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I
f
Tin'
oitimtrriai
INCLUDING
BY WILLIAM B.
VOL. 110.
$10.00 Per Year
ENTERED A8 SECOND-CLASS
MATTER JUNE S3, 1879, ATTHE POST OFFICE AT NEW YORK,
NEW YORK,
DANA COMPANY, NEW YORK,
Issued Weekly
THE
FARMERS'
City Section
NEW YORK, UNDER THE AOT OP MARCH 9,
JUNE 26, 1920.
NO. 2870.
ffimmUd
^financial
financial
CHARTERED
Railway Sections
State and
Bankers' Convention Section
Railway Earnings Section
COPYRIGHTED IN l<re2
Electric
Railway & Industrial Section
Quotation Section
Bank &
HARVEY FISK & SONS
1122
The
LiherlyNalional Bank
of NewYork
32 Nassau St.
LOAN & TRUST
v
NEW YORK
COMPANY
surplus
undivided
22 William Straat
Fifth Avanua, at 41«t Strati
tt. 18. 20 and
478
NEW
UNITED STATES
BONDS
YORK
BONDS
NEW YORK CITY
AND OTHER CHOICE
SECURITIES
CARE OF
"
"
*4,000,000.00
profits_*2,100,000.00
" ' 4.';
'• "'V
*
Correspondents in all countries
Special facilities in Scandinavia
INVESTMENT SECURITIES
MANAGEMENT OF ESTATES
DOMESTIC AND FOREIGN
'"'V! "r"
Harris, Forbes &Co
BANKING
The New York Trust
YORK
Company
CREDIT
LETTERS OF
FORBES A CO.. In«.
HARRIS.
BOSTON
26 Broad Street
ACCEPTANCES
CHICAGO
Act m'fiscal
agent* for
deal
in
INVESTMENT
BONDS FOR
PARIS
LUt on
Application
Capital, Surplus and Undivided
and
New
Oable Addrem BAB A.
Profits,
System
York Clearing House
Member Federal Beeerre
munici¬
and corporation* and
Government, munici¬
pal, railroad and public utility
pal Itie*
5th Avenue and 57th Street
LONDON
A SAVINGS BARB
HARRIS TRUST
COMMERCIAL LETTERS
LONDON, g. C,
21 AmiIIm Friars.
EXCHANGE
William
Corner
Street,
Pino
NEW
FOREIGN
*0,000,000.04
1
capital
NEW YORK
Established 1892
$14,000,000
1874.
Established
John L. Williams & Sons
Edward B. Smith
& Co
BANKERS
Main Street*
and
Comer 8th
Established 1810
■
Member New York and
J
RICHMOND. va.
BaMtmoreT Correspondents:
R. LANCASTER WILLIAMS
Stock
The
* CO.. Inc.
Mechanics
Metals
and
National Bank
GA1RFI.ELD
Crosses
Capital,
A
The Chase National Bank
STREET, where
FIFTH ;A
VENUE
Capital
Broadway
$1,000,000
Surplus,
Bank for the Builders
-
-
-
-
-
£$10,000,000
-
-
$15,000,000
of the
City of New York
BROADWAY
57
-
New York
Philadelphia
OF THE CITY OF NEW YORK
National Bank
23rd
Philadelphia
Exchanges
$1,000,000
Surplus and Profits
of Business
*15,000.000
CAPITAL
22.227,000
SURPLUS AND PROFITS
Version Exchange
THE
Department
OFFICERS
Trust Department
A.
AMERICAN EXCHANGE
NATIONALS
Dspartmsnt
ALBERT
BANK
SAMUEL
Board of Directors
President
Vice-President
Vice-President
Vice-President
.Vice-President
VIce-PresIden t
Cashier
THAYER
H. MILLER....
EDWARD R. TINKER
Letters of Credit
CARL J.
Resources over
Advisory Board
H. WIGGIN,
Chairman of the
EUGENE V. R.
NEW YORK
Foreign Exchange
BARTON HEPBURN,
Chairman of the
Bend
.364,289,000
DEPOSITS (May 4. 1920)
$175,000,000
SCHMIDLAPP
GERHARD M. DAHL
REEVE
SCHLEY
ALFRED O. ANDREWS
Francis Ralston Welsh,
FIRST NATIONAL
BANK
BONDS
PHILADELPHIA, PA.
/
A* LAW,
President
AND ELECTRIC
LIGHT AND POWER
109-111
Wm.
Mitchell
Tripp
James N. Hill
Daniel O. Jackling
Charles M. Schwab
John
OF RAILROAD, GAS
CHARTER NO. 1
DIRECTORS
Henry W. Cannon
A. Barton Hepburn
Albert H. Wiggin
COMPANIES
'
SOUTH FOURTH
PHILADELPHIA
STREET
J.
Guy E.
Samuel H. Miller
Edward R. Tinker
Edward T
Nichols
Newcomb Carlton
Frederick H. Ecker
Eugene V. R. Thayer
Carl J. Schmidlapp
Gerhard M.
Andrew
Dahl
Fletcher
William B. Thompson
Reeve
Schley
Kenneth F. Wood
Wendell Endlcott
William M. Wool
H.
II
THE CHRONICLE
JnBMtmrnl feousts
I*P. MORGAN & CO
33rataets of
anD
[VOL. 110
ynrctgn Cxdjangt
Maitland, Coppell & Co.
Wall Street, Corner of Broad
52 WILLIAM STREET
NEW YORK
KIDDER, PEABODY & GO.
NEW YORK
fEEXEL
&
CO.,
PHILADELPHIA
Corner of 5th and Chestnut Streets
Orders executed for
Act as agents of
MORGAN, GRENFELL&CO., LONDON
No. 22 Old Broad Street
20EGAN,
HARJES
&
Pills
of Exchange,
Letters
CO.,
PARIS
14 Place Vendome
all
Investment
Securities.
Corporations and negotiate
issue Loans.
Telegraphic
of Credit
National
17 WaQ St
BOSTON
NEW YORK
ana
Transfers,
Commercial and Travellers
on
The
115 Devooshlro St
Provincial
&
Union
Bank
of
England, Ltd., London,
Securities bought and sold
on
Commission
fttfsular
Letters
for Travelers, available
parts of the world.
in
Letters of Credit
Messrs. Mallet Freres & Cie,
Paris,
Foreign Exchange, Commercial Credits.
C
Cable Transfers.
;v
And
Principal Places in Mexico.
all
on
Agents for the Bank of Australasia.
TRAVELERS' LETTERS OF CREDIT
BASING BROTHERS & CO. LTD,
LONDON
BROWN BROTHERS &, GO.
Philadelphia
NEW YORK
August Belmont & Co.
Bowut
■
■
-
-
48
ALEX. BROWN & SONS, Baltimore
EXCHANGE
Members
New
Agents
and
Securities
of
•
the
ROTHSCHILD,
ISSUE LETTERS OF CREDIT
for
Accounts
Commercial
YORK
Exchange.
London, Paris and Vienna
Foreign Exchange
Deposit
NEW
Stock
Correspondents
Messrs.
Investment
PLACE,
York
Available
in
Travelers
all
parts
J. & W.
of the world.
Seligman & C®
Draw bills of Exchange and make
Telegrapnic
Transfers.
Credits
Travelers' Credits?
NS-54 Wall Street
Execute orders for the purchase and sale
Bonde and Stock*.
NEW YORK
JBBOWN, SHIPLEY & CO.
SIMON
LONDON
BORG & COc
Members of New
York Stock Exchange
T. Suffern Tailer
JSfHrrille Kane
No. 46 Cedar Street
James G. Wallace
-
New Yos
-
HIGH-GRADE
TAILER&©
INVESTMENT SECURITIES
itedimmd&dS
1ft Pine Street,. New York
Lawrence Turnure & Co.
64-66 Wall
Investment Securities
Investment securities bought and sold
mission.
-
-
•
New York
Bldg.
PltUbergb
America
London
and
Bankers:
Midland
YORK
Investment Securities
credits, available through¬
States, Cuba, Puerto Rico, Mexico,
Spain.
Make
collections
in and issue drafts and cable
transfers
countries.
STREET
on com¬
Travelers'
Central
Winslow, Lanier & Co
NEW
St.
Arcade
New York
out the United
89 CEDAR
13 Pin*
Unlen
Street,
Bank,
Paris Bankers:
London
Joint
on
Members
above
City
&
New
York end
Limited.
Heine &
Pittsburgh
Stock Exchanges
Co.
BANKERS.
IdQQttflltf
Received
Allowed
Subject
on
Bought
to
Deposits,
and
Sold
Draft,
HEIDEL6ACH, ICKELHEIMER & CO.
Interest
Securities
37 William Street.
on
£om*Mretoiii
MEMBERS
foreign Exchanger Letters ot Credit
N.
Y.
STOCK
EXCHANGE.
Execute orders for purchase and sale of
Stocks and Bonds.
Foreign Exchange Bought and Sold.
Bonds jot
Issue Commercial and Travelers' Credits
available in all parts of the world.
Investment
HUTH
30 Pine Street
Schulz & Ruckgaber
Now Yerk
Investment Securities
New York
Foreign Bonds & In vestment" Securities,
Commercial Credits,
tT Pin* Stmt
& CO.
ForeignExchange,
Cable Transfers
on
FEED? HUTH & CO., London
and
on
the Continent of
Europe
Foreign Exhange
Kean, Taylor & Co.
New York
Commercial
Credits tamed la Dollars. Pounds
Sterling. Francs. Guilders. Pesetas, etc.
Pittsburgh
London Agents, Messrs. Goeahene Jb
Cealiffa
John Munroe & Co.
9BW YORK
BOISSEVAIN
BOSTON
Letters of
52
r
Foreign Exchange
INVESTMENT SECURITIES
COMMERCIAL DEPARTMENT
Cablei Transfers.
FOREIGN
f
WNROE
MESSRS.
fc
CO..
& CO.
Amsterdam. Holland
J
4*
Wan
Street!
New York
XCHANGE
PIERSON & CO
Pari?
r
ALDRED & CO.
YORK
Members of the New York Stock
Exchange.
fa: Travelers
tBamercial Credits.
BROADWAY, NEW
Fiscal Agents for
Public Utility and Hydro-EIectrtf
Companies
in
THE CHRONICLE
JUNE 26 1920.]
lirttrtniwit ant) jftnanttal l&mst*
Lee, Higginson & Co.
60 Wall
14
INVESTMENT SECURITIES
Congress Street
BOSTON
421 Chestnut
Montgomery Street
Street
PHILADELPHIA
SAN FRANCISCO
Members of New York
Chicago
MEMBERS
and Chicago
NEW YORK STOCK
Stock Exchanges
EXCHANGE
Commercial Paper
Higginson & Co.
Securities
St.
bought
sold
and
on
commission
Commercial
Letters of Credit
parts of the world
Travelers'
&
all
in
available
new vom
52 WILLIAM ST.
Foreign Exchange
E. C.
London,
60
CHICAGO
Boston
80, Lombard
Street
YORK
NEW
Street
137 So. La Salle
Investment Bankers
New York
Millett, Roe & Hagten
Goldman, Sachs & Co.
•"
;"
i hi
—aBcej
-
Hornblower & Weeks
NEW YORK
42 BROADWAY,
RAILWAY
EQUIPMENT BONDS
Investment Securities
Short!; Termia Note#
:&nnces
MEMBERS
JMam
BOSTON AND
NEW YORK,
CHICAGO STOCK
Direct wires to all
EVANS, STILLMAN & CO.
EXCHANGES
Members New York Stock
principal markets
60
NEW YORK
BROADWAY
Established
Robinson & Co...
Portland
Providence
Industrial
Bonds
Public
&
Preferred
Investment
Stocks
New Yori?
Exchange Place
Members New York
Stock Exchange
Counselman & Co.
BONDS
normal
unprecedented fall in Foreign
considerably below their
selling
value due to the
Present
Exchanges.
point to an advancing
indications,
Investment Bankers
112
CHICAGO
W. ADAMS ST.,
however,
Conservative
tendency and a return
profits.
would yield unusual
te normal
suggestions and Circular F-
Write for our
0.
Investment Securities
Investment Securities
Underwritten
Distributed
&
Yielding 6% to .8%
Bond & Goodwin
BROADWAY,
W
Securities
Utility Securities
Equipment Trust Certificates
GOVERNMENT
Bonds
TJ. S. Government
Underwriters & Distributors
1888
FOREIGN
are
Correspondent Offices in 50 Cities•
Exchange
Chicago
[Boston
Office: National City Bank Building
Uptown Officer Fifth Avenue and 4.3rd'St,
YORK
NEW
Telephone 4600 Bowling
Green
Peabody, floughteling & Co.
Federal Securities
Frazier & Gh.
Bread
ft Saasom
Corporation
38 South
EST. 1805
Dearborn Street
10 So. La
INC. 1918
Chicago
Salle St.
CHICAGO
Streets
PHILADELPHIA
New
IsMnwi
Yerk
Pittsburgh
Waakhagtoa
Distributors
Underwriters
SECURITIES SALES
Wilkea-Berre
Lebaeae
CO.
Howe, Snow,
Corrigan & Bertles
STUART & CO.
HALSEY,
Incorporated—Successors
HALSEY &, CO.
N. W.
YORK
BOSTON
ST.
LOUIS
Government,
Municipal, Railroad
Utility Bonds.
and Public
Fiscal Agents for
Preferred
Cities and
H. F.
Stocks
PEACHTREE, ATLANTA
ORLEANS
BIRMINGHAM
CHARLOTTE
MEMPHIS
BANKERS
INVESTMENT
Corporations.
Y. and Phila.
RAILROAD AND
Stock Exchanges
61 Broadway
St.,
PHILADELPHIA
NEW
FOREIGN
GOVERNMENT BONDS
YORK
FOR
INVESTMENT
HOLTZ & CO.
INVESTMENT
HARPER
& TURNER
INVESTMENT
BONDS
STOCK
south la salle
chicago
street
BANKERS
Colgate, Parker & Co.
EXCHANGE BUILDING
WALNUT STREET
)9
;
Notes
JACKSONVILLE
NEW
Established 1866
1425 Walnut
T.
64
BACHMAN & CO.
Members N.
H.
Short Term
MICHL
RAPIDS,v
GRAND
Bonds
Bankers
CHICAGO
PHILADELPHIA
DETROIT
MINNEAPOLIS
MILWAUKEE
CHICAGO
NEW
to
Investment
I
ABOVE BROAD
PHILADELPHIA
Members
Philadelphia Stock Exchange
'
49
Wall Street,
New Yorfe
IV
THE CHRONICLE
/buuitisl
Electric
Power
and
prises with records
[Vol. 110.
Jffnmrial
ESTABROOK & CO.
Light Enter*
of
JftmmtoA
established
Members New York and Boeton
earnings.
Stock
WE OFFER
Bankers
and
Investment
CHASE
Exchanges
INVESTMENT
&
COMPANY
SECURITIES
BONDS
Dealers
15
Proven Power and
Light Securities
State Street,
BOSTON
-
24 Broad Street,
NEW YORK
Correspondence Solicited
BALTIMORE
19 CONGRESS
ST.
BOSTOB
SPRINGFIELD
PROVIDENCE
ELECTRIC BOND & SHARE CO.
(Paid-Up Capita! and Surplus$24,000,000)
71
BROADWAY, NEW YORK
;
E. S.
MUNICIPAL AND RAILROAD
EMERSON & CO.
Arthur Lipper & Company
New
Street and
Exchange Place
NEW YORK
BONDS
Investment Securities
For Conservative Investment
SECURITIES BOUGHT
SOLD
R. L.
35
80 STATE ST.
Day & Co.
ON
AND
COMMISSION
BOSTON
Members
Congress St., Boston
Branch Offices
N. Y. Stock Exchange
Waldorf-Astoria Hotel.N.Y.
N. Y. Cotton Exchange
New
York
11 East 44th St.. N. Y.
N.Y.Coffee & Sugar Exch. Saratoga
Springs, N. Y.
Correspondents
REMICK, HODGES
&
Philadelphia Stock Exch.
Richardson, Hill & Co.
CO.
Atlantic
Chicago Board of Trade
Weet End, N. J.
City. N. J.
Long Beach, N. Y.
Established. 1870
PARKINSON
Investment Securities
& BURR
We
Members of the New York
and
Boston Stock
Exchanges
50
Government and
BOSTON
9 Wall Street
53 State Street
*EW YORK
BOSTON
Members
Specialize in
Congress St.
[Boston Stock Exchange
\ New York Stock Exchange
Municipal Bonds
(Chicago Stock Exchange
William ftfompton ft
INVESTMENT BONDS
Gochrane,Harper&Co.
Investment
Wall Street, New York
14
W. F. Ladd & Co.
St. Louis
Cincinnati
Chicago
>
New Orleans
Securities
£0 State St.,
BOSTON
111
E. HOWARD GEORGE & CO, be.
Broadway
NEW YORK
Investment
Investment Banker*
Securities
11 State Street
BOSTON, MASS.
BONDS
Siaker, Ayling & Young
New York
BOSTON
FOUNDED 1853
PHILADELPHIA
Investment Securities
ESTABLISHED 1865
Letters of
Foreign
Exohange
Credit
,
Travelers' Cheeks
Correspondents
101116
6 Nassau
BROTHERS
160 Purl
&
00.
Stmt, NEW YORK
St., N. Y.
MEMBERS NEW YORK STOCK
EXCHANGE
Equitable
Underlying Railroad
Letters of Credit
on
K0NIG BROTHERS, LONDON
and
NEDERLANDSCHE HANDEL-MAATSCHAPPY
ROTTERDAM
the
World.
*Kmu(fi -NarhoD &-KuI)np
Members New
Deal in
York Stock
Exchange
Building
New York
Bonds
and
Commercial and Travellers'
Throughout
,
Tax-exempt Guaranteed
& Preferred
Railroad & Telegraph Co. Stocks
Watkins & Co.
New
England
Industrial Securities
Yielding S^%
to
8%
J. MURRAY WALKER
SI Dwaaahbs Stmt
Boston
7
Wall
NEW
Investment
Street
YORK
Securities
JUNE 26
v
THE CHRONICLE
1920.]
Croafrfati
BANK OF MONTREAL THE CANADIAN BANK
Canadian
Established
over
100 Years
OF COMMERCE
Government and Municipal
UP
CAPITAL PAID
Bonds
$20,000,000
-
PAID
.20,000,000
REST
exceptional
offer
bonds
These
oppor¬
2,090,440
UNDIVIDED PROFITS
tunity for sound investment.
If pur¬
chased
now
they
will
yield
from
ASSETS
TOTAL
571,150,138
-
-
-
7% to 7i/2%
SIR CHARLES GORDON,
General Manager, Sir
Assistant
In
NEW I YORK
STREET.
WALL
14
London.
Toronto
and Agencies:
Paris, Bank of
L. Jones.
~
all
points.
Travelers* Cheques and Letters
of Credit Issued
available In all parts of the world.
Exchange business
description transacted with Canada.
Banking
LONDON
of
and
OFFICE—2
BANKERS
and West
British Guiana
Indies,
West
V.
every
York, Chicago,
Spokane, San Francisco—British American
Bank (owned and controlled by the Bank of
Montreal).
j
at
;
Montreal, (France).
In the United States—New
Montrea
Eng.
London,
H.
Exchange Place
Buy and Sell Sterling and Continental
Exchange and Cable Transfers.
Collections
Newfoundland.
England, and at Mexico City.
At
Manager,
C. L. FOSTER,
[Agents
C. J. STEPHENSON,]
Throughout Canada and
Incorporated
General
John Aird.
F.B.FRANCIS,
made
Branches
Wood, Gundy & Co.
315,000,000
President, Sir Edmund Walker, C.V.O.,LL.D.,D.C.L*
G.B.E., Vice-Pres.
Manager.
General
315,000,006
New York Office, 16
Williams-Taylor
Frederick
Sir
articulars C-20
OFFICE. TORONTO
CAPITAL
RESERVE
Office—MONTREAL
Head
U. S. funds
UP
President.
SIR VINCENT MEREDITH, Bart.,
Principal and interest payable in
Write for
HEAD
IN
Lombard
GREAT
The Bank of
Africa—The
Colonial
Bank (in which an
nterest is owned by the Bank of Montreal).
E.
Street.
O.
BRITAIN:
England,
The Bank of Scotland,
Lloyd's Bank, Limited.
CANADIAN
The Dominion Bank
SECU RITIES
HEAD
THE BANK OF NOVA SCOTIA
OFFICE, TORONTO
(Incorporated 1832)
Municipal
Government,
&
Paid Up
Lists
on
Undivided Profits
Reserve Fund &
Corporation
36,000,000
Capital
Total Assets
Sir Edmund Osier,
Clarence A. Bogert,
General Manager.
RESERVE
FUND
AND
Head Office,
Bills
on
AND
FOREIGN EXCHANGE
BOUGHT AND
SOLD
United
or
States.
TRAVELERS' AND
Provin¬
cial, Municipal and
Ont.
or West Indian points favorably
collected by our branches In ths
Correspondence invited.
York
New
Agency, 52 Wall Street.
H. F. Patterson,
Government,
'
Canada
negotiated
CANADIAN
Halifax, N. S.
General Manager's Office, Toronto,
Cuba, Jamaica, Porto Rico, and in Boston,
Montreal
Canadian
220,000,006
300 branches throughout Canada,
London Branch, 73 Cornhill
S. L. Jones, Manager
NEW YORK
Toronto
18,000,006
UNDIVIDED PROFITS OVER—
Newfoundland.
Chi¬
cago and New York.
Corilmercial and Travelers*
Credits Issued, available in all parts of the world.
York Agency, 51 Broadway
O. 8. Howard, Agent
New
E. AMES & CO.
74 Broadway,
59,700,006
CAPITAL
TOTAL ASSETS OVER
request
President
A.
7,739,000
143,000,000
PAID-UP
COMMERCIAL
Correspondents
LETTER3 OF CREDIT
in Great Britain
Corporation
Agent.
London Joint City
& Midland
Bank, Ltd.
Royal Bank of Scotland.
Bonds
Bought—Sold—Quoted
THE
GREENSHIELDS & CO.
R. C. Matthewi & Co.
Members Montreal
Slock Exchange
Canadian Bond Issues
in
Dealers
ROYAL BANK OF CANADA
Established
Montreal
17 St. John Street,
1869
Capital Paid Up
$17,000,000
Reserve Funds
18,000,000
550,000,000
Total
CANADIAN BONDS
Assets
Head
Office
Montreal
SIR HERBERT S. HOLT, President
Corporations Financed
E.
TORONTO
C. r. R. Bid,.
BUFFALO
Underwritten
ENTIRE STOCK ISSUES
Daly & Go.
R. A.
PURCHASED OUTRIGHT
INVITED
GOVERNMENT, MUNICIPAL
MARK HARRIS
AND
CORPORATION BONDS
8TOCK8 and BONDS
Bank of Toronto
Canadian Branch
Main Office
Buffalo, N. Y.
ARGENTINE—Buenos Aires.
BRAZIL—Rio de Janeiro, Santos, Sao
URUGUAY—Montevideo.
Building
Quatre-Septembre.
Montreal Tramway 5s, 1941
CANADIAN
Canadian Car & Foundry 6s, 1939
Rio de Janeiro Tramway 5s, 1935
PASLEY
&
FEDDE
Principal
and
CertiUeb finfilU
55 Liberty
Sttstntlantt
New York
St.,
GEORGE W. MYER, JR.
.
.
.\
'
i
•
'/
.
.
•
\
ST.,
NASSAU
NEW YORK
New
York
and Canada
Issues
Dealt
In
TRUAX, HIGGINS CO.
"Montreal, Can
Lewis Bldg.
Members Montreal Stock
Private
New York,
•
•'.
j
...
t
Offerings en Request
Correspondence Invited
McDonagh, Somers & Co.
Dominion
Bsnk
Building
TORONTO, CANADA
CANADIAN
Toronto, Quebec, Ac.
BONDS
Estate Accounting,
sport?
Income Tax Returns.
Rector
""
Exchange
Wires
Audits, Investigations,
Telephone
INVESTMENT SECURITIES
Thornton Davidson & Co.
Certified Public Accountant
31
Payable In
Interest
Canadian
All
Paule*
Cataluna.
LONDON OFFICE—Princes Street, E. O.
NEW YORK AGENCY—68 William St.
F. T. WALKER, J. A. BEATSON, E. B.
McINERNEY and J. D. LEAVITT, Agents.
FRENCH AUXILIARY: The Royal
Bank M
Canada (France), PARIS, 28 Rue.du
TORONTO, ONT.
Royal Bank Bid*.
Toronto, Out.
Mutual Life Bid*.
Branches throughout CANADA and NEW¬
FOUNDLAND,
in
CUBA,
PORTO
RICO
DOMINICAN
REPUBLIC,
HAITI. COSTA
RICA. COLOMBIA and VENEZUELA. BRITISH and FRENCH WEST INDIES. BRITISH
HONDURAS and BRITISH GUIANA.
670
SPAIN—Barcelona. Plaza de
CANADIAN
CORRESPONDENCE
PEASE, Vice-Pres. & Man. Direct*!
O. E. NEILL, General Manager
L.
MONTREAL, C A
L, CANADA
6441
CANADIAN BONDS
geo.
b.
Principal and Interest
edwards
Payable In New York
INVESTMENTS
72 Trinity Place
FOR SALE—Timber
other
NEW YORK
Coal
Iron
N. Y.
Ranch and
properties.
Negotiations
Investigations
Settlements and Purchases of Property.
Confidential
Dotted States.
West Indies.
Thornton Davidson & Co. Ltd.
Transportation Bid*.
Canada
81 St. Peter St.
~
63 Sparks
St.
Montreal
8uebec
ttawa
/Emilius Jarvis & Co.
INVESTMENT BANKERS
Established 1891
JARVIS BLDQ-.
TORONTO, CAN.
VI
THE CHRONICLE
[VOL. 110.
jforeign
Australia and
New
Zealand
new south
LIMITED
BANK
wales
LIMITED
with which has been amalgamated the Loader
(ESTABLISHED 1817.)
Provincial 6k South Western Bank, Ltd,
faid-up Capital...
126.000,000
Ruem Fund
If,000.000
Reserve Liability of Proprietors... 20,000.000
HEAD OFFICE
BRANCHES
and
AGENCIES
In
OVEB
ENGLAND
10,797,198
Reserve Fund
10,797,195
Deposits (Dec. 31st, 1919)
the
.371,742,389
CAPITAL
£20,000,Oft
j.
;
£14,216,111
-
RESERVE FUND
£7,000,88*
£298,018, Iff
EVERY
DESCRIPTION OF
BANKING
BUSINESS TRANSACTED
Foreign Banking Business
..17,800.000
Every
To-
Description
of
Address
The
.
Undertaken
Foreign Manager,
168, Fenchurch
Seserve Liability of Proprietor!..^.£1,000,000
Fund..£2,870,000/gether £8,070.000
Street,
London, E. C., England
sserve
Total Capital and Reserves
world
IOVERSEAS BRANCHf?
fcapltal—
aid-up Capital £2300,0001
1,400 branches In England and Walet
AUTHORIZED CAPITAL
ISSUED
f '65 & 66, Old Broad
Street, London, E.C.2
Incorporated 1880
Authorised and Issued
over
DEPOSITS
HE ONION BANK Of AUSTRALIA Limited
18ST
and
AND
£38,053,445
Paid-up Capital
If. THREADNEEDLB
STREET. E.C. S
SYDNEY
54, Lombard St., London, E. C., Eng.
Agents in all banking towns throughout
London Office
QIOROE STREET
>
IN
Subscribed Capital
Wed and ether Product Credits arranged.
established
OFFICES
1.450
HEAD OFFICE:
London, E.C.2
,
the
description of Australian Banking Business.
Head Office
St.,
WALES
Australian States, New Zealand.
FIJI,
Papa*
fJSvm Guinea), and London.
The Bank transacts
ftrery
Threadneedle
8,
$80,000,000
Aggregate Assets SOth Sept. 1919—$385,181,247
«l* JOHN RUSSELL FRENCH. K.B.E..
Qeneral Manager.
040
BARCLAYS BANK
LONDON JOINT CITY & MIDLAND
bank of
URt. Hon.
£10.070.000
R.
McKENNA—Chairman
the Bank has 41 Branches in VICTORIA. 89 in
HEW SOUTH WALES. 19 In
QUEENSLAND,
14 to SOUTH AUSTRALIA. 21 in WESTERN
AUSTRALIA. 8 la TASMANIA and 44 In NEW
Affiliated Banter.
8EAEAND.
LONDON COUNTY
[ BELFAST BANKING COMPANY£LTD.
Mead Office; 71 CORNHILL, LONDON. B. C.
Manager—W. J, Essams.
THE
ESTABLISHED IN 1836
CLYDESDALEfBANK LTD.
Over 150 Offices in Scotland
THI
Chairman: Walter Leaf, Esq.
Deputy-Chairmen:
Commercial Banking Company
of Sydney
Sir
International Banking Corporation
LIMITED
65
BttablUhtd 1884
incorporate in Htm Soul*
Wau»
Paid-up Capital
Reserve Fund
....
£2.000.191
Reserve Liability of Proprietors.—
er
eellected.
Office.
en
New
South
Straits
.
Philippine Islands
London
Remittances cabled.
Sydney,
Settlements
Blrchln
Lane,
Lombard
Panama
sad
Lyons
robert brunner
London
PARIS:
Office
AFFILIATED
£75S,S#«
£75S.SSS
£785.794
Undivided Profits—
la
P*
Cable Address:
York
R.
A.
Edlundh, 64
Wall
The Union Discount Co.
conducts every descrtptisn ef
basking
and exchange business.
EXECUTOR AND TRUSTEE DUTIES
8C CORNHILL.
Reserve Fund
UNDERTAKEN
6,(MM),000
88—£1
on
is
OF
deposit
interest
are
as
Call 5
Per
At
3
Days'
7
to
tko
sterling.
hereby
At
Central America
given
allowed
that
for
on
the
Socleta
Office: 28 Lombard St.. London. E. C.
g
£1.078.875
0
539,437 10
639.437
Reserve Fund
The
9
f
8
10
550,000
9
I
Remittances made by Telegraphic Transfer.
Bills Negotiated or forwarded for
Collection.
Banking and Exchange business of every d«*
•sription transacted with Australia.
**
M. J ANION, Manage*
BANKING CORPORATION
Soeieta Italiana d! Cradlto Provincial*
Lira 811,000,808
Fund—
"
41,000,00$
Dspoalt and Currant Accounts
(May 81, 1919)
" 8,899,000,909
Raserve
V
National
Discount
Company, Limited
85
CORNHILL
LONDON, E. C.
Cable Address—Natdis London.
Subscribed Capital..
$21,166,625
Paid-up Capital
4,233,825
Cantral Management and Head Of flea:
ROME
Credit
Branch
in
Ram*
KIND
OF
BANKING
BUSINESS
TRANSACTED.
money
on
Deposit
are
follows:
Banco
5H% at 7 and 14 days notice.
Agent, 34 Wall Street.
af
NOTICE is hereby given that the RATES OF
$36,000,000
SET¬
SVKRT
2,500,000
5% per
STRAITS
Letters
(farmerly BebastI 8c Reall), 20 Plassa <11 Spagna.
Fareign Branches: FRANCE: Paris. 2 Rue Is
iPaletier angle Bould. des. ltaliens; BRAZIL; Saa
Paul* and Santos; NEW YORK: Italian Discount
* Trust Co.. 399 Broadway.
Offices at
Genoa, Milan, Naples, Palermo.
Porta.
Trieste.
Venice,
Florence,
Belagna,
astasia. Leghorn, and aver 109 Branches In lbs
Kingdom.
London Clearing Agents: Barclay's Bank. Ltd.:
198 Fenchurch Street. B.C.
STERLING.)
INTEREST, allowed for
as
IN
CHINA, JAPAN. PHILIPPINES.
.....
approved negotiable securities.
$15,000,000
16,000,000
GRANT DRAFTS, ISSUE LETTERS OF
CREDIT,
NEGOTIATE OR COLLECT BILLS PAYABLE
TLEMENTS. INDIA
WADE GARD'NER.
the
Italians
Capital Fully Paid Up.
Notloe. 654 Per Cant.
Reserve Fund
Hong Kong & Shanghai
Currency)
Rissrvs Fund/In Gold
$16,000,0001
I In Silver. .$21,000,000/
Reserve Liabilities of Proprietor,..
Bancaria
follows:
Cent.
($5=£1
Paid an Capital (Hong Kong
Sconto
incorporated
CHRISTOPHER R. NUGENT. Manager,
Efiglish Scottish and Australian Bask, Ltd
ffead
Paid-up Capita]
Further Liability of Proprietors.
are
and the
Special
...
Italiana Di
which
money
Company
grants loans
"ClermenfJ
Banca
with
discounts approved bank and
mercantile
ooeptanoes, receives money on de¬
posit at rates advertised from time
to time, and
GUATEMALA,
Subscribed Capital
has Correspondents throughout the World.
Telegraphic Address, Uulsoo; London.
rates
Co.
BANKERS
Cable A dress:
Principal Cities and Tovms of the United King¬
dom and
of London, Limited
notiob
&
All cheques on the Ulster Bank will be collected
for Customers of this Bank, free of Commission.
The Bank is represented by Branches or Agents in all
the
Capital Authorised 8k Subscribed 110,000,000
Capital Paid Up..
6,000,000
Subscribed Capital... £1,000.000
Paid-up Capital
£1,600,000
Reserve Fund
£1,850,000
Clermont
Foreign
AFFILIATED IN IRELAND
ULSTER BANK LIMITED
Bankers to ths Govern meat In Brittle Bast
Africa and Uganda,
flead Office;!®. Blshopsgate, London.
E. C.
Sranshes in India, Burma, Ceylen. British
Bast
i.f8lsa. Uganda and at Aden and
Sansibar.
Bank
Paris
22. Place Vendome
37, Rue de la Republique
22 & 24, Cours de ITntendance
29 Rue Cannebiere
*
6, Rue Lafayette
NANTES:
Strsst
NATIONAL BANK OF INDIA Limited
FRANCE
Rennurb.
India.
Agency.
IN
Westminster &
Bank, Limited.
BORDEAUX:
MARSEILLES:
Lol
BRUSSELS, Belgium
Burma, Osykm, Straits Settleante. Fsdsratsd Malay States. China, and Mauritius.
Wear
County,
LYONS:
78 rue de
Subscribed. ._il.5SS.see
Fund and
LOTHBURY, E. C. 2.
Gran Via 9
MADRID: Avenida del Conde de Penalver 21 & 23
Banker and Broker
Liability of Shsrsboldsrs
£304,547,726
BILBOA:
Established 1879
lustvt
In
*
SPANISH BRANCHES:
BARCELONA:
Paseo de Gracia 8 & 10
Street. B. C,
Assesve
Branches
Deposit
counts
BELGIAN BRANCHES:
ANTWERP:
41. Place de Meir
BRUSSELS:
114 and 116, Rue Royals
15 Gracechurch Street, London
ttfital Authorised
uapltai Paid Up
(31st Dec., 19190"
and other ac¬
Current,
Foreign Branch Office: 82, Cornhill, E.C.8.
Santo Domingo
San Francisco
Walee
Tke Mercantile Bank of India Ltd.
Head
Reserve
Joint General Managers:
F. J. Barthorpe,
J. C. Robertson,
W. H. Insklp
Lenden Office:
IB,
£33,000,000
8,503,718
8,750,000
Paid-up Capital
HEAD OFFICE: 41,
Java
Jspan
Australasia
R. Hugh Tennant, Esq.
Capital
800,000
India
psjabls en demand, and Letters el
are issued by the Lenden Branch en th«
Head Office. Branches and Agencies ef the Ban!
asgetiated
$10,000,008
.....
China
Credit
Bills
Authorized
Branches in:
1,000.016
ff.040.08f
Head
Surplus...
Undivided Profits
Drafts
Montagu Turner,
WALL STREET. NEW YORK CITY
Capital and
2.040.081
la Australia and elsewhere.
AND PARR'S BANK LIMITED
Over 110 Offices in Ireland
Assistant Manager—W. A. Lalng
WESTMINSTER
annum at call.
Approved Bank & Mercantile Bills discounted
Money received on deposit at rates advertised
from time to time; and for fixed
periods upon
specially agreed terms.
Loans granted on ap¬
proved negotiable securities.
)})1JI
I/ICIL
VALE, Manager.
Espaool del Rio de La Plata
HEAD OFFICE. BUENOS
AIRES
London Office, 7 Fenchurch St.. E. C. 8
Cipitai ft Rmms
■
tepl 141,215,765—£12^31,47
All classes of Argentine, Spanish and
European banking business conducted.
VII
\
:
THE CHRONICLE
1920.]
June 26
,
JTorrign
jfotttsn
Jforeign
BANK
NATIONAL
SPERLING & CO.
Basildon House, Moorgsts
Banque Natiooale de Credit
Surplus.
Publio Utility
Deposits
6
In France
270 Branches
Provinces
in the Rhenish
4 Branches
tuMrrt
(88= SI.)
Bad Aitocy and
C.
London Offlco of tt«
12 Waterloo Plata.
La Chaux-de-Fonds,
9
ft
Neuchatel
with
Troosury.
End Branch
llcRegent Street
Waterloo Place S. W. 1
the
in Italy, at all
principal points in the
end Agents
Bonquo Francois* ot Itallonno
Italy** of the
PAatoriquo du Sud.
sear
Rio do Janeiro,
Ay res.
Santos,
Son Paulo.
England
Offices in
Wales
ROTTERDAMSCHE
BANKVEREEINIGING
Kingdom
"RoprooenUttvo* ha Now York
Svonos
numerous
43 Lothbury, E. C. 2
London Office,
West
04 Branches
LONDON, ENGLANB
15, BISHOPSGATE,
-
and
orrospondonts to tho Italian
98f.814.08S
881.889.188
-
-
.
W.
Regent St.. S.
S191."T9.09t
-
Head Office:
Lausanne,
Basle, Zurich, St Gall, Geneva,
Ou»^«.
Italian Stat* Railways.
la
RESERVE FUND
Swiss Bank Corporation
OLD BROAD STREBT. B.
CAPITAL
PAID-UP
YORK.
IN NEW
Manager: B.
Wsst
Limited
SUBSCRIBED CAPITAL
BROADWAY
1U
tsadon Office, 1
ONION BANK OF ENGLAND
ITAUANA
Ul.tM.009
011.040.000
Funds
AGENCY
NATIONAL PROVINCIAL AND
MILAN
Fold-up Capital
ENGLAND.
THE
BUSINESS
GENERAL BANKING
KING WILLIAM ST.,
AND 7
LONDON, E. C., 4,
129 BBOADWAY.
Head Office
£1,663,278
Fund
LONDON AGENCY
PARIS
YORK AGBNTB
BANCA COHHERCIALE
Law
Capital, fully paid....£3,000,000
Reserve
Hydro-Electric Companies
SPERLING & CO., INC.,
Egyptian
Head Office:
v
IfBW
under
Eitablished
June, 1898, with the exolusive right to
issue Notes payable at sight to bearer.
300,000,000
63,000,000
frs.2,100,000,000
frs.
frs.
Capital
AGENTS FOB
I
Office—Cairo.
Head
London, E. C.
FISCAL
EGYPT
of
St-
Capital paid up,
.
.
Surplus,
Deposits,
....
$20,000,000
$6,200,000
$190,000,000
&c.
Socleta Commercial*
d'Orlonto, Tripoli.
Amsterdam
Rotterdam
The Hague
AND
CAPITAL
FUND.__F.105,000,000
RESERVE
COLLECTIONS
STMDABD IAK1 OF SOOTH
AFRICA, Ltd
LONDON. E. C.
HEAD OFFICE.
250.009.800
S31.28S.000
Paid-up Capital & Reserve Fund 118.812.800
Total Resources—...—
S30t.128.418
Over 880 Branches and Agencies through**!
Union De Banques
Also
Wales
St.
Gall, Winterthur,
Basle, Geneve,
Lausanne
MACINTYRE. Agent
Wall St.. New York
H.
representing The Bank of New South
with branches throughout Australasia.
EXCHANGE
and many more
Arnold Gilissen &
branches
80-81
Cable Address :
Achilles-Amsterdam
Documentary Credits.
THE HAGUE
ROTTERDAM
Frs.75,000,000
" 10,000,000
CAPITAL PAID UP
RESERVES
BANK,
ZURICH,
1755
DESCRIPTION of
Bills
of Exchange
Drafts and
BANK
SOUTH AFRICA, Ltd.
BANKING BUSI
of
Over 409
TRANSACTED.
NESS
Issued.
Telegraphic Transfers Effec ^ed.
Booking and Travel Department.
Paid-Up
Branches In Africa
Surplus
Capital and
Reserve*
•
•
•
BANK OF BRITISH WEST
and
throughout Egypt. Morocco,
and the Canary Islands.
17 Be 18 Leadeahall St.. London, H. G.
Manchester Office,
184-108 Portland Street
Liverpool Office. 35 Water Street
R. S. APPLEBY. Agent. 8 Wall Street, New Yocl,
Wsst
Africa
Bead Office,
Offers to
American banks
facilities for the
merce
and bankers its superior
extension of trade and com¬
between this country
and Africa,
Ionian Bank,
CREDIT
SUISSE
Agency
New York
E.
R.
Established 1850
10 Wall St.
-
-
SAUNDERS, Agent.
frs. 100,000,000
frs. 30,000,000
Royal Banjk of
Scotland
Incorporated by Royal Charter.
Paid-up
Rest
HEAD OFFICE
Zurich,
Switzerland
Capital
Cashier
Berne, Frauenfeld,
Glaris, Kxeuzlingen, Lugano
Lucerne, Neuchatel. St. Gall.
London
Branches at Basle,
Geneva,
St. Andrew Square,
and General Manager: A. K.
...
BANKING
BUSINES,
Foreign Exchange
Documentary Business,
Letters of Credit
E.C. 2
Wallace.
...... Exchange
Agent: A. Donnlstoun.
Office
ITS Broncho*
GENERAL
Wright.
8 Blshopegate,
Manager: Wm.
Glasgow
Coantry.
Also
at
and
has
Alexandria,
Head Offlco:
for transaction
established ton
Branches throughout
Cairo,
Ac., la
Basildon House.
Moor gate
Street.
LONDON, E. C. I.
Throughout Scotland.
Every Description of British,
Foreign Banking Business
Colonial and
Transacted.
Qorrwvondvnot Invited,
Capital
Lid
£5,500.0 •
(Subscribed)
Paid up—
250POO "A" shares
500,000 "B"
Square
thr
Egypt.
£88,848,828 THE COMMERCIAL BANK OF SCOTLAND,
Established 1810
Edinburgh
Head Off lev—EDINBURGH
-
Office
Limited
Royal Charter.
£2,089,899
£1,992,278
Profit*
Deposits
Heed Office
years,
1727.
__
and Undivided
by
Incorporated
Offers every banking facility
with Greece, where It has been
88
Capital paid up
Reserve Funds
28=
210.000.80*
—
...
7.260.00$
2.900.808
Undivided Profits.... 1.295.C88
Branches
220,000,000 00
■
AFRICA, LTD*
£1
Authorised Capital
Subscribed Capital
Capital (Paid Up)
Negotiated and Collected
Letters of Credit
STOCKBROKERS
The NATIONAL
Frs. 52,600,000
Capital Paid up andl
Reserve Fund
j
1871
FOREIGN EXCHANGE
(Switzerland)
Pounded
EVERY
Established
BANKERS AND
LIMITED
Co.
Damrak
AMSTERDAM
Business
Every Description of Banking
Foreign Exchange,
LEU and CO/S
OF
SHARES
ZURICH
south Africa.
88
FOREIGN
PURCHASE AND SALE
STOCKS AND
Subscribed Capital
W.
Suisses
Winterthur est. 1862
Toggenburger Bank est. 1863
Formerly Bank in
Capital
Authorised
LETTERS OF CREDIT
paid...£1,250,04
shares of £1 each fully paid—£ 500,so*
of £20 each £8
fl.7SO.SOO
£1,SS0,S0S
Deposits
£30,071. (fa
ALEX. ROBB, Gen. Mgr. MAGNUS IRVINE. See
London Office—02 Lombard Street. E. O.
Glasgow Offlco—113 Buchanan Street.
Drafts. Circular Notes and Letters el Credit Issued
and svery description of British, Colonial ante Fonts»
Banking and Ezshange business transacted.
Reserve
New
York
Agents—American Exchange Nek
Bank
VIII
THE CHRONICLE
(VOL. 110.
Sanfcer* anb ^Brokers miteiDe Sim |?ort
IT.
LOUIS
CHICAGO
CHICAQO
TILDEN A TILDEN
Incorporated
A. G. Edwards & Sons
Dodge & Ross,
INVESTMENT BONDS
(INCORPORATED)
Members
INVESTMENT BANKERS
Naw York Stock Exchange
St.
Louis
Stock
Exchange
410 Olive St.
08 Wall St.
ST. LOUIS
108 SO. LA SALLE STREET
CHICAGO
Specializing in
Bonds and Preferred Stocks
NEW YORK
Public
1
SCOTT
of
.
Service
and
Industrial
111
MUNICIPAL
W.
Corporations
\
CORPORATION
BONDS
111 We»t Monroe
INDUSTRIAL
& STITT
INVESTMENT SECURITIES
Monroe St.
CHICAGO
Street,
CHICAGO
PREFERRED STOCKS
Greenebaum Sons
MISSISSIPPI VALLEY
TIMBER
Bank andTrustComfrariy
<of
Southeast Corner La Salle and Madison Sta.
SECURITIES
BONDS
based always upon
expert verification
underlying assets
GENERAL BANKING
High
grade
written and
municipals
under¬
distributed.
Utility and Industrial Issues
the
Middle
West
Capital and Surplus,
8% CHICAGO
and
of
South
Suitable
$2,000,000
FIRST MORTGAGE BONDS
for Estates,
Trustees
and
Oldest Banking House In
Chicago.
BOND
Individuals
Write for Bond Circular C
25.
a
specialty. 1
332 so. Michigan
Avob Cmc&sGG
CINCINNATI
'
A State Bank
$250,000.00
AKRON, OHIO
DEPARTMENT
A. O.
Mississippi Valley Trust Co.
5H%
Slaughter & Co.
SCHOOL BONDS
Due 1922 to 1936 to
yield 5 1-8.
Members
New
Capital, Surplus and Profits
$8£00,000
ST. LOUIS
York Stock
FINANCIAL STATEMENT.
Exchange
Assessed valuation
Net debt.
Chicago Stock Exchange
Chicago Board of Trade
$279,300,700
5.896.000
Population 200,000.
110 WEST MONROE STREET
The Provident
CHICAGO, ILL.
Savings
Bank & Trust Co.
Bond De
Department
Lorenzo E. Anderson &
Company
N. 8th St., St.
310
CINCINNATI, OHIO.
Louis.
Powell, Garard & Co.
Municipal & Corporation Bonds
New York Stock
Exchange
New York Cotton
Exchange
"
Members Chicago Board of
Trade
St. Louis Merchants
Exchange
St. Louis Cotton
St. Louis Stock
39
Exchange
Charles W. Moore
William H. Burg
SMITH, MOORE
S09
OLIVE ST.,
ST.
York
St.
Louie
Exchange
300
N.
Broadway
ST.
LOUIS
Investment Securities
»ot OLIVE ST.
100
5% BONDS
and
Interest
Weil, Roth & Co.
MstobUaked 1898
108 South La Salle St.
NEW YORK
CINCINNATI
CHICAGO
CHANNER & SAWYER
NVESTMENT SECURITIES
TAYLOR. EWART & CO.
Union Trust Bids..
CINCINNATI. OHIO
INVESTMENT BANKERS
100 South La Salle
Street
Ohio
Municipal, Railroad and Public
Utility Bond*
Securities—Municipal Bonds
jw
CHICAGO
York Stocks and Bonds
DEALERS IN
INVESTMENT SECURITIES
IRWIN, BALLMANN
ST. LOUIS
Munloloal and
TOLEDO
OHIO
ROAD
Investment Banker*
Members St. Louis Stock
Exchange
STIX & CO.
CINCINNATI
Greenwood County, S. C.
MARK C. STEINBERG & CO.
Members New York Stock
Exchange
Members St. Louis Stock
HALL
INVESTMENT SECURITIES
Philadelphia
CHAS. S. KIDDER & CO.
LOUIS, MISSOURI
ST. LOUIS SERVICE
A
York
Stock Exchange
Members •{ Ohicage Beard ef Trade
[Cincinnati Stack Exchange
Chicago
New
& CO.
INVESTMENT BONDS
(New
South La Salle Street
Exchange
Herndon Smith
ROBERTS
INVESTMENT SECURITIES
Corporation
A CO,
008-880-888 Walnut 8t.
DrkMri0
DUN UO
CINCINNATI. OHIO
TUCKER, ROB I SON & CO
Sncceuf
to
David Robtaen Jr. A
Sana.
Panhw
Eatoblhhed 1876.
Mnkto. Wreal
SHAPKER, WALLER & CO
18
SOUTH LA SALLE
STREET
CHICAGO
ml Corporate Bo*
SDGAR
Graves, Blanchet
CINCINNATI
OBIV
SPRINGFIELD.
ILL.
TOLEDO. OHIO
&
Thoraburgh
MUNICIPAL BONDS
GARDNER BUILDING
TOLEDO, OHIO
IN
Cincinnati Securities
Toledo and Ohio
SecuritUs
Mannar Building,
FRI KDLANDSS
DBALER
John Barnham & Co.
High Grade Investment Se*
euritlea,
Convertible
Note
laauea, Bonds, Bank Sluurea,
Unlisted Securities.
41
South
Matheny, Dixon, Cole & Co
Rldsety-Farmers Bank BidsSPRINGFIELD. ILLINOIS.
Olinci!
La Salle St*
CHICAGO
Municipal Bond*
end
first
Mortgage farm Leant.
ix
THE CHRONICLE
1920.]
June 26
Pairfeer*
Rafters 0umbt
an&
MICHIGAN
MICHIGAN
PITTSBURGH
Bzchnno*
Detroit Stock
Member*
Charles A. Parceils St. Co
INVESTMENT BANKERS
PITTSBURGH
Commonyrealth Bldg.,
Securities of
Market*.
Stookic
Conservative Margins.
Solicited
Inquiries
Carried
on
Stout* Exchange
Detroit
Member* of
C©
Oorfrft, 3&toan &
LYON, SINGER & CO
Ai)
In
INVESTMENT SECURITIES
Pittsburgh District
110
Congress
MICH.
DETROIT.
Bldg.
DETROIT
BUILDING.
PENOBSCOT
MICH
Pennsylvania Municipal Bonds
Co
Geo. W. Eberhardt
A.
(Established 20 Years)
PITTSBURG®
OLIVER BUILDING. >
Members
& Company
Hood
J.
Richard Brand
BOUGHT—SOLD—QUOTED
i
Member* Pittsburgh Stock
Bombers New York Stock Exchanso
Boston Stock Exchange
Preferred Stocks
Suite
Pittsburgh, Pa.
223 Fourth Ave.,
Branch Office:
Rational Bank of West. Virginia
Wheeling. W. Va
Building
Building
Bank
Dime
1613,
Telephone Cadillac
6050
MICHIGAN
DETROIT
& Company, Int.
Successor* to L. J.
W.
A.
Penobscot
3054-06-68
Detroit Stock
Michigan Securitiea
All
Kxehsug*
Stocks, Public Utilities & Oils
Detroit
Member*
11)19
SKHI99 UNION ARCADE
BUILDIN^
Municipal Bo
Corporation
& CO.
KAY
«
Inc.,
INVESTMENT BANKERS
DETROIT, MICH,
BM|.
Stock Kzchanj*
Members Detroit
Stock Exchange
GRAND RAPIDS
DETROIT
CUT*
DANSARD-HULl-BUMPUS COMPANY
W. C.
MICHm**
P.nob.col:
Member* Detroit
Bldg.,
DETROIT
Stock*
Bonds and
PITTSBURGH. PA.
KANSAS
MICH
& COMPANY
LERCHEN
Michigan
Local
DETROIT,
Bid*..
Penobscot
W. Carson Dick & Company WITLING,
INVESTMENT BONDS
Company
Stock Exchange
Penobscot
856-369
Pittsburgh, Pa.
Arcade
Stocks
Burdick-Thomaa
MATTERS FINANCIAL
Union
DETROIT
Bldg.,
and
HAMLIN & CO
Wtimber*
DAWES A CO., INC.
Stock Exchange
Active Members of Detroit
Motor
F. N. Boyle
Bldg., Detroit
Municipal Bonds Corporation Bond*
Securities
Investment
inquiries.
WHITTLESEY, McLEAN & CO.
GORDON, FORTIER & CO.
Pittsburgh Stock Exchange
Chicago Stock Exchange
Chicago Board of Trade
New York Cotton Exchange
We invite your
1721-3 Dime Bank
DETROIT
PENOBSCOT BUILDING.
MASTER & CO,
E.
A.
Stocks and Bonds
Specialise In Michigan
Exchange
Exchange
Board of Trad*
Member* New York Stock
Securitiea
Detroit
Specializing
and Provisions
Member* Chicago
Company
MICHIGAN SECURITIES
Stocks, Bonds, Grain
Exchange
Detroit Stock
Sylvester Inv. Co.
INVESTMENT
Investment Bonds
47
Congress St.,
Kansas City Securities
West & company
george m.
1893
Established
SECURITIES
West
INVESTMENT BANKERS
DETROIT
DETROIT, MIC?#
UNION TRUST BLDG.
Kansas City. It*
tif Baltimore
STREET & COMPANY
Member*
FENTON, CORRIGAN & BOYLE
Investment
Detroit
8\ock Exchange,
Bxchangs
Members Detroit Stock
Municipal A Corporate Boudc
Wallace & Compan?
A. W.
Banker*
BANKERS
INVESTMENT
Local Securities
Detroit
Ohicage
Missouri
Kansas City
--
Grand Rapid*
Underwrite and distribute entire issues
of Industrial and
DETROIT, MBI #
Bldg.
Penobscot
Tel. Cherry 280©
Pubiio Utility eeourltie*
surrALO
Loew's Buffalo Theatres
Preferred and Common Bought
Buffalo, N. Y.
Ellicott Square,
T.
JOHN
Allen
Listed
If GK1SWOLD
DETROIT
ST.
STEELE
& CO.
C. M. DEAKIN
CLEMENT,
Muskegon
F. C. ANGER & CO,
Investments
Building
Detroit
ISM 64 Penobscot
SPECIALISTS IN
Securities
Blag
Trust
RAPIDS, MICH.
Saginaw
Flint
ATTERBURY, New York
CURTIS & CO., Chicago
801-2 Dime Bank
Stock* end Bona*
Michigan
Floor,
Exchange
Correspondents
Municipal
Corporation Bonds
Western New York
Unlisted
and
Greund
VAN EMBURGH &
aovernrrmnt,
&tiff«io and
G. Thurman & Co.
GRAND
Members Detroit Stock
BUFFALO, N. Y.
and
CO.
MUNICIPAL BONDS
York Securities
Slocom, Eckardt& Company
410
&
Bankers and Brokers.
Specialists in
Canadian and Western New
HIGBIE
KEANE,
and Sold
DETROIT,
Detroit is the market for
Building,
MICH.
DETROIT MOTOR STOCKS
IRVING
T. LESSER
stocks and bonds
BUFFALO. N. Y.
479 Ellicott Square
Reo
Paige
•
Continental &
JOEL STOCKARD
Members/Detroit
Stock Exchange
o
Trade
(Chicago Board
& CO
Detroit Stock ExchanQr
Members
WEBB, LEE & CO.
Ford
•
Packard
Correspondents
I
THOMSON & McKINNON
DETROIT. MICH.
830 Penobscot
DETROIT,
Big. National .Union
MICH.
Bank Big
JACKSON, MICH.
COLUMBUS
conservative
CLAUDE MEEKER
Investment
investment securities
Securities
List uport reeutti
Specialist in Cities Service Issues
S
East
Breed St.
71 Breadwar,
F. M. CHADBOURNE
COLUMBUS, O.
NEW
YORK
CITY
FIREMEN'S
INVESTMENT SECURITIES
&CO.
INSURANCE BUILDING,
NEWARK,
N. J.
Harris, Small & Lawson
* CONGRESS
ST., W
DETROIT
THE CHRONICEL
Sitanfeerg avto JUrofeera
COAST
PACIFIC
PACIFIC
Howard Throckmorton
Securities
Boettcher,
&
at HUNICIPALITIES AND
(Government
Company
INVESTMENT
and
earning
power
Buhdlng
DENVER
Information
and
^
Furnlshad
ea
Established
LOS
1858
SUTRO&
SAN
ANQELES
FRANCISCO
PASADENA
WESTERN
CO.
San
Franclaca
abfl
Bend
Steak
Exchange
DEALERS
Invest,
Company
IN
PORTLAND,
CORPORATION
Street. Corner California
and
BONDS
DISTRICT
CALIFORNIA
MORRIS BROTHERS, Inc.
THE PREMIER MUNICIPAL BOND HOUSB
CAPITAL
ONE
Government
California
Securities
LOS
ANQELES
SAN
FRANCISCO
SAN
PASADENA
DIEGO
MILLION
and
Established
.-
Company
Los Angeles,
California
We
HALL
PORTLAND, OREGON
ESTABLISHED
SEATTLE,
WASH
COMPANY
1012
iLooa!
DRAKE, RILEY &, THOMAS
The
-
INVESTMENT BONDS
BONDS
Ct.EVEI.AND
&
specialtae in California
Municipal & Corporation
Bonds
Quarter Century
over a
Morris Building
DOLLARS
Municipal
No. S, Central Building
Aronson and
ORE,
MUNICIPAL
BONDS
FRANCISCO.
Bankers
lent
DENVER
Municipal and Corporation
SAN
Specialty
GREGG, WHITEHEAD & CDs
Blaokenhor n-Hunter-Dul i o
BROWN A CO.
ICO Sansome
a
Members
515 Montgomery St.
F. M.
SECURITIES
Sugar Stock*
INVESTMENT BROKERS
San Francisco
COLORADO
WILLIAM R. STA ATS CO
Coast Soourltbf
Paolflc
BANKERS
substantial assets
taring
^Bisection*
Porter
CORPORATIONS
San Francisco
Commercial
DENVER
BONDS
Municipal
Corporation
Alaska
fleto gotfe
COAST
Pacific Coast
CALIFORNIA SECURITIES
[VOL. 110.
Gundling-Jone? Company
LEWIS
and
Pacific
Coast
BIJtLDINQ
SosurltSa*
PORTLAND,
Van Nuya Building
OREQOX
LOS ANGELES
DULIITH, MINN.
STOCKS-BONDS-NOTES
RANCOR BUILDING.
Private Wire* Coast
CLEVELAND
Correspondents Logan
Coast
to
aD
MINNESOTA SECURITIES
Bryan
Railroad,
A*
OTIS & COMPANY
H. Woollacott & Co.
Itocka, Bonds, Grain,
Investment Bankers
118-163 I
Members of New York, Cleveland. Chicago,
Detroit and Columbus Stock Exchanges,
and
Cotton
W. Hellman Building
LOS
Municipal
Corporation Bonds
W. M.
Priodle &
ANGELES
Company
Ouluth, Minnesota
New York Cotton Exchange.
Chicago Board of Trade.
INDIANAPOLIS
CLEVELAND
Boston
Detroit
Columbus
Toledo
Youngstown
TORRANCE, MARSHALL & CO.
Cincinnati
Akron
Denver
Colorado Springs
I
Fletcher American Compact
California; Securities
INDIANAPOLIS
Ohio Securities
LOS ANGELES
BOUGHT
SOLD
CALIFORNIA
Capital
QUOTED
fORTHINGTON, BELLOWS & CO
Members \ Neva
York
Stock
Exchange
{Cleveland Stock Exchange
A.
EL
LEWIS
A,
Municipal, Public Utility,
CO,
Railroad and
Corporation
iasrdlso
Building
Stocks
CLEVELAND
Bonds
SHORT
Acceptances
TERM
Unincorporated
CLEVELAND
BUFFALO
209 Euclid Ave,
Niagara Life Bldg.
CLEVELAND SECURITIES
Rubber
Stock*
Roland T. Meacham
Member Cleveland Stock
Guardian
tocurft? Bids.
R. H. MOULTON & COMPANY
CALIFORNIA
MUNICIPALS
Titla Insurance Building,
LOS ANQELES
American
San
Natl
MAX
as
Statistical
Bank
Bldg..
Francisco.
I. KOSHLAND
Francises
Stock
Mills
SAN
Short Term Notes
Stocks
and
Band
Detroit
Chicago
■llvMlt'i
Investment Securities
Municipal Bonds
Fraction, Gas and Electric
Lighting Bonds and Stocks
Exchange
BOND
Building
Company
DEPARTMENT
INDIANAPOLIS
FRANCISCO
Public
CHAPMAN DE WOLFE CO..
361-863
Bought and Sold
FRANCISCO. CALIF.
Stocks
Information
Utility Bonds
Municipal Bonds
Montgomery Street,
NEWTON TODD
nd Bonds
andQOuotations
on
all
Local
Pacific
Coast Securities.
CLEVELAND
Information Furnithsd
Indianapolis Bank Stocks
SAN
and
on snj
Seourlty.
INDIANAPOLIS
llasiBnatl
Indiana
Bonds
offerings
Indiana
BREED, ELLIOTT & HARRISON
Local
investment
or
The Union Trust
Member
San
Exchange I
Company
or
(1,500,000
Pacific Coast Securities
Building, Cleveland
Hunter Glover &
for bids
Indianapolis
Lot Angeles. Cel.
NOTES
RITTER COMMERCIAL TRUST
Akron
BONOS of th. PACIFIC COAST
Write
-
Members San Francisco Stock & Bond Exchange
Indiana
416 Lemcke
Securities and
Corporation Bonds and Stocks
Bldg„
INDIANAPOLIS
XI
THE CHRONICLE
JUNE 26 1920.]
Banter* anb Beaker«©utslbe ileto I?orh
& COMPANY
MARX
Southern
-
STOCKS
BONDS
BANKERS
BIRMINGHAM.
PHILADELPHIA
PHILADELPHIA
ALABAMA
1
-
Graham. Parsons 3c Co.
US BROADWAY
USJCHESTNUT ST.
NOTES
SHORT-TERM
NEW
PHILADELPHIA
YORK
ALA.
Parsly Bros. & Co.
and
Municipal
Investment Securities
BANKERS
Corporation Bonds
1421
CHESTNUT STREET
Deal in and Purchase
'
PHILADELPHIA
laauaa
'
.!
CHATTANOOGA
MEMBERS
'v:;V\;■
:y.'
;
STOCK EXCHANGE
PHILADELPHIA
■
oi
.
MUNICIPAL BONDS.
BONDS, NOTES AND PREFERRED STOCKS
LEWIS BURKE & CO.
a*
LOCAL AND
UTILITIES
RAILROADS,
Established 1865.
SOUTHERN
AND
CORPORATIONS
INDUSTRIAL
of
SECURITIES
ESTABLISHED
VALUE
BANKERS
•aes
CH ATT ANOOG A
Building
Cable Address "Grace." (Philadelphia
Philadelphia
410 Chestnut St.
Government,
HOUSTON
Municipal, Railroad and
Public Utility Securities.
SHERWOOD & KING
v
HOUSTON. TEXAS
Texas
Bankers
York and Philadelphia
Member* Neic
Specialists in Texas Securities
Humble Oil & Refining Co.
Higgina Oil & Fuel Co.
emeiarkseo.
Stork Exchange*.
BANKERS
JOSEPH W. GROSS
Chestnut
321
Assn.
{American Bankers Assn.
St., Philadelphia
Houston Cotton Exchange
Hydro-Electric Securities
Established 1837
MACON
1481
CONTINENTAL
Southern
COMPANY
TRUST
CHESTNUT
STREET
PAc
I7H&LA DELPHI A
Members New York and Philadelpht*
Stock
Municipal Bonds
1
AND
Exchanges
AUGUSTA
Guaranteed Stocks
WANTED
GEORGIA
&2ACON
MsCowntCft
City of Augusta, Ga., Bonds.
SPARTANBURG.
S. C
Members Philadelphia
4. M. LAW & CO.,
Inc
Masonic
DEALERS
INVESTMENT
JOHN W. DICKEY
Land Title Building
Augusta, Ga.
Bldg.,
Stock Exchange
BANKERS
PHILADELPHIA
IK
Telephone Cenel 4845
New York
Stocks and Bonds
Textiles
fsBthern
a
Specialty
SPARTANBURG. S.
WM.
C.
$95,000
BUSH & CO.
E.
Lycoming County, Pa., Tax Free 5s
Augusta, Ga.
$89,000
6,000
I
NORFOLK.
VA.
SOUTHERN
SECURITIES
To
May
May
due
due
return
1930
1940
15,
15,
4.80%
COTTON MILL STOCKS
MOTTU
Established
M. M. FREEMAN & CO.
& CO.
421
Street
Philadelphia
Telephone, Lombard 710
Chestnut
1893
NEW
4GKFOLC, VA.
YORK,
80 Broadway
INVESTMENTS
RICKER &. CO.
EDGAR,
Bast Water and Mason
LOU9SVILLB
BONDS
WISCONSIN CORPORATION ISSUES
1431
Chestnut
LOUISVILLE, KY.
Second Ward Securities Co.
Second Ward Saving* Bank
Bldg.
MILWAUKEE
John W. & D. S. Green
'
108
S.
Louisville. Ky.
La
Salle St.
CHICAGO
"MUNICIPAL RAILROAD i
'CORPORATION BONDS
Dealers In all high-grade securities.
Continuously In Brokerage business
t £OMME RCJAL
18C8.
Specialists in
Both telephones 55.
MINNEAPOLIS
and
High Grade Investments
404 West Main Street,,
McKnlght Building
MINNEAPOLIS
Specialising In
Stock Exchange
MINNESOTA CORPORATION ISSUE!
LOUISVILLE, KY.
Ifpx&Co,
%
Imvest^ietnx
MONTGOMERY
ri#5T WISCONSIN
WATlO-AV SANK BtOC
B.
W.
SOUTHERN
Strass burger
INVESTMENT
M0nUfmeryt Aim
SllfiAUL 1
JUSTUS F. LOWE COMPANY
INVESTMENTS
Members New York
PAPERS ^
.
Municipals
Wisconsin
Henning Chambers & Co.
StevenS'&^o.
"established iqio*
114 South Fifth St.,
since
Street. Philadelphia
MINNEAPOLIS
INVESTMENT SECURITIES
Paul Jones Bldg.
«5NT
INVEST
V/Oe
&f*
FOR
Specializing!
JOHNSTON & COMPANY
Frederick Peirce
Streets
IE. WIS
MILWAU
Securities
S
I
Milwaukee^
Underwriters and Specialists in
Wisconsin
SECURITIES
Write
our
Trading
Issues
Department.
DB WILL
BUY
,
'
'
.
Minnesota a Ontario Pow. IstSs
Powell
River
Company 1st 5«
inneapolis St. Ry. Co. 1st
Sed River Lumber Ex tended 7is
SfELLS-DlCKEK COMPANY, UtoMtftli
XII
THE CHRONICLE
[VOL. 110.
Jffitanrtal
tfimmtal
Kimball County, Nebraska
6%
Attractive
High School Building Bonds
Exempt from all Federal Income Taxes
This Sir ng
Real Value of
Property, estimated.
Probable Assessed Valuation, (1920 official estimate)
Total Bonded Debt
3,500,000
-
Shaffer Oil & Refining Co.
125,000
--------
Dated June 1, 1920
Secured
Due June 1, 1940
•
YIELDING
can
Sinking
Fund
rates and carry
Denver, Colorado
conservative
A
with
H. Mountague
k <p01L
Founded
8%
be converted into First
Mortgage
Bonds at favorable
unusual Preferred and
Common Stock opportunities.
Investment Securities
-
7% Convertible
Sinking Fund Gold Notes
6%
Bosworth, Chanute & Company
17th and California Streets,
Investment
$15,000,000
-
Price: Par and Accrued Interest to Yield
Rights
Accompany
Vickera
unusual
Ask
investment
possibilities
for circular CC-34
BONDS
Tel.
1797.
Han. 6670
*•
Well St.
H.M.Byllesby & Co.
incorporated
Chicado
New\brk
111
guaranteed stocks
Seasoned
Broadway
203 S.LaSane St.
Providence
Boston
30 State Street
_
lGV/eybosser St
Investments
Irving Bank Rts.
Lincoln
30
Pine
Trust
Co.
Park Bank Rts.
Street
New York
Glover & MacGregor
FRANK J.
T1
M.
Broadway
DILLON
NSW
Tel.
346 Fourth
Ave., PITTSBURGH, PA.
YORK, N, Y.
Amer. Wat. Wks. & Elec. 5s, 1934
Bowling Green
West Penn
Central
We
New York Securities
Comoildltted
Waiter
let
Consolidated
Water
System Securities
Corporation 6s
Gulf Oil
Specialize in
Am.
PEERLESS TRUCK & MOTOR
Fruit Growers 7s
2d
fa
6s, 1925
Cities*
Gas
Otic*
Electric Light & Power 1st is
A
Electric Rijf, •»
Utica Steam A Mohawk Val. Cot. Cow,
Watertown
Lt.
A
Power
Co.
Liberty Bond»
WARE & TRANTER
|
Bond* of German Cities
Members New York Stock Exchange
61
Broadway, N. Y.
Tel. Bowl. Green
10090
Argentine Government 5s,
In
1st
French
Mohawk
i
®
Govt. 4s & 5s
Italian Government 5s
If
alley Investment
Corp.
BUCYRUS CO.
Japanese Govt. 4s & 43^s
vVESTMENT BANKERS
Genesaa
Street
Utica,
New
$100 and $500 Bonds (all kinds?
Common & Preferred
York
Registered Bonds
Railroad Bonds
&IELY
W.
W.
Lanahan & Cc-.
&
40 W*ll St., N.
___
HORTON
Y.
Phone John 6330
—
...
invettment Securities
New
Jersey Municipal
D(McripUj« List
ttuobefff
on
P.
■
Hartshorne
Tel. Broad 7740
Bonds
Marquette Iron Bonds & Stock
a'J est
[New fork Stack JSxetiangw,
1 Baltimore Stack; Mxahangs.
J.S. RIPPEL A COMPANY
Oadvert
Building,
Baltimore
II CUKTOH STREET
Tslevhon* St. Paul 1771
We
Nogoiiatti
Securities
AND
located
and
West
Bought—Sold—Quoted
NEWARK. If. i.
ALFRED F, INGOLD&CO
Specialise in
COAL
htwt; of 8*c*r(ti$»
14 Broadway. N, Y.
CO CE
Lancaster Williams & Ce., lis.
F.N.
Pennsylvania
Virginia.
Boyle & Company, int.
L.
successors
J.
to
Dawes
MATTERS
INVESTMENT SECURITIES
Union
Arcade
E
&
Company,
MAG RAW
MUNICIPAL
AND
OOBPOMATlOSt
Inc.
BONDS
FINANCIAL
Pittsburgh, Pa.
Oemmereiai
Paper
*»•**! fiMttritleg if the Twin Olfttec
SquitabU Building,
*AsLY8&SOK».
Rector St3£-
In
F.
I
& Battelle
25 Broad St.
SHELL RIGHTS
...
Globe Building
ST. PAUL, MINN
Bought—Sold—Quoted
PROCTER & GAMBLE CO
INDIAN REFINING CO
losjepfc talker St irons
Members New York Stock Exchange
•1
Broadway
New York
A. G. Becker & Ce.
i
Westbeimer & Company
WE WISH TO BUY HIGHGRADE
Vembert of the
Nov
York
Stock
Cincinnati
Stock
Chicago
Board
Baltimore
Stock
Exchang*
INVESTMENT SECURITIES
SECURITIES.
Exchange
Trade
Boenning, Garrison & Co.
Exchange
'.Members Philadelphia Stock Exchange.
of
CINCINNATI, OHIO
BALTIMORE, MD.
PENNSYLVANIA
TAX-FREE
COMMERCIAL PAPER
Stock
Exchange Building,
137
South La Salle Street
CHICAGO
NEW YORK
ST.
PHILADELPHIA.
Direct Private Telephone to BerdellJBros.. N. Y.
SAN
FRANCISCO
LOUIS
JUNE 26
Current ^cnD
Adams Express
XIII
THE CHRONICLE
1920.]
inquiries.
Coll. 4s, 1947
Amer. Water Wks. & Elect. 5s, 1934
Canadian Northern 6s,
Woodward Iron Company
1922
Chicago Northwestern 7s, 1930
Elk Lumber 6s, 1920
1st
Champ. & Dec. Ry. 5s, 1938
Island Oil & Transport 7s, 1920
Jones & Laughlin Steel 5s, 1939
Kentucky Utility 6s, 1924
Laclede Gas Light Co. 7s, 1929
Nevada Calif. Elect. 6s, 1946
O'Gara Coal 5s, 1955
Pacific Gas & Elect. 7s, 1925
Danv.
Am. BrakeSh.
&Fdy. (newstocks)
American
Light & Traction
Burroughs Add. Mach. Stock
Bucyrus Co., Com. & Preferred
Ford Motor of Canada
Goodyear T. & R. Com. & Pfd.
Pathe* Freres Phono. Co.8% Pref.
Peerless Truck & Motor
Common & Preferred
Merrill, Lynch & Co.
Pocahontas Cons. Coll. 5s, 1957
120 Broadway,
1945
Simmons Hardware 7s, 1925
Seaboard Air Line 6s,
Elect.
1952
-
Packard
Detroit Edison Co. Stock
Pittsburgh & Shawmut 5s, 1959
Texas
Mortgage 5*6
Common & Preferred Stock
New
fHrey
private
6s, 1942
<>*innt. Cleveland.
">
York
Tradvri Telephone 7083 Hector
Telephone 6070 Hector
Youngsutwn, Grand Ravid» and Lansing.
Steel 7s, 1934
Woodward Iron 5s, 1952
Wickwire Spencer
Instantaneous
communication
Willys Overland
our
offices is made
possibly through their intercon¬
nection '
by
private
wires.
between
Bordens Common
American
7% Non-Convertible
Morton Iacliehbni(2L & Co.
Babcock & Wilcox
Sold
Bought,
42 Bfoad Street.
DETROIT
CHICAGO
Quoted
&
R. J.
"NewYjrKj
PHILADELPHIA
Reynolds (all issues)
Amer. Tob. "B"
PITTSBURGH
Foreign Securities
Cigar
Imperial Tobacco 1
Preferred Stock
C. C. Kerr & Co.
Bristol it Bauer
PAU L LE- BAUER.
RALPH BRISTOL,
2
Rector St., N.
Phone 6780 Rector
Y.
(when issued)
120 BfoadWa'
Phone- Rector 4594
•
Foreign Currency
Foreign Cheques
Armour & Co. 6s, 1920-24
Theodore C. Corel1#
Noble
Mark A.
Chicago Rwys. 1st 5s, 1927
Peoples Gas 5s, 1947
Bought and Sold
NOBLE &CORWIN
CO.
DUNHAM &
St.
Broad
It
BABCOCK, RUSHTON & CO
Investment Securities
3
'Phone 8300 Hanover
ExchangelPlace
Member*
National
Chase
Italian Govt.
5% Int.Loan of '18
Russ.Govt.5V2% Int.Loan,due'26
Boat#
Bank
HARLEM RIVER & PORTCHESTER
1-4s 1954
National
Russ.Govt.6V2% ext.Loan,due,19
Otis
Surety
Eastman
Elevator
PACIFIC RY. OF MISSOURI
Pref.
Kodak
2-5s
Common
Aero Com.
Curtiss
Bo ught— Sold—Quoted
&
TOBEY
Pr
SI8K
&
Btenants
Wew
Mtarabera
Broad
Telephone 1111
1938
NEW YOKE
tl Broad Street
RISSE
R
ALFRED
Bank
end
7 WALL STREET
NEW YORK
HOME INS. BLDG..
CHICAGO
Trust
Equitable
French Govt.5%
Int.Loan ofl916
Stock
National
Citizen
Chicago
Exchange*
York,
New
Trust
Bankers
BROADWAY
Telephone 5204 Broad
Bond
Railroad
Public
Dept.
Utility Dept.
Great Western Power 5s 1946
Seaboard Air Line 6s 1945
Br. 4s 1945
Great Western Power 6s 1949
San Ant. & Aransas Pass 4s 1943
Great Western Power 6s 1925
Louisv.
& Jefferson
B. & O. P. L. E. & W.
Los
Va. 4s 1941
Royal Dutch,
Shell Transport,
Rights and New Stock
Canadian
Galves.
American
Shaffer
East Tenn. Va.& Ga. 5s 1931-1956
Stock
Dept.
United Lead deb. 5s 1943
Paul
Adams Express
Securities
American Oil Fields Stock
4s 1947
American
Inland Steel 6s 1942
Retsof Mining 5s
Delaney
Mfg. Com. & Pfd.
Willys Corp. 8% Preferred
Gulf Lumber Company
1925
Sen Sen Chiclet 6s 1929
Monon Coal 5s 1936
120
Broadway
New
York
Telephone Rector H834
Fairbanks 1st
Consolidation Coal 4^s 5s 6s
Kuczynski & Co.
Heine
Stock
Bank
Bank
-
Niagara Fire Insurance
All
Important
Foreign
Capital#
Rights
Title Guarantee & Trust Co.
Oil
«S. O. of California
S. O. of Indiana
S. O. of Kentucky
Bryant Park Bank
CARRUTHERS, PELL &
PRIVATE
Montreal
WIRES
Toronto
Dept.
Prairie Oil & Gas
*53' Bank of Manhattan Company
Chelsea Exchange
8% Preferred
Safety Boiler
Standard
Dept.
National Park Bank Rights
CORRESPONDENTS
1929
Interstate Electric 6s 1991
Industrial
Bond Dept.
Refining 6s
Ohio State Telephone 5s 1944
Virginia & Pittsburgh 4s 1990
Montgomery div. 5s 1947
Industrial
&
Queens E. Lt.& Pr.5s 1930
N. Y.& Westchester Ltg. 5s 1954
M. & O.
international
Light & Trac. 6s 1925
Oil
N. Y.&
RR. & Bank of Ga. 5sl937
Atlantic & Yadkin 4s 1949
other
Ry. 1st 5s 1923
Northern State Power 5s 1941
B.&O.Toledo-Cincinnati 4s 1959
W.
and
Lake Shore Elec.
Harrisb. & S. A. M. & P.
New Orleans Terminal 4s 1953
Cent.
Angeles Railway 5s 1940
Street Ry. gen. 5s 1930
Duluth
Ry.St. Louis division 4s 1951
Big 4 St. Louis division 4s 1990
So.
Bonds,
15
Bank Stocks,
Miscellaneous Securities,
Broad Street, New
York
CO.
Standard
Oil Stocks
Phones 5161 to 5169 Hanoter
Philadelphia Phone, Locust 572, Bait. Phone, St.
Paul 9389
XIV
THE CHRONICLE
[VOL. 110.
Current JSonti 3ntjtsfm«
WANTED
F.J. LISMAN & CO.
International Water 5s
'
Member* N*w York SUtk Exchange
61
Bijou Irrigation District 6s
Ft. Wayne & Wabash Valley 5s
BROADWAY, NEW YORK
Carolina Clinchfield & Ohio 1st 5s,
Cleveland Terminal &
Clinton Water-Works Co. 5s
1938
Valley RR. 4s, 1995
Galveston Houston & Henderson 5s, 1933
WE^DEAL IN
Lewiston Brunswick & Bath 6s
Railway of Canada 4s
Racine Water Co. 5s
ManilaJRailway, Southwestern Lines
N. Y.
Peoria
Shetucket Mills Stock
Joplin Water Works 5s, 1940
Grand Trunk Western RR. 1st 4s, 1950
Great Northern
Topeka Water Co. 5s
Emmett Irrigation District 5s
Great Falls Mfg. Stock
Wichita Water Co. 5s
Chicago & St. Louis 6s, due 1931
City Water Co., Chattanooga, 6s
TerminalJRailway Co. 4s, 1937
Philippine Railway 1st 4s of 1^37
H. C. SPILLER & CO.
San Antonio & Aransas Pass 4s, 1943
INCORPORATED
Terminal Assn. of St. Louis 5s, 4^s, 4s
IT Wat*r St., corner Devonshire St., BOSTON
West Virginia & Pittsburgh 4s, 1990
Wisconsin Central Ry.
63 Wall Street,
Co.* 1st Ref. 4s
NEW YORK
"Opportunities in
AND ALL RAILROAD AND STEAMSHIP
SECURITIES
Liberty Bonds"
Circular
Investment
WOOD, STRUTHERS & CO.
Securities
5 Nassau Street
on
request.
SUTRO BROS. & CO.
120
BROADWAY, NEW YORK
Telephone: Rector 7350
of New York Stock Exchange
Members
NEW YORK
Consolidated Textiles
7s, 1923
Underlying
Davies, Thomas & Co.
Mtmbert
5
Nassau
N
Y
Stork
Bzchano"
St..
R.ctor
111
Argentine Govt. 5s, 1945
49 Wall
New
BOND
Empire Gas & Fuel 6s, 1926
Braden Copper 6s, 1931
International Paper 5s, 1947
International Ry. 5s, 1962
ORDERS
BOND
DEALERS
ON
IN
RAILROAD
ISSUES
AND
FOR
COMMISSION
Telephone Hanover 8317
Del.
Lack.
Merck &
Company Preferred
WALL ST..
Tel.
N. Y.
Seaboard
5s, 1939
€s, 1926
5s, 1933
Summit
SAMUEL K.PHILLIPS&CO.
McKinley & Morris
44
John
PHILADELPHIA
272
American Power & Light 6s,
Continental Gas & Elec. 5s,
Gilbert J.
Postley
7 Wall Street
J.
FARLEE
Duquesne Ltg. 6s, 1949
Empire Gas & Fuel 6s, 1924-1926
Lehigh Power Sec. 6s, 1927
CO.
&
NEW YORK
Telephone Rector 9097
5% Bonds Due January 1,1923
S.
1927
Southern California Edison 6s, 1944
Hudson Navigation Co.
20 Year
2016
Duquesne Light 6s, 1949
Sell
Shaffer Oil & Ref. 6s, 1927
66 BROADWAY
BAUER, STARR & CO.
Members American Bankers' Association
llf
Members New York State Bankers' Association
N.
BROADWAY
Y. CITY.
Rector
LAND
TITLE BLDG.,
PHILADELPHIA
741 fi
Private
wire
connection*
WANTED
Empire Gas & Fuel 6s, 1926
Island Oil & Transportation
7s,
1920
Great Falls Power 5s, 1940
New England Power 5s, 1951
WE
Bell
WILL
SELL
Telephone Co. (Canada) 5s, 1925
Detroit Edison Co.
5s, 1933-1940
Empire District Electric 5s, 1949
Madison River Power Co.
5s,
EARLE
A.
SPECIALISTS
IN
DIRECT
TELEPHONE
PRIVATE
RECTOR 8060-1-2-3
1935
MILLER
PUBLIC
WIRE
UTILITY
CONNECTION
& CO
SECURITIES
WITH
111
CHICAGO
BROADWAY
in
on
NICHOLS
New York
5467
and
622
NEW YORK
Eng.
&
6s
West.
&
Stock
Coal
P.,Lach.Div.5s,'33
Nassau & Suff. Ltg. 5s, 1945
Penna. Elec. Pref. & Common
5sv 1932
SOT Chestnut St.
traded
Kinloch Long Dist. Tel. Co.
Penn
Light & Htg. Co.
Maty Coal Co. 1st
Empire Gas & Fuel Co.
Cincinnati Gas Transport.
&
Rector
Mont. Lt.Ht.&
Marion
National Surety Stock
Packard Motor Preferred
Notes
Curb.
Broadway
Combustion
York
BROKERS
EXECUTED
ACTIVE
and
York
Ashland Lt. Pr. & St. Ry. 5s, 1939
Bronx Gas & Elec. 5s, 1960
&, HICKEY
Street
Chinese Railway 5s, 1951
Bonds
Telephone:
Bond*
5521
VILAS
other
CONNELL
York
Canadian Pacific 6s, 1924
all
New
Railroad
New
Ttitpbona
and
National
Bank
County Pow. 6s, 1927
Taylor & White
43
Exchange PI., N.Y.
Tel. Hanover 427-8-9
L
XV
THE CHRONICLE
1920.]
JUNE 26
Current $ont> inquiries
Electric 6s /
Com. & Pref.
Guanajuato Pow. & El.
Michoacan Power 6s
Central Mexico Light
Boston & N. Y.
& Power 6s
Mines 6s
Light 6s
Indianapolis Water Co. 4 Ms & 6s
Canadian Connecticut Cot. Co. Com
1924
Portchester 4s, 1964
Globe & North. 5s,
Harlem River &
RR. 5s, 1937
& Sav. RR. 5s, 1947
Long Island City
Macon Dublin
4s, 1954
New Eng. RR. Consol. 4s, 5s, 1945
Atares Wharf & Warehouse Com.
Savannah Riv. Lum. Co. Pref. &Com. N. Y. Providence & Boston 4s, 1942
Standard Woven Fabric Co. Com.
Wm.
Georgia Light, Power & Rys. Pref.
Dayton Covington & Piqua Trac. 5s
Cumberland Co. Pow. & Light Pref. Tel. Rector 3273-4 and 3294
Naugatuck RR. Co. 1st
Ave. RR. 5s, 1943
Broadway & 7th
Bklyn City RR.
Bklyn Union
Bonds
"Big Four" Underlying
Gila Val.
Guanajuato Reduction &
Columbus Ry., Power &
1946
Air Line RR. 4s, 1966
of Chattanooga 6s,
Belt Ry.
Empire Lumber 6s
Guanajuato Power &
Lex. Ave. &
Elevated RR. 5s, 1950
Pavonia Fy. 6s, 1993
RR. Consol. 4s, 1951
Nassau Elec.
New
Co. 1st 5s, 1941
Amsterd. Gas Co. Cons. 6s,
Co. of N.Y. 1st 5s,
Union Ry.
*48
Co. 5s, 1955
North. Westch. Lt.
1942
5s, 1943
Westchester El. RR. 1st
1st 5s, 1946
Yonkers RR. Company
Carnegie Ewen
63 State
Telephone
York City
New
St.,
Kirby Lumber Co. Com. &
Bonds
New
Amer. Lt. &
State
York
Woodward Iron Co. Com.
Bonds
Trac.
BONDS OF
Chicago & Eastern
Central Petroleum
Pacific Gas & Electric
ELDREDGE
BULL 8L
Members of the New York
Western Power
20
Stock Exchange
Federal
Wm. C. ORTON &
Specialist Reorganization
Securities
25
Preferred
tkmah
Tel. Rector 9970. Mergenthaler Linotype
Wall St., N. Y.
<4
Todd
& Western
Y. Susq.
N.
Butte
Term'l 5s
mon
Anaconda & Pac. 1st 5s
Seaboard Air Line Cons.
Equitable Gas Light (N.
N. Y. &
Rollins, Kalbfleisch &
Members N.Y. Stock
& 5s
Westchester Ltg. 4s
Westchester Lighting
1st 5s
Telephone Rector
Co.
Exchange
66 BROADWAY
2687-8-9
Finlay & Davenport CONSTABLE & FLEMING
K. L. FLEMING xJn.
Specialists in Railroad
72
Trinity PL
Terminal Bonds
Tel. Rector 6881
Bowling Green 6460
Broadway N Y
Chicago & Northwest. 7s, 1930
Atlantic Coast Lines 7s, 1930
We Offer
PORTO RICO
71
TELEPHONE CO.
Chicago & Alton 1st
6s, 1944
1st
To Yield
Price
33^s, 1950
Coal Corp. Securities
I. HARMANBS
SOUTH!
INVESTMENT
Baltimore 8toek
Stock
N. Y. CITY
Exchange.
Utilily Bonds
and sell for our o wn
& Scrip
account.
NIGHTINGALE
Phone Broad 7118-8
HENRY
PROCTER & GAMBLE
SECURITIES
34 PINE STREET
1874.)
BALTIMORE. MD.
ST.
Membw
We buy
Com. & Pfd.
GILMAN
FISHER & SONS
rEstabltefeed
42 Broadway
JOSEPH
Annapolis Securities
Railroad and Public
INDIAN REFINING
71/2%
Application.
on
Elk Horn
&
Canadian and
Foreign
Government Investments
1940
Illinois Steel Deb.
Tel. Broad 7STI
Consolidation Coal Co. Securities
Consolidated Gas, Electric Light
Power of Baltimore Securities
V
CONSTABLE
.
Seligraano
York Stock Excmmge
St. N., Y.
Wash. B<. &
& Hend. 5s
Galveston Houston
&
Bond
Check#
80 Broad
Fe, Rocky Mt. 4s
Atch. Top. & Santa
EXCHANGF
Currencj
Members New
6s
Y.) 5s
Securities
and Sold on Order
Shuman
Protectograph Co. Com¬
CO.
Tel. T160-M Broad
York
Broad St., New
FOREIGN
Standard Tank Car
Illinois
Missouri Kansas & Texas
Bonds
Loan
Farm
& Coady
York Stock Exchange
Members New
8460
Tel. Rector
BROAD ST.. N. Yl
Specialists in Short Tarra
MacQuoid
Pref.
Lehigh Valley Coal Sales
Boston, Mass.
460
Main
STOCKS OF
;
HOTCHKIN & CO.
Street, New York
2 Wall
Chicago, Peoria & St.
Louis P.L. 4Js 1930
Litchfield and Madison 5s 1934
5691-4 John
J. S. Bache & Co.
Registered Bonds
Liberty
Members New York Stock
Tel., 6400 Broad
New York
NEWBORG & CO.
Members
60
New
York Stock
Eichange
PRIVATE
Chic. & East.
Tex. Notes, 1916
111. 5s, 1937
lst!ien5M%Eq* Rec. Ctfs.
1920
Chateaugay Iron & Ore 4s, 1942
Central Vermont 4s,
Coal 5s,
Buffalo
Chicago
CORRESPONDENTS
Cincinnati
1936
1934
4M«» 1952
Brinson Railway 5s, 1935
Det. Grand Haven & Milw. 6s, 1920
Butte Anaconda & Pacific 5s, 1944
Florida West Shore 5s,
Fonda Johnst. & Glov.
WOLFF & STANLEY
Ttlepone Mooter
Lighting 4§s 1951
Light 5s 1958
Equitable Gaslight (Memphis) 5s
1929
Pittsburgh
Cleveland
Rochester
Kansas«City
New Orleans
Syracuse
Philadelphia
Troy
St. Louis
E.
D.
MURPHY
Telephone 7353 Hanover
51 WALL ST.
2920
Place, N. Y.
Cleveland Electric 7s
International Tract.
Atch., Calif. Ariz. 4>£s
L. & N., St. Louis 6s
Current River 5s
"Big Four" 6s, 1929 & St. Louis 4s
Canadian Nat. 7% Equipments
Oregon Short
Line 6s
3^s & 4s
"Nickel Plate" 6s, 1931
New Haven
Cansas City Ft.
Scott & Memp. 6s
Seaboard Air Line 6s
Tol. Cin. Div. 4s
Gt. Southern 5s, 1943
Miss. Kan. & Texas Issues
B.
& O.,
SAM'L
Phone 5380-1-2-3
Broad
(Buff.) 4s
Granby Mining 8s
Toledo Tr. Lt. & Pow.
Michigan Central 33^s
Alabama
72 Trinity
Connecticut R'way. &
Nashville R'way. &
ST. LOUIS
C. &E. I.
Monon
Boston
Bowling Green
WIRE TO
Missouri Kan. &
Baltimore
Y.
BROADWAY, N.
Telephone 4390
BRANCHES and
Albany
Exchange
7s, 1921
Pow. 5s, 1942
Aetna Explosives "B" ,6s
Sinclair Cons. Oil 7^s
Atlantic Gulf & West Indies 5s
Packard Motor Preferred
Piggly Wiggly Stores
Valvoline Oil Preferred
National Bank of Cuba
Portland Ry. Lt. &
Eiseman
Magneto
Dominican
Preferred
Republic 5s
GOLDSCHMIDT
25 Broad Street
XVI
THE CHRONICLE
| VOL. 110.
jffnancfal
^financial
JIB
gyiiiiiuifflitiMiiiiiiiiiiiiiiiiiiiiiiiiiiiiii
Six Per Cent
CENTRAL
TRUST
Southern
UNION
COMPANY
Short Time Notes
of NEW YORK
AUTHORIZED
Administrator
to act as
subjed to check, and allows Interest
Balances. Ads
as
Commercial Paper
Executor, Trustee,
Guardian. Receives
or
Municipals
Preferred Stocks
4
Deposits,
Acceptances
Daily
on
Transfer Agent, Registrar
and
Trustee under
Mortgages. Receives securities
for safekeeping
and colledion of income.
Capital, Surplus and Undivided Profits
Hibernia
Securities
$29,000,000
over
Company
(Incorporated)
80
Broadway, New York
Fifth Avenue
at 60th
Hibemia Bank
Street
Building
New Orleans
Madison Avenue at 42nd Street
COMMERCIAL LETTERS
New York Office
ACCEPTANCES
44 Pine St.
-
Member Federal Reserve Si/stem
BERTRON, GRISCOM & CO., INC.
INVESTMENT
DEALERS
Prov. of B. C.
Prov. of
IN
ALL
Ontario, All Issues
BOUGHT
CHUCKS
1925
Bonds, All Issues
12#
N.
Y.
Broadway.
and
Phila.
'Phone
Stock
7500
N.
Tel.
T
BOSTON, MASS
Wire
TeL Rector 5289-92-4038-4730
Neto
to
Main 3138—Fort
Scott &
R.A.SOICH&CO.
10 Wall St., N. Y.
&
Securities
10 STATE ST..
Direct Private
IM
Y.
Mining,
S F.Redmond ACol, Inc.
CURRENCIES
Exchanges,
Rector,
SOLD
Mines
Oil,
Industrial
M
MILLER & COMPANY
Members
Favor
Unlisted
bokids
Canadian Govt. Bonds, All Issues
AND
Bay State Film
El
Elect. Dev. of Ontario 5s, 1933
Building
PHILADELPHIA
FOREIGN
Grand Trunk Pac. 3s & 4s
Cuban Govt.
Land Title
NEW YORK
43^8 & 6s
Bell Tel. of Canada 5s,
SECURITIES
40 Wall Street
INVESTMENT
Stock
HW
York
920
Stump
SECURITIES
Exchange Building
PHILADELPHIA
Conn. Ry. & Ltg.
Over
4^s, 1951
Equitable Gas Lt., N. Y.
"
80%
Of the
NATIONAL
FOR
5s, 1932
Bank. In
New York City
SAFETY
THEIR
Pfcenee: Locust 9480.
Kesnrtene:
PAPER
648V
McSHERRY MANUFACTURING COMPANY
Preferred & Common Stocks
Company Stock
5s,
6482.
2797
"61
YEARS
OF
FARM
MACHINERY MAKING"
CHECKS
Safety Car Htg. & Ltg.
George La Monte & Son
Brooklyn Heights Railroad
6481.
Race
u.e
i\
Broadway
New
Sales Representatives Wanted
York
1941
L. N. fiosenbaum & Co.
135
Broadway,
New
York.
THEODORE L. 8R0NS0H & CO.
Members
10
Wall
Ne.\M
St.
N.
V ork
V.
stock
Te».
Municipal Railroad^ "
Corporation Bonds
fil'h'tnyr
Rector
7680
20
Broad Street
-
List
Maurice
C'Kives current
H.L. NASON &CO.
85 Devonshire St
F. WM.
Specialising
M em let {Philadelphia Stock
offerings.
KRAFT, Lawyer
Bond#, Warrant#
Canadian Pacific 6s, 1924
Rom* 91V-620, 111 W. Monroe St.
Harris Trust Building
New
illinois
Jersey
Securities
Investment Securities
and Securities and
Proceeding# Authorizing Same.
incorporated
North American Bldg.
Philadelphia, Pa.
Chic. Nor. West. 7s, 1930
Belgian Govt.
Hollister,White& Co.
Boston, 9. Masst
Exchange
Chestnut Street
PHILADELPHIA
1421
la Examination 4k Preparation ol
chicago
'BO Congress St.
Ltd.
County, Municipal and Corporation
BOSTON 9
#2 CEDAR STREET, NEW YORK
Co.,
PAUL & CO.
"BRIENTMEirr*
Nebraska
Power 5s, 1949 *
Southwestern Pow. & Light Pref.
Texas Power & Light Preferred
Amer. Gas & Electric Preferred
Utah Power & Light Preferred
Paper
Bond? and Stock
NewYore^
fwni RECTOS 8140—CABLE
ADDRESS
Denver Gas & Elec. Light
5s, 1951
Carolina Power & Light 5s. 1938
St.
OUTWATER & WELLS
15 Exchange Place
Tel. 20 Montgomery
Jersey City, N. J.
f
7V^s
Montgomery
Telephone
Broad
Bros.
15
3063
William
New
initializing
St.
York
tn
Russian Govt. Bonds
and
Currency
Foreign Govt. Securitiee
CHAS.
F.
Tel. 681# Rector.
HALL
&
CO.
20 Bread St.. If
T.
JUNE 26
THE
1920.]
XTII
CHRONICLE
iftaanrtal
Jffnanrial
Millions in
Worldwide Markets
United States
I
Money
American
Express
Securities
for
Department
execution:
Why?
trained
Because
Conditions
Principal
in
men
many
our
foreign offices keep us in direct touch with for¬
In¬
safe.
is
financial
stable.
are
rates
terest
eign markets, so that we can buy at the
high
are
market
price for you, or obtain full information on any
and exchange rates are
very
profit by-
will
banks
sending their orders for Foreign Securities to the
i
Canada.
is invested in
and
dealers
Investment
favourable to
reputable security, however inactive.
United States investors.
If
like to
would
you
the
know
and
names
income-yields of good
Canadian securities,
write
our
now
for
a copy
Edition
American
Bowling green 10,000
department
Address:
mendations.
¥\
TELEPHONE'
Securities
of Investment Recom¬
agency
of
Royal Securities
^
Company
American Express
of
GAS
CINCINNATI
CORPORATION
(CANADA)
We
LIMITED
165
Cortlandt 3234 -
over
ELECTRIC
&
CO.
the
New York
Broadway
Tel.
have taken
5 -6
market
monthly
6%
•
.
Secured Gold Notes
"The Oil Industry"
Due Dec. 1,
Principal
which
covers
Standard
30 Years
importat
and
the
of
news
Independent oil
1922
semi-annual
and
interest
payable in New York.
com¬
Complete description on request.
panies.
glad to place
mailing list.
Upon request we will be
in
your name
on our
Price to Yield 7% %
j
BOND
Export Banking
R.C.Megargel&G
27 Pine Street,
New York
DEPARTMENT
Fifth-Third
National Bank
CINCINNATI, O.
KNOWLEDGE
INTIMATE
of
the needs and habits of
the people,
of
BERLINER BANDELS-GESELLSCBAFT
experience
by
acquired
years
tries
themselves, is essential
Berlin
when
Fully-paid
transacting business abroad.
All
23
South America
Branches in
8
kind*
Behr.natmu. 81-81
(Founded In 1866)
W.
capital
dt
at banking
raaarvaa
M 144,600,091
buolneaa transacted.
Special attention given to foregn exchange ant
business.
Trade Information tarn
documentary
•bed.
Offices in Europe
FOREIGN BANKING
CORPORATION
53
Broadway, New York
Capital, Surplus and
Profits
with India
Direct Connections
AMERICAN
BANK
actual residence in the coun¬
and
Cabl Address:
Handelges
Berlin
over
Undivided
$5,000,000
Principal Branches
Brussels, Belgium
Argentina
Manchuria
Buenos Aires,
Harbin,
AngioSouthAmeri^N
"Bank, limited
Havana,
Lincoln Menuy Oppenheimei
Panama
Port
Nnr
I«k
Agency,
49
Broadway
BANKERS
Cuba
Islands
City, Panama
Prince, Haiti
Manila, Philippine
au
Rio de Janeiro, Brazil
Domingo, Dominican Republic
Correspondents throughout the world.
Santo
FRANKFORT-o-ML, GERMANY
CM. Mdra.
STANDARD
Cwtdi Summary
0
liMM
FOREIGN
EXCHANG1
Investor* on
14
Dealers la Standard OH
H. D. Walbridge
& Co.
roonoot
L
4809-1-3-8-4 Bread.
CLEVELAND, OHIO,
41/28, due Dec., 1925
to
1
CARL H. PFORZHEIMER
MM
INVESTMENT SECURITIES
Will ba mailed
•a
Standard Oil
"OM.fc.rn"
Wall Street, New
York
36 Bread St.. If. Y.
Ingen & Co.
46 Cedar St.
A CO.
Secnrltles
B. J. Van
Public Utility
Securities
New York
TBL. 0304 JOBS
THE CHRONICLE
XVIII
[Voi,. 110.
financial
jfimntial
James Talcott, Inc.
"Concentration is the
General Offices
of power."
225 FOURTH AVENUE
NEW YORK
CITY
secret
—EMERSON
SPECIALIZATION
FOUNDED 1804
Factors and
Agents,
Manufacturers
Correspondents for
IN theCompany there
Metropolitan
Trust
Merchants in
and
always
are
the United States and Abroad.
who
men
have
long specialized in
their particular line.
Entire Production of Textile Mills Sold and Financed.
AS
Accounts Guaranteed and Discounted.
CABLE ADDRESS
a
consequence
/v this,
QUOMAKEL
their
of
quick
and ready under¬
grasp
standing of the specific
requirements of clients
tend
J^otfres
J?o tftetf
OCEAN
SAVANNAH
pany
Extension
Railway Company
To
Holders
of
Certificates of
Mortgage
5
Gold Bonds,
F4r.»t
Deposit issued
Total
Issue,
by The Equitable Trust Company of New
York,
Depositary,
the
Trust
and
by
American
itary, for Central Vermont Railway Com¬
pany Four Per Cent. First
Mortgage Gold
Bonds, due May 1, 1920, under the Agree¬
dated March
ment
5,
1920, and
<
To Holders of such Bonds who have not De¬
posited the
More
same.
than
Eighty Per Cent, of the above-men¬
have been subjected to the afore¬
said
Agreement and the Committee thereunder
has approved
the exchange of, and has deter¬
mined to 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.
tioned
A
of
the
terms
of
such
proposed, ex¬
change has been lodged with The Equitable Trust
Company of New York, the Depositary, and with
American
Trust
Depositary,
Any
who
the
as
of
thirty days after
notice,
withdraw
this
not
upon the surrender to the
the Agent of the Depositary of
to
or
transfer
do
cf
Agreement,
Certificate
cuted
within
may,
publication
said
Depositary
his
Company,
the
Agent
Agreement.
under said
Depositor
first
from
of
and those it serves.
$1,000,000.
Closed
Mortgage.
TRUST CO.
Trustee.
METROPOLITAN
OF
Savannah, Ga., June 7, 1920.
Company offers to all holders extension
of the maturity of the principal from July 1, 1920,
to July 1,1925, with semi-annual interest (January
and July) at 7% per annum until paid, subject
to redemption on July 1, 1922, or on any succeedr
fng interest date at a premium of ^ of 1% tot
daoe
CITY OF
THE
NEW YORK.
716 FIFTH AVENUE
60 WALL STREET
The
each six months between the redemption
date of maturity.
COMPANT
TRUST
Mortgage Dated July 1, 1890.
J
and
To Holders of
the
Bonds
statement
the
rela¬
com¬
Cent.
Thirty-Year
July 1, 1920.
Per
due
CENTRAL-UNION
of New
York,
Company, the Agent of the Depos¬
helpful
tions between the
STEAMSHIP COMPANY
OF
Central Vermont
foster
to
constructive
ana
of Deposit,
with a properly exe¬
thereof, if registered.
Depositors
withdraw
and
manner
provided
in
from
within
said
the
said
Agreement
time
in
aforesaid, will
conclusively
Agreement,
be
and
finally deemed for all purposes to have ap¬
proved and assented to said exchange and to the
terms
thereof
and
will
be
irrevocably
bound
thereby.
Holders
of
the
Four
Per
Cent.
First
Gold
Mortgage
Bonds who have not already deposited their
Bonds under said
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
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
the said
exchange and to the terms thereof.
Printed copies of the statement of
the terms of
said exchange may be
obtained npon application
either to the Depositary or to its
said Agent.
Dated
June 15,
1920.
HENRY E.
COOPER,
C.
LLOYD
STOCKTON,
CHURCH. Secretary.
Broad Street. New
24
City.
MILLER.
GARRISON
Counsel,
Broad Street. New York
City.
&
POTTER,
24
Referring to
signed
will
the
above Notice,
receive
deposits of
mentioned therein until
July
ceived
bearing ten semi-annual
Details
coupons
of $35.00 each.
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
Central
RR. Company, 32 Nassau Street, New
York,
or
Central-Union
Trust
Company
o
New York, the Trustee, 80 Broadway, New York.
The bonds are secured by absolute First Mort¬
gage on two steamships now insured for $600,000,
and on 247 acres of improved land at
Savannah,
Ga., with over one mile of dock frontage on deep
water, oeing tar principal terminals of the Steam¬
ship Company and the Railway Company, and
recognized as ine most important terminals at
Savannah.
The
water
commerce
of
Savannah
argely exceeds that of any other Soutn Atlantic
poit.
On
Company
Convertible
the
basis
of
land
unit
values
tentatively
Gold
Debentures
Series C, Seven Per Cent
are
Holders of the above Debentures may convert
July 1, 1920, or on the first day of any month
thereafter, ten per centum (10%) of the aggregate
principal amount of Series C Debentures owned
by them respectively on June 1, 1920.V Con¬
on
version must be
requested by such owners'prior
1, 1920, or prior to the first day of any
thereafter, and upon delivery by them on
or before July
1, 1920, or on or before the first
day of any month thereafter, of the Debentures
so desired to be converted
(properly endorsed, if
registered) to Henry L. Doherty & Company,
Fiscal Agents, such Debentures will be converted
into Cities Service Company Preferred and Com¬
to July
month
Stocks
mon
on
the basis set forth in such Deben¬
tures, certificates for which stocks will be issued
and
transmitted
to such
owners
in
the amounts
announced by tne Valuation Bureau of the Inter¬
respectively due.
state Commerce
Henry L. Doherty & Company
Commission, the land alone had
a market value as of June
30, 1915, of $2,494,941.18.
Present values are substantially greater.
The improvements are
conservatively valued at
over $3,000,000.
Including insured value of the
ships, the value of the first lien mortgaged prop¬
Fiscal Agents, Cities Service Company
60 Wall Street, New York
Dated, June 16, 1920.
erty is more tnan six times tne mortgage debt.
The annual compensation of the
Steamship
Company under Federal control (standard return)
was $1,048,782.69,
equal to more than fourteen
times the 7% annual interest on the
extended
bonds.
The Company has no otner
mortgage
debt, and
charges.
only
$25,000
of
additional
interest
A PRODUCING and Com¬
owning Oil
pany
1920,
at
the
bonds on or
office of the
Georgia
Railway
Company.
Holders
not
desiring to extend may receive in cash from niinois
Central RR. Co. (owner of the entire
capital stock,
except Directors' shares, of Central of Georgia
Ry. Co.) on presentation at its office, the full
face value of their bonds.
oper¬
large
ating
present their
of
Committee.
York
each extended bond tnere will also be attached an
Extension
Contract
and
a
new
coupon
sheet
.June 21,
ALBERT TUTTLE,
Cities Service
each
Company
(owner of the entire capital stock, except direc¬
tors' 6hares), which is not now a guarantor.
To
Illinois Central Railroad Company
32 Nas¬
sau Street*
New York for attachment to each
bond of the Extension
Contract, the new coupon
sheet of ten coupons, and the
guaranty of Central
SMITH.
PHILIP
on
guaran¬
teed by Central of Georgia Railway
Holders should
after
S. E. KILNER,
HUNTER S. MARSTON,
E.
Payment ofthe principal and interest
unconditionally
extended band will be
acreage
underlease in West Texas Oil
Fields wants to form
connec¬
tion with stock exchange
high
or
-
class
firm
investment
house with view to additional
Coupons maturing July 1,
on
the
under¬
the
Bonds
15, 1920.
1920, will be paid
presentation to Guaranty Trust Co. of New
or to the Illinois Central RR. Co.
York,
financing.
P.
O.
Box 1083,
After
no further deposits will be
W.
A.
WINBURN. President.
Dallas, Texas.
re-
Dated June 15, 1920.
THE
EQUITABLE TRUST COMPANY
OF 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.
THAYER, DREW & CO.
MUNICIPAL BONDS
111
Broadway
New
UHvhont
York
trior
8418
Lb Kaufmann & Co., Inc.
114 N. La Salle St.,
CHICAGO, ILL.
Foreign Exchange, Foreign Secur¬
ities,
European
Currency,
Bonds, European Bonds.
German
JUNE 26
XIX
THE CHRONICLE
1920.]
Jfitumtiol
financial
A Commercial Bank
Merchants
Ever
since
The
Loan
and
Trust
Bank of
more
Chicago
Company
was
founded,
than sixty years ago,
the
big end of its business has been
commercial banking.
From
time to
time,
de¬
new
partments
have been added,
extending
and
Bank's
widening the
has
it
but
service,
always remained first of all a
and
bank,
commercial
com¬
banking its principal
mercial
activity.
To-day this Bank stands fore'
most
all
among
State
the
of
banks and trust companies
the entire West in volume of
commercial business and hold¬
ings of bank deposits.
OF DIRECTORS
BOARD
and
CLARENCE A. BURLEY, Attorney
Oaplt&ilst.
R.
"fr.
President
JR.,
CRANE,
Crane
Company.
ERNEST A. HAMILL, Chairman
Corn
Exchange National Bank
HOLDEN,
HALE
President
Burlington & Quincy RR.
cago
& North Western Railway
EDMUND D.HULBERT.
KEEP,
CHAUNCEY
Field
CYRUS
Co.
President.
LIMITED.
Trustee Marshall
Estate.
Head Office: 71, LOMBARD
Harvester Company.
Chairman
MITCHELL,
J.
Chairman
McCORMICK,
H.
International
JOHN
Chi¬
Chairman
HUGHITT,
MARVIN
Chicago
Co.
of
Capital Subscribed
MORRIS,
SEYMOUR
Trustee
L.
Capital paid
RUNNELLS,
S.
man
G.
SHEDD, President
&
Marshall
Company.
P.
SOPER,
President
48,375,525
Deposits, &c.
A.
SPRAGUE,
1,629,692,180
-
678,817,955
Colonial and Foreign Department:
17, CORNHILL, LONDON, E.G. 3.
Chairman
Banker
,
LONDON & RIVER PLATE BANK LTD.
Auxiliary :
LLOYDS AND NATIONAL PROVINCIAL FOREIGN BANK LIMITED.
Member Federal Reserve
System
Identified with Chicago's■£
Progress Since 1857"
Capital and Surplus,
Affiliated
THE NATIONAL BANK OF SCOTLAND LTD.
Sprague, Warner & Co.
-
THIS BANK HAS ABOUT 1,500 OFFICES IN ENGLAND & WALES.
Soper
Lumber Company.
11
47,102,720
The Agency of Foreign & Colonial Banks is undertaken.
Committee.
ALBERT
£1.)
Advances, &c.
Chairman
RYERSON,
L.
ORSON SMITH, Chairman of Advisory
JAMES
up
Reserve Fund
President Pull¬
Joseph T. Ryerson & Son.
Field
=
$294,392,000
Company.
EDWARD
JOHN
-
Z.
Leiter Estate.
JOHN
ST., LONDON, E.C.3
($5
Board.
$15,000,000
[VOL
THE CHRONICLE
XX
D&feevt&s
©tofoenfcs
KANSAS
THE
SOUTHERN
CITY
276th
COMPANY
RAILWAY
VERMONT
HYDRO-ELECTRIC
CORPORATION.
Rutland, Vermont, June 24,1920.
Dividend
Consecutive
IF*. £5 Broad Street, New York, June 17, 1920
A
dividend
quarterly
Preferred
15,
tiwrt
on
there
year,
ESTABLISHED
PER
Electric
been
The Bank of New York
a
opinion
of the
Chairman
to pay the
and that otherwise the said dividend
be payable at a later date if, as and
The Board of Directors have this
mme,
•hall
when
such
Checks
due,
shall
sum
in
payment
be
mailed
be
will
addresses
i
Transfer
the
to
'
|
and after July 1,
on
record of June 21,
1920, to stockholders of
1920.
TOPEKA
SANTA
&
FE
Garfield National Bank
RAILWAY COMPANY.
New York, June 1, 1920.
The
Board
of
Directors
annual dividend
declared
has
a
(being dividend No. 44)
STOCK
this
of
e»ny at the close willbusiness on Juneholders of
ividend checks
of be mailed to 30, 1920.
PREFERRED
At
a meeting of the
day, a quarterly
Cent upon the Capital
declared payable, free
this
after June 30,
and
K.
Nassau
THE
Assistant
Treasurer.
New York City.
Mortgage Gold Bonds
.
The
semi-annual
installments
interest
of
on
Seaboard
Air Line Railway Adjustment Bonds,
amounting to 2Vi % ($25) represented by Coupons
Nos.
411 and 42 for $12 50 each, has been de¬
>
EDISON COMPANY.
Pennsylvania, June 24, 1920.
Director
of the Metropolitan
Edison Company has declared the regular quar¬
terly dividend of One and Three-Quarters Per
Reading,
SNOW, Cashier.
Cent
OF
BARSTOW
METROPOLITAN
A. W.
THE SEABOARD NATIONAL BANK
SEABOARD AIR LINE RAILWAY.
Five Per Cent Adjustment
C. N. WILSON, Secretary.
MANAGEMENT
S.
ASSOCIATION, INC.,
Operating Managers,
50 Pine Street, New York.
The
Street,
POWER
Per Cent Non-Cumulative Preferred
W.
1920,
July 1, 1920.
STOCK who file suitable orders
COOPER,
5
&
June 16, 1920.
Board of Directors, held
dividend of Three Per
Stock of this bank was
of City and State tax,
therefor at this office.
C.
HEAT
Per Cent Cumulative Preferred Stock
the Six
to stockholders of
record at close of business June 24, 1920.
Trans¬
fer books will be closed from June 24, 1920, to
on
LIGHT,
Stock of the Company, payable July 1st, 1920,
to stockholders of record at the close of business
AVE
semi¬
on
company
Secretary.
COMPANY.
and the Six
AND 23D ST.
New York, June 23, 1920.
5TH
the
of
TWO DOLLARS AND FIFTY CENTS ($2 50)
per share,5 payable August 2, 1920, out of surplus
net income, to holders of said
PREFERRED
STOCK as registered on the books of the ComPREFERRED
June 22nd, 1920.
N. WILSON,
BARSTOW MANAGEMENT
S.
BINGHAMTON
on
ATCHISON
THE
Cumulative
Binghamtcn, New York, June 24, 1920.
The Board of Directors of the Binghamton
Light, Heat & Power Co. has declared the regular
quarterly dividend of One and One-Half per Cent
Secretary.
HAND,
Cent
ASSOCIATION, INC.,
Operating Managers,
50 Pine Street, New York.
day declared
FRED'K C. METZ. JR., Cashier.
C.
Per
e^tra dividend of Three Per Cent (3%), pay¬
able
Agent.
G.
Seven
C.
W.
quarterly dividend of Five Per Cent (5%) and
a
an
the dividend, when
stockholders at the
of
to
furnished
last
received.
so
close of business
THE
New York, June 15, 1920.
the
on
Preferred
Stock
of
the
Corporation,
payable
July 1st, 1920, to stockholders of recora at the
the
sufficient in
sum
Cent
Per
National Banking Association
date
from
received
Government
Corporation has declared the regular
dividend of One and Three-Quarters
quarterly
from net
payable
first-mentioned
the
have
The Board of Directors of the Vermont Hydro-
1784
the
upon
stockholders of record at
M., June 30, 1920; provided,
before
or
shall
(1)
to
P.
United States
the
fiscal
current
1920,
o'clock
S.00
of
the
ONE
of
been declared
this Company,
day
Stock
of
Income
Joly
this
has
CENT
110.
THE
GITY
NEW
OF
YORK.
New York, June 17, 1920.
The Board of Directors has declared the regular
quarterly dividend
of
Three (3) Per
Cent,
payable on July 1, 1920, to stockholders of record
on
June 24, 1920.
C. H. MARFIELD, Cashier.
Board
of
the
on
Per
Seven
Cumulative
Cent
Par¬
ticipating
Preferred
Stock
of
the
Company
payable July 1st, 1920, to stockholders of record
at the close of business June 16th, 1920.
C. N. WILSON, Secretary.
THE
W.
BARSTOW
S.
MANAGEMENT
ASSOCIATION, INC.,
Operating Managers,
50 Pine Street, New York.
•
clared
and will be paid on and after August 1,
1920, at the office of Blair & Co., No. 24 Broad
Street, New York.
SEABOARD
LINE
AIR
RAILWAY
By ROBT. L. NUTT,
Secretary
New York, June 21,
&
CO.
EAST COAST FISHERIES PRODUCTS
Treasurer.
COMPANY
1920.
THE
NEW
The
of Directors of The New Jersey
Power & Light Company has declared the regular
?uarterly dividend Seven Per Cent Cumulative
of One and Three-Quarters
Cent
the
er
7 Wall
St., New York, June 3,1920
June 10, 1920.
The
Board
of
Directors
of
DIVIDEND No. 3
the
Elmira, N. Y.
has
declared
Quarters
Per
a
dividend
Cent
One
of
(1%%)
on
and
the
Company has
quarterly dividend of 1 M per cent on
Stock, payable July 1, 1920, to
stockholders of record June 29th, 1920.
declared
the
on
Preferred Stock of the Company, payable July 1st,
1920, to stockholders of record at the close of
business June 22nd, 1920.
C. N. WILSON,
a
Preferred
Three-
Seven
/
Board of Directors of this
The
ELMIRA WATER, LIGHT & RAILROAD CO.
JERSEY POWER & LIGHT CO.
Dover, New Jersey, June 24, 1920.
Board
THE
W.
BARSTOW
Secretary.
MANAGEMENT
ASSOCIATION, INC.,
Operating Managers,
50 Pine Street, New York.
MARK W. NORMAN, Treasurer.
Per
S.
Centum Cumulative First Preferred Stock of this
Company, and a dividend of One and OneQuarter Per Cent (1K %) on the Five Per Centum
EAST
Cumulative Second Preferred stock of this Com¬
ELMIRA WATER, LIGHT & RAILROAD CO.
The
Board
of Directors of the Eimira Water,
Light and Railroad Company, having declared
a
dividend of One and Three-Quarters Per Cent on
the Seven Per Centum Cumulative First Pre¬
ferred stock of the Company, payable on June
30,
1920. notice is hereby given that upon
COAST
MARK
pay¬
30, 1920, to stockholders
of the close of business
as
on
June
15,
29, 1920.
NORMAN,
Treasurer.
The
Board
Carolina
OF
dividend
a
share
the
on
of
the
VirginiaCompany
have
this
day
quarterly dividend of One Dollar
(1%),
being
dividend
No.
53,
stock
common
of
this
company,
pay¬
able
July
Monday August 2, 1920, to stockholders
of record at the close of business on Thursday,
15, 1920, and an extra dividend of Two
Dollars per share (2%), being dividend No. 54,
the common stock of this Company, payable
BODELL,
LOUIS C. GERRY,
on
FREDERICK BODELL,
at
T
Voting Trustees.
,
Providence, R. I,, June 10. 1920.
Friday, October 1, 1920, to stockholders of record
the close of business Wednesday, September
15,
par
value should do
so
promptly.
A. II. MELIN, Secretary.
Directors
of
Chemical
declared
per
Company of Providence, R. I., the agent of the
Voting Trustees.
J.
holdings into shares of $50
without delay in order that they may receive their
VIRGINIA-CAROLINA CHEMICAL CO.
Richmond, Va., June 24, 1920.
1920.
Checks will be mailed by the Industrial Trust
J.
Dollar
Stock of the par value of $50 per
All stockholders who have not converted their
W.
OFFICE
receipt of
of record
One
the Common Stock, payable July 1,1920,
on
to stockholders of record June
Copper
Company has declared a dividend of
($1.00) per .share upon its Capital
share, payable
on August 23 1920, to holders of such shares of
record at the close of business at 12 o'clock. Noon,
on Saturday, July 17 1920.
The dividend is payable only upon the $50
shares into which the Capital Stock is now divided.
Mining
The Board of Directors of this Company has
declared the regular quarterly dividend of 1
%
on
the Preferred Stock and 1% quarterly divi¬
dend
ANACONDA COPPER MINING CO.
42 Broadway, New York, June 22 1920.
The Board of Directors of the Anaconda
COMMON DIVIDEND NO; 3
dividend the Voting Trustees will
pay to the
respective holders of the Stock trust certificates
of such 1 Seven
Per Centum Cumulative First
ment to be made on June
CO.
PREFERRED DIVIDEND NO. 10
such
Preferred stock an amount equal to the dividend
of One and Threo-Quarters Per Cent, such
FISHERIES
7 Wall St., New York, June 2, 1920.
payable June 30, 1920, to stockholders of
record June 15, 1920.
C. A. KOLSTAD, Treasurer.
pany,
1920
UNITED DYEWOOD CORPORATION.
New York, June 1st, 1920.
15.
Capital Stock Dividend No. 15.
The following dividends on the stocks of this
Corporation have been declared: A dividend of
$1.75 per share (from a sum set aside for the pay¬
ment of $7.00 per share for the year
1920)on
the preferred stock, payable July 1st,
1920; a
dividend
of $1.50 per share on
the Common
Stock, payable July 1st, 1920, payable to stock¬
Preferred Capital Stock Dividend. No.
Common
holders
Transfer books will not be closed.
W.
S.
stocks
TRAVERS, Treasurer.
of
record
the
at
of
Preferred
of
close
business
and
Common
Tuesday,
June
15th,1920.
The transfer books will not be closed.
PHILADELPHIA
OFFICE
COMPANY
OF
VIRGINIA-CAROLINA CHEMICAL CO.
Richmond, Va., June 24, 1920.
DIVIDEND NO. 155.
DIVIDEND
The
Board
of
NO.
Directors
holders of record July 1,
ness on
C.
J.
1920.
Jr.,
DIVIDEND NO. 22.
Pittsburgh, Pa., June 18th, 1920.
quarterly dividend of
ONE AND THREE-FOURTHS PER CENT
(1 %%) on the 7% Cumulative Preferred Capital
Stock,
has
this
day
been
declared, payable
August 2nd,
1920, to stockholders of record
July 1st, 1920.
Checks will be mailed.
1
C.
American
J.
BRj
BRAUN,
JR.,
Coupons from
on
these
bonds, payable by their
July 1, 1920, at the office of the Treas¬
of the
Company in New York, will be paid
at the Bankers Trust
Company, 16 Wall Street.
TRAVERS, Treasurer.
Treasurer.
Office
of
LOCKWOOD,
GREENE & CO., Managers.
Boston, Mass.
The regular quarterly dividend of 1M % upon
the Preferred stock of Winnsboro Mills has been
payable July 1, 1920, at the office of
the Transfer Agents, the New England Trust
Company, Boston, Mass., to all stockholders of
record at close of business June 25, 1920.
WINNSBORO MILLS,
HENRY
C.
EVERETT, JR.,
Treasurer.
The Board of Directors of tiie Greene Cananea
Copper
Company
has
declared a dividend of
50 cents per share upon its Capital Stock of the
par vaiue of $100 per share, payable on August 23,
1920, to the holders of such shares of record at
the close of business at 3 o'clock
P. M., Friday,
August 6, 1920.
The dividend is payable only
upon the $100 shares into which the Capital Stock
is divided.
All
stocknolders who have not
con¬
verted their
holdings into shares of $100 par value
without delay in order that they may
receive their dividend promptly.
should do
Office
of
|
LOCKWOOD,
The
GREENE
& CO.,
Managers.
Boston, Mass.
regular quarterly dividend of 2% upon the
Common
stock
of
Winnsboro
Mills
has
been
declared, payable July 1, 1920, at the office of
the Company, 60 Federal Street, Boston, Mass.,
to all stockholders of record at the close of busi¬
ness
so
June 25, 1920.
WINNSBORO
HENRY
The transfer books will not be closed.
J. W. ALLEN Treasurer.
New York, June 24, 1920.
C.
EVERETT,
GAS
AMERICAN
MILLS,
JR., Treasurer.
AND
ELECTRIC
COMPANY
WARREN BROTHERS COMPANY.
PREFERRED DIVIDEND NO. 73.
Dividends of One and OnevHalf Per Cent on
the First Preferred Stock and One and Three-
Quarters Per Cent
on
the Second Preferred Stock
of
this Company have been
declared for the
quarter ending June 30th, 1920, payable on July
1st, 1920, to Stockholders of record at the close
of business on June 26th, 1920.
JOHN
G. D. MILNE, Treasurer.
JONES.
declared,
GREENE CANANEA COPPER CO.
42 Broadway, New York, N. Y.
Telephone & Telegraph Co.
Bonds, Due July 1, 1929.
urer
S. W.
Treasurer.
Thirty-Year Four Per Cent Collateral Trust
terms
Saturday, July 3, 1920.
Treasurer.
DUQUESNE LIGHT CO.
A
1920, to stockholders of record at the close of busi¬
Transfer books will not be closed.
BRAUN,
CLINTON
the
VirginiaCarolina
Chemical
Company
have
this
day
declared
the
99th
consecutive
quarterly divi¬
dend of $2 per share (2%) on the preferred stock
of this company, payable Thursday,
July 15,
.
WITT
DE
99.
of
Pittsburgh, Pa., June 18, 1920.
A
quarterly dividend of Seventy-five Cents
per
share
(being one .and onohalf per cent.
UYt%\ on the par value of $50 a share) on the
Common Stock of this
Company, has this day
been declared, payable
July 31, 1920, to stock¬
Checks will be mailed
Checks will be mailed by the New York Trust
Company of New York.
DEARBORN,
Vice-President & Treasurer.
PREFERRED
STOCK
DIVIDEND
New York, June 14, 1920.
regular quarterly dividend of one and
per
cent
(%%) on the issued and
outstanding PREFERRED capital
stock of
The
one-half
American
been
31,
holders
pany
Gas
declared
1920,
at
and
for
payable
of
record
the
close
Electric
the
on
of
FRANK
Compa«y
quarter
August
the
2,
books
business
B.
ending
1920,
of
July
BALL,
to
has
July
stock¬
the
com¬
15,
1920.
Treasurer.
june 26
XXI
THE CHRONICLE
1920.]
Btbtbenbft
Wl
Utoibenbg
NSLOW, LAN IER &CO
STREET
59 CEDAR
NEW
THE
YORK
FOLLOWING
DIVI¬
AND
COUPONS
DENDS ARE PAYABLE AT OUR BANKING
HOUSE
THE
DURING
OF
MONTH
JULY,
COUPONS DUE JULY 1ST, 1920, PAYABLE AT THIS
1920:
JULY
Cleveland
&
1,
Rd.
Co.
Gen.
Alabama Water Co. 5-Yr.
Mtge.
4Ms.
5% Registered Bonds.
Grand Rapids & Indiana Ry. Co.
1st Mtge.
Ext. 3Ks and 4^s.
Indianapolis, Ind., City of.
Indianapolis, Ind., School Bonds.
Jekyl Island Club 1st Mtge. 4Hs.
Muskegon, Grand Rapids & Indiana 1st 5s.
Marion County, Indiana, Bridge Bonds.
Northern Pacific Terminal Co. of Oregon 1st 6s.
New Orleans, City of. Constitutional & Improve¬
Co., 1st Mtge. 5s
Oregon, Mo., W. W. &
Light 5s.
City of Sedalia, Mo
Ref. 4L£s.
Central Market Street Railway Co.,
1st Mtge. S. F. 5s.
East
ORPHEUM CIRCUIT INC.
Books
will
close
on
York, June 7,
1920.
Terminal Warehouse Co., 2nd 5s.
Light Co., 6s.
Hampton Elec.
United Fuel Gas Co., 1st S. F. 6s.
United Gas & Electric Co. of
1st
15,
2nd
Fonda Johnstown & Gloversville RR.
5s
Kansas
Oklahoma.
Muskogee,
monthly
regular
of
dividend
an
extra
to
stockholders
payable
July
of
dividend
has
1%
record
been
June
1920,
C.
will
be
American Telephoue
dividend
A
be paid
on
holders
of
Saturday,
Dollars
Two
of
record
June
the
at
of business
1st
City & Lake RR. Co.,
Mtge. 5s.
D.
MILNE,
on
Treasurer.
indiana &.ilun0isc0al
FRUIT COMPANY
DIVIDEND
A
NO.
84
quarterly dividend of Three Per Cent (Three
Dollars
per
share)
the capital stock of this
on
Company has been declared, payable on July 15,
1920,
stockholders
to
June
business
19,
of record
at
the close of
corporation!
New York, June 25,1920
of Directors of Indiana & Illinois
Board
The
Coal Corporation has this day declared a dividend
of Three and One-Half Per Cent (3^%) cn the
Stock of tne Corporation, for the six
period ending June 30, 1920, payable
1920, to stockholders of record, at the
close of business on July 8, 1920.
Dividend checks win he mailed.
Preferred
months'
THEODORE C. KELLER, Treasurer.
FULTON TRUST COMPANY OF NEW YORK
Broadway,
June
York
New
17,
City
1920
Semi-Annual
Consecutive
Dividend
By Resolution of the Board of Trustees, a
Semi-Annual Dividend
of Five Per Cent
is
payable
record
21
on
at
July
the
1920,
1,
to
CANE SUGAR CORPORATION.
To the Holders of
The 10-Year 7% Convertible Debenture
Bonds, dated Januarv 1st, 1920:
The Coupons of the Ten-Year 7% Convertible
Debenture Bonds of the Cuba Cane Sugar Cor¬
3
P.
1920
M.
of
N.
The
\V.
United Gas Improvement Co.
Broad and Arch Streets
Philadelphia, June 9. 1920.
|
this
have
day
declared
a
quar¬
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
wilt
be
mailed.
•.'
I.
W.
MORRIS.
H. F.
June
25th,
STEEL
CO.
Milling Company has declared a dividend
of
June
1920.
30th,
RICHARD FAY PARKER,
Treasurer.
be
New
THE
31,
1920,
to
1920. Checks
MATHIESON
KRESS,
ALKALI
New York, June 23,
bocks
a
will
not
be
($1.50)
per
FRANCIS
B.
RICHARDS, Treasurer.
share,
payable
July
15,
1920,
to
stockholders of record at 3 p. m. July 6, 1920.
June
14, 1920.
The regular quarterly dividend of One7a«f
Three-Quarters Per Cent (1%%) on the Pre¬
ferred stock of this Company has been declared,
payable June 30, 1920, to stockholders of record
June 14, 1920.
J. A. McKENNA, Secretary.
AMERICAN CYANAMID COMPANY.
quarterly dividend of 1 y% % on the Pre¬
Stock
of this Company, for the three
months ending June 30, 1920, has been declared,
payable July 1st, 1920, to stockholders of record
as at the close of business on June 21st, 1920.
C. M. GRANT, Treasurer.
K.
DIFFENDERFER, Treasurer.
INDIAN PACKING CORPORATION.
June 21, 1920.
Packing Corporation, have this day declared the regular quarterly
dividend of 25c. per share on the capital stock
of the Corporation, payable July 24th, 1920, to
stockholders of record June 30th, 1920.
J. M. CLAIR, Secretary.
The Directors of the Indian
NATIONAL
WORKS
closed.
Nevy York City.
1920.,
quarterly dividend of One Dollar Fifty Cents
Secretary.
(Inc.)
Providence, R. I., June 10, 1920.
A
quarterly dividend of one and
threequarters per cent (1%%) has been declared
upon the preferred
stock, payable July 1st,
1929, to stockholders of record at the close
of • business
on
June
21,
1920.
Transfer
59 Wall Street,
A
York, June 21, 1920.
L.
F.
(DENMABJKI
External Loan of 1919
Coupons due July 1st, 1920 on the above bomb
will be paid on that date or thereafter at the
office of Brown Brothers & Co., Fiscal Agent*,
The Board of Directors have this day declared
mailed.
H.
COPENHAGEN
ferred
'
(2%)
has been declared out of undi¬
vided
profits,
upon
the
Common
Stock of
will
OF
Houston, Texas.
Treasurer.
cent
payable
July
stockholders of record July 15,
CITY
50c, per share on its Capital Stock (par $20),
payable July 15, 1920, to stockholders of record
OF AMERICA
Company,
II. P. WILSON, Secretary, ii
HOUSTON GAS & FUEL COMPANY.j
The Board of Directors of the Alvarado Mining
&
Pittsburgh, Pa., June 16, 1920.
DIVIDEND NO. 5—A dividend of two per
this
dividend of one and one-half (1M%)
on
the Preferred Stock, payable July 15
record at the close «f
imJ
1920 to stockholders of
business June 30 1920.
KROYER, Treasurer.
1920.
vanadium corporation of america
CRUCIBLE
cent,
140
"
Corner
Directors
The
terly
Power Corporation
Board of Directors have declared a quar¬
1, 1920, will be paid at the
Guaranty Trust Company, No.
alvarado mining & milling co.
Office
The
Broadway, New York, N. Y.
June
1
-
office of the
Secretary.
MORRIS.
J.
ARTHUR
poration, due July
of
stockholders
of business
close
Western
5yz%
W. DAMON, Treasurer.
CUBA
149
i
15,
July
1920.
JOHN
56th
S. Co., Ine.,
Series A & B
Ristigouche Salmon Club.
McWilliams Bros., Inc., 1st 5s.
World Film Corp., 1st 6s, Serial Gold
1920.
19,
G.
UNITED
15th, 1920
S.
1st S. F. 7s,
Co.. 1st Mtge. 5s.
share will
1920, to stock¬
close
DUE JULY
American
French
New Orleans
per
Thursday, July 15,
Youngstown-Sharon Railway & Light
Co., 1st Mtge. S. F, 5s.
Lockport Lgt. Heat & Pow, Co., 1st
Mtge. Ref. 5s.
Macon Dublin & Savannah Railroad
& Telegraph Co.
Eastern
Ry. Co., 1st Mtge. 4^s.
Lincoln Traction Co., Gold 5s of 1939.
BOYD, Treasurer.
Connecticut
&
,,v
City Southern Ry. Co., Ref.
& Impt. 5s.
La Paz Sugar Co.. 1st 6s.
mailed.
L.
Series AB&C.
Worcester
Kansas
declared
Gold 6s,
Willapa Electric
City Light & Power Co., 1st
Mtge. 5S.
and
1%
15th,
Checks
1920.
1st,
of
poration 1st S. F. 7s
Co., 1st
V :
'
Jonesville. S. C., School Dist. 5^s. 1
DIVIDENDS NO. 52 AND 53
Clinton
road Co.,
Indianapolis Water Co., Gen. Mtge.
INVADER OIL & REFINING CO.
Mtge. 5s.
& Bingham ton Rail¬
General 5s.
Washington Sugar Co., 1st Mtge. 6s.
Charles Whittemore Navigation Cor¬
Utica
Co., 1st Cons. Refdg. 4^2S.
Greenwich Tram way Co., 1 st M tge.5s.
1
NJ J.,
Mtge. 5s.
Utica Belt Line Street Railroad Co.,
Co., Gen. Ref. 4s.
June
Hackensack Water Co., 1st Mtge. 4s.
The
.
South Shore Gas Co., 1st Mtge. 5s.
of Phila., 1st Mtge. 5&.
will reopen at 10 o'clock A. M., July 2, 1920.
BENJAMIN B. KAHANE. Secretary.
New
1st 5s
Railroad
Erie County Elec. Co., 1st Mtge. 4s.
Fonda Johnstown & Gloversville RR.
that day, and
on
N. J., Building 4s.
South Platte Canal & Reservoir Co.
,
will be mailed.
Transfer
Somerset County,
Underground Electric Rys. Co. of
London, Ltd., 4L£s of 1933.
Erie, Pa., 1st Mtge. 6s.
Equitable Illuminating Gas Lt. Co., Underwriters Bldg. Co., 1st Mtge. 5s.
has this day de¬
clared a dividend of fifty cents (50c.) a share on
its outstanding common stock and the second
quarterly dividend 6f two per cent (2%) on its
outstanding preferred stock, both dividends pay¬
able July 1, 1920, to stockholders of record at
the close of business on June 15, 1920.
Checks
Stock
Railways Co.,
1st Lien S. F. 5s.
Edison Elejtrie Lt. & Power Co. of
company
1920, at the close of business
Sharon & New ( astle
Terre
1st Mtge. 5s
Co.,
6s.
Collieries
Consolidated
Co., Gold 5s.
of
Detroit Toledo & Ironton
1st
Mtge. S. F. 5s
Rockingham County Light & Power
■
Co.
Co.,
Co., Inc., 50-Yr. 5% Gold.
Clinchfield Coal Co.. 1st Mtge. 5s.
D. K. E. Holding Corp., Gen. os.
1920.
Wayne & Chicago Railway Co.
and Original Stock 1 % % Div.
above named
Fuel
Electric
Rich Hill Coal Co., 1st
Haute, Ind., 1st Ref. 50-Yr. 5s.
Pittsburgh Ft.
The
&
&
Gas
Pocahontas
Citizens Gas & Electric Co. of Coun¬
Gas
Co.,
y,vV\'-
■
Plattsburg Traction Co., 1st M.
,
cil Bluffs, 1st Mtge. 5s.
5s.
Railroad
Year Gold.
of
Citizens
Gen.
City
Mtge. 5s.
Pine Bluff Company, 1st Mtge. 30-
Electric
Niagara Falls Power Co. 1st 5s.
Niagara Falls Water Works 1st 5s.
Pittsburgh Ft. Wayne & Chicago Railway Co.
Common and Special Stock, \%% Div.
Traverse City RR. Co. 1st 3s.
Orleans
Norwich
Bronx Gas & Electric
City
ment 4s.
Preferred
\<
Athens Terminal Co., 1st Mtge. 5s
Auburn Gas Co., 1st Mtge. S. F. 5s
5% Coupon Bonds.
Cleveland & Mahoning Valley Ry. Co. 1st Mtge.
6,
New
7% Gold
Coupon Notes
Cleveland & Mahoning Valley Ry. Co. 1st Mtge.
JULY
OFFICE
1920.
Pittsburgh
Treasurer
s
LEATHER COMPANY.
Office, 43 Ames Building,
Boston, Mass., June 24 1920.
DIVIDEND NO. 2.
The Board of Directors has this day declared a
dividend of forty (40) cents per share (4%) on
the
capital stock of this Company, payable on or
after August 15 1920, to stockholders of record
at the close of business July 17 1920.
H. J. NICHOLS, Treasurer.
CENTRAL LEATHER COMPANY.
quarterly dividend of $1 25 per share on ltc
Stock has this day deen declared by
the Board of Directors of this Company, payable
August 2nd,
1920, to stockholders of record
July 9th, 1920.
H. W. HILL, Treasurer.
New York, June 22nd, 1920.
A
Common
[VOL. 110.
THE CHRONICLE
XXII
Bibftentig
Coupons from the following Bonds are payable at
BROTHERS
KOUNTZE
14f Broadway, New York City,
COCHISE
CO.
SCHOOL
PINAL CO.,
15
LYONS, VILLAGE OF
MERRICK CO.
NANCE CO.
BOISE—EAST SIDE—SCHOOL BLDG.
BOUNDARY CO. SCHOOL DISTRICTS
5s
NEMAHA CO. SCHOOL DISTRICTS
BURLEY
OMAHA CITY SCHOOL DISTRICT
CALDWELL
OSCEOLA VILLAGE
PAWNEE CITY
CASCADE, VILLAGE
BEAUMONT,
CASSIA
CITY
OF
PLATTSMOUTH CITY
COUNTY
POLK CO.
SALINE CO.
CHALLIS
OF
LOS ANGELES CO., FLOOD CONTROL
DIST.
CULDESAC, VILLAGE OF
DECLO IND'PT. S. D. NO. 3
EDEN
LOS
ELMORE
ANGELES,
CITY
OF,
PUBLIC
SCHOOL IMP. 4Hs, 1895; CENTRAL
POLICE STATION 4H». 1895; WATER
SYSTEM IMP. 4Ms, 1895
SACRAMENTO
CO.
ISSUE
OF
1908,
ROAD, BRIDGE, COURT HOUSE
SAN JOAQUIN CO., CAL., HIGHWAY
EMMETT
NEVADA-
FILER
TOWN
CITY
ARAPAHOE CO. SCHOOL
ARCHULETA CO.
DISTRICTS
CO.
BRIGHTON
BRUSH, TOWN OF
BURLINGTON, TOWN
LAS
IDAHO FALLS,
CITY OF; 6s
SCHOOL DISTRICTS
CO.
CHEYENNE WELLS, TOWN OF
CONEJOS CO. & SCHOOL DISTRICTS
COSTILLA CO. & SCHOOL DISTRICTS
TOWN
VALENCIA
OHIO-
OAKLEY
CANTON
FORT
CITY OF
OREGON-
SHELLEY
ASHLAND,
LIGHT)
BENTON CO.SCHOOL DISTRICT NO.9
-
TWIN
TWIN FALLS
HIGHWAY DISTRICT
JOHNSTOWN, TOWN OF
JULESBURG, TOWN OF
LAFAYETTE, TOWN
NEHALEM
BIG
,
CO.
PENDLETON
CARBON
DISTRICTS
MESA CO. AND SCHOOL DISTRICTS
COUNTY
COUNTY
MUSSELSHELL
PLENTYWOOD
&
SCHOOL
DISTRICTS
HYRUM
CITY
MYTON, TOWN OF
CO.
SPANISH
ROSEBUD CO.
SHERIDAN CO.
FORK
WYOMINGBIG
STILLWATER CO.
SCHOOL DISTRICTS
HORN
CO.
CITY
SCHOOL
DISTRICTS
OF
CO.
SCHOOL
DISTRICTS
TROY
CASPER,
VALLEY COUNTY
CO.
CROOK CO. SCHOOL DISTRICTS
WHITE SULPHUR SPRINGS, CITY
DOUGLAS, TOWN OF
OF
GUERNSEY
PAONIA, TOWN
JOHNSON CO. SCHOOL DISTRICT
NEBRASKA-
PEETZ
ADAMS CO.
PHILLIPS CO.
BEEMER, VILLAGE OF
BOX BUTTE CO. & SCHOOL DISTS.
BUFFALO CO. & SCHOOL DISTRICTS
BURT CO.
CUMING CO. SCHOOL DISTRICTS
& SCHOOL DISTRICTS
ROCKY FORD CITY
ROUTT CO. & SCHOOL DISTRICTS
SAN MIGUEL
CO.
&
SCHOOL DIS¬
TRICT
NO.
1
WASHINGTON
CO.
SCHOOL DIST.
&
WELD CO. & SCHOOL DISTRICTS
WILEY
YUMA
LANDER, TOWN OF
SCHOOL DISTRICTS
IDAHO—
ASHTON,
OF
OF
BANNOCK CO. SCHOOL DISTRICTS
CO.
BINGHAM CO. SCHOOL DISTRICTS
RAWLINS
RIVE8TON
ANSLEY
UINTA CO.
& SCHOOL
COLORADO PACKING CORPORATION
GRAND
ISLAND
HASTINGS CITY
HOOD
RIVER
TION
CITY
&
S.
D.
.'
(OREGON)
DISTRICT
LOAN
NATIONAL
CO.
OF
&
DETROIT
IRRIGA¬
INVESTMENT
(DEBENTURES)
TWIN OITY TELEPHONE CO. 5s
CITY
^toting*
CONSOLIDATED COPPER
CO.
DIST. NO. 1
CORPORATIONS-
CITY
LINCOLN
CITY OF
POWELL
FRANKLIN, CITY OF
FREMONT, CITY OF
BANCROFT
LAKE
MOOROROPT,
DIXON CO. & S. D. 61
DOUGLAS CO.
FALLS
VILLAGE
LUSK, TOWN OF
MANVILLE, TOWN OF
MEDICINE BOW, TOWN OF
OUSTER CO. S. D. 169 AND VILLAGE
DUNDEE
INSPIRATION
DALE
CO.
CASTLE
CITY
PALISADE
BEAR
OF
UTAHGARFIELD
MONTROSE, CITY OF
NEDERLAND, TOWN OF
OAK CREEK, TOWN OF
OLATHE, TOWN OF
DAKOTA-
HURON, CITY
JOLIET
MILES
OURAY
SOUTH
FORSYTH, CITY OF
FROMBERG, TOWN OF
GLASGOW, CITY OF
HARDIN, TOWN OF
MONTROSE CO & SCHOOL DISTRICTS
OTERO
OTIS
WESTON
HYSHAM
TOWN OF
CO.
CITY
SUISLAW
HORN
CUSTER COUNTY S. D. NO. 1
LARIMER CO. & SCHOOL DISTRICTS
LIMON
CITY
EUGENE, CITY OF
FOREST GROVE, CITY OF
1
MONTANA-
LAMAR
CO.
ELGIN
VALLEY
SCHOOL DISTRICTS
SCHOOL DISTRICT
COTTAGE GROVE CITY
DOUGLAS COUNTY S. D. 19
FALLS
COUNTY
WEISER IND'PT. S. D. NO.
WENDELL
(ELECTRIC
108
COOS CO. S. D. NO. 85
CO.
SHOSHONE, VILLAGE OF
GLENWOOD SPRINGS
OF
CITY
CLACKAMAS CO.
SHOSHONE
OF
GRAND JUNCTION, CITY OF
HOLLY, TOWN OF
HOLYOKE, TOWN
MORGAN
NEW
SANDPOINT
LUPTON
MINERAL
IN
RUPERT
GARFIELD CO. & S. D.
SCHOOL
(PAYABLE
SCHOOL DISTRICT
CANTON
RICHFIELD
CO.
CITY
YORK)
PAYETTE
RIGBY
JEFFERSON CO.
CO.
CO.
REXBURG
DELTA CO. & SCHOOL DISTRICTS
PASO CO. S. D.
TOWN
CO.
CO.
VILLAGE OF
PARMA
ENGELWOOD, CITY OF
FLORENCE, CITY OF
FORT COLLINS, CITY OF
MILLIKEN,
JUAN
TORRANCE
EL
LINCOLN
ROSA
SOCORRO CO.
CO.
POCATELLO.
OF
'
PLATA
FE
SAN
PLYMOUTH
NEZPERCE
LA
CITY
SANTA
SANTA
NEW
NEZPERCE,
FOWLER,
CO.
TAOS
CHEYENNE
DISTS.
LOVINGTON
LUNA CO. & SCHOOL DISTRICTS
RATON
ROSWELL
CHERAW, CITY OF
SCHOOL
CRUCES
LEA
DISTRICT
MT. VIEW IND'PT. 8. D. NO. 40
OF
OEDAREDGE
CRAIG,
SCHOOL DISTRICT
HIGHWAY
CO.
CHAVES CO. COURT HOUSE
GUADALUPE CO. SCHOOL DISTS.
LINCOLN CO.,
MADISON CO.
McCAMMON
MONTPELIER
AURORA
MEXICO—
BERNALILLO
DISTRICT
OF
JEROME
KAMIAH
AULT, TOWN OF
BACA
CITY
GRACE
HAGERMAN
HEYBURN
OF
NEW
HIGHWAY
GLENWOOD
RENO
DISTRICTS
SCHOOL
FRANKLIN CO.
GEM COUNTY
GLENS FERRY
GOODING CO.
AGUILAR
ALAMOSA,
TEKAMAH
CO
GOODING,
COLORADO—
CITY
CITY
CITY
OMAHA
SOUTH
SUPERIOR
LOS ANGELES SCHOOL DISTRICTS
ASPEN
CITY
OMAHA
BUHL
ROAD & BRIDGE & S. D.
CO. & SCHOOL DISTRICTS
CALIFORNIA-
>
NEBRASKA—(Concluded)
BLAINE CO. & SCHOOL DISTRICTS
CO.
YAVAPAI
July 1, 1920
BLACKFOOT
DISTRICTS
GLENDALE, TOWN OP
PHOENIX CITY, ROAD
PIMA
on
IDAHO—(Concluded)
ARIZONA—
,
The Directors have this day declared a dividend
of SI.00 per share, payable Monday, July 26,
11920, to stockholders of record at 3:00 o dock
p. m. Friday, July 9, 1920.
J. W. ALLEN, Treasurer.
New York, June 24, 1920.
,
THE MATHIESON
ALKALI
WORKS
(Inc.)
New York, June 10 1920.
A
per
quarterly dividend of one and three-quarters
cent. {!%%) has been dedared upon the
BRAZILIAN EXPERIENCE.
MAN
WITH
12
YEARS'
EXPERIENCE,
reporting,! superintending construction and
managing Public Utilities in Brazil, desires
connection
with
good
financial house to
Investigate and report prospective business.
Speaks Portuguese.
Best references.
"B.
M. V."
care
Commercial & Financial Chron¬
icle, P. O. Box 3, Wall St. Station^PT. Y. C.
Ereferred stock, payable dose of businessto stockolders of record at the July 1st, 1920,
June
on
21
Transfer books will not be dosed.
FRANCIS B. RICHARDS, Treasurer.
1920.
INTERNATIONAL HARVESTER COMPANY.
A quarterly dividend of $1.75 per share upon
the 800,000 shares of Common stock, payable
July 15, 1920, has been dedared to stockholders
of record at the close of business June 25,1920.
G. A. RANNEY,
Secretary.
AMERICAN CAR Ss FOUNDRY COMPANY.
STOCKHOLDERS
The
stockholders
of
MEETING.
the
American
Car
&
Foundry
the
Company are hereby notified that
regular Annual Meeting of the Stock¬
holders
of
said
Company will
bo hold at ttn
offices
No.
243
Washington
Street,
Jersey
City, New Jersey, June 34, 1830, at 13 o'clock:
noon,
for the purpose of electing & Board
of Directors and transacting such other busi¬
ness
as
may
bo properly
brought before the
meeting.
H.
O.
SALE OF THE CONTROL
WICK,
Secretary.
In Banks and Corporations negettafeed
conttderKialiy,
W. H. Goadby & Co.
JACOB BACKER, FINANCIAL BROKER
Exhan,. Bank Bld(. •»,
ST. PAUL. MINN.
Members New York Stock Exchange
MO. 74 BROADWAY
NEW YORK
JUNE 26
XXIII
THE CHRONICLE
1920.]
Btbtbenb
Guaranty Trust Company
of New York
'
I-,-"' ''A-
140
Broadway
268 Grand Street
Madison Ave. and 60th St.
Fifth Ave. and 44th St.
PARIS
LIVERPOOL
LONDON
BRUSSELS
^HAVRE
Coupons Due July 1, 1920
-5s
Abbeville, S. C.
*
1st 6s
♦Amalgamated Petroleum Co.
Aetna
Explosives Co.
7% Notes
Anaconda Copper
Mining Co.--6s
Astoria Veneer Mills &
Dock Co.
♦Greenwich & Johnsonv. Ry.Co. 4s
Haitien
Tel.
of
Co.
Tel.
&
Illinois
Bangor Ry. & Elec. Co.1st Cons. 5s
Indiana Ry.
♦Barney & Smith Car Co.__lst 5s
♦Indiana Genl. Service Co._lst 5s
Barnsdall Oil
Indianapolis & Louisv. Ry.Co. l&t 4s
1st 6s
Co.
1st 5s
Co
6% Serial Notes
Bolivia Railway Co.--.
1st 5s
Bradford Elec. Co.
1st Coll. 6s
Jacksonville Terminal Co.--1st 5s
Jamestown St. Ry.
Co.
Breitung Hematite Mining Co.
Jefferson
Ga.,
1st 68
Burlington, N. C., Water & Lt.5s
Caddo-Central Oil & Ref. Corp.,
1st Cons.
Calhoun
Carolina
10-Yr.__6s
Mtge. S.F.
Ala.
County,
Public
—
Service
Co.
63
Cent, of
Ga.Ry.Co.Equip." L"4%a
Macon
Central of Ga. Ry. Co.,
&
58
Div.
No.
Central of Ga. Ry. Co.,
5s
Central of Ga. Ry. Co., Mobile
5s
Div.
1st 6s
Co.6% Ser. Notes
Central Stamping Co.
Cent. States Gas
Charleston Terminal
1st 4s
Co.
5s
Coal Mining Co.6% Notes
Chat., Rome & So. R.R. Co._lst
Clarkson
♦Cleve. & Sandusky Brew.
Co. 1st 6s
♦Colorado, Wyo. & East. Ry. 1st 6a
♦Columbia Water & Lt. Co. 1st 6s
^Computing-Tabulating-Record¬
ing
♦Keokuk
Union
68
Co._
Co.
Depot
1st
5s
Co.
Mtge. 5s
Land Bank State of N. Y
Laurens Co.,
-4^8
S.Caro.,Sch.Dist.5%
Livingston Niagara PowerCo.lst 6s
1st 5s
Lockport & Olcott Ry.
Marion Ry.,
Middle
Div.
_5s
Miss., C.H. & Jail—5s
Lancaster & Chester Ry.
Lt. & Power Co.
(Jan. 1) 5s
& School_-5s
C., Ref.
Marion, S.
6s
6s
Mayo Mills
Memphis Terminal Corp.
♦Merchants
Despatch
Trust
Milk
Equip.
4^8
—
Producers
Missouri & Ills.
Co
(All
Richmond Light
Bldg
5s
&R.R. Co. .1st 4s
Rifle Light* Heat
& Power Co. _6s
♦Rio Grande Western Ry. Co. Tr. 4s
1st 5s
♦Rogue River Electric Co.
Rye, N. Y., Dist.
4s
No. 1
Clair Madison & St.
Belt
Louis
4s
Ry.
♦St. Louis Brewing Co.
St.
1st 6s
Southwest.
Louis
Ry.
1st
5s
Term. & Union
San
Joaquin Agr'l Corp. __lst 6s
Seattle Const. & Dry
Dock Co. 6s
Southern Sierras Power Co.
Spanish
6s
Iron Co.
American
1st S. F. 6s
Sparks, Ga., School
Standard Computing
6% Serial
5s
-
Scale Co.
Notes.
5%
Ga., W. & Lt__
Statesboro,
6s
♦Steinway Ry. Co. 1st
Stephensville N. & S. Tex Ry.lst 5s
Sylvester, Ga., School
5s
1st 5s
Syracuse Gas Co.
Shipbuilding Corpn-lst 6s
-4s
Improvement
-63
Troy, Ala.,
Improve. Ref
4s
Troy, Ala., Sch. Ref. and W.W. 4s
5s
.
1st 5s
Troy, Ala.,
Ariz., Road &
Bridge
Monroe
Sch.
Transylvania R.R. Co.
Issues)
-
Mohave County,
Ga.,
Temple, Ga., Town & SchooI__5s
Bridge Belt Ry.
-
1st 58
Co
Richland,
♦Tank
Cen¬
7% Notes
Wis.
Milwaukee,
of
Assoc.
tral California
1st & S. F. -6s
♦St.
H.
Larchmont Yacht Club 2nd Mtge 5s
East. Ry. 5s
&
Central Arkansas
C.
and Jail Bonds
Jones Co.,
5s
Cartersville, Ga., Sewer Bonds
1st 6s
Land
Co.
Queens Borough Gas & Elec.
5s
Bangor & Aroostook R. R. Co.1st 5s
County,
Lightg. Co.-5s
Stock
♦Pyramid
Angeles, 1st & Ref.
Gas
Pueblo Traction &
Los
Mont
Helena,
Portsmouth St. RR.& Lt.Co. 1st 6s
Potomac Elec. Power Co. 5-yr 6s
1st 6s
5s
♦Hastings Square Hotel
♦Home
1st 68
6% Ser. Gold Notes
American Corp. 7% Notes
Gulf Oil Corp.
City, Mo., Sewer & W.W.5s
Tuinucu
Sugar Co.
Twin City
1st 6s
Light & Trac. Co.
6s
1st S. F.
Congoleum Co., Inc., 1st Mtge.
*
Monroe County,
7% Ser. Gold Notes
♦Connecticut Lighting & Power
Moultrie, Ga., El. Lt. & W.-Wks.5s
United Lead Co.
♦Montana Power Co. 1st & Ref. 5s
United Public Utilities Co.-Col. 6s
Cordele, Ga., Public Impt.
5s
Muncie Electric
6s
--1st
Co.
Nashville
Corp. 7%
♦Cuba Cane Sugar
6s
Dillon, S. C., Elec. Lt
Mach. Co. 1st 6s
Manufacturers, Ltd.,
Dobbie Foundry &
♦Dominion
Co. Deb. 6s
Elec. Ilium. Co. of N. Y.-5s
Edison
Elder Steel
New Orleans Terminal
1st 4s
*N.
*N.
Electrical Securities Co._-_Col. 5s
5a
Ga.
Fitzgerald,
Forsythe County,
N. C.,
Ref. & C. H.
♦General Gas
& Electric 10-yr. 5s
Glendora Irrigating
Co
Glynn Co., Ga., Rd. Imp.,
Grand
Lake
5s
Co.
1st 6s
Sch. 5s
Deb. 6s
Grand Rap. Gr. Hav. & Muske¬
gon
Ry.
Co.
1st 5s
Y.
*N.
*N.
Fayetteville Gas & Elec. Co. 1st 6s
5s
6% Notes
Co.3s
Co. of B'klyn 4s
Ellwood Short Line Ry. Co. 1st 5s
Co.
Light
&
ConsoL-
♦N.
Central
43^s, 1910
Y. Central Lines
Equip.
43^8, 1912
Y. Central Lines
Equip.
43^s, 1913
Y. Central Ry. Equipment
43^8, 1917
Y. & East River Gas Co. 1st 5s
Niagara & Erie Power Co.--1st 5s
♦Ocean
Ohio
Cities
Omaha
&
1st 5s
S.C., Fundg.& Sch. 5s
Gas
Co.
Council
Waco, Tex., Water & Public Wks. 5s
Wake County, N. C., Co.
General
Waldorf
Co.-_
6% Notes
Bluffs
St.
Onondaga Co. Court House
Valley Coal Co.
♦Companies that do not assume
Realty
_5s
Co.
__6s
-
Sayre & Athens T'n
j_--
-
JULY
-1st 6s
10
Village Briarcliff Manor,
JULY
W.W.43^s
15
Anglo-Am. Oil Co. Div.No. 19.
Arizona, Ter. & State 3s, 4^s, 5s
Truxton, N. Y., Ref.
43^8
City of Winder, Ga., Water
4s
Ave. Office Corp_2d 6%
4a
Railroad Equipment
ments
5s
Trust Agree¬
Equip. 6% Gold Notes
JULY
Pittsburgh Term. Ry. &Coal Co. 5s
♦Pleasant
and
Ref
Madison
5s
Ry. Co. 1st Cons.
&
Waynesville, N. C., Wat. & Sew. 5s
Wheeling Steel & Iron Co.-1st 6s
Wickwire Spencer Steel Corp. 1st
Mtge. 7% Sink. Fund
Winder, Ga., School Ruilding_5s
Yorkville, S. C., School
5s
Co. 1st 5s
Steamship Co.
Oconee Co.,
♦Valier-Mon'tana Land&Wat.lst 6s
Waverly,
Lines Equip.
Norfolk & Southern Ry.
Deb. 5s
Virginia Southwest.Ry. Co.1st _5s
♦New Brunswick South. Ry.
Steamship Co.,
7% Notes
Edison Elec. Ilium.
Light Co. lst__5s
♦National Securities Co.,
1st & Ref. 68
Durham Duplex Razor
Ry.
& Ext.
Ref.
Conv. Deb.
Fla., Highway 5s
20
Burlington, N. C., Street
Normal Income Tax
6s
[Vol. 116.
THE CHRONICLE
XXIV
jfinancfal
BERTRON, GRISCOM & CO., Inc
Investment Securities
Land Title Building
Wall Street
40
PHILADELPHIA
YORK
NEW
SHORT TERM MATURITIES FOR BANKS
Collateral Gold Notes
Thomas C. Perkins
Constructive
Banking
of the
36 Pearl Street
15 State Street
General Motors Acceptance
Corporation
Boston, Mass., Hartford, Conn.
Denominations
$500
$1,000
$2,500
$5,000
$10,000
Specialist
years
by deposit with Trustees of buyers' obligations,
ample equities, arising from the sale of
with
eighteen
for
•
in the Financing
of estaDlished and pros¬
Secured
Industrials.
perous
Products of
Entire
General Motors Corporation
Address
:
stock
issues
and distributed
underwritten
Financial Sales Division
General Motors Acceptance
226 West 57th
Corporation
Street, New York City
ATLANTIC GULF
OIL CORPORATION
COMMON STOCK
First Wisconsin Company
Investment Securities
Transacts
general banking business.
Solieits accounts on most favorable terms.
Pays interest on current accounts.
Furnishes credit information regarding Ameri¬
can
Has
Has
a
and
foreign
extensive
direct
business
facilities
connections
all
over
for
with
the
houses.
foreign
trade.
important
cities
world.
MILWAUKEE
Bought—Sold—Quoted
WISCONSIN
Circular
Financing
Purchase
Sale
of
Local
on
Request
and
of
Investment
Securities
Industries
MOORE,
Foreign Department
NATHAN
CHATTERTGN, - Manager
THEODORE S. PALLAS, Asst. Manager
HOWARD S. MOY, - - - Asst. Manager
GREAT
Member
110
So.
LEONARD
G.
LAKES TRUST
Federal
Dearborn
St.
Reserve
CO.
System
Chicago
'FIRST WISCONSIN
& LYNCH
means
WISCONSIN
Members New York &
FIRST"
Pittsburgh
Stock Exchanges
Frick Bldg.
Ill B'way
Ritz Carlton
Pittsburgh
New York
Philadelphia
JtJMB 26
1920.]
THE CHRONICLE
JULY
We
own
XXV
MUNICIPAL BOND OFFERINGS
and offer, subject to
sale,
the
following
bonds.
These
bonds
Exempt from
Many of
in the
which describes these
are
all Federal Income Taxes and many are Exempt from Local Taxation.
these issues are a Legal Investment for Savings Banks and Trustees
States.
Eastern
Our
July
1920 circular,
issues in detail, will be sent upon request.
DUE
YIELD
1924-47
5.00%
Portland, Me., 4s
Audubon Co., Ia., 4^s
Ea£twood, N. Y., 5s
No. Hempstead, N.Y., 4.80
Portsmouth, Va., 5!£s
Woonsocket, R. I., 4s
Fitchburg, Mass., 4s
New Britain, Conn., 4s
Taunton, Mass., 33^s
Everett, Mass., 4s
Chelsea, Mass., 4s
Portsmouth, N. H., 4s
Dubuque, la., 4s
Fall River, Mass., 4s
Port of Tacoma, Wash., 5s
Chicago, 111., 4s
1927
5.125
1931
1935-40
5.25
5.25
1921-30
5.25
1950
1923-25
5.25
5.25
5.25
5.25
1930
5.25
1929-31
5.25
5.375
5.375
5.50
5.50
5.50
5.50
1933
1923-25
1$25
1924
1937
1927-29
1947
1923
YIELD
DUE
New Haven, Conn.,
1924
Saginaw, Mich., 4s
1922-24
Brockton, Mass., 5^s
1934
Norwalk, Conn., 4s
1925
Lynn, Mass., 4s
1926
Ogden, Utah, 4}^s
1927
Seattle, Wash., 4%&
1940
Miami, Fla., 6s ;
Cumberland Co., N.C., 6s 1922
1926
Seabright, N. J., 6s
1921-41
Greenville, N. C., 6s
5.50%
5.50
5.75
5.75
5.75
5.75
6.00
6.00
6.00
6.00
Lawrence, Mass., 5s
1921-23
6.00
New Bern, N. C., 6s
1922
6.00
Knoxville, Tenn., 4^s
1921
6.00
Dorchester Co., S.C., 6s
1925-49
6.00
Dyer Co., Tenn., 6s
1926-40
6.00
Palm Beach Co.,
1943-50
6.00
Fla., 6s
R. M. GRANT & CO
31
Nassau Street New York
Chloago
St. Louis
Boston
Foreign Exchange Department
Letters of Credits
Arrangements
unicipal Road Bonds
Negotiated
to Yield 6 Per Cent
be made for the
can
Importation of merchandise through
the
dollar
of
use
Secured by taxes
acceptances.
Surplus $9,000,000
Capital 19,000,000
are liens prior
The bonds are totally
exempt from Federal income taxes and mature
to
Market & Fulton
On request we
Aetna
92
B'way A 8th St.
York
New
Capital and Surplus
360 Fulton St.
V.'
•• ■
•
•
.
•
.
.
ST
U.SGovemment
Supervision
MISSOURI
Deserve System
LOUIS'
Brooklyn
Long Island City
New Utrecht Ave. A
Bridge Plata
Long inland City
St., Brooklyn
Irving National Bank
LEWIS
■ -v"
'
Member Federal
$10,000,000
Brooklyn
New Utrecht
64th
.-A;
Mercantile Trust Company
Brooklyn
Ave.
circulars listing
St.
York
Flatbush
839 Flatbuah
/
32nd
you
giving complete data
concerning them. Just write for circular BF 89.
Sherman
and
will send
these desirable bonds and
Weet B'way
New
York
Fifth Ave.
mortgage.
York
Eighth Street
New
any
in from 1 to 30 years.
Fulton St.
New
These taxes
total bond issue.
OFFICES
81-83
levied upon municipal and
lands worth several times the
agricultural
E.
PIERSON, Chairman
WE FINANCE
established meritorious industrial enterprises
as
Woolworth
NEW
Building
on
YORK
under longtime contracts
sole fiscal agents with permanent financial
board of directors and executive committee,
right of audit and inspection without
interest, representation
control of finances, and
notice.
,
WE OFFER
bankers and investment dealers a constant
The
highest
grade
bonds
are
still
selling at bargain prices.
Write for
list.
supply of proven industrial
profitable underwriting opportunities, together with
financial assistance on their own local underwriting* and the
assistance of all our affiliated sales organizations in distribution of
securities
and
security issues too large to handle
z
locally.
Correspondence Solicited
Central National Industrial Finance
Fitzgerald & Harte
170
Broadway
NEW
YORK
Telephone Cort, 6900
Corporation
Capital $1,000,000
National Association Building
28 WEST 44TH
STREET,
NEW YORK
(VOL. 110
THE CHRONICLE
XXVI
Jftnanrial
Have
from the shoulders of those who rid them¬
selves in time of cumbersome and
sary
responsibilities. As
unneces¬
a customer
Company recently said in writing
England—
of this
to
her
friend in
"The'yeara have rolled
from
me
since
away
I shared
my
business worries and
responsi¬
bilities with the
splendid Trust
Department of the Bankers
Trust
Company."
Our services
this client illustrate the
to
wide range of our trust facilities.
Through out Customers Securities
Department we have been able to re¬
lieve her of
much
and distraction
ities,
their
of
i
whioh
by caring for her
involves
such
worry
secur¬
duties
as
physical protection, the detaching
coupons
and keeping
come
immediate
and collection of interest
account of in¬
an accurate
from these securities for her tax
returns.
In
conjunction with this
named under her will
trustee,
we
as
have been
executor and
entrusted' with the settlement
of her estate and the
scrupulous
ing out of her wishes.
The active co-operation
this client is
we
Our
"
pamphlets, "
The Modern Method
sent
on
no
offer to all
more
our
a Trust
Why
of Caring for
request, describe
these
services
we
extend to
than that which
clients.
"
and
briefly.
Member Federal Reserve System
Downtown Office:
16 Wall Street'
carry¬
Astor Treat Offi ce:
5thAvenuc at 42nd Streat1
,
June 26
1920.]
THE CHRONICLE
xxvii
Jffttattrial
an s
JUNE 24
THIS latest
stone^ to
and
is a fitting capof official
move
the
unofficial
series
acts,,
each calculated
to
embarrass, to injure and even to
destroy me. It is the hand of Esau
but
the
voice
of
Jacob.
No
longer
daring to take the laboring oar, the
gentlemen, who failed to batter down
my stock and who were frustrated in
evading their obligations, decided that
they might safely entrust the job to
their colleagues.
But it is a little late
in the day for those who have directed
and controlled the action of the
hide their heads in the sand.
If
the Governors had
any
real intention
being fair instead of merely appear¬
ing so, why did they not answer a
single one of my forty-seven direct,
clean-cut
questions?
grant
me
an
open
Why did they
trial with the
benefit of my own counsel,
No single charge
they had
against me
as
theirs?
has gone
undenied.
If any statement made
by
in
why did not the Ex¬
the Board of Governors deny
me was
fact inaccurate,
change
it
or
over
their written
signature, as I
willing to record
their desires, but
they dared not make
the findings which I
challenged.
did?
They
were
of
June
because
the public
My answer
further facts.
any
16th
it
stands
is
uncontradicted
This last attack
true.
is only what I foretold and
what anyone with a
spark of intelli¬
gence could have realized from the
upon
me
actions
of
the
Exchange
from
they
I
am
proud of their
surprised that the
are
dence in their committees and
a
more
so-called
but
are
than enough
"trials"
chamber
star
which
proceedings
where secret
intrigues, ruthless auto¬
and strong-arm methods are
indulged in with impugnity. Those
cracy
who
favor
such
side with the
a
system
Exchange.
may well
Those who
respect justice and fair play will de¬
these
nounce
practices.
That I have succeeded despite the
forces
arrayed
against me appears
a
transgression of
the rules of the
Exchange. While
opinions on this may differ, I think
it will be generally admitted that I
have been really guilty of one un¬
pardonable offense—I dared to lift
my voice, openly and unequivocally,
against a system that is wrong and
against the vengeful clique which
masqueraded under it.
If the Board
have been
to
of
Governors think that they have
placed a mark upon me by this des¬
potic and pre-arranged action of theirs,
I would only say that the mark, if
there be any, betrays its
origin.
For
such
of the injustice worked
is remediable in the courts,
I intend in due
season
to seek appro¬
priate redress.
But the blot upon the
dignity of the great institution of the
New York Stock
Exchange, beginning
activity in the Stutz
has grown to such proportions
with their first
matter,
that it is
am
case as
Board of Governors did not conclude
their proceedings by a vote of confi¬
reso¬
lution of thanks to the Stutz "shorts"
for bringing the matter to their atten-
now
indelible.
willing to stand or fall on the
public has it. The gentle¬
the
of the Board of Governors
may
men
think that
they have safely and secure¬
ly delivered a blow without betraying
their
motives
or
But I believe that
their
no one
instigators.
really
will be
deceived
by it. I believe that the dis¬
of the Stutz incident will be
placed just where it belongs.
The
New York Stock Exchange has shown
grace
tion.
Y
When I stated in
my
April
13th
my
that
one
I
not
retain
selfobliged to
preferred to retain
as
of them I
resignation of
could
membership and
respect and that
lose
these
I
I dare say
both
public has had
of
the
beginning.
handiwork.
judgment
as
the
upon me as
I do not intend to
weary
with
my
borne out by the subse¬
quent developments.
I believe that
correct,
now
of
not
self-respect, I think
my
was
com¬
mittees and the Board of Governors
to
1920
I
my
itself
even
a
much smaller institution than
its
enemies
imagined.
was
(Signed)
ALLAN A.
RYAN
'
[Vol. 110.
THE CHRONICLE
XXVIII
Jfitaatial
■
nmtmtMi'ut'j'nr «"~i i~ j rm~ i r-r*<— rr —• —
-*1—
M
HI
I
A National Investment
Service
THROUGH offer aid investment serviceof our correspondents we are
the
and co-operation national in scope.
enabled
to
wires with the
well known firms having offices in various cities:
privilege of being connected by private
We have the
following
an
Naphen & Co.
Goodwin-Beach & Co.
Adams, Merrill & Co.
Hartford, Conn,
Alden, Bernie & Co.,
Boston, Mass.
New Britain, Conn.
Hartford, Conn.
New York, N.
Inc.
Montreal, Canada
Boston, Mass.
Springfield, Maes.
Lorenzo E. Anderson
Ottawa, Canada
Hincks Bros. & Co.
& Co.
Otis & Co.
Bridgeport, Conn.
St. Louis,
Mo.
Chandler
Anderson & Powell
Cleveland, Ohio
Cincinnati, Ohio
Hovey & Co
Akron, Ohio
Boston, Mass.
Cincinnati, Ohio
Columbus, Ohio
Hulburd, Warren
Allen Arnold & Co.
Chicago, 111.
New London,
Conn.
Cincinnati, Ohio
Learoyd, Foster & Co.
Boston, Mass.
F. A. Schirmer & Co.
Long & Nash
Boston, Mass.
Boston, Mass.
& McWain
Secor, Bell & Beck with
N. A. MacDonald
Boston, Mass.
Hugh J. Dimond & Co.
& Co.,
Boston, Mass.
Toledo, Ohio
Inc.
J. W.
Buffalo, N.Y.
Downer & Co.
A. E. Masten &
Boston, Mass.
Washington, D. C.
New York, N.
Co.
Y.
Stevenson & Co.
New Haven,
H. C.
Moorhead & Elmore
Gagen & Co.
Sparks & Co.
Philadelphia, Pa.
Pittsburgh, Pa.
Wheeling, W. Va.
John L. Edwards & Co.
Conn.
Wainwright & Co.
Washington, D. C.
Boston, Mass.
Morris, Brown & Co.
Glendinning & Co.
'
Whitney & Elwell
Boston, Mass.
R.
Proctor, Cook & Co.
Boston, Mass.
York, N. Y.
Clark, Griffith
T. F.
Boston, Mass.
Baltimore, Md.
Baltimore, Md.
0
Boston, Mass.
Chas. A. Phelan & Co.
W. W. Lanahan & Co.
Philadelphia, Pa.
Pittsburgh, Pa.
1
Detroit, Mich.
S. B. Pearmain
Lansing, Mich.
Dayton, Ohio
Cassatt & Co.
New
Boston, Mass.
Rapids, Mich,
Kalamazoo, Mich.
Grand
Beazell & Chatfield
Colo.
Denver, Colo.
Battle Creek, Mich.
Ball & Co.
]
Youngstown, Ohio
Colorado Springs,
& Chandler
Boston, Mass.
3
Y.
O'Brien & Williams
E. M. Hamlin & Co.
Boston, Mass.
Pittsburgh, Pa.
Philadelphia, Pa.
and accurate investment
municipalities, railroads, public
Through this association, clients receive prompt
1
service in the securities of
utilities and industrial
governments,
corporations.
HORNBLOWER
i
Investment Securities
I
3
i
m
of
CHICAGO
DETROIT
Founded in 1888
PROVIDENCE
Members
WEEKS
NEW YORK
BOSTON
PORTLAND
1
&
the
New
York,
Boston
and
Chicago
Stock
Exchanges
June 26
xxix
THE CHRONICLE
1920.]
jTfaaacial
Financing
and
Re-financing
The
financing of to-day
quires the
resources
of
re¬
services and the
a
great banking
institution, equipped with am¬
ple facilities for the purchase
and
ment
The Bankers Trust
benefit of its
Company offers to corporations
resources
of
over
distribution
of
invest¬
securities.
seeking new capital the
experience in the
$400,000,000, and of its wide
underwriting and issuance of securities. V
It offers to the Investmet
in the distribution of
It offers to the
of
new
Dealer the co-operation of its entire
organization
issues.
Investing Public its
name,
which has come to mean safety
principal and stability of income when appearing
in connection with security
offerings.
BANKERS TRUST COMPANY
NEW YORK
THE CHRONICLE
XXX
[Vol. 110.
jHttancial
Semi-Annual Investments
Municipals
City of Aberdeen,
Cass
Rate
N. C., Sewer & Water
Maturity
6%
Jan.
County, Texas, Road District No. 3.5%
1,
Yield
1925-60
J
&
J
6.00%
6.00%
July 10,
1957
J
&
J
City of Chicago, Illinois..
4%
Jan.
1,
1928
J
&
J
City of Des Moines, Iowa, School District
43^%
May
1,
1932
M & N
5.50%
5.60%
City of Madison, S. D., Electric Light
5.35^
5%
July
1,
1939-29
J
Oakland County, Michigan, Road District 21...
5 K%
May
1,
1921-29
M&N
5.50%
Pontiac, Michigan, Water
5%
Apr.
1,
1928-41
A&O
5.20%
5%
Dec.
1,
1948
J
& D
5.38%
4%
Annual Drawings
A & O
$450 per £200
5%
Annual
Portsmouth, Virginia, Water
__
_______
&
J
Foreign Issues
Argentine Government "Sterling"
or
Government of Chile "Sterling"
__
or
French
Cities, Marseilles, Lyons & Bordeaux... 6%
Purchase
Drawings
Purchase in July J
&
J
$570 per £200
Nov.
1,
1934
M&N
Jan.
1,
1931
J
&
J10
11.15%
&
J10
10.75%
7.05%
Imperial Japanese Government "Sterling"
4%
Imperial Japanese Government "Sterling".....
4J^%
July 10,
1925
J
Rio de
6%
May
1,
1930
M&N
7.00%
6%
Nov.
1,
1943
M&N
6.88%
May 15,
1930
M & N15
7.00%
April
1,
1929
A & O
8.15%
Chicago & Northwestern Ry. Secured Notes... 7%
June
1,
1930
J
& D
7.05%
Colorado & Southern Ry. Refunding & Exten..
4
lA%
May
1,
1935
M&N
8.10%
Canadian Northern Ry. Guaranteed Notes..._
53^%
Dec.
1,
1922-24
J
Sept. 1,
1928
M & S
4J^%
Oct.
1,
2013
A&O
6.20%
6%
July
1,
1928
J
8.90%
Sao
Janeiro, Brazil
Paulo, Brazil
Railroad Issues
Atlantic Coast Line Railroad Secured Notes
..7%
Boston & Maine Railroad Mortgage
4^%
Lake Shore & Mich. Sou. Ry. Deb. (New
New York Central RR.
Mtge.)_ 4%
Refunding & Improvt
St. Louis & San Francisco Ry. Prior Lien..
& D
&
7.00%
v
J
7.50%
Public Utilities
American Telep. & Teleg. Collateral Trust.....
4%
July
1,
1929
J
&
J
8.00%
Cleveland Electric Ilium. Co. Secured Notes
7%
July
1,
1935
J
&
J
7.50%
Detroit Edison
Company First & Refunding.... 6%
July
1,
1940
M&S
7.00%
Company Notes...... 7%
Mar.
1,
1921
M&S
8.55%
Sheboygan Electric Co. Refunding & Improvt.. 5%
July
1,
1946
J
J
6.32%
Southwestern Bell Telephone Convertible.....
7%
Apr.
1,
1925
A&O
7.60%
West Penn Power Co. Convertible Debenture..
6%
Dec.
1,
1924
J
& D
7.75%
7.60%
Merchants Heat & Light
&
Industrials & Miscellaneous
Beech-Nut Packing
Company Notes
7%
May
1,
1922
M&N
-7%
Apr.
1,
1924
A&O
7.50%
Steamship Company First Mortgage. 7%
Hayes-Ionia Company Notes
6%
Jan.
1,1922-23
J&J
8.00%
Sept. 1,
1926-27
M&S]
7.30%
Rogers Brown Iron Company First Refunding.. 5%
July
1922
J&J
7.00%
Continental Motors Corporation Notes
Elder Steel
Sinclair Consol. Oil Corporation Convertible..
Steel & Tube Co. of America General
7^%
Mortgage. 6%
1,
May 15,
1925
M&N]
8.00%
July
1944
J&J
6.40%
1,
Preferred Stocks
Detroit Pressed Steel Cumulative..^..
7%
Q. Jan. 1
7.50%
Erie Lighting
7%
Q.Jan.
7.77%
8%
Q. Feb. 1
8.10%
Company Cumulative
Wickwire Spencer Steel Cumulative
....
flatttp, llclibpr $c (Botttpatty
82 Devonshire Street
BOSTON
McKnight Building
MINNEAPOLIS
90 State Street
ALBANY
25 Broad Street
NEW YORK
Penobscot
Building
DETROIT
314 Main Street
WORCESTER
The Rookery
1422 South Penn
CHICAGO
Square
PHILADELPHIA, PA.
Pioneer Building
ST. PAUL
94
Torrey Building
DULUTH
Michigan Street
MILWAUKEE
June 26
1920.];
THE CHRONICLE
zxa
ifitiancial
NEW ISSUE
,
$12,000,000
Miller & Lux
First
Incorporated
%
Ten-Year Gold Bonds
Mortgage 7
Dated June 15, 1920.
Due June 15, 1930.
,
Authorized $15,000,000; to be presently outstanding $12,000,000.
$1,000 denomination, with the privilege of registration
during the next two
as
years
Tax
Bank of
Eligible
Interest payable June 15 and December 15.
Callable
to principal.
whole
as a
or
Coupon bonds of $500land
in part during the first three years at 101
at 102 and thereafter at 102 H.
.
Exempt in California
California, National Association, San Francisco, Trustee.
as
•
Legal Investment for Savings Banks in California
These bonds will be secured by approximately 1,000,000 acres of land and improvements of a
Security
conservative present
value in
excess
(a) Approximately 800,000
of $50,000,000
as
follows:
of land with water rights and improvements in California,
acres
belonging to Miller & Lux Incorporated,
on
which these bonds
are an
absolute first mortgage, and
(b) Approximately 200,000 acres of land, with water rights and improvements
-
tcrNevada,
of Miller & Lux
Incorporated.
All of the capital stock of the Pacific Live Stock Company will be deposited with the
Trustee under the Trust Deed, securing these bonds, together with a covenant that no lands of the
Utah, Idaho and Oregon, owned by the Pacific Live Stock Company, a subsidiary
will be mortgaged during the life of these bonds.
Pacific Live Stock Company
The above lands
were
valued by the Commissioner of Internal Revenue
for inheritance tax purposes, at more
The
than $30,000,000
as
of the United States,
of 1916'.
consistand bills receiv¬
of December 31, 1919, are in excess of
quick assets of Miller & Lux Incorporated and the Pacific Live Stock Company,
ingjof cattle, sheep, hogs, horses, grain, hay, meat, meat products and accounts
able,
as
by
shown
consolidated balance
the
sheet
as
$15,000,000.
These bonds are to be issued to provide funds to retire all of the outstanding bonds of Miller &
Lux Incorporated, amounting to approximately $8,000,000 par value, and for other corporate
Purpose
of Issue
purposes.
' I
v;.
any
inheritance
tax
appraisal.
The Trust Deed will also
provide that the net quick assets of Miller & Lux Incorporated and
the Pacific Live Stock Company
shall be maintained during the life of these bonds in an amount
equal to at least 50% of the pari value of bonds of this
Authorized but unissued treasury
Trust
Deed,
when issued,
among
will be
issue outstanding.
future
provisions in the
bonds, amounting to $3,000,000, will be held for
Issuance of these bonds will be restricted by customary
needs of the company.
All
paid into a sinking fund
lands, including lands of the Pacific Live Stock Company, an amount equal to
75% of the net sale price, but not less than 60% of the valuation of such lands, as shown in the
the sale of
upon
above
i
v.■
The Trust Deed securing these bonds will provide that there must be
Protective
Provisions
,
which is certification by the Superintendent of Banks that the treasury
a
bonds,
legal investment for savings banks in California.
will be under the supervision of our attorneys, Messrs.
whose favorable opinion will be furnished in due course.
legal details incident to the issuance of these bonds
Pillsbury, Madison & Sutro, San Francisco,
Temporary Certificates, issued by The
for delivery on or
Bank of California, National Association, San Francisco, will be ready
before July 1, 1920.
Application will be made to list these bonds on the San Francisco
100 and interest,
Price;
Blyth, Witter & Co.
61
Los Angeles
The above statements
as
reliable,
or are
yielding
Cyrus Peirce & Company
San Francisco
Broadway, New York
San Francisco
Stock and Bond Exchange
Seattle
Los Angeles
and statistics are derived from official sources, or those
carefully estimated. We.do not guarantee
Seattle
which we regard
them, but believe them to be correct.
[VOL. 110.
THE CHRONICLE
XXXII
ftwauiaI
NEW ISSUE
$5,000,000
Cleveland Electric
15-Year 7% First
Illuminating Co.
Mortgage Collateral Bonds
Due
1935
July 1,
Coupon Bonds of $1,000 each with provision for registration of principal.
Interest payable in New York, Januaryfl
and July 1.
Redeemable as a whole on any interest date at 101 and interest to July 1,1921; 102 and interest to July 1,
1922; 103 and interest to July 1, 1923; thereafter to maturity at 107
and interest.
Total authorized $8,000,000.
The
Company
to pay
agrees
the Normal United States Income Tax
up
to 2% if exemption is not claimed, and to refund on application, the
present Pennsylvania four-mill tax to holders resident in Pennsylvania
who have paid such tax.
I
The Central Union Trust Company, New York, Trustee
A
Sinking Fund of 2%
up
The
per annum
107% and interest,
to
following is summarized from
Secured
by
$7,143,000 First
Mortgage Bonds
a
or,
if not
market
letter from the Vice-President and General Manager of the Company:
Mortgage 5s
of the
entire property
are now
open
obtainable calls Bonds at that price
The Bonds are the direct obligation of the company, secured by deposit of $7,143,000
Cleveland Electric Illuminating Company First Mortgage 5% Bonds, due 1939,
which are thus pledged at 70.
The First
There
purchases Bonds in the
so
are
secured by
company,
now
a first and only mortgage lien
owned or hereafter acquired.
on
the
$18,500,000 First Mortgage Bonds outstanding of the $30,000,000 authorized and the
balance will be required as collateral for the authorized amount of new 7% Bonds, so that the first
mortgage
will be closed.
Net Income
over
4 Times Interest
Charges
-
Net income available for interest for the
12 months ended April 30, 1920, was
equal to 4 times interest charges and averaged $2,740,000, or nearly 4^£ times
average annual interest charges for the five calendar years to December 31 last.
The company reports earnings as follows:
Year to
Revenues
Net Income
for Interest
1915
$4,392,579
$2,362,957
$362,384
1916
5,109,738
2,285,620
401,983
1917
6,863,886
2,202,524
576,123
1918
8,443,329
3,053,118
812,514
1919
9,389,941
3,743,296
937,203
1920*
10,284,130
3,842,248
953,020
*12 Months to
Purpose of Issue
Operating
December 31
April 30.
These bonds
are
Interest
Charges
issued for additional generating capacity transmission and dis¬
tributing system and other
new
revenue
producing expenditures, which should
further materially increase the company's gross and net income available for interest charges, which are
increased only $350,000 through the issue of these bonds.
8% Dividends
The Company has paid dividends
Since 1904
cash dividends
Franchise
The franchises under which the company operates are unlimited as to time.
The Cleveland Electric
on
its
common
on
its preferred stock since issued in 1893, and
since 1904.
stock at the present rate of 8%
Illuminating Company operates in the City of Cleveland, Ohio, and adjacent
suburban territory, serving with electric light and power a total present estimated population of over
1,200,000.
We offer these Bonds
when,
•
Price 95
as
and if issued and subject to approval of legality
by our counsel>
y2and Interest.
To Net 7y2%
Wm. A. Read & Co.
Nassau and Cedar Streets
New York
Chicago
Philadelphia
Boston
The information contained in this advertisement has been obtained from sources
which we consider reliable.
While not guaranteed, it is accepted by us as accurate.
June 26
xxxiii
THE CHRONICLE
1920.]
JTfnaiufal
A
of Fuel
Minimum
and
Required
is
Labor
1
by Hydro-Electric Properties
NEW ISSUE
f
$4,000,000
& Power Co.
The Shawinigan Water
Six-Year 7V2% Secured
Dated July 1,
Convertible Gold Notes
Due July 1, 1926
at holder's option in Montreal in
1920
York in United States gold coin or
of Notes held by residents of the United States for
Canadian taxes or for normal United States Income Taxes up to 2%.
Callable at Company's
option, as a whole or in part, on any interest date, on 60 days' notice, at 105 during 1921,
104 during 1922, 103 during 1923, 102 during 1924 and 101 thereafter.
Principal and interest payable in New
Canadian
gold coin without deduction from interest
GUARANTY TRUST
COMPANY OP NEW YORK,
Capitalization
I
(Outstanding
upon
completioii of present Financing)
Capital Stock Outstanding (all one class, par
Funded Debt (including this issue)
—
From
a
letter of Mr.
J. E. Aldred, President of the
$100) —
$20,000,000
•
13,353,000
Company, we summarize:
The Shawinigan Water & Power
BUSINESS:
TRUSTEE
Company is one of the
hydro-electric power in the world. Popula¬
1,500,000, including the cities of Montreal and
largest producers of
tion served about
Quebec.
will be secured by pledge with the
Company's First Refunding Mortgage
These $4,000,000 Notes
SECURITY:
Trustee of
$5,334,000 of the
6% Sinking Fund Gold
Bonds.
EARNINGS:
Years
1918.
1919.
$2,149,367
698,503
$2,335,053
824,959
$2,430,857
657,114
.............___$1,450,864
$1,510,094
$1,773,743
1917.
ended Dec. 31
Net
Earnings
Interest Charges
Balance
Net Earnings
new
EQUITY:
for 1919
of $795,030
ments
more
than 3 times annual interest
total present funded debt,
on
require¬
including this
issue.
The $20,000,000 capital stock
has
a
market value, at present
quotation, of 108^ in Montreal, of about $21,600,000. Continuous
dividends have been paid for the last twelve years, the rate since
1915
having been 7%.
CONVERTIBLE at holders' option at any
time between July 1, 1921,
and
First Refunding Mortgage 6% Sink¬
maturing July 1, 1950, at a price to yield
This privilege is an attractive feature of this issue.
July 1, 1925, into Thirty-Year
ing Fund Gold Bonds,
F>Vi%.
WE
RECOMMEND THESE NOTES
Price 97.65 and
accrued interest yielding 8%
LEE, HIGGINSON & CO.
BROWN BROTHERS & CO.
JACKSON & CURTIS
ALEX. BROWN & SONS
The statements
based upon
All of the above Notes
FOR INVESTMENT
while not guaranteed, are
believe accurate and reliable.
contained in this advertisement,
information and advice which we
having been sold, this
advertisement appears as a matter
of record only.
*
XXXIV
*
•
1
THE CHRONICLE
[Tot., lift.
jfimtititA
A Book of Value
To Financial Advertisers
The
is
It
Chicago Tribune's 1920 BOOK OF FACTS
now
being distributed.
contains,
together with
many
other
things, the
following:
List of all financial advertisers who used
more
than
10,000 lines in
any Chicago
newspaper during
1919, with lineage in each paper. Similar lists for
other classifications also.
Tabulation
and
of
Chicago Tribune circulation, Daily
Sunday, in each of more than seven thousand
towns.
Circulation also
tabulated by
counties in
Illinois, Indiana, Iowa, Michigan and Wisconsin.
Statistical
analysis and comparison of the 13 major
markets of the United States
•
This unique
publication will be sent free to any selling
organization if requested on business stationery.
Hi THE
CEhxra gu Uxxbxaw
WORLD'S
GREATEST
•
NEWSPAPEP/fffl
I
The
Dmmetria
INCLUDING
Bank &
Quotation Section
Railway & Industrial Section
Electric
Railway Earnings Section
Bankers' Convention Section
State and
VOL. 110.
Railway Section
City Section
NO. 2870
SATURDAY, JUNE 26. 1920
Week ending June 19
Clearings at—
3£ke (&hxomrtz
Inc
1920
PUBLISHED WEEKLY.
Terms of
$
Subscription—Payable in Advance
$10 00
For One Tear
For Six Months
6 Oo
*
13 50
7 75
$11 50
European Subscription (including postage)
European Subscription six months (including postage)..*
Canadian Subscription (including postage)
NOTICE.—Oa account of tk« fluctuations in
remittances for European
the
rates
of exchange,
subscriptions and advertisements must be made
la New York funds.
Cleveland
Detroit
Milwaukee
35,000,000
Indianapolis
Columbus.—
19,522,000
Terms of
3,985,258
+ 3.5
+ 29.9
3,962,155
1,309,730
(26 times) per inch
B. DANA
morning
WILLIAM
B.
DANA
2,249,636
4,017,027
+ 19.8
2,133,296
+ 14.4
10,569,000
+ 26.2
2,599,958
1,100,000
2,050,269
1,000,000
+26.8
6,700,345
4,330,947
1,800,000
4-54.7
1,225,954
+ 19.1
+ 40.9
3,156,365
6,249,000
1,877,272
800,000
2,856,513
3,977,725
900,185
1,156,532
1,266,014
1,054,692
1,293.304
2,694,527
Akron
Rocklord
•
Lex-ngton
—
Bend
Dec?.tur
COMPANY.
1,573,095
1,373,467
Springfield, Ohio.
Bloomington
1,947,169
l,407,33o
+ 38.4
2,182,290
1,519,098
1,354.797
700,000
+43.6
+ 18.5
620,881
519,604
1,326,375
+ 0.5
526,907
+ 56.0
1.137,204
Mansfield
.
Danville
1,908,161
829,542
522,081
Jacksonville, 111..
2,609,535
1,200,000
1,364,951
—12.9
1,005,945
Owensboro...
500 ,r0)
937,924
—46.7
632,197
375,634
+ 68.4
Adrian
262,414
735,217
267,888
107,037
172,700,000
84,805,000
47,840,518
13,521,417
Francisco..
Los Angeles
Seattle
1920.
1919.
Cent.
$3,600,514,127
$3,601,933,837
—0 04
Portland
466,713,188
349,451,479
290,200,338
156,006,836
125,431,530
+ 13 3
Tacoma
+ 23 2
Salt Lake City_.
