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^;KLL,^v
1921
.
•
j
INCLUDING
Bank &
Quotation Section
Railway & Industrial Section
Bankers' Convention Section
Railway Earnings Section
COPVmGHTEO.N
1921 BY WILLIAM B.
Issued
VOL. 112.
DANA
COMPANY, HEWVORK.
Weekly
ENTERED AS
SECOND-CLASS HATTER
NEW
$10.00 Per Year
JUNE23, 1879, AT THE
POST OFHCE AT
NEW
YORK, MARCH 12, 1921.
Jftnanctal
Electric
■
Railway Section
State and City Sections
-
YORK, NEW YORK, UNDER THE ACT
OF MARCH 3. 1879.
Will3TF™nrsl%1Mgh,r'
^financial
NO. 2907.
Jffnandal
CHARTERED 1822
HARVEY FISK
THE FARMERS' LOAN & TRUST
& SONS
THE LIBERTY BANK
32 Nassau St.
COMPANY
NEW
of New York
YORK
CAPITAL
$5,000,000.00
16, 18, 20 and 22 William Street
SURPLUS
475 Fifth
UNDIVIDED
Avenue, at 41st Street
NEW
united states bonds
YORK
new york city bonds
.
MANAGEMENT
CARE
OF
OF
and other choice
$5,000,000.00
PROFITS_$2,400,000.00
Correspondents
in all countries
Special facilities in Scandinavia
investment securities
ESTATES
SECURITIES
DOMESTIC AND FOREIGN
BANKING
FOREIGN
OF
The New York Trust
EXCHANGE
LETTERS
Harris,Forbes & Co.
COMMERCIAL
CREDIT
Company
LETTERS
10 Drapers Gardens,
London, E.
HARRIS,
FORBES & CO.,
C.
Inc.
BOSTON
HARRIS
26 Broad Street
ACCEPTANCES
Pine Street, Corner William
NEW YORK
TRUST
&,
SAVINGS
BANK
.
CHICAGO
Act
5th Avenue and 57th Street
LONDON
fiscal agents for munici¬
as
palities
and corporations and
Government, municipal, railroad and public utility
deal
PARIS
in
BONDS
Capital, Surplus and Undivided
Member Federal Reserve System
and
New
York
Clearing
Profits,
House
1874.
"
List
on
„
INVESTMENT
Application
Gable Address SABA.
NEW*YORK
$14,400,000
■
Established
FOR
?
John L. Williams & Sons
V
BANKERS
earner 8th
-
and Main
Edward B. Smith & Co
Streets
RICHMOND, VA.
Baltimore Correspondents:
R. LANCASTER WILLIAMS
Established 1810
&
CO., Inc.
'
The
~
GARFIELD
23rd
STREET,
where
FIFTH
Capital,
A
of the city of new york
Broadway
$1,000,COO
-
Metals
and
AVENUE
Crosses
Mechanics
Bank for
Surplus,
Philadelphia
New York
National Bank
National bank
•
■
'
-
$1,000,000
-
the Builders of Business
of the
Capital, Surplus, Profits
Deposits, Feb. 21,1921
ESTABLISHED 1784
The Chase National Bank
■'
*
-
City of New York
$26,750,000
$193,000,000
57
BROADWAY
CAPITAL
$15,000,000
SURPLUS AND PROFITS.
DEPOSITS
Foreign Exchange
The Bank of New York
Bond
Trust
(Feb. 21
Service
21,158,000
1921).
297,827,000
OFFICERS
A.
Department
BARTON
HEPBURN.
Chairman '%f the Advisory Board.
National Banking Association
ALBERT
H. WIGGIN,
Chairman of the Board of Directors.
EUGENE
CAPITAL & SURPLUS, $9,000,000
Our
136
years'
service
of
experience
our
is
at
THAYER, President
Assistant Vice-Presidents
Edwin A. Lee
William E.
Reeve Schley
AMERICAN EXPRESS COMPANY
Purdy
George H. Saylor
M. Had den Howell
Cashier
Thomas Ritchie
SECURITIES DEPARTMENT
William P. Holly
DIRECTORS
/
of Philadelphia
-
Alfred C. Andrews
Robert I. Barr
Comptroller
FIrst National Bank
R.
Gerhard M. Dahl
the
depositors
v.
Vice-Presidents
Samuel H. Miller
Carl J. Schrnicllapp
Henry "W. Cannon
Hepburn
Wiggin
Newcomb Carlton
Albert H.
Eugene V. R. Thayer
John J. Mitchell
Carl J.
A. Barton
GOVERNMENT
CHARTER NO.
1
SECURITIES
Guy E. Tripp
James N- Hill
ww. A,
LAW,
Daniel C. Jackling
Charles M. Schwab
President
6» BROADWAY
new
york
Frederick H. Ecker
Schmidlapp
Gerhard M. Dahl
Andrew Fletcher
Wm. Boyce Thompson
Reeve Schley
Samuel H. MUler
Edward R. Tinker
Kenneth F. Wood
H. Wendell Endicott
Edward T. Nichols
William M. Wood
CHRONICLE
THE
II
[VOL. 112.
Sntttfttment J&mStt anb ©ratoers of Jfonfgn (Exchange
J. P.
MORGAN & CO.
Wall Street, Corner of
Maitland, Coppell & Co.
52 WILLIAM STREET
Broad
DREXEL
&
PHILADELPHIA
CO.,
Corner of 5th and Chestnut Streets
Orders executed for all Investment Securities.
Act
agents of
as
Loans.
issue
UOBGAN, GRENFELL & CO., LONDON
Bills
Corporations and negotiate and
'
of Exchange,
HARJES
:
PARIS
CO.,
&
The
National
-
&
18 Broad SL
BOSTON
NEW YORK
Transfers*
on
Provincial
115 Devonshire SL
Union
V;
of
Bank
Commercial and Travellers
England, Ltd., London,
14 Place Vendome
Messrs. Mallet Freres &
and
Commission.
Securities bought and sold on
Telegraphic
of Credit
Letters
No. 22 Old Broad Street
MORGAN,
KIDDER, PEABOBY & CO.
NEW YORK
NEW YORK
Principal Places
Foreign Exchange, Commercial Credits.
Letters of Credit
Cie, Paris,
■
!
Mexico.
m
on
Cable Transfers.
Circular
for Travelers, available
parts of the world.
Letters
-
Agents for the Bank of Australasia.
all
in
TRAVELERS' LETTERS OF CREDIT
BARING
BROTHERS
& CO, LTD.
LONDON
BROWN BROTHERS & CO.
!_
^
August Belmont & Co.
Boston- i
NEW YORE
P&tladelphia
43 EXCHANGE
PLACE, NEW YORK
Members New York Stock Exchange.
/
Agents and Correspondents of the
ALEX. BROWN A SONS, Baltimore
Messrs.
ROTHSCHILD,
London, Paris and Vienna
Securities
Investment
ISSUE LETTERS OF CREDIT
for
Foreign Exchange
Deposit
Draw bills of
Accounts
Commercial
Travelers
all parts of the world.
Available in
Exchange and make Telegraphic
J. & W. Seligman
& Co.
Transfers
Credits
Execute orders for the
Bonds
Travelers' Credits
purchase and sale of
NS_54 Wall Street
and Stocks.
NEW YORK
BROWN, SHIPLEY &
ifONDON
CO.
Bonds
Equipment
T. Suffem Taller
Grenville Kane
James G. Wallace
FREEMAN & CO.
Pine Street
34
NEW
YORK
TAILER5.C0
Members New
York
Stock
RHfmomt&Ia
Exchange
10 Pine Street, New York
New York
Pittsburgh
Investment Securities
Philadelphia
Washington
Baltimore
Lawrence Turnure & Co.
64-66
Investment Securities
Wall Street,
New York
Winslow, Lanier & Co.
59 CEDAR
NEW
STREET
Investment securities
Travelers'
mission.
out the United
Central
bought and sold
credits,
available
on
America
and
Make
Spain.
Members
New
collections
in and issue drafts and cable transfers on
YORK
com-'
through¬
States, Cuba, Puerto Rico, Mexico,
above
York, Philadelphia and
Pittsburgh Stock Exchanges.
countries.
London
BANKERS.
Bankers:
Midland
Received
Allowed
on
Subject
to
and
&
Heine &
Co.
-
\
Interest
Securities
Deposits,
Bought
Draft,
Joint City
Bank, Limited.
Paris Bankers:
Deposits
London
Sold
HEIDELBACH, ICKELHEIMER & GO.
on
Commission.
37 William Street.
Foreign Exchange, Letters of Credit
MEMBERS
N.
Y.
STOCK
Execute orders for purchase and sale of
Stocks and Bonds.
Bondsfor'
Foreign Exchange Bought and Sold.
Investment
Issue Commercial and Travelers' Credits
available in all parts
HUTH
EXCHANGE.
30 Pine Street
Commercial Credits, Deposit Accounts,
Foreign Exchange
Correspondents of
I*
Kerni, Tkylcr & Co.
INVESTMENT
40
Wall
Street
NEW YORK
John Munroe & Co.
^EW YORK
BOSTON
Letters of Credit for Travelers
Commercial Credits.
Foreign Exchange
Cable Transfers.
Paris
FRED?
HUTH
&
CO.,
London
SECURITIES
Land Title
Building
PHILADELPHIA
BOISSEVAIN
&
CO.
ALDRED & CO.
62
BROADWAY, NEW YORK
Members of the New York Stock Exchange
INVESTMENT SECURITIES
40
Wall Street
New
York
COMMERCIAL DEPARTMENT
FOREIGN
EXCHANGE
MESSRS. PIERSON & CO.
MUNROE & CO.,
New York
Foreign Bonds & Investment Securities,
of the world.
BERTRON, GRISCOM & CO. INC.
& CO.
Amsterdam, Holland.
Fiscal Agents for
Public Utility and Hydroelectric
Companies
March 12
192L]
THE
CHRONICLE
hi
3nbe*tment anb Jfinanctal JHraat#
Goldman, Sachs
Lee, Higginson & Co.
NEW
YORK
137 So. La Salle
Street
60
CHICAGO
Investment Bankers
14
Montgomery
SAN
Boston
Congress Street
Millett, Roe
Street
PHILADELPHIA
INVESTMENT SECURITIES
24 Marietta Street
ATLANTA, GA.
Title Insurance
Building
LOS
ANGELES, CAL.
Members of New York and
Chicago
Higginson & Co.
Stock
80, Lombard St.
hagen
421 Chestnut Street
FRANCISCO
ST. LOUIS
Chicago
&
BOSTON
411 Olive Street
New Yerk
& Co.
60 Wall Street
MEMBERS
Exchanges
NEW YORK STOCK
EXCHANGE
Commercial Paper
London, E. C.
Securities
bought
and
sold
on
commission
Foreign Exchange
Commercial
&
available
Travelers'
in
all
parts
Letters
of the
of
Credit
52 WILLIAM ST.
NEW YORK
world
Hornblower & Weeks
42
BROADWAY, NEW YORK
RAILWAY
EQUIPMENT BONDS
Investment Securities
Bonds
MEMBERS
NEW
YORK, BOSTON AND
CHICAGO STOCK
Direct
Preferred Stocks
wires
to
all
EVANS, STILLMAN
EXCHANGES
principal markets
60
Boston
Acceptances
& CO.
Members New York Stock
Exchange
BROADWAY
NEW
Main Office: National
City Bank Building
Uptown Office: Fifth Avenue
and 43rd St.
YORK
Correspondent Offices in 50 Cities.
Chicago
Detroit
Providence
Established
Portland
Underwriters
1888
Industrial
Bonds
Public
&
&
Distributers
Preferred
U. S. Government Bonds
Utility Securities
Equipment Trust Certificates
%mun\i &
Investment Securities
Gounselman & Co.
Founded 1797
Investment Bankers
112
Seasoned
Robinson & Co.
Stocks
W.
}
26
Exchange Place
New York
Members New York Stock
ADAMS ST.,
CHICAGO
Exchange
Investments
Conservative
Investment Securities
Underwritten
30 Pine Street
&
Distributed
Investment Securities
New York
Yielding 6%
to
8%
Federal Securities
EarslyBros.&Co.
BANKERS
Peabod^
Corporation
38 South Dearborn
Street
CHICAGO
MEMBERS PHILADELPHIA 8TOCK
EXCHANGE
EST. 1865
Investment
Underwriter#
Securities
1421 CHESTNUT STREET
PHILADELPHIA
Distributer#
Howe, Snow,
Corrigan & Bertles
INC. 1918
10 So. La Salle St.
Chicago
securities sales co.
D
Investment Banker#
GRAND
RAPIDS,
MICH.
B.
Marshall Field, Gore, Ward & Co.
137
H. F. BACH MAN
SOUTH LA SALLE STREET
Established
A CO.
Collins, President
Southern
Securities,1
1866
64
CHICAGO
INVESTMENT
H.
BANKERS
NEW
PEACHTREE, ATLANTA
ORLEANS
JACKSONVILLE
BIRMINGHAM
Members N. Y. and Phila. Stock
142S Walnut
St.,
61
PHILADELPHIA
H.
T.
HOLTZ &
Broadway
NEW
YORK
& TURNER
investment
STOCK EXCHANGE
LA
SALLE STREET
CHICAGO
FOR
INVESTMENT
BUILDING
PHILA DELPHI A
SOUTH
MUNICIPAL BONDS
bankers
WALNUT STREET ABOVE BROAD
39
GOVERNMENT;
AND
HARPER
BONDS
1
RAILROAD, INDUSTRIAL,!
FOREIGN
CO.
INVESTMENT
MEMPHIS
Exchanges
Members Philadelphia Stock
Exchange
Colgate, Parker & Co.
49 Wall
Street,
f
New York
.
/
[Vol. 112.
CHBQNICLE
THE
iv
/inamisl
^financial
Jflnancfal
FINANCE
WE
ESTABROOK & CO
COMPANY
CHASE &
records of established
prises with
Boston
Members New York and
Stock Exchanges
and Light Enter¬
Electric Power
earnings.
'
BONDS
INVESTMENT SECURITIES
WE OFFER
Bankers
BOSTON
15 State Street,
-
24 Broad Street,
NEW YORK
and
Investment Dealers
and Light Securities
.
Proven Power
19
BOSTON
CONGRESS ST.,
Correspondence Solicited
SPRINGFIELD
PROVIDENCE
ELECTRIC BOND & SHARE CO.
HARTFORD
$24,000,000)
(Paid-Up Capital and Surplus
& Co.
Richardson, Hill
New Street
and Exchange
Place
YORK
MUNICIPAL AND RAILROAD
BONDS
Securities
For
60 Congress
& Company
Arthur Lipper
NEW YORK
71 BROADWAY,
NEW
Established 1870
Investment
1
AND
SECURITIES BOUGHT
COMMISSION
SOLD ON
Conservative Investment
St.
r
BOSTON
Day & Co.
R. L.
York Stock Exchange
35 Congress
(Boston Stock Exchange
New
Chicago Stock
Exchange
St., Boston
Branch Offices
Members
W aktorf-AsUri&Hotel ,N.Y,
Exchange
N. Y. Stock
N. Y. Cotton
44th St., N. Y.
11 East
Exchange
N. Y. Coffee & Sugar
Saratoga
Exch,
Springs, N. "Y.
Atlantic City,
Philadelphia Stock Exch.
Correspondents
Chicago Board of
Trade
N. J.
End, N. J.
Long
New York
West
Beach, N. Y.
CO.
REMICK, HODGES &
& Co.
W. F. Ladd
PARKINSON & BURR
Members of the New
Investment
Boston
Specialize in
We
and
Government
York and
Stock Exchanges
Municipal Bonds
Securities
7
53 State Street
Wall Street
BOSTON
NEW YORK
William R.flm
INVESTMENT BONDS
York
New
14
BONDS
i
ESTABLISHED 1865
Baker, Ayiing &
MEMBERS NEW
Young
Deal in
York
Cincinnati
New Orleans
Louis
Chicago
RAILROAD BONDS
BOSTON
PUBLIC UTILITY
St., N. Y.
PAUL
PHILADELPHIA
YORK STOCK EXCHANGE
Underlying
St
INDUSTRIAL BONDS
^.c/IILJCi^ekd6C!<j
5 Nassau
Wall Street, New
BONDS
WATSON ^
H.
INVESTMENT SECURITIES
r Go
Railroad Bonds
William St., N.
Telephone—John 1832
Y.
and
Tax-exempt
.
Guaranteed & Preferred
H. MOUNT AGUE
Telegraph Co. Stocks
Railroad &
49
Hollister.White'fir Co.
I'
UCO..S.«T(B
Bonds
VICKERS
Wall Street
Investment
investment
Securities
•
Philadelphia, Pa.
Constructive
^alcett JIXC.
•
15 State Street
Boston, Mass.
Perkins
Banking
Members New York Stock Exchange
Equitable Building
New York
36 Pearl Street
Hartford, Conn.
Municipal, Railroad,
Specialist for eighteen
established and proserous
Industrial Securities
Industrials.
mmiNS & co..
Main Office
Entire stock issues
Cable Address
-
•
r
New York
Quomakel
underwritten
and distributed
and
I
years* in the Financing
of
-
the World.
Public Utility
FACTORS
225 4th Ave
<
KnautfrNariioU &Kulwe
mmmmmmm
f
Foreign
Credit
Exchange
•••Travelers' Cheeks
Correspondents Throughout
Thomas C.
FOUNDED 1854
Securities
Letters of
BROADWAY, NEW YORK
Congress St.
North American Bids.
115
60
Boston, Q. Mass.
1852
FOUNDED
Guaranteed Stocks
7 Wall Street
'
-
NEW YORK
/
15 Exchange
BOSTON
St.
March 12
1921.]
THE 'CHRONICLE
•
v
Canadian
Canadian
BANK OF MONTREAL THE CANADIAN BANK
Established
100 Years
"> OF COMMERCE
over
Government and Municipal
CAPITAL
Bonds
These
offer
bonds
exceptional
chased
they
now
oppor¬
If pur¬
yield
will
UP
-
$22,000,000
...........
Rest
tunities for sound investment.
HEAD OFFICE, TORONTO
PAID
22,000,000
UNDIVIDED
PROFITS
TOTAL ASSETS
1,251,856
-
$15,000,000
RESERVE
$16,000,000
President, Sir Edmund Walker, O.V.O., LL.D., D .C .T
General Manager, Sir John Alrd.
560,150,812
.....
from
SIR VINCENT
Assistant
CORDON, G.B.E., Vico-Pr...
F.
I
Principal and interest payable in
Head
United States fundi
FidI
Particular*
O-21
Office—MONTREAL
FRANCIS,
1
C. L. FOSTER,
f Agents
Buy and Sell Sterling and Continental
Exchange and Cable Transfers.
Collections
General Manager.
made at all points.
Branches and Agencies:
Wood. Gundy & Go.
Office, 16 Exchange Place
B.
C.J.STEPHENSON,]
•
Slr£Fred«rick Williams-Taylor
request.
on
General Manager. H. V. V. Jones.
New York
MEREDITH, Bart., President.
SIR CHARLES
7% to 8%
PAID UP CAPITAL
Travelers' Cheques and Letters of Credit Issued
available in all parts of the world.
Incorporated
U WALL
Throughout Canada and Newfoundland.
At
STREET, NEW YORK
In
Banking and Exchange business
description transacted with Canada.
Toronto, Winnipeg, Montreal, London, Eng.
London, England, and at Mexico City.
Paris,
Bank
of
Montreal
(France).
In the United States—New York,
Spokane,
San
Francisco—British
Bank (owned and controlled
Chicago,
LONDON
OFFICE—2 Lombard
American
by the Bank of
Street
BANKERS IN GREAT BRITAIN
Montreal).
West
The
Bank
of
England,
Africa—The Colonial
Bank
(in which an
interest is owned by the Bank of Montreal).
The
Bank
of
Scotland,
West
Indies,
British
and
Guiana
Lloyd's
Bank,
I
Jt'&'Jimcs
%i
,
&
&o
6stdb\istutd 1889
United Financial Corporation
Established 1869
Capital Paid Up
Municipal $ Corporation.
INVESTMENT BANKERS
Securities
tay
I
fomnfo
/NewYork
Montreal
Vlctorin'RC
Montreal
.$19,000,000
19,000,000
Reserve Funds
Total Assets
<3#n<adi<ari
,
THE
ROYAL BANK OF CANADA
Limited
„
Limited.
London
Toronto
Chicago
Head Office.
590,000,000
.Montreal
SIR HERBERT S. HOUf, President
E. L. PEASE, Vice-Pres. & Man. Director
C. E. NEILL, General Manager
____
700
Branches throughout CANADA and NEW
FOUNDLAND,
in
CUBA,
PORTO
RICO,
REPUBLIC, HAITI, COSTA
DOMINICAN
RICA, COLOMBIA and VENEZUELA.
BRI#
ISH and FRENCH WB&T INDIES, BRITISH
Affiliated with
HONDURAS and BRITISH GUIANA.
Guaranty Trust Co. of New York.
R.
Daly
A.
Co.
&
SPAIN—Barcelona. Plaza de Cataluna;
LONDON OFFICE—Princes Street, E. O.
NEW YORK AGENCY—68 William St.
F. T. Walker, J. A. Beatson, E. B. McLaerny
and J. D. Leavitt, Agents.
FRENCH AUXILIARY: The
Canada
CANADIAN
AND CORPORATION BONDS
Montreal
Bought—Sold—Quoted
GREENSHIELDS & CO.
HEAD
Paid
Members
Dealers
OFFICE, TORONTO
Up Capital
Montreal
in
Stock Exchange,
Canadian
Bond
Issues.
17 St. John Street, Montreal
$6,000,000
CANADIAN
Reserve Funds & Undivided Profits
SECURITIES
Total
Assets
7,669,000
140,000,000
Clarence A. Bogert,
Sir Edmund Osier,
President
.
CANADIAN
INVESTMENTtSECURITIES
General Manager
Offerings
on
Request
Correspondence Invited
BANKERS
New York Agency, 51 Broadway
C. S. Howard, Agent
CANADA
London Branch, 73 Cornhill
McDonagh, Somers & Co.
Dominion Bank
S. L. Jones, Manager
-
fir
of
Bonds
TORONTO, ONT.
The Dominion Bank
municipals
Bank
de
Canadian
Government Provin¬
cial, Municipal and Corporation
STOCK AND BOND BROKERS
TORONTO
Royal
Rue
28
Quatre-Septembre.
Bank of Toronto Building
INVESTMENT
PARIS,
(France),
GOVERNMENT, MUNICIPAL
wig
17 St. John Street
ARGENTINE—Buenos Aires.
BRAZIL—Rio de Janeiro, Santos, Sao Paula.
TJRU GUAY—Montevideo.
resale
Building
TORONTQ, CANADA
CANADIAN
AND
FOREIGN
EXCHANGE
BOUGHT AND SOLD
HENRY NIGHTINGALE & CO
TRAVELERS'
MUNICIPAL BONDS
AND
LETTERS
COMMERCIAL
OF CREDIT
HERDMAN & COMPANY
Members Montreal Stock Exchange
Canadian, Mexican end Foreign G«e«rnm»D
Sr curiti'*
Phone
Broad
7118
Bankers
BROADWAl
42
Dominion
R. C. Matthews & Co.
Adrian
MONTREAL
AUCTIONEERS
OFFICE
No.
WILLIAM
55
CANADIAN
STREET
C.
Corner
Pine
Brokers
CANADIAN BONDS
Muller & Son
H.
&
Express Building
Street
P.
R. BIdg.
TORONTO
BONDS
Regular Weekly Sales
OF
Stocks
and
Nesbitt, Thomson & Co.
Limited.
Bonds
EVERY WEDNESDAY
Canadian
Municipal, Public Utility &
Industrial
At
the Exchange Sales Rooms
14-16
Vesey Street
222 St. James
Hamilton
St., MONTREAL
London, Ont.
Toronto
Aimilius
bonds
Jarvis & Co.
INVESTMENT BANKERS
Established
JARVIS
BLDG.
1801
TORONTO.
CAN.
THE
vi
CHRONICLE
[Vol. 112.
Jforeign
Australia
New Zealand
and
LONDON
JOINT
BANKOF
BANK LIMITED
NEW SOUTH WALES
Chairman:
(ESTABLISHED 1817.)
The
Right Hon. R. McKENNA
}34.«M,S00
Pald-Up Capital
R«Mr» Fund
Rwserv* Liability
16.760.000
24,655,500
-
of Proprietors
__
Agency
CUT & MIDLAND
$66,061,000
PlnV
27
New
27 Pino St.
St.
New York
York
Joint Managing Directors:
S. B. Murray, Esq.,
E. W. Woolley,
F. Hyde, Esq..
Esq.
■
I
Permit
Sir.
Subscribed Capital
~and~~AGENOIES
drafts
an
Paid-up Capital—....
Reserve Fund
10,859,800
description of Australian Banking Business.
Wool and other Produce Credits arranged.
Yokohama
10,859,800
Deposits (Dec. 30 1920).. 371,841,968
Australian
and
every
Shanghai,
Hong Kong,
£38,116,050
BRANCHES
In the
States, New Zealand,
Fiji, Papua
(New Guinea) and London.
The Bank transacts
867
Banks;; ■
direct
K.B.E.
RUSSELL FRENCH,
General Manager.
JOHN
draw
to
Aggregate Assets 80th Septr. 1920 $362,338,975
20
Enrope
other
branches;., in
the
and
East.
Far
London Office
Head Office
89, THREADNEEDLE
STREET, E. C. 2
OBORGE STREET
SYDNEY
Faroign Exchange
head office-
e
■
Letters of Credit
6, Threadneedle Street, London, e. c, 2
THE UNION BANK OF AUSTRALIA Limited
Established 1837
Incorporated 1880
Transfers
Cable
;v-v
OVER 1,500 OFFICES IN ENGLAND 8c WALES
\
V:=;
_.
Subscribed
.,•••
v
Capital: Frs. 150,000,000
Capital—
and Issued
£7,500,000
Paftd.Up Capital $2,800,0001
ToReserve
Fund..£2,630,000igether £5,130,000
Reserve Liability of Proprietors—£5,000,000
OVERSEAS BRANCH*
Authorized
Total Issued Capital & Reserves. £10,130,000
Old Broad Street, London, E. C. 2
& 66,
65
ATLANTIC OFFICES
"Imperator,"
"Aquitania,"
"Mauretania'
The Bank has 42 Branches In victoria, 39 In
nbw south Walks, 19 in Queensland,
IB hi SOUTH AUSTRALIA. 21 to WESTERN
AUSTRALIA, 3 in TASMANIA and 44 to NEW
■■ALAND.
The Mercantile Bank ef India Ltd
Affiliated Banks:
COMPANY
BANKING
BELFAST
15
LIMITED
Capital
Manager—W. J. Ksaanae.
Assistant Manager—W. A. Lalng
Paid Up
Reserve Fund and
Over 160 Offices in Scotland
'V
Branches In
of Sydney
60
WALL STREET,
Reserve
Reserve
2,000,000
Head
Office,
Birchia
Lane,
on
Branches
every
New
80
and
years,
has
Colony
Street.
has
been
Wales
Established
C.
B.
Branches
established
throughout
Also at Alexandria, Cairo,
&c.,
Head Office: Basildon House,
Moor gate Street,
in
LONDON,
1879
Hong Kong & Shanghai
BANKING
Broker
Banker and
Reserve Fund in Sliver (Hongkong
78
rue
de
la
Loi
for
the
Cable Address: Rennurb.
C.
2.
Capital
Fund
Subscribed Capital
Reserve
Capital
Further Liability of Proprietors
Remittances made by
585,000
1,078,875
539,437
539,437
Capital Paid
0
Reserve
BANKERS
St..
New
SET¬
York.
5,000,000
STERLING.
NOTICE
RATES
IS
OF
HEREBY
on
deposit
GIVEN
allowed
INTEREST
that
for
the
money
in
Export Banking
Call, 5 Per Cent.
are
as
At 3 to 7 Days'
follows:
Notice, 6K Per Cent.
The
Company discounts approved bank and
acceptances, receives money on de¬
posit at rates advertised from time to time, and
grants loans on approved negotiable securities.
mercantile
CHRISTOPHER
R. NUGENT,
Manager.
"Openhym"
The
'
FOREIGN EXCHANGE
National
Company,
851CORNHILL
The NATIONAL BANK
of SOUTH AFRICA, Ltd.
Discount
Limited
LONDON,
$21,166,625
Capital
Paid-Up
Capital
2,600,000
STERLING.)
NOTICE is hereby given that
-
$430,000,000
facilities for the extension of trade and
com¬
between this country and Africa.
-
-
10 Wall St.
R. E. SAUNDERS, Agent.
of
years
m
experience
the
coun¬
essential when
transacting business abroad.
23 Branches in South America
1 Branch in
the RATES OP
INTEREST allowed for money on
as
Offers to American banks and bankers its superior
by
and actual residence
of
people,
4,233,325
Fund
($5=£1
Assets Exceed
KNOWLEDGE
tries themselves, is
Cable Address—Natdls London.
Subscribed
INTIMATE
the needs and habits of the
acquired
E. C.
Reserve
Over 500 Branches in Africa
Wall
30 Years
5,000,000
Up
Fund
$5=£1
GERMANY
INVESTMENT SECURITIES
New York Agency
36
Capital Authorized & Subscribed.$10,000,000
0
0
10
Lincoln Menny Oppenheimer
merce
Agent,
More Than
CORNHILL
89
0
0
At
Total
JEFFREY.
Telegraphic Address, Udisco: London.
0
0
0
10
Banking and Exchange business of every de¬
scription transacted with Australia.
E. M. JANION, Manager.
Cable Address
A.
STRAITS
of London, Limited
forwarded for Collection.
FRANKFORT-o-M.,
CREDIT,
NEGOTIATE OR COLLECT BILLS PAYABLE IN
The Union Discount Co.
Telegraphic Transfer.
or
£1,500,000
—
GRANT DRAFTS, ISSUE LETTERS OF
CHINA, JAPAN, PHILIPPINES,
TLEMENTS, INDIA.
C.
£3.000,000
Curr.)HJ23,OOO,O0O
Reserve Fund in Gold Sterling
BRUSSELS, Belgium
J.
E.
CORPORATION
Paid up Capital (Hongkong Currency)—Hil5,000,000
Egypt.
Address:
5
Gracechurch
St.,
E.
Head Office: London, E. C. 3
Bills Negotiated
E. C.
Capital
..£4,000,009
Capital
£2,000,000
Fund
£2,300,000
The Bank conducts every description of banking
and exchange business.-
ROBERT BRUNNER
English Scottish and Australian Bank, Ltd.
Paid-Up
6, Bishopsgate, London,
to India,
Burma,
Ceylon, Kenya
a^d at Aden and Zanzibar.
Paid-Up
Reserve
Country.
Authorized
East
Subscribed
Santo Domingo
Spain
Office:
Lombard
it
Straits Settle¬
Australasia
South
by Royal Charter.
banking faculty for transaction
where
Francisco
Panama
.
Incorporated
Offers
San
Straits Settlements
,
India
Japan i
Java!
Philippines
Ionian Bank, Limited
with Greece,
Ceyion,
States, China and Mauritius
Remittances cabled.
Sydney,
Loadon
18,
Bills
Burma,
R. A. Edlundh, 64 Wall Street
Bankers to the Government in British
Africa and Uganda
Head Office:
in
Lyons
China
£6,040,000
payable on demand, and Letters of
Credit are issued by the London Branch on the
Head Office.
Branches and Agencies of the Bank
negotiated or collected.
$3,200,000
Branches
London
Drafts
In Australia and elsewhere.
$10,000,000
Profits
Undivided
....£2,000,000
2,040,000
Fund....
Liability of Proprietors
York Agency,
NATIONAL BANK OF INDIA Limited
NEW YORK CITY.
Capital and Surplus
Incorporated in New South Wales.
Undivided Profits£785,790
India,
International Banking Corporation
LIMITED
Established 1834.
Shareholders
ments, Federated Malay
New
£750,000
£750,000
...
Reserve Liability of
THE CLYDESDALE BANK LIMITED
THE
Authorized and Subscribed.._-£l,500,®ti
Capital
Over 110 Offices in Ireland
Head Office: 71 CORNHILL. LONDON, E. C.
Commercial Banking Company
Head Office
Oracechurch Street, London
Deposit are
9
Mexico]
Offices in Europe
follows:
5% per
annum at call,
,
654 % at 7 and 14 days notice.
Approved Bank A Mercantile Bills discounted.
Money received on deposit at rates advertised
from time to time; and for fixed periods upon
specially agreed terms.
Loans granted.on ap¬
proved negotiable securities.
PHILIP
HAROLD
WADE,
Manager
Anglo-South American
"Bank, limited
New York Agency, 49
Broadway
"T.I:
>
•
•
March 12 1921.]
THE
CHRONICLE
.foreign
▼n
Jfortlgn
Jforeigti
NATIONAL BANK
Royal Bank of Scotland
of EGYPT
Incorporated by Royal Charter, 1727.
Paid-up Capital
£2,000,000
Rest and Undivided Profits.
£1,082,276
£39,114,727
Deposits
Banque Nationale de Credit
St. Andrew Square,
-
Cashier and General Manager:
London Office
-
Glasgow Office
3
-
-
90,000,000
frs.2,400,000,000
Exchange Square
Correspondence Incited
£3,000,000
£2,000,000
PARIS
Branches
in
the
Fund
LONDON AGENCY
6
300 Branches in France
4
under
Capital, fully paid.
Head Office:
172 Branches
Throughout Scotland.
Every Description of British, Colonial and
Foreign Banking Business Transacted.
\'_v
.
Reserve
Bishopsgate, E.C.2
-
-
-
'
.
Egyptian
Law
June, 1898, with the exclusive right to
issue Notes payable at
sight |to bearer.
500,000,000
frs.
Deposits
A. K. Wright
frs.
Surplus
Edinburgh
•' '
■»
Established
Capital.,
Head Office
Head Office—Cairo.
Rhenish
AND
7
KING
<
WILLIAM
ST.,
LONDON, E. C., 4, ENGLAND.
Provinces
THE
BANCA COMMERCIAL ITALIANA
CAPITAL
GENERAL BANKING
BUSINESS
NATIONAL PROVINCIAL AND
__LIT.
400,000,000
SURPLUS
LIT.
156,000,000
DEPOSITS
UNION BANK OF ENGLAND
LIT.4,371,970,562
Limited
Head
Office, Milan, Italy
New York Agency, 165
London
($5=£1.)
Broadway
Office, 1 Old Broad Street, E. C.
Italy, at all the prin¬
cipal points in the Kingdom
AFFILIATED
BANCA
COMMERCIALE ITALIANA
S36.195.208
-
Head
BONDS
for
E BULGARA
Office:
15, Bishopsgate, London, England,
Investment
with
Offices
numerous
in
England
and Wales
Apply to
UNGARO-ITALIANA—Budapest
BANQUE
BANCA
DELLA
SVIZZERA
SWISS BANK CORPORATION
ROTTERDAMSCHE
BASLE
FRANCAISE
&
ITALIENNE
POUR
L'AMERIQUE DU SUD—Paris,
Buenos Aires,
Sao Paulo, Rio de Janeiro and
branches
and
$39,034,820
-
(France)
—Sophia and branches
BANCA COMMERCIALE ITALIANA E
ROMENA—
Bucarett and branches
BANCA
•
«
FUND
Government, State and Municipal
INSTITUTIONS
COMMERCIALE
ITALIANA
—Paris, Marseilles and branches
$199,671,600
•
RESERVE
Constantinople
PAID-UP CAPITAL
80 branches in
BANCA
,
SUBSCRIBED CAPITAL
SWITZERLAND
2
v
BANKVEREENIGING
ITALIANA—Lugano
branches
ZURICH
BANCO ITALIANO—Lima and branches
SOCIETA
ITALIANA
DI
CREDITO
Rotterdam
CIALE—Vienna, Trieste and branches
BANCO
FRANCES
DE
GENEVA
.
COMMER¬
CHILE—Santiago,
Branches all
Val¬
over
Switzerland and in London
Amsterdam
The
paraiso.
Hague
BANCO FRANCES E ITALIANO DE COLOMBIA—
Bogota
.....
CAPITAL AND
.
RESERVE
BANQUE FEDERALE (S.A.)
COLLECTIONS
Established 1863
CREDIT SUISSE
FUND....F.105,000,000
HEAD
Capital paid up__frs. 100,000,000
Reserve
Funds..frs.
STOCKS
Chaux-de-Fonds,
Lausanne,
Gall,
Vevey.
Geneva,
St.
THE COMMERCIAL BANK OF SCOTLAND, Ltd.
Established
Zurich, Switzerland
The
Bank
Head
transacts
250,000 "A" shares of £20 each £5 paid...£1,250,000
500,000 "B" shares of £1 each fully paid...£
500,001
Geneva, Claris, Kreuzlingen, Lugano,
Lucerne, Neuchatel, St. Gall.
£1,750,000
SOCIETE GENERALE ALSACIENNE
GENERAL
BANKING
Foreign Exchange
Fondele
Documentary Business,Letters of Credit
HEAD
1
V
•
,
Capital,
Capital paid
Reserve
up
100 millions de
80 81 Damrak
francs entierement
AMSTERDAM
36 Agences notamment
'
a
MULHOUSE
_-.Cz.Cr.
100,900,000
"
Achilles-Amsterdam
Cable Address:
MAYENCE
THE
Established
LUDWIGSHAFEN
1,100,000,000
ROTTERDAM
BANKERS AND STOCKBROKERS
SARREBRUCK
FOREIGN
LOCATE CAPABLE MEN
to
fill vacancies
in
The United States Life
organization through the
IN THE
Classified Department of
Organized 1850.
CITY OF
KBNI6
EXCHANGE
BRITHENS
160 Pear
Insurance Co.
your
HAGUE
1871
FRANCFORT
54.000,000
•*
METZ
COLOGNE
Established in 1870.
(Surplus)
Street.
ArnoldGilissen &Co.
Rue Joseph Massol
verses
OFFICE, PRAGUE-
Total Resources
Buchanan
Banking and Exchange business transacted.
New York Agent*—American Exchange Nat. Bank
in 1881
'
Branches throughout Czechoslovakia.
•
Office—113
Siege social:
4,
A
Glaagow
and every description of British, Colonial and Foreign
Strasbourg
1
Reserve
£1,000,000
Deposits
£36,071,1 ox
ALEX. ROBB, Gen. Mgr.
MAGNUS IRVINE, Beo.
London Office—62 Lombard Street, E. C.
Drafts, Circular Notes and Letters of Credit issued
DE BANQUE
BUSINESS.
PRAGUE CREDIT BANK
£5,500,000
Paid up—
description of
banking business
Frauenfeld,
1810
Office—EDINBURGH
Capital (Subscribed)
every
Branches at Basle, Berne,
AND SHARES
Berne.
La
OFFICE
v
PURCHASE AND SALE OF
BRANCHES
Basle,
HEAD
EXCHANGE
Frs.64,200,000
OFFICE—ZURICH
30,000,000
OF CREDIT
FOREIGN
Capital & Reserves
Established 1856
LETTERS
&
CO.
Street, NEW YORK
Commercial and Travellers
NEW YORK.
Non-Participating Policies only*
Letters of Credit
Ovsr Forty-Five Million Dollars Paid to Policy¬
the
holders.
on
FINANCIAL CHRONICLE
JOHN P.
KONIG BROTHERS, LONDON
MUNN, M. D., PRESIDENT
Our Classified Dspartmsnt facss ths
Good
inside back
territory I
open
for
high
class
and
persona
cover.
producers,
under
with
the
Company.
Address Home Office, 277 Broa
way
'
Now York ORry
direct
contracts
NEDERLANDSCHE HANDEL-MAATSCHAPP
ROTTERRAM
[VOL. 112.
CHRONICLE
THE
VIII
$etttfcer* anb JBrofeerb ^ntetbe J9eba|gorfe
CHICAGO
CHICAGO
MILWAUKEE
& CO.
EDGAR, RICKER
Eait Water and Ma«on Streets
WIS.
MILWAUKEE,
Specializing
WISCONSIN CORPORATION ISSUES
A. G. Becker & Co.
.
v"•»./".
•
•
"
'
•
' '• '•
.
'
'
<3
'
...
:/•;<> 'r-y ■
COMMERCIAL PAPER
expert verification
INVESTMENT SECURITIES
Financing of Milwaukee
and Wisconsin Industries.
of underlyingassets
322 so. Michigan Av„ Chicago
La Salle Street
187 South
BONDS
TIMBER
based always upon
CHICAGO
Investment Securities
NEW
Bought and Sold.
SEATTLE
ST. LOUIS
YORK
LOS ANGELES
SAN FRANCISCO
Sl STITT
SCOTT
First WiscoDsin Company
INVESTMENT BONDS
Investment
Securities
WISCONSIN
MILWAUKEE
111 W. Monroe St.
Greenebaum Sons
CHICAGO
CINCINNATI
Madison Sts
Southeast Corner La Salle and
GENERAL BANKING
Second Ward Securities Co.
MILWAUKEE
for
MORTGAGE BONDS
FIRST
6% CHICAGO
Suitable
108 So.
$75,000.00
Capital and Surplus, $2,000,000
Saving* Bank BIdg.
Ward
Second
and Individuals
Trustees
Estates,
Miami Conservancy
St.
La Salle
Due
Circular C 25.
Write for Bond
CHICAGO
A State Bank
Oldest Banking House in Chicago.
District Oltio
5H% Bond.
June
Interest
1937-1941-1944
and
Dec.
1—New
York
Population District 300,000
Specialists in
Price
Municipals
Wisconsin
MUNICIPAL BONDS
and
First
The Provident Savings
Mortgage
Bank & Trust Co.
Corporation Bonds
High Grade Investments
Bond
Short Term
Industrial
Hyney,
Department
CINCINNATI. O.
Issues
Note
& Go.
Emerson
CHICAQO
La Salle St.
89 South
-
Yield 5.30
CHANNER & SAWYER
S^CITRXXXES
?!**▼ WI6COMSIM
INVESTMENT SECURITIES
Mu.WAUKR.Wl*
M.T10«*1 MMt eioe
Underwriters and Specialists in
A. 0.
Union Trust Bidg.,
Slaughter & Go.
CINCINNATI. OHIO
Members
Wisconsin
Write
our
Issues
Ohio
New York Stock Exchange
Securities—Municipal Bonds
New
Chicago Stock Exchange
Chicago Board of Trade
Trading Department
York Stocks and
Bonds
110 WEST MONROE STREET
CHICAGO,
SPRINGFIELD, ILL.
ILL.
DEALERS
IN
INVESTMENT SECURITIES
Matheny, Dixon, Cole & Co.
SPRINGFIELD, ILLINOIS.
Powell, Garard & Co.
IRWIN, BALLMAN &, CO.
INVESTMENT SECURITIES
328-330 332
Dealers
39
in
South
Salle Street
La
Walnut St.
CINCINNATI, OHIO
Chicago
Municipal
and
Corporation
and
Farm
Illinois
Bonds
St. Louis
Philadelphia
Mortgages
Municipal
and
EDGAR
DnMHC
D U IN U O
Corporation
BUFFALO
FRIEDLANDEjR
DEALER
Cincinnati
Slocum, Eckardt & Company
Formerly
SHAPKER, WALLER & CO.
INVESTMENTS
134
SOUTH
LA
Ellicott
STREET
SALLE
CHICAGO
42®
OHIO
CINCINNATI
& COMPANY
SHAPKER
IN
Securities
TOLEDO
.
Square
BUFFALO, N. Y.
TUCKER.ROBISON&CO.
JOHN
T. STEELE
BUFFALO,
Successors
John Burnham & Co.
Bankers—Established 1876
Investment Securities
N. Y.
to
David Robison Jr. & Sons
Municipal, Railroad and Corporation Bonds
Government,
and
Municipal
Corporation
SPECIALISTS
La
Salle
and
Monroe
Chicago
Toledo and
Gardner
Bonds
Ohio Securities
Building,
TOLEDO, OHIO
IN
Buffalo and Western New York Securities
F. WM. KRAFT, Lawyer
Specializing in Examination & Preparation of
County, Municipal and Corporation
IRVING
T.
LESSER
Bonds, Warrants and Securities
Proceedings Authorizing Same.
STOCKS AND BONDS
475 Ellicott
Square
BUFFALO, N. Y.
Ill W. Monroe St..
Trust Building
Rooms 517-520.
Harris
CHICAGO,
f
ILLINOIS
Graves, Blanche! & Thornburgh
anc
MUNICIPAL BONDS
GARDNER
BUILDING
TOLEDO, OHIO
Mabch 12
THE
1921.]
OHKOHICLE
IX
Panfeera arid Proltera ©utsflie J^eto gorfe
PITTSBURGH
MICHIGAN
MICHIGAN
~T
GORDON
COMPANY
&
Members of Detroit Stock
A. J. Hood &
INVESTMENT BANKERS
'
,
Phene Court 3264-5
Specialize in Michigan Stocks and Bonds
PENOBSCOT
\
I
'
•
1
PITTSBURGH
BUILDING, DETROIT, MICH.
Members Detroit Stock Exchange
BANKERS
Richard Brand Company
HUGHES, GORDON, BRASIE & CO.
Specializing Detroit Securities
Pittsburgh District
High Grade Bonds
Bonds
Pennsylvania Municipal
*
*
DETROIT
LYON, SINGER & CO.
Securities of
'
INVESTMENT SECURITIES
BOUGHT—SOLD—QUOTED
PENOBSCOT BUILDING
Commonwealth Bldg.,
'
MICHIGAN SECURITIES
PITTSBURGH, PA.
INVESTMENT
"
Charles A. Parcells & Co.
(Established 20 Years)
(embers Pittsburgh Stock Exchange
Union Bank Building,
Company
Exohango
DIME
We
DETROIT
BANK BLDG.
invite
inquiries
your
1721-3 Dime Bank
Bldg., Detroit
Geo. W. Eberhardt & Co.
OLIVER BUILDING,
PITTSBURGH
PROVIDENCE
Stocks, Bonds, Grain
WHITTLESEY, McLEAN ft CO.
*
and Provisions
& CO.
BODELL
Member* New Y«Efe Stock Exchange
Municipal Bonds Corporation Bonds
Preferred Stocks
Member* Pittahacggi Stuck Exchange
Members
Ghieago
Board
of
Trade
10
WEYBOSSET
STREET
Active Members of Detroit Stock Exchange.
PROVIDENCE
■■
,
i
A.
MASTEN A CO.
E.
BUsSIMltd
New
j
y,
"•
■■
r;,'
.!
.
'•
2054-56-53 Penobscot Bldg.,
DETROIT
Boston
York
1881
York Stock Exchange
Members
FENTON, DAVIS & BOYLE
icnfto B
aYwk Cotton Hxttiango
323 Fourth
Investment
Office—
i
INVESTMENT SECURITIES
W. Va.
ig,
List upon request
NEWARK, N. J.
BONDS
Chicago
Detroit
Grand Rapids
"
W. Carson Dick & Company F.M. CHADBOURNE & CO.
FIREMEN'S INSURANCE BUILDING
INVESTMENT
Bankers
CONSERVATIVE
Pittsburgh, Pa
Ave,,
KEANE, HIGBIE & COo
,
MUNICIPAL BONDS
S90-8*5 UNION ARCADE BUILDING
67
DETROIT
GRISWOLD ST.
TEXAS
PITTSBURGH, PA.
J. E.JARRATT& COMPANY
INDIANAPOLIS
Bankers
Investment
Fletcher American Company
-
Members
Detroit
Stack
Exchange
$1,500,
Specializing ia Indiana and Indianap¬
olis
DETROIT, MICH.
Penobscot Bldg.
San Antonio, Texas
Inc.,
BANKERS
INVESTMENT
Municipal Bonds
INDIANAPOLIS
Capital
KAY & CO.
Corporation and Municipal bonds
DUNN & CARR
GEORGE M. WEST & COMPANY
Established
1893
and stocks.
Investment Securities
BREED, ELLIOTT & HARRISON
INDIANAPOLIS
Detroit
Cincinnati
Union Nat. Bank
HOUSTON
Chicago
-
-
-
Bldg.
TEXAS
-
Milwaukee
Investment Securities
INVESTMENT BANKERS
DETROIT,
UNION TRUST BLDG.
Members Detroit Stock Exchange
MACON
.
Mtmielgiai Bonds
Indiana Corporation Securities
W. M. DAVIS & COMPANY
Southern
NEWTON
TODD
Lmeftt Securities and
Indiana
Cmpeiatlon Bonds and Stocks
415 Lemcke
Municipal Bonds
W. A.
HAMLIN A CO
Members 9etr.it
Stock Exchange
and
Motor Stocks,
Guaranteed Stocks
'
GEORGIA
MACON
1010 Penobscot
Public Utilities & Gils
Bldg.,
DETROIT, MICH.
INDIANAPOLIS
Bldg.
BALTIMORE
R. Lancaster Williams & Ce., lac.
INVESTMENT SECURITIES
TO
the
MARYLAND
LOCATE
firm
disposal
Equitable Building
BALTIMORE
Inc.
Joel Stoekard A Co.,
has
for
you
re¬
that
what
quire, insert
an
ad in the
INVESTMENT BANKERS
Municipal, Government &
Corporation Bonds
Members Detroit 8took Exchange
Penobscot Bldg.,
-
DETROIT
-
Cherry 2600
Classified Department
Scott & Stump
INVESTMENT£SECURITIES
Stock Exchange
Building
of The Financial Chron¬
icle
back
(faces
cover.)
the
Harris Small & Lawson
inside
INVESTMENT SECURITIES
PHILADELPHIA
150
Phoneet
Locust 6480, 6481, 6482. 6483
Keystone:
Race 2797
CONGRESS
ST., W.
DETROIT
¬
THE
CHRONICLE
[Voi* 112.
iBan&er* anii ffltohtti (Bntfiibt JZeto gorfe
PACIFIC COAST
PORTLAND, ORE.
Howard Throckmorton
Pacific Coast Securities
CALIFORNIA SECURITIES
INVESTMENT BONDS
BONDS
Government
Bonds
HALL & COMPANY
of MUNICIPALITIES AND
Municipal
.Corporation
CORPORATIONS
Local and Pacific Coast Securities
LEWIS BUILDING
PORTLAND, OREGON
having substantial assets
San Francisco
and
earning
power.
AIuIm Commercial Bwilding
MINNEAPOLIS
WILLIAM R. STAATS CO.
Quotations and
Information
Furnished
on
LOS ANGELES
Paoifio Coast Securities
SAN
FRANCISCO
PASADENA
Established 1853
Stevens & 0o.
ESTABLISHED
SUTRO & CO.
San Francisco
410 Montgomery St.
CORPORATION BONDS
F. M. BROWN
COMMERCIAL PAPER/ '
Exchange
AUGUSTA
Company
& CO
JOHN W. DICKEY
Municipal and Corporation
First
National
MUNICIPAL
CORPORATION
BONDS
FRANCISCOf
ST.PAUI
MINNEAPOLIS
Blankenhorn-Hunter-Diilin
DEALERS IN
SAN
-
Members
San Francisco Stock
and Bond
818-310
QIO
'MUNICIPAL RAILROAD
INVESTMENT BROKERS
AND
Bank
Augusta, Ga.
D^MnC
DISTRICT
DUrsUO
Southern Securities
Building
CALIFORNIA
Established
LOS ANGELES
California Securities
1886.
SAN FRANCISCO
PASADENA
SAN DIEGO
WM. E. BUSH & CO.
Augusta, Ga.
Aronson and
Los
Company
Angeles,
We
California
SOUTHERN SECURITIES
specialize in California
Municipal
&
COTTON
Corporation
MILL
STOCKS
BONDS
CLEVELAND
SPARTANBURG, S. C.
DRAKE, RILEY &. THOMAS
Van
The Gundli ng- Jenes Company
Nuys Building
LOS
A. M. LAW &
ANGELES
DEALERS
STOCKS—BONDS—NOTES
Stocks
BANGOR BUILDING,
CLEVELAND
R. H. MOULTON & COMPANY
CALIFORNIA
OTIS & COMPANY
Investment Bankers
Exchange,
Board
of
Trade.
Detroit
Toledo
San Francisco
CHAPMAN DE WOLFE CO.
Youngstown
Denver
SAN
Akron
Colorado
Stocks
Bonds
LOCAL AND SOUTHERN
Montgomery Street,
FRANCISCO, CALIF.
Information and
SECURITIES
Quotations
on
all
Pacific
Coast Securities
Acceptances
A
LEWIS BURKE & CO.
Stocks and Bonds
Springs
Specialty
CHATTANOOGA
301-353
Cincinnati
a
SPARTANBURG, S. C.
CLEVELAND
Boston
Columbus
Bonds
LOS ANGELES
American Natl Bank Bldg.,
Members of New York, Cleveland,
Chicago.
Detroit and Columbus Stock
Exchanges.
New
York Cotton
Chicago
MUNICIPALS
Title Insurance
Building,
and
Southern Textiles
CO., Inc.
IN
James Building
CHATTANOOGA
Members San Francisco Stock & Bond
Exchange
SHORT TERM
NOTES
RITTER COMMERCIAL TRUST
BUFFALO
73
Niagara Life Bldg.
MOTTU & CO.
Established
THE
XLIPFEL-WASHBURN-BERKLEY
-
Unlisted
60
-
Inactive
B. W.
SOUTHERN
Strassburger
INVESTMENT
BOSTON
Ashtabula
any one
Departments
be
can
ad in the Classified Department
England
1
■
FINANCIAL CHRONICLE.
Yielding 6^% to 8%
Our Classified Department
inside back cover.
BUILDING, CLEVELAND
Springfield
capable head for
of the
Industrial Securities
Investment Securities
New York
and
of your
CLEVELAND, O.
HUNTER GLOVER & CO.!
n;innati
SECURITIES
Ala,
A BUSINESS EXECUTIVE
obtained by inserting a small
FOYER
Phi aderphla
Canada
Broadway
MONTGOMERY
New
ERIE
Investigations
West Indies
INVESTMENTS
Montgomery,
ALBERT
Negotiations
Settlements and Purchases of Property,
United States
Bucyrus
Stocks & Bonds
Leader News Bldg.
Trinity Place, NEW YORK, N. Y.
City Bldg.
Warren
Listed
EDWARDS
FOR SALE—Timber, Coal, Iron, Ranch and
other properties.
Confidential
NEW YORK
CO
CLEVELAND, O.
Dayton
1892
NORFOLK, VA.
INVESTMENT SECURITIES
2nd Floor National
B.
INVESTMENTS
CLEVELANDUn,nrorPOrated
•90 Euclid Ave.
GEO.
NORFOLK, VA
^'fV^AiVvVVVVV.^VWwVw
J.
MURRAY WALKER
36 Devonshlre Street
Boston
faces the
■
March 12
1921.]
the
Jtonftent
MARX A
anb
chronicle
JBrofeertf Onttfoe Jleto $otfe
COMPANY
BIRMINGHAM,
.
-
Graham. Parsons
THAYER, BAKER & CO
BANKERS
US CHESTNUT ST.
ALA.
-
s«
FHVLABELFHIA
Southern Municipal and
&
w
PINK
NEW
ST.
YORK
Investment Securities
Corperation Bonds
Deal In and Purchase
INVESTMENTS
Issues ef
MUNICIPAL BONDS,
Commercial Trust Bldg.
PHILADELPHIA
BONDS, NOTES AND PREFERRED STOCK
Southern Municipals
RAILROADS, UTILITIES AND
INDUSTRIAL
Short Term Notes
Gable Address "Grace." Philadelphia
Maturity October 1, 1922
Bond Secured
8% Gold Notes
Preferred Stocks
Commercial
The Arkansas
Valley
Paper
Ry., Lt., & Pwr. Co.
Bankers
Acceptances
Boles&Westwood
long successful and growing
—a
Members Philadelphia Stock Exchange
service company whose 637 miles
of electric distribution and
trans¬
mission lines serve
Investment
rapidly developing indus¬
agricultural and mining
districts in five important coun¬
Hibernia
trial,
Company
Securities
ties of Colorado.
Denominations
(Incorporated)
$100, $500 and $1,000
Ask for
New Orleans
New York Office
16,500 custom¬
in
ers
Securities
CORPORATIONS
Telephom Locust 4721
Descriptive Circular CC-63
Direct Private
44 Pine Street
Wire
Service
BANKERS
321 Chestnut
310
N.
8th
Municipal and
St., St.
Corporation
Bonds
New York Stock
Exchange
New York Cotton
Exchange
Members
Established
(Established 1866)
<
(
... ,»
^
Charles W. Moore
ST. LOUIS, MISSOURI
V
.-.•
')
••
K.
NEW YORK
Bonds,
your
Holdup
and
Liability
mcsrnntrCa
Fire,
Automobile,
policies properly
written?
Advice given on policy
contracts, flra
protection and loss adjustments.
Prompt
ST.,
•
(
coverage
procured
'
wherever
BANKERS
Land Title Bldg,,
Philadelphia
desired.
Stock Exchange
Members Philadelphia
st.
Philadelphia
Stock Exchanges
Tel. John 4276
Are
(0S OLIVE
•
MAIDEN LANE
William H. Burg
INVESTMENT BONDS
Members New York and
Insurance Brokers
80
SMITH, MOORE & CO.
1837
Edward E. Hall & Co.
Chicago Board of Trade
St. Louis Merchants
Exchange
St. Louis Cotton
Exchange
St. Louis Stock Exchange
Herndon Smith
St., Philadelphia
Louis
louis service
Free Bond
Pennsylvania Tax
HARK C. STEINBERG & CO.
fembers New York Stock Exchange
Members St. Louis Stock Exchange
PAUL & CO.
American
Woolen's
Great
Assest
Members Philadelphia Stock Exchange
'
300
N.
Broadway
ST.
LOUIS
Republic Steel
American
Members St. Louis Stock Exchange
1421 Chestnut
Position of Equipment Stocks
discussed in
current
issue
of
Frederick Peirce
STIX & CO
BONDS
Investment Securities
5C9 OLIVE
ST.
ST.
FOR.
Free
on
Ask
Corporation bonds
so
Broad Street
-
INVEST.
MENT
Philadelphia
request
for C-6
fW«.
Over
fiflO/
the Bank«
New
RjCTMegargeiTlica
NATIONAL
FOR THEIR
27 Pine Street, New York
York
SAFETY
c.ty
um
PAPER
CHECKS
New York 4
PSME KCTMSMO—CIRC MOKSS
& Co
1421 Chestnut Street,
LOUIS
Q^S.WONES^*
Municipal Railroad/St
Street
PHILADELPHIA
Sumatra
"MUEMTMEMV*
George La Monte & Son
61
Broadway
New York
THE
CHRONICLE
[VOL, 112.
Banfeent ant) ^Broken( <0uyfbe J2eto gorfe
PACIFIC COAST
PACIFIC
Howard Throckmorton
PORTLAND, ORE.
Pacific Coast Securities
CALIFORNIA SECURITIES
HALL & COMPANY
INVESTMENT
BONDS
Government
Bonds
COAST
of MUNICIPALITIES AND
Municipal
Corporation
BONDS
Local and Pacific Ccast Securities
CORPORATIONS
PORTLAND, OREGON
LEWIS BUILDING
having substantial assets
San Francisco
and
earning
power.
-
Alaska Commercial Bcildinf
MINNEAPOLIS
WILLIAM R. STAATS CO.
Quotations
and
Furnished
Information
on
LOS ANGELES
Paolflo Coast Securities
Established
SAN FRANCISCO-
PASADENA
1863
Stevens^-0o.
'
established
iqio'
SUTRO & CO.
^MUNICIPAL. RAILROAD
INVESTMENT BROKERS
CORPORATION BONDS
San Francisco
Members
Sas Francisco Stock
410 Montgomery St.
and Bond Exchange
COMMERCIAL PAPERS 1
AUGUSTA
Company
DEALERS IN
JOHN W. DICKEY
Municipal and Corporation
BONDS
SAN
FRANCISCO,
MUNICIPAL
CORPORATION
AND
DISTRICT
California Securities
Augusta, Ga.
DAMnO
DWINUO
Bank Building
CALIFORNIA
Southern Securities
Established 1888.
LOS ANGELES
a
ST.RAUC
MINNEAPOLIS
Blankenhorn-Hnnter-Diilin
F. M. BROWN & CO.
S1S-318 First National
•
SAN FRANCISCO
PASADENA
SAN DIEGO
WM. E. BUSH & CO.
Augusta, Ga.
Aronson and
Los
Company
Angeles,
Wo
California
SOUTHERN SECURITIES
specialize In California
Municipal
&
Corporation
COTTON
MILL
STOCKS
BONDS
CLEVELAND
SPARTANBURG, S.
DRAKE, RILEY &, THOMAS
Van
The Gundling-Jones Company
Nuys Building
A. M. LAW & CO., Inc.
LOS ANGELES
DEALERS
STOCKS—BONDS—NOTES
Stocks and
BANGOR
BUILDING,
CLEVELAND
R. H. MOULTON & COMPANY
CALIFORNIA
Members of New York, Cleveland, Chicago,
Detroit and Columbus Stock Exchanges,
New
York Cotton
Exchange,
Chicago
Board
of
Trade.
Detroit
Toledo
CHAPMAN DE WOLFE CO.
Youngstown
Denver
Colorado Springs
Akron
Bonds
.
CHATTANOOGA
LEWIS BURKE & CO.
SECURITIES
Stocks and Bonds
Information
Stocks
Specialty
LOCAL AND SOUTHERN
301>353 Montgomery Street,
SAN
FRANCISCO, CALIF.
Cincinnati
a
SPARTANBURG, S. C.
San Francisco
CLEVELAND
Boston
Columbus
IN
Bonds
LOS ANGELES
American Natl Bank Bldg.,
Investment Bankers
Southern Textiles
MUNICIPALS
Title Insurance Building,
OTIS & COMPANY
C.
and
Quotations
on
all
Pacific
CHATTANOOGA
James Building
Coast Securities
Acceptances
Members San Francisco Stock & Bond Exchange
SHORT
TERM
NOTES
CLEVELANDUnincorporated
890 Euclid Ave.
GEO.
NORFOLK, VA
RITTER COMMERCIAL TRUST
INVESTMENTS
72 Trinity Place,
BUFFALQ
Niagara Life Bldg
MOTTU & CO.
Established 1892
Confidential
Negotiations
Settlements and
NORFOLK, VA.
CO
60
Unlisted
-
ALBERT
B. W.
-
Inactive
SOUTHERN
BOSTON
CO.!
Ashtabula
New York
and
capable head for
of your
Departments
any one
can
be
ad in the Classified Department
of the
England
Industrial Securities
Yielding 6H% to ®%
CLEVELAND
Phi adeiphia
SECURITIES
Ala.
CLEVELAND, O.
Investment Securities
n:innati
INVESTMENT
A BUSINESS EXECUTIVE
obtained by inserting a small
FOYER
HUNTER GLOVER &
BUILDING,
Strassburger
Montgomery,
New
ERIE
Canada
Broadway
Bucyrus
Stocks & Bonds
Leader News Bldg.
Investigations
Purchases of Property.
West Indies
MONTGOMERY
Warren
Listed
United States
City Bldg.
CLEVELAND, O.
Dayton
YORK
INVESTMENTS
INVESTMENT SECURITIES
2nd Floor National
NEW
NEW YORK, N. Y.
Coal, Iron, Ranch and
other properties.
FOR SALE—Timber,
THE
KLIPFEL-WASHBURN-BERKLEY
EDWARDS
B.
^^^a>vvvs\vavwvvvvvv\
Springfield
J.
MURRAY WALKER
89 Devonshire Street
Boston
FINANCIAL CHRONICLE.
Our Classified Department
inside back cover.
faces the
March 12 1921.]
THE
CHRONICLE
XI
Ranker* ante trotters &ut0(be Meto
gorfe
ALABAMA
MARX &
PHILADELPHIA
PHILADELPHIA
COMPANY
THAYER, BAKER &
BANKERS
BIRMINGHAM,
.
•
-
Graham. Parsons & Go.
CO.
4SS CHESTNUT ST.
ALA.
IS
PHILADELPHIA
Southern Municipal and
PINE
NEW
ST.
YORK
Investment Securities
Corporation Bonds
Deal
INVESTMENTS
NEW ORLEANS
and Purchase
Issues af
'
Commercial Trust Bids.,
PHILADELPHIA
In
MUNICIPAL BONDS,
„
BONDS, NOTES AND PREFERRED STOCK
•t
Southern Municipals
RAILROADS,
INDUSTRIAL
:
UTILITIES AND
CORPORATIONS
of
;
ESTABLISHED
8.55% Yield
Short Term Notes
Gable Address "Qraeo." Philadelphia-
Maturity October 1, 1922
;
Bond Secured
8% Gold Notes
Preferred Stocks
The Arkansas
Valley
Commercial Paper
Ry., Lt., & Pwr. jCo.
Bankers
VALUE.
Acceptances
Boles&Westwood
long successful and growing
service company whose 637 miles
—a
Members Philadelphia Stock Bxohangs
of electric distribution and trans¬
mission lines serve 16,500custom¬
ers in
rapidly developing indus¬
Securities
agricultural and mining
districts in five important coun¬
Company
Securities.
ties of Colorado.
Denominations
(Incorporated)
Lnil TRIa
$100, $500 and $1,000
Ask for
New Orleans
New York Office
Investment
trial,
Hibernia
Direct Private
BilllBne,
•
PHILADELPHIA
•
Telephone Locust 4721
Descriptive Circular CC-63
UMByllesby & Co.
Incorporated
,
44 Pine Street
Wire
Service
-nee.
10
sscf
Sfc
e.iu.eixfi*€o.
i>ieet:
30 State
ST. LOUIS
BANKERS
Lorenzo E. Anderson & Company
310
N.
8th
Municipal and
Members
St.* St.
321 Chestnut
St., Philadelphia
Louis
Corporation
Bonds
New York Stock
Exchange
New York Cotton
Exchange
Chicago Board of Trade
St. Louis Merchants
Exchange
St. Louis Cotton Exchange
St. Louis Stock Exehange
Established 1837
Edward E. Hall & Co.
(Established 1866)
Members New York and
Insurance Brokers
Philadelphia
Stock Exchanges
V
80 MAIDEN
Herndon Smith
Charles W. Moore
Are
INVESTMENT BONDS
t0» OLIVE
ST. LOUIS, MISSOURI
Bonds,
your
Holdup
YORK
and
Liability
MECowntCft
Fire, Automobile,
policies properly
written?
Advice given on policy
contracts, flra
protection and loss adjustments.
Prompt
ST.,
NEW
Tel. John 4276
William H. Burg
SMITH, MOORE & CO.
LANE
coverage
procured
wherever
BANKERS
Land Title
Members
ST.
BIdg., Philadelphia
desired.
Philadelphia
Stock Exchange
LOUIS SERVICE
Pennsylvania
Tax Free Bond
HARK C. STEINBERG & CO.
fembers New York Stock Exchange
Members St. Louis Stock Exchange
PAUL & CO.
American
Woolen's
Great
Assest
Members
Philadelphia Stock Exchang*
'
N.
300
Broadway
ST. LOUIS
•
Republic Steel
American
Members St. Louis Stock Exchange
1421
Position of Equipment Stocks
discussed in
current
issue of
Frederick Peirce
STIX & CO.
Investment Securities
609
OLIVE ST.
ST.
LOUIS
on
Broad Street
~
New York *
PWK BECTS88M8—CIMJE MBSESS
Lint
C given
current
"•SENTMOr*
•fferinj
& Co.
1421 Chestnut Street,
}U^g®stksns
INVEST.
MENT
Philadelphia
request
Ask for C-6
20
jsr
ecurities
Free
Municipal Railroad/S?
Corporation Bonds
Chestnut Street
PHILADELPHIA
Sumatra
RTCM EGARGEL8.Ca
Over
Qf\nf
Of the Banks in
OU/0
New Y(Jrk
NATIONAL
SAFETY
c.ty
UM
PAPER
FOR THEIR CHECKS
27 Pine Street, New York
George La Monte & Son
61
Broadway
New York
/
[VOL. 112.
CHRONICLE
THE
XII
Current 3Bonfr 9ngufrie*
American Light &
M1SIED
Traction
1927
Central Union Gas 5s,
Atlas Portland Cement
Cleve. Akron & Columbus 5s, '27
Burroughs Adding Machine
Harlem Riv. & Portches.
Elgin National Watch
Pacific RR. of Mo. 2d 5s, 1938
Noiseless Typewriter
Safety Ins. Wire & Cable 6s, 1942
Packard Motor, Preferred
Texas & New Orl. Cons. 5s, 1943
Ward Baking
United Lead Deb. 5s, 1943
,
#
4s,
'54
V-<i'
Member9
West Virginia Pulp & Paper
York Stock Exchange
New
25 Broad St.,
DO YOU
the
That
KNOW
men
in
their
use
and
fied
Louisville & Nashville RR.
efficient
most
fields
Baking 6s, 1937
Sertoli Brothers
jluhltr KtiUtg &entritiea
respective
consult
Chronicle
Financial
Ward
New York
Southeast & St. Louis
the
Classi¬
Hew fork
111 Shoainuau,
Division
Department.
Atlantic
Elec.
Coast
Co.
Ry.
5%, due 1945
this
Keep
mind for
Department
use
when the
Extended 6s, 1971
in
Beaver
occa¬
Valley
Traction
sion arises.
Telephone
-
Co.
5%, due 1953
v
Central Illinois
Lighting Co.
5%, due 1943
Broad 3500
Denver
Gas
Electric
&
Co.
1951
5%, due
Duquesne Traction Co.
5%, due 1939
American Can Deb. 5s, 1928
Spencer Trask & Co.
American Tobacco 6s, 1944
Central
Argentine Ry. 6s, 1927
Chicago & West. Ind. 7^s, 1935
25 Broad
Street, New York
ALBANY
BOSTON
Indiana Service Co.
5%, due 1959
Kanawha
New York Stock Exchange
Members Chicago Stock Exchange
Gas
Kingston
&
Elec.
Co*
Electric
&
Co.
6%, due 1952
Mt.Washington
Seaboard Air Line 7s, 1923
Ry.
Street
Co.
5%, due 1933
Rutland
Trinity Bldg. Corp. SV^s, 1939
Two Rector St.
Traction
5%, due 1936
CHICAGO
Members
Indianapolis Union Ry. 6s, 1923
,
Ry., Light & Power Co*
5%, due 1946
San Joaquin
Corp. 6s, 1935
Light & Power Co.
5%, due 1945
Gt. Nor.
JOSEPH EGBERT
10 Wall
St., N. Y.
Ry. of Canada, 4s, 1934
Ry. Co., all issues
Canadian Northern Ry,, all issues
Grand
Tel. Rector 9261
Erie Gen. 4s,
1996
INDIAN REFINING CO.
5%, due 1942
Phona Rector 9999-S, 9723-7, 6922-3
So.
PROCTER & GAMBLE CO.
Virginian Power Co,
Trk.
Ry. Gen. 4s, 1956
Chicago R. I. & Pac. ref. 4s, 1934
Private Phones
to
FMliltkM* Skit Boston
St. Louis Southw. Ry., all issues
Central Pacific Franc 4s
Cuban
&
Canadian
Govt.
Pro¬
vincial, Munic. & Corp. Securs.
Westlieimer & Company
Pennsylvania Co. 4 Vis
Due June 15, 1921
and July 1, 1921
Members of the
Nov
York
Cincinnati
Stock
Exchange
Stock Exchange
MILLER
Gfafcago
Board., of
Trade
Baltimore
Stock Exchange
COMPANY
&
Members N. Y. and Phils. Stock Exchanges
!!•
CINCINNATI, OHIO
Broadway.
'Phone 7500 Rector, N. Y.
SUTRO BROS. & CO.
ISO BROADWAY.
Memb&s^^Ni&
NEW 1TORK
Yark
%>ek
Etchango
BALTIMORE, MD.
Bought—Sold—-Quoted
SUGAR STOCKS
AMALGAMATED SUGAR
CARACAS SUGAR
CENTRAL AGUIRRE SUGAR
FEDERAL SUGAR
HOLLY SUGAR
MANATI
EASTMAN
KODAK
Telephone
COMMON
Sector
SUGAR
CENTRAL SUGAR
CUBAN AM. SUGAR PFD.
CUPEY SUGAR
NATIONAL SUGAR
SANTA CECILIA SUGAR
SAVANNAH SUGAR
FAJARDO SUGAR
SO. PORTO RICO SUGAR
WEST INDIA SUGAR FIN. PFD.
ALFRED F. INGOLD & CO.
74
Broadway, N. Y.
BONDS
CUBAN AMERICAN SUGAR 8s, 1931
FRANCISCO SUGAR 6s, 1939
FEDERAL SUGAR REF. 6s, 1924
WEST INDIA SUGAR FIN. 7s, 1929
Bought—Sold—Quoted.
52
843 Fourth Ave.,
PITTSBURGH, PA.
Amer. Wat. Wks. & Elec. 5s, 1934
Stone, Prosser & Doty
William St., New York
GLOVER & MACGREGOR
'Phone Hanover 7733
West Penn Traction 5s, 1960
St. Paul Union Depot 7s, 1923
West Penn Power deb. 6s, 1924
March 12
THE
1921.]
XIII
CHRONICLE
Current J£onb Snqutdetf
Amer.
Canadian
Light & Traction 6s, 1925
Chinese
Amer. Water Wks. & El. 5s, 1934
American
Loans
War
Government
6s,
Light & Traction
Detroit Edison
1921
Chicago Railway 5s, 1927
'25
Beaver Board 8s, 1933
Eastman Kodak
Grand Trunk Pacific Issues
Ford Motor of Canada
Kansas
Assoc. Simmons Hdwe. 7s,
Firestone Tire Com & Pfd.
City Ry. 1st 5s, 1944
Continental Motors 7s, 1925
Sen
Sen Chick 6s, 1929
Federal Lt. & Traction 6s, 1922
Texas Electric
Gen'l Refractories Serial 6s
Woodward Iron 5s,
Georgia Lt. Pr. & Ry. 5s, 1941
Broadway, New York
Traders Telephone 7883 Rector
Telephone 6070 Rector
Louisville Gas & El. 8s, 1923
United Light
Willys Corporation Stocks
1952
120
of Buff. 5s, 1962
Ohio State Telephone
Packard Motor Com. & Pfd.
Ry. 5s, & 6s
Merrill, Lynch & Co,
Gulf Oil 7s, 1933
Internat'l Ry.
Goodyear T. & R. Com & Pfd.
Lincoln Motors, Class "A"
Paige Detroit Com & Pfd.
Lehigh Power Sec. 6s, 1927
Rochester Ry. & Lt. 5s, 1944
Private
wires
to
Detroit,
Chicago,
Cleveland,
Youngstown, Grand Rapids and Lansing
5s, 1944
& Rys. 5s, 1932
Atlantic Coast L. Cons. 4s, 1952
Waterloo C. F. & Nor. 5s, 1940
Chic. St. L. & N. O. 1st 5s, 1951
Webster Coal & Coke 5s, 1942
WE WILL BUY
Bush Terminal Cons. 5s,
1955
1988
Chic. R. I. & Pac. Gen. 4s,
Aetna
Explosive 6s
Erie Pa. Coll. 4s,
Offerings Wanted
3i/2s Reg.,'51
Long Island Cons. 5s, 1931
Norfolk & Western Div. 4s, 19441
Morton Iachenbrmh&Cq
St. L. & San Fr. Gen. 5s, 1931
42 Broad Street. Newark
Pri'jate Wires to, CHICAGO
1951
111. Cent. St. L. Div.
St. L. S. W. Cons. 4s,
C. C. Kerr & Co.
-PHILADELPHIA -ST. 101115
1932
FQSBHE2H-DETR0IT- fLEVELANB -GRAND EAfTDS
2
Rector St.,
Phene 6780 Recter
N. Y.
PRE38PR1CH
R. W.
40 Wall
Street,
Telephone
©
john 307
New York
Allegheny Valley General 4s, 1942
J.
FARLEE & CO.
S.
Chesepeake & Ohio Term. 6s, 1922
Chic. & Alton
C6
Chi Bur &
BROADWAY
4% Cum. Deb. Stock
Quincy 111 3^8 & 4s, 1949
5s, 1931
Clyde Steamship 1st
Evansville & Terre Haute Ref 5s, '41
Rector 1195
Federal
Gr
INVESTMENTS
Land
Rapids &
Bank
1937-1938
4V2s,
Indiana 4^s,
Chicago Union Station 1st 4^s, 1963
& Mich. South. 4s, 1931
Lake Shore
Atl. Coast Line L & N Coll. 4s, 1952
Northern Pacific Prior Line 4s, 1997
Minn & Man. Cons. 43^s '33
St. Paul,
6^s, 1931
Tide Water Oil Co. 10-yr.
Cuban
Amer.
Sugar
10-yr. 8s,
1931
1941
Gal Har & San Ant Mex-Pac 1st 5s '31
Prince & Whitely
Wabash Des Moines Div 4s, 1939
Y, Stock Exchange
Members N.
S. P. LARKIN & CO.
52
Tel. Broad 6323
Broadway
RAILROAD BONDS
CONSTABliB.&^HLEMING
o§
Recf<4 72737'
Broadway
Lake Shore & Mich. S. Coll.
63
Exchange PI.
New York City
tf
St. Louis Div., 1st 3*^8,'45
Colo. & South. Ref. & Ext. 4^s, 1935
Bond
Railroad
Cinn.
West
Canadian, Cuban,
Public
Dept.
Wabash & Mich. 4s,
Virginia &
1991
1990
1948
Va. & Southwes'n Cons 4s, 1958
Southern Ry. Memp Div. 5s, 1996
Gal Har & S A M & P 1st 5s, 1931
Pitts 4s,
Big Sandy RR. 4s, 1944
Mexican
N. Y; Chic. & St.
L. 1st 4s, 1937
Cent RR. Bkg. Co. of
Ga. 5s, 1937
N. Y. Penn & Ohio 4]^s, 1935
C. & O. Grain Elevator 4s, 1938
SECURITIES
Common
Imperial Tobacco Com. & Pfd.
Cuban Telephone
Com. & Pfd.
Cuban Telephone
5s, 1951
Massey-Harris Cc>.
Coal 5s,
Glass
6s,
Ltd.
Norwalk Steel
Mississippi River Power Com. & Pfd.
Cedar
&
Pow.
5s, 1949
Lt.
5s,
1938
Rapids Mfg. & Pr. 5s, 1953
American Power &
Mobile
Electric
Light Pref.
Pref.
Puget Sound Gas Pref.
Power
Mountain
States
Ft. Smith
Lt. & Trac.
Kentucky Securities
&
Power
Pref.
Pref.
Pref.
Light Pref.
Railway Pref.
& Light Pref.
Tri-City Ry.
1950
Bank Stock
1933
Dept.
Equitable Trust
Coal 5s
Monon
Denver Ga3 & El.
Carolina
United Light &
8s, 1930
National Conduit & Cable 6s, '27
Dominion
Utility Dept.
American Pwr. & Lt. 6s, 1921
Utah
Dept,
Wayne Coal 6s, 1937
1952
Babcock & Wilcox,
Industrial Bond
Consolidation
Havana Electric Com. & Pfd.
Havana Electric 5s,
to
Telephone: Hanover 6457
Atlantic & Danville 1st 4s,
British American Tobacco
wire*
3^8, '98
Central of Geo. Consol. 5s, 1945
111. Cent.,
Philadelphia, Boston,
Baltimore, Richmond, New Haven
Private
Guaranty Trust
4]^s, 1929
Auto Sales Gum & Choc 6s,
1931
Chase National Bank
Central Union Trust
Grand Trunk Pacific 4s, 1955
Grand Trunk Pacific 3s, 1962
Industrial Stock
American
A. G.
Dept.
Wholesale
Bank of Commerce
Pref.
Spalding Com. 1st & 2nd Pf
Bigelow Hartford Carpet Pfd.
Titusville
Kuczynski & Co.
120
Broadway
New York
Telephone Rector 6834
CORRESPONDENTS
All Important Foreign Capitals
PRIVATE
Montreal
WIRES
Illinois
Iron
Pref.
Leased
Central
Line
Ogden Mine RR.
Pref.
Ward Baking Common
Pref.
Southern Pipe
Standard Oil of California
Standard Oil of Indiana
Atlantic
Refg. Common.
CARRUTHERS, PELL &
15 Broad Street,
New York
Toronto
Philadelphia Phone, Locust 572
Dept.
Standard Oil of New York
Pitts., Fort Wayne & Chic.
Cushman Sons
Standard Oil
CO.
Phones 5161 to 5169 Hanovsr
'Bait,
Phone, St, Paul 9389
»
XIV
THE
CHRONICLE
[VOL. 112.
Current JHonti inquiries
wnsnwvn>-ira-
F.
I'T*ti—v**^.'n "n*1
*^r"VVitfw><mfls^aiiaj4LWvs^s_t
J. LISMAN & CO.
Members Nsw
61
WANTED
Peoria Water Works 4s and 5s
York Stock Exchange
Birmingham Water Co. 5s
Middle States Water Works Co. 5s
BROADWAY, NEW YORK
Central
Vermont
Railway
5s, 1930 Clinton, Iowa, Water Co. 5s
Montreal & Province 4s
Chicago Lake Shore & East. 4J^s, 1969
Cincinnati
Grand
Hamilton
Trunk
&
Pacific
Day.
Ry.,
New York Interurban Water 5s
4J^s,
all
5s
Acquackanonk Water Co. 5s
issues
Racine Water Co. 5s
WE DEAL IN
Houston Belt & Terminal Ry. 5s, 1937
Kansas City Memphis Ry. & Br. 5s
Kansas City Mem. & Birm. 4s, 5s, 1934
Lake Erie & W. 1st 5s, 1937, 2d
Wichita Water Co. 5s
Queens County Water Co. 5s
Otero Irrigation District 6s
Leavenw.C'y&Pt.L.Wtr.4s,5s,6s
5s', 1941
New Orleans & Great Northern
5s, 1955
New Mexico Ry. & Coal
5s, 1947 & 1951
Northern
Toledo
Ohio
&
Ohio
Railway
1st
5s,
Central,
all
H. C. SPILLER & CO.
INCORPORATED
issues
1945
17 Water St., corner Devonshire St., BOSTON
68
Wall Street,
NEW YORK
Toledo
Terminal Railroad 4}^s, 1957
AND ALL RAILROAD AND STEAMSHIP
SECURITIES
I
VILAS A HICKEY
49 Wall Street
New
Amer. Tobacco
Underlying
York(
R&ilrOdd
Dividend Scrip
BOND BROKERS
Bonds
Orders Executed in Railroad
Specialists
and Active Bond Issues for
Dealers
Commission
on
<—*■
8317
stcific 3yySf 1929
Canadian Pacific 6s, 1924
Indiana Steel 1st 5s, 1952
Cleve. Akron & Col. 4s, 1940
New
*
York Tel.
New York
1
■
Nassau Street
Abitibi Pr. & Paper 6s, 1922
Arizona Power 6s, 1933
NEW YORK
Austin & Northwest 1st 5s, 1941
r._
-
c
Bang. & Aroos. RR. underly'g bds.
Duluth & Iron Range 5s, 1937
Fonda Johns. & Glov. 4 J^s, 1952
New Orleans Term. 4s, 1953
D
Telephone 4%«, 1939
%/2*,
1963
9enVi1_Caiy>,1®rI\dse148'19®°OE
°
'
e
n
hL
U. S. Rubber
Cleveland Term. & Valley 1st
4s, 1995
Mallory Steamship 1st 5s, 1932
Clyde S. S. 1st 5s, 1931
i-
5s, 1947
Empire Gas & Fuel 6s, 1926
p.
York Stock
Exchange
ONE WALL ST., N. Y. Tel. Rector
7981
to
7986
Amer. Lt. & Tr»c.
Central
cl
rv
a
specialist*
in
Railroad Terminal Bonds.
»
72
Trinity PI.
Petroleum
Pacific Gas & Electric
Weefevn pAlirAH
Western
Power
Central Sugar Corp.
i
Central Aguirre
Sugar
Fajardo Sugar
Columbus & 9th Ave. RR. 5s, '93
RR 4g> 1951
N. Y. & East River Gas 1st
5s,
'44
RR. 5s, '43
MacQuoid & Coady
THEODORE L. BRONSON & CO.
Members New York Stock
Bxclumte
Members New York Stock Exchange
Tel. Rector 9970
120
ABRAHAM & CO.
St., N. Y.
Tel.
\
GARDNER
&
LOCATE CAPABLE MEN
to
fill vacancies in your
organization through the
Classified Department of
the
FINANCIAL CHRONICLE
Our Classified Department faces
.
■
Beech Nut Packing Co., Pfd.
Dallas Gas 1st 5s, 1925
Argentine Govt. 5s, 1945
Western Power Corp. Com.
Penn. Pub. Serv. 1st 5s, 1962
Tel. Rector 7430
Central Pacific 4s,
1949
Cent.RR. &Bkg. ofGa.
5s,'37
•
-
-
Telephone 1053
1927
Man.
Pac.
Ext.
4s,
1940
Long Island Cons. 5s,
1931
C. & N. W. Ext. 4s,
1926
Long Island Ref. 4s,
1949
-
Commonwealth
Edison
5s,
1943
Mississippi Val. Gas & Elec. 5s, 1922
Portland Gas & Coke 5s, 1940
Southern Calif. Edison 6s, 1944
Gilbert J.
BROAD
Postley
STREET
NEW YORK
J-A-T&tovrAtVi*-
New York
Rector
Appalachian Power 5s, 1941
16
t*.
& Pfd.
1
A. B. Murray a Co.
14 Wall Street
Rio Grande & West.
4s, 1939
the
cover.
Rector 7680
CO.
STREET, N. Y.
R. I., Frisco Term.
5s,
Tel. Broad 37M
inside back
Broadway, N. Y.
———————5
20 BROAD
Shawinigan Wat. & Pr. 5s & 5^8
Bing. 5s, 1939
Utica Clinton &
Tel. Rector 6881
Broadway & 7th Ave.
St., N. Y.
Soltraco Voting Trust Ctfs.
Santa Fe Pres. & Phoenix 5s, 1942
27 William
Nas8au Elec
t
14 Wall
Nor. Ontario Lt. & Pr. 6s, 1931
Rio de Jan. Tram. L. & P. 5s, 1935
Safety Car Heating & Ltg.
i
i.
i
FmIay & Davenport
McKinlev oc Morris
mtainicy & morris
Members New
■
WOOD, STRUTHERS & CO.
Reading, Jer. Cent. Coll. 4s, 1951 Cleveland Short Line
43^8,1961
Tri-City Railway & Lt. 5s, 1923 Galv. Hous. &Hend. 1st 5s, 1933
Argentine Govt. 5s, listed &
",sfi
Securities
-T
6s, 1949
i;.i
Tobacco
j2o. Efodid^ay CfiCPhone- Rector 4594
—rK-——
v6ntr&l
all
Bristol £ Bauer
..
Telephone Hanover
in
MARCH 12
1921.]
THE
CHRONICLE
xv
Current JBonti 3faqutrfea
American Glue,
& pfd.
com.
American Hosiery Co.
Brookside Mills
Bkln. Un. Gas Co.
5s, '45, & 7s, '29
Central Union Gas Co. 1st
5s, 1927
Chicago & Erie RR. Co.
1st
5s, 1982
New Amsterdam Gas Co. Cons.
5s, '48
N. Y. & East Riv. Gas Co.
5s, 1944-45
N. Y. &
Queens E. L. & P. Co. 5s, 1930
Clev. Akron & Col.
Ry. 5s, '27 & 4s '40; N. Y. & Westch. Lt. Co. Gen.
4s, 2004
Edis. El. 111. Co.,
N. Y. Penn. & Ohio P.-L.
Bklyn. 4s, 1939
4^s, 1935
Edison El. III. Co. N. Y.
5s, 1995
Northern Union Gas Co. 1st
Chace Mills
Dartmouth Mfg., common
Everett Mills
5s, 1927
Equitable G. L. Co. N. Y. 5s, 1932
Farr Alpaca Co.
K.
Hamilton Mfg. Co.
Naumkeag Steam Cotton Co.
Sharp Mfg. Co.
C.
Sou.
Ry. Co. 1st 3s, 1950
Kings Co. E. L. & P. 5s '37-6s, 1997
Kings Co. Elev. RR. Co. 1st 4s, 1949
Nor. Westchester Light Co.
5s, 1955
Standard Gas Light Co. N. Y. 5s, 1930
Westchester Ltg.
Co. 1st 5s, 1950
N. Y. Mutual Gas Light Co. Stock
Wm. Carnegie Ewen
Soule Mill
Sanford Mills,
Tel. Rector 3257-3273-4 and 3294
common
2 Wall
HOTCHKIN & CO.
Telephone
53 State
Main 460
Boston
Street, New York
All Securities
St.*
9, Mass.
U. S. Rubber 7V2S, 1930
Chicago & East. 111. RR.
Mo. Kansas & Texas Ry.
S. O. of Calif. 7s, 1931
Market Street Railway
Westinghouse 7s, 1931
Telephone
Bonds
B
Indiana & Illinois Coal
BULL & ELDREDGE
Kanawha & Hocking Coal
Members of the New York Stock Exchange
30
BROAD ST., N. Y.
Tel.
ought—Sold—Quoted
Lehigh Valley Coal Sales
Rector 8460
Federal Farm Loan Bonds
T. L. MacDonald
52 B'way, N. Y.
Specialists in Short Term Securities
Equipment
Wm. C. ORTON & CO.
Bonds
Tel. Broad 2357-8-9
;
Specialists Reorganization Securities
36 Broad
St., New York
Tel. 7166-1-3 Broad
WE WISH TO BUY HIGH-
STANDARD
Standard Tank Car Co.
1
Par Valua
L
Indiana
PENNSYLVANIA
TAX-FREE SECURITIES.
It«
Ofl
of
GRADE
Consol. 58, 1955
0
Standard
Bush Terminal Co.
Boennlng, Garrison A Co.
Members Philadelphia Stock Exchange
Preferred Stock
Stock Exchange Building
PHILADELPHIA
Stock
Direct Private Telephone to Berdell Broa
CARL
H.
Dealers
PFORZHEIMER & CO.
in
Standard
Phones 4860-1-2-3-4 Broad.
Oil
Securities
25 Broad St.. N. Y.
American Wat. Wks. & Elec. 5s.'34
City Water, Chattanooga, 6s, 1931
East St. Louis Water 5s, 1942
Nat. Securities pr. lien 6s, 1924
Power Secur. Corp. Inc.&Col. 6s
West Penn Railways 1st 5s, 1931
West Penn Traction 1st 5s, 1960
OTTO
BILLO
37 Wall St., N. Y.
We
Phone Hanorer 6337
Rollins, Kalbfleisch & Co.
60
61
Stock
Exchange
BROADWAY, N. Y.
PRIVATE
T.
4390
Bowling
Green
TO
LOUIS
WIRE
H.
Louisiana
&
& S.
Ark.
E.
ST.
Inc.
1st 5s,
PROCTER & GAMBLE
East St. L. & Int. Water 5s, 1942
Stock & Scrip
Galena-Signal Oil 7s, 1930
Dayton Power & Light Com Stk
J. S. Bache & Co.
Members New York Stock Exchange
New York
EDWIN BANCKER &, CO.
INVESTMENT
SECURITIES
116 Broadway
New York City
Rector
Albany
Baltimore
Buffalo
Chicago
Cincinnati
Pittsburgh
Cleveland
Rochester
Kansas City
New Orleans
St. Louis
Syracuse
Philadelphia
Troy
0944-6-6
5s, 1960
Buff. Roch. &
1927
Denver & Rio Gr. 5s, Ctfs. of
Dep.
New York Chicago & St. L. 2d 6s
Portland Ry. Lt. & Pr. 5s, 1930 & 1942
Houston Belt & Terminal 5a
Advance Rumely 6s
Adams Express 4s, 1947
Pittsburgh 4^s
Cine.
Current River 5s
& Western
Tel., 6400 Broad
BRANCHES and CORRESPONDENTS
Mobile & Ohio, St. Louis 5s
Ind.
SMITH
Tel. Bowling Green 10060
WE HAVE ORDERS IN
Stephensville N. & S. Tex. 5s, 1940
Central Arkansas & East
5s, 1940
Hudson & Manhattan
4^s, 1957
Cine. Ham. & Day. 4^8, 1937
Ogdensburg & Lake Cham. 4s, 1948
Gulf &
B'way, N. Y.
Boston
Telephone
Chic.
York
INQUIRIES INVITED
ROBINSON &
Telephone Brood 7064-6-6
NEWBORG & CO.
New
Peerless Motors Stock & Notes
Members N. Y. Stock Exchange
Morris Plan Co. Stock
Members
5s, 1965
Ship Island 5s, 1952
Hudson & Manhat. Com. & Pref.
Hudson Companies Preferred
Choctow & Memphis 5s
New Orleans Texas & Mexico 6s
Liggett & Myers 7s
>
Rocky Mtn. Coal & Iron 5s
WOLFF & STANLEY
Florida Cent. & Penin. 5s & 6s
United Trac. & Elec. 5s, 1933
Second Ave. RR. Rec. Ctfs.
Fort Worth & Denver
St. Louis Transit 5s
City 6s
Grand Trunk Western 4s
Manila Elec.
Ry., Lt. & Pr. 5s
Amalgamated Leather Pfd.
Wheeling & Lake Erie 5s
Valvoline Oil Pfd.
M. K. & T. issues
Pacific Coast
Telephone Rector 2920
Trinity Place, N. Y.
'
Granby Mining 6s & 8s
Brooklyn Union Elev. 5s
Wichita Falls & N. W. 5s, 1940
72
X
Goodyear T. & Rub. Com. & Pf.
Union Carbide 6s, 1950
Liberty Registered Bonds
-N
Specialize in
SAM'L
Phone 5380-1-2-3 Broad
Com., 1st & 2d Pfd.
GOLDSCHMIDT
25 Broad Street
[VOL. 112.
CHRONICLE
THE
XVI
Current JBonb 3toqttfr(e*
Atch. Top. & S. Fe gen. 4s, 1995
WANTED
Advance
C. B. & Q., 111. Div., 3y28, 1949
Binghamton L. H. & Pr. 5s, 1932
Columbus Ry. Pr. & Lt. 5s, 1940 N. Y. Central Deb. 4s, 1934
Great Falls Power 5s, 1940
Sierra & San Fran.Pr.5s & 6s
Seaboard Ref. 4s, 1959
Oklahoma Gas & El. 5s, 1929
Mexican Government Issues
Springf. & Peor. 5s, '39
St. Louis
Topeka Ry. & Lt. 5s, 1933
Union Gas Co. Coll. Tr. 5s, 1935
United Water Gas & El. 5s, 1941
South.-fcal.
HUGHES & DIER
HANSON & HANSON
Plac#
e
.
'
-
New York
-
Stocks—Bonds—Grain
Members of New York Stock Bscofcange
(Philadelphia and Pittsburgh
Stock Exchanges, Chicago Bd.
of Trade, N.Y. Produce Exch.
Y.
160 Broadway. N.
Tot. Rector 5300
Telephont: Whitehall 1056
42 New
Central
Caddo
Oil
&
Ref.
6s,
Street, New York
Telephone Broad 5140
Jessup & Moore Paper Co. 1st 6s, 1939
Western N. Y. & Penn. Gen. 4s, 1943
Guaranteed Stocks
Edison 6s, 1944
Japanese Government Issues
ARTHUR E. FRANK & CO
72 Trinity
Rumelyj 6s
Providence Securities 4s
1933
Scranton&Pittston Tr. Co. 1st 6s,'20
Write
Quotation
for
St. Paul Minn. & Man.
Light & Power Pref.
Portland Ry., Lt. & Power all issues
Sheets.
New York Central Deb. 4s, 1934
Tennessee Ry.,
W&xXktxSt Jetxs
Joseph
New York
61 Broadway
Bros.
25 Broad St.,
Telephone
General 4s, 1996
(All Issues)
4s, 1995
Butte Anaconda & Pacific 5s, 1944
Utah Northern 5s, 1926
Kansas City Southern 3s, 1950
Kansas City Terminal 4s, 1960
Louisv. & Jeffersonville Bridge 4s, 1945
Norfolk & Western Cons. 4s, 1996
Union Pacific 1st 4s, 1947
Seattle Everett 5s, 1939
i
L. & N., St. Louis Div. 2nd 5s, 1980
Oregon & California 5s, 1927
New
Broad 3063
Atchison
4s, '88
gen.
Montgomery
Philadelphia
Building,
221 Lafayette
Chicago R. I. & Pac.
FLEMING
GEORGE N.
Members New York Stock Exchange
4^8,1933
York
Atlantic Lobos
B. B. & R. Knight 7s,
1930
Atchison Adjustment
Dayton Power & Light 7s, 1923
Saginaw Valley Traction 7s, 1923
Salt Lake &
Utah 6s, 1944
Southern California Edison 6s, 1944
Crowell & Thurlow SS. Co.
Fairbanks Co.
1st
preferred
U.
S.
WALTER S. PLACE
35 Congress
Private
BOSTON, MASS.
St.,
Telephone New York and Philadelphia
"Main 7688"
FRANK J.
Chic. Milw. & St. Paul 4s
N. Y. New Haven & Hartford 4s
Japanese 5s, 1907-47 (French Issue)
AND ALL FOREIGN
SECURITIES
CHICAGO
Tire and
Rubber
R. B. Hathaway &
Bought, Sold & Quoted
20 Nassau
Stocks
67
Exchange
Co.
Phone—Rector 8411
Place
Bell
Tel. John 5020-1
St., N. Y.
BONDS
MAXWELL B. SMITH
Specialists
Stocks
NEW YORK, N. Y.
Central Pacific Coll. Tr. 4s
Willys Corp. (all issues)
Goodyear Pfd.—Packard Pfd.
Rolls Royce Pfd.—National
H. H. Franklin Mfg. Common
Motor
DILLON
M.
Broadway
Tel. 646# Bowling Green
Theme 8800 Hanover
Exchange Place
43
Lawyers Mortgage Co.
71
Securities
Investment
Envelope Common
Mortgage Bond Co.
-
& CO.
DUNHAM
Jessup & Moore Paper Common
-
Telephone Co.
of Canada
BABCOCK, RUSHTON & CO.
New
Members
Y*rk, Chicago
Exchanges
and
Investment
Joseph Gilman
Investment
Securities
34 Pine
USE AND CONSULT
of
Davies, Thomas & Co.
the
Financial Chronicle
Y.
FROM
NEW
FEDERAL
YORK
STATE
City
INCOME
TAX
INCOME
TAX
NASSAU COUNTY, NEW YORK
New York
/
Telephone Rector 5520
cover.
New York
John
Coupon 5s
Stock Exchange
5 Nassau St.
Our Classified Department faces the
inside back
N.
Members
Securities
Street
'Phone 5691-4
EXEMPT
ALSO
the Classified Department
7s, 1925
Bought—Sold—Quoted
7 WALLSTREET
NEW YORK
KOMB INS. BLDO..
CHICAGO
&
5s
Boston
Stock
6. J. Van 1 ngen
& Co.
New Yorfc
46 Cedar St*
TEL.6364 JOHN
We Deal in—
Unlisted Stocks,
Bonds and
Foreign Government
Bonds
Town
Light & Traction 6s
Birmingham Ry., Lt. & Pow. 4)^s&6s
Brazilian
Trac.
Binghamton
Beaver
Board
Investment
are
especially solicited.
6s, 1922
L., H. & P. 7s, 1925
8s
SMITH
&, CO.
1943
20
BROAD
STREET
NEW YORK
Telephone Rector 6167-8
DirectPrivate WtreConneet ion a
to
Chic., Detroit & Gr Rapids
Japanese
Textile 7s
Russian
Empire Gas & Fuel 6s, 1924-26
Georgia Light, Power & Ry. 5s
Grand Trunk Pacific 3s, 1962
General Gas & Electric 6s, 1929
American
1957
Haytian-Amer. Corp. 7s, 1922-24
Gas Light 7s
Middle West Utilities 8s, 1940
Ohio Cities Gas 7s,
Beau
Rio de Janeiro 6s,
8s,
1926
1950
1921-1930
State of
Iron
5s,
1952
Tire
& Rubber
& Gulf
New York Times
1929
Santa Catharina 6s
Woodward
Firestone
Goodyear Tire & Rubber
Imperial Tobacco
Kansas
San Paulo 6s, 1943
Sen Sen Chiclets 6s,
I
Tobacco5^
Site Pfd.
Childs
1921-25
Term.
[
Light & Trac. Com. & Pfd.
Bordens Com. & Pfd.
Amer.
British-American
Province of Buenos Aires 6s,
Wentworth
Cyanamid
Atlas Portland Cement
Laclede
Port
Brazilian
German
6s, 1921
Commonwealth Edison 5s,
Hudson & Manhattan 1st 4
ERNEST
BONDS
Argentine
Belgian
French
Chinese
Consolidated
Inquiries from Out-ofHouses and Banks
FOREIGN
American
.
Pfd.
Royal Baking Powder Com. &
Scottish-American Oil V. T. C.
Pfd.
March 12 1921.]
*
THE
CHRONICLE
<
i
i
•
xvii
Sceonntantg
yiiuuttfal
income tax problems
Pitts. Ch. & L. E. 1st
5s, 1940
financial reports
Caddo Cent. Oil & Ref. 6s, '30
West. N. Y. & Pa.Gen.
4s, 1943
^audits
Portland Railway 5s, 1930
Consol. Trac. of N. J. 5s, 1933 Penn. Wat. & Pow.
5s, 1940
G. R. G. H. & M.
Ry. 1st 5s, '26 Western Penn. Pow. 7s, 1946
Gr.
JOHN
and
Rap. & Ind. 2d 4s, 1936
BAUER
Associates
Financial and
Tax
MOORE, LEONARD fit LYNCH
Consultants
63 Wall Street
New York
Pittsburgh
GEORGE W.
Certified
35
General Asphalt 8s, 1930
New York
Philadelphia
MYER, JR*
Public Accountant
NASSAU
ST., NEW
YORK
Government,
Audits, Investigations,
Estate Accounting,
Public
Returns
Income Tax
Municipal,
Railroad
Utility
Industrial
Telephone Rector 5441
Established
Bioren
419 Chestnut St.,
Investment Bonds
1865-
Co.
fii
A. B. Leach &
Philadelphia.
Members New York and Philadelphia
Co., Inc.
Stock
Bxcb&nges.
We own
and
offer
subject to
prior sale and change In price:
Investment
62 Cedar
State of Florida Everglades Drainage
District 6s, due 1926-1936 @ 100
Boston
Buffalo
Cleveland
Baltimore
Scrantonl
Pittsburgh
Detroit
Aluminum
;",v7
FOREIGN
Co.
of
Am.
7s,
Follansbee Bros. Co. 7s,
CHUCKS
H. J. Heinz Co.
EH
Hershey Chocolate 73^8, 1925
RAILROAD
SECURITIES
CO.
Illinois Cent. Stock Coll. 4s
U. S. Steel 1st 5s, 1951
•
Jones
M
&
Laughlin Steel 5s,
Canadian
CURRENCIES
cial &
ki
■
J. H.
TF
Government,
R.A.SOICH &CO.
91, N. Y.
II
Holmes
Broadway
&
Hartshovne & Battelle
Co.
Stock Exchanges
Members New York Stock Exchange,
26 Bread St.
Cleve.
Pittsburgh
&
Pitts.
43^8, Series A, 1942
Texas
Municipal Bonds
.
Sugar Engineering Corp.
new
bloq..
york.
&
RR.
Putnam
Phila. &
Reading
1st
4s,
1993
4s, 1937
cons.
Pa, & N. Y. Canal & RR. 43^8 & 5s
Grand Rapids & Ind.
Broadway, New York
Tel.
Member
1944
County Notes
L. ARLITT
J.
141
1st 43^8, 1941
United N. J. RR. & Canal 4s,
High Yield
Short-Term
Clearfield & Jefferson 6s, 1927
INVESTIGATIONS
YORK
Direct Private Wire Connection
N. Y.
woolworth
Tel. Bread TT40
NEW
Unien Bank Bldg.
New York
Tel. Rector 5289-92-4038-4730,
1939
Provin¬
Municipal Bonds
Members N. Y. and Pittsburgh
19 Wall
Milwaukee
We
Buy or Will
Sett
7K«, 1930
BOKJDS
7'&
/
1925
1941
Chicago
Minneapolia
Armstrong Cork 7s, 1931
v
.
105 So. La Salle St.,
Philadelphia
City of Philadelphia 5s, due 1951,
@ 4.70% basis
City of Calgary, Canada, 6s, due
1924, ® 7.60% basis
ALL
St., New York
Securities
Rector
Texas
4514
Bankers'
Association
APPRAISALS
Biddle &
REPORTS
DESIGN
South
104
Henry
Fifth
Street
ARE
YOU
PHILADELPHIA
Private Wire to New York
Call Canal 8437
SEEKING
OCCUPATION
o.
Columbus
St.. Ry. 5s, 1932
Champ. & Decatur 5s, 1938
Kentucky Tr. & Term. 5s, 1951
Birmingham—Tidewater Ry. 5s, 1946
Danv., Urbana & Champ. Ry. 5s, '23
Evansville Electric Ry. 4s, 1921
Southwest Missouri El. Ry. 5s, 1923
Chattanooga Ry. & Lt. 5s, 1956
Rochester & Syracuse Ryl 5s, 1957
AS A TRADER
Danville
INCORPORATED
£&z£/a/Je
/
^Aicct^o, *$1.
Branch
Office, 9156 Exchange Awe.,
So. Chicago, 111.
German, Austrian, Hungarian, CxechoSlovakian, Rumanian, and Jugoslav Gov't
Bonds and Currency.
OR
HAVE
YOU
9
NEED FOR ONE
Then you
facilities
should avail of the
afforded
by
the
Indiana Service 5s & 6s
BOYLE, BR0CKWAY & GRAHAM, INC.
MATTERS
FINANCIAL
Classified Department
Louis Levenson
Public Utility—Industrial—
Short
Unien
Arcade
Pittsburgh,
r».
Term
Tel. Broad 4931
Securities.
27 William St., N.Y.
of
The Financial
Chronicle
facing the inside back
cover.
[Vol. 112.
CHRONICLE
THE
xviii
Cngmecra
Jfinamial
A
The
STONE & WEBSTER
INCORPORATED
First National Bank
DESIGN steam power stations,
developments,
hydro-electric
city and
railways, gas and
plants,
industrial
lines,
transmission
of Boston
interurban
chemical
plants, warehouses and build¬
ings.
CONSTRUCT either from their
Transacts
of
business
or
from designs
of other engineers or architects.
MANAGE public utility
industrial companies.
nature.
every
designs
own
commercial banking
and
.
on
going concerns,
proposed extensions and new
REPORT
Make it your New
England correspondent
projects.
FINANCE industrial and public
utility properties and conduct
an
investment
banking
Capital, Surplus and Profits, $37,500,000
business.
:
<
NEW YORK BOSTON CHICAGO
We
offer Federal Land
Bank Farm Loan 5s.
H BAEHR mm,
USB ORGANIZATION HHI!
Consulting
Engineers
Specializing in
Public Utilities
and
W. A. Harriman & Co.
Industrial Appraisals
INCORPORATED
Gas and Electric
Management and Operation,
Counsel and Reports,
New York: 25 Broad Street
1
Accounting and Purchasing,
.
Utilities
Boston: 60 Federal Street
Public
Relations,
Valuation and Rates,
Syracuse: Onondaga Bank Bldg.
Design and Construction of
cen
tral station and industrial
power
plapts and
gas
plants.
WILLIAM A BAEHR Organization
Chicago
Peoples Gas Building
I®) Illinois Trust&SavingsBank
1
|
t-a Salle at Jackso
Chicago
i.
Capital and Surplus
Pays Interest
on
Has
Time
on
Accounts.
Deals in
Transacts
Foreign Ex-
a
hand at all times
'
\ v
-
■
-
...
a
variety of
J. G. WHITE ENGINEERING
ex-
Municipal
■
CORPORATION
and
Corporation Bonds.
V
THE
Buys and sells
Government,
General Trust Business.
■■
$15,066,080
-
cell en t securities.
Deposits, Current and Reserve
change.
.
.
.
'.
■■
Constructors
Engineers
Buildings—Industrial Units
.
Public
Girard Trust Company
Executor.
Trustee
Receiver/'
on
Chartered 1836
e"a gen t
Interest
11
Reports—Valuations—Estimates
48
XCHANGE
NEW
PiyvCE,
YORK
PHILADELPHIA
Administrator,
Tr arwf
Utilities
CAPITAL
d
deposits.
SURPLUS, $10,000,000 an
Member of Federal Reserve System]
E, B. Morris, President
M. CHANCE
& CO.
Mining Englne«r. and
Geologists
H.
COAL AND MINERAL PROPERTIES
Examined, Managed,
BM«.
Appraised
PHILADELPHIA
March 12
1921.]
THE
CHRONICLE
jfinanctal
"THIS
^financial
WILL
INTRODUCE
Opportunities to
ft
The next time
2
sion to
g
of yours to a Buffalo bank,
ft
we
you
refer
hope
$
touch
You may be
J
properly
with
to
secure
investment
many new clients are
houses through the offer¬
customer
some
jr
Jfc
ing of well chosen foreign bonds.
g
An issue which is attractive to the
American
investor at this time due to the
possible advance in
us.
jr
it
sterling exchange is the City of Copenhagen 4%
will
©
Loan of 1901.
for his bank-
J
Principal and semi-annual interest is payable in
New York at the fixed rate of
$4.85 per £
that
sure
care
we
jf 1 ing needs and do all
0
we can to
be of service in other ways.
1
Zbc
sterling.
g
1
Vlanrie Crust
#
available
occa-
will put him in
you
§
have
Company
of Buffalo
1}
Price:
Approximately $575
£200 Bond
per
The American
Express Securities Department is
by direct telephone
telegraph wires. Investment houses and banks
connected with all of its offices
and
are
invited to avail themselves of these
facilities.
SEND
ONE DOLLAR
For
an analysis and
Report on
Security you own or propose
buying.
any
Facts
and
Impartial
Criticism
for Investors.
Investment
Registry of America, Inc.
CentralUnionTrdst Gdmpany
ofNewYork
608 Chestnut
Street,
Philadelphia
Authorized
Administrator
or
to act as
Executor, Trustee,
Guardian.
posits, subject to check, and
on
Daily Balances.
Registrar
Receives
and
Acts
Trustee
securities
for
v
as
Receives
De¬
allows Interest
Transfer Agent,
under
Mortgages.
safe-keeping and
col¬
lection of income.
Capital,
Surplus
80.
Action
Profits
over
.$30,000,000
Broadway, New York
Madison Ave. at 42nd St.
connecting link be¬
resolve and
tween
plishment.
which
is
accom¬
Any business
COMMERCIAL
by
correspondent banks is
sent
to
handled without
to
Undivided
Fifth Ave. at 60th St.
is the
with
and
LETTERS
ACCEPTANCES
us
Member Federal Reserve
System
delay and
particular attention
the bank's special needs.
Our experience, personnel,
and
resources
are
tant
factors
consider if
to
impor¬
you are
choosing
banking
Ereferred stocks and commercial paper of sound, established
usiness
that have shown increasing profits for the
concerns
last three successive years.
a metro¬
politan
WE WILL PURCHASE AND DISCOUNT
connec¬
tion.
WE WANT BROKERS
and salesmen to sell preferred stocks of such
concerns.
We also
buy half interest in small investment houses.
We invite inquiries about
our
town
service
from
Correspondence Solicited
out-of-
banks.
Central National Corporation
METROPOLITAN
TRUST
of
Capital $1,000,000
COMPANY
the city of
60 WALL STREET
new york.
716 FIFTH AVENUE
1^1
National Association Building
28
WEST 44TH
STREET, NEW YORK
[VOL. 112.
CHKONICLE
THE
XX
in NewYork
Established
STATEMENT
OF
1839
CONDITION
FEBRUARY 21,
1921
Liabilities
Resources
Loans
U.
and Discounts
debtedness
:1,136,656.25
10,153,161.62
..
Borrowed
Federal
of
Stock
serve
92,420,731.88
7,484,054.74
392,360.89
Accrued.
Customers'
Liability
Payable
with
counts
4,000,000.00
Due from Banks and Bankers
7,665,708.70
6,200,000.00
Federal
Re¬
93,888,500.00
3,812,846.87
for Taxes, etc...
Unearned
Letters
Redis¬
and
Bank
Reserved
under
Securi¬
Borrowed....
Bills
and due
from Federal Reserve Bank
25,000,000.00
321,077,404.83
Government
S.
ties
1,500,000.00
Banking House
Cash, Exchanges,
Interest
U.
Reserve
Bank
.
Deposits
6,200,000.00
..........
.$25,000,000.00
Undivided Profits
Securi¬
Government
S.
ties
up.........
Surplus.
Other Bonds and Securities
U.
Capital Paid
$365,746,965,70
.
In¬
of
Certificates
S.
—.
2,641,339.35
Discount
of
Credit
and
Ac¬
34,333,828.51
ceptances
Letters of Credit and Ac¬
Other Liabilities
33,385,697.18
ceptances
2,800,000.00
$522,419,62826
$522,419,628.26
PRESIDENT
S. ALEXANDER
JAMES
VICE-PRESI DENTS
HERBERT
J. HOWARD ARDREY
J08EPH
GUY
A.
H. G.
JOHN
RUSSELL
R.
E. WARD
STEVENSON
A. KEIDEL
DAVID
EMER80N
FARIS
HOWELL
P.
LOUIS
BRODERICK
H. WILLIAM8
ROGER
PENNY
ROVENSKY
E.
SECOND VICE-PRESIDENTS
f
HARRY
LOUIS
P.
P.
JAMES
BARRAND
'
FRANZ
"
Vv:' '
ARCHIBALD
0HRISTEN8ON
F.
EDWARD
MAXWELL
HENRY
I. CLARKE
E.
C.
RISLEY
STEVENS
AUDITOR
CASH I BR
ROY
RAWL8
H.
EVERETT
MEYER
ALBERT EMERTON
H. PASSMORE
DIRECTORS
E.
DUNLAP
VALENTINE P. SNYDER
JAMES S. ALEXANDER
CHARLES
WILLIAM A.. DAY
HERBERT P. HOWELL
HARRY B. THAYER
HENRY W. de FOREST
ANDREW W. MELLON
JAMES TIMPSON
THOMAS WILLIAMS
FORREST F. DRYDEN
SIMON
BORG & CO.,
Members •/ New
York Stock Exchange
No. 46 Cedar Street
Main
-
-
x
New York
Office
EQUITABLE BUILDING
120
HIGH-GRADE
BROADWAY, NEW YORK
INVESTMENT SECURITIES
FIFTH AVENUE OFFICE
LONDON OFFICE
680 FIFTH AVENUE, Cor. 47th St.
41 THREADNEEDLE
CONDENSED STATEMENT OF CONDITION AT THE CLOSE OF BUSINESS
ST., E. C.
FEB. 28 1921
RESOURCES
Cash In Vault and Banks
$9,869,222 64
New York State and City Bonds
8,864,417 82
Other Bonds and Stocks
9,724,628 22
Loans.
23,853,883 60
Bonds and Mortgages
434.288 63
BACKER
JACOB
LIABILITIES
Capital Stock
12,000,000 00
Surplus and Undivided Profits
1,828,649 36
-
Banking House and Real Estate
Customers'
Liability
on
Ac¬
1,430,006 46
ceptances
Accrued
Interest
Eat. 2911
——
3,605,898 79
Acceptances
Reserved for Accrued
Taxes, Rents. *c
Due London Office
DEPOSITS
Interest,
BROKER
FINANCIAL
_
243,284 70
94,638 53
45,805,822 87
3,632,304 59
-
—
St. Paul Minn.
Exchange Bank BIdg.
Receivable
and Other Assets
779,042 29
,
This
Company is the Fiscal .Agent of the State of
New York
$53,577,694 25
for the sale of Stock Transfer Tax Stamps
SAFE
DEPOSIT VAULTS
$53,577,694 26
"BENTLEY COMPLETE PHRASE CODE"
•ffle.
alie.
|
Larger ..lllng ma,
cod.
aavaa man Ida.
HVfa
llH.
u.ed
ov.r
.it
all
.u.
over
...
th« world—
plain English cabling.
—
F
ASK FOR MPOrTAffT COM CIRCULAR NO. 339
BENSINGER—PHONE—BOWL. GR. 6989
-
March 12
the
1921.]
cheonicle
xxi
THE NATIONAL CITY
BANK
r
p
%
■
of new yorkf
:
AND
BRANCHES
Condensed Statement of Condition
CAPITAL,
ASSETS
.
SURPLUS
CASH
of
as
February 21, 1921
^V-J
Hand, in Federal Reserve Bank, due
from Banks, Bankers and U. S. Treasurer
$202,590,471.07
Acceptances of Other Banks
5,571,008.88
United States Certificates of Indebtedness
10,075,000.00 $218,236,479.95
and
on
.
UNDIVIDED
.
.
PROFITS
«
Loans and Discounts
United States Bonds, other Bonds and Securities
Stock in Federal Reserve Bank
.
$106,982^75.99
Banking House
•
.
.
.
.
,
.
.
.
.
622,967,236.53
33,306,844.56
2,550,000.00
ft
m
5,000,000.00
m
K
82,119,916.13
m
•
.
Customers' Liability Account of Acceptances
Other Assets
.
658,824,081.09
.
........
TOTAL
5,653,549.20
$969,834,026.37
»
LIABILITIES
Capital, Surplus and Undivided Profits
.
*
■
■
■
»
Deposits
,
'•
sw
■
v
.
.
Due to Branches
.
....
.
.
.
.
.
Circulation
.
.
.
.
•
•
.
m
n
m
■
«
■
•
v
•
.
Due to Federal Reserve Bank
Other Bank
«
.
.
.
.582,692,131.06
6,919,549.95
4,615,204.27
3,007,764.44
1,401,567.50
143,645,862X2
■
.
Reserves (for taxes, interest accrued, at oatera)
Unearned Discount
v
•
.
$106,982^99
«
-
*
*
*
Acceptances and Foreign Bills sold with our
Endorsement
Acceptances, Cash Letters of Credit and Travelers' Checks
Head
15
New
Bonds Borrowed
Street
.
Other Liabilities
Office
WaD
•
•
.
•
•
•
■
•
•
<«
...
.
■
•
•
;v.;
•
<*>
*•>
..
•
•
•
•:
«
.
„
First National Bank
of^New York
at the close of business on the 28tb day of
February, 1921
SCRANTON, PA.
RESOURCES.
$100,000.00
Specie (gold certificates)
4,900,000.00
approved reserve depositaries,
2,806,036.81
offsets
Stock and bond investments, viz.:
Public securities
private
securities
-
10,069,989.50
—
56,250.00
discounts
secured
by
and bills
•not secured by collateral
Bonds and mortgages owned
purchased
6,837,959.32
4,770,674.12
....
Real estate viz.:
1,000,000.00
Bank building
Other assets, viz.:
Accrued interest entered-.
479,845.60
4,740,538.77
$2,000,000.00
...
