula, Ala.
A
Opelika, Ala.
Savannah, Ga.
Athens, Ga.
Utility
NORTH
THIRD AVE.
W. G. SOUDERS
ESTABLISHED
CCfc
BROADWAY, NEW YORK
111
NASHVILLE TRUST CO.
Street
York
AMES, EMEKICH &
CHICAGO
'
Tel. 20 Montgomery
Jeraey City, N. J.
xl
THE CHRONICLE
[VOL. 110.
(flMaxi
PAUL
The
PFLIEGER
PAUL PFLIEGER & CO.
ENGLAND
NEW
LANGDON HARRISS
TRUST COMPANY
COMMISSION
BOSTON. MASS.
CAPITAL, II.IH.NI
Safe
Authorised to act
15
or
as
-
NEW
-
YORK
SURPLU8.
Deposit Vaults
MEMBERS
Exeeutor, and to receive and holC
New York Cotton Exchange
New Orleans Cotton Exchange
mousy or property In trust or on deposit from Courts ef
Law
MERCHANTS
WILLIAM STREET
Equity, Executors, Administrators, Asslgness,
Guardians, Trustees, Corporations and Individuals.
Also acts as Trustee under Mortgages and as Transfer
Ghent (Belgium) Cotton Exchange
New York Coffee & Sugar Exchange
Orders Executed for Futures
Agent and Registrar of Steoks and Bends.
Interest Allowed on Deposits Subject to deck.
OF
the Above
on
Exchanges
also solicit correspondence for Spots
We
OFFICERS
EUROPEAN
JAMES R. HOOPER. President
ROGER
PIERCE,
Vioe-Freeldent
PAUL
FREDERICK P.
FISH. Vice-President
FREDERICK W. ALLEN. Treasures
OFFICE:
PFLIEGER, 60 Boulevard du Chateau, Ghent,
Belgium
CHARLES E.
NOTT, Secretary
I
ORR1N O. HART, Trust Officer
'
EDWARD B. LADD, Asst. Treasurer
JOHN
W.
PILLSBURV, Asst. Treasurer.
FREDERICK O. MORRILL, Asst. Treas.
LEO WM. HUEGLE, Asst. Beemary
ARTHUR F. THOMAS, Asst. Trust Offloer
Rhd.
Siedenburg
R.
F.
Siedenbubg, Jr.
P.
Guttzii*
SEWALL E. SWALLOW, Asst. Tf. OfTr
GEORGE H. BOYNTON,
Rhd.
Manager Safe Deposit Vaults
BOARD OF
DIRECTORS.
Siedenburg & Co.
George WlgKleswortb. Chairman
Arthur Adams
David P. Kimball
J. D. Cameron Bradley
B. Parker Bremer
Rebert A. Lesson
Augustus P. Lerlng.Jr
Georgs H. Davenport
Ernest Levering
Roger Pleroe
'
Francis W. Fabyan
COMMISSION MERCHANTS
75
Frederick P. Fish
James M. Pendergait
Frank H. Gags
Morris Gray
Henry H. Prector
Edwin M. Rlohards
Sydney Harwood
Herbert M. Bears
Franklin W. Hebbi
Arthur R. Sharp
James R. Hoe per
COTTON EXCHANGE BUILDING,
Walworth Pleroe
Charles H. W. Foster
Henry L. Bhattuek
NEW YORK
MEMBERS
OF
NEW YORK COTTON EXCHANGE
NEW YORK COFFEE EXCHANGE
Cable Address:—" SIEDENBURG"
The United States Life
Insurance Co.
IN
THE CITY OF
Organised 1860.
NEW
ROBERT MOORE & CO
YORK.
Non-Participating Policies ealy
COTTON
Over Forty-Five Million Dollars Paid te Pelley
holders.
1
15 BROAD STREET
JOHN P. MUNN, M. D.f
Good
territory
open
for
PRESIDENT
high
class,
NEW YORK
persona!
producers,
under
Company.