430,505,976
296,351,615
—_——
——
„
199,028,895
131,114,200
♦139,000,000
157,287,821
■*110,000,000
87,414,055
-
San Francisco
Detroit
Baltimore
105,065,921
117,546,465
79,337,649
66,120,997
58,609,671
61,760,704
New Orleans
+2 1
Oakland
+ 27 6
+4 5
Sacramento
+ 32 3
Pasadena
+ 33 8
Stockton
+ 38 7
Fresno
1+32 2
1
+5 4
ban
Diego
....
.....
...
San Jose
Reno.
$5,741,839,638
1,285,874,628
$5,416,435,911
+ 60
895,214,406
+43 7
$7,027,714,266
1,450,499,908
$6,311,650,317
1,218,185,885
+ 19 1
$8,478,214,174
Eleven cities, 5 days
Other cities, 5 days
$7,529,836,202
+ 12 6
I/>ng Beach
Total
Total all cities, 5 days J
*
All cities, 1 day..
856,978
Santa Barbara..
The full details for the week covered by the above will be given next Saturday.
Denver
St
Des Moines
clearings being made up by the clearing houses
the above the last day of the week has to be In
all cases estimated, as we go to press Friday night.
.
Detailed figures foe the week ending June 19 show:
Joseph
Sioux
City......
Duluth
Wichita
or
Colorado
1917
..
Springs
Fargo
Waterloo
$
\
$
5,138,256,852 5,093,296,616
York
670,644,360
191,729,662
100,529,383
Philadelphia
Pittsburgh
Baltimore
Buffalo
53,163,592
19,405,008
4,744,034
13,158,103
5,927,504
Washington
Albany
Rochester
bcranton__
Syracuse
4,f 00,000
Trenton
Greensburg
4,861,405
5,976,374
3,200,0 0
3,573,283
3,109,898
1,000,000
York..*..
1,770,174
Erie
3,081,372
1,822,744
1,235,550
1,406,400
3,000,000
863,470
3,726,388
—
...
Wilmington
Wllkes-Barre
Chester
Altoona
Binghamton
Lancaster
Montclair
Bethlehem
1,872,83?
Huntington
Total Middle-
494,227,948
185,159,801
87,195,952
41,067,360
%
$
$
+ 0.9 3,592,580,715 3,566,540,959
+ 15.5
+ 3.6
+ 15.3
+29.5
446,933,270
183,833,361
68,470,021
338,933,058
83,747,502
44,748,208
20,044,786
10,568,261
4,536,780
+4.6
21,190,083
15,534,977
5,000,000
10,581,867
4,644,139
+24.3
7.962,642
+27.6
3,500,000
4,700,000
3,489,260
—2.1
4,800,000
+ 39.3
3,049,729
5,943,233
+0.6
4,073,841
2,413,782
3,850,471
+ 32.6
2,603,247
5,071,614
6,593,802
3,322,949
4,652,582
2,882,106
4,242,247
2.467,546
—7.2
2,838,483
+ 9.5
3,496,068
2,569,511
2,069,823
950,000
1,270,195
+5.?
1,100,000
936,840
+ 38.7
1,376,199
2,030,834
1,309,566
1,047,655
+ 51.7
2,147,641
+33.1
1,854,154
+ 17.9
820,927
961,600
2,400,000
444,615
+46.3
+25.0
757,100
2,452,573
1,060,835
1,829,658
1,493,262
752,289
922,500
1,939,164
+94.3
392,553
501,846
19,065,097
+ 1.8
3,031,807
Not Included in total
Helena
Pueblo
Providence
Hartford
i
New Haven
Springfield
Portland
.
*
Worcester
Fall River
New Bedford..—
Holyoke—
*
Lowed
—
Total NewEng
402,914,999
10,968,100
7,820,932
5,436,161
3,815,335
2,700,000
3,837,437
2,178,927
1,674,634
+2.7 4,376,234,612 4,018,353,644
475,715,066
http://fraser.stlouisfed.org/
A
Federal Reserve Bank of St. Louis
+ 5.2
457,186,999
+32.5
11,376,500
+ 24.4
8,017,722
4,933,580
+6.8
Louis
New
236,329,723
9,812,900
7,825,486
4,481,264
3,806,049
+7.2
498,719,699
720,440
274,552.734
14,832,531
511,044
672,370
+ 36.5
4,891,998
2,545,206
+ 13.2
3,865,762
+2.2
1,764,584
5,655,645
5.337.238
2.333.239
3,828,062
2,337,798
1,009,780
3,068,412
1,812,640
1,868,838
+8.2
680,614
2,526,541
2,088,913
1,603,495
1,544,684
2.184.240
1,928,398
+ 12.5
IO.311.5371
—2.0
7,9611,857
•
+ 19.1
12,625,196
3,291,409
+ 11.1
—15.3
+ 14.6
—8.2
5,818,753-
648,320
710,619
+ 60.3
650,686
584,153
—4.1
1,004,559
661,384
+8.3
1,301,486
609,324
496,462
—5.2
900.458
425,000
996,951
439,980,656
+25.9
331,026,445
278,037,799
184,438,230
63,306,229,
17,481,702
18,000,000
—6.0
161,924,658
126,898,02?
+ 6.1
48,673,626
36,248,424
+ 78.3
11,500,000
4,800,000
+ 3.8
59,035,080
+4.2
66,592,136
22,110,640
22,646,752
8,736,702
24,000,000
10,374,341
61,962,825
+ 7.5
42,176,831
15,814,530
+ 39.8
10,877,904
19,666,773
+ 15.2
9,052,293
13,654,453
—3.5
10,760,961'
—3.6
17,000,000
13,243,613
3,700,131
3,566,375
10,061,428
14,054,443
8,939,885
4,025,584
2,686,107
6,534,752
8,960,800
2,133,021
10,115,481
+ 18.0
8,751,851
5,272,957
11,961,254
7,643,159
3,771,690
4,653,130
2,496,811
2,431,602
5,326,640
4,646,250
1,803,880
7,570,853
2,592,746
1,500,000
Fort Worth
Memphis ....—
Savannah
Nashville
Norfolk
Birmingham
27,467,747
34,010,566
15,323,831
13,528,332
14,156,360
7,662,841
21,862,640
14,608,076
8,907,647
7,556,375
5,221,068
7,754,405
3,061,310
+ 3.1
16,030,852;
Atlanta
....
Jacksonville
Augusta
Knoxville
..
12,129,828]
Rock...
2,779,374
.13,402,421
Mobile
Charleston
5,000,000
Macon
6.000,000
Austin
1,300,000
320,054
Vicksburg
+ 50.4
—12.0
6,816,052
56,652,416
+ 75.8
+ 48.1
—8.1
+ 32.8
+ 54.0
+ 35.4
+ 30.3
+ 32.5
2,800,000, +78.6
1,530,000 +292.2
2,800,000 —53.6
11,651,033
10,245,269
6,549,973
8,605,411
6,169,629
3,479,582
3,648,294
2,118,113
2,356,419
3,951,262
2,987,395
1,338,747
5,860,675
2,608,142
240,507
1,373,000
1,530,128
252,045
357,988
11,552,458
1,927,651
12,299,029
1,953,213
407,331
5,409,475
1,579,035
10,876,743
1,607,483
446,442,794
339,830.889
598,128
442,905
+ 35.1
11,144,095
3,625,211
+33.6
37,374,169
3,500,000
—
24,533,674
22,854,912
—14.5
4,633,165
Jackson
18,470,669
374,437
14,877,158
Shreveport
1,128,171
37,356,602 + 138.9
+0.7
58,670,109
20,418,064 + 138.9
18,911,4711 + 11.4
Richmond
Dallas
443,951,535
+84.3
1,701,404
730,064
623,094
1,197,778
6,000,000
Galveston....—
1,344,036
915,078
+23.8
in uotai
11,085,968
27,073,291
1,898,042
727.239
Not Included
131,699,698
Houston
Muskogee..
+ 51.6
1,068,513
734,325
495,976
1,007,053
+ 36.6
21,462,915
12,038,714
4,239,192
43,667,753
Tulsa
1,075,502
+ 61.0
202,682,163
31,169,438
3,743,352
2,257,810
1,504,199
779,751
1,149,206
809,798
+ 63.6
1,130,397
724,305
1,435,546
938,970
1,628,756
1,662,993
750,000
518,818
157,217,912
25,260,792
48,257,264
67,160,62,1
Orleans
2,647,593
+24.7
1,918,789
263^880,816
Louisville
4,029,772
+45.7
+41.1
173,464,627
other West
Tot
St
2,636,419
4,034,151
+ 14.9
2,935,861
1,348,534
2,194,616
5^,730,9*9
Billings
+3.7
802,219
1,859,458
893,665
1,727,970
15,741,012
3,309,728
13,753,364
5,014,219
2,896,767
+ 31 0
675,716
Hastings
+45.0
+29.4
2,160,312 + 175.3
96,952,105
29,380,000
20,917,470
5,769,925
+ 10.6
757,732
Fremont
Little
423,923.217
14,530,100
9,729,973
5,750,870
5,540,438
2,800,000
4,966,034
2,603,365
2,440,319
1,000,000
1,630,750
900,000
3,520,823
+ 33.6
+ 44.4
104,229
753,168,152
1,136,075
—
Oklahoma
Boston
+ 31.1
341,828
325,483,144
1,808,254
1,138,596
1,632,089
.........
_
Aberdeen
Chattanooga
Not Included in total
6,137,059,168 5,973,491,354
+ 22.4
4,509,750
2,200,000
1,413,375
510,038
435,816
1,122,947
925,008
503,021
223,763,758
5,537,664
2,60 >,000
1,092,298
2.600,000
2,077,301
Lincoln
Cedar Rapids
1918
9,266,751
11,711,899
6,368,132
4,500,500
Topeka
Week ending June 19
Clearings at—
Dec
4,966,606
+ 5.3
995,634
12,472,824
10,104,785
9,480,222
14,028,722
Paul
We cannot furnish them to-day,
1919
+ 35.3
1.054,273
1,106,763
1,029,228
426,319.164
Omaha
at noon on Saturday, and hence In
1920
7,922,081
27,764,446
+ 36.4
585,020
3,741,036
1,343,135
890,057
247,374,376
89,281,050
59,070,064
48,767,306
21,062,166
16,533,729
Pacific.
Kansas City
St
Partly estimated
Inc
35,471,033
3,476,841
2,727,022
1,338,181
2,010,193
3,282,479
'6,467,000
1,474,115
+ 11 2
Minneapolis
Total all cities for week..
128,297,047'
28,153,000
+91.3
+ 43.9
9,396,257
32,988,914
5,322,526
16,092,087
2,206,442
1,829,152
989,513
2,645,215
Yakima
883,310,868
+ 9.3
43,763,150
5,51t,085
16,942,616
11,346,264
5,912,762
2,939,432
3,040,789
5.946,500
4,143,459
Spokane
Philadelphia
44,332,000;
+17 1
+ 17.9
146,457,379
45,000,000
528,862,245
Chicago
98,874 + 165.6
TotalMid West 1,230,23J,656 1,050,322,8811
San
Per
Clearings—Returns bf Telegraph.
New York.
+ 14.6
Ann Arbor
corresponding week last year
Week ending June 26,
+ 10.0
+ 16.7
2,100,000
1,459,745
Quincy
COMPANY, Publishers,
by
5,331,379
4,594,461
13,335,000
Springfield, III...
Youngstown
$8 30
175 00
100 00
T.imft
Bangor
4,590,411
+ 37.1 1
&c , Indicates that the total bank
clearings of all the clearing houses of the United States for the week ending to-day
have been $8,478,214,174, against $9,490,904,455 last week and $7,529,836,202 the
Wheeling
Reading
+ 21.5
+24.0
CLEARING HOUSE RETURNS.
New
4,527,812
5,592,877
The following table, made up by telegraph,
*
10,680,900
10,512,157
4,677,273
1,618,546
Lansing
—
10,281,200
11,182,160
6,200,000
4,703,514
+ 10.7
+ 28.1
4,104,133
Addresses of both. Office of the Company.
Kansas City
St Louis
13,450,107
13,909,300
7,7b8,093
Jacob Selbert Jr., President and Treasurer; Arnold Q. Dana, Vlos-Prssldent and
Boston
57,958,640
24,343,684
15,620,000
13,668,101
2,103 223
39,547,229
81,634.694
28,705,825
4,840,869
Fort Wayne
$
468,403,060
+4.2
5,809,123
*
—
1917
+ 26.4
Evaneville
Frant, Pine and Depeyster Sts., New York.
Saturday
+ 26.8
Grand Rapids...
South
every
+ 41.5
505,512,527
60,468,093
112,496,281
89,014,175
+ 23.5
15,401,400
Canton
Published
!
S
5,000,000
Chicago Office—19 South La Salle Street, Telephone State 5594.
Secretary.
+ 9.2
592,232,965
65,792,863
138,213,432
118,726,281
33,599,397
15,439,000
1918
17,506,171
1—
Toledo
London Office—Edwards <6 Smith, 1 Drapers' Gardens, E. C.
WILLIAM
%
Dayton
(semi-annually)
(semi-annually)
Bankers' Convention (yearly)
Advertising—Per Inch Space
six months
$
or
Dec
Railway and Industrial
Transient matter per inch space (14 agate lines) for each insertion
Business Cards, twelve months (52 times) per inch
"
646,757,755
81,270,642
173,218,686
168,022,174
t
Electric Railway
quotation (monthly)
'
Railway Earnings (montf *
State and City (semi-anm
"
Chicago
Cincinnati
Peoria
Subscription includes following Supplements—
bank and
1919
33,981,483
2,873,814
+ 27.8
+ 10.8
+21.0
2,627,532
*
667,849,472
Total Southern
594,628,488
+ 12.31
_
Total all...... 9 ,490,904,4.55 8,827,863,978
+7.5:6,799,613,321 5,957,665,881
Yi_ 4 352,647,6 >3 3,734.567,362
+16.5 3,207,027,6062,391,124,422
Outside N
[Vol. 110.
THE CHRONICLE
2591
(against which
THE FINANCIAL SITUATION.
Last
.Saturday's
Federal
returns—both
Reserve
from
statement
showed
the statement of the New York Federal Reserve Bank
requirements
and the statement from
surplus- above
Federal
Reserve
Washington for the twelve
combined—showed
Banks
some
striking changes from the previous week, the
very
most of them in the
right direction, and the character
of the exhibit would have to be
regarded
gratifying except that the ' changes
result of transient
enduring.
prove
discount
and hence not
causes
highly
as
largely the
are
likely to
reduced from $2,-
was
in
these member banks
of
note liabilities combined
44.5%.
bill
A
raised from
was
large portion of the reduction in the
very
holdings occurred at the Federal Reserve Bank
of New York where the volume of bills
from
of
hand fell
on
$1,060,878,000 to $875,397,071 and the ratio
cash
ings
result
of
decrease
a
Government
class
reduced
bills
of
secured
of
As
already
largely ephemeral and
ceeded the present
direction.
A
that
Government
these changes
are
almost certain to be
suc¬
week by changes in the opposite
variety of circumstances
ble for the changes.
statement
We
they
are
"reflect
operations,
responsi¬
was
told in the Washington
week's
the
including
heavy
the redemption
nearly $700,000,000 of tax certificates, the
ment of semi-annual interest
The
impairment of
allowed
continue
to
the
of
will
New
be
cannot
again
an
notes
in
be
First
on
002,000
for
pay¬
Liberty bonds
twelve
Federal
with
from
$419,-
The redemption of $700,000,000 of tax
The
1920,
the
to
tion of
of indebtedness
the
as a
volume, exceeding
matter of fact,
holdings held last week only
those
of 928 1-3 millions
less than $513,600,000
nominal amount,
hand the
gating
been
$419,000,000
over
put
There
out.
enough for these to
the
reader
as
on
account
assured
certificates
aggre¬
having
not
time
they will
come
into
Government deposits with
have
of
as
have
in the bill holdings, but
already heavily increased
result of the payments credited
a
ment
the
banks
reported
apparently
was
view the present week.
the. member
are
appear
rest
may
we
series of loan certificates
the
themselves, there
seems
week
reason
to
believe, will be taken to the Reserve Banks and loans
upon
them obtained.
^.s far
as
are
concerned the step
would appear to be an absolute
necessity, for last Saturday's return of these insti¬
tutions showed that
legal1
reserves
had
become im¬
and March of 1920.
dollars from
May
heaviest
the
Notwithstanding that government deposits
New
last
since
York
Clearing House
institutions
course
considerably
The
year.
was
much greater
less.
in
war
our
we
6
In other
accumulated
billion
more
1875 to 1914
to
were
more
very
the gain in
in the imports
was
over
important to
January 1915, when the
foreign trade movement
enormous
words, in
credits
than
is
as
credit
our
For
Europe began to be felt here,
favor in the
has amounted to the
dollars.
It
export
1919-20 the
year
history, but
our
some
less than in all
November last.
the balance to
dollars
the balance in
a
total of
abroad
were
piled
163^ billion
period of 65 months
not
up
only close to
in the 40
years
inclusive, but greater than had accrued
the United
States
in
all
the
down
years
to
1915.
In the exports
for the elapsed 11 months of 1919-20
most commodities
value and these
ing items
wood
as
show increases
are
and
note
represented by
as
particularly striking in such lead¬
cotton and manufactures, leather and
automobiles,
manufactures,
oils, coal and railway
to
large
cars.
mineral
sugar,
oils,
Against these
decreases in exports
of
fruits,
vegetable
we
have
provisions,
breadstuffs, iron and steel manufactures and explo¬
sives.
the
1918-19
over
million
even
Bank.
of
a
On the other
decline of
a
were
1920, though of
in
than in exports
bill
with
April,
elapsed portion of the fiscal
paired owing in the main to the liquidation of their
holdings with the New York Federal Reserve
periods
reached), November of last
was
manufactures, tobacco,
the New York Clearing House Banks
re¬
full
very
monthly
aggregates of both exports and imports
to the Govern¬
the certificates and this
all
imports for May exhibit
64 million
stimulus of the
new
the total
over
below which the current movement falls by
year,
note, however, that since
no
It will also be observed from the remarks
quoted that two
for
the
except June of 1919 (when the stupendous aggregate
against
previous week.
by
an expan-
consequently of
were
700
as
is
$3,104.-
to
issued
statement
secured* by Treasury Certificates
was
showing
-V-.v'r:^
nearly 55 million dollars
ported for April and
value
$340,800,000
the
foreign exports of the United States for May
according
secured
paper
Fortunately, however,
-r
much the heaviest in
obligations; and,
is
the
contraction
some
$3,112,205,000
■
.
certificates explains the reduction of the bill holdings
war
There
complacency.
combined
of
aggregate
an
810,000.
is
over
which
Bank
different, the total of Reserve notes having decreased
balance
war
feature in the return
Reserve
after
banks
June 15, and the issuance on the same date of two
aggregating
be
course
employed to
means
one
$854,828,000.
to
the
than
by
the
There is
circulation
heavier
of the total
will not of
previous week, the total having risen from $851,-
earlier months of
series of loan certificates
bill
the
increase in the amount of Federal Reserve
on
000,000.'*
of
borrowing at the central
of
one
York
Victory Notes, also the handling of income and
new
liquidation
reserves
and
regarded
profits tax payments, all of which fell due
on
excess
less than $39,720,000
no
Department of Commerce this week, show
are
about
came
was
by the Federal Re¬
however,
stated,
a
holdings already referred to.
roughly
Bank of New York.
serve
and
a
by
banks
which
of
contributed
was
as
aggregate
twelve
the
for
bills
to
bill hold¬
mainly
The
$209,000,000,
over
$104,000,000
the
in
obligations.
war
the
of
followed
instances
both
40.6%
from
up
Furthermore liquidation
in
this
moved
reserves
42.5%.
of
43.0% to
against
$3,847,970
note that the reserve of
we
the
to
restore the reserves.
deposit and Federal Reserve
legal
kept with the New York Federal
course
institution
net
the
below
reserves
How this deficit
cut down
was
cash
to
of
of
amount
plain when
Reserve Bank
—owing
had
the legal requirements the previous
926,846,000 to $2,694,728,000 and the ratio of total
reserves
deficit
a
week of $38,098,910.
is made very
The aggregate of bills held under
by the twelve banks
cash reserves are required)
$22,974,000 to $111,549,000,
no
increased
The import
more
sion, with
cotton and
side of the account affords
an
extended list of articles recording expan¬
raw
silk,
sugar,
hides and skins, coffee,
manufactures, India rubber, diamonds,
June 26
1920.]
THE CHRONICLE
•
furskins,
most
to
a
seeds,
fruits
and
oils, and
nuts,
cocoa
prominent, with mentionable declines confined
few commodities.
very
The exports
in May
2595
.
cities located in all sections of the country, show a
quite considerable decline in the aggregate of
templated outlay
totaled $739,300,000,
1920
total of
April, but at the
time exhibit
same
exceeding those of the corresponding period of 1919
satisfactory gain
by about 135% millions and 1918 by 189 millions.
ago,
For the 11 months of the fiscal year
is to be ascribed to the greater cost now
May 31 1920 inclusive)
shows
193,349
Merchandise
than
in
the aggregate, at $7,474,-
augmentation of
an
and
1918-19
over
of
April,
the
with 2,803
in
the
over
1917-18.
$431,000,000
against only
slightly smaller'amount
a
months
11
stated, less
as
of
the
fiscal
aggregate at $4,685,741,747
year
compares
millions and 2,685 millions, respectively,
two
balance
millions
2,038 millions
reached
the
For
1918.
1919-20
1,170
imports in May while,
$328,925,593 in 1919 and
in
(July 1 1919 to
preceding
for
Finally $
years.
May reached
the
export
as
against
275 millions in 1919 and 228 millions in 1918.
While
for the
months the outward movement of
11
exceeded
chandise
$308,300,000
the
inflow
against 3,501 millions last
by
year
mer¬
$2,788,451,602,
and 2,750 millions
in 1917-18.
Gold
for
imports in May
but
which the greater
of
reached
came
San
from the Far East
accommodations
the
secure
the
now
in
that attempts
$8,126,176,
$337,495,271 the net exports for
the 11 months ended
May 31 1920.
This
compares
import balance of $2,626,578 for the
an
months of
1918-19 and
net
a
626,760 for the period in
for the month
reached
was
were
11
gold outflow of $95,-
1917-18.
Silver exports
$6,862,130 and for the 11 months
$174,621,646, against which latter there
were
imports of $96,332,935 (the May total having been
against
$78,283,711
in
$216,819,609
and
1918-19
tinued
decline
animal
products, showed
the
1919,
and
j.
now
were a
families.
of
$77,342,578
little less than in 1918,
into
this
was seen
price lists.
month,
on
of
excess
two
the
carried
in
312,112 is
a
too, the total at $428,475,687
any
similar period since
years
any
ago.
Imports
were
earlier
1916,
year
and
for
considerably
year,
the
in
$113,447,899
one
The total since Jan. 1 at $545,-
high record for the period, comparison
or
There was,
.As for the great increase in costs
with
purchaseable
consequently,
a
large adverse
import balance for the month this year—$36,-
$100 for 15.4
55.4
days work six
Our
this
exports
by
$116,836,425,
being the least favorable exhibit since 1913.
1919 the merchandise movement afforded
of
yellow
275
362%
to
the
at
present
time
against that amount for
back.
covers
aggregate of
an
In
decreases in the Bronx and
884,
however, there is
indicated by the returns at hand from
a
1917.
or
decline of
a
Compared
little
over
For the cities outside of New York the
May aggregate is well above that of a year ago,
$112,433,029 contrasting with $87,612,814 and it is
close
millions
70
to
in
figure of two years ago.
the
cities
notably
are
heavy
among
excess
of
the
diminutive
Much the greater number of
those
percentages
reporting gains and
quite
are
numerous,
but the effect of unsettled material and labor conditions
is reflected
in contraction
at
a
number of leading
points.
The exhibit for the five
a
months, needless to
say,
is
high record in the matter of intended outlay for
building construction work.
an
At 24 New England
expansion of 29% million dollars
1919 and at 41 Middle States
Greater New
York)
a
points (excluding
gain of 73 millions.
Middle West (30 cities) an increase of
augmentation of 41% millions.
In the
91% millions
shown, and the result at the South
an
Slope
Building operations in the United States for May
Queens, reach $24,394,-
4 millions more than in 1919 and over three
or
times the amount of either 1918
is
a
only $50,783,679 in 1918 and
Greater New York's estimated
expenditures for the five boroughs, notwithstanding
exportsof $111,941,950 and in 1918 of $64,023,995.
as
building operations for Mhy
year,
$78,368,120 in 1917.
is
as
years
as
1920 embraces 168 cities and
balance
1920,
receiving
compilation of
over
For the five months the merchandise
the
from
was
days work
last
exceeded
$100
is
labor
unskilled
cities there is
imports
Report of last Monday
greater in the earlier named year than now, while
105,321 against an export remainder of $20,913,871
year.
required
in the withdrawal early in June
pine, steel sheets and common brick the quantity
being with $335,216,127 in 1919 and $368,571,000
in 1918.
in
in which it is shown that of such materials
4 millions.
contrasting with $71,344,816 and $89,809,083
and two years ago.
shortage)
car
materials
compilation contrasting 1914 with 1920,
a
com¬
other hand,
May
market
note that the Dow Service
we
with 1916,
comparison being with $447,158,077 last
$432,595,000
tie-up at this centre and
inability of the railroads (through
deliver
to
rooms,
,
The effect of the harbor
the
with fewer
ones
making provisions for double the number of
For the five months of the
ruling.
smallest
the
between
much higher prices for
current calendar year,
is
important decline from
an
being
comparison
notwithstanding the
modities
a con¬
the outflow of agricultural and
$92,258,687 and
overcome
lately extended to the cutting
of large apartments into
up
$107,888,916 last
foreign exports in May, reflecting
in
being made to
contemplated expenditures of $136,827,918 against
$65,638,161 in 1917-18.
Canadian
It is known,
work.
up
to>
altering private houses into apartments, and effort
in that direction has
leaving the net exports of the metal
millions),
are
inability
the materials is
or
part the dearth in dwelling accommodations by
of all
Our
These devel¬
urgent
so
only factor holding
of course,
totaling
$7,561,683.
increases in the
wage
required financial aid
year,
which decreased to
8
housing
quantities,
a
additional
some
activity in construction work, but with the need for
much the smallest of any
fully
further
a
locally owing to the difficulty
opments in normal times would act to seriously check
were
gain of the metals, therefore,
with
Exports
than then for
May witnessed
building trades also became effective.
$15,687,859,
Francisco.
extent, if not wholly, the increase
some
impossibility of moving freight because of existing
strikes, while
in
month
net
or
a very
the corresponding month a year
rise in many materials
other hand
the
on
part
through
entry
decidedly smaller than
were
nevertheless
oyer
both material and labor'.
thus
April,
finding
though to
con¬
compared with the high record
as
(34 cities)
On the Pacific
14 cities furnish a total greater by nearly
the remainder of the West (25 cities)
33 millions and
exhibits
an
expansion of 33 millions.
The combined
167 cities outside of New York
returns for the
a
total
of
Notable gains
for this five-months period
found in all sections of the country and
such
at
give
$561,140,768, against $259,690,351 last
172 millions in 1918 and 311 millions in 1917.
year,
[Vol
THE CHRONICLE
2596
representative points
are
to be
particularly
Boston, Hartford,
as
in Kent which
was
the
of the notable conference
scene
between the two Prime Ministers in May over
German
party at Hythe included Earl Curzon, Secretary for
Affairs;
Foreign
of the
Chamberlain,
Austen
the
menting in advance
Kansas
sumed would be discussed at the
Omaha,
Los
Angeles,
Imperial
Staff.
London
upon
observed that "the state of the world is
Orleans, Memphis and Dallas.
totals
$150,167,654 and $61,219,744 and $28,-
are
509,802 and $53,587,270 respectively, and those for
whole
the
$716,308,422 and $320,910,095
country
and 201 millions and 365 millions.
Canadian
in the
were
aggregate very much in excess of the period a year
with activity most in evidence at Montreal,
ago,
based upon
vidual
invited
been
Prime
of
Turkish
situation.
with the aggregate for the five months $32,-
ago,
■990,486 against $15,118,193.
the
West
contemplated
issued in May this year
For 14 cities in the
under
cost
the
.351,524 and for the period since Jan.
between
parison
is
For the
Dominion
$13,133,021
as
a
permits
i^ $4,628,255 against $1,and
1 the
com¬
$3,736,345.
whole, therefore, the May
(41 cities being covered) is $13,926,883
aggregate
that
brief interval, during which no conferences
representatives
series has been under way
were
in
in several European centres
The most prominent, and probably the
this week.
important in its purposes,
most
Premiers
Allied
another
progress,
Boulogne.
at
was
that of the
Unfortunately,
ac-
cording to the dispatches direct from that place, and
also from London and
Paris, little of
a
definite char¬
formal conferences
in
making due allowance for the exaggerations
after
indulged in by the newspaper correspondents.
Cable¬
It
was
added
they
as
that
"the
Ambassadors
in
Paris
were
said also that Premier Venizelos
statement in the
a
Greek troops to
of which he offered
course
Ismid and other disturbed
points in the region of Constantinople.
A
pondent of the New York "Times," who
corres¬
the
was on
spot and reported the Hythe meeting, intimated that
he and the other newspaper
not
were
what
in
representatives present
permitted to disclose anything
were
possession of considerable additional information.
The
meeting of the Allied Supreme Council at
was
was
formally called to order at 11:30
Following that session,
issued in which it
was
a
a. m.
formal statement
said that "Marshal Foch
and General Wilson had been instructed to draft
note
to
Assembly, "fell almost before it had assumed power."
experts had been instructed to rush their reports
The Boulogne
last
conference
It
Monday.
was
was
scheduled to begin
reported in advance in Paris
of
materials."
struction
made
was
in
war
the statement
indemnities."
that
"the
It
was
Announcement
that
made
"Allied
known,
and Japan, as
As
Premiers Lloyd George and
would participate in the deliberations.
Millerand,
According to the understanding in Paris diplomatic
circles
a
week ago to-day, the German indemnity was
to be "the
principal topic for consideration."
A
re¬
port was in circulation in the French capital, which
was
the
not
generally credited, that "Russia, Turkey,
League of Nations, and other important sub¬
jects"
to the
Attention was called
fact, however, that the fixing of the German
were
indemnity
to be discussed.
was
by far the most urgent of the topics
mentioned and that in the two
ing probably
very
discussion of any
A
days set for the gather¬
little time would be left for the
other important question."
preliminary meeting between the British and
French
Premiers
was
called
to
be
held
Saturday
afternoon and Sunday at Hythe, "the watering place
usual, the early reports
have
the
and
was
questions "
.
supposed to
happened and to have been accomplished during
seemingly trustworthy advices,
German
that
to have been
The first dispatches that
to hand indicated that the
and
what
on
Boulogne conference, proved, according to later
greatly exaggerated.
the
on
of the conference included dis¬
program
cussion of the Russian and Near Eastern
as
also
financial
furthermore,
cablegrams that representatives of Belgium, Italy
well
a
Germany regarding disarmament and de¬
from Berlin stated that the Cabinet formed by
Konstantin Fehernbach, President of the National
grams
of
more
happened, although he intimated that they
Monday.
July 2 in Brussels.
was
held, political, mili¬
were
dispatches
before the Council of
The political disturbances
Londonderry, Ireland, evidently were serious, even
until
was
the
Turkish situation and the draft of the treaty now
Boulogne
was
The
needed."
were
taken
accomplished and adjournment
acter
in
made later
was
tary and economic experts being called in
to send
a
seriousness
Sunday morning "and again at 4 o'clock that after¬
noon,
made
Allied
developed
Announcement
was
taken
was
general discussion of the world outlook."
a
123,507 against $19,854,538.
After
by the British and
and the conclusion
"Saturday evening at the Hythe meeting
spent in
against $7,161,569 and for the five months $46,-
■
rapidly
discussed."
of
ac¬
was
caused when
was
jumped at immediately that this step
because
year
a
luncheon
to
Ministers,
report a total of estimated outlay for, building in the
$5,810,045
Millerand
Considerable excitement
month
$9,298,628 against
and free from indi¬
purpose
Premier
Francois-Marsal, Minister of Finance, and
ernment.
had
of
and calls for clear decisions
it became known that Premier Venizelos of Greece
French
From the Eastern Provinces 27 cities
perilous
more
several other prominent representatives of the Gov¬
Hamilton, Toronto, Windsor, London and Ottawa
in the West.
as¬
companied to the Hythe meeting by Marshal Foch,
in the East,
and Winnipeg, Edmonton and Weyburn
singleness of
self-seeking."
Frederic
|
Building operations in May
two years ago
com¬
Boulogne conference,
than it
was
in
newspapers
matters which they
Portland, San Francisco, Atlanta, Richmond, New
Greater New York's
Chancellor
Exchequer, and Sir Henry Wilson, Chief of
ton, Chicago, Cleveland, Detroit, St. Louis, Denver,
Minneapolis,
the
Premier Lloyd George's
indemnity terms."
Philadelphia, Baltimore, Newark, Buffalo, Washing¬
City,
110
came
question of the amount of
indemnity had been definitely settled
similar
progress
had
been made in the
handling of various other important questions.
Ap¬
parently the only matter
was
taken
was
that of
Turkish situation.
demnity it
was
on
which final action
giving Greece
With
a
free hand in the
regard to the German in¬
first stated that it had been fixed at
between 110,000,000,000
and 120,000,000,000 marks
gold; that the actual amount
was to
be paid in 37
annual installments; that the payment in no one year
was
to
be less than 3,000,000,000 marks
gold, ahd
Jpne 26 1920.]
THE CHRONICLE
that the latter amount
be able to pay
French
terms."'
A
-•••.'
-
■
extent as to
the proposed
over
indemnity
Boulogne Conference cabled his
date of June 22 that "the
paper
under
tangible result of the
one
hours' Boulogne Conference, which ended to-day,
is the declaration of
Nationalists.
war
else
against the Turkish
that
done
was
amount of
really
Allied Premier himself—the
discussions."
not be advised of
It is the purpose
at
name
the
matter of
a
that
fixed is merely
basis for the Spa
"the
will
Germans
it, for that would be bad tactics.
of all the Allies to ask the Germans
Spa the figure they
fixed at
sum
which to
serve as a
added
He
sum
are
willing to
Boulogne will be the
pay,
and
measure
by
judge if Germany's offer is big enough."
Finally, the correspondent observed
that "it is,
therefore, readily
seen
properly
very
that the Boulogne
indemnity decision is far from final and represents
little
than
more
of the Allied
the
resolution to bolster up
a
across
financial scheme of
pends
indemnity,
national
all this
green
The whole
table.
indemnity payments, which de¬
international loan based upon this
an
and underwritten by the
resources
hinges
by German customs and
secured
and
Allies—
the assent of Germany, and that
on
is not going to
be easily obtained, one may be sure.
The Germans have
any
the
the Versailles plan; the whole plan for
upon
the issuance of
-
the faith
peoples until their representatives face
Germans
never
yet been known to accept
proposal without playing for additional benefits,
The Associated Press
and that is natural."
corre¬
spondent in his account of the results attained at the
said
conference
reparations
in
of the
wise,
a
problem of the German
endeavor to conciliate the
conflicting
the Allies regarding the division
among
Germany is to
sums
are
"the
referred to experts, who will meet
was
Paris and
viewpoints
that
pay.
final decision
The experts, like¬
to the total amount
as
the
dismemberment of their Empire."
also that
of the repara¬
Word
came
peace
for
from Paris last Saturday
and Field Marshal Wilson."
the treaty."
"this request was
early in June,
which
was
given
make its
to
logne they issued
recalled that
an
extension of fifteen days
reply, which period expires
a
communique in which they stated
that "it has been decided to
maintain the date of
Turkey to submit her reply to the peace
It is
conditions."
and the
was
Before the Allied Premiers left Bou¬
June 26th."
June 25 for
It
the second of its kind, as Turkey,
quite probable that this request
reply concerned the Allied Premiers far less
than did the
prevailing political conditions in Turkey,
About midweek the statement
that
dispatch it
same
unanimous in
came
frpm
there had received
agency
was
a
Greek troops
In the
of
course
is
press
extension of British mili¬
any
on
should be permitted to take
campaign."
In the
said that "the British
opposing
tary operations in Turkey, but divided
a
whether
the
over
statement which the
British Premier made in the House of Commons
on
Wednesday "on the subject of Mesopotamia and the
Turkish peace treaty in
the Governmept's
on
as
reply to attacks of critics
policy," he blamed America,
he had done months
the Turkish
before, for the delay in settling
Former Premier Asquith and
treaty.
others who attacked the Government
to have "contended that the
territories
these
territories]
was
Lloyd George
policy
Turkish
[Mesopotamia and other
for the League of Natiops."
one
was
said
were
question of mandates for
reported to have "repudiated
en¬
tirely the claim in behalf of the League, and to have
added that
of the
none
signatories of the Versailles
treaty, not even President Wilson, held that view."
quoted
intolerable
contemplated, that the
Elaborating this contention, the Premier
as
having asserted that "it would be
position, which nobody
ever
was
an
League should be able, for instance, to hand man¬
dates
Palestine.
and
tamia
advisory voice
be
should
territories which had cost
Germany for
to
hundreds of millions to
on
the
emancipate, such
The
manner
but
performed,
as
Mesopo¬
League could have
In
an
an
in which the mandates
that
was
different
a
matter."
'»
official statement issued by the Greek Army
Headquarters in Smyrna
was
on
Wednesday
made that "the Greek army
against
the forces
of
announce¬
has begun
an
Mustapha Kemal
Pasha; the Turkish Nationalist leader," and it was
added that "the Greeks
are
meeting with success."
Things have been going at
a
pretty lively rate at
Londonderry all week, according to the dispatches
that
from
was
or
centre
and
also from
reported to have been in
less
to the
London.
degree most of the time.
Rioting
to a greater
progress,
The mobs, according
accounts, did not hesitate to fire on the troops.
Several
were
men
many more
reported to have been killed and
injured
as a
result of the fighting.
A
dispatch from Dublin on June 22 stated that "an
automobile carrying the Assistant Director-General
of the
was
Royal Irish Constabulary and four constables
with revolver fire and bombs on its
attacked
from, the
way
Castle."
news
a
has agreed to accept the aid of one Greek division to
disturbing. General satisfaction
was expressed in diplomatic circles over the decision
of the Boulogne conference to give Greece^ a free
hand in handling that situation.
According to a
correspondent of the New York "Times" ,at Bou¬
even
advanced,
getting ipcreasingly
reinforce British and naval forces at Ismid."
which, according to all the advices, were distinctly
annoying and
pre
dispatch from Boulogne saying that "Lloyd George
delegation, "has asked the Peace Conference
extension of time in presenting Turkey's
on
As the week
affairs in Turkey were said to be
an
observation
in
that Damad
Turkish Grand Vizier, and head of the
IJe declared
taking this step against the advice pf Marshal Fpch
ment
payment."
into
"Lloyd George and Premier Millerand
offensive
Ferid Pasha,
He added
Turkey and wipe out the native factions qpposed to
still confronted with the task of reaching
tions and the method of
com¬
war op
Turkish treaty may be enforced."
London
tentative and intended to
to
the
serious.
the correspondent said that "as
and British Government^
French
tjbe Turkish Na¬
tionalists, under Mustapha Kemal, "in order that
In discussing the reported
great deal."
a
hard, cold fact—and I have this from the mouth of
an
the
missioned Greece to make
indemnity which Germany would be asked
amounts to
to pay,
new
a
Nothing
logne,
that "Premier Venizelos has carte blanche to go
;
':
-
special correspondent of the New York "Times"
at the
25
an
Paris advices stated that the
more."
"elated
were
might be increased "if Ger¬
her prosperity to siich
many recovers
Amiens
The Assistant
Street
station
to
Director-General
Dublin
was
re¬
ported to have-been severely wounded in the head
was ekpected to live.
The dispatch added that
but
"no
arrests
another
have
been
made."
In
onslaught of the rioters five
the
coprse
persons
of
were
•
reported to have been killed, ten seriously wounded
and about 100 others less seriously.
This affair
said to have been between the Unionist
was
mobs
Nationalist
the
in
streets
and the
Londonderry.
of
was
reported that "Civil War continued"
city.
Premier Lloyd George was reported
from the Boulogne conference
Later it
in
that
[Vol. 110.
THE CHRONICLE
2598
to have hurried back
to discuss with Viscount
French, Lord Lieutenant of
In the same
cablegram from London, the statement was made that
Ireland, the situation in that country.
"meanwhile the House of Commons indicated
to-night
might take the Irish question out of the hands
of the Government and demand radical steps which
that it
support to maintain a Ministry until after the Spa
conference."
From that time on for several days
advices regarding the
the
getting
a new
being made in
progress
Cabinet together were quite conflict¬
The representatives in Berlin of both the New
"Times" and the New York "Tribune" cabled
ing.
York
optimistic statements regarding this matter, which
were not borne out by actual develop¬
unfortunately
It
subsequently.
ments
was
claimed that the chief
difficulty encountered in the efforts to form a new
Cabinet "was the attitude of the Peoples' Party
toward
the
question of
a
monarchy, in favor of
which most members of that party
expressed them¬
Ireland." selves during the election." Finally men were
In presenting the Irish situation to the House of selected for every important portfolio in the Cabinet,
Commons, and in moving the adjournment of that but,Las stated at the beginning of this article, they
never served for any length of time, if at all.
An¬
body "for the purpose of calling attention to the
nouncement was said to have been made in Berlin
rioting in Londonderry, Lieutenant Colonel Wilfred
Ashley, Unionist, declared that victory rested with the Tuesday night of the collapse of the new Ministry.
assassins and not with the Government, which ap¬ According to a special cablegram from the German
peared powerless to maintain the sanctity of life." capital to the "Sun and New York Herald" the chief
might lead to nothing less than war in
He
reported to have added that "the Chief
was
Secretary of Ireland and the Viceroy are
their
own
prisoners in
the officials of Dublin
that
houses, and
cause
of its downfall
was
the stumbling block in its
formation, to which reference has just been made,
namely the attitude of the Peoples' Party on
the
Monarchy. The German Democrats
equally prisoners apd obliged to take
exercise in the Castle grounds."
A special corre¬ were reported to have "demanded as the price of
spondent of the New York "Times", in a cablegram their participation in the Fehrenbach Ministry that
the Peoples' Party declare itself against the Mon¬
from Londonderry, made public here Thursday morn¬
archist agitation and in favor of the Constitution
ing, asserted that "scenes of the most terrible de¬
Castle
question of
are
a
promulgated by the Weimar Assembly more than a
dead bodies year ago." According to the same dispatch "the
are lying in Bishop Street.
One of the wounded is a Peoples' Party leaders candidly confessed that they
young girl."
He said also that "wholesale looting prefer a Monarchy to a Republic for Germany, but
declared themselves in principle opposed to any but
and wreckage have taken place in a number of shops,
methods to
realize their ideals."
and business in the city is again entirely suspended and constitutional
Konstantin Fehrenbach was the Chancellor of the
there is no prospect of an early [resumption."
He
added that "this morning the entire Post Office staff short-lived Cabinet, Herr Gessler was Minister of
from the sub-office in Carlisle Road was removed Defense, and Dr. Wirth, Minister of the Treasury.
for safety by troops to the head office."
Advices With these exceptions the names of the members are
scription took place here Tuesday night and this
It is reported that several
morning.
from Dublin the
food situation in
morning indicated that the
same
Londonderry
was
getting extremely
serious.
The Associated Press account of happenings
there
Wednesday stated that "five Sinn Feiners
were
on
killed
removal
of
assertion
to-night, according
other sounds."
to
a
The Irish Office in London received
reports on Thursday that "the Irish railway deadlock,
owing to the refusal of railway
It
munitions, troops
was
said also that
or
no
to operate trains
men
police aboard is spreading."
trains
were
leaving Limerick.
Thursday morning's dis¬
their
without coming to any decision." The
also was'made that "Konstantin Fehren¬
has
bach
Democrats having adjourned
and
Democrats
of several protestants from
bodies
the
here.
all familiar
meetings
military
statement."
Cablegrams from Londonderry Thurs¬
day evening and yesterday morning told of the
arrival of additional troops and quieter conditions
"after a night of fierce firing in which the ominous
rattle of machine guns intermittently drowned all
with
at
patches from Berlin indicated that a solution of the
Cabinet situation had not been found, "both Social
by machine gunfire employed to cover the
Street
Bishop
not
presented
not
Chancellorship."
The
his resignation from the
report
yas
that
he
was
"strongly supported by President Ebert in his efforts
to
a
secure
compromise permitting the formation of
a
The Associated Press correspondent
for the last forty-eight hours
Ministry."
cabled that "Germany
has been ruled
a
by
a
without
Cabinet
Chancellor without a Cabinet and
a Chancellor.
This anomalous
situation, growing out of the present
continued
which
Cabinet crisis,
the greater part of
party conferences in efforts
throughout to-day,
was
devoted
to
themselves."
Majority Socialists
decide to give the new Ministry sufficiently tangible
was added that "the banks and shops were open and
people ventured into the streets."
"The food supply support to enable the Government to present itself
at the Spa Conference with the Allies, it is believed
was short and the town still without gas," it was said.
Last
the
evening's advices from Londonderry stated that
city "was approaching
a
normal condition."
It
to solve the
He
knotty problems presenting
added, however, that "if the
the Coalition Cabinet list, as
Berlin
that Dr.
dispatches
Mayer
Chancellorship in
bach,
President
a
von
form
a
new
Kufberen having decliiied the
the
was
Cabinet, Konstantin Fehren-
the
National
Assembly,
was
Ministry.
a
While it
was
'predicted
majority in the Assembly
thought that he would "command sufficient
of
Ministry."
that he would not have
it
earlier in
week, will represent virtually the make-up
ago
working with the Chairman of the Centrist Party
to
upon
the
a new
of
decided
this morning stated
week
Berlin
and
According to reports from both
Copenhagen last evening, this forecast
proved to be correct. It was said that
had "succeeded in forming
Fehrenbach
Konstantin
a
Cabinet
comprising representatives of the Centrist, Demo¬
cratic and German Peoples' Parties."
The names
of the Ministers were
quite similar to those announced
June 26
earlier
in
THE CHRONICLE
1920.]
the
week
comprising the Fehrenbach
as
Cabinet.
3599
comparisons of the different items of the Bank of
England statement:
BANK OF ENGLAND'S COMPARATIVE
substantial increase in income
hand up to
£3,091,000
week
a
£3,875,000,
further
outgo, so that the
over
Exchequer balance gained £784,000,
on
a
bringing
the
compared with
as
The week's expenditures
ago.
£8,117,000, against £10,937,000, while the total
were
outflow, including Treasury bills, advances and other
items
repaid,
amounted
total of
receipts from all
comparison
£73,181,000
to
week ending June
£69,499,000 for the
last
savings certificates
Of
week.
this
£800,000, against
£950,000, and advances, £9,500,000, against £2,250,the
000
week
before.
other
A
of
total
£3,991,000
received
from
earlier.
New issues of Treasury bills
this
As
volume
debt, against nothing
slightly in
was
of
£1,077,997,000,
£223,817,000
last
£1,301,020,000.
A
week
against £1,077,-
as
£213,317,000,
now
the
while
week,
total
Last week it stood
total
the
ago
was
European centres from
5% in Berlin,
Vienna, Spain and Switzerland; 5J^% in Belgium and
Petrograd; 7% in London and Sweden and 4Y^% in
In London the
42,187,454
45,270,106
27,958,936
30,004,047
36,585,329
43,930,498
Coin and bullion...
117,815,415
87,810,526
65,228,157
57,534,874
61,379,728
15.40%
17.71%
18.20%
22.27%
28.20%
7%
5%
5%
5%
5%
100,799,899 100,225,942
87,312,762
Proportion of reserve
to liabilities
Bank rate
The Bank of France in its
further
a
week.
The
brought
up
Bank's
total
5,550,897,851 francs last
were
gold
holdings
and with 5,423,848,361
year
before; of these amounts 1,978,278,416
held abroad in 1920 and 1919 and 2,062,-
108,484 francs in 1918.
During the week increases
registered in the other items
were
thus
are
to 5,587,870,125 francs, comparing with
francs the year
francs
weekly statement reports
gain of 320,000 francs in its gold item this
follows: silver,
as
Note circulation continued the favorable movement
of
last
week,
further contraction of 298,608,000
a
francs
being recorded.
totals
37,576,058,000 francs, contrasting with 34,-
private bank rate is still
The amount outstanding
441,999,125 francs at this time last
year
now
and with
Just prior to the out¬
28,550,426,140 francs in 1918.
in 1914, the amount
was
only 6,683,-
Comparisons of the various items
in this week's return with the statement of last week
and
corresponding dates in 1919 and 1918
as
are
follows:
BANK
Holland.
51,651,732
80,803,466
21,025,000
OF
FRANCE'S
Copenhagen, Bombay and
Norway; 6% in Paris,
66,820,806
80,139,000
Reserve notes & coin
break of war,
change has been noted in official discount rates
leading
49,278,577
Other securities
184,785 francs.
at
39,163,167
842,000 francs; general deposits, 121,119,000 francs.
was
£1,553,723,000.
No
35,779,030
137,744,811 128,849,336 125,126,993 106,371,462
Governm'tsecurities 53,003,000
further
was
Temporary advances
year
35,899,230
advances, 9,187,000 francs; Treasury deposits, 24,-
floating debt is £1,291,314,000.
at
39,399,545
20,044,176
118,471,000
53,674,110
£49,336,000.
again been reduced, being
against
£
78,301,590
17,869,000
Other deposits
1916.
June 28.
£
of repayments, the
excess
203,000 the preceding week.
have
a
was
totaled £39,-
Treasury bills outstanding
augmented to
...115,240,000
£
283,000 francs; bills discounted, 59,098,000 francs;
Last week the total sold
457,000.
June 27.
£
Public deposits
The
amount, revenues contributed £19,617,000, against
£16,305,000,
1917.
June 26.
(against
12).
£73,965,000, in
sources was
£69,701,000
with
1918.
June 25.
£
Circulation
1919.
June 23.
Treasury statement of national finan¬
cing for the week ending June 19 indicated
total
STATEMENT.
1920.
The British
Status as of
June 24 1920.
for Week.
Gold Holdings—
Francs.
Inc.
In France
Abroad....
STATEMENT.
COMPARATIVE
Changes
June 27 1918
June 26 1919.
Francs.
Francs.
Francs.
3,609,591,709
3,572,619,435
3,361,739,876
1,978,278,416
320,000
No change
1,978,278,416
2,062,108,484
5,423,848,361
quoted at 6^ @ 6 11-16 for sixty and ninety day
Total.
bills, the
is
same as a
week
firmer, I at A%%
So far
quotation.
been received
Call
ago.
4^%,
against
as can
money
be learned,
in London
previous
the
no
reports have
by cable of private discount rates at
...Inc.
320,000
5,587,870,125
5,550,897,851
Silver
Inc.
283,000
240,859,495
303,664,396
259,326,472
Bills discounted
Inc.
59,098,000
1,786,000,298
853,038,827
1,357,039,071
9,187,000
1,860,145,000
1,278,970,438
949,679,918
....Inc.
Advances
Note
circulation...Dec298,608,000 37,576,058,000 34,441,999,125 28,550,426,140
24,842,000
75,046,872
49,318,781
37,118,606
General deposits...Inc.121,119,000
3,678,017,894
3,362,028,590
4,019,256,374
Treasury deposits..Inc.
other centres.
In its statement issued
An
in
additional, though relatively smaller, increase
gold holdings
was
shown by the Bank of England
statement, namely £125,302.
ever,
declined £949,000, in
sion
in
the
deposits items
proportion of
heavily reduced
were
while
However,
so
that the
other
£1,327,000.
deposits
were
reached
a
The
Bank's
stock of gold
£21,025,000,
as
against £27,958,936
£78,301,590
a
year
ago
£80,139,000.
and in 1918 £53,674,110.
A year ago they stood at
an
increase
and
discounted,
Imperial
of
these
among
may
be
1,438,858,000 marks in
expansion in deposits of
an
Gold again registered
a nom¬
gain, viz., 1,000 marks, but coin and bullion
declined 231,000
Other increases
marks.
were
73,-
869,000 marks in Treasury certificates, 539,000 marks
in notes of other
lost
and £30,004,047 in 1918. Circulation has
total of £115,240,000, in comparison with
Loans total
inal
of June 15 the
Chief
principal items.
1,561,877,000 marks.
and
This compares with £87,810,526 in 1919 and £65,228,157 the year previous.
last year
bills
as
Germany showed further important changes
mentioned
Government
aggregates £117,815,415.
Reserves stand at
in its
Loans (other securities)
securities fell £17,799,000.
increased
an expan¬
Public deposits
less than £14,080,000.
no
how¬
to liabilities rose to 15.40%,
reserve
£3,390,000,
contracted
of
£1,075,000.
comparing with 14.30% last week.
declined
reserves,
consequence
of
circulation
note
Total
Bank of
banks, 8,120,000 marks in advances
160,037,000 marks in circulation.
29,167,000
securities
'marks,
Investments
reduced
were
390,409,000 marks, while liabilities fell 620,335,000
marks.'
The
stock
Bank's
1,091,692,000 marks.
marks
1,151,520,000
marks.
A
Note
of
year
and
circulation
in
gold
now
stands at
the total was
1918 2,345,960,000
ago
figures
aggregate
50,-
808,766,000 marks, which compares with a total of
28,274,860,000 in
the
previous
1919 and
12,042,060,000 marks
year.
£80,803,466 and £100,799,899 the year before that.
Clearings through the London banks for the week,
total
the
The
£729,940,000,
week
preceding
Bank's
tinues at
official
7%.
comparing with
and
£729,379,000
£517,040,000
minimum
We append
a
discount
last
rate
year.
con¬
tabular statement of
Last week's bank statement of New York
House
members, issued
showing, reflecting
as
also subscriptions to
on
Clearing
Saturday, made
a poor
it did income tax payments,
the Belgian loan, with dimin¬
ished borrowings at the
Federal Reserve Bank, and
result
the net
was
loss in surplus of more than
a
$41,000,000, entirely wiping out that item and leav¬
its stead a deficit^ of $3,847,970.
This,
occasioned very little concern as it is
in
ing
however,
expected that with the return of funds to the banks
the loss will as usual be speedily remedied.
Loans
month, bankers
tations for
and net time
while
$43,409,000,
no
quo¬
scarce
and dear for
time,
some
Bankers
disposed than they have been to loan
particularly
are
predicting somwhat lower
are
little while, but are also suggesting that
a
is likely to be
money
and
more
during the autumn.
so
time.
money on
demand
deposits increased $11,295,000, to $4,195,651,000,
expanded
were
[Vol. 110
THE CHRONICLE
2600
net
deposits gained $7,084,000, to $256,-
Referring to
the week have
rates in detail, call loans during
money
ranged between 7 and 14%,
as
against
notable 6@9% last week. On Monday 11% was the high,
Tuesday and
increase, to $111,549,000 from $22,974,000 last week. with 7% the low and for renewals.
Reserves of member banks with the Federal Reserve
Wednesday the range was 8@11% with 8% the basis
Bank
deposits showed
Government
954,000.
reduced
were
which of
$39,720,000
legal
above
$534,471,000,
mainly responsible for the loss in
course was
surplus
to
a
requirements.
in own
Cash
vaults of members of the Federal Reserve Bank
fell
$1,647,000 to $93,126,000 (not counted as reserve).
In the
of State banks and trust companies
reserve
own
vaults there
and
a
was a
loss of $296,000 to
decline of $302,000 in reserves in
in
$8,485,000
depositories
by State banks and trust companies to $8,842,000.
Aggregate
reduced $40,318,000, bringing
$551,798,000.
Surplus, as shown above,
reserve was
the total to
brought down
was
of
$3,847,970,
$41,946,880,
against
as
based
13% legal
on
total of
a
reserves
Bank
decided
ratio of
unusual
of
because
reserve
for member banks of
In the Federal Reserve
Saturday last.
statement
excess reserves
$93,126,000 held by these
in vault to the amount of
on
deficit
but not including cash
the Federal Reserve system,
banks
a
The above surplus figures
last week of $38,098,910.
are
leaving
improvement
temporary
went up to
was
shown
The
conditions.
secured
about $88,000,000,
rediscounts were cut almost
by Government
while commercial paper
this
paper
only for
both days.
on
though
brief period and most of the busi¬
a
done at
was
negotiated
were
advance to 14% on Thursday,
was an
was
ness
8%, which
and minimum rate.
again the ruling
was
Friday's quotations
11%
were
maximum, 9% the low and also the renewal basis.
the
The above
figures apply to both mixed collateral and
loans
all-industrial
funds
not
were
the
as
preparations
exceptionally
are
still scarce,
July
Time
reported, while the bid
were
sixty days to six months
lateral,
little doing.
been advanced to 8@8J^% for all periods
rate has
from
way
disbursements.
with the result that practically
important trades
no
which is
already under
are
heavy
For fixed maturities there is very
funds
Call
differentiation.
without
in lighter supply throughout,
surprising
for
as
83^@9%
regular mixed col¬
on
against 8%, the previous quotation, and
on
all-industrial
against 8}^% last
money,
week.
Bankers look for firm conditions in the money
market
during the next few weeks.
Commercial
42.5%, from 40.6% last
Members reduced their rediscounts of notes
week.
renewals
which
at
There
with country
and
has been moderately active,
paper
Sixty
banks still the principal factors.
ninety days' endorsed bills receivable and six
months'
names
have not been
choice character
of
$24,000,000.
changed from 7^%, with 8% still required for names
clined
not
Borrowings at the Reserve bank de¬
$111,837,000, a fact partly explained by the
incidental to the redemption of
Treasury certificates.
so
well known.
Banks' and bankers' acceptances
payments
heavy
levels previously
at
in the call market,
This has been
week of high call money
a
It will be recalled that last week
Wall Street district.
the
a
tendency
in the
in
was
the
opposite direction.
As
fact, the local call money market for some
matter of
trading in acceptances showed
falling off and the volume of business tran¬
sacted
was
loans
Demand
small.
a
relatively
easy
This is simply the
scarcity of loanable funds that has prevailed
of the
for
long time and the abnormal demand therefor
a
at fixed intervals.
made
Spot
Ninety
Delivery
Sixty
dividend
are
The
biggest
payments,
of
course,
change,
so
During
in money
the
for
necessary
interest
tions
for
have
had,
in
corporations to make
and
DISCOUNT RATES OF THE
recent
rates for call money.
Discounted
rates
call
for
money.
no
In
actual
or
relatively
other words,
this
banks'
is
tight
as
The
actual
ease
underlying
from
those
been at
a
at any
as
periods of
erent
have
that in
means
the
broad way the money market
time during recent months.
of brief duration and the
conditions only slightly diff¬
existing when the quotations
are
highest.
After the first of the
The
FEDERAL RESERVE BANKS
1920
bills
15-day
maturing
collateral
Bankers'
Agricul¬
accep¬
secured by—
Other¬
Trade
tural and
tances
notes)
accep¬
live-stock
discn'ted
Treasury
of—
Liberty
certifi¬
Bank
bonds
wise
and
secured
member
within
91 to 180
banks
90 days
days
of
indebt¬
Victory
and
edness
notes
5X
Boston
for
tances
paper
maturing maturing
unsecured
6
7
7,
7
New York—
6
7
6
7
7
Philadelphia
5H
6
5^
6
6
5H
6
5y$
5H
6
Richmond
6
6
6
6
6
Atlanta
5^
6
5H
6
Chicago
6
7
6
7
7
5X
6
5H
6
6
6
7
6
6X
7
5M
6
5H
6
6
5H
6
5X
6
6
6
6
5 Y-i
6
6
5^
Cleveland
St. Louis.-
_.
Minneapolis
simply
has been
JUNE 24.
Federal Reserve
we
comparatively low
If the stock market had been
goes,
within 90 days (incl. mem¬
ber
prepara¬
months,
active there would have been
EFFECT
IN
cates
dividend disbursements,
knowledge
Banks:
not particularly heavy and it is not
are
as our
following is the schedule of rates now in effect for
the various classes of paper at the different Reserve
occur
week when the Government operations
a
far
7
bid
7
bid
7H bid
made in the Federal Reserve rates this week.
beginning and at the middle of the year.
the
low
disbursements
No
Delivery
within
30 Days
6K@6
6^@6^
7H@6H
,
Ineligible bills
Thirty
Days.
Days.
.66^@6M
6M@63^
6^@6H
7M@6H
7M@6H
Eligible bills of member banks
Eligible bills of non-member banks
the first and fifteenth of each successive
on
month.
Generally speaking, most of the
and
interest
large
at
quotation, namely about 6%.
natural and inevitable outcome
Detailed
follow:
regularly between abnor¬
mally high rates and what in these times might be
bankers'
for
acceptances remain as heretofore at 5J^%.
rates
Days.
called
a
marked
y
time has alternated rather
have ruled firm
Owing to the flurry
current.
Kansas City.
5
*5X
Dallas
San Francisco
5H
6
on paper secured by 5H % certificates, and 5% on paper secured by 4^ %
certificates.
Note 1.—Rates ebown for Atlanta, St. Louis, Kansas City and Dallas are normal
*5H %
and 5%
of a basic line fixed by the Federal Reserve
line are subject to a
progressive in¬
fraction thereof.
rates, applying to discounts not in excess
Eank.
Discounts in excess of the basic
crease
for each 25%
excess or
Junk 26 1920.]
THE CHRONICLE
Developments in, the
this week
of the
were
noted in recent
sterling
exchange
general tenor
same
market
those
as
2601
firm, with demand quoted at 3 96%@3 97, cable
transfers at 3 97@3
97%, and sixty days 3 94%@
weeks, and under the stimulus of good
3
95%.
buying, both foreign and domestic, continued light
3
96% for demand and 3 97% for cable transfers.
offerings of bills and
quotations
cabled
steadily until
$4 00 for
further appreciable rise in
a
London,
from
In
quarters it was
some
reported that demand bills had sold
cable
transfers
up
Tuesday cable transfers touched
on
brief period.
a
moved
rates
4
to 4 00 and
up
00%, but this could not be
con¬
Commercial
at 3
from
as
3
of
actually
were
the
dealt in
The arrival
99% and cable transfers 4 00.
expected $8,000,000 gold from Canada and
persistent
that
rumors
extensive movement of the
an
sight bills finished at 3 96%, sixty days
pay¬
(sixty days) 3 92, and seven-day grain bills 3 96.
Cotton and
from
was
3 95 for sixty days,
The
grain for payment closed at 3 96%.
$8,000,000 in gold reported last week
on
figure at which demand bills
were
92%, ninety days at 3 89%, documents for
ment
firmed, and according to reliable information received
leading foreign exchange houses, the highest
Closing quotations
Canada, arrived
on
its
as on
way
schedule time, $4,000,000
Saturday and $4,000,000
This gold,
Monday.
on
announced, is strictly for account of the Canadian
Government,
Britain's
metal
has nothing
and
transactions.
from
London
expected
are
with Great
precious
the
of
and it is rumored that
shortly,
do
to
Imports
to
be resumed
£4,000,000 have
precious metal to New York for British account is
already been shipped. It is understood that this gold
impending also aided materially in sustaining price
has been
levels,
improvement
while
in the
for
prospects
a
satisfactory settlement of the financing of the Ger¬
indemnity
man
obligations exercised •
market
sentiment
pecially
of
on
and other international
payments
strengthening
a
here.
Tuesday,
was
Trading
on
time,
a
es¬
quite active and the volume
business transacted attained
tions.
influence
for
Later in the week
fairly large
after
the
rapid
coupled with
a
a
recession in rates
just
advance
more
was
recorded
some
talk in local financial circles
movement may run as
new
inevitable
this
and
liberal supply of commercial
Continental
ward and
exchange likewise tended sharply up¬
important gains
were
registered at nearly all
leading centres, with French, German and Italian
.
currencies
Exchange on Paris
to 11.64, which is 96
conspicuously strong.
took the lead with
an
advance
points above last week's high level.
at 3
96%.
rise is attributed
opinion
views
most
rates
may
few
next
with the
the
In
to exist regarding
appears
sterling exchange, but
generally expressed
still higher during the
go
weeks, recessions
are
however,
a
of the
course
not at all unlikely
opening of the'crop moving
meantime,
the
that although
are
in the fall.
season
brisk
demand
for
sterling is almost certain to materialize coincidental
the
to
semi-annual
calculated to have
settlements
abroad,
which
is
pronounced effect in steadying
a
exchange levels.
As
Saturday last
on
with demand down to 3
was
fractionally lower,
96%@3 96%, cable transfers
to 3
97%@3 97%, and sixty days to 3
On
Monday rates moved sharply upward and
advance of
which
3
nearly 2 cents
ranged
at
97%@3 99%,
rumors
of
nounced
was
sixty
cable transfers at
days
3 92%@3 95%;
heavy gold engagements
were
soon
to be
mainly responsible for the rise.
ling quotations shot
up on
an
recorded for demand,
3 97@3 98%,
and
9j2%@3 92%.
an¬
Ster¬
Tuesday, cable transfers
crossing the $4 mark, with the day's range 3 99%@
This spectacular
mainly to the belief that France is
likely to benefit financially in a very material way
by the
new
German
arrangement for making payments on the
.According
indemnity.
received here, France,
to receive
are
showed
was
latest
reports
86% of the total which is to be exacted
reparation for
as
to
England and Serbia, together,
damages.
war
German marks also
improvement and the quotation for checks
marked
price of
up
week
a
to 2.75—65 points above the top
Lire exchange shared in the
ago.
general strength, though to a somewhat lesser ex¬
tent, the understanding
regards quotations in greater detail, sterling
exchange
$100,-
of stabilizing Colombian exchange rates, and
pose
brought about losses of 3 to 4c with the close
Some division of
as
$500,000 has been engaged for export to Ceylon.
bills
the immediate future of
high
A shipment of $500,000 in gold coin has
been received this week from Colombia for the pur¬
000,000.
was
inaugurated by speculative interests who apparently
took the view that
There is
that the
propor¬
selling movement
a
bought by American bankers in the open
market.
dissatisfaction
to be
over
being that there is still some
Italy's allotment in the indemnity
However, sight bills on Rome scored an
paid.
advance of 60
points, to 15.82,
on
moderate trading.
francs and Austrian kronen followed the
of the other exchanges, the former moving up
Belgian
course
to
11.17,
a
new
on
stable
last
at
high
on
the current movement.
the mid-European Republics was about
Exchange
week's
levels.
An added factor in
maintaining rates this week has been the continued
scarcity of offerings
due to the inability
to handle
freight shipments expeditiously, owing to the con¬
tinuation of labor troubles at this port, though this
4
00; demand ruled at 3 98%@3 99%, and sixty days
condition, it is alleged, should soon be remedied, since
3
97@3 97%; trading was active, but the strength
the
was
attributed
the
expected gold influx, also the improved outlook
for
mainly to the sentimental influence of
amicable
adjustment of the German indemnity
long-drawn-out
longshoremen's
strike
is
at
length said to be petering out. Before the close reces¬
sions were noted, mainly because of realizing sales by
reactionary trend and prices declined to 3 96%@3 98
speculators on the ground that the week's advance had
been too rapid and jwidespread to be permanent.
Trading throughout was fairly active and was featured
for
by
an
dispute.
3
Wednesday's market displayed
a
slightly
demand, 3 97%@3 98% for cable transfers and
94%@3 96% for sixty days; offerings
abundant and London sent lower cable
which in
turn
were more
quotations,
There was a
further easing on Thursday, with demand bills lower
at 3 96@3 96%, cable transfers 3 96%@3 97, and
sixty
days
featureless.
depressed rates here.
3 94%@3 94%;
trading
On Friday the market
was
dull and
distinctly broader demand for reichsmarks, pre¬
on the theory that a definite knowledge
the amount of reparation to be exacted should
a
sumably
of
assist in
solid
placing Germany's finances upon $ more
footing.
Among the principal news
the announcement,
despite
features of the week
numerous
was
reports to the
ruled quiet but» contrary, that negotiations between Gregory Eras-
.
sin, Soviet Trade Commissioner, and members of the
continued, though
British Cabinet in London will be
with the
ments
understanding that whatever trade arrange¬
the
that
It is also
time.
Reichstag is to be
German
new
credit of 3,000,000,000 marks.
asked to approve a
In
recognition is to
entered into, no political
are
be accorded Soviet Russia at this
learned
dispatch from Berlin the statement is made that
a
Ministry of Finance is also to be called upon to
the
mobilize
marks
credit of not less than 5,000,000,000
a
obligations arising from the Versailles
to meet current
Recent utterances made by promi¬
are to the effect that the
Peace Treaty.
German financiers
nent
[Vol. 110.
THE CHRONICLE
2602
Dealings
exchange continue upon
neutral
in
a
comparatively
scale with rate variations
restricted
Guilders have ruled weak throughout,
unimportant.
Spanish pesetas and Scandinavian rates main¬
tained at or near the low levels of recent weeks.
with
however, have been firmly held and
Swiss francs,
finished at
Bankers'
a
slight net advance.
sight
Amsterdam finished at 35%,
on
against 35 15-16; cable transfers at 35%, against 36;
commercial sight at 35
mercial sixty days at
11-16, against 35%, and com¬
35 5-16, against 35% the week
Final quotations on Swiss francs were
sight bills and 5 47 for cable trans¬
preceding.
5 49 for bankers'
it fers, which contrasts with 5 50 and 5 48 last week.
material Copenhagen checks finished at 16.50 and cable remit¬
improvement in German exchange, gratifying as
be in itself, has been responsible for a
may
U. S. Trade Commissioner
restriction in exports.
Connell at Rio de Janeiro is responsible for
that
ment
the state¬
German stock company has been or¬
a
ganized at that centre with a capital of 10,000,000
marks to underwrite purchases by its members of
raw materials to be manufactured in German fac¬
This is
tories.
regarded
as
a
development of first
importance for Brazil no less than Germany,
the
has
Republic
a
since
overabundance of raw
huge
products which will thus be utilized in idle German
factories.
Advices from Washington state that a
convention has been signed
the purpose of ad¬
provisional economic
between Poland and Danzig for
The convention calls for
ministering the customs.
granting of numerous mutual concessions, also
the
Checks
16.60, against 16.70 and 16.80.
tances
closed at
Sweden
on
and cable transfers 22.00,
21.90
against 21.70 and 21.80, while checks on Norway
against
finished at 17.15 and cable transfers 17.25,
Spanish pesetas
17.55 the week before.
17.45 and
closed at 16.69 for checks and 16.74 for
This compares
fers.
As to South American
still
downward
and
cable trans¬
with 16.60 and 16.65 last week.
quotations the tendency is
the rate for Argentine checks
against
receded to 41.90 and cable transfers to 42.10,
41.98 and 42.18 last
remained
at
transfers.
25.50 for
Chilian
For Brazil the rate has
week.
checks and 25.65 for cable
exchange
at
strong
was
22,
week earlier, although Peru closed
fractionally down at 5.00, against 5.02.
against 19%
a
Far Eastern rates have maintained a steadier
parcels post and the introduction
of
as soon as exchange rates are offi¬ front, and at the close exchange on Hong Kong was
cially quoted.
An international clearing house has quoted at 73%@74, against 75%@76; on Shanghai
been formed at Copenhagen with a capital of 2,000,- at 102@102%, against 99@99%; on Yokohama,
000 crowns.
From the same source it is learned that 51%@51%, against 51%@51%; on Manila at 49%@
a British house has just received 4,000,000
crowns 49%, against 49%@49%; on Singapore at 47%@
from Russia which has been deposited in the Danish 47%,
against 46%@47; on Bombay, 38@38%,
National Bank.
Dispatches from London confirm against 39@39%, and on Calcutta at 38@38%,
the recent reports of a reduction in the India Council against 39@39%. According to advices from Shang¬
exchange rate and announce that the "internal" hai, it is affirmed that the recent drop in silver has
the
organizing of
money orders
a
the private
wrought extreme hardship to Chinese importers, who
are said to be threatened with a loss of 60,000,000 taels
import of gold into India have been officially re¬
during the current fiscal year if current rates of ex¬
Indian ratio of 15 rupees to
will
cease
after
July 12.
the pound sterling, gold,
Restrictions
over
The official London check rate on Paris finished
at
47.60, and sold earlier in the week at less than
46 francs per
This
due
Last week the close was 50.54.
sensationally rapid improvement is said to be
to the announcement that' £2,000,000 French
pound.
Treasury bills maturing in London early in July are
to be
^the
is appeal¬
Com¬
help and a possible extension on pending
fulfilment of which, it is claimed, would
change persist. The Importers' Association
moved.
In New York sight bills on
closed at 12.10, against 12.60;
repaid promptly.
French
centre
cable transfers at
ing to the American and British Chambers of
for
merce
contracts,
mean
bankruptcy
The
New
on a
broad scale.
York Clearing
gained $3,210,000 net in cash as a result of the cur¬
12.08, against 12.58; commercial
rency
movements for
sight at 12.13, against 12.64, and commercial sixty
Their
receipts
against 12.71
days at 12.21,
the
finished
francs
week
at
for cable remittances.
11.48
12.15 and 12.13.-
and
cable transfers 2.73,
ago.
checks
and
week
ago.
Belgian
for checks
964,000.
Last week the close
Reserve
against 2.54 and 2.56
a
Austrian kronen finished at 00.72 for
00.73 for cable transfers, which com¬
which
together occasioned a loss of $85,804,000, the
into and out of
the New York banks for the
been
a
loss of
and
16.58
on
transfers,
contrasted with 16.60
Friday of last week.
Czecho-Slovakia
finished
Bucharest at 2.31,
against 56, and
Greek
as
on
at
2.38
against 2.20;
Exchange
on
(unchanged);
on
on
Poland at 65,
Finland at 4.71, against 4.74.
exchange has not been changed from 8 54 for
checks and 8 52 for cable transfers.
week
appears
to have
$82,594,000, as follows:
Into
25.
Banks'
The
Net Change in
Banks.
Bank Holdings.
59,174,000
interior movement
Sub-Treasury and Fed. Reserve op¬
erations <fc gold exports & imports.
Total
Out of
Banks.
Week ending June
lire the close
16.18 for cable
reached $5,-
the Sub-Treasury and Federal
operations and the gold exports and imports,
Adding
combined result of the flow of money
with 00.70 and 00.71 the week previous. For
was 16 $0 for bankers' sight bills and
pares
the week ending June 25.
interior have aggregated
from the
$9,174,000, while the shipments have
and
Berlin checks closed at 2.71
was
week
a
11.50
House banks, in their
operations with interior banking institutions, have
55,964,000 Gain
53,210,000
21,382,000
107,186,000 Loss
85,804,000
530,556,000
—
5113,150,000 Loss 582,594,000
previous week's return was omitted from these
The receipts from the in¬
columns last Saturday.
terior
then
were
$8,729,000
$4,822,000, a gain to the
and
the
shipments
banks of $3,907,000.
June 26
The
THE CHRONICLE
1920.]
following table indicates the amount of bullion
in the
260$
The French
Government, therefore, insisted both at
Versailles and afterward that the
principal European banks:
mission should retain the
June 26 1919.
June 24 1920.
the total
Banks of
Silver.
Total
Gold.
£
Gold.
£
£
£
144,383,656
54,584,550
Germany
Russia*
129,650,000
Aus.-Hun.
10,944,000
Spain
98,101,000
a..
.
Italy
32,190,000
Netherl'ds
53,002,000
Nat. Bel.h
10,659,000
21,238,000
14,500,000
12,638,000
8,121,000
Switz' land
Sweden...
Denmark
Norway
.
__
"
Total week 707,826,621
57,961,800 765,788,421 674,081,203
58,207,800 765,878,318 675,628,408
Prev. week 707,670,518
installments! whenever it
£
£
117,815,415 87,810,526
9,600,000 153,983,656 142,904,777
171,800 54,756,350 55,889,900
12,375,000 142,025,000 129,650,000
2,369,000 13,313,000 10,926,000
24,649,000 122,750,000 90,650,000
3,003,000 35,193,000 32,716.000
1,104,000 54,106,000 55,164,000
1,076,000 11,735,000 15,380,000
3,460,000 24,698,000 18,348,000
14,500,000 16,103,000
154",000 12,792,000 10,355,000
8,184,000
8,121,000
England.. 117,815,415
France
87,810,526
12~,120"666
155,024,777
984,950 56,874,850
12,375,000 142,025,000
2,372,000 13,298,000
25,040,000 115,690,000
2,955,000 35,671,000
708,000 55,872,000
600,000 15,980,000
2,742,000 21,090,000
16,103,000
138,000 10,493,000
The
60,034,950,734,116,15
60,990,100,736,618,503
of
£79,131,137
that
terms
In their conference of last
that
important conclusion
they would "invite the chiefs of the* German
Government to
conference with the chiefs
direct
a
Allied
the
of
April at San Remo the
the
reached
Government^" at a future date. A
disputed questions raised by the different
number of
interpretations of the Treaty of Versailles had been
discussed in the San Remo
conference,
one
of them
As
being the exact arrangements for the indemnity.
these
to
questions the Allied Premiers formally
re¬
quested "that at the proposed meeting the German
Government present to
propositions
It
clearly;
was
discussion
selves be
with
necessary
mission
its date,
Germany
own
specific plan.
to be at Spa;
was
according to the cable dispatches,
have been fixed for
seems
to
England and this week at Boulogne, and in both
conferences the
question of the indemnity has been
uppermost.
It
not
was
an
question, because the
easy
very
difference which had to be settled seemed to involve
determination
the
would
have
settled,
to
of
lump
a
If
pay.
proposals
and if
and what interest
on
which Germany
sum
this
total
paid
the deferred
possible to discuss
amount
were
to
what
made
were
annual installments should be
it would be
on
as
the principal
installments, then
one or
another
sug¬
gested amount in the light of Germany's capacity
to
pay.
sibly
was
that what Germany could not
in her present
pay
financial
position, she might be able to
say
years
This
not
was
The French
were
adjusted to the visible
hence might be smiling at the leni¬
merely
a
hypothetical consideration.
people contended, first, that
short of the entire cost of the
her
ease,
of her adversaries.
ency
sent
with entire
possibilities of 1920, the Germany of ten
twenty
or
pay
pos¬
and industrial
If, then, the aggregate payment and
in 1930.
the annual installments
economic
this theoretically
with
the trouble
But
simple plan
what
was
was
added in the
in
pledge of
as
the Com¬
io time."
precise provision of the Treaty regarding
indemnity
was as
follows:
"Germany shall pay in such installments and in
such manner (whether in gold, commodities, ships,
securities or otherwise) as the Reparation Commis¬
sion may fix, during 1919, 1920 and the first four
months of 1921, the equivalent of 20,000,000,000
gold marks.
Out of this sum the expenses of the
armies of occupation subsequent to the Armistice
of Nov. 11 1918 shall first be met, and such supplies
of food and raw materials as may be judged by the
Governments of the principal Allied and Associated
Powers to be essential to enable Germany to meet
her obligations for reparation may also, with the
approval of the said Governments, be paid for out
of the above
towards
war
would
no
amount
really
repre¬
legitimately due from Germany for
unprovoked aggression and for her devastating
sum.
The balance shall be reckoned
liquidation of the amounts due for
repara¬
tion."
It is then
way
shall
provided that the Reparations Commis¬
require and accept from Germany, "by
of security for and acknowledgment of her debt,"
what
is
described
as
-"a
first installment
bearer bonds fre$ of all taxes and
description"
issues
are
existing
thus
Meantime the Entente
July 5.
representatives have conferred again, first at Hythe
in
it
bonds
subsequently determines from time
The first
that, in advance of this
prepared to submit their
with
of
reparation payments "may be required
sion
Germany, the Allies should them¬
conference
The
them explanations and precise
all the subjects mentioned."
upon
"further issues"
1914.
THE ALLIES AND THE GERMAN INDEMNIT Y.
Premiers
After specifying the payments
pay.
which must be made in any case,
the
No figures reported since October 29 1917.
Allied
all, except by the ascertained capacity
Germany to
8
Gold holdings of the Bank of France this year are exclusive
held abroad.
•
convinced that Ger¬
Treaty itself did not limit the possible increase
in payment at
of
was
could afford to bear the increased burden.
many
8,184,000
a
h Figures for 1918 are those of August 6
payment and the amount of the annual
Total.
Silver.
Reparations Com¬
authority to increase both
in
of gold-
charges of
Germany.
These
every
bond
stipulated:
"(1) To be issued forthwith, 20,000,000,000 marks
gold-bearer bonds, payable not later than May 1
1921 without interest.
There shall be specially ap¬
plied towards the amortization of these bonds the
payments which Germany is pledged to make in
conformity with Article 235, after deduction of the
sums used for the reimbursement of expenses of the
armies of occupation and for payment of foodstuffs
and
materials.
raw
Such bonds
as
have not been
redeemed by
May 1 1921 shall then be exchanged
for new bonds of the same type as those provided
for below (paragraph 12, c. 2).
"(2) To be issued forthwith, further 40,000,000,000
marks gold-bearer bonds, bearing interest at 2J^%
per annum between 1921 and 1926, and thereafter
at 5% per annum, with an additional 1% for amorti¬
zation beginning in 1926 on the whole amount of
the issue.
"(3) To be delivered forthwith, a covering under¬
taking in writing to issue when, but not until, the
Commission is satisfied that Germany can meet such
interest and sinking fund obligations, a further install¬
ment of 40,000,000,000 marks gold 5% bearer bonds,
the time and mode of payment of principal and inter¬
est to be determined by the Commission.
"The dates for payment of interest, the manner
of applying the amortization fund, and all other ques¬
tions in relation to the issue, management and regu¬
lation of the bond issue, shall be determined by the
Commission from time to time."
practical defects of these stipulations, as an
The
first that except for the
warfare, but', second, that unless the payment were
economic
made large
20,000,000,000 marks which were to be payable in
enough to absorb most
or
all of Germany's
surplus earnings, Europe might presently see Ger¬
many
and
caps
outstripping France in the economic contest,
doing
so as a
result of the
which she had inflicted
very
on
economic handi¬
France by the
war.
1921,
no
proposition,
were
date of maturity and no annual amount of
required redemption were fixed for the 100,000,000,000 marks of bonds whose issue was required, and
second
that the indemnity payment was not
limited
left wholly undetermined.
to this sum total but was
been declared in any official way what
It has not yet
in the Entente
aggregate sum has been agreed upon
conferences, but this week's dispatches have appeared
the stated
to indicate that
of
apparently other and considerably
conjecture;
higher
in
110,(^00,000,000
sum was
This may have been to some extent a matter
marks.
have been talked about in London, and,
sums
fact, it does not
But the
has
impressions to that effect
easily be that the French
conferees, having consented to the principle of a sum
total fixed in advance, have prudently refrained from
is very
positive, and it
Germany
be reckoning
may
consideration,
to find
to them
ment
market for the "bearer bonds" to be issued
a
by Germany
as
guarantee for the total pay¬
required under the terms of indemnity.
times, coming for
a
of riper age is wont to
self-confident orations of
man
German
delegates at Spa should not be vitiated in
with its rough
advance
by
protest against them by the French
dispatches this week have further intimated
that the Allies will propose an
3,000,000,000 marks
until the
of
some
reserved
annual cash payment of
these indemnity obligations
on
principal shall have been extinguished, and
the cables have stated that the right is
increase
to
annual
the
would
at
in
good
case
least
delegates
If
is shown.
spiritual joy of this triumphant entry into
break the
the realities of life.
son or
admonition, solemn and sweet: "It is ill luck to turn
the
hardly that there is
that
the
It will be
counter-proposal
representatives at Paris for their
German
the
cash indemnity
the first ten years—at a rate
billion
Spa
marks
will
Under
mostly
the
American
require
a
than
more
one
annual
payment.
plan that payment would be,
values, $238,000,000
the full payment,
would
this
concern
German
of not
Probably the dispute at
year.
per
if the annual rate
hundred
per
were
and
annum
not increased,
Under the reported
years.
more
in satisfaction than in suc¬
man's confessional.
graduates
instruct
And
school and world.
them.
heed
we
to us,
know that in study and contemplation
and
we
of the eternal laws about
a
us
and in
restfulness nothing else can
the
impossible to reach
workable agreement.
ties
will
viewpoint of both parties,
final and
The removal of the uncertain¬
unquestionably have good effect in Ger¬
many-^ ways
supposing the
Allies' do
not
insist
impossible stipulations—and it ought to have
on
good effect in France, where decision
of
a
indemnity would at least put
expectations which could
Yet it is
agreement
sum
end to indefinite
an
settlement
on
will
its details.
Germany is to
only
begin
It is by
manage
no
with
means
the
clear
the remittance to other
per
annum
or
$238,000,0(^0, with her foreign trade at present
almost
non-existent, with what exports she is mak¬
spirit of life not all the energies and contests of
the real world
And
induce.
can
No
ideas.
Making
of progress
amount,
depreciated
nearly
currencies.
France
year's payment
even
in
and with her exchange rate
90%
in
the
terms
contemplation, to ask not
grasped
one
of
foreign
paid her five-billion francs in¬
know not
what,
that there
as we
while the chariot
And at least
race.
invisible laws
are
over
jog and jolt rolls on to we
must often say, takes all the
we
ance—if life is to be
it is
good for
discover
Back from the
men
to
explained
turn, that they may
teachers and leaders of
spirit is still
upon
the fields their
the hypothesis that
listen to some of these
youth, for the touch of the
them, though they look out into
charges must soon till in the world of
We have been impressed with two utter¬
from- addresses delivered to students.
taken
In the
course
of his baccalaureate sermon President
Richmond of Union
"If
on
and to man.
"unrest," then, it is well for active
man,
we
think for
a
College said:
moment that the confusion into
out
foreign
we
do not make, cannot
which this world has been thrown is to be
on
Fol¬
many a
French
loans
For
phase of the
demnity to Prussia in 1871 mostly through floating
government
all.
well-nigh inexplicable.
are
old world
an
with
intellect of the human
ances
smaller
a
lowing the wonder of the ideal has come a welter of
to-day.
the
there
to stand out of
problem than another cries for consideration.
in the country to
one
conditions
has the mind
sooner
never was
one
out but the meaning of it
way
after-the-war
ing exceeded by her imports, with hardly gold enough
make
there is peace—
control, divine in their origin and worthy our obeis¬
be realized.
European countries of $714,000,000
even
fixed
quite possible that the real problems of the
indemnity
how
never
on a
us
come
give—a quickening of
only the
it ought not to be
merely
back
But the old college days
paid off in
matter is evident from the
are
"academic."
"the turmoil" and turn to
necessity for the settlement of the
us
do well to hear them and
They, too, often we say,
tion would be
When the vital
to
days—voices of those who
and lead—voices of those who touch both
time like this for the world-worn
a
come
in these Commencement
plan of the Boulogne conference the annual requisi¬
$714,000|,000 and the whole would be
little more than thirty-seven years.
>
Other voices than those of the
remem¬
100,000,000,000 marks, payable—at least during
was
in
of
own
engross
in the calm of the spirit than in the shout
tumult of achievement and wealth.
In his own
and
negotiation and concession.
enough
soon
cess, more
soul is every
bered
struggle" will
emerging student, life has taught him all too
Allies would fix the payments high enough to
allow
Though the
journey lies forward."
"the
of
ally be assumed that the proposals made by the
for
threshold,
And standing on the
daughter, in his heart there breathes the
claims
it would natur¬
so,
Yet he would not
But the
point to willingness to compromise
reason
He knows, now, that
the happiest years of his life.
dim the lustre of this occasion, or
years were
back when the
invited to confer
are
hands, and the material darkened his
if Ger¬
payment
many's economic condition should warrant.
fact that the German
college
with
conflict touched him
former day, before the
aspiration, trust, and hope.
the
the French people.
He recalls his own glowing prophe¬
graduates.
a
Some¬
single day into the cloister of the
school, the world-worn
the
SPIRIT.
Commencement."
It is the time of "The
may
THE
OF
CALM
THE
AND
UNREST:
importance that the proposals to be made to the
The
would be casting about
that the Allied governments
cies of
a
for
assured by the correspondents
we are
publishing the fact because of doubt as to how it
would be received in France.
Clearly it was of high
or
process
when that plan was under
But at the very moment
smile indulgently over the
legislature
similar
on a
meeting of annual payments on her indemnity.
the
to have been formally an¬
seem
nounced that the ultimate amount of payment
been fixed at all.
[Vol. 110.
THE CHRONICLE
t
2604
markets.
straightened
by the devices of economists or by the manipula-
June 26
tion
of
political experts
mistake.
It will be
done in the
of the deep
world out of chaos.
or
the
making
are
hideous
a
it
as
was
and brought
ordered
an
Any League of Nations, revised
unrevised, is, but
it and
we
done, if it is done at all,
beginning when the Spirit of God brooded
the face
over
running through and through its
.
"Let
very essense
President Faunce, at Brown Univer¬
."
.
1
us
lems and
task is
to
cease
thinking for
to
us,
bring
rely
disease, to solve
our
our
prob¬
of ill-will.
The
We must travel steadily
away
cure our
earth to
peace on
impossible.
the external clamps to
from enforced
men
action,
away
the unity of the spirit,
from
away
organization to the free brotherhood
"Duty, sacrifice, service!"
Men
the echoes of
say
great spiritual exaltation are ringing faintly now,
in disorder, greed, and selfishness.
.away
bewildered mind is
darting hither and
a
Politics
excited, and fearful.
grasping, feverish,
the light appears, but
away,
the
no sooner
windings of the tortuous
But this
it is
a
has
War
not
brought
The millenium is not here and
find their
all the
soul lies the
In
Wealth,
imagines conceals
Many,
now.
guidance.
In
mass
one
these
of
"The soul of all
the soul."
As
in
territory
over
it
that
without motive
moves
addresses
fearful
are
swallowed in
seems
of
panaceas are
this
occurs
or
but
life
one
live—his
to
aught in the Hereafter,
is not its criterion.
who
look down
and
to
means
the power
the
epigram:
a
poet
as
Joaquin Miller
once
western
and joy.
the energy of the
Where shall this
it be not to his
the
rise up
in his
and
the
conquer
There the West
new
that he has found empty as a
over
slope to
was
own
Occident feel
soul ?
man
dead
in
apple turn if
sea
How shall he
"new era"
a
ever
triumph
"whips and scorns" of time, unless he shall
above the quarrels of capital and labor and
self-mastery master the world of circumstance
condition?
Obsessed
with
organization
and
physical world he has not even the
gambler's poise over fate.
He drowns in the whirling
efficiency in
seas
his
of
a
own
effort.
He
does
not
live
in
his
He does not seek the still waters but the
currents.
against it.
rushing
He does not swim with the tide, but
He is the victim of his
own power
avail to work,
man
own
of the hidden
temple of his
own
the inevitable
physical life of business he does not
it, is mastered by it.
no
"moving
over war as over peace,
perceive this, of what
cannot
whether he win
SET
"NEW
THE
At Princeton
we
or
want?
It
are
the
expresses
Sir Auckland
explicit
this
or
heart, unconscious
soul.
Slave to
Caught in
wages
or
the custom at this time of
view,
foreigners'
It is
interesting than
more
He builds his address around
convincing.
thought: "We have got in Europe
people who
people who
that
are
now
millions
at this stage—millions of working
to themselves: 'what is life worth
say
the
at
of
that
Campbell Geddes, British Ambassador
the United States.
to
VALUES."
SOCIAL
OF
find another of those Commence¬
ment addresses which
year.
end
leaves
with
us
nothing achieved
except having avoided being starved to death and
It is
before
children who will follow in
He
Europe."
a
curious purpose, to
regale this statement
an
American audience.
Yet the Ambassador
a
"new set of social values" in the world.
in
discovers,
Europe,
"in the hundred
following the industrial revolution,"
the
our
That is the great problem that is worrying
discovers
war," that "vast
—"increased
increased
new
wealth
forces
population."
were
with
and
years
to "before
visibly moving"
increased
finds
He
up
in
wealth
America
a
surplus of food of easy transport to Europe but that
eventually here there
lation which
and he
was
came
"a vast increase in
popu¬
beginning to intercept that food"
concludes, having
gone
into the thing "fairly
carefully," "that it is not
very
difficult to show that
development of
principal
cause
your
population here
was
the
in making the European War in¬
evitable."
The
of
thought, rebellious against his
master
of
and de¬
that "makes for righteousness," and the
if the world-worn
the
shining ideal, but for it.
!
conquers
the signboards of destiny,
on
benignant spirit that broods
to
softening culture of the contemplation' of the
Orient.
creation
are
And the "design" of it all, the
finger" that writes
the minds of millions in
meet the East and
also
consumes
would
our
a
Wages that turn to-waste
avail; wealth that
stroys.
is, he
character
"Business" is but
Government is but
end.
path?'
down
worldly chractei'
own serene
for others.
way
an
service.
a
is
its trials and troubles wins for himself
on
leads the
for
of
success
there
If
own.
If this world is all there
form the summit of his
can
over
against
over
Yet there is for the indi¬
produce, economize.
having produced
move
Wages and
"strikes" the admonitions
waste and destruction of
save,
mandates
to
inflated, disputes
money
acter-progress when as a modern Greek the citizen
world for peace
it is said, of
means,
contrast
a
meaning of collective bargaining,
pictured the "long afternoon" of our national char¬
(
A
What
prices high, credit and
a
community of interest
grow
understanding!
"neighbors'
get acquainted in casual
women
new-born States of the Far East!
over
of
effect.
no
improvement is the improvement of
simple
and
"Americanization."
the
time and place.
over
severe
deadly explosive; capital and
a
the individual
And the
very
trembles
credit stretched to the limit of endurance
the efforts of the
by.
"reconstruction,"
his
only true triumph
men
and better
and flushed with
wages
sometimes,
forward
moves
sudden snap;
constructing
great city a mayor proclaims a
a
day"—that
intensified by the high lights
more
industry
than
and joy.
ease
strenuous and
more
lives, fevered with high
extravagances.
a
forever
affairs, their struggle, their
own
"bread and butter battle"
than ever,
secret;
Though
us.
world darkened and disordered by turmoil,
before.
many,
obscure it again.
actual world—we feel its pressure more
an
ever
passage
Fear
is it sought than
figure of speech does not help
in
we are
of
The
seeking
economics, the latter overshadowed by the former,
are
oft
yon,
out of the darkened labarynth.
passage way
and
is
He
vidual
of man."
dying
changes of the present, he will not moor his
bark to the shore while the storm sweeps
own
good will, that there
Governments to do
on
from mechanism to spontaneous
of
in the
policy, deceived by his
or
doubting and denying the old
world contacts,
new
silly pretense unless it has under' forgetful that in the calm and approval of his own
a
sity said:
a
wealth, enamored of plan
spirit of faith and hope and love and the fear
of God.
2605
THE CHRONICLE
1920.]
Ambassador finds
in
the
latter
half
of
the
century our problems were falling in line with those
of
Europe, until at the breaking out of the World
War America and
Europe
But "as this century
were
i^the same "track."
opened they had in Europe
an
that
order
since
think,
their
hasten,
one
the
accumulations of wealth are,
the individually possessed
accumu¬
period of the great raids, if
one may
making,
The
that
use
Suppose
less obviously nearing the end of
more or
lations/
nearing its end," and,
of the speaker's conclu¬
obviously
was
must
we
sions is this: "The great
I
phrase,
the
upon
of nature, is
resources
drawing to its close all the world over."
do not wish to do
which
order in
do not find
In
we
injustice to this address by the
we
logic
Now,
these excerpts—but
arrange
we
paramount feature of the talk.
a
Europe increased wealth, increased population,
vast
surplus shipments in
and
development
United States until overtaken
which
wealth; "Germany
population
.
finally
a
by the
very
the
increase of
produced j and consumed the
being forced into a position
.
fight;" then the world-war;
"new set of social values" wherein men
crying "what is life worth that at the end leaves
are
in
be any,
under such
for each
appar¬
ently contained in the conviction that "great accumu¬
lations
wealth"
of
doomed, and
Now
if
increases
"individually
possessed"
are
will cry out
"what is life worth that leaves
we
and
"Labor",
none
us
over
the world, when it is separated from
of the total
population increases wealth, and wealth
point of congestion
inevitable, which is to be curbed
population, to the
which renders
war
very
a
circuitous way of repeating the
Malthusian law that
"the increase of population is
Is this but
first?
against the weight of subsistence?"
all the
multiplied remedies
the diminution of wealth
to say
total of wealth.
sum
population
that there will be
so
Nor is this whole of wealth decried
enough food for all.
and
It is reasonable
do advocate "birth control,"
some
limitation to the
as an
whole.
distribution, not the
On the other hand
a
evil in itself since it elevates
"living conditions"
superinduces this leisure for self-expression and
culture
for
and for
all,
every
his
he
means,
is to gr<pw
relying
power
prevented since
abundant
more
in strength, material and
wealth
last
disappearance. Herein population increases,
Profits
decreases.
distributed
are
to
the
point by distribution in high wages that are
personally consumed—since they naturally prevent
large accumulations capable of fertile reinvestment
and
again the worker is soon crying out "of what
worth is life that leaves
us
nothing achieved except
having avoided being starved to death and having
produced children who will follow in our path?"
There is
no
from the logic that this
escape
very
private ownership and individual initiative which has
increased the total of wealth in the past
so
the
prime
cause
has been
in the rise of civilization—and that
consequently civilization will decay if it is not pre¬
"A
served.
because
escape
and
set
new
social
of
values"—what
are
Because distribution is not easy and even,
they?
ownership
which
develops
"rich and poor," is there
comfort
cannot
men
hope of
joy and advance in these
and
any
peace
vague
charges against the existing order ?
himself for continuance of individual
on
and the possession of individual comfort and
THE PRONUNCIAMENTO OF THE AMERICAN
FEDERATION OF LABOR.
happiness ?
The
continuance of
the
the preservation of the total wealth
This being true, how is he to be relieved
spiritual.
from
with his
"relations,"
new
Nor is this
one.
f'new man" in this "new era" to be
in
advocates of
no
concerned in
always tending by use and neglect to detoriation,
that which is in the minds of the social reform¬
is the
ers
find
we
as a
Apparently in
are
responsibilities of ownership, and
no
not
the industry or
the accumulations
through " part in management" by
be distributed
therefore
owns
wealth, though the individual is left
free to accumulate if he can,
are
Though it
another view.
takes
Socialism,
noth¬
us
might add, that gives us nothing
nothing but the lowest average?
give
can
waste and
passing.
are
any,
if increase of
ing"—and,
those who have
is
surplus, if there be
population is unrestricted, there must come a time
when the State-ordered life of the slaving individual
except having avoided .being
answer
order—but the State
and for the mass, and
man
having produced children who
path?"—-And the
Suppose
of all, it must reinvest in
an
and act in reinvestment of
nothing achieved
our
owner
die, its control will continue, it must think
will not
starved to death and
will follow in
eventually
him.
enterprise whatever accumulation may ensue, if
there
to
us
of all wealth—
enterprise—and
new
His control dies with
the State becomes sole
new
owner
He must reinvest the
world-monopolist.
will die.
he
become the
one man
one
accumulation
.
in which she almost had to
and
[Vol. 110
THE CHRONICLE
2606
implied
answer
be "destroy the
to
seems
accumulations of
individual
great wealth."
This
At its annual convention in
through
two
Montreal, stretching
weeks, in the second of which the
however, would necessarily reduce the
sum
total and
Chicago National Republican Convention was also
with it reduce the individual's power
and his ability
held, the American Federation of Labor had the
most critical and most turbulent time in its career,
to
This
enjoy.
The
patent
cannot
and
be
total wealth into the
logical
a
the current
conclusion.
is—put the
answer
ownership of the State.
Here
yet it remained
and irrational
throughout consistently inconsistent
"Though
again difficulty arises, the unrestricted increase of
fool in
population will wreck the total fortune in the hands
not
of the State.
the wise maxims
increase of
The
logical conclusion is limitation of
population by the State.
This limitation
a
his
of those
mortar among
thou
shouldest
wheat with
a
bray
a
pestle, yet will
foolishness depart from him"
says
one
of
attributed to Solomon, and none
sayings, reasonably interpreted, has modified
by the individual is reduced—and in
practical hard sense in the thousands of years
since first uttered.
Organized labor, behaving as it
the end the cry
"what is life worth that at the end
does, must be deemed the fool; the mortar may be
leaves
nothing achieved" again arises, and
taken to be this country,
limits
increase
common
out
the
of
owned
us
with
of the
it another
wealth.
The share in
catacylsmic world-war, until, in
a
homely adage which
generations
from
shirt
But it suggests an
is
alone
individual
makes
to
"It is but three
shirt
sleeves."
important truth at this point.
possible
says:
sleeves
possession
its
and
ownership which
redistribution
of
wealth.
bursting with its potential
loads of material for man's
ment; the pestle may be
cycle, civilization perishes!
It is
It
total
of law and reason,
of
folly
as
subsistence and enjoy¬
understood to be the
ultimately
as
power
painfully corrective
"the pricks" which Saul of Tarsus was ad¬
vised not to kick upon.
The Montreal bedlamites
what they
call
a
managed to declare for
collection of principles
or
objec-
June 26
tives.
THE CHRONICLE
1920.]
They condemned "Gov. Allen and his despic¬
able efforts to enslave the
working class of Kansas and
ill
2607
humor, which could not have been allayed by the
charge brought by the head of
one
union that he was
finally the working class of the Unite'd States, in
trying to play organized labor into the hands of the
prostituting his office to the work of crucifying the
Democrats.
working class." They demanded the curbing of profi¬
convention
teers and reduction of the cost of
of the
increases "wherever necessary to
of
standard
can
abolition
strike
of
visions
compulsory arbitration
the
all anti-
and
part of the latter they
a
as
the
of
repeal
demanded
of
confir¬
of the right to strike and the
legislation, and
particularly
wage
maintain the Ameri¬
They demanded
living."
mation and acceptance
living, with
labor
As
did, however, denounce the Chicago
unyielding, saying of the labor sections
railway law, in particular, that "the Republi¬
to have not only refused our suggestion
appear
but would extend the section to all utilities.''
failed to bribe
Federation
to
or
The
the
foregoing is
Francisco, next week.
Federation, held by
demanded
legislation
been
commerce
the
civil departments
to
all
such
eight-hour day in all
in the attitude of
and
way
to
abundance and low
secure
prices by demanding "a shorter work day, if neces¬
They demanded
sary
to prevent unemployment."
that
Congress should act to stop the federal courts
who call themselves
ballot, yet,
has already
as
a
as
hostile force attacking the country
outside, for while physically here they are
here in any
not
their
they showed
and
men
pointed out, have placed themselves virtually
from the
of government and its extension
departments;
the
of
notions
They
convict labor."
of
products
demanded enforcement of the
sketch of this meeting of
a mere
Americans and have the
Inter-State
Having
Republicans, the
prepared to try the other side and will
furthering the great boon of personal liberty, they
"excluding from
the
overawe
make its demand at San
pro¬
law.
railway
lately-enacted
cans
He
as
other
dangerous,
amuck in delirious
every
They
sense.
Malay
any
as
frenzy; these
as
are
that
insane,
ever
ran
counter to
men go
principle of economics and of ethics, and are
truly defying the laws of the universe as if they
as
They are
sensibly
declaring unconstitutional acts passed by Congress." disregarded in one political organization they propose
They condemned the Boston police situation as "but to try the other. As the "Chronicle" has pointed
one
more
sacrifice in the human struggle against out, poor Mr. Gompers no longer leads, but is borne
autocracy and wrong," and called for the formation along in the rush.
Tbe natural law of degeneracy is
of an international policemen's union as soon as the again illustrated, the most radical and violent in the
membership of such local unions reaches 6,000. membership progressively gaining over the more
Over the railways the assembly came to a hard moderate.
"from
continuing
of authority
usurpation
the
in
sought to defy gravitation and geometry.
when
and
still,
"non-partisan"
they
are
___________
Outlaw strikes
clinch.
and
called
took
a
a
irregular
as
stand in
test the
and how
course
Upon this Mr. Gompers
mean.
opposition, and in
doing he brought
so
long he will remain
so.
The proposal for
ownership, said the International Presi¬
dent of the Machinists'
Union, is favored by
an over¬
whelming majority of the people; under Government
control, said he, "more
was
accomplished for
under private
ized labor than in all the years
organ¬
owner¬
ship; private management has broken down, millions
unjustly put into the pockets of railroad
have been
bankers, and
Mr.
are we
nouncing the plan
workers
going to let this continue?" Etc.
effort,
Gompers made his supreme
as
a
Government
pro¬
"enslavement of the
employees;" he would not
step
to
"give the Government more power over the individual
citizenship" and he foresaw that Government owner¬
rail¬
way service, preventing the employees from "exer¬
cising their rights."
Notwithstanding his strange
ship would also extend to all tributaries of the
attitude
beaten
and
by
a
hit that he said
as
an
alarmist,
As for the Plumb
to the
was
re-elected.
plan, that seems to be kept in the
background, perhaps because a glimmer
as
he
and was so hard
creased, against his protest, and he was
remained
of caution
expediency of being unnecessarily
frank; but "democratic operation" can cover
Mr.
Early in the meeting Mr. Gompers was
absent in
Chicago to present
of a thou¬
sand words, and asked that it be adopted "nearly
verbatim."
It was not adopted, and he came back in
flesh, having hastened to
labor's
the American
While
annual
Convention,
demands, which he did in a screed
Federation of Labor at its
outlined in another article,
as
of the purpose and spirit
dominating union labor, the struggle over the delivery
and transit of freight from and through the docks here
this
in
evidence
new
gave
merchants
are
been the
the
on
England
and interesting part of that has
of
a
large quantity of cotton to
mills.
Ordinarily
have been done in the most
done
was
ures; a
only
going and they are moving merchan¬
sending
New
its
The trucks of the organized
ending.
An important
dise.
moving towards
continues
city
conceivable
more
economical
that would
way,
but it
expensively under emergency meas¬
quantity of it was taken by truck from the
lighter and by water
docks to the rail instead of by
routes.
In
one
instance, when checkers refused to
touch the "tainted" material
out" and not to come back
without
were
told to "get
hold, and did the immediate handling, and
checkers
the
they
until ready to handle goods
discrimination; then the "White-collar brig¬
ade" took
came
back to work in the morning,
perhaps moved by fear of the
Gompers view of the right not to
discovered that some goods
off
a
had been quietly taken
to another by motor
dock and moved
they hastily resolved to look after that and
leak in the intended blockade of the port.
boats,
stop that
readers too
observe what inflammatory
distributed.
A tract from the "Central
Perhaps "blockade" may seem to some
strong a word.
Plumb.
the
BLOCKADE
prosecutions which the
work would declare
Another incident which has passed
he was not quite sure whether he impossible.
re-election, yet his salary was in¬ without much public notice was that when the rebels
earnestness
vote of 29,059 to 8,349,
would stand for
TRUCKING
THE
IN THIS CITY.
what any
means
question of how far he is leader at present
Government
But
BREAKING
ownership with democratic operation"
for, which of
body chooses it to
to
condemned
tending to discredit the regular organizations.
as
"Government
was
were
stuff is still
If
so,
Revolutionary Council of America"
tered among
that their leaders and
and
has been scat¬
dock and railway workers, who are told
bosses, the union newspapers,
also the Government, are
"against" them and
when
Bring the rich to terms, these ignorant workers
told, by tying
other
and
the port and cutting off food
up
but there
necessaries;
things said to them.
They
already accomplished
even
worse
much
so
events
imagined)
as
has
as
The agency
for themselves than
they have
voted.
ever
When
Soviets.
out
strike do
on
ragged; seize all food stores. Take
over
the factories, mines, and warehouses.
Reor¬
ganize the entire society on the principle of all the
products of labor to all the producers."
or
go
insurance, and the work he accomplished in
infusing it with
has
an energy
of
was
district, last autumn,
attempted in the Pittsburgh
foreigner said in his im¬
one
this week, next week take;"
notwithstanding all action attempted heretofore
perfect English, "me
and
the
pay
inflammatory appeals continue;
ican Federation's
the Amer¬
even
meeting coquetted with and only
stopped short of indorsing the soviet movement, still
further
illustrating how evil
become too familiar
is
first
seen
often
too
and
endured
and
then
been
was
his marked power as an
paralleled in life insurance history.
is
weak
maturely, but it is
is
no
the
hurtful
and
and
as
much
so
the
with
And
now
people is to fully recognize the nature and the growth
own
monstrosity which has been developed by their
shrinking from transient inconvenience.
past
brought
By successive retreats they have
to the
necessity of making
to that stand.
It will cost
themselves
stand and of adhering
a
now
than it would
more
International Harvester
these he
He
than it will cost if not taken and held
time, but less
which succeeded in
distinctly American who have
worldly
won
as
head of the
move¬
checking the greedy
van¬
destroying the Palisades and had
was
of Vermont obtained
practically the whole of
the Green Mountains and gave
held intact in
perpetuity,
might know what
so
that future generations
mountain
a
of
one
it to the State, to be
was
like when not
denuded; similarly, the Palisades Park remains as a
monument to Mr. Perkins's energy
and to his
power
influencing others.
himself to
business,
active
all the wealth he could
use
public service.
or
he had
because
appreciate, he turned
He did not believe that
competition is the natural and sufficient check
combinations,
nor
had he
ly regarding them
as
any
upon
fear of "trusts," correct¬
associations for
effi¬
greater
ciency and abundance. He is credited by
with
some
having been the first to foresee and urge what is
familiar
"group"
as
pensions,
insurance,
profit-sharing.
and
also
and
address
In
his belief that all
he declared
now
old-age
Upon the latter he
especially earnest and enthusiastic.
business
on
Dying at the comparatively youthful
to
useful force.
already partly sacrificed "Indian Head." One citizen
return
name
a
conspiciously useful
that
Corporation and the
a
recent
profits of
a
now.
GEORGE W. PERKINS.
Mr. Perkins adds another
ten years' association
Company, and in both of
strong and
was a
was
dalism
was
have cost if it had been taken in proper
the late J. P.Morgan,
a
That led naturally to his
Morgan firm.
Retiring from
pre¬
only wisdom and the only safety for the American
of the
men,
connection with the U. S. Steel
in
to cry peace when there
So declared Patrick Henry.
peace.
judge of
finally brought him into
em¬
alarmist
become
to
organizer, together
ability he had shown in the field
investments, which brought him before the notice of
that most keen
braced.
It
which has not yet faltered
not
ment
When the trouble
was
force is the producing instrument
organizing that instrument in that company and
It
workers'
any¬
in life
"To free yourselves, you must destroy factories,
mills, mines, and forests.
Tliis you can do by going
out on strike as often as possible, then by going out
on general strikes, of entire industries and cities.
By
following the example of the Russians you can organ¬
into
than to
company
thing else, the great growth of his
due.
marvellous,
that to Mr. Perkins's singular
executive and organizing ability, more
with the financial
ize
made its progress so
now
it is not too much to say
Observe this:
not starve
(nor had anybody
such special push from
any
single strike they
a
more
in all the elections in which
are
insurance had not then received
told to refuse to
are
participate in elections, for by
have
He was in
charge of the agencies, and inasmuch as life
direct
"By stopping work you kept food supplies from
reaching the city. ... That is just your power
to
cut off all supplies.
Remember that. You
must learn to use your power, and use it well."
J10.
been added expressly for him.
they struck said they could be replaced any | had
day, but:
are
[Vol
THE CHRONICLE
2608
of 58,
age
the list of
men
what is called
beyond covering depreciation, and
the
honest
on
some
fair
a
capitalization, should be divided,
percentage basis, between the capital and
employees engaged; such profits should not be
mmediately withdrawn, but should stay in the busi¬
ness
reasonable
a
time; what falls to capital should
without afterwards misusing it, and
be carried to
surplus, and what falls to the workers
he also illustrated the fact that education is of many
should go to
them in
sides and
senting
success
can
be had
by contact with affairs,
what is termed "liberal" and
was
essential than it is
a
eminence
of
service.
or
pecuniary
to
college."
largest
He
was
A
once
deemed
more
prerequisite to either
not born in
a
Levi P. Morton
situation
was,
and
easily have given him the collegiate
had he desired
at 15 he
is not
narrowness, as
his father could
course
now
that
so
career
it, but he did not want to "go
of work beckoned to him, and
began it, in the field in which he showed the
power
of applying
means
to ends and probably
accomplished the largest distinctive business
success
of his life.
Beginning
an
office boy in the life insurance
he
was
he progressed
filling
an
so
rapidly that in fifteen years
executive office in the
company
which
form of Security
required to hold it in such form for
five
nearly
as
possible,
on
the basis of his
profit-sharing has been operated
sion in
the
repre¬
three to
had
had
objective instead
basis of divi¬
because
come,
gain
only immediate
of industrial and
as
When
wage.
on a
cash, he said, failure has often
worker
say
employee's share being alloted,
the
years,
as
business
an
effi¬
ciency. Naturally, he advocated the fullest publicity,
and in the two great
power
corporations in which he
was a
he encouraged selling stock to employees on in¬
stallments and
as
agency of which his father was head, and almost
immediately proceeding to personally "write" in¬
surance,
be
some
interest in the business and each should
an
even
under market
value,
on
the
pro¬
position that "industrial justice is the most profitable
of
investments
promotes
perity is
man."
and
justice promotes
prosperity,
necessary
and
the
peace,
peace
workman's
pros¬
to the prosperity of the business
June 26
The
in
junior Rockefeller has put this view pithily
the
impregnably
capital
they
sound remark that "labor and
They
partners."
are
few
a
intent, and
by
are,
in practice, in not
are so
hear little
we
THE CHRONICLE
1920.]
of which
cases
legislation
vides
2609
now
that
its way through parliament pro¬
on
special security for the amount of the
promisory note endorsed by the Minister of Finance
shall be arranged by the
purchaser.
The Dominion Government believes that this
publicly, because order is quiet, while
disorder is loud and rushes constantly across the stage
will
of human life.
nection with extensions of credit to
Where
need abundance
we
are
we
having scarcity and its consequent suffering; where
need united
we
creased
and
push towards the great ends of in¬
still-increasing
production,
find
we
by the million wrangling, balking, interfering,
men
preventing, and clutching at
turmoil and
and
ness
cooperative industry.
labor been
and others'
delusion
organized and
so
injury, and
that
enemies, and that whatever
things of life
delirious
other
some
unionism
of cheerful¬
Never before has
strong for its
so
labor
capital and
within
turnable
nine
months
according
to
in
plan
con¬
foreign countries.
and
another
arrangements
25% is
between
re¬
the
ship builder and the purchaser.
IMPROVED
CANADA
has of the good
must do without;
proclaims that
in
TRADE
AND
disunion
a
lie
BETWEEN
RELATIONS
THE
WEST
BRITISH
INDIES.
Ottawa, Can., June 25 1920
own
irreconcilable
are
one person
person
difficulties
the
25% cash will be refunded to the Canadian Govern¬
ment
After several weeks of
madly possessed by the
so
of
most
another's throats—
one
wastes instead
destructive
curcumvent
busy negotiations the dele¬
gates of the Governments of the British West Indies
with
representatives of the Government of Canada,
their
have concluded
meetings and have announced
unanimous agreement upon
the main feature of im¬
strength and happiness, and is fiercely struggling
proved trade relations.
to
the official statement declares that the text of the
keep apart the hearts and the hands that should
be and labor
together.
The Artificer that
believed
be
must
fragment
last
of
it from
nounced
it
left to
when,
who
us
equal
before
made
agreement is framed
planned and built the universe
wrecking
he
by
this
saving
the
creatures
surveyed his work and
"good."
one
somehow
to
But there is
after another,
pro¬
fresh example
a
men go
out of sight
imagined things and achieved things without
being spoiled thereby.
more
evidence that
from
others
sense a
Mr. Perkins has given
success
that
but
trust and is
does not
wealth
is
in
products
Indies
are
All of the British colonies in the West
included
the
in
arrangement.
new
Im¬
communi¬
cations, it is asserted, will develop from the con¬
concludes
as
the
that
will mark
cable
Government's
"Ix
follows:
outcome
distinct and
a
and
transport
Canadian
The
ference.
lieved
real
extension of the
an
which preference has hitherto
upon
steamship
proved
ment
most
increase of the mutual
upon an
granted and
now
been given.
us one
recognized.
so
list of
seizing
mean
the
preference
Without publishing details
of
is
the
announce¬
hoped and be¬
1920 conference
significant advance in the
development of trade ad social relations between
Commonwealth."
these two divisions of the British
DOMINION
GOVERNMENT
AIDS
CANADIAN
SHIPYARDS.
RAILROADlGROSS AND NET EARNINGS
In
effort
an
would
two
to
keep all Canadian yards engaged for at least
the Dominion Government this
ahead,
years
week put
through
plan whereby the Dominion's
a
credit will be made available to
Canadian
ship yards.
foreign buyers and
According to the legislation
introduced, the Minister of Finance is authorized
to endorse
promisory notes drawn by the Purchaser
Government in favor of the
of the
ship builder for 50
cent
per
This aid is restricted to
purchase price.
Since the return of the railroads to
ship-building orders that
secure
FOR
APRIL.
Ottawa, Canada, June 25 1920
cases
trol there has been considerable
private
con¬
delay in the filing
by the roads of their monthly reports of earnings
and expenses
Section
with the Inter State Commerce Com¬
our "Railway Earnings"
The number of
mission.
containing
the
for the month of
reports
.
April appeared at the customary time two weeks
ago,
but
of the returns
so many
were
then lacking
for the month named—no less than 60 roads out
a
total of 200 being delinquent at that
date—it
of
was
where the remaining half of the cost has been pro¬
impossible
vided for and in
will it apply to vessels of
reviewing the results for the month, since the grand
The ships will be mortgaged
aggregates would have been (if we had chosen to
Government for the full amount
present them) so incomplete as to be almost useless.
case
no
than 3,000 tons.
more
to
the
of
the
Dominion
notes
endorsed
Canada without
and
will
be
registered
in
right of transfer until the mortgage
has been cleared off.
through representations that France has
decided to build up a
is
endeavoring to
to the
Up
been
in
place orders in the Dominion.
secure
shipyards
have
this business because of credit
France, it is
now
stated, is willing to
pay
gold when interest and capital sums fall due.
It is also stated that
posed
of
Candian
arranged for
money
we are
our
general
article
able to give these general
aggregates, and even now the figures are not alto¬
roads
a
large credit association
American
and
capitalists
com¬
has
in New York to help finance
being still missing, including such
a
prominent
system as the Chicago Burlington & Quincy.
Conditions
large mercantile marine and
present the Canadian
helpless to
obstacles.
only to-day
publish
to
us
gether complete, the returns of some half a dozen
The Dominion Government has been led to take
this action
It is
for
railroads
or
were
during April
indifferent
pectations
not
results
are
now
very
favorable
with
the
and accordingly only poor
were
looked
confirmed.
for.
It
These
was
ex¬
during
April that the "outlaw" strike, which had such a
paralyzing effect
on
railroad Traffic and railroad
This strike began the
transportation, originated.
early part of the month at Chicagojand the Middle
West
and
gradually spread to other parts of the
country, finally reaching the Atlantic Seaboard, so that
the orders.
It is admitted that in the
of purchase by foreign
countries, peculiar difficulties would arise in the event
beginning with Saturday, April 10,3
movement
of freight here in the East was brought almost to a
ship mortgage and the Canadian
standstill.§|NotJonly that, but certain roads, like the
of
foreclosing
a
/
case
.
*
forced the following
abandon their suburban passenger trains
Erie and the Lackawanna, were
week
to
Relief in this latter par¬
only after voluntary crews made up of
running out of New York.
ticular
came
instances by
residents and recruited in some
local
undertook
colleges,
the
from
students
to restore
Year
the needs
eventually
indeed
and
1906
1907
1908
1909
that the next month
(May 20)
on
...
...
...
...
1913
1914
1915
desperate
1919
the recommendation
railway executives the Inter-State Commerce
of the
Commission exercised the emergency powers
the
to it under
granted
regulation of the distribution of cars without
took the
regard to ownership.
The
tying
1
resulting congestion of traffic at numerous points
and
the
effect
far
as
generally, had
a
No
roads.
the
of
expenses
therefore,
surprise,
results revealed
will be felt at the character of the
by
and
gross revenues
added greatly to the running
time
same
on
returns of the roads were
revenue
It'served to diminish
concerned.
it at the
the
as
traffic
two-fold unfavorable
imposed
thereby
embargoes
movements
compilations for the month. As compared
the corresponding month in 1919, there is, it is
our
with
true, some gain in the gross
earnings, but it is relative¬
ly small, namely $12,852,867 or 3.45%, and it has
been attended
less than
is
a
by
12.82%.
or
loss in net in amount of $29,839,824 or 71.67%,
the total of the net for
$11,797,818
will be
as
expenses of no
Consequently there
augmentation in
an
$42,692,691
seen
April 1920 standing at only
against $41,637,642 for May 1919,
as
1920
from the following:
1919.
220,918
1920.
221,725
199 Roads—
Miles of road
Gross earnings
Operating expenses
Given.
Preceding.
Decrease.
...
...
...
...
...
...
...
...
...
+ 1,411,064
+8,882,437
-10,095,121
30,137,596
33,639,112
47,537,110
31,548,660
42,521,549
37,441,989
62,380,527
50,787,440 + 11,593,087
62,409,630 + 4,316,266
66,709,729 —1,941,639
63,888,490 —5,927,619
58,082,336 +2,039,869
—625,524
60,024,235
59,266,322 +8,249,222
67,396,538 + 25,695,857
+ 60,155
93,257,886
89,982,415 91,678,695 —1,696,280
44,850,096 89,943,898 —45,093,802
29,839,824
11,797,818 41,637,642
66,725,896
64,768,090
57,960,871
60,122,205
59,398,711
67,515,544
93,092,395
93,318,041
1907, in 1908 the returns were
road, in 1909, 233,829, in 1910, 239,793, in 1911, 244,273,
1913, 240,740; in 1914, 243,513; in 1915, 247,701; in 1916,
246,615; in 1917, 248,723; in 1918, 233,884; in 1919, 232,708; in 1920, 221,725.
Neither the Mexican roads nor the coal-mining operations of the anthracite, coal
roads are included In any of these returns.
based on 153,007 miles of
in
1912, 236,722; in
roads the results are the same as
For the separate
the
case
of the
This is especially true
general totals.
losses
And yet it must
in the matter of the net
regards the comparisons of the net where
not be
supposed that
increases
gains.
the
outnumber
greatly
even
There is a respect¬
the gains in net
altogether lacking.
are
able number of these and some of
substantial
for
are
conspicuous in¬
As
amounts.
Southern Railway, in one part of the
stances, the
country, increased its net
by $1,913,869; the Great
Northern in another part
by $780,537 and the New
Central
York
still
in
another
by $344,864.
part
York
last, however, refers only to the New
This
If the various auxiliary and controlled
Central itself.
Four, &c.
Central
System} are included, the result is a loss in net of
$1,605,371—this on a gain of $1,464,804 in gross.
roads, like the Michigan Central, the Big
whole
the
In
the
and
going to form the New York
of the Pennsylvania
case
Western
gross
are
Railroad (Eastern
the
combined)
lines
"outlaw" strike
in
Inc. (+) or Dec. (—)
Amount.
%
+ 807
0.37
$385,680,982 $372,828,115 +$12,852,867
3.45
373,883,164
331,190,473
+42,692,691 12.82
April—
Increase or
Decrease.
Note.—Includes for April 91 roads In 1906, 91 in
as
of freight in this manner, with the
up
1918
Transportation Act and under¬
new
Year
Preceding.
109,998,401 104,598,565 + 5,399,836
142,884,383 115,863,354 + 27,021,029
134,513,535 165,058,478 —30,544,943
196,993,104 175,071,604 +21,921,500
225,856,174 197,024,777 + 28,831,397
218,488,587 226,002,657 —7,514,070
220,678,465 216,140,214 +4,538,251
245,170,143 220,981,373 +24,188,770
236,531,600 245,048,870 —8,517,270
237,696,378 241,090,842 —3,394,464
288,453,700 237,512,648 + 50,941,052
326,560,287 288,740,653 + 37,819,634
369,409,895 319,274,981 + 50,134,914
388,697,894 370,710,999 + 17,986,895
982 372 ,828,115 + 12,852,867
385,680,"
...
...
throughout the
so
Year
%
1911
1917
grew
Increase or
April.
1916
however, continued extremely bad
Year
Given.
1912
service to the extent necesssry to meet
of commuters.
The freight situation,
passenger
Net Earnings.
Gross Earnings.
Year.
1910
month
[Vol. 110.
THE CHRONICLE
2610
of
effects
the
conspicuously apparent in a loss
and net alike—$2,822,330 in the former
$10,783,785 in the latter.
The Baltimore &
Ohio has done better with $1,924,748 increase in
and
and $143,087 increase in net. The Erie, on
hand, falls $1,245,347 behind in gross and
$746,464 in net; the Lackawanna $1,077,623 in
gross and $772,750 in net.
The Central of New
Jersey is distinguished in the same way with $1,127,188 loss in gross and $1,082,825 loss in net, though
the Delaware & Hudson, on the other hand, reports
$468,064 gain in gross and $186,569 gain in net.
In the following we show all changes for the separate
roads for amounts in excess of $100,000, whether
increases or decreases, and in both gross and net.
gross
The
showing is really
the face of the
ingly
$41,637,642 —$29,839,824 71.67
$11,797,818
Net earnings
poor
than
worse
The April net of last
results in 1919.
had suffered large falling off from 1918 and
year
the latter in turn had suffered
In other
series
words,
are
we
For
decreases.
of
a
decrease from 1917.
dealing with
April
cumulative
a
brief
1919 in
compilations showed $17,986,895 increase in
accompanied by
tion in expenses,
802 and in
no
no
less than $63,080,697 augmenta¬
April 1918
our
less than $50,134,914
$37,819,634 to
155
gain in net.
gross,
yet recorded
Even in 1917
gross revenues
an
addition
yielded only $60,-
An idea of the effect of these
gained when
cumu¬
we say
that
April 1920 the amount of the net remaining
the
after
tables, though recording
gain in
lative losses in net will be
while for
our
gross
thus cutting net down by $45,093,-
$1,696,280 loss in net.
of
from
appears
figures, for comparison is with exceed¬
deduction
of
expenses
(but
not
taxes)
is less than $12,000,000, on the other hand in both
1917 and 1916 the total of the net for the month
ran
the other
CHANGES
PRINCIPAL
$93,000,000.
In the following
April comparisons back to
our own
having for these three
in the, country,
have been
give the
The totals
except that for 1911, 1910 and 1909
the Inter-State Commerce
also
1906.
we
we
are
usfed
figures, the Commission
years
included all the roads
while since then the smaller roads
omitted.
Prior to
1909
the
figures
are
own,
but
a
portion of the railroad mileage of
the country was then always
owing to the refusal of
unrepresented in the totals
some
of the roads in those
days to furnish monthly figures for publication.
IN
APRIL.
Increases.
$121,085
(3). $2,658,466
121,050
52,629,813 Western Maryland
118,557
Baltimore & Ohio
1,924,748 Kansas City Southern
115,039
Great Northern
1,583,146 Mobile & Ohio..
110,977
Illinois Central
1,459,986 Gulf Mobile & Northern.
103,774
Southern Railway
1,406,803 Mo Kansas & Texas
Pittsb Cin Chic & St L.
1,161,953
Representing 57 roads
Boston & Maine
1,032,260
in our compilation. .$28,152,059
Philadelphia & Reading.
899,629
Northern Pacific
854,675
Tiprrpn ■?*><?
Chic R I & Pacific (2)..
787,682
a$2,822,330
St Louis-San Fran (3)
769,617 Pennsylvania
Erie (3)
1,475,240
Chesapeake & Ohio
761,681
1,127,188
Missouri Pacific
718,258 Central RR of N J
1,077,623
Chicago & North West.
685,713 Delaw Lack & Western__
1,069,528
St Louis Southwest (2)..
670,815 Michigan Central
-
_
Virginian
647,164
Buffalo Roch & Pittsb
519,320
477,951
468,064
442,616
410,608
369,221
331,429
319,463
296,893
277,438
276,120
261,322
253,786
241,253
N Y N H & Hartford...
Delaware &
Hudson
Cleve Cin Chic & St L_.
(3)
Mo Kan & Tex of Texas
Nashv Chatt & St Louis
Louisville & Nashville._
Chic St P M & 0
Seaboard Air Line
Florida East Coast
Maine Central
Denver & Rio Grande—
Texas & Pacific
954,584
Wabash
886,737
854,916
Union Pacific (4)
Lehigh Valley
Southern Pacific
(4)
Long Island
Los Angeles & Salt Lake
Pere Marquette
N Y Chicago & St Louis
Pittsburgh & Lake Erie.
Chicago & Alton
Duluth & Iron Range
Ohio
Monongahela Connect
Vicksb Shreve & Pacific.
Internat & Great Nor
Toledo St Louis & West.
161,022
142,481
137,765
126,656
249,891
190,155
164,468
Reading
219,989 Elgin Joliet & Eastern.
Caro Clinch &
369,105
328,395
298,556
298,475
Grand Trunk Western._
Port
205,331 Chicago Junction
194,786 Denver & Salt Lake
182,843 Atlantic & St Lawrence.
164,472 Belt Ry of Chicago
163,187 Indiana Harbor Belt..__
163,152 N Y Phila & Norfolk.__
Central of Georgia
Norfolk Southern
508,186
478,157
475,008
.
Norfolk & Western
Bangor & Aroostook
Minn & St Louis
789,083
610,311
Duluth Missabe & Nor..
Yazoo & Miss Valley
Louisiana & Arkansas
our
EARNINGS
GROSS
Colorado & South (2)
New Orl Tex & Mex
above
IN
Increases.
Atch Topeka & S Fe
New York Central
_
Central New England
,
153,937
145,371
141,905
141,902
137,544
131,188
126,141
116,962
Representing 35 roads
in
our
Note.—All the figures in the above are on the
with the Inter-State Commerce Commission.
compilation__$15,996,746
basis of the returns filed
Where, however, these
June 26
total for any system, we have combined the sepa¬
make the results conform as nearly as possible to those
given in the statements furnished by the companies themselves.
a This is the result for the Pennsylvania RR., together with the Pennsyl¬
returns do not show the
rate roads, so as to
vania Company.
b These figures cover merely
itself.
Including the various
the operations of the New York Central
auxiliary and controlled roads, like the
Michigan Central, the "Big Four," &c.,
York Central System, the result is a gain
CHANGES
PRINCIPAL
the whole going to form the New
of $1,464,804.
EARNINGS
NET
IN
IN APRIL.
T^lprvpflQPQ*
Increases.
Southern
6344,864
327,786
270,907
255,738
246,133
240,375
186,569
164,834
158,852
158,120
143,087
140,400
139,696
132,268
New York Central
Florida East Coast
Denver & Rio Grande
Chic St Paul M & O
Virginian
Chic Milw & St Paul
Delaware
$ Hudson
Caro Clinch & Ohio
Orl
New
St
Tex & Mex (3).
Southwest
Louis
(2).
Baltimore & Ohio
Bangor & Aroostook
Cleve Cin Chic & St L__
Nashv Chatt & St Louis
-
Representing 19 roads
in our compilation.
$5,604,045
_
TiPCTPflSPS
Pennsylvania
a$10,783,785
.
.
$630,826
$1,913,869 Missouri Pacific
780,537 Chicago & North West__
Railway...
Northern
Great
594,366
578,227
Pere Marquette
Pittsb Cin Chic & St L_.
560,215
540,146
533,968
Boston & Maine
N Y N H &Hartford
Atch Topeka & S Fe
Norfolk & Western
489,314
(3).
487,967
394,738
Los Angeles & Salt Lake
Duluth & Iron Range
Grand Trunk Western._
Chicago & Alton
Chic Ind & Louisville
238,987
230,317
223,632
178,994
155,427
Minn St P & S S M
Port
—
Pacific
Chic R I & Pacific
(2).
Monongahela
115,380
Central Vermont
114,245
772,750
Belt Ry
104,600
Island
703,465
691,798
632,231
Duluth Missabe & Nor..
Louisville & Nashville
a
This is the result for the
vania Company.
b These figures
in our
compilation..$35,476,052
Pennsylvania RR., together with the Pennsyl¬
York Central
roads, like the
merely cover the operations of the New
Including the various auxiliary and controlled
Michigan Central, the "Big Four," &c., the whole going
York Central System, the result is a loss of $1,605,371.
itself.
When the roads
to their location it
are
arranged in
to form the New
groups
according
is found that every group or geo¬
graphical section, with the single exception of
the
In the case of this
Southern Group the amount of the net is some¬
what better than a year ago and the explanation is
Southern, records
a
loss in net.
"outlaw" strike
found in the circumstance that the
much of
not
was
in the
of the strike
Eastern and
case
Group, all the remaining groups, with the
of the Pacific Coast
smaller
or
mary
by
is
groups
as
Earnings
%
10.95
—1,211,007
.1.09
5.22
—2,011,888
8.89
+ 5,001,277
2.99
+2,110,529
+8,311,741 14.76
5.43
—1,207,778
.
.
.
.
385,680,982 372,828,115 +12,852,867
-Net
1920.
-Mileage1920.
7,370
30,670
18,794
38,979
57,127
52,112
16,673
Group No. 10
NOTE.—Group I. includes all
Group II. includes
407,833
7,298
30,542df7 421,669
18,886dfl ,246,651
38,526
8 ,610,961
57,116
4 ,017,245
51,931
5 ,607,903
16,619
1 ,822,196
3.45
Inc. (+) or Dec.
1919
$
%
1,388,789
8,336,897
5,082,296
7,761,299
7,985,906
7,389,141
3,693,314
(—)
%
—980,956 70.63
-15,758,566
—6,328,947
+ 849,662 11.09
—3,968,661 49.69
—1,781,238 24.11
—1,871,118 50.66
11,797,818 41,637,642 —29,839,824 71.67
of the New England States.
all of New York and
all of Ohio and Indiana,
Pittsburgh.
east of the
combined include the Southern States south of the
and
and
Ohio and
Mississippi River.
Groups VI. and VII.
combined include the northern peninsula of
Michigan, all of
of South Dakota and Norch Dakota
Missouri north of St. Louis and Kansas City, also all of Montana, Wyoming
Nebraska, together with Colorado north of a line parallel to the State line
Minnesota, Wisconsin,
Iowa and Illinois, all
passing through Denver.
Groups VIII and
Indian Territory,
of
Denver,
New Mexico
the bulk of Louisiana, and that portion of
line running from the northwest corner of the State through
north of a
and Arizona and
are
far
1920
as
Western
Corn
Oats
Rye
Barley
(bush )
Flour
Wheat
(bbls)
(bush)
(bush )
(bush )
333,000
844,000
727,000
946,000
2,809,000
4,977,000
3,028,000
4,784,000
3,416,000
24,000
40,000
127,000
200,000
680,000
423,000
1,530,000
967,000
1,820,000
143,000
302,000
758,000
1,295,000
1,792,000
2,238,000
1,888,000
3,136,000
64,000
103,000
104,000
88,000
99,000
128,000
308,000
18,000
78,000
73,000
127,000
92,000
182,000
(bush y
512,000
241,000
1,162,000
Milwaukee—
St
309,000"
583,000
548,000
Louis—
10,000'
17,000
28,000
Toledo—
—j*.
Detroit—
Cleveland—
8,000
90,000
45,000
391,000
133,000
249,000
201,000
94,000
1,166,000
1,918,000
945,000
630,000
35,000
18,000
1,447,000
57,000
159,000
857,000
91,000
35,000
51,000
1,446,000
Peoria—
1919...
51,000
63,000
Duluth—
1920
Minneapolis—
536,000
981,000
739,000
788,000
246,000
1,423,000
4,036,000
1,717,000
2,335,000
619,000
1,177,000
1,793,000
210,000
1,369,000
1,380,000
2,856,000
4,292,000
2,322,000
3,115,000
2,021,000
9,405,000
2,256,000
4,988,000
3,464,000
5,923,000 27,609,000 23,097,000
8,947,000 20,450,000 19,914,000 11,652,000
2,525,000
4,615,000
6,595,000
5,791,000
2,405,000
7,143,000
1,416,000
2,563,000
4,926,000 12,107,000 11,657,000
8,959,000 11,608,000
5,142,000
191,000
427,000
121,000
102,000
5,044,000
5,422,000
Kansas City—
4,000
Omaha and Indianapolis—
272,000
1919
Total of All—
1920..
633,000 12,140,000 10,637,000 11,181,000
1,447,000
9,753,000 16,158,000 16,340,000
Jan. 1 to April 24—
Chicnnn—
\
3,274,000
2,565,000
1919.
roads had
leading staples
a
1,382,000
2,820,000
177,000
199,000
4,997,000
1,821,000
Louis—
1,585,000
940,000
Toledo—
1919
718,000
T
660,000
864,000
598,000
573,000
1,530,000
277,000
—
658,000
558,000
709,000
716,000
Detroit—
29,000
2,000
321,000
34,000
229,000
487,000
1,253,000
6,000
3,000
1,096,000
1,161,000
832,000
334,000
9,568,000
7,493,000
4,523,000
2,364,000
169,000
486,000
226,000
2,431,000
12,455,000
3,000
166,000
322,000
153,000
575,000
4,969,000
3,888,000
30,275,000
25,010,000
3,682,000
3,462,000
3.214,000
9,177.000 13,454,000
3,034,000
6,660,000
18,227,000
5,089,000
5,139,000
8,944,000
2,677,000
5,588,000
Cleveland—
diminished
140,000
Duluth—
1919.
Minneapolis—
1920
Kansas City
4,652,000
—
,
1
39,000
2,000
Omaha and Indianapolis—
9,630,000
5,331,000 15,863,000
3,777.000 17,117,000 10,817,000
Total of All—
1920
Besides
were
6,132,000 70,322,000 80,286,000 64,470,000
4,940,000 64,722,000 69,864,000 68,811,000
a
Stockyards
month
9,765,000 12,291,000
33,772,000 17,973,000
roads
smaller
smaller grain movement Western
also under the disadvantage of
live stock movement.
at
having
a
It is true that at the Union
Omaha the deliveries for the full
comprised 10,184 cars against only 8,804 cars
April 1919.
On the other hand, however, the re¬
carloads against
against 10,653.
ceipts at Chicago were only 14,459
20,307 and at Kansas City 6,039
In the South the
April
Mexico.
the movements of the
concerned,
present:
RECEIPTS
April 24.
Santa Fe to El Paso.
Oregon, Idaho, California, Nevada, Utah
the western part of New
WESTERN GRAIN
Chicago—
of a line running from
GroupX. includes all of Washington,
As
all of Kansas, Oklahoma, Arkansas and
Louis and Kansas City, Colorado south
the whole of Texas and
Santa Fe and east
shown in the table we now
are
4 Weeks end.
in
IX. combined include
Missouri south of St.
against 56,644,000 bushels in 1919.
details of the Western
1919
all of Michigan except the northern
that portion of New York and Pennsylvania west of Buffalo and
Groups IV. and V.
38,235The
grain movement in our usual
receipts in the four weeks of 1920 were only
1919
Pennsylvania except that portion west
Delaware and Maryland, and
portion of West Virginia.
Group III. includes
cereals combined aggregate
the five
For
Peoria—
Earnings-
Buffalo, also all of New Jersey,
the extreme northern
peninsula, and
$
1919.
.—221,725 220,918
of Pittsburgh and
%
$
+ 1,859,993
.
April—
Group No. 1
Group No. 2
Group No. 3—
Groups Nos. 4 & 5...
Groups Nos. 6 & 7...
Groups Nos. 8 & 9...
111999222000
bushels.
St
Inc. <+) or Dec.{- ■)
1919.
16,991,871
18,851,864
Group 2 (38 roads), East & Middle.., .110,842,688 112,053,695
36,529,377' 38,541,265
Group 3 (28 roads), Middle West
56,212,172
61,213,449
Groups 4 & 5 (35 roads), Southern _.
70,460,308
72,570,837
Groups 6 & 7 (31 roads). Northwest-,
56,315,503
64,627,244
Groups 8 & 9 (47 roads), Southwest
22,253,301
21,045,523
Group 10 (12 roads), Pacific Coast
.
Total (199 roads)
On the other hand,
for these four weeks were only
bushels against
1920
1920.
Group—
April—
corn
Milwaukee—
follows:
Group 1 (8 roads), New England
Total
Our sum¬
in the gross.
S
or
exception
Group, being able to show larger
improvement
-Gross
Section
On the
feature in the South.
a
of the gross, the influence
is conspicuously shown in losses in the
Middle Group and the Middle Western
other hand,
1119992200
20
receipts of
1920
Representing 60 roads
ending April 24 the receipts of
primary points combined were 12,140,000
bushels; of oats
16,340,000 bushels; of
barley 2,021,000 bushels against 9,405,000 bushels,
and
of rye 2,256,000 bushels against 4,988,000
,
of Chicago
markets as
of the separate points.
most
10,637,000 bushels against 16,158,000
119,288
862,746
817,651
(3)
slightly
a
against only 9,753,000 bushels in the cor¬
bushels
form
119,846
to
responding four weeks of 1919.
126,119
Seashore.
Pacific
Texas &
Seaboard Air Line
Long
wheat at all
000 bushels
West Jersey &
not
For the four weeks
155,041
149,657
139,106
127,043
Reading
Kanawha & Michigan
Dela Lack & West
Erie
and
1,082,825 Philadelphia & Reading.
1,065,546 Internat & Great Nor
915,436 Central New England
Michigan
Northern
though this applies to the primary
whole
a
in
Wheat receipts at the
primary markets were larger than a year
Western
ago,
175,088
164,749
contend with, while Southern
to
movement.
cotton
11,181,000
Illinois Central
1,612,703
1,557,689
1,461,037
1,191,117
heavier
the
270,285
246,710
Pittsburgh & Lake Erie.
Chesapeake & Ohio
Yazoo & Miss Valley.._
N V Phila & Norf
Hocking Valley
N Y Chicago & St Louis.
1,928,221
movement
271,450
Elgin Joliet & Eastern..
Central
(3)
Southern Pacific (4)
Lehigh ValleyCentral RR of N J
grain
roads had somewhat of an advantage
350,7§5
273,870
273,766
272,790
St Louis-San Fran (3)
Wabash
Union Pacific
2611
THE CHRONICLE
1920.]
bales
in
shipments of cotton overland for
1920 were 125,534 bales against 184,171
in April 1919 and comparing with 225,207 bales
April 1918.
At the Southern outports the receipts
THE CHRONICLE
3612
1920 against 346,299
bales in 1918, as will be
aggregated 386,971 bales in
bales in
1919 and
from the
seen
272,659
England, indicated and forecast during the
tania, due to arrive here Saturday, had on board about $2,000,000 in gold
side with another large consignment, the amount of
PORTS IN APRIL AND
1920, 1919 AND 1918
RECEIPTS OF COTTON AT SOUTHERN
TO APRIL 30 IN
1
Another gold movement from
past week or so, became a reality when it was announced that the Maure-
consigned to New York bankers, and that the Olympic had just left the other
following:
JANUARY
[Vol. 110.
which
disclosed.
was not
The first mentioned shipment is understood to be gold purchased in the
FROM
London
under the regular operations of exchange.
market,
The recent
rise in sterling here, which brought the rate to the neighborhood of $4 for
the pound,
Since Jan. 1
April
Ports
bales
107,795 116,451
Texas City, &c...........
,
16,563
1,614
111,678 118,908
Galveston
New
Orleans.
Mobile
Charleston-
32,822
Wilmington
9,024
14,359
19,417
9,366
18,246
26
28
498
438
77,412
8,727
Savannah....
Brunswick
...............
Norfolk—
Newport News, &c
265
79,856
4,500
7,630
445,603
61,085
575,631
28,851
13,789
322,807
27,100
40,054
29,529
93,970
3,033
575,668
73,266
497,797
49,145
6,830
271,240
15,230
53,923
38,427
113,434
2,576
5,218
11,360
1,151
52,325
3,010
13,872
8,163
8,127
...
Pensaeola, &c............
Olympic is understood to be consigned to J. P.
Morgan & Co. for account of the British Treasury in connection with the
790,907
189,893
581,164
77,779
10,004
386,197
61,427
232,995
46,220
49,696
7,916
89,568
doubt influenced, in part, by the gold engagements.
no
The gold coming on the
1918
1919
1920
1918
1919
1920
was
106,933
761
Anglo-French loan maturity next October.
account of the French share in the
Paris lately is among the
This shipment
obligation.
may
be for the
The action of sterling in
indications that the French Government
ing preparations to meet the maturity.
mak¬
was
The fact that the Bank of England
had accumulated about $25,000,000 additional bullion within the past four
weeks led to expectations that another movement of the precious metal to
this side
about to start.
was
j
It is interesting to note that at
about the time the British Treasury
was
making the former gold shipments from London to New York, aggregating
$50,000,000, gold was also be acquired in the London open market for the
386,971 346,299 272,659 2,492,696 1,689,220 1,641,452
F" Total
account of
Kuhn, Loeb & Co.
On that occasion sterling here was much
lower than it is now, being quoted then around $3 60.
gold bars in London at that time
(ttuxxmi
%omts uu& discussions
was
103
previous
shillings
OFFERING OF BRITISH
BILLS.:
The usual
TREASURY
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
was
time past.
some
The bills in this week's offering
are
dated
June 21.
gold
movement
London
from
About $4,000,000
purchased by Kuhn, Loeb & Co. in the London open market during
March.
A
shipment of $22,200,000 gold received
count of J. P.
•,
The
ounce.
occurred in the latter part of March and early in April.
was
CONTINUED
per
But the price of
114 shillings, whereas now it is about
nature of
a
special transaction.
While
ernment.
was
no
It
Government
was more or
ac¬
less in the
for the credit of the British Gov¬
was
official information
believed that the gold
(Russian)
the Pacific coast for the
on
Morgan & Co. toward the end of May,
was
vouchsafed
the subject it
on
represented part of the metal put
up
by the Omsk
collateral against a loan granted by American
as
and British bankers last October.
Bankers believe that the
?
movement of
new
gold in this direction from
British Treasury sources will aggregate at least $50,000,000, and that further
movements
be witnessed for account of both France and England
may
before October 15 next, when the Anglo-French loan of $500,000,000 ma¬
FRENCH
ON
RATE
BILLS
TREASURY
CONTINUED
tures.''
J. P. Morgan & Co. as yet have not received any cable advices of any gold
AT
board the
on
The French ninety-day Treasury bills were disposed of
this week
the
rate
discount basis of 63^%—-the figure to which
on a
advanced March 26; it
was
time been 6%.
some
It
of
case
steamship Olympic consigned to them.
pointed out, however, that the metal may be for them
was
two
were
three days
or
had previously for
The bills in this week's offering
DENIAL
outside of New York.
GREAT BRITAIN AS
IN
OF ALLIED
REPAYMENT OF ANGLO-FRENCH LOAN—TREASURY
PAYMENTS
According to
June 24, the
BY
London
BRITAIN
GREAT
cablegrams to
the
IN
N.
daily
Y.
papers
British Chancellor of the Exchequer, J. Austin
Chamberlain, in the House of Commons that day reiterating
that it
ments
to
the intention of the British and French Govern¬
was
redeem
the
States next October,
ment since
Anglo-French
Loan in the
United
announced that the British Govern¬
April 1 had paid off
an
additional $15,000,000 of
A statement
the
thereat,
Britain
a
was
officially
announced
by
officials
of
Exchequer is given
same
has
acquired in the neighborhood of $200,000,000 of its $250,000,000 portion
of the issue.
Boulogne.
The
it being intimated that
English credits or possibly English balances in this country are
more
than
adequate to care for the remaining outstanding part of the loan of which
England is responsible.
gold which is now held in London to the credit of France will be forwarded to
this country in connection with the Anglo-French bond maturity.
Whether
France will take up the entire amount of its half of the loan or will
see
put out an issue of notes for
a
In important
tained that in the event of
Nor has
a
fit to
substantial amount of gold coming to this coun¬
a
a
short term loan for the
possible consignment of gold for the entire $250,-
It is recognized that such
rumors in
meet
a
a
loan would necessarily have to be
transaction could readily be arranged if France chose to
part of its share through the gold shipment medium.
a
to America
her
con¬
to what Premier
as
in denial of the reports.
preparing to repay what she owes the United
made
was
in
a
corridor
of the
Premier's
was any
truth in the report that he
residence
The Premier
was
sending
was
an
in
asked
emissary
with the object of obtaining a cancellation of England's war
any
debt to Britain.
war
"We
are
not
sending
The $8,000,000 of gold which arrived from Europe
a
emissary to Washington,
moderate movement of the
nor are we
making
George replied.
'Great Britain is prepared to pay America and will do so.
expected
any
We
never
help from that quarter, other than the suspension of the
interest charges on Britain's debt,
If you
Asked if there
which the United States has already
want any further information on the subject ask Mr.
I have never
were
any
new
even
heard repudiation discussed."
developments with regard to Germany,
he replied:
'The question of a loan to Germany to help her pay for imports of raw
materials will not be considered until after the conference at Spa toward
the end of July, when the interallied finance committee
gold will be received in this country from the other side, although not by
yesterday is believed to mark the beginning of
any
advances regarding cancellation of any part of the British war debt,
the proportion of the amount which France suggests cancelling," Lloyd
or
It is stated
fairly substantial amount
any means as large a total as has been spoken of in Wall Street circles in
the past few months.
say
Downing street correspondent said this afternoon.
asked if there
Therefore those supposedly well posted on the Anglo-French loan situation
profess to believe that between now and Oct. 15
of
of the governments represented at those
the United States reporting Britain's stand to the contrary.
The statement
attractive In order to popularize it with the public, but the best banking
a
any
In fact, she is now
Austen Chamberlain.
opinion Is that such
indebtedness to America were discussed
Thus, Lloyd George, British Prime Minister, gave the lie to widespread
granted.
000,000.
on
"Great Britain has not the slightest intention of repudiating any war
portion of the total cannot be definitely stated
banking circles, however, the feeling is enter¬
to permit the establishment of
remainder, rather than
London cablegram
cablegram gives the following
been
as
a
suggested the repudiation of its obligations."
try for the account of France the credit position of that country will have
improved
made
was
The statement
debt to the United States, because France has asked Great Britain to cancel
France also has announced that her portion of the loan will be met on the
so
repudiated
States."
due date next October and it is regarded as not improbable that some of the
at this time.
ever
same
debts.
It also is known that that country has made definite arrange¬
ments to meet the remainder of its half of the loan,
be
the 24th inst.
follows in
as
Lloyd George had to
It is estimated that up to the present time Great Britain
interests.
on
either in the conference at Hythe or in those that have just taken place
the account of that government in the open market, it was learned from
already has been acquired in the open market by the
that
June 24 to the New York "Commercial".
short time ago that a little more than half of Great Britain's
authoritative sources today that since then a very substantial additional
either
at
attributed to J. Austen Chamberlain, the Chancellor of the
Great
share of the $500,000,000 Anglo-French 5% bonds had been purchased for
amount of these bonds
obligations
by the British Treasury
ferences
government
discussion
any
United States
the
to
suggestion by Governments represented
no
their
that
REPUDIATION
Boulogne Conferences and indicating
or
there had been
at
in "Financial America" of June 18.
it
Hythe
TO
DEBTS.
denying that there had been
Allied indebtedness
"No proposals dealing with Allied
following relative to the Anglo-French loan appeared
While
the
of
Treasury bills in New York.
The
in the
are
dated June 25.
BILL
as
previous shipments, they were not advised of their coming until
the vessels
chequer
on
that
informed
the debt due
ment
on
May 1
on
June 24 the
the
to
was
that
House
the United
meets."
Chancellor of the tEx-
the
accrued
interest
States since the last pay¬
$245,500,000.
precious metal in this direction, but bankers said that it is impossible at the
moment to make any estimate of the
this
probable total that will be received
summer.
GREAT
BRITAIN
TO
PAY
$10,000,000
IN
GOLD TO URUGUAY.
GOLD
SHIPMENTS FROM
GREAT
BRITAIN.
Following reports during the past week that
movement of British
it
was
gold to New York
announced last
was
an
extensive
tojbegin shortly
night that the first consignment^would
arrive torday (June 26).
As to the shipments now under
way, the "Wall Street Journal" last night said:
Advices
as
follows from Montevideo,
Uruguay, June 23,
appeared in "Financial America" June 24.
>een
received
by
the
! Britain to pay on July 1
under the credit
guayan
products.
Uruguay
government
An offer has
from
Great
$10,000,000 in gold due in December
granted England for the purchase of Uru¬
The offer has been accepted.
June 26
HIGH
RATE
OF
INTEREST ON NEW SOUTH
of a loan of £2,§00,000
The outstanding feature
which,
cablegram to the "Journal of Commerce"
London June 21, New South Wales is arranging in
from
a
is the fact that it will bear $14% interest—
London at par,
the
this according to
advices, representing a high record
The loan, it is
same
British Colonial State.
in interest rate for a
the United
States Mint of 1,500,000 ounces of silver from the American
Smelting & Refining Company; (referred to in the "Chroni¬
cle" of June 19, page 2531) the purchase of 1,700,000 ounces
of silver at $1 an ounce for delivery at Philadelphia and
San Francisco was announced by the Director of the Mint
on
June 22.
The press dispatches in reporting this said:
This
stated, will be redeemable between 1930
and 1940.
under
makes
total
a
GOVERNMENT
BONDS
ON
STOCK EXCHANGE.
The first sale
on
of silver, as there is little
In
of the
disposed of
Morgan & Co. and the
Guaranty Trust Company occurred on June 19; the initial
amount disposed of was 2,000 shares at 97}^.
Regarding
the delivery of the bonds the "Journal of Commerce" on
early the current month by J. P.
ceased temporarily the coinage of silver money.
1,500,000
Refining Co. to the Director of the Mint under the
to be delivered to the Mint at
ounces are
Philadelphia and 300,000 ounces
In addition it is reported that the Director
Francisco.
to the Mint at San
&
Pittman Act, 1,200,000
of silver sold by the American Smelting
ounces
purchased 600,000 ounces from other reduction plants.
of the Mint has
Deliveries at the Philadelphia Mint were started last
$50,000,000 Belgian Government loan sold here early
this month was made yesterday, temporary bonds being delivered by the
bankers. J Because of the wide distribution of the issue and the large
week.
characterized as involving far
more work than had been required in the case of several of the more formid¬
able foreign loans placed here.
Permanent bonds will probably not be
ready for three months at least.
The thought was expressed that the
payment might temporarily have some influence on the existing credit
which is
by checking against the Treasury's bullion fund,
metal is delivered
fund of unlimited
the expenditures
number of small
subscriptions the task was
stringency.
,v\
referred to in our issue of June 5, page
The offering was
2341.
amount out of which the Mints pay
coined.
For the 200,000,000 odd ounces
United
APPER MONEY
the Department of Commerce in
"Commerce
Reports" announced the receipt of the following information
from Trade Commissioner H. C. MacLean, at Rome, under
date of
April 22.
in
financial
made necessary continued increases in the circulation of
When, however, the subscriptions to the new 5% consol¬
position which
paper money.
Italian Government found itself in a
further increases
were suspended, and now, by a decree of the Minister of the Treasury
dated April 18, measures have been taken toward bringing about a gradual
reduction.
The decree in question provides for the return to the banks of
issue of 45,000,000 lire which was advanced to companies receiving subsidies
from the State in connection with railway concessions.
A corresponding
amount of bank notes will thus be withdrawn from the paper money in
circulation for the account of the State, and the relative credit toward the
companies in question is assumed directly by the Treasury.
idated loan, which were
opened
on
Jan. 7, began to come in,
While the
that
at the end of the process there shall be as many silver dollars as before the
act was passed, no time limit is set for the coinage to be completed. In view
of the demands upon the Mints for subsidiary and minor coins and the
resumption of gold coinage to replace coins exported, it is thought coin¬
the Mints will store the silver purchased.
the silver dollars melted be recoined so
Act requires that
of silver dollars may be deferred for the present.
age
contraction in the currency when silver certificates were
To prevent a
of June 20 published the
provided for the issue of Federal Reserve bank notes,
secured by certificates of
further provided that when standard silver dollars
denominations, including $1 and $2, to be in turn
The act
indebtedness.
coined
are
purchased under the act the Federal Reserve
of bullion
out
banks shall be
required by the Federal Reserve Board to
and the Secretary of the Treasury
Copenhagen June 19.
organized here with
a share capital of 2,000,000 crowns, principally held by British and Danes
The Chairman is Sir Martin Abrahamson.
It has received from a Russian
bank about 5,000,000 crowns ($1,350,000) gold, which has been deposite
The International
in the Danish
Clearing House, Limited, has been
National Bank.
or
interested in strengthening Russia's ability
been satisfacotrily settled after the
of the terms the gold will be returned to the Russian co-operatives.
goods credit in the countries
As soon as the credit has
pay.
expiration
REMOVAL OF INDIA'S GOLD
IMPORT RESTRICTIONS.
TERMINATED.
Special cable advices to the New
June 22 said:
York "Evening Post'
from London
reduction in the India council
exchange rate have been confirmed.
It is also announced that the "inter¬
nal" Indian ratio of 15 rupees to the pound sterling, gold, will cease to exist
after July 12, while restrictions over the private import of gold into India
were
here regarding a pending
officially removed
yesterday.
of the melting pot.
silver from the Far East carried the
price up to $1 37 34
the future of silver
over
The gold parity or melting point of
dollar
silver
was
the American
when the
crossed at $1 2929 an ounce/and
countries were then suffering from the
being shipped
coinage of
Last November when
price of silver crossed $1 38 it would also become profitable
to melt down subsidiary coins.
Mexico, France, Great Britain
out of the country
to dealers
and other
hoarding of silver coins which were
to be sold as bullion, and in some
stamps to make change
countries it was even necessary to resort to postage
Congressman L.
on
with a view of pro¬
bill to reduce the fineness of
sub-committee of the
T. McFadden of Pennsylvania,
tecting American silver coinage introduced a
silver coins from 90 to 80 %.
The bill was referred to a
and hearings held, but no
proposal.
With silver now fluctuating
silver coinage seems safe without legis¬
Banking & Currency Committee of the House
action
was
taken by Congress on the
between 80 and 90 cents an ounce
lative action.
HIGH
IN
DUTY
EXPORT
HOLLAND
SHIPMENT OF DUTCH SILVER
PREVENTS
TO N.
Y.
FOR GERMANY.
The
following
Street Journal"
London—It
is
London
advices
appeared in the "Wall
of June 22:
reported
here
that
the
Government recently
which was deposited in the
German
shipped 2,000,000 ounces of silver to Holland,
sold to it.
Netherlands National Bank, but not
A further 2,400,000 ounces
for repayment
ship 4,000,000
florins worth of this silver to New York, but the high export duty of 10%
demanded by the Netherlands Government stopped the transaction.
Duty was fixed at this high rate to prevent the export of melted down
was
the above the "Post" said:
New York bankers with Indian connections said this morning that they
had long expected the removal of the prohibition upon gold imports into
India for private account.
The Indian Government, which alone could
import the metal, had been making profits as high as 75% by selling the
metal on the bazaars to the Indian natives.
Strong protests were made in
the Indian publications against this practice and the premium gradually
Commenting
outstanding, the bulk
were
Treasury officials became concerned
ounce
coins in this country.
—RATIO OF 15 RUPEES TO £
Rumors current
notes
in retail trade.
the Clearing House the first positive step toward
the resumption of trade with Russia has been taken.
The deposit of
Russian gold will in no way prejudice the solution of the problem of compen¬
sation to French and other holders of Russian bonds deposited in the
National Bank, the gold being exclusively a guarantee for goods exchange
By the organization of
to
bank
the Pittman certificates.
below the dollar mark the silver
With silver metal now quoted
standard
copyright cablegram from
The amount
On June 11,
outstanding is $259,375,000.
Reserve
Federal
$181,382,000
secured by
certificates
Act
Pittman
shall pay off and cancel any certificates
deposited as security for the notes retired.
of indebtedness
of
retire such Federal
the number of dollars coined,
Reserve bank notes in an amount equal to
an
following
them, the
in any
permit of the melting of the silver dollars securing
to
Pittman Act
the strong demand for
The New York "Times"
price of $1 an
required by the Pittman Act.
the United States is in no danger
RUSSIAN GOLD IN DENMARK.
The
Government received $1 and $1 0134 an ounce.
States
anticipation of repurchasing the silver sold at the fixed
ounce as
retired
Up to the end of 1919 the
of currency
sold by the Treasury to Great Britain
proceeds of the sale may have been included in the general funds of the
Government or may have been credited to the account of the bullion fund
Pittman
On May 27
convert metal into money,
for gold and silver being offset by the credit
In effect the metal pays for itself.
For the present
ITALIAN DECREE FOR REDUCING
a
for gold and silver bullion taken in.
The fund in fact is a revolving fund, used to
the
said:/
purchased, the "Wall Street Journal" of June 21
Of the
Payment for the silver is made by the Mints where the
Payment for the
under pro¬
this to increase the price
demand for the metal abroad at this time because
stating that for the present the Mints will store the
silver
June 19 said:
Treasury officials
of silver must bp purchased
ounces
visions of the Pittman Act, but they do not expect
several governments have
-
the New York Stock Exchange
Kingdom of Belgium external 7}4 loan
New
YORK
NEW
acquired by the Government
of 3,200,000 ounces
authority of the Pittman act this month.
the
estimate that 207,000,000
BELGIAN
MINT.
PURCHASE OF ADDITIONAL SILVER BY U. S.
Supplementing the purchase last week by
WALES LOAN.
according to
2613
THE CHRONICLE
1920.]
lodged with the Dutch Colonial Bank, destined to serve
of debt in gold
marks.
The Colonial Bank endeavored to
Dutch currency.
"FOREIGN" AND "DOMESTIC11 SILVER
QUOTATIONS.
disappeared.
refeijring last week to the fluctuations in the price of
silver (page 2530) we indicated that a change had been made
in the form of quoting silver; this had followed the arrange¬
ment made by the U. S. Treasury Department to purchase
silver from domestic producers under the terms of the
Pittman Act on the basis of $1 an ounce, dealers in the metal
In
INDIAN GOVERNMENT
the following London
Journal" of June 22:
We quote
Street
Indian Government announces
Ten-year 6% loan,
war
LOAN.
advices from the "Wall
loans for unlimited amounts as
follows:
issued at pay and repayable at par, for which Indian
will be accepted as subscription; a long-term 5%
bonds maturing 1920-21
loan, issued at 95,
for which
October 1945 and October 19 55,
1920-1923 will be accepted as sub¬
repayable at par between
Indian war bonds maturing
scription.
Of the aggregate long-term
depreciation.
loan, 1 Yt% will be
placed in a fund against
Both loans are free of Indian normal income
Subscriptions will be open in India
liable to Indian supertax.
to
August 14.
Issues are changeable into
bearer bonds.
tax but are
from July 5
having
on
the 17th altered their form of
entiate between United States and
quotation to differ¬
foreign metal.
In
ex¬
planation of the change, Handing & Harman issued a state¬
ment
saying:
Silver, only when
accompanied by the affidavits that it is mined and
"Domestic Silver." and a good delivery for
refined in the United States, is
THE CHRONICLE
3614
[Vol. 110.
sale under the Pittman Act at $1 per ounce 1,000 fine, delivered at the de¬
opposition to
signated mint.
bankers and their arguments prevailed.
All other silver of every
description, is quoted
"Foreign Silver," based
as
the price that can be obtained in the markets of the world.
on
special session of the Legislature
a
represented.
No steps looking to relief from
was
fou nd strong
other quarter
any
among many
Every bank in the association
taken.
was
was
Neither the
National Government, the Federal Reserve Bank of the district
the Fed¬
nor
eral Reserve Board will be appealed to now, and so far as any remedial sugges¬
OF BILL FOR BRANCHES OF STATE BANKS
DEFEAT
OUTSIDE
D.
this
HOME
President of the New York State Bank¬
as
ers' Association at the annual convention of the latter at
Park
June 17 said that "no state
on
re¬
asking for the right to permit state banks and trust
companies to
open
branches outside of their home towns
under certain restrictions."
and that if it
cities,
or
There has been
There is
one
helping along the deflation of existing loans.
banks
banking should not be adopted without full and careful consideration by the
bankers of the state, if at all.
It was, therefore, voted that the Association
emergencies
CLEARING
measure was
HOUSE
LEGAL LIMIT OF
The
the
an
defeated.
a
in the State
considered at
a
RATE.
meeting of the Baltimore Clear¬
June 7, but according to the Balti¬
"Sun" of June 8, after a full discussion of the present money
more
the table.
on
sideration in consequence
rate
unanimously decided to
was
The subject
was
brought
of the establishemnt of
up
for
con¬
7% discount
a
by the Federal Reserve Banks of New York and Chicago,
and the
possibility that the Federal Reserve Bank of Richmond
might find it
similarly to increase its rate.
In
an
meeting of the Clearing House to be held
on
necessary
relative to the
item
that
day, the Baltimore "Sun" of the 7th inst. said in part:
Something in the nature of Federal legislation
may
thought by
certain that sweeping enactments would prove
elastic enough to suit varying conditions in the various States.
The point,
however, will be given consideration at a general meeting of the Baltimore
no means
which it
Clearing House Association today.
was cited by
president of the association, as an instance of the wide
divergence of State regulations on the entire interest problem. He pointed to
the New York law, which allows any rate which money conditions dictate to
be charged on call loans of $5,000 or over, the Florida and South Carolina
comer was
in
a
per
cent, and similar disparity in many other States.
not sure,
however, that anything mutually satisfactory
national way to remedy the condition.
He
was
Mr. New¬
can
certain that
be done
no
can
Mr. Newcomer revealed that during a recent conference with Governor Hard¬
ing, of the Federal Reserve Board, he advocated
an
amendment to the National
Bank act to provide for the contingency of a rise in Federal Reserve interest
rates above the
figures allowed national banks in the provisions of the act.
Mr. Newcomer's opinion, such
a
step was about the only
measure
^Governor Harding
expressing
an
Congress to grant.
noncommital," said Mr. Newcomer.
was
opinion
the slack between
up
a
was
6%
by
Seay of the Federal Reserve Bank of Richmond in
indicated that the bank would adhere to the 6%
was
present.
AT
NEW
YORK
The statement that the usury
Bank of New York
CONVEN-
BANKERS'
re¬
as
to the
advisability of such
a move
"He refrained
corpora¬
by the "Wall Street Journal" of June 19 in
say
at the annual convention
at the New York State Bankers' Association held at
Bearing of the
new
occasioned
customers
7 % Federal Reserve discount rate
a
banks' loans to
on
lively discussion amont the state bankers at their
mittee here, and the remarks indicated that the banks
to what
Asbury Park
We quote as follows from that paper:
last week.
were
in
no
their position was with relation to the usury law.
% for accommodation at the Reserve banks they
feel that
com¬
little quandary
If they must
pay
they should obtain
than this rate from their customers if the Federal Reserve discount system
more
is not to be entirely
prohibitive.
The matter resolved itself into two
questions, namely: How
can a
country
bank help in the deflation of unnecessary credits at this time? and, should the
increased discount rate be passed on to the customer?
called upon Robert H.
The bankers present
Treman of the New York Federal Reserve Bank to
these questions.
Regarding the difficulty of
a
7 % bank rate and how the country banker is
going to charge 7% with the state law limit of 6%, Mr. Treman said that the
law did not apply to corporations.
usury
charged
rate bankers
any
see
fit.
In the
should be able to induce customers to
Loans to corporations could be
case
of individuals and firms bankers
keep larger balances.
favored the 6% rate on loans to small customers
even
Mr. Treman
though the Federal
Reserve Bank rate is 7%.
"It
time,
to
seems
as
me," he said, "that it is not
it is to arrest inflation.
streams
many
know what
problem is
one
We
are
question of deflation at the present
a
in
a
period that is
so
running into the main stream that it is
are
uncertain and so
very difficult to
the main stream is to take in the next few months.
course
at this time.
that rests mainly with the banks, to restrict credit
The
they should
as
We should be very careful not to deny credit in places where
it is
essential for proper production."
Mr. Treman pointed out there was no need of any
ever,
most
and contented
law does not apply to
reporting what Mr. Treman had to
In
of banking
lief in the power of the recent session of
from
of the meeting
concensus
tions is attributed to Robert H. Treman of the Federal Reserve
Federal
be taken before Congress reconvenes, and before that, he believes,
some local action must be taken in the Fifth Federal Reserve
District, of which
Baltimore is a part.
action
Therefore the
TIO N OF DISCO UNT RATES—R. II. TREMA N'S VIEWS.
The wide disparity between call loan rates in various States
eight
legal State rate.
DISCUSSION
answer
Waldo Newcomer,
rates of
equiligrium.
would arise if the Richmond bank should advance its discount
issue of June 5, page 2348, we gave a statement
our
rate for the
as
necessary as an
world with respect to interest rates, it was intimated yesterday by several of
the city's financial leaders.
was
In
7
become
ultimate solution of present unsatisfactory conditions throughout the banking
It
rate above the
an
the local
well fortified with reserves, accumulated to meet just such
are
as
need for
no
on
situation and the credit outlook it
lay the matter
struggle along and maintain
can
Banks here
Governor
special session of the State Legislature to consider
was
be brought down,
can
the discount to be advanced and with it held at its present level
AND
amendment to the law limiting the legal rate of interest to 6%
ing House Association
If these
credit strain there will be
a
of this surplus should be used in taking
lending rate and a 7% borrowing rate.
ASSOCIATION
INTEREST
Without
that part
question of appealing to Gov. Ritchie of Maryland for
calling of
attempt has been
no
contemplation.
prevent this action—for customers of banks
in this district to fully co-operate with the banks in their respective sections in
discounts may solve itself.
was
BALTIMORE
may
said President Waldo Newcomer, of the Clearing House, the question of future
He added:
the passage of the act, and the
thing which
requests
Richmond Bank that it will not
not the bank has this in
or
possibility
only charge then 6% for the accommodation.
intimation from the
no
made to find out whether
a
to the banks who meet the
raise its discount rate, and those at the meeting say
claimed with considerable logic that such a privilege would re¬
benefit to rural banks and communities, yet the Council of Ad¬
ministration felt that such a radical change in the fundamental scheme of
oppose
It is admitted that this is
it will entail serious loss
comes
of customers, when they can
sult in great
While it
closed.
should raise its discount rate to 7 %.
Asbury
legislation affecting banks
quires special mention at this time except the bill introduced into
both houses
was
agreed that with the cooperation of their borrowing customers
they will be able to handle the situation even if the Richmond Reserve Bank
Irving Mead, Vice-President of Irving National Bank of
city, in speaking
tion is concerned, the matter
The bankers
CITY.
go
He warned, how¬
of the Japanese situation, and pointed out that expansion of paper was
pronounced in every country in the world. He said that we should not
further in
We should recognize the situation and be the
expansion.
paper
leaders of the world
panic.
today in wise
economy
and wise concentration, and con¬
wealth to supply the countries of the world, not only with
food, but
himself with pointing out that Congress
serve our
be impossible to get the
with the credit they need.
European countries cannot rehabilitate themselves
It is by no means certain that legislative relief will be decided
upon as the
best course, it was intimated by both Mr. Newcomer and Mr. Charles C.
unless
that they
Homer, Jr.
DISCUSSION
was about to adjourn and that it would
through the present session."
measure
Mr. Newcomer pointed out the dilemma presented by such
a
plan
they obtain credit
so
AT
"As the law stands, the State and the Federal Reserve rediscount rates
same.
The fact that banks are forced to handle such
paper
at
a
are
net loss equiv¬
alent to the overhead expense has tended to influence them to cut down
un¬
loans to the lowest possible minimum. If, on the one hand, the Federal
Reserve rate should go higher, the banks would be faced
by heavy losses which
they could not sustain and would be without redress. If, on the other hand,
necessary
the Legislature should grant us relief the action would
necessarily extend to
all paper of that type, would cause the banks to make
apparently large profits
and besides would tend toward the very condition of inflation which we
have
been trying so hard to combat.
hasten
an
Then, too, action by the Legislature might
increase by the Federal Reserve Bank."
Mr. Newcomer will present
the form of
a
copy
an interesting "exhibit" at today's meeting in
of the interest law recently passed for the benefit of the
District of Columbia.
cent,
on
This act permits a maximum discount rate of 8
per
"contract" paper.
Mr. Homer said that he has been informed that the North Carolina
lature will meet during July to consider legislation similar to that
the District of
for
some
Legis¬
adopted for
Columbia, and he will join with Mr. Newcomer in asking the
Clearing House Association
to
give serious attention
to this
possible remedy
banking ills.
Richmond Men Approve Plan.
as
is contemplated in
As to the decision of the
a
Maryland,
Clearing House to withhold the
re¬
special session of the Legislature, the "Sun" of the 8th
inst. said:
was
concluded that it (the
tengencies
as
they arise
as
Clearing House) will seek to handle the
best they
can
with the
resources
available.
HIGHER
BANKERS
INTEREST
CON¬
RATE.
Referring to the discussion of interest rates had at the annual
Springs, Pa.,
on
inst. stated that
bills will
Bedford
June 17 the Philadelphia "Press" of the 18th
"at the next session of the State
undoubtedly be introduced to fix
interest in this State.
a
Legislature
higher legal rate of
The "Press" observes that "like
commodities the price of money has risen
prices of
above the legal rate of
6% in this state, and because funds command higher rates of
interest, it
coming
was
said here [at the Convention City] they are be¬
so scarce
transactions
and
in Pennsylvania
as
to interfere with real estate
the
building of much needed homes."
An
the interest laws of the state so as to permit the
amendment to
making of contracts for
larger interest rate—8
a
advocated at the convention
or
10%,
w7as
by John G. Reading, President of
Susquehanna Trust & Safe Deposit Company of Williams-
port, Pa., who also stated that with such
well "to put a more
above such
the
as
legal and contract rates."
a
very
well
con-
tract, is 6%.
The
may
choose.
a
change iffmight be
highly penal provision for
Philadelphia "Press"
There is
States,
in Maine the
/
It
OF
materials.
a
would not prove an inducement to the curtailment of loans and discount trans¬
actions.
Rather the contrary, the Richmond bankers believed.
quest for
our raw
convention of the Pennsylvania Bankers' Association at
the
While in Richmond recently Mr. Homer found what he believed
to be
general feeling that legislative action, such
VENTION
the
purchase
PENNSYLVANIA
follows:
as
may
as
usury
in
any
form
Mr. Reading is quoted in
saying:
great variety in the legal rates of interest in the several
almost
great a variety in the usury laws.
For instance,
legal rate, when nothing is said at the time of making the con¬
as
as
But the parties
And there
are
may
no
contract in writing for
usury
laws and
no
any
penalties.
rate they
So, too, in
June 26 1920.]
THE CHRONICLE
Massachusetts, while the legal
rate is
6%, the parties may agree in writin
for any rate.
And in R,hode Island the legal rate is
6%, but by agreement
in writing the parties may
agree up to 30%.
In
Connecticut, the legal
and receive
pay
take this position is, therefore .^necessarily
I
fiation.
6%, but parties may agree in writing to
But the digest of the laws of Connecticut,
provide that this power to agree for a higher
recede and
This
6% did not apply to banks and trust companies.
In Colorado the
legal rate is 8% and the contract rate limit is 12%, save that when the sole
In many
rate is
States there is the
stipulated, and
on
difference, viz.,
same
legal rate where
no
a
contract rate up to
In like
dollars
either
principal
12%.'
In
interest, while in Maine there
are
no
laws and
usury
beyond that
be recovered by the borrower if suit therefor is brought within six
But there is no other penalty under the Pennsylvania
statutes.
National banks, however, seem to be under the Act of
Congress
of 1864, and may be penalized by a
recovery from them of double the amount
months after payment.
istbrought within two
must suffer from the
we
years of payment.
opprobrious term "usurer" if
than "the legal rate.
more
And the courts have
to hold
that any attempt to collect by
artifice,
more
than 6% is
of commissions
way
length
other
any
usury laws.
larger cities in Pennsylvania, where there are stock exchanges, also
suffer from the lack of a legal money market.
The Act of 1903 provided for
The
the creation of
a
money
right to collect
market by giving, just
agreed rate
any
exchange collateral, in
subsequently repealed.
was
the present need.
But
New York statutes give the
notes with stock
as
.
laws of the various States, Pennsylvania would
small minority of only ten States and join a very large
majority, if it amended its interest laws so as to permit the making of con¬
out of
tracts in
a
very
writing for
a larger interest rate—say up to 8 or 10%—and it
might
change, to put a more highly penal provision for usury in any
form above such legal and contract rates."
be well with such
The First National Bank of
Philadelphia in its letter
on
the
Business and Financial Outlook issued under date of June 15
in
stating that the naming of
a
7% rediscount rate by the Federal
Reserve Banks of New York and
credit strain
almost
as
Chicago had "emphasized the
nothing else has since the
ended"
war
added:
The
Philadelphia Federal Reserve Bank has not followed this advance,
being, no doubt, the restrictions in the law which prevent charging
more than 6%
for accommodation.
The banks of all cities, however, are
finding it necessary to discriminate between, non-essential loans and those
one reason
whose proceeds are to be
productively employed.
This is a safety measure
of great importance and means much for the safeguarding of constructive en¬
terprise.
There is much less to be alarmed about in the present credit situation
adoption! of these expedients to curtail accommodation to
is
so
convertibility of their
no
of the
depreciated
a
money or credit
your paper cur¬
into gold and they
paper
are
therefore doing
Reserve notes
was
On May 23, 1917, it
was 63.3% and on June 12,
1920, 43%.
The
still being adequate—a free gold market still existing in the
United States, gold and paper being at a parity, the decrease in
reserves from
87.9% to 43% is expansion and not inflation.
On the other hand, the situa¬
gold
reserve
tion of some of the leading European countries is that their
gold reserves are
practically depleted, their gold is impounded, there is an embargo on its
export and their paper currency is inconvertible.
England, France, Germany and Italy have genuine credit inflation and a
serious depreciation of their paper currency as is shown
by the fact that one
English Pound Sterling of
while
paper money on
normally worth $4.86,
June 14, 1920,
French Franc
one
normally worth 19.3 cents.
was
One German Mark
was
worth $3.93,
worth 7.55 cents,
being
worth
while
was
One Italian Lira
normally worth 19.3 cents.
was
5.46
cents
worth 2.48 cents while
normally worth 23.8 cents.
But whether you
merely
call it credit expansion or credit inflation, it may be said
question of terms and that, after all, the real question is whether
circulation and bank deposits is responsible for
a
not the increase in paper
increase
the
in
prices.
I maintain that it is not.
prices have risen to figures
credit has
expanded
before the
was
EXPANSION.
reserve
paper currency
United States against net deposits and Federal
'87.9%.
or
COUNTRY'S CREDIT
say a
gold
your
demand for goods,
much as we were after the civil
On April 30, 1915, the Gold Reserve of all the Federal
Reserve Banks
war.
borrowers upon speculative collateral.
DAHLS ON
•
deposits
to decrease your gold reserve to
as
business with
to be
M.
and bank
30%.
You then have credit
expansion but only when this assumed safe reserve is exceeded do
you have
credit inflation.
In this country the increase in our
paper currency and bank
deposits has not impaired our gold reserve.
That is not the situation in the
principal European countries for their gold reserves are so depleted that there
than before the
GERHARD
paper currency
consequent increase in prices and a resultant increase in
required to transact business, you may have an increase in
rency
,
interest
Judging from the
move
Credit expansion is
merely an increase of th
a
I do not know why this Act
this Act in force it would not meet
or more,
were
or un¬
money
more accurate to describe our
condition as one of credit ex¬
The difference between the two is the difference
between main¬
business condition which creates surplus reserves so that
is at the time 75%, but there follows a great increase in
the
demand collateral
upon
of $5000
sums
quantitative theory of
beyond the normal existing at the time with which it is
compared without
depreciating the credit instruments in terms of gold.
If your assumed gold
reserve against paper
currency is 30% and a decrease beyond that
point creates
a lack of confidence in the
ready convertibility of paper into gold, then such
decrease depreciates your paper currency in terms of
gold and you have
credit inflation.
But if your assumed gold reserve is
30% and you have
attempt to
or
our pres¬
,
said to exist credit inflation.
violation of the
a
correctness of the
instruments of credit including, of course,
And in either
we
gone to great
prices and credit.
misconception of
while here it is
In Pennsylvania the legal rate is 6%, and
any amount collected
collect
assuming the
are
and fundamental
Those who take this position either
consciously
my
pansion.
rate may
of usury paid, if suit
situation.
taining and not maintaining the paper currency
of| a country at a parity with
gold in which that paper currency is redeemable.
So long as a country remains
on a gold basis and its
paper currency is readily convertible into
gold and there
is no depreciation of the paper
currency in terms of gold, there cannot be
no
penalties. *
event
an erroneous
judgment we have not, in this country to-day, credit inflation.
England, France, Italy and Germany all have tremendous credit
inflation,
the usury
or
mind,
money.
This theory assumes that if we increase the number of
increase prices wholly regardless of
supply of good and the demands
we
therefor.
laws differ throughout the States.
For instance in
Arkansas, where the legal rate is 6% and the contract rate up to 10%, the
usury laws provide that, where usury is charged, the lender cannot recover
manner
money on the theory that thereby prices will likewsie
will return to the
pre-war condition both in
we
quantity of
Illinois makes the legal rate
5%, but permits
And Montana makes the legal rate 8% and the
7%.
quite simple, namely, credit devoluntarily to curtail credits and
some
This theory is that the average of
prices is the result of the
volume of trade and
money respectively so that an increase in the
amount
of money increases the
average price per unit of goods, that the volume of
trade remaining the same,
prices will be increased by the increase in the
greatly in the various States.
contract rate up to
it is proposed by
and I prices.
higher rate limit where the contract is in writing,
and the higher rate is agreed upon.
The legal and contract rates differ very
a
so
my
consciously
the agreed rate.
a
is, to
ent economic
rate than
security for the loan is real estate, the sky is the limit
And
j decrease the supply of
rate is
12%.
to
up
which I consulted, seemed to
3615
so
than double the
more
It is well known that
level, while bank
that to-day the total volume is almost twice what it
pre-war
This increase in the price level,
war.
however, is due entirely
expansion of credit and
of'the coincident rise in prices.
The
law of supply and demand seems to have been entirely overlooked
by those
who claim that the increase of money and credit has caused the
increase in
to influences outside of the financial structure and the
An
in
address
which
he
observed
industry and finance caused by the
world
men
wide
economic
war
that
the
dislocation
of
has presented to business
problems
influencing
their daily
delivered by Gerhard
M. Dahl, Vice-President 1 of the Chase National Bank of this
decisions and
pressing for wise solution,
was
city before the annual convention of the New England Bankers'
Association at New London, Conn., on June 19.
Mr. Dahl
noted that there
"two elements of the
are
duction and distribution of
goods which
—the demand for credit exceeds the
machinery of the
in
are
a
critical condition
plied by leaps and bounds."
Mr. Dahl followed
up
this obser¬
to
prices, labor and credit.
trader
or
up—questioning the future—uncertain
Every
man
answer to
tions Will there be any considerable drop in the average
Will
Will
we
1914?
have
we
authorities
the ques¬
prices of all
drop in prices and will we return to the price level of
money conditions?
Are we to have a more serious credit
have to face
a
pointed
on
finance
Will labor continue to demand
revolt of labor to such
out
are
an
extent
as
seriously to
"economists
that
not in accord either
and
as
recognized
to the
causes
a
many
of
well known authorities disagree it is not
to either dogmatize as to present conditions
my purpose
attempt
so
positive forecast of the future."
his purpose
"only to point out what
seems
popular but fundamental misconceptions
increase in
and permanent
our
or
to
He explained it
as
to me to be
as to
the
condition
my
judgment
as
prosperity of this country."
one or
causes
prices, the remedies to be applied and also
indispensable elements in
two
of the
success
Mr. Dahl described
inflation,
and in his discussion with regard thereto said in part:
In the greater part of
current
economic
economists,
or
the discussions
problems,
bankers,
we
we
whether by
find it assumed
high prices is credit inflation.
a
it does not follow that the additional $1,000 is the
the
money to transact the
cause
of the increase in
price of wheat.
Beginning with August,
dominated
by
1914, the principal industrial European nations
one industrial and financial policy,
namely, the
Anything which contributed to this end was eagerly
sought and the United States soon felt the effect of the demand for war materials
were
winning of the
53%
but
war.
average
at that time had increased
only 1%.
stated that the
cause
of all prices in this country
class of
goods—explosives.
was
By March, 1917, metals had also practically
doubled in price.
The most accurate
price data which
the Bureau of Labor Statistics.
take the average prices
we
have
are
of present
Th? remedy which is presented by those who
the figures prepared by
The index numbers prepared by this bureau
of 1913 and call that 100.
Their figures show that in
had increased to 124, and that in 1917 it went
further that while the average of prices for
1916 the
general price
It is important to note
average
1916 was 124, the actual index number for December, 1916, was 146, that for
April, 1917, 172 and that for Ju"ne, 1917, 185.
From these figures it is evi¬
dent that the upward trend in
prices had begun before our entry into the
little increase in prices from June, 1917, to February,
1919, the period which covered our active participation in the war." By
February 1919, the index number stood at 197 as compared with 186 for July,
war.
There
was
very
,
to note
increase of only 11 points,
or only aboqt 6%.
The important point
is, however, that of the increase in price which took place prior to
an
February, 1919, by far the greatest portion occurred prior to
ticipation in the
inauguration of
to that
war,
excess
our
active par¬
prior to the flotation of Liberty Bonds, prior to the
profit tax laws, prior to profiteering and prior, of course,
"inflation" of which
we
hear
so
much
to-day.
tremendous increase in prices had occurred before
any
In other word*
of the
causes
a
now
commonly given for price increases could possibly have been operative, and
such price increases occurred too in spite of a rapidly increasing production.
The increase
was
due simply to
a
tremendous expansion in the demand for
commodities from Europe with which to carry on the
read in our daily journals of our
editorial writers, business men,
or
average
This
supply and demand, not in¬
The increase in the price of chemicals was confined
principally to
flation.
one
Prices of war materials rose rapidly.
By
prices for chemicals in this country had increased
the prices of 1913, although the
over
1917,
one or two
to the future
of credit expansion, and not credit
as one
more
an
to 176.
present conditions, the remedies or thfe future," and he stated
that "where
We do know that if prices increase
unit.
If wheat is $1.00 a bushel, it takes $1,000
exchange for 1,000 bushels of wheat, but if wheat increases to
bushel, it takes $2,000 to handle the same number of bushels.
But
to make
com¬
the price level of the time of the armistice?
industrial prosperity?
our
Dahl
Mr.
to
What about labor conditions?
Will
jeopardize
return
of the increase in prices.
cause
amount of business per
same
December, 1915, the
further
What about
stringency?
more?
a
we
ture is the
or circulating media have
always
that the increase in the credit struc¬
prove
through the law of supply and demand it takes
as
of business, whether manufacturer,
banker, is influenced in his daily actions by the
modities?
cause
from England, France and Italy.
vation with the statement that:
Business is hesitating—slowing
result and not the
hand in hand, but that does not
gone
supply" and "labor is be¬
coming increasingly inefficient while its demands have multi¬
a
Increased prices and increased credit
prices.
$2.00
pro¬
is
currency
war.
%
The increase in
which
was
prices being caused by the increased demand—a demand
urgent and imperative and for a cause which demanded haste and
results regardless of cost—and not
of
by|so-called credit inflation—the future
prices will be determined by that
same
trend
law of supply and demand and not
voluntary so-called credit deflation. If business slows up and prices
credit contraction will necessarily take place as the same amount of
money or credit will not be required to conduct our trade.
But credit contrac¬
tion will be the result and not the cause of the slowing up of business and
by
any
recede,
remedy for such difficulties as we
be remedied by any simple prescription.
find
not be overcome
a
except by the
cultivation of thrift and economy.
Economy
people should begin at the top—with the government selected by the
people themselves. Individuals cannot be expected to initiate national economy
if the government itself sets an example of waste, extravagance and ignorance
of economic principles.
Our legitimate war expenditures are practically over
but our war taxes continue.
The ease with which imposts may be levied on
business in the form of excess profits taxes, and on individuals in the shape of
by
our
tempted Congress to continue and not to contract its
expenditures-. The excess profits tax levied on business is inevitably passed on
to the consumer and thus adds to the cost and is reflected in the price of goods.
One of the first steps on the road to the reduction of prices is the curtailment of
congressional appropriations and the reform of our tax system.
Notwithstanding the burden of taxes already imposed upon business and
individuals, notwithstanding the necessity for economy in governmental ex¬
penditures, the House of Representatives before its recent adjournment took
occasion to pass the so-called Soldiers' Bonus Bill which is estimated to involve
an expenditure of $1,276,500,000, and which imposes additional taxes on in¬
dividual incomes, on the sale of stocks and bonds, on the sale of real estate, on
cigars and tobacco and an excise tax on corporations issuing stock dividends.
This bill gives $1.25 per day for each day of service in excess of sixty days to
our service men overseas and $1.00 per day if such service was not overseas
with a limitation of $625.00 for overseas service and $500 for no overseas ser¬
vice.
The bill also gives an option to veterans of the late war to receive an
"adjusted service certificate," to receive "vocational training aid," to receive
"farm or home aid" or to receive "land-settlement aid."
The adjusted service
certificate would give to veterans entitled to the maximum $625.00 a cer¬
tificate of the face value of $2,110.25, payable in twenty years or at death.
No more iniquitous measure has passed the House of Representatives in a
great many years.
It is a bill clearly not based upon any principles of equity
or justice, for it awards compensation regardless of the financial needs of the
service men and does not discriminate between those who were injured and
those who were not.
It is clearly a yielding to clamor of a particular class
in the same manner as Congress yielded to the clamor of the railroad unions
heavy income taxes, has
There
can
be
no
respect for courage and character,
have been the part of brawn to
democracy, but at least it is up to courage and •
ship them. But the world still has some
if their muscles don't bulge.
It may
even
make the world safe for
character to
make America safe for Americans.
"We have men
York has just said
York, and
whjo can say 'No.'
The Merchants Association
"No" to the striking teamsters and longshoremen
their 'No'will be heard around the
of New
of New
world. Judge Gary said 'No'
of freedom to the steel-trade workers,
fight which stemmed the tide of social¬
ism, and turned disaster into victory—to my mind a greater courage and a
greater victory in peace than any vicotory of the war!
i
"Is it true that there is a shortage of labor here? Is it true that there is labor
to those
who would have closed the doors
and then he fought that courageous
going to waste in the devastated countries of Europe?
at one and the same time we are sending millions for
And is it true also that
relief to these countries
Are we not doing
the public by the
throat whenever their exorbitant demands are refused?
"Why don't we make Congress and the Government say 'No' to them and to
this absurd policy?
And if our leaders, so-called, are afraid, let us send them
to the oblivion where they belong.
If the Upper Ten of Government and
Capital will not say 'No' to the Soviets of the Lower Five, ldt us of the Eighty-
keeping up barriers against immigration from them?
this at the behest of the very labor-leaders who are grasping
while
ourselves—and start it right away.
of parsimony and peanuts. There is a lot
of buncombe in wearing blue denim overalls and calico Mother Hubbards.
But we can and should be moderate in our expenditures—cut them down to
reasonable necessities and simple pleasures. We can be temperate in everything
but work and production.
If we have become used to shorter hours we can
make those hours more productive with intense work, and if there are enough of
five Between take charge
"We need not rush to the extreme
State to State,
reconstruction and this nation in
a period of readjustment.
Not only must be readjust our trade relations with
the rest of the world, not only must we suffer a pronounced curtailment of
the huge export balance which we have enjoyed for the past five years, but
must readjust our own internal credit, transportation and industrial sit¬
uation.
While we are now faced with a strain on our credit system, there is
nothing ahead of us which cannot be solved without serious disarrangement
by wise and conservative conduct of our financial and business affairs and by
the exercise of sound statesmanship by those who have in charge the con¬
will soon carry from town to town and
till the right spirit and the right principles spread from Maine
doing these things, our example
us
California.
to
"We shall then have our
leaders stop saying 'Yes' to
wild theories and not
and realizing that
whose rights and
privileges must always be respected—the hitherto long-suffering public.
We shall then establish the most important—the only effective—system for
democracy—the system of co-operation the sympathy of united and willing
effort between Government and the Governed; between Capital and Labor;
between banker and depositor; between brains and brawn—an unbeatable,
merely saying 'No' to them.
in every contract
We shall have them saying
and in every controversy there is one party
a
combination which when
in the fall of 1916.
The European
self-denial for ourselves.
prairie fire by giving in to it. You can't compromise with it.;
compromise with deliberate injustice or persistent wrongs.
Let's stand up and fight the demands of the proletariat and proletariat-loving
Governors and candidates.
They are only after votes. The war has put
brawn and brawn's votes on a pedestal, and brawn and its votes insist we wor¬
You don't stop a
havjs. The inefficiency
of labor cannot
The evils of decreased
production cannot be overcome by tampering with our credit machinery, but
only by faithful industry and energy. The habits of extravagance and waste
cultivated by so many of our people as an incident to our great prosperity can¬
we can
the "No" of self-control and
cils; and above all, to say
a
price recession.
If we, as a nation, expect to prosper, we must face the facts as they are and
not as we would like to have them.
We must correctly diagnose our conditions
before
[Vol. 110.
THE CHRONICLE
2616
on
world is now in a period of
all
our
restore
organized into a compelling and constant pressure
ultimate solution of our problems, and
beloved country.
leaders, will not fail to bring
safety and sanity to our
SECRETARY
OF
we
Federal Reserve system.