510.13
not
15,095,030.89
——
Discount
8,700,453.00
within
thirty
certificates
£
■
Reserve Bank, Notes of
Other Banks Seethed by
.. _. .
books
business
date
........
$30,906,555.00
44,449,310.04
OFFICERS:
taxes,
C.
at
on
close
S.
Weston, President.
Frank Hummler, Vice-President.
George C. Nye, Cashier.
ex¬
penses, etc
Accrued interest entered
on
.
7,143,190.57
liabilities, viz.:
for
Unpaid
companies,
Total deposits
Reserves
104,366.07
1,409,395.00
3,397.00
30,350.80
Liberty Bonds..a.....
118,750.00
Deposits
.25,755,007.59
3,087,386.19
trust
banks and bankers...
Other
*
•'
•
of
-
deposit
Due
J'
•
1,282,227.01
days
Other
and
Rediscounts with Federal
deposits,
the payment of which
cannot legally be re-
quired
50,000.00
Letters of Credit
certifi¬
deposits,
Collected
Dividends
Deposits subj. to cbeck.21,641,732.55
cates & other
......
Circulation
Not preferred, as follows:
Time
$1,500,000.00
1,000,000.00
935,288.54
Unearned
817,776.90
$273,000.00
498,198.27
W. H. Goadby & Co.
Estimated unearned dis¬
33,786.65
Members New York Stock
804,984.92
Total
$62,349,325.85
tances
_
Exchange
74 BROADWAY
NEW YORK
941,120 00
12,031,428 27
Deposits
$14,791,448 19,
OFFICERS
ALBERT TAG
Chairman
-
President
Vico-Presldent
Vice-President
—...Cashier
F. FREDERICKS
D. SOHNAKENBERG
P. H. HORNBY
UNION EXCHANGE
NATIONAL BANK OF NEW YORK
Fifth Avenue and 21ot Street
Condensed Statement Feb. 21,
1921.
RESOURCES
..$12,862,777
722,288
4,654,500
Exchanges for Clearing House—941,967
Cash and Reserve
4,182,790
Loans and Discounts.
Bonds and Investments
Government Bonds..-
61
57
00
99
83
$23,364,325 00
LIABILITIES
Capital
Surplus and Profits..
^
......
Circulation
Res. for taxes, accrd. int. etc...—
Acceptances & Other Liabilities..
.....
Deposits
........
$1,000,000 00
1,551,876 68
387,797 50
132,505 68
102,325 00
20,189,770 14
$23,364,325 00
HERMAN
H.
WEIL,
FRANK E. WHEELER
ARTHUR D. WOLF,
GEORGE
B.
CONNLEY,
DONAHUE.
EDWARD
NO.
$1,000,000 00
771,980 93
46,913 99
Capital
Surplus and Undivided Profits
Reserved for Taxes, Expenses, &c.
Rediscounts with Federal Reserve
Bank, Bills Payable and Accep-
SYDNEY
above
counts
$14,791,443 19
LOUIS J.
of
.'.
..
1,024,849 46
...
HENRY BLOCK
LIABILITIES.
Reserve for Interest
secured
by a pledge of assets..
$30,906,555.00
.
Undivided Profits.
,
committee or
trustee,
depositary
deposits
Other
6,190.77
19,802.24
Capital
Surplus
follows:
Due
New York
State
Savings banks..
$1,776,543.82
Other deposits
due as
executor,
administra¬
tor, guardian, receiver,
»
Federal
LIABILITIES
J.
:
as
19,488.90
Collected
i$12,000,000.00
3,095,030.89
with
Loans
on
Other Assets not in above.
Deposits:
Preferred,
631,308 14
Customers' Liability under
Letters of Credit.
LIABILITIES.
reserve
Bank..
I
Overdrafts
Accrued Profit
Capital stock
Surplus:
Surplus fund
Undivided profits
and
Reserve
75,000.00
Bank Building and Other
Real Estate..
...$62,349,325.85
Total
Due from Banks
Acceptances and other assets
Cash
United States
31,328,570.50
discounts
Loans,
___
Due from Treasurer of the
other
collateral
$5,432,081 24
1,760,258 00
6,294,654 69
193,264 80
86,440 00
and other Securities
Exchanges for Clearing House
Bonds
Securities
lateral
and
ASSETS
in
and
'hand
on
United States Government
bond and
mortgage, deed or other real estate col¬
Loans
Condensed Statement Feb. 28, 1921.
Loans and Discounts
.$4,642,141.88
Loans and Investments. _.20,771,574.17
$2,570,750.00
7,499,239.50
Loans and discounts secured by
Cash
PLACE
& EXCHANGE
NEW YORK
STREET
RESOURCES.
Banks
i
CONTINENTAL BANK
BROAD
Comptroller's Call February 21, 1921.
Due from the Federal Reserve Bank of
New York, less offsets
$969,834,02637
INCORPORATED 1870
REPORT OF THE CONDITION OF THE
United States Trust Company
less
1,833,802.44 *
York
TOTAL
Due from
32,447,035.41
84,060,133.09
2,228,000.00
•
J.
WILLIAM
MINTON.
President
Vice-President
Vice-President
Vice-President
Cashier
Assistant Cashier
Assistant O ashie
CHRONICLE
THE
XXII
St,>'.*'»
[VOL. 112.
-U) n^t*J.v■
^financial
MINNEAPOLIS ST; PAUL & SAULT
MARIE RAILWAY CO.
DIVIDEND NO. 36
STE.
this day declared
surplus earnings of the fiscal year ending
a semi-annual dividend of
per
cent (3H%)
on the
Preferred Stock and a semi-annual dividend of
Three and one-half per cent
(3H%) on the
Common Stock,
payable out of the surplus
earnings of the fiscal year ending December 31,
19197botb payable April 15. 1921. to Stock¬
holders of record at 3 P. M. March 22d, 1921.
.The Board of Directors have
out of
Announcing
December 31. 1920.
Three and one-half
New Corporation
a
Hughes, Gordon, Brasie & Company
Deal
S.
_
Raton, New Mexico, March 3, 1921.
PREFERRED STOCK DIVIDEND NO. 35
The above Company has declared the regular
quarterly dividend of one and one-fourth per cent
on the Preferred Stock of the Company to stock¬
holders of record at the close of business March 19,
1921. payable March 31, 1921.
Transfer books will not be closed.
CHARLES SPRINGER, Treasurer.
Detroit
Bank Building,
1438 Dime
Harvey Hughes
ROCKY MOUNTAIN
PACIFIC CO.
Raton, New Mexico, March 3. 1921.
COMMON STOCK DIVIDEND NO. 29
The above Company has declared a dividend
LOUIS
ST.
President
For twelve years with National City Bank of New
York and The National City Company, recently re¬
signing as District Manager in charge of Detroit office
of
one
per
Company,
Frank
A.
&
PACIFIC CO.
High Grade Bonds, with offices at
in
^
MOUNTAIN
ROCKY
LOUIS
ST.
To
W. WEBSTER, Secretary.
G.
Minneapolis, March 8th, 1921.
Gordon
William
Vice-President and Treasurer
L.
Vice-President and
Recently Frank A. Gordon & Company, and
for fifteen years with Devitt, Tremble &
Company and W. G. Souders & Company
1921.
Transfer books win not be closed.
CHARLES SPRINGER, Treasurer.
Secretary
.
Recently with First National Company and
formerly with The National City Company
and S. WV Straus &
cent upon the Common Stock of the
payable March 31, 1921, to stock¬
holders of record at the close of business March 19,
Brasie
BAY & WESTERN RAILROAD CO.
Board of Directors has fixed and declared
Class
A Debentures, a dividend of Five Per Cent to
be payable on the capital stock, and one-eighth
of One Per Cent to be the amount payable on
Class B Debentures, out of the net earnings for
the year 1920, payable at No. 40 Wall Street,
New York, on and after March 21. 1921.
The
dividend on the stock will be paid to stockhold¬
ers of record at the close of business March 19,
GREEN
Company
The
Five Per Cent to be the amount payable on
JSftfbenbg
BATTERY PARK NATIONAL BANK
NO. 2 BROADWAY.
BETHLEHEM STEELCORPORATION.
Notice of Dividends on Eight Per Cent Cumu¬
lative Convertible Preferred Stock; Seven
NEW YORK.
Condensed Statement Feb. 21 1921.
'
Common Stock and Class B Common Stock.
first
installment of 2%
of the Eight
Cent Dividend upon the Eight Per Cent
Cumulative
Convertible Preferred
Stock, and
the first installment of 1 % % of the Seven Per
Cent Dividend upon the Seven Per Cent NonCumulative Preferred Stock of Bethlehem Steel
Corporation, which were declared on January 27,
1921. and the \M%
Regular Dividend upon
RESOURCES.
Specie and Notes..,.
$229,047 47
The
Per
Due from Federal Re¬
serve Bank1,324,518 70
Due from Banks
1,225,074 40
Exchanges for Clear¬
ing House..,
1,818,743 92
Demand Loans,,4,810,206 36
Bonds and Stocks.,.
691,985 55
$9,999,576 40
Loans and Discounts $6,377,700 25
Bonds
with
U.
S.
Treasurer
Due from U.S. Treas¬
same
for
the
transfer
of
said
the
42,817 29
6,699,423 91
116,251 40
Furniture and Fixtures
.Total
-.$16,815,251 71
—
second
of
—
...
1,561,865 00
$3,061,865 00
Unearned Interest—
Reserved for Interest and Taxes.
Circulating Notes
.
29,452 80
17,104 90
.
191,800 00
657,787 50
Bills Payable
Commercial letter of credit accept¬
———
ances.—
_
Deposits
Total
»
......
A
.
OFWCERS
LIMA
TT
.....
ERNEST A. de LIMA.Asst. Vice-President
A.
S.
BAIZ—
.Asst. Cashier
WM. FUELLING, JR.— ..Asst. Cashier
C.
O. PROBST—
.Asst. Cashier
GEO. S. TALBOT
.Asst. Cashier
ALFRED E. ZELLERS
.Asst. Cashier
—
THE
ELECTRIC STORAGE BATTERY CO.
Allegheny Avenue So 19tb Street.
Philadelphia, March 2, 1921.
The Directors have declared a dividend of
three dollars ($3.00)
per share from the net
earnings of the Company on both Common
and
Preferred
Stocks,
payable
April
1,
.
of
stockholders of record at the close
business on March 14,
1921.
Checks will
to
be mailed.
WALTER
HENDERSON, Treasurer.
CRUCIBLE STEEL COMPANY OF AMERICA,
Pittsburgh, Pa., February 16,1921.
DIVIDEND NO. 74—A dividend of
one
and
three-quarters per cent (15^%) has been declared
out of undivided profits
upon the Preferred Stock
Company, payable March 31, 1921. to
stockholders of record March 15, 1921.
The Transfer Books will not be dosed.
'
of this
Checks will be mailed.
W. R. JORALEMON, Secretary.
CAROLINA
POWER
&
LIGHT
CO.
PREFERRED STOCK DIVIDEND NO. 48.
The Board of Directors of this Company has
declared
the
regular
quarterly dividend of
mnd three-quarters
ferred
1921,
one
(1 %%) per cent on the pre¬
of the Company, payable April 1,
stockholders of recor
at tho close of
busiueiss March 12, 1921.
WILLIAM REISER;
July
1921,
to
the
respective
at
the
close
of
business
on
15,
the
1921;
third,
on
October 1, 1921, to the respective holders of
record thereof at the close of business on Sep¬
tember
15,
1921, and the
fourth, on Janu¬
on
of
record
June
thereof
A
City of New York
the
capital
the
by
dividend
quarterly
stock
Board
has
of $4
this
Directors,
of
per
day
business
March
19,
declared
payable
to shareholders of record
1921,
share upon
been
April
at the
1»
close of
Transfer books will
.1921.
be closed at 3 P. M., March 19, 1921, and open
at
1
A. M. April 1,
-V;
1921.
B.
L.
HASKINS,
Vice-President and Cashier.
ary
2,
1922,
to
the
respective
holders
of
record thereof at the close of business on Decem¬
New York, March 10, 1921.
ber 15, 1921. ; '
,:-v
Checks will be mailed.
R. E. McMATH,
UNITED
r:,./:;-
LIGHT
AND
Secretary.
Dated, March 1, 1921.
RAILWAYS COMPANY
AMERICAN LOCOMOTIVE COMPANY.
Church Street, New York, Feb. 28, 1921.
three-quarters
per
cent
(\%%)
upon the
Preferred capital
stock
of the
American Locomotive
Company
has been declared payable on March 31st, 1921,
Davenport-Chicago-Grand Rapids
30
to
the
close
Preferred Stockholders of record at the
of business on March 11th, 1921.
Divi¬
dend checks will be mailed March 30th, 1921.
A
quarterly dividend of one and
one-half
per
cent
iXH%) upon the Common capital
stock of the Company has been declared pay¬
able
on
holders
March 31st, 1921, to the Common Stock¬
of
record
at
the
close
of
business
on
March
11th.
1921.
Dividend checks will be
mailed March 30th, 1921.
For the purpose of the annual stockholders'
meeting, to be held on April 19th, 1921, the
transfer books of the Preferred and Common
capital stock will be closed at 3 P. M., March
21st, 1921, and will be reopened at 10 A. M.,
April 20th 1921.
W.
SPENCER
GEO.
ROBERTSON,
P.
IDE & CO.,
TROY, N. Y.
Secretary.
INC.
PREFERRED DIVIDEND NO. 5.
A dividend at the rate of eight per cent (8%)
has been declared on the preferred
capital stock of the company, payable April 1st,
1921, for the period beginning January 1st, 1921,
and ending March 31st, 1921, to holders of record
at the close of business on March 15th, 1921.
Transfer books will remain open.
Checks will
annum
be mailed.
H.
Dated, Mar. 4,
S. IDE,
1921.
Treasurer.
•
RAILWAY
&
ELECTRIC
Bangor, Maine.
The Board of Directors has declared
of one and one-half
(1 %)
per
cent
dividend
a
on
the First
Preferred Stock, payable out of the surplus earn¬
ings on April 1, 1921, to stockholders of record
at
the
1921.
close
of
business
Tuesday,
March
15,
-V
.
First
Preferred
Stock
transfer
books
will
re¬
for transfer of stock certificates at the open¬
open
ing of business March 16, 1921.
L.
March 8,
H.
HEINKE, Secretary.
1921.
UNITED DYEWOOD CORPORATION.
New York, March 1, 1921.
Preferred Capital Stock Dividend No. 18.
Common Capital Stock Dividend No. 18.
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 payment
of $7.00 per share for
the Preferred Stock, payable
dividend of $1.50 per share on
the Common Stock, payable April 1, 1921, paya¬
the year 1921)
on
April 1, 1921;
a
ble to stockholders of record of Preferred and
Common stocks at the close of business Tuesday,
March 15th, 1921.
Books will not be closed.
Checks will be mailed by the New Yxrk Trust
The Transfer
Company of New York.
DE WITT CLINTON JONES, Treasurer.
E. W. CLARK & CO., Bankers.
Office of the
BANGOR
Preferred Stock Dividend No. 42
CO.,
PREFERRED STOCK DIVIDEND NO. 38.
The Board of Directors of the Bangor Railway
& Electric Co. has declared the regular quarterly
dividend
of One
and three-quarters per cent
THE YALE & TOWNE MANUFACTURING CO.
Dividend No. Ill
A
dividend
of
5%
has been
declared by the
Board of Directors, payable April 1st, 1921, to
stock of record at the close of business March 21,
1921.
asurer.
(1 % %) upon the Preferred stock of the Company,
payable April 1st, 1921, to stockholders of record
at the close of business March 19th, 1921. Checks
This dividend is paid out of Surplus, accumu¬
lated and undistributed
profits of previous years,
and is larger than would be justified if based on
will be mailed.
stock
to
1,
Eight Per
Preferred Stock
per
G.
National Bank
of the
A quarterly dividend of one and
E. A. de
President
RICHARD O. CORNER- .Vice-President
EDWARD R. OARHART- Vice-President
J.
O.
De SOLA
Vice-President
A.
IT.
MERRY
Cashier
1921,
able
installment
said
73,225 38
12,784,016 13
-$16,815,251 71
....
said Dividends on
Cent Cumulative
Convertible
and on said Seven Per Cent
Preferred Stock will be pay¬
holders
liabilities.
Capital Stock..—.$1,500,000 00
Surplus and Undivid¬
ed Profits.
General Treasurer.
The Chatham & Phenix
Seven
Non-Cumulative
Credit outstanding
April 1st, 1921.
MILTON S. BARGER,
Cumulative
33,906 37
Customers' Liability
under
Letters
of
,
of One Dollar and Twenty-five
per share on the Capital Stock of
has been declared payable May 2nd,
1921, at the office of the General Treasurer, to
stockholders of record at the close of business
($1.25)
this Company
1921,
Per Cent NonPreferred
Stock
and
Common
Stock will be closed for the Annual Meeting
of Stockholders to be held on April 5,
1921);
COX, Treasurer.
dividend
A
cents
the respective holders of record of said four
classes
of stock
at
the close of business
on
March 15, 1921 (the date at which the hooks
10,000 00
W.
C.
to
and
Unpaid...
date, will be payable on April 1,
1921.
THE NEW YORK CENTRAL RAILROAD CO.
New York, March 9th, 1921.
the Common Stock and Class B Common Stock
of the
Corporation,
which were declared on
the
235,000 00
urer
Interest Earned
Per Cent Non-Cumulative Preferred Stock;
1921.
Dated March 9,
present business conditions.
HOWARD
CORNING, Treasu er-
J.
H.
TOWNE, Secretary.
March 12
THE
1921.]
CHRONICLE
xxiii
JBftribenbtf
TOBACCO
^financial
CORPORATION.
PRODUCTS
March
The
Board
of
7, 1921.
Products
Directors of Tobacco
Corporation have declared the thirty-third (33rd)
quarterly dividend of one and three-quarters per
cent
(1 %%), or One Dollar and Seventy-five
Cents ($1.75) per share on the outstanding pre¬
ferred capital stock of the Corporation, payable
on April 1, 1921, to stockholders of record at the
close of business on March 17, 1921.
Checks will be mailed.
WILLIAM A. FERGUSON, Secretary.
THE
NORTH
COMPANY.
AMERICAN
SHAPKER & COMPANY
30 Broad St., New York. March 3, 1921.
DIVIDEND NUMBER SIXTY-EIGHT.
MUNICIPAL AND
A dividend of ONE AND ONE-QUARTER
PER CENT upon this Company's Capital Stock
will be paid on April 1, 1921, to stockholders of
CORPORATION
BONDS
record at the close of business on March 15, 1921.
The stock transfer books will not be closed.
CHECKS
have
will
filed
be
mailed
to
stockholders
dividend
permanent
orders
at
who
Take pleasure in
this
office.
J.
F.
FOGARTY,
0ARNET LEATHER CO.,
INC.
Fulton
81
announcing the election of
Secretary.
St.. N. Y. C., Feb. 21. 1921.
dividend of one and three-quarters
(1%%) per cent has been declared upon the pre¬
ferred stock of the Bgrnet Leather Co., Inc.,
payable April 1st, 1921, to stoclcholders of record
at the close of business March 16, 1921.
Checks
A quarterly
GEORGE
W.
THOMPSON,
Vice-President
THOMAS L. GRACE, Vice-President
TIMOTHY J. GRACE,
Secretary
will be mailed.
M.
H.
HEYMAN, Treasurer.
Haverhill Gas Light Co.
Dividend No.
(Shares—$50
par
(Formerly with Messrs. Bolger, Mosser & Willaman)
Edward
101
as
B.
Shapker and John
President
and
F.
Kent
will
continue
Vice-President respectively.
value)
A
S1.12H quarterly dividend is
payable APRIL 1, to Stockhold¬
of record MARCH
ers
Stone &
134 South LaSalle Street
15, 1921.
Chicago, Illinois
Webster, Inc., Transfer Agent
Csaipoting-Tabulating Recording- Company
50
BROAD
STREET,
NEW
YORK,
N.
Y.
The Board of Directors of this company have
to-day
f
declared
a
regular quarterly
per
share, payable April 11,
$1
dividend
1921, to
stockholders of record at the close of business
March 25,
1921.
Transfer books will not
be
closed.
March 8,
1921.
J.
S.
Ogsbury,
Office
Treasurer.
of
LOCKWOOD, GREENE & CO., MANAGERS,
Boston, Mass.
The quarterly dividend of 1 % % upon the pre¬
ferred stock of Winnsboro Mills has been declared
Imports and Exports
payable April 1, 1921, at the office of the Transfer
Agents, the New England Trust Co., Boston,
Mass., to all holders of record at the close of
business March 18, 1921.
WINNSBORO MILLS,
Henry C. Everett, Jr., Treasurer.
Office
Financed
Bankers
of
LOCKWOOD, GREENE & CO., MANAGERS,
Boston, Mass.
The quarterly dividend of 2% upon the com¬
mon
by Means of
Acceptances
stock of Winnsboro Mills has been declared
payable April 1,
1921, at the office of the Com-
Eany, 60 Federal at the close of business March
Street, Boston, Mass., to all
olders of record
18
1921
WINNSBORO MILLS,
Henry C. Everett, Jr., Treasurer.
KAUFMANN DEPARTMENT
Foreign Credit Corporation
STORES, Inc.
Preferred Dividend No. 33
Pittsburgh, Pa., March 9, 1921.
have
this
day
declared
a
$1.75 per share on the Preferred
Stock, payable April 1, 1921, to all holders of
record March 21, 1921.
Cheques will be mailed.
ISAAC KAUFMANN, Treasurer.
The
Acceptors and International Bankers
Directors
Dividend
30 PINE
of
AMERICAN
CAN
NEW. YORK
Surplus and Undivided Profits $1,629,736.91
Capital $5,000,000.
Under
STREET
Supervision of Federal Reserve Board
CO.
A quarterly dividend of one and three-quarters
per cent has been declared on the Preferred Stock
of this Company, payable April 1st, 1921, to
Stockholders of record at the close of business
March 16th, 1921.
Transfer books will remain
STOCKHOLDING
BANKS:
Guaranty
Chase
National
York;
Liberty
Bank;
Trust
Company
of New
York;
Shawmut Corporation of Boston.
Bank,
Union Trust Company,
New York; Central
Securities Corporation,
New
New York; Philadelphia National
Checks mailed.
open.
R.
H.
ISMON,
Secretary & Treasurer.
THE FIERCE-ARROW MOTOR CAR CO.
The Board of Directors has declared the regu¬
lar quarterly dividend of two per cent (2%) on
the preferred stock of the Company, payable
April
1,
1921,
to stockholders of record at
March 15, 1921.
the
close of business
E.
C.
ANNOUNCEMENT
.
PEARSON, Secretary.
PURDY, RENNICK & RlDER
KELLY-SPRINGFIELD TIRE CO.
INCORPORTRED
A
quarterly dividend of one dollar and fifty
cents
($1.50) per share on the Six Per Cent
Preferred Stock of this Company has been de¬
clared, payable April 1, 1921, to stockholders
record
of
at
the
close
of
business
March
(Successors to Purdy & Co.)
15,
Announce
1921.
C. P.
New
a
at
STEWART-SUTHERLAND, Secretary.
York,
Marchfl,
1921.
Pine
thet establishment of offices
Street,
the
e. I. Du Pont De Nemours & Company.
Wilmington, Del., February 28th, 1921.
The Board of Directors has this day declared
dividend of 2% on the Common Stock of this
Company, payable March 15th,
34
1921.
to stock¬
transaction
in
conservative
of
New
a
York Ciry, for
general
investment
MAURICE M.
March
9,
on
April 9th, 1921.
ALEXIS I. duPONT, Secretary.
O. PURDY
GEORGE
1921
RENNICK
JAMES
holders of record at close of business
on February
28th, 1921; also dividend of 1H% on the Deben¬
ture Stock of this Company, payable April 25th,
1921, to stockholders of record at close oi business
business
securities.
Telephone John
3174
G.
H.
RIDER
XXIV
THE
CHRONICLE
[VOL. 112.
*
®rust
Companies
,4,
}■■
,
r,
Guaranty Trust Company
of New York
140
FIFTH
AVE.
OFFICE
Fifth Ave. and 44th St.
LONDON
PARIS
Broadway
MADISON
AVE.
OFFICE
GRAND
Madison Ave. and 60th St.
BRUSSELS
LIVERPOOL
Condensed Statement,
268
HAVRE
ST.
OFFICE
Grand
St.
CONSTANTINOPLE
February 28, 1921
RESOURCES
Cash
on
Hand, in Federal Reserve Bank
I
and Due from Banks and Bankers.
$200,906,528 76
U. S. Government Bonds and Certificates.
Public Securities
Other Securities
35,320,691 18
47,617,371 63
,!
31,112,533 26
Loans and Bills Purchased
Real Estate Bonds and
491,568,270 35
Mortgages..
2,741,610 00
Foreign Exchange
Credits Granted
7,037,286 20
on
Acceptances
55,731,926 48
Real Estate
8,638,690 83
Accrued Interest and Accounts Receivable
13,005,873 42
$893,680,782 11
LIABILITIES
Capital
1
$25,000,000 00
Surplus Fund
25,000,000 00
Undivided Profits
12,727,273 77
..........
$62,727,273 77
Accrued Dividend
833,000 00
Accrued Interest Payable and Reserves for
Taxes and Expenses, and Other
Liabilities....
27,183,624 62
Notes, Bills, and Acceptances Rediscounted with
Federal Reserve Bank.
72,666,245 09
Notes Secured by
Liberty Bonds Rediscounted
with Federal Reserve Bank
12,823,700 00
....
Acceptances—New York Office
45,451,191 48
Foreign Offices
Outstanding Treasurer's
10,280,735 00
Checks
41,122,822 07
Deposits.
620,592,190 08
.
.
Asheville Power & Light
Company.
Preferred Stock Dividend No. 36.
The Board of Directors of this
Company has
declared the regular quarterly dividend of
one
and three-fourths
(1%%) per cent on the Pre¬
ferred Stock of the
Company, payable April 1,
1921, to stockholders of record at the close of
business March 12, 1921.
WILLIAM
REISER, Treasurer.
Yadkin River Power
WILLIAM
at
the
close
William Farrell & Son, Inc.
The Board of Directors on Feb. 23, 1921,
declared regular quarterly dividend (No. 7) of
$1.75 per share on the preferred stock, payable
Ajiril 1, 1921, to stockholders of record March 19,
JAMES T: WOODWARD,
Treasurer.
MANUFACTURING
INC.
March 4th, 1921.
COMPANY,
•
$893,680,782 11
AMERICAN CAR ANR FOUNDRY COMPANY
New York, March 1, 1921.
PREFERRED CAPITAL STOCK
DIVIDEND NO. 88.
,
The Board of Directors has declared a
quarterly
dividend of One Dollar
Seventy-five Cents ($1.75)
per share on the preferred stock of this
Company,
payable April 15, 1921, to preferred stockholders
of record at the close of business March
24, 1921.
There was also declared a dividend of One Dol¬
lar ($1.00) per share on the
common stock, pay¬
1921, to holders of common stock
of record at the close of
business April 25, 1921.
Transfer books will not be closed.
Checks will be mailed.
.
~
H. WOODLAND,
Secretary and Treasurer.
of
REISER, Treasurer.
'
ALLIS-CHALMERS
able May 16,
Company.
Preferred Stock Dividend No. 20.
The Board of Directors of this
Company has
declared the regular quarterly dividend of one
and three-fourths (1%%)
per cent on the Pre¬
ferred Stock of the Company,
payable April 1,
1921, to stockholders of record
business March 12, 1921.
'••
UTILITIES SECURITIES
PREFERRED
on
the preferred stock of Utilities Securi¬
ties Corporation, payable March 26th, 1921, to
the preferred stockholders of record at the close
of business on March 17th, 1921.
Checks will be
mailed.
L.
E.
this
KILMARX, Treasurer.
day
been
declared,
payable
Friday,
April 1, 1921, to stockholders of record at the
close of business
Wednesday, March 16, 1921.
Checks will be mailed by the
Guaranty Trust
Company of New York.
S. S. DE
H. O. WICK,
LANO. Treasurer.
Secretary.
AMERICAN CAR AND FOUNDRY COMPANY
New York, March 1, 1921.
COMMON CAPITAL STOCK
DIVIDEND NO. 74.
CORPORATION.
STOCK DIVIDEND.
March 8th, 1921.
The Board of Directors has to-day declared a
dividend
of
one
and
three-quarters per cent
(1H%)
A dividend of one and
three-quarters per cent
(1 H%) on the Preferred Stock of this Company
has
A
quarterly dividend of three per cent (3%) on
the Common Stock of this
Company has this day
been declared, payable
Friday, April 1. 1921, to
stockholders of record at the close oi business
Wednesday, March 16, 1921.
Checks will be mailed
by the Guaranty Trust
Company of New York.
S. S. DE
H. C.
WICK, Secretary.
LANO, Treasurer.
^
March 12
THE
1921.]
CHRONICLE
xxv
^financial
A Great
Territory
Covered
A Great
Newspaper
One look at the map tells you
of
the
territory—where
the greatPennsylthe Superior District
ness
vania's coal
at
ores
meets
low
materials of
rates.
East,
Where
West and
the
raw
South flow
along lines of least resistance to
a common
is to-day stronger,
more
influential
than
ever.
Not only Cleveland, but all Northern
reads, looks up to, follows the
PLAIN DEALER.
Ohio,
The PLAIN DEALER goes into the
of the thrifty
Northern Ohioan
seven days in the week, and the financial
advertiser who goes along with it insures
himself a place in their confidence and
investment plans.
•
You can win this worth-while market
solely with
homes
mart.
In
by
this great
workshop, in this fourth
cities, a single news-
richest of American
has moulded thought and guided
for 80 years.
The PLAIN
DEALER grew up
with the copntry,
has led in every progressive move and
paper
sentiment
The Plain Dealer
First in Financial Advertising in
Ohio
CLEVELAND
Eastern
Representative:
WOODWARD
JOHN
B.
Times
Bldg., New York
Western
JOHN
Representative
GLASS
Peoples Gas Bldg.,
Chicago
THE
XXVI
CHRONICLE
[VOL. 112.
jfimntial
NEW
JERSEY
TAX-EXEMPT MUNICIPAL BONDS
Exempt from all Federal Income Taxes
Legal Investment for Savings Banks and Trustees in New Jersey.
School
School
4}4s, due July 1, 1943
Assessed
Valuation.
Net Debt
I
$36,000 City of New Brunswick, N. J.
J.*
$24,000 City of Atlantic City, N,
..
_
—
-
-
.
Price to Yield
Net Debt
School 5s, due
due Sept. 1, 1936
_
.
.
...
_.
$32,655,927
Prices to Yield
5.20%
Refunding 6s, due Dec. 1, 1932-40
;
School 5s, due March 1, 1922-39
$3,907,626
Total Bonded Debt
630,313
...
5.75-5.50%
Assessed Valuation
$7,963,901
Net Debt.
640,(XX)
18,000 Township of Teaneck, N. J.
30,000 City of Gloucester, N. J.
__
$18,511,520
...
Population 23,344
1
Assessed Valuation
...
Net Debt
Population 41,700
Price to Yield
July 1, 1927-45
Assessed Valuation
;
1,733,321
—
5.15%
76,000 Township of North Bergen,N.J.
J.*
39,000 City of Perth Amboy, N.
Assessed Valuation
'
Price to Yield
5.15%
2,098,466
-----
Population 32,779
Population 50,682
School 48,
.* $25,914,314
Net Debt
5,082,249
— —
4^s, due July 1, 1937-53
Assessed Valuation
$125,734,904
Population 12,160
160,000
Population 4,500
Prices to Yield
Prices to Yield
5.60-5.50%
*
6.00-5.65%
Legal investment for New York Savings Banks.
Descriptive circulars
upon
request.
R. M. GRANT & CO
31 Nassau
Street, New York
St. Louis
Boston
While
we
Chicago
do not guarantee the above statements, we believe them to be correct.
jaibfoentis
^Financial
UNITED
FRUIT COMPANY
DIVIDEND
A Bank
to
In
We maintain
of
addition
Pittsburgh
foreign,
the
a
per
complete banking service, both domestic and
15,
dividend
share)
Company has
a
to
quarterly
dollars
completely organized department for the service
out-of-town banks, firms and individuals,
In
of
A
Represent You
on
been
per
(two
cent
capital stock of this
declared,
19,
JOHN
Office of The
N.
knowledge of the financial and industrial affairs
Pittsburgh District is at your disposal.
the
87
two
payable
on
Apri*
1921, to stockholders of record at the close
of business March
our
NO.
of
W.
United
DAMON, Treasurer.
Gas
Broad
Corner
|
The
1921.
W.
Improvement Co.
Arch Streets, '
and
Philadelphia, March 9, 1921.
Directors have this day declared a quar¬
terly dividend of
one
per
cent
(50c. per share)
the Common Stock of this Company, payable
April 15, 1921, to holders of Common Stock of
record at the close of business March 31, 1921.
Checks will be mailed. * I. W. Morris, Treas.
on
MELLON NATIONAL BANK
PITTSBURGH, PA. S
■
Capital and Surplus
-
-
For other dividends
see
page
1058.
%11,000,000.00
JHeetinsf
BETHLEHEM
STEEL
CORPORATION.
NOTICE OP SIXTEENTH ANNUAL
MEETING
OP
STOCKHOLDERS.
The
Sixteenth Annual Meeting of the Stock¬
Steel Corporation, a New
holders of Bethlehem
DBBBDBBHHH
will be held at its principal
office, in the Prudential Life Building, No. 763
Broad Street, Newark, New Jersey, on Tuesday,
April 5, 1921, at 12 o'clock noon.
At said meet¬
ing the following matters will be presented to
Jersey corporation,
stockholders for their action:
(1)
a
INVESTMENT SECURITIES
Maintaining 93 Branch Offices in 79
Principal Cities of the United States
The election of four directors to
The books for the transfer of shares of the
Seven Per Cent Non-Cumulative Preferred Stock
and
of the Common Stock of said
Corporation
(but not of the Eight Per Cent Cumulative Con¬
or
of the Class B Com¬
Stock, which two classes of stock do not have
voting powers) will be closed at the close of busi¬
ness on Tuesday,
March 15, 1921, and will be
reopened at the opening of business on Wednes¬
day, April 6, 1921.
mon
EXECUTIVE
CHICAGO
R. E. McMATH, Secretary.
Newark, New Jersey, March 5, 1921.
ODD
f
for
(2) The approval and ratification of all action
of the Board of Directors of said Corporation
since the Fifteenth Annual Meeting of its stock¬
holders, held on April 6, 1920;
(3) The transaction of such other business as
may properly come before said meeting.
vertible Preferred Stock
111 W. Monroe Street
serve
term of three years;
March 12
1921.]
THE
CHRONICLE
xxvii
Jfiitandal
Exempt from All Federal, State, Municipal and
Local Taxation in accordance with decision of
United States
Supreme Court
Joint Stock Land Bank
5% Bonds
(Issued under the Federal Farm Loan Act)
The United States Supreme
Federal Farm Loan Act
Court on February 28, 1921, upheld both the constitutionality of the
creating the Joint Stock Land Bank system, and the tax-exemption features
of the Joint Stock Land Bank bonds issued under this Act.
These
5%
bonds
exactly the
They
are
are
tax
same extent as
exempt
to
Liberty 31/28
instrumentalities of the United States Government and secured by Government approved
first mortgagees on farm
:^
lands
or
by Government bonds.
A;■;We offer
joint
stock
Dated May 1, 1919
Land bank 5% bonds
(Optional May 1, 1924)
Price at market
to
yield
Due May 1, 1939
over
5y2%
.
Descriptive circular with complete details of these securities will he forwarded
The
Equitable Trust Company of New York
Atlanta
New York
Halsey, Stuart & Co.,
Chicago
William R. Compton Co.
inc.
The statements contained in this advertisement, while not
guaranteed,
are
based
upon
NOTICE
165 Broadway,
New Brunswick, New Jersey.
March 8th,
held at
the principal office of the
Company, in
City of New Brunswick, New Jersey, on
Tuesday, April 19th, 1921, at 11:30 o'clock A. M.,
for the election of Directors and for the transac¬
the
tion of any and all business that may properly
come before the meeting,
including considering
and ratification of
proceedings, elec¬
appointments by the Board of Direc¬
and voting upon the approval
all purchases, contracts, acts,
tions
tors
and
and
the
Twenty-eighth
Executive
Annual
Committee
since
the
Meeting of the Stock¬
April 2Qth, 1920,
holders of the Company held on
and of all matters referred to
in
the
Twentyninth Annual Report to Stockholders, which will
be sent to Stockholders before the meeting, and
in the
proceedings of the Board of Directors and
the
Executive
Committee,
which,
until
the
meeting, .will be open to examination by Stock¬
holders of record during the business hours at
the New
York Office of the Company,
1790
New York, N, Y., Jan. 3,
1921.
Annual Meeting of the Stockholders
Southern Pacific Company will be held
the office of this Company in Anchorage,
Jefferson
County,
Kentucky,
on
Wednesday,
April 6, 1921, at twelve o'clock noon, standard
time, for the following purposes, viz.:
1. To elect fifteen Directors.
2. To consider and
act
upon
all questions
and
matters
which
may
legally come before
the meeting relating to Federal control of the
Company's properties under the Act of Congress
of March 21, 1918, or any agreement or settle¬
ment with the Government in respect thereto,
or
relating to the termination of such Federal
control by the return of the properties or other¬
wise, and-or relating to conditions resulting from
or succeeding such Federal control, and generally
all questions and matters growing out of or inci¬
dent
to such
control,
termination thereof,
or
following conditions, including the guaranty of
income under the Transportation Act, 1920, and
settlement thereof.
3.
To transact all
such other business
as
may
WESTERN
&
the
Annual
Norfolk
The Transfer Books will not be closed, but
New
thb
Jersey
Corporation Law will not allow to
be voted any share of stock which shall have
been transferred after March 30th, 1921.
By order of the Board of Directors.
SAMUEL
NORRIS,
Secretary.
CO.
Meeting
&
Western
to audit the books and accounts of the
Company
for the fiscal year, to consider the annual report
of the Directors for the year ended December
1920, to ratify and approve all action of the
Directors set forth in such annual report and in
minutes of the Company, and to transact
31,
the
such other business
as
may
properly
come
before
the meeting.The meeting has also been called
of Directors as a special meeting to
act upon a
proposal to alter and
6; Article I, Section 7;
3, and Article II, Section
pany's By-Laws by striking out
Section
tion
by the Board
consider and
amend Article I,
Article II, Sec¬
4, of the Com¬
in such sectir n«
reference to the Chairman of the Board: Article
Section 6, to provide that the Assistant Secretary
shall in the absence of the Secretary act as Secre¬
tary at all meetings of the stockholders: Article
II, Section 3, to provide for the holding of Direc¬
tors'
meetings in Philadelphia instead of New
York: and Article II, Section 1, by eliminating
legally come before the meeting, including the
approval and ratification of all action of the
Board of Directors and of the Executive Com¬
mittee since the last annual meeting of the Stock¬
holders of this Company.
For the purposes of the meeting, the books
for the transfer of stock will be closed at 3 o'clock
entered upon the books of the
The Stock Transfer Books
P. M., Tuesday, March 22, 1921, and will be
reopened at 10 o'clock A. M., Thursday, April 7,
opened at
1921.
Broadway.
RAILWAY
of the Stockholders'of
Railway Company will
be held at the principal office of the Company
in the City of Roanoke, Virginia, on Thursday,
the 14th day of April, 1921, at 10 o'clock A. M.,
to elect Directors, to elect independent auditors
The
of the
at
1921.
hereby given that the Twentyninth Annual Meeting of the Stockholders of
the United
States
Rubber Company will be
is
NORFOLK
OF MEETING.
The
i
i
New York
information and advice which we believe accurate and reliable
SOUTHERN PACIFIC COMPANY
meetings
UNITED STATES RUBBER COMPANY.
Chicago
St. Louis
New York
Chicago
Notice
request.
on
1921.
By order of the Board of Directors.
HUGH NEILL, Secretary.
obsolete matter.
ments
to
the
will
be
addressed
to
A copy of the proposed amend¬
at least thirty days prior
mailed
meeting
in
each
a
postage
stockholder
prepaid envelope
at
his
address
as
Company.
will
be
closed
at
3 o'clock P. M., Friday, March 25, 1921, and re¬
10
o'clock
A.
M.,
Friday, April
15.
By order of the Board of Directors.
I.
W.
BOOTH.
Secretary.
THE
XXVIII
[Vol. 112.
CHRONICLE
^financial
$7,000,000
San
Joaquin Light & Power Corporation
Bonds
Unifying and Refunding Mortgage 7
Dated March
1, 1921
$400,000 due March 1, 1922
$400,000 due March 1, 1923
400,000 due March 1, 1924
'
$400,000 due March 1, 1925
400,000 due March 1, 1926
*
.
•
$5,000,000 due March 1, 1951
interest period at 107 K and accrued interest up to and including March 1, 1931,
Principal and interest are payable at Equitable Trust Company of New York, Trustee,
The Bonds due 1951 are redeemable on 30 days' notice at any
and at 105 and accrued interest thereafter.
and the semi-annual interest Is payable March 1 and September 1 at the office or the Trustee
San Francisco and the Union Bank & Trust Company of Los Angeles.
and Union Trust Company of
*
TRUST
EQUITABLE
APPLICATION
WILL BE
MADE
COMPANY
FOR THE
OF
NEW
YORK,
CERTIFICATION
INVESTMENT FOR SAVINGS BANKS IN THE STATE
OUTSTANDING
OF THESE BONDS AS LEGAL
OF CALIFORNIA
CAPITALIZATION AT CONCLUSION THIS FINANCING
Divisional Closed Mortgage Bonds
First and Refunding Mortgage Bonds,
$2,609,000
due 1950, outstanding in the
hands of the public
Unifying and Refunding 7% Bonds (this issue)
Series D Collateral Trust 8% Bonds, due 1935
Prior Preferred 7% Stock
Preferred 6% Cumulative Stock
Common
The
TRUSTEE
12,965,000
7,000,000
2,625,000
1,500,000
6,500,000
J
Stock
+
proceeds of the $2,000,000 of Serial Bonds of this issue
and the proceeds of the $5,000,000 of Bonds, due 1951, are to
the treasury of the company for the construction of additional
11,000,000
to be used to refund $2,000,000 of Debentures,
be used to refund floating debt and to reimburse
transmission and distribution lines.
are
EARNINGS
The average net earnings available for interest and depreciation during the past nine years, as shown in detail
in the President's letter within, have been more than twice total operating interest charges.
For the year 1920
Kerckhoff Plant in operation only during the last 4^ months of the period), net earnings avail¬
depreciation were $2,371,815.81, or more than 2^ times total operating interest charges
$920,812.56.
An estimate carefully prepared by the officials of the Company, made from the actual earnings of 1920, plus
earnings from 37,000 horse-power additional for which signed contracts are in hand, forecasts an earnings state¬
ment for the calendar year 1921 which should show net earnings of not less than $3,9OO,OO0Lapplicable to the
total bond interest of approximately $1,600,000.
(with the
new
able for interest and
of
SECURITY
FOR
BONDS
The
Unifying and Refunding Mortgage will have an authorized issue of $150,000,000, and will provide that
except for the two million dollars of Serial Bonds now being issued for the- retiring of debentures, bonds may
be issued thereunder only at par for 75% of the cost of new construction, additions and betterments, and then
onlv when the net earnings for 12 months out of the preceding'15 months shall have been sufficient to show
1% times the total interest on all bonds outstanding and those of this mortgage for which certification may
have been requested.
As the $2,000,000 of Serial Bonds are sold for the purpose of retiring debentures, the mortgage will contain
a olause stating that these $2,000,000 of bonds must be
paid at maturity in cash derived from earnings or from
the sale of securities junior to this issue.
The Unifying and Refunding Mortgage will provide that when and as the remaining bonds of the First and
Refunding Mortgage can be issued, and when and if additional First and Refunding Mortgage Bonds are released
to the Company by the payment of underlying issues or from any other source, such First and Refunding Mort¬
gage Bonds must be immediately deposited with the Trustee of the Unifying and Refunding Mortgage, resulting
eventually in the deposit under the Unifying and Refunding Mortgage of a substantial proportion and possibly
a
majority of the First and Refunding Mortgage Bonds.
The mortgage will provide a sinking fund, commencing March 1, 1927, of 2% of the par value of the
largest amount of bonds then outstanding, plus any which may be subsequently issued, including all underlying
and divisional bonds.
The Company may reinvest one-half of this sinking fund in new construction, extensions
and betterments against which no bonds may be certified.
.
These Bonds
The
are
,
offered subject to the approval of the Railroad Commission of the State of California.
relating to this issue will be prepared by O1 Melveny, Milliken & Tuller,
Los Angeles, and approved for us by Jared How, Esquire, of San Francisco.
papers
Attorneys,
PRIPF. 1922
I"IYlVsC«.
MATURITY, TO YIELD 8%; 1923 MATURITY, 7%%; 1924 MATURITY, 7%%;
1925
MATURITY, 7^%; 1926 MATURITY, 7^%
1951 Maturity 97.50 and Interest, to Yield
7.20%
Cyrus Peirce & Company
Los Angeles, San Francisco,
Banks, Huntley & Company
Blyth, Witter&Co.
Los
*
Los
Angeles, San Francisco, SeattI
BE 61 Broadway, New York
All statements herein
we
are
official,
or
Seattle
are
based
on
do not guarantee them, they are the data upon
Angeles
information which we regard as reliable, and, while
which we have acted in the purchase of this security.
March 12
1921.]
THE
CHEONICLE
xxix
jfinancfal
$10,000,000
The
Cuban American
Sugar Company
-
First Mortgage Collateral 8%
Sinking Fund Gold Bonds
The Business
THE ISSUE
Back of
Interest
these Bonds
To
Both
The Cuban-American Sugar
is
pany
and
Com¬
lowest
cost
15, 1931.
as
a
whole at 107^
on
any
interest date
on
thirty days' published notice.
producing
sugar
March
mature
principal and interest payable In United States gold coin.
Coupon Bonds in
denominations of si ,000 and $500, registerable as to
principal only.
Redeemable only
of the best managed
one
payable March 15 and September 15.
companies in the world.
As
It
extensive
owns
Eastern
of
the
lands
cane
Cuba—admittedly
most
favored
in
one
sugar
The
richness
cane
than
areas
a
the
fertilizer
The
obtainable;
the
of
cost
in
growing
this
Bonds
Company's
practically
expansion
gradual.
constitute its
income
American
Sugar
of
has
These
only funded
The
Cuban-
Company
in the year ended
1920,
amounted
over
annual
avail¬
September 30,
to
times
23
interest
$19,116,155,
the
maximuni
requirements
on
these bonds.
These
Bonds
Mortgage
fixed
the
last
five
years
Company's net income has
aged $11,702,949,
and in
none
assets
of
times,
over
against
unexpended balance
will
be
secured
of
by
subsidiary
the
pur¬
to be credited
YORK, TRUSTEE
conservatively valued
at
which
to
Company
Bonds
current
will
have
outstanding
assets
to
over
these
as
upon
tangible
$35,000,000.
its
will
amount
$52,000,000;
$10,000,000
only
funded
First
debt.
increase
notes
and
accounts
payable, and
working capital.
The equity behind these
Bonds, as evidenced by the present market
prices of Cuban-American Preferred and Comqion stocks, is valued
over
$37,000,000.
the
aver¬
14 times,
interest
the
Collateral
$16,000,000 First
The entire proceeds of this issue will be used in the
reduction of present
We offer these Bonds
if, as and when issued and
received
those years has it
such
over
net
of
secured
$23,000,000, aDd net tangible assets
■
or over
pledge
companies
outstanding bank loans and other
been less than $8,600,000, or over
quirements.
to
purchased will be cancelled by the Trustee.
Bonds
Mortgage
at
During
quarter
used
quarterly sinkingfund installment. All
THE NATIONAL CITY BANK OF NEW
no
able for interest and Federal taxes
10.75
so
any
next
Upon completion of this financing,
net
set aside quar¬
beginning with the
necessary.
to
or
the
of
debt.
The
of $250,000
substantially lower
been steady and
Bonds
soil
the
average;
is
sum
chase bonds in the market
up to 105 and interest if
upon
enables
at
sinking fund the Company will
ending June 15, 1921, which shall be
under cultivation.
section
a
terly the
hy
us
and subject to the approval of counsel, at
100 and interest
re¬
Delivery in temporary form is expected
The National
on
or
about March 21, 1921.
City Company
Natipnal City Bank Building, New York
Uptown Office: Fifth Avenue & Forty-third Street
The above information Is based upon official statements and
statistics
purchase of these Bonds.
on
which
we
have relied in the
We do not guarantee, but believe It to be correct.
[Vol. 112.
CHRONICLE
THE
XXX
jHnantial
The
TRUST
OF NEW YORK
W.
Alvin
Krech, President
Condition at the Close of
Business, February 28, 1921.
ASSETS
Cash
on
hand and in Banks..
Exchanges for Clearing House
Due from Foreign Banks....
$25,346,552.27
.
...
.....
31,056,010,06
11,805,972.35
....
1,737,100.42
Bonds and Mortgages
Public
Securities
-
Short Term Investments..
-
Other Stocks and Bonds
Demand
Loans
Time Loans
-
—
-
Bills Purchased
Customers' Liability
...
-----
on
12,678,684.53
7,227,594.79
24,504,362.35
30,473,799.93
34,371,852.41
67,333,097.35
25,235,616.03
Acceptances
3,404,584.38
Real Estate
Foreign Offices...
28,415,254.98
...
.
2,152,983.08
Accrued Interest Receivable and Other Assets
$305,743,464.93
LIABILITIES
$12,000,000.00
16,077,778.22
Capital
Surplus and Undivided Profits..t.....—. .
Deposits [Including Foreign Offices]
204,015,351.42
Acceptances
....—
... ...
......
Notes Payable Secured by U. S. Government Obligations
Notes Payable and Rediscounts
....
Accrued Interest Payable, Reserve for Taxes and Other Liabilities
......
26,327,522.15
15,925,000.00
25,919,230.43
5,478,582.71
$305,743,464.93
TRUSTEES
Henry E. Huntington,
Capitalist
Edward T. Jeffery,
'
Director, The Denver & Rio Grande Railroad Co.
Otto H. Kahn,
of Messrs. Kuhn, Loeb & Company
AlVin W. Krech,
Charles B. Alexander,
New York
,A Regent of the University of the State of
Albert B. Boardman,
Messrs. O'Brien, Boardman,
Parker & Fox, Lawyers
Robert C. Clowry,
Director, Western Union Telegraph
Company
Howard E. Cole,
President
Secretary, Standard Oil Co. of New York
James W. Lane,
Henry E. Cooper,
President, E. W. Bliss Company
Vice-President
r
Arthur W.
,
Frederic R. Coudert,
of Messrs. Coudert Brothers, Lawyers
Hunter S. Marston,
Paul D. Cravath,
of
de
I
Messrs. Cravath, Henderson,
Gersdorff, Lawyers
Leffingwell &
Franklin W. M. Cuteheon,
-
of Messrs. Cuteheon, Bowie & Marsh, Lawyers
Bertram Cutler,
John
Loasby, *
Vice-President
D.
Rockefeller
Cuyler,
Director, Pennsylvania Railroad Co
Thomas De Witt
James C. Donnell,
of Blair &
Company, Inc.
Chas.
G. Meyer,
The Cord Meyer Company
George Wei wood Murray,
of Messrs. Murray, Prentice & Aldrich, Lawyers
Henry H. Pierce,
of Messrs. Sullivan & Cromwell, Lawyers
Winslow S. Pierce,
of Messrs. Pierce & Greer, Lawyers
Lyman Rhoades,
Vice-President
President, Ohio Oil Company
Walter C.
Frederick W. Fulle,
Montclair, N. J.
Robert Goelet,
Director, Southern Pacific Company
Charles
Hayden,
of Messrs. Hayden, Stone & Company
Teagle,
President, Standard Oil Co. of New Jersey
Henry Rogers Winthrop,
of Messrs. Harris, Winthrop & Co.
Bertram G. Work,
President, B. F. Goodrich Rubber Co.
37 Wall Street
Madison Ave. at 45th
London—"3 King William
222
St.
St., E. C. 4
ParU-
'V.
■
i.
Broadway
-23 Rue de la Paix
financial
The
ommetria
INCLUDING
•
^i.,
f
Quotation Section
Railway & Industrial Section
Electric
Railway Earnings Section
Bankers' Convention Section
State and
Bank &
Railway Section
NO. 2907
SATURDAY, MARCH 12, 1921
VOL. 112.
Week
(ftltrorarije
Clearings
City Section
March
ending
5.
atInc. or
PUBLISHED WEEKLY
1921.
$10 00
0 00
One Year
For
For Sir Months
;
—
Chicago
ClevelandDetroit
11 50
Milwaukee
of exchange, remit,
advertisements must be made in
NOTICE—On account of the fluctuations in the rate,
for
tances
Mew
and
subscriptions
European
York funds.
Indianapolis
Columbus
«
Subscription includes following Supplements—
Railway & Industrial
(semi-annually)
Bank and Quotation (monthly)
Electric Railway (semi-annually)
Railway Earnings ^monthly)
State and City (semi-annually) Bankers' Convention (yearly)
Peoria
Grand
Dayton
Rapids...
45 cents
Chicago Office—19 South La Salle Street, Telephone
Rockford
State 5594.
Akron
.....
Bloomington
COMPANY, Publishers,
Youngstown
Quincy
WILLIAM
B.
DANA
Springfield,
O...
Bend.....
South
Published every Saturday morning by WILLIAM B.
....
Canton..—
Front, Pine and Depeyster Streets, New York.
Mansfield
DANA COMPANY, Presi¬
Decatur
dent, Jacob Selbert Jr.; Vice-President, Arnold G. Dana; Business Manager, William
D. Riggs; Secretary, Herbert D. Selbert. Addresses of all, Office of tbe Company.
HOUSE
1,462,923
1,211,784
...
Danville
Jacksonville,
Ill-
1,086,557j
clearings of all the clearing houses of the United States for the week ending to-day
have been
$3,066,350,792
$3,884,034,140
434,112,481
607,117,257
372,336,165
271,461,461
229,375,815
155,156,525
123,268,264
131,834,663
—28.5
90,500,000
Boston
City—
Louis.
63,362,869
-
San Francisco.
...
112,280,799
56,000,000
61,949,782
42,292,890
Pittsburgh
L...
Detroit *
Baltimoe
New Orleans
-
$4,651,404,944
5 day
Other cities,
-
days
Eleven cities, 5
1,031,698,241
....
$5,689,103,185
Total all cities, 5 days..
1,156,924,278
All cities, 1 day
$7,254,418,392
1,530,168,645
.
—17.1
—23.6
$6,846,027,463
_.
$8,784,587,037
—30.4
—9.9
—16.8
—22.1
next Saturday,
urnish them to-day, clearings being made up by the clearing houses
Saturday and hence In the above the last day of the week has to be in
all "OSes estimated, as we go to press Friday mght.
Detailed figures for the week ending March 5 show
We cannot
1921.
$
New
1920.
$
°7o
4,227,258,377 4,807,447,157
York.-
1919.
S
1918,
$
—12.1 3,768,472,909
3,160,635,447
336,069,194
125,566,315
66,995,044
77,483,242
58,688,167
—7.4
Pittsburgh-.
159,834,278
85,294,094
37,563,362
15,239,365
4,200,000
11,051,685
4.727,984
164,225,031
96,657,279
—11.8
43,959,725
—14.6
19,596,539
20,577,737
18,083,881
—15.7
4,923,093
11,626,297
5,454,560
—14.7
14,717,636
5,987,523
7,981,310
14,102,284
4,306,880
—4.9
—11.5
3,871,828
4,142,680
-2,200,000
2,438,019
2,469,254
4,825,298
2,451,559
3,525,993
1,111,100
2,178,937
923,900
1,300,000
1,004,286
1,200,000
5,198,649
—20.3
4,232,336
3,065,326
4,243,009
—28.2
2,174,825
2,636,177
2,839,787
—13.0
2,379,437
4,758,143
+ 1.4
3,453,536
2,786,164
3,758,316
—12.0
2,506,261
—6.2
2,719,268
6,702,741
3,953,129
4,288,554
2,481,773
2,647,101
1,842,093
3,841,288
3,175,201
4,301,911
Buffalo..
Albany
-
Rochester—
Scranton
Syracuse
Reading
Wilmington
Wilkes-Barre
Wheeling
Lancaster
Trenton
York
Erie
Binghamton
373,872,368
St.
.
Joseph
Des
Moines
Sioux City
Wichita
.
Chester
Montclair
_
—0.8
908,204
+ 10.8
—31.2
866,094
687,400
1,248,505
1,304,046
586,470
—22.4
1,699,736
+ 17.7
474,278
—11.5 4,425,031,760 3,702,018,473
358,361,532
—24.3
280,374,264
234,616,383
—22.2
8,644,200
9,946,700
—0.7
7,497,216
+ 13.9
—8.7
5,439,597
7,772,657
4,756,694
5,191,657
3,758,422
3,458,256
2,142,000
3,964,384
2,100,000
+ 2.0
1,907,923
4,171,820
—5.0
1,308,912
2,636,561
—50.4
2,796,287
1,660,221
2,300,000
3,231,697
1,291,507
2,384,085
—45.8
1,218,214
1,931,885
725,000
750,000
1,141,121
—3.2
667,082
734,934
—11.7
960,022
1,087,526
—0.2
800,000
802,554
total.
2,322,376 Not incl. in
786,530
791,220
—22.9
315.709,978
.
314.823,894
Louis
New
Orleans
Louisville
Houston
...
407,289,239
/
8,446,116,
4,380,218
2,473,009
1,170,783
1,729,500
2,422,828
—17.9
—17.7
—15.0
8,300,000
3,802,306
6,170,607
3,519,755
2,000,000
1,062,817
2,252,332
2,321,191
1,209,600
864,952
543,938
1,035,488
1.260,897,
1,040,724'
751,276
1,423,907,
264,399,748
217,556,964
203,172,455.
35,844,383,
227,069,686
35,129,949
8,139,841
15,244,818
20,977,789
28,329,777
21,096,983
13,248,331
10,057,991
,459,303
7,606,£33
4,199.675
161,734,772
2,250,127
18,807,357|
18,828,888
22,696,408
18,358,719
13,531,554
9,980,513
4,970,162
10,030,609
3,694,810
4,354,767
2,508,351
3,480,534
2,187,898
864,409
840,449
836,888
1,445,625
2,348,967
2,359,391
1,407,468
707,123
1,864,9:51
3,225,27
2,148,238
1,052,439
822,499
770,288
—28.0
146,144,481
—29.9
48,420,406
+ 66.0
22,165,106
13,593,062
—17.5
—6.7
3,921,545
—30.4
11,129,217'
41,724,620
15,066,627,
19,524,973
—45.0
47,893,121
13,920,770
67,912,666
27,743,689
—38.6
Savannah
5,453,481'
—48.8
Nashville
15,144,383
7,570,189
15,390,074
2,298,380
3,204,233
10,823,989;
5,690,019
8,941,561
1,939,842
2,100,000
24,351,904
10,641,664
24,419,211
11,367,213
18,143,044
4,898,167
Richmond
Fort
......
Worth
Norfolk
Birmingham
Augusta
Little
Rock
Mobile
Charleston
Oklahoma
Macon
—15.2
—53.1
12,687,080
—29.5
2,464,485
4,000,000
13,666,286
8,000,000
2,000,000
456,367
600,000
14,369,000
5,031,482
38,795,052
5,633,110
—21.3
1,606,836
—47.5
2,800,000
+ 78.2
9,523,514
1,500,000
7,200,000
501,073,565
682,829,101
618,000
8,542,844
...
Tulsa
4,542,685
Muskogee
26,424,415
Dallas
Shreveport
Southern
Outside N. Y.
—33.4
—11.4
307,017
Vicksburg
Total
—38.0
48,576,473
17,391,046
5,432,487
16,307,661
8,041,497
14,333,542
2,583,663
2,800,656
7,139,980
4,733,038
3,617,877
13,814,226
7,485,817
4,eoo,ooo
1,300,000
Austin
Jackson
—45.7
3,852,163
Chattanooga
—21.7
—24.0
—42.5
—35.0
—32.7
+ 3.0
—40.6
—9.7
—31.9
—31.8
-26.6
4,657,158|
339,025'
519,229!
8,747,290;
2,186,035'
24,000,000
2.900,000
489.377.62l!"
53,972,390
29,203,655
13,800,000
6,000,000
41,383,803
14,768,758
47,760,118
15,254,380
9,157,974
15,895,147
9,125,790
4,540,126
4,454,781
2,827,149
5,217,184
5,429,487
6,062,013
1,385,163
3,516,741
9,384,337
2,600,000
6,000,000
495,728
672,284
8,529,369
2,705,755
21,842,216
2,646,992
506,366,212
7,555,177,754 9,092,963,557
Total all
272,878,079
49,252,634
27,133,904
21,268,810
7,102,992
43,772,481:
78,649,155
7,614,958
62,876,319
Galveston
Jacksonville...
total.
5,700,000
1,007,717
Total otb. West
Knoxville
11,035,209
Holyoke..
Aberdeen
Memphis
10,963,422
6,491,019
4,739,160
New Bedford....
Hastings
St.
1,722,700'
3,347,636,
866,159
Billings..
Atlanta
Hartford
Worcester
.......
Helena
1,842,436
1,075,000
950,000
13,014,700
Portland
Waterloo
1,076,769
10,122,900
Springfield
3,596,181!
+ 7.3
11,181,385
8,400,000,
—37.7
28,124,434
19,122,666
182,649,641
70,300,590
16,341,273
25,677,311
809,773)
885,200
Providence.
New Haven
—25.3
27,949,000
1,100,406
930,056!
Fremont
1,881,486
1,747,465
271,267,873
Boston
98,096,493
485,990,462
968,848
Pueblo
1,290,836
5,009,160,419 5,661,653,920
Total Middle..
Springs
—14.1
in
—27.6
115,008,810
40,500,000
31,224,473
27,614,848
12,868,178
644,215,385
2,108,029!
Colorado
—19.1
3,436,334 Not incl.
—33.8
913,124,775^
1,124,861
3,104,995
4,191,817
—16.8
299,925
+ 15.7
101,674
881.671,985
456,586,028
5,416,453
1,336,176
1,310,205
906,514
800,000
1,353,329
366,934
—34.8
15,684,897
8,313,783
11,298,967
5,950,058;
1,076,000
455,081
Altoona
983,688
750,000
131,530,101'
Denver.
2,693,489
1,999,896
Greensburg
Huntington
Bethlehem.
—42.5
—14.4
1,096,939
1,095,353
420,130,179
Paul
St.
.
471,271,448
Washington
1,304,215
—54.3
900,590
1,258,371
Minneapolis
Topeka......
Cedar Rapids...
431,765,351
—2.7
963,059
—49.5
282,058,696 —41.5
+ 36.8
49,235,464
108,711,055 —54.2
23,991,364 + 57.8
25,535,388 —17.9
29,003,618 —54.4
40,375,887 —61.2
19,110,256 —56.5
14,926,405 —24.3
6,755,311 —11.9
13,373,648 —59.5
4,375,944 —29.0
9,473,716 —45.2
3,039,579 —30.6
1,617,880 —40.1
944,642 —15.5
1,678,055 —51.8
4,886,609 —64.8
+ 74.5
1,918,872
1,440,753 —39.8
2,247,722 —60.0
1,512,521 —16.7
Lincoln—
Philadelphia
Baltimore
—21.3
399,529,175
Duluth
5.
or
Dec.
—43.5
1,420,499
1,128,408
1,099,569
1,250,082
640,000
165,000,000
67,352,061
48,852,903
37,856,252
20,960,257
13,235,574
City...;.
Fargo
March
atInc.
—5|2
—23.0
339,789,977
Total Pacific.
Omaha
at noon on
ending
—23.1
2,324,188
5,340,038
3,100,000
—24.4
Partly estimated.
The full details o* the week covered by tbe above will be given
Week
—36.0
1,740,762
2,370,882 —26.6
6,024,200 —13.3
5,221,900
—19.1?
5,401,711
4,369,682
+ 38.11
2,416,677
3,336,058
2,207,119 —43.1'
1,250,049
—16.6
839,418
700,000
+ 18.8
3,267,182
3,882,552
total.
I
844,807 Not incl. in
—14.8
*
Clearings
2,110,264
1,660,744
2,589,180
1,540,822
2,151,634
2,042,850
1,693,545
1,059,810
—43.8
—22.3
11,891,745
5,287,576
2,671,296
Kansas
Total all cities for week
—57.1
38,475,263
17,000,000
13,395,777
5,197,960
11,078,506
6,437,739
3,245,450
—37.6
—21.6
—55.5
—21.2
—22.6
Kansas
St
—31.8
—39.1
167,318,040
73,347,000
41,506,351
—33.2
$6,013,957,114
1,240,461,278
143,125,139
107,936,615
111,100,000
—50.4
—50.0
105,132
—27.5
207,528,937
...
3,874,404
11,411,000
6,408,909
5,666,486
6,426,670
4,939,389
2,670,336
—11.6
—25.2
—38.1
85,509,955
308,727,508
Philadelphia
—17.9
4,061,365
3,000,000
—66.3
131,800,000
84,826,000
27,482,967
29,784,661
12,300,000
10,000,000
3,239,669
—21.1
Chicago
—37.5
356,876
206,216;
Per
New York
—20.0
970,199,720 1,297,452,737
Cent.
1920.
—44.3
$
584,134,265
54,901,291
69,869,370
46,143,082
31,263,880
16,474,000
10,989,100
10,207,565
5,400,000
5,056,632
5,792,007
3,411,450
3,188,147
1,418,057
2,800,000
2,253,553
4,965,000
2,746,177
1,436,461
Adrian
Tot. Mid. West
1921.
—12.1
552,371,366
59,626,400
85,026,433
85,000,000
29,946,406
14,731,000
12,246,600
10,074,791
6,507,328
4,543,841
6,514,283
3,366,750
3,200,140
1,654,207
2,500,000
2,386,756
6,914,000
3,395,735
> 2,720,814
5,790,968
2,814,216
1,465,454
1,187,512
1,186,923
1,594,717|
—42.5
$6,846,027,403, against $7,555,177,754 last week and $8,784,587,037«the
Clearings—Returns by Telegraph.
Week ending March 12.
—26.8
—15.6
'
—23.5
526,386|
Ann Arbor
corresponding week last year.
—25.7
—16.2
$
689,959
612,549
Owensboro.
made up by telegraph, &c., Indicates that the total bank
The following table,
932,588!
1,450,000
609,508,
Lansing
RETURNS
—14.6
1,278,497,
Lima
CLEARING
123,000,000
118,396,346
36,517,328
22,641,000
15,000,200
17,611,035
10,389,397
6,675,231
7,607,578
5,093,355
4,445,387
3,930,178
2,014,439
2,000,000
2,660,659
6,949,000
2,850,897
2,430,759
3,609,346
3,163,518
2,054,898
2,000,000
1 Drapers' Gardens. E. C.
Smith,
—27.8
4,181,670
Lexington
On request
—25.9
83,357,748
5,344,069
4,754,148
Evansville
.
782,109,016
5,783,753
Fort Wayne
Contract and Card rates
London Office—Edwards &
%
Springfield, HI...
Terms of Advertising
display matter per agate line
Transient
______
Toledo
1918.
1919.
Dec.
$
579,245,215
60,226,825
105,000,000
88,000,000
30,609,867
16,565,000
13,188,300
14,872,720
Cincinnati
13 50
7 75
European Subscription (Including postage):—_—...............
European Subscription sir months (Including postage)
Subscription (Including postage)
Canadian
1920.
S
Subscription—Payable in Advance
Terms of
.
—16.9 6,864,229,810 6,066,482,175
3,327,919,377 4,285,515,400
22.3 3,095,756,811 2.905,846,728
THE
961
CHRONICLE
through
THE FINANCIAL SITUATION.
The time has
passed for paltering
A crisis in the
Not¬
pealing with the railroad situation.
affairs of the carriers is
again approaching.
withstanding the large further advances in rates
granted last July,
top of the very substantial ad¬
on
previously made, the
vances
revenues
of the roads
some
are
meet bare
operating
tributing
cause
not
The most recent con¬
expenses.
will be readily discerned by every¬
It is found in the
one.
earning enough to
even
depression in business and
falling off in the volume of traffic.
bring
a
long-menacing state of things to
acute
an
But it should be clearly understood that the
pass.
shrinking in traffic is merely
and
This has served
nothing
and is
a
contributing factor,
The primary
more.
found in the
lies deeper
cause
great rise in operating costs.
Except for this the carriers could
through
pass
a
period of depression without serious impairment of
their
posed
192807
too
As ft is, this
strength.
the previous burdens, is making the load
on
heavy to
and the
carry,
wisely in taking active
tion
of
burden, superim¬
new
the
There is
measures
unconscionable
no
managers
will
to
serve
ulations
Labor
that
the
increases
000,000 to the amount.
roll of the roads
to get rid of
raised
by two billion dollars
What
stances?
tion.
the
are
five
Some statistics
per annum.
Further rate advances
are
out of the ques¬
agricultural classes
publish
of
reacting trade survive the attempt.
The roads
for then
it
they would
to function.
soon cease
possible for the Government to
ring deficiencies
tion
has
Only
off
alternative remains, and that is to shave
portion of the prodigious wage advances of
recent years.
This the
managers
now
undertaken to do with the
tire
community.
The
Railroad
removed
way,
the Board itself
or
to be
of the roads have
approval of the
Labor
our
earnings for 1920
or
of
$1,330,189,178,
in amount of
have compiled
We expect
an¬
usual comprehensive tab¬
1919
over
was no
19.81%, but that this
or
less than
was
attend¬
in the prodigious
expense
sum
30.14%, leaving net diminished
$303,953,253.
But in thus showing a
heavy loss in net, in face of tremendously expanding
•
receipts, 1920 is simply repeating the experi¬
gross
of
ence
previous
addition to
In 1919 the roads added
years.
$258,130,137 to their
less fell off
but their net neverthe¬
gross,
$143,479,608. In 1918, with $863,892,744
gross, their net was reduced $284,771,-
620, and in 1917, with $430,679,120 improvement in
the net suffered
gross,
shrinkage in amount of
a
$60,079,749. Hence in good and bad
net has been
years
alike the
steadily falling behind, notwithstand¬
swept out of existence.
archaic body anyway.
an
ruary,
1921,
we
have further evidence of the present
unfavorable mercantile and industrial situation in
the United States. It is
true, of course, that defaults
fewer in number than in
were
extent
no
January, but this is
veal
itself in
as
fol¬
:
Gain
Addition
in Gross.
to
Loss in
Expenses.
Net.
$430,679,120
863,892,744
1,148,664,364
258,130,137
401,609,745
1,026,235,925
1,330,189,178
$60,079,749
284,771,620
143,479,608
303,953,253
Total, 4 yrs—$2,578,937,926
$3,371,222,156
$792,284,230
situation, therefore, is that for the last four
combined there has been
an
addition to gross
revenues
in the
that net
has, nevertheless, fallen off in the
$792,284,230, by
expenses
imposing
reason
sum
sum
of
of the huge augmentation in
of $3,371,222,156.
in expenses
of $2,578,937,926, but
In turn this great rise
has followed mainly from the overwhelm¬
ing additions to the payrolls of the roads through
wage
advances.
and his
successor
Under the regime of Mr. McAdoo
the annual
payrolls
were
enlarged
apt to
re¬
opening period of the year—the
total for any
to and
month subsequent to May, 1918, down
including September, 1920. Furthermore, the
volume of liabilities for the
period, reflecting the in¬
clusion of several failures of unusual
size,
was
the
heaviest for any month
in the history of the country,
running virtually two million dollars above the ag¬
gregate for December last, which, in turn, had been
a
record
high mark, while being nearly double the
highest total heretofore reported for February—
$32,404,630 of 1915. The part played by the large
failures in
the great
when
than
we
expansion in indebtedness is
state
$40,500,870,
that
or
they accounted for
66%%,
of
the
no
whole
amount, and averaged $595,600 per default, an un¬
usually high figure, and exceeded but once or twice
in the past.
And it is in the agents', brokers', etc.,
division that the insolvencies of unusual dimensions
were
The
years
$490,758,869
by three days, it is also
ruary was noticeably large, having been the heav¬
iest, with the single exception of January, since
March, 1916, and from two to over three times the
less
Years.
the
shorter
At the same time, how¬
the number of insolvencies reported in Feb¬
shown
are
was
time of annual settlements.
ever,
charges.
In tabular form the figures
surprising, for aside from the fact that
the latest month
the
Calendar
is
but these must be
In the statement of commercial failures for Feb¬
ing the effort to correct the defect through repeated
large upward revisions in railroad transportation
lows
en¬
Board
to be remembered that weakness is most
addition to
recur¬
longer, for the burden of taxa¬
any
liminary figures available the present week bearing
upon the matter.
It appears that the gain in the
an
Nor is
the
already reached the stage of oppression.
one
a
assume
to
by
coun¬
cannot, of course, be allowed to go into insolvency,
a por¬
dealing with the earnings of United States
11,026,235,925,
the
nor
try's manufacturing industries could in this period
It appears
we
enlighten the public.
ed
pay¬
been
to do in these circum¬
managers
Neither the
$350,-
has
years
railroads for the calendar year and have some
pre¬
gross
July
voluntarily made by
during the
throwing obstacles in the
weight.
last
Altogether the annual
acting
are
Board
appreciation of the extent to
proper
other week to
Railroad
$625,000,000 further to the total, and it is
estimated
which the roads have been loaded down with addi¬
tional expenses.
The
the carriers in 1916 and 1917 added another
falling woefully short of the requirements, and
are
to
of the roads
added
increases in amount of roughly $1,000,-
wage
000,000.
faltering in
or
[Vol. 112.
most
pronounced.
In fact, while the total
ber of failures in that branch
987, liabilities of
tributed
by
as
106 for
num¬
$18,146,-
less than $17,027,711 were
no
few
was
as
con¬
11, of which 2 in New York
City for about $10,000,000.
According to Messrs. R. G. Dun &
tions, which furnish the basis for
conclusions, the number of
February, 1921,
our
Co.'s tabula¬
remarks and
commercial failures
in
1,641, covering debts of $60,852,449, these contrasting with only 492 and $9,763,142 last year, 602 and
$11,489,183 in 1919, and the
was
previous high for the period of 2,278 and
$32,404,-
March 12
1921.]
630 in 1915.
The
THE
trading
shows
group
up
CHRONICLE
most
un¬
favorably, with practically all lines involved to
much
a
greater extent than in 1920, and reflecting the
disposition of purchasers to curtail buying pending
an
anticipated further reduction in prices of
commodities.
in
ness
fact,
The increase in
the
dry goods, general stores and in
The trading liabilities for
meats, etc.
month
were
less
no
than
only $2,992,512 in 1920.
at
ness
$23,379,032, against
Manufacturing indebted¬
$19,326,430, while nearly 2y2 million dollars
less than in
a
many
indebted¬
in January, is most clearly discern¬
as
ible in clothing,
groceries,
defaulted
January, contrasts with but $4,011,361
and stress is especially indicated in
year ago,
ma¬
chinery and tools, printing, clothing, lumber and
the
branches
grouped under "all other."
brokers', etc., liabilities, which
as
Agents',
already stated, $18,146,987, contrast with $2,759,-
269 last year.
For the
the volume of
two months
available.
period of
debts is the
for which records
any year
Specifically, the number of disasters
in the two months this year was
bilities of
us."
In
3,536, covering lia¬
$112,989,080, against 1,061 and the rela¬
tively small indebtedness of $17,003,174
was
an
ap¬
and for five years only, but that was apparent
years
and not real."
made
Later the
same
evening Lloyd George
address in the House of
an
Commons, in.which
he announced that orders had been handed to Mar¬
shal Foch to
cities
dispatch troops to
previously determined
the German
occupy
They
upon.
seldorf, Duisburg and Ruhrort.
It
was
Dus-
are
expected
Monday night in London that they would be
pied
after daylight Tuesday morning.
soon
stated
ons
don
before the German
that his
occu¬
Dr. Sim¬
delegation left Lon¬
country would not meet the French
with troops.
army
Dispatches from Mayence, the headquarters of the
French
troops of invasion, Tuesday afternoon, stated
a year ago,
occupation of those cities actually had taken
place.
One correspondent observed that "no un¬
toward incident marked the eastward
Allied
ceived at
headquarters.
said that the German
2
o'clock
delegation left that centre at
known that the French
portant factor in the result, but
were
aggregate
was
nearly 31
All groups,
of
in that year
million
dollars less
share in the
course,
un¬
received
Belgian forces.
The
Wednesday
troops
more
were
accompanied by
was
10,000 and of the latter 5,000.
used in
were
detailed
morning made it
Of the former it
noted that "of British
re¬
A dispatch from London
Tuesday afternoon.
In 1915 the liabilities were unusually
heavy, the Rumely Co. failure having been an im¬
even
of the
move
troops," according to the latest advices
969 in 1918.
now.
between
accepting the Paris proposals for five
dispatches
than
no peace
ish Prime Minister also said that "there
pearance of
1,275 and $22,225,581 in 1919 and 2,158 and $32,107,-
the
be
can
discussing the latest German offer, the Brit¬
that
heaviest for the
are
challenged settlement, there
for the month,
were
965
said
It
there
also
was
only two squadrons of cavalry
Dusseldorf, the British forces
the
on
satisfactory showing, the trading division account¬
Rhine
ing for $45,973,194, against only $5,985,731 in 1920,
tallions to
manufacturing $41,134,617, against $6,598,220, and
correspondent with the troops of invasion cabled
agents', brokers',
|
etc.,
$25,881,269, against $4,419,-
223.
that
having been depleted by
the
■
Upper Silesia."
total
number
French Colonial
The Canadian failures exhibit for the
tion of 1921 does not differ in
any
elapsed por¬
essential particu¬
lars from that for the United States.
There
was
a
heavy increase in the number of defaults in Febru¬
ary, as
compared with 1920, and the total of those
forced to the wall
all recent years
during the month
ties, furthermore, at $4,838,555,
with the
was
well above
except 1916,1915 and 1914.
Liabili¬
to have been
appear
single exception of the $7,406,404 of 1915,
the
movement."
General
Soon
move on
German
a
$438,016
a
year
trading
ago,
$2,863,062,
against
$472,084,
and
$122,343.
The two months' total of indebtedness for
other
commercial $249,222, against
1921, at $11,841,784,
which
$5,787,047
compares
and
with $1,675,631, of
$571,912
in
manufacturing
"Germany received the
of the
penalties against Germany in the occupation
by the Allies of the Ruhr district.
ference
Pending the
con¬
Monday between the Allied and German
on
against the
from London in the
news
spirit of fatalism with which it expected it.
same
military occupation of Dusseldorf and the other
was
watched with
Leipzig fair continued to do
a
passivity.
The
big business,
some
foreign buyers
even
tracts, and
the exchanges the mark lost nothing
on
speeding the conclusion of
of what is left of its value."
a
con¬
President Ebert issued
proclamation in which he said in substance that
was
not in
position to
a
use
force to op¬
the forcible methods of the Allies in occupying
additional German
has been the enforcement
was
against the people.
people of that city toward the Allied occupation:
"Germany
The event of the week
not
correspondent of the New York "Times"
pose
brokers, etc.
the doors
following regarding the attitude of the
and
among
on
The Berlin
lines, $5,603,876 and $901,128 in trading branches,
$450,861 and $202,591
Dusseldorf
cabled the
industrial towns
only
arrival in
the part of the Allies
The
against
his
Government and
turing debts
$1,726,271,
27,000, and "that "'no
soldiers took part in the
negro
proclamation stating that the mili¬
high record for the month, contrasting with $1,032,443 last year, and $1,503,538 in 1919. Manufac¬
aggregated
The New York "Herald"
was
after
draft of three bat-
Degoutte caused to be posted
of the houses
tary
or
a
less protested
declared
Peace."
was
territory, but that she neverthe¬
vigorously against what the President
an
open
Secretary
violation of the Treaty of
of War Weeks
announced
in
Washington, following the first meeting of Presi¬
representatives in London relative to reparations
dent
nothing of
policy toward the Rhine situation this Government
ference
swer
was
was
formal character occurred.
The
held that forenoon and the German
presented.
4:30 in the
informed
a
Adjournment
was
con¬
an¬
taken until
afternoon, when Premier Lloyd George
the
German
delegates that their terms
Harding's Cabinet, that "in formulating its
is not
can
now
considering
The
Associated
dorf said
Press
pied cities "the people
He
presence
was
said to have asserted that "until
posals from Germany which will be
a
we
get pro¬
definite,
un¬
withdrawal of the Ameri¬
correspondent at Dussel¬
Wednesday evening that in the three
unsatisfactory and did not justify a further
postponement of putting the penalties into effect.
were
a
troops of occupation."
usual affairs in
are
occu¬
proceeding about their
apparent utter indifference to the
of the Allied forces."
scribe the situation he said:
Continuing to de¬
"There
were
no
signs
THE
966
to-day of any immediate labor movement by German
workmen as an outcome to the occupation, the ef¬
threatened
general strike in protest against the imposing of the
Allied penalties having failed.
This refusal of the
workmen to strike, at least for the time being, is
attributed by the leaders to the poverty of the men,
fort of
without
However, the temper of the la¬
reported such that it
their daily wage.
borers in the Essen district is
is feared the
agitation
develop a menacing sit¬
may
In the British House of Commons on
Wednesday,
Law, Government leader, was
Andrew Bonar
to have announced that "a
exports."
He
said
bill will be introduced
shortly providing for the seizure of 50% of
the value
reported to have
of the bill will be
was
stated that "immediate passage
urged, since trade with Germany will be suspended
being." The London correspondent, af¬
for the time
again to¬
day in Lloyd George's official residence in Downing
ter
by this means."
In
dispatch from Berlin Thursday afternoon
was made that earlier in the day "the
a
the assertion
German
the
unanimously approved
Imperial Cabinet
Simons, the For¬
in which Dr. Walter
manner
conducted the recent negotiations
in London."
Attention was drawn
eign Minister,
with the Allies
presided
specially to the fact that "President Ebert
The progress
at the session."
made by the French
troops of invasion in the completion of their task
outlined as followed by an Associated Press
was
uation there."
of German
the collection of repara¬
would refuse to sanction
tions
agitators to bring on the long
which would not admit of their existence
[VOL. 112.
CHRONICLE
stating that "the Allied Premiers met
Street to discuss the German
penalties, means for
collecting taxes and the possibilities of making occu¬
"Allied forces
correspondent Thursday afternoon:
the occupation of the
Rhine ports of the Ruhr region, all that remains to
be done being the seizure of a few villages and im¬
portant cross-roads.
As yet commanding officers
have not arranged for a division of the occupied zone
between the British, Belgian and French units gath¬
have
virtually completed
along the eastern side of the Rhine."
ered
In the
long debate on the reparations question
the House of Commons on Thursday, John Rob¬
of
course
in
ert
a
Food
and
Clynes, Labor member
"maintained that the attempt
Controller,
to obtain a settlement
pation
as
burden as possible for the residents
with
of the
occupied area," observed that "with the first
tend
against the dilatory tactics of the German
George in reply declared that Mr. Clynes's speech
anger
light
a
delegation subsiding, now an insistent question has
arisen
as
to how Allied
occupation of additional ter¬
ritory is to compel payment of the German indem¬
the
"It is believed generally that
He also said:
nity."
proposed customs tax will yield only a compara¬
In a cablegram
tively small amount of money."
from
Berlin
"Times" Thursday
New York
to the
Germany by force, instead of by reason, would
Premier Lloyd
unemployment."
increase
to
unfortunate, and added that "it will have no
was
effect
except to stiffen German resistance, and if
does it is
service to
no
ister also
Germany."
t
The Prime Min¬
expressed the opinion that the Germans
change their minds on meeting the Allied
would
Premier Briand of France was
reparations terms.
quoted
having intimated in London that "Ger¬
as
would
morning special attention was called to the apparent
many
significance of the recall by the German Govern¬
come
soon
around
with
pro¬
new
posals."
Ambassadors
ment of the German
from
The correspondent
Paris and Rome.
London,
said that "the
Announcement
was
made at the French Foreign
German Government's attitude toward the Entente
Office
is best characterized
by the recall," and that "it is
way
between the French Embassy in Washington
sharpest protest against the invasion
and
the
meant
of
the
as
German
Discussing
territory."
situation
the
on
Thursday that "negotiations were under
State
President
Department in an effort to induce
Harding to favor acceptance of a modified
When a Paris dispatch con¬
growing out of the occupation of the three German
League of Nations."
cities, the correspondent declared that "in official
taining the foregoing announcement was called to
the attention of the State Department in Washing¬
circles,
as
well
as among
the public, the opinion is
growing rapidly that the Entente's penalties cannot
be
of the
Versailles
Thursday evening, comment was withheld.
Treaty, and that they certainly
Comment
on
World Court for decision
dress in the
questions of international law, such as is planned
what mixed.
would be
of
ton
interpreted otherwise than as a complete breach
so
adjudged if
a
Paris
by President Harding, already existed."
is
It
Allied
worth
was
at
a
meeting of the
Supreme Council in London on Wednesday
Premier Lloyd George
for
that
noting
assurances
not
"asked the French Premier
.
of
French statesmen.
A
une."
the
new
minds"
feature
of
was
responsible
injected into
day, according
"Complications arising out of the
decision of the Allied
"with mild
Supreme Council to collect a
All
the
are
Allied
George and
Italy tvould refuse to levy such a tax.
notified
Briand that
Count Sforza
German
Premiers
Lloyd
explained that his country must have
goods
and
that
the
Rome
Parliament
all respectful, but
regret that so
express
new
Administration's
reading of the speech.
shall
resume
her
join the League, or that
place as a member of the
Supreme Council. Of course, what they dread
above all is
a
separate peace between America and
The London representative of the Newr
Germany."
York "Times" summarized the comment at that
follows:
President
Council, when Count Sforza, Italian Foreign
States
America shall
countries
developed this afternoon at the Supreme
He added that "the
agreed that Mr. Harding does not intend that
United
50% tax on all German-made goods sold in Allied
Minister,
do not fail to
most editors
tre
Allied
disappointment."
comments of the Paris press are
M. Briand was said to have
correspondent of the New York "Trib¬
He said:
instance, the New York "Times"
correspondent said that it was received there
concrete intentions from the
the situation at the Council the same
to the London
For
little is to be learned of the
emphatically denied that any such purpose existed,
"even in the back
Harding's inaugural ad¬
leading European capitals was some¬
territory
that annexation of German
contemplated."
President
the
as
"A
second
cen¬
day's consideration of
Harding's inaugural address has increased
hopes and reduced the fears which the first read¬
ing of the
message
aroused in London.
American
co-operation in the reconstruction of the world is
promised, not, it is true, along the lines which
of the best
minds
here
many
thought would lead most
March 12 1921.]
THE
907
CHRONICLE
surely to the attainment of the desired result, but
according to plans which differ more in form than
ported also that wholesale arrests and executions
in substance from those which
had occurred at
American
zeiger" of Berlin appeared to
conservative
rejected by the
were
people last November."
The "Lokal An-
surrender of the
city before March 25."
Oranienbaum, Systubak and Petro¬
grad.
the German
express
opinion when it said that "from the
German point of view it may have been hoped that
The most
the
was
horrifying event of the week in Europe
assassination
of
Premier
President Harding would assume another position
than that indicated in his inaugural
Tuesday evening
from the American
point of view there is
caped and all trace of them
ing the wisdom of
an
address, but
attitude which
no
deny¬
reserves
the
right of freedom of action in European affairs.
It
is safe to
that the
assume
new
President will not
as
he
sion of the Senate in
ment,
de
a
motor
passing of the Presidential
powers
from Mr.
Harding definitely closes the historic
immediately following the shooting.
mier
until
ish
Cortes."
he
and that he
but which
which seemed to it worldwide,
quickly became European again."
The dead
"the strongest group
as
Europe in
cause
was
the
Prime Minister
The reports of fresh
week.
political trouble in Russia,
week, have become greatly intensified this
in both houses of the Span¬
"regarded by working classes
opposed reforms."
In
a
their enemy
as
cablegram from
Spanish capital Wednesday afternoon it.
Advices
received in London
were
week that seemed to confirm
previous
early this
rumors
aroused the
■
-
■
Petrograd.
French
Government
following is what the Paris correspondent of
former
Premier,
the New York "Herald" had to say
tion
"The anti-Soviet revolt is
:
in Kronstadt and
about the situa¬
developing rapidly
Petrograd, both dominated to-day
Word
States to
sion will
toward
dispatches received at the French Foreign Of¬
separate
fice.
These communications
would
were
followed
by
un¬
confirmed reports that both Moscow and Odessa are
the verge
on
of revolution and that the regime of
as
a
people the
be to
lie
will
between
peace
Petrograd.
from Russia
day bv day told of in¬
creasingly revolutionary conditions.
London heard
"the
tbe
hardships
was
and
also
a
Berlin
that
stated
a
try two
or
It
was
made known that
March 19 and remain in this
on
three weeks.
coun¬
He is to extend to Presi¬
Harding the felicitations of the French Gov¬
ernment and to
"explain its views
on
the just inter¬
pretation of the Treaty of Versailles."
Tuesday from Helsingfors that
on
Petrograd
For instance,
of
formal statement relative to M.i Viviani's proposed
dent
The advices
His mis¬
Monday night the French Foreign Office issued
he would sail
bombarding
tell
It
trip to the United States.
were
Administration and
of France."
Washington
France.
on
Trotzky and Lenin is threatened with termination."
morn¬
new
case
Viviani, "a
to the United
envoy
explain tbe position of his country
America,
inflict
Rene
send
special
Telegraphic advices from Helsingfors Tuesday
ing stated that the revolutionaries
might have
Sunday morning that the
would
plead before the
the American
ficial
py
from Paris
came
by the anti-Communists, according to the latest of¬
■
the bill
on
that
possession
of Kronstadt had trained their guns on
.
was
long de¬
Syndicalists to attack him."
the Russian revolutionists who had taken
The
a.
the workmen's insurance bill.
on
believed his attitude
was
the
Dispatches from Madrid stated that
bate in the Senate
It
was
Party, spoken of
said that "Dato's assassination followed
noted last
Count
permanent appointment is made by
a
period in which the United States collaborated with
a
es¬
Buallal, Minister of the Interior, will act as Pre¬
leader of the Liberal Conservative
"the
Spain
late ses¬
lost in the excite¬
was
of his
Wilson to Mr.
of
a
The assassins
car.
King Alfonso.
The "Epoca" of Rome said that
Dato
returning from
was
fall into the mistakes which handicapped the work
predecessor."
It was re¬
workmen
are
The statement of the British Board of Trade for
revolting against
vrV';;;
forced
mobilization
and
have
attacked
leader, General Kozlovski,
torious."
London heard
"all
that
Soviet
The dispatch added that "the revolution¬
troops."
ary
the
the
Bolshevist
caped by motor
tionaries this
car
on
is completely vic¬
Wednesday from Riga
leaders
in
Petrograd
es¬
after the capture by the revolu¬
morning of the entire city, with the
February might be construed at first sight
more
unfavorable than it
ports
were
amounting to £8,000,000, made total exports £76,of
the
fered
to
were
for
January and February of this
the
excess
characterized
as
anti-Bolshevik
received
on
18
Thursday
official reports
regard¬
They stated that "the
risings at Moscow, which
in the nature of trade unionist
were more
strikes, rather than
military operations, have been liquidated and that
Communists
opinion
the
was
trouble
tion of the
may
are
continuing their rule."
The
expressed, however, that "settlement of
was
by force rather than by ameliora¬
economic
be expected to
ing seriousness."
vices
figures showed the smallest import excess since
Petrograd, and at Gatchina, 30 miles
Selo,
difficulties, and that strikes
occur
at any time with increas¬
The London "Times" received ad¬
yesterday that "revolutionary authorities at
the fortress of Kronstadt have sent
the Soviet authorities in
an
ultimatum to
Petrograd, demanding the
for the
the
began.
of
Another fact worth noting is that
corresponding months of 1913.
excess
of
It is
war.
year
combined
imports is only £7,200,000 larger than
A year ago
imports was £88,000,000 larger than for
January and February of the
for
of imports
exception of last January, November and July,
war
ing the Russian situation.
the
an excess
the
Kraysnoye
the southwest.? London
what
Soviet troops suf¬
the net result
It is worth pointing out that, with
miles
heavy losses at
vsoutheast of
"the
gave
£20,750,000.
these
added that
being
£96,970,000; exports of British products,
220,000, and
tions."
was
as
The total im¬
£6S,220,000; adding exports of foreign merchandise,
exception of the Nikolai and Finland railroad sta¬
It
actually is.
year
preceding the
true, of course, that the smaller exports
February, £76,220,000, represented both a
duction in the volume of
United
Kingdom and also a shrinkage in commod¬
ity prices of something like one-third.
were
re¬
goods sent out from the
the smallest in value since
imports since September 1918.
The exports
July 1919 and the
One of the most
gratifying features of the whole statement was the
much
larger decrease in imports than in exports,
compared with February of last year.
ing table gives
a summary
The follow¬
of the results for Febru-
THE
968
ary
of this
compared with the same month of
year,
last year:
Month of February
£8,007 000
1920.
£170,514,272
£85,964,139
£221 03,784
£76,220,000
£108,567,923
1921.
£96,970,000
British exports..
£68,220,000
Re-exports.
Total
the deposit items, and this
advance in the
an
Imports
exports
[Vol. 112.
CHRONICLE
to
and
£5,207,000.
Public deposits decreased £355,000; other
deposits registered a decrease of £9,273,000 but loans
13.75%,
21.60
£61 ;946,349
£20,750,000
...
The
British
Treasury
national
of
statement
decreased
securities
which compares
£82,435,068 in
week
a
ago
Loans (other securities) fell
Government
on
12.24%
against
as
last year.
The Bank's stock of
Excess of imports.
combined to bring about
proportion of reserve to liabilities
gold
now
£5,240,000.
stands at £128,324,486,
with £115,989,340 a year ago and
£18,300,000,
Reserves total
1919.
against £31,551,970 and £29,476,023 one and two
as
financing for the week ending March 5, indicated
that outgoes had exceeded income, and the result
was
another decline in the Exchequer balance of
years ago,
£673,000, which brought the total down to £4,199,000
718,000, in comparison with £92,056,616 in 1920 and
Expenditures for
against £4,872,000 last week.
as
the
week
£40,294,000, comparing with £18,-
were
This
Circulation is £128,475,000.
last year and
1919, while loans aggregate £93,-
respectively.
£71,409,045
in
£83,583,997 the previous
685,000 the previous week, while the total outflow,
910,000,
£785,550,000 last
ended
Feb.
sources
other
and
advances,
the week
total of receipts from all
The
26).
against
£167,160,000,
was
Of this amount
week earlier.
amounted to
items,
for
£128,468,000
(against
£167,830,000
£127,879,000 a
pend
of
£993,000
received, comparing with
was
£120,000, while advances yielded £28,784,000, against
An increase in sales
£2,600,000 the week before.
of Treasury
bills
The amount
much in
or
£74,658,000 the preceding week.
repaid, however, totaled £104,090,000,
of the
new
outstanding
was
excess
the volume
rioted, they aggregating £84,-
was
against
435,000,
issues.
BANK
with
shown in the
previous statement.
contrast
as
As against this,
temporary adances expanded to £200,126,000, against
week.
last
£189,622,000
reduced
£10,086,000,
£1,299,421,000
week
a
week of 1920 the
The
floating
debt
was
against
£1,289,335,000,
to
In the corresponding
ago.
floating debt
was
1919.
1918.
1917.
Mar. 10.
9.
Mar. 12.
Mar. 13.
Mar. 14.
103,306,000
102,887,370
71,409,045
47,284,420
38,073,490
18,555,097
24,354,985
38,352,608
86,377,187
127,339,396 125,874,913 128,997,923 119,113,886
continue to be
£1,242,092,000.
leading European centres
quoted at 5% in Berlin, Vienna and
Switzerland; 5J^% in Belgium; 6% in Paris, Rome
and
Madrid; 7% in London, Sweden and Norway,
and
4y2% in Holland.
Bank of
The discount rate of the
Bengal and of the Bank of Bombay has been
reduced from 7 to
6%.
The 7% rate of the Bank of
Bengal had beeii in effect since Nov. 19 last, and
that
of
the
Bank
Announcement
of
was
Bombay since Nov.
made
hud been lowered
since last
of
on
Treasury bills
1%, being the first change
Three months' and twelve months'
April.
bills may now be bought at
6%.
In London the
private bank rate is slightly lower, being
at
12 last.
by the Bank of England
yesterday that the rate of interest
now
quoted
6%@6 11-16% for three months' bills and 7%
for
short
bills.
This
compares
7@7J^% the week preceding.
40,387,349
55,270,544
56,624,100
Other securities
92,056,616
83,583,997
97,609,900 165,424,569
Reserve,notes & coin 18,300,000
31,551,970
29,476,023
31,250,694
34,161,355
Coin and bullion—.128,324,486
115,989,340
82,435,068
60,085,014
53,784,845
13.75%
21.60%
19.60%
18.70%
16.60%
7%
6%
5%
93,718,000
Proportion of reserve
liabilities
to
Bank
rate
._
The Bank of France in its
further small
a
5%%.
80 far
with
a
Money
range
on
no reports
The Bank's total
5,582,521,067 francs
year
of
cable of
open
these
amounts
in
abroad
1921,
of
£2,656,
During
1919.
week,
the
hand, bills discounted fell off 217,954,000
deposits
general
francs,
francs and
reduced
were
26,035,000
Treasury deposits decreased 43,183,000
Note circulation registered the further large
francs.
expansion of 220,300,000 francs, bringing the total
outstanding
crease
to 38,366,247,370 francs.
up
in this item in the past two weeks
francs.
billion
half
amount
was
A
of
year
The in¬
exceeds
a
time the
against 33,234,-
as
Just prior to the outbreak
in 1914, the total
war,
at this
ago
38,464,822,830 francs,
005,665 francs in 1919.
only 6,683,184,785
was
Comparisons of the various items in thi$
francs.
week's return with the statement of last week and
corresponding dates in 1920 and 1919
BANK
OF
FRANCE'S
COMPARATIVE
for Week.
Note
198,000
-Inc.
In France
March 10 1921.
Francs.
Gold\Holdings—
are as
No change
-
Inc.
198,000
-
Inc.
•
of
as
March 11 1920.
Francs.
3,555,182,194
follows:
STATEMENT.
Status
Changes
Francs.
3,604,242,651
March 13 1919.
Francs.
3,559,645.791
1,948,367,056
1,978,278,416
1,978,308,484
5,503,549,250
5,582,521,067
5,537,954,276
1,135,000
263,456,495
250,192,817
314,308,923
discounted...Dec. 217,954,000
2,927,496,298
1,675,206,275
1,043,646,530
46,829,000
2,237.654,000
1,594,707,254
1,212,899,558
....Inc.
circulation.-Inc. 220,300,000 38,366,247,370 38,464,822,830 33,234,005,665
on
Thursday reported
total
reserve
a
was
reduction
43,183.000
38,351,000
42,847,065
67,479,758
General deposits..Dec.
26,035,000
3,325,202,000
3,152,396,257
2,715,128,909
increased
1
.
Heavy declines
were
shown in
•
-
In its statement as of Feb.
£823,000 in consequence of a contraction of £825,000
in
Treasury deposits.Dec.
although
in note circulation.
held
1,978,278,416 francs in 1920 and
On
the other
Advances
small amounts and
previous;
were
were
Bills
in
year
1,948,367,056 francs
augmented to the extent of 46,829,000 francs.
Silver
England continues to lose gold
thus
while advances
Total
The Bank of
are
the corresponding date last
on
silver increased 1,135,000 francs,
market discounts at other
centres.
gold holdings
and with 5,537,954,276 francs the
call in
have been
weekly statement reports
gain of 198,000 francs in its gold item
to 5,503,549,250 francs, comparing with
up
Abroad
received by
5%
brought
of
reduced, to 5)^%, against
be learned,
as can
V
this week.
'
London has likewise been
24,081,221
Governm't securities 39,153,000
1,978,308,484'francs
Official discount rates at
V
£
£
£
£
£
17,880,000
deposits
STATEMENT.
1920.
Circulation.. —.-.128,475,000
Public deposits.....
Other
ap¬
Consequently,
£1,109,799,000
in
We
England returns:
COMPARATIVE
ENLAND'S
OF
1921.
brought down to £1,-
089,209,000,
minimum discount
of England'.^
different items of the Bank of
From sundries
£800,000.
against
£950,000,
sum
and
ago
tabular statement of comparisons of the
a
Mar.
the
week
a
No change has as yet been
year.
made in the Bank
£51,708,000, against £50,401,000 and savings certifi¬
cates
£770,429,000
against
rate, which remains at 7% as heretofore.
contributed
revenue
Clearings through
year.
the London banks for the week amounted to £676,-
including repayments of Treasury bills, Exchueqer
bonds,
£102,887,370
with
compares
of
Germany
shows further
'
'
.
,i
28, the Imperial Bank
drastic changes,
chief
,
\
March 12
among
which
,
deposits
THE
be mentioned
may
discounted of
augmented in the huge
were
200,000 marks.
Treasury certificates
other liabilities
A
marks, while
of 3,627,-
sum
000
marks, and
•
167,200,-
rose
72,400,000 marks.
gain in investments is shown of 1,500,000 marks.
An unfavorable feature of the statement is the
tional expansion in note circulation,
two
billion
vances
marks,
500,000 marks.
bullion increased 481,000 marks.
small
totaling nearly
Ad¬
brought down 15,482,000 marks and
were
notes of other banks
its
sensa¬
1,907,082,000 marks.
or
Total coin and
In gold there
was a
loss, viz.: 4,000 marks, and the Bank reports
holdings of the metal
which compares with
and 2,245,720,000
1,091,588,000 marks,
as
1,091,340,000 marks last
year
Note circulation
marks in 1919.
'■>
■
'
CHRONICLE
increase in bills
an
less than 5,451,500,000
no
:
-.j
1921.]
969
to have included
of actual stock
substantial amount of
a
well
as
fessional element.
In
short
as
over-supplied
was
issues, there have been good sized
new
offerings.
its
pro¬
spite of rather general reports
that the local investment market
with
liquidation
selling by the
The Government is 'still
short
securities.
term
few
A
new
borrower
a
days
on
the
ago
Secretary of the Treasury announced the offering of
two
series of
new
Treasury certificates of indebtedness
totaling about $400,000,000.
The general statement
regarding the nation's finances, which he issued
incident with the announcement of the
generally regarded
was
Practically
by
reassuring.
as
co¬
pffering,
new
all of the formal statements that have been issued
the different
important members of the
istration have
new
Admin¬
emphasized the need of Governmental
aggregates 67,426,955,000 marks, as against 41,033,-
economy.
760,000 in 1920 and 24,102,820,000 marks the
year
idea
before.
only
generally acknowledged and the hope is quite con¬
In
July 1914 notes in circulation
were
1,890,893,000 marks.
in
President Harding himself stressed this
his
fidently
generally entertained that the
and
Administration
Last
banks
week's
and
of
statement
trust
New
companies,
York
issued
showed loans further reduced by
net
demand
will
associated
reductions in its
Saturday,
on
those of the
$17,782,000, but
deposits expanded $21,415,000 to $3,-
able
be
expenditures, in comparison with
the demand for money
sufficiently active to prevent
$36,499,000 in Government deposits,
a
falling off in the latter item of $13,815,000 for the
week.
Reserves of member banks with the Federal
Reserve Bank
were
reduced $7,641,000 to $489,092,-
an
increase
up
the
in
to be that
seems
rapidly
as
predicted at the beginning of the New Year,
was
796,019,000, while net time deposits increased $1,not include
Although the
is not increasing
914,000 to $236,604,000.
Net demand deposits do
new
substantial
make
to
previous Administration.
business of the country
as
The need of it is
inaugural address.
in loans
order
to
a
from various
continues
The unfortunate fact
supply.
large
sources
reduction in rates and
a
sum
in the aggregate is tied
all kinds of business enterprises in
on
through
them
carry
embarrassing
the
000, and this, together with the increase in deposits,
predicament in which they found themselves after
resulted in
the boom.
own
sharp cut in surplus
a
reserves.
Cash in
vaults of members of the Federal Reserve Bank
increased $1,235,000 to $79,748,000 (not counted as
reserve), while
of State institutions and trust
reserves
companies held in vault
to
$8,936,000.
were
augmented by $185,000
Reserves kept in other depositories,
Dealing with specific rates for
call remained fixed
proved the high, low and renewal basis for all loans
the
on
Stock
however, by State banks and trust companies fell off
Wednesday,
$166,000
was
sur¬
for
Exchange
the range was
Aggregate
$8,773,000.
to
reserve
brought down $7,622,000 to $506,801,000.
In
Offerings
total of
excess reserves
but
total in
some
plus
are on
to
$3,983,650,
The above
the basis of
reserves
above legal requirements of
banks
statement
crease
last
was
in the
the smallest
figures for
Saturday.
for member banks
$79,748,000 held by
The
Reserve
Bank
decidedly encouraging, showing
reserve
sur¬
13%, but not including
cash in vault to the amount of
these
or
ratio of
1.7% to 42.2%,
an
or
in¬
the
highest since last September, and comparing with
ratio of
war
38J^% in March
commercial paper
and
tracted
for members
than $36,000,000, but the
more
acceptances
bought in the
nearly 6}^ million
open
a
Discounts of
a year ago.
were
con¬
holdings of
market increased
Federal Reserve note
dollars.
circulation increased from $796,383,000 to $801,916,-
changed
7%.
The
no
relaxation in the local money
prevailing rate for call loans has been
Bids of 7% for mixed collateral and of 7J^%
months and
for
were
small amounts,
have
been
only moderate.
The
stock market has been such
increase
„
brokers'
loans.
as
was
character of
the
to reduce rather than
This
particularly to the transactions
Friday, when the selling
The
at these quotations,
statement
on
applies
Thursday and
heavy and
was
reported
the market
was
practically nominal and
the
almost
un¬
ad¬
an
was
which
was
unobtainable,
Funds
in
viewjof
except
not unnatural in
heavy Government withdrawals and demands
incidental to Federal tax payments.
money,
All-industrial
whenever dealt in, is usually put through at
M of 1% above the figures here given.
for
has ruled quiet and without
new
While the bulk of the business
sixty and ninety days' endorsed bills receivable
and six months'
tiated at
transactions
proportions.
Banks'
and
both
a
continues at 7^@7M%,
7%%, the
reached
same as a
were
out of the
only
moderate
■
and
bankers'
acceptances
have
been
fractionally for eligible member bank bills
fair demand
local
range
Most of the large buyers
and
marked up
of choice character is nego¬
less well known at
names
market
names
7%%, the
week ago.
even
this respect
improvement in
five and six months last week.
four,
market have been
reported from day to day.
lately,
6@7% for five and six months, against
throughout
with
money,
alike.
case
6^@7% for sixty and ninety days and 6J^@6^%
for all industrial accommodations in the time money
offerings of time
loans
all-industrial
till yesterday, when there
Mercantile paper
There has been
and
rates
feature of moment.
market.
ago
The figures here given are
7% for sixty and ninety days and four
to
vance
week
A
Standstill during the greater part of
a
up
Tuesday,
Monday,
In time money
15.
with
week
on
smaller than has been the
predict
March
virtually at
the
6@7%.
were
brokers
after
•
Thursday and Friday.
collateral
mixed
plus, the loss amounted to $10,357,330, reducing the
little time.
loans on
money,
during the week at 7%, and this
and
was
out
of
reported, with purchases by
town
institutions.
Savings
970
hanks
THE
again figured in the transactions.
looking for
now
CHRONICLE
Brokers
later in the month.
vasion of
be
Open market rates for loans on
about
is
of
Detailed quotations for acceptances are as
France
normal.
Spot Delivery
'
•
'.'■aDays.
Days.
%hzA.
614@6
7
<&6H
-
Eligible Mils of member banks
6
Eligible bills of non-member banks-.
Ineligible bills
6>*@6H
7
..
<&6X
6)4 @5%
7
now
DISCOUNT
RATES
OF
THE
EFFECT
fers
BANKS
bills
90
maturing
member
lateral
banks'
Hi-day col¬ Bankers'
by—
accep¬
Bunk of—
Treasury
tural and
accep¬
live-stock
disc'ted
tances
Other¬
bo rule
wise
for
and
secured
member
within
91 to 180
Victory
and
bank*
90 days
days
of
in debt-
ertness
notes
maturing maturing
unsecured
Boston .:.V.....
6
7'
a'
7
7
fl.
fl
fl
6
A
fl
fi
fl
«
fl
..... .
Richmond..,..
6
6
fl
fl
«
7
7
V
fl
6
7
(5
__w.
Chicago.'
_...
fl
7
7
6K
fl
6H
fl
7
6
t
5H
7
6
r.
fl
"
tfl
fi
.
t Discount
0
fl
fl
rate
corresponds with interest
Note.—Rates
shown
applying to discounts
St.
for
not
In
by the Federal Reserve Bank.
a
ber
7
fl
,<
certificates pledged
borne by
raw
Louie
of
excess
Rates
.77
y.'/7.;.
.
Kansas
and
basic lines
on
fixed
discounts in
,'7;'
■
City
for each
rute»
member ban*
the basic line
ar*
that In the case of Kansas Cltj
he maximum rate Is 12%.
to
settlement of the reparations
irregularity
was
struggle, and although
displayed at times, with
occasional brief spurts of feverish
ied by sharp fluctuations in
activity
transactions
large.
rates,
as
a
whole
earlier part of the week
not
was
prices
accompany
the volume of
During the
firmly held
were
the
on
theory that the German delegates would at the elev¬
fractional
3
decline
2 cents
recorded
was
day, however,
for cable transfers 3
as
3
82%
jected and Allied troops
sion
of
Rhine
towns,
were
already taking
caused
some
posses¬
uneasiness
and
prices broke precipitately, more than 5 cents in the
pound, to 3 84% for demand bills, as a result of
selling by nervous holders.
As the day advanced
short
covering brought about a partial rally, while on
Wednesday a recovery almost as pronounced as the
decline of the
on
preceding day took place, ostensibly
improvement in the German situation. The fact
that the Allied invasion had met with
practically
no
resistance led to the belief that the Berlin authorities
had about decided to
accept the terms
proffered them
and
would
in
all
probability seek
a
resumption of
treaty negotiation without further delay.
tive interests who had been active
turned
on
the
buyers and quotations recovered
Specula¬
selling side,
to
3
90%.
At the extreme close
prices sagged slightly and trad¬
ing relapsed into dulness.
,
While the foreign exchange
market, generally
speaking, persists in its refusal to view the present
international situation
ety,
some
of the
more
as an
occasion for acute anxi¬
sober minded
regard the week's developments
tinctly disconcerting possibilities.
as
are
inclined
to
possessing dis¬
It is pointed out
Sterling
that Allied armies had
3
re¬
for
undertone
result of
would
3
decline
soon
be
rates
transfers
On
and
and
n^ws
3 79%@<
Wednesday
prices
negotiations
cable
characteristic
prices
to
84%@3 89 for demand,
better
a
recovered
as
a
the indemnity
over
transfers
moved
up
of
3
at
sixty days at 3 80%@3 82%.
chief
Tuesday,
on
response
resumed, and demand bills ranged at
86%@ 3 89,
and
days.
that
rumors
3
cable
noted
was
a
3 89@3 91,
begun to invade Germany and
to
for
sixty
was
89%@3 91% and for sixty day
already stated, broke sharply in
a
caused
news
for demand
82%@3 84%.
was
Mon¬
advance of nearly
early in the day; later in the
reaction and the range
bills
an
unfavorable foreign
85%@3 89%
Germany's indemnity offer had been
demand,
sixty days; trading continued at low ebb.
there
to the
88%@3 89% for
day's market opened strong and
3
Tuesday, however, cable advices
3
to
89%@3 90 for cable transfers and 3 82%@3 82%
miers.
effect that
1920 to £134,784,
£1,400,034 have been approved.
enth hour accede to the demands of the Allied Pre¬
On
Dec. 31
on
Referring to quotations in greater detail, sterling
exchange on Saturday last was easier and there was a
for
Sterling exchange continues to mark time pending
considerable
Europe under the
7;7normal
are
excess of
with the small States of
applications for additional advances amounting
a?
cast-
14% progressive Increase for each 25% by which the amount of accom
modatlon extended exceeds the b:w1c line,
except
a
conducting business accordingly.
dispatches from London show that advances
1919, amounted
fl
In the case of Kansas City and 6)4% lu the
Philadelphia..,
subject to
7>
7
'7
while
collateral with mlaimuin of 5%
of
■
and have been
exports credits scheme placed in operation in Septem¬
m
6
6
.
pending the action of (the Court, since bankers were
confident from the start that this would be the out¬
commerce
OH
.
admitted that there had
real curtailment of cable exchange business
no
i
fl
m
Francisco
was
ex¬
good deal of
a
<7.
fl
Kansas City....
received with
was
by the British Board of Trade for the facilitation of
6
Minneapolis
San
transaction, and not
fl
,
St. Louis.....
Dall as
been
Recent
;
t6
„..
ar¬
bank for the purchase of cable trans¬
a
debtor and creditor
a
satisfaction, although it
come
7
7
7
7
5H
6
vv-v
PlilJadelplil.-i
.....-,...
be
soon
trust, thus giving greater freedom to foreign
paper
secured
fAberty
certifi¬
cates
„.
Agricul¬
Trade
tances
notes)
was
change dealings,
:
(including
days
Federal Reserve
Atlanta..
understanding would
1921.
'
u/Uhin
CI eveland
of
sort
some
deposited with
RESERVE
FEDERAL
MARCH 11
Discounted
.
of the opin¬
were
Germany could not afford to maintain her
Announcement late last week of the decision of the
a
...»
similarly placed countries to
Court of Appeals, establishing the fact that money
IN
„
other
following is the schedule
The
the different Reserve banks:
Now York..
and
in effect for the various classes of paper
Reserve Bank rates.
at
cfyaotic conditions in Central Eu¬
rived at.
changes this week in Federal
no
can
present position and thus cut herself off from trade
intercourse with other countries, and freely predicted
that
There have been
if indemnity dues
of action is likely to bring
Many bankers, however,
ion that
Delivery
within
30 Days.
6K bid
6% bid
7 bid
—
Thirty
Days.
Sixty
Ninety
s
of rates
renewal of
a
even
a course
which in turn would greatly retard the return
rope,
follows:
Germany, since
collected, such
demand against bankers' acceptances remain at 5 %%.
The posted rate of the American Acceptance Council
6%.
y
that the Allies have very little to gain by their in¬
are
material broadening of operations
a
[Vol. 112.
Thursday's
was
dealings,
3 89%@3 90%
to
87%@3 89%
Dulness
the
albeit
for
demand,
and
3 83 %@
3
90%@3 91%
3
84% for sixty days; better cable quotations from
London
were an
for
3
at
90%
3
sixty
were
and 3
mand
On
Friday
quiet and slightly easier, with de¬
89%@3 90, cable transfers at 3 90%@
and
quotations
transfers
influence in the advance.
the market ruled
mand
cable
days
at
3 83@3 83%.
Closing
3 83% for sixty days, 3 89% for de¬
90% for cable transfers.
Commercial
sight bills finished at 3 88%, sixty days at 3 83%,
ninety
days
at
3 80%,
documents
for
payment
(sixty days) 3 84@3 88% and seven-day grain bills
at 3 87%.
Cotton and grain for payment closed at
3
88%.
on
the
Gold arrivals this week included $4,000,000
Cunard
Liner
Imperator from London and
$1,100,000 from Paris consigned to Lazard Freres.
A
shipment of $5,000,000 in gold bars has been sent
from
Ottawa, Canada, to New York, said to be in
March 12
connection
with
the
payment of
971
CHRONICLE
THE
1921.]
the $25,000,000
Ten small cases
transfers, against 1 61 and 1 62 a
and 1 59 for cable
decline
checks
and
00.21^ for cable remittances. Italian lire
closed the week at 3 67% f°r bankers' sight bills
amount of $2,285,000 has been received in London
from India for shipment to New York.
Additional and 3 683/2 for cable transfers. Last week the
consignments of gold, $1,000,000 on the Olympic and close was 3 66 and 3 67. C zecho-Slovakian ex¬
$775,000 on the Aquitania, are now on their way to change was steady, finishing at 1 32, against 1 27%
on Bucharest at 1 37%
against 1 37% on Poland
New York.
1
at 12 (unchanged), and on Finland at 2 85, against
Greek exchange partici¬
The Continental exchanges followed the lead of 3 00 the previous week.
sterling and after a firm opening on quiet trading, pated in the general easing, with a decline to 7 34%,
Canadian loan maturing
April 1.
earlier, while Austrian kronen, after a
week
00.1$%, rallied and finished at 00.20^ for
gold coin have arrived here from Colombia on the
United Fruit Liner Santa Marta.
Gold to the
to
broke
with the close at 7 45 for checks and 7 55 for
of
sharply
on
Tuesday, following news of the
of troops
movement
cable
Both remittances, against 7 55 and 7 60.
into German territory.
French and
Belgian exchange slumped 17points,
to 6.99 and
7.31, respectively.
1.50,
loss of 10% points.
a
touching
while
3.63,
decline of 6
Lire
ran
off 5% points,
Greek exchange sustained
points, to 7.45.
For
a
while trading
a
was
the selling side. Quotations
were heavy, and this accentuated
fairly active, chiefly
There is
Reichsmarks fell to
on
practically nothing new to report in neu¬
which continues to move more or less
tral exchange,
sympathy with rates on other Continental centres.
Variations were not especially significant, and trading
in
for the most part was
quiet.
Dutch guilders remain
34%, but Swiss francs were
again strong and registered a further advance to
the depression here.
More or less excitement pre¬
16.87, a new high on the current movement.
In the
vailed at intervals and the tone of the market was
nervous
and
unsettled.
Subsequently, however, Scandinavian exchanges, Stockholm remittances were
London quotations came higher and this led to a well maintained, but Norwegian and Danish ex¬
better feeling on this side, on the assumption that change both showed weakness, th# former declining
there was good reason for believing a compromise to a new low point of 15.65, while the latter broke to
agreement of some sort would soon be reached be¬ 16.40, also a new low. This weakness was setJdown
cabled from abroad
"pegged" at
Premiers and Dr. Simons regarding
in part
reparations payments and other weighty ques¬
tions at issue.
As a result the financial community
claimed
tween the Allied
the
began to take
calmer view of the whole situation.
improvement, shorts commenced to cover
With the
their
a
commitments, and
as
offerings
are
still light,
nearly all the losses of the preceding day were re¬
gained.
During the remainder of the week prices
fluctuated
irregularly, swayed first in one direction,
or
near
to the invasion of Germany, which it was
would affect Scandinavian shipments of
Germany, although there
manufactured products to
were
others who declared it to beMue to the accumu¬
of paying
Norwegian
United States last October.