Address Heme Office. 277 Breadvayr
direct
contracts
with
ID
New York City.
..
,
Members
[NEW
YORK COTTON EXCHANGE
1
NEW YORK COFFEE & SUGAR
EXCHANGE, Inc.
BERLINER HANDELS-GESELLSCflAFT
BANK
Berlin
..
R. H. HOOPER & CO.
Behrenstrasee 88-88
(Founded in 1866)
_
„
W.
Pally-paid capital &
reserves
M
144,100,008
Ail kinds of banking business
transacted.
Special attention given Ho forego exchange and
documentary business.
Trade Information furn¬
Cotton Brokers and Commission Merchants
COTTON
EXCHANGE
BUILDING
205 HICKS BLDG.
ished.
NEW YORK
CoW Address: Eandelges
NEW
ORLEANS, LA.
Berlin
MEMBERS
NEW YORK COTTON EXCHANGE
OF
LIVERPOOL COTTON ASSOCIATION
NEW ORLEANS COTTON EXCHANGE
UbcoIb
Messy Oppesheimer
Orders executed
on
above
Exchanges for Future Delivery
BANKERS
FRANKFORT-a-M„ GERMANY
Cable Address
"Opsakym"
0.
C.
STEINHAUSEE
C.
VAN
BUSKIRK
INVESTMENT SECURITIES
FOREIGN
STEINHAUSER & CO.
EXCHANGE
SUCCESSORS
F. WM. KRAFT, Lawyer
Specializing In Examination
Cotton
WILLIAM
RAY
&
CO.
|
Brokers
ft Preparation ofi
County, Municipal and Corporation
Bonds, Warrants and Securitiaa and
Procaadinga Autharizlng Soma*
Rooms ill-580,
111 W. Monroe St.#
Harris Trust Building
CHICAGO, ILLINOIS
i
TO
Members
Nexo
York
Cotton Exchange
26 Cotton
Associate Members Liverpool
Exchange Building
NEW YORK
Cotton
Association
xii
THE CHRONICLE
June 19 1920.]
(flnttntt
COOPER & GRIFFIN, Inc.
Cotton Merchants and Brokers
•
•
■-
.
•"
•'
•.
'•
;• •'«
'
'•
v v.."-.
w
•
t.
-•
.
GREENWOOD, S. C.
SPARTANBURG,
CHARLOTTE, N.
SAVANNAH, GA.
^
S. C.
TOCCOA, GA.
GREENVILLE, S. C.
1
Telegraph Codes
:
C.
Sheppersons and Meyers
TUPELO, MISS.
#fnxntf*l
E. P. WALKER & CO.
82 Wall
St., NEW YORK
STONE & WEBSTER
FINANCE
COTTON FOR SPINNERS
investment
Members
York Cotton
New
DESIGN
Exchange
!
MEMBERS
New
York
Stock
T.
James
/
Stock Exchange
Chicago
J. J. Bagley
Bryan
Benj
Stock Exchange
R
Frank C.
Hollinger
York
Cotton Exchange
New
York
Coffee Exchange
■
A
Produce Exchange
B
IIIh A [M
Wiaalii
New York
Chicago Board of Trade
A
v
«T
Fm.
BW
,
.0
dustrial
A Al
0
g
Nj
KK V
Winnipeg Grain Exchange
on
going concerns,
proposed extensions and new
projects.
' "-.A
,
,
D
public utility and in¬
companies.
REPORT
BvBB fl ^a■ ■
INeW York, 4^ oroaClWay
Chicago, 2 Board of Trade
Minneapolis Chamber of Commerce
St.
m
maoo
Exchange
Orleans Cotton
either from their
designs or from designs of
other engineers or architects.