TREASURY
SPECIAL DEPOSIT TO KA
A
request for a special
HOUSTON
DENIES
NSAS CATTLE GROWERS.
deposit of Government funds in the
City to aid in financing cattle
Federal Reserve Bank of Kansas
Secretary of the Treasury
communication addressed
to Secretary Houston by E. W. Houx, President of the Kansas
EUGENE LAMB RICHARDS 0 N NECESSITY OF LEADER¬
City Live Stock Exchange, followed representations made to the
SHIP TO COMBAT WAR'S EVILS.
Governor of the Federal Reserve Board early last month that
The necessity for courageous leadership in the United States,
cattle growers in Kansas City and the Southwest were handi¬
—leadership that will provide the proper diet for business so
capped by reason of their inability to obtain needed funds from
that the country will be able to successfully survive the evils
the Federal Reserve Bank of Kansas City because of the accom¬
which have developed from the abnormal CQnditions created
modations granted to non-essential industries.
The complaints
by the World War—was emphasized by Eugene Lamb Richards, made by the cattle growers at that time were referred to in our
formerly Superintendednt of Banks of New York State, in an issue of
May 15, page 2027. In denying the request of President
address before the New York State Bankers' Association at its
Houx of the Kansas City Live Stock Exchange for a special de¬
annual convention at Asbury Park on June 17. Mr. Richards'
posit in behalf of the cattle interests Secretary of the Treasury
topic of discussion was "Wanted—Leaders who will say 'No' ". Houston
says "the former practice of depositing Treasury funds
He pointed out that as a result of six years of high tension,
in banks of the country for crop moving or other special purposes
America as a business country was very sick, and what she need¬
belongs to a bygone era."
Similar applications from various
ed were wise physicians to prescribe and treat her, not a surgeon
parts of the country "for deposits of Government funds to meet
to operate, but good nursing.. "We are," he said, "suffering from
money stringencies growing out of various local conditions" have
excess,— excess
emotion, excess courage, excessive efforts,
also, Secretary Houston makes known, been denied. The treas¬
excessive expenditures, both public and private, and above all,
ury, he says, "has no funds to lend to cattle interests of the coun¬
excessive Government.
We fought for freedom and here we
try or to any one else," and he adds that "it is borrowing money
are tied hand and foot by Government license and control, and by
to meet current necessities at high rates of interest."
The
tyrannical Labor Councils. We ought to be called the Unionized
Secretary's letter follows:
duct of
our
grazing operations has been denied by
Houston. The request, contained in a
Mr. Richards added:
States of America."
"For in these six years
Semi-Socialism has got
of
war we
by the throat; under the
"The
on
his
have let the Government control everything from
profiteers and paupers.
the world but
from highest to lowest to stand
and if they fall not to have the
simple remedy we need is for everyone
own
feet, to make others do the same,
Government
pick them up; to put away signs of 'Join the
Navy' or 'Join the
Thrift Clubs,' or 'Boost the Savings Banks.'
"We have slipped into the lap of luxury and we must get out—all of us. We
are so used to our automobiles, that neither we nor our families can think of
walking or of riding in the subway or a plebeian street car. Our young men stand
on the street corners half the day, spending most of their time at lunch and
doing about two hours of poor work. The shipyard workers swagger around
wearing hats, ties and silk shirts that you and I can't afford.
Our laborers
work when they please and strike when they please, and one begins to wonder
when Capital will go on strike too.
Army,' and substitute 'Join the
"What shall we do?
"Thousands of
but neither
for
our
What must
men are
preaching
thinking
nor
do?
preaching about what I've been saying,
we
or
thinking will end it.
Action is necessary—action
leaders—action for ourselves—not merely to make our
but to make ourselves fit to be governed.
remedy is to work, to smile, and smiling to say no
Government
fit to govern,
"The
rights of the public, to find leaders to say
letter of May 28, suggesting that the Treasury deposit
Bank $5,000,000 or $10,000,000 of United States fund
Federal Reserve Bank at the rate of 6% on cattle paper
"Your suggestion, I fear, is based upon misapprehension of the nature of the
Federal Reserve System and its relation to the Treasury.
Federal Reserve
banks are entirely competent and able to provide the necessary funds for the
live stock and other agricultural interests of the country.
On the other hand,
the Treasury has no funds to lend to cattle interests of the country or to anyone
else.
It is borrowing money to meet its current necessities at high rates of in¬
terest, and is burdened with a floating indebtedness amounting to between
$2,500,000,000 and $3,000,060,000.
It cannot, therefore, afford to deposit
funds with any banks except wThere some essential Government business is
being performed.
Recently, a systematic analysis was made of the Govern¬
ment's accounts with all banks holding Federal deposits and Government bal¬
ances with them were adjusted strictly upon the basis of necessary GovernI have received
us
banking
to bananas, from ships to shell-fish, from railroads to razors.
And the Govern¬
ment has done these things in the most inefficient, the most wasteful way in
history.
It has enrolled a vast army of public employees as servants of the
Officials' political futures.
It has created tax-lovers and tax-eaters without
end and without thought of tax-payers.
It seems to think there is no one in
excuse
compromise on the
'No' to the demand of Labor Coun¬
your
in the Federal Reserve
to be
TnPTfcf'
loaned by the
nllQltlPQQ
frQTlPQpfPfl
Treasury funds in banks of the country
belongs to a bygone era. These prac¬
rigid banking and currency system
made occasional interference of the Secretray of the Treasury in the money
markets unavoidable.
The creation of the Federal Reserve System removed
the occnsion for such practices which were always recognized as bad in them¬
selves and justified only by the existence of an archaic banking and currency
system. Seasonable and other demands, whether for crop moving or other pur¬
poses, should be provided by the banks out of their own resources.
If they are
unable to meet these demands they should make application to the Federal
Reserve Bank for accommodation, in accordance with the enlightened and
modern methods of dealing with such situations which the Federal Reserve
The former
practice of depositing
for crop moving or other special purposes
tices were established at a time when a
system
provides.
Board is mak¬
neutralized by the
It is quite apparent that the effort which the Federal Reserve
ing to control the current expansion in this country would be
intervention of the Treasury as a lender of money." In fact, I think
one
of tb«
June 26 1920.]
most
THE CHRONICLE
important gains which the Federal Reserve system effected
tion of conditions which would
render
action
sucn
as
sary.
The
was
you suggest
the
crea
might
unneces
the last month received several
applications simil r
to yours from banks in various
parts of the country for deposits of Governmeat
funds to meet money
stringencies growing out of various local conditions.
I
have uniformly declined to make
such deposits for the reasons which I have
stated above.
In
therefore, that it is
not feasible to
adopt
your
was no
were
that if
a
which had been
suggested.
they
entire
"■A.
account of
rate.
they
go
lading. The Federal Re¬
Act authorizes any member bank to
accept a draft secured in this manner
acceptance, provided that the draft matures in not more than
six months from the time of
acceptance. After acceptance such a draft bearing
the endorsement of a member
bank is eligible for rediscount or
purchase by a
Federal Reserve Bank,
provided that it has a maturity of not more than three
months from the date of
rediscount, or
serve
at the time of
are
doing,
to the Federal Reserve Bank, and if their demands in¬
deposits shrinking they will be forced
purchase.
to pay the progressive
"It was suggested that the Federal
Reserve Board communicate with the
Federal Reserve Banks,
pointing out that shipments of wool to points of dis¬
tribution may properly be financed
by acceptances in the above manner."
While the statement refers
only to acceptances based on bills of lading, Gov¬
ernor
Harding referred those present to the provisions of Section 13 of the
Federal Reserve Act, as to
eligibility for discount of paper secured by ware¬
•
One-fourth of the pasture of this district is
idle, and men of the very best
financial standing can't
get money to fill their own pastures.
I, personally,
know instance after instance where men with
gilt-edge security could not get
get a dollar, largely because non-essentials had exhausted
the available fund,
and the member banks dare not take a chance on
Governor Miller's progressive
rate to extend credit.
Had our Federal Reserve banks taken care of
agricul¬
tural credits and cut out
non-essentials, the progressive rate would not have
been necessary.
A gambler or a speculatur will pay high
rates, but legitimate
agriculture can't stand any such over-head as is
being imposed on it.
The
following, bearing
affecting
the
on
cattlemen,
house
At
the strained money conditions
in the ''Wall Street
the present season's wool
crop have been
Strained conditions in the money market and
high interest rates are forcing
the livestock industry into a critical
position. Cattlemen and western bankers
Most of the bank loans
represent cattle being finished for market, but from
a calf, is born in Texas until it
goes from the feed-lot it figures in bank
loans.
Interest rates now are so high that cattlemen cannot
afford to carry on
the time
satisfactorily disposed of.
In the report
of Monday's conference the
from Washington said:
say
Inquiry at the Federal Reserve Bank at Kansas City
developed the fact that
60% of the bank loans of this district are based on cattle, and that this class of
The banks of the Stock Yards were visited and what
paper ranks as the best.
the Hays banker said was confirmed and more
added.
■
„
a
a
very reasonable length of time.
All members of the Conference have de¬
parted for their homes feeling that the difficulties
surrounding the marketing of
emanating from Eldorado,
Kans.:
that if present conditions continue the markets will be flooded with
meat
this winter, followed by several
years of scarcity and extremely high prices.
At Hays, in northwestern
Kansas, a bank president called attention to the
fact that cattle pen were
losing money.
He then showed where some of his
bank's customers had been obliged to close out
at a loss of $60 a head.
But
what was of greater significance was the fact
that the pastures were not
being
refilled with cattle this spring.
receipts.
further meeting held late last
night of all interests concerned, it was the
unanimous opinion that the plan
suggested above was practical and feasible,
and that no
extraordinary difficulty would be encountered in the necessary
financing to carry along the present season's wool clip until a normal
buying;
market should reassert itself, which it was the
firm belief of all would be within*
appeared
Journal" of June 19, the advices
a
wool grower
may ship his wool to one of the usual
points of distribution,
obtaining from the railroad a bill of lading for the
shipment; the grower may
then draw a draft
against his bank, for such an amount as may be
agreed upon
by the grower and the bank, secured
by the bill of
simply
man
compelled to
are
At the termination of a conference between the
sub-committee consisting of bankers
thoroughly familiar with the
situation, the board authorized the following statement:
Board and
not
needs money to make his crop or fill his
pasture, he can't
get it because the business will not stand this additional
over-head.
Furthermore, hundreds of banks in this district have shut
up like a clam on
extending any credits, because when their deposits shrink, which
crease on
prices, but simply
interruption of the wool market
marketing conditions restored.
The plan of action
finally arrived at was adopted as a more simple and satis¬
factory way of dealing with the situation than the Cotton
Loan Plan of 1914
suggestions.
organized primarily to make big profits
or to charge usurious
rates of interest, both of which the bank in
this district
is doing at this time.
The Kansas City Bank is
making around 12% a month,
and is charging interest as
high as 12 to 14 %. There is today around $10,000,000 rediscounted with the Federal
Reserve bank at Kansas
City paying a dis¬
count rate of 10 to
14%.
If a country bank in Missouri were to do this, it
would be a criminal, but our Federal Reserve
bank in Kansas City is
charging
some of the very best cattle
banks in this district this sort of a rate. It
means
disposition
to make
arrangements by which the temporary
would be removed and normal
further request for relief Mr. Houx said:
a
The Federal Reserve banks
serious sacrifice of
sheep on farm and range, and result in reduced
mutton in future years.
It was clearly shown that there
on the part of
anyone to maintain artificial
cause
supplies of wool and
Treasury has within
I regret,
3617
dispatches
press
The sudden drop in the
price of wool on May 20 from 65 cents to about 20
cents a pound with no
buyers even at that figure, has caused a crisis which
threatens heavy losses to
producers, the Board was told.
Cessation of purchasing by the
public in protest against the high cost of
clothing was cited as the immediate cause of the drop in wool
prices, manu¬
facturers immediately cancelling orders for raw
stocks to offset the curtailment
of their own sales.
Senators King and Smoot of Utah,
Kellogg of Minnesota and Representative
Mondell of Wyoming, were present and advocated
a credit
plan which would
enable banks to assist wool
producers over the present emergency.
business, and
money is so tight that loans must be pruned down at least
$20,This can be done only by
sending immature cattle to market and.
putting less cattle on the developing and fitting ranges. •
The sheep dealers in the Livestock
Exchange formerly had standing orders
000,000.
from flockmasters in Texas to buy
every fine-wool ewe that came to the yards.
Those orders are now cancelled.
One dealer showed' * The Wall Street Journal''
a letter from a flockmaster in Texas
who has a flock of 2,500 for sale.
Three
times, in recent weeks, the flock has been sold, and every time the sale failed
of consummation because of
inability to raise the money which, a few months
ago, would have been an easy matter.
This is only one of many instances of
how high interest rates and tight
money are affecting the livestock business.
Investigation of the pastures confirmed the statements that the meat indu¬
was being threatened by the credit situation.
The usual number of cattle
are not being
brought from the development ranges of the Panhandle for fin¬
ishing.
In this one county—Butler—probably 7,000 more steers could be ac¬
stry
commodated. In the nearby county of Wabaunsee is
pasture which last year
Throughout the
slumped. There is
a great abundance of
grass, but only about 75% of the usual number of cattle
are being brought
up to turn it into beef.
The same conditions prevail in Nebraska and the Northwest.
Few cattle
are being purchased for the
ranges, which are in condition to support many more
rented at
a
record price; this year it is leased for
25% less.
state the same condition
prevails, the price of pastures has
The intention of the wool
for better
prices,
the
opinions of the presidents of the several banks at the Stock
may be summed up as follows:
"But for money conditions,
the beef situation would look
good. The Texas calf crop is a very large one.
Ordinarily, those|calves would go to market in three or four years. But
if cattle men are forced to liquidate or reduce commitments because of
lack of
money or high interest rates the young cattle and calves—the beef
supply for
the next four years—and the
breeding cows, which represent our future sup¬
plies, will come to market this autumn and winter.
It will take the beef in¬
dustry years to recover from such a liquidation."
on
Yards the situation
PLANS AGREED
GROWERS.
growers
wool growers.
wool growers until a market for wool is
this week
agreed to for the
use
fund, sim¬
a
for the financing of the
established,
a
plan
2531)
was
made in the Chronicle of June
bankers and representatives of the wool industry
conferred with the members of the Federal Reserve Board in
Washington
on
Monday last, June 21, with
measures
a
view to the adop¬
urged for the relief of the wool interests.
plan proposed for adoption, and agreed to,
following statement made public
of the National Wool Growers'
on
was
The
made known in
June 22 by
a
committee
Association, the American Farm
Federation, and the Fleece States Wool Growers' Asso¬
ciation.
The Federal Reserve Board has restored confidence in the wool
a
plan for financing the wool
growers
during the present
industry by
emergency.
By advance arrangement with the Federal Reserve Board, wool
bankers in the wool-producing
an
use
of
holding of the stocks, the American
Washington
following statement
at
the 24th.
on
Wool growers have decided to hold their stocks
for better prices.
wool will be sold at present prices,
of the wool market
men,
growers,
sections and eastern wool markets, wool dealers,
manufacturers, and others interested in the wool trade, held
all-day session with the Federal Reserve Board yesterday.
of the wool market caused by the recent cessation of purchases
laid before the Board, and
a
full discussion
was
The condition
of
raw
wool
was
had of various plans for financ¬
ing the industry until normal buying operations are resumed.
Unlike most
other crops, wool is marketed in the spring and early summer, and the market¬
ing conditions prevailing during the past month have threatened great losses
to wool growers which might be disastrous.
Such a condition, if it developed J
a
No
prevailing since the bottom dropped out
month ago.
Telegrams received here at the offices of the American Farm Bureau
Federation show that wool growers
associations in Maryland, Missouri,
Arkansas,
Kentucky, and Indiana have already gone on record as deter¬
mined to hold the spring wool clip until
prices are nearer normal.
F. R. Marshall of Salt Lake
City, Secretary of the National Wool Growers
.
Association, states that the
majority of the large wool growers of the range
states will place their stocks in warehouses and
secure loans on warehouse
receipts in accordance with
a
plan recently worked out in conference with
the Federal Reserve Board.
The normal clip of wool in this
country amounts to about 300 million
on account of the severe winter and
10% light this
hundred million dollars.
The world's wool supply is said not to be
excessive and the needs are
greater than ever before.
rapidly
Producers and dealers expect the price to recover
that confidence has been restored by the cooperation of the
now
Treasury Department.
was
of drafts, secured by bills of lading.
conference, (mention of which
warehouse
As to the
Farm Bureau Federation issued the
PLANS
OF
In accordance with the announcement which followed last wdek's
suggesting
their stock
Further reference to the latter is made in
another item.
a
for the raising of
ilar to the Cotton Loan Fund of 1914,
Bureau
hold
consequent losses the clip
year.
Wool producers do not expect to make
the past year's operations; but accepting the present
price
would spell ruin for most of them.
The total losses would run well above
proposal considered at last week's conference in
Chicago of Western wool
the
to
June 24, following the
any money on
UPON FOR FINANCING WOOL
■
In lieu of the
tion of
on
lading for the financing of the
pounds, but
page
growers
made known
arrangements agreed to earlier in the week for the
drafts secured by bills of
is probably
19,
was
a
animals.
Based
WOOL GROWERS TO HOLD STOCKS FOR BETTER
PRICES
BALTIMORE
FINANCE
The
creation
$25,000,000
of
credit
a
finance
to
BANK
GRAIN
the
of
FOR
CREDIT
TO
MOVEMENT.
between
grain
$20,000,000 and
movement
during
the
present crop season has been proposed by bankers of Balti¬
A
more.
meeting of the Baltimore Clearing House Associa¬
tion to consider the proposal was scheduled for
afternoon
(June 25).
credit would
branch
of
be raised
the
Federal
hence the institutions
system but
vited
to
are
the
Baltimore
Under
the
yesterday
plan contemplated
the
through the aid of the Baltimore
Reserve
which
are
Bank
of
Richmond, and
members of the Reserve
not members of the Clearing House
Conference.
were
in¬
These, it is learned from the
"Sun"
are
the Baltimore Trust
Company, the
Maryland Trust Company and the Baltimore Commercial
Bank.
Those not members of the Reserve
system it was
understood
the
were not to
participate in the meeting. As to
plans in view the Baltimore "Sun" of June 24 said in part.
The credit for the banking end belongs to Col.
Henry B. Wilcox, vicepresident of the Merchants-Mechanics First National Bank.
He appre¬
ciated the position the grain trade would find itself in if unable
to obtain
THE
3618
amount of grain of all kinds
It was recognized that in this
time of strained credit and of money scarcity the trade would face a difficult
if not impossible proposition unless the bankers could find some way out of
the difficulty.
It is believed this has been done.
It will create a revolving fund of the approximate sums named through
bankers' acceptances.
The grain merchants are to supply these bills and
the banks will indorse them after they have been accepted, when the
Federal Reserve branch will discount them and supply the money.
The
matter has already been taken up with the manager of the Baltimore Federal
Reserve branch, and he has given assurance that it can be put over.
The
credits will be made the more readily available because the movement of
the grain is regarded as among the most essential features of all trade
requirements and, therefore, when the proper paper is presented it will be
tke money and the
credit to handle the vast
which comes at seasonal
discounted for the
periods to this port.
member banks.
used entirely for this grain
This fund, is to be
extent it will
revolve wholly around
this traffic.
movement, and to that
That is when an accepted
placed in the grain credit fund to be loaned
It cannot be placed in the general assets
of the banks and loaned to any and all who may seek accommodation.
It is also proposed that the fund shall be handled by some central author¬
ity, perhaps one of the banks.
The selected bank will take care of it and
see that it is only placed for the uses intended.
All the banks which come
into the proposal will have the right to take the acceptances, but these will
be sent to the central point for the needed cash or credit.
bill is paid
out
[Vol. 110
CHRONICLE
the money will be
again only for that purpose.
As a matter of fact, exporters
of the markets.
The United States has a great volume of banking resources, and the
Federal Reserve system is a powerful and efficient machine.
The reason
why, with all our commercial wealth, our export business is suffering for
lack of banking service is that our great system is fitted almost exclusively
to the conditions of our own vast domestic trade, and its machinery does not
adopt itself readily to the long-credit banking required in export trade.
a
little advantage
in price, in
offer credit are
who cannot
competition.
being rapidly shut out
exceptionally high-developed liquidity. Business in
rapidly than outside. Credits are short.
The great bulk of our banking is done on the basis
of deposits subject to check, bankers loaning to one customer, when he needs
it funds credited to other customer's deposits when the other customers
don't need them.
From experience, bankers know how to make loans in
amount and in length of time so that the funds come back and are ready
system has
Our great
the
United States revolves more
Settlements are quick.
checks at any time they need to draw.
has been that to maintain the "liquidity"
deposits subject to check, their loans must in the main be kept within
the depositors'
to meet
The experience
of
90 days'
days.
of our bankers
banks can rediscount for only 90
for longer time must be made with funds
depend upon to remain uncalled
The Federal Reserve
length.
Loans that have to be
that for
special reasons the
for till the longer
bankers can
loans mature.
This is one reason,
and the biggest reason,
why America's lusty young
into short rations as far as banking credits are con¬
Before money and credit became so stringent in our domestic
foreign trade has run
cerned.
situation,
a
number of larger banks
that have done most
of our foreign
of financing foreign sales by
to discount another at the end
This is a makeshift, and it is expensive and un¬
Federal Reserve Board has ruled so as to dis¬
adopted the resourceful makeshift
discounting a draft for 90 days and agreeing
banking
OPENING OF THE FIRST
FEDERAL FOREIGN
BANKING
ASSOCIATION.
Federal Foreign Banking
and so on.
Recently, the
certain.
courage
Association, the first
banking institution formed under the Edge Law, authorizing
the extension of credit facilities for export and import trade,
began business on Monday last, June 21, at 40 Wall Street.
In announcing the opening of the new corporation, the inter¬
ests in it state that it "is the first bank in what may develop
into a Federal foreign banking system supplementary to the
Federal
Reserve system."
The First Federal Foreign
Banking Corporation has been formed with a capital of
$2,100,000 and surplus of $105,000.
The approval of its
The First
of that time,
this method.
Another
reason
needs and can
of foreign
why foreign trade has
depend upon is that there
credits, to speak of.
not financial facilities that it
isn't any special organization
Foreign credits have been handled
by banks
domestic banking. When a
queeze comes along, the foreign credits have to take second place.
That is
happening now, in regard to our foreign trade outlook.
The newly established Federal foreign banking system is a move in the
direction of organizing special credit resources and special banking service
for exports trade on a basis that can be depended on.
Everybody must
understand that it is a beginning in a new kind of banking.
It cannot be
built up in a day.
The law has been formulated so that the "Edge Law"
banks cannot go into the country's resources of deposits subject to check
to get the money to loan to exporters.
The new banks will have to develop
resources of their own.
This is not an easy thing to do in a moment. It
will take hard work, and time.
The banks will also need direct, publicorganization by the Federal Reserve Board was announced
spirited cooperation from the business public if they are to be of real help
in our issue of April 24, page 1701, and later items regarding
to our export trade in the near future.
And in particular they will need
it appeared in these columns May 8, page 1925; May 15,
the help of the leading newspapers which have a reading public composed
of business men, in a campaign of education that will enlist their cooperation.
page 2026, and May 29, page 2242.
The officers of the
The "Edge Law" banks cannot accept deposits in the United States,
Corporation are: W. S. Kies, Chairman of the Board;
excepting as these are directly incidental to foreign transactions, and they
Arthur H. Titus, President; Philip B. Kennedy, Vicecannot be members of the Federal Reserve banks.
They cannot enter
President and Cashier; Eugene G. Blackford and A. J.
the field of domestic banking in this country.
They must devote themselves
exclusively to foreign business, and they must obtain the resources for
Moultrie, Assistant Cashiers; Frederick Todd, Secretary,
foreign
the
and Mason B. Starring Jr., Assistant Secretary.
Regarding giving credit services totheir newcommerce by borrowing fromthem public.
To help them build up
field, the Federal law gives
special
the functions of the new corporation, the official announce¬
standing.
They are under the direct supervision and regulation by the
Federal Reserve Board.
They are able to make long-term "acceptances"—
ment of its opening says in part:
the primest self-liquidating securities in the world.
Or they may issue notes
The inauguration of this kind of banking is a very important step in the
international business relationships of the country.
Upon the success of the against trusteed«commercial securities. By the sale of these at attractive
rates of interest—which foreign business normally pays—the "Edge Law"
new kind of commercial financing which this institution typifies will de¬
banks must build up the system of foreign credit banking by which they
pend in some measure the hope of holding fast to the foreign markets that we
will extend to exporters facilities they can depend upon for giving their
gained during the war, and of having the foreign sales of our manufactured
foreign customers the credit terms that prevail abroad.
products to fall back upon during the readjustment period we are now enter¬
An absolute essential to the success of the new system of Federal foreign
ing upon.
banking is as rapid as possible a growth of a general practice by business
It is a new kind of bank, and as far as this country is concerned, a new
men, savings banks, insurance companies, corporations, and even private
kind of banking.
Our big domestic banks have extended their branches
investors, of separating out of their general cash resources a portion which
and their banking activities into foregin countries, and we have several
in their judgement can safely be put to the service of Federal foreign bank¬
institutions that devote themselves exclusively to foreign banking; but
ing at interest rates which will make it a matter of good business as well
this "Edge Law" ban|k is the pioneer that is undertaking a big job in de¬
of cooperation.
velopment of a field absolutely new to American finance.
Before maximum facilities of "Edge Law" banks can be developed,
The "Edge Law" was enacted last Winter because of the urgent necessity
insurance and savings-bank laws of some States will have to be changed
of obtaining facilities for extending long credit in sales of machinery and
supplies to Europe.
Europe was trying to get factories going. Five to eliminate technical hindrances to institutional investment in the new
form of securities.
years of war had disorganized great industries.
The factories had been
turned to war's uses.
Everywhere, machinery had been transformed,
The First Federal Foreign Banking Association has been organized by a
or worn
out, or destroyed.
The stocks of raw materials were almost
group of 11 banks, with the cooperation of a number of manufacturers and
bare.
Manufacturers of undoubted responsibility and character were
men of affairs interested in foreign business. It has an initial capital and sur¬
without enough ready capital to get plants into shape.
The moneys of plus of $2,205,000 which will beincreased steadily as the new banking ex¬
Europe were inflated and largely on a flat paper basis, so that even when
pands. It is expected that more banks and manufacturers will join the Assoc¬
business concerns got capital, or had bankers' guarantees, they had to pay
iation through stock ownership.
Banks joining the Association will
ruinous rates of premium in their own money for dollar exchange on a
offer the credit services of the bank, and take part
in distributing its
cash basis.
It was urged that by extending credit for a few months longer
securities, in their localities.
than usual the enormous over-balances of cash exchange against Europe
The Federal Reserve Board supervises all the issues of notes and other
would be cut down, America would be able to help Europe into a position
securities by "Edge Law" banks.
It also requires them to hold reserves
where she would be a paying customer, and we would keep up our export
against
all outstanding issues, and limits the amount of all obligations
quota, which was threatened by the difficult exchange situation.
assumed by an "Edge Law" bank whichever in acceptance, indorsement,
The United States is at this moment approaching a situation in its foreign
issue of its own notes, to ten times the amount of its capital and surplus.
trade which may be called critical without any exaggeration.
This is almost
Bankers and commercial-paper dealers agree that^fhe acceptances and
wholly due to lack of credit facilities for doing the foreign business.
Our
the collateral trust notes of "Edge Law" banks, safeguarded as all their
foreign trade has not had a fully adequate service of credit facilities under
activities are by law and by the close supervision of the Federal Reserve
the best conditions.
With the coming of stringency, even the inadequate
Board, should acquire a special standing as means of short-time investment
facilities are curtailed.
of money, because of their security .combined with a rate of interest ordi¬
In the United States, no business enterprise of any size, large of small,
Is
expected to conduct its turnover without using credit
in two narily having some advantage in the market. The attractive interest rate
directions.
It must sell on credit, and it takes credit.
Credit is taken will be due to the fact that under ordinary conditions in this country, export
for
granted as
a
business facility. The
inconvenience of doing transactions involving credit carry the higher interest rates ruling in foreign
markets.
business on a cash basis would make any kind of enterprise much more
The following banks and financial houses, on behalf of
costly to handle.
Credit is also used to expand the range of a firm's
resources.
It is the same in foreign business, except that credit is an even
manufacturers in their respective localities, are associated
greater facility.
With our great transportation and banking system,
in the organization of the First Federal Foreign Banking
business "turns over" rapidly, credits are quickly liquidated, adjustments
can be made in a few days in case of dispute.
In foreign trade, it takes Association:
months for goods on voyage; and there is backward transportation and
Aldred & Co., N. Y.
M erchants Securities Corp., W orcester
banking machinery in many countries of import.
Bank of Manhattan Co., N.Y.
Chicopee National Bank, Sprinfield
Unless the foreign merchant-customer can have credit from four to six
The New York Trust Co., N. Y.
Commercial Trust Co., Philadelphia
months or longer, he has to tie up so much of his capital as to restrict
The Liberty National Bank, N. Y.
First Bridgeport Nat. Bk., Bridgeport
him in his operations.
Credit of six to nine months, under normal conTucker, Anthony & Co., NY .-Boston Bank of North America, Philadelphia
editions, is demanded by merchants in very important markets, and they
Citizens Comm. Trust Co., Buffalo
Canadian Bank of Commerce
will not do business with exporters in this or any other country on a cash
American Trust Co., Boston
InterstateTrust&Bk.Co. NewOrleans
basis.
Now that Europe is getting back into international trade, American
Merchants National Bank, Worcester
that do an
s
,
-
as
or
e
exporters are
finding that convenient
credit terms are more
important than
overwhelmingly greater volume of
June 26
F.
I.
KENT
"EUROPE'S
ON
PROBLEMS
WAR
In
AND
The Bankers Trust Company of
I.
this city has just issued
a
the company.
Mr. Kent
H.
He has outlined in this study the
the Allies and the United States
credits, food, and
Undertake
France.
tries
raw
a program
are
expecting to advance
raw
materials,"
says
to
is hoped may be made
should
have
tremendous
a
among
but
later
Germany
to
as
"The professional
the world has,
that its actual banking position
The merit of the
commercial bill of exchange or trade acceptance is found entirely in its
influence in stabilizing and abbreviating periods of commercial credit and
in evidencing the actual movement of goods.
My own opinion, formed from careful inquiry, is that the faulty use of
the trade acceptance is very widespread.
I am far from denying that it
may play an important role as secondary paper and may serve as a valuable
means of collection.
This is certainly not a merit from the standpoint of
bank discount.
It is clearly not desirable in any way to encourage the
extension or increase of the period of commercial credit in order to obtain
the introduction of the acceptance.
Either the acceptance results in
has
agitator is probably at the moment the worst enemy
and the rights of all individuals, labor and capital alike,
demand that he be suppressed when his teachings are those of dishonesty
The harm which misguided labor has done to the world since
is
armistice
impossible to estimate.
strikes and sabotage
during the
same
The waste of the world from
since the armistice, which has hurt labor more than
capital, is undoubtedly nearly
as great as
the
war waste
assumed
not
very
a
If it does not do
I* believe there
so
be but little doubt that as
must
we
discussing in its June "Bul¬
the consideration which
has recently been given to
letin"
the
use
of acceptances,
states that "early rectification of
banking practice with regard to acceptances is considered
necessary as an
and
reducing
element in the general process of controlling
the
volume
of
unnecessary
or
undesirable
credits."
Among other things it says that "it is the practice
of many
banks to regard the acceptance as an addition to
their lending power," and that
in not
a
few minds
an
this has given the acceptance
unwarranted aspect as a means of
pushing still further the credit inflation which is recognized
as a
are
very
general evil in existing conditions."
the Board's comments:
Problems of
an
tance credit in the
past
The following
month.
regard it as distinctly an
United States have been under consideration during the
a
has, however, thus
conference was held between ,the Federal
far never attained the favor
bankers' acceptance, and the
of as if it were an
and which tended
unquestionably to strengthen and liquify credit.
In the United States
we had hardly embarked upon the general use of the acceptance when we
were confronted by the fact that there was in this country no definite dis¬
count market whatever.
"We failed to build up here those ancillary insti¬
tutions, the discount house and the acceptance house, which played so
large a role in Great Britain, and we have developed only substitutes which
bore a rather remote relationship to these typical British institutions.
The result of this situation has been unfortunate because it has tended
to confirm a practice which has little warrant in European experience,
has been granted to the
been and is frequently spoken
of credit whose influence was wholly good
bankers' acceptance has
instrument
acceptances and holding them in
circumstances the temptation to use
of enlarging the credit granted to a given
bank's discounting its own
namely, of
a
portfolio.
It is clear that in these
the acceptance
simply
as a means
borrower is very strong.
undoubtedly a prevailing
There is
of the misuse of trade acceptances
important nature relating to the development of accep¬
On April 20
In so far as this has actually
liquid.
The trade acceptance
and standing that
The Federal Reserve Board,
rendering credit slower,
been the case,
element of inflation.
had at least an influence in
trade acceptance has
ON GROWTH OF
prompt, or it does not.
the gravest of questions.
employed at present the
its further extension is open to
can
and consequently less
ACCEPTANCE CREDITS.
great degree of importance.
shortening credit and rendering settlement more
would have been
period."
FEDERAL RESERVE BOARD
in actual use, opinions differ¬
ing widely on the subject, it is safe to say
In discussing the labor
the
Its growth,
and while it would be impossible
to-day to tell how many trade acceptances are
says:
and discord.
if not
throughout the country,
the Federal Reserve Board granted it a
had been expected by many to find a ready,
preferentially low rate of redicsount at Federal Reserve rates.
position to extend help not
well."
say:
however, has been comparatively slow
the lending nations
only to Austria, Poland and other surrounding countries,
problems of Europe, Mr. Kent
its annual convention at Asbury
In part Mr. Willis had the following
and in order to facilitate its use
for good in guiding the
power
whole situation, and it will be in a
of the trade acceptance
instant, adoption at the hands of business men
The organization which it
effective
use
was
Association at
The trade acceptance
Mr.
Kent, "accomplish" nothing except to delay the time when
the real problem must be met.
widespread"
Park, N. J., last week.
for the reconstructxon of devastated
lying idle throughlack of
USE OF ACCEPTANCES.
opinion that "the faulty
very
Bankers'
materials to the Central Empires, and
"Merely shipping food to countries where indus¬
are
questionnaire on
time printed the
same
expressed by H. Parker Willis,
Professor of Banking of Columbia University, and Director
of the Bureau of Analysis and Research of the Federal Re¬
serve
Board, in an address before the New York State
is
problems with the
developing by which the neutral nations,
now
WILLIS ON
PARKER
The
just returned from ten month's in Europe during
Reparation Commission.
and at the
acceptances,
Director of Foreign Ex¬
was
which time he has been studying financial
plan that is
by the American Acceptance
Reserve Board's
Federal
the
last (June 19, page 2533) we noted
made
answers
questions of the Board.
change for the Federal Reserve Board during the War and
he has
issue of Saturday
the
bankers'
Kent, Vice-President in charge of the Foreign Department
of
of
Council to
"Europe's War Problems and Labor," by Fred
on
our
some
LABOR."
pamphlet
2619
THE CHRONICLE
1920.]
same
cannot
opinion that whatever may
be said
the
and domestic bankers' acceptances,
acceptance.
be said of the foreign
I believe it to be true
foreign bankers' acceptance has been freer front abuse than have
other two branches of the business, and yet it would seem from a
that the
the
situation that there is considerable
Reserve
careful survey of the
dealers in acceptances, on
ground for com¬
plaint even with respect to the bankers' acceptance.
I am inclined to doubt whether the elimination
under
IJoard, on the one hand, and representatives of accepting banks and
the other, at Washington, the immediate subject
advisement being the question whether acceptances bought in the
line of discount
bank so buying them.
Discussion of this question broadened into consideration of the general
aspects of the whole acceptance situation.
This general question was later
discussed by the American Acceptance Council, in session at New York on
May 20.
At the sessions of the American Acceptance Council the whole
acceptance situation was reviewed, and the position was taken that the
maintenance of a strong, broad acceptance market is an essential element
in the development of the Federal Reserve system.
The proper treatment
of acceptances in the market and at Federal Reserve bani^, it was the
consensus of opinion, both in the conferences with the Board and at the
American Acceptance Council, would follow naturally when sound and
appropriate methods are pursued by the banks creating them.
Adoption
of the established European methods of creating and trading in acceptances
was advocated as the best means of avoiding abuses, growing out of the
open
market should be charged directly as a part of the
granted the accepting bank by the Federal Reserve
the fact that at the
present day there are considerable abuses both in banking practice with
reference to acceptances and in the present plan of practically treating
them as merely a direct addition to the accepting bank's loaning power.
It
emphasizes once more the need of drawing the essential distinction between
the sale of the bank's credit which is represented by the acceptance and the
process of actual or direct discounting which is represented by the deposit
operation.
It is the practice of many banks to regard the acceptance as an
present
situation.
addition to their
The discussion has developed
lending power—a means, therefore,
of enlarging or over¬
with respect to lending ability, which has given
unwarranted aspect as a means of
pushing still further the credit inflation which is recognized as a very general
evil in existing conditions.
Early rectification of banking practice with
regard to acceptances is considered necessary as an element in the general
process of controlling and reducing the volume of unnecessary or un¬
desirable credits.
The acceptance situation at the present moment, how¬
ever, has a special bearing in connection with the export trade.
British
banking institutions have allowed themselves to accept upon a very much
larger and less restrained basis than that which was adopted by them before
the war, and in some cases the acceptances of the greater banks of deposit
In London now run to twice their capital and surplus, whereas before the
war they were well below the level of their capital.
It is the opinion of
observers that this greater freedom of accepting in Great Britain is due to
a desire on the part of banks to reestablish their hold upon financial business
and foreign trade, while American bankers are of the opinion that in order
to keep their share of the business it is necessary that they should have a
somewhat equal degree of freedom in the use of this kind of paper.
The
competitive struggle for foreign trade is in this respect, as in many others,
therefore, in conflict with the dictates of sound control of credit.
passing the limits set by law
the acceptance
in not a few minds an
of the inflationary
character of the acceptance can be obtained by any simple and easy method.
No government body can enforce a standard of rules that is too far in
advance of actual commercial practice;
The present ruling of the Federal
Reserve Board are the outgrowth of experience and of an endeavor to keep
the current banking practice at as high a level as possible, and even they
by
are
no means
fully observed.
will be obtained only
It seems to me that
through definite action on the part
the desired object
of bankers' associ¬
ations.
In
thinking of the proper use of
that this instrument is not merely an
This, however, requires some
acceptance theory that
the acceptance we should
remember
expansion of the bank's lending power.
explanation.
It is often said by writers on
when the bank makes a loan it
actually loans money
acceptance it lends credit.
Neither
exactly correct.
All true banking opera¬
funds, and that when it makes an
or
of these statements seems to me
tions
are
If
credit operations.
a
borrower goes to a bank
and leaves there
bills for discount and is credited with the proceeds,
is merely to substitute the bank's own credit for that of the
his commercial paper or
the action
Were the advance a loan
borrower.
a
bank at all, and if the
drawn by him in
of money the bank would not
be
funds thus credited to the borrower were at once
cash, his example being followed by
in business.
other borrowers, the
desirable, if we were able, to
establish throughout
bank could not continue long
While it would be very
this great country a
uniform and sound standard of acceptance practice, it is
of the question.
The development of such practice
obvious that that is out
would be
a
matter of more or
Does not the experience
restriction
bills?
for
a
of all
less slow growth and
attended by difficulties.
of the past few years suggest a
acceptance use to
It is not, however,
cases
necessity of the
involving actual documentary
wise to wait for the development of
beginning can be made without
it.
legislation
I would, therefore, suggest the
following as immediate measures:
1.
Discontinuance of the
practice of banks in discounting their own
acceptances.
of bankers' acceptances secured by
in so far as the storage period is merely inci¬
dental to the transit and actual bona fide sale of the goods.
& <#£
3. Abandonment of the renewal acceptance idea and of those views of
syndicate acceptance which are designed to provide a means of renewal.
4. Requirement that trade acceptances be made to conform to exactly
the same general requirements as bankers' acceptances and that in general
they be discounted at the point of delivery of goods rather than at the
point of origin or shipment.
Further, that the practice of commercial
houses in granting longer term credit to those who make trade acceptances
than they would get through other plans of sale, be discouraged by dis¬
2.
Discontinuance of the making
goods in warehouses, except
criminating against such acceptances.
FRANK
PARSONS
J.
TRUSTS."
"COMMUNITY
ON
"Community Trusts" before
Discussing the subject of
the New York State Bankers' Association in annual conven¬
June 18, Frank J. Parsons, Vice-
tion at Asbury Park on
President of the United States Mortgage & Trust Co. of
stated that community trusts "might be defined
this city
as
charitable trusts, created and managed by the members
of
a
community for the benefit of the community."
They
permit, he said, "of the use of income and principal under
certain conditions, for every charitable and educational pur¬
which makes for the advancement of mankind, regard¬
of race, color or creed."
"For the most part," he added
pose
less
"they provide that the trustee shall respect and be governed
by
particular wishes that
any
donor
but
may
be expressed by the
to the use to be made of the property
as
only insofar
given by him,
the purpose indicated shall seem to the
they may hereafter exist, wise
as
trustee under conditions as
widely beneficiall, absolute discretion being vested
and most
Community Trust or Community Foundation was created
1914 by Frederick H.
hardly more than an idea to a fund to
$100,000,000 has been given or bequeathed.
cities throughout the country.
is just
the United
practical for small communities as for large
as
cities.
plan is a recognition of two fundamental facts—
The Community Trust
social structure and
our
change which is taking place
in our viewpoint with respect to charity
(I
and—second, that the charitable
problems of each generation can better be solved by the best minds of these
generations rather than through the medium of the dead hand of the past.
The endeavor to co-ordinate and humanize charity has been broadening
and strengthening and I may mention especially several of the more modern
speak in the broad legal sense of the word)
instrumentalities which it has enlisted in its service.
First,
study of social
the Rockefeller Foundation, Carnegie Foundation,
the theoretical side, foundations engaged in the
on
such
problems,
as
Foundation, etc.
Russell Sage
improvement by social contact,
Second, on the social side, settlements for
settlements.
the neighborhood and college
such
agencies as the Board of Health, as, for example, the work of the District
Nurses, the housing commissions, and similar bodies, whose objective is the
public welfare; in which what was formerly charity is linked up with munici¬
Third,
the charitable expansion of
the administrative side,
on
pal function.
Fourth, on the judicial side, the development
of municipal courts,
of the auxiliary activities
medical, educational and probationary.
and most recently of all, on the mechanical side
Fifth,
of individual
philanthropy, the Community Trust or Foundation.
You will observe that in all these instrumentalities the effort is to fit the
effect that
and to
instrument to environment which is one of the
needs of life, to humanize, to democratize
function to the varying
adaptation of
definitions of life.
of
period.
The effort of the Community Trust is to do this for
bounty, to prevent the dead hand of the past from stifling the
the present and to afford a mechanism which shall be adaptable
None of these
earlier
Individual
growth of
to
organizations are fdrmed to carry out the petrified ideas
changing conditions by allowing the objects of the charity to
with them.
other
in that,
cities
institution, state or national, having trust powers, by the
made
over
of the common Resolution and
adoption
Declaration, and the affirmative vote of the
existing group, may become a Trustee and receive bequests for the Trust.
In this manner a broad basis of co-operation has been secured free from the
would have obtained if a single
business
jealousies
company
had essayed to act as a trustee for the community.
This
and rivalries which
an
Trustees'
internal arrangement composed of the President or some
other executive officer of each company joining the group, to act in matters
which the trustees have
vote.
a
community, the charities and to the donors of the
The advantage to the
Community Trust plan may be briefly summarized as follows:
The creation and development of a better community spirit
1.
oG community
carrying out
The preservation
2.
and the
otherwise possible.
of the principal and the proper investment and re¬
investment of the funds
purposes not
bequeathed by charitable donors through the secur¬
ity of the institutions acting as Trustees.
3.
The ability of the Trust
able delay and expense, to
through its broad powers, without unreason¬
divert to live charities, funds left to an originally
worthy but later obsolete philanthropy.
4.
The opportunity for men
of small means with no direct descendents
community fund.
to make contributions to a common
The opportunity for men of large means
5.
after having cared for their
portion of their wealth or the residium of their estates
shall remain intact, the income
to provide that a
own,
after the death of individual beneficiaries,
community purposes.
to be used for
ADDITIONS TO
STOCKS CLEARED BY STOCK
CLEARING CORPORATION.
noting the addition of further stocks to the list of those
In
cleared
heretofore
New
the
York
Clearing Corporation of
by the Stock
Stock
America" of
"Financial
Exchange,
With the addition of 24 stocks to the Clearing House
list yesterday, a new
Many of the number
comparatively inactive stocks, too inactive in fact to have been listed
to go through the Clearing House under the old system.
Under the new
Stock Clearing Corporation the addition of so many Inactive stocks has
been made expedient through the functions of the Day Clearing Branch.
In the day clearing, brokers' debit balances are cleared against credit
balances.
After transactions in each stock have been cleared through the
phase in the stock clearing process comes into effect.
the beginning, have but
through them, they
each $10,000 of income available for the
vote, irrespective of their size, but as gifts are made
shall have
additional vote for
an
In this
of the trust.
its standing
manner
each company receives such business as
and clientele entitles it to, and their voice in the management
dependent
upon
their contribution to the trust.
Again, in New York the Committee of Distribution consists of eleven
members, five of which are appointed by the trustees and the remaining six
by certain
carefully selected
public
sources
fcf appointment,
as
against
five, the number most often selected, this by reason of the size and diver¬
There is no interferences with the business
sity of interests in New York.
coming to each trustee >
of the
Declaration,
as
each gift
as an express
or
bequest is vested under the terms
trust with the legal title to it in the Trustee.
interesting paragraph indicative of the spirit which it is hoped will
prevail in the development of The New York Community Trust, states that
the Distribution Committee "shall, as a rule of action,
carry
on
as
far as possible
its investigations through existing agencies or through specially
appointed temporary committees
or
agents and shall avoid bureaucracy
It
is
Exchange Clearing
probable that
a
great
of considerable sums
majority of the community trusts,
in
the future,
traded, there would have been little saving
these
settled under the single
called
while
will be obliged to commend
One of the wisest and most useful
slowly and lay careful foundations.
and there
are
now
any
was
city, is
an
appraisal of the social
done in Cleveland and elsewhere,
available surveys along the lines of educational needs,
recreational activities, &c.
secure
seemed by
"drives," of which most of
us are
ties in the
the Permanent Charity Fund of Boston is
same manner as
city.
functioning of the Stock Clearing Corpothrough the clearing oj
The saving in certification made possible
atlon.
pointed out two months ago when the quarters of the Day
balances was
The total of stocks now cleared
Clearing Branch were opened for business.
through the corporation is 171.
Stock
The
Corporation
Clearing
began
operations
on
announced in these columns May 1, page 1804.
April 26,
as
STOCK
EXCHANGE
TAKES
ALLAN A.
EXPECTED
A'CTION—
RYAN EXPELLED.
head of the banking and brokerage firm
and the leading figure in the contro¬
which bears his name,
which resulted from the corner last March in the Stutz
versy
Motor
stock, has been expelled from membership in the New
Stock
York
The Board of Governors of the
Exchange.
voted unani¬
made against
Ryan of "conduct or proceeding inconsistent with just
equitable principles of trade."
It is understood that
Exchange after a five hour meeting on June 23
Mr.
and
have been short of Stutz
of
his
was
expulsion.
alleged by Mr. Ryan to
stock, did not vote on the question
The action of the Board of Governors
the Stock
made known on June 24 from the floor of
Exchange by William H. Remick, its President.
Following
the announcement Mr. Ryan issued this statement:
On
June
16 last,
in
my
answer to
is only
the Board of Governors and to the
therefore, I announced in advance the
Their action behind closed doors
public, I was able to forecast and,
decision which they
handed down today.
consistently declared.
another proof of what I have
"Nous verrons ce que nous
verrons."
fWe shall see what we shall see
In addition to the above,
J
Mr. Ryan has inserted
advertise¬
renewing his charges against the
the Board of Governors and accusing them of
ments in the newspapers,
members of
"For such of the
injustice worked upon me as is
remediable in the courts," Mr.
Ryan declares, "I intend in
But the blot upon
institution of the New York Stock
Exchange j beginning with their first activity in the Stutz
matter, has grown to such proportions that it is now indel¬
season
to seek
appropriate redress.
dignity of the great
ible."
His statement in full
follows:
funds in a
are now
It should also be possible to
quiet and orderly way for current worthy charities, which
In that
behalf of Stock Exchange transactions has been
to make in
upon
brought about in this way by the
the
This
certification required of each Stock Exchange house
passing through the Stock Clearing Corporation.
A further reduction in the volume of certifications which banks are daily
It will be necessary, therefore, to
things to be done at the beginning in
in the number of certifications
Considered in terms of money value, however, transactions in
stocks can be carried in the debit or credit brokers' balances and
required.
the early stages of their
development.
clearing of high-
priced but inactive stocks becomes of value.
Heretofore inactive stocks
when considered in the number of shares
have not been cleared because,
due
of the community.
each house is ascertained.
Through this function of the Day Clearing Branch the
done with relatively small sums in
resources
the clearances are
Branch where transactions are
Clearing
themselves to the community by what is
move
House,
the debit or credit balance of
bad faith.
and complicated machinery and consequent expense."
assured
in the old Stock
forwarded to the Day
reckoned in money value and
Night Clearing Branch on the basis of shares, as was done
those of the Governors who were
Another provision is that each trustee shall, at
An
uniform¬
ity of treatment.
mously for expulsion, sustaining the charge
provision for multiple trusteeships has made necessary a
Committee,
is
educational
Trust rather than by
the individual Trustees, thus minimizing the expense and seeming
change
under reasonable restrictions,
been
any
uses
nature, and for the present, at least, put out by the
Allan A. Ryan,
has
one
including recreation, playground
measures,
planned that the advertising of the Trust is to be of an
It is
'
Trust it is felt that a distinct advance
In The New York Community
upon
preventive
and
activities and research tending to make charity less necessary.
are
first, the element of certain and constant
an
of poverty and crime,
June 22 said:
Community trusts are now operative in over thirty cities of
States and the plan
...
constructive
in
Proof,
surely, of its tremendous appeal to the benevolently inclined people of
Cleveland.
Indicative, also, of its eventual adoption by all progressive
as
cause
wise well-regulated program it is necessary to take into consideration
any
Goff, President of the Cleveland Trust Company,
and in five years has grown from
which approximately
in
the
the effects, little real progress is made, so that in
also said:
Parsons
The first
If nothing is done, however, to remove
but only to take care of
In part
in the trustee to determine with respect thereto."
Mr.
[VOL. 110.
THE CHKONICLE
2620
pretty well tired, and to foster such chari¬
doing
official and un¬
injure and even to destroy
It is the hand of Esau but the voice of Jacob.
No longer daring to
the laboring oar, the gentlemen, who failed to batter down my stock
This latest move is a
official acts,
me.
take
fitting capstone to the series of
each calculated to embarrass, to
June
and who
were
frustrated in
evading their obligations, decided that they
But it is
might safely entrust the job to their colleagues.
the day for those who have directed
a
little late in
and controlled the action of the com¬
mittees and the Board of Governors to hide their heads in the sand.
the Governors had any
ing
s
If
real intention of being fair instead of merely appear¬
why did they not answer a single one of my forty-seven direct,
so,
Why did they not grant me an open trial with the
had theirs?
No single charge against
clean-cut questions ?
benefit of my own counsel, as they
has gone
me
by me was in fact inaccurate, why did not the
the Board of Governors deny it over their written signature,
or
They were willing to record their desires, but they dared not
I did?
as
make the findings which I
a
I dare say they are proud of
I
am
surprised that the
of confi¬
Board of Governors did not conclude their proceedings by a vote
dence in their committees and a resolution of thanks to the Stutz
for
"shorts"
bringing the matter to their attention.
When
stated in
I
1588-891
pages
my
membership and my selfobliged to lose one of them I preferred to retain
by the
subsequent developments.
I believe that the public has had more than
enough of these so-called "trials" which are but star chamber proceedings
where secret intrigues, ruthless autocracy and strong-arm methods are
indulged in with impugnity.
Those who favor such a system may well
side with the Exchange.
Those who respect justice and fair play will
I think my judgment was correct, as borne out
self-respect,
denounce
these
practices.
I have succeeded
That
->
7
opinions
betrays
any,
transgression of the rules of the Exchange.
a
this may differ, I think it will be generally
on
is remediable in the courts
seek appropriate redress.
But the blot upon the
I intend in due season to
beginning
to such proportions
dignity of the great institution of the New York Stock Exchange,
with their first activity
I
am
now
in the Stutz matter, has grown
willing to stand or fall on the case as the public has
delivered
I believe that
grace
no one
The gentle¬
it.
think that they have safely and securely
But
I believe that the dis¬
their instigators.
blow without betraying their motives or
a
will be really deceived by it.
The New
much smaller institution than even
where it belongs.
of the Stutz incident will be placed just
York Stock Exchange has shown
itself a
its
V
enemies
imagined.
Mr.
effect
Piatt's resignation
a^member of Congress took
as
June 7.
on
STATE
INSTITUTIONS
Washington makes public
following list of institutions which
Federal Reserve System
District
7
No.
Capital.
BOARD
ON
ACUTE
COAL
100,000
Iowa
son,
of coal next winter which may curtail produc¬
is foreseen by the
a
50.000
3,700
325,956
50,000
35,000
40,000
8,500
416,474
372,784
100,000
50,000
741,674
30,000
20,000
495,172
60,000
75,000
547,884
300,000
30,000
3.444,044
$100,000
$50,000
$1,787,894
50,000
35,000
493,641
200,000
50,000
2,626,784
30,000
30,000
855,561
50,000
50,000
378,202
American Bank & Trust Co., Paris, Ark._
Hardin State Bank,
Hardin, Mont
First State Bank, Stevensville, Mont
11—
First State Bank «fe Trust Co., Bryan,Tex.
Farmers Guaranty State Bank,
Clifton,
Tex.
First
State Bank & Trust Co.,
Kenedy,
Tex
District No. 12—
Puget Sound Bank & Trust Co., Tacoma,
Wash
District No. 4—
Ohio
New Philadel¬
Savings & Trust Co.,
phia.
Ohio
District No.
Putnam
5—
*
•
W.
Va.
Louis,
St.
Hurricane,
County Bank,
Avenue
Grand
Bank
St.
of
Louis,
Mo
District No. 9—
South
South
Range,
Farmers & Merchants State Bank,
Kenedy,
State TBank
Range
Mich.
.7
District No.
!
11—
Texas
Guaranty
Bank,
State
Long
50,000
Texas
State
&
Bank
From this
June 19.
and steel, as with other industries.
men,"
in connection with iron
The state of things in regard to coal
In District No. 2 (New York) the
and consumers are bidding against one
acute in some districts.
supply is far below the demand
Railroads "are more or less the victims of systematic
sabotage
normal,
labor situation there is also unsettled.
The situation as a
such as to cause considerable concern among conservative coal
The car supply at the mines is only 30% of
terminals."
the
and transportation is regarded as a
fundamental factor requiring
In the Middle West (District No. 4, Cleveland) coal ship¬
fallen off.
For April at lake ports they were about one-third
improvement.
ments have
jof what
they were in April 1919.
order to increase the movement,
Lake shippers will pool their coal in
Fuel
but this is only a partial remedy.
the lake trade. Not only does a general
shortage of coal exist now, but a shortage next winter which may curtail
production of iron and steel at interior furnaces is foreseen.
In District
No. 6 (Atlanta) the coal production is being held down, mines being
able to get only an insufficient number of cars.
Labor, however, shows
no discontent, and there is small movement of coal in foreign trade.
Rail¬
roads throughout the district have placed orders for fuel for the next
twelve months, "the amount in every instance being larger and the price
prices are the highest on record in
higher than ever before."
Production of bituminous coal for the country
April amounted to 37,966,000 tons, as compared with
46,792,000 tons during March and 32,164,000 tons during March 1919,
large during
at
the
87. Labor difficulties,
relatively minor factor in
shortage. In the
respective index numbers being 102, 126, and
although sporadically existing, appear to be a
coal
production as compared with the influence of car
Southwest many bituminous coal
thirds
of capacity.
mines are operating at only about two-
No reduction of prices is in sight.
PLATT
SWORN
FEDERAL
I
ment was
546,014
7,500
838,120
Wash..
25,000
Ore... 100,000
1,000
176,106
100,000
Piatt,
sworn
in
.
IN
RESERVE
A reply has
AS
MEMBER
member of the Board.
confirmed by the Senate on May 28.
Reserve Board in its Bulletin for June
appointment said:
RESERVE
BOARD
TO
LOANS.
been made by Governor Harding, of the Fed¬
the communication addressed to him
Reserve Board to
eral
Morgenthau, Jr., regarding the inclusion of housing
the " basic necessities of life " in which Mr. Morgen¬
thau contended that "there is absolutely no reason why
the Federal Reserve Banks should not be encouraged' to
among
temporary loans which these builders require
construction and which will afterwards be refi¬
nanced with permanent loans by these savings banks and
other institutions." Gov. Harding in answering Mr. Morgen¬
the
make
during
thau
" it
says
not
was
intended,
of course,
to carry
the
impression that there are no essential loans except such as
are related to the production and distribution of
clothing,
food and fuel."
He calls attention to the fact that " the
loans
is
are
borrowers"—that
to
discount
to
banks
Reserve
Federal
for
permitted to make direct
they are allowed to do
banks upon their endorse¬
pot
" all
member
'notes, drafts, and bills of exchange arising out of
actual commercial transactions.'"
" When," he says, " a
ment
building
operation
with
contractor
properly
is
some
financed
in
advance by
a
responsible individual or corporation
various stages of the construction, a
contractor ought to have no difficulty
in getting short time accommodations at his bank for pay
roll purposes or for current purchases of material."
Gov.
Harding encloses in his letter a copy of a ruling by the
Federal Reserve Board relating to the use of trade ac¬
furnish
to
at
money
reputable owner
or
which ruling we give to¬
Mr. Morgenthau's letter
was
published in these columns June 5, page 2347.
The
following is Governor Harding's reply:
ceptances
in
building operations,
separate heading.
under
of the Governor
a
OF
FEDERAL RESERVE BOARD
WASHINGTON
BOARD.
whose nomination as a member of the
as a
OF
M. MORGENTHAU JR. ON HOUSING
day
referred to in the "Chronicle" of May 8,
has been
15,000
HARDING
OF GOV.
REPLY
page
1934,
His appoint¬
The Federal
in referring to his
M.
Mr.
200
Federal Reserve Board to succeed Albert Strauss, resigned
was
8,000
50,000
City State Bank. Pine City,
County Bank, The Dalles,
Office
EDMUND
Edmund
25,000
by M.
Coal conditions have been particularly important
whole "is
197,444
Texas....
Wasco
only released for publication
quote as follows what it has to say
we
respecting the coal situation:
while
Robstcwn,
Point, Ore.
Goldendale,
75,000
Bank,
Wash
but its Bulletin for June giving
in detail its observations, was
at their
984,750
12—
No.
Pine
12,000
100,000
State
District
86,219
McAllen,
Co.,
Trust
.....
of business for May.
preliminary statement, was referred to in
issue of June 5, page 2345,
another.
1,957,504
analysis of business conditions during the month
made known in
very
$2,911,971
50,000
District No. 9—
of Myrtle Point. Myrtle
State
Bank
of
Goldendale,
Federal Reserve Board, in its review
now
$25,000
District No. 8
Bank
tion of iron and steel at interior furnaces
is
Resources.
Fort Madison Savings Bank, Fort Madi¬
Commercial
SITUATION.
on
admitted to the.
.Surplus.
Independence State Bank, Chicago, 111._$200,000
First
RESERVE
FEDERAL
as
were
in the two weeks endinglJune 18:
Texas
our
FEDERAL
SYSTEM.
The Federal Reserve Board at
the
TO
ADMITTED
RESERVE
First
The Board's
"Poughkeepsie Eagle" since
1907.
view,
A shortage
was
District No. 8—
indelible.
of the Board of Governors may
men
He
College in 1888 and shortly after entered the
Harvard
origin.
its
For such of the injustice worked upon me as
that it is
graduated from
District No.
despite the forces arrayed against mq, appears
While
admitted that I
have been really guilty of one unpardonable offense—I dared to lift my
voice, openly and unequivocally against a system that is wrong and against
the vengeful clique which masqueraded under it.
If the Board of Gov¬
ernors think that they have placed a mark upon me by this despotic and
pre-arranged action of theirs, I would only say that the mark, if there be
have been
to
now
incorporated into it occupied the attention of the committee.
Total
resignation of April 13th ["Chronicle" April 19,
that I could not retain both my
respect and that as I was
my
His service thus covers the period of time
during which the Federal Reserve Act and the amendments subsequently
the beginning.
thei r handiwork.
Member of Congress,
Banking and Currency, serving during the
on
past two years as Chairman.
spark of intelligence could have realized from the
actions of the Exchange from
a
xxvl stands uncontra¬
This last attack upon me is only what I foretold
dicted because it is true.
with
was
My answer
the public with any further facts.
["Chronicle" June 19. pages xxiv and
and what anyone
Piatt
Throughout the term of his service in Congress Mr. Piatt has been a
member of the Committee
challenged.
I do not intend to weary
of June 16th
At the time of his nomination Mr.
having represented the 26th New York District consecutively since 1913.
field of journalism, having been editor of the
undenied.
If any statement made
Exchange
2621
THE CHRONICLE
26.1920.]
Dear
Morgentbau,
June 1, 1920.
Jr.
Broadway,
New York City.
Sir:
Receipt is
acknowledged of your letter of May 31st, In which you refer
by me on May 24th In which I referred to the fact that
letter written
to a
Federal Reserve Board felt that preference should be given by member
banks to such loans as are necessary for the production and distribution of
the
basic necessities
take exception to the
necessities of life.
basic
such as clothing, fcod and fuel.
I note that
fact that I did not Include housing among the
of life,
the
you
It
not Intended, of coarse, to convey the Impression that there are no
loans except such as are related to the production and distribu¬
clothing, food and fuel.
The Federal Reserve Board pointed oat,
the conference here on May 18th and in its letter to the Senate of
w*«
essential
tion
of
bath at
the
United
States
on
May 25th, that it was its view that it should not
general rule of country-wide application to distinguish
and non-essential loans.
During the war there was a
broad underlying
principle that essentials must be " necessary or con¬
tributory to the conduct of
the war," but notwithstanding the sharp out¬
line of thi3 principle much difficulty was experienced
by the rarieus war
beards in defining essentials and non-essentials.
It would be all the more
by any
essential
attempt
between
difficult for the Federal Reserre Board to make such
general definition In
further that while
the Federal reserre banks are in better position in their transactions with
member banks to discriminate between essential and non-essential loans,
nevertheless such discrimination might much better be made at the source
by the member banks themselves.
The Board has consistently declined to
express any opinion as to the essential or non-essential character of any
particular loan.
You state in your letter that you fully understand that the Federal
reserve banks cannot undertake to finance the construction of homes with
permanent mortgages, but you say that there Is absolutely no reason why
the Federal reserve banks should not be encouraged to make the temporary
loans which
builders
require during construction and
which will after¬
wards be financed with permanent loans by savings banks and ather institu¬
tions.
You also say that they should lend liberally to builders who are
constructing homes on contract and who require temporary credit to carry
the
present
these
out
If you
the
circumstances.
The
Board
has
banks
13 af the
Federal Reserve Act you will see that
borrowers; all
not permitted
are
operation is properly financed in advance by contract
with some responsible individual or corporation to furnish money at various
stages of the construction, a reputable owner or contractor aught to have
no
difficulty in. getting short time accommodations at his bank for pay
roll purposes
or
for current purchases of material.
Notes given under
building
a
these
conditions maturing within ninety days and otherwise conforming tb
provisions of the Federal Reserve Act would be technically eligible for
the
discount
Its
at
Federal
a
bank
reserve
offered
when
by
member
a
bank with
endorsement.
The
main
however, with building operations just now lies in the
abnormal cost of construction.
Many owners are reluctant ta build under
existing conditions, and savings banks, insurance companies,
and other
lending institutions keeping present high costs in mind are unwilling in
some
the
trouble,
For
make
to
cases
meet
views
of
all and in
advances at
the
barrower
other
rates and
to
as
cases
are
not disposed to
amounts.
85%; 95 is fixed
while Treasury
as
the basis in the case of Victory Notes,
Certificates of Indebtedness will be accepted
The following is the notice sent to member banks
at par.
by the Federal Reserve Bank of Richmond:
June 14. 1920.
To the Member Banks
of the Fifth Federal Reserve District:
Effective June 21, 1920, advances to
secured
notes
by
United
W.
(Signed)
HARDING,
G.
P.
member banks on their promissory
War Obligations,
will be made on the basis of the
Governor.
.
For the convenience of member banks,
and with a view to simplifying
procedure, such securities will be accepted for
OF
FEDERAL RESERVE BOARD
TRADE
1
•
Elsewhere
ACCEPTANCES
ON
USE
85
95
United States Treasury Certificates of Indebtedness
Par
Member banks will please be governed accordingly with respect to all
United States Liberty Loan Bonds
United States Victory Loan Notes
renewals and new offerings.
Respectfully,
THE FEDERAL RESERVE
of
The Federal Reserve Bank
BANK OF RICHMOND.
new
OPERATIONS.
banks
which have been carrying rediscounts
thau
a
of
copy
tory notes on which
and 85 for the Liberty bonds,
they have borrowed from the Reserve
they, knew this change was in contemplation
was
and had been practically
when the time for
little or no effect
All of them did so, hence
advised to, provide for it.
settlement came it found the banks
apparent on the local money
prepared and therefore
situation as a result.
OF TREASURY.
lished
in
the
lating
to
the
tions.
the
Federal
right
different
be
Federal
steps
a
in
has
that
comes
instrument.
for
received
June,
1919,
re¬
and
in
.
a
the
cover
.
of
cost
.
to
sold
the
builder
is
a
.
.
If
the
drawer
intricate
so
.
df
in
vary
their
so
nature
.
has
sold
" goods"
to the drawee, the
the draft thus accepted would constitute a
conformity with the Baard's regulations,
but it should be noted
that labor in itself is not
considered " goods "
within the meaning of these regulations.
The Board has ruled, however,
that a draft drawn to cover the purchase price of goods said, plus the cost
of installing those goods,
may be eligible for acceptance as a
trade ac¬
the
draft
drawee may properly accept, and
trade acceptance if otherwise in
ceptance.
This
...
ruling
should
be
not
June
ment
June
Issued
used
with
so
as
the
to
understanding
extend
the
usual
of
Treasury
closed
on
as
stated in
our
of
issue of June 19, page 2537,
J-1921,
One of the issues (Series T
maturing June 15 1921) bears 6% interest; the amount of the
allottments in this case was $242,517,000.
The other issue
(Series A 1921, maturing Jan. 3 1921) was issued at 5%%;
allotted $176,604,000.
The subscriptions
of these there was
allotted in the
case
of the two issues were
several Federal Reserve districts
(which
among the
ranked in the
divided
are
of their subscriptions to
order of the percentage
Series T J.
1921.
$81,370,500
Total Subscrip-
1921.
$93,629,500
Series A,
Federal Reserve District.
New York
Hons Allotted.
San Francisco
NEW SITE ACQUIRED
SERVE
The
BANK
Reserve
Federal
BY NEW YORK FEDERAL RE¬
FOR
STORAGE
Bank
of
New
PURPOSES.
York
announced
16,750,000
Cleveland
14,624,000
15,600,000
25,132,500
5,187,500
5,300,000
23,200,000
Kansas City
on
Philadelphia
11,000
June
square
4-8 Gold
Horace
Negotiations for the sale were handled by
Ely & Company, representing the bank, and
F. Noyes Co., representing the sellers.
The an¬
nouncement
bank
also
says:
to
erect
the
plot
building for storage and ather
purposes
as
a
part of its building program,
and supplementary • to the
bank office building which is being planned for the site the bank acquired
a
year or more ago,, comprising all but the easternmost parcel of the block
bounded by liberty and Nassau Streets, Maiden Lane and William Street.
Messrs. York & Sawyer, the architects, and Marc Eidlitz & Son, Inc.,
the builders of the main office building
will also act in similar capacities
for this subsidiary building.
I
proposes
BASIS
OF
on
a
LIBERTY
ANNOUNCED
BONDS
BY CHICAGO AND RICHMOND RESERVE BANKS.
Both the Federal Reserve banks of
Chicago and Richmond
have notified member banks that loans
and
Victory Notes will hereafter be made
16,600,000
28,500,000
15,418,500
Chicago
25,132,000
27,433,000
52,565,000
Boston
12,470,000
' 18,475,000
30,945,000
Dallas.....
2,567,000
4,000,500
6,567,500
Richmond
2,382,000
7,064,000
9,446,000
Atlanta
2,981,500
4,498,000
7,479,500
2,214,500
2,278,500
4,493.000
$176,604,000
$242,517,000
$419,121,000
Total*
PROPOSED
on
on
Liberty Bonds
the approximat
RESUMPTION
OF
TRADING IN
WHEAT
FUTURES.
"Tribune" of June 24, a call
Committee of sixteen,
in Chicago on July 6 has been issued by President L. F.
Gates of the Chicago Board of Trade.
The "Tribune" says:
According to the Chicago
for
LOANING
9,793,500
$175,000,000
32,350,000
39,756,500
Minneapolis
street.
S.
Charles
The
17, that it had acquired approximately
feet of land at Nos. 91-97 Maiden Lane and
11,412,500
5,625,000
St. Louis
Thursday,
their quota)
follows:
acceptances
customary terms of
credit.
AND 5%%.
Certificates
June 16.
trade
that
and
AT 6
total amount of subscriptions
subscriptions,
were
CERTIFICATES
TREASURY
TO
'' tA
allotted for the two
Indebtedness, dated
15 1920, was $419,121,000, according to an announce¬
made public by Secretary of the Treasury Houston on
19.
The certificates were offered on June 9, and the
issues
as
is
'
ISSUED
.
materials
trade acceptance when accepted by the builder,
within the terms of the Board's definition of such
as
clearly
Building contracts
always
are
noted in these columns April 17. Since early in
Mr. Leffingwell in
SUBSCRIPTIONS
The
many
greatly in different locali¬
that it is impossible to
promulgate any general ruling as to the possibility of the use of the trade
acceptance to finance structural work and other building operations in
general.
Each case would have
to
be
determined
upon
the* facts as
ascertained
in the light of the contract under which the operations are
being conducted.
ties
Leffingwell, whose resignation,
Mr. Gilbert had been assistant to
war
building opera¬
in
acceptances
inquiries with reference to
building contracts to drawthe purpose of financing
the
process of building.
»
There does not seem to
draft drawn
by a manufacturer or material man
the
eligible for rediscount
an
Bulletin
Reserve
trade
Reserve Board
of
doubt that
builder to
any
upon
for
of
use
the various parties concerned
acceptances
against each other for
trade
was
Mr. Gilbert
effective
June 21 by President Wilson.
the Treasury.
We quote the ruling herewith :
The
the
Assistant Secretary of
S. Parker Gilbert Jr. was named as
July 1,
LEFFING-
TO SUCCEED R. C.
ruling of the Federal Reserve Board, pub¬
a
with the Baltimore
compelled yesterday to make up
and 95 for the Vic¬
Bank. The new
regulations of the Richmond Reserve Bank fixing these lower figures as
the basis for discount on these bonds and notes went into effect yesterday.
Heretofore they have been accepted for discount at par.
The amount the
banks in Baltimore were required to put up to meet the margin aggregated
a large, sum,
though the exact amount was not made public.
Many of
the banks here are borrowing as much as $2,000,000 and over on these
Government issues and the impression is that the full amount is in excess of
$20,000,000.
Therefore, the aggregate sum they were required to raise
to meet the difference was in excess of $300,000.
The Baltimore bankers
the difference between par
will succeed R. C.
give to-day the reply made by Governor
Harding, of the Federal Reserve Board, to a letter received
by him from M. Morgenthau, Jr., regarding loans for hous¬
ing.
Governor Harding encloses in his letter to Mr. Morgen¬
the
loaning rule:
The
the Treasury on
we
announced
Chicago
above loaning basis on June 8, effective June 11.
The Balti¬
more "Sun" had the following to say June 22 regarding
the
OF
BUILDING
FOR
the
the present on the following
basis;
WELL AS ASSISTANT SECRETARY
RULING
approximate market
value of the securities offered as collateral.
S. PARKER GILBERT JR.
'
Obligations and the
by United States
States Government War
re-discount for member banks of customers' notes secured
say
information there is enclosed a copy of the Federal
Reserve Bulletin for June, 1919, on page 568 of which will be found a
ruling of the Federal Reserve Board relating to the use of trade acceptances
in building operations.
Very truly yours,
further
your
is
security for loans
accept Liberty Bonds as
branch of the Federal Reserve Bank, were
not^ more than ninety days exclusive of days of grace."
When
at which both will
to make direct loans to
they are allowed to do Is to discount for member banks upon their endorse¬
ment, " notes, drafts ard bills of exchange, arising out af actual com¬
mercial transactions; that is, notes, drafts, and bills of exchange issued
or
drawn
for
agricultural, industrial, or commercial purposes, or the
proceeds of which have been used, or are to be used, for such purposes, the
Federal
Reserve
Board
to
hav
the
right to
determine or
define the
character of the paper thus eligible for discount, within the meaning of
this Act."
" Notes,
djrafts, and bills admitted to discount under the
terms of this paragraph must have a maturity at the time of discount of
The rate
market value of the securities, instead of at par.
a
pointed out
operations.
will read Section
Federal
[Vol. 110.
THE CHRONICLE
2623
a
meeting of the Grain Exchange
trading
thoroughly. With
of the new whe^t crop on and the movement near at hand, com¬
the increasing disposition on the part of interior cash grain
The committee will take up
in wheat futures and is
the harvest
bined
with
discussion of plans for a reopening of
expected to go into the situation
Junh 26 1920.]
handlers
THE CHRONICLE
seek security through a hedging market, the meeting is of
to
vitaljinterestlto
the grain trade.
On June 17
of Agriculture
tary
was held in Washington between
General A. Mitchell Palmer, Secre¬
Meredith, Governor Harding of the
Federal Reserve Board and
committee of bankers from
a
Chicago, Minneapolis, Kansas City and St. Louis regarding
the resumption of trading in wheat futures.
Satisfactory
results
the
reported to have been obtained
are
the part of
on
bankers, the Chicago "Tribune" of the ISth inst. having
stated that
toward
"Washington authorities
are
favorably disposed
reopening of the trade in wheat futures
a
ing exchanges."
hedging market
new
so
trading
open
19 it
announced in
was
to the
thirty days.
Washington
dis¬
grain.
report to Congress on the marketing of
a
The following further information
contained in
was
low
as
as one
dollar per
The bulk of the farms
money
The Department announcement' continues:
Fourteen representative districts in the Wheat Belt were visited
by the
of the Office of Farm Management in
making this investigation, a
field
men
pre¬
liminary report of which has just been issued.
Nine winter wheat areas were
surveyed in Kansas, Nebraska, and Missouri, and five, spring wheat I areas in
Minnesota, North Dakota and South Dakota.
For winter wheat 284 records
were
taken, for spring wheat, 197.
Winter Wheat Ranged from $1 to $8.20.
farm.
on one
been $1.87
In the
costs
areas
ranged from $1
The average cost
was
a
*
bushel for two farms to
If the price received had
$1.87.
than half of these winter wheat growers would have pro¬
more
duced wheat at
range
press
was
or over.
"half the farmers in question would have lost
their wheat,"
on
$8.20
as
patches that the Federal Trade Commission had begun the
preparation of
ment says
$5
was
cost somewhat less than midway between
At the average cost of $2.15, the Depart¬
a
these two extremes.
be established, to aid in financing
can
crop, which will be ready to move inside of
On June
produced wheat at
In the winter wheat
The paper referred to also said:
They [the bankers! went there to get first hand information
a
On 20 farms it
the lead¬
on
attitude of the government officials and their desire to assist in establishing
the
piled by the Department the cost
bushel.
conference
a
United States Attorney
963$
loss.
a
spring wheat
areas
the average oosft
running from $1.10 for
farm to
one
$5
was
much higher—$2.65—the
or over
for 17 farms.
If the
price received had equaled the
spring wheat
growers
average cost, between 50 and 55% of these
would have failed to break even.
Yields averaged 14.9 bushels per acre for the winter wheat farms,
bushels for the spring wheat farms, and the cost
per acre
wheat,
and 8.4
$27.80 for winter
against $22.40 for spring wheat.
as
"
the
dispatches:
Necessary Price" Considerably Above Average Cost.
Department specialists, in cost of production studies, point out in this
Among suggestions before it, is that future trading be regulated and that
speculation be eliminated!
as
far
as
consistent with the retentionof
hedging
a
market.
Conferences on the
subject have been had by the commission and the
Department of Agriculture with representatives both of the Grain Ex¬
Elimination of the secrecy which surrounds the activities of the Grain
Exchanges
to the
and the
desirability
price"—that is, the price necessary to give the producer a fair degree of cer¬
tainty of making a profit—would be found at a level considerably above that
of the average cost of production.
For example, to allow a profit on 80% of
the wheat
changes and farmers' organizations.
of
extending
the co-operative principle
operation and management of elevator and terminal facilities in the
con¬
nection that, for the farms covered in this investigation, the so-called "necessary
produced
to be about
$2.60,
"Covering the
40% of the
the farms covered by this study, the price would have
on
compared with
as
growers
The variation in net cost per
grain industry were urged by the farmers.
wheat—is
shown
in
the
cost of $2.15.
an average
plus 10%, 75% of the
would still fail to break even.
average cost
crop
At
a
price
would be covered, but
bushel for all farms—both spring and winter
accompanying
table.
Copies of the preliminary
was done and gives results
report on the cost studies, which tells how the work
RAILROAD
LABOR
WAGE
ON
BOARD
TO
EXPEDITE
SAGE
The Railroad Labor
TO
telegram from President Wilson
a
be obtained from the Office of Farm Management.
Cumu¬
Acres.
of lative %
of No.
of
No.
Cost
Bush.
Seeded:
.•
The President's
on
message
the
to the
$1.00
2
1.10
4
5
770
read
9
1.30
.
2.0
480
2.5
4.0
10
6.1
10.5
1.60
21
14.9
1.70
26
20.3
25
25.5
5,254
1.90
38
33.4
5,662
33
40.3
Reports placed before
5,377
show transportation situation hourly growing
2.10
30
46.6
more
difficult and
board to
your
wondering whether it would not be possible for
2.20
25
51.8
2.30
21
56.2
2.40
22
60.8
2.50
19
64.8
4,027
3,677
6,312
3,524
3,407
2.60
18
68.6
4,988
4,302
1,584
the demands be
Chairman Barton
to
me
am
announce
a
decision with reference to the pending wage
final conclusions relative to these vital matters,
upon
•
addressed
At least would it not be possible for your board, if it has reached
matter.
no
I
settlement
a
or even a
On June 23, W.
hood of Railroad
2,144
2,137
3,171
3,673
3,723
4,696
1.80
settlement of
that
follows:
as
of Pro¬
duction
.9
950
480
2,144
2,152
3,199
.4
21
message
vested
Acreage
;
950
2.2
1.40
urged
The
% Production Cumulative Cumu¬
Production. lative %
of Har¬ Bushels.
770
1.2
1.20
2.00
cities,
vested.
Farms.
1.50
expedited.
Cumu¬
Har¬
demands.
Board, which followed sporadic strike outbreaks in various
eastern
tentatively to agre^
N. Doak, vice-president of the Brother¬
Trainmen, issued
statement at Washing¬
a
5.0
7.5
14,560
33,772
3.4
8,660
40,692
42,432
4.3
83,124
124,582
186,224
18.8
246,750
24.9
315,980
394,671
480,954
557,097
605,992
648,842
714,092
31.8
15.5
41,458
61,642
60,526
4,649
20.9
69,230
5,169
5,618
5,192
3,942
26.9
78,691
33.5
44.2
86,283
76,143
48,895
3,611
48.4
42,850
6,202
55.6
3,491
3,262
4,818
4,137
59.7
65,250
35,056
1,556
1,910
1,185
75.7
11.2
39.6
63.5
declaring
that
the
Railroad
Labor
is wholly
Board
responsible for the present bad situation.
He added that
the chiefs of the railroad brotherhoods desired the
"that this much-heralded and advocated
know
public to
method of
adjusting questions of. this character, according to the present
indications is
rank and
a
900.095
925
80.4
7,779
907,874
91.1
1,010
930
81.5
91.7
1,638
83.4
1,485
85.1
87.1
1,729
1,510
1,730
1,705
87.1
914,115
925,168
934,894
945,095
94.9
88.1
880
880
88.1
950,425
95.4
953,610
960,171
95.7
96.4,377
96.8
76.1
2.90
9
78.0
3.00
9
79.9
1,910
1,235
3.10
7
81.4
990
3.20
5
82.4
3.30
8
84.1
3.40
6
85.4
3.50
8
3.60
5
73.9
4
88.9
521
521
88.7
3.80
5
89,9
1,210
1,162
90.1
6,241
11,053
9,726
10,201
5,330
3,185
6,561
3.90
6
91.2
760
735
91.0
4,206
91.2
4.00
91.0
^
«
"440
m
m
92.2
3,455
530
92
2,641
3,170
4,402
1,806
1,598
981,028
98.4
982,834
984,432
98.6
91.5
2,983
.s8
630
630
93.5
760
94.4
410
405
94.9
method of adjusting questions of this character according to the present
4.70
3
95.6
500
500
95.5
must first be
97.1
967,360
970,815
973,456
976,626
605
530
760
men
96.4
96.8
«r
605
95.0
to start the wheels of
93.9
484
94.4
manner
•
92.8
91.8
93.8
are
90.3
93.2
3
The chiefs of the brotherhoods
89.4
92.6
3
failure.
-
87.8
4
3
rank and hopeless
»
86.4
890,832
3
4.50
a
m
82.6
875,028
3
4.10
4.40
indications is
75.1
78.5
9,263
73.4
13
4.60
gone up
65.1
71.6
749,148
782,706
823,751
861,350
79.3
23
from all parts of the country to the Labor Board
we
55.9
60.8
77.9
2.70
69.1
desire the public to know that this much-heralded and advocated
Appeals have
and
48.3
4.30
'
4
39.7
4.20
hopeless failure."
His statement in part was as follows:
8.4
12.6
33,558
41,045
37,599
13,678
15,804
2.80
partial settlement.
1.5
14,560
19,212
3.70
ton
1919.
lative
Farms.
per
early" award would be
recently concluded its hearings
question at Chicago.
wage
may
Variation in Net Cost per Bushel of Spring and Winter Wheat,
481 Farms.
Net
the railroad wage
on
The Labor Board
detail,
BOARD.
June 23 gave assurances that an
made
some
MES¬
Board, appointed under the Trans¬
portation Act, in reply to
on
DECISION
QUESTION—PRESIDENTS
in
4.80
/
■
95.6
m
»
m
m
—
97.4
97.7
98.0
98.8
98.8
95.5
4.90
considering means to assist in
every
transportation, but know full well that these
given substantial increases in pay before such can be
2
96.0
171
151
95.7
"""970
985,402
98.9
5.00
2
96.4
430
280
96.0
1,567
986,969
99.1
Eighteen records representing 0.9% of the production had costs exceeding $5.00.
♦
Average cost, $2.15.
accomplished.
The board has
no
reasonable
or
legitimate
excuse
In not granting sub¬
stantial increases in wages to railroad employees, and there can be
escape
no
is wholly responsible for
sitting in Chicago
to their duties and
of the
and to
this question, but they apparently are not alive
The brotherhoods have informed them
responsibilities.
impending crisis, and they would not act.
unless they did act we
We informed them that
would be compelled to appeal to the American public
notify the President of the United States of the seriousness of the
situation.
They would not heed the appeal.
The railroad labor organizations desire the
to fix the
waited for
public to know the truth and
responsibility where it rightfully and justly belongs.
done everything reasonable to
a
year
keep transportation moving;
without relief, and have worked at wages
We have apprised every
could not maintain their families.
the public,
men
such
the
press
MENT TO RELIEVE LABOR SHORTAGE.
the present bad situation.
They have been told of the seriousness of the situation and urged, begged
and pleaded with to meet
We have
our men
on
have
which they
one,
Congress,
and the United States Railroad Labor Board, that these
employ of the railroads under
"The greatest
so
they
are now
scarcity of foodstuffs
ever
experienced in Amer¬
ica," is the prediction made by three national farm organizations
"unless immediate relief
On June 8
tion."
a
requesting that he
labor
as
sation of
may
can
be effected in the farm labor situa¬
memorial
use
was
presented to President Wilson
government machinery to allocate such
be recruited before harvest, and recommend a ces¬
public w6rk—national, state and municipal—until after
the crops are
gathered.
The memorial
was
signed by T. C. At
keson, for the National Grange; Gray Silver, for the American
Farm Bureau
could not be expected to continue in the
conditions, yet no relief has been afforded them,
URGE ACTION BY GOVERN¬
FARM ORGANIZATIONS
from the responsibility that the United States Railroad Board now
Union.
Federation, and R. F. Bower, for the Farmer*'
It said:
Unless immediate relief can be effected in the farm labor situation wo
leaving the service of the railroads.
soon
will
be face to face with what leading agricultural economists believe will bo
scarcity of foodstuffs ever experienced in America.
The exigency of the situation requires that public attention be directed to
this matter at once.
Everyone can help by speeding up production and work¬
the greatest
COST OF PRODUCING WHEAT.
The average cost
$2.15 per
of producing wheat of the 1919
bushel, according to
an
United States Department of Agriculture on June 21.
two
farms out of 481 included in
a
crop was
announcement made by the
On just
cost of production study com¬
ing longer hours.
Relatively few city employees are fitted for immediate
farm work, but each can work a little harder and a little longer at his present
job and thereby release others who can help with food production.
Sufficient bank credit should be made available to relieve the present
strain experienced in financing farm
severe
operations and in purchasing machinery J
•
fertilizers and other labor-saving equipment
t
o
relieve the situation
temporarily and
of the carriers as to the percentage which
This would tend
and supplies.
save us
from what now seems inevitable
up to
an
the cities.
within
necessary
"*
j
short time to reopen the case to take care of an advance
a
a
and in that event the Commission will be free to reach its conclu¬
few days,
be permitted in the form of a flat figure in a flat
Rate advances may
idle.
Many millions of acres of land
are lying uncropped.
Lack of bank credit and high interest rates are causing
thousands of acres of good pasture land to go ungrazed.
A later shortage of
percentage,
both beef animals and dairy animals will be the result.
interior points must also be
••
the final
railroad statistics.
A
comparison made' public two weeks ago showed that the book values of
the railroads were in many instances below the estimates arrived at by the
by the railroads will be accepted by the Commission, or at least
Spring has seriously affected the corn crop.
World supplies are short,
and higher food prices seem inevitable.
Bread lines and food riots are
than meet his
more
and his family;
Farm leaders
in
figures decided upon will not be lower than the
beyond the possibilities of the next twelve months.
Without labor the farmer must cut down his
will but little
own
needs.
operations to
He
can grow
a
point which
enough for himself
Commission.
it is the city dweller who would first feel the pinch of hunger.
production.
is regrettable that Congress adjourned without passing the badly needed
present season's food
It
legalize co-operative production and marketing, insure a cheaper fertilizer
the world markets.
open
duction and
provide
That the
small
proper
distribution of
same.
one
made plain by Herbert Hoover in
was
a
of
no
letter
recently to Representative Riddick of Montana, setting forth
the former Food Administrator's views as "to practical measures
to insure better returns to the farmer for his labor and invest¬
Decrease in
ment."
clared,
food supplies.
seas
agricultural production, Mr. Hoover de¬
result in this country becoming dependent
may
May 25) that
a
on over¬
He suggested in his letter (made public
on
commission be appointed composed of highly
trained farmers and skilled economists and financial experts to
expedient to be adopted following the expiration of the guarantees,
On the 7th inst. it
to
Such
and remedies for the situation.
causes
a com¬
mission, Mr. Hoover said, would find:
That the farmer's prices are
at the
a
fixed by competition with world wholesale prices
points where the world streams of food meet; that such prices bear only
farmer's costs of
remote relation to the
production, and that consequently
increase in the cost of placing the farmer's products
any
where
competition meets is
on
sale at these places
deduction from the farmer's
a
own
receipts; that
the continued inflation of credits since the armistice has extended
and profiteering
who wanted to
by expanding the borrowing facilities to
and has likewise increased the prices of the supplies
that the farmer must buy as
it works out, is
an
wrongly distributed; that the
excess
profits
opportunity for food manufacturers and distributors
to collect taxes for the Government
by adding them to the margin between
war
deterioration in
our
transportation facilities has created periodic
strictures in the free flow of food from the farm to the
compelled the farmer to sell his product during
the
consumer
to
buy during
That the whole
our
which has
local glut and has compelled
an increase in the margin;
a
local shortage—again
marketing system in
many
of
our
commodities is indi¬
manufacturing industries have developed out of pace with our
agriculture, and that
labor is being drawn in thousands from the farm to
our
That
the
organization of consolidated
buying of American
produce by
prices, is
a
to the American farmer.
menace
Such
a
common
commission would seek the remedy for these things with that same
sense
economic
same
our
with
which
similar
commissions
of
farmers
problems of the food administration during the
the
met
war
great
and with the
consideration for farmer, distributor and consumer.
Carriers
and M. P. Blauvelt, Vice-President of the Illinois Central
RR. and a witness for the roads in Southern territory were
cross-examined as to valuation matters by John E. Benton
Solicitor for the National Association of Railway and
Utilities Commissioners, and Glen E. Plumb appearing for
As to the testimony on that day the
Washington dispatch said:
the railway employes.
New York "Commercial" in its
Hulme was asked by
Benton whether the present value of the
lands should be included in the valuation on
value
H or 6 %.
quisition of carrier land should be taken into consideration
mission in arriving at the valuation of the carriers' property.
believe they should be the controlling factor.
Mr. Plumb asked only a few
what percentage
of the Pennsylvania system's land had been
certain shippers, said the railroads
and bonds were put in at par,
would concede that in some instances stocks
prior to 1907, in the property investment accounts,
what amounts were actually received by the
It
duction for
but without showing
railroads for such stocks and
also conceded by the carriers that they
was
FOR
which they ask a return of
the cost of reproduction nowr and
would be approximately
hearings before the Inter-State Commerce Commission
the
application of the railroads for authority to increase
been
freight rates
Chronicle—May 29,
2351—dealt
this
with
the Washington
June 22 had the
an
way,
submitted in behalf of the carriers.
the
of
still under
the shippers have
presenting their views since June 7, following the testi¬
mony
in
are
page
the present value of carrier lands,
30% greater than the value shown by
sideration increases in
Social
advices
page
from
Bureau of the "Journal of Commerce"
following to
say
on
with regard to the likelihood
early decision:
Railroad officials who have been following the hearings before the Inter¬
state
Commission
Commerce
railroad freight rates
closely,
are
confident that an advance in
approximating the figures asked by the roads will be
granted and that a decision will be rendered at an early date.
are
made freely
Predictions
that the action of the Commission will be taken by the
revenue
was
added in
the dispatch
that
in 1919 which resulted from
reporting this the New York "Commercial" said:
In
questions put by C. E.
representing the Southern Traffic League, who
-
rates, and the chief arguments are directed to the methods
of
applying the advances.
It
was
also said in these dis¬
patches:
It is believed
earned
showed that under
the first four months of 1920 the
net of more than
$6,000,000.
payment of back mail pay to the carriers
Answers filed
by the railroads
and the
than $11,000,000 in the
on
due
in January.
June 8 to questions of the
application of rate increases
proposed advance was also intended to
regarding
indicated that the
Southern Railway had
He said that the Southern
Blauvelt said that much of this was
first four months of this year.
Commission
$6,620,000
Commission
the Southern Railway would earn a net of
while reports made to the Interstate Commerce
that in
a
the reliability of the
estimates for future needs in the way
He assumed that the carriers' statements
Illinois Central combined had earned a net of more
to the
in
apply to switching rates
the
or
charges, "except that at junction
points between carriers in official and Western classification
territories the increase will be 30%."
The carriers in south¬
ern
classification territory propose to
rates
increase all switching
purely switching and terminal roads, and the
of all
intra-terminal
intra-plant,
and
inter-terminal
switching
other carriers 31%.
In its account of the testimony on
the 9th inst. the "Com¬
mercial" said:
C. R. Capps,
Vice-President of the Seaboard Air Line, cross-examined by
C. E. Cotterill, of the Southern
an
Traffic League, said that he did not believe
increase in passenger rates up to
3 H cents a mile would decrease through
travel, but that it probably would affect local train travel.
Indications that the shippers will contend that 1919 was not a fair baro¬
passenger
that
nrincipally in the
»
showed
Cotterell,
took the position that the
the carriers did not disclose that such increase
had been considered.
of revenue.
developments in the
hearings indicate little real opposition to an increase in freight
the
instructed to take into con¬
His statement was made in reply to
rates of
middle of July.
It
the-rkilroads
increases in rates in that year.
Two previous items
2252 and June 5,
testimony.
basis df
the total
the roads were figured on the
On the 8th inst. Mr. Blauvelt made a statement to
in one year,
The
their
figures on
6%.
Hulme declared that if the value of
the proposed increases
HIGHER-FREIGH T. RA TES.
on
had made no de¬
depreciation from the property investment account
statements submitted by
RAILROADS
OF
question¬
A. P. Thorn, general cbunsel of the Associa¬
a question put earlier in the day
Executives, replying to
Cotterell said he desired, by his questions, to test out
APPLICATION
acquired by
Mr. Hulme, however, did not
domain.
Mr. Plumb pursued this line of
information asked for.
ing briefly and then stopped.
tion of Railway
He inquired as to
questions of the witness.
the exercise of the right of eminent
have the
by the com¬
Hulme said
consideration in fixing the rate-making
present prices should be taken into
value, but he did not
carriers' method in arriving at their
ON
carriers'
which the carriers will get a
Hulme said it was his personal view that the present
should be included.
He also declared that the present cost of ac¬
revenue
HEARINGS
Hulme,
W.
Thomas
date
that
effect that all carriers had been
the town, at wages that farmers cannot contend with;
European governments, and the consequent domination of
decision of the shippers
on valuation
witnesses
in their property investment accounts.
obsolete and increases the margins unduly;
rect, expensive, wasteful,
That
a
consumer,
a
Vice-Chairman of the Valuation Committee for the
bonds.
the farmer and the market;
That the
result of
by W. E. Lamb of Chicago, on behalf of
well;
That the burden of taxation is
as
food distributor
indulge in such practices; has widened the margin between the
farmer and his market,
tax,
any
speculation
as a
On
length.
at
stated that the hearings would be
was
examine the carriers'
cross
return of 5
consider the
begin preparations of the new
suffice for this work, and it may be necessary for some temporary
matters
problem of decreased farm production is
significance
will hardly
not
greater until proper legislation gives the necessary facilities to increase pro¬
notified suffi¬
tariffs.
Six weeks
September 1, and it is anticipated that the carriers will be
considerably shortened
Living costs will mount higher and higher and unrest become greater and
the
The rate guarantees provided in the Transportation Act expire
arguments.
ciently in advance to
pending agricultural legislation, which would have done much to encourage
food production.
This legislation includes bills to provide farm credits,
supply and keep
Decision of the Commission is expected after the close of
weeks longer.
on
to last about two
before the Commission are expected
The hearings
point out that quick attention to this matter, which would result
better labor and credit supply, could still come in time to help out in the
a
considered.
also indicate that the valuation.estimates made
Recent developments
The cold'
The question
in increases upon individual commodities.
or
maintaining existing differentials between ports and between various
of
late
not
The opinion prevalent here is
be allowed to the workman.
decision from the Labor Board in Chicago may be expected within
are
is reported nearly 300,000,000 bushels short.
an
sions.
labor has cut down production one-third in some sections.
The wheat crop
grants
may
a
!'
Commission
the prevailing rates of wages, it may be
upon
which
tion of the memorial at the White House:
Everywhere thousands of farm houses
If the
the situation.
based
that
Gray Silver authorized this statement following the presenta¬
Lack of farm
complicating
element
increase at present,
that will more nearly compete with scales prevailing in
to pay a wage
armer
is needed to bring their earnings
the required figures.
Delays by the Labor Board in rendering a decision on wage advances is
The permanent solution must, of course, come through read-
food shortage.
j ustment of soil fertility policies, food prices and wages, which will enable the
f
[Vol. 11D..
THE CHRONICLE
2624
the Interstate Commerce Commission is interested
manner
in which the increase is to be applied and in the
valuation which is to be placed
on
the railroad property.
In the absence of
definite evidence to the contrary, the commission will accept the
estimates
meter for
showing operating costs were strengthened by
asked by their
further questions
representatives.
The carriers based their estimates on a con¬
31 1919, and the shippers have been showing con-
structive year ending Oct.
1920.]
siderable
opposition
THE CHRONICLE
that
to
plan.
Charles
E.
Elmquist,
representing
Northwest shippers, elicited from L. E. Wetling, expert accountant for the
Western lines,
that the service of the carriers
somewhat slower now than in
as
to movement of freight was
1916, but he would not admit that meant
th§
permitted under the recently enacted Transportation Act
be
given the railroads to enable them to furnish adequate
was made to the Commission on June 11
by C. L.
Lingo, Traffic Manager of the Inland Steel Co., and repre¬
service
senting the Illinois Manufacturers' Association.
is said
the
have stated that unless rates
to
were
Mr. Lingo
increased
to
point where the credit of the carriers could be rehabilita¬
10th inst. the National Industrial Traffic
League,
representing shippers in all parts of the country, had urged
learn from the "Commercial" that the Commission give
we
to the railroads such increase in rates
to
revenue
the
rehabilitation
J. B.
as
would
yield sufficient
permit the re-establishment of railroad credit and
of
the
physical property of the roads.
Campbell, appearing
June 11 for the State Com¬
on
missions of Washington, Montana, Idaho, Utah,.New Mex¬
ico, Nevada and Arizona, is reported
if the carriers would
cient
use
the
as
having declared that
equipment they have in
they would not need the increase in rates.
manner
He
is also said to have stated that the carriers in the mountain
States
were
in need of
On the 13th inst.
tain
little, if
any,
increased
On
revenue.
exemption of Nevada and the inter-moun-
territory from the rate increase of 24% asked by the
roads
western
He said
increases should be made at least until there had been
no
an
equalization of other rates which discriminate against the
intermediate
territory.
I
earn
net
a
operating income of approximately $80,-
000,000 in 1920 if they
for
was
made
granted the 31% increase asked
were
June 12 by M. M. Caskie, in behalf of the
on
Traffic
Southern
territory
League.
His
statement
based
was
on
computations made from reports submitted by the roads
to the
Commission, the New York "Commercial"
gives his further contentions
follows:
as
says,
which
x
In their estimates submitted to the commission, the Southern lines said
their probable net income for the year would be approximately S16.000.000,
if
they were permitted to earn 6%
$2,157,280,000.
Mr.
account as submitted
Caskie
did
net on their property investment of
question the property investment
not
by the carriers.
He said the Southern carriers in the
not necessary.
was
following account
while the carriers had estimated that
their net for the entire year would be only approximately $16,000,000.
An increase in rates of only 12.9%
6%
would yield the carriers
their property investment account, Caskie said.
on
computations, Caskie said he had eliminated the back mail
carriers
a
pay
which the
received in January from the Government and which amounted to
about $6,000,000 in the Southern district.
Representatives of the carriers were to cross-examine Mr. Caskie after
they had made
As
a
study of his figures.
indicating
of
shippers of the proposed rate advance
lowing from the
same paper
the
where
quote the fol¬
of June 15:
Fulbright said, and increased
was
the
pay
reached the point
their share of the cost of adequate transportation service
statement
made
before
this afternoon by James Q.
ber of Commerce snd other
I
railroads, Gulnac believed,
Maine and New England
the
Interstate
Commerce
Commission
Gulnac, appearing for the Maine State Cham¬
organizations in the advanced rate case.
"unthinkable antagonism"
The
was a
on
burdened with
on
"We
on
are
prepared to
rest of the official classification
Besides
share and only ask that the rate of increase
England as in the
Utilities
statements on behalf of several
The Louisiana Commission, he said,
presented
commissions.
same
separate from official Westen classification and
favored the same level of freight rates being applied generally,
treatment
than
different
rates
for
separate
territories.
The
indorsed rate
Connecticut
Commission, Mr. Benton said,
increases
keeping with present day prices in order that
in
transportation
may
be improved and the country generally
benefitted by greater movement
of traffic.
Maine, he said,
urged that the commission grant no freight rate increases
than 30% through not
In protesting against
any
increase deviating from a straight percentage basis
H.'-R: Brashear, Chairman of the St. Louis Chamber of
to
the
territorial. groups
greater
disapproving of necessary increases.
Commerce, stated
of
on
the 14th inst. that the establishment
differentials, would put St. Louis at a disadvantage with
Chicago.
P. W. Prickett, manager of the
re¬
on
Mr.
Fulbright said the dumping of
the American market contributed to the stagna¬
He urged that the railroads use the
diligence in having the "tax discrimination" removed by legislation
they do in seeking increased rates.
as
Uniform rates throughout the West were urged by Mr.
declared
that
higher rates
the
Southwestern territory
or separate
Fulbright, who
should not be singled out for
territorial treatment.
Arguments for lower rates
on
coal than those embodied in
the general advance were presented on June 17 by C.
D.
Boyd, of Louisville, Ky., representing the Harlem County
Coal
Operators' Association, who contended that coal is
basic commodity, and that existing rate relation¬
ships and differentials should be preserved for the benefit
necessary
of the
grain
Opposition to
consumer.
was
made
on
flat rate increase
any
on
June 18 by B. Needham, of Lane, Kansas,
representing the Kansas State Grange and the Kansas Agri¬
cultural Council, who urged the Commission to reach no
decision which "discriminates
of
other industry."'
any
of percentage
relationship
preserve
against agriculture
in favor
any
disturbance of rate
made by A. E. Vandegrift of Louisville,
petition asking the Commission to
a
the equalizations
111.; Evansville,
grain between the markets of
on
Ind.; Henderson,
Ky.; Memphis,
Louis, New Orleans, Omaha, Kansas City, Nashville,
Louisville
Cincinnati.
and
increases Mr.
tions would
In
arguing against horizontal
Vandegrift declared disturbance of equaliza¬
cause
the moveent of
congestion in favored markets, delay in
equipment and failure to utilize facilities
other markets,
at
or
Protest against the application
advances and against
was
Ky., who presented
thus resulting in
a
The
material loss in the
proposed freight rates, if applied to cattle, would
tend to drive many cattlemen out of
on
Traffic Bureau
business according to
June 18 by A. Sykes, of Iowa, President
Producers' Association of Iowa, and
of the Corn Belt Meat
Vice-President of the National Live Stock
Mr. Sykes
carriers
said he would not
were
an
oppose
it not for the fact that such
additional burden
on an
Shippers' League.
the advance asked by the
an
increase would
industry already overburd¬
The New York "Commercial" in referring to other
testimony said:
J. H. Mercer,
of Kansas, president of the National Live Stock Shippers'
League, said it was far more difficult to finance the business of raising live
should be helped through
creases
He believed that the roads
Government loans rather than substantial in¬
in rates.
Shippers of live stock and sand and gravel urged the Inter-State Com¬
merce
Commission to-day to give those commodities special consideration
in the rate advance hearing and that as
be
objected to the application of the Southwestern roads for
rather
"tax discrimination,"
stock than it Was to finance the railroads.
territory," Gulnac said.
tative of the National Association of Railway and
State
the
tion in the railroad securities market.
ened.
On the 14th inst. John E. Benton, Washington represen¬
Commissions,
heavy surtax and normal tax, which reduced the
investor.
He said many plants in
thing of the past.
had been forced to close down because of in¬
pay our
a
the investment to only 2
foreign-owned securities
place
percentage basis and that it be the same in New
a
market for the secu¬
a
or 3%, while municipal securities and
Liberty bonds largely were tax free and thus gave a greater return to the
the part of the public toward the
adequate transportation facilities.
be
rates will not create
Discussing the tax, Mr. Fulbright said investors in railroad securities
were
turn
testimony offered
they realize that "poor service is the dearest sendee," and therefore
ready to
the
say:
rities.
England
New
we
That the shippers of Maine and New England have
are
gave
distribution of food products.
indorsement
the
also
major problems, Mr. Fulbright declared: first
return of
In making his
Press
Fulbright had to
railroad-securities,
Mr.
St.
of $17,571,504,
Associated
to what Mr.
Increased rates will not solve the labor
question under existing conditions,
had
net
of those
C.
he said, declaring that the conditions themselves must be
changed.
The root of the revenue problenl lies .in the market for
Cairo,
a
The
as
The railroads face three
first three months of 1920, as shown by the reports made to the commission,
earned
expenses
R.
the labor problem; second, the revenue
problem, and third, the tax prob¬
lem.
•
; / ■
•'
a
?he assertion that the carriers in the Southern
would
earnings and
of his contentions.
were
and presented
revenues,
alone would not solve the nation's
transportation problems,
and that the full 31% increase asked
by the Western roads
requested of the Commission by J. F.
was
Shaughnessy of the Nevada State Commission.
day contended that
same
Fulbright, of
Houston, Texas representing the Southwestern Industrial
Traffic League, while
urging on June 15 substantial freight,
increases, informed the Commission that rate increases
effi¬
an
to the
as
roads in support
ted, the transportation service could not properly be restored.
On the
the
on
least in need of increased
statistical exhibits
recommendation that the maximum increase in rates,
A
City, Utah,
the Commision that the Western transcontinental
lines
^
increased operating costs.
2625
of Salt Lake
low
an
increase in rates as possible
applied to them.
O. P.
Gothlin, of Dayton, Ohio, and V. O. Johnson, of Lincoln, Ills.,
appearing for the National Association of Sand and Gravel Producers,
asserted that sand and gravel already were subject to excessive freight
charges and that another increase would be disastrous.
A
petition for the maintenance, of rate equalizations and relationships on
grain and grain products was filed in behalf of the Cairo Board of Trade,
Cincinnati Grain and Hay Exchange, Evansville Chamber of Commerce,
Henderson
(Ky.)
of Commerce,
Chamber
Louisville Board of Trade,
Memphis Grain and Hay Association, Memphis Merchants' Exchange,
Merchants' Exchange of St. Louis, New Orleans Board of Trade, Omaha
Grain Exchange, Board of
Trade of Kansas City (Mo.) and the Traffic
Bureau of Nashville (Tenn.).
The
petitioners said they made the request because of
which would result from the
rates and that
rates into,
the disturbances
application of percentage increases on grain
the commission should require the carriers to so adjust their
out of and through these
amount of revenue
markets
as
to substantially yield the
prescribed and at the same time preserve the present
equalizations existing between these markets.
From the New York
lowing:
"Times" of June 19
we
take thelfol-
.
the American Farm Bureau
Clifford Thome of Chicago, representing
Federation
and
National Grain Dealers' Association, pre¬
Farmers'
the
grain traffic produces tongives the railroads actual
effort to show that, while
sented figures
in
mile earnings
about equal to other traffic, it
an
three times as great per car mile as does other general traffic.
Mr. Thome contended that the freight rates on wheat should not be
earnings two
or
advanced in proportion to
on a
the average rate increase, but
should be classified
benefits distributed to producers to encourage
lower rate basis, and the
further
in rates
if found necessary by the Commission to maintain efficient
transportation service.
They favored, however, a flat in¬
willing to bear its portion of the burden of increases
in railroad
in
rates
other
freight rates rather than advancing the
On June 22* protest was made by
ways.
representatives of refining oil interests to increases in present
rates
Empire Oil Refining Co., said that a
sentative of the
granted
dis¬
increase in freight rates and that such
an
the oil refining in¬
increase would result in great injury to
dustry.
to the roads'
Commission
application for higher rates, presented to the
June 22 their views as to the method of
on
J. C. Chase, fruit
and distributor, of Jacksonville, on the 23rd inst.
application of such proposed increases.
asserted that
Florida fruits and vegetables were
as
31% rate increase asked by the Southern
justified
not
was
far
as
the
concerned
lines
The "Commercial"
desirable.
nor
Increased freight charges will increase
will be
extent that I believe there
a
the hazard in this business to such
withdrawal of credit and help to the
which will bring about a great reduction in the acreage and a great
growers
counts.
understand that
"In 1916,
ground floor of our
location, we inaugurated
Savings Department was moved to the
our
building and during the opening weeks in our new
another
which was even more successful.
opened with initial deposits of more than $81,000.
flag campaign for new accounts
About 3,200 accounts were
campaign
did considerable advertising but in the
we
loss in tonnage to
the carriers.
Boxes containing our Flags
were seen in every street car and in every elevated train and we had inquiries
from all parts of the city.
Our new accounts were only limited by the number
of flags we felt we could distribute at that time."
campigns but little advertising was necessary.
W. ELLSWORTH ON GROWTH
F.
VERTISERS
OF FINANCIAL AD¬
ASSOCIATION.
growth of the Financial Advertisers' Association was
The
shippers have been given attention by the Commission the
remainder
the
of
Mr. Ellsworth said:
June 7.
current
membership of
our
Association from 419 to 498 so that our
members.
consists of 471 active members and 25 associate
appointed to for¬
I am sure
decidedly beneficial in rapidly and permanently developing the
of whieh Mr. Holderness is Chairman,
"The committee,
exhibits has produced a document which
mulate rules governing
will prove
feature of
annual meetings.
our
"Our Association during the year has
become more closely affiliated with the
Public Relations Committee of
WORLD.
TISING CLUBS OF
and your President.
ness
"More than half
hundred of
a
our
members have accepted appointment as
larger publicity committee
a
Relations Committee of the A. B. A. in
which will work with the Public
still further popularizing the banks
And right along this line, it seems to me that we
of our equipment, our ex¬
and the business of banking.
of the Financial Advertisers' Association, because
employment, can perform a tre¬
service, not only to ourselves, not only to our Asso¬
nature oh our daily
very
was
elected President of the Associated
Advertising Clubs of the World at its recent Indianapolis
Mr. Otis has
vention.
the Cleveland Chamber of
Cleveland News.
National
M. E.
Bank of St.
Park S.
con¬
long been actively interested in the adver¬
tising work of the organization.
He
formerly president of
was
The banker and world, are very
The members of
Commerce, and formerly owned the
Holderness, Vice President of the First
know that the banker
quently at
was
unanimously elected
his
But the general public does not know
designed to conduct
ive education and
;
■
Committee of the American Bankers
"The Public Relations
Association is
continuous campaign of intelligent, accurate, construct¬
can co-operate with this committee and can
a
Association
our
employ¬
fail to
independent action and thus, in addition to our regular
also assist by
big altruistic service, the result of which cannot
large part in the solution of our social and economic problems."
ment, perform a great
have
a
INCORPORATIO N OF AMERICA N
following resolution, presented by the Advertising Clubs
of China to the annual convention of the Associated
World, in Indianapolis, June 10,
was
River and
With
to place them on
are
handicapped by lack of suitable
equal basis with competing companies
an
the provisions of
to
regard
the bill, Washington
dispatches of May 31 said:
press
it passed
to
offered
ees
committee voted to
perfect the measure in con¬
date the joint conference
that
On
the House,
turned down by
the bill carried $12,000,000, but the Senate in¬
At the meeting to-day the Senate confer¬
total of $15,000,000, but the suggestion was
to $24,000,000.
creased its total
Whreas, American Companies in China
OF
Harbor Appropriation Bill failed
report that further efforts to
ference would be futile.
As
lattere.
PASSAGE
at the session of Congress just closed due to a
deadlock between the House and Senate conferees on May
Advertising
adopted by the
PREVENTS
HARBOR APPROPRIATION BILL.
AND
of passage
31.
COM PA NIES IN CHINA.
DEADLOCK
CONFERENCE
The'annual
necessary
serves
great expense to himself.
a
RIVER
ASSOCIATED ADVERTISING CLUBS FAVORS LEGISLA¬
legislation
employed,
Louis, placed Mr. Otis in nomination.
Flores, of New York City,
Clubs of the
are
We should tell them.
Secretary-Treasurer of the Association.
IN0 N FOR
daily advertisements and
can exert a powerful in¬
situation. "V^e, ourselves
community competently, unselfishly and fre¬
which
correcting this undesirable and unfair
fluence in
this.
the general community.
much misunderstood by the average man.
Association, by means of their
our
all other forms of advertising
President of Otis & Company, investment
Cleveland,
Holder¬
in its membership Messrs. Morehouse,
that Association, which has
perience and the
week.
OTIS, PRESIDE NT OF ASSOCIATED A DVER-
Charles A. Otis,
increased the
membership today
membership committee, under Chairman Grimm," has
"The
ciation, not only to the banks, but in a larger sense to
bankers of
annual con¬
Advertising Clubs at Indianapolis on
vention of the Associated
mendous and far reaching
C IIA RLES A.
de¬
interestingly by Fred W. Ellsworth, president of the
scribed
members of
„
representatives of fruit and vegetable
Lumber interests and
The
In our
second and third
Preparedness Day we opened 615 new accounts.
On the day before
first
The deposits on
taxed to the limit.
our resources were
during the 1915 campaign were more than $50,000.
accounts
new
American Bankers Association through the
reports him as saying:
an
opened this campaign, the working force of our Savings Department
and one at the desk to open new ac¬
An average of 25 to 50 new accounts a day would have been a fair
volume of business.
But when we jumped to 75 to 100 accounts a day, you
numbered three people—two in a cage
association, in reviewing the work of the year, at the
Representatives of lumber industries, while not opposed
grower
it would be ap¬
first
we
relationships would result if carriers
turbance of present rate
were
of such good quality that we were sure
was
H. E. Holmes, a repre¬
shipments of refined oil.
on
Home" and it
preciated and given proper care. We distributed over a period of six weeks
about 3,500 of those flags and could have continued indefinitely with equal
success, but felt that to be most effective a time limit should be set.
When
can
production.
Representatives of the cement industry told the Inter-State
Commerce Commission on June 21 that the industry was
crease
(Vol. 110.
THE CHRONICLE
2626
to
agree
a
the House.
of other nationalities, therefore, be it
|
Resolved, that the Sixteenth Annual Convention of the A. A. C. of W.
urges
the federal incorporation of American
basis
as
Companies in China
ether nation.
the companies of any
on as
favorable
COURT DECLARES TAX ON SALARY
THE PRESIDENT AND FEDERAL
JUDGES UNCONSTITUTIONAL
SUPREME
S
U.
prompt legislation by the Congress of the United States that will provide for
INCOMES
a
ON ADVERTISING.
The Associated
Annual
Advertising Clubs of the World at its Sixteenth
Convention
assembled at
Indianapolis
placed itself on record "as opposed to the
known
the
the
as
reason
that
advertising is
tax would be in effect
reduce
passage
Thompson Bill, imposing
production at
everything in its
a
June
10,
of H. B. 12,976,
advertising for
part of salesmanship and such a
tax upon
a
on
selling and would operate to
time when the Government is doing
a
power
a
tax
on
to encourage production."
The "one best bet" of the National
building its savings department, according to Miss Jessamino G.
Advertising Clubs in Indianapolis June 8,
presentation of
a
was
handsome flag to each new depositor.
the
Miss
Hoagland in explaining the action of the bank said:
"In 1915, the stage was set for just such
a
campaign
With every new savings account of $5 or more we
flag, 4x6 feet in size, with
as
a
"premium"
getter with
a
in
the
an
ordinary
motive behind it,
8 foot
our
flag
sense
of
pole.
the
as
we
presented
inaugurated.
an
It
was
business
advertisements reading "A Flag For Every
all
Federal
provisions of the War Revenue Act relating to the sal¬
Federal Judges were uncon¬
stitutional.
The decision reverses one of a lower court |
Louisville, Ky., brought the appeal
the tax violated
provision of the U. S. Constitution that Federal Judges
Judge Walter Evans of
Supreme Court on the ground that
the
to
the
and
shall
President
the
receive for
their services a com¬
pensation which shall not be diminished during their con¬
tinuance in office.
The tax, he argued, was a diminuation
this
on
his
compensation.
salary
Under the Act, the President paid
of $75,000 a year, approximately
taxes, it is said.
Justice
Van
$16,000 in
i
Devanter,
who rendered the majority opin¬
section of the Revenue Act violated
prohibiting the diminution of such
salaries.
The majority opinion held, however, that a Fed¬
eral Judge was not exempt from a tax on his private in¬
ion,
held
that
the
Constitutional provisions
come
American
a
and
aries of the President and the
or
Justice
We did not look<on this
word.
States
the
Hoagland, addressing the financial advertising division of the
Associated
United
the
judges are exempt from paying an income tax on their sal¬
aries, according to a decision by the U. S. Supreme Court
011
June 1.
The Court in a 7 to 2 decision declared that
of
City Bank of Chicago in
of
President
The
ASSOCIATED ADVERTISING CLUBS OPPOSED TO TAX
OF
on
his
property.
Holmes
dissenting opinion, in which
He declared that he could see
reason why Federal Judges should
rendered
Justice Brandeis concurred.
in
the
Constitution
no
a
June 26 1920.]
THE CHRONICLE
be exempted from
the income tax "or were to be
leged class."
/
The
majority opinion required about
and was said to be
ery
privi¬
a
'
for deliv¬
hour
an
Court in recent years.
Revenues
of
the
already
War
collected under
Revenue
invalid
the
are
rates are
of the-longest rendered by the
one
Prices
provisions
Act
will, under the Court's decision,
be refunded by the Treasury.
1
increasing. Production
high.
INVESTMENT
OF
OF
BANKERS'
ASSO¬
Education of the individual offers
Texas
the
body
new
investment
of the Investment Bankers' Association
recently effected in Austin, the launching of
was
a meeting of
municipal bond dealers called by
having been brought about at
bankers
and
solution
these
of
problems
edu¬
an
Increasing its scope each year,
is manifested by the
augmented number of certificate holders and by the promotion of Institute
graduates to executive positions of trust and responsibility.
As bank officers and employees, and as members of the
Banking,
American Insti-
do much towards the solution of these perplexing
we can
that all delegates to this convention will return to
we know
their homes and financial institutions deeply impressed with the
will do his
The organization
of
a
the value and efficiency of 010* educational program
of these problems and determined that individually and
TEXAS
Money
waning.
strong men—men of courage and con¬
cation is the basic principle of our Institute.
problems, and
CIATION
Thrift is
slothful.
is
The call to-day is to
viction—men of broad vision, keen intelliect and sound judgment.
stute of
ORGANIZATION
2637
We
or
pledge
her part in
our
magnitude
collectively each
their solution.
:
services to the continued promulgation of Thrift,
and"we
heartily endorse all movements having this objective.
The
following officers
were
elected:
President, Stewart D. Beckley, City National Bank, Dallas,
Texas.** F5)
J.
Vice-President, Robert B. Locke. Federal Reserve Bank, Detroit, Mich.
of
Members of Executive
E, Jarratt of San Antonio, after consultation with some
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¬
tion 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
is expressed by those interested that the new Association
will be the means of creating a more widespread interest
in
securities
investment
of officers
the list
the
new
State.
The
Association:
following
is
President, J. E.
Dal¬
Secretary and Treasurer,
San Antonio; Vice-Presidents, J. B. Oldham,
Jarratt,
Bowman, Austin;
las, and J.I T.
Sanders
R.
Fuller, Austin.
H. A.
sists of
San
Jarratt,
Witt C.
The poard of
Governors con¬
Wroe, Austin; J. T. Bowman, Austin;
Antonio;
Dunn,
H.
P.
Drought,
J. E.
Antonio;
San
De
Houston; J. B. Oldham, Dallas, and W. G.
The purpose of the organization is set forth
Breg, Dallas.
in the
in
of the
preamble to the Constitution and By-Laws, which is
follows:
as
"
In
order to promote
the general welfare and influence of those engaged
in the purchase and sale of investment securities and to secure uniformity
of action, both in legislation and method of handling securities, together
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¬
of
ciation
Texas."
burgh, Pa.; John A. Graham,
BANKERS
FORM
ORGANIZATION
TO
BE
BANKERS'
INVESTMENT
WITH
The convention
group
a
legislation and to co-operate with officials in the adminis¬
tration of excess profits tax and similar financial matters
effected
last
week
at
meeting of nearly 125
of pie
officials of the Union League Club.
The local organization
is to be a group allied with the Investment Bankers' Asso¬
ciation.
Similar groups with like aims are being organized
all over the country.
The following officers were elected:
Chairman, Barrett Wendell of Lee, Higginson & Co.; Vicewas
a
Chairman,
El M. Stevens, Vice-President
Trust
and
Savings
Glore,
Ward
&
Bank;
secretary,
the Illinois
Charles F. Glore of
of
The executive committee consists, of:
Co.
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 &
of
Trust
and
Savings Bank.
ITEMS
ABOUT
JOHN
R.
WASHBURN
the Stock
A
council
his
seat on
official
Bankers'
the American
of
position in the clearing
B.
section of the A.
house
G.
-
because of
Association
dent
executive
the
A, which will entitle him to a
the council next fall.
Wayne Hummer, Vice-presi¬
for
Illinois,
Foreman,
immediately appointed Oscar
Foreman Brothers' Banking Com¬
thereupon
President
to fill the vacancy.
of this position at once.
pany,
or
Exchange
conventionjin
COMPANIES,
TRUST
trust company
stocks
were
Mr. Foreman assumed the duties
BANKING.
The
Guaranty
Trust
Co. of New York announced
June 24 that it will open a
about the first of
The Guaranty Trust Co. also
September,
has branch offices in London,
Brussels.
At
board
of
Metz
was
at the
17.
It
were
Liverpool, Paris, Havre and
meeting of the executive committee of the
a
directors of the company
on
the 24th, Sigmund
appointed Manager, Peter Solari Assistant Man¬
and Richard Schellens Secretary of the Constantinople
ager
office..
1
'
■
*'
.
.
—♦—
The Harriman National Bank and the
Co. have been admitted to
Trust
Community Trust.
the Trust, in
of
Lawyers' Title &
membership in the New
Frank J. Parsons, Acting Direc¬
announcing the additions to member¬
ship, stated that the trustees
At
now
number fifteen trust
com¬
State bank.
one
meeting of the board of directors of the United States
a
Mortgage & Trust Co. of this city held yesterday John A.
Hopper, formerly Assistant Treasurer,
of the company,
Street
branch,
elected Secretary
elected Assistant Treasurer and Mrs.
was
William Laimbeer, Manager of
was
was
George A. Jones, Manager of the 125th
the Woman's Department,
elected Assistant Secretary.
4
*
.
The Italian Discount & Trust Co. of this
city has taken
steps toward increasing its capital from $500,000 to $1|,000,The stockholders authorized the issuance of the
000.
stock
on
It is to be
June 9.
disposed of at
larged capital is to become effective
on
par
At
a
appointed
meeting held
a
held in Boston, Mass., June 15, 16 and
the largest convention in the
history of the
new
and the
en¬
July 1.
John Stewart Baker, Assistant Cashier of the uptown
of the Bank of the Manhattan
office
Company at 31 Union Square,
Vice-President.
on
June 24 the board of directors of the
pay¬
compensation to all employees, amounting to
20% of salaries for the second quarter of this year.
The
Asia
that extra
Banking Corporation
based upon 10%
Jan.
1
on
June 24 announced
compensation would be paid to its employees,
of the salaries received during the period
to June 30.
♦
>
Samuel S. Conover, President of the Fidelity Trust Co.,
that the board of directors of the Fidelity Trust
unanimously approved
in attend¬
Eighteenth Annual Convention of the American
was
on
branch office in Constantinople
Bank,
now
doing business at 17 Battery Place, New York City, have
|
twenty-eight delegates
Institute of Banking
holiday
of that State.
announces
CONVENTION OF AMERICAN INSTITUTE OF
ance
a
Maryland, has been issued by Gov. Ritchie
Co. and the board of directors of the International
Ten hundred and
&c.
made at
at auction this week.
or
proclamation making Saturday next, July 3,
in the State of
ment of extra
Vice-President of the Continental and
Commercial National Bank, Chicago, resigned his member¬
John R. Washburn,
on
1921
Liberty National Bank of New York authorized the
ON EXECUTIVE COUNCIL OF A. B. A.
ship
BANKS,
No sales of bank
has been
SUCCEEDS
FOREMAN
OSCAR
Co., James C. Ames
and Roy C. Osgood of the First
Ames, Emerich & Co.,
decided to hold its
Minneapolis, Minnesota.
—*
of officials of investment bond
houses and banks of Chicago for the handling of blue sky
of
Jenkins, Whedbee & Poe, Baltimore,
panies, four national banks and
ASSOCIATION
Organization
care of
Md.; Henry C. Jackson, Industrial Trust Co., Providence, R. I.
York
AFFILIATED
H. Wilkes, National Bank of
Commerce, St. Louis, Mo.; Donald A. Mullen, Colonial Trust Co., Pitts¬
tor
CHICAGO
Council,' William
or¬
tutions.
merger
The
an
agreement to merge the two insti¬
Superintendent of Banks has approved the
agreement.
Special meetings of the stockholders of
both institutions have been called for
upon
the proposed
merger
July 19 1920 to
pass
and to increase the capital of the
ganization and a strictly business convention.
The spirit
delegates is best expressed by the following quotation
Fidelity Trust Co. from $1,000,000 to $1,500,000, and to
from the resolution
amount, making a total of capital, surplus and undivided
of the
The world is
justment.
adopted at the closing session:
facing courageously the period of reconstruction and read¬
In our economic, political and financial life, we are confronted
by great and
grave
problems.
Radicalism Is rampant. Labor is restless.
make
provision for surplus and undivided-profits of the
same
profits of $3,000,000. The enlarged institution will retain
the name of Fidelity Trust Co. until legal steps are com-
THE CHRONICLE
2628
[Vol. 110.
1
pie ted, changing the name to Fidelity-International Trust
Co.
will continue its office at the
The Fidelity
Chambers and Hudson streets and West
the merger
a
the
of
Broadway and until
location, which will thereafter become a
It is expected that
Fidelity-International.
branch will be established at the northeast
new
William and John streets.
institutions when
resources
of
is completed, the International will continue its
office at its present
branch
corner
corner
of
The aggregate deposits of both
will exceed $23,000,000.
Bank $1,000,000.
Fidelity Trust Co.
International Bank
foreign
well
as
agree¬
capital stock of
of the Mechanics & Metals National Bank and
the stockholders of the New York Produce
Bank.
$1,000,000 to
Exchange National
■v-v ■
<'■
Arthur W.
was
in
started
and
1902
does
a
Mechanics & Metals National Bank of this city.
Commerce in New
Reference to the
,
proposal to increase the capital of the National
Park Bank of this
city from $5,000,000 to $7,500,000
in these columns June 12.
—♦
James S. Alexander,
McKay, formerly Manager of the Securities
Department, has been apopinted Assistant Cashier of the
organized in 1907 by
was
domestic business.
as a
meeting
President of the National Bank of
York, has been notified that King Victor
Emmanuel III. has conferred upon him the Cross of Chevalier
of the Crown of
authorized
an
$10,000,000, of which $9,000,000 is allotted to the stockholders
leading merchants of the Lower West Side wholesale district.
The
Under the terms of the consolidation
ment the consolidated bank has
The present active and
employees of both institutions will be
retained in their respective capacities in the merged institu¬
The
Bank, prior to the consolidation,
$9,000,000 and of the New York Produce Exchange National
merged will be about $20,000,000, and the
salaried officers and
tion.
Mechanics & Metals National
was
July 12 to ratify the proposal.
on
planned to offer the additional stock at
holders of record
August 2.
special
We learn that it is
($100) to share¬
par
V;.
■
4
—'
Announcement is made of the election
This
war.
a
July 19, the enlarged capital to become effective
Italy in recognition of services rendered to
Italy in connection with her finances during the
made
was
The stockholders will hold
of Chellis A. Austin,
Alexander from
President of the Mercantile Trust Co< of this city as a member
foreign governments in recognition of his financial services
of the board of directors and of the Finance Committee of the
during the World War period.
Prudential Insurance Co. of America.
is
decoration
made
the
by France
April he
a
third
by Mr.
In January
1919 he
was
r
Chevalier of the Legion of Honor, and last
created
was
received
been elected
Leopold II. by King Albert, of Belgium.
♦
■
V;:
Henry C. Wilcox, Vice-President and General Solicitor, has
Knight Commander of the Order of
a
member of the Board of Trustees of the American
a
Surety Company of this city.
The plans to increase the capital of the
Irving National
The
Bank of this city from $9,000,000 to $12,500,000, to which
referred in
we
stockholders
these columns June 5,
June 18.
on
ratified by the
were
As heretofore
stated, of the 35,000
Comptroller of the Currency
Citizens
charter for the
capital $100,000.
additional shares, 30,000 shares will be offered to stockholders
at
the rate of
held.
The
of the
per
share of
one
share (par) to be allotted at
stock for each three shares
new
now
remaining 5,000 will be sold to the employees
Bank, exclusive of officers who
are
directors, at $100
$200 per
President
of J.
C.
Sola
De
as
Vice-President.
a
the election
Mr.
De
Sola has
retired from the firm of De Sola Brothers & Pardo, of this
city, after
with
trade
long and successful experience in the export
a
South America,
and brings to the bank, it is
stated, the matured judgment and knowledge of mercantile
that will correlate
affairs
the Battery
trade
of
with the intimate connection
of
Park National Bank in the produce and shipping
the
Port
of
New
York.
share.
The officers chosen
to
begin business
W. J. Fullerton,
are:
and
Cashier,
and
Stanley
S.
Hazzard,
On June 3 the stockholders of the Trust
County,
announces
is
Assistant
Cashier.
share, under conditions and terms to be determined by
directors.
Park National Bank
institution
new
Gloversville,
at
N.
Y.,
Company of Fulton
authorized the
issuance
to
The
$250,000.
$190
per
share.
stock (par $100) is to be disposed of at
new
The increased capital will become effective
July 1.
'/ V-
4
The
Fidelity Trust Company of Philadelphia, through its
President, William P. Gest, announced on June 14 that the
purchase of the assets of the Logan Trust Company by the
Fidelity Trust, being
furtherance of the
D.
Noyes,
Financial Editor of the
"Evening Post" had conferred
Amherst
college in 1883.
finance, has been
a
a
a
similar position with the
Mr.
Noyes is the author of
university lecturer, and is
contributor of financial articles to
He is
a
regular
magazines here and abroad.
member of the board of directors of the
and is the
June 16 the
He has been Financial Editor of the "Post"
1891, and prior to then held
on
on
Mr. Noyes graduated from the
New York"Commercial Advertiser."
books
York
him by the trustees of
College at last week's commencement
degree of I^octor of Laws.
since
upon
New
"Evening Post"
Secretary of the Century Club.
The merger
New York Produce
Exchange National Bank, ratified by the
stockholders of the two institutions at
special meetings held
on
June
15th, has been approved by the Comptroller of the Cur¬
rency
and became effective beginning June 21.
institutions will operate
under the
Metals National Bank of the
name
The consolidated
its
now
complete, the business of both
com¬
The
merger
hattan in addition to the main office at 20 Nassau Street.
now
000,000, and the deposits exceed $200,000,000.
At the special
June 15th, the
following, formerly Directors of the New York
Produce Exchange National
Bank,
were
elected to the Board:
John E. Berwind, Vice-Pres., Berwind-White Coal Mining
William H. Childs, President, The Barret Company.
Company
in the
a
sale of all the property,
Company stock."
Geo.
H.
Kyd,
Marshall S. Morgan,
Treasurer;
David S. Mathers and Josiah B. Bartow,
T. H.
our
issue of
May 22 the outstanding capital stock of the
Secretary;
Assistant Treasurers;
Atherton, Charles F. Toomey, Leon Gihon and Miles S.
Altemose, Assistant Secretaries.
The
Second
National
Bank
of Erie,
Pa., has increased its
capital, effective June 18, from $300,000 to $500,000.
stock
(par $100)
was
disposed of at $225
enlarge the capital
were
per
share.
The
new
The plans
approved by the stockholders
on
September 20, 1919.
4
Several changes
of
Baltimore
in the officials of the Maryland Trust Co.
have
occurred.
They
are
as
follows: Jervis
Spencer Jr., heretofore Secretary and Treasurer, has been
made Vice-President; he will continue as
Treasurer.
Robert¬
Griswold, heretofore with the banking firm of Alexander
of the
in
McMorris,
Jos.
Assistant to President; E. P. Townsend,
Brown & Sons, has become
As announced
nearly all of the Logan Trust
Fidelity by J. C. Neff and W. G. Littleton, Vice-Presi¬
dents;
Gates W. McGarrah, President of The Mechanics & Metals
President of the
of consolidation will take
President Gest is assisted in the management
Ambrose G. Todd, Reeves & Todd.
Exchange National Bank.
issue of
real and personal, to the Fidelity Trust,
son
New York Produce
process
which latter company now owns
Walter C. Hubbard, Hubbard Bros. & Co.
National Bank, has for a number of years been
our
According to the Philadelphia "Press" of June 12
"about the final step,
stockholders meeting of The Mechanics & Metals National Bank
on
Earlier reference to
of the Logan Trust appeared in
place when the stockholders of the Logan Trust at a special
meeting to be held Wednesday, June 23, will vote upon making
The
approximates $25,-
over
March 27.
to
capital, surplus and profits
announced in these columns last week, has increased
as
taking
In
acquisition of the Logan Trust Company, the
capital from $5,000,000 to $5,200,000.
the
of The Mechanics &
City of New York.
gives the enlarged Bank nine branches in the Borough of Man¬
combined
Fidelity,
of the
of The Mechanics & Metals National Bank and the
of
$50,000 additional stock, increasing the capital from $200,000
panies will be conducted by the Fidelity Trust Company.
Alexander
a
President; George W. White, Vice-President; F. Z. Board, Vice-
the board of
The Battery
The
the issuance of
Ridgewood, N. J.,
Its stock, in shares of $100 each, is to be sold
August 1, 1920.
of record June 30 at $100 per
announces
National Bank of
tary
Vice-President and Trust Officer
Maryland Trust, and James B. Bird, Assistant Secre¬
and Assistant Treasurer,
remaining
as
has been made Secretary,
Assistant Treasurer.
4
June 26
1920.]
Thomas L.
ment
Hume, Jr., has accepted
department
Maryland.
of
Mr.
ment section
Fidelity
to
goes
during the
position in the invest¬
a
Securities
war
with the vessel
Shipping Board.
He has
war.
Corporation
of
Baltimore from Washington,
employed since the
of the United States
naval aviator
and
the
Hume
where he had been
as a
THE CHRONICLE
a
move¬
I
,
Security National Bank had been held by trustees representing
Security Trust & Savings Bank. The
the stockholders of the
plans to consolidate the business of the
meeting to be held
a
•
July 1, the stockholders of the
on
Riverside, Cal., and those departments
Chicago, 111., will
the proposal to increase the capital from $21,500,000
$25,000,000.
The additional stock will be disposed of of
rate of
July 1 at
($100) to be alloted at the
par
18.279% of his present holdings, payments
stock to be made August 1.
only.
Distribution will be of
on
the
even
The issuance of $250,000 of new
from
Co.
Trust
of
Illinois, Chicago,
offered to the shareholders of that date at
par, namely $100 per
share.
The increased capital is to become effective
July 1.
announces
the election of W. L. Burgess as Assistant Cashier and Geary
V.
Stibgen
Assistant Estate Officer and Assistant Secre¬
\ •
as
tary.
stock, increasing the capital,
$750,000 to $1,000,000, has been authorized by the stock¬
holders of the Union Bank & Trust
Company of Los Angeles,
Cal.
The new stock, voted by the stockholders on June
At
Central
as a
18, is
new
shares
Fractional share rights will be settled in cash later.
The
operated
Savings Bank.
♦-—
vote upon
stockholders of record
are now
branch of the Hellman Commercial Trust and
Continental & Commercial National Bank of
to
referred to in
were
The Hellman Commercial Trust &
Savings Bank capital
$390,000 of Los Angeles, Cal., in May purchased the commercial
and savings departments of the
Peoples Trust and Savings Bank
at
At
two
the "Chronicle" of March
20, 1920.
He served
wide circle of friends
acquaintances throughout Maryland and the District of
Columbia.
2629
meeting of the stockholders of the Savings Union Bank &
Francisco, Cal., on April 27, 1920, plans to
increase the capital from $1,500,000 to
$2,000,000 divided into
20,000 shares of $100 each, were ratified. The new stock will
a
Trust Co. of San
be disbursed
as
stock
a
dividend, and the dividend for entire
current six months
The
plans to increase the capital of the First National Bank of
Chicago from $10,000,003 to $12,500,000, referred to in these
columns
As
May 1
have
we
$100 per
ratified by the shareholders
were
already indicated the
new
on
June 7.
stock will be issued at
par,
share, to stockholders of record June 7 in proportion to
their present
holdings, subscription to be paid in full by
noon
of
July 1.
An increase in the-stock of the First Trust & Savings
Bank of 25% from $5,000,000 to $6,250,000 was likewise voted
by the shareholders
and
maintains
on
the
June 7.
The latter will be
a
stock dividend
ending June 30 will be paid on the increased
This increase in capital is in furtherance of the arrange¬
capital.
ments
whereby the Mercantile National Bank and the Mercantile
Trust Co. will be merged with the
which
appeared in
become effective
National Bank stock carries with it
a
beneficial interest of
half share of the stock of the Trust and
Company being the
The
is to
merger
July 6, 1920, the Mercantile Trust
of the continuing institution.
name
The
McKee, Chairman of the Board; John S
Drum, President; R. B. Burmister, Vice-President and Cashier;
R.M. Welch,
one-
Savings Bank.
about
or
officers will be: John D.
ratio by which each share of the
present
on
Savings Union reference to
issue of February 7.
our
At
Secretary; with
staff of Vice-Presidents.
a numerous
meeting of the directors of the Bank of Hamilton of
a
Hamilton, Ontario,
on May 25, it was voted to increase the paidcapital from $4,000,000- to the authorized amount of $5,000,000.
The 10,000 shares of $100 each will be allotted at $150
per
up
The
proposed Payday National Bank of Minneapolis, mention
of which
made in these columns December
was
business the first of August.
20, plans to begin
The bank is to have
a
combined
capital and surplus of $260,000.
S. M. Strand, President of the
First National Bank of Pelican
share to shareholders of record at the close of business June
30,
1920, in the proportion of
Rapids, Minn., is President of
the
and the
The executive committee consists of Mr. Strand
bank.
new
following: H. M. Puffer, Vice-President, Puffer-Hubbard
Mfg. Co.; D. S. Baird, Vice-President, Huntting Elevator.Com¬
L. E. Rast, Cashier; J. A. Nichols, Nichols-Chisholm
pany;
Lumber
Crane
.Co.; J. B. Lindsay, Lindsay Bros. Co.; G. A. Chaffee,
Co.; F. B. Atwood, Forman, Ford Co.; J. B. Perry,
Minneapolis Sanitary Ice Co.; J. H. Martin, Prog. Shoe Ma¬
chinery Co.; J. E. Hanzlik, National Thrift Association; C. M.
then held.
It may
Company; M. F. Hewitt, Paper Supply Co.; and J. M.
Bennett, J. M. Bennett Co.
voluntary liquidation
assets
on
business of the Tenison National with the
April 12,
on
placed in
May 11, following the purchase of its
by the City National Bank of Dallas.
effective
was
as was
indicated in
The
merger
of the
issue of April 24.
in
Dallas, Tex.,
on
June 14 with
a
capital of $500,000 and
a
The bank is under the management of
Joseph E. Cockrell, President; J. D. Gillespie and O. C. Bruce,
Vice-Presidents; J. C. Tenison, Cashier; John C. Jester and
L. B. Glidden, Assistant Cashiers.
Besides Messrs. Cockrell,
surplus of $100,000.
Gillespie,
directors
the
Lincoln
Bank, Garland, Texas; John H. Dunn, Dunn Rubber Company;
W. W.
Gibbard, Gibbard Investment Company; M. K. Hurst,
Co.; John T. Jones, Lumber; C. P. Melton, Manager
Hurst Bros.
United States Rubber
National Bank, Ennis, Texas; Gibbons Poteet,
dent Citizens'
•Cashier
First
Company; Fred A. Newton, Vice-Presi¬
National Bank,
President First National
Vice-President
President First
Roxton, Texas; Ben F. Read,
Bank, Gorman, Texas; L. L. Shield,
National
Albert E. Sweeney,
National Bank, Ladonia, Texas; W. C. Temple,
Coleman
Bank;
Secretary and Treasurer W. A. Green Co.; H. W. Warden, VicePresident Collin County
W.
The
Security National Bank of Los Angeles, Cal. (capital
placed in voluntary liquidation May 15, its
having been purchased by the Security Trust & Savings
$600,000),
assets
was
Bank of Los
Angeles.
over
subsequently sold, and
the issue price will later be distributed to the
arose.
Menny Oppenheimer, of Frankfort a/M.,
announces
partners; that Siegfried Schwarz has been appointed
and
that
Willibald
Durlacher and
appointed to act jointly
Franz
procurators
as
pro¬
Wertheimer
or
each of
The
Kjobenshavns
Handelsbank, of Copenhagen, Den¬
raised its share capital from Kr. 40,000,000
Kr. 50,000,000, its reserves from Kr. 17,000,000 to Kr.
year
25,000,000, and its surplus from about Kr. 14,000,000 to
Kr. 16,408,000.
Its dividend in 1919 was 12%.
In the
last three years the share capital and reserves of this insti¬
tution have increased from Kr.
ENGLISH
The
FINANCIAL
53,700,000 to Kr. 75,000,000.
MARKETS—PER
CABLE.
daily
closing quotations for securities, &c., at London,
reported by cable, have been as follows the past week:
London,
June 19. JunelX. June22. June2Z. June24.
Week ending June 25.
Silver,
per
oz..r
Sat.
d. 50%
;
Gold, per fine oz
Mon.
51%
Tues.
Wed.
52%
Thurs.
51%
50%
..103s.2d. 103s.4d. 103s.4d. 103s.6d. 104s.
Consols, 2Yi per cents
Holiday
British 5 per cents
.Holiday
British 4% per cents
Holiday
June25.
Fri.
50%
103s. 7d.
47%
46?*
4.5%
45%
45%
85
84?*
54%
84%
84%
77
75%.
75%
75%
75%
French Rentes (in Paris) ,fr.
57.25
57.80
67.40
57.35
57.30
57.87
French War L'n (in Paris).fr.
88.15
88.20
88.20
88.20
88.20
88.25
The
price of silver in New York
on
the
same
day has been;
Sliver In N. Y., per oz.—
Domestic
Foreign
cts.
99}*
99%
99%
99%
..cts.
91 %
92%
93
92>*
Note —Foreign silver was quoted at 90 cents June
99%
.
99%
90
90
17
National Bank, McKinney; and Geo.
Works, Works-Coleman Land Company.
-—♦
!
shares, and
Georg Lervandowsky and Max Morel have been admitted
have been
and Tenison the members of the board of
Lewis E. Bain, Vice-President First State Bank &
Co., Waco, Texas; A. R. Davis, President State National
stock
them in conjunction with one of the other procurators.
as
Trust
premium realized
that
Bruce
are:
new
30th, 1920.
respective shareholders from whose shares the fractions
to
institution, namely the Dallas National Bank, opened
new
to issue this
The Bank Act does not permit of the allotment of fractions of
mark, last
4
A
power
holders of less than four shears will not be entitled to any aloltment, but the
shares resulting from the unallotted fractions will be
City National became
our
four shares
every
be made, together with a-power of attorney to
accept the new stock, will be
curator
Texas,
be mentioned that the Bank Act gives
sent to each shareholder on June
as
National Bank of Dallas,
The Tenison
share for
at 205, but it is offered to our shareholders at
$150, and at the present rate of
dividend (12% per annum) will yield 8% per annum.
A formal notice of the number .of shares allocated and when
payment is to
Rawitzer, American Tent & Awning Co.; L. H. Fawkes, Fawkes
Auto
one new
The circular to the stockholders says:
Prior to the merger the entire stock of the
©oraractxial audBXis ccllaiieotts ^rvob
Canadian Bank Clearings.—The clearings for the week
ending June 17 at Canadian cities, in comparison with the
same week in
1919, show an increase in the aggregate of
19.5%.
[Vol. 110.
THE CHRONICLE
2630
Inc
the w|eek
or
1918.
Dec.
1919.
1920
of flour and grain at the seaboard ports for
ended June 19 1920 follow:
Total receipts
Week Ending June 17
Clearings at—
1917.
Flour,
%
Canada—
M intreal
-
Toronto...
Winnipeg
Vancouver
Ottawa.
.
Quebec.
-----
Halifax——.—
Hamilton
St. John
....
London
Calgary
Victoria
———W.¬
-
Edmonton...;
Regina
——
Brandon
+ 49.9
+ 19.4
+ 18.1
—2.8
+ 33.6
+ 17.6
+ 55.2
+ 3.8
5,666,661
1,892,221
2,999,481
3,463,309
583,899
+ 3.9
+ 14.5
—3.0
+ 29.1
+ 6.5
+ 6.0
781,553
+ 0.9
767,684
1,430,122
Jaw.......
Brant ford
1.109.173
817,283
518,099
659,351
690,234
952,860
+ 28.9
923,057
Fort William
868,616
New
794,450
Westminster.
536,938
Medicine Hat
Peterborough
Sherbreoke
905,780
1,473,420
1,301,087
.....
-
Kitchener
453,341
Albert
+ 6.3
734,769
+ 53.3
391,260
—18.7
456,068
+ 31.2
602,825
1,027,126
371,255
712,944
807,833
756,512
635,717
592,943
+ 83.9
275,190
334,333,574'
399,514,559
Barley,
Rye,
Bushels.
Bushels.
Bushels.
103,000
503, §00
275,000
412,000
Philadelphia..
443",000
51",000
73,000
1,000
Baltimore.
31,000
724,000
68,000
33,000
828,000
159,000
82,000
73,000
43,000
856,000
Y#rk._
.
New
...
Orleans♦
Galveston-
.
Montreal
16*. 000
228,000
3,513,000
481,000
61,642,000
8,662,000
9,461,000
Week 1919...
991,000
3,015,000
191,000
2,156,000
SinceJan.l '19 19,026,000 101,435,000
6,675,000
usually dealt in at the Stock Exchangewere recently sold
York, Boston and Philadelphia:
By Messrs. Adrian H. Muller & Sons, New York:
257,000
2,070,000
68,009
660,000
9,799,000
33,105,000
,575,000:26,017,000
837,000
992,000
854,009 21 ,746,000
passing through New Orleans for foreign ports on
♦Receipts do not Include grain
through bills of lading.
week
The exports from the several seaboard ports for the
ending June 19 are shown in the annexed statement:
Wheat,
Corn,
Flour,
Oats,
Bushels.
Exports from—
Bushels.
Barrels.
Bushels.
158,651
385,335
Barley,
Peas,
Bush.
Rye,.
Bush.
Bush.
2,340
535,193 755,440
140,000
Me.....
74",656
26",©00
Boston..——
361666
28,666
432,000
Baltimore
Sales.—Among other securities, the following,
7,000
'20
wk.
Philadelphia
Auction
58,000
53,000
"3",000
Since Jan.1 '20
Total
140,000
44,000
690,000
2,000
37,*00
'Jt
Boston
New York
+19.5 275,710,605 253,032.249
939,000
2,000
74,000
New
Portland, Me.
Portland,
Total Canada.
Oats,
Bushels.
1,275,809
+44.2
Corn,
Bushels.
733,811
+ 43.3
+ 54.7
908,559
1,913,155
314,312
3,518,921
Windsor......—.
92,632,110
58,958,448
48,249,350
7,825,825
6,562,212
4,280,504
2,989,184
4,807,782
1,996,517
2,030,903
6,332,209
1,538,160
2,487,656
3,077,999
487,155
1,716,545
1,057,613
909,116
838,049
1,684,688
1,024,810
Lethbrldge
Prince
+ 32.6
+ 21.4
7*8,631
Saskatoon
Moose
99,955,573
74.780,655
38,981.969
10,729,809
8,316,184
4,359,993
4,470,053
5,250,423
2,308,830
2,432,156
Wheal,
Barrels.
Receipts at—
+ 8.9
151,400,930 138,969,046
85,758,524
113,715,077
42,219,027 34,775,661
11,146,771
16,705,553
9,375,667
11,193,054
6,886,790
5,832,631
5,669,496
6,839,535
6,022,805
8,045,486
3,131,949
3,682,971
3,171,261
4,920,673
6,485.100
6,862,274
2,213,915
2,300,000
4,238,206
4,850,713
4,397,746
4,266,844
580,772
7.50,000
2,080.234
2,216,530
1.658.172
1,758,935
...
-
376,000
26",000
83,000
New Orleans
462,000
10,000
30,000
Montreal
824,000
25,000
2,505,335
36,000 324,651
....
557,000
"
2I660
—
251666
266", 000
not
at auction in New
Shares.
Percent.
"A" ex July div..
,.$20-40 per sh.
———————$5 persh.
Independent Corporation, $10 each
%A persh.
Rumson Country Club—..—
$8 persh.
Milliken Bros., Inc., com. v. t. c
—
$5 lot
Guanajuato Development, common
...
... — ...10c. per sh.
Aluminum Metals & Alloys Corp., $5 each, certifs. of deposit
$11 lot
Silver Eagle Mining, Ltd., $1 each
$125 lot
Oklahoma Oil
$85 lot
Slocks.
.
55 Bankers Loan & Inv. Reorg. Class
8 Wm. R. Gratz Import Co.............
40
5
50
2,000
6,000
46,250
3,000
week
Total
The destination of these exports
July 1 1919 is as below:
By Messrs. Wise, Hobbs & Arnold, Boston:
Shares.
$ per sh.
Stocks.
Shares.
Week,
Since
Week,
Since
July 1
June 19
July 1
June 19
July 1
1920.
1919.
1920.
1919.
1920.
1919.
bbls.
bush.
bush.
bush.
10 Herschell-Spillman,
15 Home Bleach & Dye Works,
65
Auto-Motive
Parts,
from
pref., $50 each———. 4QA
Auto-Motive Parts,
57 A
$50 each
324,651 20,837,054
850,005 19,342,246
1918-19
}"
$ per sh.
Slocks.
1 Second Nat. Bank,
4 Newmarket Mfg..
.105 A
Mills
5 Mechanics
1 Plymouth
Cordage
24 Arlington Mills
20 Atlantic Coast Co..
07 A
36 New Eng. Equitable Ins...
lc.
2 Boston Publishing, prior pref.41
94
209
......
94
-
Stocks.
160 A
10 Industrial T. T. & S., $50
1A
with
9
8 8.
shs.
Mfg., pref
each....—...
$30 lot
..$50 lot
40
2A
28 A
25 Integrity Trust, $50 each
240
$50 ea.
4
5 Amer. Academy of Music...357
500 Tonopah Midway Min
$60 lot
1 Lehigh Val. Coal Sales, $50 ea 84
10 Gypsy Cola, $10 each
$5 lot
25 Corn Exch. National Bank..385
18 Bergongnan Rubber Corp.$15 lot
Bonds.
Per cent.
1 Henry Altemus Co
20
1 Altemus & Co
35
$20,800 Preston Coal 1st 6s, 1940.. 31
.
$1,000 Fidelity Storage & W. H. 1st
lc.
each....
475 Mohave Gold Min., pref
400 Gen.
Elec.
Automobile,
each—
...
lc.
lc.
1918-19.
Week
Since
Since
June 19.
July 1.
July 1.
Bushels.
Bushels.
Bushels.
2,804,000
8,586,000
Since
July
1.
Bushels.
32,000
68,148,000
5,623,000
3,884,000
1,750", 660
4,636",000
3,610,000 137,887,000
54,378,000
89,443,000
226,000
288,000
1,911,000
Oth. countr's
visible
The
supply
of grain,
comprising the stocks in
at principal points of accumulation at
seaboard ports June 19 1920 was as follows:
granary
GRAIN
lake and
STOCKS.
New York
Oats,
100
$4,000 Montgomery Transit 1st &
ref. 5s,
1946
—
$70 lot
Barley,
Bushels..
Bushels.
Bushels.
14,000
7,000
92,000
191,000
72,000
297,000
300,000
38,000
248,000
512,000
18.000
130,000
1,550,000
27,000
571,000
155,000
207,000
686",660
1,467,000
448,000
2,682,000
Philadelphia
Baltimore
—
New Orleans
-
Galveston
"
Detroit"II
Toledo
Chicago
—
122,000
32,000
20,000
497,000
24,000
90,000
!
Milwaukee.
2,871,000
2,304,000
2,775,000
3,338,000
230,000
/ 16,000
1,838,000
......
afloat
246,000
1,000
195,000
3,000
47,000
90,000
43,000
1,576,000
21,000
132,000
486,000
4391666
50",660
113I660
1,344,000
.
-
St. Louis——
brought from page 2692.—The
statements below are prepared by us from figures collected by
the New York Produce Exchange.
The receipts at Western
lake and river ports for the week ending last Saturday and
since Aug. 1 for each of the last tnree years have been:
Rye,
Bushels.
Boston-
Minneapolis
figures
Corn,
Bushels.
594,000
United States—
Duluth
Breadstuffs
■•++>
1919-20.
3,98l",666 231,765",000 86",343",000 3,578", 000 133,333",000 41,156",000
—
India
Buffalo
90
6s, 1922
$250 Torresdale Golf Club 2d 5s, '35 80
$50 North Hills County Club 5s, '24
$50
.....
7 S. S. Fretz Mfg., com.....$20 lot
Corn.
are
Wheat,
250 Amer. Pipe & Const.,
2,500 Mohave Gold Min., com., $1
for the week
1919 and 1918
10,223,000 628,902,000 504,716,000
Australia
subscribe to Sixth
Nat. Bank at $150
25c.
each
to
99,000
Russia
400
1 Girard National Bank
89 rights
pref., $1
1.
Bushels.
16 A
14 Big Black Creek Impt
435.
pakd)
10 United Motas, pf., $10 each
200 Overland Oil & Gas,
Fretz
12 Delaware Division Canal
Ninth Title &
3,914,515
5,609,015
4231025
$ per sh.
Slocks.
S.
$50
Bank, together
9 Ninth Nat.
Trust ($60
Shares.
July
Bushels.
Total
60 Hub Mach. Weld. & Constr.,
ea.181
36,000
246,500
2,505,335 151,329,635
3,850,248 161,143,392
6,016,000 305,495,000 340,718,000
North Amer.
Argentina—
103 A
15 rights Plttsfield Elec. Co...
% persh.
.
4 Tenta National Bank
1,051,131
3,970
13,702
Danube
By Messrs. Barnes & Lofland, Philadelphia:
Shares.
91,969
8,000
1918-19.
Since
Week
$ per sh.
Stocks.
34 Hobbs Mfg., pref., Worces
Carpet, com. 97%
69 rights Warwick Mills......
5A
2 BIgelow Ilartf.
1 New London & North. RR.
Shares.
"2", 660
13,730
Exports.
June 19.
11,000 United Gold Mines, $1 ea..$50 lot
25 O'Bannon Corp., pref...... 95 A
1 Hood Rubber, pref
96
Boston..320
200
174,330
Wheat.
1919-20.
By Messrs. R. L. Day & Co., Boston:
Shares.
7,000
world's shipments of wheat and corn
between
contrac
parcels of real estate..$4,000 lot
•
26,000
ending June 19 1920 and since July 1
shown in the following:
Trop. Tim. Co., Inc., and
I. T. Williams & Sons, 9
1 Hart.
com.,
Total
The
50
80
150
50,100 Tropical Timber Co., Inc.,
com., $10 each.
Assign¬
ment of 40% gross income
& Wakerield,
pref——.
........
90
1 Heywood Bros.
10 Hart.
45lA
2 Boston Wharf, ex-div
10 Citizens National Bank
93
5 Commonwealth G. & El., pf.
59,070,056
91,648,494
com.,
each...
$50
2514-25 A
com...
10 Arlington Mills, ex-div
—.—
bush.
2,507,243
1,432,977
1,065,358
.
ex-div.......
each,
82,567 6,790,614
208,084 10,851,472
Continent
1,102,313
12,000
So. & Cent. Amer.
1,765,652
22,000
West Indies
58
Brit.No.Am.Cols.
326,945
Other countries..
Kingdom.
Total
55 Herschell-Spillman, pf., $50
5 Merchants National Bank..270
Corn.
Wheat.
Since
July 1 to—
$ persh.
Stocks.
since
June 19
week and since
United
for the week and
;
Flour.
bbls.
$1,000 lot
$51 lot
———86^%
.-88 A %
1929, Nov. 1913 coupons on
$5,000 Coast & Lakes Contracting Corp. 6% notes stamped
$2,000 Dominion of Canada Fifth War Loan 5A*>, 1923
$100 Dominion of Canada 5-year 5A&, 1922.
77,798
Week,
Exports for
Bonds.
$6,000 1482 Broadway Corp. 2d 5s,
2,340
537,103 1754440 99,000
99,000 850,005 2,725,843 438,000 1541479
3, *56,248
Week 1919.......
2,000
326,000
178,000
4,238,000
166,000
5,271,000
994,000
2,134,000
881,000
31,000
98,000
12,000
4,000
131,000
208,000
Peoria
-
122,000
196,000
78,000
381,000
529,000
Kansas City
472,000
——————
Indianapolis
-
Omaha
On Lakes
43,000
74,000
81,000
3,000
84,000
24,000
180,000
....
2,000
m
-
-
—
-
bbls.imbs. bush. 60 lbs
Receipts at—
206,000
Chicago
379,000
1,430,000
Minneapolis..
Corn.
bush. 56 lbs
Oats.
Barley.
bush. 32 lbs. bush.48lbs
185,000
Rye.
bush.50lbs.
1,103,000
191,000
204,000
86,000
111,000
4,000
2,134,000
209,000
663,000
Duluth
12,000
266,000
20,000
Detroit
144,000
52,000
31,000
566"000
200,000
27,000
Milwaukee...
Toledo
St.
Wheat.
80,000
12,000
651,000
36,000
292,000
2,000
1,000
486,000
126,000
14,000
Louis
55,000
Peoria
Kansas City..
Omaha
Indianapolis..
Montreal181*"^".
Other Canadian...
520,000
35,000
934,000
447,000
254,000
32,000
Total June 19 1920
799,000
198,000
194,000
Total June 12 1920
373,000
Total June 21 1919
Total June 22 1918
Total wk.
'20
376,000
Same wk.
'19
269,000
Same wk.
'18
218,000
4,501,000
1,723,000
1,692,000
5,504,000
3,566,000
4,428,000
2,392,000
5,748,000
4,137,000
561,000
3,116,000
576,000
535,000
American"5"
562,000
125,000
Canadian
Since Aug. 1—
1919-20
1918-19
1917-1«
.
.
IIIIIIIIII
Tota
June 12
Total June 21
Total June 22
—
4,550,000
1,926,000
2,800,000
9,276,000
9,513,000
10,257,000
4,907,000
28,558,000
9,276,000
3,136,000
805,000
235,000
310,000
352,000
920,000
...—
.......
181,000
6,000
897,000
920,000
1,516,000
4,000
7,000
1,383,000
4,743,000
1,486,000
135,000
1,690,000
1,190,000
1,067,000
7,054,000
920,000
2,001,000
6,000
109,000 12,065,000
2.759,000
6,000
5,310,000
897,000
1,516,000
6,207,000 7,974,000 3,517,000
7,530,000 10,068,000 4,826,000
1919"
21,644,000 4,343,000 18,368,000
9,183,000 11,426,000
1918-1- 5.342,000 12.158,000 25,704,000
776,000 3,715,000
...37,834,000
1920 I .41 465,000
Total June 19 1920
18,259,000 411,062,000 192,574,000 194,399,000 30.551,000 34,213,000
15,488,000 399,343,000 192,785,000 269,472,000 88,003,000 37,315,000
H.r.ni.nnn 163.S70.nno 223.743 000 299,122,00051 ,842,000 22,952,000
2,001,000
8,582,000
9,048,000 10,236,000
Total June 22 1918
776,000 2,648,000
Note
Bonded grain not included above:
Oats, 210,000 New York, 1,616,000
Buffalo afloat, total 1,826,000, against 8,000 bushels in 1919; barley, New York,
2,000, total 2,000 bushels, against 122,000 bushels In 1919.
•
4,336,000 13,625,000
435,000 12,049,000 13,639,000
28,000
95,000
7,054,000
1919""111,387,000
Ft. William &Pt. Arthur.
16,000
12,000
5,310,000
Total June 21
60,000
7,000
207,000
6,207,000
Flour.
105,000
126,000
On canal and river
2,765,000
2,632,000
June 26
2631
THE CHRONICLE
1920.]
Per
Name of Company.
following shows all the dividends announced for the
by large or important corporations:
are printed in italics.
future
Dividends announced this week
When
Books Closed.
Cent.
'**•
Payable.
Days Inclusive.
Preferred
„——
■—
-
51.75
„——.
June 28
Holders of rec. May 20
$ 1.75
Aug. 20
Holders of rec. July
4H
Aug.
Holders of rec. June 30a
June 20 to June 30
10
Holders of rec. June
18a
1
Holders of reo. June
15a
Atlantic Coast I.lne RR„ common
31^
July
Beech Creek
50c.
J uly
2K
June
2
July
Holders of
(quar.)
Boston & Albany
.
_
(quar.)
Holders of rec. May 29
30
First preferred, Class
3.20
July
Holders
of rec.
June
18a
18a
Second preferred, Class C
2.80
July
July
Holders of rec.
June
of rec.
June
July
Holders of reo.
June
18a
18a
30
30
la
la
Preferred (quar.)
Washington Wat. Pow., Spokane (quar.)
Second
Class A
4
preferred, Class D
E
1.80
Second preferred, Class
Bufialo & Susquehanna, com.
Preferred
——
—
IK
June 30
2
(quar.)__
June 30
June 20
rec.
June
June
to
June 20
June
to
Holders of rec. July
IK
Aug.
Canadian Pacific, common (quar.)—
2K
June 30
Central RR. of N. J.
2
Aug.
2
Holders of rec. July 20a
2
June
30
Holders of rec. June 25a
Chesapeake & Ohio
2
June
30
Chic., Indlanap. & Louisv., com
IK
June 20
2
June 29
Holders of rec. June 22a
2K
July
July
Special
-
(quar.)
_
Preferred
-«
——-
Chicago & North Western, common
Preferred-————-
—-—
3K
Chicago Rock Island A Pacific 7% pref.
3K
preferred..—:
Chic. St. Paul Minn. & Omaha, common
3
Slx per cent
RR.,
preferred-
H ddere of rec. June
15
15
Holders of rec. June
July
July
June 22
to
July
June 22
to
July
Aug. 20
Holders of rec. Aug.
July
Holders of rec. Aug.
Aug. 20
IK
June 30
3
...
Delaware Lackawanna <Sr Western (.quar.).
Aug.
$2.50 July
4a
Holders of rec. June
2
pref(quar)
Colorado A Souihern, 1st preferred
a
Holders ol rec. June
3K
Prdcrrcd
Cleve. Cin. Chic. & St. Louis,
Chi
2K
2
Holders of rec. July
20
June 20
June
to
Holders of rec. June
18a
18a
1
1
2a
2a
la
30
30a
Holders of rec. July
20
6a
19a
14a
8a
July
2
June 24
to
July
IK
...
Common (extra),
Holders of rec. July
1
Holders of rec. June
Holder
June 26
IK
Michigan Central
Mine Hill & Schuylkill Haven
•July
2
(quar.)
Manhattan Ry. (quar.)
Juiy
1
1
1
29
July
15
$1.50
2
Mobile A Birmingham, preferred
Morris A Essex
—
—
Central RR. (quar.)
.
N. Y. Chicago & St. Louis, 1st pref.....
New York A Harlem, com. A pref
N. Y. Lackawanna A Western (quar.) —
New York
IK
25
July
14
to
8
Holders of rec. June
1
Holders of iec.
la
June 30a
July
July
July
1
July
1
Holders of rec. June 22
87J^c. July
1
Holders of
pref. (quar.)..„
June 30
Holders of rec. June 23a
4
July
July
1
June 20
to
June 30
2
1
June 20
to
June 30
City Company, National
3
July
1
Holders of rec. July
City, National
5
July
Holders of rec. June 30a
5
July
1
1
Extra
-
3
(quar.)
Columbia
3
July
1
Holders of rec. June 18a
10
July
1
Holders of reo. June 21
5
July
1
Holders of rec. June 21
Coney Island, Bank of
4
July
1
Corn Exchange
(quar.)
Cuba, Bank of, in New York.
5
Aug.
2
Holders of reo. June 30a
6
July
1
Holders of
East River National
5
July
1
Holders of rec. June 30
Fifth Avenue (quar.)
6
July
1
Holders of rec. June 30a
Commerce, Nat. Bank of (quar.)
Commercial Exchange,
-
■
Extra
...
July
1.
Holders of rec. June 30a
July
July
1
Holders of rec. June 30a
5
1
Holders of rec. June 30a
First Nat., Brooklyn (quar.)
2K
July
1
Holders of rec. June 25a
First Security Co.
5
July
1
Garfield National (quar.)
3
June 30
June 25
Gotham National (quar.)
3
July
1
Holders of rec. June 30
3
July
1
June 23
to
July
2
July
1
June 23
to
July
3
July
1
Holders of rec, June
8
July
1
June 20
to
June 30
3
July
July
1
June 26
to
July
1
Holders of rec. June 22
30
Special
2
-
(quar.)
;
—
Greenpoinl National (Brooklyn)
,
Extra
Greenwich
(quar.)
Hanover National (quar.)
Homestead (Brooklyn)
International...
Irving National (quar.).
12
1
Holders of reo. June
Mechanics & Metals National
5
July
1
Holders of rec. June 26a
(quar.)
1
Holders of rec. June 28
1
Holders of rec. July
July
3
July
1
1
Holders of rec. June 21
Holders of rec. June 21
3
July
1
June
10
to
July
1
3
July
July
1
June
10
to
July
1
Sept. 18
Aug.
19 ♦Holders of
rec.
July
July
15 ♦Holders of
rec.
June 30
Holders of rec. June 11a
July
July
July
Holders of rec. July 2i
2
June
10
30
to
Holders of rec.
1
June 30 ♦Holders of rec.
*3
2 K
*2
July
July
IK
July
July
$1.50 July
July 11
June 15a
June 23
July
1
to
July 11
10
26 ♦Holders of rec. July 15
Holders of rec. June 10a
1
Extra
——-
Holders of rec. June
4a
June 25
July
1
July
Holders of rec. June
1
June 20
July
July
July
to
June 30
to
June 20 to June
1
June 30
20
to
Holders of rec. June 28a
Washington Heights, Bank of
July
1
Holders of rec. July
5
Juno 30
(quar.)
Yorkville (quar.)..-
July
1
2
30
Holders of rec. June
15
July
1
Holders of rec. June 21a
IK
July
1
Holders of rec. June
17
3 K
July
1
Holders of rec. June
17
IK
Extra
—
Empire (quar.)—
------
———
2K
June 30
June
5
June 30
Holders of rec. June 20
Hudson
—
-
Italian Discount A Trust
Extra
(quar.)
June 30
Peoples,
June 30
IK
July
1
June 20
to
June 30
IK
July
1
June 17
to
June
IK
June 30
Cleveland Ry. (quar.)
IK
July
1
Holders of rec. June
Columbus Electric Co., pref
3
July
1
Holders of rec. June 15
Gas & El., pf. (qu.)
Consolidated Traction of N. J„
—
ConilDrntal Passenger Railway, Phila—
Duluth-Superior Tract, pref. (quar.)__
Duquesne Light, pref. (quar.)
Eastern Texas Electric Co., com. (quar.)
IK
July
1
2
July
15
\
Holders of rec. May
29a
July
1
Holders of r#>c. June 15a
Aug.
2
Holders of rec. July
1
Holders of rec. June 16a
July
1
Holders of rec. June 16a
1
IK
June 30
Holders of rec. June 15
IK
June 30
Holders of rec. June 15
2
(quar.)
June 30
75c July
$3
*3K
July
July
1
United
Brooklyn
Holders of rec. June
la
Holders of rec. June 19a
...
—
(quar.)..
—
July
1
June
16
to
July
July
1
June
16
to
July
1
Holders of rec. June
4
June
30
Continental
...
30
Holders of rec. June 29
5
June 30
Holders of rec. June 22
e20
July
6
Holders of rec. June 22
July
1
Holders of rec. June 18a
July
7
7
July
Abitibi Power & Paper, common..
(quar.)—
Aeolian Company, pref. (quar.)
Aeolian,Weber Piano APlanola, pf.(qu.)
Advance Candy Mfg. Corp., pf. (quar.)
Advance-Rumely Co., preferred (quar.).
Ahmeek Mining (quar.).-;
Air Reduction (quar.).Abltibi Power A Paper, pref.
Alabama Company, common
First and second
preferred (quar.)__—
♦$1.50 July
July
IK
15
2
30
IK
June
IK
June 30
2
July
1
5
July
IK
July
♦1 K
2
July
1
1
Alvarado Mining & Milling
Holders of rec. June
18
Amalgamated Leather, common (quar.)
Preferred (quar.)
$1.00 July
July
IK
Amalgamated Oil (quar.)
Amer. Agric. Chem., com. (quar.)
$1.50 July
5
2
July
IK
July
15
15
26
15a
♦Holders of rec. June 30
Holders of rec. June 3'Ja
Holders of rec. July
1
Holders of rec. June 30a
June 16
to
July
1
June 16
to
July
1
Holders of rec. June 25a
Holders of rec. June 21a
1
June
22
to
June 30
1
June
16
to
July
1
15 ♦Holders of rec. June 30
•
»
.
*
Preferred
(quar.)
(quar.)
(quar.)
American Bank Note, pi el. (quar.)
American Beet Sugar, pref. (quar.)
Amer. Bosch Magneto (quar.)
Amer. Bank Note, com.
Stock
dividend
A Fdy., com. (quar.)
Preferred
(quar.)..
American Can, preferred (quar.)——
American Car A Fdy., com. (quar.)
Preferred
(quar.)
Amercian Chicle, prei. (quar.)
—Amei. Brake 8hoe
5
Holders of rec. June 19
Holders of rec. June 25
50c.
♦$1
July
July
July
d$2.50 July
e20d
rec. June
30
rec. June
19
rec.
July 31a
Holders of rec. June 30a
Holders of rec. June 30
Holders of rec.
^une
July
1
1
1
15
19
Holders of rec. June 19
Holders of rec. June 30
Holders of rec. July
Holders of rec. July
Aug. 16 ♦Holders of rec. Aug.
75c. July
IK
Holders of rec. June 21a
rec. June 15a
Holders of
1
14 ""Holders of
Holders of
July
1
Holders of
Aug. 15
31
IK
(quar.)
Holders of rec. July
Holders of rec. June 21
Holders of rec. June 19
July
Holders of rec. June 30a
June
Holders of rec. June 28
Holders of rec. June 14a
1
*50c. June 30 *Holders of rec. June 10
Holders of rec. June 30
July 15
$1
IK
Holders of rec. July
Preferred
Holders of rec. June 28a
*
Miscellaneous*
15
15
1
1
Holders of rec,
Holders of rec. June 19
June 30
to
June 20
June 30
June
15
Fidelity-Phenix Fire
Allegheny Steel & Tube, pref. (quar.)
A Ills-Chalmers Co., common (No. I)—
Holders or rec. June
1
1
15a
4
$2.50
Holders of rec. June 20
Holders of rec. June 10a
18
June 30
Fire Insurance
All America Cables (quar.)..
Holders of rec. June 21a
to
25
(payable In stock)..
Holders of rec. June 15a
Holders of rec. June 19a
20
8
States
June 30
Holders of rec. June 30a
July
Reading Traction
Ridge Ave. Pass. Ry. Phtla. (qu.)
San Francisco-Sacramento RR., pref
12a
IK
1
Extra
June 30
2
—
Preferred
30
——
Metropolitan (quar.).
New York, N. B. A. (quar.)
Holders of rec. June 21
Holders of rec. June
July
IK
Title Guarantee A Trust (quar.)
15
1
30
July 19
1
—-
to
June 30
July
to
2
Lawyers' Title A Trust (quar.)
Mercantile
to
$4.50 July
Ry. (quar.).
1
July
IK
Georgia Light, Power & Rys., pref. (quar.)
1
July
IK
Illinois Traction, preferred (quar.)
June 30
IK
Iowa Ry. A Light, preferred (quar.)
June 30
IK
Manhattan Bridge Thiee-cent Line (qu.)
1
July
IK
Manila Elec. RR. A Ltg. Corp. (quar.).
7
37Kc. July
Monongahela Valley Traction, pref. (quar.)
Aug:. 16
IK
Montreal Lt., HI. & P.,Cons, (quar.)—
June 28
h2K
Montreal Tramways (accc. accum. divs)
1
2
July
New England Invest. A Sec., pref
1
1K July
Northern Ohio Tract. A Lt., pref. (qu.)1
1
July
Ottawa Traction (quar.)
July 15
*1K
Otlumwa Ry. & Light, pref. (quar.)
July 15
IK
Pacific Gas A Electric, common (quar-)75c.
July 31
PhUadelphia Co., common (quar.)
July 15
IK
Philadelphia & Western Ry., pref
2
1
July
Porto Rico Rys., common (quar.)
2
July
IK
Preferred (quar.)
;
1
June 30
Public Service Corp. of N. J., com. (qu.)
19a
June
June 20
Frank. A Southwark Pass.
June 21a
6
—
-
-
June 25
•»«»«»«<. «-•»
Holders of rec.
Holders of rec. June 19a
Holders of rec. June
1
~RR~, "lst pf. (qu")..
June 29
June 27
July
(quar.)
3
HolderB of rec. June 22
June 30
3
Holders of rec. June 21a
June 30 ♦Holders of rec. June 30
June 30
1
1
Holders of rec. June 19a
June 30
-—.—————
IK
June 30
30
June 29
.——-
Holders ol rec. June
$3
June 30
Holders of rec. June 21a
Holders of rec. June 19
2K
5
.
June
to
.
2
—
1
26
la
Holders of rec. June 21
4
Extra
1
June
June
Equitable (quar.)
1 ♦Holders of rec. June 15
to
June
*2K
July
16
July
4
...
Corporation (quar.)
July
June
5K
1
1
5
(quar.) _————. - .....
July
to
1
July
2
(quar.)...
Central Union (quar.)
July
5
!-—---
(quar.)--——---
Brooklyn
IK
15
1
30
Trust Companies.
Guaranty Trust (quar.)
IK
Holders of rec. June 30a
June 30
June 16
to
July
Fidelity (quar.)
Holders of rec. June 21a
♦Holders of rec. July
June 30
1
3
la.
July
Bankers
la
Holdeis of rec. June 30a
2K
15a
1
Holders of rec. June 24
1
3
20a
Holders of rec. June
Holders of reo. July
1
July
United States, Bank of (quar.)
July
Aug. 24a
1
July
July
1
June 22a
July
3
June
Unlon Exchange National
rec.
Holders of rec. June 21a
6
15a
rec.
4
5
June
Columbia
2K
.—.
-----——J.-
Holders of rec
1
June 30
*1K
-
.........
State.
rec.
Holders of rec. June 21a
1
June 30
3
Ridgewood National, Brooklyn
Seaboard National (quar.)..
Second National (quar.)...
Extra...
6
26
2
Park, National (quar.)
Public National (quar 1)..............
10a
July
2K
North Side, Brooklyn
Holders of rec. June
Aug.
1
—
Extra
6
12 ♦Holders of
*50c Sept. 9* Holders ol
Holders of
50c. July
8
*$1
31
IK
'Light
19
July
*1K
Second preferred
Holders of rec. June 22a
2
A Pow., pref. (quar.).
Preferred
Holders of rec. June 26a
1
(quar.).
Manhattan Co., Bank of the
CapitalTraction, Wash., D. C. (quar.).
pref. (quar.)—
Elmira Water,
Holders of rec. June 25
1
July
Mechanics Bank, Brooklyn (quar.)
Fulton
Columbia (S. C.) Ry.,
1
July
6
5
3
pref. (quar.)
July
\K
3
—
Liberty National (quar.)
1
♦Holders of rec. Aug. 31
Street and Electric
City Ry., Dayton, O., com. &
1
Holders of reo. June 29a
July
Western RR. of Alabama
(quar.)__..Cincinnati Street Ry. (quar.)
1
1
19
2
2K
Preferred
June 30
to
June 30
3
.
Holders of rec. June 30a
1
2K
—
K
July
preferred
Francisco—
K. C. Ft. S. A M. pf. tr. ctfs. (qu.)„
Union Pacific, common (quar.)
United N. J. RR. A Canal Cos. (quar.).
(qu.)
20
July
St. Louis A San
Chicago City Ry. (quar.)
Cin. A Hamilton Traction, com.
reo. June
July
June 22 to July
Carolina Power A Light,
Holders of rec. June 26
3
Holders of rec. June
Brazilian Tr., Lt.
19a
19a
5
1
——
rec. June
rec. June
2K
1
Preferred
Holders of
Holders of
Brooklyn (quar.)
New Nethcrland (quar.)
New York, Bank of, N. B. A. (quar.)
July
Bangor Ry. A Electric, pref. (quar.)
Boston Elevated Ry., common (quar.).
1
1
July
Mutual (quar.)....——„———.
July
Railways.
Ashevllle Pow. A Light, pref. (quar.) —
July
June 30
Metropolitan (quar.)
July
pref. (quar.)..
9a
Holders of rec. June
3
4
Coal A Iron National (quar.)
Colonial
la
Holders of reo. June 30a
Nassau National,
3
Valley RR. (N. Y.)
June 28
14a
IK
Western Pacific RR. Corp.,
rec.
15a
4
—
June 30
to
Holders of rec. June
—
Southern Railway,
17
Holders of rec. June
Holders of rec.
Southern Pacific Co. (quar.)
Rensselaer A Saratoga,--
June
1
July
IK
(quar.)
preferred (quar.)—————
Holders of rec. June 17
1
IK
2
Youghiogheny—
2
Holders of rec. June 17
July
5
IK Aug.
Reading Company, common
Holders of rec. July
$2.50 Juiy
Aug.
3
(quar.)
2
3
July
Holders of rec. June 18a
Holders of rec. June 25
IK
(quar.)
Rome A Clinton
la
July
July
to
June 3 0
Holders of rec. June
19
2
June
*1
Pennsylvania Company
Philadelphia A Trenton (quar.)
Pitlsb. Cin. Chic. & St. Louis.........
Pitts. Ft. Wayne A Chic., com. (quar.).
Reading Company, 2d
Holders of rec
Holders of rec. July
July
1
1
Importers & Traders National
*2
-----
PIttsb. McKeesport A
Holders of rec. June 15a
July
K
2
12
*1K
Norfolk & Western, common (quar.)__.
Preferred, (quar.)
Northern Central
...._—<
——
Northern RR. of N. H. (quar.)
Northern Pacific (quar.)
Northern Securities
-------Norwich A Worcester, pref.
June
$1.75
ol rec.
21a
June 21a
Holders of rec. June 15
July
4
Mobile & Ohio
First
2
July
$1.25 July
IK July
Preferred
Maine Central, common
Preferred
Aug.
$15
—
—_
16a
So
Mahoning Coal RR., common..--
June 21a
3
Fifth National (quar.)
Louisville & Nashville..
rec.
2K
First National (quar.)
15
19a
reo. june
Holders of
1
Holders of rec.
July
Holders of
1
3
July
15
Holders of rec. July
1
July
4
July
Aug. 10
July
Chase National (quar.)
Chatham A Phcnix National (quar.)
Chemical National (bi-monthly)
1
Holders of rec. JuneJ12a
15
IK
June 30
Holders of rec. June
Holders of rec.
21a
to
Holders of rec. June
$1.25 July
1
2
Holders of rec. June
June 30
to
Holders of rec. June 23a
87 Kc July
June 24
June 21
30
7a
Junefl2a
June 24
rec.
Holders of rec. June 25
June 21
June 30
Holders of rec. June
reo.
1 ♦Holders of
June 30
June
15
June 30a
1 ♦Holders of
July
June 30
July
11a
9a
15a
4
IK
to
June 30a
2
IK
June 22
rec.
Holders of rec. June
to
Extra
2
14
Holders of rec. July 2aa
15
Holders of
2
Central Mercantile
Hocking Valley Railway
July
1
1
June
Butchers' A Drovers' National
Jollet & Chicago (quar.)
3K
July
July
19
3
Georgia RR. & Banking (quar.)..
Great Northern (quar.)
-
$1
June
3
July
tLebigh Valley, common (auar.)
Preferred (quar.)
Little Schuylkill Nav. RR. A Coal
rec.
5
July
July
Holders of
1
National
3
1
1
June 30
July
July
Bryant Park
3
Lackawanna RR. of N. J. (quar.)
June 15a
July
Extra
Bronx
Detroit River Tunnel
(quar.)
L
tKansas City Southern, pref. (quar.)—
rec.
to
15
Atlantic National (quar.)
Extra.
Detroit A Mackinac, pref
Kanawha & Michigan
Holders of
July
Battery Park National
Holders of rec. June
IK Aug
Holders of rec. June
1
3
Holders oi re>~. June
July
June 21
1
July
15a
Banks.
July
to
1
July
July
Yadkin River Power, preferred (quar.).
July
2
July
rec.
IK
$2
America, Bank of.
2K
Holders of rec. July
Holders of rec. June 19a
Holders of rec. June
$1
2
July
1
1
1
*75c.
Wisconsin Edison Co
Detroit Hillsdale & Southwestern
15
15
July
July
*50c.
West End St. Ry., Boston, pref
West India Electric Co. (quar.)
Holders of rec. June 22a
Canada n Southern
la
July
IK
IK
IK
Holders of
June
3
2K
Un ted Light A Railways, lst pref. (qu.)
Wash. Bait. <fe Annap. El. RR., com.(qu.)
18a
Holders
Boston & Maine, 1st pref.,
(Concluded).
Second A 3d Sts. Pass. Ry.. Phila. (qu.)
South Carolina Lt., Pow. & Rys., pf. (qu.)
United Electric of N. J
16
Holders of rec. June 15a
June 30
3
Atlanta A West Point
1
2
July
2K
Albany & Susquehanna
Atch Topeka A San:a Fe, pref
Days Inclusive.
Thirteenth & Fifteenth Sts. Pass. Ry.,Phila *$6
IK
Tri-City Ry. A Lt., pref. (quar.)
Twin Ciiy R. T., Mlnneap., pref. (qu.)
IK
Union Traction (Philadelphia)
$1.50
Railroads
(Steam.)
Alabama Great Southern, ordinary
Rys.
Books Closed.
Payable.
Springfield (Mo.) Ry. A Lt.,pref. (quar.)
Per
Name of Company.
Street and Electric
When
Cent.
DIVIDENDS.
The
2]
2
2
Holders of rec. June
15a
Holders of rec. June
12a
Holders of rec. June
15a
Holders of rec. July
la
IK
June 30
Holders of rec. June
15a
3
June 30
Holders of rec. June
15a
16a
July
1
1
Holders of rec. June
3
Holders of rec. June
15a
IK
July
1
Holders of rcc. June
15a
IK
July
1
Holders of rec. June 19
IK
July
Miscellaneous
When
Payable.
Holders of rec. June 15a
Holders of rec. June 21
1
Holders of rec. June
19
Chesbrough Mfg., common
July
1
Holders of rec. May 29a
July
I
American Express (quar.).
VA
-
1
1
2A
July
1
July
1
Holders of rec. June 18a
(quar.)
3ept.
(quar.)
Amer. Multigraph, pref. {quar.)
American Piano, common
(quar.).
(quar.).............
American Screw
Extra....
.
..............
.
July
July
June 25
to
July
July
1
1
July
Sugar Refg., com
Common (extra)
Common and preferred
&
15
Holders of rec. June 30
.
June 24
1 ♦Holders of rec. June 24
Preferred
2
VA
Cluett, Peabody & Co., Inc., pref. (qu.)
Coca-Cola Co., com. {quar.)............ ♦$1
Holders of rec. July
15
Holders of rec. July
16
to
June 24
16
to
June 24
Columbia
1A
July
1
June
July
1
Holders of rec. June
11a
1A
July
1
15
Holders of rec. June
11a
1A
$1
IA
IA
1H
Holders of rec. July
la
15a
June 30
Holders of rec. June
July
1
June 20
to
July
1
July
l
June 20
to
July
1
2
Holders of rec. June
1
2
Holders of rec. June
la
Oct.
2
Holders of rec. Sept.
Julyj
la
Oct.
2
Holders of rec. Sept.
Sept.
1
Holders of rec. Aug.
June 30
Holders of rec. June 19a
July
Holders of rec. June 19a
Aug.
15
la
16a
July
1
Holders of rec.
15a
June 12a
July
15
Holders of
July 10a
10a
Extra
rec.
July
15
Holders of rec. July
July
1
Holders of rec. June
Continental Can. Inc., com. (quar.)...
Preferred (quar.)
Continental Motors, preferred (quar.)..
Cosden & Co., common {quar.)...
1
Holders of rec. June
11
1
July
15
Holders of rec. June
June
18
to
11
June 27
2
Holders of rec. July
15
Aug. 23
Holders of rec. July
Preferred
Common
July
July
(payable in
Holders of
rec.
June
26
15 *
Aug.
2 «
July|
1
Holders of rec. June 21
June 15
stock).
Preferred
(quar.)
Cudahy Packing, com. (quar.)
Dayton Power & Light, pref. (quar.)
De Beers Cons. Mines, Ltd.............
rec. June
15
Holders of rec. July
1
Detroit
IA
July
15
Holders of rec. July
1
July
July
26
Holders of rec. June 30a
Dictograph Products Corp., pref. {quar.)..
Dodge Manufacturing, com. (quar.)...
rec.
Holders of rec. June
1
Edison
(quar.)
75c
1A
July
1,5
June 30
rec.
Holders of rec. June 30
June
10
June 30
to
rec. June
2 ♦Holders of
20
VA
VA
♦1A
62 Ac.
July
1
July
Aug.
1
16
2
July
15 ♦Holders of
rec.
July
♦1A July
*1A July
10 ♦Holders of
10 ♦Holders of
rec.
July 1
rec.
July 1
*1A
July
Holders of rec. June 29a
Holders of rec. June 19a
Holders of rec. June 19a
Holders of rec. June 30a
31
Holders of rec. July
31
Holders of rec. July«15a
*3 A
1A
Aug.
July
Holders of rec. June 15a
2 ♦Holders of rec. June 30
Holders of rec. June 10a
1
1
Holders ol rec. Sept. 10a
IA
Sept. 30
July
♦1A
July
6 ♦Holders of
July
1
Holders of rec. June 21a
July
1
Holders of
1A
2
July
*25c.
l
July
1A
July
2
Holders of rec. June.21
2
Holders of rec. June 21
1
Holders of rec. July 23a
Dominion Glass, common (quar.)
(qu.).
Holders of rec. June
rec.
June 25
A
VA
Aug.
l
July
July
l
A
1 cHolders of
15 Holders of
15 Holders of
June 25
rec.
rec
June
.
rec
,
rec,
June 30a
June 26a
Holders of rec,
1
Holders of rec,
1
June 22
to
1
20 ♦Holders of rec
,
June
30
June 30
.
Holders of rec
26a
June
.
2
1
June 19
.
July
12
1
Holders of rec. June
14
1
Holders of rec,
June
14
Holders of rec.
June
14
Holders of rec
June
10
Holders of rec,
.
,
July
Holders of rec. June
5a
1
Holders of rec. June
19a
Dominion Iron & Steel, pref. (quar.)..
1
Holders of rec. June
18a
Dominion Oil (monthly)
10c.
July
1
Dominion Power & Trans., preferred...
Dominion Steel Corp., com. (quar.)
3A
IA
July
15
July
1
Holders of rec,,June
(quar.).
(quar.)
IA
Aug.
1
July
2A
July
2
Holders of rec
IA
15
1
Holders of rec. June 30
3
July
July
IA
July
26
Holders of rec. July
10
July
July
20
20
July
July
July
♦1A
July!
July
*1A
July
Holders of rec.
1
15 Holders of
1 ♦
rec.
June 16a
June 29a
July
1
Holders of rec. June 15a
1A
July
1
Holders of rec. June
16a
IA
Binghamlon{N.Y.)L.,H.&P.,cum.pf.{qu.)
Non-cumulative preferred {quar.)
(quar.)
stock)__
(ordinary interim)
in com. stock)
Brunswick-Balke-Collender, pref.
Bucyrus Co., pref. {quar.)
_
„
July
1
Holders of rec. June
15a
July
1
Holders of rec. June
July
1
Holders of rec. June 22
IA
July
1
Holders of rec. June
Duluth Edison Elec., preferred (quar.)..
Durham Hosiery Mills, Class B (quar.).
Class B
Preferred
Holders of rec. June
16
East Coast Fisheries Products, pref
Holders of rec. June
12a
Eastern
133 1-3 July
1
Holders of rec. June
July
July
1 *'Holders of
Holders of
1
hA
2
(quar.)
Calif. Petroleum Corp., pref. (quar.)
VA
Calumet & Hecla Mining (quar.)..._._. *$5
Canada Bread, preferred (quar.)
*1A
Canada Cement, Ltd., ordinary {quar.)...
IA
July
1
Canada Steamship
Pref. {account accumulated dividends)
Buffalo General Electric
19J
rec.
rec.
June 21a
1
June
July
June 16
July
2 *
16
Lines, pref. (quar.).
IA
July
VA
July
10
1A
Aug. 16
July
Canadian Cottons, Ltd., com. {quar.)
2
July
4
June 25
IA
July
4
Aug.
2
Aug.
2
{quar.)
_
Participating preferred {special)
Canadian Consolidated Rubber, pf. {qu.).
Can. Crocker-Wheeler, com. & pf. (qu.)
Canadian Fairbanks-Morse, pref
Canadian General Electric, com. (quar.)
Canadian Locomotive, common (quar.).
Preferred
(quar.)
Canadian Woolens, Ltd., pref. {quar.)
Carbo-Hydrogen Co. of Amer., pref. (qu)
Carbon Steel, 2d preferred
Case (J. I.) Plow WorksFirst and second preferred
(quar.)...
Case (J. I.) Thresh, Machine, pref. (qu.)
Cass & Daly Shoe, preferred (quar.).
Cedar Rapids Mfg. & Power {quar.)
Central Leather, common {quar.)
(quar.)
Central Aguirre Sugar Companies (qu.).
Central Coal & Coke, com. (quar.)
A
1A
15
! rec. July
15
: rec. June 25
June 30
IA
July
rec.
June 30
♦3
to
15 *
June 30
June 30
Fairbanks, Morse & Co., com., (qu.)..
Fairbanks Co., pref. (quar.)
June
rec.
June 20
Fan Alpaca {quar.)
1
: rec.
June 20
Farrell (Wm.) & Son. Inc., pref. (qu.)..
Firestone Tire & Rubber, pref. (quar.).
: rec. June
IA
July
1
*8Ac. June 30
6
July
July
1 *
VA
July
1
1A
July
A
Fisk
30
*1A
IA
19
1
of rec. June
15
Holders of rec. June
Rubber, com. (quar.)
First pref. (quar.)
Franklin {H. H.) Mfg. Co., com. {qu.)...
General American Tank Car, common..
14
ers
ers
of rec. June 18
Aug. 16
ers
of rec. July
ers
of rec. July
9
♦3
July
$5
1 ♦
Preferred
Common
1
July
15
preferred {quar.)
General Cigar, debenture pref
Preferred
1A
July
15
General
Central States Elec. Corp., pref. (quar.)
Central Teresa Sugar, com. (No. 1)
1 *
July
1
IA
4
(quar.)
Certain-teed Products Corp., com. (qu.)
L
July
Common (extra)
First and second Preferred (quar.)
IA
July
July
Debenture
ruly
1
1
July
1
Holders of rec. July
1
Holders of rec. May
July
1
Holders of rec. May
Holders of rec.
July
1
*50c.
July
1
VA
July
1
of rec. June 20
of rec. June 20
1
31a
31a
May 31a
of rec. June 20
of rec. June 20
Holders of rec. Aug.
la
19a
1
Aug. 15
July
1
Holders of rec. June
$2.00 July
1
Holders of rec. June 15
Holders of rec. June
15a
July
July
1
Aug.
2
July
1
S1.25 July
1
Holders of rec. June 19
Holders of rec. June 12a
2A
*2
1
Holders of rec. June
"Holders of rec. July
14a
22
12a
July
1
Holders of rec. June
July
1
Holders of rec. June
July
10
IA
June 30
2
July
1
Holders of rec. June
19a
July
1
Holders of rec. June
15a
2
IA
1A
75c.
1A
15
Holders of rec. Jurfe 30
Holders of rec. June
Holders of rec.
15
July 15a
Aug.
1
July
1
"Holders of rec. June
19
July
1
Holders of rec. June
19
,
1
July
15
Holders of reo. July
July
1
Holders of rec. June
15a
1
Holders of rec. July
21a
Holders of rec. July
10
Aug.
July
20
50c. July
1
Holders of rec. June 21a
1
1
Holders of rec. June 21
hA
July
1
Holders of rec. June
19a
July
I
Holders of rec. June
18a
4ug.
Holders of rec. July
24a
Holders of rec. Sept. 24a
75c
3ept.
2
1
3ct.
1
Holders of rec. June
19a
Holders of rec. Aug. 25a
Holders of rec. June 25a
VA
July
2
July
e2
July
1
15
15
Holders of rec. June
10a
25c.
(quar.)..