As
Danish kronen, this was held to be
lation of dollar credits here for the purpose
off
the first installment of $10,000,000
loan secured in the
to the
decline in the
partly in sympathy with Christiania
exchange, also
natural reaction from the recent too rapid
innumerable rumors,
Spanish pesetas were steady but without essen¬
favorable or otherwise, with which the market is rise.
tial change.
Before the close both of these currencies
invariably flooded in times of international strain like
the present, but except for a few sporadic bursts of rallied and finished practically unchanged for the
activity, trading was dull and featureless.
The week. •
Bankers' sight on Amsterdam closed at 34.28,
reparations question is for the time being the allpartly
then the other, chiefly by the
absorbing theme, and has swept aside all other con¬
a
against 34%; cable transfers at 34.38,
against 34%
against 34%and commer¬
cial sixty days at 33.85, against 33% a week ago.
the outcome.
The
Bolshevist regime in Russia likewise passed unnoticed Swiss exchange finished at 16.91 for bankers' sight
This com¬
and Russian rubles continue to be quoted nominally bills and 16.92 for cable remittances.
at 43 cents per 100 rubles.
Rumors that proposed pares with 16.73 and 16.74 the week previous.
amendments to the latest draft of the Anglo-Russian Copenhagen checks, after a decline of about 85 points,
trade: agreements presented to the British Trade rallied and closed at 17.25 for checks and 17.35 for
siderations, although opinions still differ
widely
to
reported revolution against the
Commission in London completely change
as
the docu¬
commercial sight at 34.21,
cable
on
transfers,
against
17.26 and
Sweden finished at 22.42 and 22.52
17.36. Checks
for cable trans¬
practically involve recognition of the
predictions fers, against 22.25 and 22.35, while checks on Norway,
that the agreement is almost sure to be rejected.
In following early recessions of more than 70 points,
the final dealings dulness once more took possession recovered with the close 16.18 and 16.28 for cable
ment
Soviet
and
Government, have given rise to
of the market and
easier,
were
closing prices, while
nearly nominal.
fractionally
In the final dealings
prices sagged off slightly and the close was
under the
Final
quotations for Spanish pesetas were
for cable transfers, against
13.90 for checks and 13.92
13.93 and 13.95
a
week earlier.
As to South American
best.
The official London check rate on
transfers.
Paris closed at
undergone
no
exchange the situation
material change, although for a
has
time
In New Argentine quotations declined with other foreign
The low for checks was 33.81, with the
York sight bills on the French centre finished at currencies.
close 34.20, and cable transfers 34.37, against 34.42
7 11, against 7 18; cable
transfers 7 12, against
and 34.59 last week.
Brazil exchange opened and
7 20; commercial sight at 7 09, against 7 16, and
ruled firm, but turned weak and finished at 15.06 for
commercial sixty days at
7 03, against 7 10 on
checks and 15.14 for cable transfers, against 15.31
Friday of a week ago.
Antwerp francs closed at
and 15.38 the preceding week.
According to advices
7 43 for checks and
7 44 for cable transfers, in(
from Buenos Ayres the weakness is not only due to the
comparison with 7 50 and 7 51 last week. Closing
54.62, in comparison with 54.25 last
•
week.
quotations for Berlin marks were I 58 for
checks prevailing unfavorable trade balance but also to
CHKONICLE
THE
978
uneasiness
domestic monetary
over
Chilian
affairs.
exchange ruled firm, with the close 14.70, against
14.53, but Peru
exchange continues heavy and Hong
Kong and Shanghai quotations responded to a further
decline in silver prices by a break to 44Yi and 58,
The high points in these two currencies
respectively.
while
during 1920 Hong Kong ruled for a time around
1 06% and Shanghai 1 67; closing rates were 45@45%
for Hong Kong against 45%@45% on Friday of
last week and 59%@59% for Shanghai (unchanged);
Yokohama finished at 48%@48%, against 48
during the
48%;
PEOPLE, ONE GOVERNMENT, ONE LAW.
On
Friday of last week—the fourth of March—
there
4.01 last week.
Far Eastern
ONE
weak, finishing at 3.98', against
was
current
year
78c.,
Singapore,
(unchanged);
46@46%
Manila
and
59
was
[Vol. 112.
a
came
net.
into office at the
capital of the country,,
President of the United States and his Cabi¬
new
On the
day there came into existence a
same
Congress, thereupon subject to the call of the
new
Executive.
the
What
know
we
Republic suffered
tion, by
into
the Government of
as
Its administra¬
change.
no
election of the people, simply passed
an
This
hands, representative in character.
new
statement, of
is subject to the tenure of the
course,
Supreme Court, the Judiciary as a whole, and to
that
It is inter¬
portion of the Senate holding over.
esting to inquire at such
time—what is this
a
con¬
45%@45%, against 44%@45; Bombay, 25%@25%,
tinuing Government, which survives men and par¬
against 25@25%, and Calcutta, 25%@26, against
ties; and what is its relation to the people at large?
Not
25%@25%.
inaptly,
Government is referred to as a
our
It is a creature of the
representative democracy.
York
The New
their
in
banks,
Clearing House
people—maintained by their direction by virtue of
gained $9,257,373 net in cash as
result of the cur¬
a
ending March 10.
movements for the week
rency
from
the interior
as per
CURRENCY
the following table:
AND
RECEIPTS
SHIPMENTS
BY
confer upon
citizenship,
none
BANKING
YORK
of these rights, nor was it intended
to do so—rather to
guaranty to ealch man the exer¬
damental
1
Into
Ota of
Banks.
Banks.
Banks' Interior movement..
Gain
> to Banks.
$9,257,373
happiness being something
each
As the
Sub-Treasury
eral Reserve Bank
show
to
the
on
effect
the
was
Dec.
of
taken
6, it is
over
no
Government
Clearing House institutions.
Bank of New York
serve
ing House each day
as
by the Fed¬
longer possible
operations
on
The Federal Re¬
creditor at the Clear¬
was
follows:
AT
Saturday,
Monday,
Tuesday,
Wednesday
March 5.
March 7.
March 8.
March 9.
S
S
$
Thursday,
March
$
.
$
Friday,
10. March
Aggregate
11.
for Week.
S
'
$
44,474, 96 69,926,061 43,418,745 49,821,258 44,764,146 55,904,484
Cr.
308,308,890
in
order to make that labor effective to
fruits
thereof, and retain them for
tion) is
The
foregoing heavy credits reflect the huge
from all
come
These
as
par
collection scheme.
to the results of the Reserve Bank's
sent
upon
Clearing House institutions.
only
one
side of the account,
the Reserve Bank itself
the
bank
and
never
go
are
operations
They
repre¬
checks drawn
as
presented directly
through the Clearing
House.
for the crea¬
reason
equal
Law, which is the
action, based
on
following table indicates the
amount of bul¬
principal European banks:
rule of right
common
no
concern
with the personal
which follow.
Therefore it is that the fourth
of
March, bring¬
ing this change in the delegated representatives of
popular will, passed without perceptible change in
the
conditions, opportunities,
and
fortunes, of the lives of 105 millions of people.
All their
as
way, on
possessions
means,
activities, all of their institutions, continue
before.
They work at the
same
tasks in the
the farms and in the factories.
is taken from
one
and
given
change of Administration.
industry turn
as
another
to
argosies of foreign trade, from
turing the world.
Gold.
Silver.
Total.
Gold.
Silver.
£
£
£
£
£
-
Sweden-..
15,654,000
Denmark.
12,643,000
8,115,000
Norway
..
Total week 589,466,424
Prev. week
a
128,324,486
10,640,000 152,847,288
393,700 54,970,350
2,369,000 13,313,000
23,425,000 122,261,000
3,000,000 35,768,000
1,618,000 54,628,000
1,198,000 11,859,000
6,984,000 28,711,000
15,654,000
"141",000 12,784,000
8,115,000
every
port, adven¬
Those producing the necessaries
exchange,
as
for
consump¬
Total.
already animated and made fruitful by the will of
£
115,989,340
144,177,293 id,boo",ooo
54,568,700
1,335,400
10,944,000
2,369,000
98,131,000 25,485,000
32,194,000
3,004,000
52,770,000
782,000
10.657,000
1,079,000
21,153,000
3,395,000
14,771,000
12,597,000
"isb'ooo
8,128,000
.
mmm
115,989,340
154,177,293
55,904,100
13,313,000
123,616,000
35,198,000
53,552,000
11,736,000
24,548,000
14,771,000
12.783,000
8,128,000
49.768,700 639,235,124 576,080,333 47,635,400 623,715,733
Gold holdings of the Bank of France this year are exclusive of
£77,934 682
The wheels
Ships set sail, the
tion, receive no strength not already possessed, not
589,400,810> 49,176,150 638,576,960 573.682,608 47.416,750 621,099.358
held abroad.
this
by
March 11 1920.
Banks of—
England.. 128,324,486
France a._ 142,207,288
Germany
54,576,650
Aua-Hun..
10,944,000
8 pain
98,836,000
Italy
32,768,000
Netherl'ds
53,010,000
Nat. Belg. 10,661,000
Swltz'land
21,727,000
same
No property
A vast interior trans¬
before.
and luxuries of life for
March 10 1921.
na¬
rights of all men
the equality of the exercise of these
rights—but having
of all
The
all these
limitation which is inherent in the
things—namely, the
portation system functions and abides.
lion in the
enjoy the
rights in their full and free exercise sub¬
one
mass
large credit balances, however, show nothing
with the
to
System's
to
and consump¬
And he possesses
ject to
under the
use
to the New York Reserve Bank
parts of the country, in the operation of
the Federal Reserve
inclusive part of the
an
tion and maintenance.
results
of checks which
appertains
liberty to labor when, how and where he will (and
ture of
CLEARING HOUSE.
And the pursuit
that
according to his desire and ability, the
man,
inalienable
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK
perhaps the fun¬
Labor cannot function without
right.
liberty, not only to be, but to do.
of
§1,277,400 Gain
§10,534.773
Loss
or
Life cannot
thereto.
be sustained without labor—this is
INSTITUTIONS.
Week ending March 10.
But it
the individual, even by virtue of his
cise of those powers necessary
NEW
principle of
protection of indefeasible rights—
"life, liberty, and the pursuit of happiness."
aggregated
have
$10,534,773, while the shipments have reached $1,277,400,
its existence—the
can
Their receipts
It has for the main
consent.
common
operations with interior banking institutions, have
each
man,
The
And
firm,
or
corporation, acting in its own
No man has a dollar more or a dollar less.
way.
uses
of
things
are
neither gained
nor
lost.
environment, the acre beneath, and the seasons
overhead, is not changed.
The individual
man,
tri¬
umphant in himself persists, immune to the changes
in the
representatives he delegates to administer the
Government he has erected to protect
his life by in¬
suring him freedom to sustain life by labor, and to
March 12
1921.]
THE
CHRONICLE
973
gain happiness thereby, through possession of the
indefinable influence knowm
fruits of
constitute
is
labor,
inseparable component of which
an
This at least is
property.
Government in its
our
integrity and simplicity.
Now this labor
man
ness.
denominate
quires taxation.
alone is the
reason
than
one more
life and
burden in
individual
of
all citizens it harms
on
upon government, are suf¬
impositions,
a
benefit, and
class,
or
tax is always
a
confer
can
every
revenue
other
and
It is
a
But it is
for existence
reason
fa¬
tremendous
simple adherence to
a
no
a
"protection" in the
no
special privilege.
adjust this taxation equably to all.
stripped of
of
revenue
another, for while the guarantees of
for tax
or
fundamentally
equally
itself, not
form of aid
one
Primarily
right for taxation—and also
or
liberty resultant
cause
task to
passing
a
The power to tax is the "power to
that unless it bear
on
than
more
destroy"— but note that
vor
save
the
form
our
government sweeps away every other considera¬
tion.
breaks of
The
Taxation
Administration
a new
only declared by the Constitution and the
Law, but they
confined to
are
a narrow
field by the
nature of our representative Government.
very
As
we
look back
discover that the old
we
tive idea became distorted
class. The old idea of
to the
protec¬
protection of
guaranty to the
man
equally.
First there
was
the "war"
trusts, property rights, that has to
trol.
Each is
mental
monopolies,
extent run
equally
diversion,
a
and own,
possess
the
or con¬
distortion of the funda¬
a
principle and province of Government.
this with
On
deadening weight lie the consequences of
military foreign
—that not
trade.
on
some
and yet is now contending with
course;
"war" of labor to
a
some
the right to achieve became the right to possess
ay
its
a
the fruits
of labor became confused with the idea that in
w
war
only warped
of unexampled proportions
our
Government from its
interfered
but
with
na¬
life, labor,
.We have but to relinquish these errors to re¬
the purpose and
sume
same.
principle is worthy of recall.
military strength.
ture and course,
persists throughout all changes of
administration, essentially the
Another
stress, we
the globe that conduce to
on
"policies," therefore, of
not
are
reason—the maintenance of government re¬
one
ficient
commerce, or busi¬
change of Administration?
a
each
as
vast system of interlac¬
a
Why should it give
thought to
for
pursued how, when and
we
conditions of life
territorial
as
aggressor—and tend to
selfish commercial warfare and end in violent out¬
wills, has resulted in
ing efforts, which
set up
Government
our
functions of the Republic!
The sim¬
plification of government requires adherence to its
sole
rights, but conferring
of them.
none
to
do
in
beyond which the citizen
known
When
government
and
law
able to
fore government and law concern
zens, our own
people,
our own
only
gives
the
There¬
or
individual rights and
Government.
right and
talk
as
ye
of
at the territorial boun¬
power ceases
But domestic trade has
now
of
labor
a
of
means
their
planted by those of another.
United States remains
power
behind, stays at home.
here, it
proportion
as
they
The Government of the
may
power
to trade.
commercial
of
reporter's statement
war,
them what they want,
right to strike is conceded," continued
"But when
public that they
the
are
they
go so
far
as
to
say
to the
going to endanger the life of
public, then the Legislature has the right to
laws
preventing such strikes."
Without the
swer
to these laws of
pass
The well-known
an¬
prevention will confront this
last statement with union leaders'
benevolent mission, "protecting" in the
a
of the necessities of life, if
pay
and will forever
not peace.
com¬
to be a labor union and become a soviet,
The
Mr. Taft.
The proposition is so simple
are
cease
mem¬
a
strike, threaten to make the
a
some
employers do not
shevism.
it does so, since exchange is the
reciprocity and reprisal
em¬
and," said the speaker, "they are introducing Bol¬
Exer¬
shut out foreign goods,
giving of goods for goods fundamentally, it destroys
power
a
union threaten the life of
and
remain
most
a
follows:
munity by
encircle the earth.
ship makes port the laws of exchange
property which pertain in one country are sup¬
own
recent address at the Acad¬
a
He is speaking on the "Relations
public do without
its
against
of Music in Brooklyn, confirms our views on
Capital and Labor," and
as
bers
given rise to foreign trade.
Exchange of goods and gains
that
pronounce¬
savages."
But when the
but in
At any rate it
"Mr. Taft told the audience that when thie
dary lines.
cising its
evil without being
an
tendency thereto.
these tendencies toward Bolshevism in
is
a
It is alto¬
pleasure to commend the recent
phatic statement.
Government, but all
please of the "mission" of
its
We may
active form
revolutionary policies and criminal practices of
emy
tittle, the rights and liberties of those existent
tinder another
us
a
Henry W. Taft, in
liberties—and they cannot add to or take
from, by
jot
perceive
the "soviet
citi¬
our own
an
ment of the American Federation of Labor
perform
these services they cease to further interfere.
Bolshevism, which has been
gether possible to perceive
he contravenes equal rights, pursuits,
possessions, equally held, equally guaranteed,
so
by others.
as
move¬
ultimately, what 's
of communism in Russia under Lenin.
not go because
may
point out, from time to
certain principles, certain meth¬
ment, that tend to produce,
instituted to
are
are
ods, in the administration of the union labor
do, limited
guaranty first
freedom, and second to declare the line of divi¬
doing
and
time, that there
republic may dare
may
OF L. DENOUNCES BOLSHEVISM.
WO have endeavored to
and interfering with
rights possessed by each. Gov¬
common
ernment and law
sion
none
A citizen of this
anything that his neighbor
only by the
this
A. F.
purpose—namely guarantying the exercise of
charge that this
archaic tariff way our own trade with the world by
means
negation of
is
that, admitting the right to strike, and opposing it
as
against the public good is entirely consistent, for
pur own
natural expansion, it follows
that all internationalism
possible and permitted to
nation, people and trade
consists
in equable
"the strike" will seldom
ex¬
change for mutual benefits, and in its fundamental
simplicity ends there.
with other
By
so
much
as we
of
interfere
treaties, compacts of military
power, or
that
men
an
occur
a
without
unless
"conspiracy" against
industry with the public
permitted to shoot at
|
But the counter reply
bjy
which in its nature and purppse
essentially
peoples,
even by the power of our com-1
merce, coercing others by diplomacy, secret or sub¬
versive
inyoluntary servitude.
penalty.
one
as
an
alliance
constitutes
an
employer and
victim.
]^o citizen is
man
and kill
another
But
do not recite this for
we
the purpose of re¬
For this time let that pass.
opening argument.
We
only to register in a proper way our approval
this resolution of the A. F. of L.
The Federation
wish
of
calls
on
laboring
men
its
being
as a
ob¬
this it justifies
And in doing
form in Russia.
own
throughout the world to con¬
thing that has reared its
demn this monstrous
scene
great pacific educative
influence
pronouncement in favor of
Governments of law and order, under
This
in human affairs.
constituted
democratic-representative forms, is in keeping with
a
* ;
THE CHRONICLE
974
spirit all too much in late years
obscured if not
And we repeat that so-called
suppressed.
"capital¬
by our inde¬
pendent communities throughout the land, must
find distinct pleasure in complete accord.
ism," and our civic order, as evidenced
service which once existed,
for
field
wide
The
because
it
when
becomes
,
[Vol. 112.
constructive it ceases to
exist.
been playing
about him by
declaring all the world is against them. And he
Lenin, arch-tyrant of the world, has
the feelings of the pitiful few
upon
drives
with
labor
lash and murders innocence,
a
justice and peace by wreaking vengeance on those
who doubt.
All this is the terrible autonym to that
their place
free coalition of trades unions that have
in
the
sun
liberties
they groove their own interests,
when
and pay,
into the common equable gains
of all.
THERE IS BUT
ONE ((BILL OF RIGHTS »
The recent conclave of heads of
union labor or¬
ganizations at Washington and the publication of a
Rights," together with the announced in¬
"Bill of
tent to institute a
campaign of propaganda and to
association of
attempt to pass through Congress a bill exempting
workingmen, embraces the formulation of principles
unions from prosecution under "all anti-combina¬
and declaration of policies.
But it stops sharply at
tion and so-called conspiracy laws," constitutes a
the line of coercion. And at j ust this line the soviet
grave problem in citizenship that cannot be too seri¬
and Bolshevism begin.
And "union labor" turns
ously considered. It is an irksome duty to point out
upon itself when it denies freedom to the individual
at any time the evidences of class rule in a republic.
worker, as it does in its position upon the open shop
It is not a pleasure to be compelled to revert again
and collective bargaining outside rather than inside
and again to an overzealous body of men who seek
the plant.
While the various trades formed into
the cover of Government and laws for their own ad¬
separate unions may be called skilled in their re¬
spective though restricted fields, the province of a vantage. The veriest tyro in our politics must know
Federation of all of them is very clear in the main. that there cannot be a bill of rights within the origi¬
still exists
and
It is not for the purpose
trol of
a
an
of exerting strength in con¬
It is not for the pur¬
government and law.
of inducing
pose
to
potentially,
unity
as
opposed to and against
It is for the purpose of showing forth the
capital.
importance and worth of labor in the scheme of
life.
It
ought to be, by its very nature, in close
alliance with all
things,
defender of constitutional
a
government and the liberties thereunder, and a pro¬
tector of the interests of
a
whole people.
Skill
mechanics is not warrant for favoritism among
It is not warrant for
zens.
of thousands of
and
in
citi¬
dominating the thought
It is for aid
unskilled workers.
helpfulness, and in its friendship to "labor"
should become the friend of all men—eager to
the profit-making prosperity of
vance
its immediate return to "labor"
necessary
ad¬
industry and
by its natural and
reinvestment in industry—giving it ever-
Rights on which the Government is
nal Bill of
ed that is not in some way in
found¬
opposition to the par¬
and there¬
institutions and
ity of all citizens as formally announced,
contrary to the spirit of our
fore
For there can be
selfish in content and purpose.
but
Rights for all men in a democratic
Bill of
one
republic.
Here
about four millions
are
lions of workers banded
unions, ostensibly to advance
spiritual welfare.
forty mil¬
their material and
And there is no objection to this
methods are used, legitimate ends sought,
and laws of a Govern¬
if proper
and
among
together into a federation of
submission to policies
a
ment that bears
equally on all men—because they
citizens and1 not because they are
workers. But
these methods and ends have not been
free from sel¬
are
fishness, special pleadings, and coercive methods.
can be no doubt that the American people
widening fields to the end of free and stable employ¬
And there
ment, increasing with the accumulation of wealth.
included in the
And this doctrine is
tion
ration
distinctly supported in a decla¬
against communism and its attendant violent
seizure
and
law-disregarding operation of factories.
The benevolent
benefits, the culturing of the so¬
labor
political expression of the last elec¬
sweeping condemnation of these ultra union
a
principles and proceedings. Now, with the ad¬
a new "Administration" this persistent body
vent of
of affiliated unions meets to announce
their
demand of the
Congress to follow.
dignity and indispensable part in affairs,
monition from
defeat, it learns no lessons from pub¬
own
education
the
purposes
vances
there
in the various
in
a
as
drawing together for
to the methods and ad¬
trades, the economic power
understanding of general conditions
and of the duties of
the
is
of comparison
there is in the
citizenship, all these
are
lic
opposed to communism and Bolshevism.
opinion, but with a brazen disregard for all
citizens who
drive upon
own
are
the citadels of our autonomy to have its
way.
demand that
dations of
our
strength.
its
rights of the people.
It lusts after power.
To the coercion
compulsion of numbers.
It
democracy transformed by unbridled desire into
autocracy.
Communism would gather the toilers
zens,
We
our
We deport enemy aliens
courts in behalf of the contravened
and invoke
undoing.
Vv>' V'v
Bolshevism.
public speech shall not assail the foun¬
For it is the utter selfishness of Bolshevism that is
of theories it adds the
other
equal under the law it plans a new-
We talk of the far-off menace of
within
province of federated unions and they are in
themselves
is
what it will
It takes no ad¬
spirit, the lifting-up of toilers, to appreciate
cial
But here is one class of citi¬
and the only one, openly avowing that laws
must be
changed in its favor. We are not unmindful
that farmers'
organizations have from time to time
super-govern¬
petitioned Congress for redress of grievances, but
ment, in theory—but in fact it is an aggregation of
they have, we think, done so under our primal Bill
of
all the
hornets'
earth
under
a
sublimated
nests, each a separate hive of selfish malev¬
olence, and against all comers.
*
It
is
destructive
of
Rights, and not under one -which is above this
and in
antagonism to it.
And it is just this constant
V
March 12
THE
1921.]
hammering that constitutes
to
our
political
and
peace
menacing agitation
a
public welfare. Why
our
not, if the old indefeasible rights are moribund, de¬
clare
a new
The
bill, not for union labor, but for all men?
doors of
this
distinctly anti.
Suppose there
similar exclusive organizations, affiliated, of
the various
■; :,?:y; ;
is
movement
were
or
industrial
Congress
with
pronunciamentos,
farmers and laborers?
is idle
It
to
woulc
capitalists,
point to the
expressions of Chambers of Commerce throughout
vvs'v:
the country.
tals to
do
gravamen
existence
and
These have no-power to order "capi¬
anything
of
acts,
these
But the
unions, judged by their words
not only
constitutes
never-ceasing insistence
to
than "labor."
more
too much overlook is that the very
we
islature.
class, but their
a
so-called rights peculiar
on
themselves and their member-workers
tends
to
perpetuate strife among the people and create and
The decision is
by
bare majority, the
a
opinion being written by Justice Pound, with the
of Chief Justice Hiscock
concurrence
and Justices
Hogan, Andrews and Cardoza; Justice McLaughlin
of
Syracuse dissented, and Justices Crane, Collins
and Chase did not
interests, clamoring at the
could this be in the interests of
075
CHRONICLE
The
participate.
argument follows along the lines of sustain¬
ing decisions by
lower
courts
November
on
26.
Seeking to distinguish between contracts in public
utility maintenance and
contracts
building, the prevailing. opinion
it may
not
relating
argues
to
a
that while
theoretically be said that building houses is
monopolistic, that if
other landlord may
one
tenant is expelled an¬
receive him, that rents
are
fixed
by economic laws, that nobody is compelled to have
home in New
a
found
an
"that
one
no
York, etc., yet the Legislature has
abnormal condition
build," that
builds
existing in practice,
because it is
unprofitable to
seek the uttermost farthing from
owners
perpetuate divisions which do not naturally exist.
persons
However much denial may be made of conscious
belief and overt intent when
ing and oppression have become general; it is with
this
toward
the State has to deal in the
charged with leanings
socialism
onslaughts
on
and
communism, these constant
so-called capitalism, breed these very
things—and they in turn
vism.
We may pass
hold the observance
their
own
will
forerunners of Bolshe¬
are
by the announced resolution to
of
lawful
injunctions within
unbridled and
as an
passion-impelled
who choose to live here, "and that profiteer¬
condition, and not with economic theory that
for the power
existing emergency." As
of eminent domain, the distinction
between that and the police power
is the
right to
"is often fine,1
But in this instance "what is taken
said the Court.
one's property oppressively, and
use
it is the destruction
of that
right that is contem¬
spirit of defiance, but this slow, deliberate, reitera¬
tion of special
rights is against the public good and
plated and not the transfer thereof to the public use;
is
of
evil of
an
growing
rary or permanent
of
education of
can
injunction against
single union, issued by
a
What
concern.
laboring
a
tempo¬
specific act
a
over
long periods of years?
These tactics
are
not in
They
by their
keeping with educational
undemocratic and
are
nature.
very
nuisance,
co¬
The longshoremen, the
or
to the establishment of building
It all lies within the
police
police power."
power
according to this line of argument.
ture
and social advance.
ercive
taking is, therefore, analogous to the abatement
a
restrictions and is within the
court, have to do with
a
through association
men
the
and
may
may
meet it.
discover the existence of
of the State,
The Legisla¬
an emergency,
then enact any laws deemed necessary to
To
uphold the landlord's right to maintain
ejectment would be,
plumbers, the structural steel workers, the locomo¬
tive engineers, may for mutual benefits form so¬
the
cieties, but
says
Justice Pound, "to crack
And he adds:
as
long
as
they
purely benevolent
are
legislative design into fragments, which would
afford little
protection to the tenants in possession."
and claim
no
immunity from any of our laws on that
ground they are estopped from all approaches to
Congress, the Executive and the laws
It is inevitable
representative
unions will go
fied.
as
our
form
citizens rise to protect our
of
to pieces,
But the
Much
permitted to
brooding hath
.
it
is
made
them
mad.
danger is that they will dissolve into
more
with
war
spirit and form of the Republic itself.
this
must
that
answer
con¬
hundred and five
one
disgruntled and dangerous elements at
the very
these
be altered and modi¬
be
never
forty millions, let alone
millions.
that
government,
or must
Four millions will
trol
of the land.
Why should there be
any
to-day
are
spent.
democracy
or a
republic?
sive
Why does not public opinion, as arbiter,
itself, when these purely selfish and subver¬
announcements
are
made?
ultimately to be overthrown
.
large
are
indifferent to
the
Is
to
THE
its
the
because
true
Republic
citizens
import
"movement," to its continuing effect
and
on
the
at
this
of
masses,
present incitement to unrest?
cision
HOUSING
LAWS
AND
THE
COURT
Tuesday the Court of Appeals rendered
OF
de¬
rent and housing laws of the last Leg¬
the general welfare."
The
highest tribunal of the
with the lower courts in
State seems to be
quietly passing by the pro¬
vision of the Federal Constitution
as
words could state
pass any
which,
as
plainly
it, declares that no State shall
law impairing the obligation of contracts.
Nobody lias ventured to deny that these housing
laws effect such
lusion
an
impairment, and the nearest al¬
which Justice Pound seems to make to
is when he makes the remark
of
this
(which, as a statement
fact, does not seem to have been established as
nation is that
private contract rights must yield to the public welare when the latter is appropriately declared and
defined and the two
a
upholding the constitutionality of the batch
of emergency
freedom to promote
yet) that "the rule alike for State and
APPEALS.
On
for which governments are founded and made itself
powerless to secure to its citizens the blessings of
And
body of citizens claiming
a
legislative or police power is a dynamic
and undefined in scope, which takes
vague
private property or limits its use when great public
needs require, uncontrolled by the constitutional
requirement of due process. Either the rights of
property contract must when necessary yield to the
public advantage, or it must be found that the State
has surrendered one of the attributes of sovereignty
present-day leaders of union labor
for when the fevers of
exemption from universal laws in
assert
"The
fancy,
rary,
conflict; but if the law is arbi-
unreasonable and not designed to accomplish
a
legitimate
valid."'
purpose
the courts will declare it in¬
v
THE
976
[Vol. 112.
CHRONICLE
this pressure and this
socialistic. For we cannot yet
in opinion.!
The head of the United Real Estate
quite imagine the Legislature carrying its police
Owners' Association is quoted as saying that these
powers to enacting that the funds of the great life
laws are bound to stand for five years at least and
insurance companies and other financial institu¬
the wiser course would be to try to correct some
tions shall be turned into building, at whatever in¬
points in them rather than fight them further; his
cidental loss might be involved in selling invest¬
association, he says, has several amendment propo¬
ments, yet can anything be more certain than that
sitions, such as that, pending disputes, the rent
which the tenant admits to be reasonable shall be capital cannot be driven into housing construction,
and will not investments that are not (as yet) un¬
paid to the landlord instead of being tied up in
der statutory control be preferred to those in which
court, where he says over five millions are now im¬
the State is to decide every point of return?
We
pounded; that a court adjudication on rents shall
are ostensibly seeking the general welfare and the
stand effective for a year instead of being repeated
public health, and so on, but is it quite certain that
monthly, thus disposing of thousands of suits which
we are doing that in right ways?
If there must be
are in court only because taken there every month ;
more houses, and if private funds will not build
taking from the court's discretion what is a reason¬
able rental and fixing that at 15% net profit.
On them, for lack of sufficient inducement, then there
is the always-ready recourse of the public funds; let
the other hand, it is announced that five real estate
the State or the city step in, and voices calling for
bodies have agreed to carry the case on to the final
this further bound into quicksands are not wholly
tribunal in Washington, where (possibly) the in¬
The real estate men seem
to be
somewhat divided
Further, the trend of all
yielding to clamor is
hibition of
attention.
impairment of contract may receive more
It is also said—and observe that this is,
practical im¬
all, the point of largest present
after
opinion
is that the effect of the deci¬
portance-—that the general consensus of
real estate men
among
sion will be to either slacken or
halt further build¬
Speculative builders, it is said, have produced
ing.
probably 90% of multi-family structures, and they
bank upon finding a ready market.
These people
are not altruists, and they will naturally not be
naturally not be
build¬
ing concern is quoted as saying that we are "through
building until the clouds clear away; we had
planned to go ahead on an operation involving the
to build, when buyers will
eager
ready to buy. One head of an apartment-house
erection of twelve or fourteen apartment
houses, but
don't dare to take a chance now that all hope
we
getting the investor back into the market has been
shattered; other builders feel as we do, for they be¬
lieve
that
if
they build now the rent laws
of
extended
1922,
to
lacking.
Just for
be
clude
crowding and squeezing
of the
common
means
that
possibly be otherwise ?
It is said
legislator can lead a horse to water but ten
Saved-up labor in the form
one
"capital" for the sake
Suppose, instead, that some
sought for pulling down the arms
people.
had been
organized labor, folded across the chest, in unani¬
mous denunciation of owners and landlords, and in
of
an
equally unanimous declaration not to
waive a jot
the side¬
concede a penny
a moment on the work-day.
nothing would have been effected, yet
demands; let the city huddle on
of labor's
walks, if must be, but "we" will not
price
on
or
Perhaps
had such
a
taken, might it not
line of thought been
have clarified and
cooled
have been at least a
our
heads?
Would it not
facing towards return to nor¬
mal, instead of further rushing
towards a semi-mili¬
tarism?
FARM RESERVES OF
The official
CEREALS.
report on the stock of cereals on farms
in the United States on
tion law."
How could this
of thought:
this is along the familiar
line of
apartment houses built under the tax-exemp¬
as
so
instant take another turn
in¬
will
beyond
an
It is undeniable that all
March 11921, issued by the
the Department of Agri¬
heavier
aggregate of grain held in localities of
Crop Reporting Board of
culture
on
Tuesday last, and disclosing a
can't make him drink.
combined
of
growth on that date than ever before at the same
time in the history of the United States, is calcu¬
a
capital
may
be threatened, or even pounded with
club, but it will run if it can, and if it cannot get
itself
the
of
out
specific form it occupies while
pounded it will decline to go any further into that
dispel any apprehensions that may have
lated to
been existent as to the
form; it wrill halt "until the clouds clear away. '
These
housing laws and the court action thereon
the current
follow
on
whenever
eral
the line that constitutions go
an
emergency
The
suspense
mere gen¬
proposition is indisputable and admitted in the
most extreme
on
is suspected.
into
remarked the
seem
to fit
But
cases.
heroic surgery
one
cannot live and thrive
alone, and
as
has already been
danger of suspending constitutions to
present needs is two-fold: it tends swift¬
ly to undermine respect for fundamental law; it
tends
as
swiftly to so accustom us to these violent
procedures that we cease to be disturbed by them or
even
notice them.
A third objection may be raised
with like force: not
the end
cure
worse
the
disease.
space, more
may
the remedy
prove
in
Are
we
getting
more
housing
reasonable landlords, more steady and
satisfied tenants?
dared
only
than the disease, but it is likely not to
answer
firmatively.
any
He would be a rash man who
of these practical questions af¬
adequacy of supplies to meet
export requirements until
home and
cidentally, too, as the report
carry-over
such time as
In¬
year's product shall begin to move.
revealed a much heavier
than had generally been expected,
easier
grain markets have resulted.
It is a notable fact
that the corn stock in the hands of growers on March
1
was
almost half of the record
production of last
and the same remark applies with nearly equal
force to oats.
Of wheat, likewise, the supply, while
year
somewhat less than the
on
amount remaining on farms
March 11917 from the
was
At
with that exception
the
same
wheat at
billion bushel crop of 1916,
the heaviest in our history.
time, however, the visible supply
points of accumulation in the country
of
is
half what it was a year ago
of the total of 1919, but
combining these with the stock on farms, we still
have an aggregate for the current year of some 238
million bushels, or 23 million bushels more than a
only a little more than
and
year
only about one-quarter
ago,
and not materially under 1919.
These
March 12
results, of
1921.]
THE
CHRONICLE
do not take into account the stock
course,
at mills and elevators
March
on
1, which
Qtoxxmt
foments anfl giscuasimis
81,-
were
916,000 bushels, against 117,950,000 bushels
977
a year
OFFERING
CONTINUED
million
bushels,
The
compared with 333 millions last
as
year.
usual
count
Moreover, the winter wheat
outlook is
crop
now
true that the official
report
on
It is
planting of the
offering of ninety-day British
of
basis
6%, the rate which has
time past.
some
about 2.8% less than
time it
than the acreage from
in
was
which the
on a
dis¬
effect for
ON
FRENCH
TREASURY
harvested
BILLS
CONTINUED
'
in the previous
close to 7% greater
crop was
been in
'
AT
.
same
Treasury bills
cer¬
RATE
fall, but at the
TREASURY
The bills in this week's offerings are dated
March 7.
eal, made public last December, indicated that the
area sown was
BRITISH
disposed of this week by J. P. Morgan & Co.
was
unofficially assumed to be quite satisfactory.
OF
BILLS.
The total supply this year, therefore, was 320
ago.
The
French
this week
on
GY2%.
ninety-day Treasury bills
discount basis of
a
dated March 11.
are
disposed of
were
6^%.
The bills offered
"
1920, and the grain went into the winter better
than
in
1919.
There have
time to time of
bugs, but
complaints from
damage by the Hessian fly
$100,000,000 FRENCH GOVERNMENT BONDS ADMIT¬
TED TO N. Y. STOCK EXCHANGE LIST IN PLACE
or green
OF
the whole the crop is believed to have
on
wintered well and,
ment of
been
area
as
this being
fact, the abandon¬
a
result of winter
a
to be much less than
winter wheat at this
a
killing is likely
The outlook for
year ago.
time, therefore,
ered to be at least up
be consid¬
can
to the average.
This conclu¬
sion finds substantiation in the official weather bul¬
The
TEMPORARY
RECEIPTS.
Governing Committee of the New York Stock Ex-
change approved
on
March 9 the application for the admission
to the list of the French
Republic 25-year external gold loan
8% sinking fund bonds, in place of the outstanding temporary
receipts which had been issued.
Details of the offering of
these bonds
appeared in the "Chronicle" of Sept. 11,
page
1035.
CAPITAL
REPORTS OF
LEVY
FOR
FRANCE
DENIED.
letin for the week
ending March 8, which indicates If According to a cablegram received on March 5 by the Guar¬
rapid growth in Southern States and many central anty Trust Co. of New York, reports of a capital levy for
districts under the influence of
prevailing weather
conditions, with the grain unusually advanced in
the northern Pacific Coast districts and the status
of the
crop
generally good in all sections of the
France have been officially denied by
His statement that "a capital
nance.
the Minister of Fi¬
levy would
mean
the
liquidation of all private property" has been generally ac¬
cepted as indicating a definite settlement of the question by
the Government.
country.
The wheat stock
on
farms March 1 is
announced to have been
yield,
about
OSCAR
43 million bushels
than
more
a
some
with the
year ago,
in all States
reserves
except Ohio, Indiana, Iowa,
Texas, Kentucky and Tennessee heavier than at the
same
time in 1920 and the greatest measure of in¬
shown in
crease
Colorado, New York, Idaho, North
Carolina and Nebraska.
208 million bushels
to date about
up
moved from the
on
582
With the first-hand stock
1, it is evident that
million
bushels
have
far from
This is
consid¬
a
since 1913-14, only
seem
to in¬
urgent demand for the grain, or a
withholding of supplies from the market
account
on
details of which
corn
in farmers' hands
duction, is by
over on
520
the date
million
1913 of
a
or
large amount
a
March
high record
named, the increase
bushels, and
on
48.6% of the 1920
over
over
This
cept Texas and Florida shows
tion of the 1920 crop
cially stated
as
1920 being
ex¬
The propor¬
which is merchantable is offi¬
2,811,266,000 bushels,
yield, against 2,486,296,000 bushels,
or
87% of the
or an
identical
percentage of the 1919 crop, and only 1,837,728,000
bushels,
exhibit
or
a
60%, of the 1917
of last year,
about
Reserves of oats
gain of 270 million bushels
the stock
on
689,566,000 bushels,
over
March 1
against 419 million bushels,
45.2% of the 1920
or
34%,
a year
as
it is not believed that
when the
which he
very
crop,
earlier.
the comparison being between 69,836,000
bushels,
or
34.6% of the 1920 yield, and 36,848,000
bushels,
or
22.8% of the 1919 product.
long time will be required to bring about the
He will go via Key West and will be in Havana next Monday,
was
appointed, will take
regarding the
where
he
up
its work.
conferred
appointment, which
State
made by
was
Cuban
Secretary
Federal
of the
Reserve
Board;
Treasury,
Mr.
Department
President
Miguel Iribarren,
Wells, and
a
position on
a
Mr. Wells has just returned
with
The committee, created by the Torriente law, is
a
officials
Menocal
of
composed of the
nominee
of the
representative of the Cuban
banks, Porfirio Frances, of the Havana branch of the National City Bank
of New York.
'
,
The Birmingham district is interested
in the winding up of the mora¬
torium in Cuba, inasmuch as much business is transacted by this section
with Cuba and
large amount of trade is still to be obtained from the
a
The fact that
a
Cuba is
Birmingham banker is
on
the superior liquidating
pleasing to various interests of this section.
FOR
LIQUIDATION
TO AVAIL OF NEW LAW
OF
MORATORIUM
OBLIGATIONS.
In
stating that the National Bank of Cuba
Cuban institution to avail of the
new
was
the first
law providing for the
gradual liquidation of obligations incurred since the
torium of Oct.
10, the New York "Times" in
a
mora¬
copyright
cablegram from Havana Feb. 11 said:
The first financial institution to.take advantage of the provisions of the
recently enacted Torriente law for the gradual liquidation of the moratorium
is the National Bank of Cuba.
By
This
was
officially announced to-night.
contractual relation this institution, which has a branch in New
a
York City, is the depository
of the funds of the Cuban Government.
The
question has been recently raised whether the Government had the right
under this contract to insist upon payment
$22,000,000
as a
in full of deposits approximating
preferred creditor.
Simultaneously with the announcement of the bank officials of their de¬
privileges of the Liquidation Act came the statement
that the bankers' lawyers had advised them that the
the
new
first payment under
law, due Feb. 15, would be only 5% instead of 15, as previously
The appearance of what may
be termed
a
"joker" in the Liquidation Act
terpretation of the law is the subject of heated discussion.
Having applied for permission to come in under the Liquidation law, the
bank automatically binds itself to
specified dates.
the specific dates will bring about
but any group of
mit
to
the
liquidate by percentages
upon
suspension of the institution automatically
the stockholders, creditors or officers who desire may sub¬
liquidating commissioners a plan for reorganization.
reorganization*
the six
Failure to meet any one of the percentage payments upon
this be approved the institution will be
indefinite period, although
superior bank liquidation commission of Cuba, to
Washington,
Cuba.
a
local liquidating board,
Mr. Wells will leave here
an
caused consternation in some quarters here to-night, and the lawyers' in¬
Barley also shows a very much heavier surplus than
last year,
name a
accepted in the interpretation of the Torriente bill.
farms being reported
or
Cuban Act,
new
issue of Feb. 26,
expedite stabilization of conditions.
cision to claim the
crop.
our
Friday for Havana and will stay in Cuba for
carry¬
stocks, and it is noticeably heavy in Kansas, Nebras¬
ka, Iowa, Missouri and South Dakota.
given in
1,
increase in the
an
were
NATIONAL BANK OF CUBA
Every State
the Temporary Banking
on
liquidation committee has power to
which will
pro¬
the previous high of
fully 283 million bushels.
the First National Bank of
of
serve
page 798.
reporting Mr. Wells's appointment to the Committee, the
Birmingham "News" of Feb. 14 said:
commission in
1,572,307,000 bushels,
President
In
island.
price.
The stock of
at
Wells,
Liquidation Committee created under the
from
excepting 1916-17 and 1917-18, and would
of
been
farms, the 1920 <trop having been
erable decrease from all years
a
Oscar
Birmingham, Ala., will
desired end.
March
estimated at 790 million bushels.
dicate
LIQUIDATION COMMITTEE OF CUBA.
26.4% of the 1920
207,591,000 bushels, and consequently
or
WELLS, MEMBER OF TEMPORARY BANKING
officially
Should
subject to continuing under such
THE
978
give herewith the announcement of
We
CREDITORS IN CUBA URGED
TO BE LENIENT
LECTION OF MORATORIUM
IN COL¬
OBLIGATIONS.
cablegram on the
Long at Havana, Cuba, in a
Minister
that pay¬
obligations incurred during the moratorium in
Cuba may be demanded on the date of expiration at the full
face value.
For instance, in the case of an obligation in¬
curred Nov. 15 1920, to become due Mar. 15 1921, payment
in full may be demanded on March 15, the date of expira¬
tion.
It is believed, therefore, the advices state, that credi tor institutions should extend the period of payment and
be lenient in their collections, so that debtors in difficulty
may not be required to meet their obligations until conditions
Department of Commerce
9th inst. advised the
of
ments
public
A
on
plan
the latter, made
March 7:
avoiding
for
difficulties in transmitting money from
announced by the British Overseas
present
the United States to Poland has been
make payments
or
American banks may
Polish marks, British Sterling
Arrangements whereby
London.
Limited,
Bank,
in Warsaw by drafts in either
American dollars have been made.
established The Anglo-Polish Bank, Ltd.
The London institution recently
No commission will be charged
the plan they
through which remittances are to be made.
Under the workings of
American banks for such services.
issue Sterling drafts
may
on
The Anglo-Polish Bank,
British Overseas Bank, Ltd. of the issue,
Ltd., by advising the
and forwarding Sterling remittances
be issued on the Warsaw bank for
Drafts in American dollars may
to cover.
account of the
Ltd. under the same conditions as
British Overseas Bank,
Sterling drafts, except that in this case the cover will he remitted to the
British Overseas Bank's correspondent, the National Bank of Commerce
in New
York.
To-issue
opening
relieved.
are
[Vol. 112.
CHRONICLE
an
drafts
JPollsh marks will necessitate the American bank's
in
account with The
Anglo-Polish Bank, Ltd. and maintaining a
In case the American bank finds
Polish marks there.
credit balance in
its sales, the British Overseas
by mail or cable.
Bank; Ltd. advises that at the present time the
difficulty in obtaining cover in marks for
OF
QUEST FOR LOAN IN U. S.—SECRETARY
TREASURY MELLON DECIDES AGAINST
FURTHER CREDITS.
LIBERIA
With
The British Overseas
through
$5,000,000 in the United
Republic, of Liberia, Africa, a mission headed
States for the
by Charles B. D. King, President of the Republic, arrived
in New York on March 6.
It was stated that an endeavor
be made
would
conclude negotiations with
to
States Government for a
reported
was
the United
but it
Mellon had indicated, following Mr.
further advances on account
The "Journal of Commerce," from which
this is learned, said in a Washington dispatch March 8:
Following his thorough inquiry into the state of the foreign war loans,
Secretary Mellon has decided that there shall be no further advances of
ington, that there would be no
of
.
foreign credits.
funds under the war
The
new
statement in regard to his policy
for his action.
His methods are
unlike those of his predecessors
and are at once
hard-headed business banker more
others what he is doing or
recognized to be those cf the
given to getting results than to
telling
intends to do.
in connection with the
loan to Liberia, a country which took no part whatever in the war, but was
included in the number of Governments that declared war on Germany .
Last night C. B. D. King, President of the Republic of Liberia, arrived in
Washington to be met by large delegations of colored citizens and a small
deputation of State Department officials.
Mr. King's visit here is for the
purpose of securing a further loan from this Government and the amount
The Secretary's
alloted to Liberia $5,000,000, and of this amount
There was originally
$26,000 was actually paid to cover the expenses
but
of the Paris delegation of the
Thore would, therefore, be left available for a further
loan the sum of $4,974,000 but for the decision by Secretary Mellon that
the Intention of Congress was to make loans for the prosecution of the war
and the war being over no further loans can be made.
It was former Sec¬
Republic.
Judiciary
was
according to his statements before the Senate
Committee, to pay over the balance allotted to Liberia until he
Houston's
retary
purpose,
stopped by the committee.
ick E. R. Johnson, son
and grandson of two former Presi¬
Associate Justice of the Supreme
Morris, Ex-Secretary of the Treas¬
dents of Liberia, at present
Court of Liberia; John L.
who represents his Government »n Washington,
and
University and
a business man of the Republic.
On Feb. 17 a cablegram
to the daily papers from Madrid stated that reports were in
circulation there that Liberia would cede to the United States
a naval base on the western coast of Africa m return for the
loan which President King would seek.
A denial of this was
contained in a special dispatch to the New York "Times"
Gabriel L. Dennis, a graduate of Syracuse
The United States Government
with Liberia, it was stated
a dispatch from Manila (Philippine Islands)
10, official announcement is made that the Philip¬
pine Government is unable to meet further demand for the
sale of gold exchange because the Government has only
approximately $1,500,000 m gold in the United States.
The
dispatch added:
Finance, said the action of the Govern¬
the present was taken mainly
accumulated here may
disposed of easier and faster.
Secretary Barretto said that the time
resumption of the sale of exchange by the Government, and the rate
apply, can bo determined only by circumstances.
ment in
reduce
stopping the sale of exchange for
importations so that imported products
to
be
of
to
March 2 announced that it had
been reported that negotiations wore under way looking
toward a settlement of Can da's claim against Rumania for
interest on the loan for export credits; $20,571,222, it is
stated,
time
was
to
on
advanced, but of
a
normal loan of $25,000,000.
A statement by Sir Henry Drayton in
as follows m the Toronto "Globe"
April 1.
the matter
was
«riven
of March 5, its advices
press
being
in
the nature of a Canadian
dispatch from Ottawa March 4:
Sir Henry Drayton,
Minister of Finance, replying to questions,
confirmed
failed to pay interest on the Canadian loan. On
April 1 next the Interest due will amount tor$l7475,234.
"The question of
the payment of this overdue interest," Sir Henry continued, "and future.
interest installments has been the subject of negotiations between represenatives of the Dominion of Canada and the Kingdom of Rumania.
These
negotiations are still in progress."
reports that Rumania had
ECUADOR DECREES EXPORT DUTIES
IN
According to
MUST BE PAID
GOLD.
dispatches from Guayaquil, Ecuador,
press
in
March 8, the Government
a
decree issued on that date
duties must be paid in gold.
orders that export
It
added
the 8th.
is
exchange rates showed a downward tendency on
JAMAICA APPROPRIATION TO AID
but the agreement never has been
A measure
Liberia without
providing for
an
appropriation of $350,000 an¬
nually for forty years, for the purpose of helping in the liquid¬
ation of Great Britain's war debt, was passed by the Legisla¬
of the expenditure of the money lent, and it has been
well-informed quarters that English
IN LIQUIDATING
GREA T BRITAIN'S WAR DEBT.
negotiated with the Liberian
modifications that would eliminate
to
advices
Rumania, it is stated, was unable to meet the first payment
due on Oct. 1 last and asked and received an extension of
been mentioned in the negotiations
signed, the Liberian authorities desiring
American supervision
CANADA.
FROM
LOAN
RUMANIA'S
Ottawa press
that
Government for a loan to that country,
money
MEET
TO
GOLD EXCHANGE.
According to
authoritatively at the State Department to-day.
This Government more than two years ago
advance
OF
is not seeking a naval base in Liberia
and the subject of such a base has never
asserted in
SALE
FOR
March
Washington, Feb. 28, as follows:
from
UNABLE
GOVERNMENT
DEMAND
its correspondent in
'
-
PHILIPPINE
'
King's commission are Freder¬
The members of President
ury,
application either to the London bank or
on
this country.
action as to foreign loans comes
desired is $5,000,000.
colored
They are available to all American
pending such developments.
banks
Alberto Barretto, Secretary of
public no reasons
and has furnished the
a
ican needs
authorizations.
Secretary has not given out any
Some time must elapse before
central organization in Warsaw.
a
proposition can take definite shape, and the services of the London
bank and its affiliated institution in Warsaw are intended to relieve Amer¬
such
credit to the above amount,
March 8 that Secretary of the Treasury
King's arrival in Wash¬
on
scheme for dealing with foreign remittances
Polish Treasury is considering a
view to seeking a loan of
a
Bank, Ltd., will furnish remittance on Warsaw
interests have offered to
attaching the conditions which the
tive Council of
Jamaica (British West Indies) on March 9.
Liberians disapprove.
President King of
Liberia is now en route to this country for conference
with the State Department, but there is no
terms of the
proposed loan.
the State Department
ADDITIONS
inclination here to modify the
It is recalled that several months elapsed after
Further progress
plan for a loan to Liberia before the London Foreign Office decided not to
oppose
the proposed
preserve
ORGANIZATION COMMITTEE OF
TO
FOREIGN TRADE FINANCING
CORPORATION.
acquainted the British Government with America's
arrangement,
the principal object of which is to
in the plans of the Foreign Trade Fi¬
nancing Corporation
Liberia from foreign aggression.
evidenced during the past week
was
announcement from John McHugh, Chairman of the
Committee on Organization, that the original Committee of
by the
REMITTANCES
BANK
In
TO
POLAND
COMMERCE
OF
announcing
a
THROUGH
IN
NEW
NATIONAL
would be enlarged at once
interest in every
plan for facilitating remittances to Poland
to secure the
by the British Overseas Bank, Ltd., of London, the National
taken steps
Bank of Commerce in New York states that drafts in Ameri¬
business leaders
can
same
conditions
as
Sterling drafts, except that the
.
to
the
committee,
the addition of three new members
viz.: H. M. Swetland, President of the
Publishers
'Association; W. C. Redfield, former
drafts in U. S. dollars will be remitted to the British Overseas
National
Bank's
Secretary of Commerce,
correspondent, the National Bankjof^Commeree.
active assistance of banking and
United States. Under
in all parts of the
the extension program,
dollars may be issued on the Anglo-Polish Bank, Ltd.,
under the
Chicago Conference in December,
to represent more nearly every
section of the country. Mr. McHugh has
Thirty, selected after the
YORK.
and Jerome T. Thralls, Secretary
March 12
THE
1921.]
of the Discount Corporation.
the
to
all business connections
sever
dent Harding's Cabinet.
of
the
in
to his duties as Secretary
attention
Committee,
Previous references to the matter appeared in our
Mr. McHugh also announced
resignation of Herbert Hoover,
who has
been obliged
order to
Feb.
that,
to the
Corporation in the capacity of adviser on the shaping
•f its
The
Pittsburgh Clearing House Association announced
admitted
demands greater
that such
33.
providing
means
a
for
called
as
The sale of the Cor¬
34.
Pittsburgh Trust Company.
No.
35.
Fidelity Title & Trust Company.
At the
The Association, which had
tion
The
industry in all sections of the country, and their efforts
can
next few days
for the
aid
previously limited membership
so
provide for the admission of trust companies.
to
as
adoption of the changes
was
made known
will be directed to seeking further
At
men.
amendments to the Constitution were unanimously
following
the
^
Whereas, the Clearing House committee has
certain proposed amendments to
given careful consideration
the Constitution of the Association,
FINANCING CORPORATION FOR BANK INVEST¬
MENT—BLUE SKY
and the increase of the
and
of the Association;
business
Whereas, the Clearing House
Committee, as a result of its Investigation
each and every section of the
and consideration has recommended that in
Constitution in which the word "bank" occurs,
RESTRICTIONS.
there be inserted immedi¬
ately following, the word "bank" the words "or trust
Indiana is the latest State to permit banks
State
der
to
charters
for
hold
investment
operating
un¬
purchases
of
the
thousand
is
Financing Corporation, which
being organized under the Edge Act to promote foreign
by granting long-term credits to foreign purchasers
trade
the States Legislature, we are
Blue sky restrictions,
vestment
bank, according to the Foreign
Min¬
nesota, Mississippi, Missouri, Nebraska, North Carolina,
Ohio, Oklahoma, Rhode Island and Vermont.
An enabling
Illinois, Kansas, Kentucky, Louisiana, Massachusetts,
Act has just been
passed in North Carolina.
LAW
CAROLINA
MAKING
COLLECTION
200 00
Capital above $1,000,000
be eliminated.
Resolved by the Pittsburgh Clearing House Association
Therefore, Be It
In
meeting assembled, due notice having
the words "or trust company"
word
"banks"
shall be inserted, and in Section 10 after the
"or trust companies"
words
the
Section 23 of the
modification
in
the
policy of
and inserting the words "Five
the Baltimore banks
meeting of the Clearing House yesterday
called for the purpose of
of North Carolina banks which refuse to
accept checks drawn on outside banks except at a charge for collection, the
resolution adopted at the previous meeting directing member banks not to
taking further action on the case
accept checks drawn on
collection,
modified
was
such North Carolina banks, either for deposit or
so as to permit the acceptance of such checks for
member
banks to-day, and non-member banks will be asked to adopt the same policy.
The modification of the resolution was made at the urgent request of
merchants who complained that the refusal to accept items drawn on these
North Carolina banks was a hardship on them.
The Clearing House in
no way recognizes the justice of the North Carolina law which permits
banks to charge a minimum fee of 10 cents and a maximum of not more than
Y% of 1% for collection of outside items, but it was felt that inasmuch as
Richmond banks had adopted the policy of accepting such checks for col¬
lection, it was only fair that Baltimore should do likewise.
The injunction suit which is to test the North Carolina law will not come
up for decision until May,, and the North Caolina Legislature shows no
indication of repealing the law, according to advices received by local bankers
Comparatively few North Carolina banks have taken advantage of the
law.
Out of 560 non-member State banks and branches in the State, 317
are still remitting at par to the Federal Reserve Bank, and of the 243 State
banks which have become parties to the injunction suit, 24 are still remitting
at par.
Of course, all 11 State banks which are members of the Reserve
collection only.
Notice of this modification will be sent out to
system remit at par.
The Norfolk
March 10
"Virginian" also had the following to say on
regarding the law and collections
thereunder.:
Norfolk-Tidewater Association of
Credit Men yesterday that the situation in the North Carolina banking
circles relative to the extra charge for collection of their checks will adjust
itself to the satisfaction of business generally.
The Association agreed,in
view of this belief, to take no further action in the matter.
Several letters from North Carolina banks were received by the Associa¬
Indications
tion
received
were
by
the
yesterday, stating that these particular
at par,
banks are clearing their
checks
and asking that nothing be done which may interfere with their
These banks took this action following requests from the Asso¬
business.
ciation to its North
Carolina customers to make their
remittances by money
subjected to the collection charge.
While
are still 179 North Carolina banks which decreased the extra charge,
ness men here believe the situation will eventually right itself.
order or in other forms not
hundred ($500)
3 of Section 26 be eliminated from
there
busi¬
said
Constitution:
or
trust company to be
admitted as a member of this Association
hundred thousand ($500,Five hundred thousand ($500,000)
paid-up capital of not less than Five
000) Dollars and a surplus of not less than
checks drawn by North Carolina
banks making collection charges under the newly enacted
law of that State, is reported in the Baltimore "Sun" of
March 8, from which we take the following:
a
shall be inserted, that
words "Five
Constitution be amended by striking out the
thousand ($5000) Dollars"
must have a
toward the acceptance of
At
been given of the proposed changes,
Concsitution in which the word "bank" occurs,
that in each section of the
"A bank
OF
EMBARGO IN BALTIMORE.
A
.$50 00
___100 00
150 00
- -
Capital above $500,000 to $1,000,000
Dollars"; and be it
OPTIONAL—MODIFICATION
CHARGES
follows:
Capital above $100,000 to $500,000
Further Resolved, that Article
NORTH
as
of such non-member as follows:
Capital of $100,000 or under.
up
Alabama, Arizona, Florida, Idaho,
following States:
Dollars", and furthermore,
26, which reads
the capitalization
forbidding one bank to hold for in¬
stock in another
($5000)
($500)
Article 3 of Section
"Payment in advance by a non-member direct to the Clearing House
Committee, of the following sums per annum, payable quarterly, based on
advised, was taken this week.
Financing Corporation, have now been cleared
Trade
in the
That
Favorable action by both branches of
of American goods.
company," and that
be changed by striking out the words "Five
Dollars" and inserting in their stead the words "Five
language of Section 23
hundred
the Foreign Trade
in
stock
'
House Association held this
having In view the enlargement of the membership
INDIANA APPROVES OF STOCK OF FOREIGN Tit ADD
follows:
adopted, viz.:
to
business
meeting of the Pittsburgh Clearing
a
day,
prominent bankers, manufacturers, farmers and
from
as
February 17 1921.
personnel that will represent all branches of Ameri¬
a
Pitts¬
banks, last month adopted amendments to its constitu¬
to
that it is important to
have
and after March 7
on
burgh Trust Co.
poration's stock has been extended into Ohio and Florida.
The members of the Committee feel
time it also stated that
same
1921 the Terminal Trust Co. would clear through the
whereby the necessary capital can be
business develops.
the
Commonwealth Trust Company.
Colonial Trust Company.
No.
It is pointed out
of American foreign trade by
poration to meet the needs
Union Trust Company.
32.
No.
such times as future business
amendment would operate to enable the Cor¬
an
having been
membership in the Pittsburgh Clearing House Association,
to
No. 31.
capital, instead of at the arbitrary periods
Act in its present form.
named by the
on
companies to member¬
will clear their own checks:
N.
stock payments at
PITTS-
TO
ADMITTED
ship, its announcement saying:
Edge Act which will permit the directors to call for install¬
on
COMPANIES
March 5 the admission of five trust
ganization Committee intend to seek an amendment to the
ments
issue of
892.
On and after March 7 1921 the following trust companies,
that the leaders of the Or¬
announced
been
page
BURGH CLEARING HOUSE ASSOCIATION.
foreign trade plans.
also
page
TRUST
FIVE
Secretary of Com¬
as
Mr. Hoover will be able to render valuable assistance
has
792, and March 5,
give his full
of Commerce in Presi¬
merce,
It
26,
It is the opinion among members
however,
979
CHRONICLE
Dollars,"
The Pittsburgh
mission of trust
"Gazette-Times" in referring to the ad¬
companies to membership said:
Before this action the
membership of the Association consisted
tional banks and the Pittsburgh
of 15 na¬
of this
branch of the Federal Reserve Bank
district, and last year aggregate exchanges
handled were nearly $9,000,000,-
000.
The combined resources
of these five institutions foot up more
000,000, which sum is added to
of the
Association.
the Clearing House
than $220,-
the banking resources of the 21
members
companies through
has been handled by the national banks which are mem¬
Heretofore the business of these
bers.
The Pittsburgh Clearing
House Association was organized on Feb.
existence it has handled atotal business
I860 and in the 54 years of its
8
of
$101,839,070,789 20.
_____
NEW YORK STOCK
EXCHANGE REQUIRES NOTICE OF
tNTO.
PARTNERSHIPS BEFORE ENTERED
NEW
An amendment to the
constitution of the New York Stock
Exchange which became effective
March 3 requires members
partnership or admitting new members to
their firms to notify the Secretary of the Exchange before
the arrangement becomes effective.
The following is the
announcement regarding the new amendment:
forming
a
new
NEW YORK STOCK
EXCHANGE.
March
The following
ing Committee on
accordance with the provisions of Article
entire
1921.
XXXVIII. of the constitution,
disapproved within one week by a
membership, becomes law iths day:
and, not having been
the
3
constitution was adopted by the Govern¬
Feb. 23 1921, and was submitted to the Exchange in
amendment to the
majority vote of
XXXV.
Sec.
2.
When
a
member intends to form a
individuals to an existing
partnership, or admit other
duly,notify the Secretary
partnership, he shall
opportunity shall be given the committee on
commissions to consider the proposed arrangement before the same becomes
effective.
On receipt of such notice from a member the Secretary shall
cause the same to be posted upon the bulletin of the Exchange, and it shall
also be published in the weekly bulletin.
Members shall promptly notify
in writing to
the Secretary
that effect, and
of the retirement from a
the dissolution of
partnership of any individual or of
such partnership.
E. V.
Insert in
/
Constitution.
D. COX,
Secretary.
THE
980
NATIONAL ASSOCIA TION OF CREDIT MEN
AGAINST NORTH
PROTEST
Although mention
and Currency Executive Committee of the
National Association of Credit Men has issued a statement
legislation in North Carolina which
prohibits notaries public from protesting for non-payment
checks, drafts, &c., when such non-payment is due to the
refusal of the bank on which the check is drawn to pay it
at par, as a result of which the par collection system now in
use jn practically all parts of the country is largely nullified
in North Carolina and sellers into the State are greatly in¬
convenienced.
The Credit Men's Association says:
protesting against recent
Several associations of credit men
in Maryland and Virginia liave
resolved
North Carolina merchants to pay their accounts only in checks
national banks or other institutions through which collections of
to call upon
North Carolina checks can be
made at par.
of the National Association of
The affiliated organizations
emphatically and support a movement to repeal the new law, which is
of the State and the free flow of that
called hostile to commercial interests
which has become so important in business transactions—the check.
attention of the Banking and Currency Executive Committee has
currency
The
also been called to the activities of
certain banking interests against the par
collections and the likelihood of the renewal of the struggle
this question in Congress.
The committee has just gone on record as
system of check
over
Association of Credit Men in the de¬
fense of the par system as conducted by the Federal Reserve banks.
The
National Association of Credit Men, which has 33,000 members and af¬
filiated branches in 130 cities throughout the country, has twice defeated
efforts to undermine par collection of checks.
Now that a third battle is
Imminent, the credit men are preparing to present their arguments in favor
of the present system as against the proposed plan.
M. T. Fleischer of Philadelphia is Chairman of the Banking and Currency
placing the resources of the National
Executive Committee.
unable to give then,
Mr. Williams'
resignation to President Wilson. We hence take
to print the same herewith.
the
of
letter of
occasion
STOCK
LAND
BANK BONDS.
Following last week's decision of the U. S. Supreme Court
upholding the validity of the Federal Farm Loan Act (re¬
to in these columns of Saturday last, page 888)
ferred
The
Trust Company of New York, Halsey,
and William R. Compton Co. of New
Equitable
Stuart & Co., Inc.,
offering Joint Stock Land Bank 5% Bonds,
dated May 1 1919, optional May 1 1924, due May 1 19391
and an issue dated Nov. 1 1919, optional Nov. 1 1924, due
Nov. 1 1939.
The bonds are in denominations of $1,000
York,
are
and $500;
bonds
The
interest is payable May 1st and Nov. 1st.
offered at prices to yield over 5^%»
are
The
an¬
nouncement says:
The United States Supreme Court on
Feb. 28 1921, upheld both the
and the tax exemption features of the Joint Stock Land
Bank bonds issued under this Act.
This decision definitely established the
legality of the Joint Stock Land Banks and the tax exemption feature of
these
bonds.
extent as
These
5%
bonds are exempt from taxation to the same
Liberty 3 Ks.
i hereby respectfully resign aa
are
are
You honored
1914, and
me
1920.
issued under rigid Government supervision.
These
secured either by Government approved first mortgages on farm
When opposition to my
fitness anfi opportunity to investigate
my
all
administration which might be developed.
on Banking and Currency conducted hearings
accusations against my
Two Senate Committees
of 1919, lasting,
than seven
Sixty-fifth Con¬
gress reported favorably on the unanimous votes of the Democratic members
with only four opposing Republican votes, hut a "filibuster" in the closing
hour of the session prevented action oni any nominations.
The Com¬
on
my
appointment in Feb. 1919, and again in the summer
together
The
Banking and Currency Committee of the
mittee of the first session of the present Congress
defeated
motion
a
for more
adjournments,
and
interruptions
with
months.
by a strictly party vote,
supported by every Democrat on the Committee, to
report the nomination favorably, and up to this time has
made no report
at all.
'
expressed opposition to my confirmation, and prolonged
As the
before
committees,
have felt that I
entitled to
was
me,
a
that your course in nominating and
administration of the Office might be endorsed
to induce actiyn
renominating me, and
so
,
hearings
by implication, under charges, I
verdict.
Therefore I have used every
virtually put
means in my power
my
expressed that they could
had the right to ask a
decision
suggested
be' known and
met.
I have
office but that I
tried to make clear the fact that I desired to retire from
the evidence taken and upon discussion
on
and consideration of it.
As I shall
so soon
be
a
private citizen, I am free to say that certain
who have the power to act have
Senators
dodged and evaded ignominiously.
I have
urged, and pleaded in vain discussion in the open Senate or executive session
of
any
objection to
My information is that Senator
confirmation.
my
McLean of Connecticut, Chairman of the Banking and Currency
refused to report my case because
not
I
a
was
Committee
he promised a certain partisan politician,
member of the Senate, that he would not report it.
Unfortunately,
compelled to put in the record of the hearings an incident seriously
involving the veracity of the man whose favor Senator McLean sought to
I
obtain at the cost of justice and fair dealing.
am
that the person to whom the promise was made recently
Senator McLean from the
own
informed, however,
consented to release
obligation referred to, but the Senator refused to
submit the matter of my confirmation to a Senate
his
containing
a
majority of
He had probably learned that a considerable number of
party.
of his course and his petty politics, and
rank injustice
would have voted to confirm my
But as Chairman,
nomination even though he had reported adversely.
Senator McLean chose to smother the confirmation in
Committee, I am
compelled to conclude that this Senator lacks both the moral and mental
uphold the duties and dignities of his office, and that the con¬
therefore,
calibre to
sideration due to those, as well as the most sacred rights must,
With such
a
person
in such
a
place stopping the way of action, all evidence
and consideration of right and propriety are alike unavailing.
Aniious to have my record in office and all criticisms of it submitted to the
and argument
investment for all fiduciary and
security for Postal Savings and all other deposits of Governmen
The wide publications of a statement that the Banking
and Currency
Committee reported unfavorably or against my nomination are false,
results of the purposes
.
speedy
hearing granted by law to even the mosit guilty culprits, when accused.
trust funds under jurisdiction of the Federal Government, and are accept¬
as
inquiry into
confirmation developed among the Republi¬
justice to you and to myself required me to
Senate, with a majority of his own political party, I am denied the
Joint Stock Land Bank bonds are a legal
funds.' ■"
again in Dec.
June 1919, December 1919, and
in the Senate, I felt that
request the fullest
duties of this office in Jan.
sessions of the
highly by renominations at successive
Senate in January 1919, in
cans
2.
by entrusting me with the
even more
be subordinated to his sordid and small political and personal purposes.
lands or by Government securities.
able
1921.
Comptroller of the Currency, resignation
to take effect at the close of business March
Joint Stock Land Bank bonds are instrumentalities of the United States
Government and
bonds
February 28
C.,
D.
Washington,
My Dear Mr. President:
fair-minded Republican Senators had been disapproving the
constitutionality of the Federal Farm Loan Act creating the Joint Stock
Land Bank system,
we were
of other matter,
pressure
by confirmation, or that if any reasons for rejection existed or were
JOINT
OF
made in these columns last week
Comptroller of the Currency
because
they might be
OFFERING
was
(page 892) of the resignation of John Skelton Williams as
out
Credit Men are being urged to come
WILLIAMS
JOHN SKELTON
OF
COMPTROLLER OF THE CURRENCY.
CAROLINA CHECK COLLECTION
The Banking
drawn on
RESIGNATION
THE
LEGISLATION.
.
[Vol. 112.
CHRONICLE
the
of somebody unknown to me to spread falsehood.
I would have welcomed such a report if it had resulted in securing for me a
EXPECTED
COMPTROLLER
THAT
ORDER
FOR SALARY
NA TIOtfAL
In
WILLIAMS'S
In
BANKS WILL LAPSE.
Williams for information from national banks regarding the
to
lapse, the Baltimore"Sun" of the 9th|inst.Iin advices from
its Washington Bureau said in part:
Andrew
W.
rescind
my
the
directed
Mellon,
order,
Acting Comptroller Thomas
thereby flatly repudiating
Comptroller Williams.
of the Treasury,
P.
Kane to
now
is, will not be
brief compilation of the facts and of the reasons for my action.
Please allow me also
I have been able,
comply, Is not known, but reliable reports indicate that there
the
are
subject
was a
to a fine of .$100
great
a
Comptroller for submission of information.
to
come,
CURRENCY.
Crissinger, of Marion,
on
The
was
Ohio,
was
nominated by
March 10 to be Comptroller of the
referred to in
nomination
(March 11).
long friend
was
our
issuejof Saturday last,
page
892.
confirmed
by the Senate yesterday
Mr. Crissmger, whb is a Democrat, is a life¬
of
President
Harding.
He
is
a
lawyer and
President of the National City Bank & Trust Co. of Marion,
formed last year with a capital of $300,000, as successor to
he
City National Bank of Marion.
what I
best wishes for
your
any
people.
.
*31
happiness through many long years
(Signed)
JOHN
SKELTON
WILLIAMS.
,
President Wilson's reply of acceptance was as follows:
The
My Dear Mr.
White House,
Washington, March 1
T
of the twenty-eighth
•;-4-444'*
I need not tell you
your
1921.
Comptroller:
with what deep and genuine reluctance I comply with
wish that I accept your resignation to take effect "at the close of
1921."
You have been done a gross injustice by the
business, March 2
Currency, succeeding John Skelton Williams, whose resig¬
nation
gratification that
small part in
I have read with the greatest sympathy your letter
D. R. CRISSINGER NAMED AS COMPTROLLER OF THE
R.
a
I remain
of February,
D.
profound
the greatest Administration since
problems that ever confronted
With my earnest
day
day that passes without compliance after the time limit fixed by
President Harding
as
Respectfully and faithfully yours,
the American Bankers' Association had advised them that they need not
Under the law national banks
to add my
kindness, to have
beginning of this Republic, when viewed from the standpoint of vast
momentous
The number of banks which refused to abide the order after counsel for
many.
your
achievements, courageous action and wise and skilled handling of the most
done, and the officials will simply let the order die.
for each
at this time
through
confidently believe history will record
the last important act of
But that, the understanding
expiration of the time I might have occupied this Office under
requires me to present to you, who honored and trusted me so kindly this
the
new*Secretary
view, Mr. President, resignation under the circumstances, and
present tenure, and pending action by the Senate on my nomination,
very
paid to officers and employees is likely to be allowed
Few would have been surprised had the
my
before the
stating that the order of Comptroller of the Currency
salaries
hearing before the Senate or the public, but if there was will to make it,
the nerve was lacking.
SCHEDULES FROM
'44:
way
in which the Senate Committee has handled the question of your
I can only believe, however, that time will disclose the
reconfirmation.
injustice to everybody and that the
if not by one
I have had the
you
the
right verdict will be rendered by opinion,
of the Houses of Congress.
pleasure upon more than one occasion of expressing to
the approval not only, but the admiration with which I have followed
of your office.
You can carry away with you into
administration
private life the satisfaction of having
of the Currency
performed the duties of Comptroller
in a way which has redounded not only to the credit of this
administration, but to the material benefit of the financial interests of the
country.
With the warmest
regard,
Cordially
1
and sincerely
yours.
(Signed) WOODROW WILSON.
March 12
THE
1921.]
Chairman of the Senate Committee
Senator McLean,
on
INSTITUTIONS AUTHORIZED BY FEDERAL RESERVE
Banking and Currency in replying on March 3 to the charges
had
prevented
Senate said:
opportunity to disprove the charges urged against
Weeks
were
occupied in taking testimony; the hearings
The committee voted against
public and the testimony was printed.
National
The First
National Bank
is composed of Senators,
of "Mr.
abuse the court; and, as that court
reprehensible conduct in office, it is to be
November, and his letter to
Williams's
the President would indicate that he is a very poor
Williams
Treasury
named
was
March 14
on
as
loser.
He
1913, and in January 1914, was
as Comptroller of the Currency.
At that time the fight
started by Representative
Pennsylvania banker and others.
reappointed Feb. 3 1919.
was
confirmation
his
McFadden,
powers:
a
Cedarhurst,
N.
Y.
Spartansburg, S. C.
Duluth, Minn.
Pender, Neb.
UNITED
The
System
POSTAL
STATES
total
March
on
SAVINGS
DEPOSITS.
deposits in the United States Postal Savings
according to
an
1st
were
approximately $163,350,000,
announcement issued on March 9 by the
Division of Postal Savings of the Post Office
Assistant Secretary of the
nominated for the first time
against
Cedarhurst,
The First National Bank of Pender,
it is to be expected that he will have the cordial
born in mind that there was an election last
Mr.
of
of Spartansburg,
The Minnesota National Bank of Duluth,
cooperation of the Chief Executive.
Outside
Bank
duty to act accordingly.
was my
Mr. Williams's privilege to
now
granted permission to the
following institutions to exercise trust
Senate, and as Chairman of the
back to the
reporting his nomination
It is
the
Peninsula
his confirmation.
Committee it
by
TRUST POWERS.
The Federal Reserve Board has
s
Mr. Williams had every
were
confirmation
Comptroller's
the
TO EXERCISE
BOARD
Comptroller of the Currency Williams that the Senator
of
981
CHKONICLE
was
Department.
This statement says:
That
the
continues to render a valuable service to its many
System
patrons is evidenced by the fact that the deposits with it during the month
of
amounted
February
to
more
than
$10,000,000.
disturbed
Despite
qonditions in certain localities, which deposits indicate are rapidly becoming
adjusted, in
many
sections savings deposits have increased by leaps and
bounds.
During the month of February the following offices made gains or over
$20,000:
;■
1.
JOHN B. JOHNSTON AND THEODORE G.
SMITH MADE
2.
Boston,
302,383 6. Roslyn,
Wash
7.
131,467
signed
in the United States District
Manton,
Judge Martin T.
Court, has
an
3.
CO.
the co-re-
order making permanent
ceivership of John P. Johnston and Theodore G. Smith, who
appointed
were
Co.
receivers for the failed firm of Imbrie &
March 3.
Under the order West & Flint, accountants,
on
are
of the firm under the
designated to audit the books
and
and all
receivers
of the
direction
co-partnerships
persons,
having claims against the firm are no¬
corporations
tified to assert these claims on or before May 8 1921,
and
Seattle,
Brooklyn, N. Y........
One hundred and
will
preclude such creditors from participating in any dis¬
tribution made by the
that
a
Room
receivers.
The Court directs further
meeting of the creditors be called for on April 8,
Special Master to pass upon all claims
According
taken
charge
failed
firm.
New York
State Banking Department has
of the
banking department of the
private
Egbert, an official of the State
George W.
Banking Department/ has been in charge
of the business ever since the
receivership
of this branch
announced.
was
is said, in accordance with pro¬
This action was taken, it
visions of the State Banking Law to protect the interests
The deposits were said to approximate
depositors.
of
$300,000.
international aspect on March
The failure was given an
4, when it was learned that two lawsuits pending between
the
and
firm
the
State
Brazil,
Catharina,
of Santa
had
been settled.
never
affairs
Imbrie & Co. were very largely interested in the
of the Savannah & Atlanta Railway
Co., holding, it is said,
upwards of $2,000,000 of the securities of that railroad.
Press dispatches
from Boston, dated March 7, state that
William Minot and Waldo S. Kendall, former
ners
in the failed firm, have
der the name of
organized
Boston part¬
a new company un¬
Minot-Kendall & Co., Inc., and will assume
all the liabilities of the Boston
hew company, it is
21,436
forty-nine postal savings depositories now have oyer
In view of the fact that many
applicants deposit $1,000, attention is
System is now $2,500.
attacked
The
statement
contains
list of
a
the
postal
savings depository post offices with amounts on deposit in
of
excess
$1,000,000.
1,700,739
Wash
Mo
7,972,558
4,490,574 Milwaukee, Wis
111.......
...
1,665,625
1,478,118
3,929,010 Tacoma, Wash_...^.r.u 1,354,765
1,272,100
3,621,824 Cleveland, O
Pa
Mich
Detroit,
$1,768,826
Ore
Kansas City,
Mass
Pittsburgh,
Portland,
15,594,388 Seattle,
Brooklyn, N. Y
Boston,
*
$49,443,358
N. Y._
New York,
3,049,021
Newark, N. J
——
St. Louis, Mo.
1,995,160
Philadelphia, Pa
San
Francisco,
.
1,248,384
1,132,890
Calif
PAUL F. MYERS RESIGNS AS ASSISTANT
The
office of Imbrie & Co.
It
conducted
substantially the same Boston organizations as
firm name of Imbrie & Co.
announced
was
on
COMMIS¬
March 3 that Paul F. Myers,
sistant Commissioner of Internal Revenue,
his resignation to
Mr.
As¬
had submitted
the Secretary of the Treasury, with the
request that it be accepted at the earliest
practicable date#
Myers entered the service of the Bureau of Internal
Revenue in October 1913, and was a
tee which
member of the commit¬
drafted the first income tax regulations.
He
or¬
ganized the first income tax division of the Bureau in 1914
and 1915 and on April 1 1915 was appointed Chief Clerk of
in which capacity he served until November
Chairman of the committee appointed in
the Bureau,
He
1917.
1917
was
reorganize the Bureau and during the same year
to
reorganized the Bureau's legal department. In December
1917 he was appointed Chief Clerk and Executive Officer
of the
Treasury Department and served until
February 1920,
Deputy Commissioner of Internal Revenue.
He is the author of many of the income tax regulations.
He
has been a member of the District of Columbia bar since
when he became
1916 and will engage
ington.
in the practice of his profession in Wash¬
"
GEORGE
stated, will continue to do business with
the business under the
49,212
71,929
SIONER OF INTERNAL REVENUE.
statement appearing in the
to a
the New York
"Herald,"
...
called to the fact that the maximum amount that may be deposited with the
of the Court.
filed pursuant to the order
$58,396
_
Mich
Albert A. Howell
439, Post Office Building, at 3 p.m.
has been appointed a
Wash...
Ironwood,
$100,000 on deposit.
Chicago,
it is stated that failure to do so under the order of the Court
Tacoma, Wash..
Mass
4.
OF IMBRIE d
RECEIVERS
PERMANENT
5.
$334,279
New York, N. Y
V.
RESIGNS
NEWTON
AS
MISSIONER OF INTERNAL
George
V.
Revenue in
Newton,
Deputy
DEPUTY
COM¬
REVENUE.
Commissioner of Internal
charge of the Income Tax Unit, has
resigned to
private business.
Mr! Newton has been in the Gov¬
ernment service for nearly twenty-one years.
He entered
enter
STOCK EXCHANGE
H.
T.
Imbrie has
SEAT SOLD TO J. W. SOUTHER.
sold his seat on the New York Stock
Exchange to J. William
was
last
not
Souther for $99,000.
Mr. Imbrie
Co., which failed
member of the firm of Imbrie &
a
week.
only
His
connection with
that he had desk room in
STATE
Imbrie & Co.
was
its offices.
ADMITTED
INSTITUTIONS
FEDERAL
TO
RESERVE SYSTEM.
institutions
The following
Reserve System
were
admitted to the Federal
in the week ending March 4 1921:
V
District No. 3—
Aldine Trust Co.,
Philadelphia, Pa
District No. 7—
-
Capital.
$517,600
•
Surplus.
$340,560
1
The Michigan
.
Total
the Census Bureau at
last
15,000
654,449
District No. 12—
350,000
165,000
his
new
his present position.
work the end of last month.
POSTMASTER-GENERAL HAYS PLANS TO HUMANIZE
THE POSTAL INDUSTRY.
A
statement
effort shall be
Long Beach Savings Bank & Trust Co.,
Long Beach, Calif
June 15 1900, and for
Resources.
$3,310,594
,
75.000
on
March, when he was appointed to
Mr. Newton entered upon
State Bank, Eaton Rapids,
Mich
Washington
employed as a special agent, making in¬
vestigations and gathering statistical data for Census re¬
ports in every State in the Union.
During the 1910 Census
he had the supervision both in the office and in the field of
one of the largest and most important sections of the work.
In 1913, just after the first income tax law was enacted,
Mr. Newton was transferred from the Census Bureau to
the Personal Income Tax Division of the Interna) Revenue
Bureau.
He served in various supervisory capacities until
several years was
4,920,742
was
made by
as
follows,
in which he said that "every
exercised to humanize" the postal industry
Postmaster-General Will H. Hays on March 9;
establishment Is not an institution for profit or politics; it i
and it is the President's purpose that every
shall be made to improve that service.
■
The postal
institution for service,
an
effort
Every effort shall be exercised to
a
Labor is not
humanize the industry.
That Idea was abandoned 1,921 years ago next^ Easter.
300,000 employees.
They have the brain and they have the
commodity.
There
are
do it well,
we
in
in
the country.
It is a great business institution serving every individual in
the country.
I know that with 300,000 men and women pledged to serve
all the people and honestly discharging that duty, fairly treated and properly
appreciated, all partners with us here in this great enterprise we can do the
shall have the heart to
hand to do the job well; and they
approach this matter so that they shall be partners with us
It is a great human institution touching every individual
purpose to
this business.
have
rairoads under
ments of
Transportation Act, 1920, and about $550,000,000 pay¬
the
interest
these four main
the public
on
ECONOMY
A.
Mellon,
W.
the
URGED.
offering of Treasury certificates of
entered into details of the country's finan¬
of the country
condition.
that expenditures will continue heavy for some time to come, the Treas¬
expects that the operations of the first three quarters of the year,
through March 31 1921, as well as the completed year's operation will
are
ury
show
surplus of receipts over expenditures.
debt of the Government on February 28, 1921, amounted to
some
The gross
$24,051,684,728.28,
on
floating debt
daily statements, while on
certificates unmatured)
a gross debt on
December 31 1920 of $23,982,224,168.16 and a floating debt on the same
date of $2,300,656,000.
As a result of the Treasury's operations on March
15 1921 these, increases in gross debt and floating debt (which are to be
expected in the Odd months when no quarterly income and profits tax
date
same
Mellon
tary
the
the basis of Treasury
000 additional
of Treasury
lie also notes that about $75,-
April 15.
on
000,000 will become payable in interest on the Third Liberty
Loan
March 15, and
on
that the Treasury must make large
payments under the railroad guaranty which may amount
to
much
as
these
$200,000,000 during the next month.
as
large
To meet
current
expenses
and
payments
tent of the
for
provide
profits taxes due March 15, and to
stallment of income and
provide for the further requirements $400,000,000 or there¬
abouts of
In his letter
Treasury certificates are offered.
Secretary Mellon states that the gross debt of the Govern¬
ment
000.
28, 1921, amounted to $24,051,684,728, while
Feb.
on
the
on
floating debt amounted to $2,484,032,-
date the
same
These figures, he
December
$2,300,650,000.
March
adds, contrast with a gross debt on
31, 1920. of $23,982,224,108 and
15,
As
result of the Treasury's operations on
a
1921, he
floating debt of
a
these increases should be largely
says
and floating debt will depend, of course, upon the ex¬
the Treasury and the volume of its receipts
demands made upon
three
or
salvage.
This progress is likely to be thereby limited by
heavy railroad payments to be expected during the next two
of the
reason
months.
These figures as to the public debt and the current operations of the
Treasury show that the country's finances are sound, but that the situation
for
the
far
so
utmost
The
economy.
Nation
afford
cannot
possible it must avoid entering
as
extravagance,
fields of expendi¬
heavy requirements of the Government on account of necessary
expenditures including interest and sinking fund on the public debt, and
the maturity of 7% billions of short-dated debt within the next two
years,
or
thereabout make it imperative that the greatest care and economy he
exercised in matters affecting Government expenditures.
The people generally must become more interested in saving the Govern¬
tures.
upon new
The
ment's money
than in spending it.
system must be established, and the
A
thorough-going
budget
national
Government's expenses brought
into
relation to its Income,
The period which has elapsed since the last quar¬
income and profits taxes has been marked by impor¬
terly installment of
tant
Oil
Treasury Department relies in part on the quarterly in¬
the
The
the retire¬
from taxes and
calls
about $118,000,-
tax
made) should be largely offset and possibly overcome.
are
ment of gross debt
and
certificates will mature on March 15, and
and
(loan
These figures contrast with
to be made during the balance of the current year in
progress
In his letter Secre¬
$500,000,000
about
that
states
payments
give the particulars
another article, we
In
Treasury certificate, offering.
the
time, in a
of the banks and trust companies
the presidents
to
letter
first
indebtedness to be put
the new Administration, and at the same
out by
of
Treasury in
the
of
Secretary
new
Cabinet, announced this week the
President Harding's
cial
GOVERN¬
ON
MELLON
TREASURY
OF
FINANCES—BUDGET SYSTEM AND
MENTS
ajbout $2,225,000,000 under
debt—a total of
In the four months which remain of the fiscal
headings.
there will be two further quarterly payments of income and profits
taxes, both based on the business of the calendar year 1920*
While it is
impossible to estimate these tax payments with accuracy and the prospects
year
amounted to $2,484,032,000.
SECRETARY
about $450,000,000
$475,000,000 payments to the
represented expenditures of the War Department,
expenditures of the Navy Department, about
the
It's going to be done.
Job.
[Vol. 112.
CHRONICLE
THE
982
developments in the market for Treasury certificates of indebtedness.
January 15, 1921, the Treasury successfully sold
months
5
15
J/3 %
certificates
1921,
and
nine-months
5%%
offering of three-
an
certificates.
Feb¬
On
offering of five-months 5%% certificates was likewise I
promptly oversubscribed.
Treasury certificate?; of indebtedness now enjoy
a broad and active market,
on a straight investment basis and all issues
ruary
an
outstanding
now
quoted in the
are
market either at par or at a pre¬
open
mium.
The last three months have also been marked by still further distri¬
bution of Treasury certificates among investors and a reduction in
holdings
of
Treasury certificates by banks.
Federal Reserve
to
lieved
System
control
about
The reporting member banks of the
(about 825 banks in leading cities, which are be¬
40% of the commercial bank resources of the
country and to have subscribed in the first instance for about 75% of the
Treasury certificates of indebtedness now outstanding) held on February
25
1921,
only
about
$235,000,000
of
Treasury certificates as compared
1920, of about $313,000,000 and
February 27 1920, of about $673,000,000. On March 4 1921 the Federal
Reserve Board reported that there were pledged with the Federal Reserve
banks only about $110,000,000 of Treasury certificates to secure loans
with
reported
holdings
November 26
on
on
offset and
of
ures
show that the
country's finances
advises that
the
"The people
ested
While stating that the fig¬
possibly overcome.
public debt and current operations of the Treasury
generally," he
sound, he nevertheless
for
the
utmost
economy.
"must become more inter¬
says,
in saving the Government's money
A thorough-going national
it."
are
calls
situation
than in spending
budget system, he further
must be established and the Government's
says,
expenses
and
discounts,
the
efforts
out
of the
have
The figures strikingly show the
been
made
Treasury certificates
banks.
now
5% of the aggregate amount of loan and tax
outstanding.
which
distribution of
tificates
less than
or
certificates then
the
for
among
past
year
or
of
success
to
more
secure
real investors, and to keep them
The two series
offered
of six months and twelve months cer¬
both acceptable in payment of income and
profits
are
taxes, and
should prove peculiarly attractive to taxpayers .as well as to
having idle funds awaiting investment.
can count, like my
predecessors in office, on your hearty,
co-operation in the distribution and sale of Treasury certificates, and hope
persons
I know that I
brought in relation
income.
to its
The
following is the
Secretary's letter in full:
that,
Washingtont D. CMarch 9 1921.
At the outset of my administration of the
Dear Sir :
dressing this letter to the banking institutions
them
the
the
of
State
of
the
Nation's
of
the
Treasury I
country
finances, the probable
am
and
use
best efforts to
your
Cordially
inform
to
A.
W.
resell
them
investors.
to
yours,
MELLON, Secretary of the Treasury.
requirements of
Treasury for the coming months, and its financial plans for the imme¬
diate
future.
About
NEW
$500,000,000
March 15 1921,
of Treasury certificates of indebtedness
and about $118,000,000 additional
mature
also
large payments under the recent legislation authorizing partial
payments on account of the railroad guaranty, which may amount to as
much as $200,0.00,000 during the course of the next month.
In order to
heavy requirements and at the
the
of
expenses
Government,
the
same
time provide for the current
Treasury relies
in
large part
upon
the
quarterly installment of income and profits taxes due March 15, 1921.
Ad¬
vance
payments of March taxes have been up to expectations, and though
it is impossible to forecast the result with
certainty, the Treasury has
good
to hope that income and profits tax payments during March
will about balance the March 15 maturities of
To
principal and interest.
reason
provide
for
basis
the
of
debtedness
both
its
dated
further
best
in
requirements,
available
the
amount
March
15
estimates,
of
1921,
the
one
Treasury
has
to offer Treasury
$400,000,000
series
decided,
TM—1922,
Applications
regular
the
may
now
thereabouts, in two series,
designated TS 2—1921, bearing
or
On
interest
certificates
of
and
these
maturing
series
series
March
will
be
15
desig¬
received
in
1921
and
accrued
offered
April 15 1921 will be accepted at par with an adjust¬
in payment for
any certificates of the two series
interest
which may be subscribed
the basis of
for and allotted.
the
Treasury daily statements, the current operations of
the Government
during the first eight months of the fiscal year through
February 28 1921 show a net current surplus (excess of
ordinary receipts
over
ordinary disbursements) amounting to $186,115,505.53.
This show¬
ing is particularly encouraging in view of the fact that
during these eight
months
there
have
been
extraordinarily heavy expenditures, but only two
quarterly payments of income and profits taxes.
Ordinary receipts up to
February 28 1921 have amounted to $3,433,411,141.36, as
against ordi¬
nary disbursements during the same period of
$3,247,295,635.83 (or at the
rate of almost 5 billions
a
year).
Of these disbursements about $750,000,000
TREASURY
CERTIFICATES
OF
INDEBTEDNESS.
A
in
new
the
nounced
lon,
offering of Treasury certificates of indebtedness,
of $400,000,000 or
thereabouts,
was
an¬
amount
by the
new
March 9.
on
both
series,
Secretary of the Treasury, A. W. Mel¬
The
dated
certificates
March
15,
will
1921,
one
be
issued
in
two
series designated
TS
2—1921, bearing 5%% interest, and maturing Septem¬
ber
15, 1921, and the other series, known
as
TM—1922, bear¬
ing 5%% interest and maturing March 15, 1922.
tificates
will
be
$10,000
$5,000,
issued
in
denominations
$100,000.
and
TS 2—1921 will have
one
of
certificates
The
The
$500,
cer¬
$1,000,
of
Series
interest coupon attached, payable
September 15, 1921, and the certificates of Series TM—1922
two interest
coupons
1922.
obtained.
15
of
Treasury
5%%
the
through the several Federal Reserve Banks, as fiscal agents
States, from which full particulars concerning the offering
Treasury certificates of the series which mature on
course
United
be
March
ment
for
bearing
on
certificates of in¬
5%.% interest, maturing September 15 1921, and the other
nated
OF
on
make
meet these
OFFERING
on
April 15 1921.
On
March 15 1921 there will become payable the semi-annual interest on the
Third Libeity Loan, amounting to about $75,000,000.
The Treasury must
of
in the past, you will subscribe liberally in the first instance for the
as
certificates
ad¬
and March 15, 1922.
attached, payable September 15, 1921,
In its circular announcing the offering
the Federal Reserve Bank of New York says:
The certificates of both said series shall be exempt, both as to
principal
and interest; from all taxation now or hereafter imposed
by the United
States, any State, or any of the possessions of the United States, or by
any
local taxing authority, except (a) estate
graduated
excess
profits
United
tificates
or
the
taxes,
or
now
profits
inheritance taxes, and
The interest
on
or
known
hereafter
of
does
an
not
as
amount
exceed
surtaxes,
imposed
individuals,
by said act approved September 24
the principal of which
by
or
commonly
taxes,
income
corporations.
by
(6)
and
the
partnerships,
of bonds
and
cer¬
1917, and amend¬
in
the
aggregate
individual, partnership, association or corporation,
the taxes provided for in clause (b) above.
any
be exempt from
these series will be accept at par, with an
adjustment of
during such time and under such rules and regulations as
be prescribed or approved by the
Secretary of the Treasury, in pay-
Certificates of
accrued interest,
shall
income
war-profits
upon
authorized
thereto,
$5,000, owned
shall
and
States,
associations
ments
additional
March 12
ment
THE
1921.]
CHRONICLE-
of income and -profits taxes payable at the maturity of the certificates3
The certificates of these series do not bear the circulation
respectively.
privilege.
The
right; is reserved to reject
the amount of certificates
the
subscriptions
Payment at
made
accrued
and upon payment Federal
,
interest
certificates
for
allotted
be
must
After allotment
itself and its customers up to any amount for
which it shall be qualified in
notified by the Federal Reserve bank of its dis¬
Treasury certificates of indebtedness of Series TM—1921, Series
TM 2—1921, Series TM 3—1921, and Series TM 4—1921, all
maturing
so
March
15
1921, and of Series E—1921, maturing April 15 1921, with any
interest coupons attached, will be accepted at par, with an
adjustment
Series
and
TS
of
accrued
2—1921
interest,
TM—1922
or
in
payment
for
certificates
any
offered which shall
now
of
the
be subscribed for
"Times," from Washington, March 8, Chairman
a
The
situatipn is not
good
so
Dec. 3 the business
on
reduction in
Chairman Clark is further quoted as
Reserve banks may issue interim receipts pend¬
fruits and agricul¬
on
telegraphic advices to the
of the railroads did not warrant
freight rates.
saying:
now as it was in December.
The average
operating ratio of the railroads of the United States is something over 90.
That
that for every dollar that the railroads earn they pay out in
means
operating
expenses more than 90 cents.
Due to the
margin between
narrow
and operating expenses and fixed charges, a
revenue
trict.
unmatured
to
Clark informed Senator Harris that
time without notice.
ing delivery of the definitive certificates.
Any qualified depositary will
be permitted to make payment by credit for certificates allotted to it for
existing deposits, when
freight rates
According
New York
series applied for and to close
series at any
before March 15 1921, or on later allotment.
or
on
and
par
reduction in
a
products.
subscription and to allot less than
or
both
or
effect
tural
both
any
either
of
either
to
as
to
983
good
many are not
earning their operating expenses.
even
Under these circumstances it is difficult to find
an
reducing the rates unless in instances in which it
rates are
argument in favor of
can
be shown that the
stifling the traffic, and that lower rates, which would still be com¬
would effect a movement from which there would be some
pensatory,
return.
allotted.
Elsewhere
in
to-day's issue of
our
paper
will
be found
RAILROADS COMPELLED
Secretary Mellon's letter dealing with the offering and the
Government's finances generally.
The railroads have
PRESIDENT
WILSON
SIGNS
YORK
BARGE
reduce
RESOLUTION
TERMINATION OF FEDERAL
FOR
CONTROL OF NEW
resolution
Wilson
Feb. 27.
on
of War to
final
passed by
Congress and signed
by
President
The resolution authorizes the
dispose of the boats
Secretary
practicable; pending
as soon as
disposition the Secretary is authorized to lease the
The
same.
following is
the resolution
as
approved
by
President Wilson:
the provisions of Section 201 of the Transportation Act, 1920,
and for
this resolution the authority
conferredjupon the
Secretary of War
under Section 201 of the Transportation Act, 1920, to operate for commer¬
cial purposes boats, barges, tugs, or other
transportation facilities upon the
New York State Barge Canal shall cease, and thereafter there shall be no
such operation
The
States.
by the Secretary of War
Secretary of War shall
other agency of the United
or any
is practicable, dispose of
as soon as
boats, barges, tugs, and other transportation facilities purchased or conuse upon the said canal, and,
pending final disposition, the
structed for
Secretary of War
may lease the same:
from the sale
lease of these boats,
or
Provided, That all the
money
obtained
barges, and tugs shall be available
until expended by the inland and coastwise waterways service of the War
Department in the inauguration and development of other inland, canal,
and coastwise waterways in accordance with the
expressed desire of
in Section
gress
600 of the Transportation Act,
1920:
Con¬
Provided further,
That not to exceed 25 per centum of the boats, barges,
and tugs built or
purchased for the
be
United
States
herein
authorized
to
may
be
canal,
or
sold,
retained by the United States for the operation of other inland,
coastwise routes of the United States until such
equipment dan be
replaced
by other equipment to be purchased from funds received from the sale
prescribed
cars
above.
While thousands of
have been
generally curtailing in. every department, present
conditions
said
are
economies
difficulties.
be
to
so
desperate that unless further
enforced, the carriers will find themselves in
are
Since the United States Labor Board has thus
far failed to sanction the abolition of the national
agreements*
of the Eastern roads have arranged for conferences
many
with employees to discuss proposed wage cuts for unskilled
A number of the
no
meetings have already taken place,
it is said, have the representatives of the
accepted the
workers
1965
case,
rates, although they have taken
new
In the event of disapproval, it is
understood the companies will proceed on their own initiative.
Announcements
skilled workers
reductions
of
cipal roads of the country.
York Central and
in
the
of officials and
pay
being sent out by
are now
of the prin¬
many
The Pennsylvania, the New
the Now Haven roads
which have taken decisive steps in this
are
those
among
direction,
as
noted
below in other articles.
The combined movement of the roads
will, it is believed, i?
fully carried out, eliminate the 8600,000,000 advance granted
by the United States Labor Board under Decision No. 2,
rendered
in the
last
July.
Estimates at
that
time placed
the
increase per day for workers at $1, and steps taken
average
proposed cuts indicate that this increase will in most
be wiped out.
cases
The "Journal of Commerce" in its issue of March 11 said:
The following table shows the manner in which the 5600,000,000 wage
'
,
They have been
Latest official data shows 413,000
in the United! States.
them under consideration.
,
Resolved by the Senate and House of Representatives of the United States of
America in Congress assembled, That at the end, of thirty days after the
passage of
started individual campaigns to
now
employees have been laid off since last fall, and the roads
but in
JOINT RESOLUTION to exempt the New York State Barge Canal from
other purposes.
freight
labor.
(S.J. Res. 161.)
PAY OF OFFI¬
driven to this step by the sharp decline in traffic and business
idle
operation of boats, barges, tugs and other trans¬
portation facilities on the New York State Barge Canal
terminates in thirty days from the enactment of a joint
REDUCE
WORKERS.
the wartime basis.
from
wages
during recent months.
CANAL.
Federal
TO
CIALS AND
award of July 1920 was divided among the various groups affected, and the
Approved Feb. 27, 1921.
percentage increase for each class:
Railway clerks and freight
J.
JOHN
ESCII AND
MARK
W.
POTTER
NAMED
TO
John J. Esch of Wisconsin, a member of the House of Rep¬
New York
Congress, and Mark W
Potter of
nominated yesterday (March 11) by
were
Presi¬
dent Harding to be members of the Inter-State Commerce
Commission.
for
Mr. Esch had been
twenty-two
that time
With Senator Cummins he
Commerce.
a
member of the Commission
May 8,
was
instrumental in
Mr. Potter
named
was
as
was
on
May 6
made in these columns
1937), and although the nomination
was
not
Two other
new
mission at about the
as a
members
same
time
member of the Commis¬
were
named
These three,
confirmed, would have brought the Commission
full
Com¬
(April 30 1920) by President
Wilson—Henry J. Ford and James Duncan.
if
the
to
up
to its
membership of eleven members authorized under the
Transportation Act.
!
INTERSTATE
FINDS
Marine
I
SITUATION
DECEMBER.
CLARK
NOW
WORSE
of
the
in December is made in
creased by
$1,050,000,000.
Commerce
Clark's advices to the Senator
an
inquiry by the Senator
During the
Under the scale of wages existing prior to the
July 1920 wage award on most roads the average earnings
In 1915 the average was $838.
$1,587.
of workers was
In 1917 the average was $1,004.
added approxi¬
Decision No. 2 of the United States Railroad Labor Board
scale
mately $300 per annum to the average wage, making tne present
about
them to
work
At the time of the wage award it was the general filing
$1,900.
men
a
affected had been fairly treated since the new scale brought
point where they compared favorably with wage earners in similar
in other industries.
out that there has been a
countrywide depression and
due to
have declined to the
The position
on
record
as
Since that time,
that wages in other industries
point where the railroad scale is out of line.
taken by the managers of the roads which have
gone
of the poor financial condition of many
important lines overhead expenses should be
possible.
already
contemplating a general reduction to the level obtaining prior
to the latest award is that because
of the
however, railroad men point
considerable change in the general business situ¬
lopped off wherever
It is generally felt, particularly in the case of unskilled labor,
that the wage scale
paid by the railroads throughout the country is too high.
in the unskilled labor market have added confidence to
reductions.
Present surpluses
pay-rolls of the railroads marked a new high mark in this in¬
dustry, according to statistics which have been submitted.
the other hand, have
a
so
good
letter addressed to
as to
Commission.
Chairman
for passenger
given in
response
to
whether it would be possible
and
a new
low for
a
Earnings,
period of years.
of being
with the approval of the public.
The rail¬
expected to start! a move in the direction of lower rates
height
travel as soon as it has been developed that sub¬
in the process
worked out.
For purposes
amounts
on
Based
railroad men feel certain that substantial reductions
stantial reductions can be effected through the wage cuts now
Year.
were
declined to
this line of reasoning
in the former items can be made
Georgia, by Edgar E. Clark, Chairman
Inter-State
1916 and 1917 wage advances
eighteen months of Government ownership, however, this amount was In¬
on
'
The statement that the railroad situation is, not
Senator Harris, of
23%
250,000Notgiv'n
...
_
The 1920
COMMISSIONER
COMMERCE
RAILROAD
was
2334%
4,767,350
It is estimated here that during the period of
road managers are
it
19M%
21,282,000
the attitude of the managers in effecting the
.
THAN IN
now as
139,237,000
dispatchers
aggregating $350,000,000 were granted to railroad employees.
ation
confirmed he has been serving
sion.
23%
—
that the
by President Wilson
(announcement of this
page
and Foreign
Inter-State
on
drafting the Transportation Act.
of last year
member of the House
and served for the greater part of
years
the Committee
on
a
25%
137,000,000
—
Railway shopmen—__r——
Station employees
Yardmen and
25%
160,298,000
Engine and trainmen
INTERSTATE COMMERCE COMMISSION.
resentatives m the J ate
$103,900,000
handlers—j
Maintenance of way workers.__—
of comoarison the following table is submitted, showing the
expended for. wages over the period of years mentioned:
Annual Pay-roll. | Year.
$1,134,000,00011917
1,468,000,00011918
Annual Pay-roll. \ Year.
$1,730,000,00011919
Annual Pay-roll.
$2,750,000,000
2.581.000,00011920(est.) 3.500,000.000
THE
984
•'
[Tol. 112.
CHRONICLE
;4 '
PENNSYLVANIA
CONDITIONS
ECONOMIC
REDUCE PAY OF
TO
"It Is absolutely impossible to say,
The acting
in wages, tp
down," and every
announced by the Pennsylvania RR. on
officer "from the President
was
because of economic
will be managed in
accordance with the requirements of the Transportation
Act. the statement issued by the directors said.
Approxi¬
The step is made necessary
March 9.
The readjustment of pay
conditions.
mately 215,000 employees will be affected.
The percentage
is not disclosed, but it is estimated
of individual reduction
will approach $2,000,000 a month. The
scale of salaries and wages will take into consideration
cut in wages
of
brotherhoods, said he did not expect any
in the train service.
men
of the shop workers of the Pennsyl¬
At the office of H. S. Jeffery, head
vania Railroad, it was stated that
to reduce
Railway Conductors, affil¬
General Chairman of the Order of
iated with the four big railway
By action of the board of directors, a cut
employee,
because it has not been worked out yet,
and the amounts will vary."
OFFICERS AND WORKERS.
affect every
will be in percentage of wages 7"
"What do you think the cut
DRIVEN THROUGH
IS
RAILROAD
the wages of workers
it would be impossible for the
in the six shop crafts, as
been fixed by national agreement
railroad
their wages have
and are under the sole jurisdiction of the
members of the Railway
Federation of Labor.
C. E. Musser, General Chairman of the Brotherhood of Railway Train¬
men, said his organization had not yet been notified of the cut.
"All I can say about it for the present," said Mr. Musser, "is that the
Pennsylvania apparently is following the procedure which was suggested by
The shopmen are not
Railway Labor Board.
Brotherhood, but
affiliated with the American
are
the Railroad Labor Board recently in the
Erie case."
the cut in expenses
new
industries, degree of responsi¬
bility, skill required, hazards of occupation and the relative
comparison of wages paid to the cost of living in the locality.
When the new wage plans are perfected they are to be sub¬
mitted to the employees.
In the event of their disapproval,
the road will ask the labor Board for authority to make the
reductions.
During the month of February ,the resolution
states, 70% of the earnings were absorbed by labor charges
as against 50% normally .
While a reduction of 70,000 men
has already been made, it still consumes nearly all of the
current earnings to meet current expenses, and the Pennsyl¬
vania, like the other roads, has been driven to further steps
through decline in volume of business and a feeling of re¬
sponsibility toward shippers, passengers, investors and stock¬
absolutely necessary,
and the management feel it but fair that the officers should
share the burden with the employees.
Reductions are to
holders.
be made
A reduction of wages was
proportionate to the increases in pay since January
1918.
is the text of the resolution:
The following
public
be reduced.
The management of the Pennsylvania Railroad has already made a
reduction of over 70,000 men in its personnel, seriously curtailing mainten¬
ance of roadway and equipment, consolidated Divisional Organizations, and
stopped all expenditures on new work.
Even with such economies as have already been enforced it takes almost
the whole of current earnings merely to pay current operating expenses.
It is evident that the requirements of the Transportation Act that railroads
has
ghull be administered in an efficient and economical
satisfied without still further reductions in expenses.
In Feb. 70 per
manner cannot be
operating earnings were
normal charge for labor of less than
cent of all Pennsylvania System
absorbed by charges for labor,
against a
50% of earnings.
A foundation for
be laid until
readjustment of
the restoration of normal business cannot
there has been a frank
recognition of the real situation and a
The more promptly an adjustment
promptly can those who are now
idle be reemployed, and a basis established for renewed prosperity.
In making a readjustment of salaries and wages, it is but fair and proper
that the burden should be borne by all officers as well as employes.
wages to
to the
meet the altered conditions.
inexorable facts is made, the more
Resolved that the executive
pany are
officers of The Pennsylvania Railroad Com¬
directed to give, as promptly as possible, proper notice that it is
reduce the salaries and wages of officers
the intention of this Company to
accord with economic conditions.
In readjusting salaries and wages, the management shall have due regard;
among other relevant circumstances, to:
(1) The scale of wages paid for similar kinds of work in other industries;
(2) The relation between wages and the cost of living;
(3) The hazards of employment;
,
.
(4) The degree of responsibility;
and employes to
(5) The training and skill required;
(6) The character and
(7)
Inequalities
regularity of employment; and
in wages or of treatment, the result of
of increases
previous wage orders or adjustments;
differing materially as between
covered by the
1 1 "
,
certain of whicn items are variables,
various localities over so large an area as that
Pennsylvania System.
This differentiation shall be recog¬
nized in all readjustments.
Such reductions as are made
in salaries and wages shall bear an equitable
relationship to the increases in pay made since Jan. 1
The
Elista Lee, Vice-President of the
Club of Philadelphia made the following
statement"which is of much significance since it indicates in a
striking
All
the
wholesale
properties in all parts of the country.
mented
on
the
Mr. Lee also com¬
danger that the public will over-estimate the
importance of the Winslow bill which was signed by the
President last week.
various classes
and wages shall
and in strict accord with the Transportation
procedure in effecting such re-adjustment of salaries
Dispatches of March 9 print the following with regard to
the directors of the
Pennsylvania RR., and head of the Railway Executives'
Association, with some of the Brotherhood heads, relative
to the proposed reductions:
*
interview with T. PeWitt Cuyler, one of
T. DeWitt Cuyler, one of the directors of
of the
the Pennsylvania and head
Railroad Executives' Association, was asked how the order would ac¬
cord with the recent decision of the Labor Board
restore its rates
"The situation with us is simply this," he
an
that the Erie Railroad must
which it had tried to cut.
replied.
I wish to add a few words about the present
cut affects
all classes of employees, from the higheofc to the
"We will first call meetings of our employees
What the railroads are
lack of traffic, but also
have not, as yet, been able suc¬
vastly excessive expenditures which they
cessfully to overcome in the degree required.
Let
cite the case of the Pennsylvania
me
averaged
$1,150,000
Railroad: In January our payroll
material bills,
coal,
day;
per
To meet
our
one-quarter of a million
dollars
a
We
investments which we own.
day as against
payments of
In other words, during January we were running
$2,180,000.
than
day.
averaged $1,850,000 per day for service
$1,920,000 per
taking in
therefore,
were,
etc., $650,000; the
and dividends, $95,-
payments we needed $2,180,000 per
Our income during the month
rendered and $70,000 per day from the
to them, and if they agree the matter is
We
see no
day from being a going concern,
tions
in
prospects of an increase, in the very near future,
We have, therefore, had no choice but to make
of traffic.
in the volume
extensive reduc¬
We
forces and all other sources of expenditure.
the working
61,000 men as compared
with last September.
During the present month we must carry the re¬
trenchment still further, and it will be necessary to use the utmost economy
working forces
already cut our
have
in every feature
There
down by
of operation and the furnishing of service.
about 85,000 idle freight cars on the
are
j
Pennsylvania System,
The number idle in the country
approximately 400,000, representing at current values, one billion and
one-quarter dollars worth of invested capital, earning nothing and tied up
in property deteriorating from non-use.
There is one thing which we, in common with all the other railroads in
the country, must do, gain control of our expenses, and that without great
of our ownership.
approximately 30%
delay, otherwise, the
situation may get completely out of hand.
It is for
of such organizations as yours, and
this reason that we ask for the support
railroads and reduce the costs of furnishing service.
President,
The
improve
1
has signed the Winslow Bill
shipping public, in the efforts which we are making to
the efficiency of the
as
you
are
all aware,
under
permitting partial payments to the railroads of the sums due them
the Government's guarantee of earnings for the first six months of private
operation.
as a
There is some danger that this may be
interpreted by the public
general solution for the troubles of the roads.
Such
a
view would
be wholly erroneous and very unfortunate.
The
Winslow Act will be most helpful to
the railroads and still more so to the
industries for which they have been
indobted for supplies, when the funds
become available, as
these funds will provide the means for the payment
of a
representing supplies purchased at
the high prices of last year and consumed weeks and months ago.
The
passage of the Act has no relation to the greater problem of adjusting our
current expenses to our current income.
That confronts us exactly as it
portion of our outstanding bills, chiefly
did before the enactment
of the Winslow Bill.
Muck light is also
for all
shed
on
the exigencies of the situation
the railroads of the United States by
and other data laid before
the statistics
the Governors of the New England
of the New England railroads, set out on
another page.
THE NEW
with
on
No
a
road
normal conditions we will
allow."
LINE
New York New Haven & Hartford RR.
notice to employees calling for a conference
designated classes of employees to
consider revision in
effective April 15 1921. The hearing
unskilled labor is set down for March 11 in Boston.
date has been fixed for the hearing on skilled labor.
of pay to become
The notice says:
March 9, 1921.
of pay were increased in accord¬
ance with the designated articles and sections of decision No. 2 of the
United Spates Railroad Labor Board dated July 20 as follows:
To the classes
of employees whose rates
beyond Hie jurisdiction of the
"It certainly will mean that with a return to
issued
rates
lowest."
will be able to take back the 70,000 men laid off?"
take back as many men as the business will
HAVEN ROAD LIKEWISE FALLS IN
WITH WAGE REDUCTIONS.
On March 9 the
Co.
and pat the matter squarely
Mr. Cuyler was asked, "that if they agree the
»
short more
despite drastic cuts in expenses already made.
Article
Railroad Labor Board."
"Does it mean,"
;
railroad situation, which can
critical.
suffering from at the present time is not alone a
"We are proceeding
orderly manner in strict accord with the Transportation Act, and this
::;;v
,
only be designated as most serious and
Act.
s
the difficulties that beset the railroads of
time and make necessary
retrenchment now in progress on railroad
manner
the United States at the present
shall be maintained or restored
be taken in an orderly manner,
up
Eastern Region, Penn¬
the Technology
States in the case
1918.
equitable differentials which should apply between
of employes
A
$250,000
sylvania Railroad System, speaking at a recent meeting of
of all the
It is accordingly
in
RAILROAD
DAY SHORT.
000.
obligation to the
generally, and especially to shippers, passengers, investors and stockchanged economic conditions, It Is a manifest
Holders that railroad expenses
I
RETRENCHMENT-
RAILROADS
FOR
PENNSYLVANIA
proportion of taxes, $65,000; fixed charges, $220,000,
In view of
(
NECESSITY
for similar work in other
pay
and
2.
Assistant Storekeepers; Chief Clerks; Foremen
Sub-Foremen in Freight houses and Storehouses and other clerical
Section 1—Storekeepers;
supervisory
forces.
3—Clerks.
Sections 2 and
VY.V:
March 12
Section
THE
1921.]
4—Train
and
engine
Section
Assistant station-masters;
callers:
crow
Train Announcers; Gatemen and parcel room
employees.
Switchboard Operators; employees
5—Elevator and Telephone
reductions amounted td from 17% to 21%.
perforating, addressing envelopes, numbering claims and other papers,
gathering and distributing mail, adjusting dictaphone cylinders and other
similar
work.
Section
7-77
6—Office
boys;
>
-
7'
f7* 7
In the later cut certain officials will be demoted and there
will be
Construction Departments.
Section
2—Assistant
and Concrete, Water supply and Plumber
Construction,
Mason
Foremen; pJe dr.ver, ditching and hoisting Engineers.
gang
Section 3— Section, Track and Maintenance Foremen,
Track and Maintenance Foremen.
j
Section 4—Mechanics in the Maintenance
and Building Departments.
This is to
Blacksmiths; Sheetmetal Workers;
Electrical Workers; Carmen, Moulders, Cupola Tenders and Coremakers.
3—Regular and helper apprentices and helpers to all classes
Article 8.
is
move
much
Article
on
behalf of the rate-paying public and of
9.
of
to-day in all other branches of industry.
in the management of their forces.
signal foremen.
foremen and leading signalmen.
assistant signalmen, signal maintainers and as¬
years,
ness
practices,
most of
The Transportation Act, however, ex¬
,
Federal
It
now proposes to
eliminate the
gross
evils which have
through the unprecedented events of the last few
behalf of giving the traveling and shipping public the ut¬
on
good railroad service at the lowest possible price.
Chief among the evils which the public rightfully should demand to be
signal department.
eliminated is wage waste, involving the payment of vast sums for services
not rendered
ments to
receive
All dining car and restaurant employees.
in
All other classes of employees
adjusted under
department whose rates of pay
of the above mentioned articles and sections of
any
of the
any
United
States
and
loss of normal efficiency amounting in many depart¬
a
upwards of 50%.
Railroad Labor Board, effective
OF PROPOSED
REDUCTIONS.
mental to industry generally, as well as a direct burden upon the
themselves which the public must pay in
machine,
This is to notify the .above mentioned employees that we
desire to have
conference with the proper representatives of the employees concerned for
the purpose of discussing and reaching an agreement as to revision'in rates
There have been marked changes in conditions since the effective
date
paid and these changed conditions justify and require
Board,
breakdown of the transportation
now
La¬
Before this tribunal the railroads are
sitting in Chicago.
reached in due time.
and the rulings of the Labor Board provide that
the railroad managements shall confer with their own
of any
will be issued later by the management.
high rates, with the more serious
or
presenting volumes of evidence upon this subject and a decision will be
The Transportation Act
Notices designating date of conference with accredited representatives of
deterioration
which the prosperity of our whole population depends.
almost insurmountable handicaps to efficient management, before the
reductions in the existing rates.
the respective classes
upon
detri¬
railroads
'7 On behalf of the public, the railroads are combating the so-called na¬
tional agreements and rules which have produced grotesque injustices and
bor
which will become effective as of April 15 1921.
i
Artificial and unwarranted high wage scales upon the railroads are
alternative of suffering the
NOTICE
The public is entitled when it pays a dollar to
dollar's worth of service from a railroad the same as from any
a
other business institution.
May 1 1920.
employees in advance
The New
these
revision of wages in an effort to arrive at agreement.
N. M. RICE,
GAGEL,
York Central is conforming strictly to these rulings and the first of
H. S. PALMER,
B. CAMPBELL,
C. L. BARDO,
A. P. RUSSELL,
conferences, covering its unskilled labor, was held last Tuesday, with fur¬
W. L. BEAN.
E.G. BUCKLAND,
EDW.