MANAGE
New
New
stations,
power
hydro-electric developments,
transmission lines, city and interurban railways, gas and chemical
plants, industrial plants, warehouses and buildings.
own
Louis N. Stott
Harry L. Reno
Parke R. M. Paine
Bryan
Bryan> Jr.
public
banking business.
steam
CONSTRUCT
B. L. Taylor, Jr.
Louis V. Sterling
Exchange
.
Boston
B.
Benj.
industrial and
utility properties and conduct an
-•
v.".'.,
•.
•
NEW YORK
v.-
•
CHICAGO
BOSTON
Louis Merchants Exchange
Salt Lake
City Stock Exchange
Los Angeles
Stock Exchange
i
#
ttl
Philadelphia Bourse
iTOUNGSTOWN
r*
DETROIT
PARIS
PITTSBURGH
M.N FRANCISCO
Pacific
Private Wires Atlantic to
SEATTLE
J
LJnitcd States CLTlu. CcitlQdCL
"
THE
J. G. WHITE
C.
&
POPE
H.
87
Worth
St.,
CO.
INC.
CORPORATION
NEW YORK
BROKERS
GOODS
COTTON YARNS
Buildings—Industrial Units
Public Utilities
Reports—V alu at ions—Estimates
BURLAPS
Providence, and
Constructor
Engineers
COTTON
Branch
ENGINEERING
*t EXCHANGE
Offices;
Geo, H. Hawes & Co., Fall
River
,
PLACE
NEW YORK
Viele, Blackwell & Buck
ENGINEERS
Designs and Construction
Hydroelectric
M. HEINEMAN & CO.
Cotton Cloth Brokers
247 CHURCH
STREET,
NEW YORK.
and steam
Power Plants
Transmission Systems
Industrial Plants
Reports—Appraisals
49
H. M, CHANCE
Blslsi CoglBMri sad
OFFICES
BOSTON, MASS.
PROVIDENCE, R.I.
FALL RIVER, MASS.
New York
Wall Street
OAL AND MINERAL
& CO,
Geologists
PROPERTIES
Examined, Managed, Appraised
fKILADELPtm
«<MoiBldc„
xlii
THE CHRONICLE
[yob. 11®.
©trtton
WOODWARD, BALDWIN & CO.
and 45 Worth Street, NEW YORK
43
•
SELLING AGENTS FOR
SOUTHERN COTTON MILLS
Manufacturing Well Known Brands of
SHEETINGS
SHIRTING
DRILLS
DUCKS
For Home and Export
i
AH
Weights and Constructions of Print Cloths
and
Fine
Cloths
OUTING
Plain
in
FLANNEL
and
AND
Fancy Weaves
ROMPER
CLOTH
TOWELS AND DIAPER CLOTHS
Baltimore
Boston
St* Louis
St.
Philadelphia
Joseph
Chicago
San Francisco
Shanghai, China
3fttranrial
Adrian H. Mullcr & Sou
BLISS,
NEWYORC
auctioneers
OFFICE
FABYAN
BOSTON
CHICAGO
Selling Agents for
Regular Weekly Sales
'
CO.
No. #B WILLIAM 8TRBBY
Corner Pine Street
■
&
v :
Androscoggin Mills
STOCKS and
BONDS
Otis Company
Mfg. Co.
Manufacturing Co.
Boston Duck Co.
Palmer Mills
Columbian Mfg. Co.
EVERY WEDNESDAY
Pepperell Mfg. Co.
Cordis Mills
Street
Thorndike
Edwards Mfg. Co.
4t the Exchange Sate® Hoorni
14-1C Verer
Hill
Bates
ow
Warren Cotton Mills
Otis
^S.lUONES^
Municipal Railroad/St
,vY /;Y
;
Company
Company—Underwear
' :-,y
Y
'.Y':
•
Y
V-V v
"Y;
'
Corporation Bonds
20
Broad Street
<-
NewYork j
phone rector 0140—cable address "orientmdit"
Liat
c'fflvea
current
offerings,
MINOT, HOOPER & CO.
new york
AMERICAN
MFG.
boston
CO
SELLING
CORDAGE
Transacts
Solicits
Pays
Harmony Mills
John p.