(quar.)
^ug.
2
Holders of rec. July
15a
Holders of rec. June
10a
1-40
\ug.
2
Holders of rec. July
15a
1A
4ug.
5a
1A
\ug.
2
2
Holders of rec. July
Debenture 6%
1
July
15
Common (payable in common stock).
Preferred
(quar.)
1
si
Electric
Extra (payable in stock)...
General Motors, common (quar.)
June 30
$1
IA
Junej30
July
July
1A
15
IA
1
VA
{quar.)
1
July
♦1A
1
1
July
IA
Pref. (acct. accumulated dividends)..
General Chemical, preferred (quar.)
General Cigar, common {quar.)
July
(extra).,..
(quar.)
Central III. Public Service, pref. {quar.)..
Central Leather, preferred (quar.)
Holders of rec. June 29
July
IA
General Baking, pref. (quar.)
1A
June 30a
Holders of rec. June 29
$1.17 July
July
1A
Preferred
31
2
Aug.
Holders of rec. June 19
Holders of rec. June 29
1
♦2
rec.
1
July
12
1
$2
July
'
1
July
Famous Players-Laaky Corp., com. (qu.)
Famous Players-Lasky Corp., 7 pf. (qu.)
IA
1
to
Holders of rec. June 19
Holders of rec. June 19
60c
2
rec.
1
June 22
1
IA
2
■
1
July
1
IA
(quar.)
Erie Lighting, preferred (quar.)
Everett Heaney & Co., Inc. (quar.)
July
July
'
July
July
3
Empire Steel & Iron, preferred
Preferred
10
1
,
July
4
Electric Storage Battery, com. & pf. (qu)
Elgin National Watch {quar.)
Endtcott-Johnson Corp., com. (quar.)..
'
Common, Class A & B
87 Ac July
,
rec.
to
1A
Preferred, (quar )
Elder Manufacturing, preferred (quar.)
Electric Light <fc Power of Abington &
Canadian Connecticut Cotton Mills—
July
1A
Rockland, Mass
31
July
rec.
June 22
2 A
Elsenlohr (Otto) & Bros., com. (quar.).
2
Canadian Car & Fdy., pref. (quar.)....
Canadian Converters, Ltd (quar
1A
IA
i2A
Edmunds & Jones Corp., common (qu.).
Preferred
(quar.)
5
June 30 *
1
*S1
Common (extra)
Preferred
(quar.)
June 23
Holders of rec. June 23
2 ♦Holders of
5
1A
{qu.)
Eastern Steel, common (quar.).
Eastman Kodak, common (quar.).
June 20
June 30
July
.
(quar.)
Extra
1 ♦
June 30 t
2 ♦Holders of
2A
1
1
July
Aug.
Aug.
♦50C. July
July
July
5
Holders of rec. June
1A
1A
*/20
1
15
1
{quar.)
Mfg.
Aug.
June
to
July
*1A
25c.
(extra).
East Coast Fisheries, com. {quar.).
16
16
2
*1A
(quar.)
1A
♦1A
1A
(qu.)
(quar.)
Driver-Harris Co., common
Preferred
(quar.)
16a
25c
Booth Fisheries, pref.
com.
Holders of rec. June 30
1.5
2
Seven per cent preferred (quar.)...
Eight per cent preferred (quar.)
Bigheart Producing & Refining
(quar.)
Draper Corporation (quar.)
du Pont (E. I.) de Nem & Co
du Pont (E.I.) de Nem. Powd., com.(qu.
Preferred
(quar.)
1A
July
Preferred
Debenture stock
1 *
1 *
1 *
Bethlehem Steel, common (quar.)
Common B (quar.)
Preferred
5
{qiiar.)....,.
Dominion Textile, Ltd., com. (quar.)..
2
Cement Securities Corp.
June 30
Dominion Steel Corp., pref.
Bell Telephone of Canada (quar.)
Preferred
.
Holders of rec. June 30a
♦4
(quar.)
(quar.)
com. (pay.
.
to
June 20
15
♦$l
Shoe,
1
Holders of rec. July 26a
Holders of rec. June 30a
1A
Brown
July
31
15
2
Co., common (quar.)
Beatrice Creamery, common
Preferred (quar.)....
(In
IA
July
62 Ac July
1A
1)
Tobacco
...
G2Ac July
Barasdall Corporation, Class A
Brier Hill Steel, com.
...
15a
June 30a
,
July
(quar.)
10a
Holders of rec. Sept. 10a
{v)
July
July
July
......
1
Sept. 30
July
Brlt.-Amer
15a
July
f 16% July
July
1A
IA
First preferred
1
June 30 ♦Holders of rec. June 21
Holders of reo. June 15a
June 30
IA
Preferred
15
July
3A
Barrett
6
25c.
July
Holders of rec. June 30a
1
15
July
July
1A
Preferred
15 ♦Holders of
20
*2 A
1
2
July
1A Aug.
Holders of rec. June
15a
IA
Aug.
hi A
June 20
June 25a
15a
Common (extra)
5
3
rec.
Barnet
Class B (quar.) (No.
18a
Holders of rec. June
Preferred
19a
(quar.)
Dome Mines, Ltd. {quar.)....
Dominion Canners, Ltd., pref.
Dominion Coal, pref. {quar.).
iers of rec. June
rec.
rec. June
Baltimore Tube,
First and second preferred (quar.)
30
June
50c. June 30
c$1.00 July
2
July
July
"Holders of
1 *
rec.
Holders of rec. June
2
Delion Tire & Rubber, pref. {quar.)
Detroit & Cleveland Nav. (quar.)
July
*$2.50 June 30 *
pref. (quar.)
Leather, preferred (quar.)
Barnhart Bros. & Spindler
19a
IA
VA
(quar.)
IA
Pref. (account accumulated divlden ds
1
15
June
1
2
common
July
1
July
2
1A
*1A
IA
Austin, Nichols & Co., pref. (quar.)....
20
July
rec.
1 ♦Holders of
1 ♦Holders of
Holders of
10
July
♦1A
Cuban-American Sugar, com. (quar.)...
Common (quar.)
..,
Preferred
1
50c.
♦75c.
Cuba Cane Sugar Corp., pref. (quar.)..
Cuba Company, preferred...
July
July
(quar.).1
Crowell & Thurlow SS. (quar.)
July
July
1
Crucible Steel, preferred (quar.)
Crucible Steel, common (quar.).
17
Aug.
....
Cramp {Wm.) & Sons S. & E. B. {quar.)
Creamery Package Mfg., common (qu.).
15a
July
July
20c
*10c
_•
Computing-Tabulating-Record Co. (qu.)
Conley Tin Foil Corp. (No. 1)
Consolidated Cigar, common {quar.)
Consol. Gas, El. Lt. & P., Bait. (quar.).
Consol. Interstate-Callahan Mining
Consolidated Textile Corp.{quar.)..
i_
Consumers Elec. L. & P., New 0.,pf.{qu.)
Consumers Gas, Toronto {quar.)
Continental Candy Corp. (quar.)
Holders of rec. July
1
GraphophoneMfg.,com.(qu.)
(quar.)
Columbia Sugar (quar.)
15
June
2
Atlantic Gulf &. W. I. SS. Lines, com..
Atlantic Sugar Refineries, pref. (quar.).
Holders of
1
15 ♦Holders of
Holders of
l
July
July
rec. June
to
Holders of rec. June
18a
1
2
Associated Oil (quar.)
June 30
June 20
ISa
2
VA
.....
1 ♦Holders of
1
Holders of rec. June
3A
{quar
Holders of rec. June 19a
July
July
1
*2 A
Preferred
1
July
July
2
$1
Asbestos Corp. of Canada, com. {quar.)...
1A
*%2
2
Cleveland Automobile, preferred (quar.)
VA
Aug.
*15
Preferred quar.) (No. 1).
Arlington Mills {quar,)...
Cleve. Automatic Machine, pref. (quar.)
Cleveland Union Stock Yards {quar.)
Cleveland Worsted Mills (quar.)
Preferred
1A
Apsley Rubber, preferred...
*1A
Holders of rec. June 30
July
$1.50
Anaconda Copper Mining {quar.).
Anglo-American Oil, Ltd
15
Holders of rec. June 15
1
June 30
to
June 30 ♦June 22
46.25c. July
Bankers shares (monthly)
Cleveland-Akron Bag {quar.)
15
IA
(quar.)...*
June
15
VA
IA
Amer. Woolen, com. & pref.
rec.
July
IA
.
1 ♦Holders of
Holders of rec. June
3
(quar.)
15
July
1
1
(quar.).
15
June
July
*75
Preferred
June
rec.
July
2
Preferred
July 15
1 ♦Holders of
1 ♦Holders of
rec.
July
July
{1)
2A
merican Type Four
rec .
25c.
Aug.
A
American Surety (quar.).
July 15
July 15
rec
Common (payable In common stock).
3
.
rec
Holders of rec. June 30
1A
(extra)
Aug.
June 26
Holders of rec. June 30
3A
Common
1 ♦Holders of
1 ♦Holders of
1 ♦Holders of
Aug.
Aug.
rem
15
A July
(quar ).
rec.
1A
)
pref
1 ♦Holders of
Julyl
2A
.
Amer
15
July
*A
Preferred B (monthly)
15
July
to
.
Common (payable In common stock).
June 30
Holders of rec. June 30
75c. July
.
Holders of rec. June
June 22
*A
VIA
*A
mA
VIA
Holders of
July
13^
.
American Stores, common (quar.).
1
1
1
Holders of rec. June 21
1
July
.
American Steel Foundries, com. (quar.)
Preferred
(quar.)
Holders of rec.
30
July
1
.
....
stock)..
to
VA
.
American Snuff, common (quar,).
Preferred
(quar.)
...
Common and preferred (monthly)
June 25
*1A
.
(qua:
Cities Service—
2a
Holders of rec, June 23
1
VA
.
{extra)
June
June 30
July
.
Common
to
to
1A
.
Amer. Smelters Sec., pref. A
Preferred B (quar.)
15
16
IA
.
Common (extra).
Preferred (quar.)
June
June
Common and preferred (monthly)
1A
21
1
1
1
19a
.
14a
July
July
June
19
June 29
June
July
to
75c
rec.
July
Holders of rec. June
11
Holders of
1A
12a
June 25
July
♦Holders of rec.
VA
July 15a
1
July
lA
.
(quar
June 30
June 30
1
1A
.
Preferred
*2
31Al
'
Common (payable in common
.
Amer. Rolling Mill, com.
12
15
June
Preferred B (monthly)......
.
.
June
July
rec.
11a
/5
Amer. Power & Light, pref. {quar.)..,
rec,
26 Holders of
1 ♦Holders of
rec,
July
June,11a
.
slock).
common
30 ♦Holders of
July
Holders of rec. Aug.
30
June
.
{quar.)
June
2
*1A
Holders of rec. June
VA
-
12
♦2
1A
.
Preferred
15
15a
2
Holders of rec. June
1
1H July
June 30
1A
American Locomotive, common (quar.).
June
June
June
City Investing, preferred (quar.)
Holders of rec.
1
June 30
2A Aug. 16
.
Holders Of rec
June 30 ♦Holders of rec,
Cincinnati Gas & Electric (quar.)
Cin. & Sub. Bell Telep. (quar.)
2
July
1A
)
(quar.)...
Holders of rec
July
Holders of rec. June 14a
Aug.
IA
.
American Hide & Leather, pref. (quar.).
1
1
July
$2.5(
*3 A
(quar.)
Chicago Telephone (quar.)
Chino Copper Co. (quar.)
Holders of rec. June 18a
/2
IA
)
in
Days Inclusive.
Preferred
(quar.)
—
Chicago Pneumatic Tool {quar.)..
Chicago Railway Equipment {quar.)
Holders of rec. Aug. 18a
American Gas (quar.).
-
2
Chandler Motor Car (quar.)
July
(quar.).
Central Bond & Mortgage, pref.
1
2
\
Preferred
Books Closed.
When
Payable
Miscellaneous (Continued).
July
July
1
IA
IA
.
-
Common {payable
Cent.
Name of Company.
Days Inclusive.
(Continued,).
Amercian Cigar, preferred (quar.).
Preferred
Per
Books Closed.
Per
Cent.
Name of Company.
Preferred
[Vol. 110.
THE CHRONICLE
2632
IA
1A
4ug.
2
Holders of rec. July
July
1
Holders of rec. June
19
1A
July
1
Holders of rec. June
19
1A
July
1
Holders of rec. June 20a
preferred
(quar.)
Debenture 7% preferred (quar.)
General Railway Signal, com. (quar.)..
i
Preferred
(quar.)
General Tire & Rubber, pref. (quar.)
—
Holders of rec. July
5a
5a
June 26
Per
When
Payable.
Per
Days Inclusive.
Name of Company.
Miscellaneous
Miscellaneous (Continued).
July
1
IX
15
Gold & Stock Telegraph (quar.).-.
IX
July
July
Goodrich (B. F.) Co.. common (quar.)..
IX
AUg.
16
IX
July
1
Holders of rec. June 21a
1X
Holders of rec. June 15a
Preferred
(quar.)
Holders of rec. June 30
Holders of rec. June 30a
1
6u
Holders of rec. Aug.
July
1
Goodyear Tire &. Rubber (in stock)
C150 July
1
Holders of rec. June
oref. (quar.).—...
Seven per cent cum. pref. (quar.)
Goulds Manufacturing, common (quar.)
IX
1
Holders of rec. June 20
1
1
Holders of rec. June 20
June
19
19
Goodyear Tire & Rubber, 1st pref. (qu.).
Gorham Mfg., 6%
Preferred
July
1X
July
IX
July
Holders of
Juned21a
May Department Stores,
2
Common (quar.)
Sept. 1
...
Common (payable in common stock). 733 1-3 July 10
Preferred (quar.).
July
1
IX
1
Holders of rec. June
15a
Holders of rec. June
15a
Holders of
June
15a
of rec. June 20
of rec. June 20
Mergenthaler Linotype (quar.)
July
1
July
1
McCrory Stores Corp., preferred (quar.)
(quar.).
June
16
to
June 30
July,
1
June
16
to
July
July
1
of rec.
Jiuie
July
1
of rec.
June
15
July
1
of rec.
June
15
Preferred
50c.
Aug. 23
...
.
*1X
♦10
(quar.)
Greene Cananea Copper,.^..,......,.
$1.25 July
$5
July
(quar.)
Sugar
...—
-———-
•37^c July
*30c.
July
*/150
July
15
6a
Holders of rec. June
15a
Middle States Oil
1
Holders of rec. June
Holders of
rec.
16a
Middle States Oil Corp.
June
10
Mill
1
of iec.
June
12
oi rec.
June
12
Monomac Spinning
Harbison-Walker Refractories
July
15
Holders of rec. July
IX
July
20
Holders of rec. July
IX
June 30
750
(quar.).
o5a
10
Power,
Preferred
Montreal
Moon Motor Car, pref.
June
15a
Mortgage-Bond Co., preferred (quar.)..
Narragansett Electric Lighting (quar.).,
Nashua Mfg., pref. (quar.)..
National Aniline & Chem., pref. (quar.)
six
July
1
Haskell & Barker Car (quar.).
$1
July
1
Holders of
2X
July
1
Holders of rec. June
12a
IX
July
1
Holders of
June
12a
IX
July
1
\ IX
July
25c.
July
July
June 30
to
1 June 26
Holders of rec. June 21
1
Holders of rec. June 21
1
$1
July
1
Holders of rec. June 21
National Fuel Gas (quar.)
IX
July
15
Holders of rec. June 30
National Grocer, common
IX
IX
July
15
Holders of
rec.
June 30
Houston Gas & Fuel, pref. (quar.).
June 30
Holders of
rec.
June
Howe Sound Co.
5c.
July
15
Holders of rec. June 30
IX
July
1
♦25c.
Aug.
1
♦Holders of
IX
July
1
Common
(extra)..
(quar.).
Preferred
(quar.)......
(quar.)
Holders of rec. June
14
.................
Holders of
rec.
rec.
June
*1X
Illinois Brick (quar.).
*1X
July
*1X
June 29
2
June
July
Extra
Indian
.
15
Holders of rec. July
2X
July
15
Holders of
♦2
(quar.)
7a
June 30a
June 30 •Holders of rec. June 19
♦3
June 30 ♦Holders of rec. June 19
IX
Preferred
June 30
Holders of rec. June
11a
Aug. 15
Holders of rec. July
17
June 30
Holders of rec. June 23
40c.
Leather
IX
20c. July
2
Preferred
rec.
July
2
(quar.)
15
15
July
15
1
Holders of rec. July
la
June 30a
Holders of
Holders of rec. June 30a
rec.
Holders of
June 15a
3X
June 25
July
2
July
1
July ,1
Holders ol reo. June 18a
Extra
National
30
Aug. 14
Holders of
rec.
July
17
Holders of
rec.
June
Sugar
Refining
(quar.)..
3
National Surety (quar.)
SI.50
(quar.)
National Tool, common
1
July
July
rec.
Holders of rec. June
10
Holders of rec. June 20a
(quar.)
Extra...........
Holders of rec. June 20a
Holders of rec. June 14a
July
IX
-
5
I...-.v...,
July
5
Naumkeag Steam Cotton
.
1
1
1
25c. June 30
Preferred
18a
July
July
26
1
1
July
1
July
1
July
15
IX
July
1
July
July
Holders of rec. June
18
Holders of rec. June
18
IX
IX
June 30
Holders of rec. June 16
New Jersey Power &
July
1
Holders of rec. June 22
Holders of rec. June
16a
New York Dock, preferred
2X
July
Holders of rec. June
16a
New York Mutual Gas
5
July
16
10
2
July
4
July
IX
25c.
Holders of rec. July
9
Holders of rec. June 21
15
Niagara Falls Power, pref. (quar.)...
Nipissing Mines Co. (quar.).—
15
2
Holders ol rec. July
2
Holders of rec. July
15a
15a
1
Holders of rec. June
loa
1
Holders of rec. June
1
Holders of rec. June
15a
15a
July
1
Holders of rec. June
July
1
Holders of rec.
July
1
Holders of rec.
July
15 ♦Holders of
15 ♦Holders of
rec.
15a
June 28
June 28
June 30
rec.
June 30
*1X
(quar.)
Preferred (quar.)..—
Kaministiqua Power, Ltd. (guar.).
July
$2
(quar.).
Jordan Motor, com.
June 30
Holders of rec. June
14a
June 30
Holders of rec. June
Holders of rec. July
Aug. 16
July
(quar.).
IX
Kay County Gas (No. 1)..............
♦5c.
Kaufmann Dept. Stores, pref.
2
IX
Kelly-Springfield Tire, pref.' (quar.)...,
Kennecott Copper Corp. (quar.)..
IX
1
Holders of rec. June 19
Holders of rec. June
1
15 ♦Holders of
Holders of
July dl
Holders of
ciAug 2
Holders of
July
1
July
July
rec.
rec.
June 30
June 28a
rec.July
rec.
June
25c. June 30
......
Holders of rec. June
25c. June 30
Holders ol rec. June
30c. July
Capital distribution.
Holders of rec. June
1
*1X
Aug.
*1X
July
1 ♦Holders of rec. July
1 ♦Holders of rec. June
IX
,
21
July
1
20a
15a
la
la
15a
22
20
19a
IX
July
July
1
Holders of rec. June
IX
pref. (quar.)
H.) & Co., com. (quar.)...
Holders of rec. June
1 ♦Holders of rec. June 20
Holders of rec. June 19
1
3
Kolb Bakery,
July
1
Holders ol rec. June
♦1
Kresge (S. S.) Co., common.
...
Aug.
*1X
June 30 ♦Holders of rec. June
♦2
(quar.)
June 30 ♦Holders of rec. June
15a
15a
18
18
10a
July
July
*1X
3
IX
♦62 ^C July
(quar.)
Oklahoma Prod. & Ref. (quar.)....
Orpheum Circuit, com. (quar.)
Preferred (quar.)
6
to
July
Holders of rec. July
11
5
*2X
July
July
♦2
July
1
1 ♦Holders of rec. June 21
1 ♦Holders of rec. June 21
1 ♦Holders of rec. June 21
July
1
Library Bureau, common (quar.).
Preferred (quar.)
...
IX
2
1
July
1
Holders of rec. June 19
IX
July
1
Holders of rec. June
June 30
•Holders of rec. May
*ix
IX
50c.
(quar.)
Aug.
July
1
31
15
19
June 17
Holders of rec. June
Loose-Wiles Biscuit Co., 1st pref
IX
July
1
Holders of rec.
Lorillard (P.) Co., com.
Preferred (quar.)...
3
July
Holders of rec. June 15a
IX
July
1
1
(quar.).
*2X July
•f50
July
'IX July
(quar.)...
1
(ouar.)
July
July
2
(quar.).
15a
& Bingham
July
July
1
July
1
1
1
15
July
Aug. 16
July
1
July
10
July 10
July 10
July
Preferred
(qu.) in com. stk.
Holders of rec. Aug.
June 30
Holders of rec. June 20
June
19
to
June 27
Holders of reo. June 15
June 30
Holders of rec. June
July
15
July
1
15
Holders of rec. June 30
Holders of rec. June
18a
rec.
June 21a
reo.
June 21
July
Holders of
1
2 •Holders of
July
July
3
1
June 26
12 X
July
1
Holders of rec. May 31a
Oct.
1
Holders ol rec. Aug. 31a
to
June 30
Holders of rec. June
rec.
June
rec.
July
rec.
July
15a
19a
July
July
Holders of
1
24 ♦Holders of
24 ♦Holders of
July
1 ♦Holders of
rec. June
*1X
July
July
1 ♦Holders of
Holders of
1
rec.
July
31 ♦Holders of
rec.
June 30
July
July
31 ♦Holders of
31 ♦Holders of
rec.
June 30
July
25c.
'
July
5
74
♦Holders of
July
25
rec. June
rec.
(quar.)....
IX
July
July
1
1
July
1
Holders of rec. June 19a
Ranger Gulf Corporation
1
Holders of rec. June 21a
Ray Consolidated Copper (quar.)
Realtv Associates
July
July
July 25
to
Aug. 15
15 •Holders of rec. June 26a
Holders of
1
15 ♦Holders of
rec.
July
July
16 •Holders of
rec.
July
*1X
Aug. 31
2
June 30
-------
June 30
25c. June 30
3
16
Aug. 15
•3
(z)
28
Aug. 14
50c
2
9
June 30
rec .June
to
9
15
Juen 25
$1.25 July
—
Quaker Oats, common (quar.)
Preferred
(quar.)
Railway Steel-Spring, cpm.
Rand Mines, Ltd
1
Aug. 14
•2
(quar.)
Alegre Sugar (quar.)
IX
Holders of rec. June 30
6
21
July
♦2
1
July
1
Holders of rec. July
June 30
*3
Holders of rec.
June 30
July
2
IX
•3
Line (quar.)
(quar.)
Punta
IX
.
Procter & Gamble, common (quar.)..
Eight per cent preferred
Providence Gas (quar.)
IX
la
Holders of rec. June
♦3
Holders of rec. June 25
Manning, Maxwell <fc Moore (quar.)
June 30
1
2
Extra
Holders of rec. June 25
Manhattan Shirt, preferred (quar.)
rec.
*1X
Prairie Oil & Gas (quar.)
June 30
19a
)9a
Holders of reo. Juned21
*1X
(quar.)—
Pittsburgh Rolls Corp., pref. (quar.)...
Pond Creek Coal, com. (quar.)
Price Bros,
Holders of rec. June
19a
♦2
Preferred
Prairie Pipe
Holders of rec.
Holders of rec. June
Holders of rec. June
*2X
2d pf.(qu
Pittsburgh Coed, common (quar.).
Preferred (quar.)
6a,
6a
June 25
1
2a
J2X
Pierce OH Corp., com.
June
1
15
Holders of rec. Junexl9a
Aug.
2
June 30
July
July
Aug. 16
IX
$1.25
(quar.)
Phelps, Dodge Corp.
rec.
20c. July
to
Holders of rec. June 19
IX
Pettlbone, Mulllken Co., 1st &
rec.
15
June 21a
June 15a
1
Holders of rec. July
IX
IX
15 ♦Holders of
Holders of
1
Holders of rec. June
15a
Holders of rec. June 21a
July
2
(quar.)
1
1
10
Holders of reo. June 21a
July 20 ♦Holders of
$1.25 July
(quar.)
Pennsylvania Salt Mfg. (quar.).
June 30
Holders of rec. June 25
1
Holders of rec. June
164
Holders of rec. June 15a
IX
Preferred
IX June 30
IX
(quar.).
July
2
(quar.)
Penmans, Ltd., common
$2
(quar.)
Maibohm MotorB (quar.).
May 29
June 25
July
♦SI
(quar.)
SI
Common (extra)
rec.
rec.
to
p% 5
IX
1
June 30
Preferred
15 ♦Holders of
IX
Panhandle Prod. & Refg., pref. (quar.)
June 30
Holders of rec.
Holders of rec. June 18
to
$1.50
rec.
1
Holders of rec. June 30a
$1
Preferred (quar.)
rec.
Holders of rec. June
June 30
15
1
16
IX
15 •Holders of
15 ♦Holders of
July
IX
Holders of rec. June
June 19a
rec.
16
75
Development Corp. (quar.
Panama Power & Light, preferred (quar.)
Pacific
15a
June 30 ♦Holders of rec. June
June 22
rec.
Holders of rec. June
75c. July
Holders of rec. June 19
2X
(quar.)
rec.
Holders of rec. June 30a
IX
(quar.).
Co., com. (quar.).
15
♦2
Liberty Motors, common (quar.)
June 30
June
IX
June
rec.
15
1
Steel, pref.
Owens Bottle
t
June 30
♦50c. June 30 ♦Holders of rec. June
Otis
15
rec.
June
80c.
1
June 30
rec. June
1
June 28
Aug. 14 ♦Holders of rec. June
rec.
15a
June 24
1
1
June 30 ♦Holders of rec.
*e50
June 11
rec.
July
Aug. 31 ♦Holders of rec. July 31
Holders of rec. June 17
July
1
50c. July
Llbby, McNeill & Libby
Llbby, McNeill & Libby (in stock)
Liberty Match, Inc. (quar.)
June
rec.
July
♦S3.25
Lehigh & Wilkes-Barre Coal
rec.
July
♦si 1
$2
Lehigh Valley Coal Sales (quar.)
18
16
June 16
2
2
Peerless Truck & Motor (quar.)
Holders of rec. June 21
Holders of rec. June 18
July
June
rec.
50c.
—
Holders of rec.
30
J.o
of*rec.
♦S2.75 June 30 ♦Holders of rec. May 29
Oklahoma Natural Gas
Parish
30
July
1
Holders
Holders of
1
Holders of
1
Holders of
1
1 •Holders of
20 ♦Holders of
Holders of
1
15 Holders of
15 Holders of
Holders of
2
Holders of
1
15 Holders of
♦S1.25 June 30 ♦Holders of
Holders of rec. June
June
July
62Xc July
50c July
—
Holders of rec. June
June
July
62MC July
(quar.)
Extra
2
June 30
July
IX
Ohio Oil
June 30
2
July
2
-
July
2X
July
IX
-
IX
10
July
SI.50
(quar.)
Ogilvie Flour Mills, common (quar.)...
Ohio Body & Blower (quar.)
Ohio Brass, pref. (quar.)
Ohio Fuel Supply (quar.)
Preferred
IX
Special
July
•IX July
(qui
Lawyers Mortgage (quar.)...
July
IX
Laurentlde Co., Ltd. (quar.).
Lawton Mills Corp. (guar.)...
23
June 21
July
5
31
IX
IX
Holders of rec. June 30a
20
1
pref. (quar.)...
Northern Stales Power, pref. (quar.)
Northwestern Telegraph (quar.)..
Nova Scotia Steel & Coal, com. (quar.)..
14a
2
Holders of rec. June 21
15
July
Northern Pipe Line
-
6
Holders of rec. June 21
July
70
Northwestern Electric,
Holders of rec. July
Holders of rec. June 28a
1
16
720
Btock).
(extra payable in com.
North American Co. (quar.)..
Com.
Aug.
*50c.
—
-
Holders of rec. June 25a
SI.50
— ..........
Light
York Title & Mtge. (quar.)
New York 1 raaslt
Holders of rec. June
SI
Jones Bros. Tea, com. (quar.)
England Telep. & Teleg. (quar.).
Light, pref. (quar.) .,
Holders of rec. June 30a
Aug.
July
New
Holders of rec. June 24
.............
1
Island Creek Coal, com. (guar.).,.
15
July
rec.
rec.
1 ♦Holders of
June
1
...
Manatl Sugar, preferred
Holders of rec. June
Holders of rec. June 25a
rec.
$2.33 July]
July
IX
Extra......
Preferred
2
Holders of rec. June 25a
Holders of
15c.
(monthly)....
com.
30a
July
June 30
24
.
International Salt (quar.)
Preferred
Holders of rec. June
Holders of
June 30
3
Mackay Companies,
14a
15
$1
(quar.)
National Lead, common (quar.).....
National
June
July
July
h5
Lone Star Gas
Holders of rec. June 24
1
3
July
V 12 x
Preferred
Holders of jec. June 12a
July
2
2
(quar.)..
Internat. Buttonhole Sew. Mach. (qu.)
Lackawanna Steel, com.
31
New
International Harvester, com. (quar.).
Preferred
July
rec.
Holders of rec. June 21
2
IX
Preferred (quar.)
Holders of
National Screw & Tack (quar.)
International Abrasive Corp.
Kress (S.
Holders of rec. June 30
1
National Refining, preferred (quar.)
2
Preferred
July
3
2
Extra
(quar.)
14a
15a
2
;
Interlake Steamship (quar.).,
Preferred
Holders of rec. June
1
July
1
July 15
Aug. 16
July
15
$1
Inspiration Consol. Copper (quar.),.
Inlercoast Steamship (quar.)
Invader Oil & Ref.
14a
1
June
3
First and second preferred
Holders of rec. June
July
June
$2
Line (quar.)
Ingersoil,Rand, preferred
Holders of rec. June 21
1
July
25c.
Indiana Pipe
Holders of rec. July 10
1
July
rec.
rec.
July
1 ♦Holders of rec. June 25
Holders of ree. June 21a
June 30
15c.
2
July
rec.
*$4
_
Aug.
10a
Holders Of
1
July
Packing Corp. (quar.)..
Holders of rec. June 20
Holders of rec. Junef 14a
15 ♦Holders of
30 ♦Holders of
*$2
Indlahoma Refining (quar.)...
1
IX
(quar.)
common
National Breweries
15
Hydraulic Steel, common (quar.)
Preferred (quar.)
10
July
Holders of rec. June
IX
National Biscuit,
June dl9
♦75C. June 30 ♦Holders of
Hupp Motor Car Corp., com. (quar.).
preferred (quar.)
July
15a
►Holders of rec. June 30
IX
15
July
1
IX June 30
July
1
si
July
1
IX
15
rec.
July
2
& Power (qitar.\
(quar.)
Haverhill Gas Light (quar.)..
Preferred
July
IX
15
15a
Class A
Holders of rec. June
$1
Holders of rec. June
2
19
Holders of rec. June
Hendee Mfg., preferred (quar.)
Holders of rec. Junexl9a
*1X
*1X
Montgomery Ward & Co., pref. (q
June 30
rec.
Holders of rec. June
1
12
IX
June 30 ♦Holders of rec. June
Holders of rec, June 21
19a
10
10
X
*ix
(quar.)
16
July
S2
50c.
Preferred
Holders of rec. June
July
$1.50
(auar.).
....
Montreal Telegraph (quar.)
rec.
5a
Holders of rec. June
July
(quar.)
(quar.)
Lt., Ht.
Holders of rec. June 19
1
July
2
Co. (quar.)
com.
16
rec.
Holders ol rec. June 17
e50
(in stock)....
June
Holders of
1
40c
factors Corp., class A & B (quar.).
Montana
20
July
*2X
Mohawk Mining (quar.)
1
June 19
2
Corporation (quar.)..
rec.
1 ♦Holders of
rec.
Holders of rec. June
Holders of rec. June 23a
2X
........
Mexican Telegraph (quar.)
Aug.
1
1
f 10
(quar.)..
stock).
(quar.)....;
1 * Holders of
July
June 30
IX
Metropolitan Edison, Reading ,Pa.,pf.(qu.)
Mexican Petroleum, common
July
Holders of rec. June 30
June 3c
2X
SI .25 June 30
Common (payable in common
*1X
(quar.)
Common (extra)
1
1
15
52
Merrimack Chemical (quar.)...
June 30
IX
Holders of rec. Sept. 15a
Oct.
July
IX
2X
161
Holders of reo. June
MM
Merchants Despatch Transports (quar)
Merck & Co., preferred (quar.)..
161
Holders of rec. Aug
IX
McGraw Tire & Rubber, pref.
June 30
15
Holders of reo. June 26tc
2
Preferred
(quar.)....
.........
Mays Food Products, Inc., pref. (quar.)..
IX
Great Western Sugar, com. (quar.)..
Preferred
June 25
June 30
♦2
__
July
rec.
June 30
*2
Extra
Extra
June 30
IX
Great Lakes Towing, com. (quar.)—
Preferred
rec.
rec.
rec.
July
rec.
Holders of rec. June 30a
15
15 • Holders of
X
(quar.)
Great Falls Steamship (guar.)
July
Aug.
2 ♦ Holders of
*1X
♦SI.50 July 15 * Holders of
Holders of
July
1
IX
(quar.).
Massachusetts Lighting Cos., pref. (quar.)
Mathieson Alkali Works, pref. (quar.)..
IX
Preferred
Guantanamo
2
*12Xc July
Massachusetts Gas Cos.
Holders of rec. June
Common (extra
Days Inclusive,
Marland Refining (quar.)
IX
(quar.)
Grasselii Chemical, common (quar.)
Preferred
rec.
14a
Books Closed.
Payable.
(Continued)
Manufacturers' Light & Heat (quar.)
of rec. June 30
*el0
Globe-Wernicke Co., pref. (quar.)
(stock div.)—
.
When
Cent.
Books Closed.
Cent.
Name of Company.
Globe Rubber Tire Mfg.
2633
THE CHRONICLE
1920.]
July
15
rec.
June 19
•Holders of rec. Aug.
la
1
2
Holders of rec. June 17a
July
1
to
July
7
Holders of rec. June 20
Holders of
rec.
June
Holders of rec. July
14a
6
Per
When
Books Closed.
Cent.
Name of Company.
Payable.
Days Inclusive,
July
1
Holders of rec. June
15
Wabasso
10c
July
1
Holders of rec. June
16
Wahl
July
1
Holders of rec. June 19
Regal Shoe, preferred (quar.)...
Second preferred (quar.)
14
First preferred.
Series S (quar.).
(quar.)
Republic Iron & Steel, com. (quar
Preferred
(quar.)
15a
Holders of rec. June
10
1
Holders of reo
June
10
-
)
Common, Class B (quar.).
.
(quar.)
-
-
)
July
Holders of rec. June
10
Holders of rec. June
15
Holders of rec. July
15a
15a
IX
14
Aug.
1
1
2
July
1
Holders of rec. June
July
1
Holders of
3
July
1
Holders of rec. June
15
3
July
1
Holders of rec. June
15
West Coast Oil
1
Holders of reo. June
15
West Kootenay Power & Lt., com.
15
Holders of rec. Aug.
6
-
....
Aug.
14
June 30
Holders of rec. June 22
Western
Preferred
1
Holders of rec. June 20
Western Power
June 36 ♦Holders of rec. June
15
Western Uaion Telegraph
June 30
Aug.
*14
Aug.
740
14
(quar.)
*14
July
16
July
1
10
July
June 30
e2r
19a
Westmoreland Ceal
20
July
15
I Holders of
rec.
June 26
15
Holders of reo. June
1
Holders of reo. June
19a
20
Holders of reo. July
10
July
20
Holders of rec. July
2
(quar.)....
South Penn Oil (quar.).
June 30 ♦Holdors of reo. Juno
♦6
5
July
2
(quar.).
July
*14
2
Lines (quar.)..
Holders of rec. June
15«
1
Holders of reo. June
15a
15 ♦Holders of
iPrcfcrrcd
June
Aug.
July
1 ♦Holders of
*3
July
•3
July
1 ♦June 16
1 ♦Holders of
July
1 ♦Holders of
6
rec.
to
(quar.)..
«*«•
(quar.)
Common (payable in common stock).
Preferred Class A and B (quar.)
Stearns (F. P.) & Co., com. (quar.)
Standard Textile Products, com.
June 22
July
May 28
roc.
May 28
Holders of rec. June 16
July
1
July
1
2
July
1
June
16
toj
July
1
/2S
July
1
June
16
to
July
1
July
1
June
16
to
July
1
14
July
June 22
to
July
1
15 ♦Holders of rec. July
15 ♦Holders of rec. July
♦4
Preferred....
rec.
July
Aug.
1 ♦Holders of
rec.
July
July
1
*1.25 July
♦2
$1
—
...
♦«80
Special (payable In stock)—
♦51
Machinery
2X
(quar.).
Holders of rec. June
15
♦Holders of roe. June
18
July
15 ♦Holders of reo. June 30
July
16
2
July
1
2
July
1
IX
June 30
15
June 15
Holders of rec. June
Holders of rec.
Holders of rec. Juns
June 25
to
10
June 29
3
Holders of rec. June
19a
Holders of rec. June
18a
Holders of rec. June
15
$1
July
5c.
July
1
150 June 30
Oil
Holders of rec. June 18a
Extra
€20c June 30
Times Square Auto
Supply, com. (qu ).
(quar.)
Preferred
--
pref (quar.)..
Tobacco Products Corp.,
Tonopah Extension Mining (quar.)
Torrlngton Company, common (quar.).
Transue & Williams Steel Forg. (quar.).
Trumbull Steel, com.
Common
(guar.)
18a
(quar )
Underwood Typewriter, com.
(quar.)—
Holderso f rec. June 29
Holders of rec. June
10a
Holders of rec. July
3a
IX
IX
July
1
July
July
July
IX
IX
15
1
Holders of rec. June 21a
1
Holders of rec. June 21a
1
Holders of rec. June 18
5
July
3
July
1*4
July
Holders of
1
on
1
receipt from the U. S. Government
t The New York Stock Exchange
until further
b Lees British Income tax.
e
Payable In stock.
/Payable in
common
stock,
shall not be quoted the
k Payable In
June 20
I At the race of 5 shares of common stock on every 100 shares of common
passed for payment of dividend to transferees.
be
Payable In United States Victory bonds.
n
ruled that Harbison-Walker Refractories be quoted
dividend on July 15.
oN. Y. Stock Exchange has
ex-the 50% stock
p
r
Payable In Class B common stock.
of rec. June 30; 2% Oct. 15 to holders of rec. Sept.
to holders of rec.
s
payable In stock in quarterly Installments as follows- 20% July 15
Declared 8%
to holders
N. Y. Stock Exchange has ruled that
Sears, Roebuok A Co. com. stock be quoted
stock dividend on July 15.
ex-the 40%
has ruled that Middle States Oil be quoted ex-the
t N. Y. Stock Exchange
u
N. Y. Stock Exchange has ruled that
Crucible Steel be quoted ex the 16 2-3%
stock dividend on Aug. 2.
s
Erroneously reported In previous Issues as
w
N.
331-3%
Exohange
Stock
Y.
4% payable Aug. 15.
zN. Y. Stock
that May Dept. Stores be quoted ex-the
baa ruled
stock dividend on July
12.
Exchange has ruled that Pan-American Petroleum and Mexican
10% stock dividend on July 12.
y
|P<z Dividend declared by Rand Mines, Ltd., is 3 shillings
15
Holders of rec.
5 shillings).
July
15
Holders of rec. June 30
14
rec.
5
June 30
July
1
1
Holders of rec. Sept.
July
1
Holders of rec. June
July
1
Holders of rec. June
5a
July
1
Holders of rec. Juas
5«
2
Oct.
1
Holders of rec. Sept.
1
Holders of reo.
Oct.
Holders of rec.
July
July
1
18
4a
Sept. 4a
June 10
July
reo.
June 15a
Last
Week's Range
for
15a
6
Sale.
of Prices.
Week.
Holders of rec. June 15a.
Holders of rec. May
$1.50 July
6
1
Holders of rec. June 15
15
6
Holders of rec. June
Aug. 16
Holders of rec. Aug.
14
June 30
Holders of rec. June 10
50c. Aug.
2
July
2a
6a
1
Holders of rec. July
1
Holders of rec. June 15
30
Holders of rec. June
9a
IX
June
5
June 30
Holders of
June
9a
14
June 30
Holders ol rec. June
9a
IX July
U. S. Food Products (quar.)
Alcohol, pref. (quar.)
U. S. Playing Card (quar.)
&Lltho.f 1st pf. (quar.).
(acct. accumulated divs.)
....
Class
25
B
July
July
July
1
1
rec.
June 19
June 19
Holders of reo. June 15a
Holders of rec. June 15a
IX
July
14
July
$1.50 June 30
(quar.)
Utah Power & Light, preferred (quar.)..
Utah-Idaho Sugar
Utilitiee Securities Corp., pref. (quar.).
♦20c
14
(quar.)
f
Vermont Hydro-Elec. Corp., pref. (qu.)—
Victor Talking Machine, com. (quar.,).
Preferred (quar.)
Virginia-Carolina Chemical, com. (quar.).
Vanadium Corporation
14
—
$1.50
July
1
June 26
July
1
2
1
July
15
Holders of rec. June 16
Holders ol rec. June 17
1
Holders of rec. June
15«
Holders of rec. July
6
July
1
Holders of reo. June 22
1
July
2
Oct.
1
3
15a
Holders of rec. Sept. 15a
July
2
IX
34
15
Holders of rec. July
July
26
July
7
to
3a
July 26
Apr
100
30
100
300
14 May
3%
300
25X
IX
—100
2
25
Lone Stat Gas
'mx
26
X
133 X 133X
26 X
25
2,065
Jan
64 June
9X
Apr
134
±X
UX
50
50
100
Pittsburgh Plate Glass. 100
San Toy Mining
1
Transcont'l Oil
(no par)
Union Natural Gas
100
com—100
51X
334
4*5
UX
134 June
19 X
Apr
23
Feb
34 X
Mar
190
44
Feb
350
32
May
554
524
8X
Mar
184
Apr
10
60
360
UX June
Apr
Apr
8c
Mar
25c
42c
9,700
Apr
53o
14
13H
uy8
1,815
11
May
18
Mar
10
155
June
172
Apr
155
155
5c
122
5c
16%
17 H
122
92^
123
92 X
106
49
49^
1955
1949
48
48
68
68
5,500
2,000
618
40
200
10
5c
Mar
Jan
7c
Jan
37 X
Jan
164 June
1204 May
894 May
130
104
U8X
May
Jan
1074
Jan
Jan
Jan
Jan
45 H
May
55
$25,000
48
June
55
Jan
2,000
68
June
75X
Jan
135
Bonds—
Pittsb Brewing 6s
Jan
40c
com..50
Indep Brewing 6s
44
37o
8c
106
We8t'se El & Mfg,
Jan
50
24
8c
Pittsb-JeromeCopper
1
Pittsb & Mt Shasta.Cop._l
Pittsburgh Oil & Gas
Jan
6X
134
23X
Brewing, com
June
May
6X
Preferred...1
136
4
100
Pittsb
Apr
2X
159X June
614
64
33
Jan
Feb
±5X
6X
Oklahoma Natural Gas. .25
Jan
June
10,165
51
Apr
June
4X
25
Jan
18
102
June
51
4X
1
39
25
52 X
50
June
935
m
Flreproofing, com__50
Jan
June
May
52X
Nat
5
300
120
50
& Heat__
Jan
June
10
Marland Petroleum. .....5
Mfrs Light
Jan
June
UX June
95
34
Jan
270
53
West'house Air Brake...50
Holders of rec. July
45
100
1024
U S Steel Corp,
1
Aug.
*14
July
to
15
July
14
♦15
to
9
July
June 30
50c. July
V. Vivaudou, common (quar.)
June 24
June
39
140
Ohio Fuel Supply
Holders of rec. June 14a
36
39
2,550
Preferred
19
Apr
2
IX
1554 156
1
Ohio Fuel Oil
Holders of rec. June
47
Harb-Walk Refrac, preflOO
6
1
1
15
June
887
65
6
July
Jan
39
414
142
July
$2
45
15
July
June 2
124 June
95
rec.
June 29
95
26
—.
Apr
135
May
95
Pref erred—..
16X
May
88
15,938
IX
UX June
109
14 H
300
1.
High.
35
25X
14 X
rec.
14
85
12X
34
300
La Belle Iron Wks.com. 100
14
h3X
Jan.
120
88
15
Kay County Gas
Holders of rec. June 30a
UX
12>*
1UX 112
95
15
rec.
Low.
26
.
15
1 ♦Holders of
1 ♦Holders of
since
Range
Shares.
Guffey-GUles Oil..(no par)
(no par)
Habirsh El Cable.
15 ♦Holders of
Utah Copper Co. (quar.)
"39 "
.5
Preferred
Fidelity Title & Trust..100
June 30 ♦Holders of rec. June
15
High.
39
'12X
Carbo-Hydrogen Co, com 5
June 30 ♦Holders of rec. June
14 July
*3
July
Low.
88
Barnsdall Corp, Class A.25
15 ♦Holders of
(quar.)..
U. S. Trucking Corp., pref. (quar.)
U. S. Worsted, common (No. 1)-First preferred (quar.)
12
.100
Arkansas Nat Gas, com. 10
*87Xo July
U. 8. Steel Corporation, com.
Price.
Glass Mach 100
Preferred.
(quar.). *$1.50 July
(quar.)
2a
Amer Wing
•l
*5
(quar.)
Holders of rec. July
Amer Vitrified Prod.com 50
*14
U. S. Industrial
Common (extra)...
19
rec.
Par.
Stocki
19a
J5
July
Sales
Friday
rec.
Holders of rec. June
16
37X
Pittsburgh Stock Exchange.—Record of transactions at
Pittsburgh Stock Exchange June 19 to June 25, both in¬
clusive, compiled from official sales lists:
Holders of reo. June 30a
July
Virginia Iron, Coal & Coke
on English shares (par
American shares issued in the ratio of one American share tof^X
shares.
6a
n5
sterling
Holders of reo. June 19
Oct.
2
*1X
U. S. Smelt., Refo. & Min., com.
shares for 2 English shares.
June 20"
United
(quar )—.
50%
stock dividend on July 12.
Holders of reo. July
1 ♦Holders of
Holders of rec. June 30a
(quar)
30; 2% Jan. 15 1921
Deo. 31 1920, and 2% April 15 1921 to holders of reo. March 311921.
15
Holders of rec. June
Gypsum, common
time to
Transfers received In order In London on or before June 16 will be In
m
July
July
1
(extra)
stock
outstanding.
July
15
Preferred (quar.)
Co,
33 1-3% stock dividend until July 1.
July
rec.
15
(In stk.)
United Theatre Equip. Corp., pref. (qu.)
United Verde Extension Mining (quar.)
Universal Leaf Tobacco, Inc., pref. (qu.)
U. S. Bobbin <fe Shuttle, com. (quar.)..
Payable in scrip.
bonds.
Class B common stock.
1 ♦Holders of rec. June 20
July
(quar.)
g
i Payable In Liberty Loan
J New York Stock Exchange has ruled that common stock of Brown Shoe
1 ♦Holders of
July
United Retail Stores Corp., com.
rec. June 20a
Holders of rec. June 26a
4
June 30 •Holders of rec. June
*$1
f Conditional
1
Holders of rec. July
July
July
Preferred
2
*1
14
Preferred
July
Dividend declared by De Beers Cons. Mines Is 30 shillings per share onTthe
deferred stock, par £2, 10s.
American shares issued In the ratio ofi,5'American
3
-
(quar.)
Paperboard, pref. (quar.)...—
Shoe Machinery, com. (quar.)
First pref.
Holders of rec. Aug. 25
IX
Holders of rec. June 25
Petroleum be quoted ex-the
$1
(quar.)
Printing
1
Holders of rec.dJune 30a
18a
United Gas Improvement, com.
U. S.
10
Sept.
Holders of rec. June 25
Holders of rec. June 18
20 ♦Holders of
Holders of
1
S
July
2
Holders of rec. June 22a
Holders of ree. June 10
July
Preferred
1
21a
Holders of rec. July
1
1
U
July
July
July
Holders of reo. June 21
1
15
15
Common
2
1
July
Preferred
Aug.
July
14
July
United
July
*£>C. July
$1 .25 July
*1.25 July
*$1.50
(quar.)
2X
(quar.)
*$i
United Alloy Steel Corp. (quar.)
2
United Drug, common (quar.).
IX
United Dyewood Corp., common (quar.)
(quar.)
19
Holders of rec. June
July
Holders of rec. June
14
(quar.)
Fruit
July
Holders of rec. June 25a
Union Natural Gas Corp.
Preferred
.
6
Union Carbide & Carbon
United
Holders of rec. June 15a
Holders of rec. June 25a
14
(quar.)..
(payable In U. S. Victory bds)
Underwood Typewriter, com.
14a
6
62Xo July
14
July
14
(quar.)
Preferred
I8a
Holders of rec. June
June 16
Holders of reo
1
1
15 ♦Holders of rec. July
♦Holders of rec. July
1
15
1
(quar.)
Underwood Computing Mach., pf. (qu.)
Preferred
Holders of reo. June
July
14
(quar.)
Tucketts Tobacco, common
Preferred
1
1
July
to
Holders of rec. June
1
June 30
♦4
-
(quar.)...
Preferred
June 30
June
Holders of rec. June 14a
July
*14
(extra)
Preferred
June 30
*1X
(quar.)—
Truscon Steel, common
July
2
(quar.)
Extra
Holders of rec. June 26
2
Textile Banking Corp. (quar.)
Tidewater Oil
Holders of rec. June 18a
2
dividend
a
Holders of rec. June 18a
10c June 30
Texas Pacific Coal &
Com.
Holders of reo. May 27
75c. June 30
—
Texon Oil & Land
Stock
1
31
15
16
1
1
July
1
h On account of accumulated dividends,
1
1
Preferred (quar.)
(quar.)
1
June 29
Taylor-Wharton Iron & Steel, com. (qu.)
Temtor Corn & Fruit Prod., A & B (quar.)
Company
5a
18a
Swift & Co. (quar.)
Texas
10
Holders of rec. June
50c June 30
Submarine Signal
Symington (T. H.) Co., com.
July
Aug. 15 ♦Holders of
*$1
Stromberg Carbureter (quar.)
Stutz Motor Car (quar.)
Sullivan
July
-----—...
(quar.)
(quar.)
Preferred
July
rec.
Holders of reo. July
Holders of rec. June 30a
Transfer books not closed for this dividend,
d Correction,
1 ♦Holders of
15
adequate payment of the rental now due.
Holders of rec. June 26
20
July
June 30a
rec.
has ruled that stock will not be quoted ex-divldend on this date and not
1
July
Holders of
IX
(quar.).
10
3
(quar.)
\4
Steel & Tube Co., preferred (quar.)....
*10
Stetson (John IS.) Co., common
Steel Products Co., com.
Aug.
Holders of rec. June
31
IX
A
notice,
July
19a
July> 15
2
_ .
Holders of iec. June 30
July
30
rec. June
IX
(quar.)
From unofficial sources,
an
Holders of rec. June 30
IX
IX
Yukon-Alaska Trust (quar.)
♦
June 23
rec.
July
*2
(quar.)
Preferred B (quar.)
Yale k Towne Mfg. (quar.)
Youngstown Sheet k Tube, com. (qu.)..
of
June 25
rec.
15 ♦Holders of
*62 Xc July
(quar.)....
.;
Wire Wheel Corp., pref. (monthly)
Woods Mfg., common (quar.)
Preferred (quar.)
Woolwortb (F. W.), preferred (quar.)..
Worthington Pump <fc Mach., com. (qu.)
Preferred
Holders •! rec. June 25
July
IX
Co., Inc., pref. (qu.)..
Preferred
Preferred
Helders ef
July! 15
$1
(quar.)
Winnsboro Mills, com. (quar.)
Holders of reo. June 16
14
*14
pref. (qu.)—
Steel Co. of Canada, com. <k
Stewart Mfg., com.
1
rec.
$1
(quar.)
Preferred
15
20
3
common
*•
June 30
1 ♦Holders of rec. July
•1
Standard'screw"
rec.
Holders of ree
1
♦2
(Kentucky) (quar.)..
(quar.)
Standard Oil (Ohio)
11
1
July
*50c.
1)
Spicer Mfg., common (No.
Preferred (quar.).__
July
10
Preferred
Holders of rec. June 30
2
2
IX
Willys Corporation, 2d pref. (quar.)
Willys-Overland Co., pref. (quar.)
Wilson & Co., com. (quar.).;
Holders of rec. Juno 30a
July
July
5
July
2X
(quar.)
Preferred
June 21a
rec.
July
$1.2 5 July
(quar.)
Will & Baumer Candle, com. (quar.)...
Holders of rec. June 15a
14
Preferred
Standard Oil
White Motors
Helders •! rec. June 30
$1
Weyssan-Bruton Co., common (quar.).
Preferred (quar.)
lis
8
$1
20
Holders of rec. June 15
Holders of rec. June 21a
July
IX
(quar.)
July
Holders ol reo. June
Holders of
June 30
IX
July
2
Slose-Sheffleld Steel &
Preferred
Preferred
Holders of rec. June 19
June 30
*1H
(quar.)
rec.
June 24 ♦Holders of rec. June 20
14
14
Southwest Pa. Pipe
Corp., pref. (quar.)......
(quar.).
Westlngheuse Elec. & Mfg., com. (qu.).
19a
June 36
*$2.58 June 36 ♦Holders of
rec.
Holders of rec. June
1 ♦Holders of
1 ♦Holders of
June 30
June
Helders of rec. June 26
14
14
Electric, common (quar.)
July
rec.
Helders of rec. June 26
1
$1.50 July
....
(quar.)
Western States Gas <fc Elec., pref.
June 15
1
14
(quar.)
15
reo
July
July
5
June 36 ♦Holders of reo. June
1 ♦Holders of
Holders of
June 30
19
IX
14
(quar.)
Preferred
Whitman (Wm.)
Shaffer Oil 4 Refg., pref. (quar.)
Shawinigan Water & Power (quar.)
June 21-
♦Holders ol rec. June 21
June 30 ♦Holders of rec. June
2
July
5
(payable In common stock),
rec.
1
common.-
*2
Sears, Roebuck & Co.,
Common
1 •Holders of
July
22
3X
Ce.,
July
♦2.5c.
...
Preferred, (quar.)
Seamans Oil (quar.).
July
Preferred
14
14
(quar.)
Preferred
Welsbach
June 21
2X
1
Santa Cecilia Sugar, com. (quar.)
♦25c
•20c
Westchester Title & Mortgage
rec.
*1X
(quar.)
Safety Car Heating k Lighting (quar.)
June 22
Second
*1X
.
rec.
Warren Brothers, 1st pref.
July
$1
(guar.).
Root & Vandervoort Corp.
rec. June
1 ♦Holders of
Walworth Mfg.
14
.
Republic Motor Truck, pref. (quar.).
Preferred
Holders of rec. June
1
July
.
-
1 ♦Holders of
pref. (quar.)
(quar.)
preferred (quar.)...
Weber Piano Ce., preferred (quar.)
1
July
25c
-
Reo Motor Car
2
July
*1X
July
14
.
July
July
♦1H
14
.
15
Holders of rec. June
2
Preferred
2
)
Days Inclusive
*$1
(quar.)
(quar.)
Ltd.
Cotton,
Co., common
(quar.)..
Waldorf System, common (quar.)
First preferred and preferred (quar.)_
14
-
When
Payable.
(Concluded).
Miscellaneous
30c
_
Books Closed.
Per
Cent.
Name of Company.
(Continued)
Miscellaneous
Reece Folding Machine (quar.).
Preferred
[VOL. 110.
THE CHRONICLE
2634
June 26
week which
We also give here the record for the previous
omitted from our issue of last Saturday.
Week's
Last
Sale.
Par.
Low.
40
750
com. 5
IK
1A
5
3A
4
Jan
135
June
May
12 A
14,066
ISA
42
45
of the daily results.
In the
totals, actual figures at end of the week are also given.
Jan
47
Apr
IK May
3K
5
case
of
:.
i
CLEARING HOU8B RETURNS.
NEW YORK WEEKLY
Jan
3 A
185
Jan
June
26A May
The figures for the
ending June 19.
separate banks are the averages
May
109
10
114
12>*
40
14 K
320
Preferred
members for the week
High.
Low.
Shares.
High.
114
Amer Wind Glass Mack 100
Carbo-Hydrogen Co,
1.
wj JTTIC&S»
Price.
Arkansas Nat Gas, com. 10
Barnsdall Corp, Class A.25
Jan.
since
Range
for
Range
City Clearing House Banks
Companies.—The following detailed statement
condition of the New York City Clearing House
shows the
Sales
Friday
Statement of New York
and Trust
was
Stocks—
2635
THE CHRONICLE
1920.]
26 A
725
39
15
16
485
15
Apr
18
95
10
95
June
102
ciphers [,006] omitted.)
Apr
95
(Stated in thousands of dollars—that is, three
Jan
Hablrsh El Cable..(no par)
Harb-Walk Refrac, preflOO
Jan
•Guffey-Gllles Oil..(no par)
Indep Brewing, com
Kay County Gas
26X
26A
820
1A
June
5A
Apr
1A
Jau
2A
Apr
102 A
25
Lob
159 A
June
157
156
La Belle Iron Wks.com. 100 xl56
2A
3
1A
1H
1,040
685
2K
50
...1
25
x 25
25
51
51
45 A
Jan
51
June
01K
Jan
4
May
6A
Jan
6
A June
420
53
5
10,061
26 A
50
June
800
Lone Star Gas
Mfrs Light & Heat
Marland Petroleum
Nat
4A
AA
4A
100
7
6K
Fireprooflng, com..50
9A
Apr
50
13K
14 K
610
13 K
June
19 A
Apr
1
Preferred....
24 A
25
150
23
Feb
34 A
Mar
50
51
428
44
Feb
55 K
Apr
May
52 K
Mar
Ohio Fuel Oil
Ohio Fuel Supply
25
Oklahoma Nat Gas..I..25
Bk of NY,
SA
Apr
14
Mar
18 K
Apr
Bank of America
15,500
Mar
65 H
Apr
National City..
37c
42c
Jan
Cbemical Nat..
.
40c
1
123
123
107
53c
Apr
108 A
May
Mar
120 K
104
May
130
Jan
Nat Butch A Dr
May
118
Jan
Amer Exch
11
1,025
195
49 A
50 K
187
45 A
May
55
Jan
49 A
49 H
49 A
90
$3,000
49 A
June
55
Jan
90
June
97 K
Jan
90
1,000
Condition of the Federal
Reserve
New York.
of
Bank
following shows the condition of the Federal Reserve
Bank of New York at the close of business June 18th, 1920,
with the previous week and the correspond¬
year:
June is 1920
Resources—
June 11 1920.
S
Gold and gold certificates
Gold settlement fund—F. R. Board
110,284,235
Gold with foreign agencies
40,931,550
f Total gold held by bank
228,943,428
Gold with Federal Reserve Agent
Gold redemption fund
284.137,331
33,965,800
Total gold reserves
Legal tender notes, silver, etc
June 2j 1919
$
$
77,727,643
82,220,000
106,861,000
40,932,000
228,778,000
225,032,000
453,810,000
284,532,000
33,861,000
292,876,000
24,829,000
547,046,559
reserves
648,406,000
771,515,000
105,794,219
105,195,000
51,869,000
653,601,000
823,384,000
441,896,069
15,899,100
529,827,000
31,793,000
584,513,000
For other Federal Reserve banks...
457,795,169
561,620,000
584,513,000
232,865,000
39,782,000
For other Federal Reserve banks...
"** 21,831,582
230,790,944
,
bought in
Total bills
open market
on
186,810,957
...
hand
261,264,000
39,782,000
183,994,000
80,949,000
875,397,070 1,006,878,000
U. S. Government bonds
705,244,000
1.457,000
50,000
76,726,000
63,466,000
1,456,909
50,000
133,029,500
U. S. Victory notes
U, S. certificates of indebtedness
1,302,000
50,000
1,085,111,000
3,597,039
3,501,000
1,009,933,470
3,095,970
193,549,542
1,282,031
146,749,000
1,177,000
notes......
Uncollected items and other deductions
from gross deposits
All other resources
Total resources
3,782,000
F
3,072,000
6% redemption fund against F. R. Bank
rT
770,062,000
1,864,298,832
1,593,000
1,893,211,000 1,800,378,000
Capital paid in
Surplus
Total gross deposits
F. R. Bank notes In circulation—net liab
All other liabilities
Liabilities.....
total
111,861,000
715,450,678,
F. R. Notes in actual circulation
of
37,287,000
602,001
Deferred availability items
Other deposits, incl. foreign govt, credits
Total
153,585,000
32,985,800
45,081,933
Government deposits.
Due to members—reserve account
Ratio
124,533,739
24,667,000
45,082,000
980,000
763,525,000
105,516,000
24,668,550
reserves
873,572,219
854,828,050
37,791,400
28,356,682
1,864,298,832
to
deposit
21,444,000
21,117,000
15,948,000
691,357,000
907,308,000
851,002,000
37,812.000
27,340,000
972,951,000
735,226,000
34,692,000
14,948,000
1,893,211,000 1,800,378,000
F. R. note liabilities combined
40.6%
42.5%
54.5%
Ratio of gold reserves to F. R. notes in
gold
reserves
liability
on
25,312
127,533
128,800
5,326
4,417
6,122
816
131
1,021
22,227
8,265
377,454
7,272
19,529
2,910
Continental Bk.
Chase National
Fifth
795
2,089
1,478
620
1,000
4,395
5,000
1,946
6,297
806
1,462
392
908
5,433
39,543
1.036
3,104
15,173
48,910
967
1,000
14,897
26,292
5,376
20,317
7,631
9,160
17,838
15,617
2,348
1,000
Nat'l..
Seaboard Nat'l.
514
1,196
Trust.
Peoples Trust..
New York Trust
388
247
1.037
6,398
45,879
503
66
683
10,257
4,464
77,922
29,784
2,948
1,929
15,828
20,761
673
544,310
13,211
83,905
34,084
90,467
25,073
37,161
2,391
54,910
2,540
774
•
922
412
1,580
1,192
1,106
11,805
3,333
444
1,345
18,326
543
119,951
23,841
4,271
14,529
kl,560
k2,000
228,020 421,682 4,978,121
Average.
1,994,220
udition
Tune 19
uditlon
actual co
Totals, actual co
June 12 4,948,90
fune
udition
Vof Mt nbers
State Banks.
6
o
1.964,403
r
Federal
761
2,812
609
""401
464
389
5,862
15,557
8,424
32,183
358
4,574
2,063
1,892
28,315
14,342
1,316
1,052
+128,581
22,644
11,940
1,462
10,633
77
64,069
25,041
4,514
3,355
1,000
5,000
Columbia Bank
t522,653
11,536
83,303
32,523
3,352
653
925
2,000
Farm Loan A Tr
28,877
250,518
52,204
8,699
482
1,000
Lincoln Trust.
210
138
520
42,666
286,556
63,189
hi,500 hi,900
3,000 11,256
74
195
100
13,662
2,253
2,756
4,278
35,737
7,074
7,453
1,063
943
1,837
782
1,367
13,157
289
533
4,803
31,757
2,096
13,453
6,418
302,909
20,792
7,456
618
7,695
2,237
9,159
20,185
1,000
5,000
193,324
49
100
8,128
17,525
15,418
1,571
2,000
51
4,821
887
1,212
1,580
25,000
Guaranty Trust
35
3,353
2,343
88,746
25,942
21,480
2,504
18,547
29,183
168,685
11,079
19,238
170,682
552
7,161
1,456
20,000
100
9,489
2,408
1,000
Brooklyn Trust.
4,602
1,121
1,000
1,500
Coal A Iron Nat
21
13,055
439
1,500
liberty Nat. Bk
N Y Prod Exeh
947
50
231
96.002 575,762 c4,125,894 216,276 34,991
93,126 534,471 c4,094,779 218.906 34,995
4 083,142 211,87 634 ,940
94,773 574,191
97,372 565,769
4,091,248 113,470 35.109
Rank
leserte
1,624
19,688
250
839
5,486
647
320
2,000
1,508
67*857
3,668
1,999
5,339
30,309
36,801
3,250
4,026
92,367
6,831
3,943
55,336
36,801
June 19
6,5831
6,796
3,712
54,224
36,738
tidition June 12
90,238
93,829
4,167
55,675
36,681
uditlon
93,699
6.707
4,210
55,762
36,619
Y8.969
17,140
407
Bank..
Bank
Average
udition
Totals, actual co
Totals, actual co
ies.
Compan
iune
A'
n
5
Mem
2,516
19,024
61,678
gl ,000
Greenwich Bank
Trust
4,450
1,000
National
State
796
400
Garfield Nat'l..
Bowery
8,651
21,582
500
Commonwealth
To tal8,
147,722
35,303
209,690
11,703
200
Avenue..
Commercial Ex.
Fifth
34,526
8,776
1,232
288
>trs of Ft leral Re nerve Bo ■tk
933
3,427
45,055
5,000
5,994
26,884
1,019
1,565
9,000
Lawyers T.& Tr
12,906
4,000
Title Guar A Tr
906
18,901
71,939
1,952
4,992
46,109
1,313
uditlon June 19
73,035
1,902
5,130
46,648
Totals, actual co uditlon June 12
Totals, actual co udition June 5
71,347
1,985
4,977
45,539
1,310
1,313
71.246
2,108
5,120
46,966
1,426
Average
Totals, actual co
34,991
240,270 444,610 5,142,427 104,785 584,697 d4,227,339 254,390
+ 58
+ 71,946 + 4,196
+ 20,456 —3,695 +19544
Comparison, pre vious w ok
Gr'd
aggr,
avge
34,995
June 19 5,157,493 101,611 543,313 e4,195,651 256,954
aggr, act'l cond'n
+ 51
+ 11,295 + 7,084
+ 43,409 —1,943 -40,022
Comparison, pro vi ius w eek
cond'n
June 12
5,114,084 103,554 583,335
aggr,
act'
aggr,
act
cond'n
June
Gr'd
aggr,
act'
cond'n
May 29 5,145,181 102.142:581,510
act'
cond'n
May 22 5,127,139 104,5901553,099
aggr,
5i6.129.348
106,1871575,099
4,184,356 249,870 34,944
4.193,966 251,414 35,109
4,272,925 251,455 35,009
4,184,929 251,497 34,901
41.2%
6,088,731
16,216,000
purchased
for foreign correspondents...
j__
branches not included in total footing as follows;
$140,357,000: Guaranty Trust Co., $110,833,000: Farmers
Balances carried in banks In foreign countries as
reserve for sush deposits were: National City Bank, $47,203,000; Guaranty Trust
Co., $14,784,000; Farmers* Loan & Trust Co., $2,512,000. | c Deposits la foreign
branches not Included,
d U. 8. deposits deducted, $84,577,000.
e U. 8. deposits
deducted, $111,549,000. Bills payable, rediscounts, acceptances and other liabilities,
$949,953,000.
k As of March 4 1920.
g As of March 10 1920. h As of April 5
1920.
f AprJl 12 1920.
I May 1 1920.
j May 29 1920.
t Includes deposits in foreign
.
National City Bank,
i.
Loan A Trust
Note.—The substantial decrease shown in the item "Contingent liability on bills
purchased for foreign correspondents" is due to the participation of
this liability
among the twelve Federal Reserve banks on a pro rata basis, the amount shown
in
this statement being only the proportionate share of this bank in the total
amount
of bills
25,781
109,204
137,688
38,057
149,222
2,628
14,768
Gr'd
45.7%
bills
3,643
339,138
r.371
against
F. R. notes in circulation
ontingent
6,653
13,969
Gr'd
75.!%
...
Ratio of reserves to net deposits after de¬
40%
270,314
1,611
199,546
Gr'd
circulation after deducting 35% against
ducting
35,554
3,848
50,366
Gr'd
and
deposit liabilities
4,843
603
731
Totals, actual co
Liabilities—
"5",683
111
384
198,534,000
3,023,000
241
100,117
4,952
126,279
10,340
Totals, actual co
Total earning assets
Bank premises
1,364
581
9,000
1,000
1,000
15,000
First National..
NassauN.Bklyn
Bills
1,838
18,368
35,148
102,591
147,762
427
1,032
Metropolitan Tr
28,399,000
111,800
23,282
302,574
Fidelity Trust.-
r 208,959,362
^
For members..
t644,011
35,505
Irving National.
N Y CountyNat
773
Y.OOO
10,000
Columbia Trust
All Other:
19,546
23,296
3,851
21,990
1,501
2,851
22,489
25,476
1,895
U S Mtge A Tr
Secured by Government war oblig'ns:
For members....
9,579
2,245
13,849
1,649
S
$
4,316
10,832
4,201
1,763
37,313
6,483
Bankers
Bills discounted:
13,707
31,040
1,697
Union Exch Nat
652,840,778
3,020
5,000
Nat
Average Avos.
$
5,319
7,078
76,165
14,885
2,502
162
300
Average.
%
%
713
25,000
NatBkofComm
1,000
Pacific Bank
7,000
Cbath A Phenlx
3,000
Hanover Nat'l.
2,000
Metropolitan
4,620
Corn Exchange
1,500
Imp A Trad Nat
5,000
National Park..
1,000
East River Nat
1,000
Second National
Lincoln
230,013,000
Aver age Average
20,378
16,051
58,875
j4,500ij 14,400
1,000
1,069
Atlantic Nat'l.
18
65
14 A
14
"io8 y»
37c
4,500
100
Jan
tories.
52,340
140,970
181,322
58,196
572,706
161,623
25,000
4K
Deposit Deposits.
Ac.
9,000j 13,679
51A
10
5
—The
...
lation.
%
Co.
NBA
Manhattan
..
T°tal
posits.
*
50
1931
in comparison
Vault.
Average.
*
60
.1955
ing date last
ments,
2,000
7,040
f5,000 fl6,146
14 A
West'house Elec & Mfg.50
Bonds—
Pittsb Coal deb 5s
Circu¬
Members mt
Fed. Res. Bank
56 A
5
West'house Air Brake...50
Indep Brewing 6s
Bank I
De¬
Feb.28
ending State,
Tr.Co8.,Feb. 28
1926.
14 A
100
Union Natural Gas
Time
Demand
June 19
56 A
Pittsb & Mt Shasta Cop.
.
Net
Ufa I
4
May
Nat'l,
50
.
with
in
MEMBERS
(.600 omitted.)
Week
Nat*
Cash
Invest¬
100
50
com..
Pittsburgh Oil & Gas.
32
354
34 A
33 K
Loans,
Discount.
Capital. Profits.
HOUSE
Mech & Metals.
Pittsb Brewing, com
Preferred
Pittsburgh Coal,
51
Net
CLEARING
Reserve
purchased which remains practically unchanged from last week.
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:
Co., $20,966,000.
Boston Clearing House
mary
BOSTON
STATEMENTS OF RESERVE
AND
POSITION OF CLEARING HOUSE
BANKS
TRUST COMPANIES.
CLEARING HOUSE MEMBER8.
Averages.
June 12.
June 5.
June 19
Changes from
1920.
previous week.
1920.
1920.
$
$
$
$
Circulation
Loans, disc'ts A investments.
Individual deposits, inol. U.8.
Due to banks
Time deposits
United States deposits
Exchanges for dealing House
Due from
other banks
Cash In bank A in F. R. Bank
Reserve
excess
Federal
In
Reserve
bank
Bank
2,946,000
611,836,000
463,238,000
113,848,000
16,539,000
11,070,009.
18,085,000
57,996,000
81,668,000
Dec.
Dec.
Inc.
Inc.
Inc.
3,013,000
10,000
3,137,000
790,000 617.260.000 613.583.000
2,565,000 461,539,000 453,799.000
4,852,000 110,861.000 104.413.000
16,278,000
283,000
16.419,000
Inc.
9,451,000
1,109,000
3,164.900
Dec.
1,088,000
23.969,000
19.929,000
Inc.
4,159,000
53,744,000
50.538.000
Inc.
6,432,000
79,916,000
76.234.000
and
31,071,000 Inc.
5,988,000
29,959,000
25.967.000
Cash
Reserve
Reserve
in
Total
Reserve
Surplus
in VauU.
Depositaries
Reserve.
Required.
Reserve.
$
Members Federal
575,762,000 575,762,000 542,854,500
9,960,480
10,774,000
3,943.000
6,916,350
6,944,000
4,992,000
32,907,500
8,783,000 584,697.000 593,480,000 559.731,330
33,748,670
565.153,000 574 108,000 550,283,310
23,824,690
558.494.35i/
8,987.000 571.967,000 580,954,000
8,868,000 568,269,000 577,137,000 554,770,760
22.459,650
Reserve banks..
8tate
banks*
6,831,000
Trust
companies*.
1,952,000
Total June 19..
Total June
12,.
5_.
Total
June
Total
May 29..
8 955.000
813,520
27,650
22,366,240
2636
THE CHRONICLE
Actual
Cash
Reserve
in
Members
Federal
STATE
Figures.
Reserve
Total
Reserve
Reserve.
Required.
Reserve.
%
%
%
$
534,471,000 534,471,000 538,888,450
9,760,320
7,032,000
6,997,200
34,800
Total June 19
8,485,000 543,313,000 551,798,000 555,645,970
33,847.970
Total June
8,781,000 583,335,000 592,116.000 554,017,090
8,987,000 575,009,000 583,914,000 555,346,600
8,598.000 581,510.000 590,108,000 565,769,200
38,098,910
28,567,400
24,338,800
Trust companies*-..
12
Total
June
Total
3,712,000
5,130,000
1,902,000
May 29
5
trust companies,
but in the
reserve
case
required
NEW
YORK
CITY.
19
Loans & investments
June
Differences from
Companies.
19
Differences from
previous week.
1920.
previous week.
$
:
$
$
116,700,000
179,589,000
" *6*,311*400 1,991,545,900 Inc. 12,596,200
11,289,800 Dec.
232,500
23,800
32,126,700 Dec.
296,600
18,371,000 Dec.
791,800
.
Currency & bk. notes
Deposits with .the F.
R. Bank of N. Y„
76,300,500 Inc.
876,957,400 Inc.
129,414,700 Inc.
214,297,300 Inc.
2,118,400
4,806,300
18,699,500 2,079,654,700 Inc. 67,131,100
107,200
292,922,600 Inc.
9,688,000
17.3% Inc.
19.5%! Dec.
0.1%
0.3%
Deposits
Reserve
deposits.
on
_
P. C. reserve to dep..
Non-Member
of members of
the Federal Reserve Bank
time deposits, which was as follows:
on net
Trust
52,703,000
741,079,000 Inc.
5,052,400 Inc.
Specie
June 19, $6,488,280: June 12. $6,364,950: June 5, $6,352,050; May 29, $6,406,830.
b This is the reserve required on net demand
deposits in the case of State banks
June 19,
IN
28,600,000
Capital as of Feb. 28
Surplus as of Feb. 28
Not members of Federal Reserve Bank.
• This Is the reserve required on net demand deposits in the case of State banks
and trust companies, but In the case of members of the Federal Reserve banks
Includes also amount of reserve required on net time deposits, which was as follows:
includes also amount of
June
%
*
end
COMPANIES
Week Ended
June 19 1920.
4,417,450
534,680
6,683"666
banks*
TRUST
1920.
10,295,000
State
AND
State Banks.
Surplus
Depositaries
*
Reserve banks
BANKS
b
in
Vault.
[Vol. 110.
Banks
and
Trust
Companies.—Follow¬
ing is the report made to the Clearing House by clearing
$6,567,180; June 12, $6,356,280: June 5, $6,404,100; May 29, $6,413,070.
non-member
institutions
which
"Clearing House Return"
on
included
not
are
the following
in
the
page:
State Banks and
Trust Companies Not in Clearing
Banking Department reports weekly
figures showing the condition of State banks and trust
companies in New York City not in the Clearing House, as
House.—The
RETURN OF NON-MEMBER INSTITUTIONS OF NEW
State
follows:
Net
CLEARING
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
(Figures Furnished by Stale Banking Department.)
June
Loans and investments
......
Specie
Currency and bank notes...,.
Deposits with Federal Reserve Bank of New York..
74,780,600
Total deposits...
865,911,000
Deposits, eliminating amounts (Jue from reserve de¬
positaries, and from other banks and trust companiesinN. Y. City, exchangesandU.S.deposits.
807,354,800
...
Reserve
on
deposits
Dis¬
Reserve
Week ending
Statebks.Feb.28!
Feb.28;
19 1920.
ments,
Tr. cob.
Fed'l
Battery Park Nat.
1,500
1,615
15,186
Mutual Bank.....
200
691
New Nether land..
600
675
11,398
9,847
500
1,017
Inc.
146,059,900
Res.
Time
Bank
De¬
De¬
Circu¬
Deposi¬
posits.
posits.
lation.
Nat'I
Average Average Average Average Average Average
Bank.
$
W R Grace <fe Co..
$
$
$
%
232
1,869
12,394
76
264
1,728
12,143
318
235
1,168
7,067
269
$
$
I
4,875
13,537
655
3,359
405
1,315
7,481
6,439
1,353
9,303
537
763
8,477
6,024
64,146
1,694
7,498
50,921
191
735
670
400
Yorkvllle Bank...
First Nat Bk, JerC
21
200
3,400
Dec. 12,438,500
Inc.
2,236,000
Demand
Legal
tories.
Dec.
Members of
Net
with
in
&c.
Dec. $1,115,500
Inc.
237,600
Dec.
1,055,200
1,202,900
625,800
Net
Cash
Vault.
counts,
Nat.bks. May 4 InvestJune
omitted.)
Loans,
Capital. Profits.
NON-MEMBERS
Differences from
previous week.
19.
$788,225,000
8,717,000
18,220,900
YORK CLEARING
HOUSE.
(Slated in thousands of dollars—that is, three ciphers '000
.
368
Percentage of reserve, 20%.
RESERVE.
State
Cash in vaults
Total
Banks—
-—Trust
Companies-—
$25,402,900
15.21%
$76,315,600
10,929,400
6.54%
33,412,000
Deposits in banks & trust companies-
559
7,837
State Banks
13.67%
5.98%
Not Members of the
Fed'l Reserve Bank.
Total
Bank of Wash Hts.
$109,727,600
444
222
3,714
1,332
1,933
1,459
16,092
337
3,657
14,757
7,119
450
600
500
786
795
7,053
"*336
1,200
2,1,13
25,533
3,169
2,476
26,859
436
Hamilton Tr, Bkln
500
1,023
9,363
614
370
Mechanics Tr, Bay
21.75%
100
Colonial Bank
International Bank
$36,332,300
200
437
9,471
3Q8
611
7,417
6,111
4,728
700
1,461
19.65%
Banks and Trust Companies in New York City.—The
of the New York City Clearing House banks and
companies combined with those for the State banks
and trust companies in Greater New York City outside of
the Clearing House, are as follows:
Total-
averages
trust
COMBINED
RESULTS
OF
BANKS
GREATER
Loans
Week ended—
AND
NEW
and
TRUST
COMPANIES
Trust Companies
Not Members of the
Fed'l Reserve Bank.
Total..
*
Investments.
Deposits.
in Vault.
138,651,200
135,817,600
Reserve in
5,932,509.000
4,922,639,900
Feb.
21...
4,883,820,600
Feb.
28
5,887,539,200
5,871,844,300
Mar.
6
5,871,656.000
Mar.
13
5,890,723,400
4,881,252,700
4,883,9- 0,600
Mar.
20
Mar.
27
5,891,763,200
6,884,557,500
4,990,480,100
4,915,902,800
April
4,979,072,300
4,997,453,900
5.015,732,100
3
5,934,438,800
April 10
6,946,884,600
April 17
April 24
6,959,998,300
6,970,588.000
May
1
May
May
8
15
May
22..
29
May
June
4,965,687,100
5,935.200,400
4,938,152,700
4,950,458,200
5,901,424,000
5,918,063,600
12...
June
5,007.452,600
5,929,153.600
5,923,805,600
5,928,544,500
5
June
4,837,357,300
19
5,911,312,000
5,930,652,500
136,837,300
137,477,500
137,498,800
134,062,200
132,585,200
129,262,500
134,487,200
4,989.835,900
679,267,600
688,403.300
729,909.700
694,405,700
694,100,200
689,051,100
658,932,400
694,904,700
674,250,800
700,111,800
697,525,700
129,100,500
133.387,300
131,309,500
128,548,900
699,402.500
662,435,000
*
New York
bank notes and Federal
y
statement covering all
a
5,562
13,835
559
week
+ 765
—184
+ 359
a91,308
+ 1,559
+ 123
-17
June 12
June
4
5,300
0,599 107,748
5,969
10,596
89.749
13,712
576
5,300
10,596
89,749
5,693
9,954
89,625
13,712
13,614
576
5,300
9,599 107,748
9,599 107,960
5,969
29
us
a
U.
S.
May
the institutions of this
City of New York.
p.
1661.
Philadelphia Banks.—The Philadelphia Clearing House
for the week ending June 19 with
comparative
figures for the two weeks preceding, is as follows.
Reserve
requirements for members of the Federal Reserve system
are 10% on demand deposits and 3% on time
deposits, all
to be kept with the Federal
Reserve Bank.
"Cash in
vaults" is not a part of legal reserve.
For trust companies
not members of the Federal Reserve system the reserve
required is 15% on demand deposits and includes "Reserve
with legal depositaries" and "Cash in vaults."
Week ending June 19 1920.
June
Two ciphers (00) omitted.
Members of
Capital
Surplus and profits
Trust
F.R. System]
Companies
$33,075,0
$4,301,0,
12
1920.
$37,376,0
12,007,0!
100.342,0
35,724,0;
767,584,0
$37,376,0
100,342,0
776,961,0
Individual
524,020,0;
21,252,0
545,272,0
541,937,0
7,770,0
150,0
7,920,0
7,862,0
666,013,0.
21,684,0
Due from banks
deposits
1975) ^
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).
773,01
32,330,0'
19,o;
126,511,0
282,0j 134,505.0
Reserve with legal deposlt's.
Total deposits
U. 8. deposits (not included)
Rea've with Fed. Res. Bank
53,409,0,
Total reserve and cash held-
66,210,0
2,585,0
952,0
3,537,0
Reserve
50,252,0
15,958,0
3,118,0
419,0
Cash In vault*
._
required
Excess res. & cash in vault._
12,801*6
Cash In vault Is not counted
as reserve
27,433,0
117,447,0
131,007,0
687,697,0j 680,806,0
11,193,0!
53,409,0
June 5
1920.
Total.
Bank deposits
Time deposits
p.
of
]
88,335,0
731,860,0
31,557,0
126,492,0
134,223,0
Loans, dlsc'ts <fe lnvestm'ts.
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,
The regulations relating to calculating the amount
$6,220,000.
statement
Exchanges for Clear. House.
For definitions and rules under which the various items
made up, see "Chronicle," V. 98,
are
578
deposits deducted, $786,000.
Bills payable, rediscounts, acceptances and other liabilities,
Excess reserve, $131,640 decrease.
com-
Eanies inState York City Department, the House " furnished
the New Banking not in the Clearing Department also
class in the
13,528
10,955
City State Banks and Trust Companies.—
In addition to the returns of "State banks and trust
presents
aggr
Gr'd aggr
642,654,000
673,921,100
647,225,300
679,329,400
649,253,400
136,312,000
131,500,400
131,118,200
4,985,879,800
5,032,577,100
4,975,186.300
5,034,693,800
Gr'd
667,361,800
129,740,800
131,772,400
126,207,200
This item includes gold, silver, legal tenders, national
Reserve notes.
981
5,785
Comparison prevlo
Gr'd aggr
14
922
9,599 108,513
.
Depositaries.
$
Feb.
18,834
5,300
Grand aggregate.
Total Cash
834
IN
YORK.
Demand
100
2,585,0,
13,753,0!
69,747,0
53,370,0!
16,377,0
2,678,0
52,380,0
2,536,0
14,094,0
69,010,0
54.085,0
14,925,0
$37,376,0
100,729,0
777,906,0
31,677,0
122,170,0
134,722,0
545,726,0
7.926,0
688,374,0
2,995,0
52,915,0
2,526,0
13,311,0
68,752,0
53,964,0
14,788,0
for Federal Reserve Bank members.
Member Banks of the Federal Reserve
Board giving the
In the statement
STATEMENT
System.^—Following is the weekly statement issued by the Federal Reserve
principal items of the resources and liabilities of the Member Banks.
Definitions of the different items
given in fhe statement of Dec. 14 1917, published in the "Chronicle" Dec. 29 1917, page 2523.
were
SHOWING
PRINCIPAL
RESOURCES
AND
LIABILITY
SELECTED CITIES AS
Liquidation in
some
volume of
ITEMS
AT CLOSE f F
Treasury certificates and of loans based
on Government and corporate
securities, as against a
slight increase in other
loans and investments, is indicated by the Federal Reserve Board's
weekly
statement of condition
on June 11 of 812 member banks in
leading cities.
Holdings of United States bonds and Victory notes show out nominal
changes, while certificate holdings show a reduction of 22.2 millions for all
reporting banks and of 16.7 millions for the member banks in New York
City.
Loans secured by U. S. war obligations
(war paper) fell off 3.9
millions, and loans secured by stocks and bonds 15.7 millions.
For the
A0rk
*
banks an increase of 2.1 millions in war paper and a
of 13.9 millions in loans secured by stocks and bonds are
notod.
and investments show an increase of 7.5 millions for
all
banks and a reduction of 3.2 millions for the banks in New York
loans
reduc ion
All other
reporting
City.
As
the result of these changes, the aggregate loans and investments of
all
re¬
porting institutions snow a reduction of 33.9 millions, of which 30.9 millions
represents the decrease for the New York banks alone.
OF MEMBER
BANKS
LOCATED
IN CENTRAL
RESERVE
AND
OTHER
BUSINESS JUNE 11 1920.
Practically
change is shown in Government deposits.
Other demand
deposits (net) show an increase of about 59 millions, all outside of New York
City, while time deposits show a gain of 2.5 millions.
Total accommodation of reporting banks at the Federal Reserve banks
shows a reduction for the week from 2.091.9 to 2.058.4 millions, or from
12.2 to about 12% of the banks' total loans and investments.
For the
New York member banks, as a consequence of a slight increase in their
borrowings from the Reserve bank, this ratio shows an increase from 11.4
to 11.5%.
Of the total paper held under discount by the Federal Reserve
no
banks for all reporting instim ions .he share of war paper was 56%.
At
the New York Reserve Bank this share was about 69%.
Reserve balances at the Federal Reserve banks show an increase of 8.7
millions for
all
reporting banks.
The New York Federal Reserve Bank
reports an increase of this item by 12.8 millions.
Cash in vault shows a
decline of 11.5 millions, this decline corresponding to a reduction of 15.1
millions in Federal Reserve note circulation reported by the Reserve banks
the week before.
June 26
Data for all
1.
$34,485
19,168
3,470
$269,534
605,167
202,415
581,189
57
qo
82
47
107
$11,347
28,926
9,317
$28,061
34,158
$14,120
28,509
247,422
52.526
7,896
17,703
4,193
19,143
$21,549
61,475
40,187
82,725
$16,924
12,808
2,873
8,622
$7,321
9,846
1,537
•9,314
$15,311
22,403
4,598
10,155
22,976
60,999
12,561
39,231
34.972
$41,874
61,630
19,978
36,400
102,116
159,882
87,818
65,965
205,936
41,227
28,018
52,467
65,187
147,276
1,658,305
68,338
634,075
54,006
512,828
188,028 1,320,236
94,776
194,723
574,007
79,097
344,403
904,890
34,648
107,016
389,018
28,302
108,349
62,960
459,161
410,210 1,746,675
38,177
128,331
409,374
18,170
26,849
78,878
513,890
11,997
35,637
240,874
33,016
144,932
1,040,215
3,095,337
291,646
965,622 1,488,272
65,047 ; 97,883
34,366
17,481
898,291
674,876
618,500
38,200
617,109
40,782
364,467
5,732
104,047
1,104
567,437 2,520,121
190,707
35,543
13,656
69,123
278,283 1,428,010
625,719
151,772
647
6,772
160
672,084
43,758
16,179
427,052
98,610
1,652
353,695 1,310,166 17,047,868
79,424 1,428,040
25,121
373,439
26,051
10,858
627,465 11,594,053
232.363
509,503 2,670,623
48,851
52,021
600
3,272
120,792
25,695
11,094
22,574
Total U.S. securities
with
rediscounted
R
F.
banks:
obligation
by stocks and bonds.
Loans sec. by U. 8. war
795,755 3,992,730
All other loans and Investments-
Total loans and investments incl.
1,106,127 6,459,869
rediscounts with F. R. banks..
25,356
835,635 5,297,186
409,322
137.956
23,262
3,402
Cash In vault
'■Net demand deposits
706,378
123,655
82,586
Reserve balances with F. R. Bank..
...
Time
deposits.
Government deposits
with F. R. BankSecured by U. 8. war obligations.
Bills payable
32,769
3,514
25,956
51,658
87,350
356,267
139,562
221,963
Bills rediscounted with F. R. Bank-
obligations.
52,832
All other
2.
Data for
18,251
346,644
14,077
35,965
56,463
26,413
Banks In Federal Reserve
48,578
38,243
573
36,727
All other
Secured by U. 8. war
'
Including
Investments,
Loans sec.
812
$19,573
115
$46,658
251,274
88,721
U. 8. certificates of Indebtedness.
other
67
46
U. 8. Victory notes
and
46
35
$12,311
13.971
Other U. 8., incl. Liberty bonds.
bills
Total.
San Fran.
Dallas.
St. Louis. Minneap. Kan. City
Chicago.
Atlanta.
35
banks
U. S. bonds to secure circulation.
and
Three ciphers (000) omitted.
In each district.
Richm'd.
Cleveland.
7,084
Number of reporting
Loans
reporting banks
New York PMladel,
Boston.
omitted.
Three ciphers (000)
2637
THE CHRONICLE
1920.]
7,468
48,251
368,866
22,611
8,551
227,901
63,521
9,912
320,347
123,986
1,904
429
6,945
30,500
31,032
Bank and Branch Cities
350
14,184
225,619
864,383
1,897
(
2,311
291,319
66,449
1,613
16,936
6,433
58,103
46,081
36,032
V.;
485
29,373
60
•
3,507
12,800
66,702
984,942 11,254,011
895,814
and All Other Reporting Banks
All Other
x nTce
vvuuj
c\yntTm
(jvniittx.
June 4.
June 11.
June 11,
June 13'19
336
336
812
812
771
.
50
50
278
278
198
$98,750
340,132
$70,883
$70,883
$99,997
$99,737
145,338
143,748
121,831
120,729
$269,534
202,415
$269,370
605,167
109,498
53,038
52,668
40,199
417,118
120,389
119,756
65,986
40,568
66,567
202,415
581,189
202,734
603,441
424,665
1,422,736
246,174
$98,654
337,998
109,178
394,814
$268,566
$1,438
25,457
12,567
33,113
71,252
72,575
940,644
965,498
389,648
387,055
328,013
327,601
1,658,305
1,680,154
579,676
218,734
78,634
229,475
217,380
563,804
Total U.S. securities
Total.
June 4.
June 11.
June 4.
$1,438
24,328
12,407
33,079
Other
indebtedness-
June 11.
June A.
73
$36,961
U. 8. certificates of
June 11.
$37,056
73
U.S. bonds to secure
U. 8. Victory notes
June 4.
June 11.
June 4.
Reporting Banks.
F. R. Branch Cities.
198
Number of reporting
banks
circulation .
U. 8. bonds, incl. Lib. bds_
AU F.R.Bank Cities.
Chicago.
New York.
>
79,066
636,292
2,752.259
;;
■
.t
■'
■
including
Loans and investments,
bills rediscounted with F. R.
1,044,084 al,400,052
1,040,215
107,239
105,984
140,352
138,929
796,493
795,302
75,442
74,766
481,274
483,410
a
3,111,038 I
421,332 3,095,337
416,703
489,775
499,467
338,537 , 337,573 2,179,167 2,199,931
and bonds. 1,167,308 1,181,173
1,896,614 1,907,070 11,254,011 11,246,502 J10789472
1,047,615 7,187,477 7,177,114 2,169,920 2,162,318
All other loans and Investments 3,518,073 3,521,338 1,035,541
banks:
Loans sec. by U
•
8. war obllg..
Loans sec. by stocks
'l
17,047,868 17,081,778 15,215,970
11102590 11139036 3,197,964 3,179,500 2,747,314 2,763,242
5,732,595 5,763,461 1,520,096 1,533,205
174,472 1,428,040 1,419,343 1,257,523
163,823
208,187
209,683
135,009 1,054,534 1,046,684
134,168
649,228
661,989
374,450
Reserve balances with F. R. bank
384,894
373,439
90,159
88,513
76,393
71,314
218,342
213,612
38,655
38,615
111,955
108,692
Cash in vault1,711,232 1,706,954 11,594,053 11,535,021 10,587,030
961,590 8,100,789 8,062,423 1,782,032 1,765,644
967,084
1,729,575
4,770,222 4,772,021
Net demand deposits
586,315 2,670,523 2,667,977
587,223
871,600
871,059
278,860 1,212,241 1,210,062
280,840
299,814
945,738
298,716
Time deposits
52,582
52,021
6,201
6,109
8,591
8,542
37,790
37,370
3,876
3,629
22,478
Total loans & Investments, Incl.
rediscounts with F. R. banks:
-
-
,22,480
Government deposits.——.
R. BankSecured by U.S.war obligations
Bills payable with F.
319,325
310,928
m'mim
'
...
m
m
^
179,199
974
893
923
«• «,
859
865,108 11,119,496
1,752 /
1,897
242,885
635,840
235,261
31,469
31,941
16,965
137,037
144,615
122,937
124,858
per
941,004 /
14.7
14.9
14.4
14.3
9.6
12.1
9.5
12.2
17.8
14.3
17.6
cent.
The Federal Reserve
Banks.—Following is the weekly statement
redemption of nearly 700 millions of tax
of semi-annual interest on First
certifi¬
Liberty bonds and on
reported at tne close of the previous week.
increase of 34.5 millions, members' reserve
70.1 millions, while other deposits, including foreign
Government credits and non-member banks' clearing accounts, declined
1.7 millions.
In connection with the large volume of tax checks and drafts
received by the Reserve banks, the
'float" shows an increase of 125.2'
millions.
As a consequence the calculated net deposits are 162.5 millions
less than the week before.
Federal Reserve note circulation shows a further decrease of 7.4 millions,
while tne Reserve banks, liabilities on Federal Reserve bank notes went
up about 2.5 millions.
Gold reserves declined 2.7 millions, while other
cash reserves show a gain of about 1 million.
The banks' reserve ratio shows
a rise for the week from 43 to 44.5%.
'
»
Government deposits show an
deposits
Holdings of acceptances
purchased in open market show a reduction of 5.3 millions.
An increase
of 67 millions in Treasury certificate holdings represents largely the amount
of special certificates taken by the New York, Dallas and San Francisco
banks to cover advances to the Treasury, pending collection of funds from
depositary institutions.
Total earning assets of the Reserve banks show
a reduction for the week of 165.1 millions.
Of the total war paper holdings of 1,231.8 millions, 603.6 millions, or
June 18 1920. June
162,878,000
400,833,000
111,531,000
R, Board
with foreign agencies
Gold settlement fund, F.
Total gold held by
banks
agents
redemption fund.....
Total gold reserves
...
......
Legal tender notes, silver, <fcc
Total reserves
Bills discounted*
other
Bills bought in open
169,735,000
399,889,000
112,781,000
171,208,000
389,149,000
112,781,000
7
1920. Apr. 30 1920
172,683,000
392,751,000
112,781,000
174,561,000
376,003,000
112,781,000
June 20 1919
332,676,000
581,238,000
913,914,000
663,345,000
678,215,000
682,405,000
673,138,000
703,117,000
711.629.000
707,277,000
675,242,000
1,137,928,000 1,127,216,000
1,112,040,000 1,098,823,000 1,115,902,000 1,121.311,000
124,595,000
1,161,784,000 1,103,751,000 1,110,864,000
135,447,000
142,054,000
158,489,000
150,101,000
137,946,000
149.678.0001 142,712,000
125,295,000
1,064,296,000) 1,082,019,000 1,130,843,000
398,591,000
403,896,000; 410,688,000
.........
market
Total bills on hand
U. S. Government
167,135,000
424,452,000
111,530,000
164,519,000
431.227,000
111,531,000
1,447,962.000
1,231,841,000 1,440,931,000 1,4.3.3,415,000
1,071,469,000
obligations.
.......
168,193,000
431,905,000
111,531,000
May
1,941,580,000 1,936,720,000 2,165,725,000
1,953,103,000 1,939,717,000 1,939,141,000
68,734,000
1,962,321,000 1,965,058,000 1,960,853,000
134.045,000
134,507,000
139,252,000
139,821,000
139,393,000
138,087,000
138,579,000
137,533,000
2,076,087,000 2,070,765.000 2,234,459,000
2,092,496,000 2,079,538,000 2,078.593,000
2,100,900,000 2,102,591,000 2,098,940,000
....
Secured by Govt, war
Close of Business June 18 1920.
May 14 1920.
June 4 1920. May 28 1920. May 21 1920
RESOURCES.
Gold coin and certificates
declined
Federal Reserve Banks at the
11, 1920
reported
of about 96 millions of paper
the South and Middle West,
4.8 millions
liquidate
Accordingly
carried
209.1 millions, while other dis¬
Redemption of Treasury certificates enabled member banks to
heavily their indebtedness to the Federal Reserve banks.
loans secured by Government war obligations (so-called war paper)
Combined Resources and Liabilities of the
paper
18.
Victory
against
York and Clevediscounted for 6
other Reserve banks in
while acceptance
bolaings of the Cleveland and San Francisco banks include 3.3 millions of
bills purchased from the New York and St. Louis banks, compared with
and banks are inclusive
payments,
of two
by the Federal Reserve banks decreased
counted bills on hand decreased 17.7 millions.
bonds, 287.4 millions, or 23.3%, by
27.7%, by Treasury certificates, as
45%, 19.1 and 35.7% of a total of 1,440.9 millions of war
the week before.
Total discounts held by the Boston, Now
Victory notes, also *be handling of income and excess profits tax
all of which fell due on June 15, and the issuance on uhe same da^e
new series of loan certificates aggregating over 419 millions.
Gold with Federal Reserve
----
issued by the Federal Reserve Board on June
49%, were secured by Liberty
notes, and 340.8 millions, or
Large reductions in the holdings of discounted bills, chiefly war paper,
a
commensurate decrease in deposit liabilities are indicated in the
Federal Reserve Board's weekly bank statement issued as at close of busi¬
ness on June 18 1920.
These changes reflect the week's heavy Government
and
operations, including the
14.4
Federal Reserve banks.
Exclusive of rediscounts with
cates, the payment
274,187
283,969 \
671,531
895,814
163,348
6,267
176,651
291,319
7,794
16,767
128,289
219,657
loans and
total
to
investments
All
»
and
Ratio of U. S. war securities
Gold
:«•
864,383
135,939
B'k*
obligations
Ail other
Gold
-
•
206,009
Secured by U.S. war
a
-
112,361
„
Bills rediscounted with F. R.
paper
179,171
'
■
All other
war
573,548
573,300
51,109
51,078
111,912
bonds....
...
2,694,728,000 2,926,846,000 2,974,946,000
26,796,000!
26,795,000
26,795,000
69,000
Notes—
—
U. S. certificates of Indebtedness
U. S. Victory
347,091,000
69,000!
280,108,000
418,600,000
1,444 175,000
1,446,723,(M)o! 1,508,104,000 1,060,447,000 1,465,320,000 1,621,928,000
215,512,000
1,069,751,000
1,053,663,000,1,043.186,000
417,368,000
413,292,000
407,247,000
409,834,000
274,736,000
2,942,318,000 2,112,176,000
2,938,031,000 2,917,754,000 2,964,582,000 2,914,456,000
27,131,000
26,797,000
26,976,000
26,796,000
26,794,000
26,796,000
69,000
274,816,000
69,000
69,000
69,000
68,000
68,000
333,000
279,531,000
276,761,000
279,463,000
273,037,000
266,649,000
201,883,000
All other earning assets
3,068,683,000
13,254,000
Total earning assets
Bank
premises.
Uncollected
Items and
other deductions
deposits.....
from gross
6% redemp. fund agst.
......
F. R. bank notes
All other resources
949,977,000
12,110,000
8,053,000
3,233,819,000^3,276,626,000
13,111,000;
772,903,000
11,794,000
5,751,000
12,942,000
94,462.000
......
—
Due to members, reserve
account
Deferred availability items
Other deposits,
incl. for'n gov't credits._
94,284,000
120,120,000
56,356,000
120,120,000
21,830,000
1,800,017,000 1,870,240,0001
626,580,000
84,627,000
574,684,000!
86,282,000.
807,445,000
11,787,000
5,006.000
6,114,340,000 6.086,161,000
6,186.071,000
93,786,000
93,107.000
120,120,000
44,153,000
747,190,000'
11,745,000
5,640,000
11,862,0001
5,699,000
LIABILITIES.
Capital paid in
Surplus
Government deposits
755,476,000
12,081,000
5,028,1)00
789,616,000
6,152,977,000 6,139,969,000 6,195,509.000
Total resources..
3,235,832,000 2,341,523,000
3,244,425,000 3,221,380,000 3,270,910,000 3,214,357,000
11,066,000
12,369,000
12,293,000
12,530,000|
12,668,000.
12,658,000
94.108,000
120,120,000
37,113,000
94,000,000
120,120,000
36,433,000;
120,120,000
24,368,000
,858,774,0001 ,852,916.000' 1,833,665,000 1,874,145,000
601,639,000:
99,265,000;
553,703,000'
98,578,000!
578,883,0001
102,939,000
,541.630,000 2,539,855,000
2,567,580,000 2,553,036,000 2 596,791,000 2
deposits
3,104,810,000 3,112,205,000 3 127,291,000,3 ,107,021,000 3,085,202,000
actual circulation
177,371,000
179,185,000,
181,382,000! 181,252,000
183,904,000
bank notes in circulation—net llab.
69,827,000
72,384,000!
75,947,000
78,942,000
82,101,000
Total gross
F. R. notes in
F. R.
AH other liabilities
630.427.000
98,075,000
2,646.800,000
3.083,234,000
176,805,000
66.005,000
12,128,000
713,353,000
12,091,000
5,761,000
6,057,000
705,603,000
848,157,000
9,053,000
11,192,000
6,026,229,000 6,050 467,000 5,455,450,000
92,536.000
120,120.000
22,437.000
,818,615,000
91,639 000
120,120 ,000
37,592 ,000
82,756,000
49,466,000
161,495,000
,859,844 ,000 1,648,630,000
539,480,000
524,156 000
682,097,000
99,368,000
104.493 000
127,264,000
,479,900,000l21
526,085, ,000 2,619,486,000
,092,344,000 3, 074,55.5 ,000 2,488,253,000
177,972,000,
63,357,000
177,881, 000
173,775,000
60,187, 000
41,714,000
.
Total liabilities
6,152,977,000
6,139,969,000*6,195,509,000 6,114,340,000 6,086,161.000
6,188,071,000'6,026,229,000 6,050,467,000 5,455,450,000
2638
THE CHRONICLE
June 181920
Ratio ef gold reeerrea to net deposit
June 11 1920,
40.2%
in
35%
aside
settiag
39.8%
42.7%
42.7%
41.6%
Ratio of total reserves to F. R. notes
after
39.8%
43.0%
and
F. R. note liabilities eombteed
circulation
June 20 1919
and
F. R. note llabil't e* combined
Ratio of total reserves to net deposit
[Vol. 110.
v
44.5%
„
against net deposit llabilltlea.ff1
= '
11
1
I
49.4%
1
'
'
47.5%
1
■
46.9%
'
T
try Maturities—
1-15
1-16
16-30
16-30
16-30
$
$
47.1%
46.6%
1
■
I
$
■
1 •
'
46.7%
1
-
I
,
i
$
$
market—
1-15 days Wlls bought In spen
1-15
$
'
■
t
DUtribulUm
47.1%
47.1%
"
119,338.000
101.902,000
112,306,000
117.630.600
109.970.000
10f.631.000
100 113.000
00.738.000
61,404,000
days bills dlsosunted
1,193,472,000 1,440,942,000 1,480,231,000 1,460,744,000 1,419,910,000 1,607,422,600 1,492,065,000 1,496.952,000 1,508,510,000
days U. 8. certlf. of Indebtedness..
86,316,000
18,237,000
8,300,600
18.098.000
15,856,000
17,943.000
11.954,000
5,537.000
25,097,000
days municipal warraute
——
—...
days bills bought in spen market—
77,966,000
88,285,000
91,779,000
72.806,000
87.381 ,000
86.836,000
79,906.000
82.862.000
60,462,000
days bills discounted
291,222,000
246,996,000
245,573,000
259,674,060
279,341.000
271,990,000
237,443.000
292,992,660
57,993,000
days U.S. certlf. ef Indebtedness—
8,655,000
6,982,000
4,796,000
3,962,000
2.624.000
2,540.000
2.646.000
1,500,000
244,000
_
...
.
-—
—
„
...
———
—
16-30 days municipal warrants..
81-60 days bills bongbt In epen market—
153,773,000
166,942,000
81-60 days blUs discounted
495,258,000
8,600,000
508.484,000
163,403,000
486,228,000
182.153.000
473.116,000
13,172,000
11,560,000
13,385.600
173,636,000
477,708.000
12,510,000
169,617,000
414,728,000
9.637,000
175.165,600
406.720.600
7,679,066
46,767,000
257,812,000
43,200,000
289,520,000
46,011,000
264,006.000
13,106,000
46,474,000
267,702,000
16,100,000
47.208.000
308,978.000
54.650,600
61,864,000
324,069,000
312,610,000
28,831,000
12,636,000
31-60 days U. S. certlf. of Indebtedness—
99,848,060
184,835,060
235,006
171,583,000
423,922,600
6,998,000
!__
81-60 days municipal warrants
61-90 days bills bought in spen market—
—
47,514,000
237,256,000
27,918,000
61-90 days Mils discounted
61-90 daysU. 8. certlf. sf indebtedness—
35,809,000
24,200,000
61-90 days municipal warrants
*
Over 90 days bills discounted
68,716,000
215,602,000
217,517,000
62,706,000
214,291,000
12.772,600
—
...—
—
_
78,929.000
Ovdf 90 days oertlf. of indebtedness
±
—
.
Over 90 days bills bought In epen market
52,820,000
54,885,600
13,036,006
61,991.000
230,980,000
65,725,600
229,671,000
48,172,000
43,435,000
220.512,000
238,628,000
29,217,000
163,271,000
38,595.000
239.842,000
Over 90 days municipal warrants—
Federal
Reserve
Note*—
Outstanding
Held by banks
k
In actual circulation
•
Fed. Ret. Notes (Agents Accounts)
3,127.291,000
Returned to the Comptroller
Amount
3,085.202.000 3.083,234,000
6,962,440,000
3,163,167,000
—
Received from the Comptroller
6,899,860,000 6,854,740,000
3,115,807,000 3,089.741,000
chargeable to Fed. Res. agent 3,835,720,000 3,818,052,000 3,799,273,000 3,790,827,000 3,784,053.000 3.764,999.000 3,748,211,000 3,740,555,000 3,117,660,000
459,894,000
442,024,000
422,084,000
431.334,000
429,859.000
420,294,000
407,734.000
414,369,000
424,462,000
In hands of Federal Reserve Agent
'—1
L
Issued to Federal Reserve banks
F
=============================== •=
By gold coin and certificates
By lawful
261,227,000
money
<—
By eligible paper
Total
-
—
============== ================ ===============
258,552,000
258.552,000
258,352,000
__
...
__
257,802,000
257,793,000
_
=============== ============
257,692,000
3,375,826,000.3,376,028,000 3,377,189,000 3,359,493,000 3.354,194,000 3,344,705,000 3,340 477
.
paper delivered
—=
218,998,000
255,032.000
__
2,214,042,000 2,272,277,000 2,266,325,000 2,247,453,000 2,255.370,000 2,228,803,000 2,219,166,000 2.188,258,000 1,565,982,600
113,987,000
108,897,000
108,698,000
106.675,000
107,847,000
97,369,000
92,979,000
97,417,00
86,817,000
786,570,000
736,302,000
743,614,000
747,013,000
733,175,000
760,740,000
770.640,000
785,479.000
821,401,600
Gold redemption fund
With Federal Reserve Board
Eligible
—
3,375,826,000 3,376,028,000 3,377,189,000 3,359,493,000 3,354,194,000 3,344,705,000 3.340,477,000 3.326,186,000 2,693,198,000
Secured—
How
toF. R. Agent.. 2,641,202,000
2,862,036,000'2.9QS.673.000
2.865.104,000
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE
Two ciphers (00) omitted,
Boston,
FhUa.
Cleveland,
Richmond
000j3.326,186,000 2,693,198,600
2^8617121,000 2.896,865,OOOl2 854,072.000!2.853,705.000
2,010,114,060
12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS JUNE 18 1929
Atlanta,
Chicago
St. Louis.
Minneap.\Kan.Cuv.
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, <fco
Total
reserves
Bills discounted: Secured by Gov¬
ernment war
All
obligations (a).
other
....
Bills bought In open market (b).
Total btilB
on
hand
U. S. Government bonds
U. 8. Government Victory bonds
U. S. certificates of Indebtedness
Total earning assets
Bank
premises
Uncollected items and other
de¬
ductions from gross deposits..
'5%
redemption
fund
against
Federal Reserve bank notes...
▲11 other
resources
Total resources
LIABILITIES.
Capital paid In
—
Surplus
Government deposits
Due to members, reserve aocount
Deferred availability Items—
—
All other deposits...
Total gross deposits
F. R. notes in actual clrculation.
F. R.
bank
—net
notes
in
circulation
liability
▲11 other liabilities
/
Total liabilities
Memoranda—Contingent liability
Discounted paper redlscounted
with other F. R. banks
Bankers'
acceptances
sold
to
other F. R. banks
Contlng. liabll. on bills puroh. for
foreign correspondents
|—
(a)
Includes bills discounted
for
other F. R. banks, via...
(d) Includes bankers' acceptances
With their endorsement
Without their endorsement
STATEMENT OF FEDERAL RESERVE AGENTS ACCOUNTS
Two ciphers (00) omitted
Boston,
Federal Reserve notes:
*
Phtia
S
S
Cleveland. Richmond
I
f
Atlanta
$
AT CLOSE OF
Chicago
|
Reoeived from Comptroller... 598,300,0 2,188,300,0 600,080,0 597,220,0 330,920,0
350,000,0 10402800
Returned to Comptroller
252,722,0 1,087,726,0 299,526,0 241,976,0 173,080,0 136,877,0 405,537,0
Chargeable to F. R. Agent
In bands of F. R. Agent
...
345,578,0 1,100,574,0 300,554,0 355,244,0 157,840,0 213,123,0 634,743,0
57,700,0
130,200,0
41,160,0
29,900,0 31,034,0 68,130,0
53,380,0
•sued to F. R. bank, less amt.
returned
to F.
R.
Agent for
redemption:
287,878,0
Collat'l security for outst'g notes
Gold coin and ctfs. on hand...
900,0
Gold redemption fund
16,792,0
Gold Set'm't Fund, F. R. B'd 102,000,0
Eligible paper, min'm required 168,186,0
Total
▲mount
of
eligible paper
ered to F. R. Agent
196,608,0
32,025,0
14,529,0
16,577,0
17,831,0
73,000,0 69,889,0 95,000,0
686,237,0 172,928,0 180,488,0
2,500,0
2,686,0
3,103,0
9,543,0
40,000,0 145,000,0 169,145,0
84,120,0
94,390,0 402,675,0
287,878.0
970,374,0 259,394,0 325,344,0 126,806,0 144,993,0 581,363,0
190,109,0
8,795,0
873,767,0 182,167,0.205,248,0 101,549,0 116,278,0 468,619,0
970,374,0 259,394,0 325,344,0 126,806,0 144,993,0 581,363,0
115,546.0
12,107,0
18,318,0
4,954,0
4,419,0 49,462,0
279.083,0
854.828,0 247,287,0 307.126.0 121,852.0 140.574,0 531.91X1.0
dellv
F. R. notes outstanding
F. R. notes held by bank
F. R
970,374,0 259,394,0 325,344,0 126,806,0 144,993,0 581,363,0
notes In acnial circulation
287,878,0
/
BUSINESS
St. Louts. Minueap
JUNE
18
»h2<*
Dallas
San Fran
JUNE 26
Wall Street, Friday
has
different
somewhat
for
Night, June 25 1920.
and
dull
been
week
this
again
mar¬
but
narrow,
During the latter period
reasons.
almost
theonly in fluences have been decidedly higher rates
call loans, these ranging from 11 to 14%, reports of
strikes at several domestic ports and a further upward move¬
ment of Sterling exchange in this market until quotations
reached an even $4.00 per pound.
The latter took place
just at the close on Wednesday and did not hold over night >
Nothing whatever seems to have occurred to stimulate
activity or that served to increase the interest in Stock
Exchange operations.
The highest prices of the week
were in most cases recorded on Monday, but the reaction
which followed was an unimportant one and a firmer market
to-day brought the entire active list close to its former level.
for
new
The Federal Reserve Bank statement issued at the end of
improvement in the
condition of that institution and receipts of gold from
Canada and abroad have been added to our supply.
Hopes
are therefore entertained that after half-yearly settlements
next week the local money market will be easier.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
last
showed
week
important
some
and
Railroad
Bonds.—No sales of State
reported at the Board this week.
The market for railway and industrial bonds has shown
no improvement.
On the contrary, the volume of business
has been well below the average, and of the usual list of 24
relatively active issues, 17 have declined and at least one is
unchanged.
Of the exceptional features the new Belgian Government
7/^s, just now introduced on the Exchange, attracted atten¬
tion and were unique in an advance of over a point.
Cuba
Cane Sugar 7s were bid up a full point, however, while nearly
all other changes, to either higher or lower figures, are
represented by minor fractions.
United States
the Board
various
are
Bonds.—Sales of Government bonds at
limited to $1,000 2s coup, at
Week ending June 25.
Daily Record of Liberty Loan Prices. June 19. June 21. June 22. June23
Lowest.
Lowest.
Highest.
92.30
92.30
92.18|
91.98
92.10
92.12
92.08
92.08
91.86
91.86
92.28
92.20
92.20
92.08
91.98
91.80
92.28
I Close
460
587
1,378
1,657
1,373
799
( High
(Low
85.60
85.88
85.50
85.50
85.40
85.30
85.10
85.60
85.20
85.20
85.20
85.06
I Close
85.50
85.72
85.30
85.50
85.30
85.30
23
34
98
52
f High
(Low.
I Close
86.00
85.90
85.40
•85.90
85.70
86.50
85.80
85.30
85.30
85.70
86.00
85.80
85.30
85.90
33*a, 15-30 year, 1932-47
Total sales in $1,000 units
Second Liberty Loan
4s, 10-25 year cony, 1942
27
Total sales In $1,000 units
Second Liberty Loan
4s, convertible, 1932-47
$ per share.
Am Brake Shoe & F_
100
.
90}* Junel9
900
.
Cable
Amer Woolen rights
Ann Arbor
June22 224
Jan 227
June24
Feb 175
Mar
June22
June22
52
Jan
200
A
A
3
June22
100
200
12
June21
400
25
June22
300
3A
33*
June24
433* May
June25
55
June25
55
June
93
100
55
6 A June24
par
2,800
16?* June25
Case Thresh M, pref.190
200
(J
I) Plow ..no
Central RR of N J.
.
Junel9
94
63*
Junel9
943*
June23
100
97A
June23
973*
Computing-Tab-Rec. 100
300
49
June21
49J*
Cuban-Am Sug, pref.100
De Beers Cons M .no par
400 100
193* June
163* June
93
Mar
May 101
Jan
Jan 205
95
June 104
Jan
June22
44
Feb
343*
JunelO
Jan
Feb 106
June24 100
June24 100
56
Jan
500
3
June23
50
Hosiery
100
50
Junel9
50
Junel9
June21
55
June21
55
June
55
June23
June
833*
Mar
10
300
60
Fisher Body,
500 103
pref.._190
Chemical
Preferred
60
June22
973*
June21
June25
49
52}*
June
June
523*
953*
3*
JunelO
June24
89.14
623*
JunelO
50
3* June
89.06
89.10
89.12
89.00
89.36
89.36
89.18
89.26
89.12
89.00
1,828
1,280
1,496
1,256
86.20
86.10
86.14
43*s of 1st L L conv,'32-'47( Low.
85.70
86.00
85.70
85.92
86.00
86.00
(Close
86.06
86.00
86.00
86.20
86.10
86.00
19
61
137
135
21
75
f High
86.00
86.28
85.90
85.66
85.48
85.42
3*s of 2d L L conv, *27-'42( Low.
85.56
85.70
85.30
85.40
85.30
85.24
(Close
85.94
85.88
85.44
85.50
85.38
85.30
2.769
2,097
963
1,523
2,955
1,797
86.30
86.56
86.30
85.90
85.78
85.80
85.86
86.18
85.76
85.66
85.40
85.60
86.20
86.29
85.80
85.78
85.74
85.74
3,760
2,904
2,688
3,069
3,491
2,458
Total sales in $1,000
units
Third Liberty Loan
4
Total sales In
$1,000 units
( High
Fourth Liberty Loan
(Low.
43*s of 1933-38
(Close
Total sales In $1,000 units
94.00
95.10
43*s,1st LL 2d conv,'32-'47( Low.
94.00
94.30
(Close
94.00
(High
Fourth Liberty Loan
95.00
38
9
Total sales In $1,000 units..
f High
95.86
95.86
95.74
95.74
95.76
95.62
43*s cony gold notes,'22-'23(Low.
95.74
95.60
95.50
95.56
95.58
95.50
I Close
95.76
95.60
95.66
95.66
95.58
95.58
1,251
Victory Liberty Loan
i
671
1,499
1,789
1,403
1,030
( High
33*8,conv gold notes, '22-'23(Low
95.84
95.80
95.66
95.68
95.64
95.62
95.70
95.66
95.60
95.52
95.58
95.50
ICloBe
95.70
95.68
95.66
95.64
95.58
95.54
481
252
665
1,690
871
915
Total sales In
$1,000 units
Victory Liberty Loan
Total sales In $1,000 units
June
Mar
863* May 100
59A June25
General Motors lights... 157825
Int Motor Truck.no par
1,200
Feb
Jan
June 192
June25 150
June23
53*
673*
A June22
95
87
-.100
June22
June23 176
530 173
100
61
June22 104
1,800 r503*
Gen Am Tank Car.no par
JunelO
89.20
89.24
86.00
Jan
Feb 1083*
Erie & Pittsburgh
.50
Fairbanks Co (The)..25
55
33*
89.24
1,127
363* May
343* June
3
May
493* June
34J* Junel9
300
18
89.32
86.72
Mar
June23
5
89.30
698
Jan
83*
100
Duluth S S & Atl
General
Feb
June21 175
Cluett.Peabody, pref.100
Durham
53*
June24
19
June21 198
100 198
100
_
Apr
June
650
Case
Feb
8
7
89.60
86.06
Third Liberty Loan
Feb
63*
35
200
25
17
273*
Feb
June22
par
Leather..wo
Jan
May
33*
39
Brunswick Terminal. 100
Barnet
7
20
June24
June23
39
Barnsdall, Class B
13* June
June22
25
io
463* June
3* June
Junel9
June25
13
100
Preferred......
June23 1703*
95
47
85.70
20
89.58
$1,000 units
Mar
June24 126
47
22,252
Assets Realization..
Apr
200 126
100
100
Express
Am Teleg &
843* May 105
June22
250 220
Preferred.........100
American
92
9
f High
Highest.
$ per share. $ per share.
S per share.
"■I
f High
(Low.
( Close
Third Liberty Loan
Total sales in
Par. Shares
June24. June25
92.36
f High
(Low.
First Liberty Lean
43*8 01 1928
for
Week
100% and the
Liberty Loan issues.
Total sales In $1,000 units
Range since Jan. 1.
Range for Week.
Sales
STOCKS.
bond8
have been
Stocks.—The stock
Railroad and Miscellaneous
ket
Stat©
©alette.
Jkmkmr
2639
CHRONICLE
THE
1920.]
Jan
13* June
May 170
Apr
1st preferred
100
300
79
June21
79
June23
72
Feb
84
Jan
2d
100
200
66 A
June25
68
June21
60
Feb
71
Apr
100
200
82
June21
82
June21
80
June
88
Feb
Island Creek Coal.____l
200
52
June21
52}*
June21
50
Apr
57
sterling has ruled
Sharp_ advances were also
lire, with trading in nearly
Foreign Exchange.—The market for
strong and materially higher.
recorded in francs, marks and
June
preferred
Int Nickel, pref__
Island Oil & Trans
6J* June24
10 57,300
7
Junel9
85
June25
3
June25
Kelsey Wheel pref
100
Keokuk & Des M...100
100
85
June25
100
3
June25
Maxwell Motor
100
700
22
June25
Certiftc ates of deposit.
1st preferred
June
3
June
5
Mar
Feb
38
Apr
Jan
183*
Jan
983*
100
17
June23
17
June23
15
May
353*
40!*
333*
June23
Junc23
403*
333*
June23
37
May
633*
100
June23
303*
May
62?*
Jan
300
80 '4
June23
Feb
June21
JunelO
June21
94
603* June
72
Jan
100
603*
643*
80A
603*
803* June
50
June21
643*
June21
64
72
Jan
100
M St P & S S M, pref.100
& Essex
85
June24
200
Certifs of deposit
Morris
223*
7 1 •' June
63* June
263*
June25
263* June25
263* June
3*
Junel9
3* June
743* June21
28
28
50
Norfolk & West, pref.100
OhioBodyA Blow (nopar)
3* Junel9
1.800
Pacific Deve. rights
May
Jan
293* June
13* June
10
57
June24
57
June24
57
May
68
Mar
Phillips Petroleum.no par 17,100
42
June22
44
June25
37
June
44
June
753*
June24
69
May
753* June
June23
28
Phillips
Jones
no par
1,300
PjC C & St L ctfs dep..
all
showing
cases
more
activity.
To-day's (Friday's) actual rates for sterling exchange were 3 94?*@
3 952* for sixty days, 3 962* @3 97 for cheques and 3 97@3 972* for cables
Commercial on banks, sight, 3 96@3 962*, sixty days 3 92!*@3 92J*,
ninety days 3 89@3 892*, and documents for payment (sixty days) 3 912*
@3 922*.
Cotton for payment 3 96 @3 962* and grain for payment 3 96
@3 962*.
To-day's (Friday's) actual rates for Paris bankers' francs were 12.13@
for long and 12.06@12.13 for short.
German bankers' marks are
yet quoted for long and short bills.
Amsterdam bankers' guilders were
35 5-16 for long and 35 11-16 for short.
Exchange at Paris on London 47.60 francs.
Week's range 46.47 francs
high and 49.85 francs low.
Cables.
Cheques.
Sterling Actual—
Sixty Days.
4 00
3 99 M
High for the week
3 972*
3 962*
3 96
Low for the week
3 922*
12.21
hot
June
29
June
100
17
June21
17
June21
17
June
23
Apr
200
75
June21
75
June21
75
High for the week
100
June
84
Apr
Low for the week
San Cecilia Sugar.no par
2,900
22
June23
24
Junel9
22
June
German Bankers'
June24
June
253* June
913* June
100
Rand Mines, Ltd.no par
Reis (Robt) & Co.no par
Preferred
June23
300
90
Super Steel, 1st pref.100
200
983* June24
Texas Pac Coal A Oil. 10
2,900
Steel&Tube of Am.pf.100
913*
June24
90
99
June23
983* June 102
473*
Junel9
46
June
Jan
47 y,
Tex Pac Land Trust. 100
100 318
June25 318
June25 240
Feb 420
June
'Apr
Tidewater Oil
200'1993* June24 200
June25 190
May 229
Mar
100
TRANSACTIONS
THE
AT
DAILY.
June21
46
NEW
YORK
STOCK EXCHANGE
Paris Bankers' Francs—
11.64
11.62
12.62
12.60
2.77
2.79
2.66
High for the week-.
Low for the week
2.58
36
36?*
35 Vs
Amsterdam Bankers' Guilders—
High for the week
for the week--
Low
Domestic
WEEKLY AND YEARLY
11.75
12.73
Marks—
discount.
35 9-16
35 5-16
3 52*
Exchange.—Chicago, par.
St. Louis, 15@25c. per
par.
San Francisco, par.
Montreal, $125
Cincinnati, par.
Boston,
$1,000
00
per
$1,000 premium.
Stats, Mun.
Ac.,
A Foreign
States
Bonds.
Bonds.
Bonds.
Week ending
25
June
1920.
United
Railroad,
Stocks.
Par
Shares.
Value.
"curb" market this week was
A large number of issues were dealt in
but total transactions were small.
Price movements were
irregular and changes with few exceptions of small moment.
General Asphalt com., one of the few stocks to show any
material change, registered a drop from 15% to 72 and
closed to-day at 73%.
American Candy weakened from
7 to 6% but to-day sold up to 8.
North Amer. Pulp &
Paper was an active feature, advancing from 5% to 7%, and
reacting finally to 6%.
Ligget's Internat. class A com. was
traded in for the first time, down from 109 to 106% an(i at
107% finally.
Wright-Martin Aire., which has not ap¬
peared in the trading for a long time, was active and ad¬
vanced from 5 to 63*2, with the final transaction at 53*2Oil
shares were generally quiet.
Simms Petroleum was active
and after early advance from 17% to 18%, fell to 163*?, the
close to-day being at 16%.
Arkansas Natural Gas lost
about three points to 12.
Houston Oil com. sold down from
75 to 71.
Internat. Petrol, improved some three points to
37 and reacted to 35.
Invincible Oil sank from 38 to 34%
and ends the week at 35%.
Foreign Government and
municipal bonds were a feature of the market and nearly all
show improvement.
Several new issues were traded in.
Belgian Govt. 6s due 1925 in particular juiiiped from 90 to
Outside
again
$8,905,000
9,305,000
$351,000
1,139,500
Monday
447,780
37,492,500
$526,000
967,000
Tuesday
412,960
37,790,500
1,626,000
Wednesday
308,7.50
25,938,150
1,556,000
677,000
9,304,000
10,376,000
Thursday
322,740
25,931,000
1,743,000
849,000
10,513,000
Friday
288,079
24,713,400
1,421,000
1,622,500
8,579,450
$17,074,900
189,709
Saturday
$7,839,000' $5,362,500 $56,982,450
1,970,018 $168,940,4-50
Total
Wet k ending
Sates at
June
723,500
Jan.
25.
1 to
25.
June
York Slock
New
Stocks—No.
1919.
1929.
124,254,081
136,141,351
0,098,072
1,970,018
$165,940,450 $532,535,200 $11,008,215,525 $12,948,127,030
shares
Par value
Bank shares,
1919.
192#.
Exchange.
$1,400
$47,200
$1,540,128,400
196,879,800
288,145,500
$1,137,892,600
$2,025,153,700
$1,587,746,100'
par
Bonds.
&c., bds.
5,362,500
RR. and misc. bonds.-
7,839,000
$35,507,500
3,456.000
9,276,500
$70,183,950
$48,240,000
Government
State,
mun.,
$56,982,450
bonds
Total bonds.
174,061,000
275,792,500
BALTIMORE EXCHANGES.
Philadelphia
Boston
Baltimore
Week ending
June
25
1920
Shorts
Bond Sales
Monday
10,725
$18,200
38,750
Tuesday
13,585
69,500
Saturday
8,203
Shares
2,979
3,399
2,862
Bond Solos
$35,000
61,700
39,800
Shares
Bond Saloo
457
$4,000
941
11,721
64,200
3,678
43,500
920
12,000
30,500
3,100
Thursday
12,913
36,300
3,403
158,500
1,756
3,300
Friday
13,951
5,000
2,053
41,000
2,736
100
$231,950
18,374
$379,500
7,321
$53,000
Wednesday
Total
70,498'
511
a
Market.—The
dull affair.
reacted to 92.
■
complete record of "curb" market
week will be found on page 2649.
99 but
A
t
transactions for the
Exchange—Stock Record, Daily, Weekly and Yearly
New York Stock
2640
PAGES
OCCUPYING THREE
preceding
week of stocks usually Inactive, see
For record of sales during the
page
FBR
PER SHARE
STOCKS
for
NEW YORK STOCK
EXCHANGE
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
the
June 19.
June 21.
June 22.
June 23.
June 24.
June 25.
Week
% per share
$ per share
$ per share
$ per share
$ per share
Sper share
7934
7978
7434
;
On Basis of 100-share
*712
*82%
3034
*41%
7434
7984
♦73%
8
*7
86
3034
42
*83
305s
,
*7
79
74%
78%
*73%
*7
8
*7
86
84%
84%
83
31
41%
llh
30%
30%
41
41
8
8
82%
30%
83
30%
41%
10%
41%
12
12
12
*8%
10
112% 113
*8
9%
112% 113
51%
7i2
*20%
32%
4984
*51
51%
7«4
2214
3212
60
68
6884
*97% 102i2
36% 3684
*78%
73%
8
74%
8
305s
41l2
12
797g
74%
7884
80
75
112% 113
51
51
*7%
8%
21%
32
50
*7%
21%
3134
48%
68
8l2
22%
33
50
68l2
*97l2 102
355s
36%
68%
*97% 102
35%
35%
51
*20%
31%
48%
67%
98%
35%
78%
73%
74
*7
8
*83
82%
30%
8
21%
32
49
6734
98%
35%
.
79%
73%
8
84
30%
31
40%
40%
*10%
42
11%
*7%
8
112% 112%
*50%
52%
*7%
8
*20%
22%
31%
31%
48%
50
6767%
*97% 102%
35% 357
10%
11%
*7%
8%
112% 113
51
53
*7l2
*20%
*3214
49%
6812
*40%
11
79%
11%
*7%
112
51
*7%
20%
8
112%
51
8
20%
32
32%
48% 49%
67% 67%
*98
102%
36
36%
71%
71%
71
71
63
61
61
61
52
*48
52
*49
5o
66
*64%
66
*64%
66
75
75
*70
75
*71
74
*71
74
*64
65
*61%
615s
*61%
64
*61
*48
61
22
22
*64%
*21%
23
22
*45
48
*45
48
*45
48
50
*40
50
*45
192
4
92
198
*85
89
200
87
91
89%
200
210
4%
9i2
1178
12
12
*18%
19
*18%
*13
14
*13
14
*13
69*8
3538
*12l2
*29i2
♦81%
3%
*11%
697s
35%
14i2
31
83%
35S
12i2
*16
17
*16
18
*16
45
*42
45
200
12
19%
*42
9%
1178
♦I884
*42
41i4
*98
41%
100
4%
9%
69%
4%
9i2
""9% "9%
35%
♦12%
31
81%
14
3%
11%
11%
41
98
"14"
*6%
6%
9
2412
40%
9%
24%
4034
*13%
12
12
12
11%
12,
18%
18%
18%
19%
13%
69%
13%
69%
36
13%
69
13%
69%
81%
3%
11
11%
17
45
40%
41
98%
98
*13
69%
35%
*12%
6
9%
24%
6%
984
25
40%
5%
*8%
24%
397S
9%
24%
40%
*57g
40%
5
35%
14
14
*12%
...100
15,700 Brooklyn Rapid Transit.. 100
1
Certificates of deposit
700
3,400 Canadian Pacific......—100
600 Chesapeake A Ohio..
100
200 Chicago Great Western... 100
Do
300
pref
100
•1,500 Chicago Milw A St Paul.. 100
Do
pref...
100
3,800
4,800 Chicago A Northwestern.. 100
Do
100
pref
—100
Do
700
*29
30
*29
"81%
83
29%
82%
3%
11%
13%
""3% "3%
*3%
11%
15%
*42%
40%
97%
13
6
9
9
24%
39%
3%
11%
11%
16
13
45
*42%
41%
*42%
*40%
97%
40%
12%
5%
*8%
44
6
378
16
11%
15%
46
41
98
11%
82%
24%
40
41%
97%
41%
12%
6%
35%
46
41%
98
*401
41%
13
13%
6
Q
9%
Q
pre!
100
14,600 Chic Rock Is! A Pao
700
7% preferred
100
300
8% preferred
100
Clev Cin Chic A St Louis. .100
Do
pref....
100
400 Colorado A Southern
.100
Do
1st pref
..100
......
...
100
2d pref
Do
1,200
3,300
2,100
1,200
1,200
68%
*67%
67%
68
26%
68%
...100
100
Central...
6,300 Interboro Cons Corp..No Par
700
Do
pref..
100
500 Kansas City Southern
100
Do
pref..
100
...
T.300
Lehigh Valley....
50
2,030 Louisville A Nashville....100
500 Manhattan Ry guar
.100
1,000 Minneap A St L (new)
100
3,100 Missouri Kansas A Texas. 100
700
Do
pref
100
26%
68
68
26%
68%
*26
28
27
28
65
*52
62
*53
63
*53
6a
*45
49
*45
49
*45
49
7078
38%
385;
24
24
71%
87%
71
38%
23%
28%
28%
16%
28%
16%
87%
70%
38%
23%
*16%
88
87%
71
69%
38%
38%
23%
23%
28%
28%
2784
27%
27%
28%
27%
26%
38%
28
*72
*72
76
*72
76
*72
76
8378
*41%
§44
23%
85%
84%
83%
43
*41%
44
*41
23%
43%
23%
83%
*41%
42%
23%
84
44
83%
*41%
32
11%
11
11%
11
22
22
22
22
21%
7
7
7
12%
92
22%
76
7
12%
2334
....
II84
2184
Tf%
1134
22
21%
23
9214
93
92%
9278
23
23
2278
54%
3984
23%
54%
4078
*39
30
30
*27
*55
66%
40
40U
*30
3184
44
91%
22%
*55
43
42%
84%
43
43%
24
11%
22
91%
92
22%
22%
22%
92%
2278
56
54%
38%
54%
39%
91%
30%
113%
63%
27%
27%
112% 113
62% 62%
*10%
11
20%
20%
7%
7%
22
22%
38%
113% 113%
113
*63
64
*63
*16
2712
*52
19
27%
62
11
*21
22
22%
22
22%
14
9%
*10%
21%'
7%,
22
9%
10%
2O84
7%
14%
9%
14
39
*27
9%
*16
27%
*52
7%
9%
7%
9%
60
47
27
62
27
27%
*72
84
28%
62
45
Feb
58% July
51% May
42
8
Mar
43
91% Dec
116
May
June21
172% Mar
3% Apr
217
May
7
15% Feb 24
24
Jan 24
47% MarlO
112%Jan
39% Feb
9
18% Dec
Feb 24
4% MarlS
16% MarlS
19% Feb 24
48% Mar 1
39% May24
JunelO
6%
12%
17% Feb 24
8434 Marl 3
41% MarlO
15
May 5
34
Aprl4
93% MarlO
80% Feb 13
3% May20
9% Feb 13
13% May 5
40
May 19
97
3
25
Feb 13
Jan
Jan
16% Feb 24
12% Feb
9
65% June 12
28
16
99% Marl 3
9% Feb 13
17% May20
33
Jan
6
Feb 13
5
52% Mar20
18% Mar 9
3% May22
II
Feb 21
May24
18
Feb 19
7
28*200
Do
pref..
Reading....
"21%
22%
22
22%
7
3,500
91%
22%
55%
38%
92%
23%
55%
40%
pref
Do
*27
31
112% 113%
62%
*8%
*20%
22%
62%
10%
21%
7%
22%
*13
18
*26
27
27
27%
62
*59%
62
62
62
"9"
*14
9%
"9%
18
9%
*25
28
*25
28
*25
28
*25
28
*25
28
*25
32
*27
32%
32%
*27%
32%
*27%
32
*27%
35
*34
35
34
*31
33
*31
33
*31
33
*62%
65
*62%
65
63%
*62%
63%
*62*?
63
63
63
*64
67
*64
67
Dec
31%Juna
13
Nov
40
Dec
25% May
57
May
40% Dec
104% Aug
37% Dec
9% Jan
4%
Feb
8% Jan
22% Nov
37% Dec
24% July
16% July
25% July
38% July
58*4 Juna
14
Mar
28%
Apr
60
Sept
66%
Dec
83% Juna
4% Dec
16% Nov
24% July
112% May
99% May
48% May
33% Dec
23% Feb 13
50
Feb
6
36% MarlO
21% MarlO
100% MarlO
16
84% Marl8
43% MarlO
37% May24
22% May20
59% Junel4
26%
95
Dec
77
Dec
Feb 19
39%
12%
Feb 27
66
Mar
61
Jan
5
39
Apr
63%
80% Marll
33% Apr 26
44
Apr
72
24
Dec
70
80
75
Dec
64% Feb 11
94% Apr 2 7
45
Apr 27
45
Apr 27
33
25% June 1
10%
Jan
44% Juna
84% Juna
93% Juna
38% Feb
39% May
27% July
34
Feb 20
20
Dec
37
18
Feb 24
10%
Dec
23% June
30
Feb 21
23
Dec
377« June
8
39
June
50
Feb 11
21% Feb 11
Feb 11
32% Mar 9
33% Mar 9
15% Feb 13
23%Jan 14
11
Feb 11
20% May24
6% Feb 11
12% June22
88% Feb 13
Mar 2 6
9% Feb 19
18% Mar 1
105% Jan
3
20% Mar 1
Deo
Jan
73% Dec
Dec
33% Dec
6%
12
Dec
Dec
18
Feb 14
50
Feb 13
68% Marl8
100
26
Feb 13
47
27%
Jan
11
Apr 30
17% Mar26
11
Dec
27% June23
Feb 13
125% MarlO
100
100
200'Twin City Rapid Transit„100
3,000 Union Pacific
100
900;
Do
pref
100
500 United Railways Invest... 100
300 i
Do
pref
100
1,400 Wabash
100
110
35
Mar22
Jan
3
15
Do
2,700
pref A—
100
Do
1,300
pref B
100
3,200 Western Maryland (new)..100
Do
2d pref
100
...100
1,600 Western Pacific
20% Feb 11
31
200
Do
pref
..100
1,900 Wheeling A Lake Erie Ry.100
Do
pref..
......100
...100
29% Dec
119% Aug
13% MarlS
29% Jan 27
69% Jan
14
26
63
61% May24
8% May25
17
May21
7
May20
...
Apr
68
91% Nov
20% Dec
527i Dec
100
70
32
100
Wisconsin Central
60% June
122% May
88
Jan
40% July
100
300
Do
pref...
3,600 Texas A Pacific
32%
*34
*27%
32%
*62%
9% Juna
10
Dec
...100
pref
18,000 Southern Pacific Co
12,400!Southern Railway....
28
*25
Dec
3% Mar
23% Feb 11
100
400 Seaboard Air Line
Sept
33% July
"Ho
Do
7
30
85% Dec
53% July
100
....50
....50
pref
Jan
Nov
100
Preferred A trust ctfs.. 100
100
5,900 St Louis Southwestern
1st
23% July
100% May
52% July
127S July
40% July
104
May
13%
31%
40
12
Do
Dec
75% Dec
23% Sept
60% Dec
12
9
9%
77% MarlO
36% Marll
July
20% May
33
July
Mar 12
Do
2d pref
5
3,100 St Louis-San Fran tr ctfs..100
14
9%
64% Feb 13
24
Marll
24%
9
9%
4% Feb 13
•31
Junel8
Feb
Dec
15% July
50
43
44
July
62
*41%
*43%
23%
26%
*58
31% May
Aprl3
100
2,200 Pittsburgh A West Va
76
85%
18
26
*57%
27%
Doc
Dec
41% May 4
100 Pitts Cin Chic A St Louis—100
7%
"9%
*14
18
19
48
66% June 12
14
"9"
*13
19
31
112% 113%
62% 62%
9%
10%
*20% 21%
14
*10%
Feb 19
51% Mar25
100
Third Avenue
113% 113%
63%
03%
*10% IO84
*2184 22i2
738
788
27
74
100
preferred
5,000 N Y N H A Hartford
100
*55
Feb 11
84% Junel6
7
56
"40
.
20
47% Feb 16
200 N Y Ontario A Western... 100
32
11%
44
54% June
Sept
.....100
9,700 Northern Pacific
12,000 Pennsylvania
.50
7,500 Pere Marquette v 10
100
Do
prior pref v t 0
100
Do
pref v t o...
100
38%
23%
23%
28
27%
76
8478
44
Feb
63
2,000 Norfolk A Western.......100
75
84%
»4178
44
73
32
17
71%
38%
25%
July
65% Aug
Marl 5
Feb 24
90
70%
1
*2714
Second
June
68
17
*58
*72
100
84
55
*88
18
87%
70%
75
29%
..100
2,100 New York Central
1,000 N Y Chicago A St Louis.. 100
100
First preferred
100
32% Jlny
Dec
60% Mar 1
49% Feb 24
7% Mar29
47% Feb 20
67%
6734
Jan
Jan
08
6
Feb 11
Preferred-
May
133
Feb
9
Gulf Mob A Nor tr ctfs.—lOO
105
Dec
Feb 11
.100
500 Illinois
July
Nov
May 19
54
9
""166
76
85
62
Junel7
100
July
42
4
....100
400
Do
2d pref
...100
100
9,100 Great Northern pref
Iron Ore proper ties —No par
4,050
12
22%
Mar
Feb 21
31% Feb 28
45
28%
78
teb 11
26%
8684
70%
38%
23%
41
Dec
116
Jan
Feb 11
45
28%
120
36
*53
*16
iJune24
34% Dec
48% Dec
Denver A Rio Grande.... 100
1st pref
33% July
28% July
170% July
42% Marll
61% Marll
91% MarlO
210
Do
Dec
68% May
Feb 10
Erie
Dec
5
30% May
02*4 July
Junel5
...
10
May
55% May
59% May
21
86
pref
107
51% Dec
7% Jan
166
Do
87% Dec
28% Dec
38% Dec
59% MarlO
10% Feb 20
4534 Feb 13
67
98% June23
23% Feb 13
64% Feb 13
Highest
27% Feb 28
19% May24
30% Feb
21
49
18
Feb 13
I
9 per short 9 per share
104
May
80% Dec
89
J&t
76% Dec
6
Mar
15% July
126% Dec
Jan
Do
pref trust ctfs
100
1,000 Nat Rys of Mex 2d pref... 100
55
8684
71%
3884
2358
Feb 13
7
134
4,500
29
29%
47
Marl5
13% Marl5
May20
6,400 Missouri Paolfio trust etfs.100
5%
55
86%
71%
38%
235s
17
~
Jan
Jan
41%
*45
*16
7
110
93
25
*27
17
38% Feb 24
49% Feb 24
40%
5%
49
88
8% Feb 24
x82% Junel8
27% Feb 13
40%June25
10% June23
86% MarlO
82
Jan
24%
56
29l8
Apr21
24%
29
29%
May20
40
*45
*86
Feb 11
5
39%
*27
*16
76
72
24%
*53
29
I per share
...100
New Orl Tex A Mex v 10..100
68i2
Lowest
Highest
$ per share
Delaware Look A Western..50
Delaware A Hudson
600
14
29%
29%
36%
*12%
13
"1334
6
9%
18%
13%
70%
35%
*40%
*1314
4%
*9%
9%
87%
194% 194%
4%
4%
9%
9%
18%
30%
3%
41%
98%
4%
4%
9%
87%
12
14
*29%
8178
81%
35s
200
89"
199
19
1378
6984
35%
35%
*12%
3578
*29%
199
*86%
*188
12
69
6984
4,500 Atch Topeka <fc Santa Fs_. 100
Do
pre!
100
3,000
Atlanta Birm <fc Atlantic.. 100
""300 Atlantic Coast line RR..100
100
4,050 Baltimore A Ohio
50
87
*40
*90
22%
Year 1919
lots
Lowest
Par
Railroads
Shares
SHARE
Range for Freeiont
Range since Jan. 1.
Bales
BtOB AND LOW BALM PRICES—FBA SB ARM. NOT PER CENT.
10% Feb 24
June21
Feb 24
7%
Dec
Jan
Jan
70
12
Dec
Dec
Sept
May
July
23% July
115
Juna
33
May
72% May
70% July
25% July
60
June
138% May
74% Mar
15% July
34% July
13% July
7%
Dec
20%
Dec
3,
May
Dec
25%
July'
Apr
14% July
30% July
26
July
20% Feb 19
12% Feb 24
14
8% Feb 13
14% Feb 13
20% Feb 13
20% Feb 19
32% Apr 7
16
Dec
17
Feb
54% Feb 6
9
June23
66
52% Feb
7% Mar
61%,
17
Jan
28% Sept
25
Dec
41% May
29%
Apr
64
46% Mar29
21
Jan
64
July
72
56%
Jan
76
Jirna
66
Jan
113
Juiv
15
25
May20
Mayl9
25
Mar29
14% Feb 20
22% Feb 20
Feb 11
33
Feb 24
9%
Jan
18%' Sept
Industrial Be Miscellaneous
1%
1%
138
2
*1%
1%
80
*76%
80
*85%
87
*85%
87
*86
90%
*86
89
43%
43%
*42%
44
"""406
42
42
42
*41
44
90
90
90%
*90
91
*82
91
*82
91
*82
91
*110
116
112
112
1%
87
*84%
87
86
90
*86
90
*86
90
42%
40%
42
40%
*40%
42
*75
42
86%
*85%
*40%
*40%
42
40%
*40%
*90
93
*91
93
90
90
89
*82
91
*82
91
*82
91
111
114
40%
90%
*90
41
"40%
*90
91
90%
139
13934
40%
39%
62%
1%
2
37
37
*84%
*85%
*40%
*40%
87
90
42
*1%
2
37
2
38
2
80
■
86
.
44
*42%
91
39% 40
90%
90%
136% 138%
39%
136% 137%
13834
44
46
44%
44%
"l% '"1%
2%
37
90
40%
90
139
140%
*107
44
138
40%
37
1131,
11%
US4
17%
*11%
12
17
17
91
91%
93
90
44
*90
11%
16%
89%
44
11%
16%
87
86%
11%
~82*4
*90
82%
*81
93
*90
89
86%
87
40
89% 89%
138% 139%
44%
11%
11
11%
*11
16
15%
13
*15%
90
90
*88%
43%
43%
11%
15%
86
60
42%
*58
86%
11
11
11
11
*81
83
82%
82%
93
*90
9984
100
86
*11
89
42%
*42
44
60
*58
60
86%
86%
86%
11%
*11
11%
84
*82%
84
17%
2334
*74%
60%
98
102
17%
24
76%
60%
97%
9934
17
95%
93
*90
60%
17%
24%
76%
60%
2334
*74%
91
91
91
3834
39
95% 96%
*97% 100
97%
98%
*97
100
99
99
*35
40
*35
16%
24
74%
59%
39
17%
24
91
3834
*90
100
74%
*90
59%
91
*124% 125
*105
*
109
*105
125
38%
85
125"
38%
85
*123
108% *105
125
16%
23%
*74
58%
*90
38
*84%
40
96%
98
16%
23%
16%
16%
23%
23%
16%
23%
75
74%
74%
74%
59%
90%
38%
58%
58%
58%
89%
90
38%
38%
87
123
123
108% *105
10ft
Bid and asked prices; no sales on this day.
*91
90%
38%
*85
123%
*105
123% *122
108
t Ex-rights.
*105
87
124
62
1% May20
1% Feb
4
12
88% Jan
June24
Jan
5
2% Mar24
8
30% May 24
Mar31
53% Jan
3
1%
1%
30
Dec
Jan
Jan
JaD
3
95
Jan
28
87
Sept
Dec
Feb 13
*92
33
40% May 19
74% Feb 13
45% Jan 28
42
Jan
100
103% Aprl6
62
Jan
100
90
84*4
Jan
Amer Bosch Magneto..No par
100
8,800 American Can
American Bank Note......50
100
Preferred
...60
2,800 American Beet Sugar
Do
pref.
"""966
900
Do
100
pref
8,600 American Car A Foundry. 100
"i'.eoo
pref
....100
American Cotton Oil......100
Do
pref
100
"3", 163
Amer Druggists Syndicate. 10
2,000 American Hide A Leather. 100
800
Do
pref
100
-
74% May21
76
May20
84% June 2
39
Jan 20
93
Jan
5
101
128% Jan
61% Jan
2
3
89% May 14
124% Feb 25
106
May20
39% Mar 1
79
June 4
101
Jan
3
147% Apr
118% Feb
6
May 12
34% June 7
122
700 American Linseed,
Do
14] 200
pref
100
American Locomotive
300
Do
100
..100
pref
100
Amer Malt A Grain
No par
19",706
American Safety Rasor
25
2,400 Am Ship A Coram Corp.no par
400 Am Smelt Secur pref ser A.100
1,400 Amer Smelting A Refining. 100
700
Do
pref
100
3,400 Am Steel Found tern ctit.33%
100
Pref temp ctfs
No par
300 American Sugar Refining—100
108%
§ Less than 100 shares,
Do
a
pref..
............
Ex-div. and rights,
100
z
6
80% May24
10%June 8
74
Apr 26
Feb 13
82
122
June
7
May20
Ex-dividend,
c
Jan
119
July
67% July
Jan
93
Jan
3
10% Nov
13%
71%
Jan
Jan
37% Aug
2
54%
Jan
3
52%
Feb
Apr
14% Mar
43% July
142*8 Oct
76% Juna
70% Juna
132%
Oct
14% Jan 22
95
Apr
7
99% Jan 27
44
,
44% Mar
89
98%
Nov
Apr
86
Mar
8
58
Jan
117%
Mar 9
100
Jan
109% July
109% Apr
72
102
148% Nov
120%Jan
56% May20
89
May21
May20
June22
68% Sept
Feb
Jan
107
85
143% Nov
107% Juna
68
96% June 1
30% Feb 13
11% Apr 15
16% Feb 13
74% June22
35
Oct
Oct
May
Dec
63% MarlO
Feb 13
91
95
July
Jan
3
Feb 13
84%
56
49
101%
39%
14
Feb
84% May
427S Feb
ztfS
113% May
103
Mar
88
15%Jan
53
Jan
113
30%Jan
38
...
pref...
Jan
4% Jat
3% July
51% Oct
97
Sept
4
3
June24
100
"9"! 500 Amer International Corp..100
300 Am La France F E........10
Do
81%
May
Mar28
54% Jan
86
15% May20
85% May24
11
.100
300 American Ice
35%
161
23%
74%
58%
90%
38%
25% May20
61
May 21
1
92
83
93
97%
*35
97%
*99
93
83%
91
11%
16
89%
42% Apr
96%Jan 16
48% Apr
1
Do
43%
83
11%
114
Do
80
*58
85%
2%
37
200
110%
45
39%
80
17%
800 Advance Rumely.
*76%
1%
2
37
2
37%
37%
100
Express....
...100
pref...
100
300 AJax Rubber Ino
50
10
1,200 Alaska Gold Mines
6,400 Alaska Juneau Gold Min'g.10
1,100 Allis-Chalmers Mfg
.100
Do
pref
100
""300 Amer Agricultural Chem.. 100
Do
pref
100
62
1%
Adams
Jan
2
39% Dec
63
Oct
fug
17% Junele
30% Jan
83
5
MarSO
Jan
3
100% Jan
13
60
Mar22
93% Jan 19
142% Apr 14
118%Jan 20
Full paid.
26
Dec
47%
Oat
79% Dec
61% Dec
94% Jun«
Dec
109% July
47
July
94
33% May
91
Dec
89% July
96% Aug
111%
Jan
148%
113%
Jan
119
Oct
May
usually Inactive, see second page preceding.
week of stocks
For record of tales during the
2641
Record—Continued—Page 2
New York Stock
AND
LOW
EXCHANGE
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
the
June 19.
June 21.
June 22.
June 23.
June 24.
June 25.
Wee k
*85%
87
865s
88
*86
91
91
93
93%
224
22734 *210
86%
86%
86%
86%
96% 97
96%
*86%
*45
96%
94%
*94
96
41%
*94%
*40%
44%
14
42%
*135s
42%
14
14
*13%
14
*13%
56
50
*45
50
*46
50
*46
50
*4514
56%
42
55%
5638
55%
55%
34
3434
30%
33%
*31
60
*50
60
*55
60
*54
60
*54
60
*54
60
*54
*55
75
*50
75
*54
75
*54
75
*54
75
*55
75
*85
100
*85
100
*85
100
*90
100
161
161
159
160
159
159
160
160
160
161%
*62
66
*62
*62
160i2 16312
66
64
*8
10
116
*41
43
43
*41
15178
10234 10234
*1
1%
108
"♦I"
22%
lis
22%
88i2
88i2
*87
9012
9114
*1
2134
21
21%
8 934
87
87
2134
90U
*8i8
*97
107
*106
88
89%
90
89
89%
50"
110
107
8
54
49
200
400
2,000
400
*106
8%
110
8%
106"
8
22"
*21%
*1612
6978
3012
*6812
*5512
67i4
*21
697g
31
3214
6034
101
98
*21
24
*21
23
1734
16%
*68%
16%
*16
17
17
68
69
68%
3034
97
69%
31%
9978
42
*41%
16
153s
32
30%
30%
•
157g
*35%
35%
35i2
3534
"35%
33
33
*53"
55~"
54
30%
35
33
54
52
29%
285s
8312
*83
84
83
83
67""
*64
66
65
66
64
*7812
80
*7812
80
*78%
79
*78
80
80
13%
3334
325s
85
84
82
12
9334
9478
13i2
34
85
9734
9514
*10312 10434
933g
144i2 146l2
54%
2938
2984
78%
11%
1134
9534
*90
*90
95
100
53%
8OI4
55%
~53ijs
80
80
55l2
*19%
5478
52%
5378
52%
53%
53%
63%
79
79%
78
79
78
78%
55%
52%
10
9,100 Cuban-American Sugar
1,200 Dome Mines, Ltd
22
978
2134
*78%
51%
*9%
79%
54
21%
21%
1,200 Elk Horn Coal Corp
54%
"20""
56
978
22%
3814
"22"
*35
38%
*36
2134
38%
*36
38%
*36
38%
20
*15
20
*15
20
*15
20
*15
20
78%
9138
*76
82
*76
82
*70
82
*76
82
87%
*94%
88%
*88
90%
88
88
96%
*94%
96%
76
77%
77
*83%
84%
84
38l4
*35
20
*15
*76
82
*76
I
88
92^8
76
77
*74i2
76
*83%
*10i2
84i2
13i2
*8312
*10%
84i2
13%
*34
36
*33
36
12%
.
67"
*65
*76
23%
78%
22%
72%
72%
85
*83
6378
m
*83%
"28%
37"
30
«►
*82%
72
85
73%
*110
119
29
12%
66%
<•
--
m
72%
~46%
47"
9%
24
~
32%
32%
22%
21
22%
21%
12%
21%
12%
65%
65%
12
12%
65
*05
83
83
140
140%
*76
79
79
m
137% 140
*76
2234
72%
22%
71%
72%
72
72
85
85
85%
85%
86
86
613s
62
62%
62%
62%
62%
'
28
m
-
-
60%
•
85
*82
28
*35
19%
20
20
20
29
30
30
*30
31
*60
62
*82
85
*35
37
60%
*60
*82
85
52%
52
21
85%
106
71
73%
16%
73s
517«
16%
7%
5278
21
*82
21
21
85
*82%
*82"
106
16%
*106
106
3178
*20%
*82%
130% 131
106
31%
32%
89%
17
17%
17%
7478
75
7378
74
74
74
74%
4434
4434
44%
89%
74%
*44
21%
100
83
550
7,600
11,500
75%
3,300
44
17%
76%
2,300
74%
31%
89%
130%
105% 105%
31%
31%
90%
89%
17%
17%
106
44%
3,400
74%
.
46
10
'*20
24
*22
*103
106
99
*94
99
*55
26%
~26%
26%
26
26%
26%
26%
26
26%
28%
297a
28%
28%
28
28
27%
28
71*4
72
71%
71%
*69%
71
72
72
*145
165
99
99
27%
2778
16%
*46%
29%
30
16%
50
*105*4 125
29
29%
*145
160
*145
♦
102
27%
*70
24
99
71
3,600 Keystone Tire A Rubber...10
....100
1,100 Lackawanna Steel
Laclede Gas (8t Louis)
100
155
*145
*
102
*
100
26%
26%
26%
16
1534
16
16
16
16
50
*46%
*105% 125
*46%
48
■
140
13734 137*4 *134
139
13478 13478 *134
138
*134
138
100
*92
100
*92
100
*92
100
*92
100
*92
100
*63
66
*63
66
*64
65
*63
66
*63
66
•63
65
60%
*60
♦
61%
130
60
60
*60
125
125
*120
Bid and asked prices; no
60
60%
130
I
60
125
sales on this day.
*59%
*120
130
122
60%
122
S Less than 100 shares,
100
preferred
20,600 Loew's Incorporated—no par
Incorporated
no par
ctfs.100
Do
2d preferred
100
""loo Lortllard (P)
100
•Do
preferred
.....100
M&okay Companies
...100
Do
300
pref
100
500 Manatl Sugar
100
100 Loose-Wiles Biscuit tr
50
46% *43%
*10534 125
*10534 125
46%
*92
*59%
91%
70%
54
Aug
83%
f78
Jan
46%
98
Apr
9378
13
26
June22
20%
t Ex-rights,
a Ex-dlv.
and rights,
5078 July
Dec
108
43% Nov
56
July
69
Oct
75
75%
Oct
95%
Oot
June
Aug
86% July
Dec
678
Apr
106% July
23
Oct
37% Nov
Aprl6
30»j Dec
65% Feb
Oct
10% Sept
Apr 14
14%
1051
107
Nov
141%
78*4
46
Jan
9
102
Jan
1097a July
9
100%
102% Jan 22
Jan
103*4 June
110
June
15%
Oct
99
Oct
4338 Apr 29
278% Apr
100
Jan
7
52%
Feb
261
Oct
7
91.
Jan
105
July
20%
Jan
55
Deo
87%
Deo
59% Apr 14
69% Mar
8578 Jan 21
9 ii605
Aprl7
Jan
3
13
9% May 19
Jan
2
18
28
May24
June 23
Oot
Jan n410
nl50
Jan
16% May
10%
Jan
Deo
Mar25
23%
39
49
July
2
247a
Dec
43
June
88
Dec
101
June
80
June
150
Dec
July
43
33
Feb 17
45
20
Feb
6
29
Jan
78% May 14
91
Jan
2
147
Jan
93% Mayl8
65% Feb 11
104
Jan
101%
Aug
107%
Jan
83
Dec
123
86
June
80
May20
10
Jan
6
26% Jan
2
100% Feb 13
27% May20
20
II
May20
May20
95
_
91% Apr 15
16% Mar30
44% May 14
13478 Mar20
48
Jan
Jan
23% July
48% July
173
Oct
Oct
55
64%
19% Jan
15
38*4 July
172
Dec
101
Feb
176
Oot
82
Jan
95
June
82%
Feb
94*4
56%
6
Jan
90
89% Jan
42
Mar 26
94
957a July
Aug
47
Jan
s5% Jan
Dec
July
144%
75% Jan
9434 Jan
June22
Dec
39% Nov
Dec
79% May25
134
May20
73
May25
87
Dec
38%
Deo
317g
58% Feb 27
22% June22
68 78 May21
80
May 3
58% May20
9
25
Deo
July
36% Jan
Jan
93%
Oot
Aug
109%
Dec
80
Apr
Jan
Apr
Apr 20
857s Jan
102
10234 Jan
Feb 25
65% Jan
47%
19% June24
49% Jan
46% Deo
27% June23
55% Apr29
38% Jan
32%
Dec
847g Jan
108
Jan
49%
54%
Feb
89%
Oct
Jan
100%
Dec
40
Feb
71% July
687a July
31
81% May 20
50
Feb 13
30
13
May 20
Feb 13
77%
46%
23%
9«4
19
Apr 14
Apr 19
Apr
9
Apr
6
Apr 8
53*4 Nov
47%. July
6'4 May25
48% May24
617g
42%
Feb
13% Feb 13
27
Aprl4
10%
Jan
69
88%
Apr 15
48
Jan
9178 July
142% Apr 13
115
Jan 24
110%
Jan
149% July
120
June
3
6
7
21%
Feb
11
11234 Feb 17
105
June
4
27% Feb 11
5178 Jan
76% Feb 13
11178 Jan
15% May20
2634 Jan
62% May20
91% Marl8
79?8Jan
3
70
Feb
16
36% Mar 1
8
May21
32
May28
20% May22
98% May20
95
Junel7
61%Jan 27
2184Jan
9
45% Jan 10
30
Jan
5
152% Jan
5
Jan
21
105
111
Dec
37*4 July
Jan
67*4 July
92*4
Feb
128% May
20%
30%
Dec
3378 June
82
Nov
Jan
62
Jan
80
July
34
Dec
65
Nov
15
Dec
48
Mar
3878
Dec
91
Mar
24*4
Dec
44
July
Jan
164
Nov
68
101%
Dec
110%
Jan
114*4
Oct
Oct
53 % May20
95
Apr
9
34
24% May20
21% May20
33% Apr
7
27% Nov
48% Jan
5
38%
Dec
126% July
91%Jan
5
43
Marl5
62%
38
Jan
107*4 Nov
Dec
63
37
t»eb
'26
May22
43
83
July
Jan
387s Jan
6
21
Jan
40
Oct
Jan
10
195
Dec
250%
Aug
31
107
Jan
115
July
207
Do
Feb
Feb
37% Nov
14
Mar22
Apr 1
Mar22
Jan
5
Apr 26
14434 Junel5
99
June21
1,400 Loft
32%
60%
9234 Jan
26% May20
"""206
26%
29% July
Junel7
Liggett A Myers Tobacco. .100
155
Dec
Feb
Feb
Oct
Dec
Tire....No par
600 Lee Rubber A
*134
*120
No par
4,700 Kennecott
28
16
*10534 125
Copper
26%
71
26%
16
Corp...No par
25i4
27%
26
27%
600
100
Inter Harvester (new)
100
Do
Preferred, new....100
Int Mercantile Marine
100
Do
preferred
100
International Nickel (The) .25
International Paper..
100
Do
stamped pref..
100
preferred
72
*145
*102
"26~
5
26%
27%
29%
155
10
100
Do
100
preferred
-100
Jones Bros Tea, Inc
100
"""960 Kelly-Sprlngfleld Tire
25
Temporary 8% preferred 100
30 Kelsey Wheel, Inc
100
105% 105%
*94
Car...No par
Manufacturing
100
Haskel A Barker
Do
16*4
...
300 Jewel Tea, Inc—
70
70
2978
*20
24
106
*94
24
100
100
100
100
Deb stock (6%)... 100
Refining
113% Nov
6034
78
temporary otfs..no par
Do
Apr
34%
39%
39% Feb 26
100
Do
Nov
68
65% Jan
n400
preferred (8%)
100
Smelting 100
Do
90
Jan
Jan
44% Jan
Jan
Mayl9
67% July
31
67
94
Lasky No par
Debenture
104%
4034 Jan
May24
115% May24
50
preferred
800 Iron Products
9
9
102% 102% *102
*20
105% 106%
June21
30
26,800 Inspiration Cons Copper—20
410 Internat Agricul Corp.... 100
33
24
44%
10
*55
*105*4 125
xl28%
74%
*94
16%
*82%
75%
62%
50
84
17%
99
*46%
22
85%
Do
Do
1,400 Indiahoma
7%
21
Famous Players
5
5
3
106
Feb 26
76% Feb 13
...100
preferred
3,000 Hupp Motor Car Corp
51%
74%
62
"
7%
52
107
61%Jan
164% Mar29
11178 Apr
"
21% Jan
41% Jan
101
100
preferred
100 Hendee
w
7%
51%
1778
48
16%
4878
21%
7%
7%
52
39:300
7578
16%
17
76%
88%
7378
74%
32
16
32%
887S
17%
32%
88%
90%
*94
28
¥5"
73
7278
130% 131%
131% 131%
33*4
*20
37
62
84
116% July
114
July
108% Jan
10% May24
preferred
...100
500 Granby Cons MSA P.—,100
700 Gray A Davis, Inc..
25
1,700 Greene Cananea Copper..100
100 Gulf States Steel tr ctfs_.100
Hartman Corporation.
100
37
20%
33
*7%
52%
*46
20%
27%
32
71%
74%
16%
7%
32*4
88%
17%
7478
7378
*35
56% J Feb
Jan
Mar 2 6
69
10434 Jan
9734 June22
Do
deben stock (7%)--100
1,000
100
3,100 Goodrich Co (B F)
1,300
36%
65
102-
84,700
1,700
24
22%
72%
99
160
23%
79
85
237s
—10
10
50
'---50
100
Inc
pref....
1,791 General Electric
100 General Motors Corp pref.
200
138% 139
*76
preferred
...100
300 General Cigar,
85
73
*62
27%
16%
79
*80%
2278
*94
*99
83
22%
99
*145"
_
66"
72%
*84
86*4 July
x76% Feb 13
75
Feb 11
100 Fisher Body Corp
No par
25
5,600 Fisk Rubber
1,700 Freeport Texas Co—...No par
800 Gaston W A W, Inc...No par
33
86
*76
85
33
10634 106*4
32%
65*
140% 140%
9%
*20"
32%
83
_
17%
7%
106
_
32%
66"
*65
78%
23%
72%
131*4 132
77%
120
Oct
5634 Mar
55% Feb 10
Federal Mining A
"""305
22%
29%
*82
77
*110
21
84
—
120
36%
20%
84
-
*110
37
21
•.
37
120
900
13%
*35
*35
21
887S
1778
86%
*10%
37
17",700
88
53
88%
17*4
86%
86%
13%
6278
52%
*20%
"32% "32%
*86
79%
*10%
62
*17
7%
7%
8634
79
80
*34
87
*31
17
17
"79
13%
63%
*82
33
*31
79
36%
88
63
"
*«.
Do
*34%
2:88
64%
m
*3578
Do
96%
*10%
33
Deo
81
-No par
7,000 Endlcott-Johnson
*95
13%
3258
140% 141%
23*4
72%
88%
Do
54% May
86% Sept
50
Emerson-Brantlngham ....
35
*83
79
88%
978
120
86
140% 140%
978
35
*10%
*110
125
*11212 125
32%
33io
33i8
33i2
23%
2312
23i8
2378
*79
22 '
38,700 Cuba Cane Sugar
Do
preferred
6,000
53
978
2134
*15
*64%
53
52%
978
*19%
55
56
*35
91l4
535s
37% July
27% Mayl3
100
80
"52%
Feb
667s
30% May20
28
May20
Refining..100
preferred
100
preferred
39*4 July
167a
78
Products
Do
17
Jan
5%
14% May20
28% June'25
no par
1,000 Cosden A Co
60,100 Crucible Steel of America. 100
95
Feb
16
87%
78
preferred
100
800 Continental Candy Corp No par
94
6
Jan
62% May24
99% Junel5
40% May24
97%Junel7
100
94
9
Jan
64%
56% Mayl9
Do
Do
Dec
6
Feb
400
Oot
115
75% Jan
Feb 27
48,900 Corn
Apr
7
Feb 10
May20
953g
96
94%
9434
94%
9558
104%
104% *103
104% *103
103% 104% *103
36
*35
35
35%
35%
35%
148
150%
146% 149%
143% 147%
141% 144%
166
Apr
July
Jan
13
11%
May
Jan
78
11
Aug
92
Dec
25
1134
25
102
19%
Mg__10
98%
Dec
20%
4,600 Consolidated Textile.-.No par
100 Continental Can, Inc...—100
300 Cons Inter-State Call
Jan
11
85%
9
Oct
48%
33%
83
101%
Sept
3
33
*82
84
July
116
Jan
*13%
14
3234
%
108
46
1,900 Consolidated Gas (N Y)__100
1334
Dec
90
May2l
78%
13%
t
112
29%Jan 12
28% Jan
6
85% Jan 28
68%
preferred
107% Julj
Jan
65
Do
Do
Oct
Jan
55%
June24
78
100
2% May
55%
41
26
May21
May20
6734
80%
80%
May
45
Mar20
129
78%
65%
32%
*8
84
*83
119
Oct
26
pref.
100
1,100 Consolidated Cigar..u.lYo par
300
Feb
Jan
Sept
1%
26
11%Jan
4
15% May20
No par
200 Colorado Fuel A Iron
100
100
14,400 Columbia Gas A Elec
16,700 Columbia Graphophone No par
500
1138
9434
104i8 10414
3514
3514
14212 146
36
*35
5334
July
Dec
Dec
62
79%
65%
82
*13i8
78
"
84
*75
33%
*82
12
*81i4
*13%
33%
1358
35
*83
Peabody A Co
145
68
20
25
5
100
Copper
Jan
110
Apr 1
9634
6% May20
2,100 Coca Cola
293s
29
79%
78%
135s
*82
~13i2
34
34
54
64
28%
*64"
*13%
34
"53"
29
Chile
Jan
Deo
103
1% Jan
15
Dee
35%
156%
647a
32% Apr
96% May 6
102%Jan
3
102% Feb 24
114
Jpn
5
May21
20%
Jan
29
15
9
60% Mar25
154% Junel9
111%Jan
6
14
Jan
14% Nov
Oct
19% Jan
30%Jan
9
Oct
76% May
75% Deo
65% Dec
148% Apr
3
Feb
12
pref
100 Cluett,
35
192%
Jan
7% Mayl7
100
Calumet A Arizona Mining. 10
Central Leather....
100
Do
pref
100
Do
1,700
*34
Feb
64
June 4
I
100
Butte A Superior Mining.. 10
Caddo Central Oil A Ref-.lOO
California Packing
No par
California Petroleum..... 100
2.900 Chlno Copper
35
92
Jan
74% Jan
17% Feb 11
77% Feb 27
81% Feb 26
Copper A Zinc v t c..5
Butte
15%
35
54%
Brooklyn Union Gas
30
78
33
50
conv
15%
*75
Jan
Jan
May20
102
Aug
•
68
June 4
Mar
Dee
82
Mar
80% May
142
Nov
103% Feb 13
40
Apr 23
114
65%
Jan
17%
61
176% Jan
100
cum
2834
15%
30%
*33
35%
*32
5412
2934
'
96
78
35%
345a
29
3014
295s
8
77% July
64% Nov
Feb
51% May20
20
Deo
11034 June
58%
75
No par
6,000 Chandler Motor Car—No par
3,600 Chicago Pneumatic Tool__100
100%
*75
78
83
2934
15%
1578
30%
*75
100
July
125
1,400 Cerro de Pasco Cop
42%
*41%
July
65
Feb 25
Feb
800
*93
96
96
78
43%
1003s 10178
Oct
29
Jan
May 19
Feb 26
93
"4:200
65%
69
Jan
63
49
700
101
Jan
11
40
May 19
June23
60
*57%
65%
27%
7534 Jan
88
1,300
*98
101
3
9
9
6
3
17
7
5
105
3,200
68
Jan
169%
94%
Jan
Feb
74% Jan
100
100
300
I884
683s
*66
6034
6638
6578
42
97%
15%
15%
'
*56
*98
9834 100
*30
16
31
65%
22%
29%
68
*66
99%
42%
97
9914
60%
65%
100
78
153s
3078
*5634
100%
41%
67%
21%
30
29%
2934
67%
6034
6678
98
102
29%
68
65%
70
13%
106
45%
59% Jan
June
92
100 Butterlck
*1258
Oct
7
66% Apr
67% Jan
pref 100
.No par
5,600
100
102
100i2 100i2 *100
4312 43l2
43%
43%
95
23
67
66I4
102
13%
68%
305s
*65%
*55%
70
*5512
100
*125s
17
166%
70
6034
6712
13%
1734
*69
323s
*125s
*21
23
1612
1712
13
314%
Dec
61% Jan
21%Jan
8%
Do
1,300
*778
Feb
93%
9734 Jan
97
700 Burns Bros
104% 106
7%
7%
107
75s
8
8
778
1917s
165%Jan
2
105%Jan 29
100
"""266
13
8
108% Mar
5
Jan
283
Brooklyn Edison, Ino
87
Dec
137
50
preferred
500 Boeth Fisheries
884
*8%
*83%
90
*83%
60
120% June
100
May
Dec
95
May25
May24
55
Aug
90%
100s4 Marl8
9
Feb
28
73
10634 Mar22
Apr 12
105
13
June
54
Wks.100
Barnsdall Corp CI A
25
Barrett Co (The)
100
Do
preferred
100
Batopllas Mining
20
Bethlehem Motors
No par
Bethlehem Steel Corp
100
Do
Class B common.. 100
600
107%
107
49
110
*106"
8
108%
8%
90
*
108
8
8%
*83%
9
% per share
May20
45
100
pref
Do
*107
93
*8%
*83%
9
"50"
*107"
903s
24,400
108
*8l4
834
88
*83i2
200
41
*40
41
Highest
S per share
1234 May20
Baldwin Locomotive
105
107
107i2 107i2
105
41
42
lOOToOO
118% 119%
23,200
90%
91i4
*95
117% 1193s
37
pref—100
6% pref temp certlfs
148
147% 149
15078
147% 150%
*103
106
IO284 IO284 *10234 105
1
1
*1
1
1
1%
2034 21
21
21
2034
21%
*86
887S
87
87
*86%
89
14714 15078
"llo
147
152l2 15412
10
23
116% 11734
II8I4
*
*105
10
23
100
100
7,300 A T Securities Corp....no par
50
100 Autosales Corporation
545s
545s
5534
55
10
....
Do
100
66
23
10
23
23
*41
43
5458
555s
5478
8l2
62%
5534
*62
64%
11734 11978
11912
*41
56
8l2
*17
23
Il8%
64
555g
557a
55%
*
*62
Feb 16
92% May22
209
May21
85% May20
94% May24
9434 June22
Smelt...25
25
"9~866 Anaconda Copper Mining..50
100
400 Associated Dry Goods
Do
1st preferred
100
Do
2d preferred
100
Associated Oil
100
2,900 Atl Gulf A W I SS Line—100
35
Feb 13
84
100
(new)
700 Amer Writing Paper
37
77
300 Amer Zinc Lead A
Do
pref
56%
54%
pre!
6,600 Amer Woolen of Masa
Do
pref
100
95
42
56l4
55l2
*33
37
*94%
95
Do
300
14%
50
90
*33
37
*32
9534
1412
5678
56%
96i2
4058
*45
86%
97
1412
4934
14*2
86%
98i4
*14
90
8712
95i2
9438
*86i2
96i4
*94
*86i2
Par
Tobacco...100
preferred
100
5*350 Amer Telephone A Teleg__100
100
200 American Tobacco
93%
Lowest
$ per share
% per share
Indus. & Miscall. (Con)
Amer Sumatra
Do
"
*210
225
*210
3,000
88
*86
93
93%
933s
935s
225
225
234
234
225
87
91
93
9378
93l2
93%
93%
*210
86%
*85%
Highest
Lowest
Shares
% per share
$ per share
$ per share
91
*86
91
*86
88
86%
875S
87%
88%
91
8784
$ per share
$ per share
share\
$ per
SHARE
Year 1919
of 100-shars lots
On basis
STOCK
YORK
NEW
for
Range for PreHons
Range since Jan. 1.
STOCKS
Sales
NOT PER CENT.
PRICES—PER SHARE
SALE
PER
SHARE
PER
B10B
1097g Jan
11
36
Apr 12
14
Mayl4
28
Jan
44
May 21
70
25% Feb
105% May 19
13134 May 19
103
May27
64
Feb16
60
Apr22
Feb11
108
n Par value
27%
Dec
25%
Dec
40%
Feb
81
July
94
Feb
120
June
Apr
245
July
Jhn
116
July
Jan
3
3
115% Jan
19
183% Jan
2
147*4
110% Jan
8
107
7
64% Mar22
151% Apr 14
63
Dec
3
June
66
July
130
Dec
137
Dee
69*4 Jan
797» May
$100. 1 Old stock. * Ex-dlvidend.
New York Stock Record—Concluded—Page 3
For record of sale* during tke week of stocks usuallyiaactlve,
third page preceding.
see
PBR 8SARB
LB FX1CBS—FBM ill ARB, NOT FEB CBNT.
tolas
'dag
Tuesday
Wednesday
Thursday
Friday
19.
June 22.
June 23.
June 24.
June 25.
»hare
S per share
% per share
$ per share
25
25
$ per share
26
»19~
24
114
24
102
20
20
*19
114
♦111
*111
114
113
98U
9834
17434 177U
97
♦95
175
20%
2984
3034
2734
40%
41
40%
*59i2 65
♦96i4 100
3212
33i2
3834
3834
99l2
38"
100
Manhattan Shirt
150
Martla
•« par
20
May Department Stores—100
111
113
99
*95
300
179
98%
181%
41%
2014
20%
*59%
20%
98
*37
"
20%
20
20%
1,150
2734
25%
27%
41
41
41%
49,500
11,400
*59%
66
*96% 100
60%
*96%
32%
100
60%
93
39
*37
39
200
Mullins
*34
35
34
34
300
73
75
76%
75
76
30,400
93%
9234
74%
9234
94
95%
95
96%
"6*1%
617|
100
♦93
617,
100
♦34
Vo"
6034
*93
61%
■
13
100
*93
61%
1,500
*67"
70
*91
97
77i2
'102
103
6934
8%
"".300
69%
300
♦12l«
13
33
33
*32
36
*32
36
*31
51
*46
51
♦40
51
*46
51
*46
56:
56
56
100
59
Do
51
54
57
52'
17
5634
52 U
53
53
56%
54
56
16
16
16%
*15%
38%
52"
39
38%
3978
39%
54
52
52
*47
4i4
4%
<
'120
125
23
23
*45
231?
54i2
*15
4U
7i2
*012
122"
*120"
*47
4%
4%
55
51
50
50%
22%
£6"
125
22%
2,100
54
2.00
101
44%
44%
2,900
32
500
2,500
25
24%
24%
30
35
36
3034
36%
50%
30%
36
36
50%
50%
51%
102%
9534
32%
101% 10234
96
96%
69%
8934
*86
19
1812
97%
*90
Wt
23
25
16
60
61
857S
857S
18
18%
'17%
18%
96%
96%
98%
98%
99%
*96
59
100
60
*85
90
99%
63
11134
112" 112"
103
103
99%
95i2
100
♦90
84%
1834
97%
100
10312
95i2
110
101
*95
*95
Ill's 112
101%
*94%
105
96%
Ohio Cities Qas
42,100
Silver.Mining
Elevator
507#
44
Fcbl3
Bottle
Pacific Gas A Else trie
Class
82
92%
95
9134
*90%
Penn-Soaboard St'l
61%
38%
Jan13
50
Bingham
71%
67«4
v t a
1,500
51%
13,800
60
60
8,500
86
86
*18
97%
*96
1,700
900
100
prsf
Do
100
"MOO
14,700
93%
95
48%
*96
200
108
100
42%
JanlO
May24
May21
May20
May 13
51%
10
Jaa
8
8
98
Jan
7
66
Apr 8
Jan24
91%
Jan
6
84
Febl3
11334
Apr 12
.100
96
June 3
104%
Feb 2
63
May 19
68
Jan28
108«4 May24
124
Marie
120
Aprl9
106%
Aprl2
106%
Feb20
Company..'
100
74
50
Feb25
8834 May20
92% May 3
Railway Steel Spring
16
Marl 5
Jan
6
94
Jaa
3
124s4
Jan 3
May24
106%
4
55%
Janl3
Jan 2
Republic Iron A 8teal_——100
100
94
Republic Motor Truck.No par
37
17,500
937#
14%
pref
22%
58% May20
34% Feb2«
84% Feb27
17,300
Do
Jan
Jan
27%
"MOO
48%
111% 113
3
827,
100
Punta Alegre Sugar
95
48%
Feb13
6
1081#
23%
85% Junel8
15% May24
100
pref
Pullman
Apr 8
Feb 9
81
Public Sarv Corp of N J-100
63
111% 111%
101% 102%
*94%
96%
Jan
36%
42
15
Pittsburgh Coal of Pa—100
Do
Aprl4
Apr 14
47%
45
—100
Pond Creek Coal...
Pressed Steel Car..
116%
11134
90
pref
100
Pierce Oil Corporation.—.25
200
18%
97%
Feb 13
Feb 13
May20
337# May20
Do
pref
9
30
Plerce-Arrow M Car—.No par
Do
5
Jan
May2l
197# Feb2«
No par
93%
Jan
June22
46
30
no par
36%
500
2
June21
357#
84
6
2
Jaa
30
50%
*85
3", 200
Jaa
Jan
78
37
People's Q L A O (Chic) —100
Philadelphia Co (Plttsb)—60
16%
84%
Apr 14
41% May20
50
B
Parish A
Apr 6
65
417#
100
Tele*
Pan-Am Pet A Trans
Do
9%
157
5
100
Mail 8S
2,400
24%
25
.
Jan 3
65% Apr 8
534 Mar 8
Febl9
May20
217# May20
4778 May21
150
Junel8
no par
Pacific Teleph A
Jan 6
22% Apr 17
May20
Pacific Development
4,100
77%
15%JunelS
25
Ohio Fuel 8uppl7_
Pacific
June25
37
93%
9234
Mar
927# May 4
<
9%
10
200
208
112% 113%
15%
15%
111%
fl"3"
*15%
15%
15%
15%
300
Royal Dutch Co (N Y shares).
St Joseph Lead
10
*47
*47
50
47%
9%
47%
100
Savage Arms Corp
978
205%
1,200
8%
"972
8%
1,000
Shattuck Aria Copper
10
72%
31%
73%
31%
2,200
Shell Transp A Trading
£2
8% June25
72% June25
17,000
Sinclair cons Oil Corp
No pstr
Slow-Sheffield Steel A Iron 100
2834 May24
61
May20
82%
Jan26
...100
87
94%
South Porto Rico Sugar
100
200
Febll
Aprl9
Aprl4
Do
preferred
Standard Oil of N J
100
108
May 18
*9%
50
10
*9%
203*4 204
*202
10
204
834
75
74%
31%
75%
31%
6884
205
7134
89
300
*
108
J
69
70
70
*87
89
*87
89
*87
295
*280
300
10034
*270
300
*270
300
108
*
108
*104
108
40%
108
659% 664
10034 1007#
*397#
41
72i2
71
73
72%
68%
70%
"fib"
45"
40%
_50"
40%
To'%
10
10
4634
45%
46%
673#
67%
69
91
*88
93
147,
16%
17%
56
61
*652
75%
73%
74
31%
68%
31%
31%
652
8658
665
§650
100% 101%
101% 1013#
101% 101%
*397«
40%
39%
39%
*39%
40%
71%
71%
73
73%
70%
70%
68%
707g
7038
71%
7034
71%
"877#
50
50
*40
42
934
44-%
67%
*88
48%
*40
32%
*42%
*
49
121
48%
16%
44
121
80
17
118
48%
*48
200
16
4784
*42%
*6%
66%
6%
6778
91i2
90%
96
*94
60
57
97%
94
IO884
6%
67
92%
100
57%
9578
10734 109
59
76%
6812
978
84i2
7612
107% *
4534
6734
91%
67%
68%
*88
91%
16%
15
15%
5234
*50
55
"87"
8*7%
67%
92
6734
*88
17
1434
51%
172
172
32%
42%
119
200
8734
32%
45"
*94
98
6%
67
*6%
92
*94
6%
67%
93%
100
56%
55%
553#
56%
94
95
93% 94%
*10734 10S34 *10734 108%
*56
57
43
*42
43
*42%
43
91%
105
92%
92
105%
105
105
68%
60%
66%
*8%
82%
9%
9%
84
*8%
82%
75
75%
74
10634 10634 *106
107%
106
8434
76%
106
114
*40
*198
78%
*16
44
*6%
66%
92%
*94
*55%
94%
108
57%
*42
*50
52
*50
*81
83
83
203
200
44
6%
*105
7,800
93%
48,000
56%
95%
108
57%
73%
107%
114
"18%
50%
50%
*50
52
*104
108
18%
49%
49%
4938
49%
49%
49%
49%
51
50
50%
50%
51
1878
18% <1834
50%
18%
51%
18%
84
19%
18%
1834
*81
♦
*81
84
*81
84
*81
1,900
15,200
800
-5M00
60
60
60
60
60
60
107
*105
108
104
112
112
*104
1057# 106
106% 106%
*104
112
66
65
65%
*65
66
*65
68
90
*80
90
*80
90
*80
90
*80
4,200
200
350
1,300
*07
78
*66
68
*66
68
a
no
sales
on
66%
66%
this day.
66%
66%
5 Less than 100 shares,
Jaa
6
90%
Jan28
48%
Jan
310
116
Jan
5
6
Mar25
113% Mar25
51% Mar26
118%
126%
101%
Apr 8
Apr 8
Jan31
Feb13
60
Apr 8
40% May20
47
Apr 7
Mar2«
85
'
Mayl2
13% May24
48% May25
164% Junell
73% May22
33
13% Mar31
c57% Jab 2
95% Jan 3
106
Jaa
7
3S34
Jan
5
86%
200,
Jan
3
Aprlo
127
Apr 14
Febll
53
148
Jaal4
60
48
May26
53
Janl3
100
176
Febll
224
Aprl4
United Retail Stores ..Wo par
U 8 Cast I Pipe A Fdy
100
64
Feb13
96%
15% Feb 13
42% June 5
Do
1st
preferred—
United Fruit
Do
;
pref
100
U 8 Express
—100
U S Food Produeta Corp..100
U 8 Industrial Alcohol
100
Do
pref
100
U 8 Realty A Improvement 100
United
De
States
1st
Rubber
100
pref
100
U S Smelting Ref A M—50
Do
pref
60
United States Steel Corp..100
De
pref
Utah
100
Copper
10
v t s
100
Vanadium
Oorp
..no par
Virginia-Carolina Chem...100
40%
May24
5
Jan
3
Jan
3
Feb 13
10334
40
Feb13
6934
89
May20
1057# May21
14334
116%
Jan
76
Jan
56
June23
417a
89%
June 14
May24
1043s junel5
65
7%
42
59%
Apr 7
Apr 6
Jan
5
Jan
8
Jan
6
Apr 8
5
Jan 13
3
47% Mar27
5
199
Jan
115%
Jan28
Jan
3
127#
Jan
2
Feb 13
97
Aprl6
Feb 13
80%
Aprl4
112%
May20
May 19
104
70
May 3
FeblS
17
Mayl9
48
May 19
60
6
Jan
Mayl4
53%
77%
Apr20
Feblb
par
Air Brake
Jan
96
6
100
no
38
25%
55%
377,
78%
110%
100
Do
pref
Virginia Iron C A 0
V Ylvaudou
Vf estlaghouse
82
Feb 13
103
May24
89%
119
21
78
Jaa
7
Junel7
June
7
Mar 31
89% Marl8
119
Jan 8
Weetingheuse Else A Mfg..60
44% May20
65%
White
47
69% Mar29
Moter.
60
12,000
Willyo^Overland (Tke)
De
pref (jieto)
"MOO
WllsonACo.Ine.
26
100
v t 0—We per
100
500
Werthlngton P A M
Do
100
t Ex-rights,
Do
a
May20
16% May20
777# May21
63
June22
Jan
3
32
Jan
3
93
Jan
5
82%
Jan 5
100
100
100
10—100
60
May 20
95*.
Jan27
100
88
Feb25
93%
Jan 13
100
66% June23
78
Jan
Woelworth (F W)
Do
pref
750
7
Janl3
Aprl4
June25
Wells, Fargo Express
100
Western Union Telegraph. 100
2,100
1,100
127#
113
600
400
243
United Alloy Steel.....Wo par
United Drug
190
90
69
41
no
Utah Securities
85",500
Apr 12
Apr 6
21%
27
2,400
4,000
177#
83%
par
Union Oil
100
84
60
105% 10578 *105
107
84
60
6I84
100
no par
200
5034
1914
112
43
18%
18%
200
6634
100
49
52
June
Typewriter...100
Bag A Paper Corp.100
Union
100
92%
1047# 105
65
66%
*8%
,978
82%
8334
73%
700
18,100
16%
*i05~ 108"
52
92
do
38
Mar26
pref class B
no par
Tenn Copp A C tr stfs.W# par
9% Feb 13
Texas Company (Tht)
Febll
25 c41%j
Tobaeco Products Corp.. 100
60% May20
500
78%
83
110
47%
92%
114
"17% "18"
10434 10434 *105
"so"
92%
*6634
18%
30,400
700
4734
Feb13
May24
Underwood
1,400
32
400
*43
50
59
Transits A Williams St.Wo par
43
17
par
Do
123% May 10
May 21 §850
100
(The)
300
31%
5
..100
Stromberg-Carburet ..No
Do
pref
100
Transcontinental Oil.. No par
114
78%
non-voting
100
Stewart Warn Sp Corp..no par
Studebaker Corp
June
100% Junel7
37% May20
pref
800
43
' 200
77%
66%
92%
2,800
113
48%
do
100 5625
5M50
44
*15%
*42%
*6%
66%
91%
1,800
41,700
115
48
200
77%
10%
172
>
31%
*42%
115
48%
9%
preferred
Temtor Corn A F pref A
45
56
18%
120
3,500
77,200
100
100
10
56
114
1918
52
14,820
Co
600
45%
.
57
9134
9234
10478 105%
66%
67%
*8%
978
8278
86
74%
75%
166
A
46
*934
*42
93%
Roebuck
48%
45
57
10514
*40
10
16
4734
45
87%
31%
42%
197% 198%
76% 78
201
Sears.
pref
Superior Steel Corp'u
45%
88"
31%
'
80
172
88
32
43
Motor Car Corp No par
Do
665
51
175
4,400
Febll
Jan 2
41
May 13
8% May28
203
May25
100
Saxon
89
260
700
71
89
*
658
70
*74%
31%
68%
*87
317g
and
49% May21
5
25
no par
(The)
92%
*90%
91
*90
112
Nov# Scotia Steel A Coal—100
Nunnally Co (The)
82%
94
129
59
82
93
113% 114%
*1512
157|
*47
50%
May 20
83
81?|
60%
*80%
116U
157#
48
1,100
6,200
63%
91%
100
American Co
60%
*62%
*90%
47%
3
60%
6318
8212
95
Jan
100
Do
pref
100
Ray Consolidated Copper..10
Remington Typewriter ▼ t s 100
Replogle Steel
no par
16%
5134
•1
500
16%
81
Febll
16%
16%
63
3
45
16%
60%
105
10%
m
83i2
24%
60
111% 112
101% 103%
*94% 96%
16%
*16%
Jan
100
1,500
15%
89 "
63"
102% 103%
90%
90%
33
84%
60"
Jan
preferred
1,200
32%
94
16
Jnn
107
*30
6
17%
48%
no par
31%
3
117%
Otis Steel
'V,040
7
Jan
110
Feb 10
Otis
50
Jan 2
Jan
Aprl2
30
100
25
16%
90% Junel9
93%
—100
800
50
Apr 7
100
Lead
Nevada Consol Copper
New York Air Brake
Owens
13
89%
102%
*120% 132% *120%4"132%
*22%
23%
22% 22%
*45
55
*45
52%
36
16
6
Janl3
9234 May'27
100
72% Feb26
100 xl00% May21
11% May24
5
5
3~8%
16%
Feb
8
102%
637# May20
—100
37# May20
33
51%
A Cable .No par
100
102i2
96i2
36%
50%
3
92% May25
—100
Ontario
32i2
*90
Jan
Oklahoma Prod A Ref of Am 5
951O
52i2
89
200
97%
30%
9
Junell
3,000
32
9434
32%
Jan
58
0%
45
101
116
4%
31
45
150
10,900
Jan 3
JunelS
6%
46
45
*28%
16
126
107
4%
31
40
31
46
56%
40
96% Junel6
106% May20
100
New York Dock
North
6
100
4%
44%
46
"moo
Febl3
83
100
Jan
Marl*
49
100
pref
Do
Feb13
6%
50
*28'2
447g
100
39%
*47
54
4%
6%
50
30
400
2,000
557#
f 16
18
39%
50%
45%
47
1"04%
76% June24
pref
National
34
5H4
44
Nat Enam's A Stamp's. —100
Do
*75
77%
*75
77%
77%
102% 102% *102
' 103
103
*102
*12%
13
12%
12%
12%
12%
98
100%
98
96%
98% 987#
36
90%
51
61
preferred
Nat Conduit
97
Mar 25
40
32% May24
32% May24
50
preferred
National Cloak A Suit
Do
69%
*92
97
Body
Do
preferred v t c
National Biscuit—
100
*75
3934
*92
Mayl9
May
Jan
Jan 9
69% Jan
100% Jan
71«4
6234
30% May 3
Do
8%
69
97
*75l2
78i4
61
34i2
69
103
61
*93
100
♦91
97
61
108
59
95
Nat Aniline A Chem rte.ns par
6,200
*107% 110
*103
"
100
National Acme
108
Jan
Feb
a# par
*37
34%
►103
29
187, May24
22%
40% May24
100
39
*107% 112
Jan
137%
no par
War&kCelllsCorp
74
717|
921®
Jan
196
6
Preferred
Mont
222
Marl 3
10
Montana Power—
""800
32%
Janl2
Febll
88
Mldrale Steal A OrdnaaM—50
98
Jan
Aprl9
181
100
Middle States Oil Corp
39%
197
100
pref
Miami Copper
June
May20
98% June22
Mexican Petroleum—.....100
34%
34%
717g
204
preferred
33% Jan
24% May29
—28
Parry Corp
De
21,400
25%
40%
65
♦96
f per share
400
20%
113
20%
30%
4212
Highest
% per stars
Par
De
"29%
61
Lowest
IaShsatrialicMlsc.(Gee.)