The railroads have been com¬
and to get back to management that is in harmony with correct busi¬
groundmen, linemen, cable splicers, helpers and apprentices in the tele¬
now
op¬
loyal and efficient force of high-class workers in all branches of the rail¬
graph and electric transmission departments.
rates
C ^vernment
pelled by law to maintain artificial standards and unbusinesslike practices
been imposed upon it
Foremen, assistant foremen, combination men, switchboard maintainers,
of the
general industry
,
The wage rates imposed upon the railroads by war-time
-
Section 4—Helpers in the
of pay
an
about by the national agreements, are entirely out of line with the standards
a
Section 2—Leading maintenance, gang
2
issued
company
control, successfully maintained harmonious and satisfactory relations with
oilers.
Section 1—Signal foremen and assistant
No.
later as to ♦he
follows:
as
of the railroad.
as
road organization.
were
you
The New York Central Railroad, throughout the years preceding
Section 3—Boilerroom water tenders.
Decision
respective departments will advise
action is in strict conformity with the letter and the spirit of the law.
Section 2—-Stationary firemen and engineroom
:
In the mean¬
eration, aside from the absurd restrictions, inequalities and abuses brought
Section 1—Stationary engineers.
Section 3—Signalmen,
will be revised.
pressly provides that the railroads shall be economically managed, so this
specified in Article 4, Section 2.
sistant maintainors
pay
conference with the duly accredited representa¬
Accompanying the above notice, the
This
points, roundhouses and in the Maintenance of Way and Construction
require
agreement on the proposed changes.
an
v
Departments.
marked
a
and
representatives.
proper
as
Section
a
explanatory statement
,
justify
date and place selected for the conference to which you are invited to .-one
1—Supervisory forces at Shops. Car Inspection and Car repair
Section 2—Machinists: Boilermakers;
April 16 1921, the rates of
The head of your
pile driver, ditcher and
Article 4.
conditions
tives of the employess and subordinate officials concerned for the purpose of
arriving at
hoisting Firemen; Pumper Engineers and Pumpers.
Section
these changed
notify the above mentioned employes and subordinate officials
that effective
*
Section 7—Draw-bridge Tenders and Assistants;
and
conditions
paid, there has been
now
reduction in existing rates.
of Way and Bridge and Build¬
the Maintenance of Way and Bridge
'
Since the effective date of the rates
time, it is desired to have
Assistant Section,
ing Departments.
Section 5—Mechanics' Helpers in
the proposed change.
on
Vice-President, said:
Foremen in the Maintenance of
Coal wharf, Coal chute and fence
Way and Construction Departments.
agreement
enumerating the classes of employes affected by the
change in
Painter,
Bridge,
Building,
an
decision, the formal statement issued by P. E. Crowley,
Construction, Mason and Concrete,
Plumber Foremen in the Maintenance of Way and
Supply and
affected have been called for the
men
of arriving at
purpose
After
Articled.
Water
general pruning of all forces, clerical and otherwise.
a
Conferences with the
filling similar positions; Station attendants.
Section 1—-Building, Bridge, Painter,
con¬
■
chore boys; and other employees
messengers;
A second
ference with unskilled employes is said to be set for March 22.
engaged in assorting way-bills and tickets, operating appliances or machines
for
985
CHRONICLE
ther similar meetings to
be held
as
the task of rehabilitation of the working
personnel proceeds.
This second notice embraces
a
entered
Haven, 6,000 unskilled and 17,000 more skilled employees.
The hearing on
the unskilled matter will be held in Boston to-morrow
The hearing on the more skilled matter has not been
(Friday/March 11).
It is
total of 23,000 employees on the New
noteworthy fact that up to date the representatives of labor have
no
denial whatever to the statement frankly presented to them
the managers that existing railroad wages are
prevailing in other industries. , The New York Central has in progress
comprehensiVe study of the going rates of compensation being paid for
all.branches of the labor which it requires, so that its position
fair treatment of its valued employees and
NEW YORK CENTRAL ALSO REDUCES
SALARIES
A
sweeping
wage
be correct and entirely
WAGES.
Railroad Company
because of diminished traffic and shrinking
March 10th,
"artifical and
The road, having previously
of wages for the leading classes affected by
the New York Central notification, wich some variations in several instances,
follow:
,
i
Present hourly rates for a
portion of the classes covered by circular of
New York Central Railroad of March 9
unwarranted high wage
wage
scales.
cuts to its unskilled labor, has now fol¬
Pennsylvania Railroad by lowering the
of both officials and members of their forces in other
lowed the lead of the
rates
1921:
\
Regular
Hourly
Hourly
Hourly
net, the latter due largely to the present
given notice of
with respect to
essential business prudence may
justifiable.
The existing minimum rates
reduction, to become effective April 16,
announced by the New York Central
was
on
AND
by
decidedly out of line with
those
a
fixed.
a
Overtime
Hol.& Sun.
$.56-11.<11
Maintenance of way
mechanics
.68-
_
.925
Rates.
Rates.
Rates.
Class—
Clerks
$.84-81.67
*$.56-1.11
1.02-
*
1.38%
Minimum.
Minimum.
77^
.68-
.925
Minimum.
approximately
all,
69,000
The
unskilled workers will be affected.
skilled and
average
individual
reduction, has been unofficially estimated at 22^%, and
rjll of the New York Central alone,
the decrease in the pay
it
is
figure of about $20,000,000.
the New York Central Railroad Company will
thought,
The action of
will Teach
a
probably be followed by the subsidiary and controlled roads
which compose the system
I.ines.
the
known
as
the New York Central
Like the steps in this direction taken by
move
other roads,
is instituted according to the explanatory statement
issued, 4'on behalf of the rate paying public and of general
industry just
as
much
in order to "establish
as
a
of the railroad," and necessitated
closer relationship between expense
$1,275
$1,275
aBoilermakers
.85
1.275
1.275
aBlacksmiths
.85
1.275
1.275
aSheet metal workers
In
departments.
.85
1.275
aElectrical workers
.85
1.275
1.275
aMolders
.85
1.275
1.275
1.275
aMachinists
>_
.85
-
1.275
.85
1.275
.85
1.275
1.275
.80
1.20
1.20
Linemen
.81
1.215
1.215
Signal department mechanics.
.85
1.275
1.275
aCupola tenders,;
_—
aCoremakers
aCarmen
a
7
,
_T_
Where required to
work in excess of one hour overtime, entitled to a
regular hourly rates.
minimum additional allowance Of five hours at
*
Minimum of two hours at overtime rate
for any Sunday or holiday ser¬
vice.
The
and
a
eight-hour day prevails in all branches of railroad work, with tim
half for overtime.
*
and revenues."
'
Eighty-five
classifications
are
covered
in
the
notice,
including shop employes and machinists in the locomotive
and
car
forces.
departments, maintenance of way, clerical and other
At the conference with unskilled workers March 8,
the company
proposed reductions in unskilled wages ranging
from 48 M to 57 cents an
hour, down to 40 to 45 cents.
These
OTHER EASTERN ROADS PLAN WAGE REDUCTIONS.
Officials of
more
|
the Lehigh Valley RR.and representatives of
than 5,000 of
its employees, according to
a
Bethlehem,
Pa., dispatch to the New York "Evening Post" of March 11,
met on that date to consider wage reductions similar to those
proposed
on
other roads.
The rates under revision affect
986
labor
common
in
all
On the same day
departments.
more
than 500 employees of the New
York Ontario & West¬
RR. also met officials of that road to consider proposed
ern
cuts for
wage
The
Long Island
its defiance of the
statement
a
I have
Railroad Co. ha? already proposed
reduction to unskilled
atory body" and had
no
rulings of that body
issued
a
workers.
no
by Judge R. M.
recollection of any provision in
ROADS
■
JOIN
WA GE
LINES
EASTERN
IN
to
Many other
railroad labor,
bring about lowered wages for unskilled
according to
copyrighted Chicago dispatch
New York -Evening Post," dated March 11.
The
to the
roads mentioned
the
are
a
one
comply with the Board's decisions after
RED UCTIONS.
Nearly all Western railroads have concurred in the policy
of Eastern carriers to
wage
reductions,
reductions
4ecision is
without
decided
of
such
in
interest
The
to take the same action.
The
that it would propose a 20% cut for every
contemplated
employee from the
This is the first Western road to
announce
reduction for all its workers.
wage
Chicago Burlington & Quiney was the only road in
addition to the Chicago Great Western to state the exact
that
of
reduction.
the road
these
s
.
unskilled workmen.
change in the
no
reduced
to pay
wages to
The "Journal of Commerce" of March
prints the following in regard to
an
interview with Robert
Parsons, General Manager:
According to General Manager Robert S. Parsons the Erie Railroad has
been
paying reduced
wages
unskilled workmen since the first
to
of the
month and has
no intention of returning to the old scale of pay despite the
ruling of the Railway Labor Board to the effect that that road had acted
in violation of the
Trnasportation Act.
Mr. Parsons stated yesterday that
the present scale of pay was the best that the road could afford under the
Mr. Parsons explained that the pay of skilled workers and officials had
been reduced by means of a
week basis.
The
Erie
with
changed circumstances.
The
amount
and the
connection
ruling of the board has caused
B.
.Chicago & Great Western, the dispatch states, announced
have already made,
movements.
8
official statement, but
or
negotiations,
The Illinois Central would make
no
the Transportation Act which
contemplating,
or are
North Western, the Northern Pacific and the Great Northern
President down.
Chairman.
Barton,
fair hearing.
a
policy of the Erie which continues
a
for
announced in
was
roads have conferences in view in respect to
wage
Chicago & Alton,the Chicago Bur¬
understood it expects
''medi¬
a
earner
side or the other actually refusing
lington &j Quiney, the Santa Fe, the Chicago Milwaukee &
St. Paul, the Chicago Rock Island & Pacific, the Chicago &
it is
simply
gives the Board any power to enforce its decisions.
We depend largely on
public opinion and the willingness of the roads and their employees to accept
the decisions of an
impartial mediatory body.
I cannot anticipate what
action the Board would take in event
WESTERN
was
to penalize the
power
Judge Barton said:
labor.
common
That the United States Labor Board
a
Middletown, N. Y., dispatch stated that representatives of
President, Hale IIolden, said
planned to bring the pay of unskilled men
an hour, a cut of approximately
cents.
down to 40 cents
scheme which put all employees
He pointed out that for every dollar
expenses were formerly
on a
paid into the
$1.07, but that at the present time
five-day
company
the
expenses about
balanced without, however, making proper allowances for taxes.
In view of the fact that the board did not rule
the old scale
return to
a
of pay to unskilled labor Mr. Parsons intimated that the Erie would main¬
tain its present schedule, which, he asserted, represents a "fair differential
LABOR BOARD DECLARES ERIE RAILROAD VIOLATED
above the going rate for similar work in outside industries.
RULINGS—UNABLE TO ENFORCE PENALTY.
The Erie
Railroad, when it recently reduced the
employees and later failed to
award of July 1920, when instructed to do
wage
wages
of
restore them to the level of the
United States Railroad Labor Board, violated
LABOR COMMITTEE OF ASSOCIATION OF RAILWAY
EXECTUVES ABOLISHED.
by the
so
previous
or¬
Believing that there is
ders of the Board, was the ruling of that
body at Chicago on
March 7.
At the same time, it was admitted that the Board
conditions from
had
Railway
no
power
to exact penalty from the carrier for such fail¬
inasmuch
ure,
as
provision of the Transportation Act
no
granted it the authority to enforce its decisions.
troversy
ordered
arose
The
out of the fact that the Erie Railroad
on
con¬
Feb. 1
deduction of
one day's pay a week from the salaries
of ail officers and
employees paid by the month, and reduced
the wages of trackmen to 30 cents an hour.
Soon after the
^
a
consideration
Executives,
at
necessity for the
any
schedules
wage
national
a
longer
no
railroad
of
and
working
standpoint, the Association of
meeting of
a
representatives
101 railroads, on March 4 decided to abolish its labor
mittee.
This action
taken
was
on
the recommendation of
the
committee itself, and will enable the roads to get
from
a
to deal
of
com¬
away
united consideration of wages and leave each road
individually with its
has existed
since
The committee, of which
men.
November
1919.
In
March
1920
Presi¬
gation by the carriers of
2 of the wage award of
-
reduction became effective, certain of the
employees made a
protest to the Labor Board alleging violation of Decision No.
referred to the committee, and since that time it has handled
thorized
fer with
a
July 1920.
On Feb. 12 the Board
au¬
hearing, in the meantime ordering the road to con¬
any change? in wage rates or working con¬
employees,
dent Wilson, in
wage
letter to the roads, requested
a
wage
demands.
an
investi¬
This work
was
problems including hearings before the United States
Bpard.
Labor
ditions to be made only through joint consent.
The case
came before the Board on Feb. 23.
Violation of the Trans¬
dealing with employees,
portation Act by the road
' puts this
directly
was
charged
setting aside of the provisions of the
employees, in the
wage
award.
Represen¬
tatives of the railroad admitted the reduction of
wages, which
remained in effect..
Decreased transportation revenue,
re¬
duced cost of
The "dissolution
this
of
as
committee
far
as wage
disputes
are
matter
of
concerned,
up to each road.
A statement issued by T. De Witt
Cuyler, Chairman of the Association, said in part:
The railroads have
matters.
never
desired national and uniform action
on
labor
But on the termination of Federal control they were faced with
certain arrangements which had been
applied on each and every railroad
living and general business depression were
the reduction, and in addition the road
claimed the right to hire labor at local
prevailing rates.
The
the national agreements now before the United States Rail
Way Labor Board,
and the wages of unskilled labor, the railroads have been moved
by one
fundamental policy, namely the endeavor to restore to the individual
Board named six specific violations of the
wage award
the road, as follows:
management the opportunity of dealing directly with their employees and
of having a reasonable voice in determining the conditions under which
given
\
as reasons for
by
By deducting the Jan. 31 earnings from the January
earnings of all
monthly rates employees not consenting to such deduction.
By deducting four twenty-eighths of the February
earnings of all monthly
rates employees.
variation.
without
In
connection
with
national
boards
of
adjustment,
they fulfill their individual responsibilities to the public for efficient and
economical management.
The railroads have declined to enter into national boards of adjustment.
The
question of continuing the national agreements,
rules
and
conditions it is hoped will soon be settled by the Labor Board.
working
The various
By deducting Jan. 31 earnings from the January
earnings of such daily
and hourly rated employees classified
prior to wage awards as monthly
rates employees.
carriers are now proceeding, each in accordance with their local conditions
By deducting four twenty-eighths of the February
earnings of employees
In the preceding violation.
toward
These four violations resulted from the Erie's order
that all salaried
ployees should deduct one day's pay each week
beginning with Jan. 31.
By arbitrarily reducing the
wages
of trackmen to 30 cents
an
and best judgment on the matter of readjusting the wages of common labor.
Since the whole effort of the railroads in labor matters has been directed
a
reasonable
in close relation
em¬
hour and
to other
hourly rates contrary to decision No. 2.
By arbitrarily requiring train dispatchers to work seven
days a week
for wages determined by this Board to
be just and reasonable for six
days'
decentralization, with its opportunity for variation
to different conditions in different
parts of the country,
the decentralization of the handling of labor problems would seem
now
to
be warranted, and is taken as an evidence of the good faith behind the funda¬
mental policy
which the railroads have been pursuing.
work.
In
regard to
to pay
any
claim of inability
on
the part of the road
CONGRESS
It is the
judgment of this Board that
no
carrier may, without
violating
RAILROAD
A resolution
the spirit and letter of Decision No.
2, in case its revenue for any month
should be estimated to be insufficient
to meet its expenses for labor and
Inter-State
material for that month,
present
employees in such
arbitrarily appropriate to itself
amount as to make
expenses
exceed revenues for that month.
or
There is
a
simple, orderly and legal method
appropriate relief in
•Decision No. 2
with
are
case
are not
fixed
are
they
are
a
wages due to its
for labor and material equal
open to
all carriers to obtain
of the opinion that the
just and reasonable.
employees to decide
wages
TO INQUIRE INTO PHASES OF PRESENT
such wage, the decision said:
If, after
wages
fixed by
failure of conference
dispute, the carrier is able
to show
that the
npt just and reasonable this Board will decide what
wages
just and reasonable.
calling for
Commerce
railroad
a
SITUATION.
thorough, investigation by the
Committee of
situation, according
the
to
Senate
into
the
Washington dis¬
patches, will be introduced by Senator Cummins of Iowa,
Chairman of the Committee, in the convening of the special
session of Congress.
Wages, rates and management will be
given attention, and it is also stated that careful considera¬
tion will be
given
as
to the advisability of the wage cuts
recently put into effect by
some
of the roads.
March 12
WAGE
THE
1921.]
STRIKE
RESULTS ON
REDUCTION
IN
Atlantic
over
the Atlanta, Birmingham
strike
the
since
Railroad
order of
March
5,
by directors of the line, moved over the road on
March 7,
New
York
a
"Times",
millionaire and
owner
at the throttle.
B. L.
Birmingham, Ala., disptach to the
dated March 7th.
A, B. Rick,
according to
Bugg, receiver, to employ new mer and resume regular
train
schedules
made
by the United States Board of Mediation to settle
soon
as
the differences which they
receiver issued
ho
will
declare detrimental to the public
with
Because of dissatisfaction
interests.
Attempts
possible.
as
an
order of the
general reduction of
Feb. 2S, for a
Federal Judge S. H. Sibley
brotherhood and union heads.
of the United States District Court,
25 order the road
Atlanta, Ga.,
placed in the hands of
conference with
receiver.
In
reduction
December
last,
inability to meet operating
scale, and notices
the existing
pay
had proposed tne
reduction, to become effective Feb. 1,
of the
The
put out.
were
employees object to the cut, alleging that the
manner
in
whicn it had been arranged violated the terms of the Trans¬
scale should
portation Act and holding that the present
continue until the matter had been passed on by the United
States Labor Board.
Board for
authority to reduce
deficit amounted
working force.
25 the road
On Jan.
a
employees
The
condition of the road
was
declaring their operating
wages
$100,000
to
petitioned the
month despite
matter for the consideration of
a
the Interstate Commerce Commission.
deferred until officials and employees
ferred and determined
levels is
wage
The question of
just and reasonable."
wages are
of the road "have con¬
the question of whether present
on
carrier's financial condition
of
case,
ruling states that further consideration of the matter is
as a
a
carrier's
factor in the determination
that without such conference, the
one,
Board "does not deem it necessary to
River, and the result of efforts such; and the pos ibility of
in the
near
crease to
3.
been held between the
ness
New
of the wages fixed by
condition is
a
no
conference has
decision No. 2 of this Board, the Board does not
all,
a
carrier's financial
factor in the determination of just and reasonable wages to
be
paid by such carrier.
the judgment of this Board
In
constitute
to the
a
that
reason
the conferences heretofore held do not
compliance with Section 301 of the Transportation Act, for the
no
'
Charges.—A statement of the net income
control
an
after
roads
payment
conference has been held between the parties with reference
disclosing:
of fixed charges,
immediately preced ng per od of Federal
annual average surplus
$9,499,197
of
(b) During the 26 months of Federal control an annual average
-$21,691,858
operations of
deficit from actua
(c) For the calendar year 1920, eliminat ng Government guar-
$54,058,886
antees, a deficit of
For the year end ng Aug. 31 1921, based on actual figures
(d)
for Sept., Oct., Nov. and
cast for the rema
partially for Dec. 1920 and a fore¬
ning 8 months,
a
$27,386,975
deficit of
Dollar.—A statement showing vhat became of the
railroad dollar during the 3-year test per od, durng the period of Federal
Fate of Railroad
4.
control and during the year 1920, viz.: (a)
in
1920,
10 cents; in 1920, 16 cents,
period, 22 cents; in 1920,
(c) Balance available for fixed charges in test
a
in test period, 40 cents;
Lab
(&) Fuel in test period,
61 cents.
deficit of 11 cents.
Pay Roll Growth 157%.—A comparative statement of
5.
od of $98,490,674, or 157%.
test per
Cost of Coal up 164.7%.—A
6.
pay-roll increases
periods already mentioned, showing an increase in 1920 over
for the several
of railroad coal for said
of $26,219,369, or
comparative statement of increased cost
periods, showing an increase of 1920 over test per
Freight Density, Increase 22%.—A comparative statement
7.
traffic
density for said poriods, showing
senger
of freight
increase over test period of 22 %.
an
Passenger Density, Increase 27%.—A
8.
od
164.7%.
comparative statement of pas¬
density for said periods, showing an incroase of 1920 ovor
test period
of 27%.
Mr. Pearson's letter concludes
as
follows:;
responsible for the management of the railroads have
reloivedtby improved
reduc¬
temporarily increased rates the situation will be
of
business conditions resulting in
tion in
operating costs.
period
It is hoped that within the
increase in transportation charges.
ary
reached with
be met only by a tempor¬
reluctance the conclusion that the emergency can
increased volume of traffic, and by a
1
,
-
,
indicated tneir m'cention to appoint a committee of five representative citizens from each of
their respective states to promptly give consideration to the needs of the
railroads and report their findings.
Every facility will be given this
committee by the management of the railroads to aid it in arriving at an
Following the conference of Feb. 26 the Governors
\
commissions.
The situation of the New England
and should know,
roads has been d'sclosed
the people of New
without reservation because
know,
receive the approval or
proposed increase in rates and faros must
the facts.
candidly and
England are ontitled to
that in
They should bear in mind
subsequently pressing the
relieved their shippers of such portion
of the burden as is represented by the proposed settlement of that case.
The problem of the railroads is equally the problem of the industries and of
the communities they serve and your confidence and support is solicited in
working out a solution which will be practical and effective.
agreeing to inclusion in the Eastern group and
divisions
the New England roads
case
justness and reasonableness of the present wages.
It is the decision of this Board that it is without jurisdiction to
the present dispute until Section 301 had been complied
of the parties,
determine
Board
The
the subject matter of which conference shall be whether the
further
decided
that
deferred until it shall be made
ferred and determined
on
and
on
reasonable, based
Transportation Act 1920,
ference
In
on
consideration
appear
of this
dispute
that the parties have con¬
the question of whether present wages are
just
the relevant circumstances as required by the
or
until parties have refused to enter into con¬
the said question.
meantime, movements toward mediation of the
the
and
Federal Judge Sibley, it is said, has advised the commission¬
ers he will cooperate with them iri efforts to straighten out
the situation, and that there is nothing in the legal aspects
strike by the Federal
of the
case
the Information of the Governors of
the New England States.
the Commission shoul €
whole, or as a whole in
each of such rate groups or territories as the Commission might designate,
a return of 5^% on the aggregate value of the railway property of such
carriers—or, in the discretion of the Commission, 6%.
Increases of 40% in freight rates and 20% in passenger rates were granted
by the Commission substantially as requested by the carriers in the Eastern
group, the only important exception being that the full 40% increase was
not allowed on shipments moving between the Eastern group and other
The
Transportation Act of 1920 requires that
prescribe rates which would yield the carriers as a
further
to
Railroad Situation for
Digest of Memorandum of the New England
with by conference
present wages are just and reasonable.
be
England
(a) For the three year
The
parties with reference, to the justness or reasonable¬
deem it necessary to decide to what extent, if at
in freight rates and passenger fares, such in¬
expire Feb. 28 1922.
Annual Deficit After Fixed
the
of
of the plan proposed for a
Plan for 10% Rate Increase.—A statement
2.
of the Hudson
decreasing costs
future.
temporary increase of 10%
the proper
clearly that
their revenues without resorting to a greater
early and just conclusion.
decide."
The decision reads:
In view of the fact that the record shows
copies of the following state*
are
increase in rates and fares than that required by lines west
The decision of the
Feb. 21 remanded the dispute to the
After reviewing the history of the
parties involved.
the
on
held in Boston|on^Feb. 26.
was
tuation, the efforts made by the New England roads to
relief through increasing
Thos
Board handed down
NewJEngland
Governors of the'Isix
Trouble.—A memorandum outlining the causes wh ch
Causes of the
1.
secure
reduced
the financial
that
urged
a
the Presidents of the :roads^requested
the
then placed before the Governors:
were
led to the present s
after posted by tne
the road
of wages because of
and
expenses
ments which
Feb.
receiver, and notices
a
the lowered wage scale were soon
of
on
public and in determining upon|a coursejnecessary to
Enclosed with this letter
wages,
since 1917,
approximately 1,500 of the 2,000 employees of that road on
March 5 responded to the strike order issued by sixteen
50% of the increases granted
amounting to
preliminary step to placing these facts before
States, and this conference
of the Birmingnam Baseball Club, was
Arrangements are under way, according to
a
meet the emergency,
a
manned
"As
stance:
the
The first mail train sent out
in his letter of March}7, further says in sub¬
Mr. Pearson,
THE
ATLANTA, BIRMINGHAM AND ATLANTIC RR.
&
987
CHRONICLE
Board of Mediation
to interfere with their
are
under
rate
way
groups.
If these rate increases had
on
yielded the returns
the basis of 1919 conditions, it was
roads would have failed by about
England
their invest¬
disproportionate needs to a con¬
$25,000,000 to earn 6% on
They expected to equalize their
ment.
anticipated by the carriers
estimated that the New
siderable extent by a revision of their
division of through rates.
functioning.
"Divisions"
Case—Pending
New
Compromise
Being unable, however, after
NEW ENGLAND RAILROAD CRISIS DUE TO GENERAL
RAILROAD DIFFICULTIES AGGRAVATED BY LOCAL.
ment with the lines
New
for
England Roads by Western
Payment of
$15,000,000 to
Connections.
protracted negotiations to reach a settle¬
River regarding this matter, the
west of the Hudson
England lines on Aug. 27
1920 filed a petition with the Inter-State
divisions.
The hearing on this case
Commerce Commission for increased
"The railroads of New
England
most serious situation in their
Mr.
E. J. Pearson,
history."
confronted by the,
With these words
the President of the New York New
Haven & Hartford Railroad
date of March 7,
are
was
Executives of New England for the startling fact that, not¬
Feb. 7.
New
on
freight and 20%
England
are
facing
a
the railroads of
combined annual deficit, after
on
passengers,
meeting their fixed charges, of
and
must
have further relief.
no
less than $27,000,000,
An additional increase of
10% is advocated by the roads for both passengers and
freight.!
on
From the
case
the
should take its
is rendered.
carriers.
have,
therefore,[ been numerous
informal
of securing a compromise of the case.
The present indications are
to
members of the Com¬
settled by agreement
that the case should be
There
conferences for the purpose
agree,
roads is to be filed within
beginning Chairman Clark and other
mission have made it clear
between
completed on Feb. 7 1921.
thirty days from
natural course, some months may elapse
Dec. 15 1920 and the evidence was
If the
before decis
withstanding the rate increases of last August, amounting to
40%
on
The brief of the New England
Company makes public, under
the explanation offered by the Railroad
begun
that the great majority of trunk
subject to the approval Of the Incer-State
lines will
Commerce Commission,
participate in payments to the New England roads at the rate
of $15,-
which date the
Commission is not governed by the A'ct as to what rate shall constitute a
fair return on railroad property.
The failure of certain roads to agree to
this compromise and the provision that the roads which do not earn the
000,000
per year
from Jan. 1 1921 to Feb. 28 1922, after
fixed charges shall be exempt from
to reduce the
their proportion of the total, jr*y operate
$15,000,000 to some extent.
H
THE
988
Unless
roads
a
sufficient number pf roads concur to insure to
substantial portion of this amount the
a
CHRONICLE
the New England
compromise may not become
proposed compromise is based on the claim that the
This
of the question
pressed to
a
benefits of the
conclusion before the Commission, and
in which to determine what further action
be taken in the matter of divisions.
period of
a year
Falling $27,000,000 Below Fixed Charges and
0% on Valuation.
Roads
As a result of increasing costs during
should
$50,000,000 Under
1920 while the rate case was in
falling off in business since Sept. 1, the majority
earning much less than 6% on their
The New England roads have been even more seriously
of roads in the Eastern Group are now
and are earning practically nothing on their
affected by these causes,
investment.
the results of operation of the New England
The most recent estimate of
roads indicates that they are
incurring
a
deficit after the payment of fixed
$27,000,000 per year (and are failing by about
$50,000,000 per annum to earn 6% on their conservative book values).
This estimate was based on a forecast for the year ending Aug. 31 1921, the
charges at a rate in excess of
reduction
anticipated reductions in force, and in cost of fuel and
of the new rates, and partially takes into account the
first full year
well
In business, as
as
It does not fully reflect the extreme slump in business
materials.
which is
being experienced and which, if continued, is likely to result in a more
now
unfavorable showing,
protracted
would
the
to
New
ra
There will be
with
a
and
schedules indicate
orderly process¬
$8,000,000 to freight within New England and $6,000,000 on
passenger,
changed with the Trunk Lines.
The foregoing estimates are predicated upon
what the New England car¬
of business offered for the
ending Aug. 31 1921, but there has been a substantial shrinkage
riers have believed would represent the volume
12 months
in the volume since the estimate was originally
to calculate
as
compared
1920, but this has been largely taken into account in the estimate
The coal year, with most roads, ends on Arpil 1, so that
1920 contract prices will be used up to May 1921.
but the effect of this reduction is not as great as
is
to the fact that there
a
might be anticipated, due
rail haul involved in the transportation of coal
England, and the reduction in price of fuel at the mines has been
to New
partially offset by the 40% increase in freight rates paid to other lines.
The situation
to materials
as
reductions in prices are
the prices at
is similar to that of fuel.
which material
now on
Statistics
Comparing Average Results During the Three-Year Test
Preceding Federal Control, with (1) The Annual Average
During
the
26
There is,
service to
a
hand must be charged out.
1921, First Full Year under New Rates of 1920.
(1)
Net Income of New England Roads after Payment of Fixed Charges.
Annual
Road—
xAnnual AverAverage of
of Test
Federal
Year
Aug. 31 1921.
'
Boston & Maine...
del$724,732
def$242,514
def$380,071
2,074,034
Bangor & Aroostook...
def5,618,190
defl7,235,000
def6,720,144
715,082
dell ,192,362
def2,676,757
defl ,475,148
$335,928
Central New England..
90.975
defl ,718,649
def2,379,052
defl,306,931
Central........
1,589,810
def3,116,825
def4,271,681
defl ,752,984
New Haven-....—..-.
4,126,147
def8,948,628
def26,636,272
deflS.867,468
567,221
def372,472
def617,610
Cr.115,771
Maine
Vermont
..
Rutland
7 New England roads
$3,499,197 def$21,691.858 def$54,058,886 def$27,386.975
combined
x
Based on actual operating results and
eliminating Government guarantees.
(2) Disposition of Each Dollar of Operating Revenues of the New England Railroads.
Average
Average
Calendar
Test
—
Year
Control.
1920 »
$0.40
Fuel
Federal
Period.
Payroll
on
$0.55
$0.61
0.10
0.13
0.16
0.26
Other materials and miscellaneous expenses
the service.
war-time basis, but it is believed that recourse to this means
should be had only as a last resort.
Year ending
1920.
Control.
Period.
Estimated
»Calendar
There
the possibility of restricting passenger and freight
course,
(Eliminating
Control
Federal
of
0
0.20
0.24
Taxes
0.04
0.04
0.04
Equipment and Joint facility rentals
0.04
0.03
0.04
Balance available for fixed charges
in this direction without serious effect
of
Months
and (3) Estimated Results for Year Ending Aug. 31
Considerable
Reductions in force have been extreme, and it is not possible to accomplish
more
be derived from
the proposed increase.
being made, but this does not affect all contracts
will be some saving, but the full effect of it cannot be realized at once.
much
made, and it is conservative
$23,000,000 will fall short of that sum by
After
April 1 there should be a substantial reduction in unit cost at the mines,
nor
that the supposed
about 20%, leaving a possible $18,000,000 per annum to
Central
,
fuel purchased at
approximately $23,000,000 per annum
being apportioned $9,000,000 to
group,
a
Average
substantial reduction in the cost of fuel in 1921
above referred to.
increase in freight and passenger rates, with
as
which was
required by the Transportation Act, such relief is not to be expected in the
immediate future.
and fares is intended to include the milk
Government Guarantees), (2) the Actual Results in 1920
Iroads to secure the abrogation of the so-called National Agreements,
that whatever relief may ultimately be obtained through the
and
This work is now in
freight crossing the Hudson River designated as inter-line traffic and inter¬
Labor Board in the recent effort of the
of the Railroad
of individual railroads to secure a modification of wage
es
England roads
In order to obtain material relief from this source,
be required.
The decision
Commission,
Commerce
Inter-State
the
the exceptions noted, will produce
substantial improvement in traffic will be required.
very
a
before
long period of time to reach results.
It is estimated that the 10%
basis for advising the Commission what general increases in rates
as a
a
The increase in passenger rates
Period
,
1921 will In any way approach that of 1920, or even that of 1919,
must be initiated by the express company,
traffic.
throughout the year, but on the other hand it is doubtful if the traffic in
used
final decision
a
considerable period of time.
by the railroads, but the result therefrom cannot be known for a
long future period.
hoped that the present extremely low business will not continue
is
hearing
accordingly
probably care for less than one-half of the deficit below fixed charges.
It
in course of preparati on but
now
express rates
but, like the mail traffic, this requires a vast amount of research work, a
compromise of the division case will result in partial relief, but will
The
is
pay
be expected for a
progress
progress, and the marked
Investment.
before pro
of the New England lines.
revenue
application to the Inter-State Commerce Commission for an increase
railway mail
cannot
Any increase in
much more prompt realization of the
than if it had been
a
in
of divisions.
It provides for a
allows
An
trunk lines
if the New England
and does not finally dispose
greater increase in their freight rates than
a
roads had been segregated in a separate group,
case
England proportion only, and to translate the 10% increase into arbitraries;
these arbitraries to be added to the through rates, deducted
rating and included in the
effective.
received
[VOL. 112.
0.22
0.01
def0.ll
$1.00
$1.00
$1.00
y
It will be recognized that no permanent solution will be reached merely
by providing for the payment of fixed charges.
These roads
are conserva¬
tively capitalized, as has been disclosed by the Federal valuation, and the
Total.———..——
years, are
entitled to
a return on
assured to New England, it is essential not only that the immediate solvency
Ann. Avge. Pay-RoU During
•
The transportation
and increasing.
demands
on
re¬
'
the New England railroads
Since 1913 the revenue ton miles (the
are constant
of freight
measure
During this same period approximately $100,000,000 has been spent for
should
continue
these
to
properties.
Cat. Year
1920 (Note),
Increase 1920 P. C. of
Inc.
over TestPeriod.
191.7
$2,859,693
$3,585,153
$2,355,924
22,642,426
40,048,186
57,111,877
34.469,451
152.2
Central New Eng.
1,427,992
3,280,579
4,472,254
3,044,262
213.2
Annual
expenditures
be made if adequate and satisfactory
on
this basis
transportation
Rutland
New
8,388,384
161.0
45,275,767
160.2
1,805.226
—-
2,843,210
3,705,910
1,900,684
105.3
$98,490,674
157.3
5,072,812
.
$62,589,513
combined...
In this connection it will be interesting to note that the New England
13,597,285
73,534,896
3,841,560
7NewEng.roads
service is to be assured.
States manufacture over 60% of the wool used in the United States.
151.5
10,905,742
£5,168,714
2,016,610
Haven
New
3,056,202
5,208,901
28,259,12'9
Central Vermont-
'
to
Fed. Control.
$1,229,229
Maine Cential—
traffic volume) have increased about 25%.
improvements
Test Period.
Road—
Bangor & Aroos..
Boston & Maine..
assured, but also that their credit should be
establish.
....
(3) Pay-Roll Increases on New England Railroads.
their investment.
In order that adequate and satisfactory transportation service may be
of these roads should be
——....
•Present wages became effective May 1 1920.
stockholders, the majority of whom have received no dividends for several
$118,947,684
$161,080,187
Note.—Present wage scale did not take effect until May 1 1920, so that first
fou*
months of 1920 do not reflect last increase, which averaged over 20%.
England cotton mills contain 53 % of the spindles in the United States.
New England paper and paper board mills produce 27 % of the output of the
mills of the country.
of the
United
Increased Cost of Locomotive Fuel on New England Railroads.
(4)
New England produces 52% of the boots and shoes
and in general New England holds
States,
Annual Avge.
pre-eminent
On the other hand, aside from the lumber and pulpwood, practically all
Boston &
Test Period.
Road—
a
position in high grade manufactures.
be brought into New England.
beyond the direct control of
those responsible for the management of the New England railroads.
view of the emergency situation which now
confronts us,
we
Proposed for
$828,586
$450,481
119.1
14,356,849
1,764,612
1,320,371
4,826,621
18,128,947
152.8
296.3
119.3
237.8
160.5
428,680
714.930
913,444
8,678,055
1,319,314
718,358
3,397,877
11,170,520
484,764
$15,920,061
$28,294,052
$42,139,430
Central New Eng.
Central Vermont.
New
Haven-—
Temporary Increase of 10%
Freight and Passenger Rates.
(5)
Traffic on New England
Freight
Tons
Boston
Maine Central...
New
Haven
them by the Trunk Lines and required to prevent insolvency, is as follows:
To increase freight and passenger rates 10%, such increase to continue in
Rutland
effect concurrently with the payment to be made by the Trunk
Lines, or
until Feb. 28 1922.
7 New Eng
In applying the 10% increase it is proposed to
except therefrom the coal
and coke traffic, switching revenues, and export and
(6)
import traffic when
and where the latter comes into competition with other
ports, or, in specific
terms, that traffic which has origin and destination west of the Hudson
River.
The
of the
great
reason
for
excepting coal and coke from the increase is because
importance of these commodities
difference that
as
raw
material
and
the
exists in their cost in New England, as compared with
the cost west of the Hudson River, due to the greater distance
they must
now
be hauled and the consequent greater aggregate transportation
charge.
As to through traffic interchanged with the lines west of the Hudson River
and with Canadian Lines
on
joint rates, it is planned to increase the New
Calendar
Year 1920.
247,337,532
468,993,518
537,770,544
299,588,878
291,008,470
741,491,392
876.558,749
2,468,634,701 3,114,754,520
273,300,320
247,216,504
Central Vermont.
164.7
Mile.
Fed. Control.
&Maine-3,004,484,676 3,512,599,824
Central New Eng.
deficiency in
that will exist, after taking into account the amount to be
paid to
Carried One
Annual Avge.
Test Period.
247,524,079
$26,219,369
Railroads—CompafMivT"statemerU'"of^Revenue
Annual Avge.
Bangor & Aroos-
in
113.1
7 New Eng. roads
R0ad—
a
The plan proposed by the New England carriers to cover the
revenue
Inc.
$722,288
10,194,051
973,287
1,043,070
3,347,937
11,298,479
combined
and methods that may properly be taken in this emergency.
Plan
P.C. of
Test Period.
$378,105
have
sought this conference with the chief executives of the New England States
to place before them the situation, and to confer with them as to the means
of
over
5,678,794
446,298
602,013
1,428,744
6,958,427
Rutland
The present situation is the result of causes
Statement
Increase 1920
Year 1920.
Maine..
Maine Central...
problem is the problem of the New England
public.
In
Calendar
Bangor & Aroos..
of the raw materials and all the fuel used in these and other industries must
The New England railroad
2QMos.of
Fed. Control.
Increase 1920 P.C.of
over Test Period.
Inc.
242,823,083 dec.4,700,996 dec.1.9
3,832,972,686
828,488,010
27.6
568,715,183
99,721,665
21.3
369,496.598
69,907,720
23.3
948,186.188
206.694,796
27.9
2,920,909,541
452,274,840
18.3
264,148,202 dec.9,152,118 dec.3.3
roads
7,504,017,564 8,827,246,143 9,147,251,481 1,643,233,1,17
combined
Passenger Traffic on New
21.9
England Railroads—Comparative Statement of Total
Number of Revenue Passengers
Carried One Mile.
Calendar
Increase 1920 P.C.of
Year 1920.
over Test Period.
Inc. (
26,929,531
24,401,724
27,345,129
415,598
1.6
Boston & Maine..
866,509,189
947,303,136 1,038,042,439
171,533,250
19.8
Central New Eng.
18,122.702
11,576,976
11,226,327 dec.6,896,375dec38.0
Central Vermont.
42,576,150
36,106,142
45,294,652
2,718,502
6.4
Maine Central...
149.447,198
158,926,173
167,630,614
18,183,416
12.2
New Haven
1,587,207,029 1,921,346,544 2,153,958,865
566,751,836
35.7
Rutland
51,399.372
44,621,865
50,476,486
dec.222,886 dec.1.8
Annual Avge.
Road—
,
Test Period.
Annua
Avge.
Fed. Control.
Bangor & Aroos-
7 New Eng. roads
combined
2.712.191,171 3,144,282,56013,493,975,512
751,783,341
27.4
March 12
THE
1921.]
[Further particulars of Importance respecting the New
case will be found in "Chronicle" of Feb. 19 1912,
sions"
1920.
744; Dec. 25
statement of
■■
The German financial
GERMANY'S
OF
REFUSAL
ALLIES1
INDEMNITY
PROPOSALS.
on
rejection
on
inst., of their announced plans
to occupy additional German territory in the event that
Germany failed to accede to the indemnity demands ap¬
proved by the Supreme Council of the Allies on Jan. 28,
and given in detail in our issue of Feb. 5, page 520.
Three
oities were taken over by the Allies on the 8th—Dusseldorf,
part of the Allies, on the 8th
This action
Duisburg and Rurhort.
tation
came
after the
presen¬
the 7th inst. to the Supreme Council, at its con¬
on
the new German proposal, offered as a
counter-proposals which had been pre¬
March 1 by Dr. Walter Simons, the German
ference in London, of
substitute for
sented
on
the
Foreign Secretary, and which the London conference re¬
jected
Premier Lloyd George of England
that day.
on
formally delivered the answer of the Allies to these counter¬
proposals in an address to the German delegation at London
he said:
March 4; in this speech
on
.
that
the
while
Allies,
prepared to listen to every reasonable plea
having regard for the infractions already
many means to
but in the official statements made for
Germany by the German Government, that we must act on the assumption
that the German Government not merely is in
erately in default, and unless we hear by next
default, but that it is delib¬
Monday (March 7) that Ger¬
either is prepared to accept the Paris decisions or to submit proposals
will
in
other
under the Treaty
proposals]
we
ways
equally satisfactorily discharge its obligations
new or
Lloyd George
on
the 7th
delegates the non-acceptance of
The premier stated in this
substitute proposals.
speech "proposals such as those we have heard are not a
"If the written proposals are of
"You have
into operation immediately." He also de¬
clared "in the interests of the Allies, in the interest of Ger¬
and in the interest of the world we must have a definite
settlement."
As we stated in our issue of Feb. 5, the Allies'
many
demands had called for the payment
by Germany of
an
in¬
demnity totalling 226,000,000,000 gold marks, in annuities
It was further required that
Germany should pay to the Allies for forty-two years an
annual tax equal to 12% upon the total of her exports.
Pr.
Simons, the German Minister of Foreign Affairs, in a state¬
ment before the Reichstag on Feb. 1 (referred to by us Feb. 5,
give it to
negotiations the arrangements suggested by the
allies," and that she would *'now seek to draw up new pro¬
The counter¬
proposals submitted to the Allies at London on Mar. 1 pro¬
posed the fixing of the indemnity at approximately 50,000,000,000 gold marks, this to be offset by the payments already
made by Germany, estimated at 20,000,000,000 gold marks,
thus requiring the payment of about 30,000,000,000 gold
posals to present to the Allied Governments."
As to this offer and the attitude of
it the Associated Press in
the Allies toward
cablegrams from London Mar. 1
its reasonableness.
The belief
prevails in the Allied camps to-night
ended and that they are on the eve
ultimatum, clear and
The following
a
of action.
meeting of the heads of
the Allies propose to
The word "measures"
and military advisers to-morrow
delegation on Thursday as to the
they came
opened the conference by saying the Allied
representatives had assembled to receive the German reply to the
of the Paris conference.
the floor.
decision
Foreign Minister was then given
The German
\-V;
■■■,
Dr. Simons said the Germans had
prepared two written propositions most
possibilities.
departure
Foreign Minister declared, and therefore had not
carefully, and after profound study of Germany's resources and
They had been engaged in this work up to the moment of their
from
Berlin, the German
Dr. Simons then In effect said Germany
would
50,000,000,000 marks,
pay
subject to the various discounts and reductions and the sums already
and mention of only the juridical
Dr. Simons offered what experts
30,000,000,000 marks.
terms, then Germany would pay
that if the
capital
estimated would amount to £2,500,000,-
throughout the world.
Allies' terms required the payment of
£11,300,000,000 and the lowest Germany was expected to put forward was
something over £7,000,000,000, while Germany wants £400,000,000 raised
by a German foreign loan, in which she professes to believe America would
Compared with this proffer the
co-operate.
amounted to
favorable
The Germans apparently figure
them.
of about 30,000,000,000 marks were taken now
sum
would amount to about 220,000,000,000
it
marks in forty-two years at 5%.
30,000,000,000
them, which the Allies regard
however, is for Germany to obtain these
The difficulty,
marks without the Allies
doing it largely for
wholly unacceptable.
as
At
point,
one
Dr. Simons was speaking, Mr. Lloyd George
as
"From the way things are going, in
said:
another ten minutes, we shall have
J
pay."
Dr. Simons said the difficulties which
rendered the acceptance of the Paris
fundamental controversy
productive efforts to a
and on the other
reparations proposals impossible were due to the
involving
the one side the raising of Germany's
on
maximum in order to enable her to meet her obligations,
nations.
contemplated the
of annuities of 6,000,000,000 marks gold, and all were agreed that
manner in which this amount could be paid was by a surplus of
the prevention of German
The Paris
competition becoming a menace to other
proposals, continued the German spokesman,
declared, however, that in order to
would have to be four times as
German experts had
The
exports.
meet these annuities the German exports
great as the annuities, and the forcing up
of the German export trade to
figure, he said, would constitute a serious menace to
this
the rest of the
world.
The
of 12% was
if the price could be forced up,
Foreign Minister's reference to the proposed export tax
that it must either be paid by the consumer,
weakened in its power to
would decline.
by the German industry, which would thereby be
or
The results would be that the exports
compete.
Dr. Simons then asked that the payments are
period,
as
not spread over too long a
work "if they saw their
heavily saddled with debt."
fixing of the total capital sum, on which
the Germans might not be willing to
grandchildren and great grandchildren too
Dr.
Simons then asked the
Germany would pay interest and provide a sinking sum
He
said
that
if the
Paris annuities were
in the usual way.
discounted at 8% their values
dispute over the
to be
equivalent to £1,000,000,000.
He declared Germany was willing to agree
to the appointment of a joint commission to investigate the value of these
would be 50,000,000,000 gold
marks,
but'thatlthere
items already paid.
,
,
In order to make the German
'
'
obligations available Dr. Simons
international loan of which the interest and
an
was a
These were estimated by the Germans
made.
payments already
suggested
sinking fund would be paid
30,000,000,000 gold marks.
figure
8,000,000,000 gold marks.
by the Germans the loan to total not more than
However
he said
a
as
the world market would not at
present support so large a
beginning would be made by a loan of
The situation of Germany
will not allow her at present to pay more
than
asserted, in addition to the
carrying of the proposed loan.
At the end of five years he continued, it will
be necessary for the Allies to meet the Germans again in order to draw up a
plan for mobilization of the remainder of the German debt.
1,000,000,000 gold marks annually, Dr. Simons
the German delegates were
informed
byfthe Allied representatives that Germany
would be given until Monday the 7th to accept the funda¬
mental conditions laid down by the Supreme Allied Council
March
at
3
Paris.
on
In
summarizing
the conclusions of
the Allies
London accounts said:
The German delegates were informed by the Allied representatives today
that if Germany does not accept those terms the Allies will take immediate
on
the 3rd inst. the Associated Press in
steps.
.
Dusseldorf,
of
Essen)
and
and
-
occupation by Allied troops of the
Ruhrort
(at the mouth of the Ruhr,
the Ruhr region of Germany,
cities of Duisburg,
twelve miles west
which contains important
plants.
Second, each Allied country will
as
£1,000,000,000 has already been paid in
money and suppUes.
This would leave about 30,000,OQO,000 gold marks to
be paid.
This is coupled with the conditions that Upper Silesia remains
German and that free commercial privileges shall be restored to Germany
proposals were so drawn they
would advance Germany money on
if the Allies
offer that
an
about
,
Premier Briand said that the
and military ad¬
of which Germany claims
paid.
of
hasty examination by the French delegation of the written proposals
A
mines and iron
take."
visers are considered significant.
000,
appeared to be greatly de¬
Premiers Lloyd George and Briand were smiling as
The British Prime Minister
The first will be the
decided to consult the juridical
and
11 o'clock."
from the conference chamber.
this afternoon:
view, to informing the German
measures
that the negotiations have
Their reply is expected to be
imperative.
bulletin was issued after a brief
the Allied delegations
with
We will discuss among ourselves our reply
position.
As indicated above,
the Allied program drawn
up at Paris that the British Prime Minister declared: "The German Govern¬
ment appears to have a complete misunderstanding of the realities of the
position," and tersely adjourned the conference after Dr. Simons, the Ger¬
man Foreign Secretary, had presented the document and tries to advocate
Germany's counter proposals fell so far short of
was
of the Allies
complete lack of comprehension of the position
you to-morrow at
pressed.
said in part:
"It
the same general character as the ex¬
When the Germans left the conference they
period of 42 years.
522), declared that Germany "cannot accept as a basis
for further
an
a
and of your own
the only
a
Dr.
need of continuing the conference.
planation of them, it isn't worth while for us to read them.
payment
tions must be put
marks.
no
was
Lloyd George told the German Foreign Minister:
They simply evade and postpone settlement,
covering
to offer than appeated in
had something more
Germans
Simons's statement there
regretfully we have come to the conclusion that sanc¬
settlement.
page
Foreign Minister, had finished his statement on reparations to the con¬
ferees, Lloyd George, the British Prime Minister, replied in substance that,
to
On behalf of the Allies, Premier
Ger¬
understood outside the conference that after Dr. Simons, the
was
unless the
of Versailles [subject to concessions made in the Paris
made known to the German
and very
It
man
will, as from that date, take the following course under the
Treaty of Versailles.
the
ileges throughout the world.
proposals that Ger¬
further defy and explain away the treaty, to challenge the
issues not merely in these proposals,
which
•'
commercial priv¬
the Germans indicated that after the reductions Germany would pay
treaty.
We therefore have decided,
committed and the determination indicated in these
many
.V.'.'?/■'
Second, that Germany should have restored to her free
Government] to realize is
arising from the German difficulties, cannot allow further paltering with
the
learned, were made subject to
was
First, that the plebiscite in Upper Silesia should result in favor of Ger-
been able to communicate their position in advance.
The first essential fact for them [the German
this:
proposals, it
•'V.'-.I
two conditions:
many.
March 7 of Germany's proposals
reparations witnessed the prompt carrying out on the
The final
and the
basis for
delegates still are of opinion that their proposals
Germany's economic conditions may be taken as a
discussion.
1942.]
2521, and Nov. 13, p.
p.
The German
England "Divi¬
p.
989
CHRONICLE
place such a tax on German
merchandise
it may deem proper.
Third,
a customs
boundary along the Rhine, under
be established.
The
German
Allied control, will
.
delegation
the Paris reparation
was
informed that the only modification of
decisions permitted to Germany
conditions of payment,
would be as regarded
annuities from
such as a reduction of the period of
forty-two years to thirty years.
which were submitted to the Allies on
susceptible of examination, Premier Lloyd George
Simons, head of the German delegation, in substance,
Germany's counter proposals,
Tuesday,
told
Dr.
were
Walter
after today's
at noon.
not
session of the conference had assembled at St.
James's Palace
'
CHRONICLE
THE
990
Mr. Lloyd George said the attitude taken by
the German Empire regard¬
[Vol. 112.
the allied countries.
ing reparations was, In addition, a grave violation of the
budget for
an
Germany toward the
devastated
areas.
that their
Allies.
obligations of
reminded the German representatives
He
Versailles relative
had not fulfilled the Treaty of
Government
20.000,000,000 marks in
gold, and the punishment of German officers and soldiers accused of crimes
disarmament, the payment of
to coal deliveries,
during the war.
•
,
accept the
by the
the. advantages granted her at the previous conference
Germany, added the British Prime Minister, in refusing to
concessions
ten years.
with the Allies.
'
'
I
had finished, Dr. Simons, for the Germans,
gigantic sum she has to provide
This provision will have to be
made year by year for at least
What charge is there in the German budget comparable to this?
•Government in August, 1914.
Having regard to the incalculable importance of coming to
real under¬
a
standing I think it is vital that the German public sohuld be informed
the
to
After Mr. Lloyd George
This is apart from the
"I feel certain that the people of Germany have no notion of the devasta¬
tion wrought in the allied countries as the result of the action of the Imperial
proposed by the Allies with regard to reparations, had
renounced
same act
for pensions.
Take France—France has this year to arrange in her
expenditure of 12,000,000,000 francs toward restoring her
character and
wrought.
devastation
extent of the
as
I cannot help
thinking that when they realize it their attitude of mind will change
Said the intentions of the German Government had been quite
They
stood.
out of them
misunder¬
Monday.
behalf of the Allies, announced the ultimatum.
The German delegation, he
Mr. Lloyd George then, on
If the
said, would reply at noon on
continued, had said that forty-two years was
Germans, he
too
lengthy a period for the payments to run, and that a levy of 12% on their
exports was not the best method for them to meet their liabilities or for as¬
certaining the amount Germany at a given moment was capable of paying,
and that they had better ways which would be equally effective in meeting
the case, then, added the Premier, "we
a
would have sat down with the Ger¬
counter-proposals with
delegation to examine in perfect good faith their
man
view to arriving at a reasonable
are under the
allied countries.
I will give a few figures
which, will indicate the extent of
the injuries inflicted in France.
Nearly 21,000 factories have been destroyed.
The mines in Northern
France have been destroyed and it will take ten years or more to reestablish
them.
The whole of the metallurgical,
in the devastated area have been
and
electrical and mechanical factories
Four thousand textile factories
wiped out.
4,000 alimentary factories have been
equipment, which
accord."
impression that the Allies are seeking to extort money
beyond their needs and I am quite sure that they have not the
least notion of the terrible extent of the ravages inflicted by the war in the
spot,
was
either taken away
destroyed or stripped of their
to Germany or destroyed on the
would examine the Prime Minister's
speech, that their intentions had been mistaken and that no occasion would
arise for employment of the measures the Allies outlined, is taken to mean
"One thousand six hundred and fifty-nine communes or townships have
been completely destroyed.
Of 707 townships three-quarters have been
that the Germans have further proposals to make.
destroyed.
Dr. Simons's reply that the German
•
Of 1,656 at least 50% have been destroyed.
opinion," added the German Foreign Minister, "no occasion
will arise for the sanctions (penalties) set forth by the Allied Powers."
"In
our
Dr. Simons said the Germans would
|«amine the British Prime Minis¬
ter's ppeech and the Allied documents most carefully.
of Premier LI(5yd
The following account of the speech
George
on
the 3rd
given in the New York "Times":
as
"Dr. Simons and Gentlemen—I have been asked by my
British and Allied Governments to make
colleagues of the
behalf in
reply to the speech delivered by Dr. Simons on Tuesday and to the document
which he subsequently put in.
"The
the statement made
that
by Dr.
Simons oh behalf of the German Government constitutes a definite chal¬
lenge of the fundamental conditions of the Treaty of Versailles and must be
dealt with accordingly.
"The Paris proposals,
following the line of Boulogne and Brussels, in¬
destroyed.
a
spirit of concession to induce
The counter-proposals mock the treaty.
"
The Allies have
"There is.a reduction of 50% of the total coal production ef France,
21,000,000 tons instead of 42,000,000, and these figures are the minimum.
these
counter-proposals themselves, but also from perusal of speeches de¬
livered by Dr. Simons In Germany after tho Paris proposals and the support
"One of the most serious
German
responsibility
the
for
This
war.
throughout Germany, and, therefore,
repudiation
structure of the
repudiated
or
acclaimed
For the Allies German
It is the basis upon which the
is fundamental.
war
was
be taken to represent the real
may
attitude of Germany toward the Treaty of Peace.
responsibility for the
a
recollect rightly, at Stuttgart, when he repudiated
speech delivered, if I
Treaty has been erected, and if that acknowledgement is
abandoned the Treaty is destroyed.
ments and movements of war,
corollary of this
that frame
once
attitude.
new
German public
are
was
in the wrong
never
1871
based
was
on
war
supported
acts of destruction.
was
of almost the whole of the civilized
many accepts that
world, must be respected.
This
so
of the French flax industry, a most important
case
practically wiped out by
was
tent of 8.5%, now
supplies 50% of flax products.
blast furnaces and rolling mills in Belgium.
industry in
of destroying all ma¬
years
Take the case of the
They were deliberately blown
by dynamite and the places left in ruins,
that when the
so
war was over
to be in a position to compete with Ger¬
I can supply many other cases where factories in Belgium and
France, which constituted
their competitors in Germany, were
a menace to
deliberately put out of action.
Germany are quite intact.
insist
no
The moment the
damage.
The factories of
war was over
to manufacture their fabrics and to sell them to the
they were free
world, while their rivals
had their factories and workshops destroyed and their machinery
Until Ger¬
or
appearing in
reluctantly—very reluctantly—to the
me
a process
that Germany, which supplied France before the war to the ex¬
broken up.
removed
Therefore unless reparation is made by Germany it
that the victors will-pay the price of defeat and the
"Perusal of speeches delivered in Germany and of articles
have driven
of the textile and other factories
either destroyed or essential equipment taken away.
exceptions in East Prussia have sustained
Germany
we must
position and consents to interpret hei obligations accord¬
press
many
German Factories All Intact.
ingly, these conferences will be futile.
German
by bombardment, but by deliberate
years, not
Machinery in
"On the other hand, the houses of Germany with comparatively few
it was by the declared assent
as
of cases where machinery and equipment
the assumption that
permit France to challenge that verdict, and
that the verdict of the late
the
Mr. Lloyd George continued:
very numerous class
a
impossible to work them for
and consequently Germany not merely demanded
reparation but payment by France of the whole cost of the war.
would
"There Is
w&s broken up in order to furnish Germany with metal.
Many of the mines
In the North of France were deliberately destroyed with a view to making it
be treated by the Allies as a chose jugee.
"The Treaty of Frankfort in
France
impossible for them to compete with German industries when the
war was over.
many.
obligations in
of
mind, such proposals are inevitable.
We wish, therefore,
and for all to make it quite clear that German responsibility for the
war must
oxyhydrogen flames in order to cripple French and Belgian industries and
Belgian industry would take
simply the necessary
If Germany approaches her
incredible amount of damage was done
destroyed, the mechanism taken to Germany and apparatus destroyed by
up
foundation of the Treaty of Versailles.
very
those made by Dr. Simons
as
an
"object being to provide that Belgium's recovering industry should not
prejudice German industry." and told how great factories were wantonly
France.
"The Allies, therefore, feel that tbey have to take into account the fact
"Proposals such
but
a view to destroy essential means of production.
"This is true both of France and of Belgium."
chinery,
Treaty's Very Foundation Challenged.
opinion, Is challenging the
end to
one
deliberately with
"Take the
that the German Government, with the apparent support of
well from
The very soil is churned up and
A good deal of this devastation was wrought through bombard¬
destroyed.
to make it
accorded to those speeches in tho German press and
Reichstag.
statements made by him was contained in
I have passed through this devastated area pretty
the other, and it is perfectly appalling.
the
i
conclusion not only from the character of
to that
come
restored to
condition of which 1,740,000 Is cultivated soil.
Mr. Lloyd George then quoted General von Biasing's statement at tho
first meeting of the German Economic Mission to Belgium on June 19 1915,
These proposals were tendered in
amicable settlement with Germany.
an
Twenty thousand six hundred and three factories have been
meters of road and 3,800,000 hectares of soil which must be
volved substantial relaxation of the full demand of the treaty, both in re¬
spect of disarmament and reparation.
thousand two hundred and sixty-nine
nineteen
houses have been completely destroyed and 313,675 partially destroyed;
that is, 630,000 houses were either completely destroyed or partially
''
Governments consider
Allied
and
,
destroyed, 8,000 kilometers of railway, nearly 5,000 bridges, 52,000 kilo¬
statement on their
a
630,000 Houses Gone or Damaged.
"Three hundred
means
vanquished will
reap
the fruits of victory.
"I have been informed by the Belgian Ministers who are present that the
conclusion that Germany does not realize in the least the true character
destruction of Belgian factories and machinery proceeded to such an extent
of the demands made upon her.
that the German army in Belgium deported
man
I followed these
people are under the impression that the demands of the Allies
designed to destroy their great people.
a
The Ger¬
closely.
very
free, contented and
that
we
regard
a
prosperous
Let
Germany
me say at once
as
are
that we regard
essential to civilization and
discontented and enslaved Germany as a menace and
burden to European civilization.
We have
no
a
desire to oppress Germany.
We simply ask that she should discharge obligations she has entered into
and
repair injuries inflicted by the
was
responsible for provoking.
war
which her Imperial Government
by the German Imperial Government.
Italy.
it that tho nation that
the costs of the
penny.
The
We
war
are not
going
was
We
war.
as
far
responsible for provoking
are
as
not
a war
asking the costs of the
ought to
war,
not a
the principle of the Treaty of Frankfort.
charges of the Allied countries in the aggregate are so enormous
quite impossible to ask any country, any single country,
the
That
we
In
fact, we
are
each of
load of taxation to pay the debts which each of
ourselves in this war.
we
realize.
us
us
groaning under
incurred to defend
and to place the whole of them upon one country,
fully realize, would be
an
impossible proposition.
We have, therefore,
deliberately in the Treaty of Versailles not asked
Germany to pay one
single paper mark for the cost incurred by the Allied countries in defending
themselves in this
"What have
this
summary
and the
have not
by me the figures for Italy and Belgium.
"These casualties represent not merely loss in a country of real
we
can
take
no
less.
resources
of
a
wealth production, but a heavy annual burden upon the
country to maintain the dependents and crippled and maimed
who cannot earn a living for themselves.
France alone, and Great Britain
alone, in this respect each bears an annual burden which is almost three
times the amount of the
to meet the claim
whole annual payment now offered by Germany
for damages of all kinds.
France, and as to
with that which has been
"With all this
imaginary
wrongs;
they
are
I
injuries the reparation of
which is Imposing a crushing burden at this moment
upon the resources of
loss of life
proportion to the population to that sustained by
material damage, that in East Prussia is trivial compared
inflicted
on
France.
-
,
;
:
,
,
gigantic injury, what is now offered to France, staggering
expenditure cast upon her by war debt and by this wanton
destruction which made of her richest province a
hideous wilderness of ruin
despair, with the urgent need that she should rebuild the shattered
homes and restore the
Burden France Has to Bear.
strength
and capacity for
and
not
The British Empire lost 1,000,000 in killed,
I
crippled who are drawing pensions number about 1,700,000.
under the load of
are
without reference to the still more
France lost 1,400,000 in killed, and has to pay
prime of their strnegth.
asked for
"These
is incomplete
pensions to 3,500,000 people.
cast upon our respective countries by material
damages to property and
by injuries inflicted upon the lives and limbs of inhabitants.
We have
and
Great Britain, a
killing and crippling of multitudes of their young and vigorous men in the
it is not comparable in
more
I have
There is
country more dependent pn its shipping than any other, had 8,000,000 tons
"Germany, no doubt, has suffered from the war, but in the
war.
we
German
no
provoked
war
I have not given the whole of the figures for Great Britain.
destruction of millions of tons of mercantile shipping.
asked, then, of Germany?
I think it is important that
public should thoroughly understand the character of the
demand, because I am certain that they aro not appreciating it.
We have
simply insisted that Germany shall pay reparation in respect of the charges
the
result of the
poignant and devastating loss inflicted upon the Allied countries by the
that it would be
to bear them.
a
I have not given the figures for
simply taken these as samples of destruction which took place.
"But
Germany Set Precedent Herself.
pay
wrought as
sent to the bottom of the sea.
"Under the Treaty of Frankfort she laid down the principle and acted
upon
150,000 Belgian workmen to
Germany on the ground that they were unemployed, but this does not rep¬
resent the whole of the devastation
the poor
factories which
devastated provinces, and
the rest?
are
the sole means of livelihood for
people who had endured for five years the horrors of war in their
with her enormous pension liabilities added on
.
1
March 12
1^21.]
the
What Germany
chronicle
Offers.
"What is offered to Great Britain, with her gigantic debt and
pension
list incurred in enforcing a treaty which her King
signed with the King of
Prussia, but which
991
"The plan prepared by the Allies at Paris for the
payment of
statement, "relieves Germany of a substantial proportion of the
payable by her under the Treaty of Versailles."
amount
broken by the latter's dependents?
was
What Germany Proposes.
"What is offered to Italy and to Belgium to relieve their burdens?
"What is offered?
Not one-fourth of the
damage, and that only
out of their
with
difficulty raise the
money
work of government.
a
ever
highly privileged terms, when they can
in their own markets to carry on the essential
on
to
seen
a
responsible for the most devastating war
solemnly with such terms to a conference
was
come
with the representatives of the countries that have been the victims of that
A•
devastation.
a
V,
;;
A
German Government come here with some proposal which
sincere desire to discharge its obligations, we should have
given
"This proposal does not merit either examination
demonstrate its true character it is sufficient to note the
"First—The German Government
is too lengthy
If they had said 'Forty-two
period,' if they had said' The levy of 12% upon our
a
exports is not the best method of meeting
the
amount
Germany is at
other ways which,
our
liabilities
of ascertaining
or
given moment capable of paying,
a
while they suit
us
have
we
better, will equally meet the case,'
should have sat down at these conference tables with the German dele¬
we
gation to examine in perfect
good faith
their counter-proposals,
view to arriving at a reasonable accord.
"We know that
we
were
which is
peace
its normal tasks.
renew
people labor
result of the war, but these proposals are, frankly, an offense and
And
an
as a
"Second—The
Europe between all its peoples, I deeply deplore that such proposals should
are at
an
liberty to calcu¬
This table
8% basis.
German
Government
ignores the value of the
variable
"Third—The annuities payable under the Paris
plan are in addition to
whatever
sums may
be found to have been paid on account of repartaions.
"Fourth—The German Government
at
20,000,000,000 the value
of deliveries made by them on account of
various
obligations imposed upon
them by the treaty.
assess
The reparation commission
their value at not less
assess
than half that
sum.
The amount to be credited to the German Government
in respect to these deliveries in the
reparation account will be found to be
very small.
"Fifth—The German Government
arriving at the
amount due
use
an
8% table for the purpose of
them; they propose at the
same time that the
interest upon their debt shall bel imited to
5"%.
"Sixth—The German Government
propose that their securities shall be
relieved of taxation in the
country of issue, thus burdening the country of
issue, with part of their liabilities.
"Seventh—On the assumption that the amount which
Germany will pay
an exas¬
who is anxious that real peace should be restored in
as one
they
on
To
discussion.
annuities provided for in the Paris
plan, the amount of which depends upon
the value of German
exports.
a
prepared to make all legitimate allowances for
the real difficulties under which the German and all other
peration.
with
These differences perpetuate
atmosphere of disaccord and distruct, and that is fatal to the
to essential to enable the world to
assume
or
following:
is applicable in the Paris plan
only to discounts of fixed annuities made in
the first two years.
it the fairest and most patient consideration.
years
?
of the German proposals, and the statement
summary
says:
"Had the
indicated
a
late the present value of the fixed annuities
psychology which permits the representatives of
country whose Government
Then follows
required to repair the
That is the offer.
"I cannot understand
the world has
sum
condition that those who need it most find it
on
pockets first,
own
reparation/I
says this
during the first five
tion will be
years will be
discharged in thirty
1,500,000,000, and that the whole obliga¬
the amount she will have
years,
to pay
for
are
the. twenty-five years following that period to provide for the interest on the
sinking fund of her whole debt will be 3,000,000,000 a year.
The present
far short of those which, according to the precedent she herself set in 1871,
value of German payments on this
reckoning will amount at the outside to
have been put forward, for they indicate a desire not to perform but to
ever
evade the
obligations which Germany has incurred, obligations which
might have imposed.
we
',
1
somewhere about
/
,
"Had the German Government imposed taxation on their people
compar¬
able to the taxes laid by the allied countries on their citizens they would be
in a better position to confront us at the conference table.
But here again
the
vanquished insist upon being let off
more
lightly than the victor.
The
German debt, nominally high, is not even nominally as heavy in
percentage
to the
population
that of Great Britain.
as
made
no
the
on
Ger¬
way.
such effort.
She has
liabilities by
nominally imposed
knows that they are not
bulk of the
population,
a process
of depreciating her currency.
heavy direct taxes
very
fully collected.
are
Under the Paris plan,
proposal.
wealth, but every on
on
Her indirect taxes which affect the
ridiculously low compared with Great Britian's."
Mr. Lloyd George then gave the figures from which he deduced that Ger¬
inadequacy of the German
8% table, the present value of the
on an
fixed annuities alone is 53,000,000,000
gold marks.
This table is, however,
applicable only to discounts of future annuities made during the
(first two
years.
On an 8% table—the rate at which discounts can be made after
1925—the present value is
83,000,000,000 gold marks.
over
"It is of course difficult to make
annuities
under
the
should be made to
"Today her apparently gigantic debt has been reduced almost to the
amount of her pre-war
made under the Paris plan to
expose the entire
Britain during the war raised
£3,000,000,000 in taxation toward the cost of carrying
many
1
27,000,000,000.
"It is only necessary to compare this sum with the value of the
payments
German Taxation Inadequate.
Paris
the above
estimate of the value of the variable
an
plan, but
substantial
a
addition,
at
rate,
any
figures in respect to these annuities.
The
which the German Government asks the Allies to
accept in satisfaction
of her debt amounts, therefore, to a small fraction of the sum fixed at Paris.
sum
"The
would
consequence
that
be
Germany's external debt,
which is
limited to her reparation liability, would correspond to a small proportion
only of the external debts
for the war."
which
the
Allies
were
compelled to contract
•
many's failure to bring up her taxation to the level of the taxes in the allied
countries constituted in itself
position!
I
statement
are
made
on
Tuesday
the
!•
As I indicated in
a
reflection
confirms
Allies have been conferring upon
Breaches of the Peace
Treaty of Versailles
our
first im¬
sheer waste of time to devote any sittings
a
authorized to make this declaration
am now
Paris
President of this conference the
as
Further
It would therefore be
to their consideration.
"The
of
even afford a basis for examination or discussion
simply provocative.
pression.
and I
demands
the conclusion of this statement.
to
come
counter-proposals do not
They
equal taxation she was not in
Continuing, the British Premier said:
"Now I
short
an
to plead that she was unable to meet the
proposals.
was
signed
important provisions—delivery for trial
war,
"The Allies have
bond.
than
two
years
The
ago.
But each
payment
are some of the
in
have offended
who
cash,
or
They have even modified the character
time the German
Government
failed
them.
spite of the Treaty and of the honorable undertaking given at Spa, the
criminals have not yet
been tried, let alone punished, although the evidence
has been in the hands of the German Government for months.
organizations,
to
kind of
in
provisions.
harsh insistence upon the letter of their
no
They have extended time.
of their demands.
In
displayed
of them
some
open,
clandestine,
some
surrendered.
have been
allowed
of reparations a sincere
help the Allies to repair the terrible losses inflicted upon them
by the act of aggression, of which the German Imperialist Government was
guilty,
we
should still have been ready,
as
the legitimate difficulties of Germany.
before, to make all allowances for
But the proposals put forward have
reluctantly convinced the Allies either that the German Government does
not
intend to carry out its treaty obligations or that it has not strength
to insist in face of selfish and
face with
it, that
more necessary
bring the leaders of public opinion once more face to
confident that the Foreign
within
the
of
course
limits
Secretary would make every effort to negotiate
The
set.
Chancellor
A;.-
fact for them to realize is this, that the Allies, while
been
and
will
be
covered
an
obligation which, after
unless
we
not
document which exacted fulfillment of
or
the 7th
While
nothing has been disclosed
Premiers
as to
to the concessions made in the Paris
proposals, we shall
as
from that date
In part,
Lloyd Georgo, calmly and cooly, dispassionately and,
Mr.
if possible, impartially.
was
was
"1
On Tuesday Ave were both talking through, windows.
talking to the British public, but more especially to the French.
putting the
must
case
of my people.
by signing the Treaty of Versailles
point out that
We
view.
We
to
the
take the following course under the Treaty of Versailles."
what resulted from a private inter¬
the German Foreign Minister, with
forecast of the reply he will make Monday.
gave a
answer
see
admit
the justice of this judgment from the Allies'
it.
"Mr.
come
I
But
into court
must
time
Lloyd George made
countries
during the
and I know there is
workmen
to
a
a
point out that you
ter time
every
to a
point of
cannot expect a
cloudly proclaiming her guilt.
week.
great play with the sufferings of the
allied
No one regrets these sufferings more than Ijio,
war.
a
Germany
We agree to statements of guilt and
Germany will not stand at Canossa
equally
if they refused to sign a
impossible demand.
he said:
nation
ways are
an
Lloyd George and Briand, Dr. Simons in an interview in The Sun¬
day "Times"
but deliberately in default; and
proposals which will in other
if it
copyright cablegram to the New York "Times"
a
the assumption that the German
to submit
convinced the German
from London March 5 said:
upon
satisfactory discharge her obligations under the Treaty of Versailles, subject
Dr.
Regardicg a statement of Dr. Simons on tbe 5th inst.
indicative of the reply which he was to make to the Allies on
merely in default,
hear by Monday that Germany is either prepared to accept
Paris decisions
These instructions
conclude negotiations
most careful investigation, proved it did
a
would be equally firm in supporting their envoys
to the infractions already committed and to the
we must act
■,
beyond the limit of possible achievement, but that the Gorman people
judgment.
are
'•'.''A/' •'
obligations
The Cabinet is confident
changed.
Herr Fahrenbach concluded by declaring he was
to
Government that
the
within the limit set."
admits that she lost the war.
Government
in
approved by the Reichstag," he said,
would be unable to fulfill.
not
determination indicated in these proposals that Germany means still further
proposals but in official statements made in Germany by the Ger¬
•:,V:'
•.
people would acknowledge the signature of their agent in London
I
defy and explain away the treaty and to the challenge issued not merely
announcement
.:^v
Simons will utilize to the utmost every opportunity to
He
We have therefore
his
authorized to withhold his signature from any
was
which the German people
have not
made
:■
"In accordance with the directions
"Dr Simons
ties, cannot allow any further paltering with the treaty.
man
day that the
He declared the Cabinet was
carefully formulated statement upon the reassembling of the
a
Reichstag.
prepared to listen to every reasonable plea arising out of Germany's difficul¬
in these
was
The Associated Press added:
Chancellor Fahrenbach informed the Reichstag earlier in the
"I must
decided, having regard
Cabinet,
the 5th, it
on
permit him to exceed the counter-proposals
the facts.
"The first essential
reported that
German
already made.
view had this moring by Dr. Simons,
"If that is duo to the fact that German opinion will not permit
makes the situation still more serious and renders it all the
the
ment would not
short-sighted opposition upon the necessary
sacrifices being made.
that the Allies should
of
authoritatively stated, instructions were sent to Dr. Simons
at London, in which he was told that the German Govern¬
not go
■
"If the German Government had shown in respect
desire to
members
Reichstag leaders and technical advisers
Military
spring up all over the country equipped with arms that ought to have
been
by
gates to the London reparations conference.
of criminals
disarmament,
20<000,000,000 of gold marks, these
conferences
Cabinet did not purpose to interfere with Dr. Simons and his fellow dele¬
Treaty.
less
after
the whole position
their behalf:
on
German Government has already defaulted in respect of some of its most
against the laws of
From Berlin March f> the Associated Press
infringement of the Treaty of Versailles,
an
adding that until she imposed at least
perfectly genuine feeling on the part of the German
help to repair the material damage.
They willingly admit
end.
that this is owed to France and would give their best work to that
'
The Premier then listed the
It is learned
penalties
statement
was
of
the
summary
Details of
described.
New
through Associated Press accounts from Lon¬
don March 2 that after the
a
as
I
this
issued from
the
conference
on
German proposal and comment thereon.
statement
Associated Press.
that date
embodying a
meeting of the Allies
are
furnished
as
follows by the
'
■
Offer to Rebuild Ruined Area.
"France, fearful of German labor colonies on her soil, has rejected this
proposal, but I think I shall be able to make on this point an offer which
will prove acceptable
and which the French will find helpful and without
danger.
"My people will not have the Paris figures.
Rather then submit to these
proposals, which will bring about the economic strangulation of my country,
they will submit to the sanctions.
I have received countless messages
0;
CHRONICLE
THE
993
telegrams and letters from Germany, from
people in the towns and areas
They urge me to go on with my first
measures.
proposals and let the worst
"My position is not a happy one.
I
I
am
between the devil and the deep
immediately.
I
the need of the Allies for big sums of money
see
the
on
the Rhine means.
reason
I understand what a French advance
for the forty-two years.
see
countrymen in their
I understand, also, the deep, sincere feeling of my
desire to do their utmost and their despair at being
I am fearful of the effect of the Allies' proposals
In despair and anger at what they think
asked to do the impossible.
the workmen of Germany.
on
"The
whole
responsibility of Germany for the war is with
Treaty of Versailles depends
she may think of the verdict, is
happen.
sea.
War%Responsibility Question Vital.
^^
mind the Allies'
sanctions, telling me that they do not
affected by the
[Vol. 112.
and Lloyd George's
will disappear.
"I am hoping that my reply to the Allies will induce them to come to some
arrangement of a provisional character by which, taking our figures of last
Tuesday as a basis and our assurance that we intend t odo our best, they will
examine our position and accept all we can offer.
When Germany recovers,
which
is made
can
upon
us
fundamental.
The
it, and unless Germany, whatever
prepared to act upon it then
no arrangement
give confidence between the parties and restore that
atmosphere of neighborly good will which is essential to the
The Paris proposals represented a
of Europe.
peace
considerable abatement of the full claims
of the Allies, but that abatement was made in order to ensure a settlement.
"The Allies must insist
of
amount
payments
the settlement of two
on
factors which should
or
questions: First, the
determine those amounts
automatically according to the prosperity of Germany, and second,
the
injustice they may turn toward the East, and our hope,
method of payment..
hope, of a stable prosperous Germany
discuss what those factors should be—whether the index of German pros¬
I must ask for a committee to investigate our
of course could be paid.
more
perity should be 12% on her exports or some other method of arriving at
essential element;
paper agreement
But Germany cannot pay to
agreed
with paper promises," he remarked.
our currency
plan presented on
heard
settlement.
are not a
by the Allies,
proposed 12% tax on exports,
worldwide
and
Silesia
the conditions for the retention of Upper
to
German
freedom for
The
trade.
presentation and its rejection is detailed in
account of its
part as follows in a copyright cablegram from
New York "Times" March 7:
London to the
dispatched to the allied military commanders
on the Rhine to put into immediate operation the plans drawn up for
enforcement of the penalties outlined in the four-day ultimatum delivered
Orders were this evening
Germany last
to
occupied within a
This was the
which
it is expected,
Duisburg and Ruhrort will,
few hours of daybreak.
Dusseldorf,
morning.
been hoped,
and by which so little that appears to
promise relief to the weary world has been accomplished.
The session of the conference at which these fateful decisions"were notified
delegation began shortly after 4.30 p. m. at Lancaster House,
to the German
session, which had been mainly occupied with listening
where the morning
had taken their accustomed places Premier Lloyd George
to make a statement on
rose
When the
proposals put forward by Dr. Simons, had been held.
to the new
various delegates
behalf of the allied Governments.
His manner
and restrained and he spoke with evident realization of the
serious import of his words.
It was with much regret, he began, that he had to say that Dr. Simons'
was
grave
proposals did not represent such an advance on the Germans' first proposals
as
to
He and the other allied
justify postponing execution of the penalties.
representatives deeply deplored that, especially in view of misapprehensions
in their own various countries.
will have
"Settle up as soon as you
can," was the world's view.
That
appeal
was an
All the world, including the neutrals, wanted a settle¬
paramount interest of Germany, the Allies and the neutrals.
That is
What was the German
was an
five
which will be
years,
But that was apparent and not real.
only.
Therel
proposal? the British Premier then asked.
and for
The German
proposal was subject to conditions which made it uncertain, and Mr.
Lloyd George mentioned the specific condition that it was subject to the
plebiscite in Uppor Silesia.
If the plebiscite were
come
adverse to Germany, Dr. Simons would be able to
and say the situation had changed, and that Germany was deprived of
territory
on
which she depended to pay those annuities for five
that therefore the arrangement
"That is not
a
made in London
years,
and
"It is
a pro¬
Britain alone has to find for war debt charges and for pensions, with a
million
The British Premier did not consider it necessary to examine the other
happens after the end of five years?
Supposing Upper
really to
accept the conditions about German trade and all went well for five years,
at a
afterwards?
conditional
figure.
After the five
one, not a
figure, not
have
years we
even a
There is no minimum even.
no
proposal, not
precise method of arriving
It is perfectly
nothing the Allies, especially those who want to raise
vague.
money
There is
for repairing
their ravaged country, could raise one paper franc upon in the market, let
alone
a
Some
are
some
Disquieting
indications which
disquieting.
figure fixed for the annuities for those five
but by means of a loan.
"It shows that Germany has not yet
the situation, and that has
not out of her current
years,
She is to borrow.
By borrowing she
guarantee of priority for those who lend even over reparations.
what happens after five years
pared
That is not
a
easily be
overcome
price of German sales to Allied countries
the
a
So that
is that Germany, not anticipating that she
after in order to
Lloyd George then
a
traversed
Dr.
Simons's
position to negotiate, inasmuch
public opinion which was not ready to
'Another significant
pay
the
position in regard
he represented German
Simons
Dr.
then asked for
''Wheii
a
war,
on
which is the very basis of the
proportion of the
This
was
given.
Lloyd George, Briand, Sforza and the other
principal members of the allied delegations stepped apart for a private
conference.
Germans
They talked quietly among themselves till word came that the
ready to communicate the results of their
were
own
deliberations.
The gravity of the situation was manifest as all took their places for
the
final words of the momentous conference.
Dr.
Simons's
Final
Words.
Simons in his statement said Germany would agree
Dr.
to the Paris
decisions for five years subject to Upper Silesia remaining German.
the
As to
proposal that allied nationals should pay to their Governments 50% of
what they might owe to
Germany in the course of trade, Dr. Simons said
that reasonable suggestion had been discredited in German eyes by being
included in the penalties.
He
of
a
.
quibbled about German taxation.
He dwelt at length
He harped on German poverty, and
war.
on
his proposal
He threw aside the charge of Germany being responsible for the
loan.
finally appealed to the League
of Nations against the penalties.
speech
was
listened to with
no
little impatience by the allied
It contained no reasonable proposal.
delegates.
Indeed, some valuable
Dr.
Simons
were
wholly disregarded.
When I
see a
described by one of the
inasmuch
as
behalf of Germany.was most ineffective.
delegates
an
It was
merely intended for home consumption,
The Allies he complained, had by their ultimatum given
Germany no time to bring forward such new proposals as she might have
"And now,"
produced.
exclaimed, "the whole atmosphere of the
he
discussion will be embittered by the penalties."
Those were the last words spoken at
as
the conference table and the Germans
it later aopeared, of returning to Berlin
Further. Move by Berlin Expected.
Dr. Simons's view
expressed at the conclusion of the conference proceed¬
experts would meet in an atmosphere embittered by the
ings that the
penalties and that this would make the situation more difficult is not
accepted as an
in
believed
altogether correct appreciation.
many
quarters
On the contrary, it is
that enforcement of the penalties will bring
quicker realization of what Mr. Lloyd George called the
of the situation than any other procedure, and that proposals may
Germany
to
speedily from Berlin which will permit of further discussions.
Lloyd George's statement is held to have shown clearly that the
the doors of negotiations to Germany.
Allies do not desire to snut
interests
require
of the world
Government
generally
a
is that
The
settlement, and the view of the Biritsh
any
plan which promises
a
satisfactory
the fullest consideration.
Acquiesence in the decisions taken today is wholehearted in the sense that
other course was possible, but this does not imply willing¬
it is believed no
ness
to pursue
methods are available. The Italian
similar view with perhaps somewhat greater
stern measures if other
delegation takes practically a
inlcination in Germany
Lloyd George
of history beginning five years hence, and
an
Late in the evening
Commons which was
examined at the end of this short period.
view of contentious
The Allies cannot possibly enter
The
Tells the Commons.
Premier Lloyd George made a speech in the House of
mainly
a
Prime Minister,
ference.
as
it sought to lay blame on the Allies for the present breakdown
of the conference.
appeal for revision of that sentence being one of the considerations to be
into any discussions on that basis.
30
They suggested annuities of 3,000,000,000 of gold marks supported
Dr. Simon's last plea on
proposal limited by five years it
feeling in my mind that there is
consider the possibility
They included payment over
for which the Germans have always had a lot that was favorable to
reluctance.
revision of the sentence.
does history begin ?
an uneasy
a
brief adjournment to discuss the Premier's
a
quarter of an hour would be enough.
settlement shall receive
Not only did he refuse to accept that baste, but he
appealed to history for
to
as
its debts.
feature of Dr. Simon's speech in view of the character
responsibility for the
Treaty of Versailles.
leaves
pay
to
Simons himself
proposals" Mr. Lloyd George continued, "was his refusal to accept
behalf of Germany
for deducting
well-thought-out arrangement
any
reply with his colleagues. Answering a pointed question, he intimated that
Mr.
responsibility for the war and made the point that Dr.
of the
by
frontiers.
purchase money.
be forthcoming
come
annuities of the first five."
really in
I am quite pre¬
difficulty of currency that can
a
from
realities
*
each time I have attended
proposals being made.
question of sacrifice, that is
mortgage her income for the years that
was not
quite realized the essential facts of
me more
allowance for the difficulty of paying beyond
make
to
will be able to pay out of her current revenue for the first five years, will
-
impressed
these conferences and heard these
For instance, it is
She will borrow, must necessarily borrow, with
mortgages her future.
Mr.
against
tomorrow afternoon.
Indications.
are
part of the five years' proposals that Germany should pay even the low
revenue,
the Allies—
And we are told that
war.
France with 42,000,000 or 43,000,000, is a collossal sacrifice.
withdrew with the intention,
gold mark.
"There
charges of
the effort Germany puts forth with her population of 55,000,000, as
at Brussels.
Silesia voted in favor of remaining in Germany; supposing we were
even a
Germany would have to find, therefore,
of what France has to find herself for
say.
He continued:
unsettling.
France, in addition to her war
She must find it this year somewhere pr
area.
leave those provinces unrestored.
demonstration of the fact that their proposals, far from settling anything,
what happens
in France is more striking.
case
this year, one-ninth of what France has to find, for the whole of
years,
what
unemployed.
"The
charges and her very heavy pension list, has to find 12,000,000,000 francs for
German conditions, because the first one laid down was in itself a complete
"Then
If
suggestions which had been conveyed on Sunday evening from the Allies to
posal for five weeks."
were
paying of
000,000, not for Great Britain but for the Allies—one-fourth of what Great
Dr. Simon's
end.
was at an
proposal for five years" said the Premier.
But we have to find for the
war.
Germany carries out this year's Paris proposals she will have to find £120,-
unchallenged
definite,
a
of accepting the Paris proposals for five
appearance
years
This year we have a little over 1,000,000 unemployed.
direct result of the
a
"And," added Mr. Lloyd George emphatically, "until
stood.
proposals from Germany
get
we
settlement, there can be no peace between us."
Let me give the
debt charges and for pensions and disability allowances £500,000,000.
Those pro¬
posals completely failed to satisfy the Allies who wanted to know exactly
how they
annuities for the first five years.
When the Germans withdrew,
The Allies had examined the German proposals in the light of the
Pay.
population 10,000,000 in excess of Great Britain, everi if you
a
include Ireland.
a
ment.
have
"Even if Upper Silesia is torn entirely from the side of Germany, Germany
Appeal to Common Sense.
to common sense.
to
as we
settlement.
of Great Britain and France.
case
repairing her devastated
upshot of today's proceedings of the London conference from
much had
so
be
the Allies Have
a
"Dr. Simons talked about the enormous sacrifices necessary for Germany
to make in order to pay
and the forward march will begin tomorrow
Tuesday,
Proposals such
They simply evade and postpone
What
but adhered
1
the world we must have a definite settlement.
annuities for the first five years as demanded
and also the equivalent of the
an
mere
a
unsatisfactory.
"In the interest of the Allies, in the interest of Germany, in the interest of
the payment by Germany of the
upon
was
In conclusion the British Premier said:
the extent demanded at Paris."
Dr. Simons in his substitute or alternate
the 7th inst.
and in regard to the second point he said that
promising payment
"We have plenty of paper money in our own country, and we don't want to
further dilute
If that is refused, there is nothing for it but the sanctions.
statement.
In regard to the first point they were prepared to
recapitulation of his statement at the con¬
however, added some remarks which in
points as to the present enforcement of the penahtes
instead of delay till May 1 is
of importance.
March 12 1921.1
THE
"We came to that conclusion fthat there was no proposal before the Allies
which would justify postponing the putting into operation of the penalties
indicated last week] with very great regret, because we naturally would
prefer
however reasonable and just they might be, because it is quite
clear it is better to get an agreement.
ment honored than to ge
That
their
was
One is more likely to get the
agree¬
tthe penalties enforced."
that
were
would have
enforcing the penalties upon Germany.
preferred
on
But the conclusion he had
to after
come
he
reason
German opinion had not in
say, was that he was
the past realized that the Allies
were
determined to enforce the legitimate conditions of the Treaty of Versailles.
Dr. Simons had in his mind the kind of
he returned to Germany and
reception which he would get when
probably felt that he
was not in a
submitted to the conference if he had been
Therefore
the penalties should be put im¬
mediately into operation.
The
question which
may concern
on
One Penalty.
Germany
great importance to the penalty which enables the Allies to compel
dealt with by the Prime Minister.
He said he attached
purchaser of German goods in an allied country to pay
of the purchase money into the
In
exchequer of his
proportion
a
German
goods would
said that he would ask Parliament
£500 into the British exchequer.
pay
Germany
receipt.
The
He would then send
ex¬
over to
bill of exchange to the German seller for the balance and ho
a
would pin
a
to that the Treasury receipt.
on
"
The German seller
bill
a
of
would then go to his
exchange for
receipt of another £500.
£500.
I ask
I
you
his wages and can pay
British
a
to cash this
which is quite useful to him but
currency,
or
He cashes it
for his goods in the
currency
which
prepared to recommend
was
makes
"By
a
levy of 50%
a
Asked
by
a
German
tions against the sanctions with which we
Germany's decision to make such
morning
a
any
make it
and
you
So
Dr.
Government,
difficulty in
no
following
If
not.
answered:"! don't
The
German origin half the price is to
Swede
We
We should have
is unfair to him.
round that arrangement
or
any
other country.
goods in that
Sir
way
exactly
as
we
they
are
A statement
New
the
care
whether they have
notice is given that
As they
was
came to
question
which,
of
far
as
as
was
of
possible,
The Allies characterized this
They
interested in the indemnity
are
way
of collecting it."
given
follows in
as
in
ous
this
The
was
German
based
delegation proposed
"In
itself
Governments
plan
as
as
it
was
a
in
a
The German
a
may
tell you, the vari¬
willingness to agree to.
out of the situation
see how
was
as
That
clear to the
agree to
I cannot,
it is necessary for the peace
Europe that the Allies, instead of waiting for
a
occupation
territory.
be denied,
in
that the sanctions be legally examined in the light of the
my
appb'cation of the sanctions
are all
the
more
nations.
President
of the conference and the German delegation.
Germany is absolutely ready to allow
any
future improvement in her
position to be investigated byconferences and to apply appropriate methods
to me,
was
the individual countries concerned.
reported
on
But it seems doubtful
March 7 by the
Associated Press that
Germany would appeal to the League of Nations against
guarantees
new
the
clauses
of the
Duisburg and Ruhrort.
Under the
reserve
of strict observance of orders which
economic life of the region.
to
are
assure
willing to help them to better their situation and in
their
food
supply.
newly
occu¬
regime of liberty and order in which the prosperity 0f tho country
develop.
(Signed)
DEGOUTTE.
Commander-in-Chief of the Allied Forces of
Occuptaion.
Tho "Times" also said:
occupied
Roquoy.
Degoutte, accompanied by three armored cars, is touring the
with the British' General Morland and the Belgian General
area
General Gaucher said he hoped to interfere little in normal con¬
ditions if the people behaved, as he came rather as a
But
ho
debt collector than
a
purposed to disarm the security police and expel any
undesirables.
He has issued
1.
There is
a
proclamation with
state of
a
seven
points: V
siege in the newly occupied area.
2.
No disturbance of order and
3.
Every
4.
No crowds
one must carry
no
sabotage will be tolerated.
proofs of identity.
will be allowed.
Road traffic will be controlled and rail traffic reduced, except workers'
5.
international trains.
and
A censorship for the press, letters, cables and telephone
7.
No
Severe
arms
must be carried and arms and munitions must
is established.
bo given up.
penalties by military court will be imposed in case of any infringe¬
of the order.
ment
In
announcing that
the British Prime Minister in the
on March 9 in alluding to French
Supreme Council at London
newspaper
comment on the occupation of additional
German
territory, asked the French Premier for assurances that
annexation was not contemplated.
The Associated Press
added:
The French comment indicated the belief that the
barriers
was
institution of
a
customs
likely to lead to complete separation between the occupied
territories and the rest of Germany.
Former Premier Clemenceau's
brought into the discussion.
absolute confidence in
repudication of permanent occupation was
Mr. Lloyd George said that, though he had
M. Briand and the good sense of the majority of
Frenchmen, and although he had received assurances from former Premiers
Clemenceau and Millerand, who had fought
hard against the annexationist
policy, he would welcome a new and definite assurance from M. Briand that
contemplated neither annexation nor even autonomy of the Rhine-
land.
M. Briand
emphatically denied that any such feeling existed "even in the
of responsible French statesmen.
Not five out of
Winds"
back
of the
every
hundred Frenchmen, he asserted, dreamed of such a thing.
The
upon
the
of
same
dispatch also stated that the penalties imposed
Germany will cease only when a satisfactory solution
questions
criminals has
of
reparations,
been accepted by
disarmament
the Allies.
and
war
The dispatch
likewise said:
in view of the tensity created by the enforcement of the sanctions,
that such conferences could take place in the near future.
It
a
can
deplorable because, for
the time, there seemed to be a considerable concord between the
of payment to
themselves
execute
The Allied command intends to maintain in the territories
pied
Nor can
opinion, that the Allies, by their application of the
sanctions, have acted contrary to the peace treaty and to the law of
The
to
the Allied troops have received orders to 6ccupy as
with the
authorities
France
provisions of the peace treaty the Allies would not agree at all.
it
of
week, should now precipitate
the greatest possible unrest in the whole world through a further
German
constrained to pass to penal¬
are
assure
Government
military authority will judge indispensable to promulgate there will be
''
paid,
The German
absolutely necessary for the peace of entire Europe.
To my proposal
pre¬
After the Allies had refused to
dilemma.
indicated
way
the
by
by General
6.
to the Allies.
with the best will in the world,
of
action
"Not only will the working population have all facilities for work, but the
plan
the plan, the
German delegation declared itself prepared to propose a new plan for
settling the reparations, and for that purpose asked for a week's extension
of time.
The President of the conference, in his comprehensive speech
to-day, emphasized that an immediate settlement of the reparations prob¬
was
consequence
interference
no
ultimatum of four days—either to
After it became clear that the Allies would not
lem
German
the
population.
the
impossible of consideration and have
gave us an
had
plan was not the best
Germans
first
"This occupation constitutes in'no fashion a measure of hostility toward
the Paris proposals—a plan
on
plan which, despite what Premier Lloyd George
Allied
the
to the population
Unanimously they have decided to
soldier.
delegates then suggested the five-year payment scheme, which, in the short
time given for consideration, appeared to be the best way out of the dilemma
—a
that
the doors of all public buildings
representatives of the German Government have just
order to force
copyright
a
had to be sought to settle the reparations.
new ways
cities by the
of Peace.
General
take into consideration the twenty millards of marks we have already
totally
Treaty
ties.
shall deal with
we
accept the Paris proposals or to make equivalent proposals.
delegation then found
Dr". Simons's appeal is
the Population:—
the
reconstructing all the participating countries.
refused to discuss it.
stated
Therefore, there
which considered the immediate financial needs of France and the necessity
for
"Times"
York
"The official
this conference with the best of intentions of settling
reparations.
•
unappreciative of
the German
of
following proclamation
"To
preference
a
b8 paid into the Exchequer, then the
find it the best
may
;.'V
"I have reason to be¬
copyright advices from Dusseldorf to the
Allied troops was to post at
cablegram to the New York "Herald" from London, March 7:
Germany
the 8th,
on
Allied
by Dr. Simons following the rejection of his
proposals by the Allies
the
repudiate its creator.
the occupation
Following
Allies
responsibility will be theirs."
the proposal to them.
on
says:
little humorous—unconsciously of course."
a
particular
Mr. Lloyd George.—"We cannot legislate for them. We should certainly
pass
they took the guaranteed neutrality of Bel¬
The Versailles Treaty not only preceded the League,
It could not
Otherwise it would be possible to get
as
announce¬
•
Germany's appeal.
Hall.—"Can that apply to the colonies?"
F.
as
by selling to Holland, Sweden, Denmark, America
As long
the
seriously
paper's diplomatic correspondent
same
but created it.
the origin,
was
him."
the Dutchman knows wha t he has got to expect.
or
is nothing that
as
lieve that the League of Nations will show itself singularly
the
Act of Parliament is passed here that in respect of goods
an
Simons's
"final touch of insincerity," and adds: "Those in Germany who
guarantees Dusseldorf,
Colonel Wedgood remarked:" Holland and Sweden have a preference."
Mr. Lloyd George
menaced."
pulling the strings that actuate Dr. Simons in London take the League of
are
get the whole
other country, Mr. Lloyd George replied:
quite clear that what settled the transaction
is
there
are
appeal is not treated seriously in the
"Before this attitude the Allied Powers
"We should give notice in respect of any goods of German orogin.
to
of
Government does not wish to fulfil the engagements it assumed in signing
of the British indemnity for the current year."
or
an
The "Daily Telegraph" says Dr.
papers.
name
appeal to the Assembly of the League of Na¬
Treaty.
the present rate of import,
even at
member of the League, but she has
sented to the London conference propositions which show that the German
of his country.
could not allow any fraudulent transaction of that kind.
or
the German Government, an
member how he purposed to deal with these goods if they
from Holland
came
the
to
a
in
great difference.
very
of the proportion
that
Germany is not
signed the compact of the League, and I therefore announce, in the
can pay
good to us, because he
no
the Peace Treaty and that it
on
Nations compact, said:
League, the procedure of arbitration provided for by Article XV is
also to be applied.
French Treasury
£500.
"That, I hope, will form part of any arrangement which is made.
Simons
penalties cannot be based
between members of the League of Nations and a State which is not a mem¬
get our currency and they get theirs, and both are satisfied.
we
of
Degoutte:
Government and say:' Here I
have
special cablegram to the New York
a
Simons, in protesting in his speech at yesterday's conference that
ber of the
It would be retroactive for
everything that had not been paid for to the present moment.
have
subject
same
menace
not
own country.
for legislation providing that the man in England who bought £1,000 worth
chequer would give the purchaser
League of Nations against the sanctions with which
is in contradiction with the League of
explaining the character of this proposal and assuming that the figure
deducted would be 50%, Lloyd George
of
Dr.
the
America in her direct trading relations
very
every
a
appeal to
an
gium in 1914."
with
was
On the
Nations about
Parliament to Pass
George, said: "Germany is not
menaced."
are
ment was
free agent.
a
Allies had decided that
the
Lloyd
"Times" from London, March 7, said:
position to
forward proposals which in his heart he was really anxious to have
put
reply to
"According to Article VII of the League of Nations compact, in quarrels
sitting there for days and seeing
personally he had nothing to
position to put forward any proposal which could be accepted by
a
the Allies.
his
in
the Assembly of the
one
agreement to a penalty.
an
Dr. Simons about whom
in
For that
Simons,
therefore announce in the name of the German Government
on.
right that that should be acknowledged at the very moment when
was
the Allies
not
Dr.
imposing penalties for non-fulfill¬
reparations obligations; these accounts also said:
member of the League, but she has signed the pact of the League, and I
made then by Germany, he would
was
that it had been completely honored, but the effort put forward
that occasion to carry out the arrangement was a real one and a bona fide
and it
ment of her
we
experience with the Spa agreement, the Premier went
On the whole the arrangement
not say
the action of the Allies in
arrangement with Germany to taking any action to enforce de¬
an
mands,
993
CHRONICLE
i
This is the decision of the
at
no
Supreme Council taken at its meeting tonight
which time also M. Briand declared that the French Government had
intention of permanently occupying territory on the left bank of the
Rhine.
He said that the only object was to secure execution of the treaty.
994
Dr.
THE
Simons
left London
and
his
associates
the 8th inst.
on
the
on
It
was
Rome had been recalled.
the 9th
on
London, Paris and
In another item
proclamation of the German
the occupation
German Mission
reported
inst. that the German Ambassadors from
CHRONICLE
refer to the
we
Imperial President following
the 8th of additional German territory
on
by the Allies.
Regarding the demands of the Communists the Associated
Press had the
following to say in advices from Berlin March 4.
The German Communist
Party today made the ultimatum delivered by
the Allies to the German
delegation in London the occasion for a revolu¬
tionary proclamation
overthrow the
■
CABINETS
APPROVAL
OF
SIMONS'S
DR.
COURSE.
Unanimous approval
Cabinet
Simons,
given by the German Imperial
was
March 10 to the
on
the
German
in which Dr. Walter
manner
Foreign
Minister,
conducted
tiations with the Allies at London in the conferences
nego¬
dealing
with the reparations payments
by Germany.
In its account
from Berlin on March 10 the New York "Commercial" said:
Germany's "No" uttered by Foreign Minister Simons
in London to the
Allied Paris demands and his actions at the London conferences
were given
unanimous approval by the German Cabinet in a four-hour session
to-day.
Dr. Simons made
presided.
ister
exhaustive report to the Cabinet.
an
Ambassadors Sthamer of London and
Mayer of Paris and Min¬
"A
.
v';- '
This afternoon Simons defended his
Committee of the -Reichstag.
'.'Vy
said.
counter-proposals
long
as
as
Into German territory.
GERMAN GOVERNMENTS PROTEST AGAINST OCCU¬
DISTRICT.
Allies
of
Dusseldorf,
issued at Berlin
in
Duisburg and Rohrort, the German
President,
Friedrich
Ebert,
in
proclamation
a
March 8 declared that
Germany was not
j>osition to use force to oppose the forcible methods of
a
the
on
Allies
that
in occupying additional German
territory, but
nevertheless protested vigorously against what the
she
President declared
was
violation of the Treaty of
The Associated Press, in
stating this, reports the
Peace.
an
President's proclamation
"Fellow-Citizens.—Our
unheard-of
the work-slaves of
our
money
War
imposed
upon
us
and kind, impossible of fulfillment.
children and grandchildren would have become
adversaries by our signature.
We were called
our
which
contract
a
even
the work of
a
generation would not have
sufficed to carry out.
"We
must
"With
are
an
and
not
forbid
respect
cannot
we
comply with
open
and
self-
a
more
our
opponents
German territory.
position to oppose force with force.
We
are
V: '
"Nevertheless,
righteousness
honor
breach of the Peace Treaty of Versailles,
"We, however, are not in
'
Our
it.
advancing to the occupation of
defenseless.
it.
can
cry
out,
so
all who still recognize the voice
of
one
"Fellow-citizens,
tain
an
foreign domination with
Do
not
allow
grave
yourselves
dignity.
to
be
Main¬
driven
into
Be patient and nave faith.
"The Imperial Government will not rest
until the foreign power
yields
before our right."
The
breaking off of the negotiations at London was
nounced the same day by Chancellor Fehrenbach
at the
an¬
re¬
assembling of the German Reichstag, the Associated Press
reporting him as saying:
have
already begun to put the penalties into effect.
plain German,
This, in
means an act of violence, for penalties have
nothing to do
with the usual principles of right.
The conditions imposed upon us are to
be secured by force.
This rupture can neither be
disguised nor justified
by legal deceptions,"
Chancellor Fehrenbach declared the Allies admitted
that the impossible
expected of Germany in the Paris decisions.
Neither
was
European relationships
course
sentiment,
nor
liquidation of the
war
was
of action.
"If they persist in this
course," he said, "the evil
by it.
The Allies
are
can
only creating fresh embarrassments
We also take the
possible owing to
Germany had
never
declined
Germany in
case
herself the consequences inseparable from defeat.
now the height of our
fortitude, the extent of our
patience
to do that."
'
Treaty of Versailless."
We give at
length in another item today the particulars in
detail regarding the
German proposals and their rejection
by the Allies.
'
.
ALLIED REPARATIONS COMMITTEE PUTS
GERMAN
PAYMENTS THUS FAR AT EIGHT BILLION
MARKS.
An Associated Press
echoes of determination and endurance
were
reverberating, and he thanked
"our brothers in the threatened territories
for this proof of their
patriotic
Germany's deliveries applicable to the reparations
account, including war
are estimated at
8.000,000,000 gold marks, it was announced by
Reparations Committee here to-day.
This would leave 12,000,000,000 marks due on the first
20,000,000,000 marks Germany would pay
materials,
the Allied
under the Versailles
Treaty.
On
March
1
Washington dispatch in the New York
a
Germany has submitted to the Allied Reparations Commission a list of
reparations and payments to the amount of
21,000,000,000 gold marks, or
approximately 85,250,000,000, which she claims to have made
up to last
Jan. 21,
according to advices received to-day in official circles.
The advices give the basis for
the claim as made by
Germany that she
has complied with Article 235 of
the Treaty of Versailles under which
she
was
obligated to
pay
before May 1
1921 the equivalent of 20,000,000,000
gold marks "in order
at once
The
to
to enable the Allied and Associated Powers
to proceed
the restoration of their industrial and
economic life."
Allied
Reparations Commission, however, is understood to have
valued the payments which
Germany thus claims to have made in the form
of merchant marine, railroad
rolling stock, submarine cables, &c., at only
one-tenth of the
20,000,000,000 marks figure.
print the following, which appeared in the
New York'"Tribune" of Feb.
21,
of
dispatch from Boston Feb.
a
having been in the
nature
20:
Figures supplementing the list of deliveries made by
Germany to the Al¬
lies in execution of the
Treaty of Versailles, which was issued by the Repa¬
rations Commission in Paris Jan.
22, have been compile^ for immediate
publication by the World Peace Foundation and were made
public to-night.
The tables bring together official and
semi-official statements, including
that of Jan. 22 by the
Reparations Commission and other Allied authorities,
and show what has been
accomplished to date in obtaining payment from
Germany and effecting her disarmament.
presenting the figures, the Foundation says "there is no basis for com¬
puting what percentage of reparation is already liquidated
by Germany's
of
her
"Germany,"
mission
a
no
bill of
particulars giving the
liabilities."
says
the statement, "has remitted to the
Reparations Com¬
total of 60,000,000,000 marks
gold bearer bonds, to be canceled by
parties
as
Is that
the
to
no
unnatural difference between the
the
sum
value of the commodities delivered.
The German claim
of 23,890,000,000 gold marks
represents the payments al¬
ready made, the Reparations Commission is quoted
'substantially exceed the real figures.'
as
"Some comparisons of debt and
payment are afforded.
saying that these
There has been
a
delivery of 360,176 beasts,
as against a treaty demand of 370,900.
On the
other hand, a delivery in one year of
2,054,729 tons of shipping is compared
with a total loss of 8,517,515 tons
by Great Britain alone."
The statement gives details as to
restitution, no items of which are
credited to reparation.
Under this head it says Germany has restored to
France and Belgium 13,560 farm
implements, 271,207 tons of industrial
material,
397 locomotives
The total
delivery of
and
18.928
freight
cars.
crodited neither to reparation nor restitution,
181,067 machine guns, 5,201,584 rifles, 16,000
arms,
is given as 71,932 cannon,
airplanes and 25,000 airplane motors, besides quantities of other
terial.
war
ma¬
:7
..
The
statement
gives in detail the disposition of forty capital and 144
other ships of the German navy,
pointing out that practically all of these
have been broken up by the Powers to whom
they were surrendered.
ABOUT
ITEMS
BANKS,
No sales of bank
the Stock
Exchange
trust
or
or
A New York Stock
TRUST
company
COMPANIES, ETC.
stocks
were made at
at auction this week.
Exchange membership
was reported
posted for sale this week, the consideration being given as
This
899.000.
is
the
membership of
H.
T.
Imbrie
as
mentioned elsewhere.
sentiment."
He was
S:
cablegram from Paris, March 3, said:
4
"I have every confidence in
the German people
thoughts turned to the threatened parts of the
fatherland, from which
4
ready to leave the
war
responsibility to the verdict of history,
of the opinion that
history will have a verdict to pro¬
nounce not only on the
guilt for the war, but also on the dictates
of Ver¬
sailles."
remarking:
of non-fulfilment of the Allied reparation
in this house will consider these
penalties compatible with the
one
"We must show
and endurance," he added.
His
Sunday.
only be enhanced
for themselves."
following from these dispatches:
The Chancellor said that force must be
replaced by honest intent for world
brotherhood and good-will.
He declared that
to take upon
"No
payments in goods and gold, and there is
committing ill-considered acts.
the Allied
on
demands, and added:
amount
will.
meet this
upright demeanor.
"The Allies
inflicted
deliveries to that account, because there is
hear.
"Right is being downtrodden by might.
sentiment,
.
national day
a
In
we
may
"The whole German people is
suffering with those of our citizens who are
forced to suffer domination.
With firm bonds must this sorrow unite
us in
one
as
to
demonstrations."]
We likewise
the World
upon
to seal
Sunday had been selected
on
Lo the
Reichstag today Paul Loebe, the President, read to the chamber
part of the speech of Premier
Lloyd George concerning the penalties to be
follows:
opponents in
demands, both in
Not only ourselves but
open
as
called
political and
"Times" said:
Following the rejection by the Allies on the 7th inst. of
Germany's indemnity proposals and the occupation by the
Imperial
serious
fulfillment, it is
Allied troops continue advancing
PATION OF RUHR
that
\
The sentiment in the Cabinet
to-day was that Germany could not
new
a
of
mourning for the German dead in the war, but early this week the Berlin
Government annulled the decrees proclaiming the
day of mourning, giving
as the reason
the "probability that the
day would be made the occasion for
Reports from Paris and London that Ger¬
many expected to make new proposals at once will fail of
make
are
announce that demonstrations will be held on
before the Foreign Relations
course
workingmen
President Ebert
Iandsberger of Brussels participated in the Cabinet's deliberations
to-day.
German
'>•/';y
Communists
■
[It is significant
GERMAN
in which the
Government,
erect a Soviet State and effect
economic alliance with Russia.
The
-V
...
.
[Vol. 112.
"I
am
A motion supported
by the Communists and Independents for a
debate
was rejected.
The open discussion of the situation
cannot begin, it was
announced, until the return to Berlin of Dr.
Simons, the Foreign Minister.
There will be
no
general strike in protest against the Allied
advance into
Germany, it has been decided, by the labor
unions, the Communists have
been urging such a strike, but the
proposition to participate in one has
been declined by the labor
organizations.
On March 8 the
to exist
under
as
a
Liberty National Bank of this city ceased
national institution and became
the title of the
change is part of the
State
bank,
Liberty Bank of New York.
This
a
legal procedure in connection
with the plans for the consolidation of the
Liberty Bank and
the
New
York
necessary
Trust
Company.
President of the New York Trust
son,
President of
Mortimer N.
Buckner,
Co., and Harvey D. Gib¬
the Liberty National Bank,
stated
on
March 12
THE
1921.]
March 9 thai the steps
institutions
two
looking toward the
ready announced and that it
would take place on
merger
of these
proceeding according to the plan al¬
were
expected the actual
was
It
April 1.
was
995
CHRONICLE
merger
further announced that
Joseph M. Adrian, Chairman of the Board of Directors
of the Commercial
62 years
of
the board of trustees of the combined institutions would be
Adrian
founded by his
Otto T. Baonard, Chairman
Mortimer N.
,y'-;
,
Board of Trustees, New York Trust Co.
•
At the
Nathan & Lehman.
Leventritt, Cook,
Cook,
Otis H. Cutler, Chairman
mended
Robert "W. de Forest, de Forest Bros.
Russell
H.
Samuel
Sterling.
Garber, Shearman &
has
new
Hay den, Hay den, Stone & Co.
in
made
bank
Gillespie Co.
Walter Jennings,
Darwin
,
the last
its
increased
Howard W. Maxwell, Vice-President Atlas
•
Dean
W.
T.
Zabriskie,
Bannard
Committee of
the
of
Thomas Cochran will become Chair¬
our
D. Gibson
Information regard¬
enlarged institution.
appeared in
issues pf Dec. 25, Jan. 22,
Feb. 5, Feb. 26 and March 5.
—♦—
/■
.
_•
•
States Mortgage
& Trust Company of this city on March 10,
reelected and Charles E. Graham,
Senior Vice-President, Chesapeake
director to fill
yyVy:-;.'
-.v.:'.-
,.,,v
a
In
& Ohio Ry.
was
several
1
of
elected
a
made
Cashier
an
elected
First
the
Bank Examiner
Two
new
and
National
took place.
H.
of
W.
Clarke formerly
Earlville
National
and
National."
also appointed namely Dr. Fred
were
Walter
and
Y.
made Cashier of the "City
was
directors
personnel of the
Vincent.
Mr.
McGinty
National since 1903.
J.
been
has
In his
new
position he will relieve C. W. Cushman Senior Vice-Preisdent
of some of his duties in the commercial banking department,
giving him
time to devote to the Investment & Trust
more
Departments.
,
♦
Barr and Trueman C. Evarts have been
4
special meeting of the stockholders of the Colonial
National Bank of Hartford on Feb. 11, the plans to merge the
March 7, Sigmund Metz and
Company of this city, on
Rudolph Goepel
were
appointed
Assistant Vice-Presidents of the Company.
♦
•■■■■...
Effective March 1, the business of the New
York Office of
conducted
under the management of Iiideshige Kashiwagi, who has
succeeded, as its New York agent, Reitaro Ichinomiya, its
Specie Bank, Limited, is being
The New York
agency
were
liquidating value of the Colonial's assets, with
share for good-will.
a
The Colonial National has a cap¬
the capital of the Phoenix is $1,000,000.
ital of $500,000;
The Colonial National Bank
\ yy:'..yOi
■
therefore the
$5
Hartford,
the Colonial National
the Phoenix National, the latter paying
Under the terms agreed upon
has sold its assets to
Directors of the Guaranty Trust
tion Feb.
was
placed in voluntary liquida¬
Edward M. Day of Hartford, Conn.,
11.
is the
liquidating agent.
George B. Garrett has been elected a director of the
way
Park¬
Trust Company of Philadelphia.
of the bank is located
The directors of the Colonial Trust Company of
Equitable Building.
y———
Government of
was
At the
?' '■
♦
Atja meeting of the Executive Committee of the Board of
The
he
Cashier of the institution since 1919,
Vice-President
a
of
the
ratified.
agent.
clerk
.
bank with the Phoenix National Bank, also of
in the
He first
as a
appointed
year
Guaranty Trust Company of New York.
former
attack of
an
age.
was
appointed Assistant Secretaries at the London Office of the
the Yokohama
of the man¬
in 1916
Bank of Utica, N.
City National
Francis P. McGinty,
was
y
in
changes
vacancy.
/y.yyy.
John McAlley
1917 he
♦
March
indentified with the City
meeting of the stockholders of the United
were
38
was
Secretary and in January of this
Douglas
\• yy-
.
At the annual
retiring directors
Street branch.
t.V
Utica
~
the
was
Vice-President.
On
Executive Committee, Mortimer N. Buckner
merger
Jan. 29,
a
be comprised of
to
Chairman of the Board of Trustees, and Harvey
ing the
Mr. McEnany
42d
the
the other two being Edmund C. Converse
President of the
one
following
the Advisory
Chairman of
become
Board of Trustees,
Henry P. Davison.
man
and in Jan. 1920 it
Gray.
&
Kerr
Sage,
will
the
three members,
and
$1,000,000;
to
increased to $1,250,000;
was
years
in
previously announced, when the merger is effected,
Otto
capital
became connected with the trust company
Liberty National Bank.
Riecks, Vice-President,
Sage,
$750,000
Co. of this city, died on March 6,
Assistant
As
In September 1918 the
years.
pneumonia.
Morgan, J. P. Morgan & Co.
Grayson M-P. Murphy, Grayson M.-P. Murphy & Go.
Charles
few
capital from
of the 42d Street branch of the Central Union Trust
agers
Vice-President Beech-Nut Packing Co.
8. Moore,
S.
issue of
($100) to stock¬
10 to the extent of 50% of their
Robert N. McEnany, Vice-President and
Portland Cement Co.
Ogden L. Mills, New York.
Edward
our
New York.
Edward E. Loomis, President Lehigh Valley Railroad Co.
Junius
capital will
new
As, stated in
June 1919 it became $1,500,000;
n
recom¬
increased to $2,000,000.
,
Kingsley, President New York Life Insurance Co.
P.
Pa., have called
Italy has transmitted through the
Kent,
Company, the insignia
held
on
a
Reading,
special meeting of its stockholders to be
April 28 for the
purpose
of voting on the question of
Secretary of State of the United States to Fred I.
increasing the capital stock of the company from $250,000
Vice-President of the Bankers Trust
to
conferred upon
At the
him by the King of Italy.
Bank of
—♦
Answers
average
to
vexatious
the
problems which confront the
individual and business man in preparing his state
are supplied in the latest edition of the
income tax return
New
York State Income Tax Laws," just issued by the Irving
National Bank of this city.
The book is a companion to the
booklet
$500,000.
the Order of the Crown of Italy, which
of Commander of
was
"Practical
Questions
"Questions and Answers"
on
and
Answers oh the
the Federal income tax laws
It has been prepared by
special meeting of the stockholders of the Noel State
Chicago
on
Feb. 28 the proposal of the directors to
capital of the bank from $500,000 to $1,000,000
ratified.
The stock will be sold to the present share¬
increase the
was
holders at par
appeared in
go
($100).
our
Information regarding the increase
The enlarged capital will
issue of Feb. 5.
into effect April 2.
4
James
Trimble, National Bank Examiner for
recently published by the Irving.
(Richmond)
specialists in tax legislation and covers in question-andanswer form many typical cases which|arise in the compute
has
of
the Fifth
Regional District which includes Maryland,
resigned to become Vice-President of the National Bank
Washington, at Washington, D. C.
4
tion of
taxes
payable by individuals and by corporations.