King Mfg. Co.
N. Y. CItt
general banking business.
on most favorable terms.
a
FOR
Dwight Mfg. Co.
Lyman Mills
MANILA, SISAL, JUTE
noble 4k Weet Street*. Brooklyn
AGENTS
Great Falls Mfg. Co.
j.
p. stevens
&
co.
accounts
interest
current accounts.
Furnishes credit information regarding Ameri¬
can
Has
Has
and
extensive
direct
on
foreign business
facilities
connections
all over
for
with
the
houses.
foreign
trade.
important cities
COMMISSION
MERCHANTS
world.
Foreign Department
NATHAN
G.
CHATTERTON,
-
Manager
THEODORE S. PALLAS, Asst. Manager
HOWARD S. MOY, - - - Asst. Manager
GREAT
Member
110
LAKES TRUST
Federal
So. Dearborn
St.
Reserve
CO.
System
Chicago
new
york
boston
chicago
;.:'K
June 19
xliii
THE CHRONICLE
1920.]
ffinttnn
DEERING, MILLIKEN & CO.
79-83 LEONARD STREET,
SELLING AGENTS FOR
NEW YORK
MILLS MANUFACTURING
PRINT CLOTHS
SHEETINGS
DRILLS
BROVIfN &. BLEACHED WIDE SHEETINGS, SHEETS,
GOODS
CONVERTED
FOR
HOME
AND
WOOLEN
PILLOWCASES
EXPORT
USE
GOODS
JittaHrial
WILLIAM WHITMAN COMPANY, INC,
COMPANY
GAS
Selling Agents
CITIES
OHIO
Convertible Serial
NEW YORK
BOSTON
CHICAGO
PHILA.
Notes
Gold
Due June 1,
1923
semi-annual
Interest
in New York and
Principal
Complete description
Price 97%
Cotton
-
Worsted
-
on
request
and Interest
Yielding about 8%
Merino
BOND
and Mercerized Yarns
DEPARTMENT
Fifth-Third
National Bank
Men's Wear
Dress Goods
payable
Chicago
and
CINCINNATI, O.
Specialties
n A TT ,T"NT
345
Broadway,
&
GO.
CHICAGO
PHILADELPHIA
BOSTON
Thomas C. Perkins
NEW YORK
15 State Street
CO M MIS SIONMER CHANTS
SHEETINGS,
Constructive
Boston, Mass.
DRILLS,
Hartford, Conn.
Specialist for eighteen
years in the Financing
FLANNELETTES, GINGHAMS,
of established and pros¬
perous
COTTON
Banking
36 Pearl Street
Industrials.
YARNS-- -all numbers.
Entire
underwritten
American Bleached Goods
stock
issues
and distributed
Company
COMMISSION MERCHANTS
JL.
SIMON
BORG & CO*
White, Printed, and Colored Goods;
Members
Ginghams; Sheets; Typewriter Cloths
and
Ribbons; Mechanical Cloths.
FLAXON
39 Leonard Street
of New York Stock Exchange
No. 46 Cedar Street
-
•
New Yotj
SOIESETTE
NEW YORK,
N. Y.
HIGH-GRADE
INVESTMENT SECURITIES
THE CHRONICLE
[VOL. 110.
Cotton
For the Jobbing,
and
Manufacturing
In addition
Export Trade
made
We Offer for Export
by
products of
Nashua Mfg. Co.
Indian Head Mills of Ala.
B. B. & R.
Nashua Mills
S. A. Crozer & Son
P. H. Hanes
Jackson Mills
Durham Hosiery Mills
Boston Mfg. Co.
Quinebaug Co.
Wauregan Co.
Nockege Mills
Lancaster Mills
Stonecutter Mills Co.
Parkhill Mfg. Co.
La Tosca
Knight
Knitting Co.
Knitting Co.
Norwich Knitting Co.