97
97
On basis of lttHbars lots
STOCK
EXCHANGE
Shares
26
*19%
YKRK
7eek
177% 180
177
*93
the
113
►
99
♦93
179^4
*24%
22%
Range since Jan. 1.
STOCK!
NHW
for
v
pref A
pref B
Ex-dlv. and rights,
x
June
3
106%June 4
Ex-dlv.
c
145
118%
Aprl4
Jan
6
6
Reduced to basis of £
method of euoting bonds teat changed and prices are
1909 the Ezchang•
25
1st 15-36 year.. 1932-'47
3Hs
let L L oonv.
4s
.
86.00
Registered
3J£s
oonv g
85.74 Sale 85.40
86 56 18370; 82.0Q 93.00
Sale,95.50
95 86 7643 94.70 99.40
9734 Sale
97
984
85
Sale
85
86*
4
t 43
Sale
70
7134
70
75
97
984
85
924
42
44
69
41
50
Sale
75
7438
80'4
904
754
904
26
91
90
924
804
86
7178
76
79
87
824
73
72
864
87
973s
Sale
87
Sale
5
804 June'20
85**
~~8
72
,
June'20
974
973s
"47
8834
51
87
96
8-.4
864
28
854
924
Sale
964
973s
74
937g
984
Sale
894
90-4
85
894
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93
954
Sale
73
744
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,
-
7234
76
70
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85
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85
854
24
85
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Sale
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13
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98
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J
344
D
274
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26
274
92-*
Sale
92
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52
53
N
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Sale
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O
A
93 4
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864
874
874
86
864
92 4
93
92
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50
reg_.1956
1967
stock... 1957
4%Corporate stock
New 4Hs
246
834
894
378
884
9584
944
290
904
9434
16
N
N
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May'20
80
954
86
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86
93
93
6
924
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4
92
92
824
81
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20
8034
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824
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814
10
80
91
'81
*1996
Santa Fe—
...1995
1995
*1995
*1996
.....-.—-*1995
Conv gold 4s
1956
Conv 4a issue of 1910
1960
East Okla Dlv 1st g 4S—1928
Stamped
75
75
Nov'19
91
91
Apr
20
94
10712 108
'20
1074 Jan
*91
99
Mar'20
99
100
102
May'20
100
99
1074
1004 June'18
784 Dec '18
514
45
50
June 20
50
604
Q
J
A
O
A
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47
494
4834
494
704
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117
674
64*
3
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67?8
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6434
63
644
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814
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8)4
84
J
55
67
J
67
69
M
71
M
1964
gold 6s—1928
W 1st gu gold 48.1938
4)4 a
78-1936
gold 48
01952
Sav F A W 1st gold 5fl
1934
1st gold 5S
1934
Bait A Ohio prior 3)48
1926
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*1926
1st 60-year gold 4a
*1948
Registered
;—*1948
10-yr conv 4)48
1933
Series A .1995
1929
1922
Dlv 1st g 3)48 1926
Sys ref 48—1941
louthw Dlv let gold 3)48.1925
Cent Ohio R lat o g 4)48—1930
Ol Lor A W con 1st g 68—1933
Ghlo River RR 1st g 5s—1936
General gold 6s
1937
Pitta Clev A Tol 1st g 68—1922
Tol A Cin dlv 1st ref 4s A.1969
Buffalo R A P gen g 5s
1937
P June A M
P L E A W Va
1957
1998
6s..1943
gold 68..1921
*834
80
M
71
714
M
9534
J
684
884
Sale
7034
M
J
92
754
674
110
J
M
N
A
O
95
724
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714
954
6234
80
9778
68
78
924
924
78
23
78
604
724
78
847|
Apr '20
81
81
574
70
60
00
59
Sale
594
584
Feb
20
594
60
59
Sale
59
594
594
Sale
85
Sale
594
8434
60
86
684
Sale
684
Sale
664
69
814
92
*60 "
75
51»4
61
684
774
Mar'20
85
85
Mar'20
68
52'4
58
674
91
014
904
904
Jan
112
"664
524
684
53
69
91
88
904 Mar'20
88
Aug '19
45
46
46
874
714
89
884
73
73
85
....
994 Mar'18
46
107
45
6?
884
884
92'4
June'20
704
834
734
734
85
85
734 Jan
'20
85
"*9841014
54
*12
June'20
85
*731*4 Z"
'"*54
Apr "20
100
May'20
—1922
98
99
A 6s...1962
Ohio 1st 30-yr 6s *38
Central ol Ga 1st gold 6s—pl946
78
8ale
9778 June'20
78
78
694
714
75
77
Sale
89
May'20
764
77
77
85
86
844
1004
9778 100
Nov 19
Canada Sou eons gu
Car Clinch A
—1945
10-yr temp eecur 0e June 1929
Chatt Dlv pur money g 4a 1951
Mac A Nor Dlv lat g 6s.. 1946
Mid Ga A Atl Dlv 68
1947
Mobile D»v lat a Be
194«
No
price Friday; latest
Railway general gold 48
50
52
70
Mar 20
64ia
70
67
754
88
Cuba
844
84
94
83
80
Sale
61
Sale
6912
90
614
60
724
61
73
70
53
7978
654
96
9734
9314
113
\
19
96 ij
93'
1
20
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62
58
58
58
65
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'20
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D
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95
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79
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1
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S
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118
Nov'16
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May'18
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984 100
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June 20
98
103
J
534
54
53
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53
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70
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May 17
88
Mar'11
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H
81
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72
70
72
79
80
69
70
60
70
6
70
77
80
84
68
76
604
02
824 June'20
J
69
I
June'20'.
574
65
5814 June'20
62
6278
63
S
624
72
J
614
68
744 Jan '19
84
N0VI6
F
747g
81
13
024
69
D
J
N
7478
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June'20
774
47
60
824 Sept'19
J
04
7478
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F
934 MayT9
J
86
O
68
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764 Nov'19
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70
o
Apr
A
81
'20
Jan
624
J
D
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50*4
5278
154
20
234 May'20
744
75
75
754
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687g
92
96
92
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634
70
Apr
64
63
June'20
984
994
1923
1923
914
98
894
977g
\
987g June'20
924 May 20
90
June'20
ftDueJuly. * Due Aug. t Due Oct. p Due Nov. • Due Dec. ,
98
70
....
75
914
—
884
854
064
20
27
74
92
18
73
I
744 May'20
744
754
684
684
1921
April. • Due May. gDueJuns.
78
52*
39
Sale
)4b_. 2000
4s
607t
69i2
28
64
6 434
6212
W 1st 08
Construction 5s
72
6
55
Morris A Ess lBt gu 3
Term A Improv
82
60
18
—
70
535$
Del Lack A Western—
974 June'17
913^ Jan '19
80
----
61V
Sale
"624
63U
Mar'20
V
5478 ,;une'20
S
68
624
6218 May 20
55
Day A Mich 1st cons 4)48
774
70
7178
C Find A Ft W 1st gu 4s g
Conn
804
MmrTi
72i2 June'20
54
56i2
Olev Cln Ch A 8t L gen
954
97
68
62
68—1960
6s..fl932
Consol 60-year 4s
1952
Cln H A D 2d gold 4)48
1937
1936
03—1921
A Pas Rlvs 1st g 48...1943
RR 1st 50-year 6a g—1952
97
8«iz Mar'20
68
Mar'20
6934
J
* "674
51
804
72
Ohio A West lnd gen g
Ft W A Den C 1st g
16
'20|
Jaa
Sale
4)48-1934
1934
58-1921
Ch Okla A G cons g 6s
1952
Keok A Des Moines let 6b 1923
8t Paul A K C 8b L lBt 4)48*41
Ohlc St P M A O cone 6s
1930
Cons 6s reduced to 3)4s—1930
Debenture 6e
..1930
North Wisconsin let 6a...1930
1929
j
52
51
63
1988
1988
1934
1923
1931
4s_.1993
30-year deb 4)4s
1931
General 6s Series B__
1993
Galro Dlv 1st gold 4s
1939
Cln W A M Dlv 1st g 4S—1991
St L Dlv 1st coll tr g 48—1990
Spr A Col Dlv 1st g 4s
1940
W W Val Dlv 1st g 4s
1940
C I 8t L A C 1st g 48 .—*1936
Registered
*1936
Cln S A CI cons 1st g 5S—1928
OCCA1 gen cons g 0s..1934
Ind B A W 1st pref 4s
1940
O Ind A W 1st pref 5S—.41938
Peoria A East 1st cons 4s.1940
Income 4s
...1990
Oleve Short L 1st gu 4)48—1961
Sale
6334 Sale
Burl C R A N let g 6b
Colorado A Sou 1st g 4s
Refund A Ext 4)4s
——
M*r'l7
63
D
R I Ark A Louie let
N Y Lack A
this week, a Due Jan. d Due
......
Refunding gold 4e
89
744 May'19
May'18
—■
May'20
D
Chicago Rook Ial A Pao—
90
774
744
7734
50
50
A.
Superior Short L 1st 6b g_cl930
July'15
794
49
50
*531*4 "55h
J
Chic T H A 80 East 1st
79
81
Sale
79
624
704
954
Aug '19
105
844
72
6
1297g Aug '15
61
6134 Sale
9341014 105
794
894
114
924 Mar'20
78
Jan '20
Apr '20
92<* Feb '10
0
O R I F A N W let gu
June'20
70
694
764
70
50
61
J
Mich Dlv let gold 68-1924
81
904
68
72
Mil Spar A N W 1st gu 48.1947
StLPeoANW 1st gu 6b 1948
684
29
June'20
50
51
J
3)48.104)
7178
67
284
194
VXIl.
68
J
3)48—194)
Mil L S A West 1st g 6s... 1921
Ext A imp s f gold 5s_..1926
Ashland Dlv 1st g 08—1926
Registered—.
20',
-—
Fe* '2 »
9334
92
" "814
67
2«
60W
Mllw A S L 1st gu
88
72l2
Apr
63
192)
1932
Registered
19*3
Dee Plaines Val 1st gu 4He *47
Frern Elk A Mo V let 6a..l933
714
09
6
2014 June'20
75
Registered
78
June'20
June'19
23
97
Sinking lund dob 6s
60
67
67
71
S
1921
62
644 June'20
72
32
79
644
84
83*4
9734 Fe* Tit
8234
82
76
19
73
72l2
98
68
58
'
84
84i2 June'20
F
677g
June'20
78
85
J
8434
20
67i2
June'20
73
69
63
63
J
73
67i2
38
64
--
75
1879-1928
6s..._J
49
"«4
96
73
)•
74l2
8212
4834
25
Fete
21
1879-1920
1879-1929
+_
42
18
6
4214
33
I
323g
25
62
734 June'18
6434
65
Nov
M
L A N coll
•
Registered
Mau G B A N W let
23
42
9078 Oct
1879-1929
Sinking fund 68—
65
—
*67*12!
h
j?198
...1987
1987
1987
Stamped 4e
Debenture
i8i
'15
Feb
83s4
68—1936
M
Chicago Great West 1st 49—1950
Chic Ind A Loulsv—Ref Qs.1947
Refunding gold 5a
1947
Refunding 4s Series C
1947
lnd A Loulsv let gu 48—1956
Chic Ind A Sou 60-yr 4a
1956
J
Chic L8 A East lat4)48—1961
J
Oh M A StP gen g 4s ser A.«1989
Registered
<1989
Oen'l gold 3 Ha Ser B
<1980
General 4 )4s Series C
<1989
Gen A ref Ser A 4)4s
a2014
Gen ref oonv Ser B 5a„.o2014
Convertible 4)48
1032
Permanent 4s
1926
25-year debenture 4s..
1934
Cbic A L Sup Dlv g 5s
1921
Chic A Mo Riv Dlv 68—1926
ObicAP W 1st g 5s
1921
O M A Puget Sd 1st gu 48.1949
Dubuque Dlv 1st s f 6e.
1920
Fargo A Sou acraurn g 6b.. 1924
Mllw A Nor lot ext 4)48—1934
Cons extended 4)48—1934
Wis A Minn Dlv K 6s
1921
Wis Valley Dlv 1st 6s
1920
Ohlc A N'west Ex 4b
I886-'26
Registered
18*6-1920
General gold 3)4b
1987
Registered
73
6478
J
coal 5fl—1941
Chic A IndC Ry 1st
97
6H4
20
72»s
Stamped
Furcb money 1st
8Vt
63
66i2
43
Sinking fund 6s
Registered
June'20
100
195>
70
'19
Jan
98
B..195
of dep..
lit oonaol gold 6s
193
General consol 1st 5a
193
U 8 Mtg A Tr Co ctfs of dep
General 5b stamped
81
94
954
95
Ala Mid 1st gu
Consol gold 5a
Sale,
U 8 Mtg A Tr Co ctfs
75
June'20
91
91
1965
1958
4)4s"A"1962
5 Fe Fres A Ph 1st g 5s.—1942
Atl Coast L 1st gold 4s
*1952
10-year secured 7s..—..1930
Oonaol 1st g 6a
42
Chic A E 111 ref A imp 4s
General 4s
100
91
Cal-Ariz 1st A ref
Roch A Pitts 1st
42
M
"77"
66U
41
7412
Oct
113
1921
Registered
*26
88tj» Sept'16
-
33
—
Dlv 48-1922
Illinois jUlv 3)jtf
.1949
Illinois Dlv 48
1949
Joint bonds.
See Great North
Nebraska Extension 48—1927
89
984/iur
91
Rocky Mtn Dlv 1st 4S...
Trans Con Short L 1st 4a.
Clear A Mab 1st gu g
60
62»4
1949
..I960
Chic & Alton RR ref g 38
914 1004
914 1004
923.1
924
90
8f)34
23
93
92
Sale
73
814
June'20
8534 Mar'20
824
9278 Sale
Railroad.
All A West 1st g 4s gu
1004
924
924
1961
4s_—1961
4s—1962
Oanal Improvement 4a...I960
Oanal Improvement 4)48-1904
Oanal Improvement 4)48.1965
Highway Iroprov't 4)48-.1963
Highway Improv t 4)48—1965
Virginia funded debt 2-3S..1991
5s deferred Brown Bros etfs...
Oonsol 4)48
904
854
87
82
M
M
Oanal Improvement
Temporary 10-yr 6a——
Pitts Juno 1st gold ffl
974
814
814
Canal Improvement
Refund A gen 5a
924
616
92
stock—1954
1st gold
01
85
93
1967
1965
1963
stock.....1959
etoek
1958
etcck
1957
wEtarles A Sav
93
$5/o£
stock——1964
1966
Bruns A
37
974
884
924
884 Sale
stock
4)$s Corporate stock July
4Hs Corporate stock
4^s Corporate stock
Gen unllieQ
26
524 June'20
43
884
416
s
2934
24
O
864
Registered
71
85
J 554 Sale
N
87
Adjustment gold 4s
77
544
176
82
5534
86 38
Registered
82
674
'20
Jan
Securities.
NY City—4Mb Corp stock .i960
.....
69
77
6984
69
Guar Ir Co cifs of dep
87
Sale
934
State and City
Gen g 4s
06
987S
8934
20-year gold bond
Ann Arborlst g 4s
9'<U
87,
5-year 5 M % notes
Atchison Topeka A
—
5614 !
General 4s..
973s
O
1904—.-1954
1921
Tokyo City 5a loan ol 1912
U K of Gt Brtt A Ireland—-
3)S% Corporate
Y State—43
4
631
71
Gold debt 4a of
4Corporate
994
I
72
80 i
Paris fClty of) 5-year 6s
Corporate
4% Corporate
4% Corporate
934
904
.
4%
894
874
754
1926
—1931
2-yr 5*28 gold notes Aug 1921
10-year 54s
1929
Italy (Kingdom of) ,Ser A 6 )£s 25
Japanese Govt—£ loan 4HS.1925
Becond aeries 4 He-—
1926
do
do
"German etamp".
Bterllng loan 4s
1931
Lyons (City of) 16-yr 63
1934
Marseilles (City ol) 15-yr 6sl934
Mexico—Exter loan £ 6a of 1899
4 y± s Corporate
56
Railway 1st lien 34b..
994 1022
Sale
-
4)is Corporate
1980
Greenbrier Ry 1st gu g 4s. 1940
Warm Springs V 1st g 6b.*.1941
16
78i8 Dec '19
June'10
62U
2d consol gold 4s
98*
7C78
do
1921
fiHs—1937
10-year oonv 5^8
1929
5-year conv 6 Hie .... —pi 922
t These axe prices en the basis of
63
101'i
994
5b—1921
do
do
64i2
71
Big SaDdy 1st 4s
..
Sale
75'l4
Chic B & Q—Denver
Government.
Anglo-Fivnob 6-yr 6« Exter loan
Argentine Internal 6b of 1909
Belgium 25-yr ext s f 7 Ks g-1945
Bordeaux (City of) 16-yr ton-Aya*
Chinese Huhuang By) oa of 1911
Copenhagen 26-yr a f 5)43—1944
Cuba—External debt 6s of 1904Exter dt 6S of 1914 ser A—1949
External loan fms
1949
DomlnicanRep ConsAdm a f 5s'58
do
63
100
Foreign
Dominion ol Canada g
66»4
104
794
82l2
1989
R A A Dlv 1st con g 4e.
86 78
78'8
1940
Potts Creek Br lat 4s
Feb '15
—
S2»i May'19
1064
Mar'20
78ig June'20
78'»
70
1064
79*4 Apr '20
95
75
104
874
84
73
105
100
--
6534
1004 101
—
85»4
June'20
70
7t)i8
June'20
1901
4s—--1914-34
AO
86
Sale
June'20
99
--
89's
57U
1054 104
Mar'19
July'18
70
80
Apr 20
June'20
60
83
73
1054 105
984
98«4
'18
20-year convertible 4)48—193C
30-year conv secured 5s—1946
1014 1004
1004
^an
99'8
Apr 'IS
69 78
Registered
104
1014
1001|
87i4
96'8
70'8
713gt
85*4 Mar'17
6978
71
General gold 4)48
100
41930
—,..41930
1926
4b ooupon
1925
Pan Canal 10-30-yr 2s
»1936
Pan Canal 10-30-yr 2s reg—1938
Panama Canal 3s g
1901
KM.
8U2
90
1W12
**86*3
-1939
1930
1992
1992
100
94.64 99 40
79
2
97i4 Apr '20
75l4
1944
Coal River Ry 1st gu 4s..1946
Oralg Valley 1st g 6s
1946
4874
High
Low
2
l'H)
as—<192u
96.94
8alej95.50
101411014 Apr '20
95.51
4e registered
.
86 f'O 101.10
95.10
95.58
gu g
1st consol gold 68
Registered
38
94.0094.50 94.00
2s consol registered
Registered
Sale|89.00
99
M
No.
914
8714 May'20
92:U
97
Ghee a A O lund A impt 5a ..1929
89.60 7595 85.80 95.00
2s oonaol coupon
Philippine Island
Cent Vermont 1st
84.00 94.00
86.28 11204 81.10 92.86
89.0)
notes.._1922-'23
noteB
1922-'23
oonv g
448
86.72
85.30 Sale 85.24
4Ha
4?is
Sale'85.70
86.00
let L L conv—1932-'47
2nd L L conV—1927-'42
4Mb
3rd L L
1928
Fourth Liberty Loan
4 tfe
let LL 2nd conv 1932 *47
4Mb
4th LL
1933-'38
Victory Liberty Loan
4)*s
87i4
1921
5s. 1920
48—1941
N Y A Long Br gen g
Third Liberty Loan
Sale.
Jan. 1.
8)
80
904
814
914
Leb A Hud Rlv gen gu
243 81.40 92.90
85.88
85.30 Sale 85.06
80
1087
*1987
Am Dock A Imp gu 5s
58 83.00 93.48
M
of Ga cob g 5a.l937
Cent of N J gen gold 6h
Since
P
Hifn
Ask Low
Bid
lent RR A B
91.86 Sale 91.86
D
Last Sa e
25
ending June
High
85.70 Sale 85.24
J
1932-'47
1927-'42
2nd L L
.
Low
92.36 5654 89.30 100.40
Second Llbetty Loan
4s
Week
I
Loan
Week's
Range for
N. Y. STOCK EXCHANGE
Jan. 1.
No.
High
Ask Low
Bid
U. S. Gezernment.
Last Sa e
Range
Price
Friday
June 25
BONDS
Since
03*
and defaulted bondi
now—"and interest"—except for intereeI
Range
IS
Range or
Friday
June 25
EXCHANGE
Week ending June
First Liberty
Week's
Price
BONDS
N. Y. STOCK
2643
Friday Weekly and Yearly
Stock Exchange—3ond Record
'VorB
hev
Jan.
73
63
707,
987, 1004
924 974
90
94
Optloa sal
11
Sh
BONDS
N. Y. STOCK EXCHANGE
Week ending June
Warren 1st ref gu g
Price
Wtekt
Rang*
BONDS
Rant* or
Last Salt
Since
If. Y. STOCK EXCHANGE
Jan. 1.
Ask Low
Bid
)P
8Ks.
No. Low
Price
Week ending
High
Bid
Leh V Term Ry 1st gu g 58..1941 A
J
96
3 m
n
5 A
C
73%
Sale
71%
74
3 a
C
63
65%
i m
m
99% 104
96
,
71
27
96
98
13
71%
81%
7312 June'20
67
96%
70
81
Leh Val RR 10-yr ooll 6s..»1928
Leh Val Coal Co 1st gu g 68.1933
73%
85%
Registered
67
May'20
100%
100%
72%
1st lnt reduced to 4s
103% 100%
A Rio Grande—
j
60%
60%
61
6014
58%
62%
i"
J
Leh A N Y 1st guar g 4s
93
j
65
66
E
65
65%
65l2
*
44%
Sale
44%
66%
46%
63
5 F
38
49
Ferry gold 4*4s
42
42
39
43%
Gold
75
Unified gold 4s
j
13
3 J
61%
48%
O
J
63
49%
61%
49%
O
78%
r A
80
92%
92%
Louisiana A Ark 1st g 5s
86
86
90%
ZZ *77%
n
78
1
94
n
May'20
Jan
8*7" ZZ
92
Jan
96
96
"
s
D *..
84
47
j
70
J
J
j
J
j
A
n
j
N Y A Green L gu g 6s...
m
j
A
p
o
j
D
j
1931 M
N O A M 1st gold 6s
2d gold 6s
60
62
'23
43%
33
41%
Kentucky Central gold As. 1987 J
41
44
Lex A East 1st 60-yr 6s gu 1065 A
LANAMAMl8tg4**f 1945 M
5
66%
83
*90 *
39%
61
39%
Pacific Ext 1st gold 6s
1st consol gold 5s
92
J
j
56
Sale
73%
74
94%
J
j
Jf
j
J
J
J
j
J
J
97%
99%
100%
-
D
J
*78% ZZ
J
J
D
82%
74%
80
56
84%
84
97%
Apr '17
84%
84%
97%
78%
75
56%
"l
83*" *8*8%
1
96%105%
76% June'20
76%
99
96% 106%
90%
Debenture
ctfs"B"
53%
Feb
Gulf A 8 I 1st ref A t g 6S..61962 J
HockingVal 1st cons g 4Kb 1999 J
Registered
1999 J
ool A H V 1st ext g 4S
Ool A Tol 1st ext 4s
7
J
58%
j
61
8
61
'
64
J
nmirn
1948 A
O
1956 F
Houston Belt A Term 1st 58.1037 j
*
62
j
75%
Illinois Central 1st gold 4s..1961 j
Registered
1961 j
1st gold
3K9-—
1951 j
Registered
1961 J
Bxtended 1st gold 3 Kb... 1061 a
Registered
.1951 a
1st gold 3s sterling
...1961 m
Registered.
..1951 m
Collateral trust gold 4s...1952 a
Registered
1962 a
....
1st relundlng 4s
...1965 M
Purchased lines 3 Ha.. ..1962 J
L N O A Texas gold 4s...1953 M
Registered
.1953
IVY
16-year secured 6%a
1934 J
Cairo Bridge gold 4s
1950 J
Litchfield Div 1st gold 38.1951 J
Loulsv Dlv A Term g 3 Ks 1953 J
Middle Div reg 5s.
.1921 F
Omaha Dlv 1st gold 3s. ..1951 F
It Louis Dlv A Term g 3s. 1961 J
Gold 3^9
..1961 J
Registered
Spring! Dlv lBt
.1961
H
3*4s
j
Registered
J
79%
64*
63** "65*""
62
July'09
o
__
H
6238
95% Sept'12
61 %
Sale
69
67%
6334 Mar'20
61%
59%
66
k
Sale
85
85%
m
D
J
9
74%
"45 "65" "76%
Aug '19
*85"*
67% Sale
55% 62%
J
62
68
68
68
J
50%
54
60
58
62
69
Jan
"36
2
63%
59%
72%
83" "93"%
68
80
a
95%
a
50%
50%
1 02
June'16
56%
52
63
62%
j
Jo
Apr '20
6*2* *62*
53
Jan
53
53
61%
Feb '20
61%
61%
'20
66
70
a
86% 100
s
D
81%
86""
6*0** "65%
84
June'20
Sale
73%
70%
68
69% Feb '20
69%
65
77%
Aug'19
Kansas
64%
M
n
90%
95
D
66%
j
O
Ref A lmpt 58
..Apr 1960
Kansas City Term 1st 4s... 1960
Lake Erie A West 1st g 5s. .1037
2d gold fs
1941
eons
64
53
Sale
J
J
j
J
71
74
j
60
67
j
cons
80
79%
8634
June'20
51%
97%
52%
98
52%
97%
58
60
" *65""
Oct
79%
81%
82
102 4 July'14
Sale! 66%
67%
80% Oct *17
66%
Sale
"63 " *64%
82%
64
|
80
78
94%
91
51%
92%
52%
49%
59
63%
"75%
09
53%
87
94%
~72 *
86
62%
76%
77% Mar'20
78
66*% "76*"
80
53%
70
Apr '20
75%
69
77%
78
69
77%
70
June'20
68
8934
95%
Jasper Branch lBt g 6s___1923
Nat Rya of Mex pr lien 4*48.1957
Guaranteed general 4a
1977 A
Nat of Mex prior lien 4*4a_1926
91
90
June'20
89%
74%
97%
99
110%
Mar'17
17%
"30 "
2134
21
May'20
20
"20% ZZ
1951
20
15
20
20
23%
96% Feb '13
Jan
15" "15"
'20
65
63% .76%
72
May'20
Sept'19
59%
Q9
59%
60
1935
8634
Sale
1998
63
Sale
63
64%
70
70%
70
70%
62%
Sale
62%
63%
39
61
May'20
70%
71%
66% June'20
"13
1997
Sale
1997
Debenture gold 4a
'*70% Safe
1934
Registered
1934
55%
*56 "
1998
55*" *64%
*40% ZZ
71%
78«4
1936
80
87%
59
61%
61
61
61
72
n
69
Sale
69
70
69
88
56
56
Due Jan.
* Due Feb.
g
Due June,
8,
"j
96
86%
93%
63
72
59%
69%
79
62
70
61
64%
69
82%
76%
66%
65
62
52%
60
54
61%
56
Mar'17
49
Feb '20
82% Jan '20
49
" "49~
82%
82%
May'16
73
June'20
50%
g 3*4s-61951
75% Jan
'20
83
a
131
65
90%
41%
56
154
N J Juno R guar 1st 4s
1986
N Y A Harlem g 3>4s___2000
N
86%
33!
1936
Beech Cr
Exjt 1st
49
95% Nov'lfl
1936
Registered
4
75
.1998
2d guar gold 5a
47
52% May'20
1998
Cart A Ad 1st gu g 4s
1981
Gouv A Oswe 1st gu g 5e_.1942
Moh A Mai 1st gu g 48—1991
m
78
58
90% June'20
"49"
81%
Aug '19
_
58
1935
Registered
J
80
"7934
94% 102%
91
95%
Apr '20
78
1st oonaol 4a
67%
633s
94% June'20
Battle Cr A Stur 1st gu 38.1989
Beech Creek 1st gu g 4s..1936
72
80
No price Friday; latest bid and asked
this week,
*16
May 20
92%
1927
Registered
78
80% Feb '17
82
80
14
64%
g 58.1947
Registered
20o3
j
60
71%
76%
1
1938
Montgomery Dlv 1st
69
98
June'19
71% June'20
76% June'20
77
..1929
2
79%
51%
96%
'18
81%
89
*88
June'20
68
60
TF *73%
Mich Cent coll gold 3 *4e..l998
__2003 iw
gisl.
4Un..
83%
91%
89%
78%
86%
82
1927
*1927
St Louis Div 6a
Lake Shore coll g 3 J4s
66%
64%
81
81
'20
Oct
Saie
O
83%
69%
Nov'19
Jan
Sale
j
56
87%
*
Registered
1929
Rlv A G Dlv 1st g 4S...1933
Verdi V I A W 1st g 5s...1926
Mortgage 3*4s
io*o
Lehigh Val (Pa)
Genera)
93
mm.saj.ijx
j
North Ohio 1st guar g 6s_. 1946 A
Leh Val N Y 1st gu g
4*4s..l940 j
Rwrlstereo
52
66%
J
78
4
86%
80%
5134
9734
1938
Registered
" 73%
72
a
1950 a
Registered
65% July'18
75% Deo '19
J
City Sou 1st gold 3S.1950
6
79
Ref A Imp 4*4 s "A"
2013
New York Cent A Hud Rlv—
93
Nov'17
82*
65%
50
20
Dec *16
3834 Dec '19
Cent Br U P 1st g 4s
1948
Pac R of Mo 1st ext g 4s__1938
2d extended gold 6s....1938
1st ext gold 6s
General gold 4s
" "38 *
50
20
78%
1945
Mob A Ohio new gold 6s
35
Apr '20
51
6a__1920
3d 7s extended at 4%
45
May'20
Oonaol 4s Series A
84
59%
J
23
"
20
Conv deb 6a
73%
s
37
New York Central RR—
Nov'10
1
117% May'10
73
Mar'19
d
J
26
25
62% Oec '14
1925
d
M
24
50
1953
Joint 1st rel 5s Series A. 1963 J
Memph Dlv lBt g 4s... 1961 J
flt Louis Sou 1st gu g 4S..1931
ind 111 A Iowa 1st g 4a
I960
1st A Great Nor 1st g 6s
1919
lames Frank A Clear 1st 4s. 1959
28
10
35% June'20
1975
cons g
Non-cum Income 6s A
D
d
23%
24
24
*32% "39%
a
N O Tex A Mexico 1st 6a
D
1951 J
27
23
New Orleans Term 1st 4s
1951 j
Registered
24%
45
June'16
.1961 j
...
Registered
Apr '20
Feb '20
80% Nov'16
79% May'19
95% Feb '19
"
June'20
24
June'20
92
ZZ *69%
D
D
69." *69 *
80
J
j
1923 j
'20
32
33
36
St L A Cairo guar g 4s
1931
Naahv Chatt A St L 1st 5a..1928
Dec '19
J
"28
63%
23%
27%
23
Unified A ref gold 4a
10
*52% "60%
33
BtLIrM A S gen con g 5a 1931
Gen con stamp gu g 5S..1931
S
O
27%
22% Dec '19
45
40-year gold loan 4a
83%
"72"
73% Nov'19
80
29
27%
N
General 4s
78
Sept'17
♦5*i ZZ
S
25
29
M
1st A refunding 6s Ser A..1965
1st A refunding 5s Ser Bo 1923
1st A refunding 5b Ser C..1926
73
Nov'15
72
52%
28
27%
Kan City A Pao 1st g 4s__1990 F
65
O
1951 F
3*48
62%
52%
28
6
Missouri Pac 1st
May'20
52%
Sale
Sher Sh A So 1st gu g 5s..1942
Texas A Okla 1st gu g 5s ..1943
Missouri Pacific (reorg Co)
78
June'20
61
O
J
1961 j
80
62%
28
5% secured notes "ext" '16
91%
55%
10%
7
Dec '16
*85 ~ "92%
Dall A Waco 1st gu g 5s._194G M
"94"
55
Mar'20
64
♦70
June'20
55
Nov'19
87
87
34%
42
72%
May'20
95
85%
01990 F
Trust Co certfs of deposit..
1st ext gold 5s
1944
70%
91
88
Mo K A E 1st gu g 5fl
1942
M K A Okla 1st guar 5s..1942
M K A T of T 1st gu g 5s 1942
58%
59%
61% June'20
73% June'18
73% Oct '18
76% Apr '19
78
n,MM„
68
91%
Apr '20
92
j
*62% ZZ*
a
Carb A Shaw 1st gold 4S..1932 m
Chic StLANO gold 5B..1951 J
Registered
95
81%..—.
J
1951 F
Bellev A Car 1st 6e
Gold
J
J
1961 j
Western Lines 1st g 4s
65
71%
92%
1941 M
92%
92% Apr '20
91% Apr '20
55% Mar'20
7
May'20
65
91
70%
1938
J
97
84%
Feb
91
J
1st consSe
1st A refunding 4fi
..2004 M
Trust Co certfs of dep
June'20
D
Bay A W deb ctfs "A"...
44
82
Gen sinking fund 4Kb.. 1936 J
Trust Co certfs of deposit..
00
1938 j
Will A S F lBt gold 6s
Green
36%
70%
"92"
J
88
37
~83%
83%
Feb '20
85%
36%
St Louis Dlv 1st ref g 4s. .2001 a
"l7
97
j
39
2d gold 4a
78
J
36%
1951 m
Mississippi Central 1st 5s
1949 j
Mo Kan A Tex—1st gold 4s 1990 j
83*
98%
71
95%
85%
78
94%
69
89
82
96%
71
70
Mar'20
J
71
""I
Mar'20
J
1st guar gold 68
42
71
M S S M A A 1st g 4s lnt gu.'26 J
Sept'19
Mont O 1st gu g 6s......1937 J
40
68
*
83
j
36%!
May 20'
May'20
96
78
J
37
42
93
80
66%
75
43%
40
240
78
O
67%
45
m
1st Chic Term s f 4s
86
a
Sale
95
95%
45
Refunding gold 4s
June'16
84
37
85
95
94
33%
refunding gold 4s...1949
MStPASSMcong4slntgu.l938
June'20
74
73
85
95% Feb '20i
67% June'20;
42%
1st A
84
J
J
89
98
j
J
94
74
w
J
93
68
...1934 M
'20:
Mar'20 i
Ref A ext 60-yr 6s Ser A..1962 Q
Dec '19
93%
Jan
Des M A Ft D 1st gu 4s..1936 j
Iowa Central 1st gold 5S..1938 j
Feb '20
78
J
1961 j
92
Aug '10
51%
64
j
O
61921 Q
Jan
94%
65%
Nov'10
85
"89%
81%
Mar'10
95
1921 a
93%
79
61
-
61
75
90%
93%
Apr '20
77
1927 j
65
' "89"
89
93% Jan '20
79
4s..1977 M
1977 M
75
87%
97% May'16
98% Dec *19
83
cons g
51?g
82%
58
Mar'20
100*
Feb '05
67
55
June'20
*70."
76
72
59
95
89
76%
June'12
*74
59
63
"85 * 90%
61
Nov'll
75
May'20
L A Jeff Bdge Co gu g 4S—1946 m
Manila RR—Sou lines 4s
1936 m
Dec '19
D
72
59
June'20,
98%
June'20
95
1*01%
101% Apr '20
63% June'20
82
7234
Stamped guaranteed
Midland Term—1st 8 f g 6S.1925 J
O
101%
63%
81%
65%
83
96%
Minn St Louis 1st 7s
a
70
85
Nov'19
68
63
64
96%
Dec '18
92
64
95% Nov'19
BAN Ala cons gu g 5s...1936 F
Gen cons gu 50-year 5a.1963 A
Mex Internet 1st
100
95
52
40*
100
Sale
91
91
99
20
~9l"
96%
46%
..*1952 Q
72
108
Feb
87%
79% Jan 19
9734
9734
46% June'20
63%
N Fla A 8 1st gu g 5s
1937 *
N A C Bdge gen gu g 4 *4S. 1945 J
Peneac A Atl 1st gu g 6s..1921 F
Registered
100
76
O
L A N-South M Joint 4s..1952 J
88%
48
61
*90" *9*2*"
j
Great NorOBAQ coll iS—1921 J
99
30
39% May'20
o
1933 a
100
69
98%
34
'18
O
Ft Worth A Rio Gr 1st g is.1928 J
95
64%
18
'17
June'20
Florida E Coast 1st AH*...
j
Port St U D Co 1st £ .?*s__1941 j
87%
23%
!
84%
Bt Louis Div 1st gold 6s..1921 M
2d gold 3«_
.1980 m
Atl Knox A Cln Dlv 4s
1966 M
n
1930 j
97
^
72
85% 90
100% 103
gold 4*6s
51
June'20
ZZ
17
76
81% Sept'19
87%
87%
99% Sale 99
9984
83% 87
85% June'20
92% 100% 101% Apr 20
"*81% ~84~
n
...
Feb *20
Jan
>tlM
72*
77
1930 j
Paducah A Mem Dlv 4s..1946 f
61
'18
a
1st consol g 6s.
1930 M N
L Cln A Lex
1940 J
...
30%
a
1961
10-year secured 7s...
92
Dec T9
Jan
72% 75
91% 94
87% 100
May'20
87% June'20
76
97
85
J
Kvansv A T H 1st cons 6s..1921 J
1st general gold 6s
Mt Vernen 1st gold 6s...
Bull Co Branch 1st g 6a..
80
100% Dec *06
»*.
76%
96
108% Sept* 19
26
n
a
44%
1940 J
Hender Bdge 1st s f g 6a..1931 M
103
Mar'20
94
'73% "79%
91
a
m
95
80
73
4784
<£> to
1
68
65%
64
74% Apr 20
34%
34%
3412
35
34%
35%
Sale
73
73% 70%
106% Jan '17
83
00 ts?
8884 Mar'20
75
J
f
1st A ref 4Kb Series A
Registered
;
Deo '19
81%
40
83
:
n
j
Registered
76%
♦88
O
m
Coal A RR 1st cur gu 6s..
Dock A Impt 1st ext 6s...
Galv Hous A Hen 1st 6s
72%
Aug'19
86
90% June'19
"84% zz
Collateral trust gold 5s -.1931 M
June'16
03% "69%
34% Sale
34% Sale
n
m
01 tv A Mahon Vail g 6s..
M
86
Dec '16
39
73
60%
Jan '11
92
45%
Sale
48
60%
90
Atl Knox A Nor 1st g 5S..1946 J
39
Brie A Jersey 1st s I 6s...
69%
47*
J
85
35
68
60%
39"
J
j
o
67
62
56
j
O
67
47
47
o
*20
june'20
*19
92
98
94% Nov'15
9812 Aug'19
Sale
a
73%
Jan
»0
93% 100
a
63
67
62
64
67%
59%
Sale
95%
47
a
72
99% Oct '06
63% June'20
92
J
j
do
79
66
'20
s
A
77
Oct
1927 M
93%
96
j
f
May'20
95
84
Registered.
"92'
June'20
'20
m
73
84%
92
58.01932 Q
11927
1
66
6S.1935 A
con g
con g gu
Unified gold 4s..
93l2 June'20
80
O
<j
June'19
86
97
m
83
85
) m
NY4 Erie 1st ext g is..
3rd ext gold 4Kb
m
June'20
73
"84%
79
60%
Louisville A Nasbv gen 6s..1930 j
Gold 5s
1937 m
87
N Y B A M B 1st
N Y A R B 1st gold 5s
105i2 Mar-08
J
A
Nor Sh B 1st
'20
*84%
1949 m
69%
Brie 1st consol gold 7s.....
—
Registered
16
Jan
98%
91%
60%
Guar refunding gold 4s_..1949 m
82
Dec
73
98%
'13
-
62
25l2 July'16
69i2
69l2
92% May'20
a
m
67
62
95
103
67
75%
1937 m
48
92
85
1934 j
61%
49%
12
64
...1949 m
Debenture gold 5s
20-year p m deb 5a
93%
7 A
j
'
78
ZZ
n
j
75
34
July'17
High
89%
85
61% Apr '11
D
m
'20
4s
69%
D
5 j
5 J
Jan
Long Isld 1st cons gold 5s..41931 Q
1st consol gold 4s
*1931 Q
General gold 4s
1938 J
37%
J
J a
Del A Mack-
75
.
70%
J
J
i
93
Oct
70
1932 j
3 J
No. Low
Mar'17
98% Jan '20
*82% "89
1922 m
3 J
Jan. 1.
1945 M
3 j
}
92
84%
1945 M
3 j
Rio Or Sou 1st gold is...
High
113
105
Improvement gold 6s
1st 4 relundlng 6s
65
1
1933 j
67%
72%
70%
64
Range
Since
or
89% June'20
90
92%
ConsoJ gold 4Ht~-
*
100
—
...1933
Registered
3 j
Range
Lasi Sale
Ask Low
86
1941 A
13
Week's
Friday
June 25
June 25
Registered
1st lien equip g 4 He
enver
High
102is Feb '08
*
Hudson—
2 J
[Vol. 110.
Record—Continued—Page 2
Friday
June 25
25
West—Concl.
Delaware Lack A
Delaware A
York Bond
New
2644
h Due July.
»
Due Sept.
73
75%
73
*75%
89% Feb '16
64
B 64
0
Due Oct.
,
«
May'20
Option sale.
64
64
June 26
fe*
88%
..1923
N Y A Pu let oona gu g 48.1893
Pine Creek reg guar 6b
1932
a W A O c.«n 1st ext 5s.-i1922
ftutland let oon g 4 Ha...1941
Og A L Cham lBt gu 4a g. 1948
Hut-n anada lat gu g 4a. 1949
**ortnero
tat
«t Lawr A Adir let g
6a
•
63%
88
gold 03_
Oct
Week
High
Low
92^3
925s
95
May'20
77
80
9712
'19
52
May'20
52
60
Feb '20
53
60
76
101
Nov'16
70
69
69
77
78i2l
76
87l2
7534
75
75%j
7418
84l2
20
J an
....
6a—1938
4a A A O R 1st gu e
103
Pitta A L Erie 2d g 58—al928
titts McK A Y lat gu 8b.
Id
guaranteed 6a
Michigan Central fie
*97% Z".Z
1932
1934
.
—
Registered
66%
72
72
68->g
72
68%
633s
6412
Sale
64i2
66 %
67
6612
65
69
65
66i8
70%
72
81
6714
8134
633$ June'20
71
Debenture
...1931
guar...2361
4b
2361
IYC Llnee eg tr 8a_. 1920-22
Eaulp trust 4Hs..1920 1925
f Connect lat gu 4hb A..1953
1947
1947
1964
1965
1966
1956
Non-conv deben 3Hs
Non-cony deben 3H«
Non-cony deben 4a..
Non-cony deben 4a..
Cony debenture 3HB—
79
45
51
39
...
June'20
39
43
48
43
46
46
J
39
41
40
4412
69i2
Oct
50
65
46
60
65
397g
76l2
44i2
June'20
6912
Sale
6912
45l8
48i2
65
45
A
J
M
45l8
45% Feb *20
48
Apr '20
45l2
45i2
Oct
B A N Y Air Line lat 4B..1955 F
49*
1961 J
1930 M
Houaatonlo R cona g 5«._ 1937 M
N
1964 m
N
Y Proy A Boar,on 4a...1942 A
O
6978
44
58
Cobboi
39i2
Providence Becur deb 4a.. 1957 III
Springfield let 68.1922 J
Proy A
Providence Term lat 4a.. .1956 IN
1943 J
SYOAWrel lat g4a
01992 M
Reglatered $5,000 only..01992 M
38
29
16
3412
64
1955 J
Sale
55%
55%
5414
71H
55
way
" •flO"
49
56%
77% 77%
102% 104%
77&s Apr '20
102% May'20
122
Nov'16
99
103
7212
79
ids'~ 103"
Oct T9
"H " "72*14
703s
70
76
96
95
1941
73%
Sale
697g
70
1989
1907
1997
a2047
O2047
2047
Registered
General Hen gold 3b.
Reglatered.
Ref A Imp 4 Ha aer A..
8t Paul-Dulutb Dlv g 48..1996
70
77%
76
76
68
68I4
69i2
51
Sale
70i4
7034
72%
102
98%
70
77
69
80%
67%
56%
67%
49%
"49
.
Nov'19
55
97i8
80
98%
June'20
7014
703i
67i4 May'20
51
53
10484
72%
7312
98% Jan '20
Sale
70li
*94%
96
"6*9" " "81%
7318 June'20
76
May'19
98
98i2 Apr '20
96
June'20
OB...1923
Reglatered certificates.. 1923
97
8t Paul A Duluth 1st 6e.._1931
93
94
97
6078
6778
102%
76% Oct *19
9t P A N P gen gold
1968
Wash Cent lat gold 4a
1948
Nor Pac Term Co let g 6a..1933
Oregon-Wash 1st A ref 4a
1961
Paoifle Coast Co lat g 5s.__1946
Paducah A 111b lat a f 4Ha.. 1955
1st consol gold 4s
.....
......
60%
108
103
63i2
Sale
64
74?g lords
....1948
1960
1965
4Ha
leceral *Hs—...
General 5e
1968
....
100%
29
103% 108
62
72%
67
6978
Feb '17
9338
81% Apr '20
75l2
7678
755s
83i2
84%
84
"93% "93%
93i2 May'20
79
...
Consol
64
!
June'20
67
65
70%
96
Feb '19
37i2 Dec '16
1031* May'20
......
Pennsylvania RR lat g 4a..1923
jodooI gold 4a
1943
Consol gold 4a
%
81%
9
76l2
75%
84'%
75i2
Sale
75i2
83
Sale
82
Sale 101
24;
83
7612
140
73
83%
101%
126
82
346
101
833s
86%
92%
847„
93%
103
1930
10112
AHeg Val gen guar g 4a... 1942
D R RR A B'ge lat gu 4s g 1936
7314
72% June'20
83
Feb '20
72%
82
82
83
83
Phila Bait A W 1st g 4a.. 1943
76%
78
78
10-year secured 7s
Sodua Bay A Sou 1st g
innbury A Lewta lat g
Pennsylvania Co—
♦soar 1st gold 4 Via
1921
1921
Regietered
Guar Sub coil trust? eg A. 1937
Guar 3 HI i ooll trust aer B.1941
Guar 3 J4 t trust ctfa C...1942
Guar 3y»j trust ctfa D...1944
wiudi
80%
97-38
58%
Gr R A I
ex
70
73% Jan '20
77
June'20
75
76
67
77% Apr '20
80
Feb '20
7818
85
84H
104
-
7
B 4 Ha
Series C4a
P C C A St L gu 4H8
Series
B guar
Series C guar
Series D 4a guar
1933
7H2
86»i
75
No price
Friday; latest bid and asked,
81
80
80
68
75
61%
121
56%
47
47%
188
95
947s June'20
87%
85
60%
3978
9478 102
85
92%
*7*6%
807g
May'10
93% Apr *17
8234
87% Nov'19
88% 8ept'l7
June'20
80
90
May'20
80
Apr *20
90% Oct *19
72% May20
80
90
80
80
80
80
80
71
a Due
Jan.
83%
...
5934
60%
44%
60
Apr '20
3934
50
521"
52%
52%
50%
53
98% Jan '14
48%
66%
Sale
49
69
60*
62
60
54
55
59
48
ft Due Feb.
80
80
*72% "84"
f Due June,
"54% *62 "
60
May'20
50%
50%
1
4978
61
33%
3334
54
30
41%
40%
41%
41%
42
9
38
49
50
54
64%
72%
64% Mar'20
64
May'20
61%
64
64
64
9978
ZZ." i*04
Nov'19
5a..1929; J
Dec T6
81
Mar'20
95
80
101
7478
5a..1930
„..1943
5s__ol945
lBt land grant ext g
93
86%
61%
74%
75
119
73%
115
94
63%
6478
Feb
90
M
14
J
95
Sale
94%
95%
4a..1949
69
Sale
68%
69
1949
3HB..61929
Through St L 1st gu 48.1964
F
A
"82%
60%
70
87
87
100
Oct '18
87
Mar'20
85
95
95
Nov '18
84%
85%
78%
70%
IN
M
1933
1937
1921
M
81
6s *30
M
84%
89
90
94%
94
J
*95"
J
99
A
8734
J
86%
m
88%
g._1937
4a—1960
Tex A N O con gold 60—1943
So Pac RR 1st ref 4a
.1955
Southern—1st cons g 5s
1994
J
81
A
61%
1994
J
Registered
63%
*70% Saie
J
Sale
78%
81%
85'4 Sept'19
"5*5*""
Saie
55
51
4hb-5s—.1996 3
St Louis dlv 1st g 4b
1951 J
J
Ala Gt Sou 1st cona A 5a..l943
J
Atl A Charl A L lat A 4 He 1944
1st 30-year 5s Ser B
1944 J
Atl A Danv 1st g 4s
1948 J
2d 4s
1948 J
A
Atl A Yad let g guar 4s__1949
1
KTVaAGa Dlv g 6s...1930 J
m m
Cons 1st gold 5a
..1956
M
S
E Tenn reorg lien g 5fl
1938
o
Ga Midland 1st 3a
1946
J
Ga Pac Ry lat g 6s
1922
j
Knoxv A Ohio 1st g 6s...1925
J
Mob A Blr prior Hen g 5a.1946
J
Mortgage gold 4a
1946
o
Rich A Dan deb 5a atmpd.1927
N
Rich A Meek 1st g 5s
19-18
8
Virginia Mid Ser D 4-6S..1921
S
Series E 5s
1926
S
Series F 6s
.1926
N
General 5s
1930
J
Va A 80'w'n lat gu 6s..2003
O
1st cons 60-year 5s. .1968
A
WO A W lstcy gu 4a
1924
J
Spokane Intcrnat 1st g 5b.. 1955
O
Term Assn of St L 1st g 4 H8-1939
A
1st cons gold 5s
1894-1944
J
Gen refund s f g 4s
1963
O
St L M Brtdge Ter gu g 58.1930
D
Texas A Pac 1st gold 5s
2000
2nd gold income 5s
-.*2000 Mar
J
La Div B L 1st g 63
1931 J
A
W Min W A N W 1st gu 581930 F
J
Tol A Ohio Cent 1st gu 58—1935 J
O
Western Dlv lat g 5a
1935 A
D
General gold 5a
.....1936 J
0
Kan A M 1st gu g 4s
1990 A
1
2d 20-year 5a
..—1927 J
J
Tol P A W 1st gold 4s
1917 J
j
Tol St L A W pr Hen g 3Ha_1926 J
o
60-year gold 4a
—...1950 A
A
Coll trust 4s g Ser A..
.1017 F
Trust co ctfs of deposit .—
15
Tor Ham A Buff 1st g 4s..61946 J
D
Ulster A Del 1st cona g 6s ..1928 J
O
1st refundlna y 4s
...1962 A
J
Union Pacific 1st g 4a
1947 J
52%
51%
74?s
75
J
J
M
J
J
F
lat consol g 5a
—....1946 J
Guar refund 4s
...1929 J
Utah A Nor gold 6fi
1926 J
extended
4a..—.1933 J
Vandalia cons g 4e Ser A
Consols 4a Series B
Vera Cms A P
t Due July,
99
91%
85%
93%
96
96
63%
73%
1965 F
1967 M
IrtVu 4%s_.1934 J
k Due Aug. 0 Due Oct.
87%
56%
163
51%
11
'55 " "61%
50
58%
75
90
61%
67%
June'20
76%
7634
7634
78% Apr '20
76%
82
83%
82%
June'20|
82
80^
88%
54
55%
55
June'20
55
60%
91
92%
80%
91
81% Mar'16
68
52%
80
*89%
Oot
91
May'20
'19
82%
62
9534
93%
92%
92
51
44%
8l34-v»^j 82®4
94
81
5
99% Jan *20
97% Apr '20
80% May'20
JuIyT9
'19
Jan
99% 100
90
97%
80%
90%
60
60
95
95
Mar'20
89%
90
80
73
*8*6"
55
66
65
87%
96
92% Nov'19
56
Aug '10
60
Feb '20
102% June'll
95%
85% 100
96
'20
Jan
104% Dec '16
82
.......
82
98
90
79%
82
80
May'20
80
55
59%
60
June'20
60
70
80%
80%
80%
80%
it
80%
70
75% Apr
79
80% May'20
83
Apr 20
68
81%
65%
86
7678
Sale
76-%
77%
75
63
60%
19
79
*80 " ~82%
83
82% Apr '20
78
Apr '20
80
85%
65
June'20
55
50
15
73%
82%
75%
85
62%
55
85
May'18
106% Nov'04
83%
81%
83% May'20
77% Apr '20
83%
84%
77%
80%
69
82
Feb '20
70
82
"60*
70
73
85
68
May'20
37% Dec '10
68
78
35
36
74
75%
42%
47%
76%
77%
25
Fab '19
75% May'20
75
46
18% Mar'16
12%
18
65
May'20
64%
68
82
82
June'20
82
85%
6478
*70*
40
68
9%
Sale
34%
46
58
Aug '18
Sale
74%
85%
77
*77%
Sept'17
77%
7634
77
77
77
77
79%
78%
6734
7934
6834
66
81
95
97
95
103
70%
70%
60% 81
9C34 101
D
67% 677g
9534 Sale
70% Sale
A
97
J
81%
D
76%
87%
79%
Sale
Z.Z
97
9634
82% June'20
887g
82
03
76%
74%
85
89
88% May'20
88%
92%
86
89
8*4%
8034 Dec *19
80% June'18
35
May'19
83
Sale
A
J
77
76-%
S
N
7934
40
81
79 % Sale
J
68
Sale
J
J
*95
76%
80%
J
J
5
937g
61% June'20
54
-
...1947
......1927
lat A refunding 4s.
02008
10-year perm secured 6s. 1928
Ore RR A Nav con g 4s.. 1946
Ore Short Line 1st g 6s... 1922
92% June'19
63%
6478
85
July'19
69%
70%
79%
J
Mem Dlv 1st g
lat
87
0834
100% Oot '17
98-% Apr '20
93
91% Apr '20
87
8634 86%
96
96
Apr '20
100
J
Develop A gen 4a 8er A...1956
m
Mob A Ohio coll tr g 4s...1938
Registered....
85
Mar'20
94
Mar'19
85
93%
93
June'20
94
84%
8458 May'20
A
J
San Fran Terml 1st
*81% ~86%
81% Mar'20
100
Oct '16
J
6b..1920
guar g 5b
1938
1st guar g 6a—1927
So Pac Coast 1st gu 4s
78
76%
"85"
M
J
1921
Ore A Cal
937g
106
65%
62% June'20
62%
62
27
87% Sept'16
76%
76%
'*76% W
J
1941
No of Cal
73
15'
*74% Saie
Sale
64
Morgan's La A T 1st
*88%
96% May'19
J
1931
58-1924
5b...1933
81%
80
July'19
86% Mar'20
—
F
Waco A N W div 1st g
607$
55
50%
33% Sale
68.1923
A AN WlBtgUgfiB
JLoulslana V\eit 1st 6a
867g
64%
51
68.1947
1943
Seaboard Air Line g 4s
1950
Gold 4b Btamped
....1950
Adjustment 5s
01949
Refunding 4a
1969
Atl Blrm 30-yr lat g 4s_.«1933
Oaro Cent lat con g 4a
1949
Houa E A W T 1st g
70
86
60
61
50%
40%
Gray's Pt Ter 1st gu g
S A A A Pass 1st gu g 4a
20-year conv 4e
56%
'2u
Jan
60%
Sale
"93% io'o""
93%
5934
59%
86
1932
coll)..61949
61949
01929
1934
May i7
93%
95
Sale
93%
48.1936
K C A M R A B 1st gu 58.1929
St L S W 1st g 4s bond Ctfs..l989
2d g 4s Income bond otfs.pl989
gold 6e
May 16
66
68.1928
Consol gold 4s
85
78
90
66
K C Ft 8 A M Ry ref g
20-year conv 4a
Nov'19
93
.......
73ii
•
77%
'12
>
76% Apr '20
79
79
1942
A..1940
1942
..1942
1945
76*" ~83%
Deo '15
Apr '20
79% May' 19
67
90%
Series
73%
88% Feb '17
77U
Pitta Y A Ash 1st cona
71%
Dec '19
90% Oct
67
Tol W V A O gu 4Ha A.. 1931
4a
69%
96% Feb '12
..1943
5a_1927
gu
98
95%
96% May'18
80u
80h
9534
95%
69%
69%
73%
Nov'19
64
1st go g 4 Ha.1041
Ohio Connect l8t
98
29
95% Apr '20
69% Mar'20
69% Feb '20
68
65
82%
*93
97%
60
...1940
Series O
Jan
98
58H
i6-25-year gold 4a.. 1931
Via...1936
Ol A P gen gu 4Hs aer A.1942
terlea B
1942
lat reduced to 8 hb—1942
Series C 3 Vis
1948
Jerlea D'SVifl
I960
firae A Pitta gu g 3Via B..1940
May'20
"92 " Dec"'!?
Z
96i8
58H
40-year guar 4a ctfa Ser E.1962
Oin Lab A Nor gu 4a g...l942
CI A Mar lat gu g 4
75
102
6a.1924
4a_193«
ONJEK4 Can gen 4S..1944
60
Sale
93%
A
96'4 Dec "19
prior lien rail¬
A land grant g 4b
80
"70% "78%
7312
94U
67%
Mar'20
95*1*2
36
71%
__
Sale
47
0
Oct
J
J
General gold 5s..
1931 J
J
St L A 8 F RR cons g 4B..1996 J
J
Southw Dlv 1st g 5a
1947 A
O
So Pac of Cal—Gu g 6a... 1937
Feb '20
71
Sale
HclO VANE lat gu g 4a
Paolflc
61%
60
68.1922
COAT 1st guar gold
northern
52
55i2 June'20
103
100
20
59
71i8
7038
Focab C A C Joint 4b
66
60%
61960
Gen gold 4r int guar
92i2 June'12
60
Apr '20
—
Dlv'l lat lien A gen g
4b.1944; J
1932
10-20-year conv 4b
1932
10-25-year conv 4 Ha
1938
10-year oonv 6a....
1929
59%
71%
87%
66%
83%
1st guar 5s red
71l2 June'20
10-25-year oonv 4a
81
82%
H A T C let g 5s Int gu
883S Feb '14
74i2 Dec '19
.......
::::: "59%
Norf A SOU 1st
1941 M
Norf A Wn3t gen gold 6s
1931 IN
improvement A ext g 6a..1934 F
New River lat gold 6b
1932 A
HAW Ry lat oona g 48—1996, A
Registered
1996! A
Mar'20
74
675s
Norfolk Sou lat A ref A 5a. .1961 F
gold 6S
62%
16
65%
83
Gila V G A N 1st gu g
40
32
9978 Deo *13
75
W A Con East lat 4Hs...
General 4a
19
6534
82%
2d exten 5s guar
N
60
52
6534
Mort guar gold
Sept'17
40
55
1928
61955 A
...
Registered
\ug '13
70
1945 J
May'20
1950
Prior lien Ser C 6s
GHASAMAPlst 5sl931
1945 J
4a..
89
65
290
Cent Pac 1st ref gu g
Boston Terminal 1st 4b._. 1939 A
New England cons 6a....
78%
72
5334
Registered
July'14
38i2
Sale
3884
NVW'chesAB lat aer I 4}<s'46 j
77
53
Gold 4a (Cent Pac
I0fli2 May'15
87
77% May'20
85%
85%
90
*87%
Sale
20-year conv 5s
83
7534 Sale
74% 79
82
71
83
76
53%
Oa Car A No 1st gu g
7912 Dec '17
50
June'20
5012
97% Dec '17
75%
93%
93%
93% Apr '20
80%
Southern Pacific Co—
Nov'19
68
S
42
I960
Ga A Ala Ry 1st con
"'19
65
Harlem R-Pt Ches 1st 48.1954 M
71%
40
Apr '20
55%
Conaol
17
66%
6278
87%
7578
5978
42
1951
St Jos A Grand Isl 1st g 4a ..1947
St Louis A San Fran (reorg Co)—
Seaboard A Roan 1st 5a..1926
"49"
77%
5978 May'20
90
F!a Cent A Pen lat ext
9H2 Jan '12
60
July 18
1966 J
Naugatuok RR lat 4a
70
45
80
Pitta 8b A L E lat g 6a
1st terminal A unifying 5a. 1952
97l2
deben 40....1956 A
Hartford St Ry 1st 4b
7178
68I2
1930 F
Cent New Eng lBt gu 4b..
74i8
94%
.1954 J
1955 J
Non-oony deben 4a
64%
64
68
June'20
—
Non-cony deben 4a
Non-cony deben 4a
64"i2 "75""
65
70
4334
Cona By non-cony 4s
Non-cony
Nov'17
Sale
70
14a 1937
1940
1943
Reading Co gen gold 4a
1997
Registered
1997
Jersey Central ooll g 48—1951
40
K C Ft S A M cone g
99% Feb '19
9712 June'20
M
M
1948 J
Cony debenture 6b
68%
*99%
94%
Y N H A Hartford—
Xon-eonv deben 4b
June'20
85
1937
Registered.....
»
87
66i«
6334
Veit Shore 1st 4b
N
87
1952
4b..1929
Registered
N
May'20
A St L 1st g 4b ..1937
let gold 3 Ha.
10-year debenture
<f Y Chi
Mar'16
77
Inoome Series A 6s
66ig Mar'20
gold 3 Hi... 1951
87
75%
St Louis A San Fran gen 6a.1931
Nov'19
77
70
64
.1940
Registered...
J LAS 1st
IZZ "*80 *
99
.97
June 17
Oum adjust Ser A 6s
*951.1
95i4
98i2 Nov'18
1940
4a
887g
76
May'20
777s
66%
44%
Prior Hen Ser B 5e
09
82
82%
7338
73%
97
60
a
High
Low
82%
100
97
61921 M N
6s_1956
Prior lien Ser A 4b
95i4 June'20
99i2 Aug *17
81%
93%
May'17
130% Jan
95%
1931
1931
93%
93% May'20
78
No.
76% June'20
87
100%
Atlantic City guar 4a g
8412 Nov'19
sAahon C'l RR let 5a...-1934
75%
lat consol gold 5s
78*2
69
77*2
75%
93ig
65
65i2 June'20
65
71
1956
Philippine Ry 1st 30-yr
93is
'20
931* Jan
90%
..
71
1953 J
Series Q 4e guar..!
1957 M
Series I cons gu 4vib...1983 F
C St L A P 1st cons g 6s__1932 A
Peoria A PeklnUn 1st 6a g..1921 Q
Series F guar 4s gold
1st Series B 4s
Since
Jan. 1.
High
Ask Low
82% Apr '20
73% June'20
Bid
P. C. C. A 8t, L (Con.)—
Ranre
Range or
25
June
June 25
Pere Marquette 1st Ser A
Nov'16
103
—
Cake Shore gold 3hb
ending
2d gold 4 Vis
52
60
78
50
,,..1996
1922
1997
tteglatered
1997
Debenture gold 48——.1928
flft-year gold 4e
1931
Reg latered
1031
Id
95
96
58—1996
Otfca A Blk Rlv gu g 48
No
High
Ask Low
92%Jan *20
78U Apr "19
113
May"15
Bid
N Y Cent A H R RR (Con)—
N f ar
Since
Jan. 1.
Last Sale
Friday
N. Y. STOCK EXCHANGE
Range or
Last Sale
Week's
Price
BONDS
Range
33
Friday
June 25
ending June 25
Week
■8
Week's
Price
BONDS
N. Y. STOCK EXCHANGE
2615
Record—Continued—Page 3
York Bond
New
1920.]
25
75
Feb 'is
v Due Nov. 0 Due Dec. » Option sale.
New York Bond Record
Price
Week'1
Mange
Friday
June 25
High
.
Concluded —Page 4
BONOS
Range
*1
Jan.
No
Low
|i|
C
1.
Sale
72%
7414
23
725®
Sale
82
82 i®
5
79
91
741 j
75
74i2
74i2
5
73
83
Gat & Electric
F
A
J
J
J
J
•
68*2
7034 Nov'19
887® Mar'20
75%
80
Aug'12
55
62
June'20
7412
"66"
"63
69
4834 Saie
81% 82'/®
Adams Ex eoll tr g 4s._...
Alaska Gold M deb as A...
"09" "72*"
S
56
58
S
11%
13
20
8
11
13
102
55
M
12
N
98
J
D
75%
O
491.
48
63
"
A
June'20
81
92
F
A
83
54% June'20
54
63%
A
O
65
J
J
A
O
79
Sale
79i2
91
90i2 Apr
"76% *88*
24
20
90%
A
J
4578 46 "
50l2 5l7®
*45%
June'20
523® Apr
62% Apr
20
53
82
71
73
82%
74
Sale
7978
61
101% 102
96% Sale
N
M
*93"
84
70
J
46
17
84*18
90%
J
J
92%
Sale
65 "g
71
O
Feb'17
90S® Mar'17
88 ;i® 100
.
95
88
M
Oot'i7
85%
—*•
88%
83
36
8514
wit it
48
79
82
Witt
M
20
22
80
Sale
74%
'
M
Aug'18
58
54%
High
Miscellaneous
88%
"Si" *65%
Oct'19
Apr
82
69-®
88%
I.
.
Ask
J
97i2 July'19
51
ice
25
Lt—(Concl.)
AUg'18
90
95%
I7«
June
Bid
85%
82
t
Price
<u
High
73
I#
Frid iy
K
Y STOCK EXCHANQB
Week ending June 25
N
Since
Lcut dale
Ail Lou
Bid
or
—
*83
100%
108%
69%
62%
03% 66
67
May'20
22
24
21
June'20
21%
23%
23i2 June'20
42
44
41
2
..J
66
62%
20
631.4
63i4
62%
85
88
60%
71
m
n
92
95%
63%
70
l*»
N
91%
95
M
62%
61% 6212
N
A
O
W*a
v*
«*■
\
VB
55t7f
Computing-Tab-Rec
lot Mercan Marine®
Oemmtm
*■
O
73%
J
A
W*'
80%
J
f 6®..194l
•
MaIIIl94l
J
43
21
4012
40%
Sale
35
70
66
75
41
20
35
35
35
1
33%
21%
11
28
38
50
*0
35
45
68
May'lb
4012 Deo '19
80
*60* "
60%
6034
Sale
59
60
59
61
53
53
50
53
53
June'201
23
May 20
53
60
64*
Sale
60
697®
60
23
60
61
63
61
28
70
60
60
"60*
gen
6s
P
A
56%
J
J
82%
O
69
Waeb Water Power 1st 5a..1939 J
Wilson A Co 1st 25-yr a f 6s.l9 <1 A
10-yr cony e t oB
.J928 J
60
Jan
'20
ftx
'
68
Manufacturing
A
Am Agrlc Cbent 1st
N
O
72%
Sale
73
78%
85
65
75
75
O
60%
66
N
90
Sale
91%
J
78
86%
Sale
D
85%
Sale
1928 A
O
1924 F
1931 M
A
87%
92%
N
80
94
81%
Am Sm 4 R 1st
30-yr 6s eer A '47 A
O
77%
Sale
O
6s
•
83
54
60
59
13
23
73
78
73
78
13%
13%
19%
48
N
20
Apr
15
29j
58
6
51
60
Baldw
54i4
3
51%
60%
Ceat
1414
50 >4
53
5214
55
53
5414
5414
8
I4l2
Sale
53
343!
19%
75
40
40
40
21
June'20
21
40
39
40
Mar'20
40
42
54
22
Oct'19
46
27
Deo'19
*94™
40
67%
~92 " *94%
Apr
20
77
Jan
'20
77
7/
72ls
70
june'20
70
75
68
61
Juiy'ly
57
21%
21%
92
81%
**09'
57
July'19
Sale
2H2
24
2U2
5
21
6
4%
50
........
64'® Jan '20
64%
95
********
*82*"
40
41
July'17
80
Jan
40
40
~8*0*" *80*"
'20
16
40
41%
23
June'20
21%
31
87
75
May 20
76
*4
89
93
8912
87%
92
90
73
May'19
60
60
9« *19
661.1
53%
66i2 June'20
35
«...
m
...
23*4
N
E I du Pout Powder 4
Ha.
89i2
60
47%
25% May'20
23i2 Sale
23% 25
65% 67
100%
Sale
LOO
O
79
D
76%
95%
J
■»
D
89
F
"
A
63
M
S
"25~" *30 '
23i2
24
22%
20%
65
65
63
67
„
7012
97
Sale
99 "'8
76'
77
J
J
O
F
Nat Starch 20-year deb
5e_.1930 J
"
National Tube 1st 6s
.1942 M
N Y Air Bra .e lat
oonv 6s. 1938 M
*84*U
100%
86%
102% 105
A
O
78
79
8918
100% 102
A
99i2
86%
111
110
78
»<>J
D
91
94
97i2
J
92
93%
96I4
93i2
N
85%
N
91%
N
80
J
104
90
99%
93i2
88
104%
L05i«
70
Union Bag A Paper 1st
5s..1930 J
Stamped
...1930 J
Union Oil Co of Cal 1st
5e._1931 J
U S Realty A I conv deb
g 5s 1924 J
U 8 Rubber 5-year sec
J
D
J
J
77%
Sale
90
A
95%
96%
LOS
7s...1922
30
23%
9!
F
47%
June'17
23i2
95!4
91
83% Sale
n
A
1944 A
F
1951 P
J
1st 5a. 1929 J
Starapg
88
96
97%
Standard Milling lat 5s
1930 M
The Texas Co conv deb
6s..1931 J
"6*6*" "75%
47i2 Apr '20
62
30
Sale
97%
J
.1936 -
__IIl95t
7s
IOOI4
91
........
6s
8178
971»
78%
101
J
J
Nat Enam A
23i2
50
let 25-year § f fis
1934 1*1
Cuba Cane Sugar conv 7a ..1930 J
Distil! 8ec Cor conv 1st g 5»_ 1927 A
6s
22
m *• •
89
,
75
'
A
Lorlllard Co (P
Feb*17
97
68
N
64%
90i2
119
90% Sale
P
A
Dec '19
55
94
99%
8912
86i2
*83%
75
93
A
M
65
66
70
O
7%
45® June'20
5li2 June'2o
too
77
J
V
88
117
A
A
7%
5%
72%
JOJJ-JJll.
5«._194f M
1st
.jgersoll-Rand 1st 5s
.1935 J
Int Agrlc Corp 1st
20-yr 5a.. 1932 m
31
5
52%
4%
51
Loco Wor.s
Foundry let a f 6s
1931
Cent Leather 20-year
g 5a.. 1925
Conso! Tobacco g 4s
1951
Corn Prod Refg a t
g a®
1931
General Baking 1st 25-yr 6». 1930
Gen Electric deb g
3Hs
1942
Debenture 6s...
...1952
20-year deb. fa
Feb
1940
"2*0* " *32
21i2 June'20
5%
5
Cot Oil debenture 5s
53
bale
50%
38
Conv deben 5s
Am Tobacco 40-year
g 6s... 1944 A
Gold 4s
1951 F
Am Writ Paper a t 7-0«
193* J
14%
9814
93%
Industrial
19%
1434
96
........
O
57
Am
85
A
n
18i2
90
93
*88 "
82
55 >®
Sale
"fi7%
59
90
76
56% Sale
18% 19%
14%
83%
97
July 19
60
58
86
99%
........
A
c
Pub Serv Corp N J gen 5s..1959 A
Tennessee Cop 1st conv 6s.. 1925 M
55
23
57%
20
Feb '20
77
67
60
64
64
.
A
89
95%
Sale
84%
J
Nlag Loc
A O Pow 1st 5»
M
Nor States Power
25-yr 5s A 1941 A
Ontario Power N F 1st 5a..1943 F
Ontario Trarjsmlnslon 5s
m
60
60% Sale
60
Ref
8'i
O
J
N Y Doc. 50-yr 1st g 4®..,.1951
Niagara Falls Power ler 6a..
47
31%
60
20
Apr
77"8
J
A
4eeer2_.
10-20-year 5<w erles 3
87%
85% Sale
J
J
Mtge Bonds (NY
Sale
J
J
J
J
82
89%
90
87
.
87
82
88
Sale
100
841.'
0314
30
95%
Conv deb 6s
®1924 A
West Electric 1st 6s Dee
101
1922 J
9734
Coal, Iron « Stool
91%
68%
6614
Sept'15
6814
90
08i®
9738
N
June'20
Sale
80
72
7834
89
72
70
79
J
J
Apr '20
78%
84%
86
76%
79
86%
80
J
D
81
89
M
81
87%
J
O
901®
83% Sale
83'®
uoo—ooo
85
85
98% Sale
95
„„„„
83%
72
94%
90
79
83l2
83i2
84
"84" *84%
~66% *82*%
QQ
Apr '20
9512 Apr *20
74
82%
95
A
O
79
76%
78
"84* "
771 ®
90
90
931 j
June'20
94
Indiana Steel
1st 5s
Jeff A Clear C A I 2d 5a
Feb '18
Feb *13
84
Lackawanna Steel lit
*84 "
84
81%
77
85%
Sale
7212
"84% *84%
Feb '20
.
June'20
85
89%
"75"% *77
72i2
70
82%
82?® May'20
1041® A or '17
82%
87%
"7*4%
60
85%
65%
89
78%
90%
1952 M
1926 J
6a..1923 A
1st cons 6s series A
N
85%
D
86
O
90
76
...
92%
*94U
99i2
8512
1950 M
B
85
Sale
Mldvale Steel A O conv 1 f 5sl936 M
Pleasant Val Coal 1st s f 58.1928 J
S
77%
Sale
J
70
J
76
83
Pocah Con Collier 1st
s f
5§.1957 J
Repub IAS 10-30-yr 6s
s f.1940 A
St L Roc. Mt A P 6s
Btmpd.1955 J
Tenn Coal I A RR
gea 5a..1961 J
U 8 Steel
M
81
79%
72%
g
74%
*8*212
96
84
86
J
68%
70
J
84
86
93
89%
Sale
9934
O
72
89
77
81%
60%
60%
76% June'20
60%
601®
89
89
72
89
7812 May'20
83%
73%
Sale
Sale
81U
73i2
77
82
Apr '20
<11963
N
<11963 M
N
Utah Fuel 1st a f 6s
...1931 M
Victor Fuel 1st a f 6s
1953 J
Va Iron Coal A Co .e 1st
g 6s 1949 M
N
s f
Corp—(coup
10-60-year Sstreg
105
6
73%
26
"8*8*% *8*8*1®
June'20
89
58
67
71%
80
Apr'17
Mar'17
75
May"19
85
8512
8534
81%
85
88
86
80%
May 20
97% May'17
86
84i2 Mar'20
7778
82
88
90
May'20
Apr '20
tr 4s... 1929 J
62
83%
J
80%
1930 M
8
69
1933 m
8
85
1946 J
D
8334
1926
22
"8*5* " "89* '
86
"7*0*"
91
70*"
..
84%
..
84%
997a
Cent Diet Tel 1st 30-yr 5s..1943
Commercial Cable 1st g 4s..2397
96
60
2397
Cumb T A T 1st A gen 5a...1937
86%
Keystone Telephone Iat6s..l936
Mich State Telepb 1st
6s...1924
Oct'17
Due Jan. b Due April.
Telep A Tel coll
Convertible 4s
Registered
^
July'19
70
983®
85
20-yr convertible 4 Ha
30-yr temp ooll tr 5s
83
Apr'19
July'17
7U® Apr '20
100
76%
80% Sale
7-year convertible 6s
83%
881® Mar'20
60
J
S
9914
Tslefraph A Telephone
Am
a
95*1S
74
8234 June'20
Apr'19
-
80
72%
85
98
73
78%
A
D
90
70
A
J
947®
60
........
F
95%
867®
607®
75%
D
84l2 June'20
"87%
r.
J
86
"59*
r
79
Sept'19
92i2 Dee 19
83
.
79
91
87%
8
,nn„
95%
87% 100
72%
J
F
*72 *98 ~ 101%
79
"91"'"
••••••••
M
June'19
98
100
737s
**3
June'20
87
J
11
F
NYANJ Telephone 6s g_.1920 M
N Y Telep 1st A gen s f 4
Hs. 1939 M
30-yr deben s f 0s...Feb 1949
Pacific Tel A Tel 1st 6a
1937
947®
N
N
South Bell Te! A T 1st s f 68.1941 J
West Union coll tr cur 6s...1938 J
Fund A real est g 4H8...1960 M
1941
Norrhwest Telgn 4Hat
1934 J
M
96*"
99%
81l2
96*4
j" "j
Mut Un Tel gu ext 6s
88
A
J
88U
85li
J
86if
N
81ii
N
J
ile.
June 26 1920.]
SHARE PRICES—NOT PER CENTUM PRICES.
Sales for
STOCKS
B08TON
Saturday
Monday
June 19.
June 21.
Tuesday
124
125
124%
*42 ~
*135
85
"
*3%
*8
*135
74
;*___.
Week.
Range Since Jan
Range for
1.
freeiens
Year 1919.
STOCK
Shares
Loweu
32%
*31%
*42
137
*135
—
—
-
5
-
«r «.
82
22
Do
31%
33
33
92
43
43
«.
76%
-
*::::
*::::
<fc
Boston
2
*42
Last Sale 135
Last Sale 10c.
—
Lowest.
Higher
Lest Sale 4%
June'20
Last Sale 8
June'20
74
74
*....
Feb 17
60
80
May 25
Feb 18
100
30
Feb 11
38
.100
39
Jan
6
100
134
Jan 28
100
& Maine
Do
pref
Providence
11
74
Do
Mar 16
116
Deo
67% Jan
2
62
Deo
8712 Jan
2
85
Deo
28
46
May 21
May 28
40
Oct
143
Mar 15
130
Sept
132
10c
Jan
Dec
7
Mar
no par
8
Jan 28
11
Mar
5
100
130
Jan 30
132
Jan
8
132
Oct
100
Bost & Wore Eleo pre
Cbio Juno R
Last Sale 130 June'20
74
119
100
_100
Boston Sub irban Elec_.no par
Do
pref
-—
no par
Dec'19
5
133
Albany
Elevated
pre
Boston A
May'20
9
*3%
♦
133
Boston
61%
82
137
me
-
Boston
61%
82%
32%
*82
•
9
*11"
*1111
-
32
145
124
62
32
-
124
125
61
83
*
76%
2647
Past
EXCHANGE
*124
62%
*81%
*3%
-
9
135
*____
125
61%
84
*10
-
6
*8
133
"74"
•
*124
62%
31%
135
*3%
9
125
*40
*130
"~0~~
June 25.
61%
32%
-
*
June 24.
*82
*40
137
June 23.
124
61%
*31%
Friday
Nut
Railroads
1
125
61
34
Thursday
1
.
85
61%
61%
*85
Wednesday
June 22.
t
.
BONDS
BOSTON STOCK EXCHANGE-Stock Record
74
7
86
Jan
2
84
Feb
A U S Y
pref
4izJune
June
j4
8
3% Nov
2% Nov
:
.....
....
-
i
*60
62%
29%
61
*60
*29
29
61
*60
29%
*61
28%
28%
28
60
60
85
Georgia Ry A Eleo stampd.100
Do
pref
...100
Maine Central
100
29
29
57
N Y N H A
Last Sale 103% Act'19
.
Last Sale 72
62%
*61
28
*2812
Mar'20
62%
29
_
Hartford..
..100
99% Mar
68
Jan 12
60
Jan
23% Feb 11
3
72
Mar 30
70
Mar
70
Mar
5
69'8
Dec
365$ Mar 10
25%
Dec
Last Sale 81
75
73%
74
74
*20
22
22
22
*74
80
40
40
74
*73
*22
22%
*22
*70
73%
Northern New Hampshire.100
81
Last Sale 85
74%
June'20
Mar'20
85
100
15
100
70
June
50
38
May 17
45% Jan
3
38% Sept
50
49%May 25
55*2 Jan
6
47
*73
'
*
73%
22
22
40
22
*73
73%
Norwich A Worcester pref.100
Old Colony
...100
50
Rutland
75
75
*70
86
40
40
40
40
39%
39%
39
z50
50
50%
50%
50%
50%
*50%
5
*62
5
478
47S
478
47g
*4%
478
*1%
1%
1%
1%
11
8
1%
8%
93
93%
93~
93%
80
*70%
80
2
40
69
50%
50%
68
4%
4%
1,100
80
*70%
39
*39
....
pref
Vermont A Massachusetts
End Street
West
Do
pref.
May 28
Mar 29
86
73%June21
86
Jan 20
15
Jan
Dec
6
86
Mar 31
94
Oct
1
*71
Dec
25% Mar 11
15
Dec
Jan 31
82
85
Apr
87
Oct
Sept
Miscellaneous
5
*1%
5
*8
8
8
92%
93%
82%
*75
8%
*31
1
1
*28
*8%
11
-
2%
82
82%
82
82
*82
83
80%
82
76
76
75
75
*74
76
76
76
50
7
7
380
7%
15%
*14%
7%
*14%
28%
29
28%
*13
10%
107g
10%
10%
2%
*2%
*2
*2
137$
1378
2%
2%
137g
2%
137g
*5
519
33%
32%
34
32%
32%
32%
33
22
20
20
20
20%
20%
20%
65
75
*65
75
*65
145
145
146
146
*2
*13%
75
144% 147
*65
75
147
147
31%
*15
39%
*24
14%
*45
*5
*5
32%
*31
31%
*31
31%
17
*15
17
*15
*20
BoBt-on Mex Pet Trustees no par
Century Steel of Amer Inc.
10
17S Apr
13
1?8 June
275
Connor (John T)
East Boston Land
10
1212 Apr 23
10
3% Feb 14
27*4 Feb 13
19
Feb 11
63
Feb 11
3612 Jan
28%May
3
7
88
*5
5%
5%
1,737
39%
39%
39%
*39%
39%
39%
Do
114
24%.
24%
*24
25
24
17%
17%
18
18
19%
47%
45
50
*45
""239
24
16%
50%
*
51
50%
"*6%
6%
13
13%
13%
13%
13
13%
13
*10
10%
*97$
10
10
10%
zl0%
94
*94
6%
*45
50%
13%
6%
12%
13
10%
10
37
3,088
79
1,005
10
6%
_
~12% "l27g
10
*94
94%
94
94%
77
77
78%
78%
80%
82
81
82
2,635
58
58
58
58
60
*58
60
*58
60
391
126
128
125
126
*125
128
*125
128
*125% 128
33%
*32%
*125% 128
33%
33%
33
34
84%
8412
84%
*27
29
29
29
*27
*28
*28
*27
•
•
33%
34
34%
34%
84%
84%
84%
84
*27
28
161
28%
*28
28%
28
160
29
_
33
84%
84%
84%
29
20
161
264
June'20
*1478
15%
*1478
15
*14
39
39
39
42%
43
44
43
43%
42
21%
22%
*22%
24%
*22%
*22%
24%
*22%
43%
24%
20
20%
20%
20%
41%
*22%
19%
*40
40%
41
*40
19%
20
40
19%
40%
107%
*40
40%
108
108%
68
67%
*64%
*25%
26%
25%
26%
39%
39%
40
*24%
40%
24%
24%
16%
16%
16
21%
24%
402
16%
16%
16%
2,905
Ventura Consol Oil Fields.
21
21%
21
21
1,408
Waldorf System Ino
30
30
30%
446
Waltham
*19%
20
1978
197g
245
Walworth
71
71
665
Warren Bros
76%
*9
*.05
319
30
*12
38%
*4%
9%
*12%
2
*4%
2%
.♦75
21
21
21
30%
30
30
20
130
19%
20
76%
71
73%
*60
77%
21
30%
*19%
73%
63
*61
63
25%
"24%
25%
"24%
.95
*.80
*
68
*.80
.95
62%
62%
62%
.40
*.?5
♦
.40
*30
11%
9%
62
31
11
*10%
3078
*12
320
12%
38%
4%
9%
37%
13
12%
*4%
8%
320
29
*12
38%
4%
878
12%
2%
38
12%
38
4%
8%
12%
8%
8%
12fa
12
1%
2%
*2
5
*4%
*2%
3
*4%
*2%
*.75
1
*.75
5
318
29%
12%
*12
12%
12
*37%
38%
*37%
4%
4%
8%
12%
2%
8%
8%
8%
12
12
2
2
1
2%
Last Sale .75
82
82
82
82
*82
30
30
30
30
*30
Do
-
-
-
75
30
7,000
pref
2%
*1%
*3%
3%
*3%
3%
5%
5%
5%
5%
4%
*4%
4%
10
100
Manufacturing.
*61%
62
100
*16%
17
7
*5%
55
*80%
85
83
60
May 25
16
Apr 14
27
June 10
1434June 19
45 June 21
45
4
8
912 Apr 30
94 June 16
68a4 Feb 6
434 Mar
12%June
57
June
125
Mar
80
65
248
53
Jan 26
24
May
8
20
28
June
10
3
36% Jan 3
34% Mar 30
May 25
176% Jan 19
Jan 12
93
16
Jan
2
14
Jan
65
Jan
3
35
July
31% Jan
7
30'«
Deo
25% Apr
6
8
15%
32%
Dec
49% Apr
Feb 13
13
38
May
65
17
8%
87S
*.50
.75
*1%
1%
~*8%
Arizona Commercial
5
Copper..
Calumet A Hecla
Centennial
26
Copper Range Co..
25
20
10
10
..
75c Mar 22
May 10
May
*1%
17b
26
Mining
1
Do
26
Consol
Mar
Mar
ie
8
11% Feb 11
June 25.
1%
1%
*1%
2
28
*25
26
*25
27
*25
26
25
*39%
42
*39%
42
*39%
42
37%
*50
52
*50
52
*50
52
*50
52
*40
40%
*40
40%
39%
40
40
13%
14
13%
1%
277
9
1,070
16%
June'20
15
160
OJlbway
25
l%Mayp
315
Old Dominion Co
25
24i2Jun
125
Osceola
25
37%June 24
58
Quincy
26
25
49
June 15
65
Jan
62
Mar
May 20
12i2May 24
58
Jan
40
Mar
19
Jan
13
2
Jan
Mining
...
Da May 13
25
4% Feb 11
6
Superior A Boston Copper 10
3%May 20
*.14
5
*5
5%
*5
4
4
5%
4
2
.20
June'20
Last Sale 2%
*.14
.12
.20
68
*5
.12
10
South Utah M A S
50
no par
Superior
260
*1%
1%
*1%
358
1%
1%
1%
*3%
1%
1%
*3%
*1%
1%
5%
3%
ls4
475
.75
*.50
.65
*.60
.65
.60
.60
*.60
.65
*.60
.65
100
Tuolumne Copper
1%
1%
*1%
1%
1%
1%
1%
*1%
1%
310
Utah-Apex
*6%
7
1%
678
1%
7
1%
6%
7
6%
6%
1%.
*1%
1%
1%
1
1%
1%
2,532
2%
*2%
2%
1%
*2%
1%
*2%
2%
*2%
2%
Last Sale 2%
7
1%
June'20
71
*1%
*612
1%
.50
325
Winona
135
Wolverine
...
Trinity
*.50
Bid and asked
prfoes.
.55
.55
*.50
*16
16
6 Ex-stock dividend,
37% Jan
10c Mar 10
.20
16
8
25
10
38%
4
.40
Mar
2% Jan 26
1%
26
6
5
.75
75c
.75
3
1%
South Lake
*.14
17
Apr
Shannon
5%
.40
Feb
25c
115
.20
*16
Jan
9
80c Jan 27
12% Jan
1%
*.14
»
8%
21% Apr 20
2
1%
.20
Feb
49% Feb
14% Mar
6% May
87g Feb
57% Mar
2%
Feb 13
12 Feb
15g
*1%
1%
.60
8
Seneca Copper Oorp
2%
.75
5
220
1%
16
Jan
13%
*178
Mar 27
7% Jan
13%
1%
16
24
13%
2%
*.40
Jan
72
St Mary's Mineral Land..
1%
*17g
•
Feb
2
2
170
2%
.60
4
2
16
834june 16
Apr
3
25
Lake
Apr
2%
7% Jan
North Butte
Niplsslng Mlnee
Jan
2
5% Jan
May 12
pref
5% Feb 13
Jan
Oct
Mar
11% Jan
40%
13%
Jan 21
89
Do
May 21
4i4May 14
49
*1%
*178
17
3
3
*38%
*13%
*6%
7
3
3% Jau
52
1%
3%
478 Apr
May 20
2%May 12
l%May 24
3%june 15
39
2%
*5
3
39
*2
5%
99c
*50
*1%
4
5
Feb 16
Idrla Quicksilver
3%
2% Jan
24%
2
25%
39%
13%
Mar 24
24
K#June 22
24%
39
50%
40%
13%
3
79
29
42
Jan
100
6
85
878
Apr
Feb
Mar
May 12
*83
16%
78
20o
50o
29
85
87g
Apr
June 21
5
Mar 12
84
17
42
Jan
May 20
New River Company
87s
June25
16
New
25
Feb
May
% Jan 14
21
New Cornelia Copper.....
90
4
4
6
100
6
Feb
l%May
59
5
100
16%
28
Mar
May 19
Mar 26
May 17
Mohawk
6
Last Sale .75
39
1
12% May
12
Feb 13
2
6O0
59
112
*27
17
Jan
4% Apr
6% Mar 31
25
61
Jan
Mar
4%
8%May21
6
5
Michigan
350
2
16% Jan
25
.25
Mayflower-Old Colony
Nov
478 Mar
14% Jan
3
Jan 10
North
507
5%
June'20
27
,
3
Feb
6
20o
39
Jan
5
3%
10%
2
48% Jan
3
31.) June 16
3%
Dec
37%June2lj
6
5%
ass
Jan
38
Last Sale 4%
_3%
409
82
Mason Valley Mine
Apr
Apr
32%
Jan
40c Jan
Apr 21
25
.60
10c
1078 Apr 27
May 20
*3%
87g
July
62% Mar
16% Jan
77
5
.75
Oct
July
83
4% Apr
29
5%
2
...
Copper
Jau
% Jan
1
Kerr Lake
Keweenaw
9
1% Feb 27
26
pref
Isle Royale Copper
3%
17
43
25
40%
26
Helvetia
Island Creek Coal
*4%
8%
Aug
Mar
17% Feb 13
lli4June HI
4i2 Feb 13
*3%
5%
*26
14
59
7
.60
17
Last Sale %
3%
.50
16
16
Mav'20
a Ex-dlvldend and rights,
/
Utah
lOcMay 11
5
Utah Metal A Tunnel
...
Jan 10
Sc
7
4
Mar
1
Mar
1% Apr
1
19
1% Jan 10
20
3
21
14
3
h Ex-rlghts.
25
25
40c June 15
15
Ma719
3<MftV
* Ex-dlvldcnd.
6
Jan
Jan
Jan
60cMay
l%May
6%May
l%May
2%June
25
...........
WVinHnrm......
40c
6% Jan 29
6
6
1
1
25
Victoria
Mar
1% Mar
2% Apr 15
25c
30% Mar
46
Jan
25
Mining.......
Consolidated
e Assessment paid,
38
21% July
28
17
Feb
42
6*2 Mar 18i
May
Jan
20% No?
72% May
July
80
30% Mar 22
2814 June 24
2%May 13
9
May 20
26
Consolidated
26
16%
23% Apr
44% Jan 26
77
1
26
*.50
31
May 25
9
26
La Salle Copper
9
Oct
7% Jan
May
1.6
Feb
315
1
Carson Hill Gold...
Lake Copper Co
.75
25%
Mar 19
15
5c
50
16%
65
Feb 11
19
June 18
10
10
60
16%
Jan
26
79
25
Bingham Mines..........
Butte-Balakiava
3%
3%
*.50
Jan
44
2
25
2
.75
Jan
Mar
Arcadian Consolidated
27
8%
Jan
51
Allouez
*3
17%
17
17
115
Jan
26
60
*3
85
Jan
52%
25c June
2%
85
18
Jan
18%May 21
25
25
3%
-
24
Feb 16
30 June
26
3
-
Feb
99
4
36i2June 4
2H2June 19
14i4May
Consolidated.. 25
3
—
145
16
90 June
Ahmcfik
5
-
47% Nov
83
Sept
Jan
*2
16%
89% Jan
Jan
*3
5%
Feb
Jan 21
16
82%May
38
3%
17
130
13812
33 June
37
2%
5%
Dec
Jan
3
*16%
60
67% Nov
Jan 21
*1%
7
Jan 20
70
*3
17
Jan
June 24
63
66
250
*5%
90
82
6
1,400
*16%
IOII2 Jan 10
Dec
5
1%
7
6
Jan
Feb 25
Indiana
3,472
30
17
11
28% Nov
8% Feb
Feb
Hancock
83
61.
8
May
Franklin..
30
62
July
3178 Apr
23
East Butte Copper Mln.
*81%
62
Mar
5%
59
1,460
30
62
19
75
8
60
1,828
82
*61
5
i.
7
5
Davl3-Daly Copper
JUDe'20
-
8
Jau
8OI2 Feb
8i8 Apr
100
690
30
*39%
•
39%June 23
Oct
...100
8%
12%
*81%
61%
83
.75
Apr
pref
Daly-West
83
29
*.40
28
2d
5%
*5%
7
*23
*16
Oct
3
June
1st pref
110
31
17
17
29
•
23%
26
Do
Wlckwire Spencer Steel
Mining
428
.58
61
62
*23
*6%
20
3%
*4%
*3%
2
June*2
2378June25
12% Feb 11
3%
5
*4%
*5
3612 Jan
15
49
5
Watch
38%
4%
55%
3%
Apr
39i2June 18
3%
2%
3%
39
138
Apr
Apr 13
*1%
*1%
*3%
Jan
8
Feb 20
28
*3%
*3
2%
Jan
Dec
31%
6
25%June 25
1%
*3
*3
4%
6i2 Mar 23
Mar 10
3%
3%
3%
4
3%
Dec
Dec
73
*3%
*3
*3%
*.14
-
57%
3%
Dec
2%
Feb 26
*1%
3%
VA V/u
7
6
133
3%
*3%
Jan
5
10634 June 18
IK. IK.
3%
1%
3%
*13
175
125
..
June'20
*2%
2%
1
29
*3
—-
15
Last Sale 4%
2%
81%
*138
*1%
12
56%
United Shoe Maoh Corp
2
*4%
5
"50
3
12
4%
2%
17%
28
Algomah Mining
316
29%
Union Twist Drill
Adventure
11
315
30%
m
""165
61%
87$
87g
June'20
38
2%
53%
1%
8%
320
55%
1
56
53%
3%
17
9
*.75
278
•
52
*1%
*.50
*10
Last Sale .06
31
«.
542
30
*2%
9
320
Dec
157
'
1
*3%
*5%
10%
-
June'20
*28
2%
9
*4%
5
29
*16
*12
*4%
*2
81%
62
29%
37%
4%
2
2%
320
29%
61%
.06
9
30
10%
11
30
-►
25%
June'20
.80
62%
28%
2%
2%
Jan
16
Do
—
June'20
25
Last Sale .25
30
*.05
320
29
12%
9%
.09
62
.40
1,701
June'20
25% f
Last Sale
62%
2%
*9
9%
320"
320
53
*1%
30
3
*10%
10%
.95
*.80
*2%
25%
25%
40
^
.
Last Sale 62
25%
*.25
*.05
*9
-
Last Sale 60
25%
*62
.50
*30
3
.09
52
f
.95
62
64
■J
24%
*.25
30%
*2%
10%
*60
68
Feb
78%
3
26
24%
16%
39%
79
Jan
Dec
Jan
7
25
16%
40
25%
25%
40
95
Dec
Apr
3% Jan
5
247g
78
*10%
234
16%
77
:
25
*24%
20
3
Torrlngton
16%
31
30
45
6
no par
24%
21%
*2%
.100
Magneto
16%
19%
30
Swift A Co
24%
*30%
*.25
Stewart Mfg Corp
250
16%
z21
*.80
285
24%
33
*62
40
Slmms
25
3,730
68
25%
Shawmut 88
41
*67
26
Root A V Dervoort CI A no par
22
*67
z26
10
3978
2378
20
63
100
107%
68
100
pref
39%
24%
215g
68
"2",490
24%
107
68
2%
May 15
Feb 13
160
Reece Button-Hole
42
107% 108%
68
e8%| 68%
1
Inc
Pacific Mills
26%
30
*60
*40
10
Blower__.no par
Circuit
Orpheum
Plant (Thos Q)
Last Sale 15% June'20
107% 108%
Mergenthaler
100
Linotype...100
*25%
39%
*19%
*25 ~
21
1978
1978
40%
107%
40%
107
67%
*
24%
15
pref
Ohio Body A
29
160
15
Do
Mexican Investment Inc..
*28
Last Sale 90
1st pref. 100
Massachusetts Gas Cos...100
New England Telephone..100
29
*1478
107
30
10
Theatres
210
Last Sale 29% June'20
r
100
10
520
34%
84%
*160% 162% *160% 162
*28
pref
MoElwaln (W H)
94%
76
58
84%
Do
iBland Oil A Trans Corp..
205
94%
94%
Greenfield Tap A Die
25
Cement Corp.no par
Internat Products
no par
Internet
Loew's
75%
80%
par
no
390
10
58
*94
140
50
Elder Corporation
Feb 11
6
100
Llbby, McNeill A Libby....lC
75%
94%
100
pref
833
58
94
26
Gorton-Pew Fisheries
39%
24
15%
6
Edison Electric Ilium
30%
24
Manufacturing
"146
146
39%
Eastern
8% June 22
10
Eastern SS Lines Ino
May'20
30%
Bigbeart Prod A Refg
205
21
145
31
500
33%
32%
*20
21
5
55o
14l2May28
Last Sale 39% June'20
17%
35% Apr 17
10
Apr 23
1278 Apr 14
300
13%
33%
31
28 June
460
1578
6%
Apr 20
zl5Jtne
2,797
40
*47
38
10
5
2%
2%
1378
24%
7
Jan
10%
1478
6%
Jan 13
19
2%
146
17
40
83
16
21
14
110
Last Sale 74
31%
*24
7
June
8%
15
39%
25
June
7
10%
8%
146
*15
7%
634
5%
*30%
31%
16%
75
prof
Atlas Tack Corporatlon.no par
Beacon Chocolate
10
*2%
5
80%June25
no par
Do
220
*8
7
no par
Amoskeag Mfg
29
*8
June
Anglo-Am CoramI Corp.no par
*28%
2%
5
100% Mar 18
167
Apr 20
29
2%
5
5
Apr 30
*28%
8%
33
*20
80
28%
2%
1378
8% June 24
Art Metal Construo Ino
2%
13%
2
130
2
2
*8
Feb 24
Feb 10
100
Amer Telep A Teleg
1
5
16
8%
7i4 Mar 15
25
16
Zl0%
4%May 24
10
50
pref
16
2%
*2%
8%
460
Do
15%
7%
8%
11
1,586
Am Oil Engineering
Amer Pneumatic Servioe..
7%
*15%
11%
8%
11
1378
8%
*8
8%
*28
2
*13%
93%
15
2%.
2
65
93%
29
8%
-
93%
zl5
11%
-
83
*8
29
«.
93%
*75
32
*8
105
93%
*82
.
8%
'
*8
.
93%
82%
«. —
Us
*1%
1%
2% Jan 19
Jan 23
9% Feb 20
Jan
1% Dec
7ic
Dec
1% May
7%
Jan
Jan
3% Jan
6
1%
3% Jan
8
1% Mar
2
7
23
Jan
Jan 10
11.M«r22
w Half-paid.
50c
Jan
15
Mar
<tOc
Mar
2% July
July
91
1% JU17
July
82
transactions at the Chicago Stock
Record.—Transactions in bonds at Boston
Bond
June 19 to June 25, both inclusive:
Stock Exchange
Exchane.—The complete
record of
Exchange from June 25
Stock
Chicago
Outside Stock Exchanges
Boston
[Vol. 110.
THE CHRONICLE
2648
to June
official sales
19, both inclusive, compiled from the
Prices for stocks are ail doliarssper
lists, is given below.
For bonds the quotations are per cent
share, not per cent.
Friday
Saie.
value.
for
of Price *.
High
Shares.
Low.
Price.
Bonds (<Concluded)
of par
Range since Jan. I,
Sales
Week's Range
Last
Low.
High.
$3,600
89.04 May
100.00
Jan
Last
Week's Range
for
85.04 85.04
100
82.04May
92.34
Jan
Sale.
Jan
Par
15,800
21.500
81.60 May
92.98
Jan
86.00 May
94.96
Jan
85.44 86.62
50.400
81.74 May
92.98
Jan
Amer Radiator, new...
95.34 95.92
19,500
94.84 May
99.30
Jan
American Shipbuilding. 100
98
100
25
95
June
95.72 95.72
750
95.72June
97.74
Feb
100
& Co, pref..-.100
Leather
15
75
75
50
73
Mar
80%
Jan
93%
93%
94%
15%
93%
15%
93%
1,525
3,311
93% June
15%
Mar
160
93% June
110%
17%
953%
47
47
50
47
June
58
50
50%
400
50
May
75
16%
16%
40
56
56
55 %
55%
69%
70
Stocks
Preferred_
8,000
55% June
55% June
Armour
69% June
81
Armour
Jan
Jan
77%
2,000
77% June
82%
Mar
Beaver Board
93%
8,000
93%
Jan
93%
Jan
71%
72
8,000
3,000
69 K
Mar
76
Jan
92
Jan
Apr
4,000
82
May
93%
93%
6,000
77% June
84
Jan
120
118
72
.
92
92%
85
"77 %
85 %
78
77%
Feb
100
150
Jan
transactions at
lists:
Range
Week's Range
for
of Prices.
Low.
High.
since
1.
Jan.
Week.
Price.
Low.
Shares
30%
...50
30
4
1.05
1.15
High.
8
40
96%
96%
75
74%
3%
35%
97%
75
3%
36
70
70
3%
Davison ChemicaL.no par
ctfs.100
Kentucky Cos Oil pref...5
Northern Central
50
Pennsyl Water & Power 100
United Ry & Electric...50
Wash Bait & Annap....50
3%
3%
1.05June
100
Feb
6
May
40
v
Jan
4%
Apr
3.40
Jan
9%
Jan
345
8
June
11
Jan
43
40
May
46
Jan
1
158
95%
108
74% June
Feb
103%
89
Jan
May
150
3% May
32%
Feb
4%
44%
Apr
100
67% May
93%
Jan
1,045
100
Apr
4
Mar
May
70
Jan
3%
22
64
90
Jan
74
64
77
77%
Feb
84%
13
13
5
11
Feb
15
Jan
13
135
13
May
20%
Jan
13
60%
60%
Consolidated Gas 5s._ 1939
88
88
Consol G, E L & P 4%s '35
5 per cent notes.
7 per cent notes.....—.
Consol Coal ref 5s
1950
Houston Oildiv ctfs.'23-'25
73%
73%
93
93
5s....1927
97
97
72
72
98%
98%
$2,000
2,000
5,000
21,500
3,000
3,000
-
Mar
70
Jan
88
June
96
Jan
73%
June
81
Jan
92% June
95
Jan
56% May
96% June
100%
Jan
79
Jan
98% June
108
Mar
77
June
86%
Jan
72
77
77
2,000
61%
61%
4,000
55
May
69
Jan
45
45
5,000
42
Mar
48%
Jan
59%
59%
1,000
56
Mar
62%
Jan
59
59%
600
56
Mar
63
Jan
59
817
3
May
75
80
8%
Feb
Feb
110%
5%
265
3% May
5%
Apr
Feb
1,690
101% June
7
95
90
108
50
Jan
13%
125%
105% June
52
Mar
77
June
Mar
May
61
30
96
77
Feb
Feb
101
May
105
57%
77
108
8% May
88
Jan
Apr
16%
16%
500
13
Feb
77
400
75
June
89
Mar
12%
12%
13%
5,350
12%
Jan
32
Apr
1%
1%
12%
1%
12%
1%
June
2,176
12%
———.
8
10
9,160
2,710
8
7
23%
2% May
12% June
12% June
5
8
May
33
June
June
33%
33
pref. 100
Mitchell Motor Co
(*)
National Leather
..10
Orpheum Circuit, Inc
1
People's G L & Coke—100
Pub Serv of N ni.com.. 100
Quaker Oats Co, pref..100
Iieo Motor
10
Middle West Util,
137
45%
Jan
25% June
44
Apr
26%
25%
26%
1,040
11
11
11%
9,090
11
June
15%
28%
28%
100
28
June
35
Mar
38%
38%
300
31% May
41
Feb
68%
68%
75
68% June
79%
89
89
61
89
May
98%
21
22
1,030
21
May
28
Mar
205
207
246
205
May
243
Apr
109
109
118%
70
74
89
205"
Sears-Roebuck, com... 100
Preferred...—-——100
com...(*)
Stew Warn Speed, com. 100
Swift & Co
100
Swift International——.15
Temtor Prod C&F "A"_(*)
Union Carb & Carbon.. 10
United Iron Wks v t c..50
Unit Pap Board, com..100
Wahl Co
-(♦)
Waldorf System, Inc
-10
Ward, Montgomery, & Co
When issued
20
Western Knitting Mills. (*)
"71%
Shawmut W W,
40
40
107%
June
61
Feb
90
Apr
37
Feb
50%
Apr
2,330
55
Jan
May
40
40
40
50
63%
65
3,765
26%
27
140
24
24
50
47%
49%
310
49
Mar
36%
21
21%
200
19
17%
33%
17%
830
75
75
25
75
Bonds—
Jan
June
35
255
128
106% June
2,580
35%
32%
Feb
109
26%
17%
Jan
25
"64%
32%
Feb
510
40%
35
Jan
2,679
108
107
35%
25
Wrighey Jr, com.
75
108
57
■
905
91
.
1949
Funding 5s
1936
do
small—....1936
Income 4s
1%
Jan
Apr
June
1% June
11% June
1% June
Feb
7%
Jan
Feb
Mar
56
Jan
1
Jan
75%
Rights———————■
Warrants
6
30
5
10
Brick....-——100
McNeill & Libby.10
Lindsay Light
1,450
2,025
Mar
24%
14% May
49%
Apr
%
Jan
1%
Jan
85
Feb
15%
11%
95
Edison..100
10
....10
Cudahy Pack Co, com. .100
Diamond Match
100 "los"
57%
Godschaux Sugar, com-(*)
77
Hart,Schaff&Marx,com 100
50%
120
74% June
101% 102%
10
10%
"7%
Commonw'th
Libby,
100
Feb
40
1%
1%
100
100
Preferred
125
76%
10%
-
June
2,000
1940
1949
Pennsy W & P 5s
United Ry & E 4s
"1 %
Hupp Motor:
64
64
f&Bonds—
Chicago Ry 1st
June
2%
1,975
8%
40
30
1,625
6%
6%
40
Houston Oil pref tr
434
31%
3%
T.05
16%
Chicago Pneum Tool. .. 100
Chicago Rys, part ctf Ser 2
Illinois
Atlantic Petroleum
"50
common
Continental Motors
Sales
Last
93%
100
(*)
(*)
Case (J I)—
-l(«)
Chicago City Ry
100
Chic C&
Ry pt sh com(*)
Preferred—————(*)
Briscoe,
35
40
74%
100
.
Preferred
77%
93%
40
(*.
Albert Pick & Co
11,000
9,000
Sale.
10
Celestine Oil...—.———1
Cent Teresa Sugar...—_ 10
Preferred—.—...——10
Commercial Credit.
25
Consol G, E L & Pow._100
Consolidation Coal
100
Cosden & Co pref
5
High.
43,550
Friday
Arundel Corporation
Low.
89.04 89.76
85.44 86.24
Exchange, June 19 to June 25, both in¬
Par.
Shares.
85.14 86.26
clusive, compiled from official sales
Stocks-
Price,
82.14 May
Stock Exchange.—Record of
Stock
1.
Jan.
Week.
93.80
of Prices.
Low.
High.
Chicago Elev Ry, com.
Baltimore
since
Range
91.84 92.04
.
Baltimore
Sales
Friday
3%s. 1932-47
2d Lib Loan 4s.. 1927-42
1st Lib L'n 4MS-1932-47
2d Lib L'n 4 %s. 1927-42
3d Lib Loan 4Ms... 1928
4th Lib L'n 4 %s. 1933-38
Victory 4%s
1922-23
Victory 3Mb
1922-23
Adams Express 4a
1948
AtlG& W I SS L 58-1959
Carson Hill Gold 7s... 1923
Cumberland T & T 5s. 1937
Gt Nor—C B & Q 4s. 1921
Miss River Power 5s.. 1951
Pond Creek Coal 6s.. .1923
Swift & Co 1st 5s—.—1944
Western Tel & Tel 5s..1932
U S Lib Loan
54%
74%
Apr
Jan
24% May
42
Apr
Feb
29
Mar
20
53%
Mar
Apr
Feb
23
Apr
31% May
17% May
73% May
40
Mar
23%
81%
82%
June
Jan
Apr
Mar
Armour & Co4%8
of transactions
at Philadelphia Stock Exchange, June 19 to June 25, both
inclusive, compiled from official sales lists:
Philadelphia Stock Exchange.—Record
Sales
Friday
Range
Last
Par.
Stocks-
Week's Range
for
Sale.
of Prices.
since
Jan.
1.
Week.
Price.
Low.
High.
Shares.
75
75
$2,000
75
Chicago City Ry 5s„.
66%
63%
66%
11,000
70% May
39%
42
27,000
34
Feb
42
June
62
63%
8,000
57
May
70
Mar
43
43
1929
1927
Chic G'y & Con Rys 5s. 1927
Chicago Railways 5s„ 1927
5s,Serie3"A"
1927
4s, Series "B"
1927
Chicago Telephone 5s. 1923
Commonw Edison 5s
Low.
5s-1944
42
Feb
43
June
35
1,000
31
May
35
Mar
89%
1,000
89% June
89% June
78%
59%
.
1,000
35
1927
Swift & Co 1st s f g
Feb
89%
1943
Peop G L & C ref g 5s .
"63%
72%
78%
66
Mar
78% May
59%
84%
59%
8,000
5,000
85%
17,000
Mar
58
May
65
82%
June
92%
Jan
High.
(*) No par value.
10
....100
American Rys, pref.... 100
21%
Alliance Insurance..
American Gas
American Stores
1st
preferred
Apr
June
23
Jan
56%
64%
Feb
46%
Mar
43%
44%
90%
35
35
35
June
36
36
80
34
May
118% 127
4,401
99
Feb
141
Jan
110
7
92
' May
193
Jan
------
.
110
1,173
30
46
37%
Feb
90% June
30
30%
267
29%
125
40
40
.50
50
.50
(cumulative 6%) -50
Pennsylv Salt Mfg
Pennsylvania
Philadelphia Co (Pitts)
-
-
—
-
38%
Pa.....25
Transit
50
Philadelphia Traction...50
Tono-Belmont Devel
.1
....
"31%
22
18%
i'mmmmm
Feb
37%
Jan
Apr
30%
Apr
58%
Apr
10
40
12
May
22
Mar
57% June
65
Mar
47%
Mar
29
214
40%
41%
41%
71
40% May
41%
25
40
May
50
Jan
Preferred
40
70
40
June
43%
Jan
Beaver Board
67%
38%
68
11
67% June
Jan
3,048
38
May
43%
Mar
10
34
May
42%
Jan
31%
32%
432
36%
Jan
21%
22%
19%
50%
1%
2,376
1,026
29% May
20% May
25%
Jan
16
May
28
Jan
50
June
63
Jan
1% 17-16
29%
355
18
29
205
1,100
175
1% May 3 1-16
1% May
2%
28% June
Jan
Feb
37
Jan
Libby, McNeil &
June
57
50
37
50
June
50
June
923%
8%
93
8%
214
90
May
28
8
Feb
37
4
35
Jan
40
30%
5
30
May
32
Jan
91.96 91.96
$500
8%
Equit I Gas L 5s—... 1928
Lake Superior Corp 5s. 1924
do
small
.1924
Lehigh Valley coll 6s—1928
General consol 4s
2003
Gen consol 4%s
86.00 86.0(1
91.78
Apr
91.90
Jan
86.40May
94.60
Jan
85.62 86.46
82.30 May
92.88
Jan
94.70 May
99.34
Jan
70
May
82%
Jan
54
June
65
Jan
54% June
66
Feb
72
54
55
70,750
77,650
4,000
8,000
55
55
500
95.60 95.86
95
1,000
95
June
101
51
52
May
63
Jan
51
52
4,000
1,000
48
-----
51
June
59
Mar
92%
92%
59
61
95
92%
60%
4-6s„ 1946
Penn RR 10-year 7s„ 1930
101%
June
June
70
1,000
70
85%
4
9,000
43,000
85% June
3% June
101% 101%
Jan
Mar
Jan
99
Jan
30
Jan
102%
June
96
2,000
95% May
97
Jan*
77%
1,000
77
Feb
81
Jan
82%
11,000
82
"May
93
Jan
2,000
77% June
79
May
9,000
8,000
72
82%
Apr
76
Jan
Wrigley Jr, com.
United Rys Invest 5s. 1926
66%
66%
67%
65% June
10%
8%
Feb
3% May
% Mar
5%
Feb
1%
Apr
36
25
102%
1,293
10%
620
75
1
102
|May
8% May
88
May
Jan
108
13%
101
-
68
25
84
150
16%
16%
125
15
Feb
18%
17
17
18%
225
13
Feb
23%
13
14
12%
Jan
32
13%
1%
12%
Feb
1,022
•
Jan
May
16%
100
7,460
61
52
Mar
67%
May
92
81% May
105
13,711
1% June
85
12% June
5
May
2%
Feb
Feb
May
Jan
Jan
May
Apr
Apr
May
12% June
7%
Jan
7
"34"
29
7
450
34
35
290
33% June
45%
Jan
29
30
225
29
44
Apr
June
Jan
11% May
15%
28
June
35
Mar
31% May
41
Feb
11%
11%
4,525
28
28%
300
37
37
26
69
69
25
69
230
11%
230
35
230
May
May
98%
May
28
Mar
37% June
52
Jan
Apr
90
22
38%
90%
50
89
21%
38%
22%
38%
640
21
50
June
79%
310
Feb
Mar
Jan
205
215
180
May
243
73
205%
75
855
61
Feb
90
25
36
May
42%
Feb
1,650
37
Feb
50%
Apr
37
40%
107%
35%
United Iron Wks v t
25
1% June
Jan
6
57
1%
12%
Apr
3
82
c—50
United Paper Bd com—100
Wahl Co
(*)
Ward, Montg, & Co, pf .100
"When Issued
20
Western Knitting Mills. (*)
Wilson & Co pref
.100
Apr
%
Feb
Mar
92
23
48%
102
33%
37
41%
106% 109%
35%
37
40%
27%
Jan
24%
68
63%
83
58
May
57
27%
Apr
75%
1
May
14%
91
63%
Apr
77%
102
30
74%
75%
4
95%
48
1,820
6%
10%
~92
40
10
5
Thompson, J R, com
25
Union Carbide & Carb. .10
100%
15%
1,390
30
1,000
-----
1%
%
7
1
10
pref—100
Mitchell Motor Co
(*)
National Leather
10
Orpheum Circuit, Inc
1
People's Gas Lt & Coke 100
Pub Serv of Nor 111 com 100
Quaker Oats Co
—100
Preferred.!
100
Reo Motor
10
Root & Van Dervoort—(*)
Sears-Roebuck com
100
Shaw W W com
(*)
Standard Gas & El pref .50
Stewart War Speed com 100
Swift & Company
100
Swift International
15
21,000
1947
230
4
Middle West Util
77%
82
18%
1%
76
„
49
16
12%
76
..1997
59
102%
72%
82%
95
49
1%
10
Libby.10
Light
385
93%
.
96
76
1951
Phlla & Read impt 4s.
92% June
85%
3%
82%
77%
76
Reading gen 4s.
5,000
11,000
70
-----
Phila Electric 1st 5a. —1966
Jan
95
-----
-----
stamped
86.00June
83.20May
9,200
72
-----
2003
General4%s
1965
P W&Bctfs4s
1921
Phila Co cons & coll tr 5s
500
61,500
89.20 89.34
Lehigh Val Coal 1st 5s. 1933
Natl Properties
Jan
85.48 86.10
1945
small
100.00
Mar
Feb
93% June
18%
Warrants
90.60 May
17%
1,080
93%
Rights
Lindsay
3%s.1932-47
1st Lib L'n 4% s. 1932-47
2d LibL oan 4% s. 1927-42
3d Lib Loan 4%s—1928
4th Lib L'n 4%8.1933-38
Victory 4%s
1922-23
Amer Gas & Elec 5s__2007
Elec & Peop tr ctfs 4s .1945
SLib Loan
Jan
Jan
3,080
102%
Hupp Motor
41
120
110%
15%
Commonwealth Edison 100
Continental Motors
10
Jan
1,345
June
June
96%
6%
Jan
42
95
15%
10
Jan
120
Mar
94
85
97
94
Chicago Elev Ry pref.. 100
Chic Rys part ctf series 2..
Part ctf series 3
Great Lakes
100
100% 100%
49
Cudahy Packing Co com 100
Godschaux Sugar com.. (*)
1.
High.
Low.
15%
(*)
Preferred
Shares
94
"94%
(J I)
(*)
ChiC'y&CRyptshcom(*)
Jan.
Week.
95
100
(*)
...
Feb
41%
108%
Armour
for
of Prices.
Low.
High.
100%
£> & D. ..100
Hartman Corporation. .100
Holland-American Sugar 10
Jan
30%
92%
Armour
since
Range
Week's Range
Price.
Case
38%
36%
Bonds—
1fe
pref 100
100
& Co pref.
100
Leather
15
American Shipbuilding.
13%
37
,
do
Stocks—
,58%
50
41%
Par
American Radiator
13%
50
Sales
Last
Sale.
57%
76
the previous week which
last Saturday.
Friday
750
1%
1
50
United Gas Impt
—50
Preferred
50
U S Steel Corporation.. 100
Warwick Iron & Steel...10
West Jersey & Sea Shore.50
York Railways, pref
50
give here the record for
omitted from our issue of
36%
-
_
Phila Rapid
U
We also
was
Feb
40
Mar
27%
40
Feb
May
27%
29
Jan
93
40
pref
Tonopah Mining
Union Traction
May
31
40
90%
44
.......
Phlla Electric of
20
40
Iron—........50
36
50
118%
Elec Storage Battery... 100
General Asphalt, pref..100
Insurance Co of N A
10 "36"
29
Receipts full paid—
40
J G Brill Co...
...100
Lake Superior Corp
100
58
Lehigh Navigation
50
41%
Lehigh Valley
50
Minehill & S H
50
Pref
36
40
Catawissa, 1st pref
Pa Cent Lt & P,
186
37
40
no vo.r
Cambria
21%
37%
mmm»mm
33%
17%
30
2,220
106% June
128
1,625
35% May
55
100
29% May
52%
74%
Apr
Jan
Jan
Mar
Jan
65%
29
6,215
54%
1,200
24% May
42
Apr
23%
305
Feb
29
Mar
49%
102
34%
18
90
-
205
92
75%
75%
730
75
1,250
545
583
70
20
36%
Apr
Mar
53%
Apr
May
116
Jan
31% May
17% May
40
Mar
101
Jan
June
23%
98%
73% May
81%
Apr
90
Jan
June 26
1920.]
THE CHRONICLE
2649
Friday
Friday
Week's
Last
Par.
Chicago City Ry
os.
_
.
Low.
Price.
1927
63
S16.000
60%
High.
May
Feb
72%
39%
25,000
34
Feb
59
59%
13,000
57
May
70
Mar
32
32
5,000
31
May
35
Mar
13
June
13
Adjust income 4s.
1927
Commonw Edison 5s__1943
13
1,400
13
June
78%
78%
7,000
66
Mar
_
78 %
Metro W Side El 1st 4s 1938
45
Week's
Last
Sale.
Loio.
36%
39%
Chicago Railways 5s_.1927
4s, series "B"___
1927
_
Range since Jan. 1.
for
Week.
High.
62%
Chi City & Con Rys os 1927
Sales
Ranoe
of Prices.
Sale.
Bonds—
39% June
78% May
Stocks (Concluded)—
Union Carb
Carbon
UntdPictureProdCorp
(t)
r
Range
High.
65
1%
Distributing com.r.50
Jan.
since
Low.
Shares.
65
1.
1%
1%
1%
14
15
High.
78
Jan
Apr
60
100
1%
14%
j
Range
for
Week.
Prices.
Low.
65
United Profit Sharing..25c
Un Retail St's Candy.r.(t)
U S
of
Price.
(t)
r
Sales
18%
3%
Jan
Jan
19
May
1% May
2,500
2,500
2,900
1%
13
Feb
32
35
800
32
June
U S High Sp Steel & Tool(t)
U S Light & Heat, com.r. 10
31%
31%
32
800
27
Jan
U S Steamship
Jan
55
Feb
40%
Feb
1% May
3%
Jan
1% May
4%
12%
Jan
45
1,000
45
June
49
Extension gold 4s
1938
Ogden Gas Co 5s_._-.1945
45
45
45
1,000
44
June
45
Feb
63
63
63
1,000
63
June
70
Mar
U S Transport_r
...10
2%
10%
2%
2%
10%
10%
600
10
Peop G L & C ref g 5s. 1927
60
59 %
60
6,000
58
May
65
Mar
Willys Corp,com.r.(no par)
18%
18%
19
300
65 %
65%
2,000
65%
June
90
90
90
590
18% May
87% June
100
Jan
84%
84%
1,000
82% June
65
65
65
100
58
June
85
Jan
50%
50
51%
1.000
50
June
51%
June
5
6%
10,820
5
June
6%
June
2%
20,300
1
June
13%
•33%
10,800
Chic Gas L & C 1st 5s '37
Swift & Co 1st
f g 5s. 1944
s
84%
Feb
75
Jan
92%
Jan
10
First
preferred_r
100
Second preferred.r.. 100
Wood Iron & Steel
Pittsburgh Stock Exchange.—See pages 2634 and 2635.
New York "Curb" Market.—Below
the transactions in the outside
to June
25, both inclusive.
It
give
we
a
the week ending Friday
afternoon.
the "Curb"
on
such
no
as
members of the
are
1%
13%
13%
Royal
31%
31
31.
30%
Dutch.r
York
to those
the
on
regularly
can engage
in business, and they
in the official list at the end of the
On the
"Curb,"
whatever.
Any security
meet there and make
may
tions may creep
in,
particularly
authentic.
be dealt in and
any one can
daily records
possibility that fictitious transac¬
that dealings in spurious securi¬
or even
should, hence, always be kept in mind,
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.
as
Friday
Last
Week's Range
Sale.
of Prices.
Stocks—
Par.
Price.
Low.
Sales
Range since Jan. 1.
Week.
Shares.
2%
7
Mar
16
June
Low.
High.
19
May
310
272
June
355
Mar
312
45
303
May
,,355
Mar
384
386
50
370
May
480
Mar
"386
Allen Oil.r....
S
2
1
"~24c"
Anna Bell
1
%
%
Arcadia Oil.r
1
1%
1%
Arkansas Nat Gas
OH
10
Aluminum Mfrs.r. (no par)
Preferred.r..
22%
22%
100
20
90
100
90
8
2.4G0
5
6%
3%
3%
1%
10%
4%
40,500
4,665
2,300
8%
5,400
1%
6,100
%
10
10%
Duquesne Oil.r
5
1
Engineers Petrol Co.r
1
10
3%
Elk Basin Petrol.r
7%
1%
%
2%
Esmeralda Oil & Gas.r..!
1
3-16
Apr
13
7%
Apr
Jan
1%
Mar
Feb
%
Apr
15% June
53
10%
9% June
39%
3% May
7% May
1
May
10
3-16
3
18,050
3,000
2
31
May
100
80
81
700
80
June
.r
....
Glenrock Oil.r
10
2%
10%
7,300
3,300
6
26%
1,800
2%
600
%
11,000
5-16
10.100
Gum Cove Oilnew.r._..10
9-16
Harvey Crude Oil
100
com.r
m
-
%
71
75
"5-16
1
%
£1
Invincible Oil.r
35
34
37
6,500
50
Petrol.r
7-16 May
35%
34%
38
4
4%
8%
Apr
151
Jan
1%
Jan
77
Jan
27
Feb
47
Apr
2
200
_
Jan
Apr
Feb
May
4% June
11
May
c33%
6,000
1.100
8%
May
3-16 May
Jan
Jan
39%
Jan
3% May
1% Mar
Jan
57
Feb
Jan
3%
25% June
600
Mar
16
Jan
1%
Jan
120
1% May
9%
25%
2%
"26"
Guffey-GHlespie Oil.r..(t)
2
2%
Grenada Oil Corp cl A.r.l.
Jan
Mar
%
4%
60%
May
1,000
Jan
Jan
11%
7%
May
%
2%
32%
2%
Jan
6% May
% June
400
32
5
com.r.
3%
7%
Jan
90
(no par)
Federal Oil.
7%
25
May
38
Feb
2
May
41
Jan
22
7%
24%
4,900
23
7,700
16
Feb
27
Jan
10% June
Merritt Oil Corp.r
15%
15%
16
1,800
14
May
36
Metropolitan Petroleum.25
4%
Apr
Jan
Feb
40
Jan
June
90
June
11%
25
Oil.r. (no
25%
par)
10
Mexican Panuco Oil
10
Mexico Oil Corp
10
Feb
Midwest-Texas
"le
"
1
m
«
600
39% May
68
Apr
63
350
61
June
68
June
16
500
15
Feb
18
Feb
54
60
1,400
51
May
60
June
Ohio Fuel Oil.r
31
33
800
30
June
33
June
Oklahoma Nat Gas.r...25
3%
%
3%
_
1
%
North American OU.r...6
.1
1%
10c
7c
"~2l"
2%
9
1%
100
3%
2%
300
%
3%
12,500
21
Jan
Mar
4%
Jan
June
6c
18,300
Jan
22%
Jan
5% June
Feb
1,000
6,100
17
1%
••
300
5%
15
-
-
loo
40
Noble Oil & Gas
5
5%
Morton Petrol of Maine.r.l
Oil.r
26
25%
6%
15%
6
7
45
Apr
3
3,200
.....
Jan
Apr
1% June
June
9%
38,500
18%
7%
Apr
1
79% June
21,100
15-16
17%
61
10
12
700
5,250
13-16
3%
May
% June
Maracalbo Oil Explor.r(t)
Jan
May
„
Jan
15-16
50c
500
11%
%
40
60~~
15
82
"T%
62
Automatic Fuel S.r
Brier Hill Steel
12
5
40
100
Chem.r.
513
8
Armour Leather com_r._15
Brit-Amer
20
1%
90
22%
Am Candy Co.com(no par)
Amer Chicle, r
(no par)
r
10
4,900
2,600
19
Aetna Expiosives_r(no par)
Allied Packers.r__ (no par)
Preferred,
2%
2%
1%
Oil.r..1
Dominion Oil.r
Houston Oil
33,500
6,400
81
r new
5
Cushing Petr Corp oom r.5
Preferred
93,500
1
10%
Cosden & Co., com.r
Gilliland Oil
1%
Jan
22c June
3,800
37c
12
10
...
Carib Syndicate
22c
81%
10
Bigheart Prod & Ref
Lone Star Gas.r
1
2%
Allied Oil.r
Manhattan
Coal.r
31
Other Oil Stocks
Livingston Petroleum.r...
Industrial & Mlscell.
Acme
June
284
King Petroleum Corp.r..l
High.
June
1%
24
Internat
for
3,000
31
311
Hudson Oil
Week ending June 25.
% June
272
Boone
restrictions
10,000
31
%
Apr
34% May
30
24
Boston-Wyoming
are no
business to furnish
a
The
ties may be included,
are
reported
prices and have them included in the
lists of those who make it
of the transactions.
day,
the other hand, there
on
or
300
1%
3% May
20
11% May
May
21%
Apr
600
273
Atlantic Gulf Oil Corp. 100
the "tape,"
Jan
«._£1
insure that
over
Jan
100
Standard Oil (Calif).r.100
Standard Oil of N Y.r.100
complied with certain stringent requirements before being
admitted to dealings.
Every precaution, too, is taken to
quotations coming
26%
Subsidiaries
permitted to deal only in securities regularly listed—that
is, securities wiiere the companies responsible for them have
Feb
Former Standard OH
Anglo-Amer Oil.r
Exchange, for instance, only
4,700
16,600
24%
1
South Penn Oil.r
Stock
Exchange
Drug.r
reliability attaches
organized stock exchanges.
New
1
New Jersey Zlnc.r
Shell Transport & Tradingr
to transactions
the
(t)
Arkansas Natural Gas.r..
United
It should be understood that
On
com
1
Rights.
record of
security market from June 19
covers
Wright-Martin Aire
2%
2%
%
Jan
Apr
3% May
% June
1 5-16 Apr
3
300
Feb
5%
Jan
21
22
700
21
June
35
Mar
32%
33
33%
500
31
June
42%
Mar
7%
Jan
7%
6,200
6
June
Omar Oil & Gas
10
4
5
8,500
14%
3.2C0
14
May
9%
28%
Jan
14%
Jan
9
10
900
9
June
26
24
24
200
22
Mar
30
Jan
Panhandle Pr&Ref comr(t)
Preferred.r
100
9
100
62
62
64
200
59
June
90
Jan
Buddy Buds Inc.r. (no par)
Carbon Steel com.r... 100
2% June
Pittsburgh Oil & Gas.r. 100
14%
13%
1,400
June
15
May
7%
7%
14%
7%
11
83
Brit Amer Tob
prd.bear_£l
Bucyrus Co.r. J
2%
Car Ltg & Power, r
25
Cent Teresa Sug com...10
2%
500
83
10
2% June
83
June
142
Apr
Producers & Ref.r
10
3
Chicago Nipple.r
2%
3
1,000
2%
Feb
3%
Apr
Red Rock Oil & Gas.r
6%
6%
6%
100
4%
Feb
9
Jan
Ricard Texas Co.r
3%
14,000
3%
3%
3% June
3% June
3%
%
%
5
"29"
Ryan Consolidated.r.w i._
%
1
%
29
Cities Service pref_r._.100
65
65
65
100
65
June
74
Jan
Ryan
1
2%
Cities Serv Bankers shs r(t)
Cleve Auto Co new
(f)
35%
35%
35%
900
35
44%
Jan
Salt Creek Producers.r_.25
32%
60%
62
300
55
5%
5
5
4%
5
900
31
32
62
May
Feb
Colombian Em'd Synd new
Colonial Tire & Rubb r.(f)
1%
25
1%
Petroleum.r
91
Mar
Jan
Simms Petroleum r(no par)
16%
Skelly Oil Co.r.
Spencer Petrol Corp
10
9%
.10
20%
100
4% June
1% June
25
11%
Jan
1,100
20% May
29
Jan
Sapulpa Refining.r
5
(t)
Motors.r_. 10
25
10%
10
10%
500
Davies Win Co. Inc .r.(t)
Dominion Steamship.r
40
40
40%
600
63
63
100
63
June
63
Empire Steel & I com..100
29
29
30%
700
29
June
53
Apr
73
73
80
300
73
June
82
Apr
Tex Pac C & O full pd rect
8% June
Conley Tin Foil
Continental
Preferred _r
100
8%
8
73%
58%
Empire Tube & Steel
Gen Asphalt, com.r
100
Godschaux Sug com.r..(t)
Goldwyn Picture r (no par)
Goodyear Tire & Rubb w i.
«•
26
«,
-
w
June
9
39
Feb.
7% June
8%
2,800
72
75%
17,200
58%
58%
100
55
18
18%
1,300
18
62%
»
14
50
Jan
Stanton Oil
Jan
Steiner Oil Corp.r. (no par)
June
Superior Oil, new..
SuperlorOil Corp.r.(no par)
new.r
...5
May
Apr
130
Jan
60
May
Jan
1
United Tex Petrol.r
6%
200
18%
19
45%
46
%
125
June
132
June
Victoria Oil.r
100
87
87
88
500
87
June
100
June
Vulcan Oil.r
Grape Ola Prod Corp com 1
2
1
Jan
2% June
White Oil Corp.r_.(no par)
1
Jan
2 ll-16June
Woodburn Oil Corp.r.. (t)
22% June
14% Mar
Jan
Jan
Jan
22% Mar
3% May
Feb
15%
Jan
19% June
18% June
20
Mar
Feb
11%
45% June
46% June
15,500
% June
1% June
%
%
1,300
19%
2%
260
Jan
Feb
73%
13%
Feb
3
1
300
%
%
20%
%
1%
%
m
2,100
17,100
3,700
2
3
6,200
19
20
4,500
%
4%
7%
May
2% June
900
Jan
40% May
17
1,600
4,300
2%
Mar
56
May
9
Jan
1%
3
June
14
Jan
10%
2% Mar
30% May
4% May
1,600
19%
6
5
132
9%
21
2%
10
126
18%
9%
18%
%
1%
127
16%
29
8,300
1,400
1,200
11,200
5,600
2%
Tropical Oil Corp.r....25
34
5%
June
7%
Feb
% May
% May
1,200
1,600
"18%
Texas-Ranger Prod & R-l
Trinity Oil Corp.r
1
June
34
20
2,900
600
3%
2%
3
1
% June
15
Feb
23%
% June
1%
Jan
Jan
Jan
25% June
Preferred.r
Preferred
1
2%
1% 2 1-16
2
2
11-16
20,000
33,600
22%
23
800
Hercules Paper.r__ (no par)
22%
22%
24
3,400
Heyden Chem.r..(no par)
Hydraulic Steel com.r. (t)
5
1,200
4
June
29%
29%
30%
900
29
June
40
Jan
Alaskar-Brit Col Metals..1
85
85
91
300
40
June
101
Jan
America Mines.r
9%
10
2,800
17
Jan
9
3,000
20
Jan
Atlanta
11%
12
600
1%
2
9,000
3%
Guantanamo Sugar, .r. .50
Preferred.r
100
4%
Imp Tob of G B & Ire_r_£l
Indian Packing Corp.r.(t)
Intercontinental Rubb. 100
8%
Kay County Gas.r
Keystone Solether.r
1%
1
13
10
13
Libby M cNeill & Libby. r 10
Ligget's Int Ltd com clAlOO
107%
Lig-Mar Coal Mining.r..l
2%
13%
400
13
13%
106% 109
1,300
2
600
43
May
18%
500
12
May
15%
800
13%
11%
1,-500
1%
7%
4,200
National Leather, r
11
11
1
1%
Nor Am Pulp & Paper, (t)
Peerless Truck & Motor, r.
35%
6%
2 1-16
Printz Biederman Co.r.25
Preferred.r
Reo
Motor.r._(no
2
37%
2%
35%
45,000
1%
11
Apr
Mar
May
1% Jun
4%
Feb
331
May
3,100
2
May
300
20
June
400
17
2%
18%
Mines.r
1
2c
Belcher-Divide.r
10c
Belcher Extension
2%C
3%c
Big Ledge Copper Co
5
7-16
Booth.r
1
6c
Apr
June
Boston & Montana Dev..5
2
May
Caledonia Mining
1
Jan
Canada Copper Co Ltd. .5
Jan
Candalaria Sliver, r
1
Carson Hill Gold.r.
Apr
18
Jan
Cash Boy Consol
1
Con Arizona Smelt
Consol Copper Mines
5
Mar
Jan
Cortez
Sliver.r
Emma
par)
38%
38%
39%
800
Feb
54%
Apr
Roy de FranceToilet Prod 5
100
Standard Gas & El com.50
Preferred.
50
v
t
c__(t)
Sweets Co of Amer.r
10
Swift
15
TimesSquare Auto Sup r(t)
Todd Shipyards Corp.r. (t)
21
June
11,400
2
June
6
Jan
41
42
400
39
May
45
May
43%
5%
43%
200
36
June
54%
4,970
5
May
7
June
150
Mar
5%
7
29
117
120
155
117
June
13%
13
15
600
13
May
26%
35%
12%
35%
35%
600
33% May
41%
12%
13
12
May
19
119
1%
36
1%
34
32%
165
2,400
1%
5,600
1
May
36%
34%
500
34
June
2,150
27
Apr
100
151
Feb
167
38c
49c
Jan
June
6%
59
41%
230
Apr
Jan
Divide Extension—
60c
60c
70c
24c
23c
26c
27,500
1 1-16
7.400
%
5-16
15-16
30%
1,745
6c
5c
6c
Eureka Croesus Min.r—1
Eureka Holly.r
1
1
Golden Gate Explor'n.r..5
Goldfleld Consol'd r
10
9-16
21,800
%
2%
9
7-16
%
%
15 16
1
1%
1
%
%
9%c
%
9c
%
9%c
2c
Jan
Gold Zone Divlde.r
1
12c
Jan
Great Bend.r
1
2c
Apr
Hecla Mining
Butler.r
25c
Jumbo Extension
11c
lc
24
1
4%
4
16c
2c
29
4 3-16
16
16%
1
14c
13c
16c
1
6c
5c
6c
Honduras Amer Synd.r(t)
Jim
Jan
15-16 June
% May
20
......
1%
Jan
1 1-16
Jan
Feb
5c
40
June
12c
3-16 May
52c
%
5%
22c
May
6,900
2
61c
June
20,500
21,450
3,000
5,300
15,900
18,800
20,000
18,400
14,400
38,300
4,440
16,300
13,900
Jan
Mar
Jan
Jan
Jan
June
1 15-16 Jan
Mar
7
620
1
10
Mar
24.100
1%C
Jan
Apr
42c
May
l%c
Jan
91c
June
May
1
May
Mar
23a
2
Goldfleld Merger.r
Gold.r.
Jan
58c
2%
Sc
Hattle
7c
1,100
6%c
Mar
May
6,100
7
Jan
4o
3%
21,100
89,150
Mar
%
3
2
1
4c
May
3
7c
Devel.r
3,500
15-16 June
3-16
2%
3%
10c
Goldfield
% June
lc
May
15,600
29%
1
5-16
8%
Silver
Forty-nine MInlng.r
9-16
7-16
2,000
6c
EI Salvador Silver Min.r.l
Jan
Root&Vandervoortcom 100
cJune
26c
Jan
4%
200
Apr
2'
22c
3
May
2%
2%
1 3-16 Mar
3%cJune
23c
June
June
1%
21
Jan
26,000
1
36
1%
3,100
2
8%
25,300
24,650
61c
3,900
21
Jan
2c
4c
58c
1%
2%
2%
•50
l%c
2%c
61C
1%
%
Feb
% June
780
1
2%
21
May
3% June
13.300
1
5c
Consol Virginia 8Uver_r__6
1%
30
19
3%c 5%c
5
3% June
7% June
5%
Jan
13-16
35,500
14,700
12,000
1
20%
47
9%
%
Jan
10c
1
1
Apr
Apr
2%
42
Singer Mfg.r
1 1-16
1
32
39
Jan
June
2
*2%
Mar
109
53
100
•
May
Mining Stocks—
(t)
10
Motor Car.r
Internat.r
6
35%
35%
Republic Rubber.r (no par)
Reynolds (R J) Tob B r 25
Submarine Boat
1%
7,760
7%
Apr
6
Radio Corp of Am.r
Ranier
12% June
106% June
14
15
10
Feb
18
44
Perfection T & R.r
13
44
Lincoln Mot Co cl A_r__50
National Vanadium.r
Feb
1% June
2%
44%
Mercer Motors.r. 1 (no par)
Nat Fireprooflng pref.r.50
10
900
10
33
3%
1 1-16
Arizona Globe Copper—1
8%
9% May
7% May
19
%
3%
16
Mar
Mar
%
June
1 15-16 Jan
9-16
Feb
1 15-16 Apr
% June
% June
8c
2%
1
Jan
1
2%
Jan
May
15c
Jan
5%cJune
15c
Feb
Jan
lc
June
4c
11c
June
40c
lc
23
Apr
June
15-16 Jan
4%o
29
4%
Jan
Mar
June
Mar
15% May
20
13c
June
27c
Jan
6c
May
12c
Mar
Feb
Sale*
Friday
Week's
Last
Sale.
Mining (Concluded). Par.
Range
Low.
Price.
High.
3%
3%
l%c
lc
2c
5%c
%
5c
MacNamara Mining.r—1
5-16
Kewanus.r
Knox Divide, r
Louisiana Consol
6c
5%
15c
Alliance
Jan
5,900
%
Jan
Jan
Bend A M G
1-16
May
97c
Jan
14o
16,150
10c
June
32c
Jan
5%
%
76c
200
77c
2
%
7c
Roper Group Mining
1
1-16
78c
%
192
15,900
%
June
8% June
June
%
6c
%
1%
1,000
%
%
May
30c
Feb
%
1-16 Mar
%
42c
2c
3c
13,700
2c
May
14c
2c
Jan
30c
Mar
Standard Silver-Lead
June
7c
6c
8c
1%
1%
1%
2,300
%
2,500
3-16
2%
Jan
3-16
1
1 1-16 June
Apr
%
5c
4c
5c
9,195
3c
Jan
7c
Sunburst Cons Mines.r__l
25c
23c
25c
12,500
14c
June
41c
1
2%c
2c
2%c
12,500
%cJune
7c
Sutherlan d Divide
_
r
Tonopah Belmont Dev___l
111-16
1
1
.1
1 1-16
Tonopah Divide _r
Tonopah Extension
Tonopah Mining.r
1%
1 5-16 1 7-16
3
United Eastern Mining..1
1%
1%
2 15-16
1
20,650
1,150
1,110
7,220
1-16
1
1 7-16
3%
1-16 June
4%
1 5-16 June
2 15-16
3%
May
1 3-16
Jan
Jan
4%
2 15-10June
Jan
6c
8c
22,000
6c
May
11c
Apr
5%c
10c
5c
8c
18,500
5e
June
29c
Jan
%
1%
4,000
11,620
2c
2c
May
3c
6%cJune
20c
Apr
4c
June
12c
Mar
%
1 5-16
1%
,
1%
% May
1% June
White Caps Extension.10c
2C
10c
1
10c
9c
12c
5c
4c
5c
lc
9,500
17,100
18,700
Wilbert Mining
Jan
Jan
6%C
Washington Gold Quartz .1
West End Consol'd
5
White Caps Mining
Apr
3%
Apr
2 7-16 Jan
Jan
Bona*—
Allied Pack
71
Amer Tel A Tel 6s.r.. 1922
70
72
$85,000
68
93%
deb6s r'39
conv
93
94
54,000
93
91%
99%
92%
99%
92
90
99
External 6s.r
1921
98%
97%
99
i_r__1930
99%
%' June
99% June
29,000
1925
91%
1924
6% notes.r
Chic A N W 7s
w
C C C A St L Ry 68
JDel A Hud Co 7s
r w
r
99%
99%
84
85
June
91
29,000
69%
Belgian Govt 6s.r
Anglo-Amer Oil 7%s.r.'25
May
85
59,000
104,000
June
96 A
Apr
9914 June
64,000
11930
10,000
130,000
82
Apr
99% 100
1929
99
June
55
June
French Govt 4s
59
56
62
3915000
French Govt 5s
73%
70
74
1500000
Goodrich (BF) Co 7s. 1925
Interboro R T 7s.r_..1921
95
94%
95%
30,000
70%
70%
Jan
89
100% May
June
62
Apr
6,000
62
Feb
76
fMay
24,000
90
97%
97%
10,000
97 %
96%
96%
10,000
95% June
7s_r
1925
95
95%
Russian Govt 5%s.r_.1921
24
25
30,000
LOO,000
97%
97%
m
99% June
99
92%
^
Jan
99%
Apr
1923
^
Mar
June
99
93%
7s.r__1930
„
96%
100%
Jan
June
7s.r
„
Jan
74
Ohio Cities Gas 7s.r.. 1922
8inclairConOil7%sr___ '25
Swedish Govt 6s June 15 '39
97%
June
69
71%
93%
Kennecott Cop
Jan
89%
June
Jan
Jan
98%
97% June
June
96%
95% June
Continental Oil
...100
Crescent Pipe Line Co... 50
Cumberland Pipe Line—100
Eureka Pipe Line Co....100
Galena-Signal Oil com...100
15,000
82
May
97
15,000
83
May
93
57,000
Western Elec conv 7s.r.'25
98%
98%
99
53,000
97% June
98
Mar
Jan
99%
May
99%
Apr
25
27%
Bremen 4%8.r
27
Coblenz
4s.r
28%
4s.r_
27
1,000 lire, flat,
7.00
8.50
7 50
540
Missouri Pacific 5a
8.50
7.50
375
Mobile A Ohio 5s.—
8.12
7.25
450
Equipment 4%a
8.12
7.25
7.50
6.60
Equipment 5s & 7s
660
New York Cent 4%s, 5s, 7s
8.00
6.50
7.15
6.87
7.25
6.90
101*2103
Preferred
Pacific Fruit Express
97
100
375
380
8t Louis Iron Mt A Sou 5s..
8.55
7.50
10
*27
33
St Louis A San Franoieoo 5s.
8.50
7.50
Seaboard Air Line 5s
8.25
7.25
8.25
7.25
....
Ordnance Stock*—Per
Pennsylvania RR 4%a
Equipment 4s
Reading Co 4%s
8 hart.
Equipment 4%s
160
165
100
Atlas Powder common
79
83
7.50
6.75
8.00
7.00
106
109
60
375
400
Unioe Pacific 7s
Virginian Ry 6s
Industrial*
275
Atlantic
200
Battery Park.
Bowery*
Broadway Gen
190
200
425
_.
N Y
128
80
85
160
June
Amer Machine A Fdry..l00
150
29%
26
*48
26%JJune
Britlsh-Amer Tobae ord..£l
*14
26% June
27
June
27%-June
31
June
June
33
27
fJune
fjune
June
23% June
June
24% June
28
27% 2,300,000
28% 210,000
25
27% June
26% June
28%; June
26% 100,000
27% 250,000
31
210,000
25% June
26% June
29
[June
26% June
1,800,000
June
29
June
31
June
9
8%f June
8% 200,000
June
June
I Listed on tbe Stock Ex¬
o New stock, r Un
c Ex-stock dividend. I Dollars
be found,
1st
preferred
2d preferred
Colt's Patent Fire Arms
Mfg
52
fluPont (E 1) de Nemoure
100
100
100
A Co common
Debenture stock
Eastern Steel
Ask
Trust Co's
250
Bankers Trust
385
81
Conley Foil (new)
70
77
35
MaoAndrews A Forbes..100
31
74
77
220
91
96
Niles-Bement-Pond oom.100
Preferred
100
100
103
95
99
Phelps-Dodge Corp.....100
Bcovlll Manufacturing
100
Thomas Iron
60
175
200
370
33
100
415
100
.100
90
55
Winchester Co com..
1st preferred
2nd preferred
Woodward
395
Central Union
36r
290
Columbia
?
335
225
Commercial..
.45
335
Empire
300
Equitable Tr.
292
145
156
Manhattan *.
215
105
125
Mech A Met.
325
160
160
Mutual*
490
Bryant Park*
Butoh A Drov
}45
155
Nat American
150
38
42
Neth*..
185
New
York Co
145
Obase
400
410
;New York...
460
Ohat A Phen.
270
278
New
220
_.
"
375
280
......
Boro*i
Gent Mero
360
^
....
2~97~ "
********
475
Farm L A Tr.
385
395
Fidelity
222
232
Fulton
270
290
Guaranty Tr.
343
348
Hudson
----
200
160
'
Pacifio *
135
Chelsea Exch*
137
143
Park
585
620
Law Tit A Tr
138
143" ~
Chemical
555
565
Publio
340
360
Lincoln
Trust
150
170
Mercantile Tr
315
Metropolitan.
260
270
105
125
420
Republic*
City
412
Coal A Iron..
250
Seaboard
625
Colonial *
Columbia*...
350
Second
450
180
200
State*..
190
Commerce
225
230
^Tradesmen's*
200
Oomm'l
420
430
23d Ward*...
160
Union Exch..
175
185
United States*
173
183
H'ts*..
350
Yorkville*...
375
Ex*.
Common¬
wealth*
210
Continental*.
120
Corn Exch*..
420
430
Oosmop'tan*.
112
180
190
•
•••
chester)
N Y Life Ins
500
575
N Y Trust...
610
620
Title Gu A Tr
330
350
U S Mtg A Tr
********
405
415
States
825
840
490
505
A
Trust
_
East River
220
Wash
*******
United
I
Coney Island*
160
140
165
Brooklyn
Tr.
Fifth Avenue*
920
940
First
205
215
Hamilton
262
272
Fifth
158
168
Green point-
160
165
Kings Comity
650
700
110
120
190
205
First
830
900
Hillside*
Garfield
238
245
Gotham
195
210
; Homestead*..
Mechanics'*..
Greenwich *_.
275
80
Manufacturers
People's
.....
V270
92"
88
Montauk *
100
110
Hanover
815
Nassau
205
215
Harrlman
330
360
North Side*..
195
205
Imp A Trad..
530
540
People's
145
******
Banks marked with a
ahange
this
week,
(*) are State banks,
t New stock.
%
t Sale at auction or at Stock Ex-
Ex-dividend,
v Ex-rights.
115
165
173
100
80
85
600
630
465
485
98
101
100
120
130
100
87
94
Preferred
Young (J 8) Co
Preferred
Am Cot Oil 6s 1924..MAS 2
95
Amer Tel A Tel 6s 1924.FAA
65
6% notes 1922.
A AO
Amer Tobacco 7s 1920.MAN
90
91*2
93%
9978
99
52
80
90
110
60 *105
50
...
*36*2
37*2
MAN
MAN
MAN
7% notes 1921
notes 1922
7% notes 1923
Anaconda CopMln '29.JAJ
Anglo-Amer Oil 7*23 '25 AAO
126
129
-.100
79
82
7% notes July 15'23JAJ15
100
45
51
Canadian Pao 6s 1924.MAS 2
100
65
68
Del A Hudson 6s 1920. _FAA
3
9
Federal Bug Rfg 6s 1924MAN
100
Amer Lt A Trao oom
Preferred
Beth St 7s July 15'22.JAJ
15
91
92
9334
100*8
99«4
99
99*4100
86I2
99%
9734
96*4
87*2
100
98*4
96«4
100
64*2
65
100
8
11
Laclede Gas 7s Jan 1929FAA
9234 9314
99% 100
92
94
94% 95*4
99
99*4
92
95
92*2 94
91
92
-.100
78
85
96*2 9678
97
97**
20
Goodrich (BF)Co7s '25 AAO
Carolina PowALlgbt oom 100
"25
30
Great North 6s 1920...MAS
100
325
327
100
Cities Service Co com
Preferred
Colorado Power com
K C Term Ry 4%s
1921.JAJ
68 NOV 15 1923
MAN 15
Com'w'th Pow Ry A Lt__100
17
19
LlggettAMyersTob6s'21JAD
Penn Co 4%s 1921..JAD 15
100
39
41
Pub Ser Corp NJ 7s *22 .MAS
81
Elec Bond A Share prel_.100
78
82
7
9
Reyn (RJ) Tob 6s '22.FAA
SIosH-Shef S A I 68 '29.FAA
95*2 95?8
Federal Light A Traction.100
100
42
45
Southern Ry 6s 1922...
Great West Pow 6s 1946.JAJ
75
78
SwlftACo 6s 1921___ FAA 15
97*2 977g,
97*2 9734
Preferred
Preferred
Preferred..
MAS
Mississippi Riy Pow oom.100
10
12
Texas Co
100
47
51
Utah Sec Corp 6s'22.MAS 15
71*4
72%
West Elec conv 7s 1925.
•7
12
100
Preferred
First Mtge 5s 1951.
JAJ
Northern Ohio Eleo Corp.(t)
MAS
7s 1923
AAO
84
85
88
91
91*2
83
85
98% 99
Industrial
25
40
30
35
American Brass
100
78
81
American Chicle oom. no par
190
39
North Texas Eleo Co oom 100
65
69
100
65
70
100
64
67
American Hardware
100
140
Pacific Gas A Eleclst pref 100
80
82
Amer Typefounders
oom.100
Puget Sd Pow A Light -.100
Preferred
100
14
16
53
56
135
40
84
98
5
10
Preferred
Preferred
Preferred
Republic Ry A Light
100
100
100
Preferred
100
Preferred
Preferred
Borden Company com
95*2
Celluloid
84*2
"83
100
..100
100
Preferred
37
100
South Calif Edison oom
and Miscellaneous
100
100
Havana Tobacco Co
98
Company
100
Preferred
Preferred
Tennessee Ry L A P
50
*10
15
1st g 58 June 1 1922..J-D
50
Standard GaB A El (Del).
*35
36
Intercontlnen Rubb oom.100
100
1
*2
oom.100
Preferred
2*2
1*2
A-O
International Silver pref. 100
55
60
Lehigh Valley Coal Sales.
16
Royal Baking Pow com.-lOO
Preferred
100
Western Power
100
14
100
58
60
Corp
1st gold 5s 1951
22
100
100
Preferred
100
International Salt
19
United Lt A Rys oom
1st preferred
Singer Manufacturing
Simrer Mfg Ltd
•
105
450
160
m
15
27
Ceni
Public Utilities
Preferred
Brooklyn
Brooklyn
15
*14
*25
Reynolds (R J) Tobacco. 100
B oommon stock
100
Preferred
....100
Iforth'n States Pow som.100
Mutual (West¬
125
Cuba (Bk of)
650
200
no par
Ask.
132
Short Term Securities—fer
50
100
Iron
.
******
350
bearer..£1
Bid.
410
•23
Preferred
American
are.
Johnson Tin Foil A Met.100
Brit-Am Tobac.
Amer Publio Utilities comlOO
Ask
Nsw York
210
Bronx Nat...
Bronx
Bii
Sh
298
214
Preferred
-
Stockr—Per
78
100
.100
Hercules Powder oom
Tobacco
290
Empire Steel A Iron oom.100
Preferred
..100
Amer Power A Lt com
Lincoln
Liberty
7.50 7.00
Par
Irving Nut of
215
7.00
American cigar common. 100
Preferred
.100
240
213
...
7.00
8.00
7.00 6.85
__100
8.00
74
Bid
265
.
Southern Railway 4%s
Equipment 5s
Toledo & Ohio Central 4s—
Preferred
207
6.62
102
dollars per share.
Amer Exch
...
Southern Pacific Co 4%s, 7s
75
100
100
Aetna Explosives pref
7.50
70
29
Banks and Trust Companies.
America *
6.60
110
95
Preferred
Ban|:e
**.50
7.35
90
107
Preferred
-
Aft
7.35
70
100
Co
Preferred
Bii
7s
100
Swan A Finch
Union Tank Car
Amer Gas A Else oom
tfanka—N Y
7.00
Northern Pacific 7s
97
t Listed as a prospect.
prices
.
N Y Ontario A West 4%a...
7%
IAll
7.00
7.50
Missouri Kansas A Texaa 5a.
100
June
t Correction.
New York City
7.50
Minn StPASSM 4%a—...
100
change this week, where additional transactions will
listed, w When issued, a: Ex-dividend, y Ex-rights,
per
68
670
310
Carbon Steel common...100
21
par value,
6.75
Equipment 6s
i June
28
t No
7.75
275
29%] June
23% 200,000
Odd lots,
6.75
27%
25%
25%
*
6.50
7.75
...
26
22
8%
7.50
Michigan Central 5a
25%jJune
26
4s.r........
Louisville A Nashville 5i...
118
26%? June
23
Vienna
7.00
350
24%*June
German Govt 5s.r
4s.r
6.50
7.87
80
Hamburg 4s.r
Stuttgart
6.50
7.50
Equipment 4%a
Kanawha A Michigan 4% a.
90
29
29
7.00
7.50
Illinois Central 5a
205
7.00
8.00
Equipment 5s
45
570
7.60
215
200,000
25%
292
7.50
8.75
8.00
Hocking Valley 4*>a
86
33
26%
8.75
5s
Equipment 4%a
96
7.50
*70
33
Lubeck 4s.r
157
5a...
A Southern
7.25
8.50
190
29
Munich 4s_r__
Erie
7.26
8.30
50
26%
27%
Colorado
26
6.50
8.30
iA Pac 4%B
Forglngs.100
29%
Leipzig 4%s.r__
7.50
Equipment 5s
35
7.25
7.12
440
Preferred
27
Hamburg 4%s.r
Chicago R
88
7.50
8.00
Canada Fdys A
Frankfort 4s.r
Frankfort 5s.r
7.50
8.00
'June
Dusseldorf 4s.r
_
48
28
28
29% 400,000
27
100,000
31
610,000
Cologne
7.50
8.75
420
Bliss (E W) Co common.
25%
101
24% June
Marks
•' mm*
7.25
8.75
5,800,000
26
950,000
27% 100,000
27% 100,000
29
10,000
Marks)
Bremen 4s.r_
145
100
Standard Oil (Ohio)
Preferred
Municipal Bonds
Greater Berlln4s.r
30
Standard OH of New Y'k.100
Babcock A Wilcox
German Government and
7.25
8.75
Equipment 5s
Chicago A Alton 4%a
7.50
Washington Oil
97%
7.00
8 00
Chesapeake A Ohio..
115
Norfolk A Western 4%a
Jan
85
7.50
8 00
387
Apr
85%
6.75
8.00
„
383
98
97%
7.00
7.50
8.50
108
101*8 101*2
100
Preferred
7.00
7.50
.
Central of Georgia 4%a
230
100 325
113
Southern Pipe Line Co.. 100
South Penn Oil....
100 265
64
Southwest Pa Pipe Lines.100
306
Standard Oil (California).100
660
Standard Oil (Indiana)..100
Standard Oil (Kansas)...100 520
360
Standard OH (Kentucky) 100
Standard Oil (Nebraska) .100 420
645
Standard Oil of New Jer.100
97% May
85
86
Solar Refining
Vacuum Oil..
84%
Equipment 4s
Equipment 6s
7.00
Caro Cllnchfleld A Ohio 6a
475
160
'
7.50
7.50
7.50
90
Feb
84%
8.50
Baltimore A Ohio 4%a
Buff Roch A Pittsburgh 4%>
155
*85
*34
*25
152
92
Ohio Oil Co
25*287
Ptnn-Mex Fuel Co—... 25
*42
Prairie Oil A Gas
100*550
Prairie Pipe Line
100*200
38
97%
where marked "i.*
Equipments—PerCt. Basis
Chicago AN W4%a
Jan
notes.r.1923
25%
170
95
June
Texas Co 7%
27
82
150
95
...100
Preferred new
-.100
Illinois Pipe Line
100
Indiana Pipe Line Co
60
International Petroleum. £1
National Transit Co—12.50
New York Transit Co...100
Northern Pipe Line Co. 100
Preferred old
95
Switzerland Govt 5%s_'29
(Dollars -per 1,000
Berlin 4s.r
160
75
West A Bronx
Equipment 5s
Chicago A Eastern 111 5% a.
Chio Ind A Loulsv 4%a—..
Chic St Louis »NO 6a.....
23
13,000
100
Preferred new..
---Jan
May
1%
4,120
1%
1%
U 8 Continental Mines.r.l
Victory Divlde.r
1%
150
US Title Guar
Canadian Pacific 4%a A 6s_.
105
104
425
*84
220
103
110
*28
135
99
44
90
100
Co
100
Buckeye Pipe Line Co— 50
Chesebrough Mfg new...100
Jan
v
2412
preferred
Jan
Ask.
Anglo-American Oil new. £1 *23*2
Atlantic Refining
1001150 1225
Borne-Scrymser
1% June
1
Mining
Success
U S Casualty.
RR.
t
Bid.
Par:
Jan
17,900
%
194
134
"and Interest" except
Pe T Sheer
Standard Oil Stocks
Jan
35c
PickCons'd. r
Simon Silver A Lead.r....
190
127
Title A M G
All bond prices are
1% June
%
Feb
% June
% May
39c
Sliver
110
A
Mortgage..
Jan
2%c
%
Title
Y
N
105
Assoc
June
12c
1
1
Mining.r...l
85
(Brooklyn).
Realty
Quotations for Sundry Securities
Jan
1%
1 3-16Jan
Silver King of Ariz new—
Silver King Divide*r
75
Ask
87
Apr
12%
1,600
10,500
Silver Dollar
70
Bid
120
80
Jan
300
May
%
5-16 June
9,000
28,400
7c
1-16
%
74
255
60
Atk
115
92c
Jan
9
6c
1%
June
7-16
1%
,
1
80c
74c
416
5-16
Rex Consolidated Min
1,900
1,100
3,700
4,300
8%
%
7-16
Bid
Lawyers Mtge
Mtge Bond..
Nat Surety..
**
6%cMay
May
4%cMar
2,300
3,100
201
192
8%
70
City Investing
Preferred..
%
******
245
Surety.
▲met
*
80
B'lty
15,500
5%
%
%
St Croix Silver
Jan
dollars per share.
prices
Ask
Bid
Jan
4c
June
5c
16,600
4%
June
lc
All
%
10c
76c
10
3% June
1,100
15,700
and Surety Companies
New York City Realty
5-16
7-16
Rico Div.r
1.
High.
%
Ophir Silver Mines.r__._l
Cons
Jan.
since
Low.}
Shares.
%
13c
1
Motherlode.r
1
Mountain States Silv_r__l
Murray Mog M, Ltd
1
New Jersey Zlnc.r
100
Nipissing Mines
5
Marsh Mining.r—
Range
for
Week.
of Prices.
5
1
10c
1
Kerr Lake
Prince
[Vol. 11§
THE CHRONICLE
2650
*
Per
share,
/Flat price,
o
b Basis,
Nominal.
also pays accrued dividend,
«Ex-dlvldend
V Ex-righta.
d Purchaser
198
41
45
88
102
92
90
155 160
2*21*2
10
6
57
/50
11*2 12
57
72i*
70
95
*90
88
*84
120
130
80
83
100
118
120
£1
d2
50
s New
3
stock.
June 26
Intelligence.
[ttixestaetti ami
GROSS EARNINGS
RAILROAD
oan
monthly returns
and the last two
and inoluding the latest week or month. The returns of the electric railways
The following table shows the gross earnings of various STSAM roads
be obtained.
The first two columns of figures give the gross earnings
oolumns the earnings for the period from
are
brought together separately
on a
Latest Gross
ROADS.
Week
or
Month.
Jan. 1 to
subsequent page.
Arbor
Ann
1st wk
June
Atch Topeka & 8 Fe April
Gulf Colo & S Fe
April
Panhandle & S Fe April
Atlanta Birm & Atl_ April
Atlanta & West Pt_ April
Atlantic City
April
Current
Year.
Year.
Year.
$
%
228.273
1,043,078
892,231
1.670,537
Kansas City Term.. April
Kansas Okla & Gulf April
222,410
488.718
901.414
231,115
87,267
363,690
422,740
102,313
468,504
591,336
120,802
264,199
393,570
69,274
528,309 2,107,186 2,093,614
334,278
445.261
80,726
1,69.3,589
613". 453
548",835
149,866
1,126,027
1,304,522
347,864
1,097,015 4,726,952 4,061,519
7,370.704 34,071.721 29,866,890
385,709
389,101
85,908
768.432
1.192,181
194,790
721,684
914,100
182,472
765,558 4,093,556 2,216,568
8,015,773 43,887,694 32,772,805
328,265
276,388
72,091
1,092,233 5,536,790 4,260,564
350,051
499,090
123,633
319,709
545,193
81,986
305,766
222,099
780,836
9,475,760
64.593
1,229,998
108,896
97,107
1,266,234 1,147,678
121,408
203,993
86,547
101,355
101.505
5,655.469
619,426
458,303
766,414
.
1,329,288 1,214,250
350,551
427,669
131,636
126,247
74,963
123,104
557,583
632,807
188.371
130,416
Staten Isl Rap Tran April
2,019
3,508
Tenn Ala & Georgia 2d wk June
228,577
236.206
Tennessee Central- April
290,913
225,072
Term RR Assn of StL April
206,100
157,381
St L Mer Bridge T April
705,972
742,514
2d wk June
Texas & Pacific
618,991
745,648
Toledo St L & West. April
98,452
97,777
Ulster & Delaware.. April
7,279,067 8,171,586
Union Pacific
April
2,705,544 2,823,799
Oregon Short Line April
2.173.492 2,049,454
Ore-Wash RR & N April
612.679
712,394
Union RR (Penn)
April
64,379
105,306
Utah
April
237,839
388,321
Vicks Shreve & Pac. April
680.346
1,327,509
April
Virginian RR
2.926,393 3,880,977
Wabash
Railroad.. April
263,281
376,282
Western Maryland. 2d wk June
830,827
792,809
Western Pacific.
April
235.873
208,665
Western Ry of Ala.. April
962,184
1,018,183
Wheel & Lake Erie. April
150,178
173,486
Wichita Falls & N W April
i2,003,526 1,798,694
Yazoo & Miss Valley April
Year.
Decrease.
Georgia Sou & Fla
South Ry in Miss.
Spokane Internat'l.
Spok Portl & Seattle
Apr
2d
week Apr
3d
week Apr
4th week Apr
*
We
no
roads).
roads).
roads).
%
roads).
roads).
roads).
roads).
roads).
roads).
roads'.
roads).
longer include 1
April
April
April
April
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
12,339,698
10.419.611
6.617,762
6,254.497
6,679,491
12,957,316
7.517,103
11,088.114
10,885,509
15,097,292
8,878,546
10.527,110
4,735,674
1,496,427
551,464
280,765
2,227,347
491.623
2,637,187
616,410
75,517
950.624
1,380,026
*1,192,286
17,540,136
3,179,844
334,320
36,995,016
13,898,885
10,589,245
2,564,69
660.534
54,518
874,058
1.171,523
861,791
14,794,222
2,256,714
288,826
32,783,685
II,077,218
8,307,165
2,382,459
355,200
602,56
1,443,332 1,028,271
4,848,588 2,922,214
16,457,826 14,449,064
5,743,932
7,681,402
4,128,261 3,191,941
443.129
885,329
4,326.389
858,663
9,452,835
3,046,637
574,663
7,336,040
I
EARNINGS—Weekly and Monthly
Current
*Monthly Summaries.
%
Mileage.
+2,364.481 1304
+ 1,602,063 22.69
+911,381 24.21
+826.982
+2.076,040
+ 1,200.820
+ 1,278,440
+ 1,294,717
3,188!631
'
—
%
$
(10
(10
( 9
(13
(14
1st week May (15
2d
week May (18
3d
week May (16
4th week May (16
1st
week June C2
2d
week June_(16
1st week
3",350",354
5,975,336
1,871,973
657,587
Mobile & Ohio- April
Increase or
Year.
481,187
5,534,088 27.471,548
661,136
990,497
1,099,099 1,023,397
321,652
292,549
7,717,748 6.016.176
117,002
114,651
535,235
604,986
553,448
515,292
717,766
822,333
2.424.593 1,995,532
558,753
764,129
436,071
650,458
2,376,483 1.583.177
102083559 91,467,178
2,369,480 1,973,116
3,134,881 2,939,753
25.177,489 22,521.264
919,266
1,008.548
26,890,037 20,725,110
10.191,203 9,545,588
3.196,838 2,306,615
1,370.164 1,096,713
8,209,628 8,075,660
34,918,646 30,062.653
Texas & New Orl.
Southern Railway.. 2d wk June 2,709,111 2,413,230
828,982
743,705
Ala Great South- April
402,131
Previous
7,257.424
v614,607
_
3,810,739
12,131,329
7,309,674
10,103,488
Current
S
9,240,717
_
938.433
18,548,829
5,544,089
688,084
1,135,916
33,606,502
914,396
5.412.744
AGGREGATE OF GROSS
4th week Mar
Year.
,
399,049
195,628
April
April
April
April
April
April
April
April
Weekly Summaries.
Year.
218,920
262,909
111,366
90,116
1,930,753 1.599,324
8,511
5,220
Nevada- Cal- Oregon 2d wk June
110,529
Nevada Northern.. April
131,746
151,303
115,437
Newburgh & Sou Sh April
190,609
New Orl Great Nor. April
202,392
517,100
New Orl & Nor East April
487,686
151.570
207,645
N O Texas & Mex_. April
129,005
174,414
Beaum S L & W__ April
411,371
720.495
St L Browns & M April
25331086 22701274
New York Central._ April
453,335
322,147
Ind Harbor Belt- April
706,782
677,676
Lake Erie & West April
4,687,541 5,757,069
Michigan Central April
266,079
236,279
Cincinnati North. April
5,727,435 5,279,820
Clev C O & St L_
April
1,635,391 1,963,786
Pitts & Lake Erie April
591,208
628,104
Tol & Ohio Cent
April
351,594
295,097
Kanawha & Mich April
1,591,792 1,960,897
N Y Chic & St Louis April
8,596.735 8.118,783
N Y N H & Hartf.. April
725,652 2,904,725' 2J12i267
747,703
N Y Ont & Western April
1,226,421. 1,189,621
314.571
224,387
N Y Susq & West.. April
23.966,345
5,999,464 6.189.619 23.876.952
Norfolk & Western. April
511.269 2,641,011 2,018,237
675,742
Norfolk Southern.
April
405,880
513,026
80,692
127,385
Northern Alabama- April
29,949,699
8,602,248 7,747,573 34.423.651
Northern Pacific
April
361,175
450,442
96,009
124.204
Minn & Internat. April
454,439 2,042,052 1,583,349
503,322
N orthwestern Pacific April
I,708.162
2,135,230
430,266
485,397
Pacific Coast
April
34003251 36825582 149870926 143409179
Pennsyl RR & Co.. April
399,070
386,115
124.813
128,409
Bait Ches & Atl— April
855,455
987.900
374.408
504,751
Cumberland Vail. February
1,477,449 1,985,635 6,198,525 6,560,632
April
Long Island
348.333
290,154
103,993
98,998
Mary Del & Va„ April
639,208 2,329,321 2,453,860
513,066
N Y Phila & Norf April
525,871
604,389
140,271
105,407
Tol Peor & West
April
832,378 3,132,199 3,020,358
808,451
W Jersey & Seash April
1,046,255
1,536,811
531.476
701,698
Grand Rap & Ind February
8,082,920 6,920,967 26,073,527 20,940,762
Pitts C O & St L
April
387,189
529,925
94,189
82,613
Peoria & Pekin Un_ April
2,215,523 2,690,531 10,869,327 9,982,716
Pere Marquette
April
326,769
377,604
92,977
86,248
Perkiomen
April
300,692
348,686
52,929
110,341
Phila Beth & N E— April
6,369,018 5,471,389 26.894,558 20.656.423
Phila & Reading
April
343,090
508,341
84,474
114,474
Pittsb & Shawmut.
April
329,639
463,703
86,770
93,774
Pitts Shaw & North April
421,172
531,285
100,236
73,052
Pittsb & West Va_. April
823,313
636,851
233,938
69,470
Port Reading
April
163.360
217.843
77,867
94,738
Quincy Om & K C__ February
873,982 3,800,267 4,086,830
831,710
Rich Fred & Potom. April
778,960
685,472
332,144
309,844
February
Wash Southern.
1.650,218 1,387,492
402,152
493,618
Rutland
April
861,290
1,017,155
205,945
206.205
St Jos & Grand Isl'd April
5,855.857 28,029,004 23,370,321
6,556*381
St Louis-San Fran.
April
423,653
652,370
101,078
158,541
Ft W & Rio Gran. April
412,689
535,062
113,289
St L-S F of Texas. April
124,918
989,182 6,317,249 3,998*853
1.408.491
St Louis Southwest. April
2,879,020 1,856,896
429,321
680,827
St L S W of Texas April
320,392
450,613
70,823
44^522
St Louis Transfer
April
1,280,674
295.758 1,453,783
378.979
San Ant & AranPass April
314,834
446.328
98.043
146.797
San Ant Uvalde & Gulf April
3.636,521 3,359,084 16,803,275 13,766,770
Seaboard Air Line- April
444,133
409,956
62,444
116,914
South Buffalo
April
11498408 12469790 55,947,470 48,931,942
Southern Pacific.
April
1,248,132
1.304,999
235,920
281,588
Arizona Eastern. April
4,967,323
1,951.316 1,581,654 5,875,481
Galv Harris & S A March
1,950,566
656,096 2,791,549
818,733
Hous & Tex Cent. March
549.701
714,793
183,663
256,985
Hous E & W Tex. March
1.229,231
1,661,888
318.814
395,306
Louisi ana W estern April
546.759 3,266,612 2,328,904
785,673
Morg La & Texas April
1,747,924
2,367.387
637,249
800.496
March
381,883
,759,317
*
Year.
April
Monongahela
4,658,410
436,887
410,656
384.990
96,016
96,377
658,012
181,098
163,364
Lehigh & Hud River
1,276,987
286,881
281,049
Lehigh & New Eng.
4,250,113 5,105.030 19,855,400
Lehigh Valley
5,682,782
1,028,956 1,507,112
Los Ang & Salt Lake
1,407,617
172,223
335,409
Louisiana & Arkan.
1.328.256
280,050
348,112
Louisiana Ry & Nav
8.920.403 8,600,940 38,577,082
Louisville & Nashv.
475.753
228.212
226,489
Louisv Hend & St L April
1.647,266 1,385.944 5.616,445
April
Maine Central
304,638
10,519
13,862
2d wk June
Mineral Range
1,202,325 1,007,539 5.058.284
Minneap & St Louis April
3,039,766:3,131,747 12,446,531
Minn St P & S S M. April
306,665
80,8231
75,353
Mississippi Central. April2,669,604 2,565,829 11,826,472
Missouri Kan & Tex April
Lake Terminal
Year.
Montour
April
Nashv Chatt & St L April
__
Kansas City South. April
Texark & Ft Sm_. April
connect April
Monongahela
1.559,145
538,700
April
Georgia Railroad
110,147
April
Georgia & Florida
Grand Trunk Syst— 2d wk June 1,955,993
83,335
Ch D & CGT Jet. April
322,376
Det Gr H & Milw April
847,123
Grd Trunk West. April
8,953,850
Great North System April
April
Kan City Mex & Or April
K C Mex & O of Tex April
Ry of Tex April
Mo & North Arkan. April
Missouri Pacific.
April
5.778,536
1,555,635
136,678
124,205
April
Previous
2,313.706 1,944,485
117,918
144,218
7,587,079 6.868,820
99,349
260,371
Mo K & T
8,485,564
2,588,743
1,859,871
109,881
Internat & Grt Nor.
Current
$
1,918,980
71,823
78,191
14911806 12818623 67,955,621 50,910,056
Fonda Johns & Glov April
niinois Terminal
Previous
Month.
1,861,985 1,515,299
413,998
632,594
390,530
441,767
Ft Smith & Western April
Galveston Wharf
April
Gulf & Ship Island. April
April
Hocking Valley
April
Current
$
1,072,417
1.054,415
297,128
299,368
6,339,464 6,312,476 25,677,658 22,960.934
15226698 13301950 63,938,696 50,199,190
472,125
B & O Chic Term_ April
735,136
88,272
120,878
1,810,366
2,133,327
680,621
460,631
Bangor & Aroostook April
961,095
Belt Ry of Chicago
1,286,730
118,854
256,398
April
2.866,924
2.755,681
Bessemer & L Erie__ April
916,421
876,624
442,076
582,539
142,239
86,929
Bingham & Garfield April
227,319
176,783
58,224
55,132
Birmingham South. April
Boston &
Mane
6,517,187 5,484,927 23,981,911 20,320,398
April
275.407
145.998
21.213
77,753
Bklyn E D TerimlnaJ April
Buff Roch & Pittsb. 3d wk June
255,447 9,151,178 6,636,911
370,879
666,808
907,321
Buffalo & Susq
150,309
226,278
April
2d wk June 1,866,517 1,676,264 41,272,997138,238,441
Canadian Nat Rys
3d wk June 3,578,000 3,024,000 84,970,000 70,870,000
Canadian Pacific
1,310,816
1,198,792
Can Pac Lines in Me April
283,439
347,612
1,796,087
446,073 2,187,447
Caro Clinch & Ohio. April
609,225
6,717,673
Central of Georgia
1,957,022 1,774,178 8,422,337
April
Central RR of N J__ April
2,354,940 3,482,128 13,071,705 13,174,502
1,879,659
1,635,423
466,901
Cent New England- April
349,939
1,878,254 1.645,303
448,729
Central Vermont
431,809
April
279,548 1,136,560 1,042,996
Charleston & W Car April
293,971
Ches & Ohio Lines.. April
6,199,907 5,438,225 25,056,831 21,538,163
1,682,120 1,980,676 8.469,266 7,736.254
April
Chicago & Alton
13216614 10479346 29,786,962 22,126,426
Chic Burl & Quincy. February
1,852,938 1,828,764 9,154,083 7.455,375
April
Chicago & East 111
1.615.240 1,585,432 7,433,359 6,429,860
Ctiicago Great West April
3,529,240
952,838 4,496,081
1,030,989
Chic Ind & Louisv— April
1,025,734 1,063,735
94,679
240,050
Chicago Junction.. April
11879407 11967299 51.122,215 44,149.524
Chic Milw & St Paul April
10525992 9,840,278 46,233,257 38,734,266
Chic & North West. April
239,012
410,082
113.706
208,128
Chic Peoria & St L_ February
8,960,968 8,272,617 40,918,204 31,882,242
Chic R I & Pacific.. April
377,268 2,149,873 1,463,458
Chic R I & Gulf- April
476,599
Chic St P M & Om. April
2.328.241 2,031,348 9,900,356 8,295,824
287,355 1,551,058 1,257,461
239,527
Chic TerreH&SE. April
886.064
1,355,903
225,971
281,345
Cine Ind & Western April
Cin N O & Tex Pac. April
1,494,493 1,435,788 6.242,971 5,572.445
2d wk June
487,606 12,175,324 10,698,523
Colo & Southern
484,088
824,231 3,924,656 3,262,740
Ft W & Den City. April
903,274
405,108
603,380
Trin & Brazos Val April
115,384
95,342
379,510
269.260
88,885
Colo & Wyoming
81,710
April
323,720
289,486
75,984
67,839
April
Copper Range
4.889,697
5,130,721
1,467,108 1,274,864
Cuba Railroad
April
Delaware & Hudson April
3,020.560 2,552.496 11.159,739 10,173.798
4.402.572 5.480,194 20,913,874 21,810.350
Del Lack & West
April
Denv & Rio Grande April
2,490,172 2,236,386 11,555,787 9,140,272
662,554
695,399
191,430
Denver & Salt Lake April
49,526
452,983
562,722
109,266
137,491
Detroit & Mackinac April
1,434,019 1,199,332
284,417
285,913
Detroit Tol & Iront. April
365.830
303.112
160.707
116,751
Det & Tol Shore L— February
893,400
615,362
516,227
Dul & Iron Range.. April
217,753
1,728,324
862,771
341,123 1.130,206
Dul Missabe & Nor. April
85,523 2,140,570 1,866,181
99,831
Dul Sou Shore & Atl 2d wk June
691,266
794,898
151,592
209,929
Duluth Winn & Pac April
361,238
419,349
92,205
36.592
East St Louis Conn. April
1,477.557 1,631,494 7,035,770 7,269.485
Elgin Joliet & East. April
4,659,792 4,180,821
1.031,502 1,051,950
El Paso & So West- April
5.556,497 6.801.844 29,258,042 26,531,361
Erie Railroad
April
805.622 3,238.365 3,241,785
583.418
Chicago & Erie— April
313,222
384,766
84,548
76,859
New Jer & N Y__ April
5.103.255 3,800,106
834,315
Florida East Coast. April
1,110,435
Illinois Central
or
Date
Jan. 1 to Latest
Latest Gross Earnings.
Week
ROADS.
Previous
Atlantic Coast Line. April
Baltimore & Ohio
April
Green Bay & West- April
Gulf Mobile & Nor. April
from which regular weekly or
for the latest week or month,
1 to Latest Date.
Previous
264,778
April
Jan.
Earnings.
Current
Year.
$
Alabama & Vicks
3651
THE CHRONICLE
1920.]
14.57
12.38
13.81
15.97
11.53
+2.174,417 11.89
+ 1,571.770 17.70
+ 1,812,588 17.22
July
—232,169
-226.654
August
—233.423
JUIlfc
'
i
Curr.Yr.
i September -232,772
-233,192
November -233.032
Decembc ..233.899
—232.511
January
| February _ —231.304
| March..... ..213,434
J April
—221,725
i
October
Year.
Previous
Year..
Increase or
Decrease.
$
232.682 424 ,035,872 393,265.898 f-30,769,974
226,934 454 .588.513 469.246.733 -14,658,220
233,203 469 .868,678 502.505,334 -32.636.656
+ 9,252,922
232,349 495 .123,397 485.870,475
233.136 508 .023,854 489,081.358 + 18,942,496
—2,593,438
232.911 436 ,436,551 439,029,989
233.814 451 .991.330 440,481,121 +11.510,209
Prev.Yr.
232.210
231.017
212,770
220,918
%
S
494 .706.125 392.927.365
421 ,180.876 348,749,787
4-101778760
7.83
3.13
6.40
1.97
3.87
0.59
2.61
25.90
+72,431,089 20.77
408 ,582.467 347,090.277 +61,492,190 17.72
3.45
387 ,680,982 372,828,115 + 12,852,867
[Vol. 110
THE CHRONICLE
Latest Gross
Latest Gross Earnings by
follows
Weeks.—In the table which
separately the earnings for the second
June.
The table covers 16 roads and shows 17.22%
in the aggregate over the same week last year.
sum
we
week of
ncrease
Name of
up
or
Month.
Increase.
1919.
1920.
Decrease.
47,111
40,110
Cent Miss V El Prop. April
Chattanooga Ry & Lt
Cities Service Co
Buffalo Rochester & Pittsburgh
Canadian National Railways...
Canadian Pacific
Duluth South Shore & Atlantic.
464.206
255.447
1,866,517
3,660,000
1,676,264
3,062,000
99,831
90.260
85,523
71,971
598,000
14,308
18,289
1,955,993
1,693,589
262,404
1
13,862
352,394
5,220
10,519
278,784
3.343
Southern Railway
Tennessee Alabama & Georgia..
Texas & Pacific
2,709,111
2 413.230
295"881
3,508
742,514
376,282
2,019
1,489
36,542
113,001
Georgia Southern & Florida....
Grand Trunk of Canada....,.*
Grand Trunk Western
190.253
Com'w'th P. Ry & Lt April
Connecticut Power Co April
Consum Pow (Mich). April
Cumb Co (Me) P & L April
Dayton Pow & Light. May
d Detroit Edison
May
Duluth-Superior Trac May
Canada Atlantic
Mineral Range.
Mobile & Ohio
Nevada-California-Oregon
...
Western Maryland.
Total (16 roads)
Net
73,610
3 291
8,511
705,972
263,281
Edison El of Brockton April
Elec Light & Pow Co. April
3 291
Earnings
Monthly to Latest Dates.—The table
gross and net earnings with charges and
surplus, of STEAM railroad and industrial companies re¬
ported this week:
.-'A;.;
following shows the
.
'
Gross Earnings
Previous
Roads
Alabama &
Jan
Vicksburg.b.Apr
1
to
Apr
30
Caro Clinch &
Jan
1
Apr
1
to
208,278
577,803
43,445
327,881
def598,815
13,071,705 13,174.,502dfl,155,020
30-
484,010
446,073
609,225
2,187,447
1,796,087
3,482,128
Apr 30.
Apr 1,957,022
Chic Ind & Louisv.b
Jan 1 to Apr 30
Apr 1,030,989
Jan
Range.b
1 to Apr 30
Duluth Winn &
Jan
1
to
30
to
30
Georgia.b.../.
Jan
1
110,147
445,261
Jan
to
Lake Su
Louisi
Apr
Ja
1
Midlan
to
Ja
Penn Li
Jan
es
1
Jan
1
to
5,017
def47,l77
def48,938
26,877 defl77,040 defl63,917
1,328,256
Apr
280.050
1,135,916
337,572
1,482,968
o07,301
1.235,612
348,112
46,895
222,201
3,471,155
30—149,870,926143,409,179dfl7771,412
7,078,669
—_Apr34,003,251
Norf.b__Apr
30
;
513,066
2,329,321
639,208 defl 17,728
2,453,860 defl53,213
W Jersey & Sea sh_b__Apr
808,451
Jan 1 to Apr 30
3,132.199
St Louis-San Fran System—
Ft Worth & Rio Gr.b.Apr
Jan
1
to
Jan
St Louis
Jan
1
to
Apr
30
defl75,513
def36,406
3,020,358 def897,404 def362.717
158,541
652,370
101,078
423,653
11,880
8,078
def21,436
124,918
30
Tex.b.Apr
Apr
to
Apr
113,289
412,689
def9,644
def39,389
def9,292
def59,899
989,182
3,998.853
465,906
2,326,105
283,181
595,498
535,062
—
30
6,317,249
St Louis S W of Tex.b. Apr
680,827
Jan 1 to Apr 30—
2,879,020
Louis
Jan
Transfer.b
1
to
Apr
Jan
1
to
1
to
Louisiana
Jan
1
70,823
320,392
def9,687
128,408
9,371,628
450,613
Apr 30
Arizona Eastern_b
Jan
44,522
April,498,408 12,469,790
Apr 30
Southern Pacific.b
Apr
55,947,470 48,931,942
Apr
30
Western.b..Apr
to
Apr
30
281.588235,920
1,304,999
1.248,132
Jan
1
to
L.b.Apr
Apr 30
1
to
Apr
Jan
b Net
1
to
Apr 30
6,846,778
def4,389
18,704
261,541
93,123
505,709
73,235
795.248
290,913
defl 6,208
20,966
1,171,523
def28,211
def80,297
def310,241
Apr 2,926,393
3,880,977 df1,397,560
16,457,826 14,449,064 def777,424
530,660
826,575
earnings here given
157.381
1,192,286
are
Haverhill Gas Lt Co.
Honolulu R T & Land
Houghton Co El Co..
Houghton Co Trac Co
Hudson & Manhattan
d Illinois
Traction
Hnterboro Rap Tran.
RAILWAY
before deducting
AND
36,557
73,523
39,537
26,981
520,595
1684,606
4597,479
Kansas Gas & Elec Co April
Keokuk Electric Co.. April
269,324
29,360
April
March
February
April
April
February
February
April
Miss River Power Co. April
Nashville Ry & Light April
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
New England Power. April
22,536
257,477
14,910
342,575
104,273
14,546
18,427
1485,918
203,795
315.116
461.479
NewpN&HRy.G&E May
209,981
New York Dock Co.. May
N Y & Long Island._ February
465,172
22,605
2,869
54,583
317,785
16,986
4,818
962,371
310,205
7,841
209,446
N Y & North Shore.. February
N Y & Queens County February
6N Y Railways.
February
February
February
Northern Ohio Elec.. April
North Texas Electric. April
Ocean Electric (L I)„ February
Pacific Power & Light April
Phila & Western
May
Phila Rap Transit Co May
Portland Gas & Coke. April
Port(Ore)Ry,L&PCo April
Puget Sd Tr, Lt & P. March
Republic Ry & Lt Co April
Richmond Lt & RR.. February
St L Rocky Mt & Pac March
Second Avenue
February
Southern Cal Edison. April
Tampa Electric Co.. April
Tennessee Power
April
hTenn Ry, Lt & P Co April
Texas Power & Lt Co April
Third Avenue System. April
Twin City Rap Tran. April
Virginia Ry & Power. May
Wash Bait &Annap__ March
Youngstown & Ohio. April
6Eighth Avenue
6Ninth Avenue
316,314
94,981
247,481
114,681
412,599
124,379
749,743
965,734
April
May
PUBLIC
to Latest Date.
940,752
1,534,895
8,701,199
809,054
1,338,745
497,655
454,999
109,312
609,996
272,680
1,552.585
Latest Gross Earnings.
Road
Company.
Current
Month.
Adirondack El Pow Co May
Alabama Power Co— April
Atlantic Shore Ry
April
Bangor Ry & Electric April
Baton Rouge Elec Co April
Blackstone V G & El. April
^Brazilian Trac.L & P April
Bklyn Rap Trail SysaBklyn City RR
February
aBklyn Hts RR
February
Coney Isld & Bklyn February
Coney Isld & Grave February
Nassau Electric
February
South Brooklyn
February
New York Consol— February
Bklyn Qu Co & Sub February
Year.
$
160,012
Previous
Jan.
Date.
Year.
422,211
965,508
466,254
1.675,375
517,109
563,017
3,641,076 2,836,512
121,269
149,258
237,782
269,527
155,676
177,498
104,017
113,414
959,187
1,078,981
27,534
60,770
35,534
24,629
445,855
5,559,704
1340,440 6,751.171
4019,001 22,986,327 19,341,036
938,492
212,122
1,152,680
99,391
24,213
113,388
76,566
18.245
84,469
551.678
185,808
721,245
29,596
14,406
37,357
1,303,102
339,350 1,319,111
338,537
79,260
418,382
38,206
18,104
34,349
24,110
38,719
11,375
1158,790 5.994.906 4,769,882
718,111
184.922
812,040
1,056,645
1.220,303
264,051
1,226,015
289,848
1,801,348
241,736
1,062,398
1,030.043
2,104.638
447,810 2,270,825
75,080
34,795
60,947
21,441
15,286
10,659
150,641
145,042
71,953
1,178,103
1,879,847
109,022
917,583
44,956
723,398 3,695,629 2,805,110
1,011,607
259,595
1,248.478
13,853
6,577
17,804
650,032
803,810
168,319
278,422
72,600
65,053
295,620
3379,185 3084,983 15,475,745 14,211,334
705,790
215,777
829,851
160.923
738,752
706,244 2.958.907 2,832,869
844.117
2,569,748
2,046,137
659,568 493*364 2.702,923
73,608
36,236
85,538
42,777
968,467
416,537 282,074
1,193,874
115,057
79,993
13,109
55,262
1005,744 789,823 3,590,207 3,036,957
412,869
123,535
506,519
98,579
818,993
777,465
196,922
179,066
1,927,680
544,139 459,251
2,102.017
1,131,252
331,387 259,377
1,378,293
3.348,866
904,862 3,499,667
998,363
1017814
882,221
4,135,038 3,500,724
863,441
743,505 9,043,079 7,673,497
568,895
134,329
181,524
371,682
143,276
45.548
179,430
36,051
Gross
Net
Earnings
Earnings
Previous
Current
Previous
Year.
Year.
Year.
Year.
8
$
Equitable Coke Co.a
Jan 1 to May 31
May
June 1 to
1
to
720,016
349,391
<f,lll ,948
4,319.313
310,896
3,947,789
832,287
.10,528,206
May 31
3,123
15,042
3,277
14,490
144
819
def4
1,654
633,229
7,827.450
546,051
7,035.852
270,088
3,871,500
262,813
3,710,216
May 31
Utah Securities Corp.a.May
Net
30,664
85,094
90,222
372,652
17th St Incl Plane Co.a.May
Jan
15,990
82,773
57,305
333,977
North States Power Co.May
earnings here given
are
after deducting taxes.
17.396
130,026
220,581
10,832
98,474
82.390
330,392
Year.
Gross
Harrisburg Rail
ways Co
Previous
684,054
945,774
45.487
330,543
114,492
916,655
37,725
27,371
265,928
191,619
10245000 f9208000 /39181.000 fo5032,000
4,570 j666,440
157.233
129,052
4,039
2,934
430,052
375,550
71.185
57,185
1621,032 1150,893
121,289
101.766
1,552,196
13,232 f1.379,372
343,568
267,569
5,856
8,296
946,059
774,464
143,438
116,418
3.225,785 2,403,667
273.145
207,446
5
465,172
447,810
mos
'19
'20
517,109
mos
mos
'19
'20
'19
May '20
5
173,885
166,232
814,869
789,503
34,708
26,670
65,053
295,620
May '20
York Railways
Co
t
72,600
'19
'20
'19
Power Co
11
43,953
222,491
209,000
„
2,270,825 '
2,104,638
May '20
Railway Co
5
59,596
142,745
124.379
563,017
'19
Phila & Western
x
& Taxes.
'20
'19
mos
Co
Virginia Ry &
711,161
Fixed Chgs.,
May '20
New York Dock
873,969
1,287,180
54,738
375,646
151,897
1.066,535
Net
Earnings.
Apr '20
'19
4
Year.
$
1,311,718
642,355
Current
Companies.
COS.
1 to Latest
Current
3,410,291
821,156
1,211,657
6,651,307
773,983
1,068,602
430.074
364,934
90,231
500,794
221,749
1,100,061
564,880
1,870,307
Earnings.
or
9,161,801
189,457
5,298.330
404,018
8,266,581
411,438
Electric Railway and Other Public Utility Net Earn¬
ings.—The following table gives the returns of ELECTRIC
railway and other public utility gross and net earnings with
charges and surplus reported this week:
June 1 to May 31
Name of
184,534
131,752
315,245
,
taxes.
UTILITY
Previous
Year.
Year.
a The Brooklyn City RR. is no longer part of the Brooklyn Rapid Transit
System, the receiver of the Brooklyn Heights RR. Co. having, with the
approval of the Court declined to continue payment of the rental; therefore,
since Oct. 18, 1919 the Brooklyn City RR. has been operated by |its owners.
b The Eighth Avenue and Ninth Avenue RR. companies were formerly
leased to the New York Railways Co., but these leases were terminated on
July 11,1919, respectively, since which dates these roads have been operated
separately, c Includes Milwaukee Light, Heat & Traction Co. d Includes
al ]sources, e Includes constituent or subsidiary companies, f Earnings
"ven in milreis.
g Subsidiary companies only,
h Includes Tennessee
ailway, Light & Power Co., the Nashville Railway & Light Co., the
Tennessee Power Co. and the Chattanooga Railway & Light Co. i Includes
both subway and elevated lines,
j Of Abington & Rockland (Mass.).
a
ELECTRIC
April
April
April
April
April
April
April
April
February
369,621
160,766
299,825
137,629
460,104
142,745
9,497
227,406
Georgia Lt, P & Rys.
e Great West Pow Sys
Harrisburg Railways.