The text is based
on
on
the statutes and regulations in effect
Feb. 1 this year.
The
National
a
Bank
number of
South
of
years
Africa
which has
been
in the Astor Building at 10
Wall St. has leased the ninth floor of the new
Kerr Steamship
Building at 44 Beaver St.
1
*
Thd Merchants
has increa&ed its
Savings Bank of Battle Creek, Michigan,
capital from $125,000 to $250,000.
The
capital, approved by the stockholders Jan. 11, became
effective Feb. 15.
We learn that the provision for the
new
»
located for
.
This is the fourth increase that the bank
then in Feb. 1919 the
Hoffstot, President Pressed Steel Car Co.
N.
The
ratified.
was
stock will be offered at par
Lyman N. Hine, President American Cotton Oil Co.
Henry C. Phipps, New York.
March 4 the proposal
on
April 1.
on
present holdings.
Harvey D. Gibson, President Liberty National Bank.
Thomas A. Gillespie, Chairman T. A.
city
holders of record March
President Hercules Powder Co.
Dunham,
effective
Feb. 12 the
H. Fisher, New York.
Frank
of the founders
one
by the directors to increase the capital from $2,-
become
George Doubleday, President Ingersoll-Rand Co.
Charles
likewise
special meeting of Ithe stockholders of the Public
000,000 to $3,000,000
American Brake Shoe & Foundry Co.
Henry P. Davison, J. P. Morgan & Co.
A.
was
Exchange Bank.
National Bank of this
Arthur J. Cumnock, Catlin & Co.
John
father who
*
Colgate, James B. Colgate & Co.
A.
was
Corporation (a realty organization) which had been
of the Commercial
Edmund C. Converse, New York.
Alfred
Mr. Adrian
also President of the Michael J.
was
Buckner, President New York Trust Co.
Vv'A'■ Thomas Cochran. J. P. Morgan & Co.
James C.
He
age.
made up of the following
thirty members:
Exchange Bank of this city and formerly
President of the institution died March 3.
k*.
additional stock
was
made through
an
80% dividend, 20%
stockholders at $200 per share. With its
capital of $250,000 the bank has a surplus of $80,000. '
going
to
new
*
.
/
4
$200,000) and the
Commercial Savings Bank
(capital $200,000) both of
Mason City, la., bave been consolidated under the name of
the City-Commercial Savings Bank with a capital of $400,000
and surplus of $60,000.
The resources total $4,000,000
an
the
deposits are approximately $3,000,000.
The
consolidation was approved by the stockholders on Jan. 15
and became effective Feb. 19.
The officers of the enlarged
institution are A. M, Schanke, President; L. 0. Stone,
The
National
City
(capital
Bank
Parden, Vice-Presidents;
Walter J. Walker, and James A.
[VOL. 112.
CHRONICLE
THE
996
28 1921
Jan.
31 1921.
Dec.
31 1920.
.
.
Nov.
30 1920.
Oct.
31 1920.
.
Aug,
30 1917.
Weeks, Auditor.
(cajhtal $100,000) and the Holland
The Bank of Commerce
Banking Company (capital?$250,000) both of Springfield,
Mo., consolidated on Feb. 7 1921. The combined institution
has a capital of $300,000, surplus and profits of $102,299
and resources (Feb. 21) of $7,553,403.
The consolidation
was authorized by the stockholders of the respective banks
on Feb* 5.
It has been effected under the name of the
Holland Banking Company.
The officers of the consolidated
institution are E. N. Ferguson, President; G. S. Mitchell,
E. L. Sanford, H. D. Silsby, Jr., and J. L. Hine, VicePresidents; C. E. Randall, Cashier; E. G. Rathbone, and
C. F.
Wright, Assistant Cashiers.
stockholder's
annual
the
At
meeting
of
Co.'s
Leu &
Bank, Ltd., at Zurich, Switzerland, held Feb. 10, favorable
action
was
taken
old shares
fr.
31 1913.
20,000,000, and to issue simultaneously
accepted by
was
preferred shares.
8% non-cumulative
nom.
The resolution
a
large majority, out of
49,838 shares represented at the meeting 48,286 voting in
30 1920. .11,118,468 Nov.
30 1920. .10,978,817 Oct.
31 1920. .10,040,466 Sept.
31 1916. .10,015,260 April
30 1913.
Mar.
31 1913.
April
30 1920. .10,359,747 Aug.
31 1916.
Mar.
30 1920.
28 1920.
9,892,075 July
31 1916.
Feb.
9,602,081
30 1916.
Jan.
31 1920.
Dec.
31 1919.
Nov.
30 1919.
May
.
.
30 1916.
June
31 1916.
9,285,441 May
8,265,366 April
7,128,330 Mar.
6,472,668 Feb.
.
.
.
29 1916.
31 1916.
30 1916.
31 1916.
Oct.
31 1919.
.
Sept.
30 1916.
.
6,284,638
Aug.
31 1919.
.
6,109,103 Dec.
311915.
July
31 1919.
.
30 1915.
30 1919.
5,678,661 Nov.
4,892.855 Oct.
31 1919.
30 1915.
30 1019.
4,282,310 Sept.
4,800,685 Aug.
.
.
.
Mar.
31 1919.
.
Feb.
28 1919.
.
Jan.
31 1919.
Dec.
31 1918. /-
5,430.572
8,010,787
6,684,268
7,379,152
Nov.
30 1918.
Jan.
.
Oct.
31 1918.
_
Sept.
30 1918.
.
Aug.
31 1918.
..
July
31 1918.
30 1918.
31 1918.
Mar.
31 1918.
Feb.
28 1918.
Jan.
31 1918.
Deb.
31 1917.
Nov.
30 1917.
Oct.
31 1917.
Sept.
Aug.
30 1917.
July
31 1915.
June
30 1915.
May
31 1915.
April
30 1915.
8,124,663 Mar.
31 1915.
8,353,298 Feb.
8,297,905 Jan.
28 1915.
8,759,042 Dec.
31 1914.
.
May
April
with the
capitalization
new
balance sheet subjected to
likewise adopted and the
was
a
It is
drastic re-adjustment.
stated that with its foundation thus strengthened, this oldest
banking institution in Switzerland (founded 165
years
ago)
30 1918.
31 1917.
board whose term of office had expired were re-elected for
another term and
additional members,
three
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
31 1914.
31 1914.
_
30 1914.
_
.
31 1914.
.
30 1914.
31 1914.
_
28 1914.
.
31 1914.
.
Breadstuffs
31 1913.
.
.
.
.
.
.
.
.
Feb.
31 1913.
Dec.
31 1912.
Nov.
30 1912.
Oct.
31 1912.
Sept.
30 1912.
Aug.
.
30 1912
31 1912.
Feb.
.
.
31 1912
Mar.
.
30 1912.
May
April
.
31 1912,
June
29 1912.
.
.
.
.
_
.
.
31 1912.
4,928.540 Jan.
4,678,196 Dec.
4,264.598 Nov.
.
31 1911
.
30 1911
Oct.
.
31 1911
Sept.
30 1911
Aug.
30 1911
May
31 1911
April
_
31 1911.
June
_
31 1911
July
30 1911
Mar.
_
.
31 1910
Nov.
_
31 1911
Dec.
30 1910
Oct.
.
31 1910
July
_
_
30 1910
Aug.
_
_
31 1910
Sept.
3,584,688
3,301,087
3,113,154
3.218,700
3,447,301
3,400.543
3,110.919
2.674,760
2,760.413
2.871,949
3.148,160
3,537,128
3.970.931
.
28 1911.
Jan.
3.695,986
.
31 1911
Feb.
7.656,714
7.827 368
7,932,164
7.852.883
7,694,381
6,551,607
6,163,376
5.957.073
5,807,349
5,750,986
5,664,885
5,304,841
5,454,201
5,379,721
5.084,766
4,141,958
3,094,327
3,611,315
.
31 1912.
July
4,162,244
4,255,749
4,345,371
4,248,671
3,836,643
3,324,592
3,461,097
3,787,667
4,213,331
4,158,589
4,032.857
3.998,160
4,277,068
4,653,825
5,026,440
4,013,680
4,282,108
.
28 1913.
Jan.
.
31 1910
.
.
_
,.
brought from page 1049.—The
prepared by us from figures collected by
the New York Produce Exchange.
The receipts at Western
lake and river ports for the week ending last Saturday and
since Aug. 1 for each of the last three years have been:
figures
are
Sat.,
London,
Week ending March 11.
212,000
Chicago
Duluth
St.
60,000
rs'ooo
793,000
61,000
18,000
2,256,000
822,000
378,000
Wed.,
31V
31V
46 V
46^
Consols, 2H per cents.—
31 V
Thurs.,
31V
46
836,000
'21
wk.
'20
wk.
'19
46^
84%
85H
85 %
78V
78 V,
18V
58.92
58.55
68.40
58.25
58.75
83.95
83.95
83.95
83.95
Wheat.
Corn.
Oats.
Bushels.
Bushels.
Bushels.
Portland, Me.
Philadelphia.
83.95
Flour.
New York
78V
180,000
29,000
62,000
21,000
_
Baltimore..
—
New Orleans ♦
same
644,000
578,000
grain at the seaboard ports for
Barrels.
Receipts at—
84%
the
409,000
1,837,000
31V
46 V
68.85
on
3,202,000
the week ended Mar. 5 1921 follow:
78 H
price of silver in New York
491,000
3,779,000
4,347,000
3,129,000
3,466,000
Total receipts of flour and
Frt.,
(in
-
509,000
509,000
18,873,000 243,821,000 139,474,000 130,549,000 19,239,000 12,074,000
35V
French Rentes (In Paris) .fr.
French War Loan
371,000
306,000
223,000
1919-20— 14,555,000 152,650,000 128,528,000 147,590,000 22,023,000 23,768,000
1918-19
10,107,000 361,102,000 140,438,000 204.832,000 52,275,000 30,044,000
78
.......
8,000
10,687,000
5,462,000
2,029,000
Indianapolis..
85V
——
British, 4V per cents.
"5",000
63,000
52,000
197,000
138,000
134,000
226,000
5,745,000
Kansas CityOmaha
fr. 83.95
British, 5 per cents
"5",606
159,000
41,000
Peoria
1920-21
105s.3d. 105s.3d. 105s.6d. 105s.lld.105s.7d. 105s.3d.
Gold, per fine ounce—
90,000
110,000
29,000
196,000
1,230,000
742,000
49,000
Louis....
49,000
160,000
15,000
138,000
658,000
366,000
44,000
685,000
95,000
23",000
Milwaukee...
128,000
1,643,000
376,000
5,358,000
324,000
1,574,000
242,000
Minneapolis..
follows the past week:
Tues.,
Rye.
Barley.
bbls.mibs. bush. 60 lbs. bush. 56 lbs. bush. 32 lbs. bush.48lbs. bushMlbs.
Since Aug. 1—
Mar. 5, Mar. 7. Mar. 8. Mar, 9, Mar. 10,Mar. 11.
...d. 30V
Silver, per oz——
as
Mon.,
Oats.
Corn.
Wheat.
Flour.
Receipts at-+-
Same
chosen.
were
reported by cable, have been
The
30 1914.
.
statements below
Total wk.
daily closing quotations for securities, &c., at London,
Paris)
31 1914.
.
.
6.324.322
6.978.762
7.468,956
.
proposed by
ENGLISH FINANCIAL MARKETS—PER CABLE.
as
30 1914.
.
9,522,584
9,660,357
9,593,592
9.640,458
9,937,798
9,829,551
9,331,001
8,568,966
7,922.767
7,806.220
7,189,489
6,165,452
5,317,618
4,908,455
©xmtrarvctal atidmisccllaucous Ujwu®
Same
Swi§s Bank Corporation,
The
31 1915.
8,883,801 Nov.
8,918,866 Oct.
8,337,623 Sept.
8,741,882 Aug.
9,056,404 July
9,288,453 June
9,477,853 May
9,381.718 April
8,897,106 Mar.
9,009,675 Feb.
9,833,477 Jan.
.10,407,049 Dec.
Toledo
be expected to resume with renewed vigor the prosper¬
growth it enjoyed prior to the war.
The members of the
may
the
31 1915.
,.
June
31 1915.
.
The necessary change of its by-laws to conform
its favor.
ous
.
31 1913.
July
June
5,223,468
5,399,856
5,807.817
.
30 1913.
resolution to reduce the face value of its
on a
to fr.
20,000,000.
.
31 1917. .11,474,064 July
31 1916. .11,647,286 June
301916. .11,058,542 May
May
|
.
.12,183,083 Sept.
31 1913.
Apr.
H. C.
.
28 1917. .11,676,697 Aug.
.
June
Ralph P. Palmer, Cashier; C. E. Brooks, Ira W. Stinson,
L. W. Sherman and R. A. Potter, Assistant Cashiers, and
4,396,347
.11,711,644
31 1913
4,513,767
30 1913.
5,003,786
31 1917
31 1917. .11,886,591 Oct.
9,836,852 Feb.
30 1920. .10,374,804 Jan.
31 1920. .10,805,038 Dec,
Sept.
80 1913
31 1917. .10,844,164 Nov.
30 1917.. .11,383,287 Mar.
6,933,867 July
7,573,164 June
8,148,122 May
9,021,481 April
.
Tons.
Tons.
Tons.
Feb.
day has been:
Silver in N. Y.. per oz. (cts.):
19,000
St. John—
25,000
Boston
21,000
Galveston
Domestic-—
99 V
99 V
99 V
99 V
99V
99 V
Foreign
52V
54 %
53 V
54 V
54 V
54 V
'21
434,000
Since Jan.1'21
4,082,000
Total wk.
Week 1920—
106,000
61,000
18,000
893,000
674,000
109,000
17,000
4,000
9,000
"5",000
85,000
293,000
55,000
18*666
2,443.000
291,000
4,212,000
22,000
16*000
13,180,000
1,686,000
18,009,000
4,025,000
Rye.
Bushels.
35*666
399,000
3,531,000
40,684,000
541,000
Since Jan.1'20
TRADE AND TRAFFIC MOVEMENTS.
~459,666
69,000
719,000
407,000
205,000
1,157,000
196,000
360,000
1,000
423,000
87,000
Montreal
Barley.
Bushels.
.
492,000
3,850,000
242,000
2,085,000
302,000
6,266,000
873,000;
367,000
7,070,000 2,868,000
986,000
7,495,000
♦Receipts do not include grain passing through New Orleans for foreign ports
STEEL
PRODUCTION IN FEBRUARY.—According
compiled by the American Iron & Steel Insti¬
tute, the production of steel ingots in February 1921 by 30
companies, which in 1919 made 85.12% of the total output
in that year, amounted to 1,749,477 tons, of which
1,295,863
tons were open hearth steel, 450,818 tons Bessemer and
2,796
tons steel made by all other processes,
n February 1920
the output of steel ingots totaled 2,865,124
tons, comprising
2,152,106 tons open hearth, 700,151 tons Bessemer and
12,867 tons all other.
Revised figures for January 1921
to
a
statement
show
production in that month to have totaled 2,203,186
tons, instead of 2,201,866 tons
processes
as previously reported.
By
the output in the two months was as follows:
Feb. 1921.
Gross
Open hearth
1,295,863
2,152,106
700.161
12,867
2,887,144
1,059.094
6,425
4 394 864
1,749,477
other
2,796
2,865,124
3,952,663
5,833,226
450,818
-------------
All
Feb. 1920. "2Mos.l921.
2Mos,1929
Tons. Gross Tons. Gross Tons
Tons. Gross
—
—
Mil,808
on
through bills of lading.
"...
ending Mar. 5
are
the several seaboard ports for the week
shown in the annexed statement:
Wheat.
Corn.
Flour.
Oats.
Rye.
Bushels.
Exports from—
Bushels.
Barrels:
Bushels.
Bushels
New York
197,861
Portland, Me.
Philadelphia
719,000
206,000
1,384?666
1,305,000
360,000
25~666
325,000
Baltimore
Newport News
New Orleans
Galveston
St. John, N. B
Total
786,343 176,067
29,000
4,000
321,000 12,000
2,000
639",000 30,000
2,243,607
—
Thursday/March 10
issued its regular monthly statement
showing unfilled orders
on the books of the
subsidiary corporations as of Feb 28
1921, to the amount of 6,933,867 tons.
This is a decline of
639,297 tons from the unfilled tonnage on hand as of Jan. 31
vious
°r
In the
1920 orders
following
months:
we
17,000
8,000
"2', odd 557",000
21,000
"4",000
47*666
412,000 322,086
::::1:
4,840
67,000 679,760 163,230
309,905 611,000 315,825
1,575
the week and since
ily 1 1920 is as below:
23,554
UNFILLED ORDERS OF STEEL CORPORATION
The United States Steel Corporation on
I *
tons.
4,840
70,230
61",65O
The destination of these exports for
on hand aggregated 9,502,give comparisons with pre¬
*
Corn.
Wheat.
Exports for Week
Mar.
Ju:y 1 to—
.
w
Since
Week
and Since
io?
Ool
105,760
Bushels Bushels
17,000
week—— 4,496,861 2,144,343 284,067
Week 1920
Peas.
Barley.
398*666
Flour.
Total
x
The exports from
:
5
1921.
Barrels.
94,731
146,336
So. & Cent. Amer.
11,000
West Indies
11,000
United
Kingdom.
Continent
July 1
1920.
Barrels.
2,301.380
4,339,150
886,396
663,267
Since
Mar.
5
1921.
Bushels.
|
Week
Since
July 1
Week
Mar. 5
July 1
1920.
1921.
1920.
Bushels.
Bushels.
484.000
244,000 71,850,010
4,242,801 176,901,673 1,634,340
10,000
3,069,704
23,000
18,500
3,000
Brit.No.Am.Cols.
Other Countries.
_
21,000
9,351,112
Total 1919-20— 322,086 14,507,848
Total
284,067
1,160,919
4.355,559
v
-
Bushels.
5,906,274
8,585,253
131,343
868,813
29,769
13,789
4,496,861 256,255.446 2,144,343 15,535,241
2,243,607 122,638,365
412,000 2,840,859
March 12 1921.]
THE
•
CHRONICLE
The world's shipment of wheat and corn for the week
ending Mar. 5 1921 and since July 1 1920 and 1919 are
shown in the following:
997
CONSOLIDATION.
The Ouachita National Bank of Monroe, La.,
capital, $200,000, and
The Citizens National Bank of Monroe, La., capital
$250,000, consolidated
under provisions of Act of Nov. 7 1918, under charter and
of "The Ouachita National Bank of
Wheat.
Exports.
Corn.
1920-1921.
Week
Mar.
1919-1920.
Since
'
1920-1921.
Week
Since
1919-1920.
Since
5.
July 1.
July 1.
Mar.
5.
July 1.
BuShels.
Bushels.
Bushels.
Bushels.
6,860,000 312,583,000 247,941,000
2,209,000
935,000
2,474,000
86,966,000
91,818", 000
75",000
2,279,000
1.750,000
10,620,000 401,168,000 453,636,000; 5,207,000 111,065,000
95,777,000
160,000
2,728", 000
48,041,000
130,963",000
832,000
32,818,000
7,336,000
72,821,000
230,000
Argentina...
Australia
1,911", 000
...
India.
200,000
Oth. countr's
Total
i
3,602,000
595,000
19,346,000
Russ. & Dan.
Capital $25,000
Kuykendall,
Hardy
Succeeded by the Bank of Marshall, Ark.
The Merchants and Planters National Bank of Union, S. C_
.Capital $60,000
To take effect Feb. 22 1921.
.Liquidating agents, Emshi Nicholson and
July 1.
Bushels.
LIQUIDATIONS.
The Arkansas National Bank of Marshall, Ark
to take effect Feb.
16 1921.
Liquidating agent,
Marshall, Ark.
Since
Bushels.
North Amer.
corporate title
Monroe," with capital stock of $600,000.
VOLUNTARY
L. M. Jordan, Union, S. C.
Co. of Union, S. C.
Absorbed by the Nicholson Bank & Trust
The
City National Bank of Mason City, Iowa.
.Capital $200,000
To take effect Feb. 19 1921.
Liquidating agents, R. P. Palmer and E. L.
Balz. Mason City, Iowa. Asests of national bank (together with those of
the City Trust & Savings Bank of Mason City, an affiliated
association)
sold to the Commercial Savings Bank, of Mason City, which
changed its
title to "City-Commercial Savings Bank."
The First National Bank of Opheim, Mont.
Capital $25,000
To take effect Feb. 15 1921. Liquidating agent, F. M.
Baukol, Opheim,
_
Mont.
The
visible
granary
supply of grain, comprising the stocks in
at principal points of accumulation at lake and
seaboard ports Mar. 5 1921 was
follows:
as
GRAIN STOCKS
Wheat,
United States—
New York
same
Corn
bush.
2,322,000
910,000
Baltimore
1,417,000
2,382,000
Galveston
Buffalo
125,000
16,000
2i,000
1,435,000
352,000
736,000
227,000
59,000
Duluth
1,000
1,623,000
—
_
191,000
St. Louis
392,000
2,376,000
11,000
72,000
1,162,000
...
Peoria
_
Indianapolis
_
Omaha
—t
__
29,000
41,000
5 1921
54,000
126,000
31,000
993,000
8,000
230,000
8,848,000
90.000
653,000
2,550,000
833,000
6,000
1,089,000
49,000
418,000
444,000
1,535,000
992,000
187,000
28,022,000 23,838,000
22,328,000
5,143,000
115,529,000
4,007,000
1,000
37,000
_
8,000
34,210,000
1,706,000
2,268,000
34,142,000
1,978,000
2,429,000
10,436,000 19,596.000
3,137,000
27,452,000 16,678,000 10,553,000
Montreal
Montreal
Other Canadian
Total Mar. 5
1921—.*21,612,000
Total Mar.
6 1920
11,034.000
Total Mar.
8 1919
44,834,000
*
-
662,000
10,670,000
1,805,000
Total Feb. 26 1921 —*21,439,000
v
193,000
3,000
2,056,000
65,000
2,242,000
332,000
-
193,000 13,388,000
208,000*12,587.000
14,000
4,648,000
117,000
6,040,000
—15.4
6,370,407
—1.9
4,593,332
7,452,512
3,635,349
3,614,815
8,164,927
3,014,792
5,382,416
—11.4
—29.4
11,053,533
7.314,397
4,012,339
4,108,292
5,208,556
4.874.536
—17.7
2,466,316
2,606,586
—9.8
3,230,077
4,778,976
2,722,451
6,738,214
1.875,847
3,301,961
2,832,177
467,888
1,758,260
3,483,857
2,923,597
445,000
710,571
1,607,642
1,170,367
1,178,145
791,959
400,087
454,328
747,191
889,472
620,547
Halifax.
4,070,767
Hamilton
5,263,675
2,990,542
Ottawa
Quebec
3,260,564
Calgary
6.829,033
Victoria
2,356,948
_
5,557,509
3,425.317
748,530
Regina
Brandon
Lethbrldge
3,000
3.000
*2,447,000
5,000
1,847,000
3,000
595,000
2,639,000
2,765.680
Peterborough
Sherbrooke
1,284,281
Hat
Kitchener..
Total
+ 18.2
—2.8
6,503,530
4,591,871
3,790,261
945,206
614,119
+ 10.4
555,388
304,220
+ 30.3
796,429
906,803
1,202,311
2,941,534
391,751
339,015,996
9,039,130
1,371,657
+ 5.7
—15.7
1,118,909 Not incl. in
Canada.
74,798,454
61,917,233
44,845,382
543,313
1,438,360
+ 27.4
—24.5
732,319
329,013
Moncton
+ 3.3
+ 23.9
632,131
440,551
2,726,716
Prince Albert
—21.8
—21.3
1,284,623
1,614,426
859,468
951,671
Windsor
—16.3
633,220
1,769.998
1,248,303
1,219.432
908,694
698,915
371,894
954,370
Moose Jaw
—21.4
717,140
1.389,891
564,158
Saskatoon
Medicine
239,000
Ft. William & Pt. Arthur*19,568,000
96,232,468
74,339,654
31,176,911
44,850,681
New Westminster
L
—
—1.4
38,543,623
13,629,670
8,462,665
6,248,528
4
.
1918.
+ 2.3
—14.1
130,464,553
93,675,106
95,867,356
Fort William
•',
1919.
16,103,250
10,771,590
128,733,821
New
Canadian—
3.
Dec.
Winnipeg
Vancouver,
Brantford
York, 61,000; Buffalo, 129,000; Duluth, 1,000; total, 191,000 bushels, against
March
%
Note.—Bonded grain not included above: Oats, 25,000 bushels New York, 335,000
Buffalo, 2,000 Duluth; total, 367,000, against 1,118,000 bushels In 1920; barley,
184,000 bushels in 1920.
1920.
Canada—
London.^.
325,000
ending
St. John
247,000
4,159,000
Total Feb. 26 1921
28,158,000
Total Mar.
6 1920-.--50,168,000
Total Mar. 8 1919
aggregate of
Inc. or
Edmonton
Total Mar.l
the
at-
Totonto
53,000
336,000
608,000
6,641,000
Kansas City
increase in
an
Week
Clearings
1921.
178,000
970,000
2,003,000
190,000
581,000
73,000
31,000
171,000
646,000 11,125,000 12,612,000
133,000
653,000
591,000
Minneapolis
show
111,000
i
562,000
Chicago.._
Milwaukee
1920
243,000
1,188,000
in
week
4.4%.
288,000
2,000
3,701,000
Toledo
Detroit
bush.
835,000
10,000
3,365,000
—
Barley.
235,000
509,000
3,000
103,000
New Orleans
Rye
bush.
bush.
337,000
1,137,000
Boston
Newport News
Oats
bush.
Philadelphia
Canadian Bank Clearings.—The clearings for the week
ending Mar. 3 at Canadian cities, in comparison with the
+ 41.7
890,905
—20.9
819,272
—7.3
1,168,090
192,755
—15.8
~~24~9~239*
total.
354,605,578
—4.4
262,039,106
239,777.910
Including private stocks.
Summary—
American
Total Mar.
Total Feb.
Auction
'
28,222,000 23,838,000 34,210,000
21',612,000
193,000 13,388,000
—
Canadian
1,706,000
2,268,000
3,000
2,639,000
5 1921—.49,634,000
24,031,000 47,598,000
1,709,000
4,907,000
49,587,000 22,536,000 46,729,000
1,981,000
4,877,000
5,157,000 15,084,000 19,601,000
4,984,000
4,124,000 33,492,000 16,681,000 11,148,000
26 1921
Total Ma;.
6 1920
61,202,000
160,363,000
Total Mar. 8 1919
Sales.—Among other securities, the following,
usually dealt in at the Stock Exchange were recently sold
at auction in New York, Boston and Philadelphia:
Messrs. Adrian H. Muller & Sons, New York:
not
Shares.
Stocks.
$ per sir.
50 Alaska Treadwel.1 Gold Mining,
$25 each
$51 lot
By Messrs. R. L. Day & Co., Boston:
Shares.
National
Banks.—The following information regarding
national banks is from the office of the
Comptroller of the
ISSUED.
25,000
Koppei, Pa
President, Henry P. Hoffstot; Cashier, Philip Martsolf.
25,000
100,000
President, F. N. Delanoy; Cashier, Jesse L. Delanoy.
Chatham, N. J
President, George S. Pollard; Cashier, Robert 8. Pollard.
The Day and Night National Bank of Pikevllle, Ky_.
President, F. T. Hatcher; Cashier, L. C. Williamson.
The First National Bank of
25,000
100,000
FOR
$475,000
•
$persh.
Cotton
205
Leather, 1st pref.
43 rights Edison El. 111., Brock..
1 Merrlmac Chemical, $50 par..
6 Sullivan Machinery..
Bonds.
3
3%
80%
50%
Per cent.
$5,000 Knoxville Ry. & Lt., 1st &
ref. 5s, 1946.—
57
The
$ per sh.
Thurlow
SS„
$10
10%
10 rights U. S. Envelope
1 East. Mass. St. Ry.
Series
...
stock
Shares.
A
10%
Bonds.
Per cent.
Vermont Ry. ref. 5s,
1930, bond scrip.....
64%-66
$1,000 Eastern Mass. St. Ry. ref.
5s, 1948.
July 1920 coup. on... 33
$400 Cent.
Shares.
Slocks.
$persh
$10,000 Midland Valley RR. 1st 5s,
1943
66
....
$10,000 PensacolaElec. 1st 5s, 1931 71%
$10,000 Tennessee Power 1st 5s,
1962
58
$5,000 Texas Pow. & Lt. 1st 5s, 1937 76
$5,000 Wisconsin Edison conv. 6s,
1924
82%
Stocks.
$ per sh.
Nat.
each....
Bank, $50
.....125
......
7 Nat, Bank of Chester Co
The
First National Bank of Hawthorne, Calif
Correspondent, L. Sperbeck, 127 N. Hallenbeck St., Los An¬
25,000
geles.
People's National Bank of North Belle Vernon, Pa
Correspondent, Dr. E. C. Phillips, North Belle Vernon.
The First National Bank of Monterey Park, Calif
Correspondent, A. P. Manning, 1505 Ramona Ave., South
75,000
..274
25 Frankford Trust, $50 each....173
43 Amer. Pipe <fc Construction
5%
8 Phila. Bourse, common
Slocks.
40 Girard
5%-5%
1 Pa. Arad. of Fine Arts..
25
8 Bank of North Amer...283%-294%
$ per sh.
Title
Ave.
&
Trust,
$50 each
&
16 Kensington
.
85%
40 Central Trust & Sav., $50 each 87 %
95 Phila. Life Insur., $10 each... 10
i
5 Fire Assoc. of Phila., $50 each.317
60 Geo. B. Newton
105 Gill
Glass
Coal, 1st pref. 30
pref
43
5
21
Inc.,
140 Gill Glass, Inc., com
3 Phila. Bourse, pref
Bonds.
Per cent.
$2,000 Jessup
&
1st 6s. 1939....
Moore
Paper,
85%
$2,000 Philadelphia, City, 4s, 1940. 90
500,000
Correspondent, Charles G. Bond, 2 Rector St., N. Y. City.
Greenfield, Mass
Correspondent, Frank J. Lawler, Greenfield, Mass.
The Community National Bank of Flushing, Ohio
Correspondent, Jno. D. Barricklow, Flushing, Ohio.
$4,000 Philadelphia
coll. tr. 5s, 1951
230
$700 Philadelphia, City, 4s, 1945..
10 Southwestern Nat. Bank
The Lebanon National Bank of New York, N. Y
285
17 So»-thwark Nat. Bank
25,000
OaJUf
The Mohawk National Bank of
140
$2,500 No.
3 Delaware Co.
8 Quaker
Nat. Bank
City
Nat.
5
50,000
5
125%
Bank
6 Land Title & Trust
100,000
Springfield
cons.
&
*
Water
77%
89
5s,
58
1928
$3,000 American Rys. conv. 5s, 193140
$2,000 Springfield Water 5s, 1926.. 60%
205
2 North Phila. Trust
Empire Title & Trust, $50 each
7 Peoples' Trust, $50 each
Co.,
225%
$1,000 Amer. Pipe Mfg., ser. A 5s,
.475
Integrity Trust, $50 each
8 Chelten Trust
Total
20
1st pref.,
3 East. Mass. St. Ry. common..
1%
104 East. Mass. St. Ry. pref. scrip. 10%
40 East. Mass. St. Ry. com. scrip. 37c.
Shares.
Wllllamsport & North Branch
RR. Co.—RR., real estate, roll¬
$25,000
Original organizations:
JPci/&<id0D3»
Stocks.
1 Naumkeag Steam
5 Northwestern
rights, privileges
6 franchises, from and clear of
liens, &c_
$25,000
CHARTER.
The
&
each
By Messrs. Wise, Hobbs & Arnold, Boston:
ing
Conversions of State banks and trust companies:
The First National Bank of White Bear Lake, Minn
Conversion of The White Bear State Bank, White Bear Lake,
Minn.
Correspondent, W. J. Kidder, White Bear Lake,
Minn.
3%
50%
Stocks.
30 Crowell
By Messrs. Barnes & Lofland, Philadelphia:
I.
__
APPLICATIONS
18 rights Edison Elec. 111. Brock..
Shares.
100,000
President, W. M. Lewis; Cashier, Thos. A. Dixon.
The Citizen's National Bank of Boswell, Okla
;
President, W. W. Moran; Cashier, A. J. Steen.
The Commercial National Bank of Alameda, Calif
600
25 Sullivan Machinery.
50,000
The Citizen's National Bank of Montezuma, Ga
Shares.
208
119-119%
10 Bos. Rev. Bch. <fc Lynn RR.__ 41
18 Mass. Elec. Cos., pref. ctf. dep.
representing com. stk. only— 31c.
1 Boston Atheneum $300 par
President, A. T. Peterson; Cashier, Elias Kilen.
Total
..200
85%
common
Conversion of The Valley Savings Bank, Inc., Woodstock.
President, T. G. Locke; Cashier, N. H. Corman.
Original organizations:
The First National Bank of Toledo. Ore..
;
Liberty Trust
11 Bigelow-Hartford Carpet,
Capital.
$50,000
*
..
10
215
Trust.—-——.-297^
1 Naumkeag Steam Cotton
Conversions of State banks and trust companies:
The National Bank of Woodstock, Va
.The First National Bank of
$ per sh.
2 Webster & Atla3 Nat. Bank
15 American
3 Ipswich Mills, common.-..
Currency, Treasury Department:
CHARTERS
Stocks.
24%
45
145%
jg27
'
50
$2,000 Natl. Gas & Construe, coll.
6s, 1924...
60
$800,000
CAPITA!,
STOCK
DIVIDENDS.
INCREASED.
Ampant
The First National Bank of Lenoir City, Tenn
The First National Bank of Coin, Iowa
...
The First National Bank of Highland Falls, N. Y____
The National Bank of South Carolina of Sumter, S. C_
The First National Bank of Pennsboro, W. Va
Total
Capital
iTtCTCdSe.
VOlXCTt ItlC
$25,000
25,000
25,000
100,000
25,000
$75,000
$200,000
50,000
50,000
300,000
50,000
Dividends
grouped in two separate tables.
In the
first we bring together all the dividends announced the cur¬
rent week.
Then we follow with a second table, in which
we
show the dividends previously announced, but which
have not yet been paid.
are now
The dividends announced this week
are:
Per
When
Payable.
Name of Company.
-
Railroads (Steam).
Holders of rec, Mar. 100
50c. Apr.
Beech Creek (quar.)
pref, (qu.).
Cleve. Cine. Chic. & St. L.,
*1X
Western
Minn. St. Paul A S. Ste. M.f com. A pf.
Leased lines.
3%
*2
.
.....
Apr.
Apr.
♦Holders of rec;
Apr.
Mar. 19
Holders of rec. Apr.
N. Y. Lackawanna A West, (quar.)—
Apr.
Holders of rec. Mar. 14a
Northern Pacific (quar.)
IX
May
—...
IX
Apr.
St. Louis & San Francisco—
(qu.)
Southern Ry..( M. A O. stk. tr. ctfs
Western Pacific RR. Corp., pref. (qu.)
C. Ft. 8. A M., pref. tr. ctfs.
preferred
Wisconsin Central,
--
Holders of rec. Mar. 18
Apr.
1
Erie, com
Pittsb. Bessemer & Lake
2
Apr.
M
*2
Apr.
Apr.
Mar. 26
to
1
Holders of rec.
1
Holders oil rec.
1
1 ♦Holders of rec.
Bangor Ry. A Electric, pref.
IX
(quar.)..--
Apr.
Holders of rec. Mar. 15a
Holders of rec. Mar. 19a
Holders of
Apr.
Apr.
Apr.
(quar.)..
Apr.
.....
-. -
Holders of rec.
Mar. 31
Apr.
Mar. 21
Mar. 16
1
♦SI.50 Apr.
Apr,
to
—
......—
15
Apr.
Apr.
1
1*4
Apr.
nx
Apr.
*1*4
Apr,
Fruit
Co.,
Preferred
rec.
Mar. 20c
Mar. 31
Apr.
1
Holders of rec. Mar. 17
1
2
Apr.
15
♦Holders of rec. Mar. 15
Holders of rec. Mar. 19
Apr.
15
Holders of rec. Mar. 31
r»0c.
Mar. 31
$1
IX
nx
15 ♦Holders of
15 ♦Holders of
Apr.
Apr.
1
nx
Holders of
17X0. Mar. 15
Holders of
Mar. 31
IX
*$i.50 Apr.
5 ♦Holders of
(quar.)
(quar.)
.....
rec.
Mar. 31
3
♦Holders of rec. Mar.
♦Holders of ree. Mar.
1
Apr.
*$i
Holders of rec. Mar. 17
rec. Mar. 31
Mar. 26
Apr.
*10
(quar.).
West Coast Oil (quar.)
Western Union Telegraph (quar.)
15 ♦Holders of rec. May£31
Holders of rec. Mar. 12
*87 Xc June
(quar.)
Preferred
rec.
rec. Mar. 15
Apr.
IX
(quar.).
common
Mar. 51
1
*2
(quar.).
Walworth Mfg., common
3
Mar.
7
rec. Mar.
21
rec. Mar.
21
rec.
1
Holders of
1
1 ♦Holders of
1 ♦Holders of
rec.
1
Holders of rec; Mar. 14
Holders of rec. Mar. 14
*2
nx
Apr.
Apr.
Apr.
Mar. 22
to
Apr.
1
1
15 ♦Holders of rec. Mar. 31
I ♦Holders of
nx
Apr.
Apr.
Apr.
h Second preferred (quar.)
....
Chandler Motor Car. (quar.).—
rec.
IX
IX
*2X
Teleph, (quar.).. *$1
Apr.
Apr.
(quar.)..
(quar.).....
(quar.)..
18
2
2
to
Mar. 29
Holders of rec. Mar. 21
Holders of rec.
Mar. 25a
9
1
Mar. 22
1
1
IX
...
Apr.
1
1
1
1
to
Holders of rec. Mar. 15
Mar. 16
nx
Apr.
Apr.
15 ♦Holders of
nx
MayJ15
2X
Mar. 15
rec.
Rochester & Syracuse Ry. non-cum.
Second & 3d Sts. Pass.,
Hoide s of rec, Mtr.
I
West End St., Boston, common
Holders of rec. Mar. 19a
Apr.
1
1 ♦Holders of
1 ♦Holders of
rec.
rec.
rec.
Mar. 15
West Penn
1
1
1
1
1
1
Holders of rec. Mar. 15
Holders of rec. Mar. 22a
15 ♦Holders of
15 ♦Holders of
rec.
Mar. 31
Apr.
nx
Mar. 31 ♦Holders of rec. Mar. 19
2
Apr.
Apr.
1
rec.
Mar. 31
Holders of rec. Mar. 15a
3X
Apr.
IX
Apr.
nx
Apr.
Apr.
IX
Apr.
Apr.
IX
12xc. Apr.
nx
Apr.
1
Mar. 22
reo.
Mar. 21
to
1
Holders of
1
Holders of rec. Mar. 15a
15
Holders of
rec.
rec.
Apr.
la
rec.
Mar. 19
♦Holders of
Apr.
*2
Apr.
2
Apr.
Apr.
♦SI.25 Apr.
rec.
Feb.
Preferred
to
April 12
28a
28
IX
Mar. 15
Holders of rec
Feb.
2X
Mar. 15
Holders of rec.
Mar.
1
Holders of rec,
Mar.
la
Holders of rec
Mar.
la
Holders of rec,
Mar. 10a
$4.50 Apr.
3
Mar. 15
Apr.
1
Mar. 15 ♦Holders of rec,
*1
$3
April
l
Holders of rec,
1 ♦Holders of
rec.
5a
Mar.
1
Mar.
la
Mar. 22
Holders of rec. Mar.
1
IX
Mar. 15
Apr.
Mar. 31
Holders of rec. Mar.
IX
IX
April
Holders of rec. Mar. 15a
Holders of rec. Mar. 15 a
1
May 16
Apr.
Holders of rec. Mar. 24a
75c. Apr.
(quar.).....
(quar.)
pref. (quar.)—
Amer. Bank Note,
Holders of rec. Mar. 15a
IX
pref. (quar.)..
$1 .25
Magneto (quar.)
$1
Brake Shoe A Fdy com (quar.)...
28
Mar. 21
tiner.
American Fork & Hoe, com.
First
Holders of
rec.
Mar. 23
\uier.
4mer.
Smelting A Refining, com.
Holders of
Holders of rec. Mar. 15
rec.
Apr.
Apr.
1
Apr.
1 ♦Holders of
rec.
Apr.
Mar. 21
Mar. 21
Holders of
1
1 ♦Holders of
reo.
Mar. 18
Preferred
Apr.
rec.
Mar. 21
Amer. Steel
1 ♦Holders of
rec.
Mar. 19
Preferred
1
Apr.
IX
Mar. 31
Apr.
Holders of rec. Mar. 15
folders of rec.
Mar. 25
1
Holders of rec. Mar. 15a
15
Holders of rec. Mar. 31a
1
1
Holders Of rec. Mar. 16a
Holders of rec. Mar. 16 a
Apr.
1
Holders of
Apr.
1
Holders of rec. Mar. 19
1
Holders of rec. Mar. 15a
Amer.
(quar.)
Mar. 15
Holders of rec. Mar.
5a
3X
Apr.
15
Holde s of rec. Apr.
5a
Mar.
15
Holders of rec. Mar.
la
(quar.)
1
Holders of rec. Mar. 11a
April
1
Holders of rec. Mar. 15a
Mar. 31
Holders of rec. Mar. 11a
IX
IX
Mar. 31
Holders of rec. Mar. 11a
April
Holders of rec. Mar. 15
...
& pref. (qu.)__
Amer. Telep. A Teleg. (quar.)
American Tobacco, pref. (guar.)
1
Mar. 3i
11 oilers of rec. Mar.
15a
1
Mar. 15
19
to
Feb.
IX
Apr.
1
Mar. 12
to
Mar. 20
Apr.
1
1
1
15
Mar. 12
to
Mar. 20
3
second pref. (quar.)
Sugar Refg., com
Mar. 16a
Apr.
IX
.
(quar.)
(quar,)
....
.....
Foundries, com. (quar.)____
(quar,)....—
Stores, com.
First and
Amer.
rec.
Apr.
$1
Securities, pref. A (qu.)_
Preferred B (quar.)
Apr.
2
Hollers of rec. Mar. 18a
Apr.
IX
(quar.).....-—.........
Service, pref. (quar.)..
Amer. Smelters
of rec. Mar. 12a
Holders of rec. Mar. 15a
Holders of rec. Mar. 18a
IX
American Public
American Snuff, common
Holderq
25a
Mar. 31
X
Radiator, com (quar.)
Holders of rec. Mar. 22
Preferred
Mar. 31
Holders of rec. Apr.
Apr.
Lindseed Co., com.
Mar. 21
IX
Apr.
—
Mar. 23
15
1
Apr.
1
Apr.
1
IX
preferred—
rec.
1
1
$2
(quar.)
American Linseed, pref. (quar.)—
Amer. Locomotive, com. (quar.)
Amer
April
2
(quar.)
rec.
4
18
IX
IX
(quar.).
pref. (quar.)
Amer. Cigar, pref. (quar.)
American Express (quar.)
Preferred
American Chicle,
rec.
National Refining, pref. (quar.),
Holders of rec. Mar . 18a
IX
IX
pref. (quar.)—.*
Amer. Car & Foundry, com. (quar.)
Holders of
1
1
1
1
National Licorice, pref. (quar.)
1
3
Preferred
Amer. Can,
1 ♦Holders of
1 ♦Holders of
IX
IX
Mar. 21
1 ♦Holders of
*$1
Supply (quar.)
IX
Manhattan Shirt, pref. (quar.)
nx
Mathleson Alkali Works, pref. (quar.)..
nx
Maverick Mills, pref. (quar.)
Niagara Falls Power, pref. (quar.)
Mar. 31
Holders of rec. Mar. 15
1
1 ♦Holders of rec. Mar. 22
Apr. 17
1
to
15 ♦Apr.
*150
Manhattan Electrical
Mexican Investment, pref...
Mar. 13
Amer Bosch
IX
Manatl Sugar, pref. (quar.)
1
Amer. Beet Sugar,
nx
(quar.).......
(H. R.) A Co., Inc., pf. (qu.)
April 12
1
Dye Corp., pf. (quar.)
Allis-Chalmers Mfg., com.
Mar. 31
♦3
Lueey Mfg., class A
Mar. 31
to
IX
of (quar.)
Advance-Rumely Co., pref. (quar.).____
Allied Chemical &
Mar. 30
Mar. 21
NrExtra
to
Mar. 13
3
(quar.)........
Miscellaneous.
*1X
Mar. 21
—
10
I
Mar. 20
April
Apr
*51.75 Apr.
Guaranty (quar.).
>
rec.
(quar.)..
Holders of rec. Feb.
1
Trust Companies.
Holders of rec. Mar. 21a
rec.
Loew's Theatres Co. (quar.)...
Mar. 15
Mar. 15
April
Holders of rcc. Mar. 15a
♦Holders of
...
to
to
IX
2
Banks.
Commerce, Nat. Bank
Holders of rec. Mar. 15
1 ♦Holders of
&Co., pref. (quar.)
Lehigh A Wilkes-Barre Coal
Holders of rec. Mar. 28a
Mar. 11
Mar. 11
Holders of rec. Mar. 15
1 ♦Holders of
Kress (S. H.)
Apr.
Mar. 15
Mar. 15
5
Rys., pref.
Mar. 15
1 ♦Holders of
Mar. 31
Kaynee Co., pref. (quar.)
Kerr Lake Mine", Ltd. (quar.)
Holders of rec. Mar. 10
Holders of rec. Mar. 10
Mar. 15
Apr.
Stores, pf. (qu.)
pref.
Phila. (quar.)..
1
Apr.
Co. (quar.)
28a
1
5
14
$2
...
1
♦15c.
Traction
Apr.
♦SI
Indianapolis Water Works Securities, pf.
Buttonhole Sew. Mach. (qu.).
1st & 2d pf.(qu.)
Holders of rec. Feb.
Apr.
Apr.
.......
rec.
Independent Pneumatic Tool (quar.)... *$2
Internat. Motor Truck,
Mar. 19
IX
Street and Electric
*3
Internat.
IX
Holders of rec. Mar. 29a
Holders of rec. Mar. 12«
Holders of rec. Mar. 12a
2X
(quar.).
Union Pacific, common (quar.)
♦Holders of rec. May
nx
nx
(quar.)....
Holders of rec. Mar. 10
April
United N. J. RR. & Canal Cos.
Philadelphia
Apr.
—
Extra
Mar. 15
2X
Preferred
Southern Pacific Co. (quar.)
Mar. 17
Mar. 17a
IX
Apr.
""^Common (extra)
nx
Apr.
.Preferred (quar.)
—
.....
75c.
Apr.
Greenfield Tap A Die, eo n. (quar.)
IX
Apr.
U Six per cent preferred (qi ir.)........
"
2
Apr.
Eight per cent preferred (quar.)
Haverhill Gas Light (quar.)...
$ IA2X Apr.
Apr.
IX
Hendee Manufacturing, pref. (quar.)
2
Apr.
Hlgbee Co., l3t pref. (quar.)..
-
IX
1
Mar. 17
Mar. 31
nx
*2X
,
(quar.)
1
Holders of rec. Feb.
50c.
,
rec.
to
Holders of rec.
nx
Hydraulic Steel, pref. (quar.)
Ide (Geo. P.) & Co., Inc., pref. (quar.)..
Imperial Tobacco of Canada, ordinary.
(quar.)
......
2nd pref. (quar,)..
South Bend & Sou., com
Railways.
Arkansas Val. Ry. L. A P., pref. (quar.)
El Paso Electric Co., com. (quar.)
Frankford A Southwark Pass. (quar.)...
Galveston-Houston Elec. Co., pref.....
Holders of rec. Mar. 17a
0% pref. (qu.)
(quar.)
la
20i
Mar. 21
IX
Preferred
Preferred
rec. Mar.
24
Hudson Co. (quar.)
Reading Co
St. Joseph
28
Holders of rec. Mar. 15
pref. (quar.)
Foundation Co., common (quar.)
General Tire A Rubber, pref. (quar.)...
Great Western Sugar, com. (quar.)
(quar.)
Seven per cent
Mar. 31
Holders of rec. Mar. 21
1 ♦Holders of
1 ♦Holders of
*$1.25 Apr.
Endicott-Johnson Co., com. (quar.)
1 ♦Holders of
Apr.
1
Apr.
1
SI.25 Apr.
1
Apr.
Apr.
Apr.
2X
♦2
wi*;.-v
Preferred
to
Mar. 31
Holders of rec. Mar.
87XC Apr.
'.
16
Mar.
Properties....
Apr.
Apr.
75c. Apr.
♦Holders of rec. Feb.
Mar. 31
Lehigh Valley, common (quar.)
Preferred (quar.)
........
Norfolk A Western, common (auar,)...
Pittsb. Ft. Wayne & Chicago, com.(qu.)
Apr.
2
Mar. 31
IX
(quar.)
Great Northern Iron Ore
♦Holders of rec. Mar. 21
Holders of rec. Mar. 24
Holders of rec. Mar. 24
50c.
(quar.)
Mar. 21
IX
Elec. Controller A Mfg., com.
*2
Railroads (Steam).
Mar. 21
IX
Eastern Rolling Mill, pref.
Days Inclusive.
rec.
Holders of rec. Mar. 19,
Apr.
When
Payable.
rec.
Mar. 28
Apr.
Bodks Closed.
Per
Cent.
Name of Company.
Delaware A
1,
weeks
list does not include dividends
yet paid.
This
announced this week.
Fonda John3t. A Glov., pref. (quar.)...
5
IX
Mar. 19
Mar. 21
Holders of rec. Mar.
IX
rec.
Holders of rec. Mar. 21
Mar. 31
1
....
Mar. IS
Holders of
1
rec.
11
(quar.)
rec.
1
Apr.
rec.
Mar. 28
Dominion Glass, common (quar.)
Holders of
Apr.
15 ♦Holders of
Holders of
1
Holders of
1
1 ♦Holders of
2X
Common (special)
1
give the dividends announced in previous
we
not
i
Canadian Pacific, com. (quar.)...-
Apr.
(quar.).
Below
and
Mar. 17
rec. Mar. 31
Apr.
Preferred
Holders of rec, Mar. 21
Holders of rec. Mar. 18
Apr.
rec.
IX
SJ.
1
IX
IX
-
Apr.
5
(quar.)
Woods Mfg., pref. (quar.)
Yale A Towne Mfg. (quar.).
Apr.
1 ♦Holders of
15 ♦Holders of
Holders of rec. Mar, 15
Coombs (II. L.) Co., Ltd., common....
IX
Mar. 19a
Mai. 11
Cluett, Pcabody A Co., pref. (quar.)...
Computing-Tabulating-Recording (qu.).
Holders of rec. Mar. 16c
1
1
2
Buffalo & Susquehanna, com.
Mar. 31
Library Bureau, com.
Preferred
(quar.)
♦Holders of rec. Mar. 20
Boston & Albany
Mar. 29
Kaufmann Department
♦Holders of rec. Mar. 20
Apr.
Mar. 31
IX
Indiahoma Refining
1
nx
Mar. 31
5
Preferred
Apr.
Mar. 21
Cleveland Worsted Mills (quar.).......
com.
*3
Mar. 20
Citizens Gas of Indianapolis
Collieries,
Mar. 31
Holders of rec. Mar. 21
Mar. 15
Mar. 31
2
(quar.) —:.. ..
Certain-Teed Products Cor p., 1st pf.(qu.)
Firestone Tire & Rubber,
1
$1
Mar. 18
Mar. 15
H Preferred
(quar.)
1
Apr.
Mar. 18
rec.
Mar. 15
Apr.
Apr.
Eastern Mfg., common
15
Apr.
*2X
Mar. 15a
rec.
5
Apr,
Preferred (quar.)
Apr.
*2
Preferred
Holders of rec. Mar, 19a
3X
IX
nx
Dodge Mfg., common
nx
Preferred class B (quar.)
White Motor (quar.)...
♦Holders of reel Mar. 15
*1 x
nx
Mallinson
Apr.
"Wilson A Co., Inc., pref. (quar.)
Winnsboro Mills, com. (quar.)
Holders of rec. Mar. 21
Holders of rec. Mar. 21
15
Apr.
♦75c. Apr.
2
Works, 1st pref. (qu.).
(quar.).
Cin. & Suburban Bell
1
rec. Mar. 21
15 ♦Holders of
12
Central Coal A Coke, com.
Kansas A Gulf
Apr.
5c.
Mar. 24a
Mar. 25 ♦Holders of rec.
*/10
By-Products
Apr.
1 ♦Holders of rec.
nx
California Petroleum Corp., pref. (qu.).
Mar. 21
to
Mar. 31
IX
Canad .Crocker-Wheeler.Ltd., corn. (qu.)
Mar. 21
to
Mar. 31
IX
Preferred (quar.).......*;.-Holders of rec,
sxc. Mar. 31
Carbo-Hydrogen Co. of Am., pref. (qu.)
Preferred
*10c.
Mar. 31
IX
_
(quar.).
Coke (special in stock)
Hlllcrest
Holders of rec. Mar. 24
Holders of
1
5 ♦Holders of
Holders of
16
Si
Whltaker Paper, com. (quar.)...
Preferred
(quar;............. ....
Burroughs Adding Machine
Preferred
11
Mar. 24a
IX
Avery Co., pref, (quar.)--Bell Telephone of Canada (quar.)
Brunswick-Baike-Collender, pref. (qu.).
fe Preferred
Mar. 31
Apr.
Holders of rec
Mar. 24a
♦Holders cf rec. Mar. 15
Apr.
Holders of rec.
Holders of rec,
Holders of rec. Mar. 19
Mar. 31
nx
IX
Mar. 31
Holders of rec
1
IX
2
1
1
1
Apr.
IX
Wahl
Apr.
Holders of rec. Mar. 25
Holders of rec. Mar. 19
IX
Steel & Tube Co. of America, pref. (qu.
Sterling Oil A Development
Mar. 20
Apr.
1
Preferred (quar.).
Shavvinigan Water & Power (quar,)...
Mar. 31a
Apr.
Holders of rec. Mar. 25
1
Apr.
Holders of rec. Mar. 19a
Holders of rec. Mar. 19c
Holders of rec
4
1
Apr.
2
curn.
Utah Copper (quar.)
Utilities Securities, preferred (quar.)..
.
Apr.
Apr.
1
50c.
50C.
Wheeling Steel Corp., pref. cl. A (quar.
Corp. cl. A (qu.)
Amer .-Hawaiian S. S. (quar.)
Amer. Wholesale Corp., pref. (quar.)...
Amer. Window Glass Mach., com. (qu.)
Preferred
(quar.)-.
Armour Leather, pref. (quar.)
Atlantic A Pacific Steamship, com
HPreferred
Holders of rec. Mar. 15
Holders of rec. Mar. 25
IX
Holders of rec
5
(quar.).
(quar^
Case (J.I.) Plow
Holders of rec. Mar. 15
Holders of rec. Mar. 15
1
1
Amer. Exchange Secur.
-
Holders of rec. Mar. 15
1
1
Mar. 31
2
Chemical, com. (quar.)...
-
1
1
Apr.
1
AX
Miscellaneous.
-
Holders of rec. Mar. 15
Apr.
Apr.
Apr.
Victor Talking Machine, com.
Preferred
(quar.)
10
Amalgamated Oil (quar.)
Preferred
1
rec. Mar. 15
Apr.
United
Mar. 20
to
Mar.|31
1
1 ♦Holders of rec, Mar. 9
1 ♦Holders of rec. Mar. 31
—
Lawyers Title A Trust (quar
•
23
Holders of rec. Mar. 12
Trust Companies.
Preferred
.
4
(quar.)
Amer. Agric.
1 ♦Holdenfof
IX
Texon Oil & Land (quar
Tobacco Products Corp., pref. (quar.).
United Drug, common (quar.)
Mar. 19a
rec.
♦Holders of rec. Mar
Apr.
,i.i
•
1
Apr.
1
(quar.)
Rlordon Co., Ltd., 1st
v
Holders of rec. Mar. 18
*6
National City Company
21
IX
St. L. Rocky Mt. & Pac. Co., com. (qu.
*3
(quar.)
(quar.)
Liberty
Yorkville
5
Apr.
♦Holders of rec. Mar. 18
Apr.
♦2
United Gas Improvement, com. (quar.)
Preferred (quar.)
First National (quar.)
31
rec.
Holders of rec. Mar.
Mar. 15
1
Mar. 15
May
Holders of rec. Mar. 21
Mar. 31
*1
pref. (quar
Cumulative convertible pref. (quar.)
Royal Baking Powder, pref. (quar.)...
Holders of rec. Mar. 10a
Holders of rec. Mar. 15
Arr.
IX
Coal A Iron National (quar.)
Extra
IX
IX
rec.
rec. Mar.
rec.
3
Holders of rec. Mar. 21
Apr.
Banks.
■
2
1
Holders of rec. Mar. 18
Apr.
IX
(quar.)
West India Elec. Co. (quar.)
Yadkin River Power, pref. (quar.)
i
*ix
Annap.El.RR.,com.(qu.)
Preferred
(quar.)
Liberty Securities Corp., pref.
National City (quar.)
mH
Preferred
Holders of rec. Mar. 12
Holders of rec, Mar. 15a
:
Chatham A Phenix Nat.
Holders of rec. Mar. 15c
Holders of
1
Apr. 15 ♦Holders of
Holders of
May 16
Holders of
May
2
Apr.
Reece Folding Machine (quar.)
...
Reynolds (R. J.) Tobacco, com. (quar.
Common B (quar.)
Holders of rec. Mar. 19
♦Holders of rec. Mar. 17
Holders of rec. Mar. 15
$1,375 Apr.
(quar.)....
Apr.
IX
L. A Pow., pref. (quar.)
Apr.
IX
Carolina Power A Light, pref. (quar.)...
Apr.
IH
Cleveland Ry. (quar.)
Apr.
Duluth-Superior Tract., pref. (quar.) —
Apr.
IX
Manila Elec. RR. A Ltg. Corp. (quar.) ..
Apr.
IX
Northern Ohio Trac. A L., pref. (quar.)
1
Apr.
Ottawa Traction (quar.).....
Apr.
IX
Twin City R. T., Minneap., pref. (qu.).
Apr.
IX
United Light A Rys., pref. (quar.)......
Boston Elevated, common
Fifth Avenue
:
Holders of rec. Mar. 15«
1
1
Apr.
2
Common (extra)
Preferred (quar.)
Holders of rec, Mar. 12
Apr.
IX
(qu.)
Brazilian Trac.,
Wash. Bait. A
Apr.
1
Mar. 15a
Mar. 18a
Mar. 21
Mar. 15 ♦Holders of rec. Mar. 12
Apr.
Reece Buttonhole Machine (quar.)
Railways.
Street and Electric
Asheville Power & Light, pref.
*3
Penmans, Limited, common (quar.)
Preferred (quar
Penney (J. C.), preferred (quar.)...:.
Perry-Fay Co. (quar.)
Phelps-Dodge Corp. (quar.)
Pittsburg
Plate Glass, com. (quar.)...
Provincial Paper Mills, Ltd., com. (qu.
Holders of rec. Mar. 15
Mar. 15 ♦Holdesr of rec. Mar. 12
*3
Ottawa Car Manufacturing (quar.)...
Pacific Telep. A Teleg., pref, (quar.). L
1
May
Days Inclusive
50c.
Orpheum Circuit, Inc., com. (quar.)
Preferred (quar.).....
Holders of rec. Mar. 22
When
Payable.
Miscellaneous (Concluded)
Extra
Mar. 19
Holders of rec.
IX
ix.
New York Central RR. (quar.)..
"
Northwestern Yeast (quar.)
la
Apr.
Mar.
5
Green Bay A
♦Holders of rec.
Books Closed.
Per
Days Inclusive.
Cent.
Books Closed-
Cent.
Name of Company.
P* K.
[Vol. 112
THE CHRONICLE
998
Apr.
IX
Apr.
75c. Apr.
Feb.
27
Holders of rec. Mar. 11a
Holders of rec. Mar. 11a
Holders of rec. Apr.
la
IX
Mar. 31
Holders of rec. Mar. 15a
$1
April
1
Mar. 22
to
April
1
IX
April
to
April
1
Apr.
1
2
15
Mar. 22
IX
2
Apr
IX
April
1
Holders of rec. Mar.
M
r.
Mar
la
19
to
Mar. 29
11
to
Apr.
6
Maech 12
1921.]
THE
CHRONICLE
999
1
Per
When
Books Closed.
Cent.
Payable.
Days Inclusive.
XX
Name of Company.
Apr. 15
1
Per
20c. Apr.
1 ♦Holders of
Holders of
Apr. 25
rec.
Mar. 15
rec.
Mar.ti21<z
Mar. 15
Holders of
rec.
•
Feb. 21a
1
Holders of
rec.
Mar. 16a
Apr.
Apr.
Mar. 15
Holders of
rec.
Mar.
ix
1X
Apr.
1
Holders of
rec.
Days Inclusive.
Apr.
1
Holders of
rec.
Mar. 15a
Apr.
1
Holders of
rec.
Mar. 15a
1
Holders of
rec.
Mar. 15a
IX
Holders of
rec.
Mar.
Mar.
Mar. 21
Apr.
•3X
XX
15
Holders of rec. Mar. 21a
Holders of rec. Feb.
28
Holders of reo. Feb.
28
"Holders of rec. Mar. 10
Holders of rec. Mar. 31a
Mar. 16
"Holders of
Feb.
22
Mar. 16
"Holders of reel Feb.
22
rec.
Mar. 19
Holders of
Feb.
28a
May 31
11a
rec.
XX
XX
Aug. 31
Holders of rec. May
Holders of rec. Aug,
xx
Common (quar.)
Preferred (quar.).........
la
15
Mar. 15
XX
*3X
Common (quar.)
Apr.
1
Mar
♦2
Nat. Enameling & Stamping, com. (qu.)
Common (quar.)
Mar. 15
Apr.
XX
xx
National Candy, common
First and second preferred
la
IX
pref. (quar.).
Borden Co., pref. (quar.)
Boston Woven Hose& Rub., com.
xx
Motor Wheel Corp., common
National Biscuit, com. (quar.)
Mar. 15a
2
(quar.)
Montgomery Ward & Co., pref. (quar.).
Montreal Cottons, com, (quar.)...
Preferred (quar.)
Mar. 10a
IX
quar.)
per cent cum. conv. pref.
non cum.
rec.
IX
Belding-Paul-Corticelli, Ltd., pf.(qu.)._
Seven per cent
Mar. 31
to
5
(quar.)
Barnet Leather; pref. (quar.)
Eight
Mar. 17
Holders of
♦1X
XX
—
Atlantic Refining, common
(quar.)
Bethlehem Steel Corp., com.
Common Class B (quar.)
Books Closed.
Payable.
Miscellaneous (Concluded)
Amer. Woolen, com. & pref.
(quar.)
Arkansas Natural Gas (quar.)
Armour & Co., pref. (quar.)
Associated Oil
When
Cent.
Name of Company.
Miscellaneous (Continued)
Nov. 30
Holders of
rec.
Nov. 10a
Mar. 31
Holders of rec.
Mar. lia
June
11a
3
Mar. 15
2X
4
Mar. 31
Holders of
Mar. 15
Holders of
rec.
(quar.)..
Sept. 30
Holders of
(quar.)..
xx
Dec.
Holders of rec. Dec.
National Lead, common (quar.)....
National Lead pref. (quar.)
xx
Mar. 31
Holders of
Mar. 15
Holders of rec. Feb.
National Sugar Refg. (quar.)
xx
2X
Apr.
2
Holders of rec. Mar. 12
National
3
Apr.
1
Holders of rec. Mar. 18a
coup. No. 85A:
$2
(quar.)
Preferred
Mar. 31
Bnt.-Amer. Tob. ordinary (Interim)
Buckeye Pipe Line (quar.)
Preferred
Preferred
(qu.)
British-Amer. Tobacco, preference.——
XX
XX
xx
Feb. 21
Mar. J9
2
to
Mar. 14
30
31
Holders of reo. June 10«
rec.
rec.
Sept. 10a
10a
Mar. 11a
Bucyrus Co., pref. (quar.)
IX
Apr.
Preferred (account accum. dividends).
Buffalo General Electric (quar.).
California Packing Corp (quar.)
$1 50 Mar. 15
Holders of
rec.
Feb. 28a
Calumet & Arizona Mining (quar
Cambria Iron
Mar. 21
Holders of
rec.
Mar.
2X
Mar. 25
Holders of rec. Mar.
"SI
1
Holders of
rec.
Mar. 15a
New York Transit (quar.)
4
April 15
Holders of rec. Mar. 22
50c. Mar. 15
Holders of
rec.
Feb.
Nlles-Bement-Pond,
IX
Mar. 21
Holders of rec. Mar.
Holders of
rec.
hX
Apr.
1
1
Holders of
rec. Mar.
2
Mar. 31
Holders of
rec.
50c.
Cambria Steel (quar.)..
Canada Steamship Lines, pref. (quar.)..
Canadian ConBOl. Rubber, pref. (quar.).
Canadian Gen. Elec., com. (quar.)
Apr.
19
Mar. 15
4a
28a
(quar.)
National Transit (extra)
New York Air Brake (quar.)
♦50c. Mar. 15 ♦Holders of
IX
April
1
Holders of
rec.
Mar. 15
(quar.)......
North American Co. (quar.)
IX
Mar. 31
Holders of
rec.
Mar. 24
Ohio
2
Apr.
1
Holders of
rec.
Mar. 15
3X
Apr.
1
Holders of
rec.
Mar. 15
Carbon Steel, 1st preferred
Carter (William) Co.. pref. (quar.)
Case (J. I.) Thresh. Mach., pref. (qu.)—
4
Mar. 31
Holders of
rec.
Mar. 20
IX
Mat. 15
Holders of
rec.
Mar. 10
IX
April
Celluloid Company (quar.)
.Extra .i.......
♦2
Preferred
,
Surety
♦2
Holders of rec. Mar. 14a
1
Mar. 31 ♦Holders of rec. Mar. 8
Mar. 31 ♦Holders of rec. Mar. 8
Oil
(quar.)
com.
....
Extra
April
1
xx
♦$1.25 Mar. 31
Preferred
xx
1
Holders of
rec.
Mar. 15«
75o. Apr.
1
Holders of
reo.
Mar. 10a
XX
Apr.
1
Holders of
reo.
Mar. 16a
XX
Mar. 15
Holders of
rec.
rec.
Mar. 10
Chesebrough Mfg.
3X
Mar. 31
Holders of
rec.
Mar. 10a
IX
Mar. 31
Holders of
rec.
Mar. 10a
1 ♦Holders of
rec.
Mar. 10
Packard Motor Car, pref. (quar.)
Pan-Amer. Petrol. & Trans., com. (qu.).
Common Class B (quar.)..
Peerless Truck & Motor, com. (quar.)..
Common (quar.).
X
Apr.
1
Holders of rec. Mar. 15
fix
Apr.
1
Holders of
rec.
Mar. 15
X
Apr.
Holders of
rec.
Mar. 15
Apr.
1
1
Holders of
rec.
Mar. 15
Apr.
Apr.
April
1
1
1
Holders of reci Mar. 22
rec.
Mar. 10a
Holders of
rec.
Mar. 15a
1
Holders of rec. Mar. 19a
Crane Co., com.
Preferred
(quar.)
Mar. 1
April
2
Mar. 15
*1X
(quar.)
*ix
Crescent Pipe Line (quar.)
Crucible Steel, pref. (quar.)
Cuba Cane Sugar, pref. (quar.)
Hot
era
Feb.
hob
of
24
to
Mar. 15 ♦Holders of
Mar.
15
Mar. 31
Holders of
rec.
Mar. 15a
IX
rec.
Mar. 15a
Apr.
1
Holders of
$1
(quar.)...
Apr.
1
Holders of rec. Mar
Apr.
1
Holders of rec. Mar. 10a
May
2
Holders of rec. Apr.
Dartmouth Mfg., common (extra)
10
Davies (Win.) Co., inc., Class "A" (qu)
Davol Mills (quar.).
*i
Mar. 15
♦2
Holders of
rec.
Mar.
10a
15
Holders of
Apr.
1
Holders of rec. Mar. 15
Holders of rec. Mar. 31
IX
3
Apr. 15
1
Apr.
*1X
Apr.
*ix
*1X
Apr.
2
Apr,
lec.
Holders of
Mar.
Mar.
Apr.
1
1
to
Apr.
To
Apr.
1
Feb.
Holders of
Apr. 25
May
2 ♦Holders of
rec.
May
rec.
rec.
Mar. 15
2X
1
1
1
rec.
Holders of reo. Mar.
2
Mar. 15
Fairbanks Co.,pref. (quar.)
2
Apr.
1
Holders of
rec.
Mar. 20a
Apr.
1
Holders of
rec.
Mar. 17
April
1
Holders of
rec.
IX
1
a
Mar. 15
IX
*1
Holders of rec. Ftb. 28a
Holders of rec.
Feb.
Holders of
Mar. 14a
rec.
1
Mar.
to
28a
Holders of rec. Feb.
Holders of
rec.
Feb.
1
Holders of ree.
Holders of rec. Apr.
1
Mar. 17
xx
Mar. 31
Holders of
St. Joseph Lead (quar.)
rec.
April
1
Holders of
rec.
April 15
Apr.
1
Ilolders of
rer
Mai.
Holders of
rec.
Mar. 21
IX
Mar. 15
Mar.
•XX
IX
\x
to
1
Mar. 25a
9a
Mar. 15
Mar. 31
Apr.
1 ♦Holders of
Apr.
.Inly
1
Holders of.
rec
Holders of
rec.
.Tune 21
rec.
Mar. 15a
2
IX
Mar. 31
Holders of rec. Mar. 15a
IX
Mar. 31
Mar. 16
to
IX
Apr.
Apr.
1
1
Mar. 16
to
Holders of
rec.
Holders of
rec.
Apr.
of
rec.
Mar. 19
IX
*IX
Mar. 31
♦Holdeis
Mar. °1
Apr.
Holders of rec.
Mar. 15
Holders of rec. Feb.
xx
Apr.
Holders of rec. Mar. 15a
SI
April
1
Holders of
rec.
Preferred*
(quar.).
xx
xx
+4-
Apr,
1
1
Holders of
rec.
Mar. 14a
IX
Apr.
Mar. 25
Mar. 16
to
Mar. 25
Mar. 25
Mar. 16
to
Mar. 25
ix
IX
April
April
Mar. 25
to
Mar. 31
(quar.)
Hupp Motor Corp., pref. (quar.).
Illinois Bell Telephone ('_Jar.)
Indian Refining, pref. (quar.)
IX
♦IX
April
April
IX
Mar. 15
Holders of
International Cement (quar.)
62XC
IX
IX
Mar. 31
Holders of rec. Mar. 15
2
International Salt (quar.)
Internationa! Silver, pref. (quar.)
Preferred (account accum. dividends).
Kelly-Springfield Tire,
iref.
Extra..
...
Mill Factors Corp., class A (quar.)
Power, pref. (No. 1)..
Montana Power, com. (quar.)
Preferred (quar.)...
to
24
to
Apr.
1
Feb.
Apr,
1
Holders of
Apr.
Apr.
1 ♦Holders of
1 ♦Holders of
Standard < >11 of N
Sullivan
Y
Texas
Company stock
Feb.
28
15
Mar. 16 ♦Holders of rec.
Mar. 15
♦Holders of rec. Feb.
Feb.
16
16
Mar.
15
Holders of rec. Feb.
28a
Mar.
16
Holders of
28a
rec.
Feb.
reo.
Feb
April 15 ♦Holders of
rec.
April
1
Holders of
rec.
Mar. 10
Holders of
rec.
Mar. 11a
4
<10
♦4
♦$2
'
5
♦5C.
M
ar
Holders of
1
Apr.
Mar
H of tins of rec.
H
Mar. 31
Apr.
1
Mar. 21
Holders of
rec.
•Holders of rec.
Dec.
1
April
1 ♦ilolders of
rec.
1
reo.
Mar, 11
Feb.
Mar. 15
Holders of
1
Holders of rec.
April
1
Holders of reo. Mar.
Mar. 14
Holders of
April
1
Mar.
XX
Mar.
15
xx
United Cigar Stores, pref. (quar.)...
10a
Mar. 21
to
April
Mar. 24
XX
Apr.
1
XX
Apr.
1
6
1
Mar. 15a
♦Holders of rec. Mar.
Mar. 16
25
Mar. 19
April
$1.50
rec.
Mar.'
Mar.
28
4a
4a
4
Mar. 15
to
11 older s of rec.
Feb.
28a
Holders of reo. Mar. 10a
Holders of rec.
Mar. 15a
Holders of rec.-Mar. 15a
87Xo Mar. 15
Holders of rec. Feb.
28o
la
a
Feb.
28
Feb.
28
Utah Copper
Mar. 15a
Mar. 15a
1
(quar.)
...
Vaivollne Oil, common (quar.)
Wabasso Cotton (quar.)
Holders of reo. Apr.
16
HoioerB of rec.
July
la
Mar. 15
Holders of rec.
Mar.
1
Mar. 31
♦Holders of rec.
Mar. 15
Mar. 31
♦Holders of rec.
Mar. 15
2
Mar. 15
Holders of rec.
3
Apr.
xx
Mar. 30
Mar.
$i
Mar. 31
Holders of rec. Mar. 12a
2X
$1
rec.
Mar. 15a
rec.
Feb.
Mai
April
1
15
2
Holders of rec.
1
Feb. 28
Mar. 21
Mar.
to
Holdors of rec.
Mar.
2
8
Holders of rec. Mar. 15
*25c. Apr.
1 ♦Holders of
rec.
Mar. 19
*20c.
1 ♦Holders of
reo.
Mar. 19
Apr.
Mar. 15
Holders of rec.
Feb.
$2.50 Mar. 31
Holders of rec.
Mar. 24
2
^
Preferred
Holders of rec. Mar. 15a
$1
2X
Apr.
1
Holders of rec. Mar. 14a
XX
(quar.)
Weyrnan-Bruton,
Preferred
Holders of rec. Mar. 19a
15
Holders of rec. Mar. 31a
30
Apr. 15
Apr.
1
Holders of rec. Mar. 14a
SI
28a
Mar. 19
15
*XX
U. S. Gypsum, com. (quar.)
Preferred (quar.).
Apr.
July
*1
(quar.)
XX
IX
XX
Preferred
Holders of
rec.
rec.
Holdeis of rec.
2
Union Bag & Paper (quar.).
Holders of
1
Mar. 15
16
XX
1
Apr.
Holders of
Mar.
XX
(quar.)
Mar. 31
Mar. 31 ♦Holders of
1
Apr.
Mar. 15 ♦Holders or rec. Feb.
2 X
Preferred
Wamsutta Mills (quar.)
Mar. 31
Mar. 10a
2
dividend-.
Thornpson-Starrett Co., pref
Todd Shipyards Corp. (quar.)
Tonopah Belmont Devel. (quar.).
Touopah Extension Mining (quar.;
Mar. 17
*50e
Holders of rec.
♦$1
.........
Holders of rec.
April
Holders of reo. Mar. 10a
1
75c. Mar. 31
(quar.)..v.......
Machinery (quar.)
Swift & Co. (quar.)_.
Texas Company (quar.)
Waldorf System, Inc., com. (quar.).....
First and second pref. (quar.)
1
*11
1
to
Apr.
1
Apr.
1 ♦Mar. 16
Holders of rec. Feb. 28a
$1.25 Mar. 16
Mar. 16
Holders of rec. Feb. 28a
XX
i
(quar.)
U.S. industrial Alcohol.com. (quar.)...
U. 8. Playing Card (quar.)
U. S. Steel Corp., com. (quar.)
Mar.
Mar. 15
Mar.
*3
Preferred
Mar. 15
25c.
.
rec.
Holders of rec. Mar. 19a
1
3
Mar. 10a
Holders of
Holders of rec.
April
3
Extra
rec.
Apr.
XX
rec.
8
Mar. 31
Mar. 31 ♦Holders of rec.
♦$1
(Ind.) (quar.)—IIIII!
Standard Oil (Kansas) (quar.)
Mar. 20
Mar.
Holders of rec. Mar. 15
♦1
Standard Oil
rec.
Mar. 31
common
(quar.)
(quar.)
Woolwortb (F. W.) Co., pref., (quar.).
Apr.
Holders of rec.
Holders of rec.
Mar. 31a
Mar. 10a
3
Apr.
1
Holders of
rec.
Mar. 16a
XX
Apr.
1
XX
XX
Apr.
1
Holders of
rec.
Mar. 16a
15
Holders of rec.
Apr.
1
Holders of
rec.
Mar.
5a
Preferred A
(quar.)
xx
XX
Apr.
Apr.
Apr.
1
Holders of rec.
Mar. 21a
1
1
Apr. 15
Holders of rec. Mar.
5a
Preferred B
(quar.)
xx
Apr.
Holders of rec. Mar. 21a
50c. Apr.
1
1
Common (monthly)............
50c. May
1
Holders of rec. Apr.
Mar.fl5
Holdeis of rec. Mar.
1
Common (monthly)
50c. June
1
Holders of
rec.
Mar. 15
Holders of
1
Preferred
Apr.
1
Holders of
rec.
Apr.
$1
May Department Stores, pref. (quar.)..
IX
McCrory 8tores Corp., com. (in stock).. f20
.Mississippi River
24
XX
Loft, Inc. (quar.)
Star Gas (quar.)—
rec.
Feb.
XX
Lone
Extra
Holders of
rec.
8
♦Holders of rec. Mar. 24
April
2
.......
United Gas Impt., pref.)quar.)
United Paper Board, pref. (quar.)..
of rec. Mar. 30a
$2
Liggett & Myers Tobacoo, pref. (quar.).
Lindsay Light, preferred (quar.)
(payable in com. stock).
Mergenthaler Linotype (quar.)
Mexican Petroleum, common (quar.)...
Preferred
(quar.)
Middle States Oil Corp
1
1
s
*ix
xx
Lackawanna Steel, common (quar.)
Lehigh Valley Coai Sales (qu.)
Com. (quar.)
Apr.
Holde
Mar.
1
Mar. 31
April
*2X
(quar.).
(Calif.) (quar.)
United Dyewood com. (quar.).....
Preferred (quar.)
Mar. 31
rec.
Holdeis of rec.
28
28
April
2
Standard Gas & Elec. pref.
Standard Oil
Mar. 31
ix
♦IX
King Philip Mills (quai.)
Kresge (8. S.) Co., pref. (quar.)
Preferred
(quar.)
Mackay Companies, common (quar.)..
Preferred (quar.)
Manufacturers' Light & Heat (quar.)...
Apr.
to
to
Mar. 15
Feb.
XX
Mar. 14a
Mar. 25
1 ♦Holders of
31
rec.
Mar. 25
hX
(quar.)
Loose-Wiles Biscuit, first pref. (quar.)..
Lorillard (P.) Co., com. (quar.)
Mar
1
1
1
Holders of
1
to
2
(quar.)
South West Pa. Pipe Lines (quar.).
Mar. 15a
2X
Common (extra)
3
♦5
'XX
Tooke Bros., pref. (quar.)
1
1
Mar. 21
Mar
Mar. 15
9a
2
22a
13
Mar. 22
Mar. 21
Mar. 15a
Apr. 19
IX
Holders of
Apr.
rec.
25c
25c
Grassell) Chemical, com. (quar.)
Preferred
(quar.)
Mar. 31
Mar. 10a
IX
Light <fc Power, pref. (qu.).
pref.
Mar. 22
l
rec.
10
to
XX
Feb. 28
IX
Preferred
7a
(quar.)
Prior
28a
♦Holders of
IX
(quar.)
1
Mar. 10a
2
23a
Mar. 15
Mar. 31
Great Lakes
Preferred
Mar.
Apr.
Mar. 15
2
Hercules Powder, common (quar.)
Common (extra)..
Herring-Hall-Marvin Safe, com. (quai.)
rec.
Apr.
Mar. 19
$2
Haskell & Barkei Car (quai.)__.
Helme (George W.) Co., com. (quar.)..
Holders of
May
Preferred
1
prll
April
Preferred (quar.)
Mar. 21
xx
Apr.
Apr.
Gulf States Steel, 1st pref. (quar..)
Harbison-Walker Refrac., pref. (quar.)
Hart, Schanner & Marx,Ino.,pref. (qu.).
April
Mar. 31
XX
(quar.)
Apr. 30
IX
(quar.).
Mar. 15
rec.
♦Holders of rec. May
2
Holders of rec. Mar. 17a
2
Preferred
9
Apr. 30
Apr. 20
IX
2 ♦Holders of
Holders of
May 24
IX
common
rec.
31
xx
(quar.)
28
rec.
3
Towing,
Holders of
1
April 15 ♦Holders of
May
2
Second pref. (quar.)
Republic Iron & Steel/com. (quar.)
5
Holders of
IX
....
Apr.
Sears, Roebuck & Co., pref. (quar.)
Settled Production (quar.)..
Scovill Manufacturing
rec.
*1X
(quar.)
2
5
Electric Storage Battery, com. & pf.(qu.)
Emery & Beers Co., Inc., 2d pf. (qu.).
Preferred
Mar. 15
Han Joaquin
28a
to
1 ♦Mar. 20
1 ♦Mar. 20
1 ♦Mar. 20
Mar. 15
rec.
*1X
Goodrich (B. F.) Co., pref. (quar.)
rec.
Holders of rec.
1
Electric (quar.)
Holders of
*XX
..
1
*xx
(quar.)_.»_.
Railway Steel-Spring, com. (quar.).....
Mar. 15
Apr.
Holders of rec. Mar. 10
April
General
25
Holders of rec.
1
IX
2X
General Ry. Signal, pref. (quar.)
Globe Soap, 1st, 2d and special pf, (qu.).
Goid & Stock Telegraph (quar.)
Mar. 19a
1
1
Dominion Steel Corp.* com. (qu.)
....
Holders of rec.
Apr.
A nr.
Feb.
Galena-Signal Oil, pref. (quar.)
General Cigar, deb. pref. (qua'.).......
1
Mar. 15 ♦Holders of rec. Feb.
XX
Apr.
Mar. 31a
Federal Mining A Smelt., pref. (quar.)..
April
♦IX
xx
Holders of rec.
Flsk Rubber, 2d pref. (quar.)
Mar. 15«
XX
Preferred
Holders of rec. Mar. 15
Famous-Players Lasky Corp., com. (qu.)
Farrell (Wm.) & Son, Inc., pref. (quar.).
rec.
IX
Holders of
(quat.)
Holders of
Mar. 25
1
Preferred
1
Mar. 15a
Mar, 15
Eastern Steel, 1st & 2d pref. (quar.)
Eastman Kodak, common (quar.)
Apr.
Mar. 31
to
rec.
April
Debenture stock (quar.)..
duPont(E.I.) de Nem .Powd. ,com. (quar.)
Preferred (quar.)
'
Eastern Potash Corp., pref. (quar.)
18a
Mar. 26
rec.
Apr. 15
—
18a
1
Holders of
IX
Second preferred (quar.)
Holders of reo. Feb.
Holders of rcc. Feb.
Apr.
•Holders of
2
du Pont (E.I.) de Nem.& Co.,com.(qu.)
Holders of rec. Mar. 21a
1
2
.—
Holders of rec. Mar. 18
1
1
Dictograph Products Corp., prer. (quar.)
Dominion Iron & Steel, pref. (quar.)
—
Holders of rec. Mar. 18«
1
A pr.
$i
Preferred
(quar.)
Draper Corporation (quar.)
Dunham (James H.), common (quar.)..
First preferred (quar.).
1
April
Apr.
Apr.
Detroit & Cleveland Nav. (quar.)
Diamond Match (quar )
Dominion Textile, common (quar.)
1
2
(quar.)
Eight per cent pref. (quar.)
Quaker Oats. com. (quar.)...
Preferred
Sept.
2
Six per cent pref. (quar.)
la
rec.
IX
Procter & Gamble, 6% pref. (quar.)—
Pure Oil Co., 5X% pref. (quar.)
Mar. 15
31
50e. Mat. 15
Pierce Oil Corp., pref.
to
Holders of rec. Deo.
Dec.
43^c Mar. 15
_
....
1
22
1
1
90c. Apr.
(Albert) & Co., pref. (quar.).
Pierce-Arrow Motor Car, pref. (quar.)..
1
Feb.
IX
(quar.)
(quar.)
Holders of rec. June
Holders of
XX
xx
Pick
Mar.
rec.
jviar. 15
1
*60c. June 30
*50c
Mar. 15 ♦Holders of rec. Mar.
75c.
...
Holders of rec. Mar.
Mar. 15a
♦50c. Sept,. 30
Philadelphia Electric, com. (quar.)„ —
preferred
28a
Holders of rec. Mar. 15a
♦50o. Mar. 31
Common (quar.)
Common (quar.)
Ma
IX
Cuban-American Sugar com.
Preferred
1%
IX
Feb.
Holders of reo.
$1.50 April 11
Pettibone Mulliken Co., 1st & 2d pf .(qu.)
2
Consul! tat fit < lan (New \<»k) lunar ).
Continental Can, com. & pref. (quar.)..
Continental Oil (quar.)..
Holdersof rec. July 30'21
$1.50 April 11
Penn Central Light & Pow., pref. (qu.)..
Pennsylvania Water & Power (quar.)...
Holders of
IX
2
Holdersofrec.Apr.30'21
15
Holders of
Columbia Graphophone Mfg., pf. (qu.).
Consol. Gas, E. L. & P., Bait. (quar.)..
28
15
1
35c.
Feb.
Apr .30 '21
May
Apr.
Preferred B (monthly)
roc.
rec.
Aug.
IX
Cities Service, bankers' shares (mthly.).
Cleveland Stone.'.
Holders of
Apr.
Mar. 10a
.....
Holders of rec. Mar. 15a
16
xx
rec.
Common and pref. (monthly)
Common (payable In com. stock).....
Holders of
1
May
xx
Holders of
Cities Service
Mar. 15
Apr.
2
XX
1
♦15c. Apr.
la
Holders of rec. Mar. 15a
2
(quar.)
April
Preferred (quar.)
Chicago Nipple Mfg., cl. A. (quar.)
2a
Preferred
(quar.)
Otis Steel, pref. (quar.)
Owens Bottle, common (quar.)
Preferred (quar.)..:
IX
(quar.)
Feb. 28
♦$2.75 Mar. 31
Oklahoma Gas & Elec. pref. (quar.)__„.
Oklahoma Producing & Refg., com. (qu.)
Ontario Steel Products, common (quar.)
Central Leather, pref. (quar.)
Central States Elec. Corp., pref. (quar.)
com.
rec.
18a
fx
Apr.
1
Holders of
rec.
Mar. 31a
Holders of
rec.
Wrigley (Wm.) Jr., Co.,
Mar. 15a
rec.
Mar.
2X
Mar. 31
Holders of rec. Mar.
3
April 11
Holders of rec. Mar. 15a
2 *
April
1
Holders of
rec.
Mar. 15a
3
April
1
Holders of
rec.
Mar. 10a
April
1
Holders of rec. Mar. 10a
Apr.
Apr.
1 ♦Holders of
Holders of
1
X
April
1
Holders of rec. Mar. 15a
XX
April
1
Holders of
1
♦2
xx
(monthly)
xx
(quar.)
Holders of reo.
Mar. 25
25
May 25
Mar. 25
5a
•
rec.
Mar. 21
rec.
Mar. 21a
rec.
com.
5a
Mar. 15 a
From unofficial
sources.
X The New York Stock Exchange has ruled that stock
will not be quoted ex-dlvtdend on this cate and not until further notice,
books not closed for this dividend,
b Less British Income tax.
<t
e
Payable In stock.
/ Payable In common stock,
of accumulated dividends,
a
Transfer
Correction
A On aocount
i Payable In Liberty or Victory Loan bonds.
o
Payable In scrip.
k Transfers received In order in London on or before March 5 will be In time for
payment to transferees.
I
Payable to
common
stock or scrip convertible Into common stock.
CHRONICLE
THE
1000
daily,
Transactions at the New York Stock Exchange
1004.
weekly and yearly.—Brought forward from page
1
Railroad,
drC.,
<k Foreign
Par
Bonds.
Clearing House 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:
V. s.
bonds.
March 11 1921.
Shares.
Boston
mary
State, Mun.
Bonds.
Stocks.
Wfik ending
[V»i. 112.
Value.
CLEARING
BOSTON
HOUSE MEMBERS
Feb.
Feb.
26
March 5
Changes from
1921.
previous week.
1921.
$
$
19
"
33,573,670
$1,566,000
2,628,000
4,100,000
3,097,000
2,680,000
3,117,000
$4,584,000
6,082,000
863,500;
3,770,000
1,069,000
5,592,000
711,000
7,605,000
761,000
4,903,200
3,346,463 $243407,670
$17,188,000
$4,897,500 $32,536,200
$9,293,000
33,870,000
146,800
Saturday...
Monday....
Tuesday
476,310
439,325
Wednesday
386,835
30,455,750
24,318,250
61,597,000
804,700
1,092,493
Thursday
Friday
Total
$.544,500
948,500
Circulation
2,562,500
Loans, disc'ts A Investments. 583,556.000
Individual deposiis, inch U. S 393,790,000
Due to banks
90,137.000
Time deposits.
22,577,000
.r.
.
_
United States Deposits
Week ending
Sales at
7,390,901
3,316,463
$243,107,670 $653,742,100
shares..
Stocks—No.
Par value
—--
shares,
Reserve
32,694,094
$387,883,600
49,353,000
181,448,500
$621,494,400
116,909,500
125,197,000
$618,685,100i
$863,600,900
$32,536,200
Ac., bonds
4.897,500
6,361,000
RR. and misc. bonds..
17,188,000
16,233,500
mun.,
$54,621,700' $71,142,700
Total bonds
DAILY
AND
PHILADELPHIA
BOSTON,
THE
AT
TRANSACTIONS
BALTIMORE EXCHANGES.
Boston.
;
48,013,000
48,581,000
i
and
584,000
_5,203,000 Dec.
5,831,000
5,787,000
Clearing House Banks
Companies.—The following detailed statement
shows the condition of the New York City Clearing House
members for the week ending March 5.
The figures for the
separate banks are the averages of the daily results.
In the
case of totals, actual figures at end of the week are also given:
The return of the Equitable Trust Co. has been included inthis statement since Sept. 25.
Baltimore,
Philadelphia,
NEW
WEEKLY
YORK
(Stated in thousands
Wednesday
12,535
13,500
Thursday
3,015
$21,300
418
7,087
2,223
59,300
47,100
613
14,300
HOUSE
629
7,121
104,200
63,300
3,570
18,000
Week ending
3,057
2,000
1,182
16,000
March 5 1921.
$297,200
7,252
$115,100
4,613
$178,850!
27,1161
$23,700
Net
CLEARING
City Non-Member Banks and Trust Com¬
panies.—Following is the report made to the Clearing House
by clearing non-member institutions which are not included
in the "Clearing House Returns" in the next column:
Nat'l,
State,
HOUSE.
CLEARING
Reserve
Tr.
cos.
Time
Bank
De¬
De¬
Circu¬
Deposi¬
posits.
posits.
lation.
&c.
Nov. 15
Members of
Net
Demand
Legal
Vault.
Statebks.Nov.15 ments,
Week ending
March 5 1921.
Net
with
in
Nat'l
tories.
%
$
$
I
$
$
$
$
,
Dec. 29
rnents,
Vault.
Nov, 15
&c.
Average
$
.
"Deposi¬
Deposits.
posits. lation
tories.
Average Average
*
5,000
16,672
10,000
16,568
$
7,179
Average
*
*
2,488
3,759
13,368
28,371
99,338
8.558
18,746
140,600
49,781
*500,043
718
187,003
A vercge
Atg*
*
n
1,917
755-
11,890
2,954
l'ooo
1,226
36,869
1,208
1~406
96,801
Bank of America
5,500
6,118
55,972
1,818
National City..
40,000
66,116'
554,521
8.784
Chemical Nat'l.
4,500
15,469
126,082
1,410
6,799
50,737
12,827
1,915
14,184
603
233
618
4,199
77
289
4,769
1,000
Atlantic Nat'l
1,163
16,667
382
300
165
4,383
101
Amer Exch Nat
5,000
7,416
120,782
1,202
12,074
89,204
4,308
Nat Bk of Comm
25,000
33,519
380,301
2,478
32,339
240,509
1,710
21,590
1,330
3,368
23,883
236
116,256
118,775
4,341
350
3,607
1,000
4,451
Imp A Trad Nat
7.000
8,424
13,315
98,279
3,000
20,464
800
15,929
110,122
2,000
Nat'l.
3,379
9,471
8,883
43,742
2,631
7,553
158,350
5.739
20,620
47,386
151,228
39,143
656
3,471
26,418
35
51
ylO.OOO y23,002
183,G96
1,085
136,520
1.980
5,338
10,754
400
8,770
1,078
50
67,500
1,500
14,776
10O
""503
13,958
East River Nat.
1,000
800
Second National
1,000
10,000
12,500
4.698
23,821
9.84
17,794
1,434
2,826
37,770
10,695
285,920
921
21,846
167,280
4.981
7,076
174,158
6,430
24,489
2,216
2,421
366
12,911
762
177,296
13,249
798
6,816
115
946
5,552
100
241,300
9,937
L07O
19,228
8,102
389
National Park
First National..
Average Average Average Average Average Average
Bank,
Circu¬
S
Chath A Phenix
Cash
counts,
Nat.bks.Dec.29 Invest¬
Bank
De¬
Mech A Metals.
Corn Exchange-
Dis¬
Capital. Pro] its.
NON-MEMBERF
Time
Demand
Co.
Metropolitan
Loans,
Net
Legal
40,959
124,929
Hanover
Net
with
in
2,000
Pacific Bank..
(Stated in thousands of dollars—that <j, three ciphers [000] omitted.)
Cash
of
Nat Butch A Dr
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING
Nat'l
Reserve
Loans,
Tr.Cos,Nov.15
Fed. Res. Bank
New York
RETURNS.
Incest'
Bk of N Y.NBA
Manhattan
HOUSE
three ciphers [000] omitted )
Discount
Capital. Profits
(,000 omitted.)
Members
CLEARING
of dollars—that is,
MEMBERS.
840
19,100
24,000
8,000
61,868'
Total
Bond Sales.
Shares.
26,350
34,750
57,350
35,000
9,818
10,358
Friday
Bond Sales.
£17,400
7,012
8,645
Saturday
Tuesday
Shares.
Bond Sales.
Shares.
Monday
Res.
8,821,000
12,564,000
and Trust
Week ending
March 11 1921
Fed'l
47,681,000 Dec.
22,096,000
10,535,000
13,951,000
51,385,000
49,568,000
22,139.000
2.762.0001
2,579,000
900,000,
Statement of New York City
par
Bonds.
Government bonds..
State,
438,000
2.051.000 ;
$4,675,481,800
$48,548,200
bank
Federal Reonrve Bank
52,647,097
$2,523,140,173
in
excess
Inc.
Inc.
15,326,000 Inc.
50,592,000 Inc.
Due from other banks....
Cash in bank A F R Bank
1920.
1921.
1920.
1921.
Exchange.
$
7,000
2,554,000
2,555,000
1,116,000 584,672,000 586,213,000
660,000 393,130,000 403,397,000
92,685,000
1,387,000 88,750,000
Inc.
Dec.
Inc.
6,770,000 Dec.
-
Exchanges for CJearirig House
11.
York Stock
New
Bank
Jan. 1 to March
March 11
1.
1921.
Irving National
NY County Nat
Continental Bk.
1,000
1,000
15,000
19,555
1,790
85
921
619
195
1,500
J
200
738
1,542
1,675
1,162
11,283
11,215
4,572
281
500
38
548
200
863
15,810
531
1,385
8,305
2,400
4,461
42,880
1,002
5,150
32,598
Yofkville Bank..J
Total.
24,990
333,540
6,079
256
Fifth Avenue—
500
2.319
18,970
713
2,899
Commerc'l Exch
200
1,054
451
1,203
Commonwealth
400
804
8,251
9,067
525
1.269
1,000
1,622
2,246
15.091
30
1,000
816
15,852
13.264
4S2
National.
323
1,723
13,081
527
1,000
4,791
45,800
926
6,111
44,247
934
68
Nat'l..
5,000
1,500
8,054
89,672
480
7,620
57,932
1,923
2,584
1,564
18.332
661
1,865
13,141
331
403
386
25
9,413
11,759
3,121
1,096
433
Seaboard Nat'l.
Battery Park Nat.
W.R.Grace A Co:
Mutual Bank
32,375
Garfield Nat'l..
152
-
191
8,179
•
8,893
191
State Banks.
Chase National.
Fifth
Not Members of tht
Liberty
Fed'l Reserve Bank
Coal A Iron Nat
Bank of Wash Hts
100
450
Colonial Bank...j
600
1 568
2 019
700
Total....
442
19,566
213
2,094
3,478
16,088
1,471
2,536
9,363
Union Exch Nat
53
1,000
1,612
17,510
325
1,500
34,123
781
27,173
277,357
909
27,100
*204,340
8,939
5,143
36,114
49,650
499,725
690
5,788;
45,220
1,116
2,230
47,883
*480,415
21,675
1,593
17,812
369
2,692
18,233
646
U S Mtge A Tr.
2,000
Guaranty Tr Co
Fldel-Int Tr Co.
20,749
Trust Companies
Not Members of thi
25,000
1,500
401
Columbia Tr Co
5,000
8,010
76,389
1,100
9,844'
516
8,932
383
176
3,525
5,693
Peoples Trust Co
New York Tr Co
1,500
1,958
34,859
1,186
3,618
73,468
34,316
3,800
200
3,000
11,719
87,532
.606
1.645
510
8,932
383
176
3,525
5,693
Lincoln Tr Co..
2,000
1,121
22,351
490
7,599
3,240
57,159
200
22,277
543
Metropolitan Tr
2,000
1,000
3,435
30,158
16,134
617
3,218
23,516
1,138
407
1,331
13,158
489
Fed'l Reserve Bank,
Mechanics Tr,
Baj^
Total
3,300
1.363
Comparison prevlo
Gr'd aggr. Feb. 26
Gr'd aggr. Feb. 19
Gr'd aggr. Feb. 11
Gr'd aggr. Feb.
a
9
us
71,378
week
7,010
a56,872
14,639
191
Nassau N.Bklyn
+ 332
6,990
3,921
—97
+■364
±919
+ 48
—1
Farm Loan A Tr
5,000
1,423
11,056
109,258
1,491
11,920
*105,817
2,000
1,618
22,928
557
3,040
173
Equitable Tr Co
12,000
17,888
161,277
1.740
17,449
23,792
*155,016
3,300
6,996
71,046
4,018
6,646
3,300
6,996
3,800
3,800
8,008
72,183
71,115
6,500
6,707
8,008
70,651
4,016
4,143
3,912
6,471
a55,953
a56,806
14,591
14,479
192
a57,159
14,422
190
a56,415
14,358
10,896
190
193
78,353496,737 c3,680,832 191,537 34,294
79,748;489,092 c3.697.756 192,301 34,458
Totals, actual co ndition Feb. 104,832,265
deducted, $516,000.
payablo, rediscounts, acceptances and other liabilities, $875 000.
Avge, Mar. 5— 266,900471,912 4,817,342
Totals, actual condition Mar. 5:4,813,191
Totals, actual co ndition Feb. 264,830,126
U. S. deposits
Bills
50
15,986
Columbia Bank.
Grand aggregate..
241
3,533
20,000
2,741
19,612
2,387
3,754
18,298
Brooklyn Tr Co
Bankers Tr Co.
53
3,466
17,283
1,684
C
77,652 496,651 c3,697,988 186,791 34,405
78.513 496,733 c3,673,775 190,463 34,157
Excess reserve, $274,850 Increase.
State Banks.
Not Me mbers of Federal Reserve B arik.
Greenwich Bank
1,000
1,919
18,136
Bank..
250
848
5,624
Bowery
Philadelphia Banks.—The Philadelphia Clearing House
the week ending March 5 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
State
members
of
the
Federal
Reserve
the reserve
required is 15% on demand deposits and includes "Reserve
with legal depositaries" and "Cash in vaults."
system
Avge, Mar. 5__
337
50
5,611
42~993
2,615
73,487
3,351
2,042
29,833
3,750
5,383
97,247
6,661
4,041
53,944
43,043
5
96,681
6,778
3,798
53,353
43,080
Feb. 26
97,811
97,415
6,724
3,992
4,243
55,101
55,337
42.938
6,944
942
Totals, actual condition Mar.
Totals, actual
Totals, actual
cojndition
condition
Companies.
N
6,000
Title Guar A Tr
4,000
Lawyers R A Tr
Trust
Avge,
18,500
1,662
2,500
Bank
statement for
not
2,623
687
Mar. 5_.
10,000
Feb. 19
ot
42,811
Mem bers of Federal Re serve Ba nk.
12,459
45,811
1,221
3,161
29,124
6,333
24,787
847
1,752
16,520
336
18,793
70,598
2,068
4,913
45,644
1,278
Totals, actual
Members of
F.R. System Companies
Capital
Surplus and profits
Loans, dlsc'ts A lnvestm'ts.
Exchanges for Clearing House
Due from banks
Bank deposits
Individual
deposits
Time deposits
Total deposits
U. 8. deposits (not Included)
Reserve with legal deposit's.
Reserve with F
R. Bank...
Cash in vault*
Total reserve and cash held.
Reserve
required
Excess rec. A cash in vault..
*
1921.
Total.
33,225,0
90,534,0
674,962,0
24,553,0
4,500,0
12,997,0
33,600,0
271,0
37,725,0
103,531,0
708,562,0
24,824,0
23,752.0
90,915,0
121,359,0
468,102,0
11,0
326,0
90,926,0
121,685,0
486,250,0
117,895.0
489,293.0
11,171,0
600,632,0
18,148,0
185,0
18,659,0
2,320~0
48,645,0
11.588.0
60,233,
47,734,'
12.499.1
Cash in vaults not counted
Feb. 19
1921.
Trust
as
860,0
3,180,0
2,737,0
433,0
11,356,0
619,291,0
6,356,0
2,320,0
48,645,0
12,448,0
63,413,0
50,471,0
12,942,0
reserve for Federal Reserve
37,725.0
103,534.0
712.783.0
89.759.0
$37,725,0
103,891,0
714,725,0
25,304,0
97,062,0
Mar.
5
70,980
2,158
4,975
44,910
1,223
condition
Feb. 26
70,697
2,027
4,947
45,728
1,289
Totals, actual
Feb. 26
Two ciphers (00) omitted.
condition
Totals, actual
Week ending March 5 1921.
condition
Feb.19
71,470
1,994
5,020
45,512
1,339
34,294
avge280,650496,089 4,985,187 87,082 505,691 f3,780,420 235,858
+ 20,1421 + 1,214 + 101
—224 +4,494
—6.248
Comparison, previous week
Gr'd aggr,
Gr'd aggr.,
Comparison
Gr'd aggr.,
Gr'd aggr.,
120,280.0
Gr'd aggr.,
493,914,0
Gr'd aggr.,
11,309.0
625,390,0
8,197.0
9,449,0
cond'n
act'l
act'l cond'n
act'l cond'n
act'l cond'n
11,196,0
618,497.0
act'lcond'n Mar. 5:4,980,852
—17,782
previous w eek
2,103.0
51,182.0
12,762.0
2,152,0
48,658.0
66,047.0
50,603.0
63,512,0
50,423,0
15,444.0
13,089,0
members.
12,702,0
88,684 497,865 g3,796,019:236,604 34,458
+ 1,420—7, S07j
+21,4151 + 1,914 +301
Feb. 264,998,634
87,264505,672'g3,774,604 234,690 34,157
Feb. 195,001,150
86,590 505,914 g3,798,837
Feb. 11:5,021,366
97,258 513,759 63,799,032 242,666
Feb.
515,094,309
230,94134,405
34,165
89,168515,329 g3.846.474 239,68834,338
foreign branches not included in total foiling as fill* ws:
$118,752,000; Bankers Trust Co., $8,581,000; Guaranty Trust
Includes deposits in
*
National City Bank,
$120,542,000; Farmexs' Lean A Trust Co., S18,805,000: Equitable Trust Co.,
$24 732 000.
Balances carried in banks in foreign countries as reserve for such
deposits were: National City Bank, $52,702,000; Bankers Trust Co., $303,000,
Guaranty Trust Co., $10,958,000; Farmers' Loan A Trust Co., $2,749,000; Equitable
Trust
Co, $2,958,000.
c Deposits in foreign branches not included.
eU. S.
deposits deducted, $46,232,000.
f U. S. Deposits deducted, $36,499,000. Bills
payable, rediscounted acceptances and other liabilities, $1,157,753,000.
y As [of
Feb. 7 1921.
g As of Feb. 3 1921.
Co
,
March 12
THE
1921.]
1001
CHRONICLE
STATEMENTS OF RESERVE POSITION OF CLEARING HOUSE BANKS
RESULTS
COMBINED
TRUST COMPANIES.
AND
in
Vault.
Total
Reserve
Surplus
Reserve.
Required.
Reserve.
%
$
$
$
*Tolal Cash
Deposits.
,
in Vaults.
$
Dec.
Jan.
Members Federal
COMPANIES
IN
Reserve in
Depositaries.
a
Depositaries
Reserve
in
TRUST
Demand
Investments.
Week ended—
AND
NEW YORK.
Loans and
Averages.
Reserve
Cash
•
BANKS
OF
GREATER
S
$
5,860,670,000
4,565.652,900
5,860,012,800
5,770,053,400
31
4,703,111,800
4,638,642,400
8.
Jan.
15.
$
%
135,620,300
133,645,500
131,802,100
■
624,195,200
663,345,900
641,707,000
611,051,300
499,737,000 496,737,000 484,254,270
banks
Total Mar.
12,482,730
Jan.
22..
4,521,194,000
119,687,600
10,702,000
9,709,920
992,080
Jan.
29
5,708,133,700
4,447,406,300
117,026,200
593,132,300
6,981,000
6,846,600
134,400
Feb.
5
5,699,889,500
11
5,636,439,700
4,451,067,800
4,376,232,700
113,040,800
115,406,100
576,805,000
Feb.
Reserve
State banks*
Trust companies
4,351.241,600
4,314,472,300
4,346,190,400
112.140,300
587.986,600
tll0,570,800
583,456,400
583,800,900
4,041,000
4,913,000
6,66 L 000
2,068,000
5,752,205,800
Feb.
19._
5,590,256,100
26
8,729,000 505,691,000 514,420,000 500,810,790
8,793,000 501,197,000 509,990,000 498,204,860
13,609,210
Total Feb.
11,785,140
Feb.
26———
Total Feb.
19
8.895,000 .503,083,000 511,978.000 501,497,370
10.480,630
Mar.
5,568,707,800
5,567,907,300
Total Feb.
11
9.123.000 507.791.000 516,914,000 504,452,370
590,687,400
12,461,630
5—
*
•
.
'/.vY:.,
Actual Figures.
Members Federal
Total
Reserve
Surplus
Depositaries
Reserve.
Required.
Resene.
$
$
S
Reserve banks
5
26
Total Feb.
19
Total Feb.
11
•
2,614,690
972,460
Bank of New York at the close of business March 4 1921, in
396,500
comparison with the previous week and the corresponding
3,983,650
14,340.980
19,347,550
11,722,370
Dan*.
This is the reserve required on net demand deposits
In the case of State hanks
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:
trust
Mar. 5, $5,746,110; Feb. 26, $5,712,240; Feb. 19, $5,733,660; Feb. 11, $5,957,610.
b This Is the reserve required on net
and
trust
following shows the condition of the Federal Reserve
489,092,000 489,092,000 486,477,310
10,576,000
9,603,540
3,788,000
6,778,000
6,736,500
7,133.000
4,975,000
2,158,000
Not members ol Federal Reserve
a
and
Condition of the Federal Reserve Bank of New York.
—The
8,938,000 505,914,000 514,852,000 503,129,630
9,127,000 513,759,000 522,886,000 503,538,450
Trust companies
Total Feb.
!
8,936,000 497,865,000 506,801,000 502,817,350
8,751,000 505,672,000 514,423,000 500,082,020
State banks*—____
Total Mar.
1
$
$
f Corrected figures.
b
in
Vault.
110,483,900
silver, legal tenders, national bank notes and Federal
This Item Includes gold,
Reserve notes,
Reserve
Cash
Reserve
in
5-.^.-
companies, but
Includes also amount of
In
Mar. 41921.
Feb. 25 1921.
$
Y": •''C
Resources—
130,989,937
47,070,425
54,542,302
Gold with foreign agencies
Total gold
203,538,828
Mar. 5
1920.
$
$
148,996,526
Gold and gold certificates
Gold settlement fund—F. R. Board
97,804,000
25,625,000
41,406,000
164,835,000
204,624,331
36,000,000
27,000,000
444,163,159
156,319,441
419,169,393
500,634,000
158,105,625
100,229,000
600,482,600
57^273,018
600,863,000
373,703,954
393,451,688
601,680,000
373 703 954
472,502,409
393,451,688
488,989,988
581,680,000
276,242,000
472,502,409
37,131,633
488,989,988
30,742,869
228,292,000
228,610,000
883,337,997
-
Gold redemption fund
178,060,362
205,109,031
36,000,000
held by bank
Gold with Federal Reserve Agent
913,184.547
1,256,800
1,038,582,000
1,457,000
308,799,000
demand riepodts In the case of State banks
the case of members of the
reserve
date last year:
required on
Federal Reserve Bank
net time deposits, which was as follows:
Total gold reserves
Legal tender notes, silver, &c
Mar. 5, $5,769,030; Feb. 26, $5,713,890; Feb. 19, $5,603,730; Feb. 11, $5,960,730.
Total
reserves
-
Secured by Govt, war
Bills discounted:
members
obligations—For
State
Banks and Trust
Companies Not in Clearing
House.—The State Banking Department reports weekly
figures showing the condition of State banks and trust com¬
panies in New York City not in the Clearing House, as follows:
SUMMARY OF
BANKS AND
STATE
NEW YORK,
COMPANIES IN GREATER
TRUST
v
;
.
:
Ic Mftrcli 5.
■
Loans and Investments
Bills bought In open
16,527,800
48,194,200
605,624,900
Inc.
Deposits with Federal Reserve Bank of New York...
Total deposits....
Deposits eliminating amounts due from reserve de¬
from
$5,447,500
Inc.
50,800
86,300
Dec.
Inc.
2,221,300
2,445,600
other banks and trust com¬
panies in N. Y. City, exchanges and U. S. deposits.
deposits
Percentage of reserve,
20.3%.
,
market
hand
565,770,400
101,511,800
;\
1,256,800
U. S. Victory notes
—
61,571,443
U. S. Certificates of Indebtedness
946,166,240
4,466,550
2,380,110
Total earning assets
Bank premises
5% redemp. fund agst. F.R. bank notes.
Gold abroad In custody or In transit
Uncollected Items and other deductions
1,211,100
Inc. 11,576,100
Dec. 4,012,400
Total
141,034,000
1,851,349,000
13.53%
05.76%
20,689,500
06.09%
$66,575,200
19.62%
650,418,463
655,729,686
78,331,653
12,480,090
79,109,493
11,506,012
24,002,000
45,082,000
45,297,000
701,471,000
98,429,000
39,314,000
748,463,227
769.735,562
796,382,730
884,511,000
831,694,000
37,798,200
13,995,409
49,744,000
16,316,000
Government deposits
21.81%
26,458,050
56,414,456
23,390,369
Surplus
9,226,200
26,459,600
56,414,546
7,233,021
Capital paid In
$45,885,700
Deferred availability
Due to members—reserve account
Other deposits, lncl.
member of the Clearing House and being now included In the statement of the
Items
foreign Govt, credits
*
a
733,000
======
—Trust Companies—
*
974,020,790 1,102,018,000
4,456,554
3,094,000
3,607,000
2,482,710
1,211,100
1,684,174,341 1,700,784,407
resources
$34,936,600
Total
61,929,000
139,073,827
2,266,407
127,190,106
All other resources————^—2,277,633
16.05%
*$25,710,400
Deposits in banks & trust companies
50,000
—
59,579,443
Liabilities—
Slate Banks-
Cash in vaults
i
U. S. Government bonds
from gross deposits
RESERVE.
','YY.
on
Inc.
Currency and bank notes
positaries, and
previous week.
....$582,720,300
6,874,100
.
Gold
on
47,950,000
Less rediscounts with other F .R. banks
Total bills
Differences from
Reserve
All other—For members
NOT INCLUDED IN CLEARING HOUSE STATEMENT,
tFigures Furnished by State Banking Department.)
' ;
:
,
20,000,000
Less rediscounts with other F. R. banks.
Includes deposits with th
Federal Reserve Bank of New York, which for the
State banks and trust companies combined on Mar. 5 were $48,194,200.
k The
Equitable Trust Co. Is
no
Clearing House member banks.
longer Included in these totals, It having become
The change began with the return for Sept. 25.
Total gross deposits
F. R. notes In actual circulation
F. R. bank notes In circul'n—net liability
All other liabilities
-
Total liabilities
Banks and Trust Companies in New York City.—The
Ratio
total
of
j.
reserves
801,916,080
35,619,200
15,301,777
....1,684,174,341 1,700,784,407 1,851,349,000
to
deposit
and
42.2%
F. R. note liabilities combined
38.1%
40.5%
'
of the New York City Clearing House banks and
trust companies combined with those for the State banks
averages
and trust
companies in Greater New York City outside of
the Clearing House, are as follows:
Ratio
of
reserves
deducting
40%
to
net
deposits after
45.0%
for
'•
liability
on
36.0%
41.0%
8,104,945
8,100,360
F. R. notes In circulation....
Contingent
/
gold reserves against
bills purchased
foreign correspondents
The Federal Reserve Banks.—Following is the weekly statement issued by the Federal Reserve Board on March 5.
figures for the system as a whole are given in the following table, and in addition we present the results for seven preced¬
ing weeks, together with those of corresponding weeks of last year.
The second table shows the resources and liabilitiesseparately for each of the twelve banks.
The Federal Reserve Agents' Accounts (third table following) gives details regarding
transactions in Federal Reserve notes between the Comptroller and Reserve Agents and between the latter and Federal
Reserve banks.
In commenting upon the return for the latest week the Federal Reserve Board says:
The
Aggregate liquidation of about 65 millions of discounted bills and other
earning assets, accompanied by reductions of 34 8 millions in net deposits
and of 91 millions in Federal Reserve note liabilities, as against a further
increase of 22.7 millions in gold reserves and of 18 8 millions in total cash
reserves, are indicated in the Federal Reserve Board's weekly bank stafo¬
ment issued as at close of business «n March 4 1921.
In consequence of the
above changes, the reserve ratio shows a rise for the week from 49 9-to
50 8%, the highest ratio published since Sept. 26 1919.
Bills secured by Liberty and other U. 8. bonds show an increase of 21.4
millions, while other classes of discounted bills show substantial reductions
bills secured by Victory notes—by 18.0 millions; bills secured by Treasury
certificates—by 25 6 millions, and other discounted bills—by 32.6 millions.
Acceptances on hand show a d .cline of 6 5 millions, and Treasury certificates
holdings fell off 3 8 millions.
Total earning assets, accordingly, show a
decline for the week from 2,854.1 to 2,789.1 millions, to be compared with a
total of 3,216 millions reported on March 5 of last year.
Of the total
holdings of 981 8 millions of paper secured by U. S. Government obligations
598.9 millics or 61.0% were secured by Liberty and other U. S. bonds;
273.7 million J, or 27.9% by Victory notes, and 1092 millions or 11.1% by
Combined Resources
and
Liabilities
Mar. 4 1921.
RESOURCES.
Gold
and
$
234,353,000
gold certificates.
Gold settlement fund, F. R. Board
Gold
by banks
old with Federal
Total
gold
——
Reserve agents
redemption fund..
reserve
certificates,
Feb. 25 1921. Feb. 18 1921.
$
217,335,000
530,104,000
$
210,978,000
511,751,000
compared
with
577-5,
291.7
and
134.8 millions
Discounted bills held by the Cleveland Reserve Bank include
of bills discounted for the Dallas Bank, compared with 13.6
12.4 millions
millions the
acceptance holdings of
the Boston, Philadelphia,
Cleveland and San Francisco Banks are shown inclusive of 18.9 millions of
week
before,
while
purchased from the New York Bank, compared with 24
on the previous Friday.
Decreases of 6 millions in
deposits and of 17.5 millions in members' reserve deposits are
shown, together with an increase of 12 millions in the "float" carried by the
Reserve banks and treated as a deduction from Immediately available
deposits.
Other deposits increased by 0 7 million, and net deposits, in
consequence, show a decrease of 34.8 millions for the week.
During the week under review, the circulation of Federal Reserve currency
resumed its downward trend, the criculation of Federal Reserve notes
showing a decline of 9 1 millions, as against an increase of 10 millions during
the corresponding week in 1920, and the circulation of Federal Reserve Bank
notes showing a decrease of 4.2 millions as against a decrease of about 8
millions shown for the corresponding week a year ago.
bank acceptances
millions reported
Government
Federal Reserve Banks
with foreign agencies
Total gold held
'
Gold
526,499,000
of the
Treasury
shown the wpck before
Feb. 111921.
Feb.
$
204,985,000
480,480,000
4
at the
Close
of
Business March 4 1921.
1921. Jan.28 1921. Jan. 21 1921. Jan. 14 1921. Mar. 5
S
199,750,000
.,192,000
3,300,000
48
$
$
$
1920.
$
199,869,000
220,239,000
247,365,000
180,162,000
461,523,000
3,300,000
421,325,000
393,173,000
3,300,000
3,300,000
389,332,000
112,822,000
.
685.465.0001 685,242,000 664.692,000 644.864.000 643,838,000 682,316,000
722,729,000
760,852,000
747,439,000
1,236,560,000 1,234,181,000 1,260,546,000 1,269,037,000 1,274.747,000 1,288,450,000 1,286,304,000 1,265,558,000 1,138,790,000
116,071,000
164,601,000
176,058,000
152,995,000
149,377,000
165.678,000
158,693,000
167,476,000( 151,958,000
2,163,090,000 2,140.313,000 2.132,652,000
2,121.978.00012,111,947.000
2,106,137,000 2,095,769,000 2,085,454,000 1,937,077,000
THE
Legal tender
Total
220,338.000
silver, Ac
no tea,
CHRONICLE
reserves
220,220,000
214,180,000
213,837,000
205,482.000
203,084,000
117,553,000
2,356,099,000
BUJs discounted.
Secured by Govt, obligations
All other
Bills bought In open market
Total bills
on
1,003,975,000
1,392,279,000
170,503,000
....
25,849.000
263,574,000
2,566,757,000
_
U. 8. Victory notes
U. 8. certificates of indebtedness
Total earning assets...
Bank premises
2,581,389,000
25,849.000
19,000
261.510,000
hand....
U. S. Government bonds
..
2,870,831,000 2.886,729,000
2,854,135.000
.