Waynesboro Knitting Co.
Anjory, Browrje a G>.
BOSTON
NEW YORK
LONDON
MANCHESTER
PARIS
iffutattrtal
"AMERICAN
FOREIGN BANKING
CORPORATION
53
Broadway, New York
Capital, Surplus and Undivided
Profits over
$5,000,000
Principal Branches
Brussels, Belgium
Argentina
Harbin, Manchuria
Selling Agents
Buenos Aires,
Havana, Cuba
Manila, Philippine Islands
Panama
Port
Rio
au
City, Panama
Prince, Haiti
Brazil
de Janeiro,
Santo
88 Worth Street is the
the cotton
Domingo, Dominican Republic
Correspondents throughout the world.
We
are
manned
and handle every
HolIister,White&Co.
•NCORPORAff O
Investment Securities
92 CEDAR
clearing house of
goods trade.
and
equipped to carry
kind of cotton fabric—
To fulfill domestic and export
all parts
needs in
of the world—
STREET, NEW YORK
J 60 Congress St.
Boston. 9. Mass*
North American BJdg.
Philadelphia, Pa.
To
manufacturers and
serve
every way
made possible
jobbers in
by prevailing
conditions.
Moore,
Leonard & Lynch
Service at 88 Worth Street is
force not
a
a
practical
theory-
Members New York & Pittsburgh
Stock Exchanges
TELEPHONE
Prick BIdg.
Ill B'way
New York
WORTH
9100
Ritz-Carlton
Pittsburgh
Philadelphia
H. D.
Walbridge & Co.
14 Wall
Street, New York
Public Utility Securities
Italian Govt. 5% Int.Loan of '18
PARKER, WILDER & CO.
BOSTON
NEW YORK
Russ.Govt.5V^% Int.Loan,due'26
Russ.Govt.6V2% ext.Loan,due'19
French
Govt.5% Int.Loan ofl916
SELLING
AGENTS
NAUMKEAG STEAM COTTON CO.
Bo ughi—Sold—Quoted
BOOTT MILLS
ALFRED
R
Telephone 5204 Broad
RISSE
BROADWAY
MONADNOCK MILLS
xlv
THE CHRONICLE
June 19 1920.]
Cotton
WATTS, STEBBINS & CO.
SELLING
AGENTS
LEONARD STREET
44-46
BROWN
AND
BLEACHED
SHIRTINGS
SHEETINGS
INTERLININGS
CAMBRICS
DRILLS
LONG CLOTHS
NAINSOOKS
LAWNS
FOR
NEW YORK
i
HOME AND
EXPORT MARKETS
Finishes and Packing for the Export Trade
Special
Jffnatufal
Hunter
BOUGHT AND SOLD
Mfg. & Commission Co.
WORTH
58-60
STREET
Bay State Film
SI
Fever
Unlisted
U. S. A.
NEW YORK CITY
Mines
Oil, Mining, &
Industrial Securities
S. F. Redmond &Co., inc.
BOSTON, MASS.
10 STATE ST.,
World Wide Distributor of Cotton Fabrics
Selling Agents for
Wire te New
Dire* Private
Stump &
Scott
SOUTHERN COTTON
MILLS
York.
Tel. Mala 3138—Fert HUI 920
SECURITIES
INVESTMENT
Fabrics for Home and Exports
Stock Exchange Building,
PHILADELPHIA
DOMESTIC BRANCH OFFICES
Keystone:
SAN FRANCISCO
CHICAGO
BOSTON
PHILADELPHIA
PfeciMK Lecuit 6480.
ST. LOUIS
GREENSBORO
BALTIMORE
FOREIGN
THAYER, DREW & CO.
BRANCH OFFICES
MUNICIPAL BONDS
Caracas, Venezuela
Curacaio, D. W. I.