Havana El Ry, L & P
121,382
426,170
546.759
2,328,904
225,072
1,380,026
303,315
151,864
30
Wabash_b
1,639,240
206,100 defl01,128
861,791 def203,333
StLMerBdge&Term.b.Apr
Jan
11,956
27.637
90,854
318,814
1,229,231
395,306
1,661,888
Morgans La & Tefc.b—Apr
785,673
Jan 1 to Apr 30
3,266,612
Term RR Assn of St
113.939
429,321 defl 43,602 defll9,196
1,856,896 def734,380 def496,255
— .
St
105,902
426,391
832,378
Southwestern.b_Apr 1,408,491
1
def4,800
def64,957
55.262
187,376
Apr
St Louis S F of
45,073
149.956
36,825,582df7.312.629
30
E & W_b_
to Apr
12,339
27,971
def35,435
def76,101
18,478
399.049 defl07,896 def265,767
27,727
Apr 30
N Y Phila &
39,439
defl 0,722
101,505
6,857
30
Valley.b
1 to Apr
def2,293
38,656
101,355
410,656
195,628
766.414
[a Ry & Nav.b—Apr
42,527
385,709
86,547
458,303
Apr 30-
to
def35,632
def72,801
389,101
30
def5,478
12.380
def2,588
85,908
Ishpeming.b.Apr
Jan
134,452
495,450
8/,267
01$a & Gulf.b_.Apr
Kansas
69,472
177,960
528.309
Fl/rida_b
Apr
t<f Apr 30
&/Western_b_Apr
Jan 1
jo Apr 30
Kansas Cit/Terminal.b.Apr
Apr
41,202
117,565
2.093,614
1
o
146,981
538,700
Green Bay
Jan
defl 2,622
def83,060
2,107,186
Apr
to/Apr 30
Georgia &
Jan
def56,622
defl33,545
80,726
def55,835
334,278 def255,46l
109,881
7,609
103,043
102,313
363,690
422,740
34,515
120,244
92,205
361,238
36,592
def8,762
def32,062
151,592
691,266
794,898
419,349
Apr
272,897
75,984
323,720
209,929
...
Johns&/}]ov_b__Apr
1
216,074
581,815
67^839
Apr 30
Jan
258,366
504,841
def54,209
289,486
Pacific.b.Apr
Apt
287,789
1,510,952
952,838
3,529,240
4,496,081
Apr
923,426
1,774,178
6,717,673
8,422,337
East St Louis Connect.b.Apr
Jan 1 to
Fonda
30.379
75.246
120,878 defl 19,771 defl06,554
472,125 def221,535 def403,624
88,272
735,136
Central of Georgia.b
Jan 1 to Apr 30
Copper
Previous
Year.
76,580
227,970
J_b_..Apr 2,354,940
Central RR of N
Jan
Year.
228,273
892,231
264,778
Ohio.b...Apr
to
Year.
1,043,078
B & O Chicago Term.b_.Apr
Jan 1 to Apr 30
Net Earnings
Current
Federal Light & Trac April
Ft Worth Pow & Lt— April
Galv-Hous Elec Co.. April
11,812,588
Current
Year.
East St Louis & Sub. April
Eastern Texas Elec.. April
eEl Paso Electric Co. April
Fall River Gas Works April
12,339,698 10,527,1101,815,879
....
(17.22%)
1
Current
186,058
46,456
159.819
32,228
432.639
77,135
1785,853 10,606,059
48,496
217,956
918.256 6,467,007
100,249
526,044
2007,033 10.135,406
93,750
479,310
898,569 4.286,077
2219,331
57,094
1139,390
128,911
2514,982
117,399
1129,575
203.517
239,901
280,505 214,052
1669,922 1210,340
161,373
162,247
300,067 247.524
124,262
109,133
109.704
92,459
27,169
20,525
124,652
150,852
51.871
66,245
^Columbia Gas & Elec May
Columbus (Ga) El Co April
Detroit Grand Haven & Milw
Net increase
111.093
April
May
Cleve Painesv & East April
208,759
Previous
Year.
Current
Year.
Cape Breton Elec Co. April
Second Week of June.
Jan.
Earnings
Road
Company.
mos
*19
'20
'19
123.743
98,167
278,422
863,441
743,505
9,043,079
7,673,497
133,629
106,605
827,988
663,841
312,604
305,153
3,482,569
2,700,014
.
40,570
35,633
162,281
143,446
19,026
*8,320
60,210
65,554
92,973
80,912
13,205
347,886
339,783
93.027
466,983
449,720
14,839
19,869
14,052
73,267
70,422
12,618
50.476
1^2,217
166,868
2,093,860
1,931,936
54,572
29,326
45,037
380,271
25,966
169,357
281,181
156,914
After allowing for other income received.
Balance,
Surplus.
27,745
*134,501
*153,817
*1.535,220
*910,593
*28,689
fz20.154
*226,000
*132.307
June 26
THE CHRONICLE
1920.]
Net
Gross
Fixed
Surplus.
$
$
Adirondack Elec
12
mos
Cleve Painesville &
'20
*19
27,176
21,173
325,374
262,666
56,839
38,832
385,866
212,741
17,667
13,536
13.972
14.151
62,667
55,085
53,642
60,776
4,131
defl79
9,025
def5,691
42,316
41,811
£24,569
£38,946
84,015
'20
'19
57,094
48,496
217,956
189,457
May '20
280,505
'19
214,052
63,118
77,722
May '20
1,669,922
1,210,340
8,701,199
6,651,307
291,022
295,611
1,938,624
1,888,101
190,265
139,504
884,512
686,682
100,757
156,107
1,054,112
1,201,419
161,373
162,247
25,343
30,415
96,977
103,144
14,767
14,928
72,965
73,277
£12,676
£17,205
£34,368
£38,661
Apr '20
'19
Eastern PR Syst
4 mos
Dayton Power &
Light Co
Detroit Edison
Co
'19
5
mos
Duluth-Superior
'20
'19
May '20
Traction Co
'19
5
mos
■
Interboro
60,005
711,240
475,407
160,012
130,026
1,931,152
1,796.709
May *20
'19
Power Corp
'20
809,055
773,983
'19
1,686,843
26,152
1,654,243
4,597,479
'19
1,427,059
1,631,677 defl53,743
4,019,001
'20 47,186,554 15,821,089 18,310,566dfl ,953,664
'19 39.294,196 12,470,321 16,624,229df3,611,576
May '20
Rapid
Transit Co
11
mos
564,879
466,254
62,347
47,739
270,240
204,342
38,429
38,090
153,543
152,730
23,918
9,649
116,697
51,612
'19
257,477
185,807
721,245
551,678
58,227
43,631
158,879
116,295
35,199
35,988
105,874
107,833
23,028
7,643
53,005
8,462
Apr '20
192,223
49,495
'19
153,400
2,208,651
1,787,272
41,468
652,303
490.589
21,011
22,177
247,812
242,637
£20,788
£10,530
£288,593
£147,519
817,455
£193.262
Georgia Light, Pow Apr '20
& Railways Co
*19
4
137,629
114,681
'20
mos
'19
Lake Shore Elec
Mar '20
Ry System
mos
Municipal Serv Co
& Subsidiaries
12 mos
*19
'20
'20
*19
Philadelphia Rapid May '20
3,379,184
972,975
'19
3,084,983
1,102,002
4,397,790
4,409.723
Transit Co
5
£
After
mos
'20 15,475,745
'19 14,211.334
INCOME ACCOUNT FOR CALENDAR
Balance'
Charges.
after
Taxes.
Earnings.
807,490
4,083,159
4,045,645
£336,348
£512,942
£594,600
Operating Revenues—
Freight traffic—
Passenger traffic
Mails, express, &c
Transp. expenses
Miscel. oper., &c--_
28,766,158
375,504
1,542,271
.
General expenses
26,189,743
348,932
1,315,060
$60,878,522 $54,217,347 $38,105,806 $32,698,676
(69.7)
(65.6)
$16,537,988 $17,135,636
Railway tax accruals—
2,485,078
2,278,184
2,439,331
1,636,604
Uncollectibles
5,570
2,801
3,497
12,355
.
Operating income— $8,105,846 $17,222,985 $14,095,160 $15,486,677
of
equipment
deb.$22,128
$362,091
$1,483,596
$535,912
acc—
1,130,143,
955,408
860,078
761,431
Hire
Int. from invest. &
Miscellaneous-—
203,321
343,800
$17,127,820
$8,779,143
-
C. & O. grn.
on
230,439
$8,730,769
MiscellaneousDividends-
1,092,893
1,122,375
1,008,199
959,258
elev.
20,866
23,859
32,078
54,061
72,408
64,719
95,871
64,787
(4)2,511,264 (4)2,511,264 (4)2.511,264 (2)1,255,632
Total deductions
Net income
$12,476,575 $12,452,987 $12,237,207 $10,716,570
def.$3,259,393
$6,317,936
$4,555,114
$6,411,250
FEDERAL INCOME ACCOUNT FOR
operating revenue
operating expenses
Net operating revenue
Railway tax accruals
Uncollect, railway revenue
Total
Railway oper. income—.
of equipment
Industrial Cos. (Concluded)—
Page.
Page.
2385
Goodyear Tire & Rubber Co
Buffalo Roch. & Pittsb. RR..2285, 2381
Gray & Davis, Inc
2386
Central Vermont Ry
2482
Chicago Burlington & Quincy Ry—2381
Chicago Indianapolis & Louis. Ry—2287
Greene Cananea Copper Co
Greenfield Tap & Die Corp
a602,326
ErieRR..
Hocking Valley Products Co..
2384
Holt Mfg. Co
Net income..
——
earns, over
Nashville Chatt. & St. Louis Ry
2286
New Orleans Texas & Mexico Ry_—2564
Philippine Ry..
•'
.2488
'
_
•••
' "Y
;
•
Electric Roads—
American Light & Trac. Co
Augusta-Aiken Ry. & Elec. Co
Chattanooga Ry. & Light Co
Louisville Ry
--------
Newport
&
2388
2487
2568
2481
Ry.,
News
Hampton
2488
Gas & Elec. Co———
Philadelphia Co
2382
Philadelphia Rapid Transit Co
2482
Tennessee Ry. Light & Power Co. —2293
Underground Elec. Rys. of London .2283
United Rys. & Elec. Co. of Bait--.2383
West Penn Trac. & Water Power Co.
2487, 2489
Industrial Companies—
Alaska Gold Mines Co
.2569
-.2567
Allied Packers Inc
2565
Amalgamated Sugar Co
2389
American Pneumatic Service Co
American Railway Express Co.
2289
American Sumatra Tobacco Co
.2489
American Wringer Co
Art Metal Construction Co—
.2569
Hershey Chocolate Corp
--..2491
Hupp Motor Car Corp
2572
—
Industrial Oil & Gas Co
2295
Ingersoll-Rand Co
2295
2492
2296
(Leonard) Morton & Co
2492
Mt. Vernon-Woodbury MIUs.2485, 2565
—
New York Edison Co
2296
—
2297
Misc. accts.
2386
2490
Barnet Leather Co.
2389
Shenandoa Cotton Co
Bridgeport Gas Light Co
British Empire Steel Corp
Brooklyn Union Gas Co
2569
2569
2294
2293
2565
2298
Shaffer Oil & Refining Co
Standard Oil Co. of N. J
2490
2486
-—
Continental Oil Co
Dennison Mfg. Co.
Detroit Pressed Steel Co
—2491
2294
2485
2382
2390
2294
2294
2560
Corp—2385, 2390, 2571
Dominion Steel Corp
.2390,
Duquesne Light Co
Elgin Motor Car Co
Fairbanks, Morse & Co
Famous Players Lasky Corp—
Fisher Body Corp..
2385, 2491,
General Motors
2494
—2392
2483
subsequent
Agricult'e.
Animals.
1919 —1,486,739
252,496
1918 —1,968,382
285,865
1917 .-1,993,261
260,975
1916 —2,196,497
297,950
trolled
rents..--
2,424,652
684,353
2,514,590
746,970
and
Employ,
Lib.
bonds
28,502
deprec. 10,518,007
Accrued
820,127
Add'ns
items.
to
Sinking
sur.
funds..
617,871
555,901
Insurance fund.
U. S. Govt. def.
148,058
—
450,885
Profit and loss—
Spec.depos.,cash
liabilities
& securs. acc't
12,648,315
76,118
8,840,295
499,559
23,859,636
68,337
81,860
23,859,636
53,133
75,261
19,971,994
11,849,418
16,535,651
prop.
thro.inc.&
2298
Int.
pay'ts
Deferred
con¬
COS
1,975,755
365,995
prop'y,
&
Stern
Brothers.
2494
Stromberg Carburetor Co
Texas Pacific Coal & Oil Co
-2566
Tonopah Extension Mining Co
United Drug Co
2495
United Shoe Machinery Corp
U. S. Realty & Improvement
Vacuum Oil Co
...2289
Co..-.2393
Ventura Consolidated Oil Fields
Col
Westinghouse Elec. & Mfg. Co
pages
2290
2289
.—..2495
Mines.
27,675,546
30,359,513
28,161,772
28,931,529
Forest.
Manuf'res.
2,112,566
2,686,220
2,842,839
2,599,562
3,010,522
2,873,741
2,797,268
2,873,357
2.804 cts.
40,236,735
Merch.&c.
1,384,789
2,180,574
1,579,454
1,355,279
1917.
2,412
7,557,722
361,311,394
2.186 cts.
37,879,725
10,729,366,446I10,262,440,801
0.519 cts.
$29,730
13,227,016
10,714,323
Includes
a
see
396,915,324 366,044,106 [
...
1st
contra.—V.
Lien
110,
Total
&
Improvement
969.
p.
Mtge.
396,915,324 366,044,106
5%
bonds,
$53,213,000'
Southern
Pacific
Company.
(Report for Fiscal Year Ending Dec. 31 1919.)
On subsequent pages of this issue will be found extended
extracts from the report of Mr. Julius Kruttschnitt, Chair¬
man of the executive committee, together with comparative
0.419 cts
$22,654
as
of Dec. 31.
TRAFFIC STATISTICS.
1919.
Average miles of road—
Passenger Traffic—
11,043
1918.
11,1*02
1917.
11,137
1916.
11,001
Rail pass, carried, No— 28,011,106
Rail pass, carried lmile-2161714,731
from each pass.
Av.
YEARS.
CALENDAR
2,479
8.524,755
486,093,218
assets.
Total
income accounts and the balance sheet
of this issue.
FOR
8,565,727
10,926,983
U. S. Govt. def.
2393
(J.H.) Williams & Co.,Bklyn.,N.Y.
2402, 2495
CLASSIFIED
14,852,962
...2567
Wells Fargo & Co.-.
Willys Corporation
unpaid.
2393
——
Victor Talking Machine
return
2393
—
operated
,
2,506
Passengers carried8,659,602
Passengers carried 1 mile—
501,637,254
Revenue per pass, per mile.
2.822 cts.
Revenue tons carried
35,598,356
Revenue tons car. 1 mile
9,633,548,642
Revenue per ton per mile
^ 0.551 cts.
Revenue per mile of road—
$28,522
to
affil.
1,650,989
12,174
on
Liberty Loan.
GENERAL STATISTICS FOR CALENDAR YEARS.
1918.
1919.
Average miles
4,073,823
&
U. S. Govt. std.
Huntington, together with the income (rental, &c.)
account and balance sheet for the calendar year 1919, will
TONNAGE
445,504
6,131,267
4,074,723
866,376
1,482,644
Deferred assetsAdv.
2574
H. E.
on
Unmatured
int.
divs., &c
Oth.work.liabil..
Taxes accrued..
Bonds.
Steel & Tube Co. of America
(42d Annual Report—Year Ended Dec. 31 1919.)
The remarks of President Geo. W. Stevens and Chairman
REVENUE
346",510
6,131,267
Treas .sec.-unpl.
Stocks
—.2392
Steel Co. of Canada
Chesapeake & Ohio Railway.
be found
Matured
Govern't
mat'ls & supp.
...
(B. F.) Avery & Sons—.
Colorado Power Co
11,214
310,349
Oth .work .assets
U.
S.
200
O.
1,200
1,200
Funded dent—174,066,000 173,781,000
Equip, tr. oblig.
& contracts7,404,000
8,710,031
1st lien & impt.
M-.5s.not with
public(contra) 53,213,000
47,955,000
Loans & bills pay 15,258,040
7,969,120
Traffic balances.
9,409
674,719
Vouchers,
pay¬
rolls, &c
235,978
221,911
Misc. accts. pay.
147,725
178,563
1,550,618
rec.
2297
—
200
&
Ry.Co.of Ind.
12,174
291,806
47,390
208,541
97,735
Loans & bills rec.
—
3,000
1,559,360
and divs.
Traffic balances.
—
ist pref. stock—
62,792,600
3,000
103,530
118,684
Cash to pay mat,
bds.& scrip,&c.
Ohio Fuel Supply Co
Packard Motor Car Co.
S
62,792,600
90,023
538,902
res.
Cash in treasury
Cash to pay int.
2288
Sapulpa Refining Co
2490
2490
2294
53,213,001 47,940,001
1,385,000
1,385,000
379,557
378,900
a
2493
Phillips Petroleum Co.—
-2288
Pillsbury-Washburn Flour Mills Co.2297,
Pittsburgh Oil & Gas Co
2486
Price Bros. & Co., Ltd——
2297
Rand Mines, Ltd
2494
16,240,499
5,110,407
or
Ohio Cities Gas Co
Saxon Motor Car Corp——..
Co
debt issd.&
1918.
$
stock¬
Coin.—C.
16,240,499
5,540,407
assum—pl'g'd
Common
2d pref. stock..
con¬
Bonds issued
1919.
Liabilities—
cos—
2296
2489
Casein Co. of America
&
trolled
(Chas. F.) Noble Oil & Gas Co
Ohio Body & Blower Co
Pathe' Freres Phonograph Co
1918.
§
Mlsc.phys.prop.
Spec. fds. &fund
Midland Cos. Pub. Serv. Corp-....2296
2490
California Petroleum
1919.
*\.QSCtv
Road & equip..275,910,009 258,063,586
Secure, of prop.,
....2483
Maverick Mills
-
Excluding stocks and bonds owned of the C. & O. Ry. Co. of Ind. and
Equipment Corporation.
Other bds. pl'g'd
Midway Gas Co
*
of the C. & O.
2492
Marland Refining Co...
Associated Gas & Electric Co
Butte & Superior Mining Co
Butterick Co
.
BALANCE SHEET DECEMBER 31.
Stocks (pl'g'd)
Bonds (pl'g'd)
-
$2,268,815
RR. Administration for both years on account of exceptional condition of
Libby McNeil & Libbey—
P. Lyall & Sons Construction Co
Manati Sugar Co..
Manufacturers Light & Heat Co
-
$3,991,694
the company.
affil.
Maple Leaf Milling Co
stand. return.df.$6,522,298
b The amount here shown for 1919 includes addition to standard return
for years 1919 and 1918 and also additional allowances rdade by the U. S.
Internal. Mercant. Marine Co.-...2485
International Nickel Co
2288
.2384
2296
.—2486
2296
$8,066,281 $17,218,677 $15,495,799
13,226,983
13,226,983
bl4,588,579
a Miscellaneous income for the year 1919 includes $542,903 representing
the difference between the amount credited the account of expenses prior
to Jan. 1 1918 and amount charged against it.
2492
,2285
—
Grand Trunk Ry. of Canada
2286
Minn. St. Paul & S. 8. Marie Ry
2287
Missouri Pacific,
2387, 2481
114,807
$9,008,091 $18,193,366 $16,374,012
941,810
974,679
878,213
Standard return——
2391
2491
1917
$8,627,893 $17,716,459 $14,890,416
deb.222,128
362,091
1,483,596
income
Inc. in net
YEARS.
1918
$71,475,016 $73,720,797 $54,643,794
60,676,473
54,081,537
38,105,806
10,798,543
19,639,259
16,537,988
2,165,080
1,920,000
1,644,075
5,570
2,801
3,497
—
Joint facility rents
...2381
CALENDAR
1919
Total
Gross
$8,382,833
$8,589,795
roads,
joint tracks, &c
Loss
353,487
$9,217,182 $18,770,923 $16,792,321
Gross income.
Deductions—
Interest on debt
Rentals
leased
FINANCIAL REPORTS
Steam Roads—
323,644
1,035,932
Total oper. exp
Miscellaneous
Ann Arbor RR—
14,355,565
18,537,582
327,058
1,119,732
Per ct.oper.rev.to oper.ex.
(85.2)
(73.5)
Net earnings
:
$10,596,494 $19,503,450
Hire
Annual, &c., Reports.—The following is an index to all
annual and other financial reports of steam roads, street
railways and other companies published since May 29.
This index, which is given monthly, does not include re¬
ports in to-day's "Chronicle."
Full-face figures indicate reports published at length.
YEARS.
1919.
1918.
1917.
1916.
$53,073,002 $55,720,373 $42,998,223 $39,888,932
14,158,153
13,629,892
6,435,025
7,899,452
4,243,961
4,370,532
3,746,119
3,510,355
Total oper. revenues-. $71,475,016 $73,720,797 $54,643,794 $49,834,312
Maint. of way & struc-. $11,608,515
$9,700,660
$6,067,658
$6,905,579
Maint. of equip—
18,114,492
16,178,533
10,240,498
10,521,724
Traffic expenses
471,582
484,418
675,380
694,131
other income received.
allowing for
2653
rec.
Av.
rec. per
pass, per m_
Rects. per rev.
tram mile
26,623,603
23,751,416
21,596,374
2026240,626 1844570,926 1475372,013
$1.02
$1.01
$0.94
$0.83
2.471 cts.
2.390 cts.
2.217 cts.
2.214 Cts.
$2.35
$2.10
S1.69
$1.42
Freight Traffic—
Tons carried rev. freight. 41,195,759
44,013,868
44,977,449
40,571,071
Tons carried co's freight6,227,074
7,269,460
6,983,356
7,247,170
Tonscarr. 1 m., all fgt-13060937984141834369151480373548112009374556
$3.23
Av. rec'd from each ton.
$3.73
$2.75
$2.55
1.113 cts.
1.286 cts.
.923 cts.
.959 cts.
Av. p. ton p. m., rev. fgt
Rects. per rev. tr.
mile—
$7.52
$6.41
$5.04
$4.73
641.41
commercial freight-c-
641.28
546.58
496.86
25.23
23.77
25.34
23.63
Ton miles per rev. tr. mall freight (avge. tons)
per
Tons
train-c
per
—all.c
c
1 oaded car mile
Based
on
traffic
over
rail lines only, length of ferries used between ral
stations excluded from distance over which traffic was moved.
(INCL. SOUTHERN PACIFIC CO.
EXCLUDING OFFSETTING ACCTS.)
1919.
1918.
1917.
$163,011,660 $151,079,623 $132,608,207
59,371,140
53,247,922
45,380,193
11,387,687
10,801,950
10,284,375
5,181,139
5,895,975
6,990,098
AND PROPRIETARY COS.,
Years ending—
Freight revenues
Fassenger revenues
Mail, express, &c
Incidental, &c
$239,657,272 $221,611,206 $193,971,489
$17,522,352
$25,824,726
Maint. of way and construction.. $34,799,543
40,747,835
24,261,507
Maintenance of equipment
47,969,374
2,249,360
3,131,417
Traffic
2,162,186
Total revenues
Miscellaneous operations
4,231,266
4,880,882
General
Cr.390,436
Transportation for investment...
68,778,430
2,729,402
4,584,682
Cr.406,267
86,084,898
3,330,399
4,925,247
Cr.440,093
93,274,667
Transportation
$58,888,834
9,398,681
59,676
$52,729,790
9,478,377
,<
51,695
—...
Taxes
Uncollectibles
$73,369,667
13,792,176
70,238
99,860
5,571,558
properties._
operating income. _
misc. oper.
Miscellaneous
$49,430,478
195,090
$43,199,718
deb.9,424
378,081
Operating income
&c., rents (net)
Equipment rents (net)
Joint facility,
deb.76,978
$55,925,278
48,167,343
$69,528,413
-def.$4,334,355
$7,757,935
$69,528,413
Expenses prior to Jan. 1 1918
Gross income—
Standard return
Balance, surplus
110, p. 2488.
—V.
Sk. fd. Col. Br.Co.
Common
33.963
311919.)
in
the
operating expenses in the year 1918, and
through the further augmenta¬
Administration was completely
tion of expenses by the Federal Railroad
absorbed in the year 1919 so that a deficit
is shown covering the bare
operating expenses and taxes of over $1,000,000.
After car
facility rents, &c., the Federal Administration shows a deficit
year amounting to $1,404,786, against a
conoorate operation, o
$3,254,786,
Early in the year 1919 the control of
hire, joint
in the latter
net income in the year 1917, under
the Fort Worth Division was placed
under the charge of the Federal Manager at Dallas, who previously had
had charge of the Gulf & San Antonio Divisions, so that during a part of
the year all of the road was under the control of one Federal Manager.
Genera tOffices.—On July 1 1919 the Federal Railroad Administration
protest removed the general offices from Houston to Palestine,
Many of the old employees declined to move to Palestine and it
been possible to maintain at Palestine a fully efficient force of
trained
clerical help.
Additions and Betterments.—No completion reports of betterment jobs
costing more than $1,000 were furnished by the Dallas office during Federal
control,
therefore we are confronted with a vast amount of unfinished
work which must be brought up to date before we can ascertain the exact
status of our relations with the Railroad Administration in the matter of
accounting and settlement covering additions and betterments expendi¬
tures on the property during Federal control.
Federal Compensation.—In
the income account the standard return
$1,394,946, is shown as that reported by the Inter-State Commerce Com¬
mission as income during the test period.
Since Dec. 31 1919, however,
contract has been entered into with the Federal Railroad Administration
under which the compensation per annum is to be $1,596,945 98.
This
sum is subject to a possible further increase as the result of intangible tax
litigation, which we won in the Court of Appeals and which is now before
the Supreme Court of Texas.
There will be a slight reduction in this
amount due to one correction made by the Inter-State Commerce Commis¬
sion in the standard return, which, however, will be more than offset by the
ruling of the Commission that we were entitled to the rental accruing on
miscellaneous right of way property which had been collected by the
over your
Texas.
has
never
Railroad
Administration.
Funded Debt.—Funded debt was decreased $178,000 during the year
Federal
4,400
Cash
Miscell.
acts
1917.
1,160
1,160
1,160
2,058,884
1,766,191
1,747,921
.126,330,942 141,871,337 132,149,002
Rate per passenger per mile
2.702 cts.
2.536 cts.
2.390 cts.
Revenue tons carried
3,902,256
3,949,854
4,140,032
Revenue tons carried one mile
718,629,643 691,239,368 751,526,133
Revenue per ton per mile
1.4 cts.
1.282 cts.
1.142 cts.
CORPORATE INCOME ACCOUNT FOR CALENDAR YEARS.
...
1919.
Standard return
$1,394,946
8,367
x
Miscellaneous
x$l ,394,946
3,417
156,039
60,058
$1,742,737
$1,763,198
$339,424
$364,835
$5,623
818,793
funded debt.
Interest on unfunded debt
Interest
1918.
$1,398,363
$359
810,587
704,530
225,601
22,122
$1,403,313
Total gross income
Deduct—Miscellaneous
on
702,225
Expenses applicable to prior period (net)
Expenses receiver's organization, July 15 to Dec. 31
Total deductions
xLoss to profit and loss account...
The corporate income both in 1918 and 1919 is here based on the
standard return, $1,394,946, certified by the Inter-State Commerce Com¬
mission.
Since Dec. 31 1919 the Federal compensation for the period of
Federal control has been fixed at $1,596,945 98, reducing by $202,000 the
x
loss here shown in each of these years.
FEDERAL
INCOME
WITH
STATEMENT
CORPORATE
ACCOUNT
1919.
Operating Revenue—
[See also text above.
1918 AND
1917.
1918.
$10,061,736
3,439,696
734,760
256,523
Incidental
$8,859,715
3,624,117
652,346
Freight
Passenger
Mail, express, &c
Ed.]
1919 COMPARED
IN PREVIOUS YEARS.
FOR
258,297
1916.
$8,582,335
$7,673,765
3,184,218
628,780
192,891
2,312,545
608,905
Traffic
expenses
Transportation
General expenses
Miscellaneous
$2,103,700
$1,438,225
3,083,452
159,154
5,858,605
449,047
2,017,287
90,319
57,029
Cr.4,681
Transport, for invest
Cr.67,984
Total oper. expenses..$15,189,587
Net oper. revenue
def.$779,287
Taxes accrued, &c
320,666
$11,643,003
$1,833,885
393,532
271,488
4,596,544
381,737
60,767
Cr.116,054
$8,649,994
$3,938,230
360,863
$1,496,591
1,780,119
2,207
Other cur.
352.699
55,799
Cr.193,571
$7,786,049
$2,980,895
421,455
$1,440,353
642,478
81,354
12,296
$3,577,367
973,021
81,477
4,317
$2,559,440
574,961
69,879
1,787
def.$748,102
$2,176,481
$4,636,181
$3,206,067
$149,357
648,479
$183,942
1,197,454
$118,034
1*021,102
Deductions
Total deductions
Balance
$162,683
494,002
$656,684
$797,836
$1,381,395
$1,139,136
def. $1,404,787Cr$l ,378,645Cr$3.254,787Cr$2.066.931
■
4
24,642
4,179,686
Oth. unadj. credits
500
500
12,150,000
12,150,000
pledged
29,769
liability
55~160
85,379
Cond. inter.cert..
in treasury
5 ,078,000
5,078,000
App'd. surplus not
specifically in¬
vested-Res., 5%
div.
on
$1,600,-
80,000
59,889,270 59,129,055
|
80,000
908,065
000 pref. stock.
1,214,081
_
Profit and loss
59,889,270 59,129,055
Total
$1,212,117 and $917,731 standard return due for
respectively.—V. 110, p. 1849.
Includes
a
19867
St, Louis &
Toledo
1919 and
Western RR.
1919.)
Ross, President and Receiver, writes in substance:
Return.—No contract has yet been executed with the U. 8.
the use of the common carrier property of the
during the period of Federal control, owing to diverging views
respecting various items.
During the year the obligations of the corpora¬
tion were met as they became due, the funds for which were received from
the Federal Government under the terms of standard return.
Improvements.—During the year $45,076 was expended for new property
and improvements.
Equipment Trust.—During 1918 the Director-General purchased 100,000
freight cars, of which 450 all-steel double hopper self-clearing 55-ton cars
have been allotted to the receiver of the Toledo St. Louis & Western, in¬
RR. Administration covering
company
volving a charge to
all of -which will be
capital account of between $1,127,250 and $1,319,580,
placed under an equipment trust covered by an issue of
6% notes, maturing in 15 annual installments, said notes being taken over
by the U. S. Government at par.
Of the 450 new cars, 350 were delivered
on Aug. 15 1919, and the remaining 100 are to be delivered as soon as the
Director-General is in a position to do so [see pages 5 and 6 of "Railway and
Industrial Section."]
Federal Results.—The gross revenue was $8,267,877, a decrease of $38,250,
or 0.46%, as compared with 1918.
Revenue from freight traffic increased
$353,241, or 4.99%; revenue from passenger traffic was $452,877, a decrease
of $446,495, or 49.64%, due to the fact that in 1918 a large movement of
handled with no corresponding movement in 1919.
of revenue freight carried decreased 353,868, or
Government troops was
The number of tons
7.89%, and the number carried one mile decreased 257,712,046, or 22.32%,
while the average haul decreased 40.34 miles, or 15.66%.
The revenue per
ton mile was .827 cents, as compared with .612 cents last year, an increase
of 35.13 %.
A number of new industries were located along the road during
the year.
The operating expenses increased $520,807, or 8.11%; 2,482 tons of new
and 2,300 tons of relaying rail were placed in tracks, along with 8,154 rail
joints, 4,007 angle bars, 4,500 anti-creepers, 21,602 tie plates, 158,669 cross
ties (139,332 were placed in main line), 46,243 yards crushed stone and
11,169 yards of gravel.
There was expended $3,248 per mile of road for
maintenance of way and structures.
Expenditures for maintenance of
equipment increased $83,780, or 4.82%.
COMPOSITION OF TRACK—TOTAL MILES 449.71.
Miles of Ballast
Gravel. Cinders
196
165
64
213
173
53
371
19
-Ft.Bridges,&c.
Calendar
Year—
Steel.
Trestles.
Rock.
1919....
7,455
7,962
...7,865
30,799
30,379
30,457
Agriculture.
539,533
519,670
216,968
216,689
677,799
1,032,965
1,113,235
1,002,827
950,416
259,899
595,206
212,859
1919
Mfrs., &c.
Total All.
579,740
1,716,254
367,343
2,189,507
693,353
2,157,196
632,300
1,762,792
4,182,391
4,482,259
4,589,735
4,236,166
Forests.
Miles.
Animals.
No.
Dec. 31
Trac. Power {lbs.)
97
2,798,933
2,840,050
98
.
2,856,856
94
TRAFFIC STATISTICS
carried....
carried one mile
Earnings per passenger mile
Passenger earnings per train mile.
Passengers
Cars.
35
36
37
No.
3,037
Capacity {tons)
119,250
2,758
102,240
2,733
101,825
{MILES OPERATED, 455).
1919.
295,166
18,447,764
2.5 cts.
$1.02
Operations—
PassengerB
-Freight Cars-
Passenger
-Locomotives-
Equipment
194
TONNAGE—PRODUCTS OF
CLASSIFIED STATEMENT OF
Year—
Miles of Rail
75-lb. 70-lb .QWi-lb.
213
42
1
177
224
49
1
157
226
66
1
80-lb.
82
1918.
348,807
37,997,278
2.4 cts.
$1.71
1917.
461,410
37,243,168
1.3 cts.
$0.85
1916.
526,985
43,839,856
1.1 cts.
$0.84
4,128,391
4,482,259
4,589,735
4,236,166
896,804,000 1154516,046 1169517,238 967,194,160
0.8 cts.
0.6 cts.
0.534 cts.
0.536 cts.
Freight earnings per train mile..
$4.31
$3.48
$2.69
$2.58
Average tons per train mile
548.55
567.93
503.54
480.91
Gross earnings per mile
$18,204
$18,289
$15,504
$13,096
CORPORATE INCOME ACCOUNT FOR YEARS ENDED DECEMBER 31.
Tons revenue freight
Tons
carried
freight carried one mile
Earnings per ton per mile.
1919.
1918.
1917.
$994,294
$994,294
-----x-z
279,022
86,263
$1,697,658
115,245
....$1,273,316
$75,908
$1,080,557
$22,451
(standard return)._
Operating income (comparison inaccurate)—
Income from lease of road
Miscellaneous income
-
Total income
-
Maintenance of investment
Hire of
organization
equipment—balance
$1,812,903
---.--zzz
Miscellaneous
-
Interest on funded debt
Revenue and expenses
prior to Jan. 1 1918—
a
Includes defaulted
.....
...
-
interest ($461,080)
STATEMENT OF
31,551
al,087,653
173,637
on
,
*3.287
1,094,273
337,613
1,094,381
def$95,433 def$3S7,066 sur$109,901
"A" and "B" gold bonds of
FEDERAL OPERATIONS FOR
-Federal Data-
1919.
$7,419,636
452,877
and miscellaneous.395,365
Operating Revenues—
Freight
Passenger
Mail, express
$8,267,878
$1,475,281
1,821,103
72,625
Total operating revenues
Maint. of way and structures..
Maintenance of equipment
Traffic expenses
Transportation expenses
General expenses, &e
&c
.....
_
Company's Data
1917.
1916.
$6,244,027
466,508
$5,185,432
463,875
331,127
309,680
$7,041,662
$5,958,987
$754,243
$1,082,020
1,117,667
834,397
222,194
198,620
2,486,590
1,952,417
115.392
93,127
$3,832,805
274,370
$5,023,863
$2,017,799
320,141
$1,607,619
$1,697,658
$1,898,322
373,464
46,294
$1,222,945
$1,981,083
$6,y44,945
.$1,007,801
Netinome
...
Hire of freight cars
Joint facility rents, &c__
Net income
3,440,980
134,956
$1,322,932
315,131
Net operating revenues
GroS3 income
;
1918.
$7,066,396
899,373
340,358
$8,306,127
$1,365,517
1,737,323
116,920
3,087,830
116,547
$6,424,138
$1,881,989
1917.
1919 AND 1918.
215,143
Total operating expenses
Non-operating income
Joint facility rents &c__
Hire of equipment
15,804
4 .906,607
Tax
bond—
Mtge.
162,715
179,658
iab_...
U. 8. RR. admin.
3 Y. 5% gold notes
Tax accruals,
Gross income
1,079
3,274,505
11,039,000
Int.matured
9,990
89,100
263,065
4,031.347
267,745
66,928
17,179
Operating income..def.$l ,099,953
Hire of equipment
Joint facility rents
Miscellaneous
904
3 .866,117
Interest.
Fund. debt, mat-.ll ,039,000
171,729
revenues..$14,410,300 $13,476,888 $12,588,224 $10,766,945
$3,314,864
3,859,166
160,018
7,263,432
506,470
Matured
87,661
5,810,840
2,207
Profit and loss.
Total oper.
Maint. of way, &c
Maint. of equipment
rolls
8,147
1st
64,788
283,400
&
vouchers
80,022
1917
Average miles operated
Passengers carried
Passengers carried one mile
46,767
279,188
Payable
pay
Other unadj .debits
1918
1918.
1,043,000
1,400,000
bal.—
&c.
Other def. assets..
by
1919.
Traffic
Miscel. accts. pay.
48,159
47,504
rec.
Adm....6,702,026
U.S. RR
865,000
1,,400,000
Equip, trust oblig.
Receiver's certific.
Aud.
Spec. Dep. lor pref.
claims, Int., &c.
Traffic. &c., bal_„
of annual installments on the principal of equipment notes
1913 and Jan. 1 1916.
GENERAL STATISTICS FOR CALENDAR YEARS.
the payment
dated Aug. 1
Statistics—
217,639
Other investments
Standard
Receiver, writes in subst.:
two years of the Federal Railroad
Administration the increase in rates which went into effect on July 1 1918,
caused a considerable increase in gross earnings, which was largely obsorbed
Operations.—During
141,045
15,000
W. L.
Federal-
2,493
7,409
15,000
4,400
8,270
2,493
7,409
property.
mt^e.
Miscel.pbys. prop.
Invest, in affll. cos.
l ,422,000
stock
(Receiver's Report for Fiscal Year ended Dec. 31
International & Great Northern Ry.
3,400,000
1,422,000
1st Mtge. bonds_.il ,291,000 11,291,000
IstRef.M. bonds. 15 ,056,000 15,056,000
Deposits in lieu of
Total
(9th Annual Report—Year Ended Dec.
$
$
Liabilities—
Preferred stock... 3 ,400,000
1918
•
Thornwell Fay, Assistant to the
$
40,707,397
16,149
16,149
462,311
2,604,342
1,845,260
$43,910,305
48,244,660
418,907
1918.
1919.
1918.
j
$65,078,811
3,661,809
104,902
2,533,000
Miscellaneous
1919.
A ssais*"***"
Road & equipmt—40,630,247
Work fund adv
.$186,927,483 $162,722,372 $120,601,823
Total expenses
Net revenue
on
GENERAL BALANCE SHEET—DECEMBER 31.
INCOME ACCOUNT
COMBINED
Taxes
[Vol. 110.
THE CHRONICLE
265^
236,820
51,938
$934,187
$1,743,952
328,391
559,585
66,861
34.098
$1,585,8311,150,273
$2,126,182
227,860
$1,898,322
435,434
66,345
$1,396,53
June 26
2655
THE CHRONICLE
1920.]
9,995,000
9,952,600
9,995,000
9,952,600
stock
Road &
Misc. phys. prop..
Preferred stock
Inv. in afiil.
on
19,430
43,972
Rents receivable..
977,989
994,294
Int.& divs. receiv.
45,588
Deferred assets
Interest
on
Accounts & wages.
5,988
Miscellaneous
9,483
Int. matur. unpaid
2,920,539
2,287,432
81,021
235,168
3,513,235
7,711
211,004
Accrued deprec'n.
801,597
Oth. unad j. credits
11,09 5
Miscell. reserves..
131,552
3,104,521
Tax liability
9,375
65,341
Operating reserves
505,688
1,315,207
131,552
11,293
12,628
2,353,948
Add'ns thro. inc..
Profit and loss
2,456,763
58,371,786 58,832,967
58,371,786 58,832,967
Total
or
1918.
Fund, debt unmat.
$
7,555,600
$
7,838,563
476,017 Misc. acc'ts pay'le.
3,840 Int. mat'd unpaid.
10,800
647,650
1,265
250,784
1,638
89,460
11,321
281,750
1,017
296,355
2,298
90,325
2,000
30,000
Liabilities {Con.)
Inv. in road &
eq't.17,718,656 17,673,227
9,381 Non-negot. debt to
9,381
affil. cos. (notes)
215,530
277,433
621 Loans & bills pay.
Cash
20,214
12,434 Traffic, &c., bal—
Special deposits
86,836
1,324 Accounts <fc wages.
Traffic, &c., bal
2,007
Inv. in
affil.cos.,«fcc.
Miscell.
accounts.
525,078
Other curr. assets.
2,611
U.
14,558
125,926
1,158,825
26,311
318,341
S. Govt, def'd
liabilities
19,529,351 19,243,049
67,344
1,329,689
accrued-_
Interest
U.
—
ma¬
tured unpaid
833,289
17,386
872,576
Unadjusted debits.
Total
debt
Funded
S. Govt, def'd
assumed, deducted from capital liabilities:
Other def'd iiabils.
The Ann Arbor Railroad Co.
President Newman Erb, N. Y. City, May 1,wrote
in subst;
construction
—V.
operation under Federal manage¬
comparison with the former records under private ownership.
Grand Trunk Lines
River, with other Michigan railroads, were placed
the operating management of the Pere Marquette RR.,
economical operation and for the better co-ordination
under
in the interest of
of transportation
the business normally and most economically
Unfortunately,
Appropriated surp.
343,819
133,094
moved by the roads thus grouped with the Pere Marquette was
to the latter road, and their separate individual organizations and
diverted
identity
The result was a marked falling off in ton¬
nage movement and consequent earnings during 1918, and corresponding
increases in the earnings of the Pere Marquette RR. Co.
After about a year of this unsatisfactory experience, on urgent represen¬
tations made to the Federal Railroad Administration, the Ann Arbor RR.
almost completely destroyed.
Co., and the Grand Trunk lines as well, were separated from the Pere
Marquette operating management, with an immediate betterment of con¬
ditions, largely increased revenues and more satisfactory operating results.
Federal Compensation.—Early in 1917 the company acquired three Mikado
locomotives and steel car ferry No. 6 came into service.
Your board
believed that it was entitled to added compensation to cover the interest
and depreciation charges of these important additions.
The Federal Rail¬
road Administration refused to recognize this contention, and negotiations
have not yet been completed.
Subject to adjustment, the guaranteed compensation has been accrued
on the basis of $528,000 per annum and including other items of corporate
income the total for 1918 was $534,863, and for 1919 $534,908.
Earnings.—For 1919 the company earned gross revenue of $4,533,990,
or $1,395,047,
an increase over 1917, being the largest earnings in the
history of the company,'and $948,082 increase over 1918, the period when
your property was under the operating management of the Pere Marquette.
The total operating income for 1919 was $615,951, or approximately
17% in excess of the guaranteed compensation allowed.
Your company
was one of the few railroad properties actually showing a profit to the
Federal Railroad Administration for the year 1919.
Debt.—During the two years the Equipment Gold Bonds,
completely discharged; the Equipment
5% Gold Bonds, Series B, originally $600,000, reduced to $60,000, and
the Equipment Note Obligations of May 5 1915 and Jan. 1 1917, also
paid, leaving the company Dec. 31 1919 without any equipment obliga¬
tions outstanding, except the balance due, payable during the year, 1920,
of $60,000 Series B bonds, one-half of which has since been paid.
On May 1 1919 the Three-Year 6% Collateral Gold Notes, $750,000 in
amount, matured, while a like amount of Two-Year 6% Notes was author¬
ized (V. 108, p. 1935, 1720), and the indebtedness reduced to $623,600.
The company has no floating debt.
Outlook.—The forbearance of the shareholders in postponing dividends
improvements
resulted in enabling it to complete the
payment of its various equipment trusts out of net operating income and
ft-ee the company completely from the burden of floating debt.
Your directors believe that with the restoration of traffic movement to
normal conditions the business of your company will show continued im¬
provement.
The great increase in the cost of moving freight traffic through
congested terminals and the delays incident to car interchange at Chicago
has given the trans-lake car movement an impetus and permanency which
it is certain to maintain.
1919.
The report of President
income account, &c., will
292
292
299
1,022,149
945,813
731,668
Passengers carried
777,714
27,883,221
28,601,043
23,553,849
Pass, carried one mile.. 25,782,729
1.96 cts.
1.93 cts.
2.41 cts.
Rate per pass, per mile.
2.79 cts.
$0.87
$1.00
$1.17
Pass, earns, per tr. mile.
$1.37
2,448,962
2,548,018
2,398,392
Tons carried (revenue)
2,788,068
Tons carried 1 m. (rev.).383,524,581 351,790,915 427,934,991 408,335,449
0.45 cts.
0.69 cts.
0.47 cts.
Rate per ton per mile
0.81 cts.
$3.21
$4.89
$3.59
Fr't earns, per train mile
$5.48
$8,781
$10,705
Gross earnings per mile.
7 $9,492
$13,456
708
707
7
759
Avge. tons per train mile
674
_
_
_
FEDERAL OPERATING STATEMENT IN 1918 AND 1919
WITH CORPORATE ACCOUNT IN 1916 AND
1918.
1917.
Operating Revenues—
Freight
Passenger,
1919.
$3,579,846
718,714
235,430
COMPARED
1917.
$2,782,381
$2,380,540
567,580
551,003
[Early in the year the company issued a handsomely illustrated volume
entitled "The American Car & Foundry Co. in Khaki, Its Pro¬
War."
Condensed excerpts from
this compilation will be published in a subsequent issue of the "Chronicle."]
of 95 pages
duction and Achievements in the Great
YEARS ENDING APRIL 30.
FISCAL RESULTS FOR
1
Total oper. revenues—
Ma£SnwayZ&SSZ_
Maint. of equipment
Traffic expenses
Transportation expenses
General expenses
Miscellaneous operations
$10,401,192 $11,771,813
(7%)-.- $2,100,000
$2,100,000
Common._(12%)3,600,000 (8)2,400,000
Res've for gen'l overhaul3,000,000
ing, impts. & maint.
3,600,000
2,400,000
Res. for div. on com. stk.
earnings
Net
on
Total oper. expenses..
operating revenue..
Taxes, &c
Operating income
235,947
207,400
-
_
Balance
—
Previous surplus
250,000
500,000
$3,138,943
$2,807,121
$619,181
816,334
57,593
$595,485
773,071
47,193
$285,611
477,043
76,034
$273,906
450,490
2,103,759
126,855
618
1,661,728
111,967
1,430,225
109,422
6,556
1,059,362
128,778
5,807
$3,724,340
$809,650
193,699
$3,195,423
$390,484
158,226
$2,384,891
$1,979,936
$827,185
165,419
$615,951
$232,258
89,185
Other income
Gross income—
$684,755
$764,052
157,566
61,593
$596,486
42,906
$661,765
38,751
1920.
$639,392
$700,516
$38,291 Cr.$26,768
bondsiSee Corporate Account.
equipment, &c__
Int.
1st mtge.
on
Int. on
$212,241
357,429
$96,602
352,837
equip, notes, &c/
$38,291
Cr.$26,768
$569,670
$449,439
$646,464
$348,211
$69,722
$251,077
Total deductions
Balance, surplus
CORPORATE INCOME
ACCOUNT FOR CALENDAR YEARS.
1918.
Guaranteed compensation accrued (subject to adjust't)
Income from lease of road—
Miscellaneous rent income
—
Miscellaneous non-operating physical property
Income from
unfunded securities and accounts
Gross income
1919.
.$528,000
500
6,397
def.42
8
$528,000
500
5,699
def.65
775
$534,863
$534,908
$1,010,872
25,810,094
Cost of
$
"
properties.68,517,847 67,525,272
15,007,108 46,276,398
of
8,573,807 14,024,529
other
pay'le, &c.15,624,106
6,334,856
For gen.
cost
34,357,157
13,195,170
7,950,000 24,475,000
1,500,000
1,500,000
Insurance reserve.
com¬
(at
Common
U. S. RR. Admin.
Federal taxes.
and bonds
panies
Preferred
Accts.
Accounts ana notes
Stocks
$
%
stock.-.30,000,000 30,000,000
stock...30,000,000 30,000,000
Liabilities—
Material on hand.
receivable
1919.
1920.
1919.
$
Assets—
overhaul.,
3,085,011
4,101,967
stock..10,800,000
Res. for employees
405,141
Liberty bonds„33,737,050 32,052,000
Divs. pay. July 2. 1,425,000
Cash
7,200,000
513,063
1,070,091
3,679,616
less)
U.S. certificates of
or
on
indebtedness and
Com.
1,125,000
10,034,399 16,843,587
Surplus
account..32,425,713 31,324,521
139,549,827177,791,877
Total
139,549,827177,791,877
^
Total
impts. & maint.
for divs.
Reserve
—
-V. 110, p. 563.
I.
J.
Case
Works
Plow
Co.
(Delaware).
(Official Statement to the N. Y. Stock Exchange,
Dated June 1
'
#
subsequent pages of this issue will be found the official
to the New York Stock Exchange in con¬
nection with the listing of $3,500,000 First Pref. 7% Cumula¬
tive Stock, $3,500,000 Second Pref. 7% Non-Cumulative
Stock, and 125,000 shares of Common stock of no par value.
It also gives valuable information concerning the company
and
tables
showing net profits, output, depreciation,
&e., of J. I. Case Plow Works Co. (Wisconsin), and of the
Wallis Tractor Co., together with income accounts, balance
On
statement made
sheets, &c.—V. 110, p. 2294.
White
Eagle Oil & Refining Co.,
Wichita, Kan.
(Report for Fiscal Year ending April 30 1920.)
The text of the report, signed by President L. L. Marcell,
together with the income account and balance
April 30 1920, will be found on subsequent pages
(Compare also V. 110, p. 270,
CONSOLIDATED
sheet as of
of this issue.
474.)
BALANCE SHEET APRIL
30.
1920.
Assets—
stations, equip., &c.f
$3,778,482; less reserve for deprec., $153,482—
Leaseholds and leasehold equipment
Notes & accts. of officers, stockholders & employees
Real estate, plant & equip.,
Inventories
receivable, less reserve
Cash in banks and on hand
I
n vestments
- -
Other current and working
$321,443
$2,631,742
26,820,965
Includes yearly renewals,
&c., and also in
Notes and accounts
Deduct—
Hire of
$1,871,813
29,452,708
$1,101,192
31,324,521
$32,425,713 $31,324,521 $29,452,707 $26,820,966
replacements, repairs, new patterns, flasks /;
1916-17 special equipment for production of munitions.
BALANCE SHEET APRIL 30.
Total surplus
x
2,500,000
2,250,000
500,000
1,000,000
2,400,000
Reserve for insurance—
169,662
$3,585,908
$11,281,742 $10,310,872
$2,100,000 $2,100,000
(8)2,400,000(6^)1950000
Reserve for employees-
$2,090,492
546,967
$4,533,990
5,979
$17,273,172 $16,461,823 $17,522,909
5,501,359
5,180,081
7,212,037
Preferred divs.
Divs.
1916-17.
1917-18.
1918-19.
1919-20.
Earnings from all sources
aft. providing for taxes$14,382,565
Renewals, repairs, &C-_x
3,981,373
1916.
68,804
Mail, express, &c
30 1920.)
W. H. Woodin with balance sheet,
be found on a subsequent page.
1920.)
1916.
1917.
1918.
299
Foundry Co.
American Car &
OPERATIONS AND FISCAL RESULTS.
Years ended—
Miles operated
19,529,351 19,243,049
Total
8,675
8,675
—
Reduction of
permitting the net operating income to be devoted to
133,094
1,728,828
1,757,280
and loss
(21st Annual Report—Year Ending April
Series A, originally $660,000, were
and additions to your property has
7,250,000 Profit
of
110, p. 2381.
Under Federal control the Ann Arbor RR. Co., the
facilities.
Unadjusted credits
$
7,250,000
aid
in
Results.—1The report covers two years of
west of the Detroit
1918.
$
Capital stock
Grants
1919.)
ment for
21,669
1919.
Liabilities—
(21 st Annual Report—For Calendar Years 1918 and
Net
4
Misc. phys. prop—
2293.
and
1919.
1918.
1919.
474 shares
T. St. L. & W. RR., Pref. stock, $47,400: 50 shares T. St. L. & W. RR. Common
stock, $5,000; 425 shares T. St. L. & W. RR. prior lien bonds, $425,000.—V. 110, p.
Note.—Securities issued
31.
CONDENSED GENERAL BALANCE SHEET DEC.
assets
Total
-
Net income
22,489
212,782
Deferred liabilities
$51,154
(net)
Corporate expenses——
11,527,000 11,527,000
395,000
Loans & bills pay.
515,000
1,473,398
71,317
25,613
unfunded debt
Miscellaneous income charges
Sec.")—16,322,386 16,605,737
3,024,249
3,491,061
61,990
Unadjusted debits.
173,302
8,205
funded debt
overdue
Unmat. int. accr'd
3,869
Traffic, <fcc., bals_.
Miscellaneous
& Ind.
Bonds
1,083
320,835
64,781
-def.$15,969
Interest
Fund. dt. (see "Ry.
equlpm't_40,403,523 40,358,447
10,138
10,138
cos12,759,301 12,759,301
Other investments
90,850
273,850
Cash..
131,877
49,890
Special deposits...
24,558
197,041
$125
1,227
333,932
34,021
Separately operated properties—loss
$
$
Liabilities—
Common
$145
Deductions—Miscellaneous rents
1918.
1919.
1918.
$
1919.
1918.
BALANCE SHEET DECEMBER 31.
1919.
assets
Prepaid insurance premiums
$3,624,999
2,391,093
- - - - - -
1,964,118
892,615
189,430
142,800
40,106
-
trust
Notes
-
of no par value)
15,747
$9,295,301
$6,671,439
$4,143,023
91,259
'
notes
544,533
'
payable.
- -----
766,076
.5,809
187,779
Accounts payable
Accrued items
Reserve for Federal taxes
Miscellaneous.--
Surplus
Total
-x
------
.,
-----
-
-
—V. HO, p. 2083.
------
375,000
157,145
payable
Trade acceptances
70'. 560
$5,478,633
Liabilities—
Car
50,696
647,143
281,217
197,446
50,138
and interest
Total
Capital stock (294,042 shares
Tank car obligations.
Purchase money obligations
1919.
$1,962,099
2,253,726
-------
566,050
172,557
184,546
16,720
208,397
96,080
587,520
$9,295,301
$5,478,633
[Vol. 110.
THE CHRONICLE
2656
STATISTICS OF GEORGE A. FULLER CO. FOR YEARS END. APRIL Z0.
1919-201918-19.
1917-18.
Cecilia Sugar Co.
Santa
COfficial Statement to N. Y. Stock Exchange Dated June 1920.)
The official statement made to the New York Stock Ex¬
change in connection with the listing of 105,000 shares
(v. t. e.), no par value, Common stock, will be found on
subsequent pages of this issue.
The statement contains
much valuable informatiin as to description of property,
production, &c.
Compare annual report for the fiscal year
ending Julv 31 1919 in V. 109, p. 2438; V. 110, p. 472, 567,
1532.
\
,y
$38,621,370 $24,385,277
Unfinished business beginning of year $24,972,520
New business
__A„:------- 37,506,734
Total.
—
37^398,197
48,601,964
$62,479,253 $76,019,567 $72,987,241
29,876,355
51,047,048
34,365,870
-
Work executed
Unfinished business at end of year_$32,602,898 $24,972,519 $38,621,370
Note.—The contracts of the new Japanese company are not included in
this table.
CONSOLIDATED
YEAR
ACCOUNT
INCOME
ENDING
APRIL
30.
(Incl. United States Realty & Irnpt. Co. and George A. Fuller Co.).
1919-20.
1918-19.
1917-18.
1916-17.
Income from productive
1
Greene Cananea Copper Co.
Net operating incomeLess interest on mort-
(Report for Fiscal Year Ended Dec. 31 1919.)
Pres. W. D.
Thornton, N. Y., June 4, wrote in substance:
The Cananea Consolidated Copper Co., S. A.,
purchased
gold.
ores:
produced from its own and
1,739,789.55 ozs. silver, 9,167,647
41,404,810 lbs. copper,
$1,449,272
Net from said invest't.
Other investments
$758,824
503,305
Building, &c., contracts-
1,384,839
8,881
$644,044
455,924
1,971,619
12,377
$2,655,749
$3,083,964
Miscellaneous
The refined copper was produced at a cost. Including all expenses and
Federal taxes, of 14.750 cents per pound.
The price received for refined
expenses, taxes, &c.
to the stockholders
Extracts
charging off all
distributed
One dividend amounting to $750,000, was
during the
4
year.
from
Report of General Superintendent T.
Cananea, Sonora,
Mexico,
April
2
1920.
The mines and works of The Cananea Consolidated
JCopper
Evans,W
some
development than had been possible to do for
Feet advanced: shafts, 329; raises, 22,088; drifts, 49,652;
total, 72,069.
The
ore reserves
are
practically the same as reported for 1918, develop¬
having kept pace with the extraction.
Experimenting with different flotation reagents has resulted in a 5%
better recovery, as compared with a year ago and with a somewhat better
ment of
new
ore
ratio of concentration.
Year's Production of Returnable Fine
Copper, Silver
_
Copper. lbs.
ores. 41,366,855
and'fGold.
37,955
Silver, oz.
1,736,733
3,056
Gold, oz.
9,032
135
1,739,789
9,167
From bullion produced from co.
From customs ores and concentrates.
J^£F°very fr<>m
.
l,9b7
company ores per dry ton:
gold, 0.010
oz.;
47.66 lbs.; silver,
copper,
oz.
1919.
'
.
_
,
A
Sales of metals
Miscellaneous
1917.
receipts
Mining expenses
Reduction.
$9,133,087
$8,939,090 $10,801,766
3,195,9111
7,751,050
Total
$9,392,639
4,565,180
259,552
2,862,527/
Refining and selling
1,003,944
1,435,512
Adininis. exp. & taxes
Metals in process (net)
Mexican
1918.
$8,681,809 $10,281,348
257,281
520,418
receipts
571,440
643,751
1,209,243
291,337
Cr. 1,041,151Cr.3,475,233
842",766
1,139,853
16,328
Cr.77,840
Cr.78,842
361,981
528,734
350,455
(1H%)750,000 (8)4,000,000 (8)3,954,215
taxes
Interest
Depreciation, &c
Dividends
surplus
$354,038def.$565,378df.$l,456,326
........
on
Surplus.
1919.
Assets—
Mines,
1918.
$
lands, &c
51,355,755 50,992,008
1,717,150
1,349,931
Metals......
4,516,384
3,475,233
Accts. & notes, rec. 2,113,486
376,987
Cash & cash assets. 1,393,795
2,830,467
Supp. &
prep. exp.
Total
-V.
p.
$
50,000,000 50,000,000
Current accounts. 2,726,526
905,000
Deprec., <fec., res.
528,734
634,352
Mex. legal reserve.
4,000
2,000
7,837,309
Surplus
61,096,569 59,024,625
110,
1918.
5
Capital stock
7,483,272
$1,045,253
$1,371,921
596,500
$1,342,451
$1,089,892
596,500
$1,480,096
$775,421
$493,392
—
CONSOLIDATED
BALANCE
Assets
Real estate and
SHEET APRIL
1920.
Balance--.-
30.
1919.
-.$33,320,273 $35,814,864
13,348,000
14,162,000
619,498
587,326
buildings
Less mortgages thereon
Less reserve for depreciation of buildings
$19,352,775 $21,065,537
-
$7,411,435
$7,874,782
595,875
Mortgages receivable
New York City corporate stock
68,000
37,224
1,620,128
—
Investments in other stocks and bonds.-
1,678,041
—$29,039,126 $30,665,671
Less—Estimated shrinkage in value of the above
real estate & invest., incl. in the deficiency below
shown as capital assets adjust., April 30 1917,
Total capital assets
.
8,093,437
•
V
9,430,421
$20,945,689 $21,235,249
Building, plant, equipment, materials, &c_-1,090,466
$483,128
Deferred oper. charges, unexpired insur. & taxes..
251,308
167,157
Bills receivable,
$225,223; accounts receivable,
$711,988; int. and dividends accrued, $58,768;
total, $996,028; less reserve, $209,865--786,164
1,342,336
Cash at banks or on hand.
1,013,361
850,280
Charges against building contract accounts, less
payments received on account
655,779
Deficiency: Capital asset adjustment to cover esti¬
mated shrinkage in value deducted above
5,802,247
6,957,754
Shipbuilding plant, Wilmington, N. C
481,773
Other deferred assets
409,050
....
-
Total.....
Liabilities—
$30,780,057 $31,691,683
Debenture bonds
Reserve for accident and
Miscellaneous
91,155
13,263
102,206
12,893
508,557
—
$30,780,057 $31,691,683
P.
2393.
The
2491.
799,493
52,272
Total
110.
19,220
33,554
114,588
plate glass insurance
Advance payment and deferred credits
61,096.569 59,024,625
$16,162,800 $16,162,800
11,930,000
11,930,000
1,800,000
1,185,133
779,873
773,933
Estimated balance to complete subway contracts._
Rents received in advance, &c
—V.
Total
39,137
545.642
$1,007,368
$2,076,596
596,500
Taxes and interest accrued..
1919.
Liabilities—
3
mining
$757,672
73,561 j
40,746
770,152
$897,093
debenture bonds.
Bills payable (partly secured by collateral).
Accounts payable
BALANCE SHEET—DECEMBER 31.
$2,432,343
$1,162,157
$1,493,593
596,500
Net income
Capital stock issued (authorized, $30,000,000)
Balance,
504,903
139,474
—)
$160,793)
$9,556,097, less items written off (net) ,$1,462,661
INCOME ACCOUNT FOR CALENDAR YEARS
(INCL. SUB. COS.)
$1,787,966
$143,440
59,455
42,832
761,641
Total
Total...
$2,417,174
-
Other real estate investments represented by securi¬
ties of or advances to controlled or affiliated cos.
41,404,810
.
$598,8611
407,533 J
1.388,260
22,520
$74,813
25,143
42,936
1,019,265
General & corp. expenses
Int.
--
--
Interest on loans, &c
Exp. of unprod. real est.
Deprec. of buildings, &c.
more extensive mine
years past.
—
shown
Deductions—
Interest paid & accrued-
Total deductions
Co., S. A.,
operated without interruption through the past year, however, on a
reduced production due to the unsatisfactory market conditions.
Advan¬
tage was taken to continue extensive repairs and construction, also to start
were
andfdo
Total income
Not
640,760
636,103
ozs.
copper sold during the year was 18.665 cents per pound.
Net income for the year amounted to 81,104,037, after
$1,239,620
$1,280,147
690,447
gagesthereon
Steel
&
Tube
Co.
of
America.
(2d Annual Report—Year 1919, with Figures to May 31 1920.
United States
Realty & Improvement Co., New York.
(X6th Annual Report—Year Ended Dec. 31 1920.)
Subway Contracts.—It is confidently expected that a substantial sum
eventually be realized from the claims against The City of New York
will
growing out of the contracts for three sections of the
Subway, and it is
still hoped that a settlement
may be consummated
without
litigation.
year amounts
to $897,093—
c?.eas5
$583,003 from the preceding year, the decrease resulting from
chaotic conditions m the
building industry affectihg the earnings of
the George A. Fuller Company.
Real Estate.—During the year the
company has disposed of a number of
properties at prices which have realized a considerable increase over the
values as written down on April 30 1917.
In the
?i.
the
company's large office
buildings the demand for space has placed the company in a
position in
which leases are bemg
effectedfat prices likely to produce a fair net return
on
the investments.
Financial Position.—Through the liquidation of real estate and securities
►"
^nd,it^ea"1^gs'the
company has paid off in full all bank loans, amounting,
April 30 1919, to $1,800,000, and has placed the mortgages on its real estate
in a sound position by refinancing the loan on the
Trinity and United States
Realty Buildings for a period of 20 years (V. 109, p. 2248, 2336) and
by
extending loans on its other properties.
The total amount of the mortgages
covering the company's real estate ($13,348,000), represents 40% of the
actual cost value of its real estate.
MThe deficiency account of $9,556,097 created on April 30 1917,
by the
writing down of real estate and securities has been reduced by earnings and
liquidating adjustments to $5,802,247.
)»<*It will be noted from the above figures that the company has
stantial business in hand for the
ensuing year.
ptrtShipbiulding.—During the
a
sub¬
at the request of the U. S. Shipping
Board Emergency Fleet Corporation, the
agency contract of the Carolina
Ship Building Corporation was changed to a lump sum contract and the
shipyard was purchased from the Emergency Fleet Corporation on a
mutually satisfactory basis.
The Carolina Ship Building Corporation was
merged into the George A. Fuller Company and established as a branch
of that organization.
The ships under contract for the Emergency Fleet
Corporation will be completed about Oct. 1 1920, and the company will
construct four 9,600-ton freighters on its own
account, using materials
bought from the Emergency Fleet Corporation.
Japanese Subsidiary.—The George A. Fuller Co., in co-operation with
year,
Srominent which has interests,operations
Japan, Japanese started has formed
l
a subsidiary company to operate
on two large building contracts—
Oil Co., and the other for the Japan Mail Steamship Co.
are on a percentage basis.
Japanese interests own 25%
of this company and prospects are
bright for a large additional business.
Engineering Corporation.—The Fuller Industrial Engineering Corpora¬
tion has been organized to supplement the
building service of the George
one
for Japan
These contracts
A.>Fuller Co.
/-
signed by A. A. Schlesinger, Pres., and Clay¬
Mark, Chairman of Board, says in substance:
Properties.—In July 1919 the
President Paul Starrett, N. Y., June
2, wrote in substance:
(Compare V. 106, p. 2647; V. 104, p. 2638).
Income for Year.—'The net income for the
The report,
ton
company
acquired by consolidation and
merger the iron ore mines of the Newport Mining Co., the blast furnaces
and coke ovens and mines of the Northwestern Iron Co., and the steel plant
of the Harrow Spring Co., and purchased the by-product coke oven plant
at Indiana
Harbor, Ind., newly built and directly adjacent to this company's
steel plant.
(Compare V. 109, p. 180.)
The properties owned by the company, or controlled through
stock owner¬
ship of subsidiary companies, now include fully equipped iron mines located
in Michigan and Wisconsin, with ore reserves approximating 33,000,000
tons; 228 by-product coke ovens with annual producing capacity of 1,000,000
tons of coke, together with resultant by-products such as gas, tar, ammonia,
benzol, &c.; 8 blast furnaces with producing capacity of over 1,200,000
tons of pig iron per annum, five of which are located at South Chicago, one
at Indiana Harbor, and two at Mayville, Wis., adjacent to one of our ore
properties and coke oven operations.
The steel plant located at Indiana Harbor, Ind., comprises open-hearth
furnaces, blooming, billet, skepl, universal plate mill and pipe finishing
mills, and has a producing capacity of 500,000 tons of ingots, 200,000 tons
of plates and 150,000 tons of skelp per annum.
The pipe mills at Indiana Harbor, Ind., Evanston, 111., and Zanesville,
O., have a capacity of 360,000 tons per annum of wrought ste8l pipe, oil
well casing,and tubing, and boiler tubes.
At Kalamazoo, Mich., the com¬
pany has an electric steel plant for the production of high-grade alloy steel,
two rolling mills, and a plant for the manufacture of steel springs and parts
for agricultural machinery.
The
company owns
and operates zinc properties and concentrating plants
in Wisconsin, Illinois and Kansas.
Our coal holdings comprise a 30% ownership in fee of the Powellton mine,
W. Va., and a stock interest in the properties of the Elkhorn Piney Coal
Mining Co., producing high-grade by-product coking coal in W. Va. and Ky.
Improved Results in 1920.—Since Doc. 31 1919 the company has greatly
Improved its earnings.
[See supplementary statement for the first five
months of 1920, below.—Ed.]
Depreciation and Repairs.—Sums aggregating $2,124,263 were set aside
for depreciation and depletion, and the expenditures made in respect of
repairs and maintenance amounted to $2,101,272; total, $4,225,536.
Volume of Business.—The sales of the products of the company and its
subsidiaries for the year 1919, including the sales of the companies consoli¬
dated as from July 1 1919, amounted to $44,120,605.
The unfilled orders on the books Dec. 31 1919 amounted to 603,069 tons
of pipe, steel and pig iron, which more than cover our production for first
half of the year 1920.
General Financing.—The merger of the Newport Mining Co., Northwest¬
ern Iron Co. and Harrow
Spring Co. properties was accomplished through
the issuing of Common stock.
The Indiana Harbor coke oven plant was
Said for by Common stock for one-half the purchase price and General
lortgage bonds for the balance.
In order to provide additional working capital for the very much enlarged
operations of the company, and to liquidate certain short-term bonds and
floating indebtedness, the company issued $17,500,000 of 7% Pref. stock
(V. 109, p. 180).
-
9
June 26 1920.]
2657
THE CHRONICLE
of
Central RR.
plant at Indiana Harbor and retired the $6,000,000"3-year notes of the
Mark Mfg. Co., also $2,000,000 serial gold notes of the Newport Mining
Co. assumed at the time of the merger.
The balance of the funds provided
the necessary additional working capital for carrying on the largely increased
business of the company and for additions and betterments to the properties.
^ Working Capital.—The net working capital at Dec. 31 1919 amounted to
$19,028,245.
Additions, &c.—Expenditures
|£
construction made during 1919 for addi¬
tions and extensions amounted to $4,319,663, detailed as follows: Mark
plant, Ind., $2,083,951; Iroquois plant, $947,759; Evanston plant, $92,919;
Zanesville plant, $92,081; Coke plant, $74,154; Mayville plant, $303,295;
Ironwood plant, $133,579; miscellaneous and subsidiary cos., $591,925.
on
CONSOL. EARNS. OF CO. AND SUBSIDS. FOR
CALENDAR'YEAR
1919-
[Including Ironwood, Mayville and Kalamazoo plants only since date of
merger, namely, July 1 1919.]
Sales, $44,120,605; cost of sales, $39,222,700; misc. income,
*%Cr. $899,921; total income
$5,797,826
Less miscellaneous charges and reserves for Federal income tax__
569,443
Interest on funded and other indebtedness
; 2,032,154
Preferred dividends
537,639
Net earnings available for depreciation and common divs.
'
--$2,658,591
[A supplementary statement furnished to the "Chronicle" shows: "Net
earnings for Preferred dividends for May were at an annual rate of nearly
12 times the dividend requirement, with actual earnings for the first five
months of 1920 equal to over 8 H times total dividends accrued on 7% Pref.
stock.
The company's sales and earnings for the month of May were the
greatest in its history.
The plants are operating at full capacity, and the
unfilled orders on the books are more than sufficient to cover the company's
production for the balance of the 1920 year.
SALES, NET EARNINGS, &C., FOR FIRST FIVE MONTHS OF 1920.
Year
Total
Sales.
1920.
Jan
Feb__
Mar__
April
Income.
$5,022,920
6,332,868
7,219,566
5,812,638
8,193,305
__
May
Total
_
_
Int..Taxes, Net.aft.Tax.
Res.,Int.&c.
Res.,&c.
$772,838
1,059,280
1,321,997
885,744
1,526,045
293,909
250,768
320,166
of
Chicago, Burlington & Quincy RR.—Bonds.—
The N. Y. Stock Exchange has striken from the list the Denver Division
4% bonds due Feb. 1, 1922.
At latest advices only $229,000 were out¬
standing.
Seeks Loan of $3,000,000 for Initial Payment
Equipment from U. S. Revolving Fund.—
...
OX.
1
T.
taxes
Fixed charges
Net
-.
&Com.Div.
$454,984
709,266
926,005
532,893
1,103,796
1918-
1917-
1916'
■
$6,080,915
2,118,470
$9,706,716
1,829,399
$7,343,698
782,030
$6,684,370
371,814
$7,877,317
$6,561,668
$6,312,556
profits available for
dividends and deprec'n,$3,962,445
[Figures for May 31 1920 inserted by the Editor from monthly statement.
Dec. 31 '19.
S
S
Dec. 31 '19.
May 31 '20.
Liabilities-
Land, buildings,
mach.,eq.,&c 66,405,638
71, *.*9,921
See "Current Events," this
affil'd
cos.
1,884,308
1,707,058
Cash for redemp.
of bonds
Acc'ts¬es
19 ,-572
19,865,580
companies...
6,869,111
10,444,201
1,941,884
38,225,946
3-year 7% Conv.
rec
See Toledo St. Louis & Western RR.
Gen.
offi¬
cials & empl__
107,211
1,653,875
112,930
1,737,962
Underlying bds.
Of merged cos.
1,445,344\
495,000f
count, &c
2,158,415
to the Federal
discontinue because of lack of freight shipments
loss in operating revenue.—V. 110, p. 1748. 8
Marion & Bucyrus Ry.—Fare Increase.—
Columbus,
Fares on
company's lines have been raised to 3cts.amile.—V.
110,p.764.
Connecticut Co.—Wage Increase.—
accepted the company's new wage offer of 54, 57 and
hour for employees of one, two and three years respectively.
The trolley men have
60 cents
an
is for one year from June 1.—V. 110, p. 2192.
Detroit United Ry.—New
Railway Ordinance Upheld.—
the company and the New York Trust Co. against
Suits brought by
the
proceeding with construction of a
municipal railway system have been dismissed by Judge Arthur Tuttle of
the U. S. District Court.
The court ruled, however, that before the city
could acquire by purchase or condemnation any lines now operated by the
company another vote of the people must be taken.
Counsel for the railway
at once declared intention of appealing to the U. S. Supreme Court.
The
validity of the railway ordinance adopted by the voters on April 5 was
upheld by the Court, against the contention of the company, and it was
had acquired any new rights on Fort St. since
St. decree giving the city the right to compel the company to
its tracks.
This same right to order the company off the street
held to apply on other streets where franchises have expired.—V. 110,
denied that the company
the
Fort
remove
p.
2487.
•
./
'
St.
Massachusetts
Ry .—Freight
Service.—
decided to discontinue all freight service at all points
The high cost of coal and increased terminal rentals are
said to be the reasons for the discontinuation.—V. 110, p. 1415.
The company has
south of Boston.
Erie
Light & Traction Co.—Bonds Approved.—
Fort Smith
3",574",666
4,154,005
3,675,336
1,793,304
Corporation Commission has authorized the company to
first mortgage bonds to replace a previous issue of Second
The Arkansas
1,959,812
pay'le...
2,006,255
Notes
Issue Approved.—•
RR.—Bond
Th
New Jersey P. U Commission has authorized the company to issue
$4,300,000 20-year 6% bonds, Series "B," under its Ref. & Impt. Mtge.
dated Dec. 1 1916.
The Commission stipulated that the bonds shall not
sell for less than 90% to realize $3,870,000, which shall be applied to reim¬
burse the treasury for moneys actually expended.—V. 110, p. 2387.
127,794
Pur. money oblig
Trade acc'ts pay
Ext.op.,&c.,exp.
1845, 1741.
Company suspended operations on May 17 following a plea
and consequent
8,037,000]
Def'd bonus obi.
Bond & note dis¬
p.
Dist. Ry.—Suspends.
Court for permission to
338,482
notes...
fund goldbds. b3,407,500V
318,080
Cash...
308,030
a5,000,000]
mtge. sink.
118,877,000
gold
Investments
below.—V. 110,
Colorado Springs & Cripple Creek
ers' int. In sub.
Due from stock¬
holders,
17,500,000
Minor stockhold¬
5,836
2567.
p.
this issue.
"Current Events,"
See
Eastern
of S2 each)...
1,941,884
Capital surplus. 38,225,946
19,511,561
Inventories
issue.—V. 110,
Chicago Rock Island & Pacific Ry.—Asks Loan of
$21,500,000 from U. S. Revolving Fund—Bond Litigation.—
was
17,500,000
12,500,000 sh.
(net).......
110, p. 2291.
from U. S. Revolving Fund for 25% Payment on Equipment.—
Com. stock (au th
In vest, in & adv.
to
May 31 '20.
S
Preferred stock.
this issue.—V.
Chicago & North Western Ry.—Seeks Loan of $1,750,000
city of Detroit to restrain the city from
CONSOLIDATED BALANCE SHEET DEC. 31 1919 AND MAY 31 1920.
Assets—
"Current Events,"
See
$1,328,547 $4,237,358 $510,417 $3,726,943
1919*
1
$13,000,000
Chicago Milwaukee & St. Paul Ry.—Seeks Loan of
About $5,700,000 from Revolving Fund for Improvements, &c.
COMPARISON OF OPERATIONS FOR PAST FOUR YEARS OF ALL THE
PROPERTIES NOW MERGED IN COMPANY.
Gross profits after Federal
on
Events," this issue.—V. 110, p. 2381.
See "Current
The new agreement
5 mos.$32,581,299 $5,565,905
Special dividends at
been paid from Dec. 1899 to Dec.
2%, payable Aug. 2 to holders of record July 20.
the rate of 4% per ann. (J. & D.) have
1919.—V. 110. p. 2487, 2075.
Bal.forDep
Pref.
Di'v.
$557,067 $102,083
811,349
102,083
1,028,088
102,083
102,083
634,976
1,205,879
102,083
$215,771
247,931
New.Jersey.—Special Dividend.—
A special dividend of 2% has been declared on the capital stock, payable
June 30 to holders of record June 25, together with the regular quart, div
issue $200,000
2487.
Mortgage bonds.—V. 110, p.
Acer,
pay-rolls,
int., taxes, &c.
Bills payable...
204,167
Deprec'n res've.
3,528,665]
Amort'n reserve.
2,798,151} 10,111,187
Mine depl. res..
459,577
6,788,431
Surplus
98,608^19 107,283,083
Galesburg & Kewanee Electric
262,537
9,522,677
98,608,519 107,283,083
Total
$28,000 6% equipment bonds under a car trust lease agreement with the
Osgood Bradley Car Co.
Proceeds is to purchase 6 one-man cars for use
on its city lines in Oswego.—V. 110, p. 1526.
964,143]
Other oper. res.
.......
Commission has authorized the company to issue
The New York P. S.
2,657,800
Accr'd dividend.
Total
Empire State RR. Corp.—Bonds Authorized.—
The Illinois P.
Ry.—Fare Increase.—
order authorizing
fares and to sell 5 tickets for 35 cents.
Kewanee and Wetherfield.
Company
7-cent fares in these cities Aug. 1919.—V. 109, p. 577.
U. Commission on May 28 Issued an
the company to charge 8-cent cash
The new rate applies to the lines in
has been charging
Secured by $5,000,000 Series A 7% 25-year Sinking Fund gold bonds,
b Authorized $50,000,000, of which $5,000,000 are deposited as collateral
a
as
above.
Helena Light &
Outstanding Series B 6% 25-year, $3,407,500.—V. 110, p. 2574.
Ry.—Fare Increase.—
Commission has authorized the company to charge a
for 25 cents, effective July 1.
Present fare
The company has also been authorized to increase lighting
The Montana P. S.
7-cent cash fare with 4 tickets
is
6
cents.
rates.—V.
GENERAL INVESTMENT NEWS
107,
p.
181.la
Houghton County (Mich.) Traction Co.—To
The $239,000
RAILROADS,
INCLUDING
ELECTRIC
ROADS
Arkansas & Louisiana Midland RR.—Receiver's Sale.—
The following bids were made for the road at the receivers' sale June 8
at Monroe, La. (a) Messrs. Frost, Whited, Prestridge and others of Shreve-
gort, La., bid $287,500, agreeing to operate the entire of $346,000 to take
(6) Southern
crap & Metal Co., New Orleans made two bids, one line.
of the line; the other of $374,000 to take up
north of Bastrop, but to continue to operate
that part between Bastrop and Monroe,
(c) Stovall Drilling Co. bid
$205,000 for that part of the road from Monroe to Bastrop, agreeing to
continue it in operation.
(d) Southern Scrap & Metal Co. bid
$175,000
to "junk" that part of the road from Bastrop northward.
All of these
bids will be considered by the Federal District Court and a decision will
up and sell any part of or all
and sell that part of the track
Pay Bonds.
5% bonds of the Houghton County St. Ry.,
due July 1
after Juno 15 1920, at office of Boston
Deposit & Trust Co., Boston, Mass.—V. 110, p. 77.
1920, will be paid off on or
Safe
Hudson & Manhattan RR.—Time Extended.—
P. U. Commission has extended until Dec. 31 the time
of $1,036,000 First Lien & Ref. Mort. 5% bonds.
The New Jersey
limit for the issuance
110,
—V.
p.
2192.
•
Illinois Central RR.—Asks Loan of
$3,000,000 from U. S.
Revolving Fund to Pay for Equipment.—
See
"Current Events'
this issue.—V. 110, p. 1748.
Interborough Consolidated Corp.—Notes
Extended.—
District Court on June 25 made an
R. Sheffield, trustee in bankruptcy, to extend the
time for the payment of notes which fall due on June 30 to Dec. 31.
The
total of the notes is $2,900,000 of which Mr. Sheffield himself, it is stated,
holds $1,000,000.—V. 110, p. 1289.
Judge Julius M. Mayer in the U. S.
be made.—V. 110, p. 2386.
order directing James
Atchison
Topeka
&
Santa
Fe
Ry.—Seeks
Loan
of
$10,000,000 from U. S. Revolving Fund to Pay for Equipment.
See "Current
Events" this issue.—V. 110,
p.
1967.
Birmingham Ry., Light & Power Co.—Notes Extended.—
protective committee of which Thomas J. Walsh is
Chairman has approved the extension of the $1,200,000 6% 2-year gold
notes due April 1,1919. until April 1,1921 at 7%.
Arrangements have been
made with the company for the payment of overdue interest and interest
on the accrued amount up to May 10, 1920 on all notes deposited with the
Equitable Trust Co., New York under the agreement.
Holders of undeposited notes are offered the benefits of the extension agreement if deposit
is made on or before Oct. 1, 1920.—See V. 110, p. 2191.
The
noteholders
Boston
& Maine RR.—Bonds
Approved.-—
^
The Mass. Department of Public Utilities has approved the issuance of
$17,606,000 6% mortgage bonds of July 1, 1920, payable Jan. 1, 1929:
proceeds to be used to refund payment for a like amount of bonds issued to
the Director General of RR's.—V. 110, p. 2567.
Interborough
by the
r"
Plymouth St. Ry.—Wage Increase.—
has been granted motormen and conductors
19 making the maximum pay 52 cents an hour and
the minimum 46 cents an hour.—V. 108, p. 478.
An increase of 5 cents an hour
retroactive to May
Butte
(Mont.) Electric Ry.—Wage Increase, &c.—
1 after being shut down for three
weeks owing to the strike of employees.
Under a new wage agreement the
employees will receive $5.50 a day.—V. 109, p. 676. *
**
Street car service was resumed June
Transit
Co.—July Interest.—
the company, it is stated, express
Interborough 1st & Ref. 5s will bo met
company.—V. 110, p. 2292.
Little Rock (Ark.) Ry. & Electric Co.—Fare Increase.—
The
Arkansas Corporation
Commission authorized this company,
effective June 3, to charge a 6-cent fare.
On May 17 the City Council
adopted an ordinance amending the contract of the company with the cityso as to permit the company to charge a 6-cent fare.
A contract has been signed between the company and its union em¬
ployees, whereby the present wage schedule was raised 5 cents an hour.
The new schedule runs 46, 47, 48, 49 and 51 cents an hour for the men who
have been employed one, two, three, four and five years.—110,^p. 2387.
Mexican Ry.—Road
Returned to Owners'.—
Mexico City state that this road which runs between
and Vera Cruz has been turned back to its owners by an order
of Provisional President de la Huerta.
The road was taken over by the
Mexican Government several years ago.—V. 109, p. 2172.
Advices
Brockton (Mass.) &
Rapid
Interests familiar with the affairs of
belief that the July interest on the
from
Mexico City
^Missouri Pacific RR.—Bonds Authorized.—
Commission on June 14 authorized the company to
$12,730,000 bonds and $600,000 notes, the latter beraing 7% interest
payable in ten equal semi-annual instalments.
Of the bonds, $3,000,
islto be issued for acquisition of property and general betterment
IFThe Missouri P. S.
issue
and
000
THE CHRONICLE
2658
nterest into a like sum bearing 6%
Ijurposes; $6,397,600 is for refundinginterest, and $3,333,300, for reim¬
first mortgage bonds bearing 6%
bursing company for expenditures already made fo r equipment.
The notes
are to be issued for the acquisition of 25 steel baggage cars and 10 steel
passenger coaches.
It is stated there will be
nor
nojpublic offering of either the $12,739,000 bonds
$600,000 notes.
The bonds, it Is said, will be used as coUatera
of the
in the adjustment of accounts with the Government and the notes will go
to the American Car & Foundry Co. In part payment of equipment pur¬
chased.—V. 110; p. 2481.
Because of the foregoing injunctions the city authorities have discon¬
tinued the operation of the city buses on two routes in Staten Island.
-4
Mayor Hylan has directed Corporation Counsel John P. O'Brien to
every means in his power to "oppose the traction
stopping the operation of buses by injunction."
An
made
Roger L. Farnham, Vice President of the National City Bank has been
appointed receiver for the Company by Federal Judge Julius M. Mayer
a suit brought by Jose M, de Acosta in behalf of himself and other bond¬
in
holders.
The application for receivership states that the construction of a
railroad from Cape Haytien to Port Au Prince a distance of about 215 miles,
About 108 miles has been
constructed.
Interest on $13,000,000 gold 6's of 1960 has been in default
since Aug. 1, 1914.
The aggregate amount of interest in default is stated
to be $1,169,019.
Principal and interest of the bonds were guaranteed by
the
Republic of Haiti*which itself is in financial .difficulties... Company
has outstanding atota
a
uthorized issue of 70,000
bares
par
$lu0.—V. 93,
408.
p.
New York Central RR.—Loses
The Appellate Division of
Tax
Appeal—Rates.—
opinion, which makes it necessary for the attorneys for the railroad to
first obtain permission of the Appellate Division before they can appeal
from the decision.
George H. Walker, counsel for the road has announced
any
contract No. 3 with the Interborough
Commission has ordered the company, effective
Sept. 1, to carry way passages between Albany and Buffalo /or 2 cents a
mile instead of 3 cents as at present.-—V. 110, p. 2568.
8.
N. Y. Chicago & St. Louis Ry.—First
preliminary steps for the revocation of the franchise of the
Company which has been operating on an 8-cent fare.
Ten separate
were passed because of the various franchises, some of them
issued many years ago, which go to make up the lines of the road.
Two
of the resolutions gave the company 10 days' notice of the city's intentions
and the other 8 gave 90 days' notice.
The basis for the board's action was
the alleged violation of the franchise agreement by raising the fare from
5 cents, the amount the city claimed was specifically prescribed.—V. 110
p. 1974.
resolutions
Rutland (Vt.) Ry., Light & Power Co.—Fare Increase.
Cash fares
on the lines of the Company were raised from 6 cents to 7 cents
May 20.
Commutation tickets which sold in books of 50 tickets for
$2.70 now cost $3.15 and school books which also contained 50 tickets, and'
sold for $1.25 have been raised to $1.50.—V. 105, p. 2095.
on
San Francisco & Sacramento RR.—Initial
'
ue
on
May 1
1920.—V. 110,
p.
2193, 1643.
paybale
Seaboard Air Line Ry.—Interest.—
Company announces that coupons Nos. 41 and 42 for $12.50 (2%%)
on its 5% Adjustment Mortgage gold bonds will be paid on and after
Aug. 1,1920, at the office of Blair & Co., 24 Broad St.. New York.—Y. 110,
p. 2293, 1090.
each
Tennessee
>
&
North Carolina
RR.—Bought.—
bought in on June 7 for $200,000 by Fred Ely of Pliiladelphia on behalf of A. J. Stevens representing the bondholders.
The line
was from Newport to Waterville, Tenn. about 19 miles.
It is said that
the bondholders will reorganize the property.—V. 110, p. 1189.
This road was
payment of 5% was also made on the First Pref. stock to represent, it is
believed, the payments normally due in January and July 1919.
In the
Said in that Second Pref. stock July 22, to complete, presumably, the 5%
on the stock for the year 1918. This was followed by 2H% in the
Prpf. Div.—
An initial dividend of $3 50 has been declared on the Pref stock,
July 15 to stock of record June 30.
This dividend, it is stated, covers thefirst six months of this year, but it is announced that hereafter dividends
will be paid quarterly instead of half-yearly.—V. 110, p. 466.
Terminal
last-named year the only distribution reported was the 2H%, which was
Pref.
share in the
1849.
Richmond!Light & RR.—To Revoke Franchise.—
Pref. Dividend.—
A dividend of 6% has been declared on the $4,997,900 First Pref. stock,
payable July 12 to holders of record June 30, covering, it is supposed, the
total dividends for the year 1920.
The First Pref. divs. in 1918 and various earlier years were paid in semi¬
annual installments of 2K% each Jan. 1 and July 1.
In January last, a
Second
Rapid Transit Co.. besides $475,000
The New York City Board of Estimate on June 18 decided by unanimous
apply for permission to appeal.
The New York P.
in
application for issuance of $14,734,000 Rapid Transit bonds has been
6y Transit Construction Commissioner Delaney to the Board of
Estimate, which has referred to Committee on Finance and Budget.
Of
sum $7,303,000 is wanted to
complete work provided for under terms of
the Supreme Court has unanimously affirmed
the findings of D. Cady Herrick, referee, who upheld the legality of the
assessment on the company's Park Avenue tunnel and the right of the city
to collect $3,000,000 in back taxes.
The decision was unaccompanied by
his intention to
use
move
vote on the
National Railroad of Haiti.—Receiver Appointed.—
interrupted by the outbreak of the War,
new
this
All outstanding First Mtge. 4% 20-year sinking fund gold bonds of 1904
have been called for payment July 1 at 102H and int. at the Guaranty
Trust Co. of New York.—V. 106, p. 1348.
was
interests'
for certain additional work and $6,965,000 is for the city's
in
Brooklyn Rapid Transit part of dual system.—V. 110, p.
Mutual Terminal Co. of Buffalo.—Bonds Called.—
<f
[Vol. 110.
Association
RR.
The Missouri P.
of
St.
Louis.—Bonds
„
S. Commission has authorized the Company to issue
General Mortgage 4% bonds to reimburse the Company for expenditures
out of its income for the year ending June 30, 1920, forjmprovements and
rolling stock.—V. 110, p. 1416.1
New York New Haven |& Hartford RR.—Debs. Auth.—
Toledo
The Connecticut P. U. Commission has given the company permission
to Issue $16,000,000 debentures to retire Providence Securities Co. deben¬
New York
& Nor. Shore Trac. Co.—Foreclosure Action.
Papers have been filed in the Queens County Clerk's Office in
an
2488,2388.
p.
action
Toledo
to foreclose the 1st Mtge. 5s of 1914 of which about $800,000 outstanding.
The plaintiffs are Citizens Saving & Trust Co. and Edward V. Hale, Cleve¬
land.—V. 110, p. 2292.
•
:
New York
i
•
•
Railways.—Committee for Underlying Bonds.—
A protective committee has been formed to represent
$5,000,000
Lexington
Avenue
&
Pavonia
Ferry
the holders of the
5's of 1993.
The
1st
members of the committee are: F. J. Fuller, Vice-Pres. Central Union Trust
Co. New York, A. R. Horr, Vice-Pres., Equitable Life Assurance Society,
and Reginald Foster, Gen. Counsel New England Mutual Life Insurance
Co.
Charles E. Sigler, 80 Boradway Is Secretary, the Central Union Trust
Co., New York depository and Alexander & Green
are
counsel.—V. 110,
P.12292, 2488.
'
■
-
Corporation Counsel Pierce of Rochester has announced that a 7-cent
fare will be put into effect on the trolley lines in that city on July 1.
Em¬
ployees of the N. Y. State Rys. are seeking a wage of $2,500 a year, based
on an 8-hour day and a 6 day week.—V. 110,
p. 1078.
Northern Ohio Traction & Light Co.—Wage Increase.
A board of arbitration has announced
pay of 65, 66 and 67 cents
respectively.
2488.
men,
p.
an
an award of a maximum rate of
hour for city, suburban and interurban train¬
Present rate is 48, 49 and 50 cents an hour.—V. 110
,
../
Northwestern Terminal Ry.—Trustee Resigns.—
The Bankers Trust Co. has tendered its resignation as Trustee under the
First Mtge. 5s, dated July 1 1906; due July 1 1926, to become effective
Sept. 1 1920.—V. 110, p. 562.
Pennsylvania RR.—To Pay Bonds.—
The Philadelphia & Erie RR. bonds, amounting to about $5,263,000
5s, $7,928,000 6s and $5,880,000 4s, all due July 1, we are advised, will
be paid off at maturity.—V. 110, p. 2193.
Peoria (111.) Ry.—Fare Increase.—
>
I
The
was
Company began charging a 7-cent fare on June 3.
The new rate
authorized by the Illinois P. U. Commission as a temporary measure
of relief.
The fare
was
formerly 6 cents.—V. llO,
p.
2568.
Report of Stockholders' Protective Committee.—Tracy, Chap¬
& Welles of Toledo, O., who with Wollman & Wollman,
City, act as counsel to this committee, reported on
May 22 to Jules S. Bache, Chairman of the committee, 42
Broadway, N. Y. City, in substance follows:
man
N. Y.
After the submission by the Chicago Rock Island & Pacific Ry. Co. of
several motions questioning the jurisdiction of the Court, and all of which
motions were later overruled by the Court, the Rock Island Company filed
May 6 1920 an answer in the
July 15 from 7M cents to 8 1-3 cents for metal tickets and 10 cents straight
for single fare.
The receivers say that all the resultant increase in revenue
will be absorbed by the increase in
wages.-—V. 110, p. 2568.
E Portsmouth Street RR. & Light Co —Bonds Called
—
Sixty-one ($61,000) First Mtge. 6% Series "M" gold bonds dated July 1,
1914, twenty-six ($13,000) Series "D" bonds and ten ($1,000) Series "C"
bonds have been called for payment July 1 at 102 Vx and int. at the Guar¬
Public Utilities Co., Evansville, Ind.—Wage Increase
p.
379.
P Rapid Transit in N. Y. City.—City Bus
Affirmed.—Appeal for Rapid Transit Bonds.-—
it admits the payment
over its person.
r
We do not consider the answer as to the $193,000 as excusing at all the
payment of that sum and are very confident that the Court will hold that
the Rock Island Co. was guilty of fraud and will not permit it to enforce the
B bonds, all of which it owns, amounting to $5,047,000, and about $400,000
of A bonds, which it also owns.
We are also very hopeful that the same
defense will apply to approximately $700,000 of A bonds, known as the
Moore holdings.
If the Court sustains our claims in the above respect,
over one-half of the bonds will be wiped out.
We are also making a claim against the Rock Island in this suit that if
the Toledo St. Louis & Western RR. Co. is compelled to pay any of the
remaining bonds in the hands of good faith holders, that it will be entitled
to recover from the Rock Island any sum which it is thus required to pay.
The Rock Island being now held in court will be squarely before the Court
for decision.
The bondholders' committee since our letter of May 29 1919 has been
attempting to show that the present holders of "A" bonds other than those
by the Rock Island and the Moore holdings above mentioned are
good faith holders.
This has involved the taking of a very large amount
of testimony and has included all of such "A" bondholders in this country.
held
held in Europe and no proof has been offered as to the bona fides of the
holders of these bonds.
Several tentative arrangements were made for
taking testimony as to these foreign held bonds, but later these arrange¬
ments were withdrawn by the bondholders' committee, and they have now
that they have no further testimony to
announced
amount of detail
Injunction
take except
a
small
testimony in this country.
While it is hazardous to predict the time at which a case such as this
may
be submitted for decision upon the merits, it is our present hope that we will
be able to have such a submission some time during the coming fall.
It
appears to
may
us
that from
now on
be expected.—V. 110,
p.
reasonably speedy action in the courts
2293, 1291.
Co.—Acquisition.—
The company it is stated recently took over the property of the Cloutman
Gas & Electric Co. at Farmington, N. H., and will extend its transmission
line to supply electricity there and will also extend its service to Alton, N. H.
—V. 109 p.
79; V. 110,
Valdosta
The Court of Appeals on June 11 rendered a decision affirming with costs
an order of the
Appellate Division which granted a temporary injunction
restraining the city from operating buses in opposition to the Brooklyn
City RR.
On June 19 Justice Cropsey in the Supreme Court issued an
Injunction on the application of receiver Lindley M. Garrison putting an
end to the operation of the city buses in competition with the Coney Island
& Brooklyn RR.
The Appellate Division of the Supreme Court on June 18 affirmed an
order of Justice Lydon granting an
application of Job E. Hedges, receiver
of the New York Rys. for an injunction restraining the city authorities and
others from continuing to operate bus lines which
parallel lines of the
New York Rys.
The lines affected by the decision were the 14th St. Line,
the 7th Avenue-Delancy St; Line find the 8th St. Line, which
operates from
the West Side of Manhattan overjthe Williamsburg Bridge to the Plaza on
the Brooklyn side.
The court ini its decision held "that the city which
accepted franchised money from two different lines of the New York Rail¬
ways Co. had no legal right to enter into competition with those lines running
omnibuses in opposition."
answer
jurisdiction of the Court
Twin States Gas & Electric
—
has granted increases to trainmen of about 5 cents an hour,
effective June 1, when the old agreement expired.
Regular employees will
receive 50 cents an hour instead of 45 cents and operators of one-man cars
will draw 54 cents an hour instead of 49.
Interurban men will get 52 cents
company
hour instead of 47 cents.—V. 108,
In this
order to induce the purchase by the last-named of the Chicago & Alton
stock, but claims in effect that this was a legitimate payment and denies
fraud.
The Rock Island Co. further sets up the recent receivership pro¬
ceedings of that company as a bar to any claim in this suit, and again denies
anty Trust Co. of New York.—V. 103, p. 1793.
an
case.
of $193,000 which has been charged by your committee and also by the
Toledo St. Louis & Western RR. Co., as having been paid fraudulently in
Approximately $3,000,000 of the outstanding "A" bonds are claimed to be
IF Pittsburgh (Pa.) Railways.—To Increase Fares.—
^Notice has been given by the receivers that street car fare will be raised
JFThe
Stv Louis & Western RR.—Annual Report.—
See "Financial Reports" above.
on
New York State Rys.—Fare Increase.—
Railways & Light Co.—Votes Bondllssue.—
The Toledo City Council having again voted approval of a $7,000,000
bond issue for the purchase of the traction properties, the proposal will be
submitted to the voters at the primary election on Aug. 10.—See V. 110.
tures, due May 1 1957.—V. 110, p. 2488.
p.
79, 659.
(Ga.)*St.*Ry.—Road*Sold.—1
D. A.
who
Finley of Valdosta has purchased this road from O. M. Killian,
bought the system some time ago, and under whose management
on a paying basis.
Mr.
Killian expects to reorganize the company with the aid of local capitalists
improvements were instituted and the line placed
and further
West
improve and expand the line.—"Electric Railway Journal."
Jersey & Seashore RR.—Annual Report.—
1919.
Calendar Years—
Federal compensation
Other income
Gross
Interest
Interest
War
...
on
funded debt
..
-
unfunded debt
-
taxes
Other deductions
Sinking fund
Dividend (5%)
137,509
$1,212,433
228,683
158,036
-—54,499
72,355
$1*,090,191
232,492
75,806
67,538
27,635
96,670
-
Balance, surplus.
110, p. 2193.
....
—V.
1918.
$952,682
259,751
income
on
$952,682
-
93,995
579,313
579,313
$22,877
$13,412
June 26
THE CHRONICLE
1920.]
Western N. Y. &
Pennsylvania Ry.—Annual Report.—
1919.
1918.
$17,815,353 $17,526,248
18,615,851
18,365,640
(а) Federal Statistics—
Operating
Operating
revenues
expenses
$800,499
Other
income
$839,392
$1,156,106
$1,156,106
115,436
Operating deficit
(б) Corporate Statistics—
Federal compensation
42,121
;
Bridgeport Hydraulic Co.—Notes Offered.—Lee, Higginson*& Co., New York, &c., are offering at 93%, to yield
about 63^%, $2,000,000 5-year 5% gold notes. Bankers say:
Dated June 1
Gross
1
income
on
Interest
$1,271,542
899,500
1,130,515
funded debt
unfunded debt_____
on
$1,198,227
899,500
989,743
352,187
241,972
$1,110,661
$932,988
Miscellaneous rents, &c
Capitalization—
deficit
p.
1789.
Int. pay¬
Authorized. Outstanding.
$5,000,000
$4,000,000
8,000,000
4,500,000
Five year 5% notes
stock
Company.—Supplies water to Bridgeport, Stratford, Fairfield and Southport and parts of Westport and Huntington, Conn., under a perpetual and
exclusive franchise, serving a population of about 175,000.
Owns 17 reser¬
voirs with a storage capacity or 9,000,000,000 gallons.
Has 20 pumping
stations, 12,643
Balance,
—V. 109.
Denom. $1,000 (c*).
1920, due June 1 1925.
able at Bridgeport Trust Co., trustee.
Callable at 100^ and int. on any
int. date.
Exempt from State tax if held by residents of Connecticut.
Capital
Interest
2659
acres
of land and 307 miles of mains.
Serves about 23,000
customers.
Dividends.—Dividends at rate of 8% p. a. have been paid since 1900.
______
Purpose.—To retire $1,500,000 5% notes due July 1 and for other
INDUSTRIAL
AND
Abitibi Power & Paper
porate
MISCELLANEOUS.
Income Account Year ended Dec. 31 1919.
on New Stock.—
the outstanding 250,000
Co.—Dividends
A dividend of $1 50 per share has been
shares of Common stock (no par value),
declared
on
payable July 15 to holders of record
In April last a quarterly dividend of 7H % was paid on the old
Common stock, par $100; a dividend of 4H % was paid in January last and
an initial dividend of 1M% in
Oct. 1919, making a total of 6% for the
past year.—Y. 110, p. 2193, 1974.
Gross income
Net after taxes
—V.
July 5.
Note
American Bank
Co.—Dividends Increased.—
A quarterly dividend of 2% has been declared on the outstanding $4,496,737 Common stock, payable Aug. 16 to holders of record Aug. 2.
Dividends at the rate of 1M% have been paid quarterly from Feb. 1917 to
May 1920.—V. 110, p. 1083.
American Chain Co.,
Inc.—To Increase
Capital, &c.—
July 9 on (1) increasing the authorized Pref.
$100, to $10,000,000, par $100; (2) on authorizing
the issuance of new stock to be known as Class A and Class B, aggregating
$5,000,000, par $100; (3) on authorizing the issuance of 150,000 shares of
Common stock without nominal or par value in place of the present au¬
thorized Common stock, which now consists of 50,000 shares, par $100,
all the present outstanding Common stock to be exchanged for the new
Common stock without nominal or par value on the basis of 10 shares of
the new stock without par value issued at a valuation of $10 per share for
one share of the old Common stock.—V. 110, p. 2489.
The stockholders will vote
stock from $5,000,000, par
Honolulu.—Extra Div.—
American Factors Co., Ltd.,
is reported to have been paid June 10 on the
outstanding $5,000,000 capital stock (par $100) together with the regular
monthly distribution of 1%.—V. 109, p. 1459.
An extra dividend of 3%
American Piano
Co.—Stock Dividend.—
5% in stock has been declared on the Common in
quarterly cash dividend of 1 y%%, both payable July 1 to
A like amount was paid extra in stock in
Jan. and April last.—V. 110, p. 2389, 1528.
holders
to
a
of record June 24.
American Screw Co.—Extra Dividend of
13^%.—
has been declared op the Capital stock along
with the regular quarterly or 1 % %, both payable July 1 to holders of record
June 24.
In Jan. last, an extra dividend of 6H % was paid compared with
An extra dividend of 1 ^ %
1
H% extra in July 1919.—V. 110, p. 80.
American
An extra dividend of
% has been declared on the outstanding $7,600,regular quarterly dividend of 1M %, both
payable Aug. 2 to holders of record July 15.
Quarterly dividends of like
amount have been paid extra since Feb. 1919.—V. 110, p. 1417.
Henry
G.
Wilcox,
Brier Hill Steel Co.—No Par Value
Shares, &c.—
The stockholders will vote July 2 (a) on rescinding the 20% Common stock
(V. 110, p. 1851, 2078); (6) on authorizing the
company to issue 1,250,000 shares of Common stock without nominal or
par value, and also on authorizing the directors to set aside 150,000 shares
unissued Common stock, for sale to employees at such price and upon such
terms as the directors may determine.
Chairman James B.
Kennedy in a letter to stockholders dated June 16,
in substance: The stockholders on June 1, for reasons which seemed to
entirely satisfactory to all, decided to abandon the plan of increasing the
Common stock from $15,000,000 to $50,000,000, it being the opinion of the
stockholders that it would better subserve the interests of the company,
says
be
and equally as well preserve the rights
the company under what is commonly
plan."
amount
of the stockholders, to reorganize
known as the "no par value stock
Under this plan the Preferred stock is to remain unchanged.
The
of working capital to be stated is $5,000,000 Pref. and $12,500,000
The issue of Common is to consist of 1,250,000 shares of
Common.
no par
value, 750,000 of which amount is to be exchanged for the Common stock
now outstanding at the ratio of 6 shares of no par stock for one share of the
present Common stock, leaving unissued 500,000 shares of the no par Com¬
mon stock.
After setting aside 150,000 shares of stock for sale to employees
there will remain in the treasury for future financing 350,000 shares, all or
part of which may be, from time to time, disposed of for the future exten¬
plant, the acquiring of coal or ore reserves, or such other cor¬
sions of the
porate purposes as may need capital to finance the same.—V. 110, p. 2569.
Brompton Pulp & Paper Co.—To Create No Par Val. Shs.
stock, consisting of 70,000 shares, par $100, be increased to 210,000 shares
of no par value and that the holders of the present stock receive two shares
of the new no par value shares for each share of $100 par held.
The new
shares, it is said, at the next dividend declaration will be placed on a $6
§er share basis, equivalent The12H % on 70,000 shares will be heldexactly
to unissued the present securities, or in the
ouble the present yield.
company's
—V.
110,
treasury
263.
to
provide for contingent financing in the future.
p.
Brooklyn Edison Co.—Officers.—
The regular quarterly div. of 1H% has been declared on the Pref. stock
along with a dividend of H of 1% on account of accumulated divs. (which
amounts to 251^%), both payable July 1 to holders of record June 23.—
V. 110, p. 1091.
Buda Co., Harvey,
H. M. Sloan, formerly
Co.—New Trustee.—
Vice-Pres. and Gen.
$396,415
Bucyrus Company.—Accumulated■ Dividends.—
Co.—Extra Dividend.—
000 Common stock, along with the
American Surety
$200,000
dividend recently declared
Co. below.—Y. 109, p. 1176.
American Shipbuilding
__$841,351 [Note interest requires
.$596,415 Balance
1901.
p.
E. W. Kells has been elected Secretary, succeeding E. A. Baily who was
appointed Treasurer, to succeed the late Henry P. Erwin.—V. 110, p. 972.
Co.—Sells Plant.—
Seeding Machine
See International Harvester
104,
The directors have recommended to the shareholders that the Common
*
An extra dividend of
addition
cor¬
'
purposes.
Solicitor, has been elected a
111. (Railway Supplies).—Treasurer.
Assistant to the President of the Chicago Milwau¬
kee & St. Paul RR., has been elected Treasurer, succeeding A. L. Dudley.
—V. 105, p. 822.
member of the board of trustees.—V. 110, p. 1190.
Anaconda Mining Co.—Production.—
outpht for May was 9,700,000 lbs. of copper, against 13,500,000 lbs.
in 1919; total production! for the 5 months ending May 31 was 80,550,000
lbs. of copper, as against 69,450,000 lbs. in 1919.—V. 110, p. 2194, 1975.|
The
Calumet & Hecla Mining Co —Production.—
May the company produced 4,920,786 lbs. of copper, as against
In
3,596,000 in 1919, and its subsidiaries produced 3,883,025 lbs., as agsinst
6,796,319 in 1919; during the five months ending May 31 the company
produced 25,837,705 lbs. of copper, compared with 23,633,978 in 1919, and
its subsidiaries
Anglo-American Oil Co.—Dividend.—
—V.
shillings, understood to be an interim dividend, has been
declared, payable July 15.
This distribution will bring the total dividends
for the fiscal year to 6 shillings.—V. 110, p. 1644, 1292.
110,
produced 20,629,682 lbs.,
2389, 2195.
p.
as
against 26,904,795 lbs. in 1919.
A dividend of 6
Canada
Steamship
Lines,
Ltd.—Acquisition.—
The company it is reported has purchased the Montreal Transportation
The two companies It is said will go in to the British Empire Steel
Co.
Arlington
Mills,
Mass.—Dividends.—
Lawrence,
merger
quarterly dividend of 2% has been declared on the outstanding $12,payable July 1 to holders of record June 21.
In April last, a quarterly dividend of 2% and a special dividend of 2%
was paid.—V.
110, p. 1750, 1644.
loai
as a
unit.—V. 110, p. 1976.
A
Canadian Cottons, Ltd.—Common Div. Increased.—
000,000 capital stock (par $100)
Asbestos Corp.
The
a
6%
p.
a.
Atlantic Refining Co.—Acquisition.—
Lexington, Ky., press report on June 18 states that the Atlantic
Co., through its subsidiary, the Superior Oil Corp., purchased
holdings of the Pyramid Oil Co. and Rex Oil Co., Kentucky
Refining
the
entire
corporations, for $2,500,000.
The same interests recently purchased Old
Dominion Oil Co. holdings for $6,000,000.—V. 110, p. 2490.
Atlantic Sugar Refineries,
Ltd.—Accumulated Divs.—
~
A
p.
quarterly dividend of 1 %% and an additional of l%% on account
dividends, were declared on the Pref. shares, payable on
of accumulated
July 2 to holders of record June 21.
This leaves a balance or 28% back
to be paid on the Pref. stock.
In January and April last a
quarterly of 1 % % and an additional div. of 1H % on account of accumu¬
lations was paid.
In July and Oct. 1919 a quarterly dividend of l%%
dividends
w;jis paid.—V.
Auburn
110, p. 1417.
(Ind.) Automobile Cq.—Initial Dividend.—
#
Works.—Foreign p^ders—Directors.
President Vauclain is quoted as saying:
"I have pot taken foreign orders
firmly for $100,000,000 in foreign countries.
I have taken only $50,000,000
want.
One cannot now
firm, but I can take the other $50,000,000 when I
measure the demand from our regular customers
cut off the
supply for the United States.
and I do not propose to
We do not figure on an excessive
profit; 12H% as a manufacturing profit in our business is, I think, large
enough.
This will make our dividends and some millions more.
We are
not under any great risks and do not speculate with labor or supplies.
We
aim to give steady employment to labor and when we take contracts firm
we buy our steel to cover the order.
Therefore we can afford to do business
on a 12H% basis."
At a meeting of the directors June 24, Thos. S. Gates, of Drexel & Co.,
was elected a director and a member of the executive committee, to succeed
the late Arthur E. Newbold.
A finance committee was created, consisting
of Mr. Gates, Chairman, Sidney F. Tyler and Arthur W. Sewell, and Presi¬
dent Vauclain ex-officio member.
The finance committee is subsidiary to
executive committee, to which it will report.
There was no action taken
on filling the vacancy of Chairman of Board.—V. 110, p. 2195.
Bethlehem Steel
Corp.—Subsidiary Co. Bonds Called.—
Twenty-six ($26,000) 1st M.
Spanish-American Iron Co.,
20-year Sinking Fund 6% gold bonds of the
dated July 1 1907, have been drawn for
re¬
demption at par and interest as of July 1 1920.
Bonds of this issue re¬
maining unpaid are: Jan. 1 1918, No. 1478; Jan. 1 1919, 3042; July 1 1919,
024, and Jan. 1 1920, 3358.—V. 110, p. 2078, 1750.
Chile Copper
Co.—Production {in Pounds).—
Increase. 11920
5 Mos.
1919.
5,234,000143,866,000
26,912,000
1920
May
1919.
10,300,000
5,066,000
—V. 110, p. 2294, 1751.
Increase.
16,954,000
Chicago Pneumatic Tool Co.—New Officer.—
A. C. Goodhue has been elected Vice-President to succeed the late W. P.
Pressinger.—V. 110,
p.
2196, 1287.
Childs Real Estate Co.—Bonds Called.—
Forty Series "A" and 12 bonds of Series "B" have been called for payment
Sept. 1, at 110 and int. at the Empire Trust Co., New York.—V. 109, p. 68O5
Cleveland
of 8% has been declared on the 30,000 shares of Com¬
mon stock, par $25, together with the regular quarterly dividend of 1 % % on
the Pref. stock, both payable July 1 to holders of record June 19.—V. 109,
p.
175.
•
An initial dividend
Baldwin Locomotive
Central Stamping Co.—Bonds Called.—
Purchase Money First Mtge. 6% bonds Nos. 65, 67, 80, 93, 102, 153 and
163, due Jan. 1 1938, have been called for payment July 1 at par and int.
at the Guaranty Trust Co. of N. Y.—V. 94, 1698.
661.
A
quarterly dividend of 2%'has been declared on the Common stock, in¬
In January last a quarterly dividend
paid, increasing the rate on the Common stock from 6 to 7%
a.—V. 110, p. 2195.
directors have increased the
from 5 to
P.
of Canada, Ltd.;—Dividends Increased.—
dividend rate on the Common stock
basis and the Pref. from a 6 to a 7% basis.—V. 110
A
creasing the rate from 7 to 8% p. a.
of 1H% was
Electric
Illuminating Co.—Bonds Sold.—
New York, &c., have sold at 95H
and int. to net 7^4% $5,000,000 15-Year 7% Fir^st Mtge.
Coll. bonds.
(See advertising pages.)
Wm. A. Read & Co.,
Dated July 1 1920, due
J. & J. in New York.
July 1 1935.
Denom. $1,000 (c*).
Int. payable
as a whole on any int. date at 101 and int. to
Red.
July 1 1921; 102 and int. to July 1 1922; 103 and int. to July 1 1923; there¬
after at 107H and int.
Company agrees to pay the U. S. normal income
tax up to 2% if exemption is not claimed, and to refund on application the
present Penn. 4-mill tax to holders resident in Penn.
A sinking fund of
2% p. a. purchases bonds in open market up to 107K and int., or, if not
so obtainable, calls bonds at that price.
Central Union Trust Co. of New
York, trustee.
Auth. $8,000,000.
Data from Letter of Robert Lindsay, V. Pre*. & Gen. Mgr., June 19.
Security.—Secured by pledge with trustee of $7,143,000 of company's
of an authorized issue of $30,0(Xk000,
outstanding, and the balance will be required as
collateral for the auth. new 7% bonds so that the 1st Mtge. will be closed.
Purpose.—To provide funds for plant extensions, including the installation
of 25,000 k.w. of generating capacity and extensions to distributing system
necessary to meet the increased demands for electric power and service,
chiefly from manufacturing industries in Cleveland.
1st Mtge. 5s, due 1939, which are part
of which $18,500,000 are
Earnings Years ended Dec.
1915.
1918.
Operating revenue
Net available for interest
Interest charges
Net Income
a
12 months April 30.
31.
1919.
al920.
$4,392,579
$8,443,329
2,362,957
362,957
3,053,118
812,514
3,743,296
937,203
3,842,248
953,020
$2,000,573
$2,240,604
$2,806,093
$2,889,228
$9,389,941 $10,284,130
THE CHRONICLE
2660
Valuation.—The Ohio P. U. Commission fixed the valuation at $20,071,-
569 as of July 1 1914.
After adding subsequent expenditures for additions
and extensions, and giving effect to present financing, the total "value will
be in excess of $38,000,000.
The funaed debt including the present issue
only $23,500,000.
Company.—Organized in Ohio in 1893.
Operates in Cleveland, and ad¬
jacent suburban territory, serving with electric light and power a total
amounts to
Eresent estimated population of over 1,200,000. street railway system and
lcluding over 80% of the requirements of the Business is well diversified,
the supplying of
light and power to meet the requirements of many varied
Property includes 2 steam generating stations, present aggre¬
Interests.
gate installed capacity of 188,000 k.w.
Main generating station has a
present installed capacity of 178,000 k.w. and 25,000 k.w. in additional
capacity is now being installed.—V. 110, p. 1529.
Clinchfield Coal Corp.—Tenders.—
The New York Trust Co. as Transfer Agent, will until July 7 receive
bids for the sale to it of 7% Cumulative Pref. stock, to an amount sufficient
$24,431, now in the sinking fund, at not exceeding 120 and int.—
to exhaust
Coca-Cola Co. of Deleware.—Common Div. No. 2.—
quarterly dividend of $1 per share has been declared on the Common
(no par value) payable July 15 to holders of record June 30.
An
initial dividend of $1 was paid in April last.—V. 110, p. 1524, 874. j
A
stock
Columbia
Edison Elec. Lt. & Pow. Co., Erie, Pa.—Bonds Called —
Mtge. 6% gold bonds of 1892 have been
July 1 at 103 and int at the New York Trust Co.,
All of the outstanding First
called for payment
26 Broad St., New York.—V. 109, p. 76.
Electric
authorized the listing
on
and after
July 1 1920, not exceeding 57,613 additional shares of Common stock, no
par value, on official notice of issuance as a stock dividend, making the
total amount applied for 1,261,644 shares (total auth. 1,500,000 shares).
The directors on June 7 declared a dividend of 1-20 of a share of Common
stock, payable July 1, to Common holders of record June 18.—V. 110,
p. 2294, 1976.
Commonwealth Edison
Co.—Earnings
—
"Earnings for May are satisfactory
Ownership of our coal mines helps
keep ahead and we don't ask any higner rates at this time."—v.
110, p. 2389, 2294.
President Samuel Insull is quoted:
an increase of nearly 20%.
and show
Consolidated Cigar Corp —Dividend Increased.—
A quarterly dividend of $1 75 per share has been declared on the 90,000
shares of Common stock, no par value, payable July 15 to holders of record
On April 15 last an initial dividend of $1 50 per share was paid.
Net earnings for the 5 months ending May 31 are reported at $1,134,100,
or at the annual rate of about $23 a share on the Common stock after
July 6.
and $87,500 preferred.
Shareholders of record July 17 will be given
the right to subscribe on or before Aug. 16 at par to the new stock equal to
mon
20% of their respective holdings.
Subscriptions are payable in full at the
company's transfer office, Land Title Building, Pblla., or at Guaranty
Trust Co., New York on or before Aug. 16, 1920.
All of the above men¬
tioned stock offered to the stockholders, but not subscribed for, has been
underwritten.
,
The proceeds
of the proposed new issue of stock (about $3,500,000)
new plant and for other business
require¬
ments.
The unissued balance will remain available for such proposes as
the directors may hereafter decide.
Subscription warrants will be mailed on July 17, or as soon thereafter as
practicable to shareholders of record July 17.—V. 110, p. 2571.
Fajardo Sugar Co., Porto Rico.—Capital Increase.—
from
Continental
Corn Products Refining Co.—Extra Dividend
on
ratio of four no pair value shares for one of $100 par.
The directors have declared a dividend of 75c. per
share on the new
par value Common stock, payable July 20 to stock of record July 10.
Earnings for the five months ended May 31 1920, after Federal taxes
and Preferred dividends, are reported as $1,564,896, or $5 76 per share on
271,000 outstanding shares of new Common.—V. 110, p. 2491.
no
General Motors
Corp.—Acquisitions.—
|
The company, it is stated, has purchased the Doylestown (Pa.) Agricul¬
tural Works where it expects to erect there within two years a $1,000,000
Slant for it is manufacture of automobiles and farm machinery. General
the said, will continue the manufacture of farm machinery for
lotors,
export at thepresent plant.
The company it is also reported has leased
the plant of Waukesha Maleable Iron Co.. valued at $1,000,000.—V. 110,
2571.
p.
Phonograph Corp.—Capital Increase.—
to increase the authorized capital
90,000 shares, no par value, to 230,000 shares to consist of
$3,000,000 8% cum. pref. stock par $100 and 200,000 shares common stock
no par value.—V. 110, p. 1854.
stock from
Godchaux
regular quarterly dividend of 1%, both payable July 15
to holders of record July 6.
Extras of ^ of 1 % were paid in Jan. and
April last.—V. 110, p. 1852, 1293.
(Steamship) Co.—Seeks Hudson Terminal.—
Representatives of the company have asked the New Jersey State Board
authority to construct a terminal on the
River at Weehawkin, at a cost said to be about $40,000,000.—
V. 110, p. 363.
of Commerce and Navigation for
Hudson
Davison Chemical Corp.—Dissolution of New
York Corp.
—Exchange of Stock into Maryland Co.—New Voting Trust.—
The stockholders of the Davison Chemical Co. have received notice from
of the dissolution of the Davison Chemical
as a result of which the no-par
should be deposited with the Safe Deposit & Trust
Co., Baltimore, for transfer into an equal amount of the voting trust cer¬
tificates of the Davison Chemical Co. of Maryland.
The outstanding certificates are those of the voting trust formed under the
New York corporation.
The present voting trust, which would expire by
limitation Dec. 29 1920, is to be dissolved at once because of the non¬
existence of the New York corporation.
A new voting trust is to be formed
for a period of five years for the stock of the Maryland corporation;
The
new trust will be dated June 1 1920 and will continue until May 31 1925,
with the same trustees—John J. Nelligan, C. Wilbur Miller and Waldo
Newcomer. The Maryland co. will havej200,000 shares of stock, no par value
Application will be made to have the new certificates listed on the New
York Stock Exchange.—V. 110. D. 1529, 767.
the voting trustees advising them
Co. of New York (the holding company),
shares of the company
(Cotton) Mills Corp., Fall River.—Revised Data.
July
10%
1/4%
IK%
—
The stockholders have authorized the issuance of no par value Common
in exchange for the $100 par Common shares outstanding in the
—
the Common stock
in addition to the
April
10%
3%
3%
2196.
shares
General
Robert I. Barr, of the Chase Securities Co., and Murray D. Welch, have
been elected directors.—V. 110, p. 1529, 1293.
has been declared
p.
H.) Franklin Mfg. Co.—No Par Shares Authorized
The stockholders voted on June 25
Candy Co.—New Directors.—
An extra dividend of M of 1 %
$3,500,000 to $7,000,000.—V. 110,
(H.
allowing for estimated Federal taxes.—V. 110, p. 2570, 2294.
Davol
.
The stockholders'will vote July 9 on increasing the capital stock from
$18,000,000 consisting of $17,912,500 common and $87,500 preferred which
is convertible into common to $30,000,000, to consist of $29,915,500 com¬
to
Cunard
.
Battery Co —To Increase Capital to
$30,000,000.—Rights to Subscribe to 20% of Holdings.—
The stockholders voted June 7 to increase the authorized capital stock
Graphaphone Mfg. Co.—Listing.—
The New York Stock Exchange has
us
.
Storage
will be used for the construction of a
Vol. 110, p. 264.
.
(Vol, 110.
Sugars, Inc.—New Director.—
Francis L. Gould of P. W. Chapman & Co. has been elected
succeeding Truman L. Chapman.—V. 109, p. 2360.
(B.
F.)
a
director
Goodrich Co .—Listing.—
The New York Stock Exchange has authorized the listing of (a) 375,000
shares Common stock (no par value) on official notice of conversion of out¬
standing 5-year 7% conv. notes dated April 1 1920, and (6) 125,000 shares
additional Common stock (no par value) on official notice of issuance,
making the total applied for 1,100,000 shares (no par value).—V. 110,p.1646.
Gorham
Manufacturing Co., N. Y.—Concentration of
Plan.—Changes in Officers.—
The reorganization of the chain of silver manufacturing
companies affiliated with the Gorham Company is being
carried out, it is learned, along lines closely parallelling the
plan under which the General Motors and its subsidiary
corporations are operated.
While detailed plans are not
yet ready for publication, substantially the following state¬
Allied Interests —Financial
ment had been authorized:
Committee's Report Adopted.—At the meeting of the Gorham directors and
that of the Silversmiths Company held immediately thereafter, the report
of the committee on Reorganization and Finance of the latter corporation
was received and adopted.
The committe consists of Frank W. Matteson,
Chairman; John S. Holbrook, William A. Yiall, Herbert J. Wells and
James S.
Utley.
Plan.—The committee recommended the eventual elimination of the
Silversmiths [holding] Company, making the Gorham Manufacturing Co.
the "parent", or holding company for The Gorham Company, the Mount
Vernon Company Silversmiths, Inc., the William B. Durgin Company of
Oct.
Total.
—
------
5%
5%
14}-£ %
11%
Concord, N. H.; the Whiting Mfg. Co. of Bridgeport, Conn.; and the
William B. Kerr Co. of Newark, N. J.; all of which are now subsidiaries
of the Silversmits Company.
A dividend of 30 shillings per share, less tax, has been declared on the
Deferred shares for the half year ending June 30, making a total of 120%
and plated silver, bronze and othj^r products. The Gorham Company is
the New York retail selling corporation, operating two stores in Manhattan,
Jan.
Dividend Record—
5%
5%
-1 H%
1920——
1919
1918——
—
—V. 110, p. 2491.
All but The Gorham Company manufacture in their own plants and sell
through their own organization special non-competitive lines of sterling
De Beers Consolidated Mines, Ltd.—Dividends
shillings having been paid for the six months
Dec. 31 1919.
This distribution is equivalent to approximately
$2 25 on each "American" share.—V. 110, p. 2294, 363.
for the current fiscal year, 30
ending
Detroit
(Mich.) Creamery Co.—Capital Increase.—
resolution (a) increasing the capital
stock from $1,600,000 to $6,000,000, and (6) giving the right to the stock¬
holders of record July 8 to subscribe for $1,600,000 of this increase at bar
($10 per share) according to stockholders respective holdings, payable
50% on or before Sept. 15 1920 and 50% on or before Dec. 1 1920.—
The stockholders on June 16 adopted a
V. 102, p.
525.
•
Mines
Co.,
Stockholders.
June 18,
and any
further payments will be on account of repayment of capital.
It
nized that the $1,000,000 which we have to-day in cash and bonds
is all the
is recog¬
seriously considering, in lieu of
any increased dividends, the question of paying back the capital."
The
future promises well but depends to a great extent on labor.—V. 110,p.1529.
working capital required, and the board is
Steel Corp.—Directors.—
shareholders, heid in Montreal, June 18,
day before, tried to secure a legal injunc¬
the ground that they wanted more infor¬
mation about the proposed British Empire Steel Corporation, were not re¬
elected to the board, viz.: J. H. Plummer and E. R. Wood, Toronto, Ont.;
William McMaster, George Caverhill, Hon. Raoul Dandurand, Montreal.
The new board elected consists of Viscount Furness, Sir Clifford Sifton,
Sir Henry Pellatt, Sir William Mackenzie, Sir William D. Reid, Hon.
Frederick Nicholls, Stanley Elkins, M. P., Hon. Charles Beaubien, H. B.
Smith, Edmund Bristol, J. W. Norcross, Sir Newton Moore, Benjamin
Talbot, J. F. Stewart and Roy M. Wolvin.
Compare V. 110, p. 2570,
At the annual meeting of the
the following directors who, the
tion to postpone the meeting on
2485,
production under the direction of the new President H. A. MacFarland,
and
leaving each of the subsidiary companies to develop its
own sales organization.
1976.
The purpose of the plan is to put the business of the Gorham and affili¬
ated companies upon a more efficient and economical production basis
and at the same time to consolidate the financing of^the separate corpor¬
ations in such a manner as to insure stability and provide for necessary
expansion, due to the constant growth of the business of all of these allied
the new Capital stock (par $100),
Sayable July6%to holders of record June of 3%In January last, a semi-annual
1 and an extra dividend 21. were paid on the old Capital
ividend of
stock
Extras of 3%
2570, 2294.
(par $500).
Eastern Shore
were
also paid in Jan. and July 1919.
Gas & Electric Co.—Bonds Called.—
1921, have been called
Thirty-five ($35,000) debenture 7s, due Feb. 1
for payment Aug. 2 at par and int. at the
on
Pennsylvania Co. for Insurances
Lives, &c., trustee, Philadelphia.—V. 110, p. 364.
manufacturing efficiency is to be achieved by eliminating dupli¬
Each subsidiary corporation will, however,
Greater
cations of plant and products.
maintain its present entity as
own
officers.
a
selling organization under the direction
\
Plans for additional financing of the reorganized Gorham Companies are
being worked out by the committee on Reorganization and Finance named
above.
The program recommended contemplates the greater strengthen¬
ing of the whole financial structure.
The accounting systems of the
various affiliated companies are being co-ordinated under the direction of
Haskins
&
Sells.
New Officers.—John S. Holbrook, President of The Gorham Manufactur¬
ing Company, was elected Chairman of the Board at a meeting held Wednes¬
day morning in Providence.
This is a new position created for the purpose
of leaving Mr. Holbrook free to devote his attention to the broad field
of the corporation's finances and the shaping of its policies.
Mr. Hol¬
brook will continue as President of The Gorham Company, New York, and
of the Silversmiths Company.
H. A. MacFarland
was
elected President of the Gorham
Manufacturing
Company to succeed Mr. Holbrook.
Mr. MacFarland will take the entire
direction of the manufacturing and selling departments of the company's
business.
He has for several years been President of the Mount Vernon
Company Silversmiths, Inc., of Mount Vernon, N. Y. (one of the corpor¬
ations associated with the Silversmiths Company of New York), ana he
has built up that company in a very brief time into a rapidly growing and
very prosperous business.
He is a director in the Gorham Mfg. Co. and in
The Gorham Company, and is President of the Setrling Silverware Manuf&ctur6rs
Dwight Manufacturing Co., Boston.—Dividend.—
A dividend of 5% has been declared on
—V. 110, p.
own markets
with its
of its
Ltd.—Dividends, &c.—
President J. S. Bache, at the annual meeting held in Toronto
said in substance:
"The regular $1 dividend will be continued
Dominion
all
interests.
Doe Run Lead Co.—Court U pholdsMinority
Lead Co. below.—V. 94, p. 701.
See St. Joseph
Dome
through which the products of all these companies are marketed locally.
The reorganization plans proposed, provide for the taking over of all
manufacturing plants by the Gorham Manufacturing Company, centering
Association
•
The resignation of Alfred K. Potter as Vice-President and director was
accepted by the board of directors, to take effect Oct. 1 1920.
Earnings.—Appraisal.—All of the allied Gorham companies have just
come through the most prosperous year of normal business in their
history
in spite of an organization which not only duplicated plant and equipment
at widely scattered points, but actually put some or the affiliated com¬
panies into direct competition with others of the same group in their products.
An appraisal of the companies real estate, plant and other
property
now under way has already revealed actual values in some instances two
or three times in excess of the values at which these properties are carried
on the companies books, while the volume of business in sight is
definitely
JUNE 26
2661
THE CHRONICLE
1920.]
Compare V. 110, p. 1418, 768, 663,
greater than at any previous time.
565. 81; V. i06, p. 932, 2761.
Gorton-Pew Fisheries
Co.—No
Common Dividend
The directors, it is stated, will take no action on the Common
—
dividend
which is payable in July.
Quarterly dividends of 50 cents per share were
paid from 1913 to April 1920, incl.
The company is reported to have suffered from the strike of fishermen
during the past 12 months and therefore desires to conserve its resources.
—V. 107, p. 1195.
Digest of Statement by Pres. Theodore L. Pomeroy, N. Y., June 22.
Financing.—Shortly after Jan. 1 your company contracted to acquire
substantially all of the outstanding Common stock of Central Refining Co.
at $180 a share, making the purchase price for the entire issue $5,400,000.
Upon acquiring this stock all of the Central Refining Co.'s assets, property
and good-will may be vested in your company subject only to current lia¬
bilities and to $3-60,250 of retirable Preferred stock.
In order to finance such purchase and to provide us with
additional work¬
ing capital a plan of reorganization has been prepared which contemplates
a recapitalization of the Indian Refining Co., and refinancing through the
■authorization and sale of additional Common stock.
Great Lakes Steamship
Co.—Extra Dividend.—
An extra dividend of
Increase of Assets, Reduction of Liabilities in Past Eight Years.
2% has been declared on the §6,000,000 outstanding
Capital stock, in addition to the regular quarterly dividend of 2%, both
The progress of your company since Aug. 31
management took charge, is shown as follows:
Sayable July October last.—V. 109,June 20. An extra of 2% was paid in
anuary and 1 to holders of record
p. 2443.
Liabilities—
Bonds, car trust notes and mortgages
Capital stock
Greene-Cananea
Copper
Co.—Report—Dividends.—
1912, when the present
Aug. 31 '12.
Dec. 31 *19.
None
$6,000,000
3,485,705
2,801,318
50,774
None
$4,195,074
6,000,000
Current liabilities-
For Financial Report see under "Annual Reports" above.
dividend of 50 cents per share has been declared on the
Miscellaneous liabilities
A
outstanding
$50,000,000 Capital stock, payable Aug. 23 to holders of record Aug. 6.
In Feb. 1919, a dividend of $1 50 per share was paid; none since.—V. 110,
2491, 2391.
p.
Guantanamo Sugar Co.—No Par
Value Shares
—
The stockholders on June 23 approved the change in the capitalization
of the company from 60,000 par $50 each to 300,000 shares without nominal
or
value, the
par
shares to be issued to present stockholders on the
new
of 5 shares without par value in exchange for
and outstanding.—V. 110, p. 2491.
basis
the each $50 share now issued
The net income for May, after
was
deductions for taxes, depreciation, &c.,
$116,316 in March.
(P. H.) Hanes Knitting Co., Inc.—150% Stock Dividend.
The stockholders on June 2 authorized theissue of a 150% stock dividend
payable in Class "B" Common stock, July 1 to holders of record June 12.
This stock distribution will increase the outstandingCommon stock (par $10)
to $3,750,000. There is $2,000,000 Pref. stock (par $100) now outstanding.
A quarterly dividend of 3% has been declared on the Common stock,
payable July 1.
A like amount was paid in April last.
In 1919, dividends
amounting to 16% were paid.—V. 110, p. 2295.
Harbison-Walker
Refractories
Dividend.—
Co.—Stock
The stockholders on June 23 approved the Common stock increase from
$18,000,000 to $27,000,000 and ratified the action of the directors in declar¬
ing a stock dividend of 50% on the Common stock, payable July 15 to
holders of record July 5.—V. 110, p. 1752, 1287.
Hawaiian Sugar Co.—Extra Dividend.—
is reported to have been paid June 15 on the
outstanding $3,000,000 Capital stock (par $20) together with the regular
An extra dividend of 3%
monthly dividend of 1%.—V. 108, p. 1168.
Herring-Hall-Marvin
Safe
Co.—Extra
Dividend.—
An extra dividend of 1H % has been declared on the Common stock
addition to the usual quarterly dividend of 1)4% on the Common and
in
of
l%% on the Preferred stocks, all payable July 1 to holders of record June 25.
In Jan. last an extra dividend of 5% was paid on the Common stock.
—V. 109, p. 2360.
Herschell-Spillman Motor Co.—Extra Dividend.—
of 1 % has been declared on the Common stock
regular quarterly dividend of 2%, both payable July 1
A like amount was paid extra in April last.
An initial dividend of 2% was paid on both the Common and Pref. stocks
on Jan. 2 last.—V. 110, p. 2571,1294.
An extra dividend of ^
in addition to the
to holders of record June 21.
Hocking Valley Products Co.—Approves Plan.—
The stockholders voted June 17 to increase the Capital stock from $920,000 (par $20) to $1,500,000 (par $10).
Holders of record June 30 will
receive 3 shares of the new issue in exchange for each share of present stock
Compare V. 110,
p.
2391, 2384.
Idaho Power Co.—Bonds
New
Offered.—Harris, Forbes & Co.,
offering at 100 and int. yielding 8% $2,000,000 First Lien & Gen. Mtge. 8% G bonds.
Bankers state:
York,
are
Dated July 1
1920.
Due July 1 1930.
Int. payable J. & J.
Callable
July 1 1923, in blocks of not less than $500,000,
for each year, or unexpired portion thereof, to
any int. date on or after
t a premium of % of 1%
on
maturity. Denom. $1,000 (c*).
Bankers Trust Co., New York, trustee.
Company.—Operating without competition, serves with electric
light and
Idaho and into
power the Snake River Plains, extending across southern
eastern Oregon and embracing a population estimated at 160,000.
tory served includes the cities of Boise, Pocatello and Twin Falls
tically every other important community in southern Idaho.
plants owned have a generating capacity of 39,540 k.w.
Earnings Years ended May 31.
„
..
1919.
1920.
_
$1,597,738
989,032
742,234
Net, after maintenance and taxes
Annual interest
Terri¬
and prac¬
Present
$1,981,482
Gross earnings
on
Balance
funded debt in hands of public.
Common stock
-
460,000
$7,007,570
Capital assets after reserve for depreciation (depre-1
ciation reserve Aug. 31 1912, none; Dec. 31 1
1919, $1,942,597)
5,694,441
Deferred and suspended assets, &e
1,511,231
7,202,141
124,874
*
*
'
60!000
c6,000,000
bonds (this issue)
2,000,000
-
(except directors' shares) owned by Power Securities Corp., which
Jlncluding $34,400 in treasury.
also holds $3,299,000 notes payable,
$2,000,000 additional will be pledged under the
& Gen. Mtge. 8% bonds.—V. 109, p. 2175.
x
reserves
Final
or
$9,376,614 $14,334,585
def.$4,354,939 sr$5,533,267
3,364,951
deficit
for taxes, exhaustion of oil deposits, &c
surplus 1919___
$2,168,315
During the period under consideration dividends
were
disbursed to stock¬
holders in the sum of $2,452,500.
Crude Oil.—Crude oil production from the properties oAvned by the com¬
is less to-day than it was in
pany
1912, but the value of the producing
Daspite declining production, however, an ample
supply of crude has been maintained and is assured for a considerable period
by favorable contracts.
The amount on hand Dec. 31 1919 was 582,407
barrels, against 119,713 barrels in Aug. 1912.
Much attention has conse¬
quently been given during the last few years to the strengthening of the
organization in the crude oil department, and the company is at the present
time conducting considerable drilling operations, most of which are in
proven territory, although some prospecting is being done.
Refinery.—Our refinery at Lawrenceville, 111., has been modernized and
greatly enlarged, and has a present capacity for the treatment of over
13,000 barrels of crude oil per day as against approximately 8,000 barrels
a day in 1912.
Havoline OH.—Through the expenditure of liberal appropriations, all of
which have been charged to operating expense, our very high grade lubri¬
cant known as Havoline oil has been firmly established in all markets
served by your company.
Increase in Business.—The company now has 161 local distributing sta¬
tions in 30 States, as against 119 stations in August 1912.
The value of
sales of refined oil in 1912 was $6,321,518, and in 1919 was $22,026,767.
Increased business has required the use of a larger number of additional tank
cars, of which the company now owns 1,497, mostly of 8,000 gallons ca¬
pacity, as against 1,009 in August 1912.
Cash Capital.—Despite the expansion of the company noted above, no
securities have been issued during this period except short-term notes, which
were later retired out of earnings.
The company has therefore been com¬
pelled to resort to the banks for temporary loans, the amount of which is
now $2,750,000.
With this exception the increase in the value of assets
and decrease in liabilities represent earnings put back into the business.
Central Refining Co.—This refining company operates a refinery adjoining
our plant at Lawrenceville, 111., and marketed during 1919 approximately
37,000,000 gallons of refined oil.
It has adequate storage and tank car
facilities and has obtained about one-third of its crude oil requirements
from its own producing properties in and near LaAvrence County, 111., and
purchased the balance from producers in the same territory under favorable
contracts.
Its sales were substantially all made to jobbers.
Since Jan. 1
1920 under your company's management the capacity of the Central Re¬
fining Co.'s plant has been largely increased by the expenditure of a rela¬
tively small amount of capital.
New Financing.—Your board has had under consideration for some time
various plans for providing the additional cash required by your company,
and in the meantime the Internal Revenue Bureau reversed a previous ruling
and now holds that the conversion of preferred stock into common stock of
the same company, pursuant to an existing conversion privilege, is not a
transaction resulting in a gain or loss upon which any income tax accrues
against the converting stockholder.
Heretofore, any preferred stockholder
paying a substantial amount of income taxes from all sources, has been
prope^ies is far greater.
practically prevented from converting his preferred stock into common
stock by reason of the tax.
This barrier is now removed so that any steps
which are to the advantage of the common stockholders will also redound to
the benefit of the preferred stockholders through the conversion privilege.
Reduction of Par Value of Common Stock—Listing Proposed.—The market
values of the Common stock have now reached figures Avhich are unwieldy
for the purpose of ready purchase and sale.
Your Board deems it of distinct
advantage that the par value of the Common stock should be subdivided.
When this is done we purpose to apply to the New York Stock Exchange
for the listing of our stock.
To Cancel Class B Pref. Stock.—On account of unfavorable financial con¬
ditions, the 7% Class B Pref. stock, authorized Nov. 12 1919, has not been
The stockholders are, therefore, asked to rescind the authorization
of this stock.
(mlstanaing.
..$15,000,000 fS 15,000,000
Authorized.
First Lien & Gen. Mtge,
Total
sold.
$529,032
•
Capitalization—
♦All
$8,801,318
$2,170,942
Balance, surplus
$103,334, compared with $106,709 in April and
110, p. 2295, 1752, 1185.
held.
$13,731,553
Less
Gulf States Steel Co.—Earnings.—
—V.
Total liabilities, not including reserves
^\.sscts
Current assets
Earnings and Dividends.—Based on the earnings of this company and of
the Central Refining Co. for the first five months of 1920, the total net earn¬
ings of both companies for the entire year are est. at about $3,000,000.
From such earnings and with proper provision for capital expense as pro¬
vided in the plan, your directors would be justified in declaring dividends
on the Common stock at the rate of 20% per annum, such distribution
being at the rate of 60% of the expected earnings, after alloAving for the
conversion of the Preferred stock.
Plan.—Your board submits the following plan for recapitalization:
Plan for Recapitalization.
$2,000,000 Fust Lien
The present
authorized capital stock consists of $14,000,000 in shares
of $100 each, as follows:
Imperial Tobacco Co. of Canada.—Interim
Dividend.—
% has been declared on the Common stock
Like amount was paid in March last.—Y 110 p. 1646.
An interim dividend of 1H
payable June 29.
30,000 shares of Preferred stock
$3,000,000
80,000 shares of Class B Preferred stock (auth. but held in treas.) 8,000,000
30,000 shares of Common stock
3,000,000
In
Imperial Tobacco Co. of Great Britain &
Ireland.—
that the directors propose, in the future, to
pay the dividend on the "A" 5M % Preference shares on July 1 and Jan. 1
instead of Aug. 1 and Feb. 1 and the dividend on the ' B
6% Preference
shares on Aug. 1 and Feb. 1 instead of Sep";. 1 and Mar. 1, and will pay a
full 6 months' dividend on the dates indicated and not one for 5 months
only.—V. 110, p. 1419, 1092.
The
company
announces
Independent Pneumatic Tool Co.—Extra:
Dividend.—
An extra dividend of $4 per share has been declared on the outstanding
89,640 shares of capital stock (no par value) in addition to a quarterly
diHdend of $2 per snare, both payable July 1 to holders of record June 25.
Dividends of 5% were paid quarterly on the old $100 capital stock from
April 1920, with an extra of 5% in April
110, p. 2080, 1854.
Jan. 1919 to
—V.
Indian Refining
|
last and in Jan. 1919.
•
Co., New York.—Acquisition—Recap¬
italization—Change in Par Value of Present $3,000,000 Common
Stock to $10 a Share—$4,500,000 New Common Underwritten
offered to All Shareholders at 200%—Earnings.—This
company has acquired substantially all of the Common stock
of the Central Refining Co. on the basis of $5,400,000 for
the entire issue, and desiring to finance such purchase and
to he
acquire further working capital has issued a plan of recapitali¬
zation dated June 22.
The shareholders will vote at Au¬
gusta, Me., on July 20 on the necessary changes in the capital
stock to permit the carrying out the plan as outlined below.
addition, 15,000 shares of Common stock are authorized to be issued,
shares of Preferred stock for
but only on surrender and conversion of two
each share of Common stock so issued.
Corporate proceedings shall be taken by the Indian Refining Co. whereby
follows:
the amount of such authorized capital stock shall be as
30,000 shares of $100 par value each of existing Pref. stock
$3,000,000
850,000 shares of $10 par value each of Common stock
8,500,000
In addition 150,000 shares of the par value of $10 each of Common stock
shall be authorized to be issued but only on surrender and conversion of
one share of the Preferred stock for each five shares of Common so issued.
Disposition of Common Stock.
The Common stock of Indian Refining Co. shall be disposed of as follows:
To each of the holders of the present
outstanding $3,000,000
Common stock, in exchange therefor 10 shares of the new
Common stock of the par value of $10 each for each $100
share of the present
Common stock
300,000 shares
To be offered to the holders of the Preferred and Common
stock of the company when the recapitalization shall have
been completed, for subscription and purchase at $20 per
share, each such holder of Pref. stock to have the right to
purchase 7 3^ shares of such new Common stock for each
share of Pref. stock held by him, and each such holder of
new Common stock to have the right to purchase 7 H shares
of such
new
,
Common stock for each 10 shares of the neAv
all of such new Common stock
purchased by said Preferred and Common stockholders
purchased by underwriters
450,000 shares
Reserved for issue on conversion of the Preferred stock, on the
basis of 5 shares of such new Common stock of the par value
of $10 each for one share of such Pref. stock of the par
value of $100 each now outstanding
150,000 shares
Reserved for future issue
--100,000 shares
Common stock held by him;
not
to be
shall be amended so as to provide: (a) That every holder of
stock shall be entitled to cast 10 votes at any stockholders' meeting
of Pref. stock standing in his name on the books of the com¬
The by-laws
the Pref.
has been
of $1 per
(Necessary because of reduction in par value of Common shares.)
holder of the Pref. stock, upon conversion of such stock
stock, in the exercise of the existing privilege of conversion
shall be entitled to receive 5 shares of such new Common stock ($10 par)
for each share of such Pref. stock ($100 par) surrendered for conversion.
Subject to stockholders' approval of this "plan, your company has made
arrangements with the Goodrich-Lockhart Co., as manager of a syndicate,
for the underwriting of the entire 450,000 shares of Common stock to be
offered to stockholders.
The cash received for the issue of the 450,000
shares of new Common stock, after payment of the expenses incident to the
reorganization, will be devoted to the payment for the Central Refining
Co.'s stock at $180 a share, plus interest at 6% per annum on such amount
while the stock has been held under contract to your company, less any
dividends declared on such Central stock during such period, and the bal¬
ance will go to the treasury of the company for working capital.
Compare
V. 110, p. 1287. |
National Acme Co.—May Sales.—
pany.
(b) That every
Into Common
&
Oil
Corp.—Listing—Earning s-
Transport
The New York Stock Exchange
has authorized the listing of $22,500,000
interchangeable v. t. c. for common stock (par $10).
Consolidated income account for the three months ended March 31:
Gross income, $1,374,522; operating expenses, $661,333; war taxes, $171,692; interest on funded and floating debt, $119,299; net income, $422,198;
extinguishment of debt discount, $71,492; balance, $250,706; previous sur¬
plus, $761,234; profit and loss surplus, $1,111,940.—V. 110, p. 2492.
of temporary
Inspiration Consolidated Copper Co.—Div.
Decreased.
quarterly dividend of 5% has been declared on the outstanding $23,639,*
stock (par $20) payable July 26 to holders of record July 9.
Quarterly dividends of 7K% were paid from April 1919 to April 1920.
—V. 110, p. 2492, 2295.
A
340 Capital
Steamship Co.—Dividend No. 2.—
1, to holders
April last.—
Inter-Coast
quarterly dividend of 2% has been declared payable July
21.
An initial dividend of 2% was paid in
V. 110, p. 1295.
A
of record June
International Products Co.—New Director.—
Haliburton Fales, Jr., of Hartshorne, Fales & Co., members of the N. Y.
Stock Exchange has been elected a director.—V. 110, p. 1646, 566.
months ending
427,633 in 1919, wnile net profits were $2,647,971, as against
Net- profits as given above are said to be exclusive
profits taxes.—V. 110, p. 1855, 366.
last year.
and excess
earnings in May, it is said, amounted to $1,034,000, compared
$1,321,000 in April and $1,037,000 in March.
Net earnings for the
ending May 31 amounted to approximately $4,280,000.—V.
months
An initial
An extra dividend
outstanding $9,000,000
Capital stock, payable July 15 to holders of record
Marland Refining Co. below.—V. 110, p. 2080, 82.
June 30.
See also
Kennecott Copper Co.—Production.—
The output in May was 9,311,000 lbs. of copper as against 3,342,000 in
1919; total production for the 5 months ending May 31 was 43,533,860 lbs.
of copper as compared with 28,054,000 lbs. in 1919.—-V. 110, p. 2391, 2080.
Co.—May Sales .—
Increase. I
together with the
July 1 to holders of
of 5% has been declared on the stock,
Jan. last and in July
Purchase.—Harrison Wil¬
purchased a large block of stock
of the company previously owned by the Campbell estate
and Festus J. Wade, of St. Louis.
Co.—Stock
American
North
liams and associates have
Williams,
Mr.
Clarence
Dillon, George P. Miller, Edward H.
elected directors succeeding Festus J.
and Frank J. Dame have been
B. Boardman,
A.
E. G. Burkham and Morton
Wells
Wade,
Jourdan, representing the
Campbell estate and Wade holdings.—V. 110, p.
1855, 1419.
Northern States Power Co.—Fare Increase.—
The voters of Moorhead, Minn., at a referendum on May 28 approved
an increase in the fare from
5 cents to 7 cents.
Company operates in
Fargo, N. D., and Moorhead.—V. 110, p. 1969.
Coal Co.-—Merger
Ratified.—
ratified the directors' proposal that the com¬
join in the $500 000 000 British Empire Steel Corporation merger
recently announced. No objection, it is stated, was offered.—V. 110, p. 2573.
The shareholders on June 25
pany
Oahu Sugar Co.—Bonds Called.—
I
Forty-five ($45,000) First
Gold 6s of $1,000 and ten bonds of
been called for payment July 1 at
Co., Ltd., Honolulu.—V. 108, p. 2438.
dated July 1 1914, have
the Bishop Trust
O'Gara Coal Co.—Exchange
$500 each,
103 and int. at
I
of Coal Rights.—-
1 on the proposition adopted by the
approving the exchange of coal rights affecting 951 acres, more or
less, owned by the company for coal rights affecting 1,031 acres more or
less, owned by the Wasson Coal Co.
The property in question is pledged
as part security under the First Mtge. bonds of 1905.—V. 110, p. 770.
bondholders will vote July
Body & Blower Co.—Listing.—
Ohio
(S. S.) Kresge
and
""Naumkeag Steam Cotton Co.—Extra Dividend.—
regular semi-annual dividend of 5%, both payable
record June 18.
A like amount was paid extra in
1919.—V. 110, p. 559, 366.
Gas Co.—Initial Dividend.—
dividend of 5% has been declared on the
1920—May—1919.
$4,027,282
$3,350,208
—V. 110, p. 2492, 2080.
($27,000) First Mtge. 6% gold bonds, due
inclusive, have been called for payment July 1 at par
int. at the Mercantile Trust Co. of San Francisco.—V. 106, p. 2564.
1295.
Kay County
Mining Co.—Bonds Called.— *
Jan. 1 1927,
Natoma Land &
Twenty-seven
directors
The net
110, p. 2295,
$1,260,585
of income
Nos, 230 to 256,
The
Invincible Oil Corp.—Earnings.—
with
totaled $1,712,994, as compared with $825,084
and net profits were $560,987, against $212,525.
Sales for the five
May 31 were reported at $8,017,039, compared with $4,-
Sales for May, it is said,
in 1919,
Nova Scotia Steel &
International Harvester Co.—Buys Plant.—
Richmond (Ind.) plant of the American Seeding Machine Co. which
also operates a branch at Springfield, O., has been sold to the International
Harvester Co., the formal transfer to take place July 1.
The American
Seeding Machine Co., the official announcement says, will continue to
operate its plant and business at Springfield.—V. 110, p. 2572.
The
5
paid quarterly since Feb. last, prior to which quarterly dividends
share were paid from May 1919 to Nov. 19l9.—V. 110, p. 1753,
1419.
for each share
Inland
[Vol. 110
THE CHRONICLE
2662
1920—5 Mos.—1919.
The Boston
Ohio Cities Gas
All the outstanding
having been sold to
reserved for sale to em¬
list amounts
Co.—Bonds Called.—
have been called for
at the Guaranty Trust Co., New York.—
$625,000 6% serial gold notes
payment July 1 at 101 and int.
V. 110, p. 2493, 2296, 2288.
Ohio Fuel Supply Co
|
—Extra Dividend.—
2% in Victory Loan 4% % notes has been declared
capital stock, along with the regular quarterly dividend of 2M%,
payable July 15to holders of record June 30.
In Jan. 1920 and
Jan. and July 1919 2H
% each was paid extra in Liberty bonds.—V.110,
p. 2297, 1532.
An extra dividend of
on
the
both
Called.—
Lehigh Coal & Navigation Co.—Bonds
part of 10,000 shares
of shares now authorized for the
2493, 1193.
107,903.—V. 110, p.
to
the list 3,250 additional
(no par value), the same
employees.
This stock is a
ployees.
The total number
Increase.
$677,074]$18,127,523 $15,202,217 $2,925,306
Stock Exchange has admitted to
of Common stock
shares
(11) Consol. Mtge. sinking fund gold bonds, dated Jan. 1 1914,
called for payment July 1 at 102H and int. at the Penn. Co. for
Insurances on Lives and Granting Annuities, Phila.—V. 110, p. 1854, 1093.
Eleven
have been
(W. H.) McElwain
The company,
stock, to which
Y. 110, p. 1419.
it is stated, will issue immediately a new block of 2d Pref.
all regular employees may subscribe at $50 a share.—
Manning, Maxwell & Moore, Inc.,
N. Y.—Officer.—
in the Pittsburgh district and a director,
elected Vice-President.—V. 110, p. 2197, 1531.
Robert A. Bole, Manager
been
Refining Co.—Committee
Marland
The committee
has
Favors Merger.
appointed last March to consider the advisability
of a
of the Marland Refining Co. and Kay County Gas Co. has made
unanimous report which has been accepted by the directors of both com¬
merger
a
panies, in favor of a consolidation and recommending that Dr. I. C. White,
of Morgantown, W. Va., be asked to appraise the properties as a basis for
the amalgamation.
A. J. McAllister, of Potter Brothers, N. Y. City,
was a member of the committee.
See full particulars in V.110, p.2483,2081.
Marsh Motor Car Co.—New Directors.—
the Guardian Savings & Trust Co. of Cleve¬
Shepherd, Pres. of the Home Trust & Savings Co. of
Cleveland, have been elected directors.—V. 110, p. 2391.
William R. Green, Sec'y of
land, and Frank A.
May Department Stores
The New
Co.—Listing.—
York Stock Exchange has authorized the
listing on and after
official
being the total auth. Common stock.—V. 110, p.
2492.
Lux,
Inc., Calif.—Bonds Offered.—Blyth,
Co., and Cyrus, Pierce & Co., San Francisco,
are offering at 100 and int., yielding 7% $12,000,000 First
Mtge. 7% 10-year Gold bonds.
(See advertising pages.)
Miller
&
Witter &
The bankers state:
Dated
15, 1920.
Due June 15, 1930.
Int. payable J. & D
and $1,000 (c*).
Callable all or part during first three years
next two years at 102, thereafter at 1023^.
Tax
June
Denom. $500
at
101 Y%\ during the
in California.
Bank of California, National Association, San
Auth. $15,000,000.
Security.—Secured on (a) about 800,000 acres of land with water rights
and improvements in California, on which these bonds are an absolute first
mortgage and (5) About 200,000 acres of land, with water rights and
improvements in Nevada, Utah, Idaho and Oregon, owned by the Pacific
Live Stock Co., a subsidiary.
All of the capital stock of the latter Company
will be deposited with trustee.
exempt
Francisto, trustee.
Purpose.—To provide funds to retire all the outstanding-bonds [about
$5,000,000 First Mtge. 5s and $2,506,000 1st & Ref. Mtge. 6s, all called
for payment], and for other corporate purposes.
Sinking Fund.—Trust deed provides that there must be paid into a
sinking fund upon the sale of any lands, including lands of the Pacific
Live Stock Co., an amount equal to 75% of the net sale price, but not
less than 60% of the valuation of such lands as shown in the inheritance
tax appraisal.—See V. 107, p. 2293.
Morris & Co. (Packers),
Chicago.—Officers.—
Buckham has been elected Secretary and Vice-President and
also a director, succeeding H. A. Timmins in the capacity of Secretary,
who becomes a Vice-President.—V. 110, p. 463, 267.
Thomas R.
Mohawk Mining Co.—Copper Production—Dividends.—803,394 lbs. of copper was produced, as against 1,052,738 lbs.
total production for the five months ending May 31 was 4,993,597
lbs. of copper as compared with 5,789,861 lbs. in 1919.
A quarterly dividend of $1.50 per share has been declared on the $2,500,000 capital stock, payable Aug. 2 to holders of record July 10.
This rate
In May
In 1919;
Ontario Power Co. of Niagara
Falls.—Tenders.—
General Trust Corp., of Toronto, Ont., will, until July 2,
receive bids for the sale to it of First Mtge. 5% gold bonds to an amount
sufficient to exhaust $145,972, and of 6% coupon gold debentures to an
amount sufficient to exhaust $36,246, now in the sinking fund, at not
The Toronto
exceeding 110 and int.—V. 106, p.
505.
Pathe Freres Phonograph
Co.—Capitalization, &c.—
May 26 filed a certificate increasing its capital stock
$4,000,000, consisting of $1,250,000 7% Pref., $1,500,000 8% Deb.
stock and $1,250,000 Common stock to $22,750,000, to consist of $10,000,000 8% (new) Pref. stock, $10,000,000 Common, $1,250,000 7% Pref.
$1,500,000 8% Deb. stock.
Based upon the exchange of 100% of the
present 8% Debenture stock and 7% Pref. stock for the new 8% Pref. stock,
the outstanding capitalization will be (approximately): 8% Pref. (a, & d.)
stock (par $100), $2,217,000; Common stock (par $10), $1,965,000.
The company on
from
and
Eugene A. Widmann, in a
in substance:
Pres.
says
July |10 1920 of $5,000,000 additional Common stock, par $100, on
notice of issuance, as a 33 1-3% stock dividend, making the total amount
applied for $20,000,000,
Omaha Gas Co.—City to Pay $5,000,000.—
it is stated, will receive $500,000 in excess of the appraised
valuation of $4,500,000 from the city, bringing the total consideration up
to $5,000,000.
The plant is expected to be turned over to the city by
July 1.—"V. 110, p. 1648, 2082.
The company,
Co.—Stock for Employees.—
Earnings.—8% on the $2,217,000
per
annum.
circular dated June 7,
Pref. stock is equivalent to
Based on the current monthly net
$177,360
earnings before Federal
amount is earned at the rate of 7M times per annum, and based
on estimated earnings of $2,000,000 for the next 12 months, before Federal
taxes for 1920, this amount should be earned not less than 11 times over.
Dividends .-—Company is inaugurating divs. on Common stock on July 1
1920, and its policy will be to provide total dividends aggregating $1 per
share in cash and 1-5 of one share in Common stock per annum.
It has
declared the quarterly dividends payable July 1 on both the 8% Pref. and
the Common stock to holders of record June 25.
Common dividends, both
in stock and cash, will be payable only on the full shares of Common stock.
New Pref. Stock.—Dividends Q.-J.
Red. at 110 and div.
Without con¬
sent of 75% of the 8% Pref. stock, company cannot create:(a) any mortgage,
(6) any stock having equality with or prior to the 8% Pref. stock.
rights upon dissolution, and exclusive voting right to elect a majority of
the directors after any arrears in dividends or sinking fund payment in
effect for six months.
Semi-annual sinking fund payments beginning in
1922 consist: (1) of 1M% of the aggregate par value of stock previously
issued; (2) 3% of the net profits after dividends on this stock, taxes
taxes, this
Voting
and
sjnking fund.
Compare V. 110,
Piggly-Wiggly
Stores
The directors at Chicago on
the rate
p.* 2297.
Inc.—Dividends—Sales.—
June 22 1920
declared an initial dividend at
the Common stock of Class
June 1 1920, payable Aug. 1 to
of $4 per share per annum on
covering accumulated dividends to
holders of record July 20th.. This
applies to stock
''A,"
share
issued prior to June 1
1920.
then in
with
The company's gross sales for May 1920 from the 205 stores
operation were $2,493,937 averaging $12,117 per store and contrasting
$1,183,483 from 124 stores or $9,544 per store in Jan. 1920.
Total gross
sales for five months ended May 31 were $8 516 802.
On June 23 the
company had 230 stores in operation and 50 ready for opening.
Its 51
stores in Chicago reported gross sales of $159,281 while the 28_stores
Washington, D. C., for the week ended June 19 had total sales of
Among the directors are Lewis L. Clarke, President American Exchange
National Bank, N. Y.; E. V. R. Thayer, President Chase National
N. Y.; Montz Rosenthal of Ladenburgh, Thalmann & Co., N. Y.; John
Watkins of Watkins & Co., N. Y.—V. 109, p. 2445.
5*3
in
$80,922.
Bank,
H.
Pittsburgh &
Lehigh Dock Co.—BondsfCalled.-
Thirty-five ($35,000) First
Mtge. 6% sinking fund gold bonds, due 1932,
the Girard Trust
payment July 1 at 101H and int. at
Co., trustee, Philadelphia.—V. 104, p. 2348.
have been called for
I
June 26
THE CHRONICLE
1920.]
See map
Public Service Electric Co.—Stock Application.—■
The company has applied to the New Jersey P. U
Commission for au¬
thority to issue $3,000,000 additional capital stock to reimburse the com¬
pany for extensions to its plant prior to Jan. 1 1920, for additions to equip¬
ment and installation of new transmission lines.
This will bring the out¬
standing stock up to $33,000,000.
Auth. $50,000,000.—V. 107, p. 807.
Rand Mines,
Compare V. 110, p. 2573, 2565.
Republic Motor Truck Co.—New President, &c.—
Willys.
Mr.
Mr.
Willys became connected with the company last
blocks of stock.—V. 109, p. 1993.
November through the purchase of large
(R. J.) Reynolds Tobacco Co.—Ratifies Capital
—Par of Common Reduced From $100 To $25.—
Increase
The.stockholders voted June 24 to increase the capital stock from
$40,-
000,000 to $140,000,000.
It is the purpose of the directors to declare and
pay a 200% stock dividend on the Common and Common B stock as soon
as practicable.
The shareholders also approved the plan to reduce the
par of the common stock from $100 to $25, all as per plan in V. 110, p.
2392, 2573.
stock offered by Parkinson & Burr, E H.
Inc., and in Canada by the Royal Se¬
Ltd., has been sold.
Stockholders of Riordon Pulp & Paper Co. and the Kipawa Co. have
ratified the proposal to merge and continue operations under the above
name.
See V. 110, p. 2573.
curities Corp.,
Royal Dutch Co.—Rights to Subscribe to New Stock.—
Co. has been advised by cable that the holders of
outstanding ordinary shares of the company are offered the right to sub¬
scribe at par (100 guilders) plus stamp tax in Holland, to one share of new
Ordinary stock for each two shares held.
The new stock will be entitled
to the divs. for the fiscal year of 1920, payable in 1921.
As subscription
applications must be filed in Holland between June 14 and June 28, and in
order to protect the rights of holders of "New York shares," The Equitable
Trust Co. has taken steps to file application to subscribe to the new stock
to which all of the "New York shares" are entitled.
Transferable warrants will be issued to holders of "New York shares" of
record June 28, entitling them to subscribe to new "New York shares" at
the rate of one "New York share" for each two "New York shares" held on
record date.
In order to exercise the subscription right, the holder of the
warrant must surrender on or before July 20 his warrant duly endorsed,
and make payment at the rate of $15 for each "New York share" subscribed
for, at the office of Equitable Trust Co., 37 Wall St., N. Y.
Company reports net profits for 1919 of about $40,000,000, compared
with $29,020,505 in 1918.
Divs. paid in 1919 amounted to 45%.—V.110,
The Equitable Trust
The Equitable Trust Co. has
to
one new share for every two shares held.
The Trust company says:
"Transferable warrants will be issued by the Equitable Trust Co. of New
York to holders of "American shares" of record July 19, 1920, and warrants
be
halted the efforts of the company
Lead Co., the court holding that
the efforts of the St. Joseph company to force the disincorporation of the
Doe Run company and to take over all its properties had not the sanction
of law.
The suit was instituted by minority stock owners in the Doe
Run Company to prevent the consolidation of the two interests and the
dissolution of the company stated.—V. 110, p. 2199.
Exchange has authorized the listing on and after
additional Common stock, par $100, on official
% stock dividend, payabl e Jul y 15 to stock of record
June 15, making the total amount applied for $105,000,000.—V.110, p.2392.
The New York Stock
notice of issuance as a 40
Shawinigan Water & Power Co.—Notes Sold.—Brown
Brothers & Co., Lee, Higginson & Co., Alex. Brown & Sons
and Jackson & Curtiss have sold at 97.65 and int., yielding
Secured Cpnvertible gold
$4,000,000 6^Year 7lA%
(see advertising pages).
due July 1 1926.
Int. payable J. & J. in N. Y. City
or in
Montreal without deduction from notes held by residents of the
United States for present or future taxes of any nature imposed by any
taxing authority in Canada, or for normal United States income taxes
up to 2 %.
Denom. $1,000 and $500 (c*).
Callable all or part out of any
sinking fund moneys received from call of the collateral, on any int. date,
on 60 days' notice, at 105 during 1921, 104 during 1922, 103 during 1923,
102 during 1924 and 101 thereafter, plus int.
Guaranty Trust Co. of
Dated July 1 1920,
New York, trustee.
„
.
,
Convertible ao any time between July 1 1921
into First Ref. Mtge. Sink. Fund gold bond of
.
_
,
„
.
,
and July 1 1925, incl.,
Series B, 6%, maturing
July 1 1950, at a price to yield 6H % (computed from the nearest int. date
of the bonds) with a cash adjustment of int. and discount.
If called for
redemption notes may nevertheless be converted if presented at least
10 days before the redemption date.
"
Data from Letter of President J. E. Aldred, Dated June 18 1920.
Company.—Incorp. Jan. 15 1898 in Quebec, Canada.
Is now one of the
largest producers of hydro-electric power in the world.
Owns, or controls,
on the St. Maurice River water powers of a capacity of 643,700 h.p., of
which 333,700 is developed and now in use.
Also owns about 800 miles of
high tension transmission lines, including lines to Montreal and the City of
Quebec.
Is now constructing an additional transmission line to Montreal
(85 miles) and is installing 50,000 additional h.p.
Company furnishes elec¬
tricity to more than 50 communities, comprising substantially all the larger
cities and manufacturing districts in the Province of Quebec.
Popula¬
tion served, about 1,50CL000.
'
Capitalization After This Financing—
Authorized. Outstanding.
Capital stock (all one class, par $100) — .
$20,000,000 $20,000,000
5% IstCons. (now 1st) M. bonds,due Jan. 1 1934.
5,000,000
3,877,000
First Ref. Mtge. Sink. Fund bonds(V. 109, p. 584) 50,000,000
Series A, 5 y2%, due Jan. 1 1950 ($6,000,000 issued
of which $524,000 in treasury)
5,476,000
6%, due July 1 1950 (issued $5,334,000,
pledged as security for these notes).
6-Year 7 y2% Secured Con v. notes (this issue)
Series B,
new
as soon thereafter as practicable,
"American shares" at the rate of one
payment at the rate of $10 for each "American share" subscribed for, at
the office of the Equitable Trust Co.—See Royal Dutch Co. above.
Joseph Walker & Sons are informed that the profits for the fiscal year
ol79612^ inT^l^ &V ^io1 p32057(418,853,480)' against £2>771'903 ($U."
Sherwin-Williams Co., Cleveland.—No Stock Dividend.
The
stockholders are reported to have deferred action on a proposed
of a 50% stock dividend, because of the possible 10% tax,
declaration
contained in the
proposed soldiers' bonus bill.
Further action on the extra
on Aug. 1.—V. 110, p. 771, 567.
dividend, it is said, will be voted
Silversmiths
Co.—Financial Plan.—
See Gorham Manufacturing Co. above.—V.
110, p. 1649.
Simms Oil
Co.—:Equipment Trusts Offered.—Bioren & Co.,
Philadelphia, recently offered $600,000 6% Equip. Trust
Certificates at prices to yield 8%.
Bankers state:
Fidelity Trust Co., Phila., trustee.
Issued under the Philadelphia plan
payable F. & A.
Denom. $1,000.
Maturing $100,000 semi-ann.
Call. at any int. period at 101 & div.
subsidiary of Simms Petroleum Co.
Divs.
from Aug. 15 1920 to Feb. 15 1923.
The Simms Oil Co. is an operating
Co. Equipment Trusts.—
Simms Petroleum Co.—Sub.
See Simms Oil Co. above.—V. 110, p.
South Penn Oil
2392.
Company.—Annual Report.—
Condensed
Sheet Dec.
Balance
31
1919.
Liabilities-
A. s sets
$19,587,622 Capital stock
Property account
Cash & accts. receivable.
3,128,346
Accounts
Mat., Mchdse. &stk. oil.
Stocks
bonds, Mtges. &
U.S.Ctfs. of Indebted.
3,385,531
$20,000,000
1,531,036
Surplus
$36,283,023
Total
and
Income
payable
14,751,987
10,181,523
Total
$36,283,023
-
& Loss Account for
Profit
Year 1919.
$18,766,767
Purpose.—To pay
4,000,000
all floating debt and to provide for construction work
scheduled for 1920.
Earnings Years Ended
prior to Mar. 1 1913.—V. 110, p.
Southern
Dec. 31 (for 1919 see V. 110, p.
1917.
1918.
867).
1915.
1913.
Ni£t?chgs?
Interest
Balance
1919.
$1,920,143
$2,902,210
$3,621,074
$3,727,045
1,473,439
1,695,105
2.149.367
2,335,053
2,430,857
501,360
$972,079
526,073
$1,169,032
698,503
$1,450,864
824,959
$1,510,094
657,114
$1,773,743
rt.^1 ^1
(k.w.h.)_361,730*000 401,500,000 629,026,000 741,291,000 729,513,000
Subsidiary Companies.—Company controls, through entire stock owner¬
ship: (a) Continental Heat & Light Co., distributes electric light and power
in the territory south of the St. Lawrence River; (6) Electric Service Corp..
distributes electric light and power in Shawinigan Falls and vicinity;
(c) North Shore Power Co., distributes electric light and power in Three
Rivers and district between Three Rivers and Quebec; (d) Laval Electric
Co., distributes electric light and power in territory between Montreal and
Shawinigan Falls; (e) Three Rivers Traction Co., owns and operates the
street railways in Three Rivers; (/) Canada Carbide Co., Ltd., Canadian
Electro Products Co., Ltd., the Canadian Electrode Co., Ltd., large manu¬
facturing concerns at Shawinigan Falls using power supplied by this co.
Company also owns all of the outstanding bonds and a majority of the
outstanding stock of the Public Service Corp. of Quebec, which distributes
electric light and power in the City of Quebec and vicinity.
Is the largest
stockholder of the Montreal Light, Heat & Power, Consolidated.
Also
owns entire capital stock of the Shawinigan Falls Terminal Ry.
California
4,000,000
2574.
Edison
Co.—City Acquition.—
has been authorized by the Calif. *RR. Commission to
Pasadena to the municipality
consideration of $533,262.
The Commission has authorized the
company
for
a
to use $153,831 obtained from stock sales, to finance in part
$210,827 of uncapitalized expenditures.—V. 110, p. 2083.
company
Southern Power Co.—Features of Bridgewater Reservoir.
5 has a very interesting illustrated article
The "Electrical World" of June
of five pages dealing with the Bridgewater reservoir.
The water discharged
from the Bridgewater reservoir is available at the following seven stations
operated by the company on the Catawba River:
Station—
Catawba, S. C
Great Falls, S. C
Rocky Creek, S. C
—V.
.
24
1904
69
1907
61
1909
76
1915
51
1916
115
1919
72
6,600
.30,000
.30,000
.22,500
.37,500
.25,000
.70,000
1919
109, p. 1280.
Spanish-American Iron Co.—Bonds Called.—
Steel
Cor^). above.—V. 110, p. 368.
Spanish River Pulp & Paper Co.—Back Dividends.—
See Bethlehem
June 15 announced the following:
stock dividend of 42% in payment of
payable July 15 to holders of record
June 30.
Books closed July 1 to July 15, both days inclusive.
The vouch¬
ers for 7% on original issue of $3,000,000 will also be paid by this stock
dividend, making 49% on the original issue."—V. 110, p. 1978, 1857.
The
Toronto
Exchange
Stock
on
"The company has declared a Pref.
of dividends on Pref. stock,
arrears
Spicer Manufacturing Co.—Initial Dividend,
An initial dividend of 50 cents per
&c.—
share has been declared on the Common
stock, payable Aug. 1 to holders of record July 20.
Net earnings for the
4 months ending April 30 were reported at the rate of $2,000,000 annually.
B. Vernon has been elected Vice-President succeeding H. D. Williams.
—"V. 110, p. 1649,
Steel
1532*
Tube
&
Co.
of America.—Listing—Report.—
The New York Stock Exchange
has authorized the listing of $17,500,000
7% Cum. Pref. stock (total authorized issue), par $100.
Common
authorized $25,000,000, of which $1,941,884 issued, which is privately
The company owns
stock
held.
stock in the following companies:
*
Capital
Par
Value.
Authorized.
Issued.
>.$500,000
$500,000
Mark-Lally Co
250,000
200,000
100
Vinegar Hill Zinc Co...
100,000
50,000
100,000
50,000
100
100
200,000
150,000
35,000
200,000
150,000
35,000
Owned.
100
100
100
Atlas
Supply Co
National Zinc Separating Co.
Redfield Coal Co
$1,690,882
Gross
16,098,532
.
Balance, deficit
$1,331,765
Profit and loss surplus Dec. 31 1919 a
$ 14,751,987
a Includes restoration of $10,159,090 excessive depreciation charged off
Subsidiary Companies—
all
A/|
holders
transfer its electrical distribution systems in
July 15 1920 of $30,000,000
1
such record
to
"American share" for each two "American shares" held on July 19, 1920.
"In order to exercise the subscription right, the holder of a warrant must
surrender on or before Aug. 14, 1920, his warrant duly indorsed, and make
The
Sears, Roebuck & Co.—Listing.—
notes
mailed
entitling them to subscribe to the
Operating expenses, taxes, depreciation and depletion
Dividends (20%)
Joseph Lead Co.—Merger Halted.—
The Missouri Supreme Court on June 19
to take over the property of the Doe Run
8%,
announced the arrangements under which
Gross income for year
2573.
St.
Transport & Trading Co., Ltd.—New Stock.—
holders of "American shares" will have the right to subscribe to new stock.
Holders of ordinary shares will have the right to subscribe at par in London
Ltd.—Stock Sold.—
Riordon Co.,
The recent issue of Preferred
Rollins & Sons and Coffin & Burr,
p.
Shell
will
President Prank W. Ruggles on June 22 announced that he has disposed
of his holdings in the company to John N. Willys, Pres. of Willys-Overland
Co.
Mr. Ruggles also residned as President and director, and is succeeded
by
in "Railway and Industrial" Section, page 221,
for the calendar year 1919 in
and compare annual report
V. 110, p. 880, 867.
Rights—Earnings.—
Ltd.—Interim, Dividend.—
An interim dividend of 3 shillings a share has been declared on the capital
stock (par value 5 shillings).
|The "American shares," which are equivalent
to 2Yt English shares, will therefore receive a dividend of 7H shillings per
share.
2663
Mark Corporation
Co.
Stone
Northwestern Lt. & Pow.
Northwestern
Lime,
....
Spring Co
63^%
95%
95T
„
5,000
100
100*;
5,000
5,000
100
560,050
' 25,000
1,800,000
10
1001
1001
1001
25%
24.66%
100%
5,000
i
25,000
25
Ming.Co.2,500,000
100
Co...
25,000
15,000
100
Christian Colliery Co
300,000
234,000
100
See also annual report on a preceding page.—V. 110, p. 2574.
Dunn Iron
100%
600,000
& Slag Co
Northwestern Milling Co—
Harrow
$100
Mining Co
Elkhorn Piney Coal
St. Clair Coal Mining
Sterling Coal Co., Ltd.—Interest.—
gives notice that Coupon No. 10, due Jan. 1 1915, will on
The company
?resentation ana surrender July 2 1920, company's offices, 95 Bay St.,
'oronto, Can., on and after be paid at
with compound interest thereon
1915
amounting in all
Jan. 1 and July 1
holders.—V. 99,
from Jan. 1
to July 1 1920, amounting to $11,30 on each $30 coupon,
to $41.30 (or $4.13 on a $3 coupon).
The coupons due
1915 and 1916 were deferred by a resolution of the bond¬
p.
1915.
(John B.) Stetson Co. of
A semi-annual
Philadelphia.—Dividend.—
dividend of 10% has been declared on the Common stock
together with the semi-annual
dividend of 4% on the Pref. stock, both
fVn t
THE CHRONICLE
payable July 15 to holders of record July 1.
A semi-annual dividend of
15% was paid on the Common stock in January last, making a total of 25%
108, p. 177.
United
Stewart
The
Manufacturing
directors
Co.—Plan
recommended
have
to
the
Recommended.—
shareholders
that
the
latter
exchange
their Common stock shares for shares of the Common stock of the StewartWarner Speedometer Corp.—-V. 110, p. 2494.
United
Brown Bros. & Co., White Weld & Co., Graham Parsons & Co. and
Frazier & Co., syndicate managers, announce that the books have closed
the offering of 465,978 shares of stock.—V. 110, p. 2494.
•
Company.—Current Operations.—
The action of Texas Co. in raising quarterly disbursement from
'
2M% to
3% is further reflection of prosperity of the oil industry.
The dividend is
payable June 30 and therefore the additional $45,060,000 stock will not
receive the payment, as this new stock will not be issued until July 9.
Shareholders who hare made payments prior to the subscription dates are
paid 6% interest on the money.
Business is showing substantial gain over 1919 figures.
In that year the
company's gross earnings passed $100,000,000 mark.
For the first time
it was $102,986,597, while this year's gross earnings, on the results thus
far, should exceed that figure.
Company's production in this country is running around 55,000 barrels
a
day and refineries
are
handling close to 90,000 barrels daily.
In Mexico,
Texas Co. is handling about 32,000 barrels daily, of which 22,000 barrels
come from the light oil fields by pipe line and approximately 10,000 barrels
of heavier crude daily from the Panuco district by barges.
A new "8" gath¬
ering line has been hooked up with company's new well in Lot 114, Ohinampa
district.
Additional pumping facilities will soon be put in operation which
will increase capacity of line between 5,000 to 7,000 barrels daily.
Additional ocean tonnage is being furnished by the Texas Co.'s shipyard
at Bath. Me., where three 10,000-ton tankers have been launched thus far
this year.
Probably two more of similar size will be completed this year.
These ships have a carrying capacity of about 65,000 barrels each.—("Wall
Street
Journal.")—V. 110,
p.
2393, 2199.
Texas Pacific Coal & Oil
Co.—Listing.—
The New York Stock Exchange has authorized the listing of $6,000,000
stock (par $10), with authority to add $2,000,000 additional.
Stockholders of record May 22 1920 were given the right to subscribe to
this $2,000,000 additional stock at par.
The N. Y. Stock Exchange has
also authorized the listing of $120,000 additional on and after July 10, on
Stores
Corp.—5% Stock Dividend.—
June 16 declared
a stock dividend of 5% of the aggre¬
gate number of shares of Common stock of all classes, issued and out¬
standing, and also on the 160,000 Founders' shares outstanding, payable
Aug. 16 to holders of record Aug. 2.
This distribution will increase the
outstanding Common stock from 549,926 shares (no par value) to 585,422
shares; the authorized Common stock being 1,000,000 shares.
Compare
statement of N. Y. Stock Exchange, V. 109, p. 585—V. 110, p. 2574,1085.
on
Texas
Retail
The directors
Superior Oil Corp.—Stock Sold.—
'
Works, Inc.—Earnings.—
Earnings on the Common stock (v. t. c.) for the four months ending
April 30 are reported to be at the rate of more than $306,000 per annum,
after deducting depreciation, bond interest. Federal taxes and Pref. divs.
This is equivalent to $7.66 per share, or at the rate of 15.32%.—V. 110, p.
1533, 1297.
.for the year.—V.
accept the offer of the 8 tew art-Warner Speedometer Corp. to
Iron
HO
United
on
States Food Products
Co.—Earnings, &c.
The company has
declared its regular cuarterly dividend of 1 % %, payable
July 19 to stock of record July 2.
The full dividend for the year, it is said,
was earned in the first quarter.—V. 110,
p. 2083.
United States
,
1
Ship Corp.—Incorporated in Maine.—
Incorporated June 12 1920 in Maine with an authorized capital of $40,000,000 to build, equip, charter, navigate, &c., all kinds of boats, vessels,
and do all things incident.
The Corporation Trust Co. is the company's
representative.
This company, it is stated, is being organized to take over
the United States Steamship Co. and the United States Transport Co.
The Boston "News Bureau" says:
"It is understood that through the
United
States
Transport Co. the Morse interests control 15 ocean-going
steamships, all of which have been making profits.
Some of these the
company owns and others it operates under Shipping Board charters.
The fleet will be gradually increased.
Through the United States Steam¬
new company which Charles W. Morse has just formed will
into control of three shipyards and the Hudson Navigation Co.
The
Groton Iron Works, on the Connecticut shore, has been in litigation owing
to differences with the Government.
Its largest vessels have been under
ship Co. the
come
construction near Washington, at the Virginia Shipbuilding Co. plant.
"The Hudson Navigation Co. Jhas been enjoying a banner season in
handling traffic between New York and Albany and Troy.
Earnings have
about doubled over last year, due in part to increased rates.
The actual
volume of freight and number of passengers carried has also increased some
25% over the 1919 totals."
capital
official notice of issuance as a 2% stock div.
See annual report in V. 110, p. 2566.
Tide Water Oil
United States
See United
United
$6,000,000 Capital stock.
on
States
Steamship Co.—Consolidation Planned.—
Ship Corp. above.—V. 110,
States
Steel
p.
1096.
Corporation.—Obituary.—
George W. Perkins, a director of the U. S. Steel Con>., and of the Inter¬
national Harvester Co., died in Stamford, Conn., on June 18.—V. 110, p.
Co.—Listing.—
•
The New York Stock Exchange has authorized the listing of $8,617,400
additional Common stock (authorized
$100,000,000), par $100 each, on
official notice of issuance and payment in full, making the total amount
applied for $41,704,400.
Of this stock, $6,617,400 was offered to share¬
holders (V. 109, p. 2363) the final payment of 25% being due July 6.
The
balance, $2,000,000, was sold to W. S. Benson, trustee, for allotment and
sale to the employees of the company and its subsidiary companies.
The
.
I
2495, 2083.
Virginia-Carolina Chemical Co.—Extra Dividend.—
An extra dividend of 2% has been declared on the Common stock payable
1 to holders of record Sept. 15, in addition to the regular quarterly
Oct.
dividend of
Waring Hat Mfg. Corp.—Offering of Pref.
proceeds of the $8,617,400 stock will be used to pay for additional stills,
boilers, tank cars, steel tankage, plant real estate, a tank steamship and
barge, now under construction, at a total cost of approximately
$7,500,000, the balance to be used for other plant extensions.—V. 110,
p.
1411, 2199, 2393.
power
Transcontinental Oil Co .—Earnings.—
The earnings for April are reported as aggregating about $300,000 or at
1% on the Common, payable Aug. 2 to holders of record July
In Oct. 1919 and Oct. 1918, extras of 2% were paid.—V. 110, p. 2083.
15.
Stock.—
Company has sold
at any
an issue of $1,000,000 8% Cum. Pref. stock, convertible
time into two shares of Common stock for one share of Preferred.
Company is widely known in the hat trade in the United States and
throughout the world.
Is the largest manufacturer of medium-priced hats
in the United States.
It imports its raw materials from original sources and
manufactures the complete hat in one establishment.
Factories cover two
city blocks; number of employees
over
2,000.
the rate of $1.80 per share on the 2,000,000 shares outstanding, compared
with net of $243,000 for quarter ending March 31 1920.
Current income
Sales for the first five months of 1920 were 160% in excess of those for
the same period last year.
Earnings on the Common stock for the current
is said to be
year are est. at more than $10 per share as compared with $7 94 for 1919.
The Preferred stock will be offered for public
wholly, derived from pipe lines and refineries as the company
production.—V. 110, p. 1857, 1755.
is getting no oil
.
Trumbull
Steel
Co.—Extra
Lynch & Co. with
Dividend.—
An extra dividend of 1% has been declared on the Common stock in
addition to the regular quarterly dividend of 1 H%. both payable July 1
to holders of record June 20.
Extra dividends of 1 % were paid in January
and April last and also in April 1919, while 2M% was paid in
January
1919.—V. 110, p. 2574, 2200.
Tuinucu
Sugar
Twist
Drill
Co.—Listing.—
5,000 shares
were
Company
$1,000,000
new
record June 23.
See
the list 200,000. These
62 }A cents per share has been declared on the
(par $5), payable June 30 to holders of
was paid in March last.—V. 110, p. 2200,
Common stock
A like amount
1533. 473.
United
Fruit
Co.—Bonds
Called.—
Bonds of the following issues to the amounts named have been called for
payment July 1 at 101 and int. at the Old Colony Trust Co., 17 Court St.,
Boston, or at Coutts & Co., 440 Strand, London, England, viz.: (1) $125,000
Series M and; ($3,000) Series D 4Ji% Sinking Fund Gold debentures
dated
Jan.
1
19109
and
maturing July 1 1923; (2) ($145,000) Series L;
($9,000) Series E; ($85,000) Series M and ($4,500) Series D debentures,
dated Jan. 1 1919 and maturing July 1 1924.—V. 110, p. 1185, 1096.
United
Gas
Improvement Co.—Pref. Stock Offering.—
Drexel & Co., Phila., aro offering at par ($50) and div. the
unsold portion of $6,103,000 7% Cum. Pref. (a. &
d.)
stock.
Shareholders of record May 7 were given the right
to subscribe to this stock at par (see V. 110,
p. 1979).
Holders of Pref. stock have the same voting rights as Com¬
mon
stock.
Redeemable
Divs.
or
part,
on
any
Q.-M.
Authorized.
Issued.
$7,500,000 $7,500,000
15,000,000
6,103,000
,.61,029,800 61,029,800
Company.—Organized in 1882.
Operates and manages electric light and
power and gas properties; has large interests in securities of electric light
and power, gas ana other utility companies; and engages,
through a con¬
trolled subsidiary company, in construction and general
engineering work
of electric, hydro-electric and gas properties.
Properties include the elec¬
tric light and power business in the
prosperous manufacturing districts
between Chicago, 111., and Gary, Ind., ana in the Naugatuck and Housatonic valleys or Connecticut; the principal utilities of New Jersey; the
gas
business in Phila.,
Harrisburg, Reading, Allentown, Bethleham, Pa.,
Savannah, Ga., Des Moines, la., and various other cities of the South
and West; and both the gas and electric business of
Syracuse, N. Y.,
Charleston, S. C., the Main Line District of Phila., Sioux City, la., Atlanta,
Ga., and the various smaller cities in Georgia served by the Georgia Ry. &
Power Co.
Purpose.—The steadily increasing business of the company necessitates
which the proceeds of this issue of $6,103,000 Pref. stock
extensions to
will be
applied.
so
These extensions alone, it is conservatively estimated,
increase
the earnings as to provide more than
the dividend
re¬
quirements of this issue of Pref. stock.
^Earnings.—Com pan y earned in 1919 $3,785,340 (V. 110,
p. 1283) appli¬
cable to the payment of the dividend of $427,210 on this issue of Pref.
stock,
had it been outstanding.
For the last ten years earnings applicable to the
payment of this dividend have averaged
more
than 14 M times the amount
required.
Listing.—The Phila. Stock Exchange has authorized the listing of the
bove stock on official notice of issuance.—V. 110, p. 2574.
incorporated in Delaware
on or about June 21 with
$100,000,006.—Compare V. 110, p. 2578.
an
Wheeling Steel Corp. above and in V. 110,
Steel
p.
2578.—V. 110,
Corp.—Bonds
2393.
p.
Called.—
All of the outstanding 6% Secured Serial Gold notes of 1919, have been
at the Central Union Trust Co., New York, at
called for payment July 1
par and int.,
of any series
together with the following premiums; (a) 2H% in the case
payable three years or more from July 1 1920; (b) 2% for
payable two years or more, but less than three (3) years from July 1;
(c) 1H % for series payable one year or more, but less than two years from
July 1; (d) and 1 % for series payable in less than oneyear from such redemp¬
tion date.—V. 110, p. 1755, 1650.
series
Willys-Overland Co.—Listing.—
The New York Stock Exchange has authorized the
listing of $20,000,000
additional Common stock, par $25,
onjofficial notice of issuance, making the
total amount applied for $61,621,825.
Of the stock applied for 600,000
shares have been underwritten at par with a six months option to the under¬
writers to underwrite on the same terms the remaining 200,000 shares.
Estimated production for 1920, 180,000 cars.
(Compare V. 110, p. 2393.)
Net earnings for
the 4 months ending April 30
are
reported at $5,595,198
after deducting repairs and maintenance and all other expenses, incl. interest
excess profit tax.
Net income, after
but before allowance for income and
allowing for income and excess profit tax, is understood to be in excess of
$4,000,000.
Current earnings, after making full provision for Pref. stock,
are about 20% upon the total outstanding and nefaly issued Common stock.
See also Republic Motor Truck Co. above.—V. 110, p. 2578, 2393.
Wolverine Copper Mining Co.—Production.—
div. date at $55 per share and div.
Capitalization—
6% Unsecured Gold Notes (V. 110, p. 269)
7% Cumulative Preferred Stock (par $50).
Common stock (par $50)
should
was
Wickwire-Spencer
Bankers state:
all
2272.
p.
Wheeling Steel & Iron Co —Merger &c.—
*
on
109,
authorized capital of
reserved for sale to employees and have now been paid for
in cash at $18 per share.
A quarterly dividend of
regular semi-annual dividend of 5%, bp th payable July 1 to holder
Extras of 10% were paid in Jan. last and 5% in Jan.
Wheeling Steel Corp.—Incorporated.—
The Boston Stock Exchange has added to the list 5,000 additional shares
(par $5) Common stock, making the total shares
Co. —Extra Dividend.—
of record June 23.
Increase.—
The stockholders have authorized an increase in the capital stock from
$1,000,000 to $3,000,000.
The issuance of the $2,000,000 new stock is
left to the discretion of directors.—Y. 110, p. 2392.
Union
West Point Mfg.
An extra dividend of 5% has been declared on the Capital stock, togethe
with the
1919.—V.
Co.—Capital
subscription by Merrill,
of associated banking houses.
a group
Production in May was 305,603 lbs. of copper, compared with 352,130
1919; total output for the 5 months ending May 31 was 1,437.365
lbs. as against 2,171,179 lbs. in 1919.—V. 110, p. 2200, 1755.
lbs. in
Woods
A
Manufacturing Co., Ltd.—Dividend Increased.—
quarterly dividend of 2%
has been declared
payable Sept. 1 to holders of record Aug. 25.
of
on
the Common stock
Dividends of 1H% have
been paid quarterly from March 1918 to June 1920.
In Dec. last,
5% was paid on the Common stock.—V. 109, p. 2178.
a
bonus
(F. W.) Woolworth Co .—Woolworth Building Mortgaged.
Heirs of the late F. W. Woolworth have obtained from the Prudential
Life Insurance Co. of Newark, N. J
a loan of $3,000,000 on the Woolworth
,
Building.
years and bear int. at rate of 6%.
and Federal inheritance
amounting to about $8,000,000 which the estate owes.—V.110, p.2495.
The mortgage will run for 5
The money has been borrowed to help meet the State
taxes
Youngstown Sheet & Tube Co.— No Par Vol. Shares.—
Div. Inc.—
The stockholders will vote July 20 on approving a financial reorganization
to permit the issuance of shares without par value; the new stock to be
so a
issued
are
on the basis of four new shares to one old share.
The shareholders
also asked to set aside 100,000 shares to be sold to employees.
On July 1
the
company will distribute a Common stock dividend of 15,034 shares of
unissued Common.
The Pref. stock of $10,000,000 will remain unchanged.
This plan
supersedes
a program
to increase the Common capitalization
pecause of the excise tax on
from $20,000,000 to $100,000,000, abandoned
stock distributions in the soldiers' bonus bill.
A
quarterly
div.
of 3% has been
declared
on
the outstanding
$18,-
496,600 Common stock (par $100) together with the regular quarterly
dividend of 1 % on the Pref. stock both payable July 1 to holders of record
June 20.—See V. 110, p. 2402, 1983.