....
19,000
19,469,000
18,977,000
18,244,000
607.422,000
12,159,000
3,300,000
7,617,000
...
667,478,000
12,207,000
*595,980,000
12,868,000
3,300.000
7,500,000
7,105",C00
Uncollected items and other deductions
from gross deposits
.....
5% redemp. fund agst. F. R. bank notes
Gold abroad In custody or In transit.....
All other resources...................
5,856,021,000 5,822,491,000 *5847053,000 5,861,727,000 5,946,999,000
'.Total
6,000.713.000 6,168,603,000
LIABILITIES.
100,557,000
Capital paid In
Surplus
202.036,000
48.457.000
1,740.259,000
Government deposits
Due to members, reserve account—
-
423,613,000
Deferred availability items
25,802,000
Other deposits, incl. for'n gov't credits..
♦2241011,000
Total gross deposits
3,075,750,000
F. R. notes In actual circulation
197,210,000
30,818,000
F. R. bank notes In circulation—net llab.
All other liabilities.
Total liabilities
Ratio of gold reserves to net deposit and
F. R. note liabilities combined......
Ratio of total reserves to net deposit and
F. R. note liabilities combined
Ratio of gold reserves to F. R. notes In
circulation
after
setting
aside
35%
against net deposit liabilities
56,233,000
48,117,000
53,030,000
407,392,000
9,955,000
434,432,000
12,296,000
8,958,000
297,735,000
8,138,000
55,945,000
236,895,000
$
9
68,742,000
126,422,000
1,409,471,000 1,523,738,000
30,305,000
13,143,000
46,649,000
121,985,000
232,971,000
194,746,000
1,500,000
2,600,000
72,236,000
176,589,009
458.936,000
433,193,000
8.839,000
6,500
15,785,000
94,858,000
288,159,000
241,654,000
S,920.000
4,04#
60,003,000
15,357,009
240,121.000
240,284,000
-• "f 1 '■
3,346,989,000 3,348,473,000 3,349,950,000 3,368,044,000 3,400,093,000 3,511,301,000 3,563,197,000
304,378,000
296,767,000
312,506,000
318,228.000 324,343,000
420,553,000
447,887,000
599,708,000 3,270,721,000
440,217,000
240,711,000
$
9
9
$
$
$
%
72,745,000
63,335,000
50,848.000
52,668.000
56,559,000
66,424,000
58 954 000
1,444,440,000 1,455 023,000 1,444.358.000 1,431,768.000 1,456.476,000 1,453,331,000 l 443 330,000
U. 8. certlf. of Indebtedness.
11,971,000
8.324,000
6,323.000
4,823,000
5,823,000
4,468,000
4,802,000
bills bought in open market.
31,769,000
44,213,000
54,172,000
47,652,000
38,249,000
41,456,000
47,008,000
bills discounted
222,698,000
222,558,000
223.858.000
251.266.000 238,301,000
235,415,000
251,587,000
V. 8. certlf. of indebtedness.
3,100.000
4,407,000
7,581.000
6,000.000
2,000,000
1,999,000
2,500,000
Distribution by Maturities—
1-16 days bills bought In open market.
1-15 days biU discounted
1-15 days
16-30 days
16-30 days
16-30 days
31-60 days bills bought in open market.
31-60 days bills discounted
31-60 days U. S. certlf. of indebtedness.
61-90 days bills bought in open market.
61-90 days bills discounted—.......
61-90 days U. 8. certlf. of indebtedness.
Over 90 days bills discounted.
16,188,000
255,707,000
4,513,000
4.3,642,000
Over 90 days certlf. of indebtedness....
228,591,000
Notes—
In
actual
397,788,000
9,036,000
19,607,000
283,234,000
5,350,000
37,651,000
234,393,000
•'
1
Outstanding
Heldby banks
44,526.000
389,479,000
6,949,000
17,328.000
206,151,000
6,813,000
40,562,000
234,093,000
43,348.000
43,302,000
375,018,000
9,518,000
''
58,860,000
403,555.000
.
7,646.000
16,695,000
16,777,000
274,716,000
8.858,000
44,211,000
283,855,000
11,511,000
47,049,000
419,912,000
10,682,000
9,061,000
293,533,000
8,020.000
54.279,000
236,247,000
230,681,000
236,283,000
*'
j
.«
•
3,042,611,000 3,051,700,000 3,037,444,000 3,050,416,000 3,075,750,000 3,090,748,000 3,115,310,000 3,159,491,000
circulation
Fed. Res. Notes {Agents Accounts)—
Received from the Comptroller
,K
—
-
Returned to the Comptroller
-
Amount chargeable to Fed. Res. agent
In hands Of Federal Reserve Agent
Issued to Federal Reserve banks.....
-
-
-
r
-
,
Total
delivlred
*
3,346,989,000 3,348,473,000 3,349,950,000 3,368,644,000 3,400,093,000 3,511,301,000 3,563,197,000 3,599,708,000
3,270,721,000
7'
266,485,000
255,151,000
2,334,150,000 2,132,031,000
112,396,000
97,788,000
886,677,000
785,751,000
3,346,989,000 3,348,473,000 3,349,950,000 3,368,644,000 3,400,093,000 3.511,301,000 3,563,197,000 3,599.708,000
*
,
6,484,940,000
2,841,910,000
3,643,030,000
372,309,000
227,386,000
227,386,000
227,386,000
227,385,000
227,386,000
227,387,000
266,386,000
2,110,429,000 2,114,292,000 2,089,404,000 2,099,607,000 2,125,346,000 2,222,851,000 2,276,893,000
109,120,000
113,359,000
113,831,000
118,901,000
103,412.000
114.182.000
109,247,000
900,054,000
893,430,000
919,329,000
922.751,000
943,949,000
946,881,000
910,671,000
With Federal Reserve Board
-.
4,135,883,000 4,146,930,000 4,158.802,000 4,193,670,000 4,215,527,000 4,255,835,000 4,297,880,000 4,324,642,000
788,894,000
798,457,000
808.852,000
825,026,000 815,434,000
744,534,000
734,683,000
724,934,000
.7.-.
By gold and gold certificates..
By eligible paper.
KllglDle paper
.
.
.
How Secured—
Gold redemption fund
3,030,010,000
i
to F. R. Agent.
3,270,721,000
2,450,543,000 2,512,232,000 2,471,746,000 2,525,411,000 2,554,001,000 2,547,440,000 2,598.204,000 2,566.566,000
2,860,454,000
♦Revised figures
WEEKLY STATEMENT OF RESOURCES AND
Two ciphers (00) omitted,
Boston.
Federal Reserve Bank of—
LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS MARCH 4 1921
Cleveland. Richmond
Atlanta.
Chicago
St. Louis
Dallas
Minneap.
'
RESOURCES.
Gold and gold certificates
...
Gold Settlement Fund, F. U. B'd
Total gold held by banks
Gold with Federal Reserve agents
Gold redemption fund
Total gold
reserves..........
Legal tender notes, silver, Ac
Total reserves
8111a discounted: Secured by Gov¬
ernment obligations (a)
All
other
............
Bills bought In open market (b)_.
Total bills on hand
U. S. Government
....
bonds
CJ. S. Government Victory notes
U. S. certificates of indebtedness
Total earning
Bank
assets
premises
Uncollected
and othor de¬
Items
ductions from gross deposits..
1%
redemption
Federal
fund
Reserve
bank
against
notes.
Gold abroad in custody or transit
All other resources
_
_
261,875,0
Total resources
LIABILITIES.
Capital paid In
Surplus
4,490,0
9,159,0
;
Government deposits
Due to members, reserve account
5,781,0
77.344,0
Deferred availability items
Otb. deposits, Incl. for. Govt. cred.
5Q.214.0
328,0
....
Total gross deposits
F. R. notes In actual circulation.
F. R. bank noteB In circulation-
Net
liability
All other liabilities
fotn? Uabimios
March 12
192lJ]
THE
Ttoo ciphers (00) omitted.
LIAB1LITES
Ratio of total
Boston.
PhUa.
$
S
%
Atlanta.
Chicago.
$
S
$
St. Louis. Mlnneap.
S
Kan.City.
Dallas.
SanFran.
Total.
%
3
1
$
%
llbllltiee
note
combined, per cent
Memoranda—Contingent liability
paper
Cleveland. Richmond
1003
to net de¬
reserves
posit and F. R.
Discounted
New York.
*
(ConcludedI)—
CHRONICLE
62.1
endors
as
42.2
55.7
69.2
49.8
43.2
51.7
48.5
54.7
47.7
39.1
bills
736,0
18,233,0
8,105,0
1,168,0
1,280.0
1,312,0
other F. R. banks, viz
784,0
1,904,0
576,0
bought fr
Without their endorsement
om
768,0
416,0
12.399.0
other F. R. banks:
906,0
2&0
3,213,0
8,883,0
5,852,0
STATEMENT^Or FEDERAL RESERVE AGENTS' ACCOUNTS AT CLOSE OP
Boston
Federal Reserve Agent at—
{In Thousands of Dollars)
/v Resources—
on
Reserve notes
432,0
752,0
12,399,0
(6) Includes bankers' acceptances
Federal Reserve notes
12,399,0
18,854,0
purch.
for foreign correspondents
(o) Includes bills discounted for
Federal
18,879,0
12,399,0
acceptances sold to other
F. R. banks without endorsem't
on
50.8
25,0
with other F. R. banks
Bnker8'
Contingent liab.
52.0
er on:
rediscounted
New York
'■
%
hand
%
Richm'd Atlanta
$
Chicago
St.L.
Minn.
S
$
$
$
268,000
5,600
22,528
Cleve.
$
105,150
280,965
outstanding
Phil a.
$
BUSINESS MARCH 4
169,608
22,140 46,740 25,088 75,605
913,584 276,524 327,474 158,492 168,284
143,540
23,280
533,036 144,046
18,879,0
1921.
K.
City Dallas
San Fr
Total
$
S
$
11,625
3.40C
73,357 108,223
16,826 47,500
788,894
70,313 292,691 3,346,989
5,891
227,386
4,175 14,171
109,120
7,234 106,296
900,054
53,013 172,224 2,110,429
340,114
14,801
13,517
Collateral security for Federal Reserve notes outstanding:
Gold and gold certificates
Gold redemption fund
—
23,775
3,500
9,016
16,188
16,222
2,866
2,970
26,000 116,389 140,000 48,000
52,000
708,960 143,947 147,477 107,626 109,814
140,795
9,329 15,643
1,478
16,430
Gold settlement fund—Federal Reserve Board.... 125,000
Eligible
pa per/Amount
127,837
28,441
required
/Excess amount held
5,960
3,441
13,052
1,399
53,431
10,200
81,214
10,388
13,357
182,144
337,535
42,147
48,706
19,936
2,787
33,360
72,076
27,209
695,521 2,235,963 584,517 717,331 343,550 428,603 1,251,759 321,760 178,275 247,055 172,253 646,399 7,822,986
Total
Liabilities—
Net
of
amount
Federal
Reserve
notes
from
received
386,115 1,181,584 298,664 374,214 183,580 243,889
153,128
204,624 132,577 179,997 50,866 58,470
156,278
849,755 153,276 163,120 109,104 126,244
Comptroller of the Currency........
Collateral received from
Federal Reserve
j Gold
...
Bank/Eligible
paper
Total.
676,576 167,326
195,501
62,832
91,602
379,682
84,982 111,623
24,651 36,147
68,642 99,285
87,139 340,191 4,135,883
17,300 120,467 1,236,560
67,814 185,741 2,450,543
695,521 2,235,963 584.517 717,331 343,550 428,603 1,251,759 321,760 178,275 247,055 172,253 646,399 7,822,986
Federal Reserve notes outstanding
280,965
913,584 276,524 327,474 158,492 168,284
111,668 20,629 25,163
6,338
6,355
533,036 144,046
13,487
267,478
801,916 255,895 302,311 152,154 162,929
495,914 123,237
Federal Reserve notes held by banks...........
Federal Reserve notes In actual circulation
37,122
7,871
70,313 292,691 3,346,989
3,550 50,870
304,378
71,341 100,362
66,763 242,321 3,042,611
73,357 108.223
20,809
2,016
Member Banks of the Federal Reserve System.—Following is the weekly statement issued by the Federal Reserve
giving the principal items of the resources and liabilities of the Member Banks.
Definitions of the different items
in the statement were given in the statement of Dec. 14 1917, published in the "Chronicle" Dec. 29 1917,
page 2523.
Board
STATEMENT SHOWINO PRINCIPAL RESOURCE AND LIABILITY ITEMS OF REPORTING MEMBER BANKSIN FEDERAL
BANK AND BRANCH CITIES AND ALL OTHER
Aggregate increases of about 19 millions in loans secured by stocks and
bonds
and liquidation of about
7 millions of United
increase
in Treasury certificates.
Holdings of other
no change for all reporting banks com¬
decrease of 3 millions for member banks in New York City.
In consequence of the changes noted, total loans and investments of the
reporting banks show an increase for the week of 10 millions, and those
of the New York City banks—an increase of 3 millions.
Accommodation of the reporting institutions at the Federal Reserve banks
shows an increase for the week from 1,847 to 1.891 millions, or from 11.5 to
11.7% of the banks' total loans and investments.
For the New York City
members, an increase from 791 to 800 millions in the amount of accommoda¬
bined, and
and of 58 millions in other demand deposits, also an increase of 44 millions
in borrowings from the Federal Reserve Banks, are indicated in the Federal
Reserve Board's weekly statement of the condition on Feb. 25 of 820
member banks in leading cities.
Loans secured by Government obligations show a reduction for the week of
5 millions, loans secured by stocks and bonds—an increase of 19 millions and
•ther, largely commercial, loans and discounts—an increase of 4 millions.
a
tion at the local Reserve Bank and from 15 to 15 .1% in the ratio of accom¬
is noted.
•
*
For the member banks in New
York City, increases of 2 millions in loans
by Government obligations and of 17 millions in loans secured by
corporate obligations, as against a reduction of 15 millions in commercial
loans, are noted.
i;-.i••
cn'
Under the general heading of United States securities, the reporting banks
show an increase of 7 millions for U. S. bonds, as
against reductions of
3 millions for Victory notes, and of 11 millions for Treasury certificates held.
Corresponding changes for the New York City members include an increase
of 5 millions in U. S. bonds, a decrease of 3 millions in
Victory notes and an
modation
secured
Government
Both
deposits
and
other
Federal Reserve District
Boston.
bills
sec.
$
by U. 8. Govt, obligations..
Total loans and discounts
0. S. bonds
Other bonds, stocks and
Atlanta.
84
Three ciphers (000) omitted.
Chicago. St. Louts. Mlnneap. Kan. City
44
114
35
37
San Fran.
Dallas.
82
52
Total.
826
69
3
$
S
.
43,351
354,678
190,603 1,279,889
S
$
$
$
$
$
1
$
i
64,210
91,960
441,607
30,705
778,044
343,775
26,787
111,800
8,487
195,739
418,732
121,015
42.509
76,905
38,769
336,561
337,157 1,382,193
349,995
226,407
400,948
224,596
152,861
773,481
3,052,496
712,912
897,048 4,785,711
'
70,807
663,094 3,151,144
by stocks and bonds..
All other loans and discounts..
685,278 1,120,897
475,148
419,879 1,915,760
40,882
78,314
3,623
33,720
2,296
27,044
494,313
28,673
282,662
16,544
502 175
271 842
957 047 12,807,760
36,097
2,385
2,869
1,352
3,628
36,289
2,763
976
7,457
4,266
309,410
65,255
19,727
54,837
10,364
502,223 2,364,248
26,301
187,263
12,127
57,656
593,495
604,194
240,051 1,317,960
144,164
658,672
325,242
144,231
321,261
18,786
7,536
186,142
33,977)
98,554
21,428
123,125
16,139,
18,345
4,119
123,865
securities
43,995
11,130,
60,064
84,407
12,573)
....
304,166
6,454
U. S. Victory notes..
U. 8. certificates of Indebtedness
deposits
bafcks are given 3 millions larger
No
before, and a like increase is noted for cash in vault,
changes in these two items are shown for the New York City banks
89
58
show
re
discounted with F. R. bank:
Loans secured
113
(net)
Reserve balances of reporting
shown.
are
New York Phlladel. Cleveland. Richm'd.
49
deposits
than the week
Data for al! reporting member banks In each Federal Reserve District at close of business
February 25 1921.
Number of reporting banks
Loans and discounts, Including
demand
substantial decreases, the former by 20 millions and the latter by 58 millions,
while time deposits show a gain of 2 millions.
In New York City, corres¬
ponding decreases of 10 millions in Government deposits and of 28 millions
in other demand deposits, as against a gain of 3 millions in time
■.
Loans
of one-half million
Government securities show
than
States Government
securities, accompanied by reductions of 20 millions in Government deposits
1.
RESERVE
REPORTING BANKS AS AT CLOSE OF BUSINESS FEBRUARY 25 1921.
724,767
155,285
280,662
593,988
57,034
47,099
911,827 1,539,886
100,695
67,960
31,213
17,981
889,822
638,028
25,688
7,558
35,543
23,303
13,746
24,322
95,268
17,262
15.669
169,864
8,977,220
872,823
195,710
234,878
1,996,678
Total
loans, dlsc'ts & Investments, lncl.
bills rediscounted with F. R. Bank
1,073,917 6,022,176
Reserve balance with F. R. Bank..
75,736
600,473
Cash In vault
23,199
102,871
Net demand deposits
743,774 4,623,462
Time deposits
166,067
436,614
Government deposits
10,618
55,510
Bills payable with F. R. Bank:
Secured by U. S. Govt, obligations...
22,781
270,382
39,096
432,956
10,479
9,725
324,365
116,341
2,655
44,058
31,315
26,710
All other...
18,144
2.
37,116
479,604
43,352
55,661
(000)
Number of reporting banks
Loans and discounts, incl. bills redis¬
counted with F. li. Bank:
sec.
City of Chicago.
by U. S. Govt, obllg'ns
Feb. 18.
Total loans and discounts
S.
0. S.
bonds
Victpry
...
notes
0. S. certificates of Indebtedness...
Feb. 25.
72
72
325,524 1,255,110 16,107,849
22,783
75,016 1,296,808
327,399
26,005
10,709
209,337
591,113 10,195,211
62,009
538,857 2,908,663
121,866
2,125
7,451
13,980
3,248
2,381
2,321
27,470
67,171
15,919
5,392
20,044
10,281
21,899
552
150
110
605
2,529
37,281
1,538
3,389
995
717
4,172
206,904
42,818
26,255
3,971
36,761
18,055
63,437
1,118,861
8,732
42,568
18,391
200,058
563,422
Feb. 18.
All F.R. Bank Cities. F. R. Branch Cities. AllOther Report .Bks.
52
Feb. 25.
52
Feb. 18.
287
Feb. 25.
287
Feb. 18.
216
Feb. 25.
Feb. 18.
Total.
323
323
216
Feb. 25*21. Feb. 18'21. Feb. 27'20.
807
826
826
■%
$
S
.
327,180
S
$
$
»
64,824
318,116
66,332
571,297
316,085
2,140,209
867,830'
853,976
5,917,164
4,284,798 4,282,3961,250,770 1,236,393
261,504
255,617i
19,161
18,887
76,845!
12,824
74,343
12,635
8,628,670
328,621
Loans secured by stocks & bonds. 1,116,612 1.100,396
All other loans and discounts
2,839,665 2,854,820
0.
13,595
405,915
101,529
omitted.
Feb. 25.
Loans
68,127
46,940
Data of reporting member banks In Federal Reserve Bank and branch cities and all other reporting banks.
New York City.
ciphers
8.914
85
10,121
73,011
All other
98,627
41,801
1,363
36
Bills rediscounted with F. R. Bank:
Secured by U. S. Govt, obligations
Three
33,054
15,593
117,589
117,178;
7,203
9,076
%
S
S
575.158
117 761
117 410
90,245
88,986
428,239
487,225
486,045
425,062
5,918,275 1,634,590 1,619,081 1,425,466 1,436,036
2,118,361
%
$
$
$
778,044
782.813
1,167,675
3,052,496
8,977,220
3,032,645
3,185,281
8,973,392
8,611,794 2,239,576 2,222,536 1,939,514 1,954,52012,807,760 12,788,850
866,269
430,709
220,795
215,063
220,417
215,143,
872,823
199,037
111,230
60,928
52,364
35,458
35,443!
195,710
246,048
29,480
234,878
170,855
28,796
41,203
45,713
1,109.327
345,008 1,996,678 1,997.240
344,888
544,007
542,905
436,965
109,324
164,879
Other bonds, stocks & securities
a
a'WW/
865,507
208,823
672,831
143,999 1,107,783
550,445
a&m
553,548) 143,134
loans & dlsc'ts, & lnvest's,
lncl. bills redlsc'ted with F.R.Bk. 5,288,679 5,285,584 1,432,903 1,421,179 10,447,621 10.433,915 3,096,509 3,083,935 2,563,719 2,579,594 16,107,849 16,097,444 16,671,312
Reserve balance with F. R. Bank...
153.415 1,296,808 1,293,847 1,408,792
557,877
130,248
155,293
135,057
942,993
558,493
948,502
193,013
197,439
Total
Cash In vault...
90,516
90,662
4,139,351 4,167,465
269,229
266,355
53,001
63,242
demand deposits
Time deposits
Government
deposits
34,442
32,526
186,922
932,063
929,036
7,302,837
309,261
310,810
1,327,945
6,287
7,067
92,983
18,143
22,723
371,934
323,855
327,399
370,431
75,786
76,174
184,198
64,303
63,871
7,335,174 1,671,648 1,687,547 1,520,726 1,530,277 10,495,211 10,552,998 11,463,252
652,035
650,463 2,908,663 2,907,210 2,524,393
1,328,214
928,683
928,533
121,856
142,082
42,097
11,979
10,904
109,833
20,270
17,969
Bills payable with F. R. Bank:
Sec. by 0. S. Govt,
obligations...
247,370
229,382
t
131,082
132,021
60,406
61,525
563,422
655
461
359
1,538
550,663
1,014
1,022,520
927
171,691
25,200
24,072
8 901
8,837
208,904
204,600
851,358
134,146
119,847
121,067
119,261
1.118,861
1,090,466
318,930
799,182
13.2
9.4
9.0
7.4
7.4
11.7
11.5
12.8
357,117
150
All other
2,225
Bills rediscounted with F. R. Bank:
Sec. by 0. S. Govt, obligations..
All other
11,806
10,714
172,803
455,452
95,932
466,171
126,442
111,130
863,648
15.1
15.0
10.9
10.2
13.5
96,736
,
Ratio of bills payable <fc rediscounts
with F. R. Bk. to total loans and
Investments,
■
per cent.
Comparable figures not available.
[Vol. 112.
CHRONICLE
THE
1001
The market for railway and
industrial bonds has been weak
in sympathy with the market for shares and for similar reas¬
ons.
Of the usual list of 25 prominent, well known issues
Night, March 11 1921.
Stocks.—Two important
Wall Street, Friday
Railroad and Miscellaneous
materially affected the stock market this week.
the failure of the London Conference to settle
events have
We refer to
Allied Governments
and Germany and to announcement by two of the most import ant railways of the country that a drastic reduction of
salaries and wages is imperative.
The first did little else
upon
'
terms of agreement between the
decline of from 2% to 5%
a
2
seems
freight cars now reported to be idle.
The commodity markets have been decidedly irregular,
although but little influenced by matters mentioned above.
large supply still in producers' hands and steel orders show
a decline of over 600,000 tons in February.
As a result of the week's operations at the Exchange
Southern Pacific shares have declined 6% points, Reading,
Great Northern and Northern Pacific between 5 and 6
and Ches. & Ohio, New York Cent., St. Paul and Union
Pacific from 4 to 5.
Mex. Pet. is exceptional in a drop of
Oil 9, while Baldwin
and Republic are 5 or more points lower than last week.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
14% points, Crucible Steel and Houston
for
11.
Highest.
Lowest.
Week.
Lowest.
Highest.
Am
100
47% Mar 11
47% Mar 11
43%
Jan
Am Brake Shoe&F no par
100
48% Mar
48% Mar
42
Jan
50
200
89
Mar
91
Mar
83%
Jan
91
American Chicle, .no par
300
22
Mar
23
Mar
21%
Mar
29
3,225
71
Mar 11
90.30
90.12
90.84
90.72
90.24
90.12
90.00
Close
91.02
90.86
90.72
90.28
90.12
90.12
84
277
124
372
361
i
High
of
87.06
86,90
498
86.90
86.80
Low
bonds
86.62
*
1932-47 (First 4s)
r
.Close
...
^
^
86.80
^
86.80
86.70
87.06
....
'
9
■
3
Total sales in $1,000 units
-
m
L
3
-
1932-47
High
(First 4%s) /
87.18
87.20
87.00
86.98
86.96
Low
bonds of
87". 16
87.00
86.92
87.00
86.86
86.86
86.86
Close
Converted 4%%
...
87.00
87.10
87.00
86.90
86.90
86.90
53
950
34
Total sales In $1,000 units..
Second
Second
•
66
34
45
4% %
High
(First
Low
95.00
Close
Converted
bonds of
95.00
1932-47
4%s)
~
—
-
95.00
-
.*
—
-
-
3
Total sales in $1,000 units.
86.82
86.96
86.56
86.60
86.40
86.56
86.80
86.80
86.50
86.42
86.40
86.56
86.82
86.96
86.50
86.42
86.40
63
9
2
14
68
High
86.84
87.00
86.98
86.86
86.62
86.60
Low
86.76
86.72
86.78
86.60
86.46
86.40
Close
Second
86.80
86.90
86.86
86.66
740
1,972
878
1,523
1,138
649
High
90.26
90.30
90.36
90.32
90.40
90.38
Low
90.10
90.14
90.20
90.10
90.14
90.20
Close
90.20
90.28
90.30
90.16
90.32
90.22
High
Liberty Loan
86.70
Low
Close
bonds of 1927-42
(Second 4s)
4%
Total sales In $1,000 units.
Converted
4%% bonds of
1927-42 (Second 4%s)
Tota sales
Third
In $1,000 units
Liberty Loan
4%%
bonds of 1928
(Third 4%s)
2
86.56
86.50
650
1,110
483
87.20
87.06
86.82
86.76
Low
86.48
86.86
87.00
86.80
86.70
86.56
87.00
87.14
87.06
86.84
86.70
86.62
240
1,143
732
1,032
1,360
1,227
High
•
563
87.22
97.52
97.50
97.50
97.50
97.48
97.44
Low
97.48
97.44
97.46
97.42
97.40
97.24
Close
97.48
97.48
97.48
97.48
97.40
97-.24
1,053
2,208
1,373
2,150
3,397
1,480
High
97.52
97.48
97.50
97.48
97.48
97.42
Low
97.50
97.44
97.46
97.46
97.40
97.30
Close
4% % bonds of 1933-38
(Fourth 4%s)
396
87.04
Close
Liberty Loan
695
High
Total sales in $1,000 units.
Fourth
97..50
97.48
97.50
97.48
97.40
97.30
240
173
270
157
155
293
—
-
*.
Total sales In $1,000 units
Victory Liberty Loan
4%% notes of 1922-23
(Victory 4%s)
•
Total aalea In $1,000 units.
1922-23
(Victory 3%s)
3% %
Jan
American Radiator.-.25
90.60
91-02
notes of
Mar
50
Preferred
Preferred
Ann Arbor RR
Preferred
Assets Realization
800 103
Mar
8 106
Mar
300
11
Mar
5
11
Mar
11
400
20% Mar 10
10
300
2% Mar 11
....
Atlantic Refining
Mar
10 925
100 10% Mar
100
Atlas Tack
Barnsdall class B
25
Batopllas Mining
7 925
5
16% Mar
5
16%
8
73
Mar
8
70
20
24% Mar
9
25% Mar
7
59% Mar
35
Mar
8
36
Mar
70
Mar
9
79% Mar
.100
1,000
300
100
Calumet & Arizona... 10
100
100
200 208
100
300
7
Jan
Mar
19%
Jan
80
Jan
Mar
35
Jan
1
Jan
Jan
Jan
59%
33
Feb
42
Jan
70
Mar
84
Jan
Mar
Feb
5%
Jan
68
Feb
72%
Mar
41%
Jan
50
Jan
Jan 209
Mar
4%
Mar
Chicago & Alton
Jan
46% Mar 10
72% Mar 10
46% Mar 10
Central RR of N J
Mar
3 %
72% Mar 10
Mar 11
4
20%
51
8
Buffalo Roch & Pitts. 100
Feb
Feb
%
200
Mar
209
Mar
Mar
3%
8
7 201
7% Mar
6%
Feb
8%
Jan
Mar
100
100
11% Mar
11% Mar
11%
Mar
11%
C St PM& Omaha.. 100
200
58
Mar
58
Mar
58
Mar
63
Jan
Cluett, Peabody & ColOO
Preferred.
100
2,000
44
Mar
47
Mar
44
Mar
62%
Jan
400
83
Mar
85
Mar
80
Jan
86
Jan
Continental Insurance 25
200
63
Preferred
—
_
.
_.
_
Mar
61%
65%
Jan
Cuban-Am Sugar preflOO
100
94% Mar
94% Mar
93%
Jan
95
Fob
Davison Chemlcal.no par
100
21% Mar 11
24% Mar 11
24%
Mar
31
Jan
Durham Hosiery
100
87% Mar
87% Mar
87%
Mar
91
Mar
Feb 690
Feb
pref 100
100
Kodak
Eastman
61%Mar 11
20660
Elk Horn Coal pref...50
Emerson-Brantlng
100
Mar
9
9 660
650
Mar
200
39% Mar
200
300
8% Mar
33% Mar 11
Gen A mer Tank Car no par
100
47% Mar 11
Gen Cigar pref
100
Homestake Mining.. 100
200
400
39
35% Mar
100
Preferred
Indian Refining
Paris Bankers' Francs-
Mar
8%
Mar
50%
15%
Jan
80%
6%
Mar
Mar
35
75
Mar 11
75
8% Mar 11
80
9% Mar
80
Mar
75
Mar
5%
5% Mar
5% Mar
Mar 10 137
300
61
400
10% Mar 11
no par
200
100
200
5
8
5
Mar
100
300
7% Mar 11
8
Mar 10
1st pf ctf dep stpd asstd
2d.pf ctf dep stpd ass'td
100
5
5
Mar
Mar 11
00
Mar
Mar
Mar
46
Mar
Low for the
Jan
Domestic Exchange.—Chicago, par.
St. Louis, 15@25c. per $1,000
discount.
Boston, par.
San Francisco, par.
Montreal, $142 50 per
$1,000 premium.
Cincinnati, par.
Jan
Mar
Feb
56
Jan
7
21
Jan
104% MarlO 102
Mar 10
400 108
Mar 11 109
Mar
8 106
Mar 11
Mar
7
7%
12
Jan
Jan
9%
5
Jan
59%
28%
Feb
Jan 108
Jan
Jan
Jan
Jan
20
Jan
N Y Shlpbulldlng.no par
600
29
29
Mar
33
Feb
100
200
10% Mar 11
10% MarlO
10%
Mar
12%
Jan
Norfolk & West pref.100
300
65% Mar 11
65% Mar 11
65%
Feb
67%
Jan
2,600 123
31
Mar 11 130
Mar
7 115
8
15
Mar
8
7
41
Mar 11
.5
100
15
Mar
100
200
40% Mar
Parish & Bingham no par
1,700
13% Mar
5
15% Mar
100
100
9
Pacific Mall
SS
Pacific Tel & Tel
Peoria & Eastern
Arizona
9
9
Mar
8
70
Mar
8
70
Mar
76
Jan
8
81
Mar
8
80
Feb
85
Feb
5
8% Mar 5
48% Mar 11
8
Jan
10
Jan
Mar
48
Mar
Jan 102
Jan
200
40% Mar 10
400 100% Mar
500
6
Mar
5 100% Mar 11
7
6% Mar
99
7
85
Jan
17
15
Feb
25%
Mar
43%
Jan
20
Feb
15% Mar
Tol St L & Wast tr recta.
200
0
Mar
7
39% Mar 11
6% Mar
5
13
9% Mar 10
9%
7 152% Mar 7 MS-
95% Mar
7
OS
46
7
44%
Mar
Van Raalte 1st pref..100
400
76
Mar 10
78% Mar 10
Weber<fe Hellbroner no par
100
10
Mar 11
10
Mar 11
100
61
Mar
5
61
Mar
New York, Boston,
see page
5
76
8%
61
Jan
Feb
Jan
98%
12%
160%
Mar 106
Jan
Mar
Jan
Mar
47
78%
13
62%
Jan
Mar
Jan
Jan
Feb
Jan
Feb
Mar
Jan
Mar
Low for the week.
Amsterdam Bankers' Guilders—
1000.
Bonds.—No sales of Stat© bonds
33.87
High for the week
week
33.58
34.32
34.42
33.99
34.05
Market.—Business on the "curb" this week
or no improvement, prices moving-about in
aimless fashion.
Towards the close many issues showed a
Outside
showed little
tendency to move to lower levels.
Oil shares received most
Heavy selling of Guffey-Gillespie Oil com.
caused a sharp drop in the price from 20% to 9%, with a
attention.
subsequent recovery to 13% and a final reaction to 11%.
South American oils were also under pressure, Carib syndi¬
cate selling down from 6% to 5, the close to-day being at 5%.
Maracaibo Oil fell from 24% to 21 % and sold finally at 22%.
International Petroleum lost ov%r 1% points to 13% and
rested finally at 13%.
Elk Basin Petroleum was off from
9% to 8%.
Marland Oil of Del. declined over three points
to 17%./ Simms Petroieum fluctuated between 7% and 7%
during the week and to-day weakened to 6%, the close being
at 7.
The industrial list was without feature.
Automatic
Fuel dropped from 62 to 50.
Durant Motors improved from
20 to
21.
Intercontinental Rubber from 10% declined to
9%.
Lincoln Motor advanced from 18 to 19%
finally at 19.
In bonds a sharp recovery in Beaver
was
the feature, an advance
with
Philadelphia, and
have been reported at the Board this week.
38%
9 % Mar 10
00152% Mar
1,600 93% Mar 11
300 45% Mar
8
and Railroad
Jan
98% Mar 11
15% Mar 10
38% Mar 11
State
6%
97% Mar 10
200
exchanges,
Jan
Feb 103
700
on
4%
73
Texas Co warrants
West'h'se E&M 1st pf.50
40%
MarlO
Marl.
0*75
Third Avenue Ry__.100
Boston
Jan
Mar
200
For transactions
12
Mar
Temtor C&FP cl A no par
50
Mar 11
Jan
Mar
300
preferred
Mar
8
100
1st
15%
81
Stern Bros pref
100
Feb
Jan
70
100 x75
100
42%
100
10
United Drug.
17%
Jan
500
So Porto Rico Sugar. 100
U nderwood
Mar
Feb
200
Phillips-Jones pref...100
Pitts Steel pref
100
Rels (Robt) & Co .no par
1st preferred
100
Sears, Roebuck pref.100
Shattuck
Mar 11
Jan 130
15
38%
12%
9
1 67%
1 51
1 50
Jan
8
400 104
...
Mar
25% Mar
23% Mar 11
7 00
19%
Mar
59
8
7 27
6*99
1 66
6 91
21
Jan
3%
7 26
.
Bankers' Marks—
High for the week
Germany
63%
2%
7%
5
3 91%
3 85%
Jan
Feb
9
Cables.
Mar
Mar
3% Mar 11
3 84%
Mar
14% Mar 11
9
3 91
75
9%
8
Checks.
Jan 140
14%
Mar
-
.
Jan
Mar
7
11
3% Mar 11
59
46%
63% Mar 10
14% Mar 11
Mar
v
Mar 10 130
Martin Parry
The range
Feb
Mar
46
Otis Elevator
54.85 low.
Jan
'Jan
49%
Mar 11
100
and
50% Mar
Mar
Mar 11
Southern
ninety days, 3 80%@3 80%, and documents for payment (sixty days),
3 83%@3 84%.
Cotton for payment, 3 88%@3 88%, and grain for
payment, 3 88% @3 88%.
To-day's (Friday's) actual rates for Paris bankers' francs were 7.01 @
7.06 for long and ?.08@7.12% for short.
German bankers' marks are not
yet quoted for long and short bills.
Amsterdam bankers' guilders were
33.81@33.87 for long and 34.17@34.23 for short.
Exchange at Paris on London, 54.79% fr.; week's range, 54.03 fr. high
50
75
Preferred
To-day's (Friday's) actual rates for sterling exchange were 3 83@3 83%
sixty days, 3 89% @3 90 for checks and 3 90% @3 90% for cables.
Commercial on banks, sight, 3 88% @3 88%; sixty days, 3 83% @3 83%;
for
90% Mar
Marlln-Rock vtc.no par
Norfolk
displayed some irregularity, with occasional sharp fluctua¬
tions, although the net changes for the week were unim¬
portant and trading light.
The same is true of Continental
exchange, which also tended downward and moved uncer¬
tainly.
Jan
35
100
to 90.20
Feb
100 137
Biscuit
..86.50 to 87.10
97.20 to 97.34
97.20 to 97.34
Foreign Exchange.—The market for sterling exchange
92
100
1,000
4%s.__.
53
900
no par
Victory 3%s
Jan
100
Mullins Body
Victory 4%8
32
Mar
.100
Malllnson (H R) pref 100
100
Jan
3d 4%s
52
614
84
7
100
MStP&SSM leas line
Mar
7
4th
to 90.72
to 86.90
to 86.80
47%
Mar
100
1st preferred
9%
1st 4%s
2d 4%8
91
1,200
Maxwell Motor
40%
90.10
.......86.60
86.28
90.14
l?t3%8
8
were:
47% Mar 11
Kresge (S S)._
National
Feb
26
39
sales of coupon
only
bonds
for foreign exchange for the week foHows:
Sterling Actual—
3 84%
3 79%
10
Preferred.
includes
40
100
Kelsey Wheel Inc
table
Mar
100
Central
Mar
Jan
8
above
Transactions in registered
33%
8% Mar
...100
Int Nickel pref
Iowa
40% Mar
Note.—The
bonds.
Feb
24%
7
8
Brunswick Terminal. 100
Mar
Jan
% Mar 11
Total sales In $1,000 units.
Mar
12%
Mar 1050
Mar
73
100
1,000
Brooklyn Union Gas. 100
Brown Shoe Inc
..100
Preferred
Mar
100
Mar 11
600 ^5% Mar 11
no par
pref.100
2%
2% Mar 11
Mar
Mar
20%
20% Mar
79 25
73%
Jan 106
95
100
100
.
Barnet Leather
Jan
73% Mar
100
American Snuff.
47%
90.86
Low
(First 3%s)
4%
7. Mar. 8. Afar. 9. Mar. 10 Afar. 11
91.06
Total sales In $1,000 units.
Converted
5!:Mar.
91.10
3%% bonds of 1932-47—-
Jan
100
104 and the
f High
First Liberty Loan
$ per share $ per share.
$ per share.
$ per share.
Feb 103%
Feb
100 10314s Mar 11 103% Mar 11 100
Feb
46 %
53 • Mar
Jan 54
Mar
400 52
50
Bank Note
Bonds.—Sales of Government bonds at
limited to $26,000 4s, reg., at
are
Daily Record of Liberty Loan Prices. Mar.
Par. Shares
All American Cables. 100
States
Liberty Loan issues.
To-day's prices are given below.
For weekly and yearly range see fourth page following.
Range Since Jan. 1.
Range for Week.
Sales
STOCKS.
Week ending March
unnecessary.
various
Government's estimate of unusually
Wheat declined on the
A few have lost
unchanged.
are
fractionally more and a considerable number are
points lower.
Of such a market further comment
the Board
practically all the railway shares dealt in.
number of
or
United
points in
This is not sur¬
prising in view of the reports of earnings for January from
all parts of the country and the enormous decrease in traffic
as shown by the almost unprecedented and rapidly increasing
declined and 4
points
from 1 to 2
the Stock Exchange,
than curtail the volume of business at
while the latter caused
20 have
a
of 24 points to 94 being recorded
Allied Packers 6s also recovered
first from 48 to 54, then dropping
final reaction to 91.
somewhat, movinsr up at
back to 50. 1
A
and sold
Board 8s
complete record of
.
1
"curb" market transactions for the
week will be found on page
1014.
New York Stock
Exchange—Stock Record, Daily, Weekly and Yearly
1005
OCCUPYING THREE PAGES
For sales during the week of stocks usually inactive, see preceding page.
PER
Sales
SHARE, NOT PER
AND
Saturda'/
IWrtTfh
LOW SALE PRICE—PER
Tuesday
Monrtau
R
March
Wp.1lne.srl.a11
March
7.
8.
Week
Friday
TLfnrrh 10
STOCKS
NEW YORK STOCK
SHARE
PER
SHARE
EXCHANGE
CENT.
Thursday
9.
March
for
the
HIGH
Range since Jan. 1.
On basis of 100-share lots
IMrrrrh 11
Lowest
Range for Previous
Year
Highest
Lowest
Shares
S per share
f per share
82%
82%
*77
81%
76%
78
3%
34
3%
83%
34%
50
50%
*11%
*7%
1234
*82
8034
81%
79%
8034
77
76%
76%
76%
76®4
76%
76%
*3%
83%
*3%
5
83%
33%
32%
83%
33%
8134
3134
49
50
48
12%
12
12%
3%
84
33%
34%
33
50%
12%
*7%
50%
50%
*11%
7%
12%
8
113% 114%
59% 60%
*3
5
"
4
4%
*3
8%
18%
8
8
*7%
18
18
17%
27%
27%
26%
27%
42%
42%
41%
42%
26%
40%
67
67
67
67
66%
106
106
*105
108
4
4
5
105
*82
51
12%
7%
113% 113%
58% 59%
*3
4%
18%
*8
$ per share
82
3%
114%
60%
59%
$ per share
$ per share
81%
*82
8
114
S per share
82%
♦11%
8
*7%
111% 113%
59
58%
4
76%
1,000
334
800
Atlanta Birm A Atlanta—.100
81
81
500
Atlantic Coast Line RR
32%
303s
31%
48
48
49
25%
40%
36
66%
41%
67
105
23
39
3%
7%
16%
25%
38%
67
64%
66
107
*101
102
102
7%
16%
2734
26%
27
24
74
72
63%
61%
61%
61%
61%
68
66
66
65
65
36%
34%
35
34
34%
52
1%
2%
m
102"
102
218
"
m
~
220
24
36%
36%
64
107
300
22%
69%
57%
61%
24%
30,800
1,900
4,700
70
59%
104
219
220
1%
'
-
32
mm
200
'mmmm
31
33%
32""
3,100
100
44
46%
*102
1%
3%
1%
2%
138
----
1%
1%
1%
2%
1%
3%
2%
700
4434
98%
213%
1%
1%
2%
234
98% 101%
101% 102
mmmm
98%
2,300
210
1%
234
3
33g
*3
4%
*3
4%
*3
4%
*3
4%
4
*3
7
*5
7
*5
7
*5
7
5%
5%
*5
13%
13%
19%
*13%
74%
31%
13%
19%
14%
75%
13
13%
13
12%
18%
12%
2,800
7
13%
19%
*13%
74%
700
4
*5
234
20
14%
75%
32%
19%
*13%
73%
12%
19
*3
19%
17
18%
7,400
13
12%
6934
12%
7034
29,300
31%
31
32
72%
30%
30%
30%
7%
24%
24
24
88
86
86%
4%
*9
10
*8
25
25
*25
25
25
88%
88%
88%
88%
88%
88
4%
4%
12%
22%
4%
23%
4%
12%
22%
*47%
*12
*23
52%
49
12
*9
30
*23
53
53%
'm'mm m'
«,
11%
100
mm
-
m
-
mrnrnm
'
:;mrn.m
2%
2%
'mm
19
m'm
m
m
51
48
5
4%
434
4%
1334
14
13
22%
21%
48
46%
49
47%
13%
rnm
10
mm
28
23
23
52
50%
51%
99%
99%
51
51
*
99
"5l"
51
50
69
*66
69
66
90
*83
90
*85
90
*85
90
*85
5
19
39%
5%
70
70
70
71
71%
*70%
72
2%
4%
183g
*38%
*4%
69%
70%
2%
11%
2%
*4%
4%
2%
484
18%
18
18%
39
37%
*434
38%
5%
68%
69%
68%
70%
5
69%
70%
10%
2
4%
17%
36%
*434
67%
67%
9
10%
2,000
200
100
<
8,400
400
16%
12,980
37%
5%
67%
6934
33%
434
36
10,800
*65
66
19%
17
16
18
17
17
17
16
98
100%
81%
383s
18%
53
45
28%
80
75%
72%
40
42%
42%
21%
22%
43%
'
27%
36%
*6%
*9%
75%
29%
40
6%>
■
■
—
■m
21%
21%
57%
23%
*57
23%
*37%
121
m
77
76%
21%
*67
1134
*25
2534
8
7%
21
*13
16%
*16%
1734
97% >97
79
80%
35
*34
27%
27%
79
51
*34
40
24
98
June
120
Jan
Mar
Chic Rock Isl A Pao
102
Mar
11
77%
21%
20%
17%
27%
70
9%
9%
28% Jan
12
21% Deo
41
75
Jan
11
64
Feb
84»4
100
64
Jan
13
64
Feb
71%
43% Feb 19
48
Jan
20
3188 Dec
100
60
3
66
3
60
Deo
69
Oct
,100
100
27% Jan
8
3784 Mar 4
20
Feb
36%
Oct
49
Jan
3
52
1
46
54
Oct
100
100
42
Jan
26
46
Deo
50
208
6% preferred
Do
pref
Colorado A 8outbern
Do
1st pref
Do
2 pref
_
Delaware A Hudson
Delaware LacI A Western.
Do
100
pref
Do
100
pre'..
100
Erie
Do
1st pref
Do
2d pre'
100
100
100
Great Northern pref
Iron
Gul
Ore
properties-No
par
Mob & Nor tr ct s...100
Do
Do
100
•
Marll
Do
pref
I684
16%
95%
77%
36%
Do
16%
2,000
5,600
York
Central
N Y Chicago A St Louis—100
Norfolk A Western
100
Northern Pacific
100
753s Marll
88
Jan
28
Pennsylvania
—50
3534 MarlO
41'4Jan
Pere Marquette v t o
Do
prior pref v t o
Do
100
100
100
100
100
pref v t c
Pittsburgh A West Va
Do
pref
Jan
20
19
45
Jan
6
25
Marll
32
Jan
10
70
Marll
75
Jan
17
35
Jan
89% Jan
15
3834 Mar 8
55
Feb
7
40
20%
15,600
St Louis-San Fran tr ctfs.. 100
29%
29
29
400
Preferred A trust ctfs.—100
27
25%
36
37
35
26%
3534
Reading
Do
1st
Do
2d pref
pref
J 00
St Louis Southwestern
Marll
19% Marll
29
Marll
15
24% Jan 10
33% Jan 11
23% Feb
7
Marll
41
Jan
13
7
Jan
11
8% Marll
12
Jan
Marll
101
pref
100
35
Seaboard Air Line
100
6
Do
MarlO
11
10
10
75%
21%
7234
9%
7234
44,300
Southern Pacific Co
100
70
20
7434
20%
70
21
19%
1934
22,600
Southern Railway
19% Marll
56
5638
5434
55%
54
20%
22%
20%
21%
53%
19%
100
100
*10
1134
11
11
25
25%
734
*24
25
24%
7%
24%
7%
734
20
20%
19%
9
57
69% Marll
19%
1,300
Marll
1534 Marll
51
50
2034
14,100
4,100
19% Jan
12
8
50
20%
29%
26%
56,800
5,560
93% Marll
50
21%
*11
10
1234
9%
1634
25%
*65
9
16%
15%
32
Do
Transit..100
100
100
pref
6,800
Do
Do
""9% "9%
1,800
8,100
16%
15
1534
2,200
25%
68%
24%
25
2,200
67
67
400
9
8%
14%
15
53% Marll
16% Jan
5
36%Jan 10
£113% Marll
64% Jan
3
9% Jan 18
19% Jan 14
5784 Jan
30% Mar 4
*28
31%
884
15%
*17
18
*16%
*50
52
*51
3134
17%
51%
51%
52
*35
*35
37
*35
37
38
28 •
28%
1%
1%
28%
40%
89%
43
3834
42%
90
90%
35
36
89%
34%
79%
47%
80
"42%
mmmm
48
*73%
85
28%
1%
1%
1%
43"
mmmm
"
mm
mmrnrn
m
m
48%
48%
75
75
45
45%
*75
75%
l%j
1%!
17%
15%
*27%
17%
28
50
37
28%
1%
1%
1%
42%
8 934
1%
1%
1%
41%
43
90%
3434
3434
48%
*73
87
*73
77
*89%
34%
*79
44
*74
75%
53%
74
74
53%
28%
53%
85
48
*73
*35
29%
122% 124%
A112
_
~2i%
21%
113
43%
*70
80
*70
54%
53%
42%
52%
27%
123
113
"
1%
1%
4034
1%
42%
90%
34%
89%
34
81
28%
16%
49%
37
113
48%
75
*72
4334
4034
*
80
28%
1%
1%
41%
89%
35
9
9
44%
44%
684
6%
*122% 130
*120
9
9
*44
45
9
9
44%
*49%
45%
"52%
28%
26
51%
"43%
44%
86
•106
6%
10%
•
9
45%
86%
108
6%
10%
9
9
47%
*884
43%
8%
6%
10
Bid and asked prices; no
11
Mar
Feb
Jan
Feb
20i8 May
5% Dec
814 Dec
88i8 Feb
Feb
27*4 June
110
Feb
20
7
*6%
13
Oct
Oct
May
Dec
12%
86s
11
20*2
54%
Dec
Feb
July
27%
Oct
Feb
40
Sept
Feb
78
Dec
16
13
15
May
28
Oct
20
25
May
48
Oct
Jan
J
28
22
Dec
14
Dec
40
Dec
100
Central
100
8% Marll
Feb
70% Jan
11
Jan
600
2,600
2,400
55,900
1,600
200
76
100
6,900
100
53%
3,900
8,500
mm'
mm
m
-
6%
700
100
19%
2,000
6%
2,100
9
9
43%
44%
8%
42%
8%
43%
16
Jan
3
45
Jan
3
1984 Jan
8
62% Feb 17!
no par
32% Jan
6
40
Rumely
pref
Reduction, Inc
50
AJax Rubber Inc
pref
Allls-Chalmers
Do
100
1,800
2,400
pref
100
100
pref
Do
100
pref
American Cotton Oil
100
100
pref
Amer Druggists Syndicate- 10
American Express
100
American Hide A Leather. 100
49%
4834
4834
61%
100
Amer International
8%
42%
8%
23,100
8%
61%
40%
8%
2,200
Am La France F E
...
85%
85%
"85%
86"
pref
American Ice
Do
55%Jan
45% Feb 25
93%Jan
3734 Feb
81%Jan
65% Jan
51
Dec
7234 Feb 28
90
Jan
20
79
Dec
40®4 Marll
51
Feb
15
32«4 Dec
74
5
8
3284 Jan 29
7
62%
1,000
3834 Mar 8
9
9
13
26
17
20
6
3
*61%
4134
834
43%
8%
1% Feb
I84 Feb
75% Jan
49%
49
3
Jan
29'4 Jan
American Car A Foundry. 100
Do
78 Jan 14
1
3
Magneto—No par
American Can.
Do
11
Jan
100
100
100
pref
Amer Bosch
39% Jan
100
100
Mfg
pref
American Beet Sugar
Do
25% Feb 24
88
Amer Agricultural Chom..100
Do
12
100
Do
pref
10
8%
Jan
10
Alaska Juneau Gold Mln'g. 10
Allied Chem A Dye
no par
Do
130
3
4,800, Alaska Gold Mines
7,200
4234
Do
Air
13
26% Jan
Advance
400
35
10
100
100
100
Adams Express
44%
8%
10
23% Oct
16% Sept
Jan
10,700
*120
130
9
107
sales on this day.
Oct
Jan
2734
85
19%
4434
6%
984
Mar
19
122%
mm
9
107
43
36
100
pref..
49%
7%
47
129% Nov
34%
Aug
7
14
Sept
4984 Oct
11% Oct
20% Oct
118% Nov
33% Oct
66% Oct
32%
14
17
19% Jan
40
Oct
Oct
Oct
Jan
Oct
Oct
3
29% Mar 4
48%
69%
15%
12
12
Mar
65%
33%
61*4 May
7^8 Aug
Mar 8
49% Jan
14
Jan
3
25
74% Jan
5734 Jan
77% Jan
3
Jan
20
120
Jan
3
127% Jan
10
110
Jan
6
114
19% Marll
6884 Jan
6
6%Jan 24
Jan
4
120
8% Jan
40% Feb
3
2
88
Feb 25;
23% Jan 28;
64% Jan 10
884 Jan
133
Jan
11
Jan
53%Jan
llj
24
Dec
%
Dec
84
43%
Dec
Dec
84% Dec
26% Dec
67% Dec
75
Oct
45%
2184
72®4
Dec
Dec
Dec
111
Dec
10584 July
15%
Dec
59% Deo
6% Dec
95
Feb
8
5
Deo
11
35
Dec
21
42
Jan 25
62
Feb 23
37
Aug
57
Jan
8
Feb
5
62% Mar 3
4984 Jan 11
53
38%Jan
8% Feb 11
7
62% Jan 31
10% Jan
30% Dec
884 Dec
400
7%'
10%
Oct
Oct
8484 Sept
103
Nov
61
Oct
1
2,200
48%
10
67%
39%
Feb
Aug
Feb
Mar
8% Jan
24% Marll
67
Feb
4
Do
43%
86
8684
85%
85«4
108
♦106% 108 1*106
6%
Dec
37
21%
6678
6484
3278
3314
15%
23i2
23%Jan
13
44%
mm
Feb
Marll
11% Jan
—100
100
100
Corp.. 100
mm
Feb
68
18
938 Marll
15
Marll
.100
32
Dec
Mar11
Maryland( new).. 100
Do 2d pref
.100
Western Pacific
Oct
Dec
7
11
.
44
14
Feb
12% Mar 3
37% Sept
27% Oct
105% Nov
95% Nov
60
Dec
Jan
pref B__
8414 June
6684 June
3778 May
14
15
n
Feb
18
1234 MarlO
Weete
Oct
16
50
100
100
pref A
Oct
24% Feb 25
40% Feb 11
26
Feb
70
3
6734 MarlO
Feb
18
73%
Apr
41% May
I6I2 Dec
13
10
Nov
11
60
Dec
Jan
Jan
95
64% Feb
2384 Feb
13
122
Oct
Oct
Oot
31% Feb
55% Oct
884 Oct
65% Oct
84% Nov
65
Oct
Jan
60
.
14% Marll
121
44%
*61
44
6684
32
■m
7
*6%
*122% 130
8
Feb
Wisconsin
49
80
53%
*112% 113
7
6%' *6%
6%
130
122% 122% *120
19%
Oct
40
5612 Nov
112% Jan
Wheeling A Lake Erie Ry.100
Do
pref
100
2,500
rnmm mm m
mrnrnm
49%
122% 123
20
21%
6%
17%
27%
62%
2484
Nov
Oct
85
28%
28%
123"
21
21%
28
28%
1%
85
28%
28%
29
42%
28%
16%
49%
51
28%
"48%
43
3134
17%
*35
-
35%
45%
*123% 124%
*112
-
48%
44
-
53
"28%
«
mm mm
49
28
1%
mm mm
29%
1%
1%
•
Oct
Oct
Oct
Oct
Nov
Oct
Oct
Oct
17%
3534
97%
500
884
32
*27%
18
*16%
18
*50 / 52
Aug
24% Jan
Industrial 3c Miscellaneous
31%
Feb
94
1284 Oct
21% Sept
30% Oct
2284 Sept
91% Nov
4178 Mar
100
69
9
9%
1,200
Twin City Rapid
Union Pacific
100
934
26%
35,000
100
Texas A Pacific
18%
10%
12«4
mmmm
26
mmmrnmm
pref
7
19
984
14,100
Do
100
pref
18
18%
15
*67
2,600
Do
1,200, United Railways Invest-—100
Do
pref
100
100
3,500 Wabash
7%
20
9%
28%
7%
500
23%
7%
934
22
mmmmm.m
61,915
6,100
21
42
mmmmmm
Marll
21%
118% *113% 114%
67
67% 6734 £66
4
Jan
16
1,900
117
mm'
N Y Ontario A Western...100
71%
20%
50
mm
23% Jan 12
19% Jan
3
101% Feb 19
41%
9%
8
Marll
40
17%
Jan
16
39
68
46
77% Feb 17
74% Jan 12
100
69%
68
10
Marll
mmmm
40
6
Jan
12
41»4 Jan 12
6% Feb
7
mmmmmrn
40
17%
*26%
6
'mmmm
42
9%
45% Jan
45,200
400
52
New
trust ctfs
prer
N Y N H & Hartford
24,600
200
*38
58% Jan 25
10338 Jan
20%Jan
100
100
200
42
Feb
3984 May
Marll
First preferred
7,900
*38
May
8is
5
11
16
Second preferred
70
42
40
56% Jan
Missouri Paolfic trust ct s.100
42
*38
Jan
Feb
3
Aug
8% Dec
13% May
16
10
m
40
118% 11934
67%
671s
7
18i8 Deo
8078
25
31
m
26
56%
22%
22%
*37% 39%
119% 120%
67%
67%
Oct
Jan
Jan
m
70
8%
14% Jan 13
28
584 Jan
70%
39%
*9%
74%
;
MarlO
42
11
25
Feb 24
39%
76%
Jan
2
pref
74%
21%
56%
578 Jan 25
16
2434 Mar 3
4938 Mar 5
4
Do
71%
12
£49% Marll
9784 Jan 20
1
.....'...100
Missouri Kansas A Texas. 100
41%
*9%
75%
21%
Jan 26
45% Jan 25
m
25
6
Feb
Feb 24
Feb
8
Dec
Dec
26
10
16%
May
55s
912
12
91
4
Louisville A Nashville
% Nov
3
16%
7
23
Jan
6584 June
2478 Dec
Marll
7
mm
*34
6%
Jan
Oct
108
260% Sept
9
Feb
Dec
32% Mar 4
9% Feb
2
Oct
Oct
Sept
62
% Nov
15%Jan 12
14
50
100
July
35
Aug
83% June
165
Feb
79% Jan 29
7% MarlO
3% Jan
m'mrn
M, m
'■m
72
6
12
18% Feb
39%
7
21%Jan
10% Jan
40%
*6
3
66
40
33
14% Jan
12% Marll
69% Marll
2838 Jan
3
86
74%
*29
Marll
Marll
17
3
17
100
—-
13
10
4% Jan
7% Jan
100
pref
Lehigh Valley
Jan
Jan
Feb 28
100
pref
Do
46% Mar 8
102
Mar 1
Feb 23
100
Lake Erie A Western
Mar
2% Jan 29
484 Jan 31
100
prer
Mar
220
7
21
41
33
20
1%
3%
484
11%
100
Kansas City Southern
Do
Jan
84 Jan
100
pre*
Central
40%
21%
*30
98% Marll
Denver A Rio Grande.—-100
Duluth S S A Atlantic..—100
Feb
60
27
72
22% Marll
73%
38%
10
68
*28
91% Mar
69% Marll
57% Marll
100
72
37%
634
17%
26%
3134
Oct
65
100
New Orl Tex A Mex v t c_. 100
26%
28%
72
*28
Dec
...100
7 preferred
800
20,600
79
37%
*6%
9%
Jan
100
33% Marll
4% Jan
5
27%
27
*72
27
29"
_
17
52%
37%
*27%
*68%
_
16%
52%
93%
75%
35%
1534
28%
8
9%
96%
79%
37%
53
*52%
35
3534
17%
53
76%
38
17
*52%
*72
16%
16%
9534
80
*13
10
mm
9784
37%
38%
17%
16
9%
mm
18»4
36%
26
20
.
17%
17%
27
7
8
21
38
18%
39%
25
*
18%
16%
97%
79%
29%
22%
*37% 39%
120
121%
67% 67%
11%
1134
67%
*11
33
22%
121%
110
pref
2,600
5
68
19
6%
Deo
9
Do
100
Nat Rys of Mex 2d pref...100
68%
19%
39%
60
June
m
16
19%
*17%
29%
11
Jan
31
m
18
47
*30
Jan
June
Dec
Dec
Deo
Dec
60
22%
36»4 Deo
71
80%
2%
384
lli2
333s
312
68
22%
46% Jan 12
Marll
11
*40
„
21
31
MarlO
64
pref..:...
Jan
m
300
*50
75%
12
MarlO
36
Do
3
m
3",600
*52
42%!
23
100
Chicago A Northwestern..100
93
■mm
2%
4%
48
mm
14i2
33%
44%
15% Deo
89% Feb 21
90
2
60
74%
42%
17U
Dec
13
100
300
4%
2%
4%
68
■mm
Deo
8
20% Jan
7% Mar 9
Sept
8ept
Oct
Oot
Nov
90»4
*56
28
3®4
65s
Jan
16% Marll
21
*54
*35
9
15
63
*42
*72
Chicago MUw A St Paul—.100
MarlO
7038 Nov
Feb
38% July
8% Deo
61
m
100
Jan
Feb
4
11
68
77
pref
134
47
11
48
28%
3
Chicago Great Western... 100
11
62% Jan 10
684 Jan 29
6% Jan 31
8
Jan
*55
m
Feb
Jan
*56
28%
pref trust rects
6
13
*45
*72
5638 Marll
73
68
mmmm
119% Jan
110% MarlO
1314 Mar
Marll
47
*52%
100
100
Chic A East Illinois trust rects
25
Marll
61
m
Canadian Pacific
Chesapeake A Ohio
Jan
9
47
m
Mar
10
66
*55
m
Oct
17
Certificates of deposit..
Feb
100
*56
18
54
9% Aug
5*2 Sept
1093s Deo
100
61
m
40% June
Jan
Jan
12% Sept
1041a Oct
49% Oot
100
68
18
11
14% Jan 25
Dec
Manhattan Ry guar
49
—
27^8
54
MarlO
10% Jan
3
678Jan 14
Deo
Minn St P & S 8 Marie
*55
80
37%Jan 12
48
4%
£82
Mlnneap A St L (new)
*56
38%
17%
30% Marll
—.100
2% Feb 26
1,000
*46
82%
shan
82
3,900
49
38%
per
9038 Nov
10
66%
61
100
May
50%
68
81%
38%
72
Highest
Marll
Interboro Cons Corp..No par
10
*55
*99
Feb
100
pref
Do
76
81
Brooklyn Rapid Transit-.100
Do
|
% per share $
11
100
Baltimore & Ohio
Do
84%Jan
79% Jan 24
7% Jan
4
86% Jan
3
6,000
47%
*56
*46
100
Illinois
2,600
£49% 49%
*97% 100
11
2%
200
20,900
mmmm
*67
*
pref
1,100
22
51%
51%
3,800
13%
2134
11%
11%
1,000
500
12%
*23
52%
99%
7%
23
*9
13%
28
7%
69%
70
'
99%
12%
9%
*66
18%
38%
4%
39%
52
*8
9%
.26
51%
1134
693s
*4
5
*18%
38%
100
*83
.
2%
*4
53%
51%
11%
69%
—
12%
'
-
*
48
12
*28
*99% 100
~m
24
48
28
4834
13
*12%
22%
11,400
18%
88%
4%
4%
12%
13
10
14
11%
13
90
2434
49%
13%
-
73%
4
26
*4-%
13%
-
100
13
*9
2334
m'm
72%
1938
*88
31%
m
74%
*25
32
11,700
m
14
69%
30%
7%
24%
32
m
Do
3 per share
Clev Cin Chic A St Louis.. 100
45%
mm
'm
900
52
102
m — — -t
m
45
35%
36%
•loo"
m m
23
71
62%
*41%
70%
59%
26%
*65
;
26,700
11,100
m
2,700
3,300
30,600
22,300
5,500
25%
*72%
25%
71%
26%
74%
62%
36%
200
*102
*73
27%
62%
1,100
64
74
2734
*73
22,700
2,300
11%
1134
7%
758
110% 111%
56% 57%
4
*2%
3%
3%
7%
7%
16%
16%
4
17%
26%
734
77% Marll
75% Jan
3
82
3
7%
16%
8%
17%
26%
% per share4
14,500
*3
*3
4
4
Railroads.
7834
8
*7%
110% 11134
5734
59%
*3
Par
Atch Topeka A Santa Fe—100
77%
76%
3%
1920
*106
6%
9%
108
6%
8%
t Ex-rights,
6%
9%
8 3®4
85
83
£82%
*104% 108
6
7
6%
8%
American Linseed
100
42
Dec
400
Do
pref
American Locomotive
100
8334 Marll
93
29
80
Aug
100
81% Feb
4
87% Mar 4
74
Dec
4
107% Feb 26
6,600
100
13,000
Do
a Ex-dlv. and
rights.
Jan
100
6
Marll
10
Jan
7
no par
7
Marll
14
Jan
20
*
Jan
1
-100
25
pref
American Safety Razor—
14,400 Am Ship A Comm
f Less than 100 shares,
£46% Mar
Ex-dividend.
96% June
6% Deo
7%
Dec
New York Stock
1006
Record—Continued—Page 2
stocks usually Inactive, see second preceding page.
the week of
For sales during
March
5.
$ per share
*64
Tuesday
Monday
Saturday
March
65
76%
29%
73%
29%
93%
89
91%
"89%
102% 102%
*101
79
79
29%
89%
29%
30
30
90
90%
93%
91%
116% 11634
63%
95%
64%
95%
Shares
85
"*8i2 "9
64
115%
64%
96
"89%
96
100% 102
35
*26
27%
38
38
27%
36%
25%
38
20
26
*59
62
*45
63
—100
14,500 Amer Telephone & Teleg-.lOO
95% Jan
30
'31
700
*30*
"35*
8%
*26%
34%
8%
27
36%
26
26
34%
*25
26%
*24%
34%
26%
62
63
*58
62
*45
52
*45
52
*45
98
10%
89
89l2
~~2% "
3934
57
57%
*90
-
8638
86%
*4%
5
*4%
87%
15
61
61
3834
39
71%
72
*5%
5
-.
"38%
61%
38%
61%
38%
73
5%
5%
7
39
80%
96
88
106
86%
*85
4%
4%
19%
19%
39%
86%
13
61
33%
*71%
5%
*5%
38%
*85
13%
61%
38%
73
5%
61
38%
*71%
5%
*59%
8%
*50
59%
8%
5334
*53
8%
22%
36
36
*35
37
50
51
51
51
*51
*78
79
*77
"26"
20
82%
*58
61
♦94%
1%
71%
28%
93%
■*88
20%
*57%
*94%
1%
62
*88
•
91
23%
31
15%
20%
00%
24%
66
31
"19% "19%
58
58
*88
29%
31%
15%
20%
29%
15%
19%
"0<T
66%
"*6"
"¥
*25
26%
*80
83
*66"
83%
61
67%
83%
14%
90
90
62
*61
63
88
84%
84%
132% 133%
13%
13%
132
132
13
13%
71%
71%
65%
37,
37%
"37%
63
85
133
133
13%
37
37%
79%
""1,850
19%
3,500
*5712
57%
.88
22%
28%
127%
15
15
19%
19%
59
59%
65
65%
65%
*5%
66%
"7"
"54%
93%
62%
65
81%
500
2-
13%
16%
14%
2%
55%
49%
54%
88
88%
84%
87%
*60
62
59
60%
85
128% 130
128"
12%
13
70
36%
37%
76
36
36%
78
*20
22
14%
*55
16
66%
*6%
34
33%
33%
33
19
2,700
13%
13
13
4,500
29%
30
30
30%
1,000
55%
50%
54%
55
1,000
16
69
13%
6%
13%
18%
13%
*21
30%
57
56%
13%
22%
13
13
21%
14%
30%
13
9%
*8
47%
*44
11
47%
97
14
13%
*6%
8%
46%
13%
13
6%
33%
8%
14%
68
67%
32%
46%
66%
13%
6
6
31
8
8%
8%
*44
68
13
12%
6%
32%
*44
48
97
108
14
,
6
32%
8%
46
*7%
43%
13%
50%
14%
51%
14
14
6,100
2,800
12,600
9
1,100
44
300
13%
50%
31%
74
12%
46%
30%
13%
*72
74
*60
*74
75
*74
75
*71
75
*61
63%
*61
63%
61
61
61
61
15
15
14%
15
13%
53%
73%
19%
55
53%
73%
54%
53
14%
54%
35
*32
73
73
15%
54%
73%
♦20
21
20
15%
56%
73%
20%
33%
34
3%
9%
4
3%
9%
9
*33
35
73%
20%
37%
3%
9%
22%
50%
31%
50%
32%
17%
8%
24%
39%
24
24
39
41
39%
40%
*83
87
85
85
86
86
17%
17%
17
17%
16%
17
15%
17%
15%
15%
16%
15%
15%
15%
15%
5434
56
55
55
54%
21%
21%
24
21%
3%
160
*140
160
•104
107
*104
105%
16%
•
16%
1634
17%
*140
160
105% 105%
16%
17%
8%
3,300
38"
16,400
400
16%
14%
£51%
17
15%
53
16
16%
13%
14%
50%
40
22
"21%
21%
51%
22"
152
152
*140
154
*140
160
105
105
*103
105
*103
105
Bid and asked prices; no sales on this day,
85
N
16%
17
500
400
"36%
85
17%
500
19,700
21
16%
20,600
3%
51%
21%
*141
200
3%
90
16%
f Less than 100 shares.
17%
71%
Dec
7
16
Dec
Jan 29
52
Dec
9
98
Jan
Feb 15
5
Jan
Jan
5
104% Jan
83% Jan
3
Marll
J Ex-rights,
67
61
Dec
102%
14%
Dec
3%
105%
Dec
24%
Dec
43%
70
Dec
278%
100
11
17
81% Dec
16% Dec
107
59%
54
Dec
85%
21% Dec «605
9% May
13
28
13% Dec
Feb 14
25
61% Jan
5
25
Marll
68% Feb 28
33% Feb 25
Jan
Apr
Apr
Jan
97
17
32% Jan 10
107% Jan
91
Jan
21
Apr
Apr
Jan
Apr
Jan
Apr
Jan
10% Jan
3
16% Feb 10
17
Jan 25
2J% Feb 23
52
Jan
47
Dec
147
Jan
100
87
Jan
5
63% Jan 31
95
Jan 29
84
Dec
104
Jan
Famous Players Lasky No par
48
Jan
3
68% Feb 28
40
Dec
95
Jan
76% Jan
3
81% Feb 25
66
Dec
91%
Apr
11
5
Dec
16% Mar
Endicott-Johrison
pref....
Do
Do
preferred
100
(8%)
pref—100
Do
Fisher
Fisk
...
25
General
Do
90
Jan
11
78
3
5
15% Jan
11
10
20% Jan
pref
Do
pref
4434 May
134% Mar
48
Jan
17
13
12%
Dec
1%
Dec
19%
Jan
Jan
71% Jan 20
32%
Dec
43
Deo
Jan
3
112% Jan 26
71%
Dec
Jan
3
62% Jan 20
51
Dec
84% Kim 4
Mar
133% Mar 7
1^1
Tor*
11
16% Jan 11
78%
Dec
116%
12%
Dec
5% Jan
Feb 25
vo>u
i/
0T4
IVft
,
12% Marll
266% Jan 10
63
71% Feb 18
70% Jan 13
Marll
Dec
64% Nov
58% Dec
36%
79% Deo
75% Jaa
9434 Jan
72
Jaa
172
42
Mar
89*4
85%
Jan
Jan
94
Apr
71% Mar38
82
Jan 24
69
Dec
34% Feb 21
72
Jan
3
44% Jan 11
27
Dec
85%
85
Jan
7
70
Dec
18% Marll
25
Jan
26
15
Dec
102%
55%
13% MarlO
Feb 10
15
Dec
49%
38%
16% Jan
11%
Dec
20%
9% Jan
6
Jan
14
12% Jan
4
20
24
8
8%
Dec
28% Jan
3
36% Jan 29
25
Dec
54% Marll
60% Feb 15
51%
12%
65%
9%
5%
Dec
84%
78%
Dec
Dec
Dec
46%
116%
23%
Aug
28
Dec
9%
61%
15
60
Jan
3
19% Jan
Marll
80% Jan
4
5% Marll
13% Jan
Marll
37% Feb
7% Feb 28
13% Jan
57
Jan
11%Jan
10
5
30
12% Jan
Internat Motor
Do
Dec
80% Jan
120% Jan 10
100
pre!
Dec
___
Jan
3
54
Inspiration Cons Copper._ 20
Internat Agricul Corp
100
Do
21% Dec
4
80
pief./.
Hupp Motor Car Corp...
Indlahoma Refining
.
Jan
2
Asphalt
Electric
29% Jan 28
~
40% Jan
Freeport Texas Co
Gaston W & W,
G-neral
-
11% Jan
13% Jan
79
No par
Body Corp
Rubber.
8% Jan
5% Mar 8
23
Jan
3
Federal Mining <fc Smelting 100
7% Jan
10
20
11
8
10
11
7
9%
Dec
Dec
88%
88
Nov
142%
100
Nov
115
11
11
10%
Dec
44
Nov
7
27
40%
100% Feb 16
110
Jan 29
28%
Dec
Jan
Apr
Jan
Jan
18
68
Nov
84
63% Jan
15
54%
11%
Dec
Dec
71
26%
40
Jan
7
64% Jan 20
38%
Dec
91%
71
Jan
75
Jan 20
69%
Dec
79%
26
Jan 20
19
Dec
47%
40
Jan
11
27%
Dec
4% Jan
8
4
Dec
51%
7%
11% Feb 19
3
Dec
21%
16% Jan
16% Marll
32% Jan
3
3% MarlO
4
Jan
6
8% Jan
100
4
3
28% Feb 21
7% Sept
Jan
Jan
170
13% Jan
76
Jan
Jan
Jan
Jan
Jan
Aug
Jan
July
Apr
Sept
Apr
Apr
Apr
Apr
Apr
Apr
51%
111%
57% Jan
45%
Apr
Jan
Mar
Jan
July
Jan
July
Jan
Jan
Jan
Jones Bros Tea, Ino
100
14% Jan
25% Jan 27
13
Dec
30
Kelly-Springfield Tire
Temporary 8% pref
25
100
38% Marll
49% Jan
11
25%
Dec
152%
84%Jan 12
16
Marll
94
Jan
25
75
Dec
105
21
Jan
7
14%
Dec
33%
8% Jan
3
50% Marll
17
Feb 19
5*4
Dec
48%
Apr
Jan
Copper....No par
12,700 Keystone Tire & Rubber.. 10
100
4,800 Lackawanna Steel
100 Laclede Gas (St Louis)—100
No pari
800 Lee Rubber & Tire
100 Liggett & Myers Tobaoco.lOO;
Do
200
pref
100
15.300 Loew's Incorporated..No par
17,200
97% June
6
7
73% Jan 20
5
Jan
Mar
30% Marll
72
Jan
7
1,200
*85
90
7
21% Jan
83
100
2,300
8,000
20%
Aug
89% Aug
93% Mar
46% Apr
98
Apr
Truck-No par
Do
1st prof
KM)
Do
2d pref
100
International Nickel (The) 25
International Paper—.—100
Do
stamped pref..
100
Invincible Oil Corp..
50
Iron Products Corp...No par
Island Oil ATranspvtc-- 10
Jewel Tea, Inc.
100
14,900
73
40
17%
*85
39%
80
Dec
17% Jan
53
23
38
Dec
70
63% Jan
38
Jan
51%
20%
23
39%
Jan
51%
3
8
3%
56
59% Jan 11
Feb 18
19
80
48% Marll
300
18%
Dec
93% Jan 22
103
Jan
3
13,300
33
92%
34
42% Mar 1
14
16%
65%
Dec
-—100
61
33
Dec
52%
(new)
100
1,700
1
Do
200
pref (new)
...—100
100
4,000 Int Mercantile Marine
13%
18%
23%
23%
38%
30%
33
8%
21%
9%
21%
22%
33
3%
9%
21%
*23%
39%
*23
"17%
19%
37%
3%
49
'9
38% Jan
25% Marll
73
Jan
3
Inter Harvester
73
73%
*33
4,600
6%
95%
75
"~3% "3%
400
12%
31
94%
63
15%
54%
5%
90%
*61
52%
12%
30
64%
95%
*73
51%
*33
60
108
13%
48%
30%
73%
51%
35
800
100
67%
97
106% 106%
15,600
75
20%
13%
44%
May
10
Ltd
Elk Horn Coal Corp
1,200
74%
18%
Dec
50
66
100
..100
Do
Deb stock (6%)-..100
Do
Deb stock (7%) —100
Goodrich Co (B F)
...100
Do
pref
100
Granby Cons M S & P
100
Gray & Davis, Inc—
25
Greene Cananea Copper.. 100
Guantanamo Sugar—No par
Gulf States Steel tr ctrs—100
Haskell & Barke" Car..No par
Hendee Manufacturing—100
Houston Oil of Texas
100
34%
*75
22
40%
22
62% Feb 10
5
65
General Motois Cor p..No par
1,500
21%
41%
50
50
Dome Mines,
800
1,000
8
5
6
20
1
pref
4,600
73%
12% Jan
111%
94% Feb
pref
92,100
63
75
29
164%
Nov
18% Marll
No par
Inc..No par
100
Do
pref
100
1,100
400 General Ci gar, Inc....... 100
Debenture pref...
100
100
1,900
11
Jan
Jan
Jan
Jan
Mar
Apr
Jan
Jan
Jan
Jan
Jan
Jan
Jan
104%
108%
61%
Dec
63
77% Jan
100
12%
69%
64%
73%
36
69
65%
7,800
6,400
83,200
30% Jan
Apr
20% Jan
19% June
7% Nov
16% Dec
56% Feb 21
No par
128%
12 %
70
74
14
200
500
*83
71
21%
8,300
24% De;
59% Dec
18
Jan
25
Jan
74
100
No par
100
Cuban-American Sugar... 10
200
30% Dec
80% Dec
7
3
Feb 24
6
41% Marll
Cuba Cane Sugar
Do
Dec
60
35% J an
Crucible Steel of America. 100
Do
Dec
5%
Jan
129
Nov
4
70% Jan 11
12% Feb 10
23% Feb 10
7% Jan
Jan
.—.....100
pref
63
75% Feb 16
50
Candy Corp.No par
Corn Products Refining... 100
Do
3%
3
26% Marll
50% Jan
3
1(X>
Cosden A Co
114
Marll
Jan
19
Contlnt'l
5,200
83%
13%
16
2%
pref—
102%
102%
Dec
2%
12
Jan
90
Aug
99%
32% Jan 20
19% Jan
Textile_.No par
Continental Can, Inc.
600
24%
83%
75"
67%
54%
58
"75%
*55%
15
57
25
5
90
MarlO
23
Cola....
Consolidated
3,200
85
*12%
67%
15
19%
53%
$130% 131%
12%
13%
12%
21%
14%
100
5,900
100
Do
300
4,000
66,300
18,200
60%
75%
17,700
27"
14%
19%
14%
13%
16%
92
60%
*83
~23~
51%
"25"
"24"
85
*88%
56"
*87
.
Coca
35% Feb 21
80
Feb 17
100
Chile Copper..
Chino Copper..
200
2
*21%
*14%
*32%
90
93%
23
14
86%
"¥,l66
300
59%
*20
97
27%
88
20
59%
78
*8%
70
102
25%
21
16
22
*44
69
102
90
22%
29%
•••
"10%
*28
69%
13%
1%
Leather
pref.......
Do
Do
1
05
29%
*
700
23
*88
23
*76
13%
'
90
22%
*11%
*21%
14%
.
20
*88
77%
57%
2,000
18%
22
31
200
79
76
13%
48%
41%
,v.
58
*20
*55
¥7"
81%
19%
78
*33%
"37"
19%
22
*09%
V;
04
38%
7,100
10,200
80
*20
15%
Mar 9
62
89%
71%
57%
9
81
*75
31
59
81%
*19%
56
*60
12%
64
Chicago Pneumatic Tool.. 100
78%
14%
*83
21%
Chandler Motor Car. _No par
*77
65%
12%
45,000
Central
800
51
70
65%
Cerro de Pasco Cop—No par
10*. 800
48% Dec
14% Jan
18% Jan
64% Feb
42% Feb
77% Jan
7% Jan
;; 8% Jan
4
12,800
78%
"2%
13
9%
19%
20%
20
5% Feb 21
Case (J I) Plow Wk3—No pari
*77
....
*88
Jan
4,500
5
2
7
37
84%
23%
*50
66%
71%
37%
*35
16%
112
65%
37
16%
*61
5
Jan
68% Jan
5
Feb
pref._ 100
Computing-Tab-Recording 100
Consolidated Cigar....No par
Do
pref..
100
Consolidated Gas (NY).-.100
86
14%
*90
Jan
75%
25
lOi
Zinc-Lead
88
8
59%
11%
—lOOi
pref
Callahan
Jan
8
Marll
Jan
3
Jan
3
Mar 1
Jan
6
4%
Columbia GrapbophoneNo par
8%
26
*83
46
Do
900
100
*24
53%
Jan
Jan
Jan
19,400
*83%
14%
57%
85%
California Packing....No par,
California Petroleum.—.100:
51
84
53%
28%
8%
8
*48
25
57%
9% Dec
55% Dec
15% Nov
Feb 21
4,100
13,100
58
8%
84
56
Jan
29%
8
20%
26%
67%
"
*14%
26
Dec
107% Jan
4,200
20%
28%
94%
2%
Jan
Dec
8
93% Jan
3
12%
59%
9%
.20%
52%
24%
15
11%
10
6
20
17
23
31
8
13
43% Jan 19
9
14%
10%
Columbia Gas A Electric. 100
"5%
17
Dec
Jan 19
1,600
83%
2%
Dec
4,000
26
14%
78
Bros.
57%
*25
2%
91% Jan 21
6
Jan
8
^
57
¥
2
Apr
26%
8
17
14%
96%
..No par
Colorado Fuel & Iron
100
*6
83
Dec
79
60%
66
Jan
82
63% Jan
Feb
"16% "l"0%
81%
59
9434
60
15
8
51
91
15%
19%
Dec
Jan
Booth Fisheries
59% Jan
99% Jan
100
8% pref. 100
9%
20%
20%
26%
50%
23%
~28%
15%
5% Jan
800
*77
66
*19%
90
cum conv
600
65
22%
pref
Do
•
37,700
95
*75
97
94%
*94%
94%
1%
1%
1%
"l%
1%
1%
1%
71
70%
69%
71%
70%
71%
71% 72%
103
*100
*102
*101% 103
102'2 *100% 103
27%
28%
27%
27%
28% 28%
28%
28%
28%
94
90% 92%
91% 92%
91%
92% 95%
91%
9434
1%
71%
91
15%
*19%
60%
78%
83
20%
Do
36,600
71
*35
52
79
37
102%
32%
96%
60%
8%
54
*78
*36
Dec
70
52%
8%
8%
47
59
58%
June
Apr
Jan
Apr
May
Jan
Feb
Corp.... 100
Class B common...100
72%
28%
May
82
Bethlehem Steel
01
57%
Jan
24
Dec
148%
70%
60%
20%
28%
75
Dec
Dec
23%
59
Dec
8
57%
Dec
*82%
29
42
Jan 21
Dec
83%
58
Dec
2
26%
9%
71%
4% Jan
2% Jan
Butte <fe Superior Mining.. 10'
Caddo Central Oil & Ref-.lOO:
6
20%
Jan
Jan
78
38%
21
Jan
Aug
176% Jan
20%
92
23
21%
Jan
75%
125
8
11
11
11
15
27
37%
*83%
"9%
Dec
94% Jan 11
85%
*27
*50
84
Butte Copper & Zinc v to.
5
Butterick
100
71
5%
21
Dec
6%
102% Jan 25
600
38
"O*
38
84
4
50%Jan 22
53% Jan 22
pref
1,700
70%
71%
0
4,800
35
71
Jan
4%
4%
4%
38%
38%
Feb 11
3
Do
85%
21%, 21%
21%
20%
61
Baldwin Locomotive Wks.100
*5%
36%
"38%
Dec
54
97% Marll
19%
*5%
Dec
70
9% Marll
par
100
Dec
49%
Feb 17
3
44% Jan
7
13% Jan 12
81% Jan
71,," 71%
5%
5%
20%
28%
59%
8%
53%
100
pref
100
85
37%
27%
59
pref
Dec
18
76
38% Mar 4
33% Marll
Burn
85
73
72
21%
29%
Do
Austin, Nichols <fe Co.-No
30
102% Jan 29
9
Jan
3
t
6% Mar 9
l'.ioo
86
38%
26%
30
No par
At Gulf & W I S3 Line—.100
5
Jan
94
Fruit
4
61
70%
"1% To"%
.100
100
Associated Oil
Atlantic
Dec
25%
13
28% Jan
61
55% Jan
45
Jan
88
60
72%
11%
21%
100
28% Dec
5% Dec
8
14
40% Jan 20
3
Jan 26
100
11%
59%
63
10%
1st preferred
2d preferred..
33% Jan
24
17
9% jan
33
Jan
—100
"
11%
13
27
21%
Anaconda Copper Mining. 50
Associated Dry Goods
100
No par
90
12%
6
38%
86%
25
11
Jan
97
39% Jan 20
8% Feb
4
26
Marll
Brooklyn Edison, Ino
*88
11
5%
_
Apr
105
100% Mar
283
Jan
97% Jan
210
June
165% Jan
105% Jan
61% Jan
21% Jan
59% Jan
66% Apr
67% Jan
74% Jan
Bethlehem Motors....No par
4%
4%
96
13%
70
11%
Marll
600
""366
12%
63
29
56%
61
11%
12%
13
63
f
"54%
4%
19%
4%
19%
69%
2134
21«4
30
91
85%
87
4%
*60
11
57%
*88
96
"09"
26%
Amer Writing Paper preL-100
Amer Zinc Lead <fc Smelt--.25
71% Jan
Feb 21
Dec
93% Jan
142% Apr
118% Jan
106% Mar
Do
2%
105% 105%
5
*4%
:;A'*88
120% Feb 17
Feb 21
Mar
4,450
70",900
87%
97%
2%
54
*90
91
106
97%
2%
60
57%
56%
*90
3
Jan
110
Dec
79
92% May
104% Dec
85% May
100% Dec
55% Dec
88% Dec
123% Feb 17
94
Jan 31
57
Do
65
1
91% Feb 17
Mar 7
102
113% Marll
87
Jan
4
Class B—100
pref
Mar
88
73% Jan
93
Do
79% Dec
82% Dec
97% Dec
19
Jan
96
107% Jan 27
Jan
Jan
50
1,400
"84%
53
27
*21%
21%
200
100
°
Jan
Ma-
83
72
100%
Nov
26
Mar 7
91
10
Feb
100
2,900
9%
89
2%
2%
54
19%
*12%
*5
♦85%
*86
5%
1934
"l3% "l4~ "
*71
5%
33%
'
19%
"1214 "l214
*88
88
2%
57%
*105% 106%
5
*4%
5
96
*88
33%
1,600
41% 141,300
{new)
pref
Do
"7"
85 .Jan
88
100
Do
200
*6%
40%
100
87%
*98
100
54
53
*90
96
*14%
i
50%
58
*97
2'%
2%
2%
53
67
100
89%
88%
89%
88%
91
*10514 106
434
434
*88
35%
*97
100
2%
2%
35%
common
Do
54
*52
41
35%
88%
99
600
9%
44%
39%
10%
39%
35%
29,000
pref
Do
500
"""400
97%
97%
:<■< 0%.
6%
7
40
41%
41%
33% 35%
36
6%
Do
52
*58
55
1,600
8%
8%
62
42%
23,200
100
Amer Woolen of Mass
600
*58
40%
Amer Tobacco
6,400
95
*45
39
8,400
pref—
Dec
64% Dec
29%
11
31% Jan
8
100
100
Amer Sumatra Tobacco—100
200
63%
62%
pref
Do
111% 113%
59
41
19,200
90
90
Do
900
113% 115%
59%
3734
2,800
Feb
29
Highest
Dec
61
44% Feb 10
83
Jan 20
_
83% Jan
101% 102
59%
~*7% "¥% "*7% "7%
Jan
Jan
73% MarlO
American Sugar Reflnlng.100
*58
*45
100
400
*25%
26%
pref
18,800
28%
38%
27
38
63
35
Smelting <fc Refining. 100
90%
100% 100%
79% 82%
*84% 89
98
271 s
Do
*94
8%
28
37%
25%
*8%
Amer
800
Lowest
$ per share ? per share
% per share
67 ' Feb 11
$ per share
Am Steel Fdry tern ctfs.33 1-3
Pref tem
ctfs..
100
100
113% 115
62%
64
35
*32
28
37%
*25%
89
101% 102
115% 116%
*92
8%
8%
84%
82%
*85
96
*32
8%
*26
118%
115"
102%
84%
116% 116%
64%
63%
95%
95%
32%
8%
117;
104
*93
96
32
*85%
101%
118% 118%
116% 117%
63% 65%
96
89
101% 102
96
*92
29%
"90"
200
74%
29%
Year 1920
lot
Highest
Lowest
Indus. & Mlscell. (Con.) Par
Am Smelt Secur pref ser A. 100
16,000
37
36%
74%
29%
eT*
73%
91
102%
85%
89
102
84%
*85%
87
*85% 89
101% 102
118% 120
65
38%
74%
29%
36%
91
93
•102% 103%
85%
86%
*85l2
89
101% 101^4
11914 119%
*9212
96
$ per share
*63
66
39%
73%
29%
80
*75
the
On basis of 1(MYslvxre
Week
*61
64%
38%
41%
EXCHANGE
Friday
March 11.
$ per share
5 per share
40%
40%
NEW YORK STOCK
Thursday
9.
March
STOCKS
tor
SHARE
Range for Previous
Range since Jan. 1.
Sales
CENT.
March 10.
Wednesday
39%
75%
29%
67
40%
40%
■;
8.
$ per share
*64
67
% per share
*64
67
March
7.
SHARE, NOT PER
PER
SHARE
PER
HIGH AND LOW SALE PRICE—PER
Kenneoott
a
Ex dlv. and rights.
• Par
-
Jan
Jan
11
45
Dec
91%
Jan
3
46% Jan 29
35
Aug
22% Feb 11
153
Feb 23
15%
Dec
57%
38%
Oct
14
138% Jan 22
3
15
3
105% Feb
8
18% Hn 11
207
109%
Jan
97% Jan
127% Nov
95
Dec
39
Anr
40
Jan
17% Jan
value $ 100.
58% Jan
0 Old stock,
z
14%
Dee
Ex-dividend.
Jan
Jan
New York Stock
Record-Concluded—Page
For sales during the week of stocks
usually Inactive,
see
1007
3
third preceedlng page.
PER
HIGH AND LOW SALE PRICE—PER
SHARE, NOT PER CENT.
Sales
STOCKS
for
Saturday
March,
Monday
5.
March
$ per share
10U
*3412
Tuesday
March
7.
S per share
103s
10%
Wednesday
8.
March
10%
10%
37
35
35
*35
♦100
115
*100
115
158% 159
160
10%
36
115
*100
*100
107
*100
16212
67
*61l2
*56
58
*56
58
85
61%
*56
*74
"75"
7478
747s
»9712
155i4 1563s
75%
75%
31
58
*56
*74
|*100
75%
75%
,*100
*97
*88
*30
31%
*30
31%
*70
75
*70
75
3
3
59%
59%
*93
58
95
*72
234
90
88
88
17%
16%
11%
16%
12%
29
16%'
16%
16%
"*"500
21
21%
2,000
*30
3134
*65
2%
70
*21
22
31
31
*30
3134
*30
3134
*70
75
70%
70%
3
2%
*69
2%
70
3
57
59%
| *21%
3
57%
57
57
95
95
95
55-%
I
23
|
56%'
55%
2%
56
95
*93
*94
*92
95
94
72
72
x71
71
*71%
75
*72%
75
*72%
75
*101% 105
*101% 105
*101% 105
*101% 106
*101% 106. '*101% 105
10
10%
10%
10%
1034
10%
10%
10%
9%
9%
10
9%
80
81
*80
85 *
79
80%
80%
80%
7538 78
22
22
21
22%
22%
21% 21% *21% 223j
21%
20% 20%
45%
45%
*45%
50
*45%
50
*45%
50
*45%
50
*45%
50
59
60
60
61
61
60
60
60% 61
60% 61%
60%
*37
39
*37
39
32
32
33
*3534
36
33
36
3234
9
9
3%
*4%
9
3%
3%
4%
*4%
9
8%
1
3%
5
3%
4%
26
*13%
"14"
13%
13%
13%
8%'
*8
3%
3%'
4% I
*4%
2584
1334
26%!
13%'
49
49
*48
52
*49
53
*13
14
13%
*46%
13%
*12%
13%' *12%
*48
|
*8%
10
3%
5
2534
14
13%
47 I
3%
*4%
26%
1334
48%
11%
47
29-%
51
26%
*834
3%
4%
25%-
14
13
10
3%
5
67%!
10
10%
67%
934
40
40
39%
39%
38
33
33
33
33%'
33
33
33
33%
32%
10 I
om-t
39%
32%
25
25
25%
26%
24%
2434
76%
10%
10%
10
66
66%'
9%
00
2534
26
26%
26%
26%
23%
27%
25%
78
78
77
78
10%
*10%
11
10%
*75
76
*75
76
*75%
59
59
*86
58%
86%
*12%
*86
13%
89%
*12%
58%
58
86%
*86
13
89%
"61%
89%
i
»
*104% 106
48%
33%
61
104%
49
.48
33
33%
*88
92
89
*106
109
*105
12%
12
12%
|
105%'
i
49
33%'
57%
86%
86%
13
58 I
86%
57%
86
5734i
86
*12%
88%
89
13%
89
*12%
86%
j
....
i
....
104% 105 *
47%
48
32%
33
103% 10434
*47
32
48
103
|
47%
103%
47%
32%
31%
90
87
8734
12
30%
30%
26
*66%
67
66%
{
67%'
100
I
2734
25%
12%
30%
26
66
66%
66
*95
16%
19%
16
60%
62%
60
27
27
26
100
12
27
.11%
26%
25%
66%
64%
*95
1634
60%
100
*95
*4
5
*4
5
18
*15
18
*434
78
5
*48
78%
16%i
40%
23%
4934
*70
88
143
143
*15i2
*39
23
79
*32
3234
32*4
6C%
30%
59%
*92
15%
8%
8%
8%
40
7%
41»2
54
54%
*85
25
934
91
8%
36%
8%
37%
70
*434
79*4'
77%
15%
15%
§39%
2234
40
40
23%'
45
48
|
42
*70
88
I
*70
26%
3,600
25
1,800
6234
64%
17,700
95%
14%
61%
95%
14%
6334
27,200
'
100
106%
|
77
32%
33
59%
83s
|
21%
68%
14%
15b
40%
22%
43
40
*70
....
"8"
41%
2334
9
53
*85
8%
91
*88
8%
8
*37
88
91
i *88
8%!
39%
...
91
203s
2i%
28% 29%
101% 103%
53
17%
7
22%
69
4%
75
13
40%
21%
43
41
17
45
67%
102
102
32%
•»_
«
67%
-
32%
*97% 100
*83
*5%
*61
86%
102
31%
81%
109%
49%
12
33%
337\
*97%
90
6
6%
65%
61
87
86%
96%
46%
39%
14%
....
46%
3934
46%
14%
7%
*33%
14%
17
7%
37
*41
45
*16%
67%
*42
<
81%
81%
*109% 110
49%
49%
11%
12%
*33% 35
*32
34%
3934
....
15
4%
8
39%
20
20%
30%
31
98% 101
...
52%
5338
16
16
3,200
13%
4,825
41%
21% 105,600
3,600
42%
42
143
144
140
140
107
107
7%
60%
84,210
500
7%
39%
784
7%
36%
7%
8
37
7%
41%
2:38%
21
8%
49%
40
22%
9
51%
16,600
I
8%'
88
8
39%
69
37
19%
20
22 3g
21%
67%
223g
21
22
68
08%
66%
67%
7
I
7%
34
7%
88
734
38
11
100
Dec
110
Otis
Steel
Pacific
No
7
5
8% Mar 8
3% Jan
3
4% Jan
3
25% Mar 9
50
67
r50
Marll
59% Marll
8% Marll
33% Jan
3
32
Jan
15
23% Mar 1
19% Jan
3
3
10
100
pref....100
12% Marll
100
25
100
—100
Ray Consolidated Copper.. 10
Remington Typewriter vtc 100
Replogle Steel
No par
Republic Iron & Steel
100
Do
pref—
.—100
Republic Motor Truck.No par
Royal Dutch Co (N Y shares)
St Joseph Lead—....
10
46%
38»4
1384
*16%
7%
3434
47%
4634
47
39%'
38%
383/
13341
1384
1334
27% Feb 17
80% Jan 20
11% Jan
8
15
Dec
59
Dec
Dec
108%
23%
Jan
9
78
72
Dec
98
Jan
51%
Feb
83
Dec
7
Jan
62% Jan 26
88% Jan
19
14% Jan 24
7%
44
7%
34%
*41
7%
Dec
62
Feb
5
52
Deo
68
Jan
95%
Deo
124
Mar
40
Dec
120
Apr
29%
Dec
73
Dec
50%
106%
Jan
15
Marll
82
Jan
5
Jan
5
11% Marll
110% Jan 21
51% Jan
11
36% Jan
8
89% Mar 7
109
Mar
3
24%
Dec
94
30
Dec
93% July
55%
Dec
124%
Jan
96% Mar 2
24% Jan 25
84
Dec
106%
Jan
16%
Jan
11
49%
Dec
Dec
55%
69% Jan
11% MarlO
13
12
10
Dec
3% Feb
11% Jan
23% Jan
25% Marll
24
Feb 25
60% Jan
3
89% Jan
6
14% Marll
56% Feb
7
3
3
39% Jan 12
73% Jan 13
Jan
5% Feb 16
11
2% Jan
3
73
Marll
98% Jan
17
42
19% Marll
100
Mar
8
73% Feb 28
140
Marll
77
33%
Oct
Deo
20
Deo
56
11
43
Dec
73% Feb 28
167% Jan 13
75
Dec
Jan
3
110
82
Feb
37
Jan
Jan
83
5
20
42% Jan
7
62% Feb 17
94% Jan 25
7% Marll
7% Feb 24
36% Marll
7% Jan
~
*38% Marll
Supply-No par
100
100
Marll
Mar 2
Marll
68
Union OH
No par
United Alloy Steel
No par
18% Marll
27% Mar 4
4,600
2,200
4,000
100
300
23,000
600
3,000
Transcontinental
Unted
100
Fruit
United Retail Stores
98% Mar 8
No par
49% Marll
11% Jan
39% Jan
U S Cast I Pipe & Fdy
100
Do
pref
100
U S Express
..100
U S Food Products Corp.. 100
6
Feb 14
19
Marll
8%
Dec
14
11%
Dec
48
13
41
Feb
20%. Sept
60
Apr
12
300
Do
pref
101
100
10
pref
Utah Copper
Utah Securities
v
107
Dec
38%
Dec
66%
Jan
13
61%
Dec
127
Apr
24% Jan
6
19%
Dec
Dec
38
Jan
53
Jan
Feb
224%
Oct
17% Mar 7
45% Dec
10% Nov
46% Jan 28
38
96%
25%
65%
37%
78%
116%
103%
69%
143%
34
Jan
207
Jan
Jan
400
Do
27% Jan
19
Mar
103% Jan
Feb 17
Jan
27
59% Jan
19
41
Jan
42% Jan
8
3
Jan
4
35% Jan 27
44% Jan
3
85
84
35% Nov
53
18
88%
Dec
25
76
Feb
120% Sept
13
5% Dec
46% Nov
35% Jan
3
12% Mar 3
42
White Oil Corporation .No par
Wickwlre Spencer Steel
5
25
16
100
30
7%
33%
33%
40
41
13,900
Willys-Overland (The)
1,100!
Do
pref (new)
9001 Wilson & Co, Inc, v t c.No par
600 Wool worth (F W)
100
"2",890
Do
pref
.....
100
Worthlngton P&Mvt C..100
100
Do
pref A
6001
Do
nref B
t Ex-rlghta
a
Ex-div. and rights.
...100
1001
*
Jan
Jan
95
48
3434'
Jan
8034
8% Jan
102% Jan
3
44
Jan
11534
Oct
42% Jan
17
47% Mar
109
Apr
Apr
88% Feb 15
Feb
Jan
80%
112%
96% Jan
50
Jam
76
Dec
Dec
39% Dec
76% Dec
104% Dec
4418 Dec
97
3
White Motor
116%
29%
Dec
3
2,400
Jan
95%
Dec
Jan
3,800
Jan
24%
Jan
13%
Jan
Apr
28%
84
5,000
Jan
11
93
100
Jan
Apr
11
Westinghouse Air Brake...50
Westinghouse Elec & Mfg..50
Express
Dec
Jan
Apr
14
Western Union Telegraph. 100
Fa-go
Deo
Jan
Aug
1,500
Wells
Dec
Aug
Jan
7
86%
5% Marll
49% Jan
4
No par
Dec
56%
12% Mar 5
63%
12%
i Leas than 100 shares.
15
Dec
90
8
51% Jan 19
72% Jan 20
112
95% Jan
5%
Feb 17
31% Marll
100
100
pref
176
13
7
8% Feb 25
29
Marll
Vanadium Corp
No par
Virginia-Carolina Chem... 100
27%
7
58% Feb 17
3
Jan
z46% Marll
100
t c
3
Jan
5%
34%
Marll
78
United States Steel Corp.. 100
Do
Jan
29% MarlO
41% Marll
34% July
95% Jan
106
9
62% Jan
100
50
50
Dec
10
100
pref
67s
12%Jan
72
1st
c57% Jan
53% July
13
102
Do
Dec
Jan
3
U S Smelting Ref & M.
10
Jan
13% Mar
Dec
6%
10.
Jan
Dec
40
22
9% Jan 20
45
3
3
Jan
36% Jan 21
64% Jan
United Stages Rubber
Oct
Jan
7
92% Jan
41% Marll
Apr
Apr
11
100
Do
118%
126%
101%
10% Jan
pref
100
U S Realty & Improveme itlOO
U S Industrial Alcohol
2,000
3,900
Oil..No par
123% May
17% Apr
25% June
83% Apr
21% Jan
243
Apr
23% Nov'
90% Jan
48% Jan
82% Jan
94% Apr
13% Jan
V Vivaudou
38
Dec
Dec
Dec
22%
75
,
Tobacco Products Corp...
Virginia Iron C & C
7
37%
76
Jan
..No par
Jan
Dec C212% MM
113% Mar
100% June
77
Dec
91% June
61% Mar
24% Dec
24
Jan
Jan
Cl42%
7
3
Jan
Dec
46% Jan 20
11
25% Jan
Mar 7
105% Jan
Dec
Dec
Dec
14%
3
20% Jan
2%
9
2%
85%
8
12% Marll
100
5% Jan
Sloss-Sheffiekl Steel & Iron 100
pref
Apr
22%
38% Mar 2
Do
Jan
Nov
Nov
Copper....—No par
Shell Transp & Trading...£2
Sinclair Cons Oil Corp.No par
Boat
107
10
Union Bag & Paper Corp..100
17
7%
92% May
14% Jan
5
37%Jan 20
2,300
800
14
Deo
Dec
Feb
3,1)00
38%
7%
12
Jan
72% Sept
91% Jan
27% Jan
113% Apr
104% Feb
72
43
15,500
14
33% 33%
j 41% 42
111% 111% *110% 112 ,*110% 112
*41
,
Jan
Mar 4
31%
38%
44% July
82% Jan
90%
Transue & Williams St-No par
32%
*45%
Dec
Apr
24
1,300
11,800
29
45%
38-%
46%
Jan
26%
Dec
31%
*16
17
34%;
"46"
42%
Doc
12,900
86%
Oct
Dec
46
47%
10%
*61
45
30%
80
79% 150,700
6
Dec
Aug
57%Jan 20
413s
97%
111%
36%
Jan
Apr
Apr
27
91
78
5%
Deo
64%
6%
17
40% Mar 7
35% Jan 11
31% Jan
8
Jan
4138
*95
116%
24
7%
49%
81%
7%
39%
12,600
10
Dec
Jan
31
Seneca
100
66%
95%
41%
66%
z46%
69%
Times Su Auto
2,400
21
107% 108%
Dec
Jan
100
100
25
Jan
Dec
35
61%
417s
96
102% Marll
43% Feb
8
San Cecilia Sugar v t c.No par
Standard Oil of N J—
Jan
78
104
54
(The) k
preferred
Jan
65
5
81% Jan
Railway Steel Spring
Sears, Roebuck & Co.
417s
93% Mar 7
pref
pref
4
56% Marll
82% Jan
8
Pond Creek Coal-.....—..10
50
Marll
74% Jan
Pittsburgh Coal of Pa
Pressed Steel Car
Jan
10
4
Jan
Dec
z42% Dec
10% Dec
41% May
41% Jan
79% Feb 17
71%Jan 12
17
Nov
Apr
5% Mar
9% Apr
28% Sept
12
11
48% Jan
22%
21
19
30
Jan
Dec
2% Deo
3% Nov
13
16
Jan
23
7
5% Jan 31
Jan
Oct
77%
Texas Pacific Coal <fc OIL..10
2,100
65%
"29%
Jan
61%
Dec
41,700
400
65%
4
Jan
May
9
8
29
61
48
26,500
7
95%
41%
12% Jan
Dec
Jan
26
Feb 17
Superior Oil
...No par
Superior Steel Corp'n
100
Tenn Copp & C tr ctfs.No par
Texas Company (The)
25
42,500
26,200
*5%
45% Feb 15
61% Mar 2
.38
Submarine
32%
32%
100% 101%
49% 51%
15
Jan
1,200
5,700
15
Jan
48%
54% Jan 11
19% Jan
8
68
Do
117%
Dec
7
...........100
Pure Oil
17%
Dec
3
Oil
pref
Do
Nov
16%
35%
Jan
Pierce-Arrow M Car—No par
Do
8
66
1
Jan
Pierce Oil Corporation.....25
Do
pref
........100
Do
Feb 15
13
100
Jan
Feb 19
47
11% Marll
46% Jan 19
27% Marll
Jan
Apr
Jan
12
25% Feb
25
B
63%
Jan
89
par
Development
Class
26
Jan
1
Pan-Am Pet & Trans
Do
Jan
54% Feb
31
Mar 9
100
Bid and aaked prloea; no sales on this day.
Jan
Feb 14
3,100
1,600
~18% "19%
111
*110
113
111%
111% 111%
111% *108
111%
*107% 111% *108
111% *108
111% *100
111% *106
48
48
45
47% 48 «
47%
4734
46%
47% 47%*
46% 47
*76
82 | *79 34 82
*77
82
*81
82
,
*80
82
j 81
81
62
62
*64%
65%
64
*64%
65* ♦64% 6534
64%
61%
615s
•
105
300
91
*5%
89%
102%
93%
27% Marll
43% Jan
3
92%
8
66%
14V
44
"""700
58
6
Dec
100
Ontario Silver Mining
Do
92%
7%
6
20
Stromberg-Carburet...No par
Studebaker Corp (The)...100
Do
pref
-100
95
6
Nov
Jan
6,900
61
15%
88
74
27
59%
15
NOV
95
Jan
Stewart Warn Sp Corp.No par
*92%
32%
33%
100% 102
51%
52%
45
7
69% Jan'
3
100% Jan
8
9% Marll
Do pref non voting
100
Steel & Tube of Am pref... 100
27%
7%
65
92
400
31%
38
Apr
1,200
31
52%
Jan
13
3,400
30%
51%
102%
Dec
30'%
31%
79%
31%
*88
Dec
2
106% 107%
79%
*78
79%
31
23%
8%
80
59%
10
100
Orpheum Circuit, Inc..
88
7%
40%
Dec
22
Jan
44
....
Co
25,200
12%
40%
19%
2234
834
25%
Jan
5
100
preferred
Jan
75
75% Marll
20% Feb
9
Do
Mar
35% Jan IS
100
North American
40
5
100
Savage Arms Corp...
14%;
41%
22%
43%
5
Dec
25%
Jan
4
Saxon Motor Car Corp.No par
*70
39
Copper
Mar
4
New York Dock..
100
75%
22
3934'
34
900
100
6
Nevada Consol
40
30
New York Air Brake
800
88
8
100
pref
Jan
Dec
2% Feb 21
49% Jan
5
100
100
.
15
*70
7%
pref
*4'%
96%'
*41
300
73
44%
44%
*43% 45
44%
44%
*67%
68
68%
G634 67%
66% 67%
102
*101»4 10234 *101% 102
101% 101%
30
32%
30%
36%
30%
29% 30%
42
42
43%
*42%
43% |
43
43
82%
81%
81%'
81
813/
79%
81%
109% 109%* 108% 109
109%
*108% 109
51
48
49
48% £0 I
48% 49%
12%
11%
10%
11
11%!
11% 113s
34%
32%
33%' 32% 33
3134
32%
3434 i
32
33%
33%
33%
34% *33
100
9734
97%' *97% 100
97% 97%
*83
90 I *83
90
*83% 90
6%
6%
*%' *6
6%
"61"
61%
61%
61%' *61
631'
61%
87
86% 86%
83% 83%
48
100
3,600
77%:
10134 102
*44
I
4%
4534
21%
68%
20%
293s 30
98% 10234
52%
5334
55
17
20%
4
*15
....
68%
734
*37%
I
*53.
21%
68%
5
*142% 152%
14334 14334
108% 106% 106% 10634 106%
79
79
77 I *78
79
|
31 <2
32%
31%
31%
3134
33%
32
32%
313s
32 j
61%
59%
60%
5958
00r'8
94%
94% *91»2 95
8%
8%'
*8%
9
8%
8%
8%'
734
8
39%
40 I
8%
7%
7%
;*734
8%
41%
41%
41%. 41% 41%
24
2584
24%
233s 24
9
9%
9%;
9
9%
55
52%
53%! 51% 53%
45%
6%
11%'
22%
42%
88
70
20% 20%
27%
28
IO284 102%
54
54%
1534
I684
16%
63%
5%
7734
900
25
15
17%
16,000
25%
(
62
*434
77%
Do
"l9% Jan" 12
25% Jan
55% Jan
100
National Lead
Feb" "3
20% Feb 24
100
pref
Punta Aiegre Sugar
27
25%
66 j
16%
*15
5%
78%
15%
39%
23
44%
Do
14%
Doc
69%
100%
12%
~
Nat Conduit & Cable.No par
Nat Enam'g & Stamp'g._.100
5,500
10,600
62
*4
4%
16
National Cloak & Suit
4,100
113s
16%
147
40
7%
41%
24%
*834
4%
*15
22%
95
8%
j
4*4
147
I
106% 106%
*75
434
77%
100
......."100
Public Serv Corp of N J...100
Pullman Company
,—.100
11%
11%
♦15
pref
Mont Wd&CoIlls Corp.No par
National Acme
50
200
II84'
61
.
Jan
93
500
100
11%
Jan
11
2,400
15,000
106
12%!
I
32
*87
*104
Jan
56% Jan
100
24%
10234 103
46
47
31
31%
86
87
105
52% MarlO
Power
Philadelphia Co (Pittsb)...50
Phillips Petroleum
No par
300
Mar
Montana
3,200
60
Jan
88
Jan
Penn-Seaboard St'l vtc No par
60
Jan
222
11
Jan
52%
People's G L & C (Chic)..100
100
107
Aug
Dec
Deo
7,700
300
Oct
148
28%
47%
5,900
2,300
3
94
Dec
13
167% Jan
4
6,600
12%
65
33% Jan
9%
85
Dec
12
Marll
6534
....
63%
Jan
64% Mar
151% Apr
137% Apr
29
Oklahoma Prod <fc Ref of Am.5
"4/3OO
Dec
713-
4,400
57%
Dec
56
26
38%
32%
56%
56
2
Dec
3%
4%
2,400
Jan
24
Aug
Nunnally Co (The)—.No par
25%
76%
10%
Jan
69%
Jan
57% Feb
10
37%
12%
83
13
86%
88
26
*95
89
106
32
99
58
88
27
60%
j
76%
106
27
"60%
26%
I
8934
109
*30%
*95
25%
10%
110%
14%
300
93%!
61
61%
13%
89%'
93%
v
"J
-
78
10%
-
'
Dec
8
59%
834
32
97
Jan
19% Jan 28
9%
'
Jan
15% Jan
72
10%'
40%;
183%
11% Marll
67
39%
72%
15% Jan
5
Corp
41,100
54,200
75
Doc
10
Midvale Steel & Ordnance..50
Middle States OH
29%
73%
on7«
Miami Copper
Pacific Gas & Electric
74«4:
26%'
Marll
800
73%
66%
25
88
46%
75%;
68 |
Jan
1201«
95%
100
46%
27%
74%
67%
10%
39%
115%
80% Feb 14
Do
Pacific
74%
67%
10%
39%
31%
74 I
70
Deo
78
Marll
Jan
Dec
4
113
Petroleum.,
pref
28
25
100
65% Jan
1,300! Nova Scotia Steel & Coal..100
400
9% Nov
31
16 i% Feb 28
107
Feb
3
68
Highest
Marll
3
100
100
2,700
3
Marll
Jan
Jan
Mexican
300
31%
67%
103,1
800
1920
$ per share $ per share
100
1134
30%
n7«
pref...
1134
11%
47%
30%;
25
68
Owens Bottle
30
25
56
500
31%
|
1,600
5
59% Jan
Do
"5",300
Jan.
100
May Department Stores..100
100
400
100
100
1,800
29%
74%
*66%
10%
Companies
3
100
200
2,400
42
100
Feb
Lowest
12% Jan 10
5
Marll
136
Sugar
13%
52
48%' *48
47%
31%
200
Jan
100
...
pref..
Do
2,000
9% MarlO
31
100
100
1,000
47
*46%
200
$ per share
100
26
47
"3P
43,013
11,800
Year
$ per share
No par
preferred
pref
Do
,
16%
75
*93
200
2,200
Par
(P)
Mackay
99%
21%
2%
159",600
*93
21
3
155%
*52%
I
t
23
143
5234
99%:
99%
*21
Lorillard
Do
5234
*93
*93
23
"2", loo
29%
54
99%
*21
75
29%
54
2d
Do
....
30%
*52%
*93
73
99
30%
54
99
75%
SHARE
'
Highest
Loose-Wiles Biscuit tr ctfs.100
Manatl
12%!
30%!
54
*93
Loft Incorporated
200
16%
30%
99
56
zl2%
30%
*93
6134
84
13%
18
13%
30%
31
5434
Indus. 8c Mlscell. (Con.)
Do
""400
PER
Range for Previous
Lowest
106
17%
12 34
*54
*100
106
4,100
SHARE
Range since Jan. 1.
On basis of 100-share lots
STOCK
EXCHANGE
100
17%
12%
13%
54%
700
147% 151%
154% 15534
13
31
75
99
90
17%
35
100
56
155% 157
90
2,900
35
6134
*74
75%
154% 157%
10
100
115
152% 154
84
*96
*54
Shares
9%
58
84
*96
"18% Ts"%
5 per share
10%
35%
62
155% 158%
13%
the
YORK
Weey
9%
35%
110
62
*97
—
"13%
115
*100
61%
.
103s
35%
154% 15534
110
*100
67
*75
35%
*100
155% 158
107
*6U2
Friday
March 11.
$ per share I $ per share
S per share
IOI4
Thursday
March 10.
9.
NEW
72
Jan
Mar
Feb
20
80% July
89% Nov
14
7
40
16
17% Jan
30%
13%
11
Dec
Dec
19
8
18% Jan
Dec
Nov
Jan
21
June
76
Mar
92%
119
Oct
Jan
55% Jan
69% Mar
25% Oct
32% Sept
3
9
Jan
8
Dec
32
Jan
Jan
3
40
Jan
7
26
Dec
93
Jan
38% Jan
14
47
Jan
7
34%
Dec
82%
Jan
108% Feb 24
113% Jan
4
100
June
108
Jan
18
111
2
1-02
43
Jan
3
52%Jan 19
71
Jan
7
81
61
Jan
8
65% Mar 4
5% Jan
Ex-dlv.
c
Feb
5%
Feb 11
Reduoed to baala of J26
145
Apr
Dec
116
Jan
35%
Dec
95
Jan
73
Dec
93%
Jan
76
Jan
par.
•
Par
loos
New York Stock
Jan. 1
BONDS
Price
Week's
Range
Since
N. Y. STOCK EXCHANGE
Jan. 1
Friday
Much 11
Range or
Last Sale
Jan. 1
Week's
11
Ask Low
Bid
Government.
S«
Range
Range or
Friday
M irch
Week ending Ma ch 11
bonds teas changed and prices are now—"and interest"—except for income and defaulted bonds.
Last Sale
Price
BONDS
N. Y. STOCK EXCHANGE
U.
Exchange—BOND Record, Friday, Weekly and Yearly
1909 the Exchange method of quoting
High
No.
Low
Week ending March 11
High
J
90.12 Sale
90.00
J
D
86.80 Sale
86.62
91.10 1716 90.09 93.50
15 85.24 88.50
87.06
J
D
86,90 Sale
86.83
87.17 1182
J
3M% Of 1932 1947
Conv 4% of 1932 1947
Conv 4M% of 1932 1947
2d conv 4M% of 1932 1947..
D
D
94.00 96.50 95.03
Seoond Liberty Loan—
MN
80.40 Sale
83.40
MN
4% of 1927 1912
Conv 4J£% of 1927 1942..
Liberty Loan—
86,50 Sale
83.40
3
95.03
4M%
90.22 Sale
M S
of 1928
90.10
Fourth Liberty Loan—
86.32 Sale
4M% Notes of 1922 1923
3%% Notes of 1922 1923—
28 consol registered
dl930
2s cousol coupon
dl930
4s registered
..1925
4s
87.22 5734 85.34 83.60
97.24
97.52 11661
97.52 1288
♦103*4 108
Foreign Government.
Argentine Internal 6s of 1999... IVI
Belgium 25-yr ext s f 7M s g-1945 J
79%
70
S
Sale
notes
f 8s
s
Canada (Dominion of)
do
do
do
g
5a..1921
A
...1926
75
95.58 97.78
95.80 97.72
100 .100
Feb'20
Sale
27
141
67
72
95%
99
87
93
21
178
9.334
9334
91%
75
76
11
75
84%
99%
51
93%
99%
37
5
93% 100%
92%
97%
9
91%
3%
8 3%
92%
83%
90%
Joint
23
98
99%
Nebraska
69
87%
93%
99
99%
45%
2
729
D t
40% Sale
40%
29
40%
O
95% Sae
95
95%
19
72%
73
17
91%
72%
98
72% Sale
1945
f 5MB..1944
79%
79
79
4
77
80
78
75%
75%
78%
Cuba—External debt 5s of 1904.