Buenos Aires, Argentina
Havana, Cuba
Barranquilla, Colombia
Santiago, Chile
San Juan, Porto Rico
111
Broadway
York
New
Telephone
TAYLOR, CLAPP & BEALL
COMMISSION MERCHANTS
103 & 105 Worth
PHILADELPHIA
Berkeley Company
Utica Steam & Mohawk
Broadway,
New
City
York
BOSTON
Blackstone Mfg. Company
Hope Company
Investment
Member* New York Stock Exchange
Selling Agents for
Lonsdale Company
8411
actor
W. C. Laafiey & Co.
115
St., New York
BALTIMORE
CHICAGO
6481. 6482. 6409
Race 2797
Valley Cotton Mills
Specializing in
Russian Govt. Bonds
and
Currency
Foreign Govt. Securities
CHAS.
F. HALL &
CO.
Tel. 6819 Rector. 20 Bread St.. W. T.
BERTRON, GRISCOM & CO., INC.
INVESTMENT
WEST, BAKER & CO
DRY
GOODS COMMISSION
Everett Building, 45
Land Title
Building
PHILADELPHIA
East 17th St., New York
Denims, Tickings, Hickory Stripes, etc.
NEW YORK
MERCHANTS
Bleached, Brown and Colored Goods
Muslins, Cambrics, Nainsooks
Crashes,
46 Well Street
SECURITIES
Bedspreads, Print Cloths
and Fancy Weaves
"61
YEARS
OF
FARM
MACHINERY
MAKING"
McSHERRY MANUFACTURING COMPANY
Preferred & Common Stocks
Sales Representatives
Wanted
l.n. Rosenbaum & Co.
135
Broadway, New York.
[Voi,. no:
THE CHRONICLE
xlvi
Jffcwnrial
30
m
Export Banking
Intimate
knowledge
of
the
and
needs
habits
of
people^
the
years of experience and actual residence in the coun¬
tries themselves, is essential when transacting business abroad.
acquired by
23 Branches in South America
Eight offices in Europe
Direct connections with India
Anglo-South American
F. C.
ALFRED
HARDING, Agent
Capital and Reserves
and
a
'"Bank, limited
WINSTANLEY/Sufc-A^m*
over
twelve
New York
half million pounds sterling
Agency, 49 Broadway
HEAD
OFFICE:
SimntM
LONDON
;
"
Cotton.
FLEITMANN & CO., Inc.
"Concentration
is the secret
of power"
356
SPECIALIZATION
1
Fourth
New York
Avenue,
—EMERSON
FACTORS AND
COMMISSION
MERCHANTS
TN
I
the
Metropolitan
A Trust Company there
are
always
Manufacturers
who
men
have
their
and
Agents Accounts Financed
long specialized in
particular line.
AS
a
consequence
/A this,
grasp
their
of
quick
SCHEFER, SCHRAMM & VOGEL
and ready under¬
standing of the specific
NEWYORK
requirements of clients
tend to foster helpful
and
pany
rela¬
constructive
tions between the
Commission Merchants and Mercantile Bankers
com¬
and those it serves.
MAIN STORE
315
AVENUE
FOURTH
(S. E. Corner 24th Street)
Finance
Manufacturers'
METROPOLITAN
TRUST
OF
COMPANY
Oyer
OV/0
NEW YORK
SAFETY
&
CO.
use
PAPER
COMMISSION
T
MERCHANTS
MERCANTILE
George La Monte & Son
Broadway
Direct
Sales
WILLIAM ISELIN
°f th" B»nk* ,n
FOR THEIR CHECKS
$1
or
-•
1
New York City
NATIONAL
either through Agents
Guarantee
or
B
716 FIFTH AVENUE
THE CITY OF
60 WALL STREET
Accounts
•
Discount
AND
BANKERS
New York
l"
357
Fourth Ave.
-
-
W. H. Goadby & Co.
NEW YORK
Members New York Stock Exchange
NO. 74 BROADWAY
NEW YORK
Cotton Goods Department*
18-20 Thomas St«
@FedFRASER