June 26 1920.]
THE CHRONICLE
2665
xytQxls and gnmumtts,
SOUTHERN PACIFIC COMPANY
AND PROPRIETARY COMPANIES.
THIRTY-SIXTH ANNUAL REPORT—FOR THE YEAR ENDED
DECEMBER 31 1919.
New York, N. Y., June 17 1920.
To the Stockholders of the Southern Pacific Company:
Your Board of Directors submits this report of
v
<
the operations and affairs of the Southern Pacific Company and of its
Proprietary Companies for the fiscal year ended December 31 1919.
The Federal Government, which took over the railroad and steamship lines of your
Company on December 28 1917,
as explained in last
year's report, continued, during the year 1919, in the possession and control of your Company's properties.
The following table shows the results of Federal operation of your Company's lines during 1919
compared with the results of Federal operation during 1918:
Calendar Year
1919.
I.
Average miles of road operated.
2.
Railway Operating Revenues—
Freight.
Passenger
3.
4.
11,043.11
5.
6.
7.
-
Joint facility—-Credit-.*
Joint facility—Debit
8.
Total railway operating revenues..
9.
Total
12.
maintenance
,
-
...
16.
General
17.
Transportation for investment—Credit.
Total railway operating expenses
18.
19.
Net
20.
Railway tax accruals
Uncollectib e railway
21.
revenue from
+$11,932,037
+6,123,218
—1,122
—1,102,189
+1,035,262
+45,781
+13,079
76
77
77
45
96
30
7.90
27
61
95
11.50
.01
14
15
03
17
31.06
17.69
55.02
33.98
$221,611,206 21
+$18,046,066 14
8.14
$25,824,725 78
40,747,834 97
+$8,974,816 93
+7,221,538 78
34.75
17.72
$66,572,560
2,249,360
86,084,897
3,330,398
4,925,247
440,092
46
46
63
21
38
63
75
43
92
66
01
93
+$16,196,355
—87,173
+7,189,768
+900,867
—44,364
+49,657
24.33
3.88
8.35
27.05
71
97
71
55
63
30
.90
11.28
$186,927,482 51
Equipment rents (Net credit)
Joint facility rent (Net credit)
25.
26.
27.
Net of items 22, 23, and 24
Miscellaneous income.
28.
29.
Net income from Federal operations
Standard return
30.
Standard return in
—
-
Expenses in excess of revenues prior to January 1 1918, included in above,
but charged against the corporation
10.46
$9,398,681 08
59.675 69
+$79,695 64
—7,980 78
.85
13.37
$43,199,718 21
378,081 20
*9,423 90
...
:
14.88
-$6,159,044 53
$49,430,477 60
3,661,808 59
195,089 66
-$6,230,759 30
—3;283,727 39
—204,513 56
104.83
$43,568,375 51
418,906 59
Railway operating income
23.
24.
+$24,205,110 67
$58,888,834 37
$9,478,376 72
51,694 91
revenues
$162,722,371 84
$52,729,789 84
railway operations.—.
22.
$53,287,375 85
104,901 62
-$9,719,000 34
+314,004 97
299.33
12.61
89.68
18.24
of Federal income for 1919
Federal income for 1918, in excess of standard return
excess
{76,977 SI
2,533,000 13
—2,609,977 64
103.04
$43,910,304 59
148,244,660 03
._
31.
80
$82,768,916
2,162,186
93,274,666
4,231,266
4,880,882
390,435
...
.
Transportation
Miscellaneous operations
15.
$151,079,622
53,247,921
7,839,380
3,548,305
5,851,254
83,207
38,487
$34,799,542 71
47.969,373 75
;—
.
Traffic
13.
14.
07
37
82
63
60
99
13
.53
-58.43
+
Maintenance of way and structures
Maintenance of equipment
11.
Per
Cent.
$239,657,272 35
Railway Operating Expenses
10.
4-Increase,
—Decrease.
11,101.54
$163,011,660
59,371,140
7,838,257
2,446,116
6,886,516
128,988
25,408
;
-
Mail and express
All other transportation
Incidental
Calendar Year
1918.
$55,925,277 60
48,167,342 56
-$12,014,973 01
+77,317 47
21.48
.16
$4,334,355 44
-
$7,757,935 04
1 1918, included in above statement, but credited to the corporation.
% RepPacific Transportation System, as fixed in the agreement with
the
Following is
of operating revenues, operating expenses and net revenue from railway operations for years
a summary
1919 and 1918 under Federal control; also, for comparative purposes, for the year 1917-—the last year of
preceding Government control:
•'
private operation
1919 Compared with 1918.
1918.
1919.
Operating
Cent.
railway operations..
Pet
$221,611,206 21
162,722,371 84
58,888,834 37
+$18,046,066 14
+24,205,110 67
—6,159,044 53
8.14
14.88
10.46
$193,971,489 54
120,601,822 82
73,369,666 72
78 00
revenue from
Operating ratio
Decrease.
$239,657,272 35
186,927,482 51
52.729,789 84
revenues
Operating expenses
Net
1917.
Per
+Increase.
—
73 43
+4 57
6.22
62 18
The above table illustrates the
disproportionate increase in expenses compared with revenues and the fall in net despite
higher gross.
In 1919 after paying expenses of operating, there was left out of each dollar of revenue only 22 cents, compared
with 38 cents remaining in the last year previous to Federal control.
Comparing 1919 with 1918, the increase in operating revenue of $18,046,066 14, or 8.14%, resulted principally from the
fact that passenger and freight rates were not increased until June of 1918 and the beneficial effect of this increase was felt
in only half of that year.
'
There was a decrease of
6.52% in ton miles of revenue freight, attributable chiefly to the
lines during the whole of 1919, which was practiced during only a part of 1918.
This diversion
diversion of traffic from your
of traffic during the operation
the disturbance of relationship of both rates
of your lines by the Government resulted from the closing of traffic agencies,
and service, and arbitrary routing of, freight by Governmental agencies.
The
revenue
business, and
was
passengers
carried
one
mile increased 7.28%, which partially offset the decrease in the volume of freight
due to the transportation of discharged and furloughed soldiers and to the general prosperity of the people
of the country.
.
.
.
.
The increase of
was
due
being:
..
$24,205,110 67, or'14.88%, in operating expenses, compared with a decrease of 5.71% in train mileage,
principally to additional increases in wages and prices of material, the effect of these increases ovefr previous year
,
Increased wages—
Increase in price of fuel-—
Increase in prices
$11,420,000
2,534,500
4,879,000
$18,833,500
—
...
...
...—
....
Total increase in wages and material prices
...
—
!
of other materials
...
The annual report showed increases in 1918 over 1917 from these causes
amounting to $34,338,000, the total increase
of Federal control, therefore, being $53,171,000, which increased operating
in wages and
material prices hi the two years
substantially forty per cent.
There was an increase of $5,371,611 in operating expenses in 1919 over 1918 not accounted for by increased wages
or prices.
Considerable improvement due principally to reduction in speed and to superheating was effected in fuel consumption
in 1919 over 1918, which year had fallen below the record of the year previous.
The gross ton miles moved per pound of
coal (oil equated to coal on basis of four barrels of oil to one ton of coal) were:
expenses
Passenqer Service. Freight Serviced
1919.
1918.
1917-
6.67
6.06
6.11
5.05
5.10
Other transportation results for the year 1919 were as follows:
■
■
}+
1919
Tons AU
;
per
Freight
Loaded Car.
25.42
26.98
25.34
Per Cent Loaded to Total
Freight Car Miles.
69.74
71.02
72.14
Tons All
per
Freight
Train.
641.41
641.28
602.98
Passengers per Train.
81.76
73.27
62.82
[Vol. 110.
THE CHRONICLE
2666
PROPERTIES AND MILEAGE.
|
transportation lines of the Southern Pacific Company, and of certain affiliated companies herein referred to as
"Proprietary C6mpanies," constituting the Southern Pacific System, operated by the Government at December 31 1919,
The
follows:
as
were
First
Main Track.
DIVISIONS.
B-
Mileage of lines owned by or leased to Southern Pacific Company:
1. Owned by Southern Pacific Company
2. Leased from Proprietary companies:
(a) Central Pacific Railway
(b) Oregon & California Railroad
(c) Southern Pacific Railroad
(d) South Pacific Coast Railway
Mileage of lines owned by or leased to the following Proprietary companies:
1. Arizona Eastern RR. Co
Houston & Texas Central RR. Co
2.
3. Galveston Harris burg & San Antonio Ry. Co
Texas & New Orleans RR. Co
4.
5. Houston East & West Texas Ry. Co
6. Houston & Shreveport RR. Co
7. Morgan's Louisiana & Texas RR. & SS. Co
*
8. Louisiana Western RR. Co
10.
11.
15.35
9.90
701.38
4.57
3,475.74
106.70
208.16
1,510.20
20.46
49.25
3.00
377.74
856.57
12.94
78.86
265.52
1,381.90
40.87
385.41
469.65
8.78
220.57
190.94
40.72
.69
400.67
58.35
207.74
11,120.91
801.59
4,279.33
•31.23
29.99
*11,089.68
11,085.32
771.60
763.62
4,249.00
t4,235.88
7.98
771.13
18.90
4.525.00
18.90
4,525.00
4,525.00
30.33
13.12
above
December 31 1919
1918
operated by Government at December 31
4.36
Increase
Includes 2.48 miles owned jointly with other companies,
3.00
11.32
10.95
25.68
21.44
11,043.11
Average miles of road operated by Government during year 1919
*
57.93
7.42
250.56
83.98
72.66
Total miles of road operated by Government at
125.00
3.00
companies and included in mileage of each
Total miles of road
4,400.00
931.62
187.53
RR. Co
Iberia & Vermilion RR. Co
Southern Pacific Terminal Co
Total
Lines.
202.53
431.42
Lake Charles & Northern
Less mileage used in connection with property of two or more of
Ferries.
528.06
-
9.
Water
Sidings.
2,289.00
-
-
Additional
Main Track.
4.37 miles leased
from
other
18.90
and 79.27 miles operated under trackage
rights; and excludes 41.34 miles of owned lines leased to other companies,
t Excludes .49 miles of siding at Maricopa, Arizona, owned jointly by
Arizona Eastern RR. Co. and Southern Pacific RR. Co. which was duplicated in last year's report.
companies,
In addition to the mileage above tabulated, the Southern Pacific Company solely controls through ownership of capital
stock, 863.89 miles of Affiliated Companies, and 1,240.52 miles of the Southern Pacific RR.Co.of Mexico, and jointly con¬
trols (through ownership of capital stock in equal proportions with the Atchison Topeka & Santa Fe Ry. Co.) 523.46 miles
of the Northwestern Pacific Railroad, and 59.66 miles of the Sunset Railway, a grand total of 13,777.21 miles.
INCOME ACCOUNT
SOUTHERN
PACIFIC
COMPANY AND PROPRIETARY COMPANIES,
(Excluding offsetting accounts).
Year ended
Dec. 31 1919.
Year ended
+Increase.
Per
Dec. 31 1918.
—Decrease.
Cent.
.16
—$6,364,708 06
—8,356,094 72
31.20
$4,476:437 13
159,239 80
+$1,991,386 66
+64,466 78
44.49
$6,244,117 21
$4,317,197 33
+$1,926,919 88
44.63
$54,488,777 24
Expenses of miscellaneous operations
+$77,317 47
$20,397,863 81
15,921,426 68
$6,467,823 79
223,706 58
Revenues from miscellaneous operations. J
$48,167,342 56
$14,033,155 75
7,565,331 96
Standard return
3.
;
$48,244,660 03
*
1.
2.
COMBINED
$52,484,539 89
+$2,004,237 35
3.82
Operating Income—
4.
Net
5.
Taxes
revenue
on
from miscellaneous operations
miscellaneous operating property
1
Miscellaneous operating income
6.
Total of items I and 6
7.
,
—
-
.
-
Non-Operating Income—
8
Income from lease of road
9.
$28,497
731,015
360,069
24,909
1,182,038
Miscellaneous rent income
10.
11.
_
_
_ _
_•
non-operating physical property—±
Separately operated properties—Profit
Miscellaneous
12.
Dividend
13.
from funded securities—Bonds and notes—Affiliated and other companies.
from funded securities—Investment advances—Affiliated companies
from unfunded securities and accounts
from sinking and other reserve funds.
Miscellaneous income
Revenues prior to January 1 1918
14.
15.
16.
17.
18.
2,370,301 11
443,942 36
355,563 95
742,040 20
207,337 72
Income
Income
Income
Income
-
414,834 36
Gross
income
Deductions from Gross
Rent for leased roads
Miscellaneous tax accruals
27.
26.
__
Railway tax accruals—War taxes
on funded debt—Bonds and notes
on funded debt—Non-negotiable debt to affiliated companies
Interest
Interest
Interest
on
— .
unfunded debt
28.
Amortization of discount on funded debt—
29.
30.
Miscellaneous income charges
31.
Expenses prior to January 1 1918—
Corporate operating expenses
3.18
48.81
36.06
3.86
$7,989,741 32
—$1,129,190 88
14.13
+$875,046 47
1.45
89
48
76
90
06
30
92
27
83
36
85
$329,588
590,407
684,460
1,707,269
23,767,103
114,256
146,352
286,965
726,191
368,721
3,068,047
93
88
70
24
53
18
61
82
58
49
07
—$62,569 04
+ 127,284
+22,131
+726,348
—1,065,982
+33,240
+228,714
+5,165
+763,653
—36,440
—2,730,190
60
06
66
47
12
31
45
25
13
22
18.98
21.56
3.23
42.54
4.49
29.09
156.28
1.80
105.16
9.88
88.99
$29,800,720 62
$31,789,365 03
—$1,988,644 41
6.26
$28,684,916 18
+$2,863,690 88
9.98
$1,022,863 92
17,478,459 12
$997,111 48
16,404,509 25
+$25,752 44
+1,073,949 87
2.58
$18,501,323 04
$17,401,620 73
+$1,099,702 31
6.32
$13,047,284 02
income
Net income
33.
50.36
48.70
$31,548,607 06
Total deductions from gros
32.
101.61
22.47
6.92
14.41
$60,474,281 21
$267,019
717,692
706,591
2,433,617
22,701,121
147,496
375,066
292,131
1,489,844
332,281
337,856
-
Miscellaneous rents
23.
25.
24
06
57
09
61
71
102,8*39 25
535,046 94
5.42
14
75
43
78
09
54
27
66
49
47
58
Income—
22.
24.
50,176
2,304,208
2,297,166
298,335
556,093
714,439
+$1,465
+47,293
—60,612
—25,266
—1,122,169
+73,134
+ 145,607
—200,529
+27,600
+ 104,498
—120,212
$6,860,550 44
__
_
$27,031 90
683,722 22
420,681 73
40.48
$61,349,327 68
Total non-operating income
19.
20.
21.
income
04
97
30
46
97
52.48
$11,283,295 45
+$1,763,988 57
15.63
Disposition of Net Income—
34.
35.
applied, to sinking and other reserve funds
Dividend appropriations of income
Income
1
Total appropriation*.,
36.
37.
Income balance transferred to credit of profit and loss—
38.
Per cent of net income on outstanding capital stock of Southern Pacific Company.
10.45.
10.38
+ .07
6.55
.67
*
Represents the annual compensation payable by U. S. Government for use of Southern Pacific Transportation System, as fixed in the agree¬
ment with the Director-General of Railroads,
t This year's figures include $334 00, and last year's figures $454 00, representing dividends on stocks
of Proprietary Companies
held by the Public.
The increase of $77,317 47
in Standard Return is due to the fact that the amount of the standard return of the Southern
in last year's report was based on the compensation for terminal properties operated
by the Director-General; while the figures for this year include the compensation for Terminal Company properties leased
to the public, as well as for those operated by the Director-General, such leased properties having been included in the agree¬
ment with the Director-General executed January 10 1920.
This increase is partially offset by a decrease of $38,303 12
in Miscellaneous Rent Income, representing the rental for last year from such leased properties, which was dealt with in
last year's report as accruing to the Company.
I
As complete data are not yet available for the computation of interest on the accounts with the Government, or for
the computation of the additional compensation payable to the Company for use of additions and betterments, new equip¬
ment and road extensions completed during Federal control, the income statement does not include any amount representing
such interest or such additional compensation;
It is estimated, however, that the interest due the Company is in excess
of that due to the Government, and that a considerable amount of additional compensation is due to the Company under
Pacific Terminal Company shown
<
the terms of
our
contract with the
Director-General.
'
-
OPERATING
^
-
INCOME.
Miscellaneous Operating Income (line No. 6), $1,925,629 63 represents the increase
operating income of the California Fuel Oil Department, the result, principally, of an increase of 1,418,000 barrels,
or 20 per cent, in sales of produced oil, and of an increase of 15.85 cents in the average price per barrel due to an advance
of 25 cents per barrel in the price of produced oil which went into effect in May 1918.
The decrease in gross revenues from,
and in expenses of Miscellaneous Operations (lines Nos. 2 and 3) is due to the fact that during the year 1919 the Federal
Of the increase of $1,926,919 88 in
in the net
,
June 26
1920.]
2667
THE CHRONICLE
Administration purchased from the Fuel Oil Department only
Company's
or
own
about 79
a-small amount of fuel oil other than that produced from the
wells, with the result that the Fuel Oil Department's dealings in purchased oil decreased 6,529,000 barrels,
per
cent.
The increase of $47,293 75 in Miscellaneous Rent Income (line No. 9) is the result,
$90,000. in rent received for
principally, of
increase of about
an
of property not required for railway operations, caused by an increase in the rental rate, less
the decrease of $38,303 12 on account of rental for last year from properties of the Southern Pacific Terminal Company,
which was dealt with in last year's report as accruing to the Company instead of to the Director-General, as explained above.
The decrease of $60,612 43 in Miscellaneous Non-operating Physical Property (line No. 10) is due, principally, to a
use
decrease in the net income from lands belonging to Central Pacific Railway Company and pledged under that
Three and One-half Per Cent Mortgage.
•
.
company's
.
The decrease of $25,266 78 in
Separately Operated Properties—Profit (line No. 11) represents this company's proportion
profits from operation of Pintsch gas plants at Houston and Portland.
The increase of $145,607 27 in Income from Funded Securities—Investment Advances (line No. 14) is the result, prin¬
cipally, of crediting to income this year interest on investment advances which were repaid during the year.
The decrease of $200,529 66 in Income from Unfunded Securities and Accounts (line No. 15) is due, principally, to a
of the decrease in
decrease in the interest received
bank balances.
on
The increase of $104,498 47 in Miscellaneous Income (line No. 17) represents, principally, the gain in exchange on funds
remitted to Paris in payment of interest on Central Pacific Railway Company Four Per Cent Thirty-Five Year European
Loan bonds.
t
.
.
Prior to January 1 1918
The credits to Revenues Prior to January 1 1918 (line No. 18) and the debits to Expenses
(line No. 31), represent, respectively, the collection and payment during the year, through the Federal Administration,
revenues and expenses, commonly called "lap-over" items, applicable to the period prior to January 1 1918.
For the
set forth in the last paragraph on page 15 of last year's report the treatment of these items as credits and debits to
income, as required by the Inter-State Commerce Commission, has had the effect of understating the income for last year
by $2,533,000 13, and of overstating the income for this year by $76,977 51.
of
reasons
FROM
DEDUCTIONS
GROSS
INCOME.
principally, of a rental payment made last year,
covering rental accrued prior to January 1 1918, which had been in controversy for several years.
/
The increase of $127,284 60 in Miscellaneous Rents (line No. 22) represents, principally, an increase in rental for pipe
line used by the Fuel Oil Department.
«
Of the decrease of $1,065,982 47 in Interest on Funded Debt—Bonds and Notes (line No. 25) the sum of $920,429 89
is due to the conversion of Southern Pacific Company Four Per Cent and Five Per Cent Convertible Bonds into common
stock; and the remainder is due to the retirement of bonds, principally througn accretions to sinking funds.
The increase of $228,714 31 in Interest on Unfunded Debt (line No. 27) represents, principally, interest paid on funds
borrowed for the purchase of Liberty Loan Bonds.
The increase in Corporate Operating Expenses (line No. 29) is due to the fact that such expenses for the period from
January 1 1918 up to the time of the appointment of Federal Managers, in the latter part of June 1918 were borne by the
The decrease in Rent for Leased Roads (line No. 21) is the result,
#
,
Federal Administration.
°
$1,073,949 87 in Dividend Appropriations of Income (line No. 35) is due to the issue of Commou stock
against Southern Pacific Company Four Per Cent and Five Per Cent Convertible Bonds surrendered and canceled.
On December 31 1919 the principal of advances to the Southern Pacific Railroad Company of Mexico amounted to
$39,546,127 19.
Interest accruing on these advances has not been taken into the income of the Southern Pacific Company.
The increase of
CAPITAL STOCK.
$276,442,905 64
capital stock of the Southern Pacific Company outstanding at the beginning of the year amounted to
Issued during the year:
Common Stock issued at 130 in exchange for $26,657,150 00, par value, Four Per Cent Twenty-Year Convertible
Gold Bonds and Bond Scrip, at par, surrendered and canceled
.
Common stock issued in exchange for a like amount of Five Per Cent Twenty-Year Convertible Gold Bonds sur-
The
rendered and canceled
Amount of Southern Pacific Company
There
was no
$20,505,500 00
5,076,500 00
—
—$302,024,905 64
capital stock outstanding December 31 1919
change during the year in the capital stocks of the
PrefOTredrtock?"8.'
Proprietary Companies.
The amount outstanding December 31 1919
S29.400.000 00
317,432.400
-
-
25,582,000 00
Common stock.................
00^
Capital stocks of Proprietary Companies outstanding December 31, 1919, were held as follows:
In hands of public.
L.
Owned by Southern Pacific Company
Owned by Morgan's Louisiana & Texas Railroad & Steamship Company
$346,456,300 00
300,000 00
$346,832,400*00
FUNDED
The funded and other fixed
Southern Pacific Company
Proprietary Companies
346,756,300 OU
—•
..-v.:
outstanding December 31 1918,
$76,100 00
-
——
^ ^ Q()
DEBT.
interest-bearing debt of the Southern Pacific Company and of its Proprietary
follows:
1
\
» -1
$201,189,710 00
445,298,789 78
Companies,
was as
$646,488,499 78
Total outstanding December 31 1918
Retired during the year:
Southern Pacific Company—
Four Per Cent Twenty-Year Convertible Gold Bonds:
Retired at par in exchange for $20,505,500 00, par value, common
San Francisco Terminal First Mortgage Four Per Cent Bonds:
Purchased from payments to sinking fund
Five Per Cent Twenty-Year Convertible Gold Bonds:
Retired in exchange for a like amount of common stock
Equipment Trust Certificates:
Series A, Due March 1 1919, paid off
Series B, Due September 1 1919, paid off
Series C, Due December 1 1919, paid off
Series D, Due May 1 1919, paid off....
.
$26,657,150 00
stock issued at 130
6,300 00
^
___-
_
$1,012,000
201,000
117,000
511,000
-
-
i
5,076,500 00
issued
00
00
00
00
1,841,000 00
Central Pacific Railway Company—
Rerfunng Motgage Four Per Cent Bonds:
payments to sinking fund
and One-half Per Cent Mortgage Gold Bonds:
Purchased from proceeds of sale of lands
Purchased from payments to sinking fund
First
$31,000 00
Purchased from
Three
$372,000 00
29,000 00
—
_
432,000 00
Oregon & California Railroad Company—
First Mortgage Five Per Cent Bonds:
'
Purchased from payments to sinking fund.
South Pacific Coast Railway Company—
First Mortgage Four Per Cent Bonds:
Purchased from payments to sinking fund
Southern Pacific Railroad Company—
First Refunding Mortgage Four Per Cent Gold Bonds:
PPPurchased from payments to sinking fund
Texas & New Orleans Railroad Company—
Payment to State of Texas account of School Fund Debt
onn
j
nn
140,000 (JO
^
33/ ,OOU 00
15,000 00
—
4,sas 65
Total retired during the year
Amount of funded and other
ing December 31 1919
The
In
ta^fgS'tieS
—
fixed interest-bearing debt of the Southern Pacific Company
-
-
Md M f0U°WS:
Total
—
-
-
-$612,088,661 73
-
-
-----
o^-n^ bysouihern'pacLfic company::::::;:::::;:::::":":::::;::.":
Owned by Proprietary Companies.
Held in sinking funds of Proprietary
34,399,838 05
and of its Proprietary Companies, outstand-
.-$509,765,445 31
$37,119.21642
loo^nnn
nn
13,86/,QUO OO
Companies
^ ^3 216 42
—-..$612,088,661 73
„
r
As
[Vol. 110.
THE CHRONICLE
2668
result of
protracted negotiations your Company has entered into an agreement, dated January 15 1920, with the
providing that payment for the 1,000 box cars, which the Company was compelled to take
as explained on page 10 of last year's report, is to be made in fifteen equal annual install¬
ments, evidenced by Equipment Trust Notes, dated January 15 1920, divided into fifteen series, each for an aggregate
principal amount equal to one-fifteenth of the total purchase price of the equipment, maturing, respectively, on the 15th
day of January in each of the years 1921 to 1935, both inclusive, with interest at 6 per cent per annum, payable semi¬
annually on January 15th and July 15th in each year.
The agreement stipulates that while the precise purchase price of
the 1,000 cars has not been finally computed it shall not be less than $2,815,000 nor more than $3,'072,450.
The minimum
purchase price of $2,815,000 has been paid by the execution of notes aggregating $2,814,000, and the payment of $1,000 in
cash; and upon the delivery of a certificate of the Director-General and the manufacturers of the equipment, on or before
August 1 1920, specifying the total purchase price of such equipment, additional notes are to be executed and delivered to an
aggregate amount equal to the difference between the total purchase price, as specificed in such certificate, and the mini¬
mum purchase price.
The aggregate amount of all notes to be executed and delivered under the agreement shall not, how¬
ever, in any event, exceed the maximum purchase price of $3,072,450.
a
Director-General of Railroads
over
from the Director-General
-
SOUTHERN
ASSETS—DECEMBER
31
PACIFIC
BALANCE
SHEET.
COMPANY AND PROPRIETARY COMPANIES,
1919, COMPARED WITH DECEMBER 31
COMBINED.
1918, EXCLUDING OFFSETTING ACCOUNTS.
December 31 1919.
December 31 1918.
SI,007,467,713 46
ASSETS.
$996,741,568 97
1,416,086 78
14,597,652 09
Increase.
Decrease.
Investments—
Investment in road and equipment
4,181,212 60
15,072,997 66
Improvements on leased railway property.
Sinking funds
._
$10,726,144 49
2,765,125 82
475,345 57
Q*vl HQ
935 30
18 79
32,550,029 13
31,805,766 84
744,262 29
276,077,877 61
142,891,570 60
11,917,751 70
273,317,127 61
134,690,024 70
2,760,750 00
8,201,545 90
1,208,529 17
107,990,144 96
Deposits in lieu of mortgaged property sold.
physical property, a
Miscellaneous
873,654 99
107,667,866 75
Investments in affiliated companies:
Stocks
Bonds
_
Stocks ICost inseparable
Bonds J
Notes
Advances
12,192,301 70
$274,550 00
334,874 18
322,278 21
Other investments:
Stocks
156,710
15,649,902
2,328,227
381,240
2,115,678
—
Bonds
Notes
29
44
78
98
98
156,710
16,282,632
6,436,716
434,063
1,847,845
29
34
632,729 90
4,108,488 33
52,822 32
11
30
29
267,833 69
$1,619,990,541 45
$1,598,460,953 06
$21,529,588 39
76
78
05
95
77
07
00
82
95
$10,264,657 88
59,287 52
$2,016,977 88
$20,984,324 15
$23,092 094 14
Standard return
Less received on account
$96,489,320 06
61.625,000 00
$48,167,342 56
16,000,000 00
$48,321,977 50
45,625,000 00
Balance due from U. S. Government..
Cash and agents' and conductors' balances taken
$34,864,320 06
$32,167,342 56
$2,696,977 50
Advances
Miscellaneous
Total.
Current
Cash
Assets—
-
-
Special deposits
Loans and bills receivable—
Traffic and car-service balances receivables.
Miscellaneous accounts receivable
■
Material and supplies.&
Interest and dividends receivable
Rents receivable
Other current assets
Total.
Accounts with
revenues
U.
S.
$12,281,635
37,876
194,590
183,363
3,256,128
1,555,151
2,230,709
1,221,141
23,726
3,351,520
267,880
3,503.017
1,692,207
2,239,583
1,667.116
46,824
$21,410
3,156,930
84,516
246,888
137,056
8,874
445,974
23,097
52
32
08
19
11
12
40
74
47
37
31
12
11
30
45
$2,107,769 99
Government—
over January 1 1918,
prior to January 1 1918, and other corporate assets collected,
etc
37,775,606
23,468,531
8,670,321
1,257,102
Materials and supplies, December 31 1917
Depreciation and other reserves
Road and equipment retired and not replaced
Total.
19
66
83
56
36,435,380
23,581,109
4,058,073
431,432
91
84
23
86
1,340,225 28
$112,578 18
4^612,248" 60
825,669 70
$106,035,882 30
$96,673,339 40
$43,008 18
16,360 00
7,177,875 02
5 7493,02777
$16,360 00
1,684,847 25
$7,237,243 20
$5,539,955 85
$1,697,287 35
Deferred Assets—
Working fund advances
Insurance and other funds.
Other deferred assets
Total.
$9,362,542 90
$46,928 08
$3,919 90
Unadjusted Debits—
Rents ana insurance premiums paid in advance.
Discount on capital stock
Discount on funded debt
$£0,285
3,988,600
3,039,679
3,581,020
d5.924,675
dl56,500
assumed—Pledged
Total
Total assets.
$31,898 93
$12,564,143 63
$1,736,330,486 08
292,131 27
1,540,527 10
5,121,547 86
d5,849,425 00
a231,750 00
$1,764,947,577 43
-
or
$122,184 72
3,988,600 00
3,331,811 05
78
76
00
00
$*0,699,586 33
Other unadjusted debits
Securities issued or assumed—Unpledged
Securities issued
79
00
<*75,250 00
<*75,250 00
$1,864,557 30
$28,617,091 35
The value of the unsold Central Pacific Railway Company and Oregon & California Railroad Company land grants is not included in the above
statement of assets.
6 Represents material and supplies of California Fuel Oil Department,
d Excluded from total assets and a corresponding
amount excluded from outstanding funded debt in accordance with regulations of Inter-State Commerce Commission.
a
LIABILITIES—DECEMBER
31
1919,
COMPARED
WITH
LIABILITIES.
DECEMBER
December
31
31
1918,
1919
EXCLUDING
December 31
OFFSETTING ACCOUNTS.
1918
Increase
Decrease.
Stock—
Capital stock of Southern Pacific Company
Capital stock of Proprietary Companies.a
$302,024,905 64
346,832,400 00
Premium
on
capital stock of Southern Pacific Company
$25,582,000 00
$648,857,305 64
Total stock outstanding
$276,442,905 64
346,832,400 00
$623,275,305 64
$25,582,000 00
$623,275,305 64
$31,886,440 00
$6,304,440 00
Total
$655,161,745 64
i
Long-Term DebtFunded debt unmatured:
Book liability
Less held by or for company
■
$6,304,440 00
.
$618,169,836 73
6,081,175 00
$652,569,674 78
6,081,175 00
$34,399,838 05
$167,608,760 00
444,479,901 73
$201 189 710 00
445,298,789 78
$33,580,950 00
818,888 05
$612,088,661 73
$646,488,499 78
5,482,434 97
3,227,258 81
$617,571,096 70
$649,715,758 59
Actually outstanding:
Southern Pacific Company
Proprietary Companies.a
Total funded debt
Non-negotiable debt to affiliated companies:
Open accounts
Total...
--------—-..i.—
Current Liabilities—
Loans and bills payable
__
Miscellaneous accounts payable
unpaid
Dividends matured unpaid
Funded debt matured unpaid
Unmatured interest accrued
Unmatured rents accrued
Other current liabilitiesTotal
$32,144,661 89
t
Traffic and car-service balances payable
Audited accounts and wages payable
Interest matured
$34,399,838 05
$2,255,176 16
_
■_
_
$82,354
1,134,611
1,654,735
5,030,633
4,622,115
62,213
4,813,872
288,393
51,492
41
16
02
14
76
92
14
77
17
$17,740,421 49
ff$6,050,000
94,353
1,142,662
1,517,448
6,296,515
4,274,988
127,213
5,261,940
247,446
81,287
00
40
12
30
$6,050,000 00
11,998199
8,050*96
$"137,286" 72
21
62
92
89
18
83
1,265,882*07
347,127 14
40,947 59
$25,093,856 47
65,000100
448,068*75
29,795 66
$7,353,434 98
June 26 1920.]
THE CHRONICLE
BALANCE
SOUTHERN PACIFIC
LIABILITIES
2669
SHEET.
COMPANY AND PROPRIETARY COMPANIES,
(.Concluded).
December 31
COMBINED
(
).
December 31 1918.
$13,855,161 98
47,811,802 81
45,951.353 23
1,860,449 58
$72,406,638 29
$59,806,515 21
$12,598,123 08
$53,476 61
Total.
1919.
$24,592,835 48
Accounts with TJ. S. Government—
Advances for additions and betterments
Advances for expenses prior to January 1 1918, and other
corporate liabili¬
ties paid, etc
$57,331 47
Decrease.
Increase.
$10,737,673 50
Deferred Liabilities—
Other deferred liabilities
Unadjusted Credits—
'
credits./
$4,166,294
3,309,723
1,322,017
51,348,247
8,541,207
58,439,936
_
Total.
49
29
17
38
84
81
$127,127,426 98
Corporate Surplus—
Additions to property through income and surplus..
Funded debt retired through income and surplus
Sinking fund
reserves
$3,854 86
,
Tax liability
Insurance and casualty reserves
Accrued depreciation—Road-d
Accrued depreciation—Equipment
Accrued depreciation—Miscellaneous
physical property.^.
Other unadjusted
$1,404,504
22,302,877
11,177,796
3,818,177
31
20
69
83
$4,266,757
3,264,555
1,165,281
47,597,739
7,650,520
50.639,151
28
78
37
57
81
63
$114,584,006 44
$1,271,691
21,566,803
10,337,920
3,818,177
$100,462 79
$45,167
156,735
3,750,507
890,687
7,800,785
51
80
81
03
18
$12,543,420 54
65
76
61
83
$132,812 66
736,073 44
839,876 08
$36,994,593 85
226,803,118 41
$1,708,762 18
9,382,297 28
$274,888,771 72
$263,797,712 26
$11,091,059 46
$1,764,947,577 43
$1,736,330,486 08
$28,617,091 35
i
Appropriated surplus not specifically invested
Total appropriated surplus
Profit and loss—Balance.
$38,703,356 03
236,185,415 69
Total corporate surplus.
Total liabilities.
'
,
•"'
'
'
.i
.
a The outstanding capital stock and funded debt include
capital stock and funded debt of Proprietary Companies of the par value of $346,756,3
$102,323,216 42, respectively, a total of $449,079,516 42, which securities are owned by the Southern Pacific Company or by Proprietary Companies J
held in sinking funds of Proprietary Companies.
The cost of these securities is included in the investments shown above.
Of the said amounts
stocks of the par value of $249,653,161, which stand charged on the books at
$232,932,667 41. are pledged against the issue of Southern Pacific
Company stock and bonds,
d Represents accrued depreciation on electric power plants and substations, general office
building at San Francisco,
wood preserving works, Sacramento rolling mill, oil storage
plants, grain elevators, and similar facilities,
e Represents accrued depreciation on oil
lands and improvements acquired from Kern Trading & Oil
Company.
/ Represents, principally, interest on construction advances which have not
been repaid,
g Represents notes, issued in connection with the purchase of Liberty Loan Bonds, paid off during the year.
0^
and
or
are
To replace
for 42
equipment vacated and to provide for increased requirements your company has placed orders with outside
locomotives, 50 passenger-train cars, 750 freight-train cars, and 130 electric cars; and is building at company
shops 30 locomotives and 4,065 freight-train cars.
Orders have been placed, also, for three ocean-going freight steamers
(El Estero, El Isleo, and El Lago) of 7,825 tons displacement, each, and one ocean-going tank steamer (Tamihua) of 22,900
tons displacement.
The cost of this new rolling stock and floating equipment will be approximately $29,700,000, all of
which, except the cost of the steamers, it is proposed to provide by means of an equipment trust.
concerns
THE SUIT
INVOLVING THE
RIGHT
THE
OF THE
SOUTHERN PACIFIC COMPANY
CENTRAL PACIFIC
TO
OWN THE STOCK OF
RAILWAY COMPANY.
On March 9 1917 the United States District Court at Salt Lake
City, composed of three Circuit Judges, decided this
suit in favor of the Southern Pacific Company.
From this decision the Government took an appeal to the Supreme Court
of the United States.
Before the
appeal could he fixed for hearing the railroads were taken over by the United States under
Thereupon the Attorney-General applied for and obtained orders of continu¬
hearing upon the appeal during the period of Federal control.
Such control having
now ended by the return of the railroads to their
owners, it is expected that the appeal will be pressed for hearing.
Hence
the probabilities are that the case will be argued and submitted
early in the October term, 1920.
the Federal Control Act of Marcn 21 1918.
ance for the
purpose of postponing
CONTROVERSY ARISING OUT OF THE OREGON AND CALIFORNIA RAILROAD'S LAND GRANT.
This is
an accounting suit
brought in 1917 by the United States seeking to oft-set against the compensation of $2 50
due the Company for the unsold lands, moneys received by the Company, in excess of $2 50 per acre, by reason
of past sales, leases and otherwise, as well as taxes levied since the forfeiture decision in 1913 and
voluntarily paid by the
Federal Government to the State of Oregon.
The preparation for the trial of this case has involved an extensive examination
and comparison of the records of the Company and of the Federal Land
Department, local and at Washington.
Tnis pre¬
paratory work is now about completed ana it is believed that the case will be heard in the United States District Court of
Oregon some time during 1920.
per acre,
THE
SUITS INVOLVING TITLE
TO
THE
OIL LANDS.
These suits may be divided into two classes—one involving lands alleged by the Government to be valuable oil lands
but not proven or regarded as such by the Southern Pacific Company; and the other
involving the Company's productive
Both classes of suits have now been disposed of by final judgments of Court, the Government
and valuable oil lands.
winning the suit for the non-productive oil lands and the Company winning the suits covering its productive and valuable
oil
lands.
^
The suit
i
^
involving non-productive oil lands
was known as the Elk Hills Case.
It was brought to cancel a patent for
issued to the Company by the Government in December 1904, long subsequent to the patents
involved in the other suits described in the paragraph below.
This case was decided in favor of the Company by the United
States Circuit Court of Appeals, but, on November 17 1919, the Supreme Court of the United States, reversing the Circuit
6,109.17
acres
which
was
Court of Appeals, directed the entry of a final decree in favor of the United States.
The suits involving our productive and valuable oil lands, six in number and embracing 161,000 acres, were decided
in favor of the Company by Judge Bledsoe of the United States District Court for the Southern District of California.
The
date of this decision and the decree in accordance therewitn was August 28 1919.
The law applicable to such cases gave
the Government six months within which to
appeal.
The result of failure to appeal within the time limit is to make the
The review of the evidence in the opinion of Judge Bledsoe clearly showed the absence of any
bad faith in connection with the patents to the lands in question.
The decision of the Supreme Court in the Elk
decree final and conclusive.
fraud
or
Hills Case showed that without clear
proof of fraud or bad faith the Government could not win the case.
The AttorneyDecember 5 1919, publicly announced that the United States would take no appeal from Judge
Bledsoe's decision.
Six months have elapsed from the date of the decision and, no appeal having been taken, the decrees
in favor of the Company in the six cases are now final and conclusive.
General, accordingly,
on
TERMINATION
OF FEDERAL CONTROL.
The Federal Control Act of March 21 1918, under the terms of which your Company's railroads and steamship lines
have been operated by the Federal Government since December 28 1917, provides, in Section 16, "that this Act is expressly
declared to be emergency legislation enacted to meet conditions growing out of war
*
*
*
and in Section 14, that
"the President may
such action needful
relinquish all railroads and systems of transportation under Federal control at
desirable."
In accordance with these provisions the President of the
any
time he shall, deem
United States, on December 24
1919, issued a proclamation relinquishing control of all railroads and steamship lines at 12:01 a. m., March 1 1920.
The
terms and conditions under which the properties are returned to their owners are set forth in the Act of Congress, approved
February 28 1920, known as the "Transportation Act, 1920."
Under the terms of the Transportation Act each railroad company is given the option of accepting or refusing a guar¬
anty by the Government to the effect that the Company's railway operating income for the six months' period beginning
March 1 1920, as a whole, in the case of railroads with which a contract has been made fixing the amount of annual com¬
pensation under the Federal Control Act, shall be not less than one-half of its annual compensation as fixed in such contract
including additional compensation for use of additions and betterments, with the proviso that, in event of the acceptance of
such guaranty, if the railway operating income for such guaranty period shall exceed the amount of the guaranty, the Com¬
pany shall pay such excess to the Government.
Your Company accepted this guaranty for itself and all its system^lines.
The Transportation Act provides that all transportation rates in effect on February 29 1920 shall continue in effect
until changed by Federal or State authority, and that prior to September 1 1920 (the end of the guaranty period) no such
rate shall be reduced except upon authority of the Inter-State Commerce Commission.
The Commission is directedJto
or
#
[Vol. 110.
THE CHRONICLE
2670
of such rate groups or terri¬
fixed by the Commission, of the railroad
property held for and used in transportation service: Provided that during the two years beginning March 1 1920 the Com¬
mission shall take as such fair return a sum equal to 53^ per cent of such value, but may add thereto a sum equal to onehalf of one per cent of such value to provide for a return upon expenditures for additions and betterments chargeable to
capital account. If, however, any railroad, or system of railroads under common control, shall receive for any year a net
railway operating income in excess of 6 per cent of the value of its transportation property one-half of such excess must be
placed in a reserve fund to be established by the railroad, and the remaining one-half paid over to the Inter-State Commerce
Commission to establish a railroad contingent fund.
This fund to be used by the Commission either (1) in making loans to
railroads to meet expenditures chargeable to. capital account or to refund maturing securities originally issued for capital
account, or (2) in purchasing transportation equipment and facilities to be leased to the railroads.
If for any year the net
railway operating income is less than 6 per cent of the value of the transportation property the reserve fund maintained by
the railroad may be drawn upon by it to the extent of such deficit, for the purpose of paying dividends on stock, interest
on bonds and other securities, and rent for leased roads, but for no other purpose.
This reserve fund is required to be
accumulated until it reaches a maximum sum equal to 5 per cent of the value of the transportation property; and thereafter
the portion of its excess income retained by the railroad which is not required to maintain the resertve fund at such maxi¬
establish rates which will be adequate to
as
mum
sum
be used for
may
provide the railroads as a whole (or as a whole in each
designate) with a fair return upon the value, as
the Commission may
tories
lawful
any
purpose.
provisions of the Act limiting the return which a railroad may earn on the value of its transpor¬
tation property, attention is called to the statement given below showing the per cent earned by Southern Pacific System
on the book value of its transportation property during the years 1909 to 1919, both inclusive, after deducting from Net
Railway Operating Income the amounts paid for Miscellaneous Rents and Leased Road Rents:
*
Year ended June 30 1909
5.11 per cent
In connection with the
"
"
"
"
"
"
"
"
"
-
Dec.
"
"
"
-----
-
-'
1916—
1917
31
"
-
1914....
1915
1916
"
"
"
-
1912...
1913
"
"
1911
"
"
"
1910.
"
"
"
"
I
"
—
-
1918
-
1919
-
-
—5.65
4.94
—4.29
4.60
3.92
3.78
4.93
5.2.5
6.24
4.60
4.48
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
V
I
"
year's report, the officers having immediate supervision of the maintenance and operation of your
Company's lines at the time such lines were taken over by the Government, continued, as a rule, as Federal appointees, to
supervise the maintenance and operation of your properties under Federal control.
Substantially all such officers were
elected to their former positions effective with the tremination of Federal control.
As stated in last
GENERAL.
Dividends
1K per
cent
per cent
per cent
per cent
on
the capital
stock of
your
paid April 1 1919...
paid July 1 1919
paid October 1 1919
payable January 2 1920
Company were declared during the year, payable as
follows:
$4,146,646 53
4,521 !853 55
4,527,90834
I::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::
...
817,478,125 12
of Mexico from
but only such maintenance
of the line open for traffic.
The company, during the year, has been unable to make any collection on account of its claims against the Mexican Gov¬
ernment.
A revised estimate places the cost of property destroyed from the beginning of the Madero Revolution, in 1910,
toJDecember 31 1919, at 4,898,700 pesos, equivalent to $2,449,350; and the amount due the company for freight and passen¬
ger service performed, for rental of road and equipment, and for material furnished to or confiscated by the various mili¬
There has been
no
material change in the
conditions along the line of the Southern Pacific Railroad
those reported last year.
The average miles of road operated during the year was 1,003 miles,
work was done as was necessary to make possible the operation of trains over those portions
tary authorities, at 8,947,000 pesos.
In addition to the
completed lines of railway reported under Properties and Mileage, and the still incompleted line of
of Mexico, construction is progressing on the lines of the following companies, viz.:
the Southern Pacific Railroad Company
Length of
Projected Line.
Track
Grading
Grading
Completed.
Completed.
Progressing.
Miles.
Miles.
Miles.
11.60
19.24
t3.13
8.47
16.49
2.75
15.54
5.96
mm
Southern Pacific Railroad:
Kern Junction to Silvert, Cal
Sutter Basin Branch—Near Knight's Landing to
Houston & Texas Central Railroad:
Texas—Belt Line around city
Dallas,
*
*
Tisdale Bypass, Cal
Line will not be
opened to public for traffic until ballasting is completed,
Miles.
9.58
f 2.58 miles opened to public for traffic August 9
1919.
With the completion of the 12 miles of the San Diego & Arizona Railway in Carriso Gorge, and the placing in opera
tion, on December 1 1919, of the last section of the line between Campo and El Centro, Cal., the entire line between San
Diego and El Centro was opened to the public for traffic.
This line, which is owned jointly by your Company and Messrs.
John D. and A. B. Spreckels, will enable your Company to serve San Diego with the shortest line from the Middle West;
To provide for the purchase of 4,000 new refrigerator cars, for new icing stations, and for the payment of its existing
companies, the Pacific Fruit Express Company, which is owned jointly by your Company and
and operates icing stations for, the Southern
Pacific and Union Pacific Systems, has issued and sold $25,000,000, par value, seven per cent equipment trust certificates
dated June 1 1920, and maturing, serially, on June 1st in each year from 1925 to 1935, both inclusive.
All such certificates
have been guaranteed jointly and severally by the Southern Pacific Company and the Union Pacific Railroad Company.
fc* m The status of the accounts of your Company and its Proprietary Companies with the United States Government in
connection with the control and operation of your properties, is shown in the balance sheet.
The net balance of $33,631,244 01 due from the Government as shown by these accounts, is made up as follows:
indebtedness to the parent
the;Union Pacific Railroad Company, and which furnishes refrigerator cars to,
^
balances taken over January 1 1918,
and betterments and corporate liabilities paid, subject to
Net amount due from Government account of standard return, cash and agents' and conductors'
and corporate
assets collected, after deducting advances for additions
$235,287 96
current settlement
Depreciation and other reserves and road and equipment retirements, not subject to current settlement
Material and supplies taken over January 1 1918, for which material and supplies equal in quantity, quality, and
are
9,927,424 39
relative usefulness
23,468,531 66
to be returned at the end of Federal control
For the
$33,631,244 01
;
Total
reasons
stated in the second paragraph under "Income
Account" these accounts do not include any
interest due
additions and betterments.
pIn the annual report for 1917, attention was called to the fact that the physical condition of your Company's property
atjthe time it was taken over by the Government, on January 1 1918, had reached a higher standard than was ever before
attained.
As an inspection indicates that the Federal Railroad Administration has not maintained your property, especially
the lines in Louisiana and Texas, at this high standard, a special investigation of undermaintenance during Federal control
is now being made.
Whilst definite figures are not yet available some idea of the extent to which the lines in Louisiana and
Texas have been undermaintained during Federal control may be obtained from the following comparison of the average
quantities of rail and ties per year used in repairs and renewals on such lines during the two years ended December 31 1919,
from
or
to the
Government,
or
the additional compensation due from the Government for use of
^
—
■
■
——
1
-
•
•
Average per Year
Two Years Ended
Average per Year
for the
Dec. 31 1919.
21,033
1,182,419
New rail
23,527
1,565,183
+Increase.
Per
Test Period.
for the
—
Decrease.
—2,494
—382,764
Cent.
10.60
24.45
By order of the Board of Directors,
JULIUS KRUTTSCHNITT,
Chairman
of the Executive Committee.
'
I
June 26 1920.]
2671
THE CHRONICLE
THE CHESAPEAKE AND OHIO RAILWAY COMPANY
FORTY-SECOND ANNUAL REPORT FOR THE FISCAL YEAR ENDED DECEMBER 31 1919.
Richmond, Va., April 16, 1920.
Forty-second Annual Report of the Board of Directors,
for the fiscal year ended December 31, 1919, is herewith sub¬
The
mitted.
The average mileage operated
States Railroad Administration
during the year by the United
operating the Chesapeake and
Ohio Lines was 2,506.0 miles, an increase over the previous year
of 26.3 miles.
The mileage at the end of the year was 2,516.9
miles, an increase of 32.1 miles over mileage on December 31,
1.918.
Retired
Operating Income (Increase $1,295,356.70,
or 9.89%).... $14,386,530.35
Federal Income
Taxes Accrued
(Decrease $38,185.93, or
10.66%).
319,998.50
Net
Income,
10.47%)
Taxes
deducted
(Increase
$1,333,542.63,
were as
$14,066,531.85
on
1,316,000.0
balance sheet lof
Increase
Decrease
Mortgage
$5,258,000.00
4J^ % General Mortgage Bonds
5
debt
follows:
Bonds.
487,000.00
^Equipment Contract—Standard Steel Car
192,031.39
$5,552,968.61
Net Increase.
The five per
Bonds
or
5,000.00
10,000.00
1,114,000.00
$
.
Net
r*
Decrease.-
5% First Lien and Improvement
♦Compensation under Compensation Contract, dated February
28, 1920 (Increase $1,361,595.50, or 10.29%)
$14,588,578.73
tExpenses of Maintaining Corporate Organization.
202,048.38
21,000.00
Other changes in obligations shown under funded
December 31, 1919,
RESULTS FOR THE YEAR.
$ 113,000.000
53,000.00
4% Big Sandy Ry. First Mortgage Bonds.
4% Coal River Ry. First Mortgage Bonds
4% Greenbrier Ry. First Mortgage Bonds
5% Kanawha Bridge & Terminal Co. First
Mortgage Bonda
4% Raleigh & Southwestern Ry. First Mort¬
gage Bonds.
Equipment Trust Obligations.
cent. First Lien and Improvement Mortgage
issued during the year for additions and betterments
were
and other
capital
purposes
and
were
pledged
as
collateral for
The 4^ per cent. General Mortgage Bonds
issued to reimburse the Company for outlays made for dou¬
various loans.
Miscellaneous Income (Increase $97,415.38, or 8.71%)
Total Corporate Income.
tRentals and
159.13%)
Other
1,215,829.84
„...
.
Payments
(Increase
$450,958.94,
$15,282,361.69
or
$
734,349.58
available for interest (Increase $979,999.07,
7.22%)
$14,548,012.11
Interest (60.31 % of amount available) (Increase $43,336.91, or
0.50 %)
8,773,843.40
Income for the year
or
..._
Net Income for the year,
equivalent to 9.19 % on capital stock
outstanding (Increase $936,662.16, or 19.36%)
$ 5,774,168.71
Dividends paid during year:
2,511,264.00
Two dividends of 2% each
Remainder, devoted to improvement of physical and other
$ 3,262,904.71
assets.
♦Includes besides additional allowance made by the Director General
Railroads for years 1918 and 1919 on account of the exceptional condition
of
of
tSe
Company during the three year test period ending June 30, 1917, the
as finally certified by the Interstate Commerce Commission.
as used in this report means "average annual rail¬
way operating income for the three years ended June 30, 1917," as defined by
the Federal Control Act of March 21, 1918, less proportion not accrued to
June 30,1917, of one half of war taxes for that year, and the amount of adjust¬
ment of wages under the Adamson Law; not accrued prior to June 30, 1917,
and paid subsequently to that date.
tBy ruling of the Director General of Railroads, these expenses were required
to be paid by the Company, although the corresponding expenses of the three
years ended June 30th, 1917, were deducted as operating expenses in computing
Standard Return
The term Standard Return
the Standard Return.
tRentals and Other Payments include $542,902.64, representing the differ¬
between the amount of $295,106.71 credited account of Revenues prior to
January 1, 1918, and the amount of $838,009.35 charged accou nt of
prior to January 1, 1918.
Expenses
following table shows the amount of return to your
Company, including subsidiary companies, from transporta¬
tion operations only, upon its investment in road and equip¬
ment at the termination of each year of the five year period
ended December 31, 1919, and the average for the five years:
Property
Total Oper¬
Percent¬
Investment
ating Income
age
of
Return
average
for five
$13,725,866.83
12,871,539.79
14,871,459.45
15,359,715.04
12,465,058.24
4.77%
4.77%
564%
6.14%
5.11%
$13,858,727.87
5.27%
years
ended December 31, 1919....
$263,098,326.29
Company's treasury.
preferred stock of the Lexington Uni<yi Station Company.
During the past eleven years your Company's increases in
capital liabilities in hands of the public, its principal acquisitions
of stocks and bonds of other companies, and its expenditures for
equipment, branch line construction, second track and [other
additions and betterments, have been as follows:
Capital Obligations Issued or Assumed:
Par Value.
Gen. Mort. 4H% Bds
$
4,793,000 00
Gen. Fund, and Im.
Mort. 5% Bonds
First Consol. Mort.
11,000,000 00
5% Bonds
Convert. 4J^% Bds..
3-yr. 4H% Col. Tr.
2,000,000 00
31,390,000 00
Notes
—.....
Col.
1-yr. 5%
Tr.
Tr.
5% Col.
5-yr.
25,000,000 00
3,500,000 00
33,000,000 00
Notes—
Convert. 5% Secured
Gold Bonds
40,180,000 00
BondsRaleigh & Southwest.
Ry. Co. 1st Mort.
3,000,000 00
4 % Bonds
Big Sandy Ry. Co.
1st Mort. 4% Bds..
860,000 00
Mort. 4%
The
$287,864,838.63
269,914,419.76
263,397,068.67
250,247,098.33
244,068,206.05
your
Coal River Rv. First
RETURN ON PROPER rY.
UYear ended December 31, 1919
fYear ended December 31,1918
Year ended December 31, 1917..
Year ended December 31, 1916..
Year ended December 31, 1915..
and remain in
During the past year your Company aquired at par an addi¬
tional $500,000.00 par amount of coupon notes of the Western
Pocahontas Fuel Company, a corporation owning the Dorothy
and Sarita coal properties in West Virginia, to which corporation
reference was made in the report for 1917.
Your Company also acquired, during the year, 9 sharesof the
.
ence
Yearly
were
ble track purposes
IfThe road having been operated in 1918 and 1919 by the United States
Railroad Administration—for the year 1918, the Standard Return, as ten¬
tatively certified by the Interstate Commerce Commission, has been used;
the contract compensation plus additions to the Stand¬
certified, and additional allowances made by the United
States Railroad Administration applicable to the year 1918, has been used, in
lieu, in each case, of operating and other items corresponding with the Stand¬
ard Return..
In these computations, interest payable by way of compensation
for additions and betterments completed during Federal control has been
Air
Virginia
229,000 00
Line
Ry. Co. 1st Mort.
5
% Bonds.
Bridge
Kanawha
900,000 00
&
Term. Co. 5% Bds.
476,000 00
Equip. Trust Certif.
Series "N"
......
1,700,000 00
Equip. Trust Certif.
3,160,000 00
Series "O"-
Equip. Trust Certif.
Rerips "P"
2,500,000 00
Equip. Trust Certif.
Series "R"
Equip. Con., Various
3,780,000 00
4,809,390 00
$172,277,390 00
$163,630,314 49
and for the year 1919,
Realizing.
ard Return, as finally
Less:Canital Obligations Paid or Purchased:
$
5,000,000 00
6% Col. Gold Notes
Col. Gold 6% Notes
2,500,000 00
excluded.
f
Peninsula
Mort.
Div.
1st
6% Bonds
matured Jan. 1,'11
FINANCIAL.
Company undertook no new financing during the year.
January 1, 1920, arrangements have been made with the
Director General of Railroads to fund the indebtness of your
Your
Since
Company to the United States Government for equipment
acquired during Federal control through Equipment Trust Notes,
bearing interest at six per cent., and maturing serially over a
period of fifteen years. The aggregate principal amount of these
Notes issued to date is $11,205,000, which will be somewhat in¬
creased when the final cost of the equipment has been ascer¬
tained. All, or substantially all, of the indebtness of your Com¬
pany to the United States Government for other additions and
betterments made during Federal control, aggregating approxi¬
mately $10,289,212.81, your Directors hope to fund, under the
provisions of the Transportation Act of 1920, hereinafter men¬
tioned, for a period of ten years at six per cent., with the option
to your Company to pay all or any part before maturity.
Notwithstanding adverse financial conditions now prevailing
your Company must secure during the coming year for new Equip¬
ment and for other additions and betterments imperatively need¬
a moderate amount of new capital, a part at least of which it
hoped may be provided out of the revolving fund established
by the Transportation Act.
The changes in funded debt in the hands of the public during
ed,
&
New
R. Co.,
1st Mort. 5% Bds.
redeemed Feb.l ,'11
Gen. Fund, and Im.
2,000,000 00
Greenbrier
River R.
Mort. 5%
339,000 00
7,302,000 00
Bds
Co.
4% Bds.
Ry.
Greenbrier
1st Mort.
retired Nov. 1, '11
2,000 00
3-yr. 4*A% Col. Tr.
25,000,000 00
1-yr. 5% Col. Trust
5-yr.
5%
Secured
3,500,000 00
33,000,000 00
Gold Notes
Kineon Coal Co. 1st
Mort. 5%
Bonds...
Equin Tr. Payments
Through Sinking Funds:
Big Sandy Rv. Co.
1st Mort.
Coal
4% Bds..
200,000 00
13,407,000 00
612,000 00
River Rv. Co.
4% Bds..
Greenbrier Rv. Co.
1st Mort. 4% Bds..
1st Mort.
Kanawha
Term.
Bridge
Co.
218,000 00
&
First
Mort. 5% Bonds...
Raleigh & Southwest.
Rv. Co. 1st Mort.
4% Bonds
297,000 00
5,000 00
70,000 00
is
the year were as
follows:
$ 93,452,000 00
Costing..
$ 94,110,410
84
$ 69,519,903 65
3673
THE CHRONICLE
Acquisitions—Stocks of:
TheC.&O.Ry. Co.
|» of Indiana.
$
—.—
Elkhorn
<fc
control, the payment for which the Director General agreed to
assumed, and five Mountain type and twenty Mallet type loco¬
motives, one thousand 50-ton box cars and two thousand 55-ton
hopper bottom gondola cars, which were allocated to your Com¬
pany by the Director General.
All of this equipment has, sub¬
sequent to January 1, 1920, been financed by the Director Gen¬
eral through fifteen year
Equipment Trusts amounting to a
minimum of
$11,205,000.00, with interest at six per cent.
The changes during the
year in the accrued depreciation of
equipment account were as follows:
5,998,800 00
Beaver
Valley Ry. Co..
The Hocking Valley
►> Ry. Co.
30,000 00
7,671,900 00
—
Cincinnati Inter-
KTer. R. R. Co..
Levisa
River
road Co. (of
The
Levisa
56,000 00
Rail¬
Ky.)....
50,000 00
River
R. R. Co. (of Va.)
Silver
Grove
50,000 00
Land & Bldg. Co...
White Sul.
200,000 00
The
t#
Balance
Corp.
Va.).
to
1918
Springs,
credit
of account
:
during year ended December
31,1919, by charges to U. S. Government....
Charged to account, for:
(Richmond,
!
Accrued
180,000 00
The C. & O. Northern
during
Ry. CoWestern Pocahontas
Fuel Co—
Miscellaneous
1
4,026,500 00
depreciation
;
on
train
credit of account
Indiana
&
$
7,270,000 00
Beaver
Valley Ry. Co. 1st
Mortgage 5%.
Western
1,011,000 00
Pocahontas
Fuel
Co., Coupon
Notes, 5%.
Miscellaneous
1,500,000 00
382,500 00
$ 10,163,500 00
Costing.
$
8,654,096 74
Properties of:
Coal River
Ry. Co....
2,304,359 88
Raleigh & »Southwest.
Ry, Co.
&
the
32%668.06
116,767 98
629,512 41
Southern
306,105 73
Creek R. R. Co
$
,
Costing...........
5,844,923 60
$
.
5,844,923 60
Construction of:
Extension of Branch
Lines, costing...
$
3,398,075 35
Second Track (217.11
miles) and Addit.
.
and
Betterments,
costing.
27,819,482 27
(Excluding
$2,680,955.25 expended on
Chicago Line to
Oct. 31, 1917, for
$ 31,217,557 62
which securities
have been acquired.)
Equipment:
k*Addit.
equipment
re-
tirals)
$ 45,187,845 19
(Excluding—Creidt
—$27,319.93,
in¬
cluded
in
State¬
ment of
Expend. on
Chicago Line to
Oct. 31, 1917, for
.
which securities
have been acquired.)
1
Costing.
$114,385,765 04
J* ""Includes approximate cost of equipment allocated during Federal control
by
thelGovernment and also equipment contracted for during Federal control by
your
Company, the
cost of which has been financed
GENERAL
Branch line extensions
by the Government.
REMARKS.
during the
year have been as follows:
Sharpies, W. Va., to Ardrossan, W.
Va., 2.84 miles. Sycamore Branch of Cabin Creek Branch, east
from M.P. 30 to M.P. 31, 1.15 miles. Seth, W.
Va., to Whites,
ville, W. Va., 13.50 miles. Elk Run Branch, Elk Run Junction,
W. Va., to Eudrom, W. Va., 3.77 miles.
Marsh Fork Branch,
from Little Marsh to Hazy Creek, W. Va., .63 mile.
Brush
Creek Branch, east from M. P. 10 Big Coal Branch to M. P.
4 Brush Creek, 4 miles.
Buffalo Creek Branch, from M. P. 12
tofM. P. 15, 3.07 miles.
From Ward, Ky. to Alka, Ky., 3.14
miles, making a total increase in branch lines put into operation
during the year of 32.10 miles.
°
The equipment inventory as of December
31,1919, was as fol¬
Beech Creek Branch from
lows:
Increase
Locomotives owned.
Decrease
65
Locomotives leased.™
208
.
Locomotives contracted
for by
....
Company after
January 1, 1918, title taken in 1920....
Locomotives allocated
25)
by Director General of
25 J
32
Railroads.
Total—
Passenger train
Passenger train
923
cars
cars
owned....
leased..—.
37.7
cent.
There
expense
38.2 Dec.
5
of maintaining Corporate Organization amounting
:
•
'
31,642.4 tons of new rail (1,554.9 tons 130 lb.,
12.3 tons 125 lb., 25,591.3 tons 100 lb., 3,992.9 tons 90 lb., 491
tons 67Yi lb.) equal to 204 miles- of track used in renewal of
existing track.
There were 1,095,627 cross ties used in maintaining existing
tracks, a decrease of 52,434.
There were 910,582 yards of ballast (534,495 yards stone)
used in maintaining existing tracks, an increase of 224,359 yards.
The average amount expended for repairs per locomotive was
$6,227.43; per passenger train car $1,859.85; per freight train
car
32
deducting
The result of operations for the year was
unsatisfactory as
compared with the previous year. This was due in a considerable
degree to falling off in tonnage during the early months of the
year following the Armistice and to interruptions in traffic due
to strikes of shopmen and coal miners in the latter
part of the
year.
Advances in wages paid to all classes of labor and in the
cost of fuel and other materials and supplies resulted in increased
operating expenses throughout the year.
The revenue coal and coke tonnage was 25,471,475, a decrease
of 8.5 per cent; other freight tonnage was 10,126,881, a decrease
of 18.4 per cent.
Total revenue tonnage was 35,598,356 tons,
a decrease of 11.5 per cent.
Freight revenue was $53,073,001.73,
a decrease of 4.8 per cent.
Freight train mileage was 8,830,930'
miles, a decrease of 9.5 per cent.
Revenue ton miles were 9,633,548,642, a decrease of 10.2 per cent. Ton mile revenue was
5.51 mills, an increase of 6.2 per cent.
Revenue per freight train
mile wras $6.01.0, an increase of 5.3 per cent. - Revenue tonnage
per train mile was 1,091 tons, a decrease of 0.7 per cent; including
Company's freight, the tonnage per train mile was 1,151 tons,
a decrease of 0.4 per cent.
Tonnage per locomotive, including
Company's freight, was 1.003 tons, an increase of 2.7 per cent.
Revenue tonnage per loaded car was 37.7 tons, a decrease of 1.3
per cent.
Tons of revenue freight carried one mile per mile of
road were 3,844,193, a decrease of 11.2 per cent.
There were 8,659,602 passengers carried, an increase of 1.6
per cent.
The number carried one mile was 501,637,254, an
increase of 3.2 per cent.
Passenger revenue was $14,158,153.29,
an increase of 3.9 per cent.
Revenue per passenger per mile
was 2.822 cents, an increase of 0.6 per cent.
Number of pas¬
sengers carried one mile per mile of road was 200,174, an increase
of 2.1 per cent.
Passenger train mileage was 5,507,727, an in¬
crease of 8.6 per cent.
Passenger revenue per train mile was
$2,571, a decrease of 4.4 per cent. Including mail and express
it was $2,810, a decrease of 5.0 per cent.
Passenger service
train revenue per train mile was $2,847, a decrease of 5.1 per
were
$164.99.
COMPENSATION
333
CONTRACT.
62
TotaL—
395
Freight train and miscellaneous cars owned
34,324
Freight train cars leased.
15,000
Freight train cars allocated by Director General
of Railroada
2,000
3,000
PJ Total-
Included?inr the'above
<.:-
1918
$202,048.38.
As
:...
are
52,324
fifteen Mallet type
tenfSwitchers [ contracted for by
■
car...
♦After
270,000 00
to
(less
United
1919
1,071,947 12
Railway Co
l»
Report for the
of
Operating Revenues were $71,475,015 88 $73,720,796 68 Dec. $2,245,780 80
♦Net Operating Revenues
were
10,596,494 29
19,503,449 82 Dec.
8,906,955 53
Operating Ratio.
85.2%
73.5% Inc.
11.7%
Tons of Revenue Freight
carried one mile.
9,633,548,642 10,729,366,446 Dec. 1,095,817,804
Revenue train loads, tons
1,091
1,099 Dec.
Revenue tons per loaded
.8
Piney River & Paint
acquired
$10,518,006 82
,
Terminal Co,.„
Logan
1
General.
Pond Fork Ry. CoZ
Gauley & Meadow
River R. R. Co.
Kanawha Bridge &
_
President
816,562 42
Virginia Air Line Ry.
1,677,712 01
1
year 1918 you were advised that
States, by proclamation dated
December 26, 1917, took possession and assumed control of the
railroad systems of the
country, appointing a Director General
of Railroads, through whom the
operation of such transportation
systems was to be conducted.
Under this Proclamation and
under Act of Congress of March 21,
1918, (generally known as
the Federal Control Act), the railroad of
your Company was
during the entire year 1919 operated by the United States
Government through Walker D. Hines, Director General of
Railroads. The operating and traffic statistics contained in this
report relate to the operation of your property by the Director
the
First
Mortgage 5%.
Elkhorn
38,605 60
r
December 31,
;
In the Annual
The C. & O. Ry. Co.
of
$
-v:
to
OPERATION BY U. S. RR. ADMINISTRATION.
$ 23,481,341.89
Bonds and Notes of:
and 305 freight
cars.—
1919—
$ 21,896,400 00
k.
equipment retired
car
.V"
Balance
.......
$1,716,317 61
year—
passenger
train and work
1,000,000 00
33,200 00'
_.....
$ 8,840,294 81
Amount credited
2,600,000 00
Costing
December 31,
.
.,.
Incorporated
First Nat. Bank Bldg.
,
(Vol. 110
your
2,751
locomotives and
Company during Federal
pointed out in the Annual Report for 1918, the Standard
Return of your Company and its railroad subsidiaries under the
Federal Control Act for the three-year test period ended June
30, 1917, as tentatively certified by the Interstate Commerce
Commission, was $13,226,983.23. Your directors, beihg of opin¬
ion that the sum named was inequitable as a fair measure of
just compensation, in July, 1919, applied to the Director General
of Railroads for a contract providing for compensation in addi¬
tion to the Standard Return in the aggregate sum of $1,047,-
June 26 1920.]
THE CHRONICLE
408.57.
After several hearings and the submission of additional
data the Director General offered your Company a contract pro*
viding for compensation in addition to the Standard Return, in
sum of $258,374.50 per annum, being 5% upon the
cost of the Chesapeake and Ohio Northern Railway.
Your
Company was also awarded by the Director General, for the use
of its Eunice Mine, interest at 6% upon the investment plus fif¬
teen cents
per ton of coal delivered to the Director General for
depletion and depreciation. In its final certificate, dated Feb¬
ruary 10,1920, by reason of certain adjustments in your operat¬
ing expenses for the test period, the Interstate Commerce Com¬
the annual
mission increased the amount of the Standard Return to $13,-
630,044.26.
execution of
Your directors, after consideration, approved the
contract for the aggregate compensation awarded
by the Director General and the contract was signed and deliv¬
ered by the Director General on February 28, 1920.
The corporate income figures in this report are based upon the
contract compensation including the additional income resulting
a
from the final certificate of the Commission and from the addi¬
tional
compensation awarded by the contract.
TRANSPORTATION
The above Act
ACT 1920.
approved by the President and became ef¬
fective on February 28, 1920. It represents an earnest and pub¬
lic-spirited effort by Congress to deal constructively with the
railroad problem.
It is impracticable within the scope of this
report to analyze the Act or even refer to most of its provisions.
Of particular importance to your Company are the provisions:—
(a)
For the
was
guaranty to your Company, if accepted by it be¬
fore March 15, 1920,
for the six months ending September 1,
net railway operaitng income, computed in accordance
with the Federal Control Act, equal to one-half of the return
1920, of
a
provided by your compensation contract.
For funding the indebtness of your Company to the
(b)
United States for additions and betterments made during Fed¬
eral control for not more than ten years, and other indebtness for
not more than two years, interest in each case to be computed
at 6% per annum, the amount to be funded
being the balance
after offsetting any sums due your Company under its compensa¬
tion contract, in excess of the amount required to provide for
fixed charges, taxes payable by the Company, corporate expenses
and dividends accruing during Federal control and for a reason¬
able working capital.
(c)
For loans to carriers during the two years succeeding
Federal control, particularly for additional facilities, and estab¬
lishing a revolving fund of $300,000,000 for this and certain
#
other purposes.
(d)
Requiring the Interstate Commerce Commission to so ad¬
just rates as to allow to the carriers as a whole, or in regional groups
fixed by the Commission, an annual net operating income equal
ditional allowance in the discretion of the Commission of
of 1% per annum to
provide in whole
or
onejhalf
in part for additions'and
betterments.
provided by the
ending September 1, 1920. This accept¬
ance carries with-it the obligation to pay to the United States any
operating income in excess of the amount guaranteed.
While the rule of rate making above mentioned does not
amount to a guaranty to any particular carrier of a return of
5%% upon the value of its operating property, as the earnings
of any particular carrier in a group may be more or less than the
514% allowed the region, your directors feel reasonably confident
that a rate adjustment on the foregoing basis should afford your
Your Directors voted to accept the guaranty
Act for the six months
GENERAL
For year
INCOME
Company
3673
return of not less than the average return allowed by
a
the Act to the carriers in its
original group. One-half of any earn¬
ings above 6% upon the value of your property must be paid into
a
general contingent fund to be administered by the Interstate
Commerce Commission and the remainder may be retained by
your Company in a reserve fund to meet interest and dividends
m
years when the return upon your property does not equal 6%.
After your reserve fund reaches 5% upon the value of
your pro¬
perty, one half of the excess over 6% per annum may be used by
your Company for any of its lawful purposes.
Reference to the statement of Return on Property on page 4
of this report indicates that an adjustment of rates on the fore¬
going basis should afford your Company on the whole a slightly
better average return upon its
property investment than it has
enjoyed during recent years. This is on the assumption that the
Commission accepts your property investment accounts as
fixing
the property value on which a return is to be allowed. The re¬
turn allowed by the Act, however, on any additions to
your pro¬
perty hereafter made, is not sufficient under present conditions to
provide for the charges which your Company must meet upon the
new capital
required to make such additions. Your directors,
therefore, feel that while additions and betterments to existing
facilities reasonably necessary to take care of your traffic must be
made, it is undesirable to extend any of your lines into new ter¬
ritory or to encourage the further development of the coal fields
now reached
by them. One difficulty facing your Company is the
fact that during the war, as a result of pressure by the Govern¬
ment for|maximum coal production, the number of mines trib¬
utary to your lines was increased from 375 to 625.
Labor conditions, not only those affecting railroad employees,
but'those exisiting generally throughout the country, are unsettled,
and your Company must doubtless expect further increased in its
cost of operation due both to the necessity of meeting further
demands for increased wages and to the difficulty of obtaining a
sufficient number of competent and experienced employees. The
Transportation Act of 1920 contains provisions for dealing with
labor controversies affecting railroads, the workability of which
has yet to be determined. It is the clear intention of the Act that
increases in
expenses
due to increased
and improved work¬
wages
ing conditions, adopted with the sanction of the labor adjustment
tribunals established by the Act, shall be adequately provided for
inrthe rate adjustments to be made from time to time by the In¬
terstate Commerce Commission.
The responsibilities of the
Commission to the railroads, their employees and to the public
under the Act, are very great, but your directors have confidence
that they are appreciated by the Commission and that it will
measure up to them.
Your Directors regret to report the death on September 21,
1919, of Mr. Theodore P. Shonts, a director of your Company.
Mr. Frank Trumbull, for many years Chairman of your Board
of Directors and President of your Company from July 1, 1918,
resigned effective December 31, 1919. His resignation was ac¬
cepted with regret and resolutions were adopted by your directors
expressing their appreciation of his long and valuable service to
your Company and their gratification at his willingness to con¬
tinue as member of your Board.
Effective March 1,1920, George W. Stevens was elected Pres¬
ident of your Company and also a Director to succeed Mr. Shonts.
Effective the
same
date G. B. Wall
elected
was
a
Director of your
Company to succeed Chas. B. Seger, resigned.
*
Your directors acknowledge with appreciation the faithful and
efficient service of officers and employees.
**By order of the Board of Directors.
H. E. HUNTINGTON,
GEO. W. STEVENS,'
President.
Chairman.
ACCOUNT—(CORPORATE).*
ended December 31,1919, and Comparison with Year ended December 31, 1918.
Increase.
1918
1919
Decrease.
Per Cent
tCompensations for possession, use, and control of the properties of The
Chesapeake & Ohio Lines as per compensation contract dated February
$14,588,578 73
202,048 38
28,1920.
t General Expenses .(Corporate)
Federal Income Tax Accruals.—
319,998 50
$14,066,531 85
$13,226,983 23
135,809 58
358,184 43
$ 1,361,595 50
10.3
66,238 80
48.8
$12,732,989 22
$ 1,333,542 63
10.7
38,185 93
10.5
Income from Other Sources:
Miscellaneous—
.......
13.9
130,677 41
1,067,567 98
148,261 86
$
936,890 57
181,523 89
$
1,215,829 84
$ 1,118,414 46
$
.97,415 38
8.7
$15,282,361 69
Interest from Investments and Accounts.-.
$13,851,403 68
$
1,430,958 01
10.3
$ 8,773,843 40
$ 8,730,506 49
$
43,336 91
$
—
$
Gross Income.™
Deductions from Gross Income:
Interest on Debt.
Rental Leased Roads and Misc. Rents.
Loss on C. & O. Grain Elevator.
;
....
—
98,172 08
20,866 23
615,311 27
^Miscellaneous
Total Deductions.™..^—
$ 9,508,192 98
•••••—
Amount to Credit of Profit and Loss December 31, 1918.
Amount of Net Income for year ended December 31, 1919,
|
98,260 21......
23,859 04
161,271 39
$ 4,837,506 55
5,774,168 71
.1
2,992 81
12.5
28.15
454,039 88
5.5
19.4
...
.......
$ 8,565,726 52
...
$
transferred to Profit and Loss-
5,774,168 71
32,786 27
•
-
.5
88.13
494,295 85
936,662 16
$ 9,013,897 13
$
—
Net Income
Sundry Adjustmenta
18.3
33,262 03
$
5,806,954 98
$14,372,681
Deduct:
Dividend 38 Paid June 30, 1919.
.
:
$
-
Dividend 39 Paid December 31, 1919.-;
Appropriation of Surplus to Sinking and Other Reserve Funds.—
Balance to Credit of Profit and Loss December 31, 1919
1,255,632 00
1,255,630 00
fiO
2,511,264 00
$11,861,417 50
12,000 00
$11,849,417 50
...
.....
unpaid balances of Compensation less loans made by Director General and balances of open accounts due Director General,
but does not include Compensation for or interest on completed Additions and Betterments.
tIncludes additions to Standard Return for years 1918 and 1919, and also additional allowances made by the Director General fdr years 1918 and,
1919, account of exceDtional condition of the Company.
•
JBy ruling of the Director General of Railroads these expenses were required to be paid by the Company, although the corresponding expenses of the
three years ended June 30th, 1917, were deducted as operating expenses in computing the Standard Return.
flncludes $542,902 64 representing the difference between the amount of $295,106 71 credited account of Revenues prior to January 1,1918, and the
amount of $838,009 35 charged account of Expenses prior to January 1, 1918.
♦Includes interest
on
,
,
_.
_
.
,
,,
T
,
,
[Voi,. 110
THE CHRONICLE
2674
GENERAL BALANCE SHEET DECEMBER 31
.
LIABILITIES.
ASSETS.
'
-
1919.
(Excluding Stocks and Bonds owned of The C. & 0. Ry. Co. of Indiana and of
The C. & 0. Equipment Corporation.)
Property Investment:
Cost of Road...
—.$193,451,514.36
Cost of Equipment.
82,458,496 (X)
(Excluding Stocks
p.
Indiana'and.of
$62,729,600 00
3,000 00
First Preferred.
200 00
Second Preferred
Securities of Proprietary, Affili¬
ated and Controlled Com¬
p.
owned of The C. & O. Ry. Co. of
The C. & O. Equipment Corporation.)
na Jtsonas
Capital Stock:
Common
$275,910,009 36
panies—Pledged:
Stocks—See Schedule,
Bonds—See Schedule,
,
$62,795,800 00
Common—The C. & O. Ry.
Co. of Indiana—
20..$16,240,499 44
20..
5,540,407 01
1,200 00
$62,797,000 00
Funded Debt:
$21,780,906 45
Other Investments—Pledged:
Bonds—See Schedule, p. 20..
Securities—Issued
Assumed
or
—Pledged:
Bonds—See Schedule, p. 20.. 53,213,001 00
-$ 76,378,907 45
(Includes First Lien and Im¬
provement Mortgage 5%
Bonds $53,213,000.00. See
Contra.)
Miscellaneous Investments:
-
379,557 33
Physical Property.
Special Funds, and
Funded
Debt Issued and Reserved:
R. & S. W. Ry. Co., 1st Mort.
Bonds—Reserved for Con¬
struction
$40,000 00
50,023 00
..
Potts Creek Branch—Cash....
90,023 00
76,848,487 78
$352,758,497 14
Working Assets:
Cash in Treasury.
Cash Deposit—Ins. Col. Act..
Cash deposits to pay Interest
$538,902 19
96,655 18
1,559,360 00
and Dividends
Cash deposits to pay Matured
Bonds and
12,174 17
Scrip.
Cash deposit to pay C. & O.
Grain Elevator Ins. Claims
Loans and Bills Receivable....
1,080
291,806
47,390
208,540
Traffic Balances....
Misc. Accounts Receivable....
U. S. Gov.—Stand. Return
.
Va. Air Line
Railway, 5% Bonds, 1952..
Mort., R. & A. Division,
4% Bonds, 1989
2nd Mort., R. & A. Division,
4% Bonds, 1989
General Mort., 4Yi % Bonds,
900,000 00
1st
$17,608,871 52
in
Mortgage,
First Mortgage,
42
43
37
80
unpaid—See Schedule, p. 22 14,852,961 96
Securities
Terminal,
etc., 6% Bonds, 1922.
$142,000 00
Gen. Fund, and Imp., 5%
3,698,000 00
Bonds, 1929
Convert. 4^ % Bonds, 1930.. 31,390,000 00
First Mortgage, R. & S. W.
Railway, 4% Bonds, 1936..
830,000 00
First Consolidated Mortgage,
5% Bonds, 1939......
29,858,000 00
First Mortgage, Craig Valley
Branch, 5% Bonds, 1940..
650,000 00
First Mortgage, Greenbrier
Railway, 4 % Bonds, 1940..
1,701,000 00
First Mort., Warm Springs
branch, 5 % Bonds, 1941....
400,000 00
First Mortgage, Big Sandy
Railway, 4% Bonds, 1944..
4,388,000 00
First Mortgage, Paint Creek
Branch, 4% Bonds, 1945....
539,000 00
First Mortgage, Coal River
Railway, 4% Bonds, 1945.. 2,703,000 00
Convertible 5 % Secured Gold
Bonds, 1946.
40,180,000 00
First Mortgage, Potts Creek
Branch, 4 % Bonds, 1946—
600,000 00
1st Mort., Kanawha Bridge
& Term. Co., 5% Bonds,
1948
471,000 00
First
1992.
Treasury—Un¬
6,000,000 00
1,000,000 00
48,616,000 00
—
$174,066,000 00
pledged:
Equipment Trust Obligations
Stocks—See Schedule, p. 19.. $4,074,723 45
Bonds—See Schedule, p. 19..
866,375 50
7,404,000 00
and Contracts.
181,470,000.00
4,941,098 95
Deferred Assets:
$244,267,000.00
Accts. with U.'S. Gov.—See
Schedule, page 22
U. S. Gov.—Materials
—
704,911 07
Cash
9,409 10
Aud. Vouchers and Pay
617,870 73
203,976 25
Rol Is
17,934 97
Unpaid Wages
9,146 32
Misc. Accounts Payable—.—
Mat. Int. and Div. Unpaid—
165,090 19
147,724 76
1,650,989 40
Matured Mort. and Secured
Debt
and
12,174 17
Unpaid
$17,300,248 65
148,058 12
129,516 97
Secur. Acct. Liberty Loan
Cash and Secur. in Sink. Fds..
Cash and Secur. in Ins. Re¬
serve
$15,258,040 00
Traffic Balances.
Controlled Companies
Advances, Working Funds
(Fast Freight Lines, etc.)..
Special Deposits with Trust.,
Various Mortgage Funds....
Deposit,
53,213,000 00
(see Contra.) 1930
Working Liabilities:
Loans and Bills Payable—
6,131,266 54
Unmat. Int., Div. and Rents
Advances to Prop., Affil. and
Special
Imp. Mort., 5%
Bds. not in hands of public
and
Schedule,
See
22
page
1st Lien and
$13,227,016 02
..
Supplies
Deferred Liabilities:
Accts. with U. S. Gov.—See
81,550 73
Fund..
Sundry Accounts
$19,971,994 18
Schedule, Page 22—
2,424,652 42
Unmatured Int. and Rents....
392,429 43
21,606,856 12
44,156,826 59
Empl. Payments
on
Liberty
28,502 44
684,352 84
Loan Bonds—
Taxes Accrued.
Accrued
Dep.—Equipment— 10,518,006 82
12,648,315 21
Sundry Accounts—
$46,275,823 91
63,576,072.56
Appropriated Surplus:
Add.
Property
to
Income
through
$23,859,636 38
and Surplus
68,336 85
81,860 44
Reserve Inv. in Sink. Funds..
Reserve Inv. in Ins. Fund
$24,009,833 67
11,849,417 50
Profit and Loss—Balance
35,859,251 17
Total..
This
Company is also liable
$1,450,000 maturing 1918, 1919 and 1921)
Chesapeake and Ohio Grain Elevator Co., First Mort¬
gage 4% Bonds due 1938
Richmond-Washington Co. Collateral Trust Mortgage (C. &
O. prop'n. H) 4%-Bonds due 1943
The Chesapeake and Ohio Northern Railway Co., First
Mortgage 5% Gold Bonds due 1945-
prop'n.
Western
820,000 00
Extension Mortgage No.
4J^
% Bonds due 1945
—
Corporation, Extension Mortgage No.
2, 4H % Bonds due 1946—
—
-—
NorfolkTerminal and Transportation Co., First Mortgage
5% Bonds due 1948
————T~
1,
Western Pocahontas
10,000,000 00
1,000,000 00
—The United States Mortgage
NOTICES.
& Trust Co. has been
agent of the Pref. and Common stock of
oi
"*"1 ^
750,000.00
....
Western Pocahontas Corporation,
—
t
$4,500,000'00
Pocahontas
Bonds due 1945—
$1,950,000 00
The
CURRENT
Jeffersonville Bridge Co. Mortgage (C. & 0.
H)4% Bonds due 1945
Corporation, First Mortgage 4J^%
Louisville and
a guarantor of the following securities:
Coupon 5% Notes. Duel918
($500,000 each year; this Company owns notes for
as
Western Pocahontas Fuel Co.
to 1921
$396,915,323 73
TotaL
$396,915,323 73
i *
97,000 00
*1 *
^
51,000 00
500,000.00
appointed transfer
Archbald Coal Corp., and of the
of 200,000 shares (no par
Common stock of the Locomobile Co., consisting
—Hallgarten & Co. of New York and London, with correspondents in
the larger cities of practically all parts of the civilized
world,
have estab¬
lished offices at 79 W. Monroe St., Chicago, with J. Allen Haines as West¬
ern
representative.
Mr.
of Kean, Taylor & Co.
and
Haines for
many
a
Western Manager
years
exchange, investment securities
Independent," of which Mr. Basil Clark is editor, has
centenary number, telling of the growth of the city of Sheffield,
England, in manufacture, commerce, &c., from Dec. 11 1819, when the
irst copy
of the "Independent"
issued, down to the present time.
Jt
—Anderson, Brown & Co. of 39 Broad St. announce the
staff of Frank J. Miniter,
addition to their
formerly with E. M. Fuller & Co., to be in charge
of their customers' room, and S.
—Berdell
nounce
Mr.
Arnold
S. Rowntree is Chairman of the company that now
publishes this
journal and Aid. Sir Charles Starmer, J.P., is the managing director.
that,
partnership
are
was
A and B stocks of the
C. Mayer, formerly with M. S. Wolfe &
Co., to take charge of their statistical department.
foreign Governments and cities.
—The "Sheffield
issued
was
Hallgarten & Co. have been in business for 73
have become large factors in foreign
and bonds of
years
value); and also appointed registrar of the Class
Chicago Nipple Manufacturing Co.
Brothers,
as
Trinity
Building,
111
Broadway, this
of June 18 1920, Gordon R. McAllister
in the firm.
the remaining
Charles P.
city, an¬
has withdrawn from
Berdell Jr. and Theodore Berdel
partners.
—The Guaranty Trust Co. of N.
Y. has been appointed Transfer Agent
of the stock of the Oriental Navigation Co.
and Registrar of the Common
stock of the Santa Cecelia Sugar Corp.
—Logan & Bryan
announce
the opening of a branch office in the Banff
Springs Hotel, Banff, Alberta, Canada.
furnish service in stocks,
Their private wires in Canada
bonds, cotton, grain and other commodities at
Montreal, Winnipeg, Victoria, B. C., and
intermediate points.
other Canadian Pacific route
—The New York Trust Co. has been
appointed Transfer Agentlof the
Capital stock of the Mountain Producers Corp.
—The
Central
Union
Trust
Co.
has been appointed registrar of the
preferred stock of the Southwestern Bell Telephone Co.
June 26
3675
THE CHRONICLE
1920.]
J.
I. CASE PLOW WORKS
COMPANY
(Organized under the laws of Delaware.)
SEVEN PER CENT
SEVEN
PER
CENT
CUMULATIVE FIRST PREFERRED STOCK
NON-CUMULATIVE SECOND PREFERRED STOCK
COMMON STOCK
WITHOUT NOMINAL OR PAR VALUE
(Certificates transferable
:
1920.
J.I. Case Plow Works Company (hereinafter referred to as the
"Delaware Company") hereby makes application to have listed
on the NeW York Stock Exchange permanent engraved inter¬
changeable certificates for $3,500,000 (of an authorized issue of
$5,000,000) First Preferred 7% Cumulative Stock, consisting of
35,000 shares of the par value of $100 each; $3,500,000 (of an
authorized issue of $5,000,000) Second Preferred 7% Non-Cum¬
ulative Stock, consisting of 35,000 shares of the par value of $100
each and 125,000 shares of Common Stock (total authorized
issue), without nominal or par value, which are issued and out¬
standing. All of said stqck, the listing of which is now applied
for, is fully paid and non-assessable and no personal liability at¬
Racine, Wisconsin j June 1,
V
in New York or Chicago)
I required by statute, unless two
taches to shareholders.
The Delaware
rized
of the
autho¬
Company was incorporated under the laws
State of Delaware on the
28th day of July, 1919,
Capital Stock of $5,000,000 7%
vided into 50,000
with
an
First Preferred Stock di¬
shares of the par value of $100
each; $5,000,-
divided into 50,000 shares of the
par value of $100 each, and 125,000 shares Common Stock with¬
out nominal or par value, of which there is now issued and out¬
standing $3,500,000 First Preferred Stock, $3,500,000 Second
Preferred Stock, and 125,000 shares Common Stock. The char¬
ter of the Corporation is perpetual.
The Delaware Company is engaged, in accordance with the
terms of its charter, in the manufacture and sale of tractors,
farm implements, motor trucks and the parts and accessories
000
7% Second Preferred Stock
therefor.
The nature of the
preference of the First and
Second Preferred
rights and the rights of the holders
of the Common Stock, respectively, are set forth in the Certifi¬
cate of Incorporation
and,an amendment thereto, and are as
Stock, its voting powers and
First Preferred Stock.
all previous years
or
a
sum
The First Preferred
Stock shall be entitled to receive,
by the Board of Directors,
dividends from the date of
when and as
declared
from the surplus or net profits of the Corporation
original issue at the rate of seven per centum per
the Board of Directors.
cumulative and shall be
paid or set apart before any dividends shall be paid or set apart on the Second
Preferred and Common Stock.
Accumulations upon the First Preferred Stock
shall not bear interest.
The First Preferred Stock shall be subject to redemp¬
tion by lot, in whole or in part, upon thirty days' notice at $110 per share and
the amount pf any dividends accumulated and unpaid thereon at the date of
redemption.
The Company will, within sixty days after the close of each
business year, commencing with the year 1923, set aside out of its net profits
remaining after paying or setting aside all dividends on the First Preferred
Stock and before any dividends for such year is paid on the Second Preferred
or Common Stock, an annual sinking fund of $175,000, which fund shall be
applied during the year it is set aside to the purchase or redemption of the First
Preferred Stock.
The Company agrees to maintian at all times net quick assets
equal to 100% of the par value of the outstanding First Preferred Stock.
The First Preferred Stock outstanding shall not exceed $3,500,000 par value
without the consent of three-fourths in amount of the First Preferred Stock
given as provided in the certificate of incorporation, unless the net assets of
the Corporation equal 200 % and the net quick assets equal 125 % of the par
value of the First Preferred Stock outstanding and to be issued, and unlesss
also the net earnings of the Company for the twelve months immediately pre¬
payable quarterly on dates to be fixed by
First Preferred Stock shall be
The dividends on the
First
shall have the
the
for
shall have been paid
thereof, and the said sinking fund shall
and the then current quarterly dividend
set apart
for the payment
have been set aside,
year
quarterly dividends are unpaid on the
First and Second Preferred Stock
until all accrued and unpaid dividends are paid on
After the dividends on the First Preferred Stock
exclusive voting power
and after
seven per
centum per annum
shall have been paid or a sum set apart for
Second Preferred Stock, all
dividends that
may
for the current
the payment thereof upon the
be paid out of any remaining
Second Preferred Stock and Common Stock,
priority, provided, however,
Second Preferred and Common Stock
unless at the time of such payment the Company shall have on hand in its
business net quick assets equal to the par value of the First Preferred Stock
outstanding over and above the sum required to pay such dividend.
In case
of liquidation, dissolution or winding up of the Corporation, all property re¬
maining after the payment of corporate debts shall be applied as follows:
First, to pay the First Preferred Stockholders $100 per share and all unpaid
dividends.
Second, to pay the Second Preferred Stockholders $100 per share.
surplus shall be declared on the
and
share
that
no
share
alike, without preference or
dividend shall be paid on the
Third, the remainder, if any, to
the Common Stockholders.
Directors, when authorized by the
The Board of
of the issued
affirmative vote of a majority
stockholders' meeting held for that
purpose, or when authorized by the written consent of a majority of the
holders of the voting stock issued and outstanding, and upon the consent of
three-fourths in amount of the Preferred Stock of each class then outstanding,
shall have power and authority at any meeting to sell, lease or exchange all of
the property of the Corporation upon such terms and conditions as the Board
and outstanding voting
196-87—.
of Directors may deem
stock given at a
for the best interests of the
Corporation.
organized for the purpose of
acquiring and consolidating, and did acquire as of June 30, 1919,
all of the business and assets of J. I. Case Plow Works and Wallis
Tractor Company, both corporations organized under the laws of
the State of Wisconsin, for the consideration of $3,500,000 First
Preferred Stock, $3,500,000 Second Preferred Stock, and 125,000
shares Common Stock, without nominal or par value, of the Dela¬
ware Corporation.
The property of the two Wisconsin compa¬
nies was acquired by the Delaware Company free of incumbrance
and none of the indebtedness of the Wisconsin Companies was
Delaware Company was
The
assumed by the
follows:
annum,
Preferred Stock, when the
pany
J.
Delaware Company, but
discharged its own liabilities.
I. Case Plow Works (Wisconsin)
and from that time to the time
each Wisconsin Com¬
was
established in 1876
its property was taken over by the
continuously engaged in the manu¬
Wallis Tractor Com¬
pany was organized in 1912 and was actively engaged in the pro¬
duction of the "Wallis" Tractor from the time of its organization
to the time its assets were taken over by the Delaware Corpora¬
Delaware
facture of
tion.
Corporation,
was
plows and tillage implements.
The Delaware
Racine, Wisconsin, upon
manufacturing plant,
Two main brick
approximately 9£% acres
which is located its
general description of which is as follows:
Company owns in fee
of land situated in
a
buildings of mill construction
containing 465,324 square feet,
for manufacturing
offices of the Com¬
semi-fireproof and completely equipped with
boilers and equipment used
agricultural implements and for warehouses and for the
together with machinery,
pany.
The
sprinklers.
buildings
are
equal at least three times the
in fee improved with
and Oklahoma City, Okla¬
homa, and used [for warehouses and office buildings.
All the above-described land, buildings, machinery and equip¬
ment were appraised as of June 30, 1919, at the sum of $2,191,-
outstanding and to be
347.53.
ceding
a
prior to any additional issue of stock shall
annual dividend on the First Preferred Stock
issued. The Company will not, while any Preferred
period of three months
other incumbrance
upon any of its property (except purchase money mortgages or liens on prop¬
erty thereafter acquired) without the consent of three-fourths oin amunt of
the First Preferred Stock, given as provided in the certificate of incorporation.
The Second Preferred Stock shall, subject to the sinking fund provisions herein¬
above contained, and whenever the dividends on the First Preferred Stock,
for all previous years and the then current quarterly dividend shall have been
paid or a sum set apart for the payment thereof, and the remaining net quick
assets equal the par value of the First Preferred Stock outstanding and the
sum required to pay any dividend on the Second Preferred Stock, be entitled
to receive, when and as declared by the Board of Directors from the remaining
surplus or net profits, dividends at the rate of seven per centum per annum,
payable quarterly on dates to be fixed by the Board of Directors.
The dividend
on the Second Preferred Stock shall not accumulate so long as any of the First
Preferred Stock is outstanding.
After the retirement of all the First Preferred
Stock all rights herein conferred upon said stock shall inure to the benefit of
the Second Preferred Stock, in addition to the right of participation, which
shall continue unaffected; and thereafter the Second Preferred Stock shall be
subject to redemption by lot, in whole or in part, upon thirty days' notice at
$115 per share and any dividends cumulated at the date of redemption.
The First and Second preferred JStockJshall have not voting power, except as
Stock of either class is
outstanding, create any mortgage or
The Delaware
Company also owns land
buildings situated in Dallas, Texas,
The Delaware
Company has now
under construction, upon
owned in Racine, Wisconsin, two foundry
buildings of concrete and reinforced steel, each of which will con¬
tain 45,000 square feet, and one four-story building constructed
of concrete and reinforced steel containing about 87,900 square
feet.
The buildings now under construction will be absolutely
fireproof. One foundry building completed. The other foundry
building expected to be completed about August 15, 1920. The
four-story building expected to be completed about October 15,
part of the acreage
1920.
I
*
Depreciation was charged off by J. I. Case Plow Works (Wis¬
consin) for the five years ending June 30, 1919, as follows:
1914-15
<
191^-16.
...........
....
$53,663
56,811
101,280
110,733
61,226
93
35
46
59
22
!
2676
THE CHRONICLE
Depreciation
for 2Y2 years
charged off by Wallis Tractor Company
ending June 30, 1919 (other years not available) as
was
Cash.
1917.
6 months
The Delaware
ending June 30, 1919.
U. 8. War Savings
Trade,
was as
ending
Year ending
Year ending
Year ending
follows:
...
......
—
1978.
Year ending December 31, 1915.
ending June 30, 1919
—
ending June 30, 1919,
were as
Year ending June 30, 1916...
Year ending June 30, 1917.:.
Year ending June 30, 1918.....
Year ending June 30, 1919.......
The net profit of Wallis Tractor
dividends, for
LIABILITIES
v
Capital Stock issued and outstanding:
Preferred 6% Cumulative.
$194,900 00
400,000 00
$594,900 0Q
Mortgage loan:
On Dallas and Oklahoma
Current liabilities:
Notes payable
City real
estate
...
Wages and commissions unpaid...
Customers' deposits on tractors
future delivery.
sold
for
54,108 46
—...
Accrued taxes.
1,353,090] 89
39,256.83
...
Reserves:
For deprecition of plant and other
property
For bad and doubtful debts.
$80,882 49
54,558 79
87,772 01
$543,841.52
40,000 00
6,500 00
For contingencies.
590,341 52
2,221,374 93
Federal taxes paid
by J. I. Case Plow Works Company (in
Wisconsin) for five years ending June 30,1919:
1915.—
$1,000
2,000
25,000
289,000
18,000
1916
1917.
1
Federal taxes
years
—
The
Tractors.
Deduct—Manufacturing
Company has paid no dividends.
Delaware Company has paid cash dividends of
7%
taxes.
classes), as provided in the certificate of incorpora¬
tion, quarterly on the first days of January and April, 1920.
(Wisconsin) has paid dividends at the
its outstanding Preferred Stock
amounting to $194,900 continuously since April, 1904, when the
was first
issued; it has also paid dividends at the rate of six
stock
cent, per annum on its outstanding Common Stock
amounting
$400,000 continuously since November, 1906, with the
excep¬
tion of the years 1914 and 1915.
per
to
Depreciation policy of Delaware Company:
Buildings
Sprinkler system.
Pipe and fittings
Machinery.
J
......
Tools and dies.
Patterns and auto trucks.
Wood dies and
electrotypes.
...
J.
—.
I. CASE PLOW WORKS
JUNE
30,
Deduct—Manufacturing
1919
.
In bank
$29,441 96
1,000 00
-
On hand
$30,441 96
8,582 36
U. S. Liberty Bonds.
$39,024 32
Accounts receivable:
Trade debtors.
$14,877 09
2,681 32
Employeea
Freight claims
Inventories at cost
103 78
or
17,662 19
less:
Raw materials.
$367,557 71
137,975 82
91,514 04
—
597,047 57
$413,517
31,613
29,699
43,735
2,037
Standard tools.
Jigs, fixtures and dies._
Automobiles and auto trucks.
17
08
17
92
50
520,602 84
650,000 00
140,972 44
Patents, designs and drawingsDevelopment expense:
Deferred assets:
Prepaid insurance
Prepaid interest...
$6,538 48
2,903 73
$4,917,278 71
cost thereof.
Deduct—Sellinng general and administration
3,287,704 96
9,442 21
,
$1,974,751 57
$1,629,573 75
expenses
and
interest charges.
1,224,061 41
Net profits for the year before
BALANCE
$405,512 34
SHEET, JUNE 30,
Banks and bankers-
$245,000 00
50,115 42
Trade creditors.
providing for Federal income
i
LIABILITIES
Current and accrued liabilities:
Notes payable:
$295,115 42
Accounts payable:
Trade creditors-
$102,700 76
Accrued pay roll
1919
41,317 63
53,513 64
Sundry accounts payable.
ASSETS
Fixed assets:
197,532 03:
Accrued expenses:
Plant:
Liability insurance premium
Real estate-
310,263 43
Machinery.-
285,502 75
Tools and dies
114,686 58
Patterns-
wagons
and trucks-
Other real estate and
buildings.-
Common,
Branches-
Investments.-..
6,000 shares of $100 each-
$600,000 00
3,422 11
205,000 00
4
200,000 00
Preferred, 7% Cumulative, 2,000 shares of
$100 each....
—J
39,460 45
m
800,000]00
Reserves:
Office furniture and fixtures:
Racine.
224,106168
apit
174,669 44
Sprinkler system
$4,773 69
210,193 74
7,139 27
1,999.98
Federal Income ana Excess Profits Taxes
State of Wisconsin Income Taxes
General taxes..
$108,500 00
Buildings
Horses,
30,
ASSETS
Patterns—
1919
Balance—Gross profit from operations.
taxes—
JUNE
Machinery, equipment, etc.:
Machinery ana equipment
(WISCONSIN)
Agricultural implements.
$87,772 01
SHEET,
Current assets:
Cash:
Factory supplies.
3%
5%
8%
10%
22 %
20 %
25%
CONDENSED STATEMENT OF INCOME
FOR THE YEAR ENDING
Sales.net:
BALANCE
Works in process.
...
112,089 30
per
Stock of both
rate of six per cent,
per annum on
$119,861 31
expenses and
Net profits six months before
providing for Federal income
on
J. I. Case Plow Works
$1,387,173 93
1,187,312 62
cost thereof—.
Balance—Gross profit from operations.
Deduct—Selling, general and administration
interest charges.
20,000
8,000
8,800
$3,500,000 First Preferred Stock and $3,500,000
Second Preferred Stock
(being all of the outstanding Preferred
-
COMPANY
CONDENSED STATEMENT OF INCOME FOR THE SIX
MONTHS
ENDING JUNE 30, 1919
Wallis Tractor
annum
TRACTOR
Sales, net:
paid Wallis Tractor Company, two and one-half
1919
$4,863,964 17
WALLIS
ending June 30, 1919:
...
65,000 00
$1,165,000 00
55,259 20
78,723 23
Accounts payable.
preciation but before Federal taxes, for the two and one-half
years ending June 30, 1919 (earnings for other
years not avail¬
able), were as follows:
i
802 69
Common
405,512 34
..
3,290 00
46,685 78
Company, after deducting de¬
Year ending December 31, 1917_
5,692 86
8,619 08
$4,863,964 17
840,926 22
Year ending December 31, 1918.
6 months ending June
30, 1919.
$28,281 15
Prepaid interest.
Miscellaneous.
$57,164 57
82,852 52
320,026 15
............
3,383,035 80
Advertising matter and stationeryPrepaid insurance.,
96
69
78
21
22
follows:
—...
24,522 55
Deferred charges:
(Wisconsin), after de¬
Federal taxes and
Year ending June 30, 1915
186,353 64
325,330 79
Travelers' advanced expenses—
$132,636
369,687
1,178,341
2,687,042
1,618,398
The net profits of J. I. Case Plow Works
the five years
1,899,348 76
progress—
Factory supplies
follows:
Year ending December 31, 1916
Year ending December 31, 1917.
Year ending December 31, 1918.
ducting depreciation but before
less:
Raw material
Company for Ithe four
30,1919 (no records available for
was as
Work in
v
The annual output of Wallis Tractor
and one-half years
ending June
6 months
11,628 77
or
.
$1,525,611
1,913,077
2,572,009
4,250,714
4,917,278
..
June 30, 1916
June 30, 1917
June 30, 1918
June 30, 1919
1914), consisted of tractors, and
547,699 28
Sundry.
Inventories at cost
Finished stock.
Year ending June 30, 1915—._
Year
843 60
90,080 04
Accounts receivable:
(Wisconsin) for
30, 1919, consisted of plows and farm
implements, and
101,153 83
Stamps
Notes receivable-
Company has, June 1st, 2,000 employees.
The annual output of J. I. Case Plow Works
the five years ending June
37,300 00
U. 8. Liberty Bonda.
$44,192 65
378,704 07
30,956 38
..
$158,764 54
Special bank deposits..
follows:
1918..
[Vol. 119.
Current assets:
For
depreciation, machinery, equipment, etc.
For doubtful accounts and allowances.
25,150 46
15,287 37
$1,281,942 59
152,300 00
Surplus.——
$155,832 26
4,321 78
160,154104
,
i.
297,843*40
$1,974,751 57
June 26 1920.]
J.
I. CASE
CONDENSED
THE CHRONICLE
PLOW
WORKS
STATEMENT
COMPANY
OF
ENDING
INCOME
MARCH
31,
(DELAWARE)
FOR
NINE
J. I. Case Plow Works
MONTHS
1920
Not to
Sales net:
Agricultural implements and tractors
Deduct—Manufacturing
ary,
$7,094,229 00
cost thereof
$2,350,778 00
Less—Inventory adjustment
87,481 00
Deduct—Selling,
general
and
administration
interest charges—....—...........
SHEET
$707,850 00
AT
COMMENCEMENT
JUNE
30,
OF
BUSINESS
AS
OF
1019
Inventories at cost
or
To
publish at least
annually
To
324,329 46
.
Raw material.
692,888 50
Factory supplies.
116,036 59
an
income account and balance sheet of all consti¬
or
$90,080 04
Accounts receivable:
a
controlled companies; or
transfer office
a
or
agency
City of New York, where all listed securities shall be
directly
transferable, and the principal of all listed securities with interest
dividends thereon shall be
payable; also a registry office in the
Borough of Manhattan, City of New York, other than its trans¬
$562,576 37
Other accounts receivable
14,423 87
fer office
577,000 24
or
agency
in said city, where all listed securities shall be
registered.
$667,080 28
reserve
for bad and doubtful debts...
Liberty Bonds
110,579 79
....
Cash—
615,106 25
Total quick assets—
$4,375,237 50
$650,000 00
or
a
transfer agen¬
trustee of its
a
officer
an
•
or
director of the
.
notify the Stock Exchange in the event of the issuance of
or subscriptions to or allotments of its
securities, and
rights
afford the holders of listed securities
a
proper
period within which
to record their interests after
$2,836,453 45
Less depreciation
of
trustee
as a
Company.
any
as
appraised.
645,105 92
2,191,347 53
2,841,347 53
Goodwill.
authorization, and that all rights,
subscriptions or allotments shall be transferable, payable and
deliverable in the Borough of
Manhattan, City of New York.
To
2,000,000 00
Deferred charges—
56,127 99
the
securities, and make immediate application for
listing thereof.
To
LIABILITIES
Capital Stock:
notify the Stock Exchange of the issuance of additional
amounts of listed
$9,272,713 02
publish promptly to holders of bonds and stocks any action
interest on bonds, dividends on shares, or allotment
in respect to
First Preferred 7%
Cumulative, authorized
50,000 shares of $100 each.
of
$5,000,000 00
Issued...
rights for subscription to securities, notices thereof to be
Preferred
7%
Exchange, and to give to the Stock Exchange at
days' notice in advance of the closing of the transfer
least ten
Non-Cumulative,
authorized 50,000 shares of $100 each
books
5,000,000 00
Issued
3,500,000 00
—.....
Common:
Authorized 125,000 shares without nominal
or
par
of the Stock
To
$9,272,713 02
mortgage
or
extensions,
funded indebtedness and
none can
or
be
outstanding.)
MARCH
31,
1920
ASSETS
Current assets:
Cash
690,489 64
Accounts receivable
The annual
less
buildings, machinery and equipment
H. M. Wallis, W. M.
Laventure, M. E. Erskine, H. M. Wallis, Jr., and G. C. Wey-
Troxell, LaGrange, Illinois.
are:
President, H. M. Wallis; Vice-Presidents,
Weyland and R. O. Hendrickson; Secretary, M. E. Ers¬
kine; Treasurer, W. M. Laventure; Auditor, G. A. Filer; Assist¬
3,437,320 99
ant
650,000 00
340,564 03
Secretary, Charles E. Pain, Jr.
Certificates of stock
2,000,000 00
Deferred charges and prepaid expense
year.
are:
G. C.
3,842,451 40
Patents, designs and drawings
(elected annually)
The Officers
$7,241,576 75
Fixed assets—Real estate,
,
Tuesday in September in each
and B. F.
38,293 60
or
ends June 30th.
meeting is held at the principal office of the Corpo¬
DuPont Building, Wilmington,
Delaware, on the
The Directors
2,038,516 62
Investments.
requirements
land, Racine, Wisconsin; W. C. Quarles, Milwaukee, Wisconsin;
Henry Russell Piatt and William A. Tilden, Chicago, Illinois;
$631,825 49
Notes receivable.
record of holders for any
notify the Stock Exchange if deposited collateral is changed
fourth
SHEET
a
removed.
ration at 486
BALANCE
the taking of
Exchange.
The fiscal year
created (except purchase money mortgages or liens on
after-acquired property)
without the consent of three-fourths in amount of the First
Preferred Stock
CONDENSED
or
To redeem Preferred Stock in accordance with the
2,272,713 02
no
or
purpose.
value
represented by.—...:
(The Corporation has
sent
to the Stock
$3,500,000 00
Inventories at cost
change in listed securities, of
registrar of its stock,
List, and not to select
ma¬
chinery and equipment,
a
bonds, or
securities, without the approval of the Committee on Stock
other
To
Real estate, buildings,
Second
of
cy or
Fixed assets:
Patents, designs and drawings
.<
Not to make any
50,132 13
616,946 15
U. S.
of the Stock Ex¬
is the Borough of Manhattan,
or
Trade debtors.
Less
consoli¬
a
consolicated balance sheet.
maintain, in accordance with the rules
change,
$3,032,603 31
Notes receivable
in each year and submit to the stock¬
once
holders, at least fifteen days in advance of the annual
meeting of
the Corporation, a statement of its
physical and financial condi¬
tion, an income account covering the previous fiscal
year, and a
balance sheet showing assets and liabilities at the
end of the year;
dated income account and
$1,899,348 76
Goods in process.
in direct authorization
or
Company holding the said Companies.
publish quarterly statements1 of earnings.
tuent, subsidiary, owned
less:
Finished goods
constituent, subsidi¬
of stockholders of the
also
ASSET^J
Current assets:
tion, except under existing authority
1,555,447 00
..—
Net profits for nine months
BALANCE
any
controlled company, or allow
any of said constitu¬
or controlled companies to
dispose of stock
interest in other
companies unless for retirement and cancella¬
and
expenses
*
or
with the
To
$2,263,297 00
—
dispose of its stock interest in
owned
agrees
ent, subsidiary, owned
4,743,451 00
Balance—Gross profit from operations.....
Company of Delaware
Exchange as follows:
New York Stock
and
are
interchangeable between New York
Chicago.
The transfer
$13,669,461 77
LIABILITIES
Agents of the stock are New York Trust Com¬
New York City, New York, and First Trust & Savings
pany,
Bank, Chicago, Illinois.
Current liabilities:
The
Notes payable
$1,970,000 00
—
Accounts payable...
Accrued payroll
York
919,415 79
105,903 14
Accrued expense.—.
and
Registrars of Stock are The Liberty National Bank, New
City, New York, and Continental and Commercial Trust
Savings Bank, Chicago, Illinois.
13,208 29
J. I. CASE PLOW WORKS
$3,008,527 22
Net worth:
First Preferred Stock 7%
Cumulative, auth¬
orized $5,000,000—Issued—
Second
Preferred
Stock
7%
$3,500,000 00
nominal
Stock,
or
par
125,000
The
Committee
recommends
that
the
Cumulative,
authorized $5,000,000—Issued—
Common
COMPANY,
By H. M. WALLIS, President.
shares,
$3,500,000 First Preferred Seven
3,500,000 00
$3,500,000 Second Preferred Seven
without
value:
Reserves for Federal taxes and contingencies
tin
above-mentioned
cent. Cumulative Stock,
per
Cent. Non-Cumulative
Stock, and 125,000 shares of Common Stock, without nominal
Portion of net worth applicable to Common
Stock
per
or
2,736,563 02
par
value, be admitted to the list.
H. K.
9,736,563 02
924,371 53
$13,669,461 77
POMROY, Acting Chairman
Adopted by the Governing Committee, June 17, 1920.
E.
V. D. COX,
Secretary
;
[Voi,. lit;
THE CHRONICLE
2678
RAND
LIMITED
MINES,
(Incorporated In the Transvaal)
BALANCE SHEET, 31ST DECEMBER,
1919.
Cr.
Dr.
PROPERTY AND ASSETS.
CAPITAL AND LIABILITIES
T®
Claims and Water-rights—
1,251-8359 Mining Claims
By
Capital Account—
Authorised—2,200,000 share®
of 6s. each
Lest— 74,005 shares of 5s. each
in
1trued—
reserve
..
£550,000
18,501
0
5
Farms "Elandsfontein" Nos.
0
6, 11 and 20, and "Driefontein" No. 12 9
Half-share in 863-4140 Min..
ing Claims
2,125,995 shares of
£531,498
6s. each
15
as per
Water-rights
£70,545
11
4
10,557 13
3
16,400 12
4
..
Farms
on
"Elandsfontein" Nos. 6 and
Reserve Account-
Balance,
..
..
Farm "Vogel-
on
struisbult" No. 36
0
10
"
on
0
20,
Balance Sheet,
31st December, 1918
"Turffontein"
and
No. 19
2,805,028 12
Deduct—Funds transferred to
"
credit
of
Appropriation
Account on realisation &i
Investments
..
Freehold Land Properties—
"Mooifontein
183,141
..
0
0
;
2,622,487 12
v
3
written off
investments
the
book
value
of
which stood
Deduct—Amount
1919
..
....
and
206 roods 97 feet
13
5
"
Sundries
..
..
*
"
501,298 10
04,292 16
Appropriation Account—
Balance unappropriated
morgen
..
..
1
and
Pumping
Plant
..
..
..
Pumping Plants—
Spruit
Reservoir
7
..
Reservoirs and
Natal
8
5
565,591
V
free¬
Freehold and Leasehold House
Properties
5
Credit
Balances-
Unpaid and unclaimed dividends
..
12,"
hold, in extent 208
£3,106,243
Creditors
No.
47,742 13 10
2,574,744 18
Sundry
..
311 roods 89 feet
than
....
No.
14," free¬
hold, in extent 612 morgen
137 roods
....
"Langlaagte No. 13," free¬
hold, in extent 230 morgen
"Driefontein
the market
value at 31st December,
higher
v
865,821 18 10
..
£51,283 17
,..
Booysens Spruit
Reservoir
and
Pumping
Plant
22,473
....
1 10
Temporary
Pumping Plant
at
Canada
Dam
4,000
..
0
0
77,756 19
6
£175,260 16
"
Shares, at or below Market Value—
70,244 Bantjes Consolidated Mines, Ltd.!
do.
14,900 Brakpan Mines Limited
do.
173,213 City Deep, Limited
4,780 Consolidated M.R. Mines & EstI.
of £l
£1
£1
u
do.
Ltd. '
Limited
Rand
Proprietary
do.
10/-
do.
£1
do.
782,830 Crown Mines, Limited
1,534 Daggafontein Mines, Limited
127,017 Durban
Roodepoort
Deep,
18,847 East
£1
£1
Mines,
do.
£l
do.
Limited
300,468 Ferreira Deep Limited,
2,313 Geduld
Proprietary
£1
Mines,
do.
£1
do.
£1
do.
£1
do.
£1
do.
£1
do.
Limited
£1
71 Geduld
Proprietary Mines, Ltd.,
Options
282,493 Geldenhuis Deep, Limited
114,300 General Estates, Limited
94,073 Jupiter Gold Mining Company,
Contingent Liabilities.—
^
Inhere
Limited
oontingnent liabilities amountingTto £195,440
of commitments to subscribe for
Shares in, and to finance, certain undertakings.
are
52,998 Modderfontein
3s 7d. in respect
B. Gold
Mines,
Limited
15,504 Modderfontein
Limited
Deep
#
Levels,
do
,
33,975 Modderfontein East, Limited
10,368 Modderfontein
East,
Limited
(3 year Options)
5,150 Modderfontein
East,
Limited
(4 year Options)
24,795 New Modderfontein G.M., Co.,
5/-
do.
£1
do.
£1
do.
£1
do.
Limited
387,592 Nourse Mines, Limited
3,616 Pretoria Portland Cement Co.,
£1
do.
£1
do.
&
do,
£5
de.
Limited
140,997 Robinson Deep Ltd., "B" Shares
29,275 Robinson
Gold Mining Com¬
91
£4
do.
2,095,084
£1
#
pany, Limited
206,724 Rose Deep, Limited
7,205 Springs Mines, Limited
45,347 The Village Main Reef G.M. Co.,
do.
do.
Limited
do.
£1
do.
£1
do.
do.
do.
Springs, Ltd., fully paid
£1
do.
19,520 Turffontein Estate, Limited
115,476 Village Deep, Limited
581 West
£1
£1
£1
112,500 West Springs, Ltd., 2/- per share
paid
5,450 Witbank Colliery. Limited
7 4,120 Wolhuter Gold Mines,
Sundry Shares
.
Limited
£1
£1
130,045 17 11
•
By Debentures and Union
of South Africa Stock
1
£33,960 East Rand Pro¬
prietary Minos,
Ltd., 5 per cent.
Debentures
..
£19,102 10
0
2,250
0
0
78,500
0
£2,250 Modderfontein
East, Ltd.,
per
cent.
bentures
De¬
..
£100,000 Union of South
Africa
4
cent. Stock
per
..
99,852 10
0
2,930,982 17
0
£3,106,243113*5
•
Machinery, Plant,
Stores, etc.
•Vehicles
•
Furniture, etc...
1,396 19
4,326 0
6,729
1
-12,452
0
2679
THE CHRONICLE
JUNE 26 1920.]
By Sundry
Debtors
and
Debit Balances—
Dividends to be received
Shareholdings
322,419
..
4
4
252,880 18
on
Amounts
5
owing by Sun¬
dry Companies
On Current
Acc't...
£19 901
2
0
232,979 16
5
On Advance
Acc't...
Payments
mining
stock
account of
on
supplies
and
in
transit
in
for account of sundry
mining
companies..
Current
'
r
■
57,980
0
7
Accounts,
Loans and Payments
in
Advance, etc
36,324
..
4 11
*
-669,604
Deposits, Fixed and on
Call, bearing interest
8
3
-749,356 16
*
3
728,659 17 11
Cash at Bankers and in
hand
...
..
..
20,696 18
4
1,431,413
51
£4,537,656 18
£4,537.656 18
S.
6
6
C. STEIL, Secretary.
E. A. WALLERS, Chairman,
JOURDAN, Director.
J. L.
AUDITOR'S REPORT
To the Shareholders,
RAND
MINES, LIMITED.
Wc have audited the Balance Sheet of the Rand Mines, Limited, dated 31st December, 1919, above set forth, and have obtained all the information and 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.
DOUGLAS LOW & CO.,
13th April, 1920.
) Auditors.
J
PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31ST DECEMBER, 1919.
Dr.
By
To Administration Expenses—
Salariesandrents,Johannesburg and London. £9,075 16
Directors', Foreign
Agents'and Auditors'
fees
7,345 19
Stationery, printing, ad¬
vertising, postages
and telegrams
3,863 11
Sundry donations
7,250
8
Sundry general expenses 2,453
8
Bonus to Staff..
5,226
3
..
..
..
..
..
..
Dividends
Share-
on
Brakpan Mines, Limited 27%
City Deep, Limited
23%
Consolidated M. R.
85
Mines and Est., Ltd.
(ex Main Reef West,
Ltd., shares.)
Crown Mines, Limited. 40
..
6
8
9
1
Ferreira
Deep, Limited 12%
Geduld Proprietary
Mines, Limited
22%
Geldenhuis Deep, Lim¬
4
..
7
6
Government Taxes
ited
cent.
£
4,097 10
2
42,200
°
.418
0
9
°
5
0
0
158,198
1
47,214 15
0
1
800 16
7
0
28,249
5
5,715
0
92%
49,563
0
4,829
0
..
..
General
ited
Consolidation Act,
6
Modderfontein B. Gold
1917, for year ended
30th June, 1919
Prospecting Ventures
3,645
9
6,027 14
Lim¬
..
..
Modderfontein Deep
..
..
8
Depreciation—
..
Written off Land and
House
Estates,
..
Mines, Ltd
£ 44,888 11
"
"
10
..
under IncomeTax
"
per
Levels, Ltd
115
New Modderfontein G.
M. Co. Ltd...
70
Nouree Mines, Limited
3%
Pretoria Portland
Cement Co Ltd.
27%
Robinson Gold Mining
including Tax payable
"
Cr.
holdings—
2
£35,215
4
1
C. L. ANDERSSON & CO.,
(Incorporated Accountants).
,
Johannesburg,
Properties
620
..
0
0
Balance—
ried to Appropriation
Co., Ltd.
84
Account
,568
9
3
..
..
2%
and Bonus
5
Rose Deep Limited
..
25
The
0
0
1,069
0
10,978
6
66,681
0
14,737 15
7,217
5
1,625
0
6
706
0
3,000
..
Profit for the year car¬
69,956
0
14,534 14
0
Village Main Reef
G. M. Co., Ltd.
..
Village Deep, Limited..
32%
6%
Witbank Colliery, Ltd. 30
Wolhuter Gold Mines,
Limited
..
..
Sundry shares
..
5
0
0
£531,791 12
4
56,360
8
Reservoirs—
Net
revenue..
Interest and
Exchange
Sundry Revenue
Investment
12,164
4
31,127 13
13,068
6
3
Realisation
Account—
Net Profit
tion
of
£892,077
To
Dividend
32 of 25 per cent.,
17th
clared
Interim
de¬
"
£132,874 13
Dividend
33 of 75 per cent.,
303,925
4 11
0 11
Cr.
ACCOUNT.
June,
1919..
realisa¬
..
By Balance Unappropriated
As per Balance sheet
31st December, 1918
Account—
Dividend No.
Interim
year
0 11
APPROPRIATION
Dr.
on
Investments
£892,077
during
Balance
of
£361,074
19
5
846,568
9
3
6,536
4
4
183,141
0
0
£1,397,320
Profit
13
0
and
Loss Account—
9
For
No.
de¬
*
year ended 31st.
December, 19|9
clared 19th December
Forfeited Dividends—
1919
Dividends unclaimed for
398,624
..
..
3
1
£531,498 15
a
0
Carried
Sheet
of Clause
Balance
to
years,
122 of the
Articles of Association
865,821 18X0
..
..
period of 5
and forfeited in terms
"^Balance Unappropriated-
"
Reserve Account—
Funds released from in¬
vestments, being the
Book Value received
on
realisation of in¬
vestments in excess of
Book Value of
New
Investments made
during the
31st
£1,397,320
13
ended
December, 1919
year
0
»
S. C.
STEIL, Secretary.
Johannesburg,
13th
April, 1920.
E. A. WALLERS, Chairman.
J. L. JOURDAN, Director.
DOUGLAS LOW & CO.,
\
C. L. ANDERSSON & CO..
/ Auditors
(Incorporated Accountants).
THE CHRONICLE
2680
[Vol. 110.
SANTA CECILIA SUGAR CORPORATION
(Organized under the laws of Delaware)
COMMON
Official Statement {to
nection with the
or
STOCK
WITHOUT
theJNew ^YorkiStock^Exchange in
con¬
listing ^of \ts Common Stock without Nominal
V
4
New York, June 10, 1920.
Sugar Corporation hereby makes application to
New York Stock Exchange Voting Trust
Certificates for 105,000 shares of Common Stock (total authorized
issue) without nominal or par value, on official notice of issuance
in exchange for present outstanding voting trust certificates,
with authority to substitute on the list on and after August 14,
1920, permanent engraved certificates for 105,000 shares of
Common Stock without nominal or par value on official notice of
issuance in exchange for outstanding Voting Trust Certificates
Santa Cecilia
listed
under the
PAR
VALUE
voting" trust agreement and additional Voting Trust
Certificates issued in respect thereof.
The
Par Value.
have
NOMINAL OR
on
the
therefor.
£_ All of said stock is fully paid and non-assessable, and no per¬
liability attaches to the shareholders.
The Voting Trust Certificates have been issued pursuant to a
voting trust agreement dated August 14, 1917, under which the
Voting Trustees now are: Benjamin L. Allen, Charles H. Buswell, Tracy A. Johnson and Montgomery II. Lewis.
The voting trust agreement will expire on August 14, 1920,
sonal
be terminated earlier by action of a majority of the
Voting Trustees. On termination the holders of Voting Trust
Certificates will be entitled to receive certificates for shares of
the Common Stock of the Corporation to the amount called
for by'the Voting Trust Certificates on surrender thereof and
upon payment, if the Voting Trustees so require, of a sum
sufficient to reimburse them for any stamp tax or other govern¬
mental charge in connection with such delivery.
The Vot¬
ing Trustees may make such delivery by depositing with
Columbia Trust Company in the Borough of Manhattan, City of
New York, proper certificates for Common Stock of the Corpora^
tion with authority to such depositary to make delivery thereof
in exchange for the Voting Trust Certificates.
Prior to delivery
of certificates of stock in exchange for Voting Trust Certificates
the registered holders of Voting Trust Certificates are entitled
to receive payments equal to the dividends, if any, collected by
the Voting Trustees upon the number of shares of Common
Stock of the Corporation called for by the Voting Trust Certifi¬
cates; provided that if any such dividends are paid in fully paid
stock of the Corporation the Voting Trustees are to hold such
stock subject to the agreement and the holders of Voting Trust
Certificates are to be entitled to receive additional Voting Trust
Certificates equivalent to the dividends so paid upon the stock
called for by their Voting Trust Certificates.
Until the actual delivery of stock certificates in exchange for
Voting Trust Certificates the Voting Trustees possess, and are
entitled to exercise, all rights and powers of absolute owners of
the shares of stock held by them under the agreement, including
the right to vote for every purpose and consent to any corporate
act of the Corporation. 'No voting right passes to others by or
under the Voting Trust Certificates or by or under the agreement
or by or under any agreement express or implied.
The Voting
Trustees are not, however, during the continuance of the agree¬
ment, without the consent of the holders of a majority in amount
of the Voting Trust Certificates, given by written instrument,
without a meeting or bv vote at a meeting (regardless of certifi¬
cates in the treasury oi the Corporation), to vote in respect to
the shares of stock held by them thereunder to authorize (1)
any increase in the authorized Capital Stock of the Corporation
or (2) the redemption of the Preferred Stock of the Corporation
or (3) the sale or other disposition of the properties of the Cor¬
poration as an entirety or (4) any consolidation of the Corpora¬
tion with any other corporation or any dissolution of the Corpora¬
tion or (5) any mortgage or other lien upon the property of the
Corporation to secure an issue of obligations of the Corporation
other than the First Mortgage 6% Sinking Fund Gold Bonds
voting trust agreement was entered into between Robert
Curran, C. D. Barnes, A. H. Lamborn, and Chauncey H.
Murphy, acting as a committee under a Plan and Agreement of
Readjustment of Santa Cecilia Sugar Company, a Maine cor¬
poration, and Benjamin L. Allen, Charles H. Buswell, Alfred A.
Cook, Tracy H. Johnson and Montgomery H. Lewis, in order to
assure
continuity in management of the Corporation and carry
out the provisions of said Plan and Agreement of Readjustment.
The vacancy in the Voting Trustees resulting from the resigna¬
I.
tion of Alfred A. Cook has not been filled.
Santa Cecilia Sugar Corporation was organized on July 16,
1917, under the laws of the State of Delaware. Its duration is
perpetual. The Corporation in accordance with the terms of its
charter is engaged in the business of owning and operating sugar
estates and a sugar factory on the Island of Cuba, in the growing
of sugar cane, the manufacture of raw or centrifugal sugar there¬
from, and in the sale of such sugar and its by-products.
The capital of the Corporation as originally constituted was
as
follows:
but may
hereinbelow mentioned.
The
Voting Trust Certificates may be transferred on the books
Voting Trustees kept at the office of their Agent herein¬
after named upon the surrender of such certificates properly
endorsed by the registered owner thereof in person or by attorney
duly authorized. The Voting Trustees are not obliged to recog¬
nize any person as the owner of any Voting Trust Certificate
other than the person in whose name the. same is registered on
of the
their books
as
such
The action of
owner.
majority of the Voting Trustees has the same
effect as if assented to by all.
Any Voting Trustee may resign.
Any vacancy in the office of Voting Trustees may be filled by the
a
remaining Voting Trustees.
Meetings of the holders of Voting Trust Certificates may be
called on ten days' notice in writing mailed to the registered
holders at their addresses appearing on the books of the Voting
Trustees.
At such meetings each holder of a Voting Trust
Certificate is entitled to vote in person or by proxy and has one
vote for each share of Common Stock represented by the Voting
Trust Certificate or Certificates registered in his name.
The voting trust agreement provides that in the event of the
increase of the Common Stock of the Corporation additional fully
paid shares may be received by the Voting Trustees and deposited
Number of Shares
Number of Shares
Authorized
Cumulative 7% Preferred stock...
Common stock..................
Issued
10,000
10,000
17,500
17,500
The par value of the shares of each class was $100.
to resolutions adopted by the Directors on January
Pursuant
15, 1920,
adopted on February 4, 1920,
the Corporation filed in the office of the Secretary of State of the
State of Delaware, on February 5, 1920, an amended Certificate
of Incorporation providing for 105,000 shares of Common Stock
without any nominal or par value and converting each of the
17,500 shares of Common Stock then outstanding of the par
value of $100 each into six shares of Common Stock without
and resolutions of the stockholders
nominal
or par value.
Thereupon the Voting Trustees under the
voting trust agreement hereinabove mentioned surrendered the
certificates held by them for shares of Common Stock of the par
value of $100 each and received in exchange therefor certificates
for 105,000 shares of Common Stock without nominal or par
value.
The amended Certificate of Incorporation contains the follow¬
ing provisions regarding the preferences, privileges and restric¬
tions of the Preferred Shares and the rights of the Common
Stock:
The holders of the
preferred stock shall be entitled to cumulative dividends
thereon at the rate of Seven Dollars ($7) per share or seven per cent (7%)
of the amount of the par value for each and every fiscal year of the life of the
Corporation and no more, payable out of any and all surplus or net profits
Quarterly, half yearly or yearly, as and when declared by the Board of Direct¬
ors before any dividends shall be declared, set apart or paid upon the common
stock of the Corporation.
Said dividends on the preferred stock shall be
cumulative so that if the Corporation shall fail in any (cal year to pay such
dividends on all of the issued and ohtstanding preferred stock, such deficiency
in the dividends shall be fully paid, bht without interest, before any dividends
shall be paid or set apart for the common stock.
No dividends shall be paid
in any fiscal year upon the common stock, unless all accumulated dividends
upon the preferred stock for all previous fiscal years or portions thereof shall
have been paid and full dividends thereon for the then current dividend
period shall have been declared and set aside for payment.
In the event of any liquidation, dissolution or winding up, whether volun¬
tary or involuntary, of the corporation, the holders of the breferred stock
shall be entitled to be paid in full out of the assets of the corporation the par
amount of their shares and all accumulated dividends unpaid thereon before
any amount shall be paid out of said assets to the holders of the common
stock of the corporation. '
Subject to the fixed preferential dividend payable upon the preferred stock,
as aforesaid, the common stock shall be entitled to all remaining dividends,
and in the event of any liquidation, dissolhtion or winding up, whether vol¬
untary or involuntary, of the corporation, the holders of the common stock
shall, after paymedt to the holders of the preferred stock of the par amount
of their shares and all accumulated dividends unpaid thereon, be entitled
to the
remaining assets.
The preferred stock may
be redeemed in whole, but not in part, at the
on any dividend date at 110 and the accumulated
unpaid thereon.
Whenever the corporation shall
determine to exercise its option to redeem the whole of the preferred stock
then outstanding at 110 and the accumulated dividends accrued and unpaid
thereon, the corporation shall immediately give notice to any transfer agent
or registrar of its stock accordingly and shall at least one moneth before
the next stock dividend date deposit the necessary amount with such transfer
agent or registrar for the redemption of all such preferred stock.
Such transfer
agent or registrar shall thereupon give notice of such redemption by mail to
each registered holder of preferred stock and publish same in two newspapers
of general circulation in the City of New York, twice a week for two weeks,
before the date of redemption.
Thereupon and after such dividend date, the
holders of the preferred stock shall not be entitled to any dividends, and the
corporation may thereafter treat such preferred stock as redeemed and can¬
celled, and the rights of preferred stockholders shall be limited and trasnferred
to such fund, which shall be held by such transfer agent or registrar for account
of the holders of the outstanding referred stock according to their respectivet
option of the corporation
dividends
accrued
and
#
interests.'
The holders of said
preferred stock shall not be entitled to vote at any
meeting of the stockholders and shall not be entitled to any voice, vote or
participation in the management of the corporation, except as otherwise
provided by statute, and except in case of default in the payment of dividends
on such preferred stock for a period of eighteen months, in which latter event
the preferred sotck may fie voted during the pendency of any such default
in like
manner as
Except
as
the
common
stock."
above specifically provided, the right to vote at ank meeting of
the stockholders and to give consent to any statutory proceeding requiring
the consent of stockholders (including, in addition to all other lawful acts,
increase in the oapital stock and specifications of the characteristics
thereof) shall be vested in and exercised exclusively by the holders of the com¬
mon stock.
No notice of any meeting of stockholders need be given to the
any
holders of shares not entitled to be voted thereat.
The
The
Corporation succeeded to all of the properties, business
Sugar Company, paying as the pur¬
chase price therefor the following:
First Mortgage 10-year 6% Sinking Fund
$750,000 principal amount of its
Gold Bonds.'
par
par
value of its Cumulative 7% Preferred Stock.
value of its Common Stock.
The predecessor corporation, Santa Cecilia Sugar Company, was
organized under the laws of the Sate of Maine in 1904 with an
authorized capital of $1,500,000 par value of Common, Stock all of
which was issued in part payment for the properties acquired by the
The balance of the purchase price of such property was
provided for by the issuance of the Company's First Mortgage
6% Gold Bonds which were dated February 1, 1905, to mature
February 1, 1925. The mortgage securing these bonds provided
for a sinking fund of $76,875 per annum, beginning July 1, 1906,
and prohibited the payment of dividends on the Capital Stock of
the Company during the pendency of any default in sinking fund
payments. In 1911 there was authorized $1,000,000 par value of
8% cumulative participating Preferred Stock of which $721,300
par value was issued at par in exchange for First Mortgage Bonds
and other outstanding obligations of the Company.
No sinking
company.
made by the Company, and as its business
fund payments were
showing excellent profits which on Recount of the mortgage
provision above mentioned could not be availed of for dividends,
the holders of a large majority of the various "classes of securities
determined on a readjustment.
No receivership or foreclosure
was found necessary.
A Plan of Readjustment was adopted
and on June 11,1917, declared operative, which provided for the
formation of a new company which would acquire all of the assets
of the old company as a going concern and assume all of its
liabilities except the First Mortgage Bonds, issuing its own
securities in consideration of such transfer. The Plan provided
was
.
for the exchange of the securities of
of the old company on the following
SECUTIRIES
OLD
the new
basis:
Bonds
principal
Preferred
Stock
par value
amount
19340
100
value
par
regular dividends h
Dividends
since issuance.
on
November 1, 1919
February
May
Cash
IH% ($100 par value).
1J-|% ($100 par value).
25 cts. per share (no par value).
1,1920
1,1920
following is a statement of the earnings of the predecessor
and of th,e Corporation for the preceding five years:
CECILIA
SANTA
SUGAR COMPANY
$30
and
June 30,1914.....
100
$549,941
673,973
597,639
778,325
377,733
June 30,1915
provided for the delivery to bankers of 1933
as 'compensation for services
All of the outstanding bonds and
Common Stock
June 30,1916
June 30,1917.....
Aug. 14,1917
62
22
49
26
*
13
Cost of
Income
Sales
Year Ended
preferred stock of the old company were acquired by the Com¬
mittee either through exchange for new securities or by purchase
with the proceeds of new securities as permitted by the Plan,
and all of the old common stock was acquired except 124 shares,
the owners of which have not been located, but there is available
for this outstanding old stock a sufficient amount of Voting
Trust Certificates for new stock.
was
Production
47
78
81
35
1,378 90
$4,334
3,027
11,761
11,684
'
standard gauge cane cars,
$263
507
2,494
984
June 30,1916.,...
June 30,1917
54
89
08
69
Aug. 14,1917-....
SANTA
$59,460
125,000
119,037
202,937
135,723
73,896 54
69,241 10
60,646 25
66,092 38
8,418 02
1912
1915......
1916
1917....
191877??
1919????.
Cuban Tons
(2,500 lbs.)
71,718
50,263
80,975
94,492
94,757
20,608,287
14,036,875
20,274,473
25,241,529^
f 26,473,708 '
77,922 '
54,473
71,768
79,940
100,666
Sugar Output;
Pounds
Molasses
Output
Gallons
361,507
310,462
446,984
498,733
464,210
$75,632 44
128,121 12
15,263 87
..........
Surplus
$75,000 0
200,000 0
190,916 00
378,589 15
512,163 97
General
Cost of
Income
Sales
Production
Selling
Expense
$1,170,593 16
8$47,058 12
1,772,231 41
July 31,1918
14,07206
$813,488 59
Expense
New York
$145,184 63
$27,849 98
231,87980
42,725 97
14,669 45
uly 31,1919......
1,124,722 30
Net Ptofit
Income
for the
Taxes
Year Ended
"Net
profit
Year
Dividends
Tax
Surplus
$181,007 33 $60,774 00**$69,922 04
$120,233 33
296,043 24
60,137 00 -17,727 72
328,535 31
and other current assest acquired from Santa Cecilia Sugar Co.
Interest
$64,033 19
85,140 60
$71151
5,791 56
July 31,1918
July 31,1919
on sugar
**01d Company.
It is the policy pf the Corporation to make annual credits to
depreciation reserves at the rate of 5% on the cost of the manu¬
facturing plant and plantation railroad and 10% on the cost of
railroad rolling stock and buildings other than the factory and
to credit
a reserve
for exhaustion of
cane
plantings based
on a
production period of six years from date of planting, all as recom¬
mended by the auditors of the Corporation and considered by
the Directors to be ample.
The by-laws provide for the establishment of a reserve of
$125,000 for working capital and current seasonal expenses,
which is not to be impaired by the declaration of dividends or
the making of capital expenditures.
A ND~TUSS^CUOUNT"FUITTHIFYIAIF
JULY 31, 1919.
ENDED
produced.
produced..
$1,759,084 25
13,147 16
*
14,07206
Miscellaneous income
Deduct:
$1,786,30374
t
Cost of administration cane
$408,171 64
214,930 29
ground
Cost'of'purchased'cane
Batey cane expenses
8,968 62
Manufacturing expenses.
Administration and general expenses, Cuba
'
•
-
632,070.55
370,099 13
122,552 62
AtS,trfttiMMdgen!ral.eIPen3e':.Ne"
48,517 53
1,173,239 83
$613,063 64
1
-
231,8/y »U
Shipping and selling expenses
$381,183 84
Deduct:
85,140 60
Interest, discount, etc.
♦Net brofit for year,
subject to provision for income
taxes
19,554,080v
•
78
09
..........
and
Deduct:
Cane Ground
7,272 22
Shipping
Year Ended
The
years:
10
00
12
Miscel.
Molasses
utility cars and 2 Baldwin oil-burning 36-in. gauge locomotives.
Corporation has also the necessary cane carts, oxen and
mules, caterpillar plows, tractors,* trucks, automobiles, tele¬
phone lines, water and light system and other equipment.
All of its lands are free and clear of encumbrance except the
hen of the mortgage securing its bonds hereinafter mentioned.
The following is a statement of the production of the pre¬
decessor company and the Corporation for the preceding ten
44
48
33
23
CECILIS' SUGAR CORPORATION
'
Sugar
144 36-in. gauge cane cars, 9 36-in.
16,689
29,999
22,875
26,125
V
Depreciation
Year
Interest
Taxes
Year Ended
June 30,1914.....
June 30,1915
plantation railroad constructed principally of 40 pound
rolling stock owned by the Corporation consists of 23
Expense
$69,745 89
47,210 61
69,834 49
101,271 52
22,759 86
.
rail, traversing the cane fields and centering at the milling plant,
and connecting with Guantanamo & Western Railroad above
mentioned.
84
New York
for the
new Preferred
of the Plan and in accor¬
by the Committee to the Cor¬
capacity of 105,000 bags of raw sugar together with warehouses,
molasses tanks, oil tanks, machine shops, stores, offices, resi¬
dences for managers and employees' and workmen's houses.
The Corporation owns and operates 26 kilometers of 36 in.
58
48
41
01
General
Selling
Expense
Net Profit
1318 shares of
poration and is held in its treasury together with 182 shares
which were purchased by the Corporation.
The Corporation's holdings of real estate comprise 210 caballerias in one body, known as the Santa Cecilia Estate, in the
Municipal District of Guantanamo, Province of Oriente and
110 caballerias known as the Isalque Tract, in the Yateras
section, Municipal District of Guantanamo. .The property,
aggregating about 10,617 acres, of which 1,000 acres are in
pasture and 4,377 acres in cane fields, is located near the town of
Guantanamo, about 17 miles from the Bay of Guantanamo and
the United States Naval Station.
It is on the main line of the
Gauntanamo & Western Railroad, a standard gauge common
carrier, which has a port terminal at Bequeron, on Guantanamo
Bay on the south coast of Cuba, and connects at San Luis with
the Cuba Railroad running to Santiago, Antilla and Havana.
The plant which is located approximately in the center of the
Santa Cecilia Estate consists of a sugar mill with a normal annual
The
$331,220
338,609
322,915
392,598
204,938
not needed for the purposes
dance therewith was turned over
gauge
Shipping
Miscel.
rendered to the Committee.
Stock
on
company
common
new
been paid
follows:
preferred
The Plan further
\
the Preferred Stko
Common Stock have been paid as
ave
•
stock for.....
shares of the
:
.
The
The
,?$120".
value
celled.
$25
stock for
100
conditions, 80% of the total cane ground by the
Corporation.
There is outstanding in the hands of the public $500,000
principal amount of the First Mortgage 6% Sinking Fund Gold
Bonds of the Corporation.
The amount originally authorized
and issued was $750,000 principal amount of which there was
retired by the operation of the Sinking Fund, $50,000 in 1918
and $100,000 in 1919, and there was purchased by the Corpora¬
tion, in anticipation of the requirements of the Sinking Fund for
the current fiscal year and is now he 1(1 in the treasury of the
Corporation, $100,000.
The mortgage securing the bonds is a first lien on all of the
property of the Corporation now owned or hereafter acquired.
The bonds are dated August 1, 1917, mature August 1, 1927,
and bear interest at the rate of 6% per annum payable on the
first days of February and August in each year.
The mortgage
provides for a sinking fund beginning in 1918 and each year
thereafter of 20% of the net earnings of the Corporation but in
any event not less than $25,000 or more than $75,000, which is
to be applied to the purchase of bonds at a price not exceeding
105 and accrued interest or to redemption on 30 days' published
notice at 105 and accrued interest of bonds drawn by lot.
The
bonds are redeemable on any interest day at 105 and accrued
interest on 30 days' published notice.
All bonds purchased or
fedeemed for the sinking fund, or redeemed otherwise, are can¬
for those
Common
Stock
par value
$1000
...
par
normal weather
bonds
$1000 principal amount
for
company
output for the 1919-1920 crop was 57,000 bags.
proportion from the Corporation's own estates is, under
The
and assets of Santa Cecilia
1,000,000
1,750,000
2681
THE CHRONICLE
Junb 26 1920.]
505,109
1 6,690,146
19,194,500
23,294,625
30,336,450
223,573
482,472511,774
Corporation amounting to
647,000
$280,043 25.
and profits
$296,043 24
♦Subject to the preparation of this profit and loss account by the auditors
the Board of Directors voted e"ra compensation to certain officers of the
$16,000, reducing the amount of net
profit to
THE CHRONICLE
2682
BALANCE SHEET JULY 31,
1919. '
"
fences, etc., at book cost
Buildings, machinery, railroad and equip¬
12,396,713 72
'
ment
938,559 59
47,008 16
12,613 40
inventory July 31, 1919..
Auto trucks, etc
$3,394,894 87
To
Current assets and growing cane:
Planted and growing cane
Materials and supplies at cost
Sugar and molasses on hand at prices sub¬
sequently realized (except as to 12,000
bags still unshipped, but contracted for
with the Equalization Board, at net con¬
for any purpose.
|
In the event of its Preferred Stock being
listed, to redeem said
Preferred Stock in accordance with the requirements of the Stock
Subscription to United
States
4M% Liberty
Bonds................
Exchange.
To notify the Stock Exchange if deposited collateral is
changed
$10,000 00
Less—Unmatured install¬
8,000 00
ments
Cash in banks and
2,000 00
hand.
on
or
54 95
1,231,840 37
Company's First Mortgage 6% Sinking Fund Gold Bonds
($100,000 principal amoudt, per contra)
Treasury stock:
'
$150,000 par value Preferred per contra:
1,318 shares (nominal value)
$1 00
182 shares at cost....—.
13,267 50
89,122 50
13,268 50
............
Sinking fund for bonds, deposited with Trustee.
Deferred charges to operations:"
Unexpired insurance
Repairs applicable to 1919-1920 crop
Miscellaneous
.
J
89,122 50
$4,370 95
9,604 60
4,350 62
18,326 17
$4,836,574 91
LIABILITIES.
Capital Stock—authorized and issued:
7% Cumulative Preferred:
Outstanding in hands of.
public.....)
$850,000 00
In treasury (per contra)
150,000 00
^
First Mortgage 6%
Bonds—due 1927:
♦In hands of
Sinking
Current liabilities:
$2,750,000 00
$600,000 00
100,000 00
700,000 00
Gold
Fund
public
In treasury (per contra)...........,.
Notes
:
$1,000,000 00
1,7.50,000 00
Common
'
payable.
u.$893,122 50
87,359 81
Accounts payable........................
Accrued wages.
2,086 93
...
........
Accrued interest
Reserve for
56 88
982,626 12
$60,742 30
19,666 39
11,004 79
91,413 48
depreciation:
Manufacturing plant.......
Buildings.
Railroads and rolling stock.............,.
......
$120,233 33
27,604 26
f
Profits for year,
subject to fexcess profits tax
and income taxes (Cuba and U. S.)
280,043 24
$372,672 31
dividends declared and paid
ferred stock,.
on
pre¬
v,..
....
60,13700
312,53531
$4,836,574 91
♦Reduced since to $500,000.
As the sole
fAmounting to $49,947 35, since paid.
of income of the
Corporation is the sugar
figures later than the foregoing are available.
Santa Cecilia Sugar Corporation agrees with the New York
Stock Exchange as follows:
To deliver permanent engraved certificates for its Common
Stock at the termination of said voting trust agreement.
Not to dispose of its stock interest in any constituent, sub¬
sidiary, owned or controlled company or allow any of said consti¬
tuent, subsidiary, owned or controlled companies to dispose of
stock interests in other companies unless for retirement and
cancellation, except under existing authority or on direct author¬
ization of stockholders of the company holding the said com¬
panies.
.
To publish at least once in each year, and in 1921 and each
year thereafter submit to the stockholders at least fifteen days
in advance of the annual
meeting of the Corporation, a statement
of its physical and financial condition, and income account
covering the previous fiscal year, and a balance sheet showing
assets and liabilities at the end of the year; also annually an in¬
come account and balance sheet of all
constituent, subsidiary,
owned or controlled companies, or a consolidated income account
source
crop, no
,
and
a
consolidated balance sheet.
To maintain, in accordance with the rules of the Stock Ex¬
change, a transfer office or agency in the Borough of Manhattan,
City of New York, where all listed securities shall be directly
transferable, and the principal of all listed securities with interest
or dividends thereon shall!be
payable; also a registry office in the
Borough of Manhattan, City of New York, other than its transfer
office or agency in said city, where all listed securities shall be
registered."
Not to
make any
The statutory office of the
Corporation is at 7 West Tenth
Street, Wilmington, Delaware, The Corporation has an office
New York at 44 Whitehall Street.
The office in Cuba is
Cecilia, Guantanamo.
The annual meeting of the
Corporation is held on the third
Tuesday in July at the office of the Corporation in New York.
The Directors (elected annually) are: B. L.
Allen, R. L. Cerero,
R. L. Dean, C. B. Goodrich,
Tracy A. Johnson, I. H. Lehman
and M. H. Lewis, all of New York; C. H.
Buswell, of Boston,
Massachusetts; and Lindsey Hopkins, of Atlanta, Georgia.
The Officers are: M. H.
Lewis, President; C. B. Goodrich,
Vice-President; R. L. Dean, Secretary and Treasurer; Robert H.
Caplan, Assistant Secretary and Assistant Treasurer.
The Agent of the Voting Trustees is Columbia Trust
Company;
The Registrar of the Voting Trust Certificates to be listed is The
Bank of America.
The Transfer Agent of the Common Stock
to be listed is The Bank of
America; the Registrar of said Com¬
mon Stock is
Guaranty Trust Company of New York.
SANTA
CECILIA
SUGAR
CORPORATION,''
By ROBERT L. DEAN, Secretary and Treasurer.
B. L.
ALLEN,
C. H.
BUSWELL,
TRACY A.
M. H.
JOHNSON,
LEWIS,
Voting Trustees.
By M. H. LEWIS,
TRACY A.
B.
L.
JOHNSON,
ALLEN,
A
Majority.
This Committee recommends that the above-described Voting
Trust Certificates for 105,000 shares of Commoii Stock, without
nominal
value, be admitted to the list, on official notiee of
exchange for present outstanding Voting Trust Cer¬
tificates, with authority to substitute on the list, on and after
August 14, 1920, permanent engraved certificate^ for 105,000
shares of said Common Stock, without nominal or par value, on
official notice of issuance in exchange for outstanding Voting
or
par
issuance in
Trust Certificates therefor.
change in listed 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 Committee on Stock
List, and not to select
Corporation.
Not to close the transfer books of the
Voting Trust Certificates
except when legally necessary.
The fiscal year of the Corporation
begins August 1st and ends
July 31st.
Central Santa
'
Less
To maintain a transfer office or agency (which
may be the
Agent of the Votipg Trustees) in the Borough of Manhattan,
City of New York, where all Voting Trust Certificates shall be
directly transferable and where the dividends thereon shall be
payable; also a registry office in the Borough of Manhattan,
City of New York, other than their transfer office or agency in
said City, where all Voting Trust Certificates shall be
registered.
Not to make any change in the form of the
Voting Trust
Certificates or of an agent of
thq Voting Trustees or of a transfer
agency or of a registrar of the Voting Trust Certificates, without
the approval of the committee oh Stock List.
To notify the Stock Exchange in the event of the issuance of
any rights or subscriptions to or allotments of securities to holders
of Voting Trust Certificates and to afford the holders of
Voting
Trust Certificates a proper period within which to record their
interests, and that all rights, subscriptions or allotments shall
be transferable, payable and deliverable in the
Borough of Man¬
hattan, City of New York.
To publish promptly to holders of Voting Trust Certificates
any action in respect to dividends, thereon 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 of the
Voting Trust Certificates or the taking of a record of holders
of Voting Trust Certificates for any purpose.
in
Balance from previous year.
Less income taxes and minor adjustments..
.
Voting Trustees under the voting trust agreement above
mentioned agree with the New York Stock Exchange as follows:
.
!
Surplus:
removed.
The
115,555 85
Accrued interest receivable.
any
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 taking of a record of holders
748,338 57
56,468 85
price).
Accounts receivable—....
publish promptly to holders of bonds and stocks
action in respect to interest on bonds, dividends on
shares, or
allotment of rights for subscription to securities, notices thereof
$187,948 54
7,952 30
113,52131
Advances to colonos and contractors
tract
notify the Stock Exchange in the event of the issuance of
rights or subscriptions to or allotments of its securities and
afford the holders of listed securities a proper period within which
to record their interests after authorization, and that all rights,
subscriptions or allotments shall be transferable, payable and
deliverable in the Borough of Manhattan, City of New York.
To notify the Stock Exchange of the issuance of additional
amounts of listed securities and make immediate
application
for the listing thereof.
any
Plantation 10,617 acres, of which 4,377 acres
are in use for cane; 1,000 for pastures and
118 for bateyes;
with roads, bridges,
Work animals, per
110
To
ASSETS.
Property and plant:
Vol
as a
trustee
an
officer
or
director of the
II. K.
POMROY, Acting Chairman.
Adopted by theGoverning.Committee, June 17, 1920.
E. V. D.
COX, Secretary.
June 26
2683
THE CHRONICLE
1920.]
WHITE EAGLE OIL & REFINING COMPANY
WICHITA,
KANSAS
REPORT
Wichita, Kansas, June 7,
192(1.
To'Our Stockholders:
acquaint the stockholders with the progress that
Company has made during the first year of its organization,
In order to
the
I make the
following
report:
OPERATING CONDITIONS.
Company began business on May 1, 1919, by merging
several companies, the details of which the stockholders are
familiar with.
During the sixty day period from May first to
July,first, conditions were not favorable. Bad weather hindered
operations, delayed deliveries at our distributing stations, there¬
fore during the sixty day period results were not very satisfactory.
On July first the business was all taken over in the name of the
new company and in the office natural confusion due to throwing
the books of so many companies together at one time caused our
Accounting Department to get behind, from which they did not
entirely recover until the last.two or three months. In spite of
this handicap, the officers of the Company went ahead with an
active operating program, including such expansion as was necsary to properly take care of the Company's increasing business .
Other factors which have entered into operating conditions
The
year to a disadvantage of all industrial companies,
have been the railroad strikes and consequent embargoes, short¬
during the past
of labor, delay in getting material, slow transportation
had its effect in
of
our
slowing
business very
up our progress
which
and made the handling
difficult.
CRUDE OIL
CONDITION.
During the summer and early fall of 1919, the price of crude
oil remained stationary at $2.25 per barrel.
On account of the
over-supply of crude oil in the North Texas field and a large
quantity of oil being sold at less than market, prices caused an
extremely weak market on all products, including fuel oil. This
condition changed very quickly as the North Texas production
declined very fast and the Mexican Government had sto ped
the drilling of new wells in Mexico for a several months period
and some of the large Mexican wells were flooded with water
and all these conditions changed from the over-supply of crude
oil to a decided shortage.
The pipe lines and refineries grabbed
for oil and the price advanced from $2.25 per barrel to $3.50 per
barrel, plus premium within a period of one hundred days. Oil
was hard to secure even at the higher prices.
Our Company
a great deal of advantage in the fast increase in prices on
products which we had in storage at our refineries, but we
also had some disadvantage on fuel oil contracts, and sales, that
were made before the advance in crude oil prices.
received
all
MARKETING CONDITIONS.
We are glad to state that the marketing conditions, at this
time, are very favorable as prices are good on all products and
the consumption is exceedingly great and the only draw-back is
find, during the year, that we have run 1,437,000 barrels of
through the Augusta refinery, or an average of about
4,000 barrels per day, straight through the year. The condition
at the plant has been reasonably good and about the only diffi¬
culty this last year was the bad transportation conditions at
various times, which caused delay and shortage of cars. During
added about $75,000.00 to the equipment, which
55,000 barrel and several smaller tanks, two new
boilers, water wells, additional switch track and other improve¬
ments.
The plant is in very good physical condition and will
handle a large amount of crude this year.
During the month
of May, this year, this refinery ran over 1.55,000 barrels of crude
the year we
one
oil.
expansion is planned for this refinery, unless it would be to
a cracking process which is under consideration.
Early in October this refinery was purchased and was nearly
completed, but on account of bad weather, labor conditions, rail¬
road congestion and other delays, we were unable to get it started
to running crude until December and then at only small capacity.
Up until April 30th, we had run 200,500 barrels of crude at this
refinery. Since the purchase we have expended approximately
$90,000.00 covering completion of the plant, additional loading
tracks, additional tankage, water and sewer systems, etc.
We are now in position to run between 3,000 and 4,000 barrels
per day of crude oil, and about one-third of this capacity can be
used in making cylinder stock from a special grade of crude oil
we are receiving." Our operating conditions are now very much
improved and the only obstacle in the transportation situation
which we think is also improving.
If the present conditions, at
Ft. Worth refinery continue, it is going to be a very profitable
No
install
us
this year.
large expansion is planned for this Department for the coming
year except to protect such station points as might be necessary
in territory that we are now occupying.
Within the last few months the Company thought best to
a distributing station in Kansas City on account of it
desirable location for a station as well as we have a large
number of stockholders in that territory.
In order to simplify the handling of the Kansas City station we
organized the White Eagle Oil Marketing Company, with a
capital stock of $100,000.00 under the Missouri law and it is
fully paid up and the entire issue of stock is owned by the White
Eagle Oil and Refining Company.
In addition to operating the Kansas City distributing station
they do a large purchase and sale business by buying products
from other refineries and selling them again and this business is
establish
being
a
proving to be very profitable. While the distributing station in
Kansas City has not been operating very long, it has shown a
very satisfactory volume of business.
We have no plans for any large expansion at Kansas City but
we
probably install a very well equipped drive-in filling
that our stockholders at Kansas City can purchase
Eagle gasoline for their use.
will
station
White
so
SALES OFFICE.
During the latter part of last year we though best to establish
of the Company at Kansas City which is
Dwight Building. This Department is now well
the General Sales Office
located at 418
organized and in addition to handling the sales of the Company
they also handle the purchase and sales and look after the Kansas
City Distributing station operated by the White Eagle Oil
Marketing Company.
PRODUCING
DEPARTMENT
department has been very active during this year. They
of which 14 were producers and 8 were dry.
During tfiat period the total gross production was 268,800 barrels.
We have proven locations for about 30 wells with 5 now drilling.
The acreage now owned by the company is approximately 46,000
This
have drilled 22 wells,
as
follows:
FORT WORTH
REFINERY *
expenditure during the year amounted to
the Pipe Line Department.
about $270,000.00 for
Proh.
Un-
Possible
4,043
15,480
560
favorable
520
240
160
245
0
160
Proven
144
0
320
Kentucky.
0
0
0
74 5
Texas..
0
0
12,003
320
0
~405
464
14,123
21,148
920
Producing
i
Kansas
....
Louisiana
Oklahoma.
Total.
380
1,000
680
0
This department expended for leases, drilling operation, ma¬
terial, etc., approximately $700,000.00. We have a large number
of leases near production and off-sets to wells now drilling and
which are being proven by the drilling done by others.
The policy for this department of our Company for the coming
year is to be conservative, but we expect to continue to purchase
good looking leases at minimum cost and be reasonably active
in the drilling of wells but try to do as little drilling as possible
on leases not proven.
I feel that the Company has some very
valuable leases that could not be re-purchased at the prices paid
and that to carry out the plan of operation which we now have
can only mean large success for the Compan^.
In addition to
the wells drilling on the proven leases we have one-half interest
in a Louisiana well which is being started on a block of 15,000
acres.
Also a one-half interest in about 2,000 acres in Harde¬
man County, Texas, with a well which is now about 2,100 feet
deep and this well has had several good showings of both oil
and gas and is not yet to a depth where a large paying sand is
found.
Also
a
block of about 9,000 acres
Ellsworth County, Kansas, which is
structure. Therefore, should any of
this large acreage, it would add a very
well is now being started on a
owned by the Company in
located on good geological
these wells be
successful
large value to our
on
capital.
a well on an 80-acre lease in the new
field which is almost an off-set to one of the
largest wells in that field.
We now have negotiations for concessions for oil land in Old
Mexico and South American countries.
It is not the plan to
spend a large sum of money for these concessions but believe
that we should have them for their potential value and future
operations.
We
are
now
starting
Florence, Kansas,
During the year we added approximately 35 jniles of additional
pipe lines to supply our refineries. At this writing all of the oil
that we are running at both plants is received by pipe lines.
The
present time they are dist$jbuting approximately 75%
of the refined oils at the Augusta plant. No
of the entire out-put
Highly
We
investment for
and at the
REFINERY.
crude oil
includes
stations, during the year, sold a total gallonage of 13,532,598
gallons, amounting to $2,829,000.00.
The volume of business at our stations is steadily increasing
distributed
transportation conditions.
AUGUSTA
PIPE LINES.
Company now own 85 stations and during the period from
April 30th, they have built three distributing- stations and pur¬
chased three and constructed four drive-in filling stations.
The
The
'
age
expected in this Department, except such as
be found necessary to extend the lines to connect to other
parts of the field should additional crude be needed.
No expansion is
may
'
2684
FINANCIAL.
The statement will show
CONDENSED
thejfinancial condition of the Com¬
at April 30th, and I wish to call
pany as
your
siderable
money
do not have
any
we
should be able to
plans of
any
PANY FOR THE YEAR ENDING APRIL 30 1920.
$8,926,924 10
Inventory April 30, 1919—.,
615,503 55
$
7,836,616 79
Purchases
Total Purchases and Inventory.
Deduct Inventory
8,452,120 34
1,964,117 96
—
April 30, 1920.
Cost of Material Used—
6,488,002 38
—
1,079,500 47
Operating Expenses.-
7,567,502 85
earn con¬
1,359,421 25
5,917 46
further financing until the general
plan is to
according
General and Administrative Expense.—
$1,365,338 71
218,615 76
—
general financial situation from time to time.
our
Net Income.
EARNINGS.
We attach hereto balance sheet for the close of the
Sscal
year
operating profit of $1,365,338,71;
deducting general and administrative expense we have a net
income for the year of $1,146,722.95.
We have set aside re¬
serves
for depreciation, taxes and doubtful accounts to the
amount of $278,482.25.
This leaves a net profit of $868,240.70.
Of this profit we have paid out $377,660.50 in dividends and
have carried to surplus the balance, $490,580.20.
With the favorable outlook we now have, we expect the earn¬
ings to increase very materially and estimate that for the month
of May there should be at least $150,000.00.
We expect to see
an increase above that amount for the
following months.
a
gross
Dividend No. 1
116,289 50
146,971 00
..
Total Dividends.-
.
"
$
377,660 50
$
278,482 25
Ii0S6IY6S *
For
Depreciation.—
$153,482 25
110,000 00
For Taxes
Doubtful Ac-
For Bad and
15,000 00
counts
Total Reserves.
,
.......
Total Dividends and Reserves
Balance to
Surplus.....
656,142 75
$
.
policy of the Company when formed that our stock
regular dividend paying stock, and while we could
use the dividend money to good advantage for the
Company,
we have not changed our original
plan and will continue to pay
our regular dividends of 50 cents
per share, quarterly, on our
outstanding stock.
COMPANY AS AT APRIL 30
.
1920.
ASSETS.
a
Current and Working Assets:
Cash on Hand and in Banks
...—.....——...
$
.........
U.S. Government Obligations—
Accounts and Notes Receivable—
~
The
Company now has outstanding, 294,042 shares of stock,
leaving in the treasury, un-issued, 25,985 shares'. On May 18,
1920, we had 903 stockholders and about 25% is owned by
womeh.
This stock is distributed in thirty states, including the
Less Reserve for Doubtful Accounts—
District of Columbia.
are
about
and
on
892,615 16
1,964,117 96
Hand
Total Current and Working Assets.
Deferred and Prepaid Charges:
$3,061,149 62
Interest, Insurance, etc
50,138.22
Investments:
Interest in Oil and Gas Lease
140,000
72,000
28,000
27,000
10,500
shares
shares
shares
shares
shares
in
in
in
in
in
Kansas
Missouri
New York
Oklahoma
California.
142,800 00
Stock in Incorporated Companies
300 00
—
142,800 00
Physical Properties, Refineries, Stations, Pipe¬
lines, Tanks, etc
—
Les3 Reserve for
Our stock is well distributed and held
a very
Inventories—Oil
189,430 10
14,986 40
905,559 33
12,944 15
STOCK.
There
490,580 20
BALANCE SHEET WHITE EAGLE OIL AND REFINING
DIVIDENDS.
would be
$1,146,722 95
.
.
$114,400 00
Dividend No. 2.
Dividend No. 3
the
was
.
.
Disposition of Earnings:
April 30,1920, and earning statement covering the yearly period.
This statement shows
only
STATE¬
REFINING COM¬
above the dividend requirements, therefore,
financial conditions of the country are favorable; the
confine the expansion of the Company to a program
It
LOSS
AND
Sales...—
well
as the exceedingly high cost of crude oil and bad
transportation
situation.
We now have a campaign on to reduce our stock
$1,000,000.00 within the next four months and being that the
transportation situation is looking more encouraging we believe
that we will be successful. This reduction in stock would put the
Company in exceedingly good situation as to indebtedness.
In view of the favorable situation
PROFIT
INCOME
MENT WHITE EAGLE OIL AND
attention to the
very large stock amounting to approximately $2,000,000.
This was caused by the increased volume of business as
to
[Vol. 110.
THE CHRONICLE
mostly by investors,
small percentage being held by speculators.
CONCLUSION.
Depreciation
Total Physical Properties
Leaseholds and Leasehold
—
—...
$3,778,481 89
153,482 25
'3,624,999 67
Development
2,391,093 32
t
25,120 04
Organization Expense—
Total Assets.....
$9,295,300 87
I feel that the
Company has gone through the very hardest
part during this first year and our refineries are now well supplied
with crude oil; the selling prices are good, our volume of business
is large, we are doing business very efficiently in all of our De¬
partments, all the confusion and disorganization of forming the
companies is entirely overcome, therefore, cannot see anything
that will keep the Company from steady progress and success.
I appreciate the help I have received from each stockholder
during this period and I trust that I can continue to have your
co-operation.
Respectfully submitted,
L. L. MARCELL,
President.
LIABILITIES AND CAPITAL.
Current and Accrued Liabilities:
Notes Payable....
$
Accounts Payable.
Accrued Interest
1,04182
Total Current and Accrued Liabilities
Purchase
544,532 74
766,075 90
4,766 94
-
Wages Accrued
—
Money Obligations (Payable $25,000.00 monthly).
Car Trust Notes
Reserves for Taxes
—
Capital Stock (Consisting of 294,042 shares of
Total Liabilites and
Capital
no par
value).
.....—
$0,316,417
375,000
157,144
187,779
40
00
69
06
6,671,439 42
587,520 30
$9,295,300 87
AMERICAN CAR & FOUNDRY CO.
TWENTY-FIRST*ANNUAL REPORT—FOR THE FISCAL YEAR ENDING APRIL 30 1920.
To the Stockholders:
At the time of
last annual
meeting in June 1919 the
recently emerged from the great War of Na¬
and peace was in the making.
The war period had
our
world had but
tions
been
a time of concentrated endeavor
to achieve
victory.
The struggle had been titanic—its effects were
cataclysmic.
The relaxation of martial effort disclosed a condition almost
of demoralization in the fields of
finance, of
commerce
and
of industry.
Three millions and more of our own citizens
had been withdrawn from productive
industry and put under
arms.
Our Government had borrowed billions from its own
people, and had loaned billions to its associates.
During
the war national credits had been strained to the breaking
point, stocks of raw material depleted, values impaired and
practically all production not essential to the prosecution of
the
had ceased.
At its close the great nations of Europe
exhausted physically and financially, and
everywhere
war
wrere
were
uncertainty and unrest.
Such
were
the conditions of
a
year
ago—and it
was
not
humanly possible that they should be changed overnight.
The making over of the world is no light task.
The prob¬
lems presented by the coming of peace were
stupendous—
greater even in some respects, because more varied, than
those of the war itself.
The readjustments incidental to the
transition from
wrar to peace are of necessity slowly made—
slowly than those from peace to war.
Neither those
of our own country, nor those of Europe, have as yet been
completed—but much has already been accomplished in the
more
direction of
Of
a
restoration to the normal.
outstanding importance in our domestic concerns has
been the enactment during the year of legislation whereby
the Government relinquished its vrar-time control of the
transportation systems of the country.
In the letter to the
stockholders of June 26 1919 it was postulated "that the
power to make rates should not be entrusted to any body of
men wffio are not to be held accountable for the
adequacy of
the rates made."
The Act recognizes this as a fundamental
principle—for it is made the duty of the Inter-State Com¬
merce Commission to fix such rates as shall be adequate to
produce what is conceived to be a fair return upon the aggre¬
gate value of all the facilities employed in the service of
transportation.
There is much in the law that is experi¬
mental, and undoubtedly in its working there will develop
weaknesses calling for correction by later legislation—but on
June 26
1920.]
THE CHRONICLE
the whole it manifests
an
earnest and
sincere desire to
the intolerable conditions under which
lieve
have
our
re¬
railroads
long suffered.
During the year satisfactory progress has been made in
the numerous and often complicated adjustments between
the Company and the Government attendant upon the sus¬
pension of many contracts covering a large volume of busi¬
ness
so
unfinished at the time of the armistice.
Government has
evinced
2685
their necessities—and there is
every reason to
the Company will get its fair share of the
believe that
resulting business.
appreciationfof
the loyalty, zeal and
energy with which the working organi¬
zation has labored for the advancement of the
interests^of
the Company and its Stockholders.
The Board
records its sincere
once^ more
By^ or der^of the'Board.
In these the
A
\
spirit of entire fairness and a
desire to expedite the settlements.
V
;
Shortly after our last annual meeting the Congress appro¬
priated the moneys needed for the redemption of the Certifi¬
cates Of Indebtedness which the Director-General of Railroads
a
Respectfully submitted,
W. H. WOODIN,
President.
June 24 1920.
GENERAL BALANCE SHEET APRIL 30 1920.
had issued to meet his
freight
cars
obligations with respect to the 31,000
Company had under contract with the
the
Railroad Administration.
Since then the deliveries of the
covered
by that contract—the largest order for equip¬
ment ever placed with one manufacturer—has been com¬
pleted, and the accounts between the Company and the
Director-General with respect to it are now in course of
adjustment.
To meet the Government's requirements this
contract was taken on a narrow profit margin.
Never¬
theless, because of the number of cars involved, it is expected
that the accounts when finally made up will show a satis¬
factory aggregate of profit resulting from this work.
From time to time during the year there have arisen dif¬
ferences between many of the railroads and various classes
of their employees, because of which the normal traffic
movement throughout great sections of the country has been
seriously retarded.
The Company, in common with other
industrial concerns, has felt the effect of this in that it has
experienced difficulty in moving to its plants material
needed for business booked and in course.
These conditions
cars
of rectification—but it is essential
that means be devised to prevent their recurrence.
Upon
the free and uninterrupted flow of traffic, more than upon
any other single factor, depends all industrial and com¬
mercial activity.
The traffic of the country cannot move
without cars to carry it and cars cannot be supplied unless
the builders can obtain promptly as required the ma¬
terials necessary for their construction.
There has been no lessening in the demand for equipment
for use outside the United States.
The business done by
seem now
to be in process
Company in that field has been sufficiently satisfactory
both as to amount and results.
The letter to the stock¬
the
holders
a
referred to the questions of finance and of
by the foreign demand for the company's
year ago
credit
opened up
products.
While some progress has been made in the
solving of these, nevertheless the conditions are not yet such
as to warrant haste in the acceptance of business offered.
During the year the Company has acquired a substantial
interest in Canadian Car & Foundry Company, Limited,
President has been made Chairman of that Com¬
pany's Executive Committee.
/
The operations of the Department of the Company's
business having to do with the manufacture and sale of
miscellaneous supplies have fully justified the care given to
its growth and development.
During the year there has
come through this Department a steady flow of business,
and from its operations has resulted a large part of the Net
Earnings shown on the annexed statement.
The Company's earnings have warranted an increase in
the dividend rate on the Common Stock, and there have
and your
earnings three per cent
quarterly dividends upon that stock for the full fiscal period.
The Reserve for Dividends on the Common Stock, to ba
been
declared
of
out
the year's
declared by the Board of Directors, has
been added to, so that there is now in that reserve $10,800,000—an amount sufficient for the payment of Common
Stock dividends for three years at the rate of twelve per
paid when and
as
ASSETS.
k
Cost to April 30 1919
Add—For
annexed
to
to
992,574 95
Materials
less,
or
71,031,979,69
inventoried at
Hand,
on
and
in
not
excess
of
cost
present
market prices
$15,007,107 91
Accounts and Notes Receivable
U.
8.
8,573,806 81
of Indebtedness,
Certificates
Lib¬
erty Bonds and Victory Notes
33,737,050 00
Stocks and Bonds of other Companies at
cost
!
less
or
Cash in Banks and
3,679,615 59
Hand
on
10,034,399 38
$139,549,826 84
LIABILITIES.
Preferred Capital Stock
$30,000,000^00
"Stock
Common Capital
__
Current Liabilities
~ 30700b"000j0F
31,333,962 17
:
Accounts Payable, not due, and Pay Rolls
(paid May 10 1920)
United | States
$15,624,106 45
Railroad
Administration
advances under contract
Provision
Federal
for
6,334,855 72
Income
War
and
7,950,000 00
Profits Taxes._t______
Dividend
No.
85
Dividend
No.
71
525,000 00
Capital
Common
on
Stock (payable July 1 1920)—
900,000 00
15,790,151189
Accounts
Reserve
$1,500,000 00
For Insurance
For General
Overhauling,
Improvements
3,085,011 35
and Maintenance..
For Dividends on Common
be
to
paid when
and
Capital Stock,
declared by
as
10,800,000 00
Board of Directors
For
<
Capital
Preferred
on
Stock (payable July 1 1920)
of
Conditions
Working
Improving
405,140 54
Employees
;
32,425,712 78
Account
Surplus
$139,549,826 84
STATEMENT OF NET EARNINGS AND
OF SAME.
DISPOSITION
Earnings
from all
for the twenty-first fiscal year
sources
ending April 30 1920—before deducting
repairs, renewals,
provision for
&c., as noted hereunder—and after making
taxes
$14,382,565 11
—
Replacements,
Less—Renewals,
Repairs,
Patterns,
New
Flasks,&c._
■
were about to expire it was deemed wise to convert our
leasehold interests into absolute ownership.
In making up
they
Materials on Hand, the usual practice has'
being appraised at cost or less, and
in no instance in excess of present market value.
The usual
Certificate of Audit is appended to the Balance Sheet.. Other
than already made, it is not thought that the statement of
the Company's financial condition requires comment.
In
all respectis its affairs are in healthy and satisfactory shape.
The need of the railroads both for the repair of old and the
the inventory of
Less—
Dividends:
On Preferred
$2,100,000 00
3,600,000 00
Capital Stock, 7%
On Common
Capital Stock, 12%-.
Addition to Reserve for Dividends on Com¬
mon
Capital Stock, to be paid when and
3,600,000 00
declared by Board of Directors
9,300,000 00
$1,101,191 95
31,324,520 83
Surplus Earnings for the year
Surplus April 30 1919,
as per
Surplus April 30 1920
last annual statement
$32,425,712 78
L
STATEMENT OF WORKING CAPITAL.
1
Working Capital April 30 1919
Add—Surplus
April
Earnings
during
H.
$23,799,248163
ending
year
$1,101,19195
for
additions
to
plants
992,574 95
year
Net Working
IF.
for
30-1920
Less—Expended
been followed—all items
acquiring of new equipment is great and insistent.
Their
problem is to finance the enormous expenditure necessary.
Upon the successful handling of that will depend in large
measure the prosperity of the country.
Happily, the public
and the Congress are coming to a recognition of the just
claims of the roads.
The legislation already referred to
contains provisions for Governmental aid where needed.
The Commission is authorized to loan money to the roads,
and where necessary to acquire equipment for their use.
By the operation of these provisions or otherwise it is to be
expected that the railroads will be financed to the extent of
3,981,373 16
$10,401,191 95
Net Earnings
the
pany's net earnings for the fiscal year.
It will be noted that
there is a substantial increase in the Company's Property
and Plant Account.
This results chiefly from the purchase
of much of the land upon which is located our Chicago plant,
and which land has heretofore been held under lease.
Sev¬
eral of these leases contained options of purchase, and as
additions
for
year.
Current Assets.
as
General Balance Sheet
shows the amount, and the distribution made, of the Com¬
statement
$67,525,272 20
expenditure
plants during
cent per annum.
The
$68,5l7,847tl5
Property and Plant Account—.
Capital, excluding Reserves April 30
Woodin,. Esq.,
108,617 00
1920._$23,907,865>63
President American Car & Foundry
Co., New York.
Dear Sir:—We have
counts
made
an
of the American Car &
fiscal year
audit of the books and ac¬
Foundry Company for the
ending April 30 1920, and in accordance therewith
certify that, in our opinion, the foregoing statements of
Income and the General Balance Sheet are true exhibits
we
of the results of the
operation of the Company for said period,
April 30 1920.
and of its condition as of
THE
A. W. DUNNING,
AUniT COMPANY OF
President.
New York, June
221920.
NEW YORK,
H. I. LUNDQUIST, Secretary.
sympathy with the demands of wireless operators.
Seven
miles of docks, it is said, are tied up and 30 steamers due to
Times.
Tlxr
held
sail
up,
Friday Might, June 25 1920.
is
still clear that American trade as a whole
The people are for economy; that is certainly
with large sections of the population.
It is true that
declining.
case
the
It is due in a
This militates against manu¬
falling off in trade is partly artificial.
measure
to a
shortage of cars.
factures from
But
even
so
the difficulty of getting fuel and raw materials.
there is less disposition on the whole to buy.
people hope for lower prices. Another deterrent on
tightness of the money market over pretty much
the whole cotintry.
Here the rates on call have been from
8 to 14%.
Time money is also scarce and high.
Another
drawback is the uncertainty as to the outcome of the crops
although it is true that prospects for the grain harvest are
better.
The weather has been favorable over much of the
For
trade is the
grain belt.
And the reports about the cotton crop are more
encouraging, although the condition is well below the average
for 10 years past.
But it is believed that the Government
report on cotton to be issued on July 2, will show a consider¬
able improvement from the regrettably low percentage
announced early this month.
The estimates of the crop have
been greatly increased.
In a word a sort of silver lining to
late in
the country. But in the meantime the ex¬
port trade in cotton is small and no large demand has latterly
been reported for grain.
Car scarcity is one of the serious
drawbacks in the grain business as in so many others.
It
hampers iron and steel trade to a deplorable degree.
In
fact trade and manufactures have been slow throughout
the week.
Wholesale and retail buying has fallen off still
further.
Textiles are unsettled and lower prices are men¬
tioned in the spring trade in woolens.
There is little demand
for silks and not very much for cottons.
Cotton and worsted
mills in some cases are suspending work for a time.
Foreign
textiles of one kind or another have been competing noticebly with American within the last month or two.
Lumber
has been dull and lower, and production has fallen off with
lessened sales.
Other building materials have been dull
what with stringency of money and credits and growing
conservatism in the matter of building.
There is said to be
less demand for real estate.
Collections are somewhat
slower.
The Stock Exchange has been on the whole dull.
Cotton, grain, provisions, coffee and sugar have declined.
Imports of sugar from unusual foreign sources have had their
natural effect.
Finally there is the matter of politics.
The
Democratic Convention will meet in San Francisco on Mon¬
day June 28th, and naturally the business world is intensely
interested in the question of the platform to be adopted and
the
cloud is
the betterment of crop conditions of
various parts of
the candidate for President
named.
than for some little
larger than the moderate total of a year
much below those of former years.
For¬
On the other hand failures are fewer
ing to New Jersey, Connecticut and upper New York State,
and completely tying up freight movement at Camden,
Syracuse and New Haven.
All that part of New Jersey
which lies south of a straight line drawn from Philadelphia
to Atlantic City was cut off by the Camden walkout in the
terminals of the West Jersey & Seashore and the Atlantic
City lines.
Switchmen and trainmen
Chicago Milwaukee & St. Paul road.
Energetic measures to relieve at once the shortage of coal
England have been taken by the Inter-State Com¬
merce
Commission in instructing the railroads to grant
orders for the transportation of
industries.
Sugar rationing in hotels and restaurants here began on the
21st inst.
This will continue until the fall when the next
Cuban sugar crop will begin to arrive here.
The Supreme
Court of New York has handed down a decision sustaining
a large Rochester clothing company in its suit against the
Amalgamated Clothing Workers of America for a permanent
injunction against picketing and $100,000 damages.
The
Department of Labor says that the price of 22 articles of
food have risen.3% since April and 7.% since January.
prime western 20.85@20.95c.;
South American 23.25c.;
Brazil in kegs 24.75c.
Futures declined owing to large
supplies of product and hogs and general liquidation in a
poor market.
Packers sold lard and commission houses
sold ribs freely.
Today prices fell and ended lower for the
LARD
refined
quiet and lower;
Taking the country's manu¬
an under-production than
an
over-production.
One of the chief drawbacks is the
inability because of car shortage to effect a normal distribu¬
tion of products raw and manufactured.
But in the nature
of things this cannot continue indefinitely.
Perhaps it is
significant that some large department store retailers here
have announced that 20% cuts in prices will be discontinued
on and after July 2.
The country is sound at the core but
very properly it is picking its way at a more conservative
gait than formerly, when the pace was if anything too rapid.
It is reported that the strike of the coastwise longshoremen
has practically ended.
The coal shortage in Montreal has
become
more
as a
so
than
whole there is rather
serious that except railroads, no companies
a
two weeks
supply
on
hand, and it is feared
have
many
plants will be forced to close.
The Canadian Government
proposes to regulate by license exports, particularly news¬
print, sugar and coal.
The State Department announces
that it is prepared to grant certificates authorizing the im¬
portation of German dyes into this country in amounts
sufficient to supply current requirements for six months.
handling of granulated sugar by any other middle man
The
than the wholesaler
or
retailer has been declared unlawful.
Strikes and labor
were
An
disputes in Canada during May, it appears,
than during April.
encouraging dispatch from Oklahoma says that the
more
numerous
wheat belt of Oklahoma is surfeited with labor.
There
are
men for every job in the harvest field, for the farmers
employing the fewest men possible to get their work
done.
Women of the farmers' families are running tractors,
three
are
driving teams and heading self-binders.
This enables many
get along with only one outside helper, a man to
shock.
In some parts of the West the supply of labor also
seems to be larger than was at one time expected.
Liverpool
is hard hit by a strike of sailors, firemen and stewards in
farmers to
Continent
the
to
23c.;
week.
CLOSING
DAILY
PRICES
LARD
OF
Sat.
Mon.
July delivery..
cts_20.80
September delivery
21.75
20.70
21.67
PORK
$48 @$50.
$35 85, a
FUTURES
Tues.
20.65
21.62
Wed.
20.55
21.55
IN
chicago.
Thurs.
120.32
21.32
Fri.
20.25
21.27
quiet and lower; mess, $39 50@>$40 50; family,
July ended to-day at $33 55 and September at
sharp decline for the week.
Beef quiet and un¬
changed; mess, $18@$20; packet, $17@$19; extra India
mess, $40@$42; No. 1 and No. 2 canned roast beef, $3 25.
Cut meats firmer; pickled hams, 10 to 20 lbs., 31^@33^c.;
picnic, 18H@19He.; pickled bellies, 6 to 12 lbs., 27@28c.
Butter, creamery extras, 59 @59 He.
Cheese, flats, 19®
27 He*
Eggs, fresh gathered extras, 49@50c.
on the spot lower; No. 7 Rio 14Hc.; No. 4 San¬
23He.; fair to good Cucuta 20 H a 21e. Futures
fell owing to lower Santos prices, and also lower offers
and depressing outside influences, political financial and
commercial.
Declines in stocks and cotton have not been
wholly ignored.
Brazil has seemed more anxious to sell.
July liquidation has it is believed been only partial.
And
the interior buys little.
On the other hand July and August
COFFEE
tos
223^
a
the
business in leather.
This will help textile and other
bituminous eoai.
mark the
export
priority
and
preference
while they are
eign exchange has been steadier.
It is said that the labor
supply in the grain belt is considerably larger than had been
expected.
It is also noted that in the Southwest farmers
families including even female members are buckling reso¬
lutely to the work of harvesting grain.
This leaves a larger
supply of labor for other purposes.
It is believed, too, that
there would be a big business in iron and steel if cars, fuel
and raw materials could be had. There is quite a good
factures
have struck on the
in New
time and they are no
ago,
doubled by
has broken out afresh in
COMMERCIAL EPITOME
The evidence is
which number will have been
It is declared that an "outlaw" railroad strike
Philadelphia and Baltimore, spread¬
Saturday.
the
[Vol.110.
THE CHRONICLE
3686
of
eve
critical period in the crop year.
a new season has a stock of only
Santos too on
1,690,000 bags
against 5,271,000 bags a year ago.
It is true the Santos
crop is larger.
But Europe it is believed will be in better
financial shape in the crop year of 1920-21.
There has been
a good deal of switching from July to late months on the ap¬
proach of the first July notice day.
Later prices rallied
on
covering of July.
Notices found July at a premium.
Today futures advanced so that the net decline for the
week is but moderate.
Quotations are as follows:
June
cts_ 14.15®
14.15®
July
13.90@13.92|March_cts_14.05@14.07
14.251 December .13.95@ 13.97 j
14.251 Sept __cts_
SUGAR.—Futures and spot sugar
both declined.
Cen¬
trifugal, 96-degrees test, Cuban and Porto Rican, 18.56c.
Something of a rally occurred at one time in futures on what
looked like Cuban buying.
Cuban (cost and freight) was
offered at 17Hc.
Prices have been feeling the effects of
increasing importations from non-West India sources.
San
Domingo nearby delivery sold at 17Hc. c. i. f.; Java white,
July-August shipment, at 17c. c. i. f.
The demand has not
been pressing.
According to Willett & Gray the receipts
at Cuban ports for the week were 44,962 tons, against
54,516 tons last week and 69,317 a year ago; exports, 70,967
tons, against 56,511 last week and 75,943 a year ago; stock,
623^280 tons, against 649,285 last week and 1,188,887 a
ago.
There are now only 26 centrals in operation,
against 34 last week and 53 a year ago. Of the exports 44,291
year
Atlantic ports.. To-day
points above the "low" of
the week, but 55 to 65 points lower than last Friday.
Re¬
fined, granulated, 22@24c.
Closing prices of sugar futures
tons
were
for
the
United
futures
advanced and end
were as
States
160
follows:
June __cts_ 17.80®
I August _cts 17.80®
July
[Sept
17.80®
OILS.—Linseed lower.
17.80@
IDec
cts_16.40@16.50
j January. __ 14.50® 14.60
There has been little demand ex¬
small lots.
Spot offerings have been held back
due to the railroad congestion.
Cocoanut oil, Ceylon bbls.
17H®17Hc.; Cochin 17H@17Hc.
Olive $3@$3 15. Corn
car lots
19H@20c.
Lard, strained winter lower at 1.55c.
cept for
Cod
domestic
1.15@1.17c.
Spirits of turpentine $1 75.
Newfoundland 1.20@1.25c.
Common to good strained rosin
$14 25.
steady; refined in bbls. 23.50@24.50c.;
13.50@14.50c.; cases 26@27c.
Gasoline in brisk
PETROLEUM
bulk
June 26
THE CHRONICLE
1920.]
demand and steady; steel bblg.
machine 49c.
According to the
30c.; consumers 32c.; gas
Oil City Derrick there was
an increase
of production in the northern Texas fields of
approximately 200,000 bbls. a day through extension of
activity both of wildcatters and regular companies.
Steady
production is shown in all the shallow sand districts and big
results are expected from deep tests now under way in the
Desdemona
Sipe Springs and other fields.
Quotations
follow:
Cabell
3 77
3 77
Illinois
4 17
32
Somerset,
4 00
homa
Ragland
2 10
Wooster
4 05
North Lima
3 73
Corsicana, light
Corsicana, heavy
South
3 73
Electra
Lima
3 00
Texas
3 50 Caddo, La., light.
3 00 Caddo, c ude
,
_
1 75 De
75
125
Soto
are
"2" 106
1,228
"456
Railroad
72
245
Savannah
199
75
150
137
2
4
8
19
464
90
586
32
619
928
,108
"21
"54
Brunswick
Charleston
27
Norfolk
come
Philadelphia
2 50
3 40
Totals this week.
125
Vessels in
strikes
make
bad
worse.
sooner or
The situa¬
iater.
always remain adverse to
York, caused excitement at Lloyds, and the
New
to
4.027
majority of underwriters have decided to do
business
the
until
market,
the
matter
paper
is
says,
*540
.0
11
77
375
175
4.288
3,440
4,082
3,307
23.204
The
following table shows the week's total receipts, the
Aug. 1 1919 and the stocks to-night, compared
total since
with last year.
1919-20.
cleared
no
American
up.
The
is unable to
cover
1918-19.
Stock.
Receipts to
This
Since Aug
1 1919.
This
Week.
Since Aug
1 1918.
1920.
1919.
149,174
36,858
265,645
30,782
319,716
424,222
4,625
23,780
3~469
10,650
219,462
some
the centre of American marine insurance from Lon¬
moves
,665
50
4,060
Galveston
Texas
City
Aransas
Port
6,536 2,078,202
847
341,787
1,801
101,517
10,456 1,307,274
342
260,852
15,795
"79
19,629
2,108 1,253,690
160,137
"54
443,688
27
142,586
1,665
340,596
Pass
Arthur, &c._
New Orleans
Mobile..
...
Pensacola
Jacksonville
cannot
27
213
280
N'port News, &c.
3 50
shipping interests.
According to the
London "Mail," the intimation of Senator Jones, author of
the American Merchant Marine Act, that the measure re¬
Ameri¬
all
the
risks.
Savannah
Brunswick
Charleston
Wilmington
42,448 1,838,985
9,745
102,250
53",527
35,475 1,500,342
3,334
147,812
9,812
21,432
32,339 1,035,279
5,000
90,180
198,961
3,269
4,598
136,769
3,550
309,824
46
3,334
203
10,685
•
Norfolk
N'port News, &c_
4,343
"540
New York
Boston
27,898
44,730
88,367
20,764
375
Baltimore
"175
Philadelphia
Totals
343
29,006
20,546
1,002
187
35
23,204 6,653,656 140,572 5,509,746
"
41,645
2,719
241,855
41,655
42,070
52", 812
69,128
104,557
38",955
4,727
4,492
104,375
11,089
7,239
5,660
4,630
937,620 1,328,371
In order that comparison may be made with other years,
Charters
included
28,000 quarters of grain from Atlantic range to a
French port at 14s. 6d. July; a 3,177 ton steamer from Atlantic range to
Christiania $20 50 June-July; coal from Atlantic range to Sebastopool or
Theodosia $27 June-July; coal from Virginia to Gothenburg or Malina
$20 50 Welsh form July; coal from Pensacola to Alexandria 140s. July;
sulphur from Sabine to Marseilles or Cette $23 July; coal from Atlantic
range to West Italy $20 June-July; coal from Atlantic range to Denmark
$19 June-July; to Christiania $20 50; to Stockholm or Gelfe $21; to French
Atlantic port two trips with various options $17 50 July; lumber from Restigouche to Buenos Ayres $25 July-August; coal from Philadelphia to Rotter¬
dam $16 prompt; grain from Atlantic range to Helsingfors $27 per ton
June-July; coal from Atlantic range to West Italy $18 July; ore from Port of
Philadelphia or Baltimore $8 July-August; coal from Virginia port to Bahia
$14 prompt; sugar from Cuba to United Kingdom 85s.; sulphus from Gulf
port to Finland $26; coal from Virginia to Helsigfors $20 July.
TOBACCO.—There is
rather slow here.
no
stir in trade; in fact, business is
But
prices are reported as in the main
They are so high that it is not surprising to learn
that the planted area has been increased.
In Connecticut
the increase, it is said, is very large.
And it is significant
that the increase is very marked even of shade-grown to¬
bacco, despite the high cost and the difficulty of procuring
cloth.
Manufacturers have paid notably^high prices for
steady.
Penn.
1919
we
give below the totals at leading ports for six
Galveston
6,536
New
Orleans.
10,456
342
Mobile
Savannah
2,108
Brunswick
54
Charleston, &c
Wilmington
27
__
1,665
Norfolk
N'port N.,&c_
PIG
IRON
been
steady with coke up to $17, in
some
cases
on
coal shortage.
As to iron production as
one
concerns
puts it "there is more iron wanted than is
being made."
There has been some inquiry for other
grades but basic has been most in demand and it is reported
to be tending upward in price.
The car supply is still
deficient; because of labor troubles, foundry and machine
shops it is said face losses.
Basic and Bessemer are especially
firm.
Prices it is true are high, but the trouble is that pro¬
ducing costs are also high or mounting.