75%
Exter dt of 5s 1914 ser A.1949
75%
1
75%
1949
68
68
69
5
83
1945
9534
95%
98
173
97
191
96% Sale
95%
97
93
Denmark external
s
f 8s
Danish Con Municipal 8s "A"1945
Series B
1946
Sale
Sale
Dominican Rep Cons Adm sf 6s '58
79
French Republic 25-yr ext
97% Sale
8s. 1945
79
79%
33
96%
98%
351
,
Marseilles (City of) 15-yr 6s. 1934 M N
J J
Mexico—Exter loan £ 5s of 1899
Gold debt 4s of 1904
Norway external
Paris (City of)
San Paulo
s
1940 A
f 8s
5-year 6s
(State) ext
D
19.54
O
A
O
1921
f 8s
1935
Switzerland (Govt of) s f 8s 1940
M S
Tokyo City 5s loan of 1912
s
-
Zurich (City of) s f 8s
1945 A
O
99
85%
88
94%
81
82%
82%
63%
7434
95% 100
95% 98%
95% 98%
70% 79%
93
101%
and
4Ms Corporate stock
1905
4Ms Corporate stock
1963
4% Corporate stock
,.1959
4% Corporate stock
.1958
4% Corporate stock......1957
4% Corporate stock reg-..1956
New 4Ms
1957
4M% Corporate stock... 1957
3M% Corporate stock... 1954
N Y State—4s
J
D
S
IVI N
M
M N
1st consol gold 6a
General consol 1st 5s
Guar Tr Co ctfs of dep
:
Chic A Ind C Ry 1st 5s.
1936 J
J
Chicago Great West 1st 4s...1959 M S
Chic lad A Loulsv—Ref 6s..1947 J
J
Ind A Loulsv 1st gu 4s
1956 J
Ch M A St P gen g 4s ser A.el989
82%
65
363
56
65
76
23
75
84%
MN
M N
IVI N
4378
35%
36
37
72
72
80%
Sale
89
9078
*78 ~ *79 "
*1990 Q
J
32%
32
32
95
J
J
O
a
83%
86*4
32
*50" ~
Sale
97%
95%
80%
67%
63
71%
75
6734
92%
6O34 Sale
59%
73%
72
6834
99
Sale
98%
J
J
9734
98
Chic A Mo Riv Dlv 53—1926 J
85%
97%
99%
96%
97%
Chic A L Sup Div g 5s_—.1921 J
96% Sale
97% Sale
102% 8ale
120
C M APugetSd 1st gu 4s. .1949 J
J
102*4
55% Sale
94% Sale
98
102%
55%
94%
106
150
98% 100%
94
98%
97%
97%
123
102
58
50
43
58
95
30
94
98
84
87
87
86%
87
87
94%
83%
86%
91%
92
Sale
91% 93
83% Sale
83% 85
88
Jan'2i
92%
91%
9178
-
—
....
77%
5
104%
Fargo A Sou
--
4s._.1886-'26 F
A
85%
83%
..1886-1926 F
A
83
83
N'west
Ex
88
85%
86%
88%
88
88
93%
General gold 3Ms
1987 M N
pl987 Q F
Registered
General 4s
1987 M N
Stamped 4s
91%
92%
General 5s stamped
94
Sinking fund 6s
83%
7
8I34
84
83
83
2
83
84%
Feo'21
90
Dec'20
89
83
84%
—
83%
83%
—
91
93%
..
9034
93%
«
74
74
1879-1929 A
O
..1879-1929 A
Sinking fund 5s
O
Registered
Debenture
1879-1929 A
O
O
~
....
1933 Ml N
Sinking fund deb 5s
....1933
10-year secured 7s g
IVI
1930 J
51%
Jan'21
101
73%
76%
| 77%
77%
83
110
81%
85
69
74
68
78
7434
87%
7734
96
Mar'21
99
98%
Fei)'21
97
99%
98%
89%
Dec'20
*99%
993s
Sale
7434
92
90%
94%
N
90
Sale
102
90
101%
99%
85
D
July'20
Man G B A N W 1st 3 Ma.
83% 101%
68
Mllw A S L 1st gu 3Mb—1941
J
s
92%
A
93%
97%
97%
98
7634
8934
51%
Feb'21
4
S
Roch A Pitts 1st gold 6s.. 1921 F
Consol 1st g 6s
1922 J
Canada Sou cons gu A 5s... 1962 A
73%
77%
75%
76%
79
—1924
J
Mil Spar A N W 1st gu 4s. 1947
8
St L Peo A N W 1st gu 53.1948
J
88
Mich Dlv
69
73
1988
1988
J
69
73
J
66%
71
Refunding gold 4s
1934
O
67
Sale
66%
9
81
84
R I Ark A Louis 1st 4Mb..1934
8
66
Sale
83
85
Burl
1934
O
""2
65
71
C R I F A N W 1st gu 5S..1921
o
65%
85%
97%
73%
Ch Okla A G cons 5s..
77%
76%
84%
77%
88
88
5
77%
101%
1
75%
"42
19
1
Chic R I A P—Ry gen 4s
Registered
76% 81
100% 103%
72% 78
Jan'21
91
91
Jan'21
78%
79
67%
73
67%
67%
60%
Feb'20
"
67
68%
07
72
90
83%
93%
68%
68%
Jan'12
*75% ~73%
81%
Jan'21
6334 Sale
63%
65%
159,
62%
81%
66%
76% Sale
75%
77%
52
73*4
79
86%
87%
91%
Mar'20
8S%
83%
83%
90
87%
Feb'21
84
Feb'21
93%
99% Mar'18
52
53
88
84
28
84
52
55%
Feb'2l
91%
93
85
Fee 21
79%
85
72
73%
Jan'20
82%
85
Apr'20
99%
Dec'20
99%
Feb'21
91%
93
91%
83
84
99%
O
83
85
87
Mar'21
82
Cons 6s reduced to 3Ms..1930 J
Debenture
1930 M
5s
1930
J
A
1)
92
82
.
73%
63% Sale
109% 102
80%
8
81
J
...
99
81%
27
108
!
£6184
104%
j 99%
99%
161"
102%
99%
99%
"61% "70"
102
59
60
99%
99%
84
88%
4Mb
J
J
1937
J
J
C Find A Ft W 1st gu 4s g.1923
4M3-1931
Clev Cln Ch A St L gen 4s__ 1993
20-year deb 4Mb
1931
General 5s 9eries B
1993
Ref A Impt 6s Series A
1929
Cairo Dlv 1st gold 4s
1939
Cln W A M Div 1st g 4s...1991
St L Div 1st coll tr g 4s
1990
Spr A Col Dlv 1st g 4s
1940
W W Val Div 1st g 4s
1940
C I St L A C 1st g 48
*1936
Registered
*1936
Cln S A CI cons 1st g 53—1928
C C C A I gen cons g 63—.1934
Ind B A W 1st pref 4s
1940
O Ind A W 1st pref 5s—.<11938
Peoria A East 1st cons 4s. .1940
Income 4s
1990
Cleve Short L 1st gu 4Mb
1961
Colorado A Sou 1st g 4s_.—1929
Refund A Ext 4Mb
1935
Ft W A Den C 1st g 6s
1921
Conn A Pas Rivs 1st g 4s.—1943
Cuba RR 1st 50-year 5s g—1952
73
J
Feb'21
1
"27
67%1
63%
Nov'20
67
77
78
81%
88
8734 Sale
71
75%
8734
74%
Jan'2F.
81%
81%
83%
84
.
.
4
I
65
84
75% Sate
A
O
Jan'19
69
71
7534
.
,
Nov'20
98
"2
.
Nov'16
,
Dec'20
74
99
74%
65
.
|
67
75%
Mar'21
70
'87% "of"
74%
.
7534
7534
82% Sept'19
98%
81
"32
Feb'21
74%
67%
68%
72
75
J
.
88%
67%
A
66
4
|
73
M S
J
7234
.
67
70
101%
62%
.
Oct'20
65
53
7234
Feb'21(.
69%
65%
65%
101
10
60%'
69%
Q
68%
10034 102%
Fr>'3l'.
68
88
73
63%
63%
101%l
67%
*85% ~88~~
72"
Jan'21!.
M N
J
85%
.
Jan*20
67%
Q
69%
85%
Jan'21'.
Mar'17
76
Q
67%
69%
65
20
Feb* 19'.
81
67
J
67%
66%
65% Jan'21|.
101% Mar'31
75
J
69
78%
90
73%
133
6934
May'18
60
99%
74
87
Feb'211.
88
"72"" III I
99%
-
76%!
Nov'16
7234
:
MN
Day A Mich 1st cons
81%
83
.
Mar'21;.
95
100
—1952
72
63%
101%
Jan'2l!.
Apr'20
Sept'19,.
118
Chic A West Ind gen g 6s._el932 Q M
50-year 4s
69
67%
83%
O
D
Sale
Superior Short L 1st 5s g—el930 M S
D
Chic T H A So East 1st 53—1960 J
84
*9%
83%
Keok A Des Moines 1st 58.1923 A
Cln H A D 2d gold
79%
1952 IVI N
St Paul A K C Sh L 1st 4Ms-'4l F
Chic St P M A O cons 68—..1930 J
North Wisconsin 1st 6s
Oct'20
85
C R A N 1st 5s
Consol
82
85
73%
63%
79%
88%
99%
90
67%
80%
79%
112
1st gold 6s_
99%
100
74%
77%
Sale
D
102%'
99%*
Oct'10,
Nov'20,
"99"%
15
Feb'2l
•No price Friday; latest bid and asked. aDueJan. dDue
April.
52
79%
76
67
A
J
71
100%
S
75%
*71%
Sale
"87% "91%
I
90
Mar'21!
"23
71
76%
1941
50
171
67
95%
Feb'20
Mar* 19.
68
Mil L S A West 1st g 63—1921
66
52
91%
62
J
Oct'20
68
75
Feb'21
102
102%
Dec'20
66
79
74
90% Nov'20
71%
Sale
88% Sale
Jan'21
Feb'211
98
98%
88%
O
66
~67% Safe"
7434
91%
"99% IIII
Frem Elk A Mo V 1st 63—1933
79%
70%
Registered
74
99
99%
99%
90%
May'20
91
~8l"%
Feb 21
85
81
Aug'15
92
85
68
8
Nov'20
1934
89
65%
74
July'20
67%
63% 67%
102% 102% 100%
1925
87%
68
99% Sale
129%
*1925
98%
Feb'21
65% Mar'21
8
91
93%
84%
98%
87%
61%
15-y ?r senrrl 6 4 i g
19361 Wl
Des Plaiues Val 1st gu 4Mb—'47.M
88
101% Sale
76% Sale
84%
98% Mar'21
65%
75%
77%
88%
"81% "81%
Feb'21
84%
102
53%
Sept'19
81%
83
O
1921 A
1921 A
5s
Registered
Registered
Sept'20
93
O
Registered
__
-
1987 M N
1879-1929 A
"64 ~ ~68%
65
81%
1987 M N
91
74
102
"98%
6
91% Mar'21
Feb'20
J
8
Jan'21
Jan'21
93%
65
;
93
Feb'21
98
65%
95%
A
65
98%
91%
J
92%
Mar'21
98
D
D
91%
82%
92
Sale
6s... 1924 J
Cons extended
92
83%
'Sale
65
Mb—1934 J
4Ms
1934 J
Wis A Minn Div g 5s
1921 J
assum g
Mllw A Nor 1st ext 4
92
23
Feb'21
83%
"83% ~87
87%
83%
73% Sale
O
67%
78%
j
—1957 IVI N
7984
65
72%
73%
60
10
65
Trans Con Short L 1st 4s. 1958 j
All A West 1st g 4s gu
1998 A
Clear A Mah 1st gu g 5s._.1943 J
"59% ~60"%
60
71
J
16
110
75%
J
O
-i!
6034
74%
63%
23
j
O
Feb'16
65
Feb'21
A
71%
"67" "71%
16
68%
27,
83
A
6934
67%
Jan'21
Dec'20
77
81
Tol A CIn div 1st rer 4s A..1959 J
Buffalo R A P gen g 5s
1937 M
98
81%
68
92%
Sale
O
81
60%
Sale
D
96%
May* 19
71%
73%
68% Sale
73% Sale
60% Sale
67% Sale
i
Mar'20
60
81
J
,
Feb'21
"54""
71%
Feb'21
81
68%
49%
108
51
68
75%
87%
78
_J
75%
85%
A
4978
96%
16
87%
Mar'17
75% Sale
s
CI Lor A W con 1st g 5s. .1933
Ohio River RR 1st g 5s... 1936
General gold 5s
1937
Pitts Clev A Tol 1st g 63—1922
50
81
60
68%
83%
J
Southw Dlv 1st gold 3MS--1925 J
Cent Ohio 1st c g 4Ms.._1930 M S
87%
81%
50
J
Mar'21
P L E & W Va Sys ref 4s.. 1941 M N
78
Jan'21
D
68%
6S%
P June A M Div 1st g 3MS-1925 M N
Feb'21
50
72-%
D
69
O
81%
70%
1934 J
68%
*1948 A
82
85%
1925 J
63%
*1948 Q J
10-yr conv 4Ms
1933
Refund A gen 5s Series A..1995 j" D
J
Temporary 10-yr 6s
1929 J
Pitts June 1st gold 6s
J
1922 J
34
95%
87%
88
83%
81%
1932 J
68%
J
35%
Permanent 4s
67
J
31
28%
94%
Convertible 4Ms
*1995 Nov
Charles & Sav 1st gold 7s.. 1936 J
J
L & N coll gold 4s
01952 MN
Sav F & W 1st gold 0s
1934 A O
5
6,
25-year debenture 4s
*1995 Nov
D
32
32
Feb'21
36
77%
76%
M N
89'4
"77" "82"
10
80
84
77
J
88
89
Oct'19
48%
76
IVI N
7634
82%
75
Sale
1930
Gen unified 4Mb
1964
Ala Mid 1st gu gold 5s
1928
Bruns A W 1st gu gold 4s..1938
79*4
40
Sale
*1952 M S
19,
29
77
Cal-Ariz 1st A ref 4Ms "A" 1962 M S
8 Fe Pres & Ph 1st g 5s...1942 M S
70%
7
76
Rocky Mtn Dlv 1st 4s....1965
39%
37;
49
O
D
46
13i
69
O
1928 ni
43%
36
4478
33
1995 A
1960 J
■
7534
1995 A
East Okla Dlv 1st g 4s
79%
91%
31
J
a2014 F
Gen A ref Ser A 4Mb
Gen ref conv Ser B 5s
I
-—I
Feb'15
45
45%
D
4Ms
J
J
D
J
el989 Q
Gen'l gold 3 Mb Ser B
General 4Mb Series C
Nov'20
88% Sept'16
44
Ext A imp s f gold 5s_—1929
Ashland Dlv 1st g 6s
1925
..
72
113
75
72%
1955 J
Consol
...
73
30
"65% III I
Conv gold 4a.
Conv 4s Issue of 1910
1st 50-year gold 4s
J
J
J
el989 J
el989 J
a2014 A
Registered
Railroad.
Ann Arbor 1st g 4s
Atch Top A S Fe—Gen g 4s
Registered
75
66
95
6s deferred Brown Bros ctfs..
1st gold 5s
Bait A Ohio prior 3Ms
63
73
73
"76" *72%
44
90
Highway Improvt 4Ms.. 1963
Highway Improv't 4Mb—1965
Virginia funded debt 2-3S...1991
June'19
72% Mar'21
Sale
|
I960.J
Jan'21
69
1
Sale
102
Canal Improvement 4s
~
Sale
M N
1901 M
.
85
80%
*65" *65 "
30
76
1961 J
Atl Coast L 1st gold 4s
10-year secured 7s
....1947 J
1946 J
85
•
81
—.
...
96
83
73
61%
*73% *78~"
58
120
Jan'21
-T
74%
72% "80
93%
Mar'17
65
32
J
U S Mtg A Tr Co ctfs of dep
94
81
S
1930 A O
1937 M N
249
75%
84
88%
1958 /VI
Chic Ind A Sou 50-yr 4s
1950 J
Chic L S A East 1st 4Mb—I960 J
75%
76
86
88%
1927 M N
87%
89%
319
7334
75%
80%
8234
6334 July'20
1927 jVI N
86
443
91
"73% "77%
73% Sale
80%
97%
83%
83
99%
"79" ~84 "
75%
80% Sale
141
82%
99
99
Jan'18
Feb'21
92
9134
78% June'20
J
4s
Refunding gold 5s
97%
North
121
99%
J
96
75% Sale
80% Sale
84
100
94
44
IVI N
Canal Improvement 4s
Registered
Adjustment gold 4s
Stamped
Extension
Registered
1967
92
8O84
97%
99
1949 J
Great
172
City Securities
City—4Mb Corp stock. 1900 IVI S
4Ms Corporate stock
1964 M S
4Mb Corporate stock
1966 A O
4 Ms Corporate stock July
See
Chic A E 111 ref A Imp 4s g._1955 J
U S Mtg A Tr Co eta. of dep
Chic
State
bonds.
91
Feb'21
100%
79%
72
8834
95%
81%
9
*81%
J
99%
86%
t These are prices on the basis of $5 to
N Y
99%
81%
79%
91%
35
Refunding 4s Series C
Sale
99
..1921 M N
85% Sale
5M8..1937 F A
Sale
A
88
1929
A
94% Sale
3-year conv 5 Ms
pl922
A
81% Sale
Italy (Kingdom of) Ser A 6Ms.'25
A t 82% Sale
Japanese Govt—£ loan 4Ms.l925
J t 82% Sale
Second series 4Ms
1925
J t 61% Sale
Sterling loan 4s
1931
MN
Sale
75
Lyons (City of) 15-yr 6s
1934
96
-1949 J
Stamped
Gt Brit A' Ireland (CJ K of)—
5-year 6M% notes
20-year gold bond
10-year conv 5Ms
93%
J
Registered
69
96% Sale
96% Sale
4Mb
Feb'21
97%
1950 J
General 4a
75%
External loan
D
J
J
J
Greenbrier Ry 1st gu g 4s. 1940 Nl N
Warm Springs V 1st g 5s. .1941 M S
Chic A Alton RR ref g 3s
1949 A O
39
99%
40%
S
1992 M
1992 M
02
89
85%
Dec'20
81
97
1939 M N
91
93
82
81
95
99
89%
99%
95%
84
Dec'20
80%
J
89
76
74
'
N Y A Long Br gen g 4s...1941 M S
Chesa A O fund A impt 5s
1929 J
J
1st consol gold 5s
1939 M N
83%
High
9978 10134
88%
2
10
90
93
J
Craig Valley 1st g 5s
1940 J
Potts Creek Br 1st 4s
1946 J
R A A Div 1st con g 4s_„1989 J
2d consol gold 4s
1989 J
66
Low
May'18
97% June'17
83
J
Railway 1st lien 3 Ms
Chic Burl A Quln—-
82
....
90
83%
83%
J
Registered
—ft 1987 Q
Am Dock A Imp gu 5s
1921 J
Illinois Dlv 3Ms—
Illinois Div 4s
99
J
1946 J
N
J
99
92
J
71%
66%
90%
99
65
D
62
97%
91%
Sale
86
Sale
86
..
Coal River Ry 1st gu 4s_„1945
70
Sale
85%
No.
88%
85%
Registered
S
20-year convertible 4MB—1930 F A
30-year conv secured 5s
1946 A O
Big Sandy 1st 4s
1944 J D
Apr'20
99% Sale
84
102% 103%
Feb'21
99
88%
83%
General gold 4Mb
Mar'19
93
91
83
Cent RR A B of Ga coll g 5s. 1937 ivi
Cent of N J gen gold 5s
1987 J
89% Sate
O
89
104"" 104*'
July* 18
95%
A
101
1947 J
Mid Ga A Atl Dlv 5s
Mobile Dlv 1st g 5s
Registered
2j
101
87% Mar'20
69%
95%
89%
91%
Mar'21
1945 M N
99% 8aie
Sale
89
a!
Cnrlstlania (City) s f 8s
yr s
94
93%
A
2-yr 5Ms gold notes Aug. 1921
10-year 5Mb
1929
Chile (Republite) ext.sf 8s.. 1941
Chines (Hukuang Ry) 5s of 1911
Copenhagen 25
97% Sale
93% 94%
Oi
o1
—.1931
do
Sale
95% Sale
D
8%
20-year
80'2
....
Jan 1925
...1941 f""a
Berne (City of) i f 8s
..1945 M N'
Bergen (Norway) s f 8s
1945 M N
Bordeaux (City of) 15 yr 68.1934 MN,
6-year
103%
98%
99
1961 Q M
—-
104
101%
74
Chatt Div pur money g 4s. 1951 J
Mac A Nor Div 1st g 5s..1946 J
100% June'20
104
Pan Canal 10-30-yr 2s reg._.1938 Q N
Panama Canal 3s g
1961 Q M
Registered
97.30
100% 100
*
1925
*1930
coupon
Pan Canal 10-30-yr 2s
85.56
O
High
101
74
10-yr temp secur 6s June..1929
90.33 3897 88.00 9L.14
Sale
73%
95.09 100
158 85.34 88.80
83.96
87.03 6900 85.30 83.40
D
D
Consol gold 5s
97.24 Sale
97.30 Sale
A
4M% of 1933 1938
Victory Liberty Loan—
s f 7s. .1940 J
Car Clinch A Ohio 1st 30-yr 58.38 J
Central of Ga lBt gold 5s.—pl945 F
85.40 88 60
Third
Ask Low
Bid
Canadian North deb
First Liberty Loan'—
Since
Nov'20
.
61
Sale
60
61
20
54
61%
Apr
22
Sale
22
22
4
21
20
A
O
81% Sale
83%
84%'
5
83
84%
F
A
89
80
81%
6
79%
84
M N
73
73%
74
7
72
75%
94%
94%
2
93
94%
70%
72
7
59%
72%
J
D
A
Sale
73%
94% Sale
|
I
O
J
J
IDueMay. aDueJune. ftDue July. *Due Aug. oDue Oct. pDue
'
Nov. $Due Dec. xOptipn sale.
New York BOND Record—Continued—Page 2
3*5
Week ending March 11
Del Lack A Western—
Morris A Essex 1st gu 3>$82000 J
1923 F
Term A Improve 4s
conv
Ask Low
95
95
91
Feb'21
91
91
91
102%
A
O
D
102
72%
7212
J
J
63% Sale
63
J
67
ibo
104
6 734
A
O
58
d
48
Det Riv Tun Ter Tun 43^8.-1961 m n
Dul Missabe A Nor gen 5s...1941 J
J
Dul A Iron Range 1st 5s
1937 a o
75
1937 a
J
Elgin Joliet A East 1st g 5a. .1941 wl n
Erie 1st consol gold 7s
1920 M S
76
NYLEAWlstgfd 7s
Erie 1st cons g 4s prior
J
~72~% ~73~"
1953 A
O
1982 m N
Sale
,77%
175%
Cleve A Mahon Vail g 5s__1938 j
Erie A Jersey 1st s f 6s
1955 j
j
Genesaee River 1st
j
O
98
NY Susq A Wist ref 58—1937 j
Ev A Ind 1st
cons gu g
6s
1942 a
O
Mt Vernon 1st gold 6s.__1923 a
O
1st general gold 5s
Bull Co Branch 1st g 5s
Florida E Coast 1st 4 ^ s
1930
1959
Fort St U D Co 1st g 4^8—1941
Ft Worth A Rio Gr 1st g 4s__1928
Galv Hous A Hend 1st 5s
a
O
j
D
65
j
j
J
1933 a
O
Grand Trunk of Can deb 7s. .1940 a
Great Nor C B A Q coll 4s
1921 j
O
Registered
53%
53%
75%
j
72
Sale
E Minn Not Div 1st g
Minn Union 1st g 6s.
Mont C 1st gu g 6s
Registered
1st guar gold 5s
Jan'17
75%
...
97%
8134
82
95
Feb'21
95%
80
"8134 "84 "
102
101% 102
Sept'20
88%
88%
87%
Feb 21
75
Feb'21
75
99
Mar'21
92
"
99
....
81
" "82%
75
99%
90% 103
102% Mar'21
136% May'06
94% Jan'21
95
91
93
90
Jan'21
90
69
70
Feb'21
65
7
7%
7
Sale
68%
Illinois Central 1st gold 4s...1951
J
82
83%
~73 " III
90
71
6934
76
76
84
82
83%
"70"" III
7034
s
*70%
71%
80
Collateral trust gold 4s....1952
s
68
72
75
Sale
71% Mar 21
95% Sept'19
75
75%
71
71
..1952
o
1955 M N
J
..1952 J
1953 M N
1953 M N
L N O A Texas gold 4s
Registered
15-year secured 5^s
1934 J
Cairo Bridge gold 4s......1950 J
J
65
71
68%
Sale
73%
58%
J
A
A
1951 F
St Louis Div A Term g 3s__1951 J
Gold 3Hs
1951 J
Spring! Div 1st
g
65%
J
60
A
67%
D
Carb A Shaw 1st gold 4s
S
1932 M S
Chic St L A N O gold 5s—1951 J D
...
92%
73%
6"4"% "68" "
...
71%
71%
73
Gold
1951 J
D
Joint 1st ref 5s Series A.1963 J
D
82%
Mempb Div 1st g 4s
J
D
70
J
D
87
91%
65% July' 18
3^8
1951
Registered
1951
St Louis Sou 1st gu g 4s
1931
Ind HI A Iowa 1st g 4s
1950
Int A Great Nor 1st g ext 7s..1922
M S
J
>1
M N
James Frank A Clear 1st 4s..1959 J
Kansas City Sou lBt gold 3s. .1950 A
Registered
Ref A impt 5s
1950 A
Apr 1950 J
Kansas City Term 1st 4s
Lake Erie A West 1st g 5s
2d gold 5s
1960
1937
1941
1945
J
D
O
84%
74%
.
.
89%
73%
74%
67%
Mar'21
87
73
7o34
-
7534
75" "75"
"l3
76%
90%
74
74% Mar'21
73%
88%
Mar'21
108
54
75%
56%
Oct'09
73
74%
'"24
73
" ~75*%
54%
J
J
7034 Sale
70%
71%
37
70%
74
J
J
7934
80
81%
16
79
82
J
J
65%
04
05
A
84%
84%
84
1940 J
80%
69
J
...
64
Feb'21
65
50
J
Registered
79ig
78
54% Sale
O
North Ohio 1st guar g 5s
36
Nov'17
75
90
"73" ~73%
Leh Val N Y 1st gu g 4^8...1940 J
Aug'19
84%
78
Jan'21
No prioe Friday;! atest bid and asked this week,
72
72
86
86
87%
81%
65%
81%
80%
81%
66
65%
71%
76%
99% Sale
91
80%
84
68%
Feb'05
90
Jan'21
90
68
5 Due Feb.
#
90
99"
97% May'10
99%
99%
94% Jan'21
82% Jan'21
99%
94t|
82%
68
91
82%
68
6584
...
77"
Mar'10
75
Nov'10
95
Pacific Ext 1st g 6s
1921 a O
90
1st consol
1934 M N
70%
72%
40
Sale
67%
1949 ivi S
40
41
40
45
40
43
43
45
43
48
42
gold 5s
1st A refunding gold 4s
1951 M
cons
5s
1938
.
1st Chic Term s f 4s
"
Mar'20
91
Sept'20
73
70
Feb'21
4134
4IS4
40
68
69
68
68
68
S
40
Sale
40
41
40
44
7834 Sale
7834
79
78%
84%
83
92%
90
Jan'21
90
91
85
Dec'20
89
" _90"
8834
Feb'21
41
..
42
1941 M N
71%
88%
90%
95
Dec'16
57
Sale
57
57
61%
36
Mississippi Central 1st 5s
1949jj
Mo Kan A Tex—1st gold 4s..1990, J D
2d gold 4s
<71990 F A
Trust Co ctfs of deposit
•
1st ext gold 5s
1944 M N
Sale
36
30
42
36
40
25
30
50%
55
*70%
-
-
-
-
24
deposit...
Gen sinking fund 4Hs
1936 J
Trust Co certfs of deposit...
J
St Louis Div 1st ref 4s
O
«
35
30
Jan'21
53
53
53%
54
Jan'21
40
39
Mar'21
39
Trust Co certfs of
36
50%
..2004 M S
38%
5884
38%
Feb'21
24
.
2001 A
July'20
99
D
M S S M A A 1st g 4s int gu'26 J
1st A refunding 4s
99
F
M St P AS 8 M con g 4s int gu'38 J
1st
99
95
33
Jan'21
26%
26%
43
40
Jan'21
40
"
40
51%
Jan'21
51%
57
-
-
-
39
•
-
-
-
53
54
54
30%
39
33
33
Dec'20
5% secured notes "ext"... 1916,
Dall A Waco 1st gu g 5S...1940 M N
Kan City A Pac 1st g 4s...1990 F
Mo K A E 1st gu g 5s
1942 A O
36%
48
42
Dec'20
M K A Okla 1st guar 5s...1942 IVI N
06%
69
Feb'21
M K A T of T 1st gu g 5s..1942 M
60
62
02%
Oct'20
32
30
Jan'21
50
37
Oct'20
..
59%
56
Sher Sh A So 1st gu g 5s...1942 J
Texas A Okla 1st gu g 5S..19431M
Missouri Pacific (reorg Co)—
1st A
4s
1975 IVI
-
-
m
57
77
78
Sale
A
83
S
52
84%
Sale
IVI
1948
Montgomery Div 1st
g
58-1947
A
1927 F
St Louis Div 5s
79%
85
102
70
Sale
66
Sale
80
90
69
69%
80%
90
57
90%
63
77%
78
77%
Sale
90
"77"
85"
76
763g
73%
94
93%
7638
94%
99%
98
99%
23
23
25
27
33
70%
77
77
17
Dec'20
34%
Dec'20
93% 94
62% Sale
94
94
62
62%
87% Sale
Sale
58
93%
64
101
27
87%
101
Mar'21
Feb'21
89
101%
70
3,
5!
52
1998
68
69
77%
78
67
67%
/l
Jan'21
.—l
7738
66% June'20
18,
76%
75
6034
104
May'10
'73
June'20
56%
80%
Sept.
76
tf Due Oct.
•
67
72%
82
66%
69%
67%
80%
67%
74%
76%
64%
"59" "68"
Feb'20
60
Option sale.
..4
62
81%
81%
95«4 Nov'16
5S..1938 J
o Due
18
81%
G R 1st gu g
6478
72%
59%
Feb'21
49
95
57%
76%
61
62
68%
78%
ft Due July,
22
Feb'21
52% May'20
61%
61%
67%
90
87% 92%
94i 10078 103%
2013
67%
61%
273
Ref A Impt 44£s "A"
5s..1942! J
90
62
Dec'20
7034
20
90
Feb'21
23
Sale
66"" "71%
90
62
63%
Due June,
90%
"e"9% "73%
94" "160"
100
70«4
A
78%
Sept'20
99%
99%
23
30
67%
87
71
75%
A
70%
Oct'17
64
A
"74"
July'14
68%
63%
1997
Registered
1997
Debenture gold 4s........ 1934
Registered
1934
30-year deb 4s.
1942
Lake Shore coll g 3^8
1998
Registered
1998
Mich Cent coll gold 3H8..1998
Registered
1998
Battle Cr A Stur 1st gu 3S-1989
Beech Creek 1st gu g 4s—1936
Registered
1938
2d guar gold 5s..
1936
Registered
1936
Beech Cr Ext 1st g 3)^8-61951
Cart A Ad 1st gu g 4s—^..1981
87
56%
83%
85
66
99%
1951
1930
92%
52
Aug'20
86
100
30
1935
80
72%
77%
25%
1925
78%
803g
85%
136
Mar'2l
94
Non-cum income 5s A
30
June'19
76
1923
4MS.1957
"30"
|20
69
Oct'18
77%
1931
Guaranteed general 4s
1977
Nat of Mex prior lien 4>$s__.1920
54
68
5s—1928
Jasper Branch 1st g 6s
52
74
84
S
Feb'21
77%
79%
D
*
M
90%
86
58
"55
Feb'21
89
60
M N
1929
Registered
.....1929
Riv A G Div 1st g 4s
1933
Verdi V I A W 1st g 5s
1926 IVI N
Mob A Ohio new gold 6s
1927 IVI s
*
1st ext gold 6s
Til 927 J D
General gold 4s.
1938 Q J
78%
57
57
65%
S
1938
57
58
1945 M N
Pac R of Mo 1st ext g 4s...l938 J
2d extended gold 5s
1938 F
Nashv Chatt A St List
m
89
A..1905 F A
refunding 5s Ser C..1926 F
Goub A Oswe 1st gu g
Sept'19
a Due Jan.
Aug'20
Jan'21
86
*93"
Ka
•
72
Mortgage 3Hs
Feb'21
65
7-5%
J
7534 Sale
O
J
87
71
55
73%
New York Cent A Hud River—
Oct'20
85
52
Consol 4s Series A
Mar'19
88
9914
69%
D
10-year coll tr 7s
91% Mar'21
8834
D
100%
Feb'21
53%
54%
71% Feb'21
95% Nov'19
D
N Y Cent RR conv deb 6s... 1935
Nov'10
117% May'10
1951 J
88
101%
N O Tex A Mexico 1st 6s
Feb'21
Registered
87
99
Dec'20
87%
..
1977 M S
1st consol 4s
Dec'20
104%
Jan'21
NO A N'Elst ref A impt 4^sA '52
New Orleans Term 1st 4s
1953
Dec'20
102%
1927 J
s
Nat Rys of Mex pr lien
"l
58% Sept'20
92
I
70
8"9%
92
f g 5s..1925 J
Midland Term—1st
Minn St Louis 1st 7s
St L A Cairo guar g 4s
"33
June'16
71%
...
Vo
68%
0934
72%
80% Nov'16
A
1923 J
Registered
Bellev A Car 1st 6s
66
69
...
69
73t4
"7
Jan'21
58%
62?
58%
1951 J
1951 F
1951 F
3J^s
Western Lines 1st g 4s
~54% "57"
J
'74% "77%
Dec'20
92
66
67
4!
74
Dec'20
9034
73%
102
J
71
68
....
7034
Feb'21
58
63%
Omaha Div 1st gold 3s
69
70%
72
91% Sale
J
D
Litchfield Div 1st gold 3s. .1951 J
Louisv Div A Term g 3^8.1953 J
Middle Div reg 6s
1921 F
Dec'20
103%
78
90
91
Mar'21
Feb'20
104
..
*88 " IIII
Unified A ref gold 4s
July'09
84%
78
65%
1936 F
50-yr 5s
8O84
95
St L Ir M A S gen con g 58.1931
Gen con stamp gu g 5s..l93i
O
Registered
cons gu
General
Nov* 15
O
1st refunding 4s
72
j
N A C Bdge gen gu 4^8
1945 J
Pensac A Atl 1st gu g 0S...1921 F
3d 7s extended at 4%
Cent Br U P 1st g 4s.
Jan'21
84
1951
Purchased lines 3Hs
85%
81%
Missouri Pac 40 year 4s
Sept,217
1951
Registered
1st gold 3s sterling
O
L A N A M A M 1st g 4^8-1945 M S
7034
1st A refunding 5s Ser B.al923 F
8
69
82
1951
Extended 1st gold 3)^8
j
98%
69%
N Fla A S 1st gu g 5S
90
81%
71%
87%
M952 Q
1937 F
" "9l"
90
Feb'21
100%
~5234 "53%
d
Registered
68
88
S
1931 m S
1952 j
78
100
77
1946 j
LAN South M joint 4s
76%
7684
63%
99
90
72
Hender Bdge 1st s f g 6s
Kentucky Central gold 4s. 1987 j
Lex A East'lst 50-yr 5s gu.1965 a
81%
90 |
103
100
Atl Knox A Nor 1st g 5s
1st A refunding 5s Ser
70
•
68'4
Jan'21
92
J
94%
Nov'20
84
79
"90"
6834 Feb'21
73%
74
73% June'18
73% Oct'18
69
...
J
J
9734
82%
Mar'20
67%
75%
1951
1951
163
102%
99
Sept'19
J
gold 3^8
Registered
5
95%
83
A
1st
17
101
80
O
1951
62%
98
226
82
J
Registered
*6134 "6134
120% May* 16
81
73% Sale*!
A
"75" "76"%
June'16
84
88'4
94"
Aug'10
96
1955
Sale
S
1955 m n
Refunding gold 4s
Feb'21
92
83
Hocking Val 1st
Col A H V 1st ext g 4s
Col A Tol 1st ext 4s
St Louis Div 1st gold 6s
1921 m
2d gold 3s
...1980 ivi
Iowa Central 1st gold 5S..1938 J
97%
Houston Belt A Term 1st 5s. 1937
103
Atl Knoxv A Cin Div 4s
Nov' 11
89%
92
1999 J
81%
"52" "53"
99
Registered
Sale
A
Sept'20
60
1948
;i
75
J
90
1946 f
June* 12
74
J
90
8734
95
66
4^s._1999
92
81% Sale|
*78%
92%
67
Feb
cons g
81%
Feb'21
6134
6134
6134
63
63%
70
Mar'21
101
Sale
101
102%
97% Sale
97%
9734
7
Feb'21
99
108
Feb
Gulf A 8 I 1st ref A t g 5s. .61952 J
J
Green Bay A W Deb ctfs "A"
Debenture ctfs "B"
Feb'21
99% Nov'20
j
...
D
D
Dec'19
68
j
Stamped guaranteed
"50" "50"
60
10134
j
Nov'20
67%
1931 m N
...
...1937 j
...1937 j
Will A 8 F 1st gold 5s
1938 J
87
86
1930 j
1930 j
...
85
4s. .1948 a
1922 j
1937 j
j
1931 m N
1930 m n
Ref A ext 50-yr 6s Ser A... 1962 Q
Des M A Ft D 1st gu 4s...1935 J
99
Pacific ext guar 4s £
j
53
23%
91%
99
88
66%
..
L Cin A Lex gold 4^s
Gen
Nov'19
53
1933 j
d
1940 j
1940 j
10 year secured 7s
66%
Jan'll
76»4
Jan'21
Registered
1937 j
1937 j
1940 j
gold 4s
66%
..
Feb'21
10134 10234 102
1933 j
Unified
60
75%
Dec'06
1933 j
Registered
82
50
1st consol g 6s
Registered
82
60%
95
Feb'21
~84 " "!
Mont ext 1st gold 4s
O
NY A R B 1st gold 5s
1927 M S
Nor Sh B 1st con g gu 5s.al932 q
j
Louisiana A Ark 1st g 5s
1927 M S
Louisville A Nashv gen 6s
1930 j d
Gold 5s
1937 m N
Dec'20
60%
66
"65%
72%
S
34
1933 j
Reduced to gold 4^8.-.1933 j
s
1936 m n
"81" ~83
Registered
63%
69%
1949 m
1949 m
66% Mar'21
Mex Internal 1st cons g 4s...1977 M S
Q-j
1961 j
1961 j
St Paul M A Man 4s
66%
66%
61
Manila RR—Sou lines 4s
ftl921
1st A ref 4 bia Series A
91%
65
Oct'06
61
66%
Jan'18
72
92%
84%
75
91
66
1926 j
j
73
Feb'21
67%
S
82
6s
Feb'2l
91%
99%
1963 A
1945 M
"52"
77
1921 j
cons
May'20
73
81%
46
53
79
60
36
71%
" "91 "
91%
SAN Ala cons gu g 5s
60%
93%
68
La A Jef Bdge Co gu g 4s
~5~8~%
99%
9284
Oct'13
91
"76" "76"
62
95%
92%
9234
71%
100%
58%
A
1942 J
"88"
Jan'18
85
A
Wllk A East 1st gu g 5s
81%
81%
Feb'21
77
70%
1937 f
O
39%
45%
7634
Dec'20
iFeb'21
76
..1940 F
1940 a
40
36%
37%
37%
41%
78%
Jan'17
82
103
76
5s.. 1943 m N
General gold 5s
Terminal 1st gold
Mid of N J 1st ext 58
Evans A T H 1st
j
36
97%
97%
Jan'21
~98" "98"
98
_.
1922 m N
1943 j
j
1946 wi N
"39% "45"
"72% "72%
38
7734
106%
81%
82%
146
Feb'21
37%
807g
j 1
41%
36%
79
55%
83
Mar'12
Jan'21
....
*60%
2d gold 6s
Paducah A Mem Div 4s
52
76
76%
71%
N O A M 1st gold 6s
33
High
68«4
75
1934 j d
1937 m n
Registered
"99" "99"%
June'16
36
80
a
7734
Oct'20
73%
36% Sale
3838 Sale
1953 A
53%
,
Collateral trust gold 5s
Jan'20
58%
39%
j
1957 j
75
June'20
52
73
36
2d gold 4Mb
75
70%
N Y B A M B 1st con g 58.1935 A
91% Sept'20
39% Sale
a
1935
54
98% Aug'19
O
__
47%
Dec'16
Low
"84" ~89~% *91"
1932 j d
1949 m S
Registered
99
52% Sale
1953 A
6s.
50%
4s
Guar refunding gold 4s
Nov'20
80
Penn coll trust gold 4s. .1951 f
cur gu
66
99
92%
50-year
Dock A Impt 1st ext 5s
N Y A Green L gu g 5s
62
Gold
20-year p m deb 5s
9434 Nov'15
j
1996 j
Coal A RR 1st
63%
93
1st consol gen lien g 4s_.1996 j
Long Dock consol g 6s
Dec'20
73
Oct'20
j
f 6s
73
Apr'll
o
1996 j
s
Unified gold 4s
Debenture gold 5s
d
a
1996 J
Chic A Erie 1st gold 5s
48
"83"" "83"
1920 M S
conv 4s Series D
40
"87% ~88%
70%
1928 j
15
Feb "21
99
91
Gen1
43
92
98%
5th ext gold 4s
4634
83
8834
1923 IV!
42%
93% Dec'20
88% Mar'21
105% Mar'08
87%
1947 m n
59,
Feb'21
22
1945 M S
72
71
No.
81%
Nov'20
105
1945 M S
Registered
46
75
1933 j
Leh A N Y 1st guar g 4s
66%
67%
63
~76 ~ ~85~
3rd ext gold 43^a
4th ext gold 5s
1
93%
j
Long Isld 1st cons gold 5s__hl931 q j
1st consol gold 4s
A1931 q j
General gold 4s
1938 j d
Ferry gold 4Kb
1922 m s
"34 >>3_ " "66"
High
Feb 21
j
34
82
9234
N Y A Erie 1st ext g 4s
S
67%
50%
63
....
o
1937 J
do Series B
73%
62%
50% Sale
d
4s Ser A
104%
71
29%
63
Mtge. A coll trust 4s A..1949
conv
102
2
61%
Det A Mack—1st lien g 4s...1995
Gold 4s
1995
Registered
5
73
10
62%
4234
8
J
84
_J
43
J
80%
97%
91
j
Since
Jan. 1
76%
92%
113
9734
ValCoalColstgug5s__1933 j
Registered
1933 j
.
103
44%
1940
81
Range
or
71
70
81% Sale
9184 9984
O
Leh
96%
77
Week's
Range
Last Sale
Ask Low
69%
O
70
69%
44% Sale
Rio Gr West 1st gold 4s—1939
16
1941 a
1941 a
10-yr coll 6s__nl928
1st int reduced to 4s
96%
9
73%
Dec'20,
63%
68%
41%
D
J
Registered
8034
67*4
99
D
1920
79
Sale| 102
A O
M N
1940
Registered
Leh V Term Ry 1st gu g 5s
Registered
Feb'21
78%
2003 m N
2003 m n
General cons 4>$s
Feb'08
96%
78%
80%
Lehigh Val (Pa) cons g 4a
Leh Val RR
1939
Dul Sou Shore A Atl g 6s
Bid
70%
Feb 21
68
Price
High
67%
95
70
Guaranteed
1
68
8084 Sale
Rio Gr June 1st gu 5s
Rio Gr Sou 1st gold 4s
High
NoJ Low
96
96%
Improvement gold 5s
1928
1st A refunding 5s
1955
Trust Co certifa of deposit
March 11
70
7734
J
Friday
Week ending March 11
1
93%
J
10-year secured 7s
1930
Alb A Susq conv 3)^8
1946
Benss A Saratoga 1st 7s
1921
Den A R Gr—1st cons g 4s. .1936
Consol gold 4^8
1936
N. Y. STOCK EXCHANGE
.
68
1935 A
5s
BONDS
Since
Jan
A
1943 M N
1922 J
equip g 43^8
1st A rel 4s.
Range
Range or
D
1923 MN
Warren 1st re! gu g 3j$s.__2000 F
Delaware A Hudson—
30-year
Week's
Last Sale
Bid
N Y Lack A W 58
1st lien
Price
Friday
March 11
*
BONDS
N. Y. STOCK EXCHANGE
1009
81%
1010
New York BOND
Record—Continued—Page
BONDS
Price
Week's
Range
BONDS
N. Y. STOCK EXCHANGE
Week ending March 11
Friday
March 11
Range or
Last Sale
Since
N. Y, STOCK
EXCHANGE
Jan. 1
Week ending March 11
N Y Cent 4HBRR
(Con)—
Ask'Low
Bid
Lake Shore gold 3Hs.__._1997 J
D
Debenture gold 4a
83
1928 M
25-year gold 4a
1931 M N
Registered
J
S
88is
1940 J
3Hs
J
1940* J
Registered
72*4
2d gold 6s..
Utica A Blk Riv gu g
Pitts A L Erie 2d g 5s
O
78
79
Nov'19
66
71
Feb'21
76*4
77%
79%
7012
70%
70%
16
79
77%
Nov' 17
70%
70
:
113
98
J
60
J
1950 J
J
72
1928 J
J
86*4 Sale
64% Sale
60
97*% "93"
71% Nov'20
Feb'21
55%
55%
65
50
50
50
93
93
76
101
Jan'21
4s...1922; J
al928! A
O
82
98%
Jan'09
91%
Sale
69
68
69
A..1953jF A
"77*4
24
Feb'21
Feb'19
67% June'20
77%
78%
Bale
24
69
74%
68'
73
77%
46
Feb'21
Non-conv deben 3Hs
1947 M
8
40
46
8ept'20
1954 A
O
38
40
1955 J
J
Non-conv deben 4s
1956 IVI N
Conv debenture 3H8-....1956 J
J
Conv debenture 6s
1948 J
J
Cons Ry non-conv 4s
.1930 F A
40
42
41
41
50
40%
40%
40
42
40
49%
40
40%
40%
39%
45
65
63
72%
1947 JW
S
48
50
50
46
45
Oct'17
'
Non-conv deben 4a
1955, J
Non-conv deben 4s
1956 J
J
60
July'18
J
49
Oct'19
Harlem R-Pt Ches 1st 4s__1954 IVI N
66
B & N Y Air Line 1st 4s...1055 F A
Cent New Eng 1st gu 4s...1961 J
J
Housatonic Ry cons R 5s.. 1937 M N
52%
Naugatuck RR 1st 4s
1954 IVI N
N Y Prov A Boston 4s
1942 A O
N Y W'chcs A B 1st Ser 14Hs '46
J
60
70%) 68%
65
70
30%
Boston Terminal 1st 4a
1939
1945
J
1
60
Providence Secur deb 4a. ..1957 M N
Providence Term 1st 4s...1956 IVI 8
68%
30
69
52~" *53"
35%
"43
4s
W A Con East 1st 4Hs
O
1943 J
.01992 m a
Registered 35,000 only...01992 M S
General 4a
1955 1
D
Norfolk 8ou 1st & ref A 68...1961 F A
Norfolk A Sou 1st gold 5a
1941 M N
Norf A West gen gold 6s
1931 IVI N
Improvement A
ext g 6a...1934 F
New River 1st gold 6s
1932 A
N A W Ry 1st cons g 4a...1996 A
Registered
1996 A
DIv'l 1st lien & gen
g 4s.l944
08%
101% 104% 101%
122
103
Pacific
prior
way A land grant g 4s
lien
75%
74
J
77
96
Jan'21
96
96
96*4
100%
Dfec'19
_.
109% Sale
99
98%
77
Feb'21
75
Sale
75
A
99%
98%
105"%
75
80
77
75%
Dec'20
53%
54%
Sale
Feb'21
75
54
53%
102"
98%
Oct'20
98%
99%
J
1961 J
J
Pacific Coast Co 1st g 5s....1946 J
Paducah A Ills 1st a f 4HS---1955 J
Feb'19
69%
73
76%
63% 85
37%
105
104% 106
70
70%
70%
D
67%
J
78
g 4s...1923 IVI N
80
1948 IVI N
1960 F
A
General 4^8
1965 J
D
General
1968 J
D
A
O
F
84%
86*4
87%
78% Sale
86% Sale
101
Sale
Oct'19
Dec'16
64
1942 A
68
68
102
99% 1746
74%
1
87%
"76%
93%
101
105%
98% 100%
81
81%
....
99
5
99
2
67
84%
77
80
80%
72%
74
...
N
88%
88%
90
90
69
68%
68
67
70%
Pitts Y A Ash 1st cons 5s..1927 M N
Tol W V A O gu 4Hs A...1931 J
J
1933 J
70%
80
...
81%
67
..
85
..
80%
72%
83%
72%
82
J
..
80
1942 M S
69
88%
88%
P C C A St L gu 4Ha A...1940 A O
Series B guar
1942 A O
Series C guar
1942 M N
Series D 4s guar
1945 M N
Series E 3Hs guar gold..1949 F A
Series F guar 4s gold
1953 J
D
Series G 4s guar
1957 M N
Series I cons guar 4HS..1963 F A
General 5s Series A
1970 J D
C St L A P 1st cons g 58...1932 A O
Phlla Bait A W 1st g 4b...1943 M N
No price Friday; latest bid and asked,
._
85%
85%
85%
85*4
85
79%
75%
79%
80%
79%
80% Sale
95%
85%
a
Dec'12
6*7*" "67*"
80%
Mar'10
Oct'20
88% Sept'17
85%
85%
84%
Feb'20
85
Oct'20
Feb'21
96%
Due Jan.
75
78%
69
76
83%
90
Oct'20
58
*125 "57" "61%
58%
58%
82*4
83%
83
Feb'21
80
67
71%
82%
82%
58%
2
57%
59*4
86
88%
89%
88%
63
65
66
40
62
62
81% Mar'16
67% Feb'21
89%
87% Sale
88%
87%
*87% "92%
66
64
70
67"" ~67%
Feb'21
Feb'21
88%
84%
87%
89%
89%
89%
59
55
Feb'21
55
55
99
98
96%
96%
99
96%
..1922
J
98
1925
Mob A BIr prior Hen g 5s. .1945
J
94
J
75%
75%
Apr'20
82%
Oct'20
Mar'21
d Due Feb.
J
O
1948 M N
Virginia Mid Ser D A-5S...1921 IVI
s
.1926 IVI
General 5s
Mar'21
96% Jan'21
80% May'20
75%
55
65
65
64%
60
Feb'20
98%
88%
Dec'20
90
Jan'21
Jan'21
87%
50
•
s
1926 IVI
5s.__._
87%
_
Mortgage gold 4s
1945
Rich A Dan deb 5s stmpd.1927 A
Rich A Meek 1st g 5s
s
...1936 IVI N
"88%::::
88%
86%
Aug'19
87% Nov'20
Jan'21
98%
98%
90
90
88
89
89
89
82
83
81%
Feb'21
1958
Va A So' w'n 1st gu 5s
63%
64%
65
Feb'21
81%
60%
85% Mar'21
85%
81%
66
85%
2003 J
1st cons 50-year 5s
W O A W 1st cy gu 4s
J
1924
86
1955
71
70
Oct'20
Term Assn of St L 1st g 4HS-1939
1st com gold 5s
1894-1944
85
85
Jan'2l
83%
8334
83*4
67
70
70%
81
July'20
Spokane Internet 1st
s
g
5s
f g 4s
1953
78
6912
81*4 108
78
2000
02000 Mar
1931 J
J
79%
50
65%
Tol A Ohio Cent 1st gu 5s...1935
79
50
72
55
85
" "85"
83%
68%
77
81*4
50
79
Mar'21
85%
72
50
65% Dec'20
106% Nov'04
89
90
89
Feb'21
88
Western Dlv 1st g 5s
1935
79%
85
75
Feb'21
75
75
1935
1990
1927
1917
63
75
65%
Jan'21
65%
67%
80%
70
89
69
Feb'21
69
65%
69%
84
Dec'20
34
36
Feb'19
80%
81%
48*4
15%
Feb'21
2d 20-year 5s
50-year
gold 4s
26
3HS.1925
1950
48*4
15%
1917
Coll trust 4s g Ser A
80* *80%
1952
1947
Registered
1947
20-year conv 4s
1927
1st A refunding 4s
02008
10-year perm secured 6s__1928
25
80%
80
"87"
" ~8(j"
0 Due June
D
63
70
75
81
O
44
52
80% Sale
80%
J
J
83% Sale
1922
1946
J
Guar refund 4s
1929
D
Utah A Nor gold 5s
1st extended 4s
1926
75
80%
92
"24
77
39j
99
9934
42
78
10
98*8
98%
91
91
J
81%
89
1955
77
76%
Consols 4s Series B
1957 MN
J
4*8—1934 J
1926 M N
73%
V Due Nov.
24
81%
f
11
Mar'21
78%
79%
89% Mar'21
72%
24
81% Sale
"69%
77
*32
79%
84%
78
Jan'21
74%
J
Oct.
69%
78
A
• Due
69%
Feb'21
74% Sale!
99% Sale
79
53
15%
Sept'20
83%
1933
Vers Crux A P 1st gu
* Due Aug.
15
83%
78% Sale
89*4 95
Virginian 1st 5s series A.
45%
90
A
5s
49
Nov'20
98% Sale
J
D
90%
Oct'20
78
M S
J
69%
75%
78
J
Ore RR A Nav con g 4s...1948
h Due July.
15
D
4s...*1946
1928
VandaUa cons g 4s Ser A
49*4
15
Ulster A Del 1st com g 5s
1st consol g
76% June'20
80%
6
19
50%
Ore Short Line 1st g 6s
Feb'21
80
85%
85%
Dec'20
80%
72
58
1st refunding g 4s
Union Pacific 1st g 4s
Dec'20
75%
82%
57
71
84%
88
Tor Ham A Buff 1st g
80%
Sept'20
80
"57% Sale"
Trust co ctfs of deposit
80% Mar'21
85%
84%
80% Aug'20
July'19
76%
76%
70%
83*8
84%
89
Tol P A W 1st gold 4s
Apr'20
79% May'19
86%
90%
91%
86%
Tol StLAW pr Hen g
Jan'21
82
88
85
1930
Kan A M 1st gu g 4s
Feb'12
93
83
88%
10
Apr'20
General gold 5s
Feb'21
80
86
W Min W A N W 1st gu 58.1930
75
Erie A Pitts gu g 3Ha B...1940 J
J
Series C
1940 J
J
Gr R A I ex 1st gu g
4H8..1941 J
J
Ohio Connect 1st gu 4s
1943 M S
91
96
....
81
"99%
Cons 1st gold 5s.
1956 M N
E Tenn reorg Hen g 5S....1938 Ml S
Ga Midland 1st 3s
O
1946
2nd gold income 5s
Dec'15
1948 M N
91%
1949
La Dlv B L 1st g 5s
Feb'20
1950 F
89
St L M Bridge Ter gu g 58.1930
99
Dec'20
104
95% Sept'20
90% Feb'21
90
1948
Texas A Pac 1st gold 5s
80%
72%
84%
88%
96%
90%
A
cons
Gen refund
Nov'19
80
"78" "84
99%
92*4
70%
72
83% Sale
99
Jan'20
67
99%
*84"" "84"
Jan'21!
95%
77%
98**8 *99*%
Dec'20
73%
70
79%
J
125
88
99
D
O
31
88%
81
O
3^8...1942 A O
70
106%
69% Mar'20
67%
D
N
70%
99
A
Feb'211
Mar'1.9
84
....
1994
4s
92
S
85
Feb'21
2d
86%
99
84
87%
1950
Atl A Yad 1st g guar 4s
E T Va A Ga Div g 5s
78
J
N
21
79
J
40-year guar 4a ctfs Ser E.. 1952 IVI
Cln Leb A Nor gu 4s
g
1942 M
CI A Mar 1st gu g 4H8
1935 M
CI A P gen gu 4Hs Ser A..1942 J
105
103
J
86
Dec'20
F
1921 J
90
83%
87%
Dec'20
76% Sale
Knoxv A Ohio 1st g 6s
Feb'21
Feb'20
90
Feb'21
78
Series
83
73%
88%
90
Feb'21
82%
85%
92%
82%
98%
68%
88%
83%
78%
81
81
*75% "78 "
90
19
90
Atl A Charl A L 1st A 4H8.1944
1st 30-year 5s Ser B.
1944
Atl A Danv 1st g 4s
.1948
Feb'21
80*4
99%
"1
90% 100%
71*4
75
86
86
81%
87%
80
6
40;
~87%
82
89
1994
73
95
90
91%
1937 M N
J
1937 J
69%
"75"% "79%
Jan'21
J
J
85*4
90
1943
E 5s
98*4 Sale
133;
69*j
88%
81%
Series
S
J
69% Mar'21
82% Jan'21
84
A
Guar 3Hs coll trust reg A.1937 M
Guar 3Hs coll trust 8er B.1941 F
Guar 3 Ha trust ctfs C
1942 J
Guar 3Hs trust ctfs D
1944 J
Guar 15-25-year gold 4a...1931 A
78
80
85*4
.
70%
81
A
80
70%
1951
Feb'21
78
"75" "81%
Oct'20
78%
94%
9434
72
72%
87% Sept'10
70%
77
A 5s__1943
Feb'21
86%
"94"% ~96%
78
Sale
1955
St Louis div 1st g 4s
82
101
_
65
85*4
O
gen 4s Ser A...1956
Mob A Ohio coll tr g 4s
1938
Mem Dlv 1st g 4H&-5S
1996
76%
93%
F
99%
.
43
55
Nov'25
69%
70%
_78% Safe
s94*4 Sale*?
Develop A
Jan'21
IVI
81%
1927 J
5s
cons g
Dec'20
79%
10-year secured 7s
1930
15-year secured 6Hs
1936
Alleg Val gen guar g 4s_;
1942
DR RR A B'ge 1st gu 4sg-1936
Pennsylv Co gu 1st g 4HS...1921
Southern—1st
76%
93%
...
83
1921 J
..1938 A
So Pac RR 1st ref 4s
San Fran Terml 1st 4s
68
71
95
1943 IVI N
69%
D
J
37
46
Jan'21
85*4
87
1941 J
34;
166
May'20
02
"77""
69%
57
39%
59%
80
.
72
60%
52%
32%
Dec'15
....
86%
3
12
Feb'21
83%
85%
J
98
Ga Pac Ry 1st g 6s
June'20
97
91
54%
81%
—
Jan'21
96
*56*4
54%
77%
80
83
79
""
1.1933
J
Series B 4 Ha
Series C 4s
100%
76%
Jan'20
76%
83
Int reduced to
8
75
D
Series C 3 Ha
Series D 3Hs
77
98
59
Series B
148
77
Sale
1st consol gold 4s
D
1968
Wash Cent 1st gold 4s_.L_1948 Q IVI
78
67%
a "58 " "0334
81
81%
D
6334
101
94
Registered
102
77%
50
Registered
75
70%
79
5s
Oct'20
77%
J
Consol gold 4s
Consol gold 4s
Consol 4Hs
76
75
F
F
88
69
65
69%
53%
31
37%
4734
94% Mar'21
95%
99%
101% 101%
75% 80
Feb'21
74
F
A
64
62
90%
1!
59% Mar'21
86
No of Cal guar g 5s
Jan'21
J
Registered certificates.. 1923
St Paul A Duluth 1st 5s...1931
61%
86
1937 J
Ore A Cal 1st guar g 5s
So Pac of Cal—Gu g 5s
So Pac Coast 1st gu 4s g.
Tex A N O con gold 5s
74
"53"%
46
1921 A O
6S..1930 IVI N
101% 104%
76
75
38
Sale
46
57
85
Ala Gt Sou 1st
1997
37%
37
99%
g
Louisiana West 1st, 6s
Feb'21
Nov'16
74%
o2047
Pennsylvania RR 1st
54%
Dec'20
"74"":::.
—
a2047
Ref A Imp 4Hs ser A
2047
St Paul-Duluth Div g 4s._1996
St P A N P gen gold 6s
1923
Nor Pac Term Co 1st
g 6a.
Oregon-Wash 1st A ref 4e
65
rail¬
1997
Registered
General lien gold 3s
Registered
101%
75% Sale
90
Sclo V A N E 1st gu g 4s..1989 M N
C
H A T C 1st g 5s int gu
Gen gold 4s Int guar
A A N W 1st, gu g 5s
conv 4HS---1938 M S
10-year conv 6s...
1929 M S
Poeah C A C Joint 4s... 1941 J
D
C C A T 1st guar gold 5s.. 1922 J
J
32% Sale
83%
46%
O
10-25-year
Dec'19
51
77
96
A
54
76%
51
1932 M S
53
69%
51
72
4s
66*4
Jan'13
"!
62%
88%
49%
conv
65
70
Waco A N W dlv 1st
J
63%
90
87
60
D
65
87%
57~% "57"%
J
58
61%
60%
59% Nov'20
57%
.57%
1932 J
55
44
O
3Hs___*1929
62% Mar'21
101
Q
9
55%
63
1949
51
4a
Northern
Feb'18
....
60%
O
66%
55%
98%
63%
69%
52%
32%
.01929 M S
45
conv
10-25-year
10-20-year
45
45
~58% "61%
101
65
1959 A
Mort guar gold
96
67%
82*4
82*4
61%
©1949 F
4s
95
63
64%
Jan'21
55% ' 58
2d exten 5s guar
J
1931 J
Gila V G A N 1st gu g 5s. .1924 IVI N
Hous E A W T 1st g 5s
1933 IVI N
1st guar 5b red
1933 IVI N
Sept'17
Nov'20
74%
A
Sale
65
"77"" "77"
8
95
64
82*4
Through St L 1st gu 4s. .1954
G H A S A M A P 1st 5s...1931 M N
70
J
N Y O A W rof 1st g 4s
97
Sale
64
76%
1950 A
Registered
23
93%
95
65
1st land grant ext g 5s. .1930
Consol gold 5s.
1943
Ga A Ala Ry 1st con 5s
01945
Ga Car A No 1st gu g 5s
1929
Seaboard A Roan 1st 5s... 1926
Southern Pacific Co—
Gold 4s (Cent Pac coll)
*1949 J
Registered
.*1949 J
conv
Jan'21
71%
84%
Oct'20
77
58
1st A cons 6s Series A.
1945 M S
Atl A Birm 30-yr 1st
g 4s.el933 M P
Caro Cent 1st con g 4s
1949 J
Fla Cent A Pen 1st ext 6s. .1923
20-year
20-year
67
63% Sale
conv 5s___.
.1934
Cent Pac 1st ref gu g 4s___1949
07
1945 J
Feb'21
64% Nov'20
Feb 21
52
106% May'15
87
~~
July'14
83
Aug'13
38
37% 36%
I
56%'
57
New England cons 5a
•
Mar'21
63
Sale
63
40
40
42
88
65%
1943
Refunding 4s...
88*4
64%
44%
78
1950
Gold 4s stamped......
Adjustment 5s
87
152
Mar'21
88
89*4
95%
63%
76
90
66*4
51%
98
457
82
46
60%
5s. .1947
gu g
S
A A A Pass 1st
gu g 4s
Seaboard Air Line g 4s
78*4
Non-conv deben 3Hs
Non-conv deben 4s
Consol
Gray's Pt Ter 1st
98
03
58
63% Sale
^
1932
1st terminal A
unifying 5s_1952
71%
69
69%
__
64%
44%
97
63
137
60*4
72%
87
65%
47
71%,
86% I
...
"83"
'81*4 "87 ~
Feb'21
44% Sale
88
27
61% Salei
ctfs.pl989
Consol gold 4s
95% June'20
99%
J
Registered
..2361;J
NYC Lines eq tr 5s.
1920-22 M N
Equip trust 4^8—1920-1925 1
N Y Connect 1st gu 4Hs
„
O
KCAMRAB 1st gu 58..1929 A O
St L S W 1st g 4s bond ctfs... 1989
M N
2d g 4s Income bond
Oct'20
130%
82
J
J
1996;}
K C Ft S A M cons
g 6s...l928!rA N
K C Ft S A M Ry ref
g 4s._1936 A O
Nov'16
93
O
1947 A
Southw Dlv 1st g 5s
Nov'16
103
95
M955 A
Income Series A 6s
hi 960 Oct
St Louis A San Fran
gen 6s__1931 J
J
General gold 5s...
.1931 J
J
St L A S F RR cons
g 4s
J
82
58%
Sale
78%
Dec'17
Dec'20
63
63
70
42
81*4
Jan'21
81*4 Mar'21
59% Sale
55%
70%
"81'
1951 A
J
60
Feb'21
80% Sale
86%
66
35%
81*4
77
.1943 J
1997 J
High
80
66
81*4
97%
80%
.1997 J
Cum adjust Ser A 6s
98
80
83%
82%
St Louis A San Fran
(reorg Co)—
Prior lien Ser A 4s
1950
50
Pitts McK A Y 1st gu 6a._1932 J
2d guaranteed 6s
...1934 J
West Shore 1st 4s guar
2361 J
39% Mar'21
82
50
1996 A
66
40
1940 A
Prior lien Ser B 5s
Prior lien Ser C 6s
69
No))low
Dec'20
91*4 ©ct'20
86% Sept'20
81%
82
80%
f 4s. 1937 J
s
80%
80*4
74%
May* 15
98
67
67
36*4
Dec'20
Jan'2l
High
Jan'93
102
88
Since
Jan. 1
86*4
65
Nov'20
69
71
Range
I*
or
Philippine Ry 1st 30-yr
Feb'16
94
92
98%
Week's
Range
Last Sale
Ask Low
Bid
4s.. 1936
4s
1944 M
g
Atlantic Qty guar 4s g
1951 J
St Jos A Grand Isl 1st
g 4s___1947 J
....
71%
89%
69%
71%
78%
Sunbury A Lewis 1st
Reading Co g^n gold 4s
Registered
Jersey Central coll g 4s
....
Feb'2*
85
Pennsylvania Co (Condi.)
Bod us Bay A Sou 1st
g 5S..1924
Pitts Sh A L E 1st g 5b
1st consol gold 5s
79
O
N Y N H & Hartford—
Non-con v deben 4s
....
70%
48..1937 A
Rutland 1st con g 4Hs
1941 J
Og A L Chain 1st gu 4a g.1948 J
Rut-Canada lat gu g 4s. 1949 J
St Lawr & Adlr 1st g 5s
1996 J
85
74% 8ept'20
Debenture 4a....
1931 IVI N
N J June RR guar 1st 4s._.1936 F A
N Y & Harlem g 3Hs
2000 M N
N Y & Northern 1st g 5s..1923 A O
NY& Pu 1st cons gu g -Is. 1993 A O
D
80%
66% Mar'20
78%
Pine Creek reg guar 6a
1932 J
R W A O con 1st ext 5s...51922 A
19
Price
Friday
March 11
U N J RR A Can gen
Peoria A Pekin Un 1st 6s
g.__1921 Q
2d gold 4Hs
&1921 MN
Pere Marquette 1st Ser A 58.1956 J
1st Series B 4a...
1956 J
Dec'20
~75i~s 111 1
O
Registered
86
~65* " 1111
1937 A
N Y Chic A St List g
83
93% May'20
99% Aug'17
70%
78%
,.1929 A
19
82
1952. IVI N
20-year debenture 4a
71%
66%
98% Nov'18
J
1951'M 5
High
07%
66%
84%
69
88*4
1931 M
Q M
3
Low
81%
82%
84% Nov'I9
82
82
1934 J
4s
J L & S 1st gold
1st gold 3Hs
'81*4
S
...1931
68%
83"
Sale
1991 M
Michigan Central 5s..
Registered
No.
Feb'21
1931 M N
Mob A Mai 1st gu g 4a
Mabon C'l RR lat 5a
High
68
64
S
1997 J
68
D
Registered
(
3
78
81% 84%
74% 80*j
97*4 101%
76% 78
97*4 08%
87*8 92
77% 81%
89
91
72%
72%
76%
72%
Feb'18
76%
Jan'21
Mar'21
83%
Due Dee.
23
30
24
81%
84
(Option sale.
New York : BOND Record—Concluded—Page 4
bonds
n. y. stock exchange
Week ending March 11
Price
Ask Low
...1939 f
Sale
85
1939 m n
2d gold 5s
74i4
a
Range
1939 j
j
1st lien equip s fd g 5s
1st lien 50 yr g term 4s
Det a Ch Ext 1st g 5s
1921 m
s
"97"" iiii
1954 j
j
70%
j
j
81
■
I
51%
74%
66%
Jan'21
79%
Fob'21
a
7914
o
53
1937! j
j
87
87%
1943 a
o
62
65
pl943 Nov
20
a 5s
ser
19464v!
s
1926 a
5s
g
Wheel Div 1st gold 5s
Exten a Impt gold 5s
o
1928; j
j
1930 f
66%
70%
Sale
53
53%
82%
Oct'17
83
48
rr 1st consol 4s
1949 m
s
1960 j
j
j
term 1st 4s'36 iyi n
Street Railway
Brooklyn Rapid Tran g 5s...1945 a
19%
15
19
62
Conv deb 6s series b
1926 ft/i s
Armour & Co 1st real est 4mb 1939 j d
Atlantic Fruit conv deb 7s a.1934: j
d
Atlantic Refg deb 6 mi-1931 ivi 8
Booth Fisheries deb s f 0s
1926 a o
51%
55
Braden Cop m coll tr s f
Feb'21
53%
Feb'21
70
53
85%
.u
4;
55
Jan'21
68I4
67
Sup a Dul div a
17%
60%
81%
66%
79%
56%
89%
60%
82
82
5812
Sale
673s
67
69
67%
7% secured notes...*1921 j
Certificates of deposit
Certificates of deposit stmpd..
j
40%
42
41%
42%
40%
50
39
50
40
37
47
Bk City 1st cons 5s..1916 1941 j
j
64
Dec'20
q Co a 8 con gu g 5s. ..1941 m n
Bklyn q Co a s 1st 5s
1941 j
j
Bklyn Un el 1st g 4 5s
1950
Stamped guar 4 5s
1956
Kings County e 1st g 4s..1949
Stamped guar 4s
1949
80
May'18
Stamped
53
5314
62i2
60U
62%
631s
66% June'20
63
57%
61
60
55
...„
Sale
64
Sale
18
23
58
20
66% *169
3738 1003
1634
102i
53%
247
s
3412
75
d
Metropolitan Street ry—
Bway a 7th av 1st c g 5s. .1943 j
40i2
15iz
1993 m
s
Lex Av a p f 1st gu g 5s..1993 m s
Met w 8 el (Chic) 1st g 4s. .1938 f a
mtlw Elec Ry a Lt cons g 58.1926 f a
20
56
2
56%
56%
56%
"59"
1
13
18%
48%
54%
55%
58
20
73%
Montreal Tram 1st a ref 5s.. 1941 j
j
71
Feb'21
67%
Feb'21
57
July'19
19
Certificates of deposit
18%
20
n y Rys 1st p. e a ref 4s...1942
20
o
mn
50
22
Feb'21
5
"l7%
17%
Mar'21
5
514
5i2
deposit
18%
Mar'2 j.
3%
3'
1
50
25
1928 j
conv s i 6s
d
Manufacturing and Industrial
Am Agrlc Chem 1st c 5s
1928 a
o
1924 F
A
Conv deben
5s
1931 M N
5s ser a 1947 A O
g 6s...19-44 A O
"
21%
6
5
1951 F A
Am Writ Paper s f 7-6s
J
1939 J
Baldw Loco Works 1st 5s_.__1940 M N
Cent Foundry 1st s f 6s
1931 F
Cent Leather 20-year g 5s...1925 A
Consol Tobacco g4s
.1951 F
A
O
conv
J
Undergr of London 4ms
Income 6s
45
43%
43%
3
29
28
29%
38
76
81
79
Feb'21
o
1933 j
j
United Rys Inv 5s Pitts iss._1926 (vi n
j
United Rys St l 1st g 4s
1934 j
St Louis Transit gu 5s.___1924 a o
United RRs San ft s f 4s
1927 a o
68
Equit Tr (n y) Inter ctfs
Va Ry Pow 1st a ref 5s
1934 j
j
Gas and Electric Light
j
Bklyn Edison Inc gen 5s a.. 1949 j
Bklyn Un Gas 1st cons g 5s..1945 ivi n
a
o
CIncin Gas a Elec 1st a ref 5s 1956
70
67
3678 Sale
62(2
62%
78
791
78
78
76
80
75%
76%
83%
Feb'21
85*2
8084
99%
99%
Kings Co el l a p g 5s.____1937
Purchase money 6s
1997
a
o
a
o
a
o
fW
s
Convertible deb 6s
1925
j
Ed el 111 Bkn 1st con g 4s. 1939
a
Lac Gas l of St l Ref a ext 5s '34
1927
Newark Con Gas g 5s
1948
1948
Purchase money g 4s
Ed Elec 111 1st cons g 5s
con g
1949
1995
5s..1930
Pacific g a e Co—Cal g a e—
Corp unifying a ref 5s
1937
Pacific g a e gen a ref 5s...1942
Pac Pow a Lt 1st a ref 20 yr
5s International Series
1930
Pat a Passaic g a el 5s
Peop Gas a c 1st
cons g
1949
6s..1943
Refunding gold 5s
1947
o
ivi n
NYGELAPg 58
nyaq el lap 1st
j
j
d
j
d
f
a
j
f
j
j
j
f
a
M
a
M
J
8
o
S
J
Ch g l a Coke 1st gu g 5s. 1937
J
J
Con g Co of Ch 1st gu g 5s-1936
M N
Ind Nat Gas a Oil 30 yr 58.1936
Mu Fuel Gas 1st gu g 5s..1947
Philadelphia Co
conv g 5s
Stand Gas a el conv
f 6s
s
1922
192'
M N
M N
J
D
J
U
Syracuse Lighting 1st g 5s
1951
J
Syracuse Light a Power 5s. .1954
Trenton g a el 1st g 5s
Union Elec Lt a p 1st g 6s__1932
Refunding a extension 5s. .1933
United Fuel Gas 1st
s
f 6s...1936
Utah Power a Lt 1st 5s
1944
Utica Elec l a p 1st g 5s
1950
Utiea Gas a Elec ref 5s
1957
Westchester Ltd
J
M
1949
gold 5s....1950
8
M
S
m n
J
J
f
a
J
J
J
J
J
D
*X« prloe EHdar; latest bid and asked.
33%
81%
88%
93
123
1
_3
June'19
99
99%
Apr'20
Apr'20
70
49%
50%
36
36
29
36%
26
35'.i
35%
61%
67%
76
*33
71
77
83%
83%
82%
89%
81%
86
98%
102""
89%
95%
88% Mar'21
80%
81%
80%
81
88
89%
89%
89%
88%
89%
89
89%
89
90%
Sale
94
"71% "75'
71%
91
87
"iiii
81%
82%
Feb'18
92% Dec'19
81% Sept'20
98
Sale
98
95
92
Dec'20
73
Jan'21
74
74%
74%
73%
--
80%
93
93
80%
66
Feb'21
104%
"81% *83
98%
"73" "73"
8
68%
74%
80%
Apr'17
83
,
80%
83
67%
67
84
85
84
78%
78%
78%
74%
78%
75
Feb'21
105
81%
64%
86%
86% Feb'21
78% May'20
"83 "
July'17
86%
67%
A
1952 M S
Feb 1940 F A
5s
20-year deb 6s_.
Ingersoll-Rand 1st 5s
J
1935 J
Int Agrlc Corp 1st 20-yr 5s..1932 IVI N
International Paper 5s...1947 J
Liggett & Myers Tobac 7 ...1944 A
J
1951 F
A
5s..
Lorillard Co (p) 7s
...1944
1951 F
5s
J
Standard Milling 1st 5s
1930
Steel & Tube gen s f 7s ser c.1951 J
"88% iiii
70
Sale
72
75
88%
70
68
86%
82%
"66"% iiii
78%
77
79
73%
75
72
68%
*78% iiii
38
83%
70% Nov'20
68% Mar'21
1
86
78
82
88
98%
8912
77
49
Jan'21
69%
70
70
94%
84%
93%
71%
90% Sale
4
77%
117
IIII "77"
67
75
87% 100%
70
75
73
78%
117
117
Dec'20
70" "76%
70
Feb'21
91
95
70
90%
88
93%
70
90
*89% IIII
70
70
|
93
73% Dec'18
89% Sept'20
90
Mar'21
89%
92
86
83%
84
51
72
72
72
10
80
79
Feb'21
79
79
90
Jan'21
90
90
69
Feb'21
83% Sale
69%
75
86
86%
100% Sale
85
99%
96
"72%
Sale
72
82% 83%
108
107% 108
83% 84% 83
106
106% 106
8258 ....
82%
94
90
91%
66%
69
19
85
90
60
99% 101%
Nov'18
"20
73
Feb'21
"i
108
6
83%
7
103
78
88
Feb'21
92%
91
87%
83%
85
106%
83%
9L
2
87
87
3
85
91%
93%
88%
95
61
94%
95%
87%
Nov'20
86% Nov'20
92
86%
Sale
84
94%
86%
75%
108
88" "88*"
Fob 21
88%
91
94%
85%
77%
13
92
94%
80
82%
Dec'20
89
87
72""
102
106%
88
87
77
87
87
Sale
82%
72
100%
Jan'21
84
97% Sale
1st & ref 58 series a
1947 J
79
10-year 7 ms
1930 F
Sale
99% Sale
85%
61
96%
78%
97%
79%
49
6
108
99
86% 86%
79% 85%
94% 100
75% 79%
95% 101%
86
92%
93
93
12
91%
92%
91%
92
15
90
93
91%
91%
93%
75
92%
13
1932 M N
J
1922 J
9284 Sale
95% 96
98% Sale
92%
8
90%
94%
90
95%
91%
92%
95%
93%
96%
94%
09%
92%
1
Coal, Iron
Beth Steel 1st ext
& Steel
Susq Iron s f 5s
1932 J D
Debenture 5s
al926 M S
Cahaba c m Co 1st gu 6s...1922 J
Colo f & i Co gen s f 5s
1943
Col Indus 1st & coll 5s gu_..1934
Cons Coal of Md 1st a ref 58.1950
Elk Horn Coal conv 6s__
1925
Illinois Steel deb 4ms
Indiana Steel 1st 5s
1940
88% 94
7934 Sale
90
"96% I"76
69
70
70
J
73
90
73%
J
85
A
81
82
Sale
81%
98
89
Midvale Steel a o conv s f 5s 1936 M S
J
Pleasant Val Coal 1st s f 5s..1928 J
81%
7.534 Sale
70
80
77
83
f 53.1957
89
94%
7434 Sale
80
92%
75%
80
88
92
s
dl983 MN
f 10-60-year 5s/reg
Utah Fuel 1st
s
1953 J
f 5s
81%
4
82ia
89%
43
94%
20
75%
19
Aug'20—--
37
76%,
Jan'211
85
86
91%
92%
73%
95%
78
73
78
80
Feb'21
94%
80
85
Feb'21
86%
71
71
71
72%
86%
95%
04
Mar'21
91
92%
198
95%
80
81%
Oct'20—
75
J
S
74%
76
Feb'19
Nov'20
94
..1931 MN
f 5s
s
82
63%
72
74%
93%
71%
93% Sale
90
86%
82%
86%
Dec'14
88%
St l Rock Mt a p 5s stmpd-1955
85%
f.,1940
78%
75
76%
62%
15
21
Feb'21
Mar'21
78
Tenn Coal i a rr gen 53—1951
MN
u s Steel Corp—\coup
dl963
s
9'
7*%
83%
...
89
75%
Repub ias 10 30-yr 5s
101
F
F
94
1
90
79%
82%
78%
80
93% July'19
85% Nov'20
79% Sale
81%
85
1952 M N
1926 J D
Jeff a Clear c a i 2d 5s
s
239
*
J
s f 5s
1926 J
1st & ref 5s guar a
...1942 M N
20 yr p m a Imp s f 58.*..1936 J
J
Pocah Con Colliers 1st
92%
95%
96%
qq
98%
92% Mar'21
52
Jan'21
52
52
84
81% Mar'21
81
83
89
78
95
Mar'20
96
87
Nov'19
79
88
Oct'19
78
73%
63
80
69%
80
84
Sale
68%
.1936 M
Convertible 4s
20-year
conv
1933jM S
4Ms
30-year temp coll tr 5s
7-year convertible 6s
Bell Teleph of Pa s f 7s A
30-year deben
s
1946jJ
f 6s..Feb 1949
80%
West Union coll tr cur
s
f 5s.
83
64%
~80%
81
98
88
6
69%
84
68%
Sale
'"58
77% 82%
94% 97
84 100% 106%
86%
86%
64% 64%
163!
Feb'21
Jan'18
78"% *81"
81
Apr'16
88
88
1
85
88%
N
F A
79% Sale
79%
80
61
75
80
89% Sale
90
36
87%
92
jF A
96i2 8ale
83%
85
89%
96%
83%
197i
96%
83%
98
~
84%
81%
82
J
19411J
J
5s—.1938
Vf Fund A real est g 4Mb—.1950
*
Mut Un Tel gu ext 5s
1941
Northwest Tel gu 4 Ms g..1934
69% Sale
80%
1937;J
Pacific Tel A Tel 1st 5s
South Bell Tel A T 1st
76
~
4s...2397jQ
Northwest'n Bell T 1st 7s A. 1941
13
S
46
78
Mich State Teleph 1st 5s
1924 F
N Y Telep 1st A gen s f 4Ms.l939;M
68%
i
J
83%
Oct'20
77
Telegraph & Telephone
Am Telep A Tel coll tr 4s
1929 J
82%
July'19
93
a Due
87%
.60
Nov'20
Sale
69
80%
Registered
2397;Q
Cumb T A T 1st A gen 5s...l937i J
Keystone Telephone 1st 6s._1935 J
Oct'17
84
77
46
93
74
92%
77
72
87%
88
70%
May'19
98%
99%
90%
74%
63%
83%
8334
94%
86
100%
74
1922 J
u s Smelt Ref & m conv 68..1926 F
Va-Caro Chem 1st 15-yr 5s..1923 J
Conv deb 6s
el 924 A
102
89%
94%
Commercial Cable 1st g
71
75
82
101
23
1925 F
1945 A
Cent Dlst Tel 1st 30-year 5s..1943 J
84" "8*8%
Feb'21
74%
Apr'17
91%
57%
175
89
89%
76
95%
78%
69%
82% Mar'21
81% Sale
80%
81%
96% Sale
96%
96%
103
102% Sale 102%
85
96%
86% Mar'21
Mar'17
9134 Sale
186
102
Feb'21
100
75
Sale
92
88
91%
86%
79%
80
67%
62%
75%
67%
4
61
Sale
89
80%
f 7ms
West Electric 1st 5s Dec
94%
94%
86%
80%
12-yep*
1-4
Feb'21
68
86%
84%
89
74%
J
62
Feb'21
100% Sale
Stamped
1930 J
Union Oil Co of Cal 1st 5s...1931 J
u s Realty & i conv deb g 5s. 1924 J
Victor Fuel 1st
84%
100
67
82%
89%
86% Sale
Union Bag a Paper 1st 5s...1930 J
Va Iron Coal a Coke 1st g 5s. 1949 M
80%
76%
....
77%
80
101%
94%
Lackawanna Steel 1st g 5s..1923 A O
1st cons 5s series a
1950 M S
J
Lehigh c a Nav s f 4ms a..1954 J
66" "71%
Feb'21
8ept'19
89
86
94% Sale
83% Sale
73
Buff &
89%
89
88
71%
80
87%
77%
1
82
June'16
61
Westingh e a m 7s
1931 MN
Wickwire Spen Steel 1st 7s. .1935
26%
8738
a
m n
162
i
85
88%
79
c3
cons g 5s...1932
f
a
Havana Elec consol g 5s
1952
ft/1 n
Hudson Co Gas 1st g 5s
1949
g 5s..1922
85
5
2
87
m
Eq g l n y 1st
1st 4s
33%
32%
84
75
65
1
36
Salo
u s Rubber 5-year sec 7s
Feb'21
36
33
8334
""II
Mar'21
3314 Sale
62% Sale
84
q
Consol Gas 5 yr conv 7s
1925
Cons Gas elap of Bait 5 yr5s '21 m n
j
j
Detroit City Gas gold 5s
1923
j
Detroit Edison 1st coll tr 5s. .1933 j
m 8
1st a ref 5s ser a
*1940
m s
1st a ref 6s series b
*1940
j
j
Dyquesne Lt 1st a coll 6s..1949
Milwaukee Gas l
67
36%
34%
34%
1927
City (Mo) Gas 1st
92%
47%
25
May'19
Sept'20
49%
*30 ~,~40 ~
Columbus Gas 1st gold 5s__.1932
Kan
73
60
1927
Stamped
92%
3334 Sale
Union Tr (n y) ctfe dep
Columbia g a e 1st 5s
92is Sale
65
43
1948
40%
i
78
18
Apr'14
67%
90
M N
28
Sale
82%
61
D
Dec'20
43
76%
67%
J J
M N
M N
J J
v
82
Feb'21
94
D
Feb'17
j
76%
83
O
90%
65%
j
82
"82~ " "8*6""
80%
83%
A
1931 IVI N
1934 M N
Nat Enara & Stampg ist 5s. .1929
Nat Starch 20-year deb 5s
1930 J
National Tube 1st 5s
1942 M N
n y Air Brake 1st conv 6s__l938 IVI N
53%
56" "56"
o
75
80
Feb'21
77
30-yr
Am Tobacco 40-year
Gold 4s
Oct'20
Third Ave 1st ref 4s
1960 j
Adj income 5s.
a 1960 a
Third Ave Ry 1st g 5s
1937 j
Trl City Ry a Lt 1st s f 5s. .1923 a
66
1
Apr'20
80
74%
Jan'21
"74" "80 "
"82%
137
72
86
Am Cot Oil debenture 5s
56
j
78%
102% 106%
92% 96
101% Sale
68
j
18
81%
May'20
95
13
Standard Oil of Cal 7s
«1931 f
Tennessee Cop 1st conv 6s..1925 mn
Tide Watv* Oil 6 ms
1931 F A
Wilson A Co 1st 25- yr sf 6s. .1941 A O
62
46%
•v
93%
~70%
67
51%
"l2
81%
103%
83
60l2
51%
71%
75%
Jan'21
Portld Ry Lt a p 1st ref 5s..1942 f
Portland Gen Elec 1st 5s..1935 j
St Paul City Cab cons g 5s..1937 j
51
67%
91
n y State Rys 1st cons 4ms.1962
Portland Ry 1st a ref 5s
1930 m n
a
7,
73
87%
Debenture
50
""l9 "67"%
69%
Mar'18
Feb'21
1930 J
1st g 5s. 1927 A
e i du Pont Powder 4mb—1938 J
73%
72%
99%
"85%
81
Dec'20
83
j
73
98%
91%
83%
76%
General Baking 1st 25-yr 6s..1936 J
Gen Electric deb g 3 ms
1942 F
72%
New Orl Ry a Lt gen 4 Ms. .1935
n y Municip Ry 1st s f 5s a.1966
""16
i
91%
19
73%
82
91
Distill Sec Cor
Feb'21
227
83
'
Feb'18
Safe"
o
19%
63
87%
44
Apr'20
72i2
27
65% Mar'21
37
Dec'19
"90% "94 "
j
65%
99%
66%
15%
Jan'21
75
88
60
Dec'20
....
80
Sale
77%
19%
16
37
80
76%
63%
15
Feb'21
83
-
High
56%
87%
53
10
44
81
Low
65%
Corn Prod Refg s f g 5s
1st 25-year s f 5s
Cuba Cane Sugar conv 7s
Oct'19
45
Refunding a exten 4ms—1931 j
_al942 a
63%
21%
15%
52%
o
*57%
23%
i6i4 Sale
52(2 Sale
55i4 53%
5514 53%
,
1940 m n
f 5s
Am sm a r 1st
59
"38. 'is"
19
o
57%
64%
66%
37%
18
j
,
Jan'20
33%
77% Nov'20
77%
~87~
1928 m n
s
68%
81%
4
61
92
'l"8"" "l8~*
Feb'21
60
68%
81
93
No.
High
Feb'21
a
Niagara Falls Power 1st 5s..1932 j
j
Ref & gen 6s
_a!932 a o
Niag Lock & o Pow 1st 5s
1954 m n
10-year
Feb'21
58
64
3312 Sale
Manhat Ry (n y) cons g 4s__1990 a
Stamped tax exempt
1990 a
Manila Elec Ry a Lt s f 5s. .1953 iv!
of
53
18
68
8OI4
j
80
102%
Sale
6a a 1928 m n
Morris a Co 1st s f 4m3
1939 j
Mtge Bonds (n y) 4s ser 2.. 1966 a
10 20 year 5s series 3
1932 j
n y Dock 50 yr 1st g 4s
1951 f
5334 Nov'20
s
Interboro Rap Tran 1st 5s..1966 j
Certificates
53
25
a
...1957
30 year adj inc 5s
65
55
n y a Jersey 1st 5s
1932
Interboro Metrop coll 4mb..1956
Certificates of deposit
Col a 9th Av 1st gu g 5s
65
63
53
53
58
64
60
1957 f
5s
64
,
62%
1951
Hud a Manhat 5s ser a
Dec'20
64
63
59
4ms 1951
g
guar 4ms
24
64%
Sale
63
17
Det United 1st cons g 4ms..1932
Ft Smith Lt a Tr 1st g 5s... 1936 Wl
Adjust income
90
64
~80% Sale"
103% 104
93
Since
Jan. 1
Nor States Power 25-yr 5s au941 a o
Ontario Power n f 1st 5s._.1943 f a
Ontario Transmission 5s
1945 m n
Pub Serv Corp of n j gen 5s..1959 a
33
3734
58
a....1932,a o
73
25
Bk
s
con
66%
Feb'21
39
71% Sale
f 6s. .1941 j
ser
71%
29%
1927
Coil tr & conv 6s
67
25
42
j
1st Ser c gms (ctfs)
1963'j
j
Chile Copper 10 yr conv 7s-1923!ivi n
Great Falls Pow 1st
27% Mar'21
4112 Sale
37% 401s
o
Inter Mercan Marine s f 6s.. 1941 a
Montana Power 1st 5s a
.1943 j
30
Chicago Rys 1st 5s
Conn Ry a l 1st a ref
67%
71%
59
30
Nassau Elec guar gold 4s..1951
68
56
28
3 yr
67%
5s
70
1
gold 4s
j
o
Consol
58
o
conv
71%
.1955'j
Building 5s guar tax ex-__1960>
Chic c & Conn Rys s f 58—1927, a
Chic Un Sta'n 1st, gu 4Ms a.1963 j
Computing Tab Rec
2002 j
1st refund
90
61
68
.1952 a
66
68% Mar'21
60
78% Sale
o
6s._1931jf a
Stamped......
50%
63%
99% Sale
19%
19%
78%
63%
99%
82
Granby ConsMSAP
21
60
~82%
Mar'17
56
Sale
81%
70%
"88"
Oct'20
75
s
1949 j
60
s
66%
79%
32
Jan'21
84
5s
a
Refunding 4ms series a—1966'm
Winston Salem s b 1st 4s
Wis Cent 50 yr 1st gen 4s
s
1925 ivi
Bush Terminal 1st 4s
83
82
90
84%
83
2
88% Mar'21
Jan'21
30%
36
82
Ask Low
1948 ivi
Alaska Gold m deb 6s a
Oct'19
1952 a
Bid
Adams Ex coll tr g 4s
80
60
51%
5514
(Miscellaneous
Range
or
Last Sale
90
80
55
Week's
Range
March 11
84%
88% Ma '20
Aug'12
64
1945 f
Wheeling a l e 1st
High
Price
Friday
ending mirch 11
73
Feb'21
52
1945 f
Gen gold 4s
Income 5a
62
55%
"
Wash Terml 1st gu 3ms
Western Pac 1st
10
Low
Week
Aug'18
97% July'19
1st 40 yr guar 4s
West Maryland 1st g 4s
West n y a Pa 1st g 5s
a
n. y. stock exchange
90
o
s
No.
87%
Feb'21
74
bonds
Since
Jan. 1
High
85
7712
Debenture series b 6s
1941 j
Des Moines Div 1st g 4s...1939 1
om Div 1st g 3m8
1941 a
Tol a Ch Div g 4s
1941 iv!
Range
or
Last Sale
11
Bid
Wabash 1st gold 5s
Week's
Friday
March
1011
96%
81%
81%
84
86
78%
79%' 79%
79%
98% *01% Sept'17
| 84%
*
64
84%
Nov'16
1|
12
■
80
81
2i
4
83
84
86%
81%
77%
1
Jan. & Cue April, e Due May. tfDueJune. ADueJuly. JfcDueAug. oDueOot. p Due Nov. q Due Dec. a Option sale.
'
1012
Saturday
Monday
7.
»-•••
STOCKS
for
March
March
EXCHANGE
Thursday
Friday
i March 10. ' March 11.
9.
Lowest.
Week
Shares i
1251125
125
V
r
66
66
65%
'
•80
*82
24l2
♦23i2
1251125
66 j
65
1 82
24 1
23%
*26
♦26
—
22l2
*26
—;
82
j *82
22%,
22i2
* *26
82
j
Last Sale 3%
*3J2
—
—!
*3*2
73
40
40
*19
Last Sale 130
135
*130
(
*72
73
72
40
1
39
39
39
18%
18%
17%
135
1
19%
19
73
*
*
73
*05
66
'
*65
♦18*2
21
;
*18*2
21
75
75
"
*75
*42*4
43
42*4
51*4
50%
51*4
•
*3
102
12%
102%
88
18
*17
4
*3
*17
18
*3
4
75
♦70*2
21
85"
35
*34%
22
*21
85~
7*2
4
*2*2
3*2
102*2
*102
27%
0
40
84
85*
1
25
3%
10%
11
11%
!
6*2
11%
*91%
92%
20
160
160
6%
104
104
*56
58*2
20*2
38%
24%
18%
18*4
16%
*20
38%
♦24
18*2
18*4
*1512
*15
*24
27
*20
38
24%
18%
18%
*15%
*14%
16
•
17
*25
30
16*4
16%
*.70
.95
*46
50
56
n
*25
16
48
*.25
*21*2
22%
2%
21*2
*2%
8%
*.04.
8*2
8*2
*8*4
.05
1237
236
13%
14
*9%
10
34
34
*
1%
3%
6%
8%
2*4
3*2
1%
*.50
.75
6%
*8*2
2*4
*2*2
*.03
237
13%
*9%
33%
3*2
6%
*8*2
*2%
3
*2%
*47%
14
3
47%
14
*14
14%
14%
14%
25
*24"
25
"25"
25
30
*25
30
*25
30
*
*14
17
17
15%
15%
16%
16%
*.75
16%
.95
*.70
.95
.9s[(
*.25
.40
8%
8*2'
8
8
*20
21%
3
*.03
.04
237
!
*8%
.05.
*.03
*9
nil
6%
6*4!
'
6*41
8%'
I
8*2
*2*8
*2*2
1%
2%
3%;
*.50
8%
2%
1%;
*2*2
3*4
4%
*1%
*2%
*2%
*1%
♦2%
378
3
*2
2%
2
2%
—
12
Jan 17
Jan 17
92*2 Feb 23
80
Feb 25
59% Jan
119
Plant (Thos G)
Mar
15
Mar
Mar
Swift 4 Co
100
32
Torrlngton
25
Shoe Maoh
Do
5
Corp..25
25
Consol OH Fields—5
System Ino
10
pref
...
18
18%
3,310
Venutra
828
Waldorf
14%
475
Walt ham
14
,
14
827
Walworth Manufacturing..20
25
)
"125
16
16
.70
47
.70
47 1
|
50
..50
—.60
Wickwire Spencer Steel
5
pref
'""60
..
Do
1st
Do
Feb'21
100
Watch
Bros
Warren
Mar'21
---
Last Sale 25
53
Jan
12
July
8
82%
Feb 25
104
9
10*2 Jan 7
28% Jan 11
167% Feb 18
2d pref-
I
Feb 17
85
Dec
Jan 10
13
87
8
2*4'
8%
.50
20
1%
19%
3
1%
3
2%
1%
2%
*1%
3%
52*2
77%
20
52*2
*75%
2%
*2%
1%
2%
*2%
1%
*2%
*1%
2%
2%
1%
2%
3%
3%
278
27g
48
47%
47*2
47
47%
46
47
14
14
14
13%
13%
13%
14
47
*47
50
50
50
95
95
*90
95
*93
7%
10%
10%!
7%
10%
.25
.25:
*.25
1%
*18%
1%'
*1*»
2
*.35
*1%
*18
7%
!
.40
2
19
7%
7%
10%
...
.
2
Jan
3
8% Jan
109% Mar 11
54
Feb 8!
20
Mar
9:
133
Jan
50
Dec
76
Mar
21
Nov
28
Apr
32% Dec
22% Sept
12% Feb
49
36% Jan 18
39% Jan
23% Jan
17% Jan
16% Jan
4
3
5
25
19% Jan 27
15
14% Mar 11
17
Jan
14% Dec
14
MarlO
17
Feb 18
14
4
Jan 14
19
Mar
1
5
27
26
27
*26
26
*38
40
40
40
39
39
39
*31%
*31*2
*1
"7%
*1'*4
1*8
1*2
.08
.08
*.05
.08
4%
*3%
4%
2%;
2%
1%
*2
*2%
2*«
2%
.50
.50
.50
*2%
2%
*2*4
4%
*1*2
*1*2
4*2
178
178
*4
2%
1*2
1%
*.65
.75
*.50
*11%
12*2
*11*2
*.30
.50
*
30
Bid and aske
1%
.50;
2%
4%.
1%
1
*31%
1
*1%
*.05
1%
*1
*1*4
2
.08,
*.05
4%
*4
*3%
2*8
"
*1%
2%
.50
*.50
2%
2%
2
2*8
..50
2%
*4%
1%
*1%
4%!
~20
....
190
7%
7%
7%
424
978
10-%
1,460
*.25
.35;
*.25
*1*2
2
.35
100
2
100
18
*1%
200
18%
18%'
17
26
26
j
25
25
147
38%
38%:
38
125
30%!
38%
30
1%
"7%
1%
.08
4
2
2%
.55;
2%'
4%
1
1
*1%
*.05
1%'
.10
28%
*1
*1%
1%
.08
*.04
Last Sale 4
Mar'21
Jan 11
19% Dec
25
Janl2
27
Dec
30
Jan 11
25
Dec
35
Jan
18% Jan 11
15
Dec
32
Sept
15% Mar
8
178
178
178
17S
"""§65'
2*8
2
2%
2,470
.50,
.50
.50
2%
2%
*4%
2%
5
.50
*2%
4%
4*41
1%
1%
1%
1%:
1%!
.50;
.50
.50
*.50
12%
*11%
12%!
11%
11%
11%
.50
*.30
.50
*.30
.50
1%
1%
Ex-dlvldend and rights,
Mi
1M«
1
25
pref
Isle Royale Copper
—5
25
Lake
Copper
-.25
25
Lake Copper Co—
Salle Copper
Michigan
Mohawk
New Cornelia Copper..
Quicksilver
New River Company
pref
1,900
590
165'
5
100
-100
5
.....25
25
Superior 4 Boston Copper.. 10
Trinity Copper Corpn
5
40*4
Dec
20c
15
Consolidated
Utah Metal 4 Tunnel
Utah
Victoria
.65'
150
Winona
120
Wolverine
v.
Wyandotte
a Ex-rights.
Ex-dlvldend.
Jan
Dec'
42
Jan
2
Aug1
Apr
5%
Dec
Mar
8% Jan 20
6% Mar
4%
1584
10%
.04 Feb
20
Oct
40c
8
9
.03 Jan
Jan
6
2
259
Mar 11.
12% Mar 11
1% Mar
.47
Jan
3
4
4
60
Jan
3
52% Mar
75
Jan
6
2
Jan
4
1% Jan 25
2*2 Jan
43% Jan
7634
22%
3%
1%
3%
2%
1
Sept
Jan 24
75
Nov
82
June
Jan 8,
Jan 13:
Jan 6,
Feb 16
Feb 11
15
Jan
0
Jan
Dec1
38
Jan
2%
1%
Dec!
5
M4r
Dec
2%
1%
Dec
4%
Jan
Apr
1*4
Dec
3%
Jan
Dec
3
Jan
5%
Jan
"
90c
1*4 Dec
3% Dec
1*4 Dec
40*2 Dec
12% Nov
7
35c
40
Feb
50
Mar
9
80
Jan
95
Mar
7
Jan
8% Jan 20
7
8% Jan
12% Feb 21
.50 Jan
7
Dec
Mar
79
8
7%
...25
Jan
>4
60
21
.25 Mar
Jan
4
Nov.
Feb
1634 Feb 19
.95
Jan
5% Apr
6% Mar
39
13% Mar 11
7
Aug
25c
48*2 Feb 25
Jan
Dec
40%
16%
_,
3
3
.95
10
Aug
2
134 Feb 25
3% Jan 8
5% Jan 8
3
Dec
Dec
7%
50c
Feb
Feb 11
16% Jan 3
2% Jan 11
1 *4 J an 5
3%
4%
Jan
Jan
409
Dec
Dec
25
Jan
Apr
Jan
Jan
48% Jan
4% Mar
14% Jan
10% Nov
6% Dec
Jaa28
48
Dec
200
4
16% Jan 17
Feb!
II84
7%
Jan
Jan
72
Mar
24
Jan
48
Jan
Oct
95
Sept
7%
Dec;
12*2
Dec
*4
21%
Jan
Apr
Oct
80c
Jan
1% Jan
6
1
Dec
2%
Jan
15% Jan
21
Jan
7
15
Dec
37%
Jan
Jan
30
Jan
5
20%
Dec
58
Jan
35% Jan
41
Jan
7
34%
Dec
65
Jan
28
35
Feb 17
2534
Dec
58
1%
Jan 28
50c
Dec
2
Jan
2
Jan IS
10c
Mar
2%
Apr
Jan
8
3c
Dec
1% Feb
24
Jan
.75
Jan
1
Jan 22
.04 Mar
4
,12
3*2 Jan
3
4% Feb 11
2% Feb 17
1% Jan 12
Jan
6%
Jan
Dec
184
.75
Jan 17
33c
3
Jan
5
V/t Aug
Jan
5
Jan 12
2% Dec
Jan
3
Jan
15,
2% Jan 31
1*2 Jan
2% Feb 17
.35 Jan
.80 Mar
11
Jan
.48 Jsn 13
14
Jan
6
Feb
Mar
25c
Dec
4
2
Jan
1
234 Dec
.95
25
25
25
Jan
1
%
3
—
Feb
1«4
77
Dec
2*8 Mar
Utah-Apex Mining
720
I
40c; Aug
Jan 28
23% Feb 11
384 Jan 7
.40
Tuolumne Copper
2,730
paid
25
5
-
Quincy
....
St Mary's Mineral
1%
Jan
33
17% Jan
2% Jan
6% Jan
334 Feb 19
15
North Lake——-——-25
Ojibway Mining..—
25
Old Dominion Co
25
Osceola
——-25
1%
e Assessment
.35
1% Jan 22
1% Mar 11
Mines—
.65
-Tan'21
.25 Mar
3
Jan 19
58
25
25
Mayflower-Old Colony
1%
Last Sale .48
.75 Mar
Jan
5
25
Consol
*.50
12
46
1% Feb 18
25
Consolidated
25
Helvetia..———————-25
Indiana Mining..
25
Island Creek Coal
1
1%'
11%' *11%
.60 Feb
Hancock
Superior
2*8
39% June
20
7% Jan
2% Mar
Land—25
470 Shannon
10
25
50 South Lake
1,000 South Utah M 4 8.——..— 5
130
Feb
Jan 20
4% Jan 18
7% Jan 6
10% Jan
3% Jan
3*2 Jan
2*2 Jan
Butte
Apr
Jan
26
Jan 12
10
Nlplsslng
23%
44%
Feb 24
35% Feb 15
North
Mar
18
3
Do
Dec
Feb
19
25
4
New Idria
10%'
.50
885
*7%
.65
prices.
387
Jan'21
10%
4%
1%
*1%
1%!
10
Dec
Jan
20
20
Jan
Mason Valley Mine
860
Apr
Apr
97% Nov
Jan
Mass
Dec
25%
4984
Jan 10
7
La
Jan
Nov
Feb 15
3% Mar 10
5*2 Jan 3
570
55
22
27
250
Jan
16
Dec
61
10554 Jan 12
Copper Range Co
—25
Daly-West
20
Davis-Daly Copper
10
East Butte Copper Mln
10
Centennial
200
Jan
99
Nov
5
7
226
Kerr
368s Jan
34% Mar
176% Jan
17%
—25
1
—25
Carson Hill Gold..—
Keweenaw
"""~50
30
*26
19%
26%;
19%
*18%
35!
•
35
2%
*93
94
10
Mines..
Calumet 4 Hecla
Do
""96
20
*50
*49%
95
11
51
Feb'21
Last Sale .95
47
7%.
100
Feb'21
*2%
3
2%
2%
*1%
1%
17a
2%
3%
37S
*2%
3
45% 46%
13% 13%
3
3
*2%
700
«
Last Sale 1%
*2%
3%
3%
1%
2%
Commercial
Bingham
Nov
101
27
Jan 29
Franklin
"""16
51
*19
2%
14
2%
375
.75
*.47
75
e
1,840
170
2*2
3%
51
20
45
482
578
*2*s
3%
Last Sx
*2%
2,720
8%
2%
j
"""79
10
*8
.—25
Consolidated....25
5
Allouez
Butte-Balaklava Copper.—10
31
3%
*3
.50.
.5
13%
5%
51
540
Arizona
227
*30%
*1%1%!
51
*2%
2%
3%
*2%
*2*2
Aecadian
8
1278
6
785
8%
*9
8%
'"~45
Mar'21
226
13%
25
Algomah Mining
2%
8*2| V:^8
8%' *8%
231
13%
Ahmeek
8% Sept
I
Consolidated—25
;
25
Adventure
21%
2%
Last Sale .04
230
70
Mar'21
2%'
8%
8%
3
1%
*8%
46
*20
21%
2%
8%
3%
.75
2%
*20
200
.65
*45
Last Sale .25
3%
578
*6
,
.65
May,
Dec;
2334 Dec;
140% Dec
no par
'""681
United
Dec1
7% Dec!
4% Nov!
MarlO
6
Union Twist Drill
15
14
5
40
7
Jan
21
Root 4 V Dervoort CI A no par
Stewart Mfg Corp
Novi
13% Jan 24
Simnxs
Magneto—
June!
9% Jan 13
4% Feb 2
Jan
80
Nov
86
6384 Nov
138% Jan
57
118
21
8
Jan
140
10
8
Jan 20
122
95% Jan
8% Feb 17
26
Jan
80*2 Feb
8% Apr
31% Apr
12% Sept
101% Jan
62% Jan 22
6
Jan 10
8% Jan 18
100
pref
Reece Button Hole
85
Dec!
Dec!
10% NoVj
9% Apr J
89% Deo;
6884 Feb
Jan 11
Jan
3
Mills
Pacific
13
11
10
1
6% Dec.
90
10
Leather
Orpheum Circuit Ino
854
Last Sale 20
378
*2*2
47%
.40
2%
National
9
10% Mar 11
375
38
10
.*50
77%
*1%
18*2
*4
Mergenthaler Linotype...100
Mexican Investment Ino...lO
18
32%
1%'
21
*2%
*.35
1
14
25
100
pref
3*2 Mar
17
20
17%
*9
.75
*20
11
36
Do
14%
31%
2*2
*75%
2%'
778
11
*32
1st pref. 100
Massachusetts Gas Cos... 100
374
9
3%
2
77%,
93
18*2
McElwaln (W H)
25
38
32*2
3%
6%
*2*8
21
*1*2
.0o
1
*2%
*1%
51%'
2%
*1%
10%
7%
4
55
20
9
3%'
*20
93
*87
8
Dec'20
15%
14
*.50
*46~
4% Jan
100
pref
125
*50
32%
3%
10
33%
3%
3%:
*2%
2%
8%
8'2
8%
8%
33
|
34%'
3
23
2%
2%
235*2
235% 237 | 235
13%
13%
13%
13%
I
14%
10
.30
*.25
.40
21%
2%
*8%
21%;
48
*47
48
*46
48
*76
2
4%
15
51%
20%
*4
15
*50
78
2
15%
1%
*76
1%
3%
2*2
1*2
18%
.75
51*2
*2*2
*2%
1*2
18%
18
1%
*50*2
3
18%
I
15
*.50
*50
20*8
*2%
*138
24
24
Mining
*.70
.40
*8*2
*8*4
38%
24
7
26%
160
100*8 101
57%
104% 2100% 102%
*56
57*2
57-2
20
1
*20
20
20%
38
38
38%
38%
*24
24
24«2
24%
18
18*2
18%
18%
18
18%
18%
18'?
20%
38
8
Jan
Feb 28
595
*56
56
*20
20%
38*4
24%
18%
18*4
16%
14%
17
"25"
*.25
*2%
56
!
Jan
Jan
35*2 Jan 17
6% Jan
22
26-%
104
104% 104%
104%
56
Jan
45
13
32
Products.....no par
National Oil
Last Sale 27
Oct
Jan
96
Decj
Ohio Body 4 Blower...no par
6
29%
74%
Apr;
Dec.
New England Telephone. .100
21
6
May
16
25
21
20
20
0
June
60
Dec;
80
5
Jan
26
8
40
Internat
Jan
30%
32«4 Dec
2
143
14
*13%
3
7
2
*13%
19%
8
Jan
Jan 20
100
14
Jan
8
Mar
8%
14
17
8
85
pref.
4
160
15% Dec
4
5% Mar
50
102%
164
*158
14
Nov
15% Jan
no par
8*9
102
164
41% Feb
1,836
*3
4
May;
25
195
8%
8%
Apr
140
Jan
Do
76
15%
15
8%
88
Jan 25
164
3
Aug;
81
41
120
120
15%
Jan
Dec
14% Sept
6% Mar
36% Jan
28% May
62
100
370
61%
102%
9*2
26%
26%
26
612
Jan
9
Jan 27
89
80*2
*8%
9%
70% Feb
40
543
61
119
Jan 17
20% Jan 29
1,579
80
8*4
70
Llbby, McNeill 4 Llbby... 10
Loew's Theatres
10
10%
1134
92%
81
15*4
100
100
15% Dec!
50
Do
1134
62
119
j
15%
8%:
Jan 31
Island Oil 4 Trans Corp...10
10%
81
120
Jan
17
""63
*9134
92%
23
Jan 10
152
Dec
3%
21
8
9
16
Cotton Mills
Intemat
Mar'21
-
*61
j
33*2
104
3%
10%
11%
Jan 27
Nov
12
Greenfield Tap 4 Die
..25
Internat Cement Corp.no par
205
Last Sale 22
f
3%
*8%
20
6*2
Dec1
4
34
22
80
*19
*3
.
*3
20
Jan
14
3
20*2 Feb
5
pref
Elder Corporation
Gorton-Pew Fisheries
48
7%
7*4
7%
139
102
*19
*3212
207
34%
40
21
84
34
40
34%j
40
4
*13*2
Apr
Jan
19*2 Jan 12
4
10
Edison Electric Ilium
""240
6%
102
14
*6
""67
Feb'21
Last Sale 16
*3
*13*2
Apr
Jan
25
Eastern Manufacturing
Eastern SS Lines Inc.
Do
160
160
160
165
Feb*21
Last Sale 70 *2
160
Connor (John T)
"*380
21
16
20%
16
21*4!
17 I
♦16%
21
8*4
14
Apr
10
10
Feb 18
3
..10
East Boston Land..
Feb'21
Last Sale 4*4
21
■'{:
34*4
15%
160
35%
8
4
102
160
Apr
13% Mar
12% Jan
3
160
Jan
38
Jan 21
Apr
10
102
160
160
16
19
80
*13
13%
3
80
160
Corporation no par
83
167
Dec!
Novi
lc
13%
*.25
.45:
*13
*
6
120
26*4
12
Nov;
9
.16
6
7
102
*27
10
Art Metal Construe Ine
70
Jan 15
80
Feb
.07 Jan
Dec
10%
9*2
Feb 24
Apr!
Nov;
49c
4
*8*2
26%
73
Feb
70
1*8 Jan 10
13*2 Jan 10
4% Fob 11
103
9*2
27%
Jan
9
*3
*8*2
Feb
5
80
.25 Mar
102
9
74
25
.30
35
8%
Amoskeag Mfg..
no par
Do
pref
no pvr
Anglo-Am Comml Corp.no par
Jan 11
Feb 10
Mar 9
Feb 19
Century Steel of Amer Inc.. 10
1.1%
120*2
16*4
3
3
565
81
5*4
3
.45
61%
15
137
8% Jan
96% Jan
50
100
Nov
61%
120
pref
60c
80
8%
Do
Amer Telep 4 Teleg
.95 Jan 10
*91%
17
Amer Pneumatlo 8ervlce._.25
85
9
81*4
120*2
930
3,820
.39 Mar
91%
*16*4
8%
1
Mar
Nov
Nov
Sept
BostonMex Pet Trustees no par
81
*120
3%
12*2
102%
89%
Jan
7%
3%
13%
100«4
800
91%
8*2
Jan 21
55%
Dec
*4%
*61*2
17*2
2
July
3c
12%
3%
62
8%
48
Jan
Dec
82
120
120
Feb 10
3
5
62
*16*4
52
3% Deo
63
92
8
Feb 10
3
3%
11*4
11*2
11%
Jan
1
...
8
81*2
92
81
♦61*2
11
49
10
pref
Jan
11*2
11*2
92%
11*2
50
Do
27% Oct
8984 Nov
4584 Jan
6*g Jan
21
4
Dec
9
*7%
25
4
36
4^4 Mar
75
*22
*22
4
3
10
16%
85
25
June
43% Mar
Miscellaneous
17
21
8
70
3
Blgheart Prod 4 Refg
*40
84%
Jan
9
Jan
Am Oil Engineering.
3
3
15
Feb
40
328
Mar'21
3%
Jan 12
50
Beacon Chocolate
*3%
11*8
11*2
92%
81*2
11*4
11*2
60
35
35
22
84%
*7*2
50
21
76
West End Street
188
42%
60%.
3
Atlas Tack
*5%
—L.
*40
42%
3
Jan
Jan 26
pref
10
14
*23
11
42%
Jan
18
75
Rutland
20
22
16%
*70%
5%
.....
....
182
*12
7*2
25
*3%
75
Jan'21
100
Vermont 4 Massachusetts. 100
63
4
15
*84
8
*23
"107
Apr
5
*14
*40
*7l2
July
80
*3
15
22
22
*40
*84
Jan
89
Feb 23
*4%
162
♦34*4
35
*34%
86
Dec!
63
4
162
5%
37% Sept
1534 Dec'
5
163
6
Jan
*3
163
6
6
*70*2
Mar 10
Dec:
32
17
4%
:
21*4
75
16
4
Dec
16%
16%
.
5
13
♦4
4*2
16
100
Feb
4
13
21%
16
75
*14*2
15
*14l2
*5*2
*4
Sept
43*2 Feb 3
23% Jan 12
13!)
17
17
164
*162
164
163
.25;
3*2 ;t*3>
5
4%
2138
Jan
75
73
3
July)
13*2
*4
86
3
Jan
77
*13*8
21*2
16*2
*70*2
132
Jan
37
76
.30
:
17*2
Jan
05% Dec
67
60
*.25
4*2
21*2
130
130
100
Jan 27
.45
*4
Feb 25
100
100
Jan 19
.30
13*2
4*2
21%
16*2
Mar
75
.25
*.25
Mar
11
76
.30
*13*8
7
Nov
Jan 28
.45
.45
Dec
3
28
Feb 24
.30
13%
---
Oct
76c
Feb 16
334
Feb 25
Mar
25c
73
*.25
13%
Cblo Juno Ry 4 U 8 Y
Do
pref
40, Maine Central
50
Oct
143
Dec
74
*.25
*.25
3% Jan 19
49
Jan
.99Jan
.75 Jan 29
pref
Dec
10c
Northern New Hampshire. 100
.35
.45
25
124
.25 Jan 29
Norwich 4 Worcester pref.100
Old Colony
100
.35
.35
21%
•16lz
*12%
18
3*2
5
.35
i
*"l"6
13*2
13*2
>
*12*2
*17
.25
4
Jan 21
no par
Do
12
12 i
12
12
102
102% 10078 102*4
87%
87*2
87
87%
Last Sale 76
Mar'21
Last Sale 16
Feb'21
*12%
*12%
1
76
*
76
*To~
i
88
87*2
88
K
.25
*.10
102
102%
88
30
133
Jan
Oct
89% Nov
40
Sept
1,590
3
3*4
102*4
2
Feb
Bost 4 Wore Eleo pref.no par
70
Last Sale 1
*11
76
*12*2
*.50
1
8
.25 Jan 29
Nov
68
Dec
13% Dec
25%Feb
Jan 11
26
125
...
134
Mayr
74%
Feb'21
*50
3
*87*2
25
*.10
%
MarlO
60
Feb 10
82
Feb
119
129% Feb 25
66*2 Mar 4
7
Mar'21
42%
1
12
•
1
17%
63
50
3
*
76
50
12
3
102
88
88
42*8
*65
J
Last Sale 20
*75
—.i *75
42%
50%
100
pref
Boston Suburban Eleo_.no par
7
Last Sale 74
21%
12*2
3
12 *2
21
Jan
Last Sale 75
...I
42*4
*.25
1*4
*.50
1*4
3
100
Do
Highest.
;
N Y N H 4 Hartford
16
65%;
*18%
.*75
42%
50*4
42%
*50*4
3
39
18%
05
66
21
*.50
39
39
1
66
*11*2
12
101*4 102
70
>
*18*2
78
Boston & Providence.....100
Feb'21
} *65
73
*
*65"
*75
72
73
73
74
„
133*4'
*130
73
*39
t
19%
♦
*3*2
—
*72
132*2 *130
*72
01% Jan 11
100
Feb'21
Mar'21
Last Slie .75
•130
100
Do
pref
187; Boston 4 Maine...
Feb'21
*130
132
Last Sale .25
Jan'21
;*
*3*2
100
Boston Elevated
132
*130
Feb
Boston <fe Albany..
Last Sale 29
....
123
193
22
21%
22
Lowest.
Highest.
i
Railroads
380,
6,
124
64%
125
123
64*4
64
82 %
21
22%
*130
132
131*4 131*4 *130
132%
*130
63%
05
64*2
65%
124
125
*124
125
Range for Previous
Year 1920.
1.
B03TON STOCK
the
Wednesday \
Tuesday
8.
}
March
5.