STEEL
trade
9,088
17,722
"""377
6,000
1,264
1,336
33
854
4,873
67,281
27,80©
Since Aug. 1_. 6,653,656 5,509,746 5,659,824 6,687,761 6,931,522
10307767
The
the week ending this evening reach a
Great Britain,
3,611 to France and 21,558 to other destinations.
Below are
the exports for the week and since Aug. 1 1919:
exports for
total of 36,460 bales, of which 11,291 were to
From Aug. 1 1919 to June
Exported to—
Great
Great
from—
Britain. France.
Galveston
Texas
City.
Houston
Britain.
Franc
108,681
10,525 1,313,910
221,686
70,284
4,§78
6,447
.
Total.
Other.
...
70,284
25©
70
70
El Paso..
14
14
94,263
19,149
16,847
2,955
20,487
47,250
160,92©
166,911
403
5,516
197,020
20,450
Philadelphia
29,363
110,715
9,622
14,531
4,964
3,480
659,048 1,263,287
5,197
1119,022
19,013
"loo
21,714
642,260 1,156,673
176,796
29",727 143,139
159,792
113,582
Providence..
375
482,033
122,206
Mobile...
89,211
»24,614
Pensacola
19,013
21,614
306,067
176,796
New Orleans
2,700
1,546
19,136
14,890
Jackson ville
Savannah.
Brunswick
Charleston
.
Wilmington
605
2,144
Norfolk.
985
1,460
New York..
2,749
2,445
Boston
Baltimore
500
3,435
1,700
8,023
8,899
13,203
118",712
118,712
2,164
9,647
272,330
55,393
272,33#
375
100
100
San Fran.
208,346
"7",483
Los Angeles.
10
10
1,495
Seattle.
Tacomo..
1,495
39,221
Portland Ore
Total....
546,822 2,643,599 6,165,831
15,170 111,183 2,268,817
7,063 47,180 2,154.720
715,4971,856,678 4.840,992
593,7011,252,46714,000,888
In addition to above exports,
the following amounts
cleared, at the ports named. '
give
us
telegrams to-night also
on shipboard, not
re add similar figures for
>ur
cotton
York.
June 25 at—
Shipboard, Not Cleared forGer-
Britain. France.
many.
Other
" Cont.
wise.
Total.
Stock.
4,000
126,599
247,215
37.645
1,000
240*855
previous week, making the total receipts since Aug. 1 1919
6,653,656 bales, against 5,509,746 bales for the same period
1918-19, showing
an
910 bales.
increase since Aug. 1 1919 of 1,143,-
13.500
39,483
787
72.501
a2,000
8,315
Orleans._
18.856
5,060
Savannah
2,000
1,000
257
2,600
2,025
2,100
1,900
39,97©
37,055
93,589
Charleston..
1,843
Mobile
portsf--
1,000
5,000
Total
1920-.
22,296
Total
1919.. 104,354
Total
1918-.
Other
"500
::::
.
2,100
Norfolk
New
Yorkf
t Estimated,
Leaving
Coast¬
2k,575
2.937
6,138
Galveston
New
55,393
39,221
36,460 2,975,410
21,558
Friday Night, June 25 1920.
23,204 bales, against 30,151 bales l^st week and 39,277 bales
242,62©
San Antonio
COTTON
ending this evening the total receipts have reached
Total.
250
On
our
Other.
474,396 1,896,987
20,934
Pt. Nogalez
Great
by
25 192f.
Exported to—
Exports
New
For the
""532
418
"3",406
13,912
12,706
THE MOVEMENT OF THE CROP, as indicated
1,699
117
3,656
27,411
telegrams from the South to-night, is given below.
""420
65,302
82,101
plainly than ever; billets $60 to $65; sheet
Wire rods are dull at $75.
Pittsburgh.
48
3,022
5,951
42,413
Tot. '17-'18.
Meantime demand has quieted dowrn, if
483
3,414
"3",002
directly by railroad strikes, but the
yet affected
more
1,923
768
3,611
bar $75 to $80
731
8,359
831
140,572
11,291
anything
350
16,712
2,244
9,845
1,000
1,169
Tot. '18-'19.
is feared.
11,753
14,168
14* 546
„
392
23,204
All others
hampered by car and fuel shortage and
menaced by new railroad strikes at Philadelphia and Balti¬
more tends to slacken and prices to weaken.
Ingot produc¬
tion may be relatively large'; the trouble is that product is
piling up in the form of slabs, billets or skelp.
Plates and
shapes are depressed.
Relief as to cars and fuel is spas¬
modic; the old bad conditions quickly return.
Mill centres
not
1915.
13,942
Week ending June 25 1920.
has
seasons:
1916.
24,703
46
"
Tot. this week
crop.
steady but quiet; electrolytic 18%@19c.
Tin
higher on the strength of London.
And the steaider posi¬
tion of sterling and silver early in the week imparted strength
to the market.
Tin on the spot 50c.
July 49c. and 49.50c.
for later months.
Lead quiet but unchanged at 8c.
Zinc
steady at 7.45@7.50c. for spot St. Louis.
1917.
12,591
42,448
9,745
35,475
3,334
32,339
5,000
3,269
4,598
3,550
847
TexasCity,&c.
1918.
1919.
1920.
Receipts at—
COPPER
of
347
"79
540
The coastwise strike is said to have ended.
the
25
""79
Pensacola
287
directions, however, is rather better.
some
The turn in the lane will
week
847
Baltimore
ia ballast.
Rates for time char¬
expected to fall Lharply.
Coal rates
here.
weakened
worst
i,536
Jacksonville
Boston
still leaving here
Export trade in
are
786
3 50
...
FREIGHTS have been slow.
London
Total.
Fri.
63
132
1,284
"1,695 "l",564
Week.
are
in
can
Thurs.
1,378
590
"2", 579
June 25.
OCEAN
tion
1,969
"
Mobile
Corinto.
don
City
Pt. Arthur, &c__
New Orleans
New York
sympathy with a London
37
July, 37%@38c.;
August-September, 39c.; October-December, 42 %c.; Janu¬
ary-June 1921, 44 Me.;
Paras dull at unchanged prices;
up
river fine, 36Mc.
Central also dull at 28c. for
have
Wed.
Tues.
1,214
3 00
2
RUBBER dull and lower, in
decline.
Smoked ribbed sheets
cases
Mon.
566
3 00
Healdton
Henrietta
Okla¬
&
Kansas
_$3 00
Thrall
3 98 Moran
Plymouth
deg.
above
ters
Sat.
Receipts at—
Galveston
Wilmington
-___$3 63 Strawn
Pennsylvania. _L__$6 10 Indiana
Corning
4 25 Princeton
and
2687
52,001
a
Japan.
"266
"II
5,760
6,121
8,000
18.856
22,253
....
"700
1.000
46,120
57,204
5.000
6,000
824,944
19,644 112 676
4,170 194 102 1,134,269
10,200 75 201 1,100,898
also appear to have bought July freely.
was
favorable and this affected the
.Speculation in cotton for future delivery has still kept
narrow bounds and prices with
some interruptions
have continued
to
move
downward.
In the main the
within
politics and finance have been
brewing in the Near East.
Riots in Ireland verging it is said on Civil War have also
disturbed London and Liverpool.
And there are rumors of
popular discontent in India, all of which has had more or less
effect on both Liverpool and Manchester.
An even more
potent force however dealing more directly with the cotton
trade proper has been the big failing off recently in the
trade with Lancashire coincident with a great decline in
silver and Far Eastern exchange.
The buying power of India
and China has been greatly curtailed.
This following the
collapse of business in Japan some time ago has made a bad
impression.
It is true that silver has I recently recovered
some of the decline
but it is far below the high point of
February which was 893^d.
in London.
From
that
price it fell about 50%.
Cancellations of orders seem
to have cut more or less seriously into the trade of Lanca¬
shire.
And the latest reports from Manchester are of
dulness of trade and more or less weakness in prices.
On
this side cotton goods have been dull and weaker.
The
wool trade has been dull.
Evidently fearing a collapse of
prices wool dealers as a body have sought the aid of the
Federal
Reserve
Board
at
Washington, and measures
looking to the financing of the new wool clip it is said have
been arranged.
Silks which recently collapsed so strikingly
still remain low.
And it is even said that the higher grades
of cotton goods feel the effects of the competition of certain
descriptions of silks and woolens, especially silks at this
time of the year.
And it is pointed out in London despatches
that Japan has secured a foothold in the cotton goods busi¬
ness market of India.
It made a beginning during the war
when it was favored by the scarcity of shipping and the
insecurity of the Seas.
There is said to have been a rapid
growth in the use of Japanese goods in India.
In a word
both the American and British manufacturing trade has been
depressed.
As regards the crop some recent advices have
been more favorable.
The late period of dry hot weather it
is now pointed out was in the main beneficial.
The latest
weekly Government report is on the whole favorable.
Cer¬
tainly it noted satisfactory progress in many parts of the
belt even though there is no disguising the fact that the plant
is
still
Trouble
on
for the week.
to be
seems
June 19 to June
Middling
were
not
The
notion of not
averse
to
a
a
few
was
NEW YORK
1920
decline in July at least for the
Eause sold October rather freely. Wall Street, the West and
on the 23d inst. Japanese interests are believed to
ave
the South have been
selling, partly because of tight money,
lower stocks
and
the
political and trade unsettlement
abroad, not to mention the better weather in many parts
of the cotton belt.
38.25
37.75
QUOTATIONS FOR 32 YEARS.
1916
1914
1913
1902.
MARKET
9.56
1892
6.06
1891
6.38
1890
7.50
7.00
7.31
8.00
7.44
8.38
11.88
7.75
1889
10.94
11.05 1896-c
1895
.13.2
9.38 1894——
8.31 1893
1904-c
1903.
1910
26.60
13.40
9.45
13.25
12.50
1917
1915
_c
1911
.33.95
32.30
.
1901.
—
.
1900.
.
1899.
.
1898.
.
1897.
.
—
SALES AT NEW YORK.
AND
on the spot each day during the
indicated in the following statement.
of the reader we also add columns
The total sales of cotton
week at New York
For
the
convenience
which show at
closed
are
on
a
same
glance how the market for spot and future
days.
Spot.
Saturday
Monday
Tuesday
WednesdayThursday
Friday
Market
Closed.
SALES.
Futures.
Market
Closed.
Spot,
Total.
j Cont't.
Steady
Steady
Barely steady.
Barely steady.
Steady
teady, 50 pts. adv. Steady
Quiet, unchanged-Quiet, 50 pts. dec—
Quiet, 50 pts. dec„
Quiet, unchanged__
§(uiet, 50 pts. dec—
Total.
FUTURES.—The highest,
New York for the past
21. June
19. June
June
Tuesday, Wed'day, Thursd'y,
Monday,
Saturday,
lowest and closing prices at
as follows:
week have been
22. June
Friday,
24. June
23. June
Week.
25,
Ju n e—1
Range....
37.65
Closing
—
36.70
—
36.22
36.18
July—
Range....
by no means un¬
in the Southwest
fell over June 22 and 23.
And there are a good many com¬
plains of boll weevil damage on both sides of the Mississippi
River.
Such reports crop up in private advices, and the
weekly Government report also laid stress upon them.
that local traders became alarmed and covered.
the end of June.
The critical
period for
the crop lies just ahead in July and August.
Roughly
speaking up to the present time crop developments have
been unfavorable.
There are those who seriously believe
that the yield will not be more than 10,000,000 bales if it
is as large as that.
Meantime labor continues scarce.
All
sorts of wages, almost grotesque in some sections in their
seeming extravagance, are paid and yet labor supply the
in many jiarts of the belt is described as far from adequate.
At the same time the recent rains have put many fields into
the grass.
How to clean them ?
That is one of the questions
of the hour in the cotton belt.
Exports are light but it is
believed that Europe will be in better financial shape in the
crop year of 1920-21.
It is also believed that it is only a
question of time wrhen the financial and economic situation
in the Far East will improve, something which must react
favorably on Lancashire and America.
Memphis repprts a
better demand for the low grades.
The South chaiMs that
distant months are selling at prices little if any better than
cost of production.
Some even assert that such prices are
actually below the expense of raising.
And the South after
years of high prices is financially strong.
It is argued that
near
37.55-.80 36.70--38
.00-.65 36.10-.60 35.25-.31 35 50- 20 35 25-180
37.68-.73 36.70-.73
.18-.23 36.22-.25 35.65-.70 36 05- 10
Range....
36.25
—
Closing...
36.23
—
August—
.60
—
34.62
34.35
—
33.75
—
33.77
as
in former
seasons
whenever they
thought fit to do so.
Another point made by believers in
higher prices is that political disturbances in Europe and
Asia do not alter the fact that from present appearances at
least the next crop of American cotton will be the sixth semifailure in succession.
The world has got to have clothing and
cotton is the cheapest known, in either the flora or the fauna
of this globe.
To-day prices were irregular ending higher
for July and lower on later months.
July notices were
estimated at 6,000 to 8,000 bales.
They are believed to have
been stopped in £he end by large trade interests here which
—
34.25
—
—
—
33 98
—
33.40
—
33 15
—
September—
Range....
35.35
35 15- 40
35.15-40
Closing...
!
—
—
October—
Range....
35.15-.43 34.07-.01 33. 56-25 33.59-. 12 32.95-.75 32 70- 47 32 70-/43
Closing...
35.23-.27 34.20-.23'33.60-.68 33.62-.65 33.25-.30 32 98- 02
November—
33.30
—32.85
33.50
Closing...
*
34.50
Range—.
33.97-.20
Closing...
34.05
—
33 30
—
32.98
Range
32.50
—
32 25
—
—
December—
01-.82|32 45-.12 32.49-.06 31.86-.67 31 61- 30 31 61-120
08-.10,32 45-.50 32.58-.62 32.05-.15 31 82- 85
January—
Range
31.87-.38 31.25-.87 30 96- 72 30 96a50
33.25-.50
Closing...
33.45-.48
.88-.92 31.87-. 92 31.50-.55 31 22- 23
40
February—
.75
33.15
Closing...
—
—
31.80
—
31.70
—
31 75- 80
—
.75
32.20
31.30
—
31 00- 05
March—
Range—.
32.70r.94
90-.55 31 .45-.01 31.44~.91 30.80-.48 30 55- 30 30 55ft94
Closing...
32.85
90-.95 31 .47-.52 31.44-.50 31.00
—
30 75
—
30.85
—
30 55
—
April—
Range....
32.65
Closing...
—
31.25
31.30
31.70
—
May—
Range...,
32.25-.50
31.50-.75,30.9O-.39
Closing...
32.30
31.30
137c.
J 36c.
—
/35c.
—130.90
i 34c.
a
33c.
—
31.00-.20 30.40-.92 30 03- 70 30 03ft50
30.90
95 30.50-.55'30 25
h 32c.
NEW'ORLEANS CONTRACT MARKET.—The closing
quotations for leading contracts in the New Orleans
markets for the past week have been as follows:
Saturday,
June
July
September
October
December
March
33.48
32.86
May
32.00
January
Monday,
19- June
37.97 —
37.90 —
35.66 —
35.06-.09
33.93-.97
June
36.82
Tuesday, Wed'day, Thursd'y,
21. June
—
36.32
22. June
—36.29
23. June
—
36.75-.88 36.25-.32 36.22
—
34.01
—
34.50
—
—34.00
35.81
cotton
Friday,
24. June
25.
—
35.74-.85 35.85-.96
33.47 — 33.25 —
—
34.00-.03 33.51-.54 33.50-.55 32.97-.00 32.75-.77
32.90-.93 32.48-.50 32.45-.49 31.90-.92 31.67-.70
32.38-.40 31.88-.95 31.88-.90 31.35-.40 31.19-.20
—
31.87
—
31.39-.42,31.40-.42
—
31.07
—
30.59
—30.65
—
30.88-.91 30.64-.66
30.13
—
30.04
—
Tone—
Spot
Options
Steady.
Steady.
;
Quiet.
Steady.
Quiot.
Steady.
Quiet.
B'lyst'y.
Steady.
Steady.
Quiet.
Steady.
QUOTATIONS FOR MIDDLING COTTON AT OTHER
are the closing quotations of middling
cotton at Southern and other principal cotton markets for
each day of the week:
MARKETS.—Below
Closing Quotations for Middling Cotton on—
holders there will be able to withdraw their cotton from the
market and stick to it
34 45-125
34.85-.95 34 45
.10
35.20
Range
On the other hand the crop outlook is
clouded.
On the contrary, heavy rains
so
38.25
Fri.
Wed. Thurs.
38.25
11.60
15.00
15.10
1909-— —.11.70
1908
11.70
1907
-..13.10
1906
10.80
19059.30
1912
-.38.25
_c
1919
1918
being.
Liverpool has been a steady seller here, par- i
tieularly, at times, of January.
And prices have been almost ]
continuously falling, although there vras something of a
now
Tues.
38.75
quotations for middling upland at New York on
June 25 for each of the past 32 years have been as follows:
that spot
time
are
Mon.
Closing...
in New Orleans.
We
Sat.
_39.25
25—
uplands
The
late.
So much
quotation for middling upland cotton in the
the past week has been:
The official
New York market each day for
July liquidation has been a feature.
It was beiieved that
the notices to-day were going to be rather large, and a cer¬
tain amount of liquidation of July occurred not only here but
interests
The weather however
later months.. Final
Erices are some spot to 150 at 38.25c. a decline of week ago.
liddling
the 100 closed points lower than a 100 points
weather has been better and
disturbed.
[Vol. 110.
THE CHRONICLE
2638
Week ending
June 25.
Galveston
*
Saturday.
39.50
Monday.j Tuesday. Wed'day, Thursd'y,
Friday.
39.00
39.00
39.00
38.50
38.50
40.75
40.50
40.00
39.75
40.50
40.50
40.00
40.00
39.75
40.00
Mobile
39.50
39.25
Savannah
41.50
41.50
41.50
41.50
41.50
41.50
40.50
40.50
New
Orleans
Charleston
J
40.50
40.50
Norfolk
40.50
40 50
40.50
40.50
40.50
40.50
Baltimore
41.00
41.00
41.00
41.00
41.00
40.50
38.50
38.50
38.00
38.50
Philadelphia
39.50
39.00
Augusta
42.00
41.75
41.50
41.25
41.25
41.25
Memphis
41.00
41.00
41.00
41.00
41.00
40.00
38.65
38.25
38.35
37.80
38.10
39.50
39.50
38.75
39.00
39.00
39.00
40.50
40.50
39-50
39.50
39.50
39.50
Dallas
Houston
Little Rock
•
June 26
THE VISIBLE SUPPLY OF COTTON
to-night, as made
by cable and telegraph, is as follows.
Foreign stocks, as
well as the afloat, are this wek's returns, and consequently
all foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-night
(Friday), we add the item of exports from the United States,
including in it the exports of Friday only.
June 25—
1920.
1919.
1918.
1917.
up
„
Stock at Liverpool
Stock at London.
Stock at Manchester
_
bales. 1,092.000
12,000
158,000
_
534,000
13,000
68,000
401,000
25,000
31,000
258,000
24,000
38,000
OVERLAND
*
Total Great Britain
Stock at Hamburg
Stock at Bremen
Stock at Havre
1,262,000
30,000
65,000
274,000
Stock at Marseilles
Stock at Barcelona
Stock at Genoa
615,000
156,000
5,000
58,000
45,000
16,000
.
94,000
111,000
Stock at Trieste
Total Continental stocks
457,000
*1,000
*1,000
191,000
7,000
93,000
29,000
*1,000
320,000
127,000
1,000
6,000
2,000
574,000
280,000
136,000
1,836,000
895,000
456,000
779,000
86,000
18,000
221,000
396,463
Egypt, Brazil, &c., afloat for Eur.
51,000
34,000
Stock in Alexandria, Egypt
95,000
295,000
Stock in Bombay, India.
1,320.000 1,098,000
22,000
133,000
90,000
247,000
*640,000
33,000
94,000
35,000
96,000
936,000
937,620 1,328,371 1,176,094
776,256
988,406
834,350
577,609
8,203
.5,538,523 5,149,740 3,598,444
3,335.068
Total European stocks
Stock in U. S.
ports
Stock m U. S. interior towns....
V. S. exports to-day
Total visible supply....
2,925
1,062,591
22,315
Of the above, totals of American and ether
the week and since
bales.
785,000
106,000
7,000
*121,000
133,000
299,000
19,000
*260,000
94,000
1,176,094
834,350
547,609
8,203
140,000
Continental stock...
American afloat for Europe...._
463,000
221,572
U. S.
937,620 1,328,371
U. S. interior stocks
988,406
2,925
U. S. exports to-day
Total American
_
—
London stock...
Manchester stock
12,000
18,000
111,000
86,000
Continental stock...
India afloat for
Europe
Egypt, Brazil, &c., afloat
Stock m Alexandria, Egypt
Stock m Bombay, India
&c_.
Total American.
n/rffift?1
51,000
95,000
-.1,320 000
......
188,000
13,000
23,000
31,000
18,000
34,000
295,000
1,098,000
102,000
25,000
12,000
*62,000
33,000
35,000
76,000
936,000
152,000
24,000
31,000
*15,000
22,000
90,000
247,000
640,000
2,000,000 1,700,000 1,221,000 1,301,000
3,538,523 3,449,740 2,377,444 2,034,068
....
supply
Middling up ands, Liverpool
Middling uplands, New York
Egypt, good sakel, Liverpool
Peruvian, rough good, LiverpoolBroach fine,
Liverpool.r—
Tmnevelly, good, Liverpool.
—..
5,538,523 5,149,740 3,598,444 3,335,068
26.38d,
38.25c.
20.39d.
22.59d.
34.75c.
31.95c.
31.13d.
39.00d.
19.45d.
27.15c.
32.20d.
25.00d.
65.50d.
30.58d.
47.00d.
29.75d.
20.35d.
18.30d.
21.81d.
18.80d.
21.60d.
18.55d.
22.06d.
18.98d.
Via
Via
Mounus, &c
Via Rock Island
Via
Louisville
Cincinnati
..—
Via
Virginia points
Via
other
routes,
Continental imports past week 64,000 bales,
f
The above figures for 1920 show a decrease from last week
104,161 bales,again of 388,783 bales over 1919, an excess
of 1,94U,079 bales over 1918 and a gain of 2,203,455 bales
of
receipts for the week and since Aug. 1, the shipments for
the week and the stocks to-night, and the same items for the
corresponding period of the previous year—is set out in
detail^ below.
Movement to June 25
Week.
Season,
1920.
Movement to June 27
1919.
Ship¬
Stocks
June
ments,
June
25.
Week.
26.
Ship¬
Slocks
Week.
Receipts.
Week.
Season.
206
71,822
231
5,777
250
38,499
.
Selma
42
647
184
11
39,733
908
2.503
2",973
3,855
20,251
1,103
170,455
8,405
29,912
30,500
400
132,279
1,400
42,000
3,685
31,598
Helena..
Little Rock
186,246
Pine Bluff
105,938
Ga., Albany...
Athena..
508
Atlanta.
3,518
Augusta
4,549
Columbus
"479
Macon
9,702
156,592
267,038
553,172
34,501
213,345
39
55,156
69
76,3l2j
*163
Clarksdale
!
—
23
655
5,605
4,996
27
10.781
108
2,542
141,226
229,914
3,900
16,953
76,632
4,000
4,702
13,558
5,701
200
10,038
180
25,031
1,000
751
59
140,493;
109,6151
"536 43,117
390
1,709
684
442,849
51,518
3,704
1,921
20,000
12,585
1,699
20,357
1,349
Meridian
64,996!
61,500!
917
1,800
17,349!
Miss..Columbus
2,206
4,833
1,420
36,614!
Rome....
La., Shreveport
260!
19,299
300
227,880
49,813;
129,050
20,151!
137,413
137,739
41,819
3L.833
6,288: 24,000
7,187143,280
9.50! 25,550
5,899 35,733
480
13,200
1,531? 44,500
277
2,171
7,364 14,026
760
13,500
12,000
825
"
25,858
Yazoo City...
2,712
223|
45,680
2,949
5,240
18,059;
6,105
M\
35,394
500
3,324
32,921'
Natchez
I Vicksburg
5,382
84
42,963
632
3,764
Mo., St.' LouIs.
6,891
773,051!
7,565
16,141
11,334
569,196,
N.C.,Gr"nsboro
258
60,276!
949
10,335
350,
52,636
550
18,800
600
324
15,303!
100
277
652!
11,229
66.600j
700
24,000
900
133,975
1,423:
78", 685
2", 805
8",515
200
47*551
Chlckasha..k.
120
65
B.C., Greenville
1,741
60,611
6,323
1,599
Oklahoma
25,528
242:
Hugo
145,030
15,104
—
9,9891 ,182,283
1,483
Tenn., Mem phis
Nashville
Brenham.....
*355
"
8
„-|
2,000
2,185
19,636
272
3,830
287
13,784303,711
1,038
10,045
60,982,
1,153
3
1,738
104,661
14,664,
903.871
3",700
183
1
35.782
2,300
287!
811
7,235!
100
!
(
533
3,872
19,326'
100
2,526
9,757
3,944
17,971
281;
50,382
1,073,
90,354
2,023
3,107
62;
31,197:
40
Paris
1,425
San Antonio..
131,747:
40,651
14,572
26,550 1 ,878,478
130,037
1,255,
902
39,990,
12,974238,875
40.179 6,984,633! 63,033 988,406
9,126
30,773244,767
68j
50
Houston
Total. 41 towns
27,000
955
79,865
35,864
7,3611 ,978,976
Honey Grove.
4,500
1,268:
3,035
6,826
39,054,
800, 27,300
185!
...
Dallas
15,654
"466
27,361
51
Cincinnati.
Okla., Ardmore
Tex.. Abilene..
11,556.
700j
f Raleigh
Clarksvllle
772
40,228 208,617
918
6,337
100
i;ooo
76,6156,367,179 144,469 1062591
The above totals show that the interior stocks have
de¬
during the week 22,854 bales, and are to-night 74,185
same period last year.
The receipts
all the towns have been 36,436 bales smaller than the
creased
*
3,689
61,239
47,191
255.526
508,229
4,704
363,956
247
27,295 1,810,421
14,999 1,514,390
Canada,
movement by rail to
Including
a
Revised.
foregoing shows the week's net overland movement
The
this year has been 14,999 bales, against 27,295 bales for the
week last year, and that for the season to date the aggregate
net overland exhibits a decrease from a year ago of 296,031
bales.
1918-19
1919-20
In Sight and
Spinners' Takings.
Since
Aug. 1.
Week.
Since
Aug. 1.
Week.
6,653,656
1,514,390
140,572
14,999
6,509,746
consumption to June 25a 75,000
3,433,000
56,000
3,197,000
113,203
*22,854
11,511,046
186,359
Receipts at ports to June 25.
23,204
Net overland to June 25.
Southern
marketed
Total
Interior stocks in excess
during week—
25
Came into sight
Nor.
90,349
*
Decrease during
week,
a
1.810,421
27,295
223,867 10,517,167
*67.852
365.975
156,015
-
10,883,142
11,697,405
These figures are
2,049,790
49,004
2,781*350
spinners'takings to June 25. 31,279
consumption; takings not
available.
Movement into
sight in previous years:
1918—June 28
1917—June 29
1916—June 30
WEATHER
vices
the
from
Bales.
Since Aug. 1Bales.
118,754 1917-18—June 28
123,703 1916-17—June 29
132.447 1915-16—June 30
Week—
REPORTS
South
while rain has been
BY
„
11,699,913
12,516,036
12,078,926
TELEGRAPH—Our
ad¬
to-night by telegraph indicate that
general during the week, and at some
points rather heavy, it has been beneficial as a
rule, and the
whole. Tempera¬
ture, furthermore, has favored the development of the plant
From Alabama we are advised that weevil damage is mod¬
erate.
Texas reports are to the effect that crop has made
steady improvement in all sections.
is making good progress on the
of
Texas
satisfactory for crop development. Crop
improvement in all sections, plant ranging
very good.
Insects still in evidence in south¬
very
has made steady
from fair to
west Texas.
Dallas _.!
Henrietta
Huntsville
—
high 92
high 99
high 94
high 93
high 93
high 94
high 92
high 92
high 90
high 94
low 70
low 65
low 61
low 64
low 65
low 71
low 64
low 67
low 65
low 62
low 66
low 56
low 59
low 61
mean 82
mean 80
__3 days
0.88 in.
0.85 in.
Brinkley, Ark
2.16 in.
1.09 in.
0.52 in.
trace
Marianna
mean
75
mean
72
mean
71
mean
72
59
56
mean
76
mean
71
57
64
61
mean
72
mean
78
—2 days
1.15 in.
mean 76
Amite
1 day
1.00 in.
mean 80
New Orleaas
.4 days
5-39 in.
mean 78
low 62
high 94
Shreveport
4 days
2.47 in.
mean 77
low 62
high 93
Columbus, Miss
4 days
1.44 in.
mean 75
low 62
high 87
Greenwood
4 days
2.52 in.
mean 75
low 59
high 92
Okalona
3 days
0.95 in.
mean 76
low 64
high 88
Vicksburg
3 days
1.54 in.
Mobile, Ala.—Clear, hot weather and opportune showers in the interior
have been ideal conditions for the crop, which has made good progress.
'"•Alexandria, La
Weevil damage moderate..4 days
Decatur..
3 days
Montgomery
3 days
Selma
.2 days
Gainesville, Fla
3 days
Madison ...
3 days
Savannah, Ga
4 days
Athens
3 days
Augusta
2 days
Columbus
3 days
Charleston, S. C
2 days
Greenwood
4 days
Columbia
1
3 days
Conway
2 days
Charlotte, N. C
4 days
Newbern
...6 days
Weldon
6 days
Dyersburg, Tenn
;
3 days
Memphis
2 days
..
—
_
EAPORts
6$
at
goods,
in.
—2 days
Little Rock
Oklahoma City.
76
mean 19
Eldorado
Muskogee
77
low 70
low 60
low 65
low 63
low 68
0.84 in.
0.31 in.
Altus
mean
high 89
high 87
high 91
4 days
2 days
Ardmore, Okla
mean
mean
mean
mean
mean
mean
mean
low 64
0.36 in.
Weatherford
mean
3.18 in.
1.14 in.
3.74 in.
in.
in.
in.
in.
1 day
2 days
3 days
2 days
dry
Taylor
62
59
55
55
56
55
low
low
low
low
low
low
low
low
low
low
low
0.96 in.
3.90 in.
1.12 in.
—4 days
Antonio
mean
mean
mean
mean
mean
mean
mean
77
78
83
79
77
76
77
75
75
81
76
79
76
78
high 92
high 93
high 95
high 89
high 86
high 90
high 92
high 87
high 87
high 92
high 91
1.23
0.43
1.36
0.48
.3 days
Paris
San
3.21 in.
0.90 in.
1.17 in.
1.40 in.
1.20 in.
4.51 in.
3 days
Palestine
—
low 60
low 64
low 70
low 65
low 64
low 62
low 62
low 58
low 55
low 64
low 58
low 63
low 59
low 64
0.96 in.
days
days
days
days
days
days
3 days
2 days
3 days
1 day
Lampasas
Longview
Luling
Nacogdoches
—i—-Thermometer
high 94
high 91
high 96
high 93
high 89
high 90
high 92
high 91
high 94
high 97
high 94
high 95
high 93
high 92
2 days
BRITAIN.—Below
week last year.
Rainfall.
Rain.
.3
3
...———2
-3
2
3
bales less than at the
same
768
256,738
5,388
Leaving total net overland *
Brownsville
5,884
Ala., Eufaula..
Greenwood
31,999 2.174,377
3,826
Total to be deducted
Cuero
Receipts.
ments,
,
396
472
Abilene, Texas
Towns.
O.,
24.908
181,759
69,732
1,090
_
_
Brenham
Greenwood
10,293
107,042
63,554
100,188
808,745
600
TEXAS.—General.—Weather conditions over greater part
INTERIOR TOWXS the movement—that is,
the
Montgomery
1,329
.20,387 2,022,619
Deduct shipments—
Overland to N. Y., Boston, &c.
1917.
AT, THE
Ark.,
a567,237
502,703
224,097
445,235
948
4,681
&c
Aug. 1.
Week.
all,556
7,825
24,152
116,172
26,513
7,565
4,521
156
2,416
100
St. Louis
Since
Aug. 1.
772,219
414,231
Week.
Shipped—
follows:
1918-1
Since
.
cotton crop
♦Estimated.
over
The results for
1919-20
June 25.
Total in sight June
307,000
i.
Total East India
1,062,591
22,315
.3,538,523 3,449,740 2,377,444 2,034,068
East Indian, Brazil, &c.—
Liverpool stock
night.
776,256
Manchester stock
port stocks
WEEK AND
Aug. 1 in the last two years are as
descriptions are as follows:
346,000
45,000
249,000
396,463
THE
statement showing the
the week and since Aug. 1, as made
a
from telegrphic reports Friday
up
American—
Liverpool stock
FOR
give below
overland movement for
322,000
India cotton afloat for Europe.__
Amer. cotton afloat for Europe..
MOVEMENT
SINCE AUG. 1.—We
Via
,
3689
THE CHRONICLE
1920.]
&c.,
COTTON
we
1.50
1.12
1.42
3.43
1.11
in.
in.
in.
in.
1.74 in.
3.26
0.57
1.73
0.88
in.
in.
in.
in.
1.12 in.
high 95
1.51 in.
5.13 in.
2.37 in.
high 91
high 96
high 89
2.55 in.
0.13 in.
high 84
high 87
GOODS
give the exports
mean 74
mean 78
mean 78
mean 84
mean
mean 80
mean 73
mean 81
mean 73
mean 72
mean 74
GREAT
of cotton yarn,
FROM
from Great Britain for the month of
1 1919-20 and 1918-19 as compiled
and since Aug.
77
mean 79
mean 79
mean 82
mean 77
mean 81
Ma^
by us
THE CHRONICLE
2690
It will be noticed
from the British Board of Trade returns.
that
we
have reduced the movement all to pounds.
Yarn & Thread.
Total of All.
Cloth.
AMERICAN
Messrs. N. L.
the
omitted.
lbs.
lbs.
Sept
1st qu.
47,848
15,530
16,748
18,744
Nov.
Dec
Jan
lbs.
""south~Caroiina
267,620j
61,903
51,924
73,504
50,022
46,316
42,264
79,471
66,065
89,643
54,492
26,558 1,002,221
11,018
376,621
10,132
392,863
741,520
232,763
207,449
165,160
85,926
54,521
COTTON.—The following are the
90,180
96,268
48,297
the
219,701
138,602
43,503
38,165
41,066
235,179
11,391
187,331
70,396
73,432
77,524
414,757
13,662
10.542
14,298
17,714
11,980
13,068
3d qu.
38,710
May...
16,080
offered financial
226,110
32.541 1,184,241
March
247,790
59,687
50,981
and marketing cotton.
Effort is
aid or supervise in exporting large
^ALEXANDRIA
week
52,457
311,989
397,139
221,352
423.818
696,334
258.327
272,374
43,367
71,798
86,212
92,286
53,909
50,908
67,893
250,296
172,710
98,931
66,073
being made again to get Government to
quantities of cotton to the Continent."
RECEIPTS
74,232
36,610
79,218
50,179
211,586
130,156
48,286
82,851
71,146
ending June 2 and for the corresponding week
previous
years:
week
2,229
Since Aug.
5,632,193
1
604,605
To Liverpool---
1919.
1918.
1920.
1919.
6,000
180,693
249,204
"87?
68.809
6,877
555,469
56,763
56,579
3,74^
10,158 496,352
601 804.336
Note.—A cantar is 99 lbs.
Egyptian bales weigh about 750 lbs.
receipts for the week ending June 2 were
foreign shipments 601 bales.
This statement shows that the
2,229
and
cantars
the
MARKET.—Our
MANCHESTER
cable
for
received
report
by
to-night from Manchester states that the market is
lifeless.
Receipts from Plantations
ending
254 203,670
1^1.071
21 2*2,622
Total exports
Aug. 1.
5,359 103,504
801 132,599
"500
To America.
Since
Week.
Week. Aug.
1.
80 246,904
143,739
To Manchester, &c
To Continent & India
This
1.
Since
This
Since
Week. Aug.
RECEIPTS FROM THE PLANTATION.—The follow¬
ing table indicates the actual movement each week from the
plantations.
The figures do not include overland receipts
nor Southern
consumption; they are simply a statement of
the weekly movement from the plantations of that part of the
crop which finally reaches the market through the outports:
1920.
54,959
5.874,339
■
This
foregoing shows that there was exported from the
Kingdom during ten months 927,926,000 pounds
of manufactured cotton, against 604,605,000 pounds last
year, an increase of 323,321,000 pounds.
1918.
14,748
4,794,538
Receipts (cantars)—
The
1919.
1917-18.
June 2.
United
Stocks at Interior Towns.
1918-19.
1919-20.
Alexandria, Egypt,
This
1920.
OF
receipts and shipments for
45,387
927,926
Total exports of cotton manufactures
Receipts at Ports.
SHIPMENTS
AND
155,275
195,863
268,459
42,5541,132,946
17,787
443,251
122,734
58,136
659,913
232,012
Sundry articles
Week
yesterday unanimously endorsed
aid in raising, storing
Aasociation
393,246
9,665
8,176
8,717
51,022
April...
Bankers'
American Cotton Association and
lbs.
of the two
2d qu.
Feb
Carpenter & Co., of this city, received to-day
following wire:
yards.
16,139
August.
lbs.
1918-19.
ENDORSED
ASSOCIATION
yards
331,182
277,793
17,568
14,141
October
1918-19
1919-20.
lbs.
1919-201918-19 1919-20.11918-19.11919-20.
COTTON
SOUTH CAROLINA BANKERS' ASSOCIATION.—
BY
000*8
[VOL. 110.
We give
prices for to-day below and leave those
previous weeks of this and last
year
for comparison:
1918.
1919.
1920.
May
7..
14..
60,541 104,230
54,213 90,194
21..
51.276 104,387
28..
46,422 121,610
1,130,441 1,397,201 1,065,189
48,490j 1,100,890 1,363,141 1,028,217
48,85f 1,076,708 1,318,265
984,341
51.75C 1,066,410 1,283,193
956,972
38,846
84,427
23,886
24,662
27,094
56,134
11,518
59,611
36,124
86,53^
4,980
24,381
15,911 132,788
20,589 117,249
15,666 106,212
56,71
June
4_.
37,888 174,131
18..
39.277 165,339
30,151 138,529
55,056 1,044,433 1,241,850
49.04L 1,025,745 1,193,760
39,947 1,011,260 1,130,443
929,939
11..
25..
23,204 140,572
42,41#
834,350
902,087
869,146
988,406 il,062,591
The above statement shows:
1.
That
350
28.023
22,192
4,006
72.72C
7,617
the total
receipts
6,840,015 bales;
from the
plantations since Aug. 1 1919 are
were 5.875,721 bales, and in 1917-18 were
6,139,2. That although the receipts at the outports
the past week were 23,204 bales, the actual movement from
plantations was 350
bales,
the
balance
taken from
stocks at interior towns.
Last year receipts from the planta¬
tions for the week were 72.720 bales and for 1918 they were
Twist.
April
bales.
7,617 bales.
WORLD'S SUPPLY AND TAKINGS OF COTTON.—
,
The
following brief but comprehensive statement indicates
at a glance the world's. supply of cotton for the week and
since Aug. 1 for the last two seasons, from all sources from
which statistics are obtainable; also the takings, or amounts
gone out of sight, for the like period.
Week.
Visible supply June
Visible supply Aug.
18
1
American in sight to June 25
Bombay receipts to June 24-
1918-19.
Season.
Week.
5,642,684
Other supply to June 23*
Total supply
Season.
|
3,027.450
156,015 10,883.142
37,000
2,277,000
3,439,000
258,000
752,000
238,000
4,000,
117,000
643,000
1,000
4,000
198,000
5,880,033 21,176,423 5.375,635 17,145,592
Deduct—
Visible supply June 25
5,538,523
Of which American
Of which other
d.
8.
d.
d.
d.
d.
18
26.63 28 H
@
30% 18
26.40 29 H
@
32%
19
@
34%
@
@46 0
42] 6
@46 0
55
(55
55
@
76
42
0
5,149,740} 5,149,740
225,895 11,995,852
196,895
9,379,852
76
21
53 H
<55
76
@45 6
26.14 31%
28
53 H
<55
76
42.0
@45 6
26.10 31%
29.000
being available—and the aggregate amounts taken by Northern and foreign
spinners, 12,294,900 bales in A919-20 and 8,798,852 bales in 1918-19, of
which 8,006.900 and 6,182,852 bales American.
b Estimated.
MOVEMENT.—The
receipts
of
India cotton at Bombay for the week
ending June 3 and for
season
from
Aug. 1 for three
years
6
@24 3
17.19
6
@24 0
20 0
@24 6
19.38
34% 20 0
@24 6
20.44
@45 6
have been
as
53
<55
76
41
6
27.80 36%
@
18.96
<55
76
41
6
@45 6
27.36 36 %
@
39% 22 6
40% 22 9
@26 9
53
@27 0
20.38
52
<55
75
41
10
@46 0
26.64 36 %
@
40% 23
3
@27 6
19.82
25
50
@
74
40
6
@44 0
>26.38 38%
@
41% 23
9
@28 3
20.39
4
SHIPPING NEWS.—As shown
on
previous
a
from mail and telegraphic returns, are as follows:
up
^
1917-18.
Bombay
Since
Aug. 1.
Week.
114.000 3.141,000
Since
Week.
Aug. 1.
48,000 2,130,000
940—
To Antwerp—June 18—Anglo-Egyptian, 556
To Gothenburg—June 21—Nyaiua, 352
To Barcelona—June 18—Lake Greenbrier, 75-
1 -4 60
556
To Genoa—June 22—Polar Bear, 2
2
6,447
2,500
Siamese Prince,
352
75
„
Liverpool—June 22—Dictator, 6,447-To Hamburg—June l9—Isanti, 2,500
To Genoa—June 18—Calimeris, 1,578--NEW ORLEANS—To Liverpool—June 18—Student, 2,700--To Havre—June 19—Hillsborough County, 1,546
To Barcelona—June 24—Barcelona, 1,725
GALVESTON—To
—
1-578
2,700
I'Soc
1.725
6,096
To Genoa—June 18—Monte Grappa, 6,096
To Japan—June 23—Koyo Maru, 6,369
To Mexico—June 19—Harsfjord, 700—
NORFOLK—To
„
Liverpool—June 25—Linmore, 1,200_
944
605
To Havre—June 11—Labette, 605
SAN FRANCISCO—To
Japan—June 21—West Neris, 100
Aug. 1.
30,000 1,623.000
particulars ©f the foregoing shipments for the week,
arranged in our usual form, are as follows:
The
Great
York
6,447
2,700
2,144
Orleans..
908
77
1,578
7,821
2,500
1,546
695
2,749
100
10
'1,495
1,495
7.974
700 36,460
Francisco-
Seattle
Total
700
6,369
—
11,291
COTTON
as
_
3,611
2,500
908
9,476
10
FREIGHTS.—Current rates for cotton from
follows, quotations being in cents
per
Inc.,
Great
Conti-
Japan <k
nent.
China.
Great
Total.
Conti¬
Britain.
nent.
Bombay, 1.2«c.
Liverpool, 1.75c.
Stockholm, 2.25c.
Manchester, 1.50c.
Trieste,
Flume. 1.50c.
Gothenburg. 2.25c.
Ghent, via Antwerp, OOf.
Lisbon, 2.25c.
Bremen, 1.92 He.
/
Vladivostok, 1.50o.
1.50c.
Hamburg, 1.75c.
Oporto, 2.25c.
4,000
19,000
1918-19.
1,000
1,000
61,000
84,000
16,000
18,000
77,000
44,000
27,000
27,000
146,000
20,000
31,000
40,450
128,050
5,000
1917-18.
&
China.
Total.
7,000
32,000
5,000
419,000 1,636,000 2,132,000
99,000
654,000
797,000
135,000 1,206,000 1,487,000
Oth er India*
1919-20..
5,000
1918-19..
2,000
6,000
65,000
50,000
233,500
87,000
1917-18Total
1918-19..
9,000
25,000
3,000
1,000
1917-18..
*
Danzig, 2.25c.
Helslngfors, 2.25c.
Shanghai, 1.50c.
Salonlca, 1.50c.
LIVERPOOL.—By cable from Liverpool we have the following statement of the week's sales, stocks, &c., at that port:
81,000 115,000
21.000 25,000
27.0001 27,000
Sales, American
Actual export
Forwarded
76,000
547,050 1,701,0002,365,500
104,000
704,000
884,000
146,000
135,000 1,206,00011,487,000
Amount afloat
1.
June 25.
15,000
17,000
15,000
9.000
7,000
58,000
74,000
1,150,000 1,136,000 1,114,000
810,000
859.000
848.000
57,000
June
11.
24,000
14,000
...
Total imports for the week
Of which American
No data tor 1917-18; figures for 1918-19 are since Jan.
18.
4.
19.000
Of which speculators took..
Of which exporters took
Of which American
117,450
June
19,000
June
Sales of the stock
Total stock
all—
1919-20..
Barcelona, direct, 1 50c.
Japan, 1.50c,
Japan
Bombay—
1919-20.
are
pound:
Genoa, 1.35c.
i.
2,445
10,525
19,136
100
Norfolk
San
Total.
South. Japan. Mexico
North.
many.
1,460
Galveston
New
—Oth. Eur ope—
Ger-
Britain. France.
New
Chrlstlania, 2.25c.
Since August
Exports
Britain,
100
10 i
1,495
—
SEATTLE—To Japan—June 17—Mandasan Maru, 10
TACOMA—To Japan—June 19—Mexico Maru, 1,495
Rotterdam, 1.00c.
from—
700
1.200
-
To Manchester—June 11—Lake Fairfax, 944
Havre, l.COc.
For the Week.
^
23—
NEW YO RK—To Havre—June 17—Jacques Cartier, 520--Jan.
Antwerp, 85c.
Since
Week.
the
page,
exports of cotton from the United States the past week have
reached 36,460
bales.
The shipments in detail as made
follows:
1918-19.
June 3.
Receipts at—
17.75
18
New York, as furnished by Lambert & Burrows,
1919-20.
d.
17.29
Tacoma
the
d.
@24 4
11
2.616.000
Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
This total includes the estimated consumption by Southern
mills,
3,343,000 bales in 1919-20 and 3,197,000 bales in 1918-19—takings not
COTTON
Mid.
June
*
a
BOMBAY
8.
4
42*6
7
14
d.
sr
28%
25.83 27%
6
Upl's
@
@46 0
42
@
Cot'n
38,460
5,538,523
341,510 15,637,900
206,510 11,349,900
135,000 4,288,000
Total takings to June 25-0
s.
77
60
30
1
4,792^018
Other India shipm'ts to June 24
Alexandria receipts to June 23
Twist.
May
5,173,620j
~90~349 11,697,405
6105,000
635,000
61,000
66,000
32s Cop
—
1919-1920.
Cotton Takings.
Week and Season.
d.
d.
Mid.
Upl's
ings, Common
to finest.
Cot'n
ings, Common
to finest.
32s Cop
in 1918-19
682
8% lbs. Shirt¬
8X lbs. Shirt¬
Of which American
...
13,000
68,000
66.000
41,000
147,000
lfO.OOO
12,000
11.000
1,092.000
785.000
34,000
38,000
15,000
20,000
44,000
35,000
133.000
126,000
74,000
77.000
June 26
THE CHRONICLE
1920.]
The tone of the
Liverpool market ..or spots and-futures
day of the past week and the daily closing price;: of
^pot cotton have been as follows:
each
Monday.
WednesdayJ Thursday.
Tuesday.
Dull.
Saturday.
Spot.
Quiet.
Friday.
Market,
1215
Dull.
More
Dull.
demand.
P. M.
26.69
Mid.XJpl'ds
26.07
26.04
26.43
26.38
3,000
5,000
3,000
4,000
Northwestern North
»'
...
8@12
Market
decline.
advance.
opened
Easy,
18@30 pts.
decline.
decline.
(Jecline.
Steady,
Barely st'y
Steady
Steady
24@34 pts. 23@31 pts. 1 pt.adv. to 16pts.dec.to
decline.
20 pts. dec. 33 pts. adv.
decline.
Barely st'y
Market,
4
P. M.
Prices of futures at
Liverpool for each day
are
7@32 pts.
decline.
given below
Tues.
Mon.
Sat.
Fri.
Thurs.
Wed.
X
12 %
12?*
4
12J*|
4
p. m.p. m. p. m. p. m, p. m. p. m
June 25.
d.
d.
d.
|
d.
125*1
4
125*
4
j 125*|
4
p. m.p. m. p. m. p. m. p. m. p. m
d.
Id.
d.
d.
!
d.
!
d
June
24.69 24.5124.07 24.14 24.04 24.15 24.43 24.48 24.38 24.41
July.
24.39 24.2423.82 23.89123.78
23.96 23.84 23.54
August
23.64 23.48 23.13
September..
23.80;23.92 24.00 23.84 23.87
23.59123.46 23.50l23.60 23.63 23.4123.46
23.20*23.07 23.0022.91 23.03 22.78 22.80
October
HOLI¬
23.30 23.14 22.79 22.85122.73
November
DAY.
22.7822.5822.23 22.29 22.17 22.09 22.0422.06 21.78l21.78
22.33 22.12 21.78 21.82:21.72 21.64 21.55 21.5821.32 21.30
December...
February
22.65;22.6l!22.63 22.36 22.37
22.04;21.8321.48;21.52 21.42 21.34
January
21.2421.2620.98 20.96
21.7721.56 21.2521.28 21.19 21.10 20.99 21.0120.7320.71
...
21.0ll21.02l20.94 20.85
20.72 20.75 20.47i20.45
March
21.50 21.29
April
20.5320.50 20.26 20.24
21.2921.08 20.82l20.83 20.75 20
21.0820.8720.62)20.6420.57 20.4820.35|20.36 20.06 20.04
May
BREADSTUFFS
Friday Night, June 25 1920.
quiet, pending further developments.
Buyers are awaiting the drift of prices on the new crop wheat.
Early in the week, with crop advices very favorable, wheat
at Kansas City was in some cases 4c. lower and at Minne¬
apolis 5c. lower.
Small wonder then that flour buyers stick
to a waiting attitude in hopes of still lower prices when the
crop begins to move in earnest.
And the time for freer
marketing under ordinary circumstances is not far off.
Meanwhile, of what use to buy, too, when new labor troubles
seem imminent, it is asked.
There is a strike on the St. Paul
road.
At Philadelphia and Baltimore, moreover, renewed
railroad troubles militate against export trade.
The foreign
demand though not large is not altogether negligible; it calls
for the low grades still; i. e., first and second clears. Actual
business in the present posture of affairs is another matter.
The fine crop reports tend to weaken prices for flour. Offer¬
ings from the Southwest have latterly been large.
The
"Northwestern Miller" says flour continues dull and that
new crop flour is quoted at figures considered much
too
high.
Spring patents declined from 20 to 80 cents recently.
Wheat early in the week, with crop reports good, was
unchanged to 4c. lower at Kansas City and 5s. lower at
Minneapolis.
The export demand was light at prices under
the market.
It is true that at Fort Worth, Texas, new wheat
was selling early in the week, it is said, from farmer to dealer
at $2 25 to $2 50, the highest prices for several years.
But
this was interesting, rather than influential.
The Kansas
crop, it is insisted, is 125,000,000 bushels, or some 15,000,000
Flour
bushels
has
more
been
than the Government estimate.
The visible
supply in the United States decreased last week 3,394,000
bushels, against 2,052,000 in the same week last year.
The
total is now 28,558,000 bushels, against 11,387,000 a year
ago; and in Canada 9,276,000, against 10,257,000 last year.
The State Department at Washington learns that throughout
the area of Allied occupation in Germany crop prospects are
excellent and food conditions improving.
Broomhall says that the United Kingdom wheat area will
show a decline of 500,000 acres compared with pre-war
figures.
This is due to the official fixing of a price of 76s.
9d. per 504 lbs. which was later changed to 80s.
The gov¬
ernment has now raised this price to 89s. 6d. equivalent to
$2 12 a bushel.
The crop of 1921 will be sold at a price
to equal imported wheat c. i. f. Liverpool.
The weather in
England is good and the present crop is ripening well.
Argentine restrictions are necessarily turning Italy and
France
wheat.
to
the United States.
The latter is short of spot
War bread is still enforced in France and the
new
is satisfactory, so that country will not require much
imported wheat.
But Italy's acreage is short and the crop
has suffered from drought.
Her import needs for the season
of 1920-21 will range from 70,000,000 to 80,000,000 bushels
of wheat.
The 1919 American wheat crop was produced
at an average cost to the grower of $2 15 a bushel according
to the Departent of Agriculture.
*
Chicago stocks of wheat total 1,862,000 bushels, a de¬
crease of 979,000 for the week.
Kansas wheat harvest has
begun, according to dispatches from Kansas City.
Weather
conditions are reported very favorable; private estimates
range all the way from 100,000,000 to 125,000,000 busheL,
compared with 110,000,000, the Government estimate
June 1st.
It is claimed by some that the acreage abandoned
was
less than reported May 1st.
Australian advices say
that a recent widespread rainfall in Australia gives prospects
of an excellent crop season.
Reports received by bankers
in the northwest says that indications point to good
crops in
crop
labor situation
the
OF
WHEAT
Sat.
IN
YORK.
NEW
Mon.
Tues.
Wed.
300
cts.300
298
296
Fri.
Thurs.
312
295
corn showed for a time considerable
strength with
steady demand from the shorts.
Prices rose sharply to
a new high record.
Cars were still scarce.
Many doubt
the possibility of a big and sustained increase in the receipts,
no matter how willing the farmers may be to sell.
Elevators
Indian
a
cannot handle the corn; cars are
still
And
scarce.
strike of switchmen and trainmen
a
now
there
the St. Paul road.
on
New wheat is about to be
June 19
12
PRICES
No. 2 rod
is
to
CLOSING
DAILY
Quiet
Quiet
Quiet
pts. 22@29 pts. 14® 19 pts. 9@14 pts
that
improved greatly.
Crops in Minnesota and
South Dakota are also, it is said, in good condition.
Cables
report that Rumania's crops this year promise to be ex¬
ceedingly abundant, provided no drought sets in.
Tight¬
ness of money at the West may possibly affect wheat prices:
On the 24th inst., however, the seaboard was bidding $2.90
for cash wheat at the Gulf for August-September shipment,
or 2c. higher than on the previous day.
3,000
Quiet
Futures.
Dakota and
farms has
on
HOLIDAY
Sales
2691
harvested; it will have the. first
supply, it is true, increased last week
131,000 bushels, but the increase in the same week last year
was
708,000 bushels and the total now is only 2,759,000
bushels, against 4,336,000 bushels a year ago.
Prices weak¬
ened later, however, on larger receipts, favorable crop re¬
ports and lower cash markets. Receipts increased, whether
temporarily or otherwise.
As to that it was surmised that
owing to better weather farmers will be more disposed to
sell if they can get the cars cn the eve of the new wheat
harvest.
Cash premiums at Chicago fell off.
Argentine
corn, by the way, has been offered in fair quantities, it is
declared, on the spot in small lots at $1 95 to $2, partly in
transit at
1 85, and partly at $165 for June shipment/
Cash prices dropped at Chicago early in the week with a
lessened demand.
Moreover, it seemed then to be time for
The
call.
some
visible
reaction in
For prices had risen 12 cents from
And the supply of cars increased
corn.
the "low" of last week.
somewhat in parts of
Illinois.
In a single day cash prices
Chicago fell 53^c.on No. 1 yellow; some sold at 6c. over
July at $1 85^, which was also a decrease.
In some sec¬
at
tions farmers show
elevators
a
unable
desire to sell but cannot do
so
as
the
take in grain.
to
To-day prices de¬
clined and they end lower for the week, the depression in
cash corn telling on the whole list.
are
DAILY CLOSING PRICES OF CORN IN NEW YORK.
Sat.
Mon.
Tues.
Wed. Thurs.
No.
2 yellow
cts_208?*
209?*
205?*
203?*
205
Fri.
201?*
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat.
Mon.
Tues.
Wed. Thurs.
Fri.
cts.181
-171?*
July delivery
September delivery
182%
172?*
179
169}*
180?*
170?*
174?*
107%
176?*
107%
Oats advanced
on light receipts, a demand to cover, and
tightness of the July situation at 8 to 10 cents over
September.
With new wheat beginning to move, some ex¬
perienced members of the trade seriously doubt the possi¬
bility of any great or permanent increase in the movement
the
of oats at this time.
And
there is
now
a
strike
on
the St.
Paul road to
complicate matters.
The visible supply in this
country, moreover, decreased last week 897,000 bushels, as
against an actual increase in the same week last year of
642,000 bushels.
And now the total is only 5,310,000 bush¬
els, against nearly treble this quantity a year ago, or 15,625,-!
000 bushels.
The Canadian supply is only 897,000 bushels,
against 4,743,000 bushels a year ago.
Moreover, the
strength of rye was imparted in some degree to oats.
Prices
weakened, however, later, in sympathy with a reaction in
corn
and on good weather and favorable crop reports.
Illinois had beneficial rains.
To-day prices fell and to-night
they are lower than a week ago, in sympathy with the
decline in
corn.
DAILY CLOSING PRICES
Sa
No.
1 white
OF
OATS
IN
NEW
YORK.
Mon.
Tues.
Wed.
cts_ 134-135
134-135
134-135
134-135
134-135
133-135
134-135
134-135
134-135
134-135
134-135
133-135
No. 2 white
.
Thurs.
Fri.
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat.
Mon.
Tues.
Wed. Thurs.
Fri.
July delivry In elevator
cts_104?* 105
103?* 104
103?*
September delivery in elevator
86?*
87?*
85?*
85?*
84?*
103
84?*
Rye weakened a little and then the demand increased
prices rose.
Besides the supply is small and to make
matters worse the visible supply last week it turns out fell
off 1,528,000 bushels and is now down to 7,054,000 bushels
against 9,048,000 bushels a year ago.
Later prices became
strong with a good export demand, and 500,000 to 1,000,000
bushels it is variously stated were sold for the last half of
July shipment.
Offerings for earlier delivery have been
small.
Europe is inquiring steadily for American rye.
Barley fell when other grain broke; July touched $1.44 after
reaching $1.49^; Sept. fell from $1.38 to $1.34%. The visible
barley supply increased last week 1,365,000 bushels against
a decrease of 235,000 in
the same week last year, but the
present total for all that is only 2,901,000 bushels against
10,236,000 a year ago.
To-day prices declined and they
and
close lower than last
DAILY
CLOSING
Friday.
PRICES
OF
RYE FUTURES IN CHICAGO.
Mon.
Tues.
Wed. Thurs.
Fri.
Sat.
July delivery
cts.215?* 215?* 214?* 217?* 214?*
September delivery in elevator.___188?* 188185?* 187?* 184?*
Closing quotations
were as
214
184
follows:
flour.
Spring patents
Winter straights, soft
Kansas
straights
Rye flour
Corn goods, 100 lbs.:
Yellow
meal
Cornflour
$13 50@$14 50 Barley goods—Portage barley:
13 00 @
13 00 @
11 75©
4
14 00
14 00
12 50
72?*
5 00©
5 25
No
1
Nos. 2, 3 and 4~pearl
Nos. 2-0 and 3-0
Nos. 4-0and 5-0...
Oats goods—Carload
spot delivery
17 96
6 50
7 25@
7 50
12 35
7 40
$3 12®
No. 2 red
$3 18
Oats—
No. 1
No. 2 white
Nominal
spring
No. 3 white
Corn—
Barley—
Feeding
Malting
2 01H
No. 2 yellow
Rye—
2 43^
No. 2
133@135
133® 135
133 @135
WEATHER BULLETIN FOR THE
155@160
165@170
WEEK ENDING
of the weather bulletin
issued by the Department of Agriculture, indicating the influ¬
ence of the weather for the week ending June 22, is as follows:
JUNE
22.—The general summary
COTTON.—The
averaged
temperature
above normal
in the eastern
portion of the cotton belt, but it is too cool for best growth
western sections.
Moderate rains occured in practically all
in the north¬
sections, and
they were rather heavy in portions of the West and the Northwest.
Cotton
showed Improvement during the week in practically all portions of the
belt, particularly in the eastern districts, where moisture and temperature
conditions were especially favorable.
Mostly excellent progress was re¬
ported in the Carolina** and Georgia, the recovery during the last two
weeks in Georgia being especially marked.
But the conditions there is
still unsatisfactory.
The lighter rainfall permitted better cultivation in
Florida, and this work made fair to very good progress, and is well along
in Alabama and Mississippi, although much complaint of drouth is still
received from some
ocalities.
The weather was generally favorable in
Louisiana and also in Arkansas and cotton made mostly very good progress
in those states, although it was too cool for best growth in Arkansas, while
the crop there is still grassy in places.
It was too cool and wet for best
results in Oklahoma and cotton made poor to only fairly good advance in
that State, where the condition ranges from poor to fair; some of the late
Slanted needs cultivation badly. The cotton made fairly food ranging from
Texas, but the general condition there varies greatly, improvement
i
poor to very good.
Rains in the lower Mississippi Valley favored an
in boll weevil, while they are numerous and causing apprehension
other localities.
increase
in many
,
temperature were rather too low for the best develop¬
central and southwestern districts, while they were high
the crop made rapid growth.
Good progress was made in cultivation, except in a few localities where the
rainfall was frequent or excessive
Corn is in all stages of growth from that
just being planted or coming up to some fields that are waist high in Central
States and tasseling or maturing in the South.
There is sufficient moisture
CORN.—The
ment of corn in all
enough to be favorable in the Southeast, where
will be need¬
for this crop except in a few local districts, although heavy rains
ed soon in Eastern batches and some other central districts.
SPRING WHEAT.~The rainfall in the western portion of
wheat belt was favorable for that crop,
the spring
while moderate temperatures were
generally favorable throughout the belt.
Spring wheat is heading rather
short in Iowa and portions of Illinois, but it made satisfactory progress
in Iowa and is up to a good stand and color in Minnesota.
The crop con¬
tinues in excellent condition in the Dakotas, where the weather was gener¬
ally favorable.
The rain was very beneficial in Montana and more favor¬
able weather has been experienced in Idaho.
The crop is in a thrifty con¬
dition in the north Pacific Coast States except locally where moisture has
been inadequate.
»
WINTER WHEAT.—The cooler weather that prevailed during most
of the week in the winter wheat belt was favorable for that crop by pre¬
venting too rapid ripening, while the rainfall in the later northwestern
and northeastern districts and in the central Rocky Mountain area favored
development of the crop in those sections.
Wheat is heading and filling
well in the northern Great Plains and upper Mississippi Valley, while it
shows improvement in the northern portions of the belt to the eastward.
Some damage has been reported, however, by jointworm and fly in por¬
tions of the Ohio Valley and also from blight and smut.
Harvest progressed
in the southern portion of the belt, with favorable weather conditions pre¬
vailing for this work during much of the week, except for delays in Okla¬
homa by wet weather.
Cutting was begun during the week so far north
as
east-central Kansas, central Missouri and southwestern
Indianana,
in central districts, while this work was general in the Atlantic Coast
States as far north as North Carolina; harvest is well along in California.
High winds some damage to wheat in shock in Texas.
OATS.—Oats are reported to' be heading on short straw over a
from Nebraska eastward to the lower Lakes
region
and in the central Appalachian
The weather during the week
and in the eastern part of this
district.
Harvest was under way to the south of it and good progress
was made in threshing oats in Texas and other Southern States.
BARLEY.—The barley harvest was well along in California and was begun
in Kansas.
Barley and rye made good growth in the Northenn States.
RICE.—Rice seeding was nearly finished in Arkansas, and this crop was
mountain region, due to earlier dry weather.
was favorable for oats to the north and west
growing nicely in southern areas.
For other tables usually given
here,
see page
2630.
THE DRY GOODS TRADE
New
York, Friday Night, June 25 1920.
Dulness has characterized
trading in the primary markets
throughout the week, and for the most part what little
goods moved was in small lots.
The end of June is not
finding purchasers ready to buy, and the conviction is
flowing that jobbers are not likely to buy goods much before
the middle of next month, and not a great deal then.
The
stability of cotton goods values has been helped by the
action of certain large producers who have refused to make
any advances in existing prices.
In the present market,
the future course of the wholesalers, it is pointed out, will
include maintenance of adequate stocks, reduction of in¬
ventories, a reasonable mark-up in prices and a quick turn¬
over.
Unusual market interest attended the naming of
denims a few days ago by a large North
giving customers the benefit of the same
prices as prevailed with his concern last February, while
other concerns and other traders have been getting very much
higher prices in consequence of the keen demand for the
goods.
John Wanamaker published
an
advertisement
on Wednescay last, which is creating a live interest on the
part of primary merchants, the advertisement going on to
say that he will restore prices, or withdraw the 20% off policy,
in about eight days.
The open season for cancellations is
believed to be at an end, and it is beginning to be iseen that
the orders canceled were those placed when the market
was at its peak; but those buyers who were fortunate enough
to have orders in at lower prices are insisting upon deliv¬
eries.
According to some manufacturers very few can¬
some
new
prices
on
Carolina producer,
be said to be wholly in
The crop from now on may
tinue.
GRAIN.
Wheat—
No. 1
[Vol. 110.
THE CHRONICLE
2692
the hands of the weather man.
COTTON
GOODS.—A more moderate
prices is noticeable in the cotton goods markets;
but the very dull conditions prevailing in some of the houses
are
causing no little apprehension.
Financial conditions
whereby, loans are not so readily obtainable from banks,
necessitating some liquidation, are thought to be occasioning
some concern.
Whether the lull before the holiday season
is setting in, or the public has once more backed down on
prices, there is an evident slowing up of the retail trade,
according to retailers, some of whom have been keeping
very close tab on public sentiment, believing that recent
profiteering indictments are having somewhat to do with
the slackness.
And it is also felt that, having seen prices
come down, consumers want to see them come down further.
But whatever the reason, stores report that for the wealth
of reductions now being offered the public response is not
up to the mark.
Gray goods markets are decidedly quiet
and extremely limited.
Buyers are showing little disposition
to look ahead, with the result that most of the sales are for
prompt delivery.
Converters evidence little or no interest
and are doing little in the contract market.
22
cents
was paid by converters
towards the close of the week for
spot shipments of 39-inch 68x72s, and they also bought
spot five-yard sheetings at 17
cents.
383^-inch 64x64s
offered at 23M cents.
The firm attitude of manufacturers
is not giving the trade much reason to expect any cut in
percale prices.
Sheetings are in light demand, and prices
continue soft particularly on the heavier numbers.
The
volume of irregular offerings from export and other sources
is quite noticeable.
Cotton yarn markets are continuing
to soften in a moderate way.
Fine cloths are quiet.
The
overall craze has come and gone, and blue denims are
offered by a big producer at the same prices named five
months ago.
Agents of firms with connections in Porto Rico
and Venezuela report some good export orders this week.'
And some very substantial cotton yarn orders for export have
been in the markets for some days.
Reports of widespread
cancellations of cotton goods destined for export on contract
DOMESTIC
tone
to
as
orders
are
unfounded.
WOOLEN GOODS.—The wool
goods markets
are
filled
with uncertainty.
Trade interest is centring in the course
of the wool markets.
And everybody is at sea as to the
prices of raw wool.
Growers consider prices as fair,
manufacturers want much lower figures.
Manufac¬
future
but
buy and dealers will not take chances
.until there is some improvement in the out¬
look for sales of goods.
There is absolutely no demand for
materials of any kind at present.
Jobbers are giving little
indication of a purpose to buy goods.
Many of them are
turers do not want to
stocking
on
up
less troubled about financial conditions than
they
were,
for
less business while
new capital is so hard to get and merchandise remains high.
Manufacturers' sales of clothing direct to the consumer in
many of the larger cities are having a depressing effect upon
the woolen market.
But when the banks began to call in
their loans the manufacturers were forced to resort co this
method of raising cash with which to meet their obligations.
It is difficult to forecast the price of woolens for the next
spring season; but many of the clothing manufacturers say
they expect prices for spring materials to be slightly lower.
Retailers continue backward in placing their orders.
The
fall season is practically closed in dress goods.
A local idea
of hiring Madison Square Garden co-operatively to sell all
the accumulation of women's garments in this market at
the present time does not appear to be in general favor, as
it is believed such action would injure the retail trade here
too much, and there is no just reason why retailers en masse
should be punished to get square with those members of the
craft who showed so little regard for the integrity of their
contracts
by indulging in order cancellations.
Woolen
mills are not going to hold their openings of men's wear
materials for spring until very late this year.
The spring
showings which are usually held in July and August will not
take place until September and October.
And there is
little prospect that the mills now running on part time will
resume
full operations before the opening of the spring
the
reason
that they have concluded to do
the latter part of summer.
DRY GOODS.—Linen
season
FOREIGN
fabrics in small lots
wholly inadequate to the reported demand.
the meantime conditions in the linen industry are said
continue to arrive,
In
sellers are seeking new
the upswing, as neither
the merchants nor the jobbers
are known to have any
considerable stocks.
Buyers have, given up any idea of
fiding their requirements.
Some figures given out during
to
be
growing
accounts.
more
Prices
acute, and no
abroad
are
on
the week indicate that for the ten
months ending in April
imported into the
the coiresponding
period of the preceding year.
In April the quantity brought
in amounted to 6,750,000 yards, compared with 490,256
any extended period.
There are many buyers in the dress yards in the preceding April. On its face this would indi¬
cate that linens are perhaps not as scarce as they are said to
goods market but they are not buying, excepting it be bar¬
be at the retail counters, where handsome profits are being
gains and job lots, and many buyers of these have been
secured arid encouraged.
Lightweight burlaps are now.
successful in picking up the materials at attractive prices.
apparently on a firmer basis in the local market.
8^2
The weekly report on the' growing condition of cotton
cents is asked for 8-40s, spots, but they could be had at
was considered favorable, in that it noted improvement in
about biC lower without much difficulty.
Heavy weights
most parts of the belt.
But a large crop is regarded as im¬
cellations
were
received
from
the
wholesale
trade.
New
England mills are becoming more alert for spot business.
The mills are marking time on fine goods, and mill men main¬
tain that such levels as now prevail cannot continue for
possible and scarcity for the world's needs is likely
to con¬
there
United
are
34,000,000 yards of linens
States,
against 8,137,332 in
were
firm.
For 10t£-40s 11 cents
is quoted.
2693
THE CHRONICLE
June 26 1920.]
been called and will be
jllate anil City gjepaTtwjmt
NEWS ITEMS.
of).—Road Bonds Fight Opens in Court.
applications for writ of mandamus to prevent further
expenditure of Federal highway funds, brought by W. R.
Ellis against Governor Stephens as Chairman of the ad¬
visory board and John S. Chambers, State Comptroller,
were heard in part
on June 15 before the Third District
Court of Appeals.
It was the contention of counsel for
Ellis that the State had violated the law by selling highway
California (State
—Two
bonds under par and the use of Federal funds
the discounts was a direct loss to the State. ^
to reimburse
Township Rural School District (P. O. FosSeneca County, Ohio.—Suit Brought Over School
Jackson
toria),
Site.—Charging that the $100,000 school building bond issue
on Feb. 17 was carried through misrepresentation on
the part of certain members of the Board of Education,
N. B. Flack and other citizens of the township, according
to the "Tiffin Advertiser," have brought suit against the
Board, asking for an injunction restraining the district from
purchasing the Amsden site or any other that is not near the
center of the district.
The petition also asked that the dis¬
trict be enjoined from erecting a building on any site other
than in a central location and that the sale of the bonds be
halted unless the money to be derived therefrom is used for
voted
the construction of
school
a
on a
central site.
Judge Piatt, it is stated, granted a temporary
ing order.
restrain¬
Suffrage Loses in Senate.—Represent¬
Upton's proposed state amendment giving the vote to
Louisiana women was defeated in the Senate on June 17
Lousiana.—State
ative
by
against the County Board of Education, the McComb Central¬
ized School Board, and McLaughlin & Hulskin, architects, of
Lima, the validity of the issue of $395,000 school bonds
voted on April 27—V. 110, p. 1555—is attacked by Wm. M.
Morehead, Benjamin Rider and Z. F. Anderson, citizens of
Portage Township, according to the "Findlay Courier."
It
is said that the petition of the plaintiffs charges that the
amount of the issue is exceesive and out of reason, and asks
that, if the centralization of the schools is to stand, the
amount of the issue be cut down to what is actually needed,
Dakota.—Special Session of Legislature Called By
special session of the South Dakota Legis¬
lature, called by Governor Nm'beck to consider emergency
legislation, convened on June 21.
South
Governor.—The
Tennessee.—Special Session of Tennessee Legislature to
on the Federal Suffrage Amendment.—Governor
Roberts of Tennessee announced on June -23, that he would
he Called to Act
comply with the request of President Wilson that a special
session of the Tennessee Legislature be called to Act on the
Federal Suffrage Amendment.
The President's communi¬
cation to the Governor read:
It would be
a
real service to the party
and to the nation if it is
possible
constitution, having in
the Ohio case, to call a
of the Legislature of Tennessee to
me to urge this very earnestly
consider the suffrage
Allow
amendment.
The Ohio case, to which the President refers, was the
in which it was held that state laws cannot interfere with
method of amending the Federal Constitution
the Constitution itself—namely, by action
one
the
prescribed in
of
the state
Legislature.
The Ohio case involved a referendum on the
prohibition amendment.
Tennessee constitution contains
a provision that the people must first vote on proposed con¬
stitutional amendments before the Legislature can act.
It
is held the Ohio decision invalidates this.
Texas.—Special
third
called
Session
session
of Legislature
Thirty-sixth
the
of
Adjourns.—The
Legislature
ad¬
journed. on June 18.
It enacted a pink bollworm law,
provided $4,000,000 to aid the schools of the State to end
teacher shortage and $1,000,000 to increase salaries and
make improvements at the higher institutions of learning.
It also appropriates $1,000,000 to pay off the States' rail¬
road debt and to reimburse the University for war expen¬
ditures etc.
(State of).—Bill Signed by
No. 9 providing for appropriation of
Texas
the
Paris Public School District (P. O. Paris) Monroe
County, Mo.—Bond Call.—A 5% school bond, dated
July 2 1906, No. 14 for $1,000, has been called and will be
paid July 2 1920.
School District No. 8, Township 22, Range 109, East
Dunklin, Dunklin County, Mo.—Bond Call.—Bond No. 4,
bearing 5^% interest, dated July 1 1908 for $500 has been
called and will be paid July 1 1920.
Washington Township, Lafayette County, Mo.—
Call.—Refunding bonds at 4>2%, dated July 11910 and
numbered 13 to 25 inclusive, for $1,000 each, have been called
and will be paid July 1 1920.
Bond
Washington Township, Lafayette County, Mo.—Bond
Call.—43^% refunding bonds, dated July 1 1910, Nos. 7,
8 and 9 for $1,000 each, have been called and will be paid
July 1 1920.
'V
.
'PROPOSALS
BOND
this week have been
as
NEGOTIATIONS
AND
follows:
ABERDEEN, Moore County, No. Caro.—CORRECTION.—'Th * Page
was the successful bidder at par and interest for the
Trust Co. of Aberdeen
following two issues of 6% coupon (with privilege of registration) bonds,
aggregating $73,000 (not Paine, Webber & Co. of N. Y., as reported in
V. 110, p. 2312):
$45,000 water bonds.
Due yearly on Jan. 1 as follows: $1,000 1922 to,
1954, incl., and $2,000 1955 to 1960, incl.
28,000 sewer bonds.
Due $1,000 yearly on Jan. 1 from 1922 to 1949, incl.
Denom. $1,000.
Date Jan. 1 1920.
Prin. and semi-ann. int. (J. & J.)
payable at the National Park Bank, N. Y.
5H% school building bonds Offered on May
VOTED.—An
public schools for the State was
17 by Governor Hobby.
Governor.—House Bill
$4,000,000 for relief of
signed, it is stated, on
June
issue
'
32 (P. O. Kuna), Idaho.—
school bonds are reported
,
.
ADAM'S COUNTY (P. O. West Union),
Ohio.—BOND OFFERING.—
until 1 p. m. July 12
Proposals for $45,800 6% road bonds will be received
1223 Gen. Code.
Prin. and semiDue part yearly to July
12, 1930, Cert, checks on some bank other than the one making the bid,
for 5% of amount of bid, payable to the County Treasurer, required.
Bonds to be delivered and paid for within 5 days from date of award.
by Guy M. Smith, County Auditor, Auth. Sec. 1222 &
Denom. $1,000 as far as possible.
Date day of sale.
int. payable at
ann.
Purchaser to pay
the County Treasurer's office.
accrued interest.
AKRON, Summit County, Ohio .—BONDS DEFEATED IN COUNCIL.
a meeting of the City Council held May 22, it is stated, that body voted
against an ordinance providing for the Issuance of $1,000,000 municipal
power and light plant bonds.
—At
ALLEGANY COUNTY (P. O. Cumberland), Md —BOND OFFER¬
ING.—Proposals will be received until 11 a. m. July 6 by Angus Ireland,
Clerk of Board of County Comm'rs, for the following 5% coupon bonds:
$350,000 school bonds.
Denom. $1,000, $500 and $100.
Due $35,000
on July 1 in each even-numbered year from 1936 to 1956, incl.
95,000 road bonds.
Denoms. to suit purchaser.
Due $20,000 in 1921
and $25,000 in 1922, 1923 and 1924.
Interest semi-annual.
Certified check for 5% required.
.
Bluff ton), Ind .—BOND ELECTION PRO¬
Commissioners to call an election in
August for the purpose of voting on a bond issue of $1,000,000 to build a
hospital as a memorial to soldiers who served in the war, are being circu¬
lated throughout the county, according to reports.
COUNTY
(P. O.
POSED.—Petitions asking the County
ALLENTOWN,
Monmouth
County,
N.
J.—BOND
POSTPONED.—The offering of the $15,000 borough bonds,
have taken
OFFERING
which was to
place on May 24—V. 110, p. 1995—was postponed to
June 28.
APPLE CREEK, Wayne County, Ohio —BOND OFFERING.—P. R.
Wagner, Village Clerk, will receive proposals until 12 m. July 1 for the
following 6% Main Street improvement bonds:
$3,645 bonds.
Denom. $405.
Due $405 yearly on July 1 from 1921 to
1929, inclusive.
2,250 bonds.
Denom. $250.
Due $250 yearly on July 1 from 1921 to
1929, inclusive.
Date July 1 1920.
Certified check for 5% of amount of bonds bid for,
payable to the Village Treasurer, required.
ARDMORE SCHOOL DISTRICT (P. O. Ardmore), Carter County,
Okla.—DESCRIPTION OF BONDS.—1The $350,000 5%
school bonds
awarded
on
April 2 to the American National Bank at par
110, p. 2215—are described as follows:
Due Feb. 2 1945. subject to call serially.
V.
ARLINGTON, Tarrant County,
June 1 $120,000 6% serial water-works
Denom. $1,000.
and interest—
Int. F. & A.
Tex.—BONDS REGISTERED —On
bonds were registered with the State
Comptroller
ARNOLD, Westmoreland County, Pa.—BOND SALE.—On Jan. 22
4H% bonds offered on that date—V. 110, p. 94—were awarded
National Bank, of New Kensington, at par and interest.
Date
Dec. 1, 1919.
Due on Dec. 1 as follows: $5,000 in 1929, 1939 and 1944;
and $10,000 in 1948.
the $25,000
to the First
ASHLAND, Ashland County, Wis.—BOND SALE.—On June 24 John
and interest was awarded $10,000 5}4%
coupon storm sewer bonds.
Denom. $500.
Date July 1 1920.
Int. J. & J., payable at the office of the City Treasurer.
Due $2,000 yearly
from 1926 to 1930, incl.
Sanastrom of Ashland, offering par
tax-free
ASHTON,
Fremont
be received until 8 p. m.
County, Ida.—BOND OFFERING.—Bids will
July 9 for the $50,000 water-extension and $50,000
bonds voted on June 8.—V. 110, p. 2410.
6% 10-20-year (opt.)
A.
Drollinger,
Clerk.
R.
REDEMPTIONS
high
•
ADAMS, Jefferson County, N. Y.—BOND SALE.—On June 21 Sher¬
wood & Merrifield, of New York, were awarded $9,100 6% water refunding
bonds at 100.28, a basis of about 5.96%.
Denom. $500 & $100.
Date
July 1 1920.
Due $500 yearly on July 1 from 1921 to 1938, incl.; and $100
July 1 1939.
sewer
BOND CALLS AND
of $41,200
Brown County.
for the $500,000
31.—V. 110, p. 2312.
ADA COUNTY SCHOOL DISTRICT NO.
BONDS
carried by 75 to 48.
ALLEN
for you under the peculiar provisions of your state
mind the recent decision of the Supreme Court in
special session
Lexington Township, Lafayette County, Mo.—Bond
Call.—Refunding bonds, bearing 3lA% interest, dated
Aug. 1 1900 No. 40 to 44 inclusive, for $1,000 each, have been
called and will be paid Aug. 1 1920.
So. Dak.—NO BIDS RECEIVED.—No bids were received
Hancock County,
Attack Bond. Issue's Validity.—In a suit filed
McComb Centralized School District,
Ohio.—Citizens
The bond bears
ABERDEEN SCHOOL DISTRICT (P. O, Aberdeen),
vote of 24 to 15.
a
paid July 1 1920.
5% interest.
A SPIN WALL,
Allegheny County, Pa.—BOND VOTE.—At the elec¬
2215—the proposal to issue $50,000 electric
tion held on June 12—V. 110, p.
District, No. 73,-Mo.—Bond
15 1917, for $300 and bearing
6% interest has been called and will be paid Sept. 15 1920.
and
Cedar County, Mo.—Bond Call.—
Courthouse bonds numbered 15.and 16, dated Jan 1 1920
sold
Butler
County
School
Call.—Bond No. 1, dated Sept.
Eldorado
for $500
will be
Springs,
each and bearing 6% interest
paid July 1 1920.
Eldorado
Springs,
has been called and
ATH ENS,
The
$30,000 5% tax-free street impt. bonds, which were
May 24—V. 110, p, 1896—are now being sold locally.
to have been
on
ATTLEBORO,
Bristol County, Mass.—TEMPORARY LOAN.—On
loan of $50,000 dated June 24 and maturing Nov. 24,
D. Parker & Co., of Boston, on a 6.35% discount
June 23, a temporary
1920 was awarded to C.
basis.
.
Cedar County, Mo.—Bond Call.—
10, for $500 has
Waterworks bond, dated Jan. 1 1902, No.
the $10,000 park
262 "against."
Bradford County, Pa.—BONDS TO BE SOLD LOCALLY.—
plant bonds carried by a vote of 365 to 90, but
and playground bond issue lost by a vote of 178 "for" to
water
TOWNSHIP (P. O. Tiro), Crawford County, Ohio.—
OFFERING.—Proposals will be received until 12 m. July 3 by
W. Davis. Township Clerk, for $60,500 6% coupon roaa impt.
AUBURN
BOND
William
bonds.
Sec.
Auth.
3298-15e
Code.
Gen.
Date
April
10
1920.
Int.
A. & O.
Due yearly on April 10 as follows: $5,500, 1924 to 1928, lncl.; and
$11,000, 1929; $5,500 on Oct. 30 1928, ana $16,500 Oct. 10 1929.
Cert,
check for $200, payable to the Township Clerk, required.
BALDA MESA SCHOOL DISTRICT, San Bernardino County, Cal.
OFFERING.—Bids will
—BOND
be received until
11
a.
m.
June 28 by
Harry L. Allison, Clerk Board of County Supervisors (P. O. San Bernar¬
dino) for $3,500 6% school bonds authorized by a vote of 17 to 0 at an
election held May 8, 1920.
Denora, $350.
Date June 14, 1920.
Int,
J. & D.
Due $350 yearly from 1923 to 1932 incl.
Official circular states
that no litigation is pending affecting the corporate existence of district or
title of present officials or validity of these bonds and that no bonds of this
district have ever been repudiated.
Purchaser to pay accrued interest.
Assessed value (non operative) $83,695.
(P.
O.
Towson),
Md.—CERTIFICATE
SALE.—It is reported that an issue of $525,000 6 % registered certificates of
indebtedness has been purchased by J. -8. Wilson Jr. & Co.
Due $75,000
yearly on Sept. 15 from 1922 to 1928, Incl.
<
COUNTY
BALTIMORE
BARNSTABLE COUNTY (P. O. Barnstable), Mass .—BOND OFFER¬
ING.—The County Commissioners will
for $15,000 coupon infirmary bonds.
Bidders
are
to state rate of interest
TOWNSHIP
BARR
receive bids until 11 a. m. July 2
Denom. $1,000 & $500.
Date
Due $1,500 yearly on July 1 from 1921 to 1930,
Int. J. & J.
July 1 1920.
incl.
(P.
O.
May 22—V. 110, p. 2103—were sold on June 8 to the First National Bank
of Spangler, at par and interest.
Date July 1, 1919.
Due $4,000 July 1
1930, 1931 and 1932; and $3,000 July 1, 1933.
BAY VILLAGE, Cuyahoga County, Ohio.—BOND OFFERING.—
Proposals will be received until 12 m. July 6 by Jesse L. Saddler, Village
Clerk, for $10,000 6% road impt. bonds.
Auth. Sec. 3939, Gen. Code.
Denom. $500.
Date July 1 1920.
Prin. and semi-ann. int. (A. & O.)
payable at the Guardian Savings & Trust Co. of Rocky River.
Due $2,000
yearly on Oct. 1 from 1926 to 1930 incl.
Cert, check on a solvent bank or
trust company for 5% of amount of bonds bid for, payable to»"Bay Village,"
required.
Purchaser to pay accrued interest.
BENTON COUNTY
(P. O. Fowler), Ind.—BOND OFFERING.—
Proposals will be received unti ,10 a. m. June 28 by F, E. Cones County
Treasurer, for $14,700 4)4 % D. J. Mahoney, Oak Grove Twp. road bonds.
Denom. $735.
Date May 15, 1920.
Int. M. & N.
Due $735 each six
months from May 15, 1921 to Nov. 15, 1930, incl.
INDEPENDENT SCHOOL DISTRICT (P. O. Calvert),
Tex.—BOND SALE.—The $60,000 5% school bonds
CALVERT
Robertson County,
on
CARBON COUNTY SCHOOL DISTRICT NO.
Mont.—BOND SALE.—The $9,500 6% 5-10 year
22 (P. O. Roberta),
(opt.) school bonds
States
1920.
Due June 1 1930, optional June 1 1925.
June 19—V. 110, p. 2505—have been sold to the United
National Bank of Red Lodge at par.
Denom. $500.
Date Juiy 1
offered
on
Int. J. & D.
DISTRICT, Wake County, No. Caro.—
received until 12 m. July 5 by John C.
SCHOOL
HIGH
CARY
BOND OFFERING.—Bids will be
Secretary of County Board of
Lock hart,
Education (P. O. Raleigh), for
Int. semi-ann.
$20,000 6% 20-year bonds.
Denom. $1,000.
on a North Carolina bank for 2% required.
Cert, check
CHARLOTTE, Mecklenburg County, No. Caro.—BOND ELECTION.
—On June 29 an election will be held, it is stated, to vote on the question
of issuing $750,000 school bonds.
DISTRICT NO. 9 (P. O. Norbert),
$4,000 6% 10-15-year
CHOUTEAU COUNTY SCHOOL
Mont.—BOND OFFERING.—On July 15 at 2 p. m.
$100.
(opt.) school bonds| will be offered for sale.
Denom.
par will not be considered.
A. J. Fisner, Clerk.
Bids less than
DISTRICT NO. 28 (P. O. High-
CHOUTEAU COUNTY SCHOOL
wood), Mont.—BOND OFFERING.—On July 10 at 2 p. m. $3,500 6%
10-30-year (opt.) school bonds will be offered for sale by Rodney Kurth,
Clerk.
Cert, check of $100 required.
Bids less than par will not be con¬
sidered.
CINCINNATI,
RAILWAY
OF
Ohio.—OFFERING
CINCINNATI
offering
DEFERRED .—The
BONDS
of the
SOUTHERN
$1,000,000
5%
45-year coupon bonds dated July 1 1920, for which proposals were to have
been received on June 21 by Stanley Ferguson, Secretary of Board of
Trustees—V. 110, p. 2411—has been postponed to June. 28
SCHOOL
DISTRICT,
Fresno
County,
SALE.—Recently $20,000 school bonds were sold to
CLAREMONT
BOND
Calf.—
the First
National Bank of Coalinga at part and inerest.
COUNTY SUPERVISORS' DISTRICT NO. 6 (P. O. West
Miss.—BOND OFFERING.—Reports say that
L. J. Howard,
of County Supervisors, will receive bids for $45,000 6%
bonds until 2 p. m. July 6.
Certified check for $500 required.
CLAY
Point),
Clerk
Board
coupon
DISTRICT
HIGHWAY
CLEARWATER
(P.
Orofino),
O.
Clear¬
County, Ida.—rlVO BIDS RECEIVED.—On June 14 no bids were
$100i000 bonds—V. 110, p. 2313.
water
(P. O. Bettsville,)
Seneca County, Ohio.—BONDS NOT SOLD.-r-No sale was made of the
$15,000 6% school-addition-bldg. bonds offered on June 2.—V. 110, p. 2312
submitted for the
(P. O. Moncks Corner), So. Caro.—BOND
OFFERING.—Sealed proposals will be received until 12 m. July 6 by W. II.
Dennis, Chairman of the Board of Highway Commissioners, for $100,000
6% bonds.
Denom. $1,000.
Int. semi-ann.
Due $5,000 yearly from
1921 to 1940, incl.
Cert, check for $2,000 payable to the County Board
of Highway Commissioners, required.
the
BETTSVILLE
VILLAGE
SCHOOL
DISTRICT
COUNTY
BERKELEY
BILLINGS,
Yellowstone
County,
Mont.—PURCHASER.—The
purchaser for the $50,000 6% water bonds reported as sold in V. 110, p.
2586—was Hornblower & Weeks of Chicago.
They got the bonds at 96.10
and
interest.
Other
bidders were: International Trust Co., Bennell,
Este
Phillips,
&
Co.,
Harris Trust &
Savings Bank, and the Bankers
Trust Co.
BLUE
CREEK TOWNSHIP
RURAL SCHOOL DISTRICT
(P.
O-
Paulding),
Paulding
County,
Ohio.—BOND
OFFERING.—Peter
Mumy, Clerk of Board of Education, will receive proposals until 2 p. m.
June 28 for $85,000 514% coupon sqhool building bonds.
Auth. Sec. 76257627, Gen. Code.
Denom. $7,000.
Date Sept. 1 1920.
Due yearly on
Sept. 1 as follows: $1,000. 1931 to 1936 incl.; $2,000, 1937 to 1943 incl.;
$7,000, 1944; $8,000, 1945 and 1946; $9,000, 1947; $10,000, 1948; $11,000,
1949, and $12,000, 1950.
Prin. and semi-ann. int. (M. & S.) payable at
the Farmers Nat. Bank of Haviland.
Cert, check on a solvent bank in
Paulding County for 3% of amount of bonds bid for required.
Purchaser
to pay accrued interest.
BOSTON, Mass.—TEMPORARY LOAN.—On June 23, according to
reports, a temporary loan of $3,500,000, dated June 28 and maturing Nov.
1
1920, was awarded to the First National Bank of Boston, on a 5.95%
basis, interest to follow. ,
BRADFORD, Miami County, Ohio —BOND OFFERING.—Roy E.
Brown, Village Clerk, will receive bids until 12 m. July 1 for the following 6%
bonds:
assessment Miami Ave. water-connections bonds.
Auth.
Sec. 3812-1, Gen. Code.
Due $600 on March 1 in 1921 and 1922.
1,800 (village's portion) Keller St. improvement bonds.
Auth. Sec. 3891,
3839 and 3942, Gen. Code.
Due each six months as follows:
$500 Sept. 1 1941 to Sept. 1 1942. $100 March 1 1943 to March 1
$1,200 special
r-\
1944.
7,500 Main St. improvement bonds.
Auth. Sees. 3814-3818, 3824, 3825,
3845 and 3914, Gen. Code.
Due $750 yearly on March 1 from
1921 to 1930, inclusive.
5,000 Main St. improvement bonds!
Auth. Sees. 3821, 3829 and 3942,
Gen. Code.
Due $1,000 each six months from March 1 1930 to
March 1 1941, inclusive.
Denom. $500 and $1000.
Date May 1 1920.
Int. M. & S.
Certified
check for 5% of amount of bonds bid for, payable to the Village Treasurer,
required.
Bonds to be delivered and paid for within ten days from date
of award.
BRADFORD SCHOOL DISTRICT (P. O.
unsuccessfully
on
COCOA BEACH ROAD AND BRIDGE DISTRICT, Brevard County,
Fla.—NO BIDS
postponed indefinitely.
Bradford), Miami County,
SOLD.—The $65,000 coupon school bonds offered
April 12 at 5)4 %—V. 110, p. 1336—were re-offered at
Sullivan
County,
Tenn.—BOND
COLUMBIA FALLS SCHOOL DISTRICT (P. O. Columbia Falls),
Flathead County,
Mont .—BOND ELECTION CONSIDERED—It is
reported that $47,000 high-school-addition bonds may soon be voted.
COLUMBUS CITY SCHOOL DISTRICT (P. O. Columbus), Franklin
County, Ohio —BOND OFFERING.—Proposals for the issue of
$1,170,000 school-building and improvement bonds which were offered
unsuccessfully as 5)4s on June 5 (V, 110, p. 2506), will be received by
B. McFadden, Clerk of the Board of Education, until 10 a. m.
Edward
1.
Bids will be for bonds bearing 6% interest.
Denom. $1,000.
July 1 1920.
Principal and semi-annual interest (J. & J.), payable at
Education.
Due $200,000 yearly
on July 1 from 1936 to 1940, inclusive, and $170,000 July 1 1941,
Certified
check for )4% of amount of bonds bid for, is required with each bid sub¬
mitted for bonds in excess of amount of $10,000.
July
Date
the office of the Treasurer of the Board of
CORCORAN
BRISTOL, Washington County, Va.—BOND SALE.—The $100,000
6% tax-free coupon Street and Beaver Creek Channel Improvement bonds
offered on June 23—V. 110, p. 2586—have been sold, according to reports,
to the Dominion National Bank of Bristol.
BROCKTON, Plymouth'County, Mass.—TEMPORARY LOAN.—
temporary loan of $100,000, issued in anticipation of revenue, dated
June 25 and maturing Nov. 20 1921, was awarded on June 23 to F. S.
Mosely & Co., of Boston, on a 6.40% basis.
A
Nashville), Ind.—BOND OFFERING.—
Proposals will be received until 1 p. m. July 5 by Thos. C. Ayers, County
Treasurer, for $9,600 4)4% Harrison et al Washington Twp. road bonds.
Denom. $480.
Date May 15, 1920.
Int. M. & N.
Due $480 each six
months from May 15, 1921 to Nov. 15, 1930, incl.
COUNTY
(P.
O.
BROWNING, Glacier County, Mont.—BONDS VOTED.—On June 8
bonds (V. 110. p. 2411) carried, 62 to 2.
the $60,000 water
Neb.—BOND SALE.—Bosworth,
purchased $8,400 water and $8,200 electric
light 6% 10-20-year (opt.) bonds.
BUSHNELL,
Kimball
County,
Chanute & Co., of Denver, have
CABELL COUNTY (P. O. Huntington), W. Va .—BOND OFFERING.
—Sealed proposals will be received until 1 p. m. July 7 for the $1,000,000
5% road-improvement bonds
(V. 110, p. 1995).
Date July 1 1920.
Principal and semi-annual interest payable at the First National Bank,
Due in 30 years with option to redeem $34,000 yearly by
payment of 2% premium and accrued interest, the first $34,000 to
be redeemed July 1 1921.
Bonded debt $772,000.
Total assessed value 1919 $65,606,506.
Esti¬
mated value 1920 $70,000,000.
Population 1920 (est.) 70,000.
New York.
the
CALDWELL, Noble County, Ohio.—BOND OFFERING.—Proposals
will be received until 12 m. July 8 by Willard Radcliff, Village Clerk, for
coupon Main St.
improvement bonds.
Denom. $500 and
Date July 15 1920.
Interest annual.
Due July 15 1930.
Cer¬
tified check for 5% of amount of bid, payable to the Village Treasurer,
$7,600
$1,000
6%
jequired.
GRAMMAR
DISTRICT,
SCHOOL
County.
Kings
Calif.—PRICE PAID.—The price paid for the $46,000 6% 1-23-year serial
bonds awarded on June 7 to the Bank of Italy of San Francisco
school
(V. 110,
p.
2506), was 100.01 and interest, a basis of about 5.99%.
CORRY,
local
Erie County, Pa.—BOND SALE.—It is reported that the
at par an issue of $9,000 4fi% road bonds.
A. & O.
Due Apr. 1 1940, optional
banks have purchased
Denom. $500, Date Apr. 1 1920, Int.
Apr. 1 1925.
County, Calif.
received until 2 p. m. July 6 by
COTTONWOOD SCHOOL DISTRICT, San Benito
—BOND OFFERING.—Proposals will be
Dowdy, County Clerk and Clerk Board of County Supervisors
(P. O. Hollister), for $3,000 6% gold bonds.
Denom. $150.
Date July 1
1920.
Interest semi-annual.
Due $150 yearly on July 1 from 1921 to
1940, inclusive.
Certified check on any responsible bank or banking house
for 10% of the amount of bonds bid for, payable to the above Clerk, re¬
quired.
Purchaser to pay accrued interest.
Elmer
COZAD,
State
Dawson County, Neb.—BOND SALE.—During May the
purchased $20,000 6% district paving bonds at par.
Due May 1 1940, optional on any interest-paying date.
of Nebraska
Date May 1 1920.
CUSTER COUNTY (P. O. Miles City), Mont.±-BOND OFFERING.—
10 a. m. June 30 by J. R. McKay, Chairman
for the following 5^4, 5% or 6% coupon
2103:
bonds.
Date April 1 1920.
Due yearly on
Jan. 1 as follows: $15,000, 1927 to 1936 incl., and $20,000, 1937
to 1940 incl., and $20,000 April 1 1940; each bond subject to call
on
the interest date occurring one year prior to its maturity.
Board of County Commissioners,
bonds recently voted—V. 110, p.
$250,000 high
OFFERING.—Sealed
July 6 by W. K. Carson, City Clerk,
following 6% coupon bonds:
$80,000 1-5-year serial street-improvement bonds.
40,000 1-20-year serial general-improvement bonds.
Denom. $500.
Date June 1 1920.
Int. semi-arm.
Cert, check for 2%
required.
bids will be received until 8:30 p. m.
and Recorder, for the
BROWN
«
COHOES, Albany County, N. Y.—BOND SALE.—On June 24 the
$75,000 6% 1-25 year serial water bonds,
offered on that date—V. 110
p. 2587—were awarded to the National City Co. of New York, at 103.699,
a basis of about 5.56%.
Denom. $1,000.
Date July 1, 1920.
Int. J. & J.
Due $3,000 yearly on July 1 from 1921 to 1945 incl.
6% on May 31 but no bids were received.
BRISTOL,
SUBMITTED.—No bids were submitted on June 5 for
$300,000 6% road and bridge bonds—V. 110, p. 2411.
action by the Board as to re-advertising said bonds has been
Further
Bids will be received until
Purchaser to pay accrued interest.
Ohio.—BONDS NOT
'
purchsaed by the State of
April 27 (V. 110, p. 1662) have been
Texas at par and interest.
offered
desired.
Nicktown), Cambria County, Pa.—
impt. bonds, which were offered on
BOND SALE.—The $15,000 5% road
.
[Vol. 110
THE CHRONICLE
2694
Cert,
school bldg.
check for $10,000 required.
100,000 highway
bonds.
date
occurring one year prior to its maturity.
$5,000
Prin.
and
Treasurer
or
Cert, check for
required.
(J. & J.) payable at the office of the County
at the Mechanics & Metals Nat. Bank, N. Y., at option of
semi-ann.
int.
The legality has been
holder.
1 1920.
Due $10,000 yearly on
incl.; each bond optional on the interest
Date July
Jan. 1 from 1931 to 1940
approved by Chester B. Masslich of N. Y.
County, Mont.—BONDS VOTED.—On June 12,
$28,000 water extension and $15,000 sewer bonds carried.
; j
CUT BANK, Glacier
COUNTY
DADE
10
a.
m.
(P.
County Commissioners,
recently voted—V.
110,
Prin. and semi-ann. int.
N. Y.
to the
OFFERING.—Until
Shepard, Clerk Board of
for the $350,000.53^% coupon highway bonds
p. 2506— Denomi $1,000.
Date July 1, 1920
O.
Miami),
Fla.—BOND
July 17, bids will be received by Ben
(J. & J.) payable at the U. S.
Mtge. & Trust Co.
1950 incl.
Cert, check for 2% payable
Board of County Commissioners, required.
Due yearly from 1922 to
B.
Certification of signatures and
The purchaser will be furnished
Masslich.
Delivery in place of
official notice of this bond offering
will be found among the advertise¬
The bonds are
seal by
registrable as principal.
U. S. Mtge. & Trust Co., N. Y.
approving legal
opinion of Chester
purchaser's choice about July 25.
The
ments elsewhere in this
DADE
—BONDS
Department.
COUNTY SPECIAL TAX SCHOOL DISTRICT
AWARDED IN PART.—Of the $300,000 6%
NO. 2, Fla.
school bonds
$2 50,000 tax-free coupon bonds were
awarded to R. M, Grant & Co., N. Y.
Denom. $1,000.
Date June 1,
1920.
Prin. and^semi-ann. int. (J. & D.) payable at the Chase National
Bank, N. Y.
Due .June 1, 1940.
offered
on
June 15—V. 110, p. 2411—
Financial Statement.
Actual valuation of taxable property
Assessed Valuation, 1920
Total bonded debt,
.
Less sinking fund
Net debt
Rate of net debt less than 5% of
Population School District No.
Population City of Miami, 1920
—
$75,000,000
12,878,390
$600,000
36,823
including this issue
- —
$563,177
r---,—.-
assessed valuation.
2, official estimate—.
U. S. Census
»
40,000
29,549
JUNE 26
DALLAS,
1920.]
Dallas
THE CHRONICLE
County,
state that the $225,000
Tex.—BOND SALE.—Local newspapers
hospital bonds mentioned in V. 110, p. 1996 have
on a 534 % basis.
V.
OFFERING.—Fred
HANOVER
TOWNSHIP
SCHOOL
Morris County, N. J.—BOND
C.
$5,000 yearly
HARDIN COUNTY (P. O. Eldora), Iowa.—BOND
SALE.—Geo. M.
Bechtel & Co. of Davenport, were
recently awarded $110,000 5% road and
bridge bonds for $111,635 equal to 101.48.
Denom.
$1,000.
Date
Jan. 15, 1920.
Int. J. & J.
Due yearly as follows: $7,000 1922 to 1931
incl., and $8,000 1932 to 1936 incl.
,
for the following water-works bonds:
bonds.
Due $3,000 yearly
Sept,
on
1 from
1925 to 1929,
inclusive.
50,000 534% bonds.
Due $5,000 yearly on Sept. 1 from 1930 to 1939,
inclusive.
Denom. $1,000.
Date June 1 1920.
Principal and semi-annual interest
payable at the City Treasurer's office.
Certified check for 2% of amount
bid for, payable to the City Treasurer, required with each issue.
DELAWARE
HARRISON COUNTY (P. O. Corydon), Ind.—BOND OFFERING.—
Proposals will be received until 2 p. m. July 1 by William
Taylor, County
Treasurer, for $2,200 434%
Russell et al Posey & Taylor Twps. road
bonds.
Denom. $220.
Date Mar. 2, 1920.
Int. M. &
each six months from May 15, 1921 to Nov.
15, 1930, incl.
(State
of).—BOND
OFFERING.—Proposals will
be
received until 1 p. m. June 29 by George M. Fisher, State Treasurer
(P. O.
Dover), for $1,000,000 434 % tax-free coupon highway bonds.
Denom.
$1,000.
Date Jan. 1 1920.
Prin. and semi-ann. int. (J. & J.), payable
at the Farmers Bank of the State of Delaware, at Dover.
Due Jan. 1
1960, redeemable at option of the State at 105, on any interest paying date
after one year from date, upon thirty days' notice.
Cert, check for 5%
of amount of bid, payable to the State Treasurer, required.
6% 1-10 year serial coupon full equipment bonds offered
110, p. 2412—have been sold it is stated.
O.
Eastland), Tex.—BONDS OFFERED
coupon highway bonds—V. 110, p. 1447.
Denom. $1,000.
Date Feb. 1,
1920.
Prin. and semi-ann. int. (M. & N.) payable at the Hanover National
Bank, N. Y.
Due yearly as follows: $25,000 1921, $30,000 1922, $40,000
1923, $45,000 1924 to 1928 incl., $40,000 1929 to 1935 incl., $39,000 1936,
$38,000 1937, $37,000 1938, $35,000 1939, $33,000 1940, $32,000 1941,
$30,000 1942, $28,000 1943, $26,000 1944, $24,000 1945, $20,000 1946,
$18,000 1947, $16,000 1948, $14,000 1949, and $10,000 1950.
Financial Statement.
True
Valuation
(Estimated)
_
Assessed Valuation (1920)
Total Bonded Debt (Inc. this issue)
Population
(1910
Census),
23,412;
EASTON SCHOOL DISTRICT
Population
(Present
.$100,000,000
50.000,000
1,214,000
Est.) 70,000.
(P. O. Easton), Buchanan County,
Mo.—BOND SALE.—The $17,700 6% school bonds offered on June 22,
have been sold, it is stated, to the Brown-Crummer Co. of Kansas
City at
par.
EAST PALESTINE, Columbiana County, Ohio.—BOND OFFERING
—Proposals will be received until 12 m. July 2 by O. L. Butts, Village
Clerk, for $4,500 534% coupon water-works bonds.
Denom. $500.
Date
Feb. 1 1920.
Int. F. & A.
Due $500 yearly on Feb. 1 from 1925 to 1933,
inclusive.
Certified check for 2% of amount of bonds bid for,
payable to
the Village Treasurer, required.
.
ELDON SPECIAL ROAD DISTRICT (P. O. Eldon), Miller
County,
Mo.—BOND ELECTION.—On June 26 an election will be held to vote on
$40,000
bonds,
it
is
stated.
and interest.
Date June 15, 1920.
ETNA BOROUGH SCHOOL DISTRICT (P. O. Etna),
Allegheny
County, Pa.—BOND OFFERING.—Proposals will be received until 8 p.m.
July 5 by G. A. Speer, Secretary of Board of School Directors, for $100,000
tax-free coupon school bonds, to bear interest at either 4H%, 4%%,
5%,
5H%, or 534%, upon which rates bids should be submitted.
Denom.
$1,000.
Due $20,000 yearly on July 31 from 1926 to 1930, inclusive.
Certified check for $1,000, payable to the District Treasurer,
required,
Purchaser to pay for printing of bonds.
FAIRHAVEN
BOND
SCHOOL
OFFERING.—Elmer
DISTRICT, San Benito County, Calif.—
Dowdy, County Clerk and Clerk Board of
County Supervisors (P. O. Hollister) will receive proposals until 2 p. m.
July 6 for the $10,000 6% gold bonds—V. 110, p. 2216—Denom. $500.
Int. J. & J.
Due $500 yearly on July 1 from 1921 to 1940 incl.
Cert,
check for 10% payable to the above clerk, required.
FERGUS COUNTY SCHOOL DISTRICT NO. 22 (P. O.
Moore),
Mont.—BOND OFFERING.—Until 2 p. m. June 28 bids will be received
Denom. $1,000.
Mrs. Britton Barrett, Clerk.
for $3,000 6% bonds.
FERGUS
FALLS,
Tail
County, Minn.—BOND SALE.
An issue of $34,000 4% armory site and permanent impt. bonds has been
Otter
sold to the State of Minnesota.
FLANDREU
INDEPENDENT
SCHOOL
DISTRICT
dreu), Moody County, So. Dak.—BONDS VOTED.—The
8 authorized the issuance of $100,000 school bonds—V.
(P.
O.
voters
110,
p.
Flan-
on
June
2216—it
is stated, by a vote of 190 to 109.
FLORENCE,
V. 110, p.
FORT
Coddington
County,
So.
Caro .—BOND
SALE.
30-year refunding bonds—
2587—were sold to J. H. Hilsman & Co., of Atlanta at par.
It is stated
tnat
on
June 22 the $25,000 6%
MORGAN, Morgan County, Colo.—BOND SALE.—An issue
6% due on or before 22 years paving district No. 2 special
of $300,000
bonds has been sold to the Bankers Securities Co.,
Henry Wilcox & Son,
Benwell, Phillips, Este & Co., and Sidlo, Simon, Fels & Co., all of Denver
jointly.
COUNTY (P.
O. Sidney), Iowa.—BOND SALE.—On
14, $17,000 road and $14,000 bridge 5% 1634 year (aver.) bonds were
Davenport at 100.50 a basis of about
4.96%.
Denom. $1,000.
Date Jan. 1,1920.
Int. M. & N.
Due yearly
on Nov. 1 as follows: $8,000 1934, $4,000 1935, $7,000 1936 and
$12,000
1937.
■
FREMONT
Jan.
sold to Geo. M. Bechtel & Co. of
GENTRY COUNTY (P. O. Albany), Mo.—BOND OFFERING.—Bids
will be received until 1 p. m. July 8 by C. H. Mothersead, Clerk
County
Court, for the following 6% 15 year serial coupon road bonds offered without
on Feb. 28—V. 110, p. 1109:
succcess
.
Athens Township bonds.
Cooper Township bonds.
Huggins Township bonds.
Jackson Township bonds.
Denom. $1,000.
Date July 1, 1920.
1% required.
$100,000
85,000
40,000
85,000
^
Int. semi-ann.
•
par.
HOLBROOK, Navajo County, Ariz.—BONDS VOTED.—By 90 "for"
to 37 "against," $135,000
6% sewer-system and water-plant bonds were
recently voted.
HOLLISTER
SCHOOL
DISTRICT, San Benito County, Calif.—
OFFERING.—Proposals will be received until 2 p. m. July 6 by
Dowdy, County Clerk and Clerk Board of County Supervisors
(P. O. Hollister), for the $110,000 6% gold bonds—V.
110, p. 2507—
Denom. $1,000.
Int. J. & J.
Due $5,000 yearly on July 1 from 1921 to
BOND
Elmer
1942, incl.
Certified check for 10%, payable to the above Clerk,
required.
HUMBOLT
COUNTY
(P. O. DakotaH), Iowa.—BOND SALE.—
Feb. 3 $15,500 funding road bonds were sold to the
Northwestern
Security & Loan Co., for $15,875 equal to 105,833, a basis of about
4.78%
Denom. $1,000.
Date Jan. 1 1920.
Int. J. & J.
Due Jan 1 1930.
On
JACKSON COUNTY (P. O. Jackson), Minn.—BOND OFFERING.—
P. D. McKellar, County Auditor, will receive bids until
1:30 p. m. July 6
for $11,000 County Ditch No. 8, $21,500 Judicial Ditch No.
19. $17,000
Judicial Ditch No. 72, and $87,000 Consolidated Ditch No.
1 6% bonds.
Certified check for 5% of the bid submitted,
payable to the above Auditor,
printed and approving opinion of David F.
printed and approving opinion o
David F«
Simpson, of Minneapolis, will be furnished by the county without expense
to the purchaser.
required.
required.
Bonds
Bonds
will
will
be
be
Financial Statement.
Assessed
value thereon, including structures thereon
$14,410,491 00
Assessed value of town and village lots, including structures
1,301,264 00
Assessed value of personal
credits
property, including money and
5,106,623 00
...
Total assessed valuation or the year 1919
1919 tax levy for county purposes..,....
$20,818,378 00
181,35757
Average rate of taxation, exclusive of special assessments, 39.98 mills.
Bonded Indebtedness.
Courthouse bonds...
$51,000 00
Outstanding road and bridge warrants..
47,000 00
_________
Ditch bonds
1,288,175 00
$1,386,175 00
Population of Jackson County, Minn., 1910,
14,491.
JACKSONVILLE SCHOOL DISTRICT (P. O.
Jacksonville), Athens
County, Ohio.—BOND OFFERING.—Proposals will be received until
12 m. July 3 by J. F. Kempton, Clerk of Board of Education, for
$15,000
6% coupon school building bonds.
Auth. Sec. 7625 Gen. Code.
Denom.
$500.
Prin. and semi-ann. int. (M. & S.) payable at the
depository of the
School District.
Due $1 000 yearly on Mar. 1 from 1922 to
1936, incl.
Cert, check for 5% payable to the Board of
Education, required.
JOHNSON
COUNTY
(P. O. Franklin), Ind.—BOND OFFERING.—
Sealed bids will
be received until 10 a. m. Juno 30 by E. G.
Brewer, County
Treasurer, for the following 434 % road-improvement bonds:
$9,300 Ditmors et al, Franklin Twp., bonds.
Denom. $465.
24,300 Wm. Darrell et al, Hensley Twp., bonds.
Denom. $1,215.
13,800 Jos. Knox et al. Union Twp., bonds.
Denom. $690.
14,500 Horis Throckmorton White River Twp. bonds.
Denom. $725.
Date June 15 1920.
Int. M. & N.
Due one bond of each issue each six
May 15 1921 to Nov. 15 1930, inclusive.
months from
JOINT SCHOOL DISTRICT NO. 46 OF KINGS COUNTY
AND
NOS. 23 AND 77 OF SNOHOMISH
COUNTY, Wash.—BOND OFFER¬
ING.—Wm. Gaines, Treasurer of Kings County (P. O. Seattle), will receive
bids until 11 a. m. July 6 for $8,000
coupon school bonds at not exceeding
6% interest.
Denom. $1,000.
Principal and interest payable at the office
of the
County Treasurer.
Due $1,000 yearly from 1922 to 1929, inclusive,
subject to call after 2 years from date of issue or any
interest-paying date
thereafter.
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 on Aug. 1 1920.
'
Financial Statement.
Assessed valuation
Cash
on
Cash
on
Uncollected
Warrants
$882,245 00
hand, General Fund
hand, Bond Redemption
5,887 23
_
2,921 83
3,622 22
taxes
outstanding
;
13,872 71
4,500 00
Bonds outstanding
KING COUNTY SCHOOL DISTRICT NO.
49, Wash.—BOND SALE.
—On June 21 the $28,000 coupon school bonds—V.
sold to the State of
110, p. 2588—were
Washington, it is stated,
at par for 5s.
LAUDERDALE COUNTY (P. O. Meridian), Miss.—BOND
ING.—Further details are at hand relative to the offering on
Cert,
check for-
f
GIBSONBURG, Sandusky County, Ohio —BOND OFFERING.—
Proposals will be received until 7 p. m. June 28 by La Rue Carr, Clerk of
Board of Education, for $3,000 534% North Main St. water-mains exten¬
sion
bonds.
Denom. $300.
Date day of sale.
Int. semi-ann.
Due
$300 yearly on April 1 from 1921 to 1930, incl.
Cert, check on a solvent
Dank for $200, 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.
GRANDVIEW HEIGHTS VILLAGE SCHOOL DISTRICT (P. O.
Grandview Heights), Franklin County, Ohio.—BOND OFFERING.—
Proposals will be received until 12 m. July 1 by D. S. Field, Clerk of Board
of Education, for $300,000 6% school-site and building bonds.
Auth.
Sec. 7625-7627, Gen. Code.
Denom. $1,000.
Date July 1 1920.
Int.
semi-ann.
Due $15,000 yearly on July 1 from 1925 to 1944 incl.
Cert,
check for $3,000, payable to the Board of Education, required.
Purchaser
to pay accrued interest.
HANOVER, Jefferson County, Ind.—BOND SALE.—The $2,000
534% coupon fire equipment bonds offered unsuccessfully on June 1—
485—at
thereon
ELYRIA CITY SCHOOL DISTRICT (P. O.
Elyria), Lorain County,
Ohio.—BOND SALE.—The $400,000 6% school bldg. bonds, offered on
June 14—V. 110, p. 2506—were awarded to a syndicate of local banks at
par
p.
Hudson County, N. J.—BOND SALE.—An issue^of
6% 6-year tax-free coupon or registered sewer bonds has been
purchased by a syndicate composed of Geo. B. Gibbons & Co., Hornblower
Weeks, B. J. In gen & Co., and M. M. Freeman & Co., at 100.12 and
interest, a basis of about 5.98%.
Denom. $1,000.
Date June 1, 1920.
Prin. and semi-ann. int. payable in gold.
Due June 1, 1926.
««
The purchasers are now
offering these bonds to investors at a pricelto
yield 5.65%.
$950,000
,
(P.
5% street-impt. bonds—V. 110,
HOBOKEN,
(P. O. Dyersburg), Tenn.—BOND SALE— The
$270,000 6% 13 year (aver.) highway bonds, dated March 1, 1920, offered
on June 19.—V. 110,
p. 2411—have been sold to the First National Bank,
Citizens' Bank and the Mercantile Bank & Trust Co., all of Dyersburg,
jointly, at 100.75 a basis of about 5.92%.
COUNTY
June 15.—V.
on
HIGHLAND PARK (P. O.
Dallas), Dallas County, Tex.—BOND
SALE.—Reports state that the Tenison National Bank of Dallas purchased
the $110,000
COUNTY
EASTLAND
Due $220
HENDERSON COUNTY (P. O.
Lexington), Tenn.—BONDS VOTED.
—At the election held June 12—V.
110, p. 1663—the proposition pro¬
viding for the issuance of $350,000 road bonds carried, it is
stated, by a
majority of over 800 votes.
DETROIT, Wayne County, Mich.—BOND SALE.—On June 15 the
City Sinking Fund purchased at par $200,000 5% street railway bonds.
100 for $500, and 150 for $1,000.
Date July 1, 1920.
Int.
J. & J.
Due July 1, 1950.
BY BANKERS.—Stacy & Braun of New York, Toledo and Cincinnati are
offering to investors at a price to yield 6.10% the $1,000,000 534 % tax-free
N.
HENDERSON, Vance County, No.Caro.—BOND SALE.—The $11,000
Denom.
DYER
July 1 from 1921 to 1940, incl.
Cert, check for 2% of
required.
Purchaser to pay accrued interest..
on
amount of bonds bid for,
DEFIANCE, Defiance County, Ohio.—BOND OFFERING— Propos¬
als will be received until 12 m. July 6 by
Harry R. W. Horn, City Auditor
6%
Date
DISTRICT
(P.
O.
Tabor),
OFFERING.—Proposals will be received
until 7.45 p. m., July 2, by W. T.
Leighton, District Clerk, for $100,000 6%
school bonds.
Denom. $1,000.
Date July 1, 1920.
Prin. and semi-ann.
int. (J. & J.) payable at the National Iron Bank of
Morristown.
Due
Reamer, Village Clerk, will receive bids until 8 p. m. July 7 for $40,000
public water bonds.
Bidders will state rate of interest desired.
Due
$2,000 yearly on Oct. 1 from 1921 to 1940. incl.
Cert, check for $2,000,
payable to the "Village of Dearborn," required.
Bonds to be delivered
and paid for by Aug. 1.
$15,000
2506—have been sold to Robert Morton, of Hanover,
Due $200 yearly on Aug. 1 from 1921 to 1930, incl.
June 1,1920.
been sold to E. H. R. Green of N. Y.
DEARBORN, Wayne County, Mich.—BOND
110, p.
2695
OFFER¬
July 5 of the
$50,000 road bonds at not exceeding 6% interest—V. 110, p. 2589.
Pro¬
posals for these bonds will be received until 2 p. m. on that day by Geo.
F.
Hand, Clerk Board of County Supervisors.
Denom. $500.
Date
July 1 1920.
Int. semi-ann. payable at the office of the County Treasurer.
Cert, check on any bank in Meridian for $500,
required.
Official circular
states that no previous bonds have been contested and
that there is no con¬
troversy or litigation pending or threatened affecting corporate existence
or
boundaries of said county.
Financial Statement.
The true value of real estate and personal
property is approximately 30%
more than the assessed value.
Assessed value of real estate 1919 roll
Assessed value personal property 1919 roll
Amount Railroad Commission assessment 1919
Total
$12,971,275
6,559,655
4,122.186
..$23,653,116
_„r
Total bonded debt of every character and including this
issue, $290,000.
LAWRENCE COUNTY ROAD IMPROVEMENT DISTRICT NO.
4,
Ark.—BOND SALE.—Kauffman-Smith-Emert & Co., of St.
Louis, have
purchased $126,000 6% tax-free bonds.
Denom. $1,000.
Date April 10,
♦
THE CHRONICLE
2696
Rockville), Md.—BOND OFFER¬
MONTGOMERY COUNTY (P. O.
Prin. and semi-ann. int (F. & A.) payable at the American Trust
Due yearly on Aug. 1 as follows: $5,000 1926. $6,000 1927
to 1929. Incl.. $7,000 1930 and 1931, $8,000 1932 and 1933, $9,000 1934 and
1935. $10,000 1936 and 1937, $11,000 1938 and $12,000 1939 and 1940.
Clerk of Board of County Commr'g.,
July 6 for the following 5% coupon bonds:
1920.
ING,—Berry E. Clark,
Co., St. Louis.
bids until 12 m.
LEBANON SPECIAL ROAD DISTRICT, Laclede County,
BOND SALE.—The $85,000 6% road bonds recently offered without
to
Mo.—-
to
to
Allen County, Ohio.—BOND ELECTION.—A
providing for the issue or $100,000 river-retaining-wall bonds
mitted to the voters at the August primaries, it is stated.
LIMA,
LISBON,
County,
Columbiana
-
SHEEP IRRIGATION DISTRICT (P. O. Joseph),
Ore.—BONDS NOT SOLD— The $100,000 6% 5-20
irrigation bonds offered on June 14—V. 110, p. 2316—were
MOUNTAIN
year serial
not sold.
$1,000.
1922 to
$200,000 5%
$10,000
350,000 funding
$50,000
to
1940, incl.
Denom. $1,000.
Date July 1 1920.
Prin. and semi-ann. int. (J.
payable in New York, Chicago or Muskegon.
Certified checks for
and $6,000, respectively, required.
MUSKOGEE, Muskogee County, Okla.—BOND SALE.—An
$25,000 5% 25-year park bonds has been purchased it is stated, by
of Muskogee for che sinking fund.
Date May 1, 1920.
proposition
will be sub¬
NASHUA,
TOWNSHIP
(P.
issued in anticipation of taxes,
NEW CASTLE COUNTY
Prin. and ann int. payable
Due July 1, 1935. Cert,
O. Ardmore), Montgomery
MARKET.-—The $270,000
bonds, which were to have
been withdrawn from the
market.
LYNN
received
HAVEN, Bay County, Fla.—BIDS REJECTED.—All bids
June 10 for the $15,000 6% gold bridge and street impt. bonds
on
rejected.
UNION HIGH SCHOOL DISTRICT
Jefferson
County, Ore.—BOND OFFERING.—W.
will receive bids until 8 p. m. today (June 26) for the
MADRAS
(P. O. Madras),
R. Cook, Clerk,
$50,000 6% coupon
2218—Denom. $1,000
N. Y
Bonded
high school bldg. bonds recently voted—V. 110, p.
Date July 1, 1920.
Int. semi-ann. payable at New York City,
Cert, check for 5% payable to the above School District required.
debt, this issue
only.
Assessed value $1,723,886.
MANLIUS, Onondaga County, N. Y.—BOND OFFERING.—Pro¬
posals will be received until 4 p. in. July 6 by J. Frank Dickerson, Village
Treasurer, for $20,000 53^% water works bonds.
Denom. $1,000. Date
July 1 1920.
Prin. and annual int. (July 1), payable at the First Trust &
Deposit Co., of Syracuse.
Due $1,000 yearly on July 1 from 1921 to 1940,
incl.
Cert, check on a
national bank, for
2% of amount of bonds bid for,
payable to the Village Treasurer, required.
Bonds will be prepared under
the supervision of an examined as to legality
by Chapman. Newell &
Crane, of Syracuse,
whose favorable opinion will
be furnished to the pur¬
chaser without charge.
(P. O. Wilmington), Del.—BOND OFFER¬
of Finance Committee, will receive bids
June 29 for $67,000 4!^% gold coupon bridge impt. bonds.
Denom. $1,000.
Date July 1 1920.
Prin. and semi-ann. int. (J. & J.)
MARICOPA COUNTY SCHOOL DISTRICT NO. 1 (P. O. Phoenix),
ELECTION.—On July 2 $300,000. and $50,000 school
ground-improvement 6% 20-year bonds will be voted upon.
Interest
payable semi-annually.
Denomination $1,000. L. D. Dameron, Clerk.
Marshalltown),Iowa.—BOND SALE.—
issue of $78,000 5 lA% funding bonds was sold to the White, Phillips Co.,
$79,000 equal to 101.28.
Denom. $1,000. Date Jan. 2, 1920.
Int.
MARSHALL COUNTY (P. O.
for
Due yearly from
J. & J.
1931 to 1910 incl.
Middlesex County, Mass.—LOAN OFFERING.—It is
reported that the City Treasurer will receive proposals until 9 a. m. June
29 for the purchase at discount of a temporary loan of $150,000, maturing
$50,000 May 13 and $100,000 June 15 1921.
MEDFORD,
MELROSE,
On June
24
a
County,
Mass .—TEMPORARY LOAN.—
$70,000, maturing $40,000 Oct. 27 and
Middlesex
temporary loan of
$30,000 Dec. 16, 1920, was awarded,
& Co., on a 6.40% discount basis.
MIFFLIN
according to reports, to C. D. Parker
SCHOOL
TOWNSHIP
DISTRICT
(P.
O.
Terrace),
% coupon
Allegheny County, Pa.—BOND SALE.—The $30,000
17K year (aver.) coupon school bonds, offered on June 5—V. 110. p. 2105—
were awarded to Holmes, Bulkley & Wardrop, of Pittsburgh, at 101.09, a
basis of about 5.41%.
Date May 1 1920.
Due $5,000 on May 1 in 1925,
1930, 1935, 1940, 1945 and 1950.
O. Colquitt), Ga.—NO BIDS RECEIVED.—
No bids were received for the $35,000 5% tax-free coupon or registered
bridge bonds offered on June 1 (V. 110, p. 1899).
MILLER COUNTY (P.
MISSISSIPPI
(State of).—BOND SALE.—The
$250,000 5H% impt.
bonds, "Series A," offered without success on June 8—V. 110, p. 2105—
have been sold to the New York Life Insurance of N. Y. at par and interest.
Date June 1 1920.
Due yearly on June 1 as follows:
$20,000, 1922 and
$10,000, 1923 to 1945, incl.
MOHAVE
8
NO. 1 (P. O. Missoula), Missoula
were received on June
2316.
COUNTY (P. O. Kingman), Ariz.—BONDS VOTED.—On
6% bonds—v. 110, p. 2413—were recently voted
the following
by 5 to 1:
$300,000 highway bonds.
Due yearly on June 1 as follows: $10,000 1931
to 1935, incl; $15,000 1936 to 1945, incl., and $20,000 1946 to
1950, incl.
80,000 hospital bonds.
Due yearly on June 1 as follows: $3,000 1931 to
1940, incl., and $5,000 1941 to 1950, incl.
Denom. $1,000.
Date June 1 1920.
Int. J. & D.
Date of sale not
yet determined.
MONROE COUNTY
.
SPECIAL ROAD AND BRIDGE
DISTRICT
(P. O. Key West), Fla.—NO BIDS RECEIVED.—No bids were
received, i$ is stated, on June 3 for the $65,000 5% 35-year road and bridge
bonds—V. 110, p. 2106.
NO.
1
.
MONTCALM COUNTY (P. O. Stanton),
Mich.—BOND SALE.—On
May 4 5% county-road-building bonds to.the amount of $44,200 were
sold locally at par.
Denoms. $400, $500, $1,000 and up.
Date June 1
1920.
Int. J. & J.
Due yearly on June 1 in 1925, 1926 and 1927.
•
the
July 1
Wilmington, in U. S. gold coin of
present standard of weight and fineness.
Due $10,000 yearly on
from 1950 to 1955, incl., and $7,000 July 1 1956.
Certified check for 2%
of amount of bonds bid for, payable to the County Treasurer, required.
Bids are desired on forms which will be furnished by the above Chairman,
or
by the U. S. Mtge. & Trust
by Caldwell &
been examined
Co. of N. Y.
The legality of the issue has
Raymond of New York, whose favorable
under
will
and
opinion will be furnished to the purchaser.
Bonds will be prepared
the supervision of the U. S. Mtge. & Trust Co., New York, which
certify as to the genuineness of the signatures of the County officials
the seal impressed thereon.
<
NEW CASTLE COUNTY
—The
only bid recieved for
(P. O. Wilmington), Del.—BID REJECTED.
the $200,000 highway and $100,000 bridge
4K% bonds, offered on June 22—V. 110 p. 2589—was rejected.
was a joint offer by Eastman, Dillon & Co. and Eldridge & Co., to
entire lot for $261,580.
NEW HANOVER
5% school bonds.
The bid
take the
Care .—BOND
July 15 by Thos. K.
is stated, for $175,000
COUNTY (P. O. Wilmington), No.
OFFERING.—Bids will be received until 10 a. m.
Woody, Clerk Board of County Commissioners, it
Denom. $1,000.
Date Jan. 1, 1920.
is the unsold portion of the $225,000 scnool bond issue of
bonds have already been sold as reported in V. 110, p. 2589
The above issue
which $50,000
NEWTON,
NEWTON
COUNTY,
Miss.—BOND
OFFERING
—
Clerk, will receive sealed bids for $35,000 6% water
light impt. bonds, Series of 1920. until 7 p. m. July 6.
Prin. and semi-ann. inc. payable a„ the Chemical National Bank, N. Y.
Due $1,400 yearly on July 6, from 1921 to 1945, incl.
Cero. check for
T. H. Wilson, Town
works and electric
$1,000, payable to the town
NOBLE COUNTY (P. O.
of Newton, required.
Albion), Ind.—BOND
OFFERING.—Morton
County Treasurer, will receive proposals until 9 a. m. June 28
60 Bert Weeks & Geo. Frey et al. Whitley & Noble County Line
road bonds.
Denom. $470 63.
Date May 15 1920.
Int. M. & N.
Due $470 63 each six months from May 15 1921 to Nov. 15 1930, incl.
P. Thomas,
NORFOLK PAVING DISTRICT
NO. 14 (P. O. Norfolk),
Madison
offered
County, Neb.—BOND SALE.—The $136,000 7% paving bonds
unsuccessfully on May 31—V.110, p. 2508—have been sold at a private sale.
Whitinsville), Worcester County, Mass.—
BOND OFFERING.—Bids will be received until 12 m. June 29 by Herbert
H. Dudley, Town Treasurer, for $60,000 5H %' coupon tax-free sewer bonds.
Denom. $1,000.
Date July 1 1920.
Due $2,000 yearly on July 1 from
1921 to 1950, incl.
Prin. and semi-ann. int. (J. & J.) payable at the
National Shawmut Bank of Boston.
Bonds will be engraved under the
supervision of and certified to as to genuineness by the Old Colony Trust
NORTH BRIDGE (P. O.
whose office all legal papers incident to this issue will
opinion of Ropes, Gray, Boy den & Perkins as
furnished to the purchasers without charge.
Co. of Boston, at
filed.
The favorable
validity will be
NORTH
FRANKLIN TOWNSHIP
Jan. 2 (V.
be
to
SCHOOL DISTRICT, Washing¬
County, Pa.—BOND SALE.—The $13,000 6%
109, p. 2459), have been sold to private
Jan. 1 1920.
Due yearly on Jan. 1 as follows: $1,000
1923 to 1926, inclusive, and $3,000 1927.
ton
on
school bonds, offered
parties at par. Date
1921 and 1922, $2,000
Chenango County, N. Y.—BOND SALE.—The $9,000
special appropriation bonds offered on June 23—V. 110, p. 2590—
awarded to the National Bank of Norwich at par and interest.
Date
July 1, 1920.
Due yearly on Jan. 1 as follows: $2,000, 1926; $1,000, 1927;
and $2,000 in 1928, 1929 and 1930.
NORWICH,
5%
were
OAK
HARBOR, Ottawa County,
OFFERING.—Pro¬
Ohio.—BOND
Clerk,
posals will be received until 12 m. June 30 by Rollin Gratop, Village
5M% Maple Street grading and paving bonds.
Denom. $500.
Date July 1 1920.
Int. semi-ann.
Due $500 on each April 1 and Sept. 1
from April 1 1922 to April 1 1928, incl., and $1,000 on each April 1 and
for $13,500
Sept. 1 from Sept.
MISSOULA SCHOOL DISTRICT
County, Mont.—NO BIDS RECEIVED.—No bids
15 for the $205,000 5H % school bonds.—V. 110, p.
June
12 m.
for $9,412
Ariz .—BOND
An
dated July 6
ING.—James G. Shaw, Chairman
County, Pa.— BONDS WITHDRAWN FROM
5% coupon (with privilege of registrtaion) road
been sold on June 22—V. 110, p. 2315—have
—V. 110, p. 2315—were
the city
Hillsborough County, N. H.—LOAN OFFERING.—The
receive bids until 10 a. m. July 2, it is stated, for a
temporary loan of $50,000
and maturing Dec. 3, 1920.
payable at the Farmers' Bank in
MERION
issue of
City Treasurer will
bank other than the one submitting the bid for 10% of
amount of bonds bid for, payable to the Village Clerk, required.
Bonds to
be delivered and paid for within 10 days from date of award.
Purchaser
to pay accrued interest,
LOWER
& J.)
$5,000
check on some
,
City
Due $50,000 July 1 1925 and
yearly on July 1 from 1926 to 1940, incl.
bonds, to bear interest at a rate not to exceed 6%.
Due
July 1 1925 and $20,000 yearly on July 1 from 1926
Code.
Denom. $1,000.
Date July 1, 1920.
office of the Sinking Fund Trustees.
June 28 by Benj. H. Tellman,
bonds:
water-works-impt. bonds.
Sosals for Marsden, Clerk of Board of Education. Auth. Sec. 3916, Gen
II. E. $3,000 5lA% refunding bonds will be received until 12 m. July 7
the
Mich.—BOND OFFERING.—Pro¬
MUSKEGON, Muskegon County,
posals will be received until 5 p. m.
Clerk, for the following coupon
Ohio.—BOND OFFERING.—Pro-
y
SALE.—The $10,000
June 1—V. 110, p. 2316—have been
Nat. Bank and the Merchants and
Wallowa County,
until
at
$64,000 ,$12,000 and
jointly.
Marine Bank,
Due $1,000
Denom. $1,000.
(F. & A.) payable on the
Jackson County, Miss.—BOND
MOSS POINT,
$500 and $1,000. Due yearly
to 1924, inclusive; $3,000 1925
1921 to 1927, inclusive.
Street No. 6 bonds.
Denom. $500 and
1 1921 and $1,000 yearly on April-1 from
1940, incl.
6% light and power bonds offered on
sold, it is stated, to the Pascagoula
Inclusive.
Metcalf Street No. 5 bonds.
from 1921
1 from 1921
SCHOOL DISTRICT NO. 45. N. M.—BOND OFFER¬
ING.—On July 19 $2,500 6% 20-30-year (opt.) bonds will be offered for
Sale by Fred. Brown, County Treasurer (P. O. Mora).
Denom. $250.
Industrial
6% special
aggregating $101,500, offered on June
yearly on April 1 from
Due $1,000 yearly on Aug.
MORA COUNTY
110, p. 2589:
$36,000 Jackson Street bonds.
Denom. $1,000. Due $5,000 yearly on
April 1 from 1921 to 1926. inclusive, and $6,000 April 1 1927.
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.
18,000 Vine Street bonds.
Denom. $1,000.
Due yearly on April 1 as
follows: $3,000 1921 to 1924, inclusive, and $2,000 1925 to 1927,
6,500 North Metcalf
Due $500 April
1927, inclusive.
Due $1,000 yearly on Aug. a
$500.
Denom. $500.
required with each issue.
21—V.
7,000 North
1950, incl.
Prin. and semi-ann. int.
LIMA, Allen County, Ohio.—BOND SALE.—The State
Commission of Ohio purcnased at par and interest the following
17,500 McPheron Ave. bonds.
Denom.
on April 1 as follows: $2,000 1921
and 1926; and $3,500 1927.
from 1921
$20,000 issues at the Montgomery County National Bank, Rockville; on
the $60,000, $30,000 and $20,000 issues at the Farmers Banking and Trust
Co. of Rockville.
Cert, check for $200, payable to the County Comm'rs,
LEXINGTON^ Holmes County, Miss.—BOND SALE.—Reports state
$32,000 6% paving bonds voted on April 2—V. 110, p. 1449—have
been sold to the Merchants & Farmers' Bank & Trust Co. of Lexington at
par and interest.
..
refunding bonds,
1921
Due $2,000 yearly on Aug. 1
Denom. $1,000.
20,000 bonds.
that the
assessment paving
Due $1,000 yearly on Aug. 1 from
Denom. $500.
1940, incl.
30,000 bonds.
Denom.
to 1950, incl.
to
1921
1932, incl.
60,000 bonds.
to
Due $1,000 yearly on Aug. 1 from
Denom. $500.
20,000 bonds.
2105—have been
& Duhme of St. Louis.
and semi-ann. (A. & O.),
D'Oench
1921
1952, incl.
12,000 bonds.
success
purchased, it is stated, by the Friedman,
Denom. $1,000.
Date April 1 1920.
Prin.
payable at the Mercantile Trust Co.,
St. Louis.. Due as follows: $4,000, 1921 and 1922; $5,000, 1923 to 1929,
incl., and $6,000, 1930 to 1936, incl.
LEE COUNTY SPECIAL TAX SCHOOL DISTRICT NO. 1, Fla.—
BOND OFFERING.—Proposals will be received until 11 a. m. July 17 for
the $100,000 6% bonds—V. 110, p. 2315—by J. W. Sherrill, County Super¬
intendent (P. O. Fort Myers).
Date April 1 1920.
Int. semi-ann. Due
yearly on April 1 as follows: $3,000 1922 to 1941, incl., and $4,000 1942 to
1951, incl.
Certified check for 2% required.
LEWISTOWN SCHOOL DISTRICT NO.
1 (P. O. Lewistown),
Fergus County, Mont.—BOND SALE.—The Bankers Trust Co. of
Denver was awarded the $150,000 6% school bonds offered on June 1—
V. 110, p. 2218.,
Due $15,000 yearly from 1931 to 1940, incl., and re¬
deemable on and after one year before maturity.
110, p.
—V.
will receive
Due $2,000 yearly on Aug. 1 from
Denom. $1,000.
$64,000 bonds.
1 1928 to Sept. 1 1931, incl. Cert, check for $500 pay¬
required. Bonds to be delivered and paid
of award. Purchaser to pay accrued int.
able to the Village Treasurer,
for within
10 days from date
OAKWOOD, Montgomery County, Ohio.—BONDS NOT SOLD.—
$45,000 5H % water-works bonds, offered on June 17—V. 110, p. 2413
not sold.
The village is trying to dispose of the bonds at private sale.
The
—were
OPELOUSAS, St. Landry Parish, La.—BONDS VOTED.—An issue of
$250,000 water, electric-light and drainage-extension
bonds has been
*
voted.
(State of).—BIDS.—The following bankers also submitted
bids on June 15 for the $1,500,000 4H % 14^-year (average) gold highway
bonds reported as sold in V. 110, p. 2590:
Kissel, Kinnicutt & Co.; Stacy & Braun; Eldredge & Co.; East¬
man, Dillon & Co.; Anglo & London Paris National Bank;
»
Ralph Schneeloch Co. (by R. H. Baldwin)
$1,313,550
Lumbermens Trust Co.; Continental & Commercial Trust &
Savings Bank; Harris Trust & Savings Bank; National City
Co. (by H. C. Kendall)..
.
1,298,400
R. M. Grant & Co., by E. L. Devereaux & Co. (by Arthur S.
Olson), for 2-3 bonds, with option of 60 days on balance at
OREGON
same
rate..
870,300
June 26 1920.]
THE CHRONICLE
ORVILLE RURAL SCHOOL
Hocking
DISTRICT
(P.
O.
New Strait.ville),
Ohio.—BONDS NOT SOLD.—OFFERED AT PRI-
County,
VATE SALE.—The $25,000 6% coupon school bonds offered on May 27
—V. 110, p. 2106—have not been disposed of.
The Board of Education,
through Russell Knepper of Columbus, is endeavorine to sell the issue at
private sale.
PAIGE COUNTY DRAINAGE DISTRICT NO. 16, Iowa.—NO BIDS
were received oh June 16 for the 5H% bonds (V.
RECEIVED.—No bids
110,
PARK COUNTY SCHOOL DISTRICT NO. 6 (P. O. Cody). Wyo.—
BONDS DEFEATED.—On May 3 the $60,000 school bonds (V. 110, p.
voted down.
were
PEMISCOT
COUNTY
(P.
O.
Caruthersville), Mo.—BOND ELEC¬
TION VALID.—The "$t. Louis Globe-Democrat" of June 20 states:
"The Supreme Court on June 19 sustained the validity of a special
election held in Pemiscot County Sept. 9 1919, at which bonds for a new
Courthouse to the amount of $150,000 were voted.
The legality of the
election
called into
was
question and the issuance of the bonds
was
"No barriers
now
exist to
work of constructing a new
PENNSYLVANIA
issuing the securities and proceeding with the
Courthouse."
(State of).—NO BIDS RECEIVED.—No bids
were
received for the $18,000,000 4M% tax-free coupon and registered bonds,
offered on June 23.
It is reported that the Auditor-General, following the
failure of the offering,
maturing in three
announced that an issue of $12,000,000
would be offered.
% bonds,
years
SCHOOL
FREE
UNION
PERINTON
DISTRICT
NO.
9
(P.
O.
Fairpart), Monroe County, N. Y.—BOND SALE.—The $25,000 school
bonds, offered on June 11—V. 110, p. 2413—were awarded to O'Brian &
Potter, of Buffalo, at 100.306 for 6s.
Date July 1, 1920.
The only
other bidder was Geo. B. Gibbons & Co., who offered 100.28.
PERRY TOWNSHIP RURAL SCHOOL DISTRICT
Shelby
ton),
(P. O. Pember-
Ohio.—BOND OFFERING.—Proposals will
County,
tion, for $50,000 6% school bldg. bonds.
Auth. Sec. 7625-7627 Gen.—
Code.
Denom. $1,000.
Date day of sale.
Int. M. & S.
Due $1,000
on March 1 and Sept. 1 in each of the years from 1925 to 1934, incl.; and
$1,000 on March 1 and $2,000 on Sept. 1 in each of the years from 1935 to
1944, incl.
Cert, check on a solvent bank for 5 % of amount of bid, payable
to the above
Clerk, required.
Bonds to be delivered and paid for at the
Co., of Ansonia, all within 10 days from date of award.
Purchaser to pay accrued interest.
Citizens
Bank
PHILADELPHIA, Pa .—BOND OFFERING.—Proposals will be received
Mayor Moore's office until 12 m. July 19 for $4,000,000 5% tax-free
or registered bonds.
Denoms. $100 and its multiples.
Date
July 1, 1920.
Int. J. & J.
Due July 1, 1940.
Cert, check for 5% of
amount of bonds bid for, required.
Bids must be made upon forms which
will be furnished upon application.
Negotiable Interim Certificates will be
at
coupon
issued if desired,
pending engraving of the bonds.
The advertisement of this offering uill appear in a
subsequent issue.
PHILLIPS COUNTY SCHOOL DISTRICT NO. 40 (P: O. Love joy),
Mont.—BOND OFFERING.—Reports state that sealed proposals will be
received until 2 p. m. July 20 by
Louise Hanson, District Clerk, for $3,000
10-20 year (opt.) school buildnig bonds at not exceeding 6% interest.
De¬
$500.
Date June 1, 1920.
Prin. and semi-ann. int. (J. & D.)
nom.
Sayable 1930. office of the County Treasurer. the District, required. *
1, at the Cert, check for $300 payable to Due June 1, 1940; optional
une
PIEDMONT
DISTRICT
SCHOOL
(P.
O.*
Piedmont),
Mineral
County, W. Va.—BONDS VOTED.—Reports state that the voters on
June 16 approved a $10,000 bond issue to provide for a new heating
appar¬
atus and other impts at the Piedmont Public School.
The vote was light,
60 having been cast for the issue and 15 against.
PIMA COUNTY SCHOOL DISTRICT NO. 7 (P. O.
RilHto)
Ariz.—
Langhorne School District bonds
F. L. Bosch, Clerk.
BOND ELECTION .—On June 30 $50,000
to be voted upom
PINAL
COUNTY SCHOOL DISTRICT NO. 30 (P. O. Florence)*
VOTED.—By a vote of 4 to 0 the proposition to issue
$10,000 6% 20-year school bonds was authorized on June 14 (V. 110, p.
Ariz.—BONDS
2413).
SCHOOL
CREEK
PIPE
Due $1,500 yearly on July 1 from 1922
TOWNSHIP
July 1, 1920.
Int. J. & J.
1929, incl.
Cert, check for 2%
Bonds to b^jgf
Purchaser to
to
of amount of bonds bid for, payable to above clerk, required.
delivered and paid for within 10 days from date of award.
pay
accrued interest.
ROCHESTER,
N.
Y.—NOTE SALE.—On June
23
$50,000
the
wa
emergency, $35,000 Brown Street Subway and $300,000 local impt. notes
all maturing 4 months from June 28—V. 110,
p. 2590—were awarded to
the Alliance Bank of Rochester, at
6% interest.
There were no other bid¬
ders.
|
ROSEDALE,
Wyandotte
County,
Kans .—BONDS
VOTED.—On
bonds, carried, it
June 15 the issuance of $35,000 Bell Memorial
Hospital
is reported, by 1,175 to 175.
RUTLAND,
Rutland County, Vt.—BOND SALE.—The Rutland
Bank, offering par and interest, was awarded the $50,000 5%
tax-free street impt. bonds, offered on June 24.—V. 110 p. 2508.
Date July 11920.
Due $10,000 yearly on July 1 from 1921 to 1925, incl.
Savings
coupon
ST. LOUIS COUNTY (P. O.
Duluth), Minn.—BOND SALE.—The
$540,000 5% bridge bonds offered without success on May 21 (V. 110, p.
2508), have been sold.
ST. MARY'S COUNTY (P. O. Leonard town), Md.—BOND OFFER¬
ING.—A,t 11 a. m. June 29 Joseph I. Gough, Clerk of Board of County
Commissioners, will sell at public auction an issue of $50,000 6% coupon
road and bridge bonds.
Denoms. $100 to $2,000.
Date July 1 1920.
Int. semi-ann.
Due $2,000 yearly on July 1 from 1925 to 1949, incl.
be
received until 2 p. m. July 8 by Roy W. De Weese, Clerk of Board of Educa¬
(P. O. Rittman), Wayne County,
Ohio.—BOND OFFERING.—C. L. Miller, Clerk of Board of Education,
will receive bids until 12 m. June 26 for $12,000 6
% refunding bonds.
Auth.
Sec. 5656 Gen. Code.
Denom. $500.
Date
sus¬
pended.
are
RICHEY SCHOOL DISTRICT (P. O. Richey), Dawson County,
m
Mont.—BONDS VOTED.—By a vote of 52 to 1 the question of issuing
$23,000 6% 9-10 year (opt.) school bonds, carried, at a recent election, it
reported.
is
RITTMAN SCHOOL DISTRICT
PARK COUNTY SCHOOL DISTRICT NO. 28 (P. O. Livingston),
Mont.—BOND OFFERING.—Bids for $2,700 6% 10-20-year (opt.) bonds
will be opened July 14 by Mrs. Will Skaggs, Clerk.
Denom. $100.
Bids
less than par will not be considered.
1450)
$1,000.
Prin. and semi-ann. int. (F. & A.) payable at a place to be
designated by purchaser.
Due yearly on Aug. 2 as follows: $1,000 1926 to
1934 incl., and $51,000 1935.
Cert, check for 10% payable to District
Treasurer, required.
nom.
2508).
p.
2697
SACO SCHOOL DISTRICT NO. 12
(P. O. Saco), Phillips County,
Mont.—NO BIDS RECEIVED.—No bids
were
submitted for
$51,000 6% school bonds recently offered for sale.
R. Hawver is District Attorney.
an
Issue of
Otho
Denom. $1,000.
SALINEVILLE, Columbiana County, Ohio.—BOND OFFERING.—
Proposals will be received until 12 m. July 6 by E. J. Calvin, Village Clerk,
improvement bonds.
Auth. Sec. 3939, Gen.
Denom. $500.
Date July 15 1920.
Interest semi-annual.
Due
$500 on Jan. 15 and July 15 in each of the years from 1922 to 1931, inclusive.
Certified check for 10% of amount of bonds bid for, payable to the Village
Treasurer, required.
Bonds to be delivered and paid for within ten days
from date of award.
Purchaser to pay accrued interest.
for $10,000 6% water-works
Code.
SALISBURY,
Rowan
County,
No.
OFFERING.—
Caro.—BOND
Sealed bids will be received for $90,000 6% coupon street-impt. bonds until
12 m. July11 by W. T. Rainey, City Clerk.
Denom. $1,000.
Date July 1
1920.
Prin. and semi-ann. int. (J. & J.) payable at the National Park
Bank, N. Y.
Due yearly on July 1 as follows: $4,000 1923 to 1927, incl.;
$7,000 1928 to 1932, incl.; $10,000 1933 and 1934, and $15,000 1935.
Certified check for 2% of the amount of bonds bid for required.
The bonds
will be prepared under the supervision of the U. S. Mtge. & Trust Co.
of
N. Y., which will certify as to the genuineness of the signatures of the city
officials and the seal impressed thereon and the successful bidders will be
furnished with the legal opinion of Reed, Dougherty & Boyt of
the bonds are valied and binding obligations of the city.
N. Y. that
SALMA, Sevier County, Utah.—DESCRIPTION OF BONDS.—The
$10,000 paving intersection bonds recently awarded to the Palmer Bond &
Mortgage Co., of Salt Lake City (V. 110, p. 2414), bear 6% interest and
are
in denom. of $1,000.
Due $1,000 yearly.
SANTA
ANA,
Orange
County,
Calif.—BOND ELECTION.—On
July 20 an election will be held to vote on $33,000 water, $45,000 fire-hall
and equipment, $28,000 sewer, $12,000 city-hall-impt.,
$45,000 paving and $50,000 street-culvert bonds.
$55,000 paving,
,
SANTA CRUZ COUNTY (P. O. Nogales), Ariz.—BOND ELECTION
CONSIDERED.—An issue of $1,000,000 6% county-road bonds (not $100,000
as
reported in V.
110,
p.
2590)
is being considered.
SCHENECTADY, Schenectady County, N. Y.—NO BIDS —No bids
were received for an issue of $325,000 certificates of indebtedness offered
(P. O. Elwood), Madison
County, Ind.—BOND SALE.—The $110,000 6% coupon tax-free school
bldg. bonds offered on May 20—V. 110, p. 1998—have been sold to Breed
Elliott & Harrison, of Indianapolis, at par and interest.
Due yearly on
July 15 as follows: $8,000,1921 to 1925, incl.; and $7,000,1926 to 1935, incl.
voted.
PITTSBURG, Contra Costa County, Calif.—BOND SALE.—We are
by Jos. T. Fitzgerald, City Clerk, that the city of Pittsburg pur¬
April 1.
In payment for the same there
were $89,000 bonds issued.
SIBLEY COUNfY (P. O. Henderson), Minn— BOND SALE.—The
Minneapolis Trust Co. of Minneaplis, offering $151,870 (101.24), was
awarded, it is stated, the $150,000 6% Judicial Ditch No. 7 bonds offered
on June 23.—V.
110, p. 2508.
advised
chased the Pittsburg Water Co. on
DISTRICT (P. 6. Placerville),
Colo.—NO BIDS SUBMITTED.—No bids were
WATER-WORKS
PLACERVILLE
San
Miguel County,
submitted for the $30,000 bonds offered on June 15 (V. 110, p. 2316).
The bonds will probably be sold later at a private sale.
Cumberland
County,
Me.—TEMPORARY
LOAN.—
On June 23 the temporary loan of $300,000, issued in anticipation of taxes,
dated July 1, 1920, and maturing Oct. 4, 1920—V. 110, p. 2590.—was
awarded to the First National Bank of Boston, on a
awarded
$2,000
2,000
4,000
1,000
10,000
2,000
5,000
21,061
10,000
50,000
as
00
00
00
00
00
00
00
58
00
00
were
follows:
bonds
bonds
bonds
bonds
bonds
bonds
bonds
bonds
bonds
bonds
to
to
to
to
to
to
to
to
to
to
C. Litchwork at par and interest.
Henry Teal at par and interest.
Emma Lammers at par and interest.
L. C. Boffinger at par and interest.
Laura A. Flanders at par and interest.
Mary E. White at par and interest.
Abe Tichner at par and interest.
the Security Savings & Trust Co. at par and interest.
Sarah J. Buckman at par and interest.
Carstens & Earles, Inc., at 100.336 and interest.
POWDER COUNTY (P. O. Broadus), Mont.—NO BIDS RECEIVED.
were received on June 9 for the $150,000
6% road bonds—V. 110,
—No bids
2317.
p.
Bond will again be advertised for sale
PRAIRIE
COUNTY
Mont.—BOND
SCHOOL
OFFERING.—On
in a
DISTRICT
July
school bonds will be offered for sale.
17
short time.
NO.
$1,000
Denom. $200.
94
(P.
O.
carried.
reported.
Terry),
a. m.
will
be
June 28 for $25,000 6% serial refunding bonds, it is
<
CROSS
SMALL
Chowan
ROAD
No.
County,
CONSOLIDATED
Caro.—NO
BIDS
DISTRICT,
SCHOOL
RECEIVED.—According to
6-20-year serial school
reports no bids were received for the $15,000 6%
bonds offered on June 7.—V. 110, p. 2219.
CITY
SPRINGFIELD
SCHOOL
DISTRICT
(P.
O.
Springfield),
Clark County, Ohio.—BOND SALE.—An Issue of $125,000 6% coupon
school-building repair bonds has been sold to the State Industrial Commis¬
sion of Ohio.
Denoms. $15,000, $20,000 and $30,000.
Date June 1 1920.
Principal and semi-annual interest (J. & D.) payable at the State Treasurer's
office.
Due part in each of the years 1925,1929,1934,1939, 1943 and 1947.
CITY SCHOOL DISTRICT (P. O. Springfield),
OFFERING DEFERRED.—The offering of
school bonds which was to have taken place on June 15
2414), was deferred until the market conditions become better.
SPRINGFIELD
Greene County, Mo.—BOND
the $600,000 5%
(V. 110, p.
STEELE COUNTY
(P. O. Finley), No. Dak.—BOND ELECTION.—
4H% court house
On June 30 an election will be held to vote on $150,000
and jail bonds.
»
SCHOOL DISTRICT NO.
15
(P. O.
Absarokee), Mont.—BOND OFFERING.—An issue of $4,000 6%
5-10-yr
(opt.) school bonds will be offered for sale on July 10. . Bids Jess than par
will not be considered.
J. T. Cook, Clerk.
STILLWATER
COUNTY
SUMMER LAKE
IRRIGATION DISTRICT (P. O. Summer Lake),
Lake County, Ore.—BOND OFFERING.—According to reports, proposals
be received for $260,000 6% 6-25 year serial irrigation bonds until
will
10
a. m.
July 10 by H. Detwiler, Secretary Board of Directors.
from 1926 to 1945, incl.
^
-
<
SILVER
LAKE,
Summit
County,
Ohio.—BOND
OFFERING.—
Proposals will be received until 12 m. July 19 by E. A. Tewkesbury, Village
for $106,111.80 6%
paving bonds.
Denom.- 212 for $500, 1 for
$111.80.
Date May 1, 1920.
Prin. ana semi-ann. int. (A. & O.) payable
at the Cuyahoga Falls Banking & Trust Co. of Cuyahoga Falls.
Due
yearly on Oct. 1 as follows: $4,611.80, 1921; $10,000, 1922 to 1925, incl.;
$12,000 1926, 1927 and 1928; $12,500 1929, and $13,000 1930. 'Cert,
check for 5% of amount of bid, required.
5-10-year (opt.)
C-L. Lowall, Clerk
PULASKI, Pulaski County, Va.—BOND OFFERING.—Bids
received until 10
SCHOOL DISTRICT NO. 10 (P. O. Avery),
of $40,000 school bonds have been
VOTED.—An issue
6%
PROGRESSIVE IRRIGATION
DISTRICT
(P. O. Idaho Falls)
Bonneville County, Ida.—BONDS VOTED.—By a vote of 124 "for" to
48 "against," $150,000 bonds—V. 110, p. 2219—for Bonneville reservoir
construction
Idaho.—BONDS
6.30% discount basis.
PORTLAND, Ore.—BOND SALE.—Recently $107,061 58 bonds
24.
SHOSHONE COUNTY
Clerk
PONTIAC, Oakland County, Mich.—BOND SALE.—The Wm. R.
Compton Co., and the Detroit Trust Co., have purchased, and are now
offering to investors at a price to yield 5.60%, $300,000 6% water works
bonds.Denom. $1,000.
Date June 1, 19*0.
Due $10,000 yearly on
June 1 from 1922 to 1951, incl.
PORTLAND,
June
on
,
READING, Berks County, Pa.—BOND OFFERING.—The $422,000
or registered tax-free improvement bonds offered unsuccessfully
April 7 at 4 M%—V. 110, p. 1556—are being re-offered at 5% on July
Proposals will be received until 10 a. m. on that date by O. B/ Dorward,
City Comptroller.
Denom.
$1,000.
Date July
1
1920.
Int.
J. & J.
Due $14,0Q0 July 1 1921 and $34,000 yearly on July 1 from 1922
to 1933, incl.
Cert, check for 5% of amount of bonds bid for, payable to
the
'City of Reading" required.
coupon
on
7.
SUNFLOWER
Due yearly
Cert, check for 5% of bid, required.
COUNTY
SUPERVISORS'
DISTRICTS,
Miss.—
will be received until 2 p. m. July 5 by Jno. W.
Clerk Board of County Supervisors (P. O. Indinaola) for the
following bonds at not exceeding 6% interest.
$150,000 Supervisors' District No. 1 bonds.
Cert, check on some bank in
I Sunflower County for $7,500 payable tot he President of Board of
County Supervisors, required.
BOND OFFERING.—Bids
Johnson,
125,000 Supervisors' District No. 3 bonds.
Cert, check on some bank in
Sunflower County for $5,000, payable to the President of Board
of County
Supervisors, required.
REDWOOD COUNTY INDEPENDENT SCHOOL DISTRICT NO. 84
(P. O. Wabasso), Minn.—BOND OFFERING.—Until 10 a. m. July 3
R. A. Leistikow, District Clerk, (P. O. Farmer's State Bank,
200,000 Supervisors' District No, 4 bonds.
Cert, check on some bank in
Sunflower County for $10,000 payable to the President of Board
of County Supervisors, required.
*200,000 Supervisors' District No. 5 bonds.
Denom. $500.
Int. semi-ann. ,Due not later than 25 years . The Board
will receive proposals, it is
of
Wabasso)
reported,
for $60,000 5H % school bonds.
De¬
^
Supervisors will have
printed and furnish the blank bonds, and
an
opinion of John C. Thomson of N. Y. or of Charles S. Rutherford of St.
Louis as to the legality of the issue.
♦
Bids for said bonds shall be submitted in 1100,000 blocks and the bid
for each block of bonds, in the sum of SI00,000 must by accompanied by
a certified check on some bank in Sunflower County for $5,000 payable to
the President Board of County Supervisors.
SWAINSBORO, Emanuel County, Ga.—BONDS NOT YET SOLD.—
been made of an issue of $75,000 sewerage bonds recently
Denom. $1,000.
Date May 1, 1920.
Int. M. & N.
Due
1950 optional $7,000 and $8,000 every 3 years.
Milo M. Cure is City
No sale has yet
validated.
SWAMPSCOTT, Essex County, Mass.-—BOND SALE.—On June 24
the follow,ng two issues of bonds, offered on that date—V. 110, p. 2591—
were awarded, it is stated, to Merrill, Oldham & Co., of Boston, at 100.58
for 53£s:
$128,ou0 10-year (aver.) school bonds, a basis of about 5.18%.
Due
yearly on July 1 as follows: $7,000, 1921 to 1928, incl.; $b,000,
1929 to 1940, incl.
25,000 1-25 year serial water bonds, a basis of about 5.19%.
Due
$1,000 yeany on July 1 from 1921 to 1945, incl.
Date July 1 1920.
O. Big Timber), Mont—BONDS NOT
gold road and bridge bonds at not exceeding 5)4% int.
7—V, 110, p. 1557—were not sold.
The above bonds will
SWEET GRASS COUNTY (P.
SOLD.—The $125,000
offered
not be
June
on
reoffered for sale until next year.
SYRACUSE,
2414.—were awarded to
for 6s, date June 22, 1920.
p.
TACOMA,
were
County,
Pa I—CERTIFICATE SALE.—
loan certificates—V. 110,
the Equitable Trust Co. of New York, at par
To mature Dec. 14 1920.
Onondaga
the $3,400,000 tax-free temporary
22
June
On
issued by
The
Wash.—BOND SALE,
the City during May.
Dist. No.
4,065
4,068
4,075
4,074
$647.30
1,889.55
1,049.35
2,517.40
TALBOT COUNTY (P. O.
following
6%
paving
bonds
Due
Date
May 12 1920
May 18 1920
May 28 1920
May 28 1920
Amount
May
May
May
May
12 1930
18 1925
28 1930
28 1925
Talbotton), Ga.- ■BOND DESCRIPTION.
—The $50,000 5% coupon road bonds recently voted—V. 110, p. 2508—
are in denom. of $1,000 and are dated June 1, 1920.
Int. J. & D. payable
Due $2,000 yearly.
H. O. Hewitt is Clerk Board of County
Talbotton.
at
Assessed value
Commissioners.
1919
$2,361,494.
TALLAHASSEE,
Leon County, Fla.—BOND OFFERING POST¬
offering of the $175,000 19K-year (aver.) water-works,
and electric light, $10,000 20-year sewerage-system, $10,000 20-year
College Avenue paving, $11,000 15-year funding and $6,000 6-year funding
5% bonds, which was to have taken place on June 15—V. 110, p. 2220—
PONED.—The
gas
postponed, it is reported, but offers
was
TANGIPAHOA PARISH SCHOOL
will be considered.
OFFERING.—Sealed bids will be received until July 6 by W. A
Sisemore, Secretary and Treasurer of the Parish School Board, for $50,000
5% school bonds—V. 110, p. 2591—Denom. $500.
Date Sept. 15, 1920.
Int. semi-ann.
Cert, check for 10% of issue required.
""TEMPE UNION HIGH SCHOOL DISTRICT (P. O. Tempe) Maricopa
County, Ariz.—BOND ELECTION.—On June 29 $50,000
bonds are to be voted upon.
R rL. Alexander, Clerk.
a.
Directors
m.
for
& J.
Int. J.
IRRIGATION DISTRICT (P. O. Terra Bella),
Calif.—BOND OFFERING.—Sealed bids will be received
July 6, it is reported, by Earle It. Clemens, Sec. Board of
$50,000 6% irrigation bonds.
Denoms. $1,000 and $500
Due $40,000 1945 and $10,000 1946.
Cert, check for 10%
payable T. M. Gronen, President
approved by Geo. S. Clay of N. Y.
TEXAS
6% high school
BELLA
TERRA
Tulare County,
Board of Directors, required.
Legality
of)—TREASURY CERTIFICATES PURCHASED BY
of Texas recently purchased $79,500 6% United
certificates at par and interest for the following special
(State
TIIE STATE.—The State
States
Treasury
funds:
$56,500
3,500
8,500
4,000
7,000
_
certificates for the Permanent University Fund.
certificates for the Permanent Blind Asylum Fund.
certificates for the Permanent Deaf and Dumb Asylum Fund.
certificates for the Permanent State Lunatic Asylum Fund.
certificates for the State Orphan Home Fund.
TONAWANDA, Erie County, N. Y.—BOND OFFERING.—Proposals
until 8 p. m. June 30 by Edward F. Fries, City Treasurer,
will be received
for the following coupon
$5,000, 1921
TRUMBULL COUNTY (P. O. Warren),
Ohio.—BOND OFFERING.—
Proposals will be received until 1 p. m. July 6 by W. R. Harrington, Clerk
Commissioners, for $63,000 6% Inter-County H'y No.
13 bonds.
Auth. Sec. 1178-1231-11 Gen. Code.
Denom. $1,000. Date
July 1, 1920.
Prin. and semi-ann. int. (A. & O.) payable at the County
Treasurer's office.
Due $3,000 on April 1 and $4,000 on Oct. 1 in 1921;
and $4,000 on April 1 and Oct. 1 in each of the years from 1922 to 1928 incl.
Cert, check for $500, payable to Evan J. Thomas, County Treasurer,
required.
Purchaser to pay accrued interest.
of Board of County
FALLS, Twin Falls County, Ida.—BID.—The
for the $604,213 coupon or registered local
celved on May 31
other bid rel
improvement
ac
includ®
paving bonds awarded to the Warren Construction Co., of Portland,
par and interest for 7s, with an allowance of 1 % for services which
of the approving, legal opinion of bond
firm, of Teal, Minor & Winfree of Portland—V. 110, p. 2414—was Graves,
Blanchet & Thornburgh, Toledo, bid for 7% bonds: 85% of par value and
in addition accrued interest from date of bonds to date of delivery, at Second
National Bank, Toledo.
UPPER
ST.
CLAIR TOWNSHIP SCHOOL DISTRICT
(P. O.
Bridgeville, K. F. D. No. 2), Allegheny County, Pa .—BOND SALE.—
On June 21 the $60,000 5% 20 year (aver.) tax-free school bonds, offered
on that date—V. 110, p. 2318—were awarded to the Bridgeville Trust Co.,
of Bridgeville, for $60,515 (100.858) and interest, a basis of about 4.93%.
Date May 1, 1920.
Due $20,000 on May 1 in 1930, 1940 and 1950.
The
Dormont Bank offered to pay par and interest.
|
UPSHUR COUNTY (P. O. Gilmer), Tex.—BONDS REGISTERED.—
$309,000 534 % serial road bonds were registered with the State
Comptroller.
On June 16
VALLEJO HIGH SCHOOL DISTRICT, Solano County, Calif.—
BIDS.—Reports say that no bids were received on June 14 for the
$250,000 534% school bonds—V. 110, p. 2414.
NO
VALLEJO GRAMMAR SCHOOL DISTRICT, Solano County, Calif.
—NO BIDS RECEIVED.—The $250,000 534% school bonds
offered on
June 14—V, 110, p. 2414—were not sold on tnat date, it is stated, because
no
5,000 sewer, drain and ditch construction bonds.
Date
Due $500 yearly on May 1 froip 1921 to 1930, incl.
May 1 1920.
WATERTOWN, Middlesex County, Mass.—LOAN OFFERING.—It is
reported that proposals for a temporary loan of $100,000, maturing Dec. 28
1920, will be received until 3130 p. m. June 30 by the City Treasurer.
WAYNE COUNTY (P. O.
Waynesboro)i Miss.—NO BIDS RECEIVED,
received, it is stated, for the $20,000 5%
—On June 8 no bids were
road1
bonds.—V. 110, p. 2415.
WEST ALEXANDRIA, Preble County,
Ohio.—BOND OFFERING.—
Proposals are being received until 12 m. July 6 by the Village Clerk for
$27,500 6% public-hall bonds.
Denom. $500.
Date June 1 1920.
Int.
A. & O.
Due each six months as follows: $500 Oct. 1 1924 to Oct. 1 1926,
incl.; $1,000 April 1 1927 to Oct. 1 1937, incl., and $1,500 April 1 and Oct. 1
1938.
Certified check for 5% of amount of bid, payable to the Village
Treasurer, required.
WEST*HAVERSTRAW, Rockland County, N. Y.—BOND OFFERING—Proposals will be received until 7 p. m. July 1 by Bernard McGovern,
Village Clerk, for $6,000 5% coupon fire apparatus bonds.
Denom. $500.
Date Aug. 1, 1920.
Prin. and semi-ann. int. (F. & A.) payable at the
National Bank of Haverstraw.
Due $500 yearly on Aug. 1 from 1921 to
1932, incl.
WHATCOM COUNTY SCHOOL DISTRICT NO. 32, Wash.—BOAD
OFFERING.—On June 30 at 2:30 p. m., K. Wilson, County Treasurer
(P. O. Bellingham), will receive bids for $10,000 school bonds
interest, it is stated.
Denom. $1,000.
Certified
10% of the amount of bonds bid for required.
ceeding 6%
at not ex¬
check for
vWILLARD, Huron County, Ohio.—BONDS NOT SOLD.—The
$20,000
6% water and light-plant-impt. bonds offered on June 21—V. 110, p. 2510—
not sold.
The only bid received, that of W. L. Slayton & Co., for
were
considered too low, and was consequently
par less $996 for expenses, was
rejected. ■
K
Suffolk County, Mass .—TEMPORARY LOAN.—On
June 18 a temporary loan of $25,000, maturing June 10 1921, was awarded
to the Winthrop Trust Co., of Winthrop, on a 6.68% discount basis.
WINTHROP,
WHITLEY
COUNTY
(P.
Columbia
O.
City),
Ind.—NO BIDS.—
Schumann et al
2510.
bids were submitted for the|$36,500 434% Grover
Richland Twp. road bonds, offered on June 15—V. 110, p.
No
WOOSTER, Wayne County, Ohio.—BOND SALE.—On June 14 the
Commercial Banking & Trust Co., both of
$60,000 6% water¬
Date May 15 1920.
Due yearly on May 15 as follows: $2,000 1921 to 1924, incl.; $3,000 1925 to
1941, incl., and $1,000 1942.
Wooster, bidding par and interest, were awarded the
works bonds offered on that date—V. 110,, p. 2319.
WORCESTER, Worcester County, Mass.—BOND SALE.—On May 25
Day & Co. of Boston were awarded on a
5.22% interest basis the following 5% and 534% tax-free bonds:
$36,000 hospital bonds. Due $4,500 yly. on Oct. 1 from 1920 to 1927, incl.
36,000 isolation-hospital bonds.
Due $4,500 yearly on Oct. 1 from 1920
to 1927, incl.
Merrill, Oldham & Co. and R. L.
99,000 isolation-hospital bonds.
Due $11,000 yearly on Jan. 1 from
to 1929, incl.
90,000 paving bonds. Due $10,000 yly. on Jan. 1 from 1921 to 1929,
90,000 industrial school bonds.
Due $10,000 yearly on Jan. 1 from
to 1929, incl.
.
200,000 sewage-purification bonds.
Due $20,00(Lcearly on April 1
1921 to 1930, incl.
1921
incl.
1921
from
17.0,000 schoolhouse bonds.
Due $17,000 yearly on April 1 from 1921 to
1930, incl.
The first seven maturities of the $200,000 sewage-purification bonds and
the first six maturities of the remaining issues bear interest at 534%; the
remaining bonds bear 5% interest.
Bonds are dated June 1 1920.
WITHDRAWN FROM
offered but not sold on April 20
withdrawn from the market until condi¬
WYOMISSING, Berks County, Pa .—BONDS
MARKET.—The $59,000 5-% school bonds,
110, p. 1454—have been
tions improve.
—V.
XENIA, Greene County, Ohio.—BOND OFFERING.—Proposals will
T. H. Zell, City Auditor, for $4,500 6%
Date June 1 1920.
Due yearly on June 1 as follows:
$1,000 1921 to 1924, incl., and $500 1925.
Certified check for 3% of
amount of bonds bid for required.
funding bonds.
50,000 534% water bonds due yearly on July 1 as follows: $1,000, 1921
to 1930, incl., and $2,000, 1931 to 1950, incl.
Denom. $1,000.
Date July 1, 1920.
Prin. and interest payable at the
Chase National Bank, of New York.
Cert, check or draft, for $1,000,
payable to the City Treasurer, required with each issue bid for.
Bonds to
be delivered and paid for by Aug.
5.
Legality approved by John C.
Thomson, of New York.
Purchaser to pay accrued interest.
attorney's services, for furnishing
2415—were awarded to W.
be received until 12 m. July 12 by
bonds:
$130,000 5)4 % Street Impt. bonds.
Due July 1,1931.
20:),000 5% Water bonds.
Due yearly on July 1 as follows:
to 1925, incl., and $7,000 1926 to 1950. incl.
TWIN
WASHINGTON, Fayette County, Ohio.—BOND SALE.—On June 15
of 5M% bonds, offered on that date—V. 110, p.
L. Slayton & Co. of Toledo at par and interest:
$14,500 street-impt. (city's share) bonds.
Date June 1 1920. Due $500
yearly on June 1 from 1921 to 1949, incl.
13,000 refunding bonds.
Date June 1 1920.
Due $500 yearly on June 1
from 1921 to 1946, incl.
the following three issues
Citizens' National Bank and the
DISTRICT NO. 39 (P. O. Amite),
La.—BOND
until 11
IVOL. 110
THE CHRONICLE
2698
bids were received.
YAPAVI
COUNTY
(P. O.
Prescott),
Ariz.—BOND
OFFERING.—
Proposals will be received until 2 p. m. June 28 by R. E. Donovan, Clerk
Board of County Supervisors, for the $1,500,000 6% highway impt. bonds
authorized by a vote of 732 to 74 at the election held May 8 1920—V. 110,
p. 2319.
Denom. $1,000Date June 1 1920.
Prin. and semi-ann. int.
(J. & D.) payable at the office of the County Treasurer or at the National
Park Bank, N. Y., at option of holder.
Due $75,000 yearly on June 1 from
1921 to 1940, incl.
Certified check for 5% of bid required.
The successful
bidder shall furnish lithographed bonds blank and coupons at the expense
of said bidder.
Purchaser to pay accrued interest.
Alternative proposals
are invited from each bidder; that is to say, (1) for all or any part of said
bond issue, to be delivered and paid for immediately; and (2) for the purchase
of entire issue, to be delivered and paid for as follows:
$100,000 thereof
immediately; $100,000 on Sept. 1 1920, $100,000 on Dec. 1 1920, $100,000
on Feb. 11921, $100,000 on April 1 1921, $200,000 on June 1 1921, $200,000
on Aug. 1 1921, $200,000 on Oct. 1 1921, $200,000 on Jan. 1 1922, $200,000
on March 1
1922.
Total bonded debt (including this/issue), $1,693,000.
Floating debt (additional) $34,729; assessed value, $134,082,647.
Popu¬
lation 1920 (est.), 24,500.
—
CANADA,
Provinces
its
and
Municipalities.
CHARLOTTENBURGH TOWNSHIP (P. O. Williamstown), Ont.—
BIDS REJECTED.—All tenders received for the $60,000 534% 20-installment debentures offered on June 14—V.
110, p. 2510—were rejected,
none being satisfactory to the township officials.
DRUMMONDVILLE,
Que.—DEBENTURE
OFFERING.—Proposals
by W. A. Moisan, Town Clerk, for $83,000
will be received until June 29
6% 20-year debentures, according to reports.
EDMONTON, Alta.—CITY MAY FORCE ACCEPTANCE OF DEBEN¬
of Vancouver, according to reports,
portion of the $3,000,000 534 % tax-arrears deben¬
tures, which were awarded to that concern about the first of this year—
V. 110, p. 682.
The City Council, in trying to enforce the completion of the sale, disTURES.—The National Bond Corp.
has refused to accept a
ack the unsold portion amounting to $1,759,000:
Satched the following telegram to Mayor Clarke, advising him not to bring
"At informal meeting
of
a
majority of council, it was the opinion that the
National Bond Corporation be held liable for any damages the city might
sustain by reason of their default, and that until such matter is adjusted,
the present holders.
Make full investigation with
before council on your return."
Times" of Toronto has the following to say in reference
the bonds remain with
idea of laying matter
The "Monetary
to the case:
VERMILLION COUNTY (P. O. Newport),
Ind.—BOND OFFERING.
—Proposals will be received until 10 a. m. July 5 by W. O. Curtis, County
Treasurer, for the following 4 34 % road impt. bonds:
$9,700 Henry Meyers et al Melt Twp. bonds.
Denom. $970. Due
$970 each six months from May 15, 1921, to Nov.
15, 1925, incl.
75,000 Ed. F. McCown et al Vermillion Twp. bonds.
Denom. $7,500.
Due $7,500 each six months from May 15, 1921 to Nov. 15, 1925,
incl.
Date July 5, 1920.
Int. M. & N.
WALLOWA COUNTY (P. O.
Enterprise), Ore.—BOND OFFERING.
—Proposals will be received until 2 p. m. July 7 by County Clerk for $100,000 5% 10-14-year serial road bonds.
Denom. $50 or multiples thereof
up to $1,000 at option of purchaser.
Date July 1 1920. Prin. and semiann. int. (J. & J.) payable at the office of the County Treasurer or at the
fiscal agency of the State of Oregon in New York City at option of pur¬
chaser.
Certified check on some responsible bank for 5% of the amount
of bonds bid for, payable to "Wallowa County," required.
that the mayor should not bring the bonds
of council, while Alderman East held that if
brought back, the mayor should do it if it was to
save expenses.
Alderman Abbott favored the city's giving the company
notice that if full payment was not made within sixteen days, the bonds
would be withdrawn and the city would hold the company liable for any
loss sustained in a subsequent sale.
The securities wrere deposited "with the
Merchants Bank in Vancouver, where the full issue was to be taken up
within sixty days by the National Bond Corporation.
The company
failed in this obligation, but it was pointed out that since that time the city
has received payments from the company and was not in a position on
that account to summarily close the buyers out."
In his opinion on the matter, City Solicitor Brown said: "As the city has
accepted money since the expiry of the sixty days, there may arise some
question as to waiver with the strict compliance of the time limit, but, in
my opinion, the city has a right to give notice calling upon the company
"Several of the aldermen felt
back without the authority
the securities had to be
I
June 26 1920.]
THE CHRONICLE
to
perform their contract, say, "within ten or fifteen days, or some other
reasonable time.
This course, I am of opinion, would be
wise.
The
notice might be to the effect that the city
requires payment of the balance
within the time mentioned and in default of such
ST.
ST.
rate payers
it is stated.
KINGSTON, Ont .—DEBENTURE SALE.—It is reported that Wood,
Gundy
& Co., of Toronto, who had an option on $142,000 6% 30-year
debentures, have taken the issue at the agreed price, 97.
Denoms.
$100, $500 and $1,000.
The debentures mature serially from 1921 to 1950.
serial
TECK
(P.
O. Kirkland
Lake),
will be received until
GL E,\ Fairburn, Township Clerk, for
Ont.—DEBENTURE
SALE.—Newspapers
report that an issue of $60,000 6% 20-year debentures has been sold to
Aemilius Jarvis & Co., of
Toronto, at 97.77, a basis of about 6.20%.
7 p.
$15,000
schoolhouse debentures.
Ont.—DEBENTURE
June 26 (today) by
m.
6%
15-year
installment
TRURO, N. S.—DEBENTURE SALE.—The
Eastern Securities Co. of
St. John, has been
awarded, at 87.07, a basis of about 6.40%, an issue of
COUNTY,
Ont .—DEBENTURE
AUTHORIZED.—
by-law calling for the issuance of $140,000 debentures,
$50,000 5H % 30-year debentures, according to reports.
VERMILION,
Alta .—DEBENTURES
NOT
SOLD—STILL
FOR TENDERS —No sale
MONCTON, N. B.—DEBENTURE SALE.—It is reported that J. M.
Robinson & Sons, of St. John, have purchased
$190,000 6% 20-year serial
and $203,500 6%
20-year straight term debentures, at 94 and 95.33,
respectively.
At these prices the city is paying 6.75% for the $190,000
issue, and 6.40 for the $203,500.
to-day
TOWNSHIP
OFFERING.—Tenders
COUNTY,
election is being
reported that
SASKATOON, Sask.—DEBENTURE SALE.—The city has disposed of
an issue of $250,000
debentures, of which $100,000 was taken by W. A.
Mackenzie, of Toronto, at 92.61 for 6H % debentures maturing in 20 years,
a basis of about
7.21%.
The remaining $150,000 was purchased for the
sinking fund.
M. & N.
OSHAWA, Ont.—DEBENTURE ELECTION.—An
is
ARM, B. C.—DEBENTURES VOTED.—On May 28 the
voted favorably on a by-law to issue $10,000 road
debentures,
SARNIA, Ont.—DEBENTURE ELECTION—An election is to be held
July 9 to vote on two by-laws providing for the issuance of $300,000 water
main system and $50,000
asphalt plant debentures.
Ont.—DEBENTURE
SALE.—The
City
Treasurer
informs us that two issues of 6%
20-year installment water works bonds,
aggregating $218,300 have been disposed of at private sale at par.
Int.
a
AUTHORIZED.—Newspapers
LAMBERT, Que.—DEBENTURES VOTED.—It
SALMON
HAMILTON,
MIDDLESEX
B.—DEBENTURES
$500,000 local impt. debentures have been authorized
by the voters.
HALIBURTON, Ont.—DEBENTURE ELECTION.—An election is
being held today (June 26) for the purpose of voting on the question of
issuing $10,000 electric light plant construction debentures.
It is reported that
has been passed.
N.
report that $51,377 and $2,400 paving debentures have been authorized.
payment, that the city
will proceed to sell the, debentures and hold the
company liable for any
difference in price."
LINCOLN
JOHN,
£699
OPEN
was made of the $20,000
6H% fire hall and fire
protection and $6,000 7% electric light and power extension 20-installment
debentures offered on June 14—V. 110
p. 2319.
We are advised by H. P.
Long, Town Secretary-Treasurer, that these debentures are still for sale,
and that
any
WEST
held
on
(June 26), it is stated, for the purpose of voting on a by-law to
reasonable offer will be given consideration.
KILDONAN, Man.-DEBENTURES VOTED.—The
June 10
voted in favor of
a
rate payers
by-law to issue $100,000 school site and
issue $250,000 water works extension debentures.
building debentures.
PEMBROKE, Ont.—DEBENTURE SALE.—It is reported that Aemilius
Jarvis & Co., of Toronto, have purchased at
96.50, a basis of about 6.75%,
$37,439 6% 10-installment debentures.
WESTMOUNT, Que.—DEBENTURES VOTED.—At the election held
June 17—V. 110, p. 2510—the two
by-laws providing for $830,000 deben¬
,
tures, carried by comfortable majorities.
One by-law for $750,000 munici¬
pal impt. debentures carried by a vote of 292 "for" to 109 "against" the
RAWDON TOWNSHIP, Ont .—DEBENTURE
SALE.—Newspapers
an issue of $9,000 5M %
15-installment debentures has been
purchased by A. E. Ames & Co., of Toronto.
valuation
of the "yeas" vote being $7,234,534, and that of the
"Nays"
The other by-law calling for the issuance of $80,000
city hall
debentures received a vote of 278 "for" to 122
"against,"
the valuation
report that
REG IN A,
$2,015,332.
being $6,058,825 to $2,200,316.
Sash.—DEBENTURES
OFFERED
LOCALLY.—An issue
15-year debentures will be offered for sale locally at par,
of $45,000 6%
it is reported.
WINGHAM, Ont .—DEBENTURE ELECTION.—A by-law to issue
$18,500 local impt. debentures will be submitted to the voters on July 5,
according to reports.
RENFREW COUNTY (P. O. Pembroke), Ont.—DEBENTURE SALE.
—On June 15 the $100,000 5H% and
$150,000 5% coupon 20-installment
WINNIPEG, Man.—RESULT OF ELECTION.—'The election held
June 11—V. 110, p. 2319—resulted in the authorization of the
$1,500,000
school and $279,000 municipal hospital debentures, and the defeat of the
road
debentures offered on that date—V.
110, p. 2510.—were awarded
it is stated, to C. H. Burgess & Co., of
Toronto, at 90.172, a basis of about
6.47%.
Interest annually.
NEW
by-law to issue $300,000 bridge debentures.
0
LOANS
NEW
LOANS
NEW
$475,000.00
LOANS
$12,000.00
Special School District No.1, Special School District No.1,
City of South St. Paul
City of South St. Paul
LOANS OF THE
SCHOOL
City of Philadelphia
Office
the
of
BONDS
Secretary
SCHOOL
Office
of
the
South St. Paul, June 4, 1920
Notice is hereby given, that sealed proposals
will be received by the Board of Education of the
City of South St. Paul, Dakota County. Minne¬
at the office of the Secretary of said Board
sota
until 12 o'clock noon JUNE 30TH, 1920, for the
whole or any part not less than Five Thousand
Biddle & Hen
Secretary
South
Notice
BONDS
St.
Paul, May 28,
1920
is
hereby given that sealed proposals
will be received by the Board of Education of
the City of South St. Paul, Dakota County,
Minnesota, at the office of the Secretary of said
Board, until 12 O'CLOCK NOON, JUNE 80TH,
1920, for Twelve Thousand ($12,000.00)
Dollars
be issued by the Board of Education at a special
on the 25th day of
School Bonds, authorized to be issued by the
Board of Education at a special election held in
said District on the 25th day of February, 1920,
and said Bonds will be sold at the High School
February, 1920, and said Bonds will be sold at the
High School Building in said District to the high¬
bidder
est
June
($5 000) of Four Hundred Seventy-Five Thousand
($475,000) Dollars School Bonds authorized to
104 South Fifth Street
election held in said District
Philadelphia
responsible
bidder
or
bidders
therefor at
Said Bonds will
Building in said District to the highest responsible
bidders
or
therefor
at
8
o'clock
p.
m
,
30, 1920.
Said Bonds will be issued in
denominations of either Five Hundred ($500.00)
or
One Thousand ($1,000.00)
Dollars each, at
8 o'clock p. m., June 30, 1920.
be issued in denominations of either Five Hun¬
dred ($500) or One Thousand ($1,000) Dollars
the
at the option of the purchaser, and be
dated July 1st, 1920, bearing Interest at the rate
of 6 per,cent per annum interest payable semi¬
New York Telephone Canal 8347-8-9
ger annum, interest payable semi-annually and
onds due
follows: Four Thousand ($4,000.00)
each,
MUNICIPAL BONDS
Wholesaling entire Issues of City, Count
tmntir.
School
District
and
Road
District
Bonds
Texas.
Ctrculart
on
Rettmt.
Harold G.Wise&Co>imTT
JXousTOor.Tcx&s
$200,000
Bayonne, N. J. Water 5^s
Due Apr.
1,
1926, to return 5.65%.
$950,000
as
annually I and bonds be payable In series, com¬
mencing twelve years after date, amount due each
year after 1932 to be agreed on between the Board
of Education and purchaser at time of sale.
Said
Bonds are to be issued for the purpose of building
and
equipping a new school building.
Each
proposal must state the total amount of bonds bid
for, the total amount offered for the same, includ¬
ing the premium, if any.
Each proposal must be
sealed and addressed to the Secretary of the Board
of Education, South St. Paul, Minnesota, marked
on the envelope
"Proposals for School bonds"
and each proposal must be accompanied by a
certified check, made payable to F. J. O'Donnell,
Treasurer, Board of Education, for a sum equal
to Two (2) per centum of the par value of the
bonds bid for as a guaranty.
The right to reject
any or all bids is reserved by the Board of Edu¬
ered to the
cation.
Secretary,
Such bonds will be delivered to the pur¬
chaser thereof at the office of the Secretary,
South St. Paul, Minnesota, or elsewhere in the
United States at the option of the purchaser.
J. R. STEVENSON,
Secretary Board of Education.
By order of the Board, June 2, 1920.
Hoboken, N. J., Sewer 6s
option of the purchaser, and be dated July 1st,
1920, bearing interest at the rate of 6 per cent
July 1, 1930; Four Thousand ($4,000.00) July 1,
1932; and Four Thousand ($4,000.00) July 1,
1935.
Said
Bonds
are
to
be issued for
the
purpose of acquiring school site.
Each proposal
must state the total amount of bonds bid for,
the total amount offered for the same, including
the premium, if any.
Each proposal must be
sealed and addressed to the Secretaiy of the
Board of Education, South St. Paul, Minnesota,
marked on the envelope, "Proposals for School
Bonds," and each proposal must be accompanied
by a certified check, made payable to F. J.
O'Donnell, Treasurer, Board of Education, for a
sum
equal to two (2) per centum of the par
value of the bonds bid for as a guaranty.
The
right to reject any or all bids is reserved by the
Board of Education.
Such bonds will
be deliv¬
purchaser thereof at the office of the
South St. Paul, Minnesota, or else¬
where in the United States at the option of the
purchaser.
J. R. STEVENSON,
Secretary, Board of Education.
By order of the Board, May 26, 1920.
Due June 1, 1926, to return 5.65%
$350,000.00
M. M. FREEMAN & CO.
421 Chestnut Street
Philadelphia
Dade
Telephone, Lombard 710
1S(19 Numbers Wanted 1919
STOCKS AND BONDS
bought and sold for cash,
carried
or
Jxnuxrr 4
Inactive and unlisted securities.
Inquiries invited.
FINCH
CHRONICLES
ea
conservative terms.
i
& TARBELL
September 0
January 18
September 13
July 19
September 20
August 2
November 1
Members New York Stock Exchange
M BROADWAY,
NEW YORK
BANK & QUOTATION SECTION
January
H. M. CHANCE
&
CO.
Mining engineers end Geologists
COAL AND MINERAL PROPERTIES
Kunlntd, Minaiid, Apprakd
BUc,
'HILADKLPHl
County, Florida
HIGHWAY BONDS
May
July
I
RAILWAY EARNINGS SECTION
January
February
ELECTRIC RAILWAY SECTION
March
Sealed bids will be received by the Board of
County Commissioners, in care of the under¬
signed, until 10 A. M., JULY 17TH, 1920, for
all or any of the above bonds, dated July 1, 1920;
denomination $1,000; interest 5M%.
Principal
and interest (J. & J.l) payable in New York;
registrable as to principal.
Maturing serially
1922 to 1950 in gradually increasing amounts.
Certification of signatures and seal by United
States Mortgage & Trust Company, New York.
Purchasers
will
be
furnished
approving legal
opinion by Chester B. Masslich, Esq.
Bids are
required on blank forms to be furnished by the
undersigned or said trust company, and surety
bond or certified check for 2% of bonds must be
enclosed.
in
place
of
purchaser's
Delivery
choice about July 25th.
Right to reject any and
all bids reserved.
BEN
SHEPARD.
Clerk, Board of County Commissioners.
[VOL. 110.
THE CHRONICLE
3700
financial
jfinanrtal
'
ft
C
-
A
National Bank of Commerce
STONE & WEBSTER
New York
in
•
FINANCE
industrial and
public
utility properties and conduct an
investment
DESIGN
banking business.
steam
stations,
power
hydro-electric developments,
transmission lines, city and interurban railways, gas and chemical
plants, industrial plants, ware¬
houses and buildings.
Capital, Surplus And Undivided Profits
Over Fifty-five Million Dollars
CONSTRUCT
either from their
designs or from designs of
other engineers or architects.
own
MANAGE
dustrial
public utility and in¬
companies.
REPORT
Government,
on
going concerns,
proposed extensions and new
Railroad
Municipal,
projects.
Industrial
Public Utility
NEW YORK
BOSTON
CHICAGO
YOUNGSTOWN
A. B. Leach & Co.,
Cleveland
Seriate*
autUMIf
J. G. WHITE ENGINEERING
CORPORATION
Minneapolis
Detroit i
BalAJet
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PARIS
the
105 So. La Salle St., Chicago
New York
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62 Cedar St.,
DETROIT
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Investment Bonds
PITTSBURGH
<
MSwaekee
Constructor
Engineers
Buildings—Industrial Units
Selected Investment Securities
industrial
intimately in touch
Located in Pittsburgh, the greatest
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We
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possibilities.
MELLON
PLACE
NEW YORK
Viell, Blackwell & Bock
which have been selected by us because
Write
Reports—Valuation#—-Estimates
this district.
and offer for sale
investment
Public Utilities
engineers
for information and late lutg
Designs and Construction
Hydroelectric and steam
NATIONAL BANK
Power Plants
Transmission Systems
Industrial Hants
PITTSBURGH, PA.
Reports—Appraisals
New
49 Wall Street
Illinois Trust & Savings Bank
La Salle at Jackson
»
Adrian H. Muller & Son
AUCTIONEERS
Chicago
•
OFP1CB
Capital and Surplus
&
•
$15,000,000
-
York
No. SB WILLIAM
STREET
Corner Pine Street
Regular Weekly Sales
o»
Pays Interest
on
Time
Has
&
Deposits, Current and Reserve
on
cellent securities.
Deals in Foreign Ex-
Accounts,
v
change.
Transacts
a
hand at all times
a
variety of
ex•
Buys and sells
Government, Municipal and
General Trust Business.
Corporation Bonds.
8TOCKS and BONDS
EVERY WEDNESDAY
Sales -Rooms
At the Exchange
14-lt Vesey
Acta
as
Executor,
Trustee,
Administrator,
Girard Trust Company
MFG. CO.
PHILADELPHIA
Guardian,
Chartered
1836
Receiver,
Registrar and
Transfer Agent
AMERICAN
Street
CAPITAL and SURPLUS. $10,000,
Mam bar
of
Federal Racer* *
Syeteoi
COR D A G E
MANILA, SISAL, JUTE
Interest allowed
on
deposits.
E.
B, Morris, President
■eMe «» Wee*
BrooUyih IV. Y. Cttf
@FedFRASER