March
Range since Jan
Sales
PRICES
CENTUM
PER
PRICES—NOT
SHARE
EXCHANGE-Stock Record 8JTOi»
BOSTON STOCK
1
4
Feb 21
42c
Jan
4
Oct
984
Feb
Nov
33s
Jan
3%
Jan
1
Dec
25c
Sept
2
Jan
8
Dec
23
Jan
15e
Oct
1% Mar
March 12
1921.]
THE
CHRONICLE
Baltimore Stock Exchange.—Record of transactions at
Stock Exchange, Mar. 5 to Mar.
11, both in¬
clusive, compiled from official sales lists:
Outside Stock Exchanges
Baltimore
Boston Bond Record.—Transactions in bonds at Boston
Stock
1013
Exchange Mar. 5 to Mar. 11, both inclusive:
Friday
Last
Week's Range
Sales
Sale.
Bonds-
of Prices.
Low
High.
for
Price.
Range since Jan. 1.
Week.
Low.
Stocks—
High.
U S Lib Loan 3%s. 1932-47
1st Lib Loan 4s. .1932-47
90.04 90.54
86.74 86.74
50
86.64 Feb
87.64
86.44 86.64
1,300
6,250
86.44 Mar
87.64
Jan
$850
90.04 Mar
92.90
Jan
85.62
Jan
4^8.1927-42
86.34 87.10
24,100
85.54
Jan
88.72
90.00 90.40
88.10
Jan
91.26
85.34
Jan
88.54
Jan
97.24 97.64
95.78
Jan
97.81
Jan
86.64 86.86
2,000
13,000
88.52
Jan
88%
Mar
75 %
Jan
79
55
Jan
62
57
"76%
Miss River Power Co. 1951
N E Telephone 5s
1932
57
5,000
77%
77%
1,000
100 % 100%
'77%
General Electric 6s... 1940
78%
1,000
11,000
2,000
4,000
100 %
Mar
74%
Jan
79%
Jan
94
Jan
96
80 %
Jan
85%
6,000
78 H
Jan
82
Feb
85
84%
Western Tel & Tel 5s_. 1932
94 %
85
81
81
85
94 %
Pond Creek Coal 6s... 1923
Swift & Co 1st 5s
1944
82
82
Jan
77
1%
135
.60
Low.
21%
High.
Mar
3
Feb
2,480
.55
470
Mar
100
1%
6%
Jan
.95
Jan
4
Jan
10
6
6
7
Jan
41
41
1
39
Jan
41
Mar
24
24
15
22
Jan
24
Mar
Feb
23
Feb
Jan
92
Jan
88%
Jan
4
Jan
23
22 %
23
361
86
86
87
235
845*
85
406
"3%
3%
4
550
20%
85%
83%
3%
24%
24%
79%
26%
24%
81
26%
10
24%
Feb
31
23
Coal
100
79%
Sons..no par
Preferred
26%
25
Indiahoma Refg
5
Kentucky Cos Oil
Feb
.
Jan
3%
Feb
3
22
25
I Benesch &
Jan
85%
.60
2%
Cosden & Co pref..
5
Davison Chemical_.no par
Houston Oil pref tr ctfs. 100
Mar
78
21%
3
""".60
Range since Jan. 1.
Shares.
25
Preferred B
Mar
10051
3
for
Week.
-.25
Consolidation
Feb
77 %
Mar
21%
Range
Con8ol Gas, E L & Pow 100
Jan
9,000
76%
75
89%
21%
10
Credit
Preferred
Jan
89%
Price.
1
Commercial
Jan
88%
77%
89%
of Prices.
Low.
High
10
Celestine Oil
Jan
Victory 4 Ms
1922-23
Amer Agric Chem 5s.. 1928
Am Tel & Tel coll 4s..1929
Atl G & W I SS L 5S..1959
Chic June & U S Y 53.1940
20,400
30,150
34,050
86.64 87.16
Week's
50
Cent Teresa Sugar
Preferred
Jan
3d Lib Loan 4Ms...1928
4tb Lib L'n 4%s_1933-38
Par.
Arundel Corporation
Atlantic Petroleum
Jan
2d Lib Loan 4s__ 1927-42
1st Lib L'n 4 %s_ 1932-47
2d Lib L'n
Sales
Last
Sale.
Friday
Jan
Jan
15
79
Feb
83
ft 180
23
Jan
26%
Mar
23
60
23
Jan
23%
Feb
20
""65*
6%
15*
12%
6%
1%
15
200
12%
59
59%
13
100
5
Mt V-Wood Mills v t r.100
Jan
Feb
265
6%
Mar
1
Jan
6% Man
Jan
3
Mar
18
Jan
Jan
62%
Feb
Jan
67
Jan
Feb
Jan
66
66%
Pennsyl Water &!Power 100
82
82
83
113
12%
52%
64%
77%
Jan
83
United Ry & Elec......50
10
10
10%
300
10
Jan
Wash Bait &
14%
14%
14%
65
12
Jan
12%
14%
79
79
Mar
80
76
$1,000
6,000
79
76
75
Jan
76
75
75%
13,000
73
Jan
76%
Jan
96%
15,000
3,000
1,000
5,000
94%
Jan
97
Feb
72
Jan
74%
Jan
82
Jan
7 000
69
Mar
Preferred
Northern
Pittsburgh Stock Exchange.—Record of transactions at
Pittsburgh Stock Exchange Mar. 5 to Mar. 11, both inclusive
compiled from official sales lists:
v
t r
100
Central
50
Annap
50
Jan
Mar
Bonds—
Sales
Friday
Par.
Week's Range
for
Sale.
Stocks—
Bait Electric stpd 53.1947
Consol Gas gen 4%s__1954
Range since Jan. 1.
Last
of Prices.
Week.
Price.
Low.
High.
69
105%
1,485
Low.
Shares.
Consol G, EL&P 4%s_1935
5 per cent notes
High.
76
"96%
Consol Coal refund 58.1950
Amer Wind Glass Mach 100
Preferred
100
69%
......
Arkansas Natural Gas. .10
Carbo-Hydrogen Co, pf„5
Carnegie Lead & Zinc
5
Consolidated Ice, pref
50
Fidelity Title & Trust—100
Guffey-Gillespie Oil(no par)
84
7
Barnsdall Corp Class A. .25
Class B—
25
Jan
Jan
85
Jan
7,690
7
10%
Jan
Monon V Trac'5s
26
100
25
Mar
United Ry & E 4s
25%
250
25
•*'
25
84
8%
84
h
Mar
35
Jan
1949
63
63
65%
35
Jan
Income 4s
1949
44
44
45
3
Jan
Funding 5s
1936
62
62
63
7
1,645
4%
Jan
8
Feb
do
small
1936
63%
63%
Feb
7%
23
23
300
10%
20%
50
5
58,260
12
1%
2%
55
20%
Jan
275
10%
Jan
Mar
12
Feb
1%
1,926
Feb
26%
300
Feb
12
Feb
2%
Jan
6
260
3%
Jan
6
Jan
1,966
22%
Mar
26
Mfrs Light & Heat
£0
50
50
51%
1,042
50
Mar
53
2%
6
-■•v: 5
per cent notes.
101%
Jan
Jan
Friday
Last
Week's Range
for
Sale.
Jan
16%
Mar
15
Mar
7%
7%
8%
665
6
15%
15%
1,610
70
Pittsb
15
24%
Brewing, com.--.50
3%
Preferred
26
647
3,770
2%
3%
1,395
7%
.50
—
-
15%
48%
24
8%
400
Pittsburgh Jerome Copp.l
2c
2c
28c
28c
2,000
46%
24
2%
San Toy Mining
1
Union Natural Gas
100
«,
*
«.
*. <« «,
50
""95
5c
75
44
22
95
97
484
West'house El & Mfg—50
20
47%
11%
14
310
65
100
65
170
Mar
Jan
2c
Jan
25c
Feb
113%
Jan
5c
4,500
119
46
W Penn Tr & W P com. 100
Preferred
5c
119
44
119
Western Insurance Co..50
West'house Air Brake
137
114% 116
100
Jan
Mar
5
31,530
Pittsb & Mt Shasta Copp.l
Pittsb Plate Glass
Jan
116%
19
Jan
30%
3%
8%
Jan
Preferred.
Jan
4c
1,
Armour Leather
Jan
6c
Sale.
Stocks—
Par.
Alliance Insurance
44
Feb
44
94%
Feb
97%
Jan
42%
Jan
—
American Stores
47%
Jan
14
65
Briscoe,
no
25
91%
92
525
91%
53
15
12%
Elec Storage Battery.--100
General Asphalt
100
100%
(*)
52%
10
Keystone Telephone
Lake
Feb
19
30%
32
52
56%
2,237
44
Jan
56%
92
10
87
Jan
92
36
Jan
37
Jan
92
Jan
100
50
Navigation
Lehigh Valley
"28""
66
50
.50
74%
Pennsylvania
Pennsylvania
50
—_
Philadelphia Co (Pitts) pref
(cumulative 6%)—-.50
Phil Insulated Wire.no par
Phila Electric of Pa
25
Prpfpfrpd
Devel
100
8%
Jan
22%
Jan
361
27 %
Jan
29%
Jan
7%
Jan
Jan
Feb
10
Jan
71
Feb
65%
50%
Union
50
Traction----^
United Cos of N J——100
United Gas Impt
—
.50
York Railways pref
53
141
65%
50%
72%
74%
38%
Jan
Mar
9,140
35%
Mar
42
635
315*
Jan
34
Jan
212
51
Jan
525*
Jan
Feb
22
22
22%
1,555
27
27%
827
17
54
54
1%
30%
170
33%
i
Jan
22%
Jan
21%
26%
Jan
788
15%
Jan
18%
Feb
Jan
97
51%
Jan
55
Feb
Mar
88
Jan
71
73%
124
1%
1%
1%
1%
31
30%
169% 170
33% 35%
49%
49%
35
35%
2,650
1%
Jan
1,400
1%
Jan
29%
Jan
71
Jan
Jan
33
.165*
56%
Jan
Mar
51%
16%
Mar
8%
72%
64%
10
41
51
236
8
2,511
149
28 %
1 11-16 Jan
1%
31
170
Mar
Jan
Feb
164
Jan
30
Jan
36%
Feb
49%
Jan
50
75
.50
160
35
Jan
37 %
Feb
75
75
,90
74
Jan
80
Feb
30
10
30
Jan
30
Jan
90.81 90.81
U S Lib Loan 3 %s. 1932-47
2d Lib Loan 4%s 1927-42
3d Lib Loan
86.46 86.94
Small
85.40
Jan
92.44
88.30
Jan
Jan
16,800
88.20
Jan
91.04 Feb
86,150
85.60
Jan
88.58
97.42 97.54
15,850
2,000
94.50
Jan
97.82 Feb
68 %
Jan
71%
69
2007
1931
1945
70%
68
Amer Gas & Elec 5s...2007
Bell Tel of Pa 7s
34,700
90.80 Feb
20.20 90.36
1922-23
Atlantic Refg 6%s
$5,000
86.74 87.20
4%s„_ 1928
4% s. 1933-38
Victory 4% 8
70
99%
99%
102% 103
Elec & Peo tr ctfs 4s..1945
53%
54
1,100
68
Mar
72
Jan
Feb
Jan
12%
Feb
86
Jan
94
Jan
31%
660
22
Mar
42
Feb
70
55
70
Mar
71
Feb
30
25
30
Mar
35
Jan
17
200
9
Jan
19
Feb
6
400
5%
Mar
8
%
5%
200
%
Mar
5
Feb
6%
Jan
3%
400
3
Mar
5
Jan
100
59
Mar
68
Jan
50
102
Jan
107
Feb
%
5%
5%
3
107
202
107
10
__
6
6%
100
960
6%
5%
55
Jan
63
Jan
140
96
Jan
105
Mar
20
50
20
Mar
27
85
90%
1,075
61
Jan
71
"87"
71%
200
70
Jan
"12%
59%
12%
13
163
11%
41
41%
125
40
10%
11%
18,875
5%
5%
5%
37%
35
8
105
75
Jan
Jan
99 %
Mar
101
Jan
1035*
Jan
53
Jan
53
99%
56
Jan
55
300
56
Jan
65
65
4,000
59
Jan
66
Feb
Lehigh Val Coal 1st 5s 1933
92%
92%
1,000
92%
Mar
95
Feb
87
87
87
Mar
87
Mar
Small
54
1945
conv
6s '35 reg—
98%
99%
102% 102%
78%
78%
Pennsyl RR 15-yr 6 Mb 1936
10-year 7s
1930
General 4 Ms
1965
P W&B otfs4s
1921
99
99
Peoples Pass tr ctfs 4s. 1943
57
57%
Philadelphia Co cons & coll
trust 5s stamped.—1951
77
77
1,000
51,000
1,000
1,000
3,000
10.000
Jan
98%
102%
78%
Mar
985*
Jan
57
Feb
Mar
Mar
100%
105
81%
Feb
Jan
99
Jan
Mar
575*
Mar
76%
Feb
78
Jan
83%
83%
21,000
82
Jan
66%
66%
66
Feb
—1997
United Rys gold tr ctf 4s '49
United Rys Invest 5s. 1926
81%
79%
Jan
84%
66%
84%
33
81%
34%
1,000
1,000
2,000
33
Jan
36
Feb
68%
68%
5.000
68
Mar
70
Jan
1st s t 4s
5s.-.1966
Reading gen 4s
Jan
Jan
13
Jan
7%
37%
8%
Jan
105
Mar
Feb
Jan
9%
Mar
28%
Jan
Jan
40
Feb
Feb
26%
Jan
38
40
361
25%
50
23%
Jan
19
Jan
14
21%
73%
14
130
68
Jan
76%
25
82
Feb
83
86
21%
22%
257
18
Jan
24
Jan
73
r
590
83
85
85
15
76%
83
79%
5,457
73
[Mar
87
Feb
30
99
Feb
100
Feb
Feb
125
100
83
Feb
Feb
Jan
Mar
Jan
91
Jan
100
100
93
93%
11,628
93
Feb
95
(*)
43
42
44%
2,415
38
Feb
66
18%
18
20
2,115
15%
Feb
20
Jan
35
36
80
34
Jan
Feb
com
Rights
Standard Gas & Elec, pf_50
Stew Warn Speed, com. 100
"30%
Swift & Co
100
100%
15
24%
100
30%
100
32%
8,216
27
Jan
104%
2,185
2,840
100
Mar
105%
Jan
Mar
31%
Jan
Jan
33%
Feb
Jan
62
Thompson, J R, com....25
30
30
31%
455
24%
27%
Union Carbide & Carbon. 10
51%
51%
54%
13,900
49%
10
10
285
10
46
48
620
16%
18
75
75
Swift International
United Iron Wks
v t c„
50
(*)
"if
& Co, w i.20
16%
Co—
Ward, Mong
.
Class "A"_
Knitting"M iU8-~(*)
Wrigley Jr, common
Co
Yellow Mfg
25
10
24%
25%
Jan
37%
Jan
50%
Feb
2,415
16
Feb
25
55
435
8%
19%
Jan
Jan
75
Feb
Jan
32%
lst.4s.1938
1944
Jan
9%
9%
10%
69%
69%
69%
86
80
90
63
63
63%
62%
63
2,000
83
83%
3,000
78%
Jan
64%i Feb
64
f Feb
88
? Jan
47
47
1,000
45
Jan
47
84%
84%
5,500
80%
Jan
85%*
350
69% [Mar
1,575
74
Mar
S3,000
60
Jan
61%
Jan
70% f Jan
90
Feb
SSI'S
Chicago Railway 5s—1927
Commonw Edison 5S..1943
Metr W Side El
Jan
13%
w
1927
Jan
Mar
v.
Chicago City'Ry'Ss
Jan
37%
36%
"47"
Swift & Co 1st s f g 5s.
few
' Feb
Feb
(*) No par value.
New York "Curb"
Market.—Below we give a record of
security market from March 5
the transactions in the outside
to March
11, both inclusive. £ It covers the week ending
Friday afternoon.
It should be understood that no such reliability attaches
to transactions on the "Curb" as to those on the regularly
organized stock exchanges.
On
tie frew " York Stock "Exchange, for instance, only
in business, and they
members of the Exchange can engage
1,000
1966
Phila Electric Is
Feb
Jan
225
Scrip
Shaw W W,
Western
Mar
76
10
Preferred
Wahl
Feb
6%
27
"l4~"
Jan
Jan
90%
73%
13%
48%
103
8%
25%
34%
6,679
8%
Jan
Mar
24%
25%
100
com
150
8%
25%
100
Motor
320
8%
105
5
38
Quaker Oats Co, pref. .100
Reo
445
1
1
10%
8%
25%
10
Orpheum'Circuit.Unc
People's GL"&,;Coke
Sears-Roebuck
Jan
85
104
57%
10%
Preferred—
7%
Feb
20
100
1
100
Pick (Albert) & Co....(*)
Piggly WigglyStores,Inc(»)
Pub Serv of N 111, com. 100
Jan
%
102
57%
x02
41
Steel
Mar
Jan
Jan
Feb
16,500
8,000
11,000
Keystone Telep 1st 5s_ 1935
N Y Cent
Jan
f'' Bonds—
Bonds—
4th Lib L'n
Feb
84
1,055
107
Motors.
National Leather
Jan
30
West Jersey & Sea 8hore_50
50
7%
106
32
Preferred
Westmoreland Coal
73
15
210
68
51%
1
1
| Jan
15
32
-
Tono-Belmont
Tonopah Mining
Jan
•28%
7%
8%
35%
27
Phila Rapid Transit 111150
Philadelphia Traction—50
Reading
——.—GO
70
Jan
85
5%
5%
Lindsay Light
Mar
28
"72%
Pennsyl Salt Mfg....—-50
North
106%
116
10
Middle West Util, pref-100
Mitchell Motor Co
(*)
Nat'l Carbon, pf (new). 100
Jan
93
Mar
Jan
Feb
2,105
59
Inland
73%
69%
Libby, McNeill & Libby.10
Jan
|Mar
High.
Jan
13
59
Cudahy Pack Co, com. 100
Match
100
Jan
Jan
50
Superior Corp
Lehigh
18
52 %
Low.
93
"59
Corporation. .100
Hupp Motor—
lp
15
Hunt & Broad Top pref...
Mar
,
16%
(*)
Great Lakes D & D
30
52%
102
30
156
pref
common
Continental
High.
15
52%
Jan
22
"22""
Hartman
Low.
20
10
99%
Jan
12%
Commonwealth Edison. 100
Week.
Shares
2,325
Feb
92
Godschaux Sugar, com.(*)
18
36% 36%
100% 106
64%
94%
13%
Chic Pneumatic Tool.. 100
Range since Jan. 1.
for
Jan
110
25
(J I)
(*)
Chic City & Con Ry ptsh
com
(*)
Preferred
(*)
Mar
92
par
50
Insurance Co of N A
High.
60
67
80
Case
Mar
Jan
30%
100
preferred..---..
Cambria Iron
of Prices.
Low.
Feb
70
Fisheries,
Booth
Feb
Mar
Sales
18
10
American Gas
First
Price.
65
185
110
PT6f6ITGd
Mar
73%
80
100
Beaver Board—
Jan
71
no
100
Preferred
S, Jan
71
100
Diamond
Week's Range
Jan
Jan
Mar
Range since Jan. t. '
Shares.
i00
—
Shipbuilding
Armour & Co, pref
119
9
Price.
100
Amer
Jan
36c
116
American Radiator
Jan
Jan
57%
Par.
Chicago Elev Ry, pref.100
Last
65%
47%
60%
Jan
49%
Stocks—
Philadelphia Stock Exchange.—Record of transactions
at Philadelphia Stock Exchange, Mar. 5 to Mar. 11, both
inclusive, compiled from official sales lists:
Friday
Jan
Mar
Mar
Week.
12
of Prices.
Low.
High.
Nat Flreproofing com...50
Preferred
—50
47%
92
83%
69
Sales
Jan
Mar
1,250
""48%
24,000
8%
2%
1
101% 102
Jan
2%
25
100
3%
2%
25
Jan
6,000
12,000
2,000
Mar
—.5
16
Jan
Chicago Stock Exchange.—Record of transactions at
Chicago Stock Exchange Mar. 5 to Mar, 11, both inclusive,
compiled from official sales lists:
n
2%
89
Jan
Mar
29%
23
Ohio Fuel Supply
Oklahoma Nat Gas
69
Jan
22%
Ohio Fuel Oil
90
83%
69
Mar
22%
Refining
90
82%
1942
2%
25
Marland
74%
50
Lone Star Gas
50
74
3
12
HarbishawElCable (no par)
Preferred
74
Elkhorn Coal Corp 6s. 1925
Fairmont Coal 5s
1931
300
«►
11%;
Indepen Brewing, com..50
115
6
6
m> W
Mar
3
25%
25%
-
-
69
Jan
83%
Feb
Mar
Feb
are permitted to deal only in securities regularly listed
is, securities where the companies responsible for them
-that
hare
complied with certain stringent requirements before being
admitted to dealings.
Every precaution, too, is taken to
[Vol. 112.
CHRONICLE
THE
1614
Sales
Friday
the "tape/' or reported
day, are authentic.
On the "Curb," on the other hand, there are no restrictions
whatever.
Any security may be dealt in and any one can
meet there and make prices and have them included in the
lists of those who make it a business to furnish daily records
of the transactions.
The possibility that fictitious transac¬
tions may creep in, or even that dealings in spurious securi¬
ties may be included, should, hence, always be kept 1p. mmd,
particularly as regards mining shares.
In the circumstances,
it is out of the question for any one to vouch for the absolute
trustworthiness of this record of "Curb" transactions, and
we give it for what it may be worth.
insure that
quotations coining over
in the official list at the end of the
Friday
Range Since Jan. 1.
Last
Per
Stock*—
■
Week's Range
for
Sale.
Week ending March 11.
of Prices.
Low.
High.
Price.
Shares.
1
CoaLr
Acme
Packing .r__
10
1
Aetna Exdios, Bacbe etfs.r
Aluminum Mfrs, com.r.(t)
Preferred-r-..-—-100
Amalgam Leather, com.(t)
10
Amer Hawaiian SS
Amer Refrigerator_r
-
Stores, oom.r
(t)
Am Writ Paper, com...100
Automatic Fuel S.r.._. (t)
Beaver Board Cos com r (t)
£1
Ordinary bearer
£1
Car Ltg A Power.r.—-25
Chic
Nipple Mf% d A.r.10
Cities Service prel_r_..100
ft)
Colombian Emerald Synd.r
r
Com'wealth Fin Corp
pflOO
Conley Tin Foll.r._._.<t)
Empire Food Products.r—
800
16*
460
76
9*
200
....1
"5^10
.1
Mar
9*
Jan
Jan
23
Jan
83
Mar
Mar
Jan
Tex-Ken Oil Corp.r
Texon Oil A Land.r
Jan
United
Mar
56 *
Mar
""2*
35
100
35
Mar
40
Feb
12*
11*
Mar
13*
Feb
Wilcox OU A Gas.r.
12*
12*
12*
Mar
14
Jan
WoodburnOHCorp.r (n opar)
2*
1*
2*
11*
1*
6*
0*
m
2
2*
4,500
1*
46
50
2,110
14
48
15
500
2*
21
2*
1*
Motor...(no par)
17
17
200
135
135
100
5*
5*
Pleture.r
(t)
Great Lakes Dredge & D.r
Goldwyn
2*
2*
SwltchAStg.oom.r.lOO
Feb
71
Feb
American MInes.r
4*
Jan
Atlanta
6
7
19*
Mar
Jan
Atlas
Gold
r
Jan
8
Jan
Jan
21
Mar
Big Ledge Copper Co
Mar
Booth.r..
Mar
2*
3,300
4*
Feb
Jan
1,700
*
Jan
Feb
4*
6
2*
2*
7*
Jan
*
Feb
Feb
2*
Mar
*
4,900
*
Jan
7-16
*
16*
*
16*
6,800
*
100
3*
4
1%
2,400
3-16
3-16
3,300
*
9-16
35,000
5
""""*
a*
«•
— „
*
»«.'«•
•
1*
a*
87
Mar
3-16
*
*
'
m,
100
2
Mar
3
Jan
Consol Copper Mines
19
'
"be'
21
3*c 5*C
2*c
4c
4c
*
.
Con sol Virginia Silver.r--5
Jan
Intercontinental Rubb.100
9*
3,600
9*
14*
Internal Cultl pref. .r.
7
7
7*
2,500
6*
Jan
10
Fo>.
El Salvador Silver MIn—1
8*
8*
100
8
Jan
13
Feb
Emma
600
61
Mar
66*
Feb
Eureka Croesus..
2,600
1
Mar
1*
Jan
Eureka Holly.r
Mar
4*
72*
Mar
Forty-Nine Mlnlng.r
m
m
7*
1
4*
1
13-16
1H
Pyrene Mfg.r
10
Radio Corp of Amer.r..(t)
5
Roy de Franoe TolletProd 5
Goldfield Consol'd.r— .10
GoldfJeld
2 *c
31
..1
19c
Goldfield Florence.r.,
Great Bend.r
20
Mar
Harmlil Divide.r—
10c
12c
Jan
25c
4
3*
Mar
700
19*
Jan
3*
Mar
9.
*
Mar
Jan
1
2
4,400
*
1*
Jan
11
200
9
10,500
1
Jan
1
Hecla Mining
Henrietta Silver.r.
Feb
Howe Sound Co
Jan
Iron
Jan
28
200
Zone Dlvlde.r
Jan
6
23*
5*
3.300
Jim
Feb
Union Carbide A Carb
r
(t)
United Profit Sharing..25c
Un Retail Stores Candyr(t)
U 8 Ship Corp.r.
Jan
Prince Consol
2
9
Jan
Ray Hercules _r
Jan
72
Feb
Red Hills Florence.r
Jan
60
Jan
6,000
1,200
65
67
51*
1*
51*
55
1*
1*
13,900
1*
Mar
7*
7*
*
*
*
8*
6,600
7*
Jan
*
96,000
88,000
*
*
*
*
-
16
51
300
5*
5*
_
64
800
*
15*
Willys Corp 1st pref...100
Second preferred .r.
100
7*
100
Mar
Feb
*
Jan
2*
Rex Consolidated Mln.-.l
3*
1*
Jan
Roper Group Mln
Jan
St Croix Silver
Mar
1*
Jan
F-b
1 *
Jan
Silver King Dlvlde.r
1
Sliver Mines of America.r.
Feb
15
25*
5*
Mar
Feb
Jan
7*
5*
5-16
Silver Pick Cons'd.r
1
r
2c
59
6c
13*
14*
2
13*
1*
1*
1,600
18,700
13* Mar
1* Mar
20
3-16
1
3c
-J
Feb
Sutherland Dlvlde.r
Feb
Talapooea
1
Former
Standard
2*
2c
1
5-16
Tonopah Belmont Dev—1
Company.r
1 9-16
Anglo-Amer Oil.r
Indiana Pipe Llne.r
Prairie Pipe Llne.r
100
South Penn Oll.r
100
£1
50
Standard OU (Calif).r. 100
Standard OU (Ind).r
25
16
17*
15*
11,100
15*
Mar
85
21*1 Jan
10c
10
Atlantic Gulf OU.r......
Boone OU.r
5
1*
OU.r_.l
31-32
33,400
48c
Feb
5c
7c
58,900
30,700
9,600
4,800
16,700
18,500
14,700
Jan
9-10
Feb
23,820
11-6
Mar
1*
2,550
15-16
Jan
1*
1*
1*
Jan
15-16
I* 19-10
2*
2*
3,130
Jan
1 9-16
Jan
13,663
Jan
2 9-16
Feb
8*c
9c
15,500
6c
Jan
3c
4c
17,020
3o
Feb
2*
8*0
1*
6
1
26
Mar
359
Jan
White Caps Mining
8*c
8c
10c
15,085
7,300
22,100
3c
3c
4c
15,775
1
1
1*
1*
*
1*
"i*
5-16
13*
u*
Maracalbo Oil Explor r (t)
22*
Marland Oil (Del).(no par)
17*
21*
17*
96*
96*
—1924
95
95
95*
Anaconda Cop Mln 7s r '29
93
Mar
10*
Jan
Jan
Jan
Mar
Mar
Jan
6% notes Series A..1929
86*
Mar
Anglo-Amer OU 7*s.rl929
ArmourACo 7% notes r '30
Beaver Board Cos 8s. r 1933
99*
96*
900
50,700
4,800
600
2^
20*
5-16
3*
90
5
3,100
51,700
*
2*
7*
Feb
1*
9*
1*
*
*
Feb
2
Feb
1*
1*
11
I*
9*
Mar
Feb
Mar
Feb
1
2*
15
2*
Mar
Allied Pack oonv deb6s r'39
Jan
Aluminum Mfrs 7s.r..l925
Jan
Amer AgricChem
Jan
Jan
Jan
7*sl941
Amer Light A Trac 7s rl925
Amer Tel A Tel 6s.r_.1922
6s.r
Beth Steel 7% notes.r.
1913
"97""
95
*
15*
11*
3*
2*
3*
24*
20*
Mar
30
Feb
30
1*
__(f)
90
4,000
97
97* 115,000
90*
29,000
75,000
96*
Jan
1
1
3*
2*
54
96*
97
Jan
101
.1
.
48
Mar
1
1*
i*
9*
13*
9*
50
""97"
35
50
101
Mar
101
Mar
Canadian Nat Rys 7s. 1933
100*
26,700
10,500
8,300
1
Feb
1*
Feb
Cerro de Pasco Cop 8S.193I
102
Feb
9-16
Jan
Cities Serv deb 7s C--1966
Mar
17*
Jan
Conv deb 7s Ser D.1906
1,860
*
13*
9*
Mar
11*
Mar
900
2
Feb
3*
100
2*
Feb
3*
Jan
Feb
100
Jan
4
Feb
9,300
3*
10*
2,700
17*
Mar
Jan
400
*
15
Mar
2*0 Jan
Jan
Jan
10*c Feb
5c
1*
Feb
26
Jan
Jan
Mar
Jan
100
Jan
2c
Jan
4c
Jan
1
Feb
1*
Jan
48
Mar
4c
$
11-16
1 1-16
26
—
18,100
12
11
101
Bonds
22,000
6,500
1*
11*
Jan
1
100
* 1 1-16
20
$
Jan
Mar
Jan
1*
35
1*
15-16
Jan
Jan
Western Utah Copper.r-.l
9*
Jan
Jan
West End Consol'd
Mar
0*
*
Jan
7*
Jan
Mar
1*
Jan
240
11c
lo
74
8
3*o Jan
3*
Feb
59
3,900
4,175
323
20o
Feb
36
Feb
3*c Feb
10,900
Feb
Mar
Jan
Feb
*
1*
Feb
10c
lc
>
2c
1*
292
98,000
*
4c
300
11c
1-18
Mar
Jan
302
10c
9o
Feb
*
lc
Eastern Mining..1
5
Jan
1-32
2c
Victory Dlvlde.r—
10c
4c
Feb
5-16
1 9-16
...1
Feb
Feb
Mar
4c
1
Mining
Feb
*
*
4*
Mar
2c
U S Continental MInes.r. 1
329
2
6
Jan
*
3-10
Jan
500
Feb
5
Jan
1* Mar
Jan
Jan
334
Jan
8*
3-10
Mar
66*
158
Jan
500
85
7,135
Jan
Feb
2,700
19,300
259
70*
7*
*
61c
5*
200
68
Jan
130
Jan
5*c Jan
3-16
3-16
Mar
1
'"""*
http://fraser.stlouisfed.org/
Federal Reserve Bank i St. Louis
of
Jan
Mar
1 1-16
8*
11*
Manhattan OU.r
5c
Mar
8,150
9,900
1
....
30c
196
1*
9*
2
100
Kansas Gulf Oll.r
Mar
218
*
8*
1*
10
Livingston Petrol.r.
Magna OU A Ref._
19c
10
22,700
1
"Henderson Farm OU.r
Hudson OU.r
__1
Inter Petrol.r
.(no par)
Jan
2,500
2.300
35
6*
Guffey-GUIesple OU.r-.(t)
Preferred
10c
20
5
...6
Glenrock OU.r
Feb
Jan
85
7*
1*
(no par)
Feb
7c
218
1
Federal OU
Fensland Oil
19c
25*
200
5*
Engineers Petrol Co.r
Fay Petroleum.r
59
Feb
Jan
86
35
5
Mar
18
218
329
com..
Elk Basin Petrol _r
3c
55
1*
Yukon Gold Co.r
Emerich OU.r
*
lc
1
WUbert
Other OU Stocks
AlUed OU.r
14c
1,600
18,500
296
""68*
Standard OU of N Y.r.100
Boston-Wyoming
Carlb Syndicate
Denny OU.r
1-16
Feb
Feb
Feb
Feb
15,000
19.200
8*c
4
3*
*
Feb
60
*
Feb
4*
20o
3,600
7c
Jan
Jan
1*
5*
3
Mar
10c
*
Tonopah Extension..
Tonopah Mlnlng.r
4c
Feb
3*
Feb
*
1* 11-10
10o
Feb
34c
10c
8c
5-16
1
United
Feb
3c
Feb
196
85
218"
Feb
26o
20c
3,100
1,800
1,800
Tonopah Dlvlde.r
OU
Subsidiaries
Arkansas Nat Qas
Silver _r
40
Mar
*c Jan
7*c Jan
3*c Jan
8
5*
2*C Jan
Feb
140
4*
10
1
Mining
61c
7*
1*
*
1
Success
Rights
Texas
58c
1-16
7c
„-_l
South Amer Gold A PI
5*c
2
Standard Silver-Lead
Reading Ce.r
5c
Jan
Feb
4c
*
1*
3
9
18 *c
139
"
8*c
3c
l*c
5
Jan
2*
26*
7*
10
.
29
Mar
2
2*
25*
7*
...
U 8 SteamshlD
Jan
25* Mar
51*
99
Jan
Jan
*
11c
12c
26c
Jan
Jan
190
19c
Feb
*
22c
Jan
2
Jan
8c
Feb
50
97
1,900
Jan
1 13-16 Mar
Jan
7c
58c
1 7-16
Jan
4
Feb
8c
Murray Mog M Ltd
1
New Jersey Zlnc.r
100
Nlplaslng Mines.
.5
Ophlr Silver Mines......1
Platinum-PalladlumCorpl 0
Jan
Mar
9-16
lc
15c
Feb
39c
43c
4c
21
36
Jan
14c
14c
Mar
Jan
F-b
10.400
18*
35*
*
2
Mar
Feb
14c
100
26e
12
Mar
18*
ta*
Mar
Mar
Magma Copper
Marsh Mlnlng.r
35*
Mar
*
MacNamara Mlnlng.r... 1
"5* c
Feb
1*
1*
Jan
1
10*
2*
Jan
...
12
74c
Mar
1,820
14,700
17,900
13c
.....60
275
10c
7c
Feb
Jan
Feb
62c
2,500
lie
Motherlode
500
15c
Mar
2,400
12c
McKlnley-Darragh-Sav ..1
2*
*
6,060
MaoNamara Crescent. r..l
Feb
Jan
44,500
4*
1
2*
3-16
Jan
Jan
Jan'
3
2*
8*
20c
3*
*
2*
2
6*
Jan
16C
Jan
Jan
Jan
1*
29
5*c
4
9c
2,000
3*c
2,800
3*c Jan
43,100
10c
Jan
24c
49,300
35
4*C
5*
Jan
Jan
Jan
19*C
2*c
Lone
Mar
Jan
17c
9 *c Feb
12c
Jan
Jan
10*
75c
lc
11
Feb
Jan
17,900
Jan
10
37c
2*c
34,900
55,000
15,000
200
Feb
l*c
16c
5
1
Jan
7c
Jan
3-16
...l
6c
7-16
1-16
31
Jan
5*c Jan
Jan
18,700
2*c
Jan
Feb
26
Jan
9c
18c
13
Swift Internatlonal_r___15
500
Jan
7c
10c
10*
400
*
4,100
Knox Dlvlde.r....
39
1,350
1*
Mar
Mar
Tobacco Prod Exp.r._.(t)
Todd Shipyard Oorp.r.(t)
11-16
2
Jan
*
1
113-16 707,000
2c
Jan
51
Jan
Mar
*
1,700
13,900
16C
2
99
30*C 43c
*
5-16
2*
3*
8*c
31
50
12
1
2*
*
1
2c
3c
2c
..
7
1
Star.r
2c
15-16
12
Jan
Jan
15
4,700
2,000
83,860
1
2,100
98
Jan
Feb
Jan
Mar
16,550
Kewanus.r..
Butler.r
*
17,500
16c
-
1
10c
8,800
*
850
Jumbo Extension
*
11*
51""
Jan
*
Feb
*
lc
9,800
Mar
2*
100
B..
-
1
Blossom.r
37*
5
2
9
*
~7*c
Gold
,11*
com
1*
Mar
Mar.
*
Jan
71c
13-16 11-32
10c
Devel.r
11*
Preferred
.....
a.
Mar
8,800
2
5*
Stan wood Rubb.r_(no par)
Sweets Go of Amer.r——10
.»
1 1
Feb
50
com r
40c
1
Silver
35*
2*
36
Rockwell Candy .r
Standard Tobaooo
Divide Extension..
10*
Preferred.r-.
Reynolds(RJ)Tob, B.r..25
Standard Gas A Ei
Preferred-r...
Feb
"
12
Mar
1*
1*
1*
Jan
5
*
25,100
4,000
15-16 1 1-16
5-16
49*
1
11
_
17
8
8
72
Feb
2*
19
Jan
Mar
Mar
68c
71c
_.l
r
Jan
13
26
*
*
1*
1
Mar
300
4
26
10
Mar
1.600
4
23*
3*
Jan
Silver.r
Jan
18
1,600
3*
Profit ShC A RS.r......l
Preferred-r
600
3*
23
3*
Peerless Trk A Motor.r_.00
Perfection T A R.r
19*
8
Ma'-
3-16
70
3
Motors.r———<t)
Meteor Motors.r..(no par)
Nor Am Pulp A Paper..(t)
49*
18
McClure's Magaalne.r.(t)
Mercer
200
9,550
500
2*
Jan
5-16
70
Jan
1
1
29,800
2
8
Mar
49*
Jan
10
3*
3,000
1*
7*
8*
7*
*
Feb
1*
16*
18,700
tm
800
Jan
Jan
2c
27,450
9*
10*
70
Jan
Jan
500
1
lc
2c
8c
9
49
Feb
Mar
5
400
5
.r
9*
9*
*
*
1-16 Mar
100
5
7c
Cash Boy Consol
Imp Tob of GB A I.r_.£l
.....
Feb
*
7c
Jan
Cortez
Lima Locomotive, pref. 100
Lincoln Mot. CI A.r....50
Mar
1*
1
6
10*
Jan
*
11-16
23,200
Jan
4,500
9*
300
*
Cresson Con Gold M A M.l
Crown Croesus
11*
Feb
7,800
22.500
Cracker Jack,
10*
Jan
Mar
9*
70,300
11-16
2
2*
16c
Caledonia Mining
1
Candalaria Silver, r—1
Jan
10*
8*
87*
1*
*
2*
1*
13-16
13*C
Feb
58
4
Jan
Jan
1,500
15c
Feb
140
Mar
50
Jan
Mar
6
11c
18
Jan
87
100
Jan
Mar
3
Mar
6*
84*
16c
Jan
Jan
69
Jan
7,000
7,100
12c
15*
Feb
4*
2*
50,200
"
69
Mar
2
69c
3*
r 10
Lehigh Val Coal Sakss.r.50
Llbby .MoNeillALlbby .r .10
Llggett's Internat pf.r.50
Llg-Mar Coal Mlotng.r-.l
2*
4,700
64c
Mar
Keystone Sole Le »ther
3,500
2,000
69c
1*
1*
4*
8
*
Boston A Montana Dev..5
Feb
1*
1
Jan
Jan
Mar
*
Jan
21
14
4
63
Jan
5*
6
16,000
400
61
Jan
11*
4*
5-16
5*c
300
61~~
14*
25
Feb
Feb
200
/
100
4
4c
2,600
_
9*
Mar
Mar
7*
23
100
6*
5*c
5*
10
Products-r_-.(t)
Internat Trade Marlc.r.(t)
Kay County Gas.r
__1
500
1-16
5
2*
Internal
1,800
3,400
6*
450
87
6
..1
*
1*
Jan
4*
*
8
25*
10*
*
Belcher- Dlvlde.r...... 10c
Belcher Extension.r... 10c
1
1 *
Mar
68
Mar
4
m,
5*
100
Jan
2*
4*
87
1
MInes.r
1*
Preferred.*
Jan
Mar
900
1
Mar
Heyden Chem_r._(no par)
Havana Tobacco com r.100
Jan
3*
25
4*
.
Alaska-Brit Col Metals...1
Jan
Jan
4*
Jan
13-10
Mining Stocks—
6*
30*
11*
130
Jan
Feb
*
6
•»
«
Feb
100
87
87
200
Mar
50
1*
Jan
Jan
Feb
Jan
Feb
6
300
7*
44
13
15
15
1*
800
25,800
Feb
57
2
5*
7*
10
(t)
r
Mar
6*
27
12,900
6*
6*
20
21
3*
Feb
67*
Feb
1
2*
159
68
23
23
"Y" Oil A Gas r__—1
Jan
2,500
Mar
Mar
9*
*
7*
United Tex Petrol.r.—.1
U 8 OH Corp
i.......
35
100
2*
25
Jan
25
4*
*
"4*
1
Victoria Oll.r...
White Eagle Oil A Ref
6*
100
Feb
13*
20*
4*
...
Jan
600
2*
Jan
21
1,750
25
64
64
5
Royalty.r
68
1,700
2
6*
9*
6*
*
2*
25
Skelly OU.r
10
Spencer Petrol Corp.... 10
Sussex Oll.r....__.__„._1
Texas-Ranger. r.....
5
Feb
67*
*
1*
Feb
32*
1*
27*
29,500
Mar
Mar
6*
145
Jan
Feb
Jan
*
11
Feb
6
Mar
*
1*
5
67*
Mar
136*
5*
50
27
5*
865
Mar
900
27*
200
3,500
Mar
Feb
6
1*
2*
5
12*
13,400
2*
6*
Feb
1,000
1,600
2,400
10,200
1*
Mar
Jan
2*
62
'12*
20*
2*
50
fi*
50
400
Settled Prod. r
Slmms Petroleum r(n'o par)
Sinclair Cons OU, pf.r.100
Mar
51*
1,900
*
2*
Red Rock OU A Gas.r
9
56*
25*
25
1*
Panhandle Pr A Ref pf.100
Pennock OU.r
....10
Producers A Reflnere.r.10
27
1 *
700
5*
5*
130* 140
5-16
*
25
North American Oil.r
5
Oklahoma Nat Gas.r.__25
Omar Oil A Gas
....10
50
1,500
Gillette Safety Raaor.r.(t)
Hall
Midwest-Texas Oil.
Noble OU & Gas..
High.
how.
12*
1*
"25*
5
Range since Jan. 1.
11*
21*
20*
Seaboard 011A Gas.r—.6
Mar
1*
1*
6
1,142
1,600
FarrelI(Wm)ASon com r(t)
Gardner
9*
Week.
High. Shares.
Law.
10
Mexico OU Corp...
10
Mid-Colombia OU.r...(t)
Midwest Refining.r....50
100
9
27
1*
Continental Motors.r... 10
Durant Motors r..(no par)
*
3*
79*
9
10
Pi eferred B
Cities Serv Bankers sh
28,300
2,200
21
27
27
Amer
Brit-Amer Tob ord
1*
4*
*
3*
9*
17*
76
3*
Merritt OH Corp.r
Mexican Eagle OU.r
New stock wl
Price.
High.
Low.
Industrial lc Miscell.
Acme
Par
Sapulpa Refining.r
5
Savoy OH......... *....6
Week.
for
of Prices.
Sale.
Stocks (Concluded)
Ryan Consoiidated.r
Salt Creek Producer.r..25
Salt Creek Producer new..
Sales
Week's Range
Last
Other Oil
Equipment 7s.r
Cons Gas of N Y 8a.
1935
.1921
Copper Exp Am 8s. r. 1922
79,000
93* 105,000
86* 86* 25.000
52,000
99* 100
90*
96* 49.000
80
94
83,000
96*
97* 31,000
95
96
85,000
9,000
100* 100*
102
104* 142,000
93.
93
5,000
93
84
""99*
"99*
99
96
5,000
175,000
3,000
60
Jan
97*
97*
91*
Jan
96*
Jan
97
Jan
85
Jan
94*
92*
Jan
Jan
98*
97
Jan
91
Jan
83
Jan
94*
89*
Jan
Jan
99*
95*
65
Mar
Jan
M*r
95*
Feb
94*
100*
Jan
101*
98*
99*
98*
98*
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
102
93
Mar
99
Feb
84
Feb
99*
99*
Feb
Feb
99*
98*
106*
Jan
Jan
Jan
95
Jan
99* 10P*
99*
Feb
98*
98*
98*
Mar
98 ^
Feb
25* Mar
99
98*
31
99*
98 *
Jan
84
99* 100
95
Consol Textile deb 7s. 1923
250,000
62,000
99* 208,000
99* 222.000
99* 283 000
Mar
Makch 12
THE
1921.]
1015
CHRONICLE
Friday
-I Cuban-Amer Sug 8s
Deere A Co 8a
High.
Week.
Low.
98
98
New York City Realty and
L.
Mar
9S
1,000
All
High.
99%
99*4 100M 315,000
*31
Diamond Match 7Ms.r-'35
Empire Gas A Fuel Gs.r *24
Range since Jan.
for
of Prices.
Low.
Price.
r
Sales
Week's Range
Last
Sale.
Bonds (Ctntludcd)—
Mar
Bid
100 M Mar
98 %
Feb
ioom 101
16,000
99 H
Jan
83
84
51,000
82
Jan
85
Jan
934
93M
5,000
92
Jan
954
Jan
Galena-Signal Oil 7s.r.l930
93 M
94
9,000
93 4
Jan
97
Jan
General Asphalt 8s.r. 1930
Goodrich (B F) Co7s r.1925
99M
99M
90M
95 M
2,000
99 M
Mar
6a-r
~~S3 u
1926
"88 M
88%
Grand Trunk Ry 6 Ms. 1936
Gulf OH Corp 7s. r
1933
94 M
94 %
94 M
94
Heinz (H J) Co 7s.r..l930
97 M
97
Interboro R T 7s_r
68
68
91%
91%
1921
Kenneoott Copper 7srl930
Laclede Gas Light 7s. r
Louis A Nash 8t L 6s w 1__
83
22,000
91.000
69
91
Jan
91%
Mar
94
97 % 331.000
40.000
97M
Mar
Jan
102%
101M
914
974
215
220
City Investing
Preferred
-I
60
70
85
95
-
Nat
Jan
72 4
102
Surety..
180
186
U S Casualty.
150
160
U S Title Guar
70
80
117
120
150
160
West A Bronx
94 M
Jan
84 M
Jan
94
Jan
100 %
Mar
101
Quotations for Sundry Securities.
Jan
Jan
% Mar
Jan
All
bond
prices are "and Interest"
Standard Oil Stocks
Pe
r
1TYNHA Hart 4s.r.l922
"63~"
61M
61M
Mar
Ohio Cities Gas 7s.r..l921
994
964
S9M
99M
18,000
974
Jan
Borne Scrymser Co
97
17,000
95 '
Jan
99%
97%
Jan
96
Jan
Buckeye Pipe Line Co...
60.
Jan
96
Jan
Chesebrough Mig new...100;
Jan
Mar
Feb
96
Jan
94
Jan
99%
Jan
Anglo American Oil new.
964
Jan
Atlantic
70
Jan
£1;
Preferred
Ask.
*16
100
Refining
900
except
where marked "f.1
RR. Equipments—Per Ct. Basis.
shar e
Par] Bid.
984
10i4
970
Baltimore A Ohio 434s
7.50
6.75
Buff Roch A Pittsburgh 4)4s
7.00
6.30
7.00
6.30"
Equipment 4s
100
105
110
7.00
6.30
100
375
400
Canadian Pacific 4Ms & 6s.
7.25
6.40
*81
83
Caro ClinchHeld A Ohio 5s.
8.00
7.00
185
200
Central of Georgia 4Ms
7.50
6.75
99
102
Chesapeake A Ohio 6%B
6.90
6.35
100
107
111
6.40
*29
31
8.50
7.25
135
145
Equipment 5s...—
Chicago A Alton 4Ms, 5a...
Chicago A Eastern 111 5J40—
7.15
50
8.50
7.25
7 50
7.12
6.35
Equipment 6s
'
7s. r
1922
7s.r
1923
93M
94M
13,000
93
7s.r
...1924
92%
93M
15,000
92%
7s.r
1925
96
96
5,000
93
Jan
95%
96%
95
95
8,000
94 %
Feb
95 4
—.
95
Assoc
Jan
Jan
100 %
——
(Brooklyn).
Realty
Title A M G
98M
1951
85
Mortgage..
"101M
Ohio Power 7s.r
Ask
125
75
jN Y Title &
Morris A Co 7Ms.r...l930
National Leather 8e.r.l925
94 M
Bid
120
Mtge
Ask
Jan
874
83,000
Bond A M G J
Feb
94 M
67
45,000
92 M
10,000
914
101M 121.000
15,000
98 %
30,000
94%
16,000
65
70
share.
Bond..
Lawyers Mtg
65
Surety Companies.
per
Bid
|l
70
R'ltyj
Amer Surety-
prices dollars
Jan
98 M
98
Alliance
Ask
Mur
Preferred
100,
new
Continental Oil
Crescent Pipe Line Co..-
Govt 6Ms.r.l919
"l8
16
20
39,000
13
Jan
20
Mar
Cumberland Pipe Line...160
5Ma
1921
iSan Paulo (Brazil) 83 1936
17
16
20
58,000
12
Jan
20
Mar
Eureka Pipe Line Co
100
93
98
97 M
97M
75,000
97 %
97
Galena Signal Oil com... 100
42
45
Chic rnd A Louisv 4Mb
Chic St Louis A N O 5s
Sears,Roebuck A Co 7s r*21 "98 %
95
7% ser notes.r.Oct 15*22
94 M
7% ser notes.r.Oct 15*23
98 %
99
115.000
97%
90
95
Chicago A N W 4Ms
7.00
6.40
94 M
95
63,000
90
95
Chicago R IA Pac 4Ms, 5s-
7.75
7.00
94 %
100
Sinclair Con Oil 7Ms.rl925
90 H
90M
Solvay A Cie 8s.r
99 H
99M 100M
95M
96 M
96
96 M 290.000
Russian
—
M
Jan
Preferred old....
100
i
Mar
97%
Jan
Preferred
100
24,000
94 M
90% 177.000
94%
Mar
97 M
Jan
Illinois
163
168
Colorado A Southern 5s
8.00
7.00
884
Jan
92 %
Feb
Indiana Pipe Line Co
50
*83
85
7.00
99 M
Feb
1024
Jan
*14
IBs
7.50
6.75
44,000
95M
Mar
96 4
Jan
Interactional Petrol.(no par)
National Transit Co...12.50
Erie 4Ms, 5s
Hocking Valley 4Ms, 5s
8.00
80.000
*20
28
Illinois Central 5s
7.00
6.40
Jan
96*4
Feb
New
York Transit Co... 100
145
150
7.00
6.40
6.75
6.35
94
new
Pipe
Line
1927
South Ry 6% notes.r.1922
Southw Bell Telep 7s..1925
"96 M
Stand Oil of N Y 7s.r. 1925
101M
101M 101M
30.000
100M
Jan
1024
Jan
Northern Pipe Line Co..100
92
97
7% ser gold deb
1926
7% ser gold deb
1927
7% ser gold deb
1928
7% ser gold deb—i-1929
101M
101M 101M
29.000
100
Jan
102
Jan
Oblo Oil Co
25 *274
279
100
<
Jan
102)4
Jan
Penn Mex Fuel Co..
25
*30
34
Jan
Jan
Prairie Oil &
100
415
455
Swift A Co 7s.r
101M 101M
"loiM
101M 102M
14,000
101 %
101 % 102 H
102
103
6,000
100M
100)4
Jan
102 M
103
Jan
Prairie Pipe Line
32,000
100M
Jan
103 M
Jan
Solar Refining
38,000
101'4
F>»
103 %
Jan
24.000
78 M
Jan
84
37,000
95
Jan
22,000
79 M
89.000
984
102
79 M
96 M
Switzerland Govt 5 M8.1929
Texas Co 7% >q Tntsrl923
Western Elec
81%
82
m
*
«
.
mm,
-
9 9%
100% 100%
— m
22,000
98 M
19,000
99%
37,000
100
193
197
385
410
Minn St P A S S M 4MS & 56
100
104
Jan
215
220
98
Jan
Southwest Pa Pipe Lines. 100
*65
86 M
Jan
294
99 4
102
Fob
Standard Oil (California). 100
Standard Oil (Indiana)
25
Jan
Standard Oil (Kansas)... 100
58.5
600
Feb
100 H
Feb
Jan
97%
100 M
Jan
Standard Oil (Kentucky). 100*395
Standard OH (Nebiaska) 100 440
410
460
Preferred
13
—
13
13
10,000
13
14
r
14
14
10.000
13 M
15
Jan
Jan
—Bonds of several
New Jersey
columns this week by
municipalities
Amboy
school bonds, maturing July 1 1927 to
4%
—Announcement is made in
our
new
109
St Louts Iron Mt A Sou 6s..
100
St Louis A San Francisco 5fl.
7.00
8.00; 7.00
Seaboard Air Line 5s
7.75
7.00
10
*28
32
6
Stocks—Per
Teaneck
215
Atlantic
Ask
205
American
315
315
Bankers Trust
Irving Nat of
Y
N
Liberty*
i
Trust
Co'8
Bid
Banks
190
Bid
13
100
.......
170
Bowery*
425
450
Broadway Cen
150
160
"
Ask
.100
82
85
91
95
300
310
•
-
~
96
105
100
92
98
Preferred
Rubber
Stocks
(Cleve and
Firestone Tire A Rub, com 10
6% preferred
7% preferred
100
7% notes 1923.
MAN
York
300
315
New
Chat A Phen.
255
265
Pacific *
Chelsea Exch*
120
135
Park
510
522
Public
225
240
Republlo*
Colonial *
350
m
Seaboard
580
Columbia*...
160
170
Second
450
Commerce
217
220
State*
205
135
Arm'rACo7sJuly 15*30 JAJ15
9638
Lincoln
86%
93U
9334
12
*34i2
36
Ry,L A P.com.100
100
mm
m*
mm
i
24
26
100
Preferred
69
70
Industrial
and
Miscellaneous—Pe
American Brass
100
187
190
..100
138
144
40
43
Bliss (E W) Co, new__no par
Preferred
50
*30
36
*52
66
American Hardware.
Beth St 7s July 15 '22.JAJ15
9858
7% notes July 15 *23 JAJ15
9658
97
275
285
Canadian Pac 6s 1924.MAS2
95%
94
Borden Company, com.. 100
Preferred
100
105
125
Federal Sug Ref 6s 1924MAN
Goodrich(B F)Co 7s*25.AAO
9434
92%
89
90
Celluloid
IN Y
Trust...
5.50
N Y Trust...
510
590
Continental..
125
135
United States*
155
165
Title Gu A Tr
305
Corn Exch*..
425
U S Mtg A Tr
United
Life Ins
shar
Amer Typefounders, com.100
Preferred
100
165
170
634
59
290
...
2
66
155
Chester)
5%
25
280
Mutual (West-
m,
210
1
22
Metropolitan.
605
,
100
100
100
Trust
160
82
84
85
86
88
90
100 *122
128
100
Company
307
312
Wash
H'ts*..
350
Cosmop'tan*.
95
105
Yorkville *—
Fifth Avenue*
900
150
165
First
890
Garfield
220
m,
m
i
A
98
102
91
93
Chi ds Co com
Interboro R T 7s 1921. .MAS
68
95
98
315
6912
98%
97i2
100
97%
du Pont (E I) de Nemours
A Co, com
100
137
142
390
410
Laclede Gas 7s Jan 1929 FAA
90
91%
Debenture stock
100
75
78
810
830
Lehigh Pow Sec 6s 1927.FAA
64i2
985s
65i2
Havana Tobacco Co
100
1
100
4%
Penn Co 4^8 1921...JAD15
Pub Ser Corp N J 7s '22.MAS
87
89
Reyn (R J) Tob 6s *22.FAA
97
97i2
Sloss Sheff S A 16s '29..FAA
85
Southern Ry 6s 1922...MAS
Swift A Co 6s 1921.-FAA15
95r>8
86%
961s
98%
96%
97
985s
99
Hocking Valley 6s 1924.MA8
170
Fifth
mm
426
East River...
mm
K C Term Ry 4J4s 1921.JAJ
6s Nov 15 1923
M&N15
LiggettAMyersTob6s*21 JAD
mm
States
Coney Island*
140
155
Brooklyn
Brooklyn Tr.
910
First
205
215
Hamilton
340
230
Greenpoint
160
180
Kings County
660
Manufacturer
200
People's
270
Brooklyn
tm
200
Homestead*..
245
260
Mechanics'*—
87
95
Hanover
790
m**
Montauk *
85
Harriman
350
360
Nassau
Imp A Trad..
500
515
North Side*-
Industrial*.—
180
19*;
People's
460
475
•
-
-
95
'mm.
220
...„
Ridgewood
Banks marked with (*) are State
stock,
z
80
100
190
Greenwich
* New
8614
*11
60
Mercantile Tr
~
220
week,
102
60
9684
99 •«
200
•
99
Standard Gas A El (Del).
Preferred
Western Power Corp
125
Tradesmen's *
this
92
97
Law Tit A Tr.
JAJ
20
IOOI4 10034
99% 9934
9934 lOOU
B
banks,
Ex-divldend.
mm
m
m
195
mm
mm
mm
m
290
''7% notes Oct 15*25 AAOIS
Texas Co 7s 1923
MAS
U S Rubber 7Ms 1930--FAA
Utah Sec Corp6s'22.MAS15
mm
205
160
160
200
West Elec oonv 7s 1925. AAO
....
t Sale at auction or at Stock Exchange
y Ex-rights.
"
6i2
17
90
Preferred
100'2
81
100
United Lt A Rys, com
1st preferred
Anglo-Amer OH 714 9*25 AAO
Union Exch..
Gotham
965s
100
5
100
Preferred
90%
95>4
165
23d Ward*.—
m
Cent
71
67
South Calif Edison, com. 100
Preferred
100
Tennessee
312
225
Ex*.
Common¬
wealth*
39
155
210
Comm'l
2U2
40
305
Series
Preferred
Republic Ry A Light
310
295
Coal A Iron..
20%
61
370
300
Chemical
18
59
Hudson
1929
30
100
Guaranty Tr.
7s
82
Puget Sound Pow A Lt_.100
"
AnaeondaCop Mln 6s'29.JAJ
49
78
14
m
m,
*»
25
45
Preferred
31
270
460
440
*270
20
100
North'n States Pow, com.100
Preferred
100
137S
Fulton
-
7714
6
30i2
34
210
13i2
77
76%
79
20's
AAO
12
75
100
First Mtge 5S, 1951-- -JAJ
Northern Ohio Elec Corp.(f)
68
100
200
6% notes 1922
7%
North Texas Elec Co,com 100
Preferred
100
100
Am Tob 7% notes 1921MAN
Preferred
6U
Pacific Gas A El, 1st pref.100
63
Portage Rubber, com
Preferred
Preferred
35
8512
85
145
MAN
-
15
33
83
Elec Bond A Share, pref.100
Federal Light A Traction. 100
210
60
7% notes 1922
-
13
75
58
360
m,
77
Com'w'th Pow, Ry A Lt.100
Preferred
100
180
135
287
Cent Mercan.
7734
69%
100
290
Chase
74
100
Ruboer
345
Inter
75
ices)
100
282
Fidelity
pr
*70
100
Farm
mm
73
Mississippi Riv Pow, com 100
93
95
Equitable Tr.
170"
11
100
Preferred
157
100
Empire
135
68
9
153
3'H2
...100
Preferred
160
160
237
67
100
45
332
Netb*__
235
100
Preferred
Colorado Power, com
80
150
York Co
20
31
77
327
New
10
27
40
Nat
New
10
100
Carolina Pow A Lt, com. 100
Cities Service Co, 00m
100
100
Nat American
100
5
100
84
Great West Pow 6s 1946.JAJ
Nat Cuba
210
69
95
155
200
51
66%
103
155
Butch A Drov *140
60
92
Weyman-Bruton Co, com 100
Young (J S) Co
mm
Amer Publlo Util, com
Preferred
81
109
125
mm
Preferred
100,
100
100
Preferred
Amor Power A Lt, com..
*35
105
L A Tr
103
25
145
60
60 *100
3734
50, *37
100, 103% 105
100
B common stock
145
...
Utilities
90
Park*
City
6.60
Public
96
95
325
Columbia
7.50
91
Amer Tel & Tel 6s 1924.FAA
Central Union
308
6.30
Virginian Ry 6s
*83
8914
203
490
6.75
25
Am Cot OH 6s 1924-MAS2
197
300
Mutual*
140
93s
105
109
Boro*.
Bryant
*9
90
335
m
Pacific 7s
,
105
Bronx Nat.—
Bronx
96
330
mm
Mech A Met.
.
156
92
Miller Rubber
332
Commercial.
15
153
Preferred
Manhattan •_
Battery Park.
*13
Swinehart Tire & R, com. 100
Preferred
100
Short Term Securities—Pe
mm
92
13'8
Goodyear Tire & R, com. 100
New York
6.75
Union
102
Preferred
Vice-Presi¬
mm
i
*123S
Preferred
198
Ask
245
Mid
7.50
10)
|
♦12lo
Tobacco Prod Corp scrip
prices dollars per share.
235
6.62
Toledo A Ohio Central 4s...
Amer Gas A Elec, com
Preferred
Scrip
■
180
Exch..
6.62
7.50
Amer Lt A Trac, com
Mohawk
America »
6.35
7.50
210
Gen'l Tire & Rub, com... 100
Preferred
100
Amer
6.80
! 85
Reynolds (R J) Tobacco.
formerly associated with Bolger, Mosser & Willaman.
Edward B. Shapker
and John F. Kent will continue as President and Vice-President respec¬
Banks—N Y
Equipment 7s..
Southern Railway 4Mb
Equipment 5s
80
Preferred
dent, Thomas L. Grace, Vice-Presidont and Timothy J. Grace, Secretary,
All
6.35
85
Porto Rican-Amer Tob.. 100
Gordon,
City Banks and Trust Companies.
7.00
I Ask.
MacAndrews & Forbes.. 100
—Shapker A Co., Municipal and Corporation Bonds, 134 South La Salle
'
Bid.
Johnson Tin Foil & Met. 100
New York, is President
St., Chicago, announce the election of George W. Thompson,
138
7.75
7.00
Equipment 4Mb
190
Preferred
Brasie, Vice-President and Secretary.
New York
8.00
Sh a e.
Imperial Tob of G B & Ire..
of Hughes,
150
*24 | 26
♦23iS 2512
140
133
50
bearer..£1
Conley Foil (new)
no pat
Helme (Geo W) Co, com. 100
1 1922 to 1939, incl., to
name
95
*90
25
100
British-Amer Tobac ord_.£l
firm, while Frank A. Gordon is Vice-President and Treasurer,
'
Oil Stocks
Brit-Araer Tobac,
S. Harvey Hughes, for twelve years with the
tively
6.35
305
American Tobacco scrip....
with offices at 1438 Dime Bank Bldg., Detroit, which will
and William L.
6.37
7.00
97
101
Amer Machine A Fdry—100
advertising columns to-day of the for¬
corporation under the firm
high-grade bonds.
6.35
7.25
295
American Cigar common. 100
Preferred
-.100
1945, incl., to yield 5 75% to 5 50%,
National City Bank and the National City Co. of
of the
6.35
7.00
100
100
Par
yield from 5 65% to 6%, according to maturity.
deal in
6.35
7.00
100
stock
Tobacco
school
1932 to 1940, incl., to yield 5 50% to 5 60%, and $18,000
Brasie A Co.,
6.80
Pennsylvania RR 4Ms
Equipment 4s
50
Midwest Refining.......
They are offering $24,000
Twp. School District 5% bonds, maturing Mar.
new
6.35
Pacific Fruit Express 7a
40
New
being advertised in
are
according to maturities, $30,000 Gloucester City 6% refunding bonds, due
a
7.12
100
Imperial OH
Magnolia Petroleum
Mexican Eagle Oil
bonds, maturing
Sept. 1 1936, to yield the investor 5 20%, $76,000 North Bergen Twp. 5%
of
7.00
6.35
.
Pittsburgh A Lake Erie 6Ms.
Readlng Co 4Ms
maturing July 1 1943 on a 5.15% basis,
Perth
$39,000
0.35
7.12
Norfolk A Western 4Mb
Northern Pacific 7s
108
Washington Oil
$36,000 New Brunswick 4)4% school bonds, due July 1 1937 to 1953, incl.,
basis,
6.35
7.75
101
Preferred
•'
*
Ii. M. Grant & Co.
Atlantic City 4^%school bonds,
mation
N Y Ontario A West 4Ms...
Southern Pacific Co 4Mb
" " 1
!•
6.75
7.12
7s
.100
Other
•{
7.00
7.12
390
Vacuum Oil..
NOTICES.
CURRENT
7.00
7.50
375
Union Tank Car Co
'
Dec. 1
Equipment
6.50
8.00
Mobile A Ohio 4Ms, 5b.__
New York Cent 4Ms, 5s
6.60
8.00
Missouri Kansas A Texas 5s.
Missouri Pacific 5s
6.20
7.25
.100
k Correction.
t Dollars per 1,000 lire, flat,
515%
103i2 106V8
328
6.75
324
Swan & Finch
1
a
25*13712 139
10C
Preferred
Feb
17M
Mar
*
on
69
6.50
7.25
Equipment 6%s A 7s
Standard Oil (Ohio)
Marks
Odd lots,
t No par vame.
% Listed as a prospect.
I Listed ori the Stock
Exchange this week, where additional transactions will be found,
o New stock,
r Unlisted.
ic When
Issued.
a; Ex dividend,
y Ex rights,
z Ex stock
dividend
•ur
298
*GS34
..
Standard Oil of New Jer.
69
?
—
Standard Oil of New Y'k. 100
(.Dollars per 1,000 Marks)
Hamburg 4M«-r
6.35
100
Southern Pipe Line Co..100
South Penn Oil
100
Municipal Bonds
Govt 5s.
6.50
7.00
Eq dement 6Ms
Michigan Central 5s, 6s
German Government and
German
7.37
7.25
Jan
98M
-
Equipment 7s
Kanawha A Michigan 4MB—
Louisville A Nashville 5s
Jan
98 M
"9 9
Gas
Equipment 4Ms
Jan
100
98 %
-
•
82
98 %
98 M
7s.rl925
conv
102^ 103 M
79%
79 M
96M
96%
103
—1925
Union Tank Car eq 7s. 1930
United Rys of Hav 7Ms '36
92
13,000
7% ser gold deb
1930
7% ser gold deb
1931
Swedish Govt 6s J'ne 15*39
6.50
Jan
M
994
Mar
ir
.
|
* p«* share.
/Flat price,
6 Basis
n Nominal,
97
9878
99
Preferred
Preferred
1st g 5s June 1 1922._ JAD
99i8
99U
99i2
86%
98*4
991*
87*2
Intercont'l Rubb, com... 100
International Salt
100
1st gold 5s 1961
Ex-dlvidend.
9l2
2
6*2
55
10
-
58%
AAO
/67
International SUver, pref.100
♦89
Lehigh Valley Coal Sales. 60
Phelps Dodge Corp
100
Royal Baking Pow, com. 100
♦66
Preferred
70
68'
180
90
110
100
79
81
81nger Manufacturing... 100
fllngw Mfg. Ltd
£1
87
90
d Purchaser also pays accrued dividend.
x
m
v
Ex-rights.
*2%
«Now stock.
1016
{amstmmt an# gjUritoafl Intelligence.
*•
,^^*'^,*ir^^rnr*t«nijvvvvvvvv>->i->> i<wwvv^Tifww^if<iinnifnwii-trn-nnivtni^iit'n -i -i* *
RAILROAD GROSS EARNINGS
The
earnings of various STEAM roads from which regular weekly or monthly returns
give the gross earnings for the latest week or month, and the last two
columns the earnings for the period from Jan. 1 to and including the latest week or month.
The returns of the electric railways
following table shows the
can
be obtained.
are
brought together separately
gross
The first two columns of figures
on
a
subsequent
ROADS.
page.
Current
Month.
Year.
Year.
296,301
318,381
318,381
296,302
787,746
784,178
88,998
88,728
Atch Topeka & 8 Fe
15356003 20177970 15,356,003 20,177,970
January
Gulf Colo & S Fe_ December
2,689,282 2,499,842 27.548,089 22,184,340
Panhandle S Fe__ December
822,929
9,355,874 6,708,470
814,502
Atlanta Blnn & Afcl_ December
430,413
5,750,591 4,961,072
448,733
Atlanta & West Pt_ January
277,527
231,634
277,527
231,634
Atlantic City
260,864
260,864
217,146
217,146
January
Atlantic Coast Line- January
6,451,142 6,820,140 6,451,142 6,820,140
Baltimore & Ohio— January
17856151 17343668 17,856,151 17,343,668
B & O Ch Term214,879
214,879
208,129
208,129
January
591,175
706,172
591,175
Bangor & Aroostook January
706,172
102,280
Bellefonte CentralDecember
124,028
11,291
8,948
456,796
419,787
Belt Ry of Chicago- January
419,787
456,796
639.349
Bessemer & L Erie1,010,526
639,349
January
1,010,526
155,840
1,399.492 1,314,960
32,420
Bingham & Garfield December
660,336
567.350
44,557
72,649
Birmingham South- December
Boston & Maine
6,120,263 6,830,821
6,120,263 6,830,821
January
92,028
86,466
92,028
86,466
Bklyn E D Term— January
Buff ltoch & Pittsb. 1st wk Mar
405,718 2,948,530 3,375,136
282,962
Buffalo & Susq
December
3,114,960 2,157,831
145,254
304,497
Canadian Nat Rys. 1st wk Mar 2,049,345 1,690,099 18,981,435 15,473,720
Canadian Pacific— 1st wk Mar 3,255,000 3,244,000 30,307,000 30,571,000
Can Pac Lines in Me January
382,847
357,395
382,847
357,395
647.920
663,044
Caro Clinch & Ohio- January
663,044
647.920
December
Central of Georgia.
2,001,393 2,104,875 25,116,869 21,696,510
Central Kit of N J„ December
4,961,689 3,910,766 51,989,303 44,837,302
Cent New England- December
907.986
578,854
7.787,075 6,757,409
Central Vermont— December
7,173.646 5,852,308
513,886
620,434
Charleston & W Car January
278.921
254,485
254,485
278.921
Ches & Ohio Lines.
7,126,098 6,420,510 7,126,098 6,420,510
January
2,600,000 2,541,179
2,600,000 2,541,179
Chicago & Alton.
January
Chic Burl & Quincy
December
15271910 12729301 184610986 154011438
2.553.942 2,932,417
January
2,553,942 2,932,417
Chicago & East 111.
2.087,567 1,859,494 23.889,976 22.128,189
Chicago Great West December
Chic Ind & Louisv.
1,229,795 1,312,817
1,229,795 1,312,817
January
348,064
423,559
423,559
January
348,064
Chicago JunctionChic Milw & St Paul January
11587656 14533590 11,587,656 I,4533,590
Chic & North West
11789596 13093 062 11,789,596 13,093,062
January
Chic Peoria & St L_ December
161,302 2,801,193
237,915
1,736,078
Chic R I & Pac—— January
10440227 12344 566 10,440,227 12,344,566
Chic R I & Gulf- December
702.383
6.767.656
509.594
5.046.028
Chic St P M & Om. January
2,400,185 2,910,424
2,400,185 2,910,424
Chic Terre H & S E_ January
437,160
465,155
465,155
437,160
Cine Ind & Western January
296,891
376,155
296,891
376,155
4th wk Feb
.Colo & Southern
485,855
4,674,063
657,743
4,851,015
Ft W & DenCity- December
1,293,164 1,052,636 13,143,676 II,162,302
Trin & Brazos Val January
247,958
247,958
174,012
174,012
Wichita Valley— December
159,479
181,884
1.825.943 1,227,501
Colo & Wyoming— December
25,311
128,710
1,084,795
915,650
Columbus & Greenv December
198,812
213,801
1,881,559
1,864,983
December
82,494
74,004
992,413 1,002,911
Copper Range—
Cuba Railroad
December
1.373.421 1,158,179 12,711,803 11,638,950
Camaguey &Nuev December
131,811
117,898
2,702,737 2,450,774
Delaware & Hudson January
4,126,239 2,766,136
4,126,239 2,766,136
Del Lack & Western
6,935,047 5,910,474
6,935,047
5,910,474
January
Denv & Rio Grande December
4,073,894 3,165,636 40,245,027 33,016,257
Denver & Salt Lake December
265,680
252,835 2,938,479 2,911,041
Detroit & Mackinac January
120,283
118,312
120,283
118,312
Detroit Tol & Iront
351,380
January
248,425
248,425
351,380
Det & Tol Shore L„ December
263.172
203,038
2,450,01C 2,458,394
Dul & Iron Range.
January
198,650
127,723
198,650
127,723
Dul Missabe & Nor
217,142
January
144,691
217,142
144,691
Dul Sou Shore & Atl 4th wk Feb
88,025
207,445
762,610
729,932
Duluth Winn & Pac January
327,093
184,455
327,093
184,455
East St Louis Conn
December
130,393
156,098
1,512,770 1,229,439
E ast'n Steamsb Lines November
240,419
262,406
4,479,323 4,281,769
2.602.620 1,740,539 2.602.620
Elgin Joliet & East- January
1,740,539
El Paso & Sou West January
1,074,230 1,350,835
1,074,230 1,350,835
Erie Railroad
January
8.399.621 8,193,917 8.399.621
8,193,917
Chicago & Erie.. January
875,631
998,352
875,631
998,352
N J&N YRR114,811
108,998
114,811
108,998
January
Florida East Coast- December
1,512,559
996,519 13,546,205 10,121,222
Fonda Johns & Glov January
112,713
108,522
112,713
108,522
Ft Smith & Western January
185,070
154,496
185,070
154,496
Galveston Wharf
December
247,098
133,933
1,980,566
988,814
428,210
Georgia Railroad— January
484,603
428,210
484,603
Georgia & Florida.
101,076
January
114,132
101,076
114,132
Grand Trunk Syst— 4th wk Feb 1,807,819 1,862,511
Atl & St Lawrence December
492,777
463,647
3,375,549 3,274,056
ChDetCanGTJct December
228.173
189,824 2,000,168 2,132,503
Det G H & Milw. December
326,747
296,008
4,882,548 4,366,538
Grand Trk West- December
1,409,555 1.245,444 17.060,109 13,912,076
Great North System January
6,279,239 10151935 6,279,239 10,151,935
Green Bay & West. December
114,421
83,094
1.281.814
1,213,613
Gulf Mobile & Nor. December
446,986
254,164 4,180,494 2,823,506
Gulf & Ship Island- December
247,353
249,189 3,053,924 2,496,260
December
856.710 17.145,167 11.654.517
Hocking Valley
1,593,390
Illinois Central—
12878199 12255892 12,878,199 12,255,892
January
Illinois Terminal
December
115,612
75,101
1,119,931
938,439
Internat & Grt Nor. January
1,751,347 1,728,576
1,751,347
1,728,576
Kan City Mex & Or January
128,152
149,575
128,152
149,575
K C Mex & O of Tex January
159,315
159.499
159,315
159.499
Kansas City South. January
1,766,339 1,498,996
1,766,339
1,498,996
Texark & Ft Sm_ January
212,475
157,771
212,475
157,771
Kansas City Term
136,688
126,819
136,688
126,819
January
Kan Okla & Gulf— December
314,846
170,977 2,803.056
1,517,855
Lake Sup & Ishpem. December
11,459
5,992
1,658,244
1,003,152
Lako Term Ry
151,753
January
89,792
151,753
89,792
257,045
Lehigh & Hud River January
197.500
257,045
197.500
2
Lehigh & New Eng. January
368,360
271,535
71,535
368,360
6,036,114 5,475,496
January
Lehigh Valley
6,036,114 5,475,496
Los Ang & Salt Lake December
2,150,264 1,505,384 20,898,126 17,209,932
Louisiana & Arkan. January
354,698
318,052
354,698
318,052
Louisiana Ry & Nav December
357,702
321,837
4,275,834 3,542,034
Louisville & Nashv. January
10142181 10269714 10,142,181 10,269,714
Louisv Hend & St L January
234,218
251,341
234,218
251,341
Maine Central
1,968,969 1,604,346
January
1,968,969 1.604,346
Midland Valley
435,404
January
385,987
435,404
385,987
Mineral Range
4th wk Feb
8,232
11,503
83,644
107,189
322,024
272,627
Minneap & St Louis 1st wk Mar
3,113,140 2,923,959
Minn 8tF&8SM. December
3.853.422 3,651,601 48,157,646 42,661,591
74,987
77.374 1.069.815
Mississippi Central. December
1,011,409
_
_
—
-
_
.
_
—
_
_
OF
Current
*
3d
Weekly Summaries.
week
4th week
1st
week
2d
week
3d
week
Dec
Dec
Jan
Jan
Jan
4th week Jan
week
Feb
2d
week
3d
week
Feb
Feb
4h. week
Feb
1st
*
We
no
16 roads).
Previous
Year.
Year.
Increase
Montour
Nashv Chatt & St L
Nevada-Calif-Ore
Nevada
__
Northern.-
Newburgh & Sou Sb
New Orl Grea't Nor- December
N O Texas & Mex
January
13,153,672
14,360,096
+2,436, 530.18.52
+3.075 222 21.41
8,078,145
13 roads).
(20 roads).
(19 roads).
(17 roads).
(14 roads).
12.706,388
7,270,486
12,324,508
+807, ,659 11.11
+381, 880 3.09
+ 1,058, 982 8.21
12,898,166
(19 roads).
11,691,167
13,082,943
(19 roads).
12,853,469
15,097,698
any
of
our
Current
Previous
Year.
Year.
$
$
3,473,957 2.925.832 3,473,957
2,160,764 29,929,948 25,244,514
148,558 2,115,210 1,587,820
10495227 9,552,340 10,495,227
303,689 4,674.852 3,652,667
192,988 2,944,585 1,954,320
1,677,352 1,199,497
41,101
2,154,734 1,756,328 2,154,734
4,416
157,284
176,151
195,725
172,446
142,936
607,937
38,329
1,588.638
1,920,237
2,684,965
301,261
255,732
630,682
206,960
301,261
255.732
630,682
27360 587 30605167 27,360,587
784,738
784,738
654,495
782,645
782,645
933,496
Beaum S L & W__
St L Brownsv&M
New York Central.
Ind Harbor Belt-
January
JanuaryJanuary
JanuaryLake Erie & West January
Michigan Central January
Clev C C & St L.
January
Cincinnati North. January
Pitts & Lake Erie January
34,366
1,579,440
1,328,299
2,294,549
172,446
142.936
607.937
30,605,167
654.495
933.496
6.979.258
7.377.259
224,918
2,784,241
9,078,910
4.324,755
2.193.657
6,128,497 6,979,258 6,128,497
6,960,692
6,960,692 7,377,259
253,480
253,480
224,918
2.966.833 2,784,241 2.966.833
Tol & Ohio Cent. December
1,352,688
616,675 13,445,864
Kanawha & Mich December
5,417,655
465,926
367,563
N Y Chic & St Louis January
2,265,037 2,193,657 2,265,037
N Y Connecting Co.! December
1,761,676
1,761,676
N Y N H & Hartf__(December
9,571,276 9,942,727 124234237 106545220
N Y Ont & Western January
959,526
735,167
959,526
735,167
N Y Susq &
435,828
331.178
435,828
331,178
West.-(January
Norfolk Southern._(January
537,687
743,611
537,687
743,611
Norfolk & Western, i December
8,451,199 6,570,897 86,559,174 76,925.599
Northern Pacific
January
6,460,094 9,451,062 6,460,094 9,451,062
Minn & Internat. December
125,511
102,424 1,303,979 1,073,849
Northwestern Pac._ December
528,865
596,045 7,867,940 6,682,459
Oahu Ry & Land Co December
146.954
1,586,214
95,515 2,107,650
Pacific Coast
435,187
435,187
558,590
January
558,590
Pennsylv RR & Co. January
44640210 39975473 44,640,210 39,975,473
Balt Ches & Atl— December
133.628
116,823 1,675,099 1,603,332
Cine Leb & Nor„ December
1,392,359
1,153,261
206,301
74,569
Grand Rap & Ind December
870,109
660,140 9,797,701 8,238,630
Long Island
December
1,934,835 1,732,058 25,843,748 24,381.973
Mary Del & Va_. December
108.018
104,368 1,338,996 1,356,187
N Y Pbila & Norf December
484,566
618,798 7.911.391
8,208,366
Tol Peor & West- January
158,399
158,399
211,760
211,760
W Jersey & Seasb December
878,236
804,142 13,914,442 11,971,021
Pitts C C & St L. December
13004 584 8,505,539 111502 186 93,606,303
Peoria & Pekin Un
January
173,687
147,228
173,687
147,228
Pere Marquette..
January
2,404,554 3,116,812 2,404,554 3.116.812
Perkiomen
149,682
January
149,682
108,520
108,520
Phila Beth & N E„ December
80.273
76,492
1,295,245
839,122
Phila & Reading
January
7,873,620 6,931,822 7,873,620 6,931,822
Pittsb & Shawmut.. January
145,884
145,884
128,570
128,570
Pitts Shaw & North January
109,729
109,729
128,857
128,857
Pittsb & West Va._ January
199,653
199,653
163,116
163,116
Port Reading
January
260,180
260,180
190,989
190,989
Quincy Om & K C__ December
125,874
95,741
1,366,998 1.117,415
Rich Fred & Potom. January
895,499 1,068,186
895,499 1,068,186
Rutland
January
511.560
511,560
483,992
483,992
St Jos & Grand Isl'd December
274,922
233,556 3,433,706 2,932.822
St Louis San Fran_. December
8,370,766 7,190,725 93,801,034 78.552,125
Ft W & Rio Gran
December
161,752
177,637
1,961,143
1,665,481
St L-S F of Texas
December
180,836
1,816,776 1,537,640
131,163
St Louis Southwest. January
1,519,646 1,569,739
1,519,646 1,569,739
St L S W of Tex— December
840,165
770,321
9.267.392 6,910,877
Total system
4th wk Feb
424,685
634,566 4,140,111 4,584,186
St Louis Transfer.. December
132.561
119,697
1,395,505 1,144,253
San Ant & Aran Pass December
562,605
448,305 6,041,297 4,516.590
San Ant Uvalde & G December
82,594
100,046
1,462,457 1,101,712
Seaboard Air Line4,335,146 4,795,244 4,335,146 4,795,244
January
South Buffalo
December
138,186
1,590,382
67,416
949,683
Southern pacific Co December
17148336 14684114 201894192 169728931
Atlantic S S Lines December
872,859 1,214,222 7,238,800 10,374,089
Arizona Eastern, December
295.733
315,208 4,091,004 3,681,306
Galv Harris & S A January
2,617,564 2,125,560 2,176,564 2,125,560
Hous & Tex Cent
January
1,106,208 1,078,261
1,106,208 1,078,261
Hous E & W Tex. January
251,225
217,179
251,225
217.179
Louisiana W estern January
400.955
480,675
400,955
480,675
Morg La & Texas January
771,996
902,925
771,996
902,925
Texas & New Orl. January
801,281
837.319
801,281
837,319
Southern Pac Syst— January
21889117 23095752 21,889,117 23,095,752
Southern Railway— 4th wk Feb 3,044,636 4,115,214 27,349,311 30,693,888
Ala Great South¬ January
872,062
872,062
919,017
919,017
ern N O & Tex P_ January
1,564,859 1,756,312
1,564,859
1,756,312
Columbus & Gr__ January
170,827
170,827
222,146
222,146
Georgia Sou & Fla January
429,076
561,918
429,076
561,918
Mobile & Ohio
4th wk Feb
349,715
473,215 3,196,592 2,956,288
New Orl&NorE. January
558,227
730,236
558,227
730,236
Northern Ala
January
111,682
111,682
148,846
148,846
Spokane Internat-_ January
110,851
137,157
110,851
137,157
Spok Portl & Seattle December
757,149
532,701
9,154,845 7,275,263
Staten Island R T__ January
185.019
185,019
168,175
168,175
Tenn Ala & Georgia 4th wk Feb
2,225
18,075
27,856
3,665
Tennessee Central
January
182,151
182,151
288,756
288,756
TermRRAssnofStL December
395,007
412,744 4,758,433 4,002,717
St L Mer Bdge T_ December
405,453
363,521 4.364.016 3,217,134
4th wk Feb
Texas & Pacific
668,194
918,034 6,398,398 6.731.813
Toledo St L & West- January
755,851
755,851
815,446
813,446*,,
Ulster & Delaware- January
82,182
90,990
82,182
90,990
Union Pacific
December
10379 154 8,603,326 13109 i 304 110819 514
Total system
January
13267375 18794679 13,267,375 18,794,679
Oregon Short Line December
3,534,720 3,160,987 44,906.043 38.260,580
Ore-Wash RR & N December
2,491,532 2,166,961 ;33,060,169 28,367,603
Union RR (Penn)__ January
1,010,696
587,658 1,010,696 5.876.658
Utah
December
191,164
169,187 2,009,519 1.309,865
Vicks Shrev & Pac__ January
373,581
373,581
390,282
390,282
1,693,134
Virginian Railroad, January
1,693,134 1,298,987
1,298,987
Wabash RR
January
4,717,017 5,113,914 4.717.017 5,113,914
4th wk Feb
Western Maryland.
366,717
243,805 3,140,594 2,007,184
Western Pacific
December
1,167.223 1,291.017 15,981,502 13,657,296
Western Ry of Ala- January
215,109
215,109
263,690
263,690
Wheel .& Lake Erie- January
1,047,636 1,034,541
1,047,636 1,034,541
Wichita Falls & NW January
224,376
224,376
201,076
201,076
Yazoo & Miss Val— January
1,881,184 2,604,769 1,881,184 2,604,769
_
.
„
_
„.
Current
14 roads).
Monongahela
Monongahela Conn.
*Monthly Summaries.
%
10 roads).
17,786,055
13,086.508
12,235,838
12,724,235
$
2.925.832
2,886,064
205,070
9,552,340
January
December
694,799
December
139,935
December
163,331
1,756,328
January
3d wk Feb
6,358
December
76,942
December
234,420
Mileage.
13,957,148
Previous
Year.
Current
Missouri Kan & Tex
JanuaryMo K & T Ry of Tex December
Mo & North Arkan. December
Missouri Pacific
or
15,590.202
17,435,318
longer include Mexican roads in
Week or
Month.
Jan. 1 to Latest Dale.
GROSS EARNINGS—Weekly and Monthly.
Decrease.
19,342.324
14,334.420
Year.
$
Alabama & Vicksb- January
Arbor
4th wk Feb
AGGREGATE
;
Latest Gross Earnings.
%
Ann
„
-
,
ROADS.
Previous
Year.
Current
Year.
or
Previous
$
Week
-
Jan. 1 to Latest Date.
Latest Gross Earnings.
4-1.556, 269
+ 1,247, 912
—544, 671
+358, 708
8.75
9.54
4.45
2.82
—2,244, 229 14.86
totals,
Curr.Yr.
Prev.Yr.
March
.213,434
.221,725
212,770
220.918
211,040
208,698
218,918
199,418
224.922
229.935
233,839
April
.213,200
-213.625
May
June,.
-220,459
July
.190,957
August
September. -220,955
October
November
.231.439
.
.235,213
December.. .229,422
Previous
Year.
Year.
408,512,407
Increase
or
Decrease.
%
$
347,090,27^ +61,492,190 17.72
387,680,982 372,828,115 +12,852,867 3.46
387,330,487 348.701,414 +38,629,073 11.08
480,931,483 369,225,761 +61.705.722 16.99
407*351.544 401,370.485 +65,925,059 10.43
441.428,158 367,805,628 +73,557,530 19.98
594.192.321 480,408,546 + 113783775 23.68
633,852,568 503,281,630 +130570938 25.94
592,277,620 438,038,048 +154239572 35.21
228.134 539.197,615 443,124,1761+96 ,073,439 21.68
t Oompariso* with 1917 figures, not 1919.
March 12
THE
1921.]
Latest Gross Earnings
follows
we
sum
up
1017
CHRONICLE
Gross from
by Weeks.—In the table which
Railway.
separately the earnings for the fourth
Net from
Net after
Railway.
Taxes.
Net after
Equip.Rents
$
Texark & Ft Sm
Jan '21
*20
The table covers 19 roads and shows
February.
14.86% decrease in the aggregate over the same week last
Kansas
City Term
212,475
157,771
87,743
65,158
80,391
48,682
38,208
43,336
Jan *21
136,688
'20
week of
4,567
def47,769
235,177
137,508
4,880
126.819
31,077
def 13,498
'20
151,753
89,792
10,903
defl0,010
def 15,777
2,081
def23,960
Lehigh & Hud Riv
Jan *21
257,045
8,404
def 17,266
'20
197.500
17,004
9,149
586
def23,766
Lehigh & New Eng
Jan '21
271,535
def12,179
99,987
def27,632
82,627
| 85,735
405"666
Lehigh Valley
Jan '21
171,888
119,420
Louisiana & Arkan
Jan '21
Louisville & Nashv
Jan '21 10,142,181
'20 10,269,714
Louisv Hend & St L
Jan '21
Maine Central
Jan '21
Midland Valley
Jan '21
year.
Jan '21
Lake Term Ry
Increase.
Buffalo Rochester & Pittsburgh
Canadian National Railways—
Canadian Pacific
Colorado & Southern
Duiuth South Shore & AtlanticGrand Trunk of Canada
Grand Trunk Western
.Detroit Grand Haven & MilCanada Atlantic
Mineral Range
88,025
$
88,998
402,408
1,744,631
3,472,000
657,743
207,445
1,807,819
Ann Arbor
Decrease.
1,862,511
$
88,728
317,906
1,895,616
3,067,000
485,855
270
84,502
*20
54,692
368,360
13,959
6,036,114 def265,837 def491,306 def452,541
5,475,496 def309,734 def516.362 def405.486
354,698
318,052
74,089
116,340
56,005
102,345
46,046
95,996
defl37,151 def440,210 def587,421
1,411,934
1,092,140
1,108,002
.
8,232
11,503
3,271
238,116
424,685
261,970
634,566
3,044,636
Iowa Central
'20
150,985
*20
4,115,214
349,715
2,225
668,194
366,717
473,215
3,655
918,034
23,854
209,881
1,070,578
123,500
1,430
249,840
1
Minneapolis & St Louis
j
St Louis Southwestern
Southern
1920.
1921.
Fourth Week of February.
Railway
'20
'20
234,218
251,341
27,234
67,732
19,858
60,365
4,024
41,383
1,968,969 def896,207dfl,005,027df1,050,059
def48,987
def66,997
46,882
1.604,346
Texas &
Pacific
Western Maryland
Total (19 roads)
Net decrease (14.86%)
*
*243,805
12,853,469 15,097,698
—
122,912
273,897 2,518,126
2.244,229
'20
435,404
385,987
37,176
54,145
28,991
46,777
21,048
41,433
1,477,894
1,502,750
83,282
315,504
10,254
257,245
def 6,185
Mo Kan & Texas
Jan '21
'20
2,925,832
3,473,957
360,614
685,351
250,702
574,640
408,601
758,734
Jan '21
9,552,340
720,110
2,507,140
449,351
2,170,780
340,627
1,967,304
Nashv Chatt & St L
Tennessee Alabama & Georgia--
Minneap & St Louis Jan '21
'20
Missouri Pacific
Mobile & Ohio
Jan '21
1,756,328
2,154,734
def21,868
406,878
def 71,922
5,491
368,607
301,261
172,446
84,576
2,254
68,709
54,918
def 8,774
def 13,937
255,732
142.936
88,073
17,593
85,223
15,239
73,065
3,567
'20 10,495,227
Comparison with 1917, not 1920.
Earnings Monthly to Latest
Net
following shows the
surplus
of
Dates.—The table
•20
N O Texas & Mex
Jan '21
Beaum S L & W
Jan '21
St Louis Browns¬
Jan '21
'20
and net earnings with charges and
railroad and industrial companies
gross
STEAM
'20
reported this week:
I
Gross from
Net from
Railway.
Railway.
Net after
Net after
Taxes.
Equip.Rents.
Jan '21
*20
318,381
296,302
9,463
81,715
def5,977
67,635
*20
Atch
447.344
455,983
31,883
95,567
14,379
78,854
Top & S Fe
Jan '21
15,356,003
896,522
8,084,962
158,993
7,193,068
Clev Cin Chic &
27,856
7,196,247
'20 20,177,970
Atlan & West Point
Jan '21
231,634
'20
277.527
Atlantic City
Jan '21
'20
31,720
79,311
16.453
433,058
1,408,127
340,790
1,362,882
'20 17,343,668
1,907,415
1,416,016
1,280,007
831,795
Indiana Harbor
'20
def32,881
defll,760
def65,085
def38,302
Bangor & Aroostook Jan '21
yv-v,'.
'20
706,172
591,175
69,159
142,401
30,155
114,321
Belt Ry of Chicago
Jan '21
'20
456,796
419,787
50,565
44,134
Bessemer & L Erie
Jan *21
1,010.526
'20
639,349
B & O Ch Term
Jan '21
17,856,151
Jan '21
Jan '21
Boston & Maine
'20
Can Pac Lines in
Jan '21
'20
Maine
'20
'20
Chicago & East 111
Jan '21
Chic Ind & Louisv
Jan '21
'20
'20
def46,389
def29,858
def92,424 defl06,336
49,654
137,090
736,506
1,074.515
491,736!
998,566
46,979
829,045
504,619
844,371
2,553,942
2,932,417
11,202
812,451
def74,097
727,141
1,229,795
1,312,817
111,970
277,706
65,654
227,931
423,559
348,064
Jan '21
Chic Milw & St P
Chic & North West
Jan *21 11,789,596
69,648
def45,471
def28,653
158,387
149,550
defl3,978
66,145
def48,347
Jan '21 11,587,656
defl61,750 def882,485dfl ,214,004
'20 14,533,590
2,041,358
1,499,514
1,037,021
'20 13,093,062
Chic R I & Pacific
Jan '21 10,440,227
—
'20 12,344,566
def397,228dfl,l79,203dfl,279,561
1,382,017
624,454
2,778,938
704,116
722,280
165,785 defl56,462
2,365,979
I
19,847
679,819
Chic StPM&Om
Jan '21
2,400,185
'20
2,910,424
171,081
847,376
34,691
712,579
Jan '21
465,155
437,160
def57,004
38,677
def76,568
19,677
def68,282
67,046
296,891
376,155
def32,443
5,941
def50,063
def6,401
cfefll,361
Cine Ind & West
Jan '21
'20
Colorado & Southern—
Trin & Brazos Val Jan '21
'20
Jan '21
mos
def45,940
def4,507
def40,467
def21,207
def47,520
def25,813
def46,627
Pere
Jan '21
Marquette
'20
i
■
*20
Ft Smith & West
Georgia Railroad
Jan '21
'20
Jan '21
'20
1,068,186
145,632
457,956
106,169
428,896
511,560
483,992
11,162
77,005
def 12,652
58,663
9,970
75,436
St Louis Southwest
Jan '21
1,519,646
1,569,739
462,072
539,368
416,949
485,728
374,291
494,065
Seaboard Air Line
Jan '21
4,335,146
4,795,244
862,784
1,177,514
712,159
1,026.479
556,386
844,525
2,617,564
2,155,560
620,310
489,068
576,689
419,384
165,690
327.477
121,673
284,351
409,219
319,122
92,241
262,863
'20
*20
'20
Southern Pacific System—
Galv Har & S A
i:
'20
251,225
217,179
12,979
22,900
4,844
13,911
defl6,517
4,726
Jan '21
400,955
480,675
122,850
213,616
99,380
190,199
95,454
184,112
Jan '21
Central
Texas
'20
ern
ana
Jan '21
'20
& Texas
Jan '21
'20
Southern
Railway
22,101
33,060
defl6,164
def3,394
def 17,230
Georgia Sou & Fla Jan'21
def10,185
'20
def43,776
def67,018
def 51,564
def73,018
12,878,199
2,727,760
2,673,310
def 3,007
Jan'21
1,751,347
'20
1,728,576
318,412
128,152
149,575
def60,869
def40,476
1,889,528
2,079,215
'20
Cin NO & TP
Jan '21
Columbus &
Jan '21
'20
'20
Greensville
Mobile & Ohio
Jan *21
'20
def44,815
2,053,528
2,352,376
def33,086 defl66,721
285,557
244,055
def68,909
def48,224
def 69,139
def48,259
'20
■
Spokane Internat'l
\
■
•
Texas & Pacific
Jan '21
'20
'20
def46,918
def30,475
def46,493
def31,158
Toledo St Louis &
Jan '21
1,766,339
1,498,996
482,759
363,893
404,896
301,572
403,408
260,774
Union Pacific Syg.
*20
South
'20
Jan '21
def40,768
def24,124
'20
'20
Jan '21
Tennessee Central
159,315
159,499
Jan '21
801,281
837,319
Jan '21 10.692,929
Jan '21
699,019
164,026
101,076
114,132
771,996
902,925
*20 14,045,676
Ala Great South
23,664
34,278
Jan '21
K C Mex & Orient
of Texas
1,106,208
1,078,261
Jan '21
'20
Houston & Texas
Jan '21
'20
Kansas City
'20
900,538
331,006
*20 12,255,892
'
Jan '21
Jan '21
Jan '21
Intern'l & Grt Nor
63,813
347,745
'20
North Alabama
Illinois Central
KMex & Orient
895,499
149,682
Jan '21
New Orl & N E
'20
def20,332
Jan '21
Potomac
29,239
39,178
Jan '21
def55,699
36,720
5,168
def53,882
def72,635
Jan '21
375,399
177.553
188,650
17,595
6,279,239 def457,984df1,524,728df1.555,177
1,427,271
1,521,203
'20 10,151,935
2,201,620
Georgia & Florida
Great North System
91,774
37,331
365,672
110,660
54,122
968,278
382,844
def 82,109
def290,145
defl6,989
96,197
40,247
17,702
112,713
108,522
def95,791
def40,442
2,404,554 def210,524 def292,348
3,116,812
310,305
251,640
123,823
53,573
2,602,620
1,740,539
def89,791
def34,484
def 5,645
260,180
190,989
184,455
428,210
484,603
4,104
def 14,376
defl8,837
def3,376
def 9,337
5.051
25,189
defl0,454
1,679
def632,179 def432,316
1,760,520
2,047,247
42,848
43,679
69,225
18,856
185,070
14,711
58,219
310,879
266.017
276
70,035
15,061
154.496
139,699
2,611,252
435,187
558,590
3,365,579
2,967,758
Rutland
Richmond Fred &
Texas & New Orl
Fonda Johns & Glov Jan '21
6,460,094
9,451,062
461
'20
198,650 def190,539 Idef202,722 def210,036
127,723 def168,885 def175,254 defl25,897
'20
def38,140
51,052
145,884
128,570
'20
Jan '21
Jan *21
def56,461
148,387
def49,519
38,512
def 22,145
Jan '21
Dul & Iron Range
Elgin Joliet & East
def61,029
162,838
def39,519
47,012
def53,466
def20,243
Port Reading
Morgan's Louisi¬
86,434
dof30,355
178,864
158,399
211,760
109,729
128,857
Jan '21
'20
248,425 defl21,580 defl31,566 defl83,519
351,380
def47,028
def56,326
def63,603
def325,788 def.340,420 def.343,625
def334,485 def343,067 def311,670
537,687
743,611
606,911
516,384
Jan '21
Louisiana West¬
217,142
144,691
470,461
355,894
108,520
Pittsb & Shawmut
def35,229
def51,044
327,093
407,022
7,873,620
6,931,822
'20
Jan '21
'20
'20
507,066
818,585
454,330
345,277
'20
Pitts Shaw & North
Detroit Tol & Iront
'2i
616,790
1,090,787
558,345
Jan '21
'
Phila & Reading
120,283
118,312
Jan '21
'20
842,146
1,352,786
2,265,037
2,193,657
99,341
42,425
Jan '21
Perkiomen
Jan '21
'20
Jan
82,645 defl37,617 defl82,330 defl92,310
71,608
79,232
122,639
933,496
6,128,497
6,979,258
173,687
Houston E & W
Duiuth Winn & Pac
def91,777 def204.572
def81,089
784,738
654,495 def140,066 def150,170 def317,999
147,228
338,095
285,262
364,761
4,126,239
2,766,136 defl79,040 def264,210 def226,263
Dul Missabe & Nor
444,647
1,717,636
'20
Union Ry
Detroit & Mackinac
'20
19,432
1,094,586
2,133,436
Jan '21 44,640,210
1,163,644
'20 39,975,473defl478,726
Jan '21
'20
def48,450
def56,613
20,544
778,948
1,978,961
Jan '21
Delaw & Hudson
def39,060
def47,171
6,960,692
7,377,259
15,466
31,009
Pennsylvania RR
l
247,958
174,012
'20
'21
'20
253,480.
224,918
Peoria & Pekin
2,107,511
Chic Terre H & S E
*20
'20
Jan '21
'20
def58,322
def39,797
7,126,098
6,420,510
Jan '21
Pacific Coast Co
def53,697
defl9,626
Chicago Junction
*20
'20
Tol Poo & West
133,328
136,829
def43,688
def8,001
254,485
278,921
Jan '21
Norfolk Southern
48,995
def36,493
'20
'20
25,798
27,216
64,790
def22,809
Jan '21
Jan '21
Jan '21
N Y Chicago &
St Louis
North Pacific Ry
79,790
defl0,609
Jan '21
'20
59,473
134,706
.
382,847
357,395
Ches & Ohio Lines
'20
Western
6,120,263dfl,088,049dfl,341,011dfl,549,901
6,830,821
403,767
152,006 defl57,049
Chariest & W Car
Jan '21
Jan '21
Michigan Central
27,098
37,109
Baltimore & Ohio
6,451,142
6,820,139
Jan '21
def 13,242
Jan '21
Belt
905,810
852,185
208,129
214,879
'20
Atlantic Coast Line
850
'20
Lake Erie &
217,146 defll6,819 defl34,705 defl56,591
def2,141
defl4,812
9,467
2601864
684,233
1,644,030
124,443
131,605
256,837
6,093,527
Jan '21
St Louis
11,314
64,599
70,383
142,933
162,286
def254,632
5,818,296
'20
defl0,563
60,990
Jan *21
Ann Arbor
Cincinnati North
3,332
68,589
156,811
172,188
1,357,294
7,011,411
*20
Jan '21
$
Alabama & Vicksb
630,682
607.937
27,360,587
'20 30,605,167
ville & Mexico
New York Central
350,200
261,917
Western
def74,360 defl 19,290 def 161,424
401,221
359,544
341,583
4,166
160,346
defl6,477
136,024
def68,266
160,459
22,658 def360,827 def626,055
3,353,429
2,955,939
2,479,704
def71,476
208,218
872.062
919.017
def 11,214
278,128
def35.359
247,155
1,564,859
1,756,312
11,007
477,617
def35,564 defl01,778
429,058
411,075
170,827
222.146
6,589
45,002
def6,660
35,202
def39,912
11,259
429,076
561,918
def37,165
133,795
def54,265
113,756
def85,876
124,332
1,743,996
1,590,718
139,199
41,821
78,753
def16,260
105,142
14,327
558,227
730.236
def43,101
193,997
def82,514 defl08,493
158,916
125,148
16,011
defl5,904
19,162
111,682
148,846
21,216
43,699
110,851
137,157
39,529
63,802
34,404
59,262
28,046
52,254
182,151
288,756
def52,682
51,929
def57,347
46,240
def78,199
24,812
3,538,497
3,559,922
494,372
611,615
366,491
488,025
182,174
151,862
98,408
120,994
67,408
89,699
52,072
46,961
Jan '21
755,851
'20
813,446
Jan '21
13.267,375
'20 18,794,679
1,175,369
7,346,490
39.109
144,002 defl24,351
6,504,259
6.391,606
THE
1018
Gross from
Net from
Net after
Railway.
Railway.
Taxes.
%
$
Jan '21
Union BE (Pcnn)
*20
1,010,696
587,658
373,581
390,282
Net after
Equip.Rents
$
125,347
136.013
def77,873
24,142
75,999
def82,873
[V«l. 112
CHRONICLE
or
Current
Year.
Company.
'20
175,025
def40,836
Jan *21
Wabash RR
*20
Western
Maryland
4,717,017
5,113,914
200,871
720,987
64,365 dcfl45,114
597,143
335,279
1,701,280
1,417,548
194,928
138,536
114,928
236,602
88,536
185,374
235,109
263,690
12,471
92,315
3,831
85,133
10,705
81,878
Jan '21*
*20
Jan *21
Western By of Ala
*20
Whaling & Lake
1,047,636
1,084,541
(tefl,874
T44.447
def82,287 dof 113,660
def30,054
def55,404
Jan *21
'20
224,376
201,076
61,830
def54,267
50,901
36,477
def65,582 defl06,719
Jan '21
1,881,184
2,604,769
215,421
Jan '21
,
'20
Erie
Wichita Falls &
Northwestern
Yazoo & Mississippi
•;■■■
'20
Valley
ELECTRIC
def4,546
59,149
7,377
62,228
RAILWAY
AND
PUBLIC
110,136
325,309
110,051
511,589
585,161
UTILITY
COS.
Month.
Sayre Electric Co
January
Schenectady Ry Co.. November
19,595
105,481
342,836
Sr-ranton Electric Co
December
17th St Incl Plane Co January
2,898
69,488
Sierra Pacific Electric January
Southern Cal Edison. December
South Can Power Co. January
1208,654
1 to Latest Date.
206.881
582,420
1076,516
1226,111
1175,029
685,50,
857,332
47,737
1018.819
Utah Sec Corn & Subs December
Vermont Hydro-Elec. January
Virginia Ry & Power. January
Wash Bait Ac Annap
December
186,569
119.232
Current
Company.
Month.
Previous
Current
Previous
Year.
Year.
Year.
Year.
$
Adirondack P 9c LCorp j J anuary
Alabama Power
Co.January
Appalachian Pow Co. January
ArtKansas Lt & Power December
Asheville Power k Lt. December
Atlantic City E!ec Co December
Atlantic Shore Ry Co December
Bailgor Ry At Elec Co December
JfcBarcelonaTrac, L& J* January
Baton Rouge Elec Co January
Beaver Valley fr Co J January
Binghamton Lt, H Ac P January
Blackstone Val G Ac E January
/Brazilian Trac, L & P December
BkJyn Kap Tran 8ysfflBkl; nCity KR... August
dBklyn Heights RR August
Coney isid & Bklyn1 August
Coney isld & Grave August
Nassau Electric— August
South Brooklyn— August
New York Consol.
August
Bklyn Qu Co & Sub August
Cape Breton El, Ltd. January
Carolina Power & Lt. December
Cent Miss Vail Elec.
January
Chattanooga Ry & Lt December
Cities Service Co.... January
(citizens Traction Co. December
Cleve Painesv & East: January
Colorado Power Co._j December
^Columbia Gas & Elec January
Columbus Elec Co—January
Ooin'w'th P. Ry & Lt January
Connecticut Ik)wer
January
Consum Pow (Mich). January
Cumb Co Pow k Lt_. Dec-ember
Dayton Pow & Lt Co. January
Detroit Edison Co— January
Duluth-Super Trac Co January
.
_
.
..
433,437
219,668
395,280
388,293
158,615
304,224
64,369
60,357
93,280
71,901
91,460
121,159
18,148
15,748
112,769
128,937
3154,317 2077,998
49,282
39,069
60,249
54,167
72,196
53,130
295.695
287,066
12600000 9739,000
850,473
6,239
231.239
30,839
519,077
108,413
(6,911,612
*740,628 \
193,997
19,948
457,910
91.770
1574,675 1347,095
156.589
126.296
59,409
49,082
143,597
119,242
45,045
42,091
115,841
109,109
1637,022 1905,781
98,812,:
76,245
59.108 I
55,578
102.720
433,437
388,293
219,668
158,615
395,280
304,224
809,700
1.201,923
654,797
797,834
1,189,198
933,931
181,683
220,703
1.094.675
1,262,779
3,154,317 2,077,998
39,069
49,282
66,249
54,167
72,196
53,130
295,695
287,066
134906000 113074 000
52,802 (6,173,566
1,698,104
1,386.397
110,467
82,600
4,229,097 3,623,972
581,042
657,422
13,832,880 9,878,724
990,551
1.237.376
49,082
59,409
1,598,558
1,249,809
45,045
42,091
1,327.910
88.399
1598,136 1402,312
151,216
141,805
2843,696 2598,959
129,232
125,057
1293,491 1180,526
286.088
262.658
1,905,781
3.114,008
381,447
381,447 329,416
2135,951 1854.981
157,103
167,432
light & power cos. _
E St Louis & Sub Co.
January
December
East Kh G & E Subsid December
772,335
Eastern Texas Elec.. January
152,107
Edison Elec 111 ofBroc January
Elec Lt & Pr of Ab&R January
El Paso Elec Co
January
112,074
29,104
194,262
Equitable Coal & Coke January
139,810
125.089
82,295
Erie Lt Co k subsid..
December
Fall River Gas Works January
Federal Light & Trac. December
Fort Worth Pow & Lt November
Galveston-IIous El Co January
General Gas & E Co. January
Great West Pow Sys
November
Harrisburg Ry Co
December
Havana El Ry, L & P December
Haverhill Gas & Lt__ January
Honolulu R T & Land January
Houghton Co El Lt.. January
Houghton Co Trac
January
Huntington Dev&Gas December
Idaho Power Co
..
d Illinois Traction
December
January
Indiana Gen'l Service December
Interboro Rap Tran—
Total
system—... January
Keokuk Elec Co.
Keystone Telep Co.
Key West Elec Co
.
Lake Shore Elec Ry_.
Lowell Elec Lt, Corp.
Manila Elec Ry & Lt.
Mwell Elec Lt Corp.
January
February
January
December
January
January
December
January
Metropol'n Edison Co
eMllw El Ry & Lt Co November
Miss River Power Co. January
Nashville Ry & Lt Co December
Nebraska Power Co.. November
Nevada-Calif El Corp December
New England Power. November
New Jersey Pow & Lt
January
NewpTSi&H Ry.G&E.-November
New York Dock Co.. January
N Y Ac Long Island.
August
N Y & Queens County August
.
b N Y
Railways
August
b Eighth Avenue._ August
b Ninth Avenue... August
No Caro Pub Serv Co January
Northern Ohio Elec.. January
Nor Texas Elec Co— January
NorthxvOhioRy&PCo January
Ohio Power Co...... December
Pacific Gas & Elec Co November
455,489
281.536
335,640
1015,382
766,428
161,048
1111,229
41,743
72,453
56,577
30,026
111.358
182,357
1982,138
187.957
160.130
273,782
920,602
581
781
153,169
921,244
40,361
66,106
52.016
30,625
108,868
163,897
1729,733
142,933
The
144,324
24,592
247.090
107,969
321,298
140,922
22,136
230,447
112,499
278,339
subway
538.240
55,238
113,568
807,303
93,993
37,733
449,057.
53,781!
108,335
1106,834'
Electric Railway and Other Public Utility Net Earn¬
ings.—The following table gives the returns of ELECTRIC
railway and other public utility^ gross and net earnings with
charges and surplus reported this week:
Gross
43,837
187,574
193,912
[January
Porto Rico Railways.
[November
178,246
65,143
173,074[
53,7291
3618,349 3043,258
247,186
190,1461
122.221
94,888!
913.958
749,303;
938,551
899,488!
ReadingTrans&LfcSys; January
249,458
766,646
126,658
47,080
243,115
647,548
Rockford Electric Co. December
Rutland Lt & Power. January
,
Sandusky Gas & Elec January
63,469
99,593
43,862
65,236
Previous
Yean
Year.
'&■■■■$
$
1,982,138
1,729,733
535,816
520,246
♦Winnipeg Elec Ry Co. .Dec
364,349
Jan 1 to Dec 31
3,697,299
352,057
2,928,545
78,421
778,042
31,322
329,589
Illinois Traction Co
Jan
--
♦
Company also operates electric and gas
gation of charges among various utilities.
utilities and makts no .segre¬
Fixed
Balance,
Earnings.
Taxes.
Charges.
Surplus.
$
$
Light Co
12
35,808
22,144
307,097
270,498
6T357
797,834
654,797
mos
2,768.600
329,416
1,854.981
167,432
km
Dec '20
'19
'20
Asheville Power &
'19
30,616
16,966
5,192
5,178
62,21#
244.887
62,173
214,325
412,430
368,203
64,198
54,801
1,289,507
4,368,922
506,150
3,213,152
414,958
1
152,107
130,648
112,074
30,978
154,975
78,965
905,574
74,983
139,810
1.230.377
82,295
4,606,421
119,242
82,711
70,782
1,598,558
1,249.809
622,188
558.099
18,513
15.981
209,758
189,896
Jan '21
'20
12
& Eastern
;
59,108
55,578
14,223
13,675
548
18,045
13,363
4,677
'20
mos
Cleveland Painesv
1,111,229
921,244
11,477,937
'19
9,397,453
'19
485,715
mos '20
5,494,288
4,922,737
Light & Power
12
.
Honolulu R T Ac
72,453
66,106
22,594
27,516
14,030
13,297
8,564
14,219
182,357
163,897
98,585
76,962
'20
'19
2,300.613
1,305,359
947,464
52,137
38,958
1,670,501
46,448
38,004
770,658
461,236
486.228
Feb '21
144,324
'20
140,922
288,963
286,573
38,133
35,287
75,971
70,901
4,737
21,180
7,593
39,628
19,736
24,800
376,693
287,718
*21
V;:;;;Jan
'20
Land Co
Dec '20
Idaho Power
3,897,518
'19
Company..
12
mos
273,782
920,602
4.873,160
1,628.207
9,397,453
40,361
66,106
52,016
30,625
1,033.092
1,816,949
1,729,733
1,441.327
4,940,996
31,782
288,963
24,592
3,286,353
107,969
321,298
4,444,142
30,176
286,573
22,136
2,611,755
112,499
278,339
Keyston Tele¬
phone Company
2
1.816,949
'21
mos
'20
42,870
56,467
83,564
110,529
247,090
54.854
35,115
'19
230,447
'20
3,286,353
2,611,755
60,401
798,606
35,601
421,913
428,504
Dec '20
Lake Shore Elec
Ry System
12
mos
'19
716,222
538,240
348,950
780,176
5,483,374
650,381
449,057
377,"98
730,778
244,380
43,837
1,883,135
193,912
1,559,240
178,246
65,143
3,618,349
1,611,375
173,074
53,729
3,043,258
2,340,50!
Dec '20
'20
12
'21
mos
,
12 mos
-Net after
1920.
1919.
1920.
Taxes—
1919.
Co—
49,282
158.282
14,955
14,66#
18,783
177.21*
18,261
226.743
202,083
195,45#
-Surf,
•
after Charges—
1919.
1920.
$
8
u*
s
12,881
12,774
124,447
136,047
13,883
13,206
161,95#
Baton Rouge Electric
January
12
months.
39,069
15.862
379,005
481,400
16,091
157,907
141,443
& Electric Co—
295,695
287,066
11,701
109,489
12,332
100,095
471,691:
Blackstone Valley Gas
January—_
12 months.
3,275,537
95,312
99,633
902,835
2,698,941
769,151
74,153
65,500
591,175
Cape Breton Electric Co, Ltd—
59,409
January
12
months.
49,082
5,043
4,966
def692
def595
662,334
579,915
99,182
117,724
31.33#
53,242
7,871
*#•? 8,22®
85,600
Central Miss VaHey Electric Co—
10.863
45,045
January
months.
42,091
493,938
431,318
11,694
123,648
141,805
1,329,301
605,955
125,057
1,274,397
50,241
41,397
592,594
59,882
88,287^. 55,667
Columbus Electric Co—
January...
12
months.
151,216
1,556,764
79,103
45,677
24,906
220,909
238,289
498,840
29,329
354,627
267,249
54,458
548,085
J
41,062
422,462 >2
395,419
55,511
604,787
Connecticut Power Co—
...
129,232
months.
1,477,326
January
12
20,733
Eastern Texas Electric Co—
12
months.
152,107
1,640,701
130,648
1,410,033
614,990
40,358
Edison Elec Ilium Co of Brockton—
January...
months.
112,074
1,292,350
122,424
1,126,285
32,294
43,916
28,661
38,075
387,808
386,912
351,540
309,188
154,975
1,601,688
66,628
618,490
52,596
467,473
55,761
502,206
44,532
375,054
7,322
54,138
5,288
6,721
51,501
46,980
20,944
178,070
El Paso Electric Co—
January
12
months.
194,262
1,970,916
Elec Lt Power of Abington &
1,030*.365
January
8,591,001
899,488
243,115
6,259,012
997,434
12
43.862
65,236
32,921
403,962
397,539
'19
1,273,461
1,194,218
47,080
63.469
62,991
914,101
583,118
Gross-
9,564,615
938,551
249,458
8,304,549
33,738
'20
Power Co
79,627
'19
Yadkin River
January
"*47",475
26,764
25,980
286,397
294,329
'21
Jan;
Public Service
12
9,449,497
97,448
86,269
1,036,885
872,625
North Carolina
>
226,648
277,843
2,627,007
2,675,091
466,747
Dec '20
Havana Electric
~
335,640
1,015,382
5,874,325
1,829,449
11,477,937
41,743
72,453
56,577
30,026
1,496.875
2,580.613
1,982,138
1,806,605
143,597
'19
Light Co
122,424
29,104
194,262
Dec '20
Carolina Power &
12
1559,240 1611,375'
Port(Ore) Ry.L&PCoDecember
Puget Sd Tr, Lt & P. [January
Republic Ry & Lt Co. December
Current
Year.
$
1,402,312
141,805
2,598,959
125,057
1,180,526
205.8101
Phila Rap Transit Co January
Portland Gas & Coke. [November
Previous
Year.
Net after
242,129
47,475
232,836
244,380
Phila & Western
——Net Earmngs-
Earnings
Current
Companies.
Gross
97,448
86,269:
97,448
86,269
812,742 882,013;
812,742
883.013
339,010 310,002
339,010
310,002
32,788
27,977
32,788
27,977
612,479 386,016
5,749,452 4,450,872
3048,941 2291,106 31,242.705 23,466,448
256.116
Pennsylv Util System January
Philadelphia Co and j
Subsid Nat Gas Cos: January
Philadelphia Oil Co.. January
elevated lines,
and
k Given In pesetas.
1.095,144
107,377
102.907
1,235.878
995,953
249,142 234,411
249,142
234,411
1667.814 1413,277 17,152,255 13,350,925
225,417
205,677
225,417
205,677
335,080 301,562 3,675,209 3,224,384
276.711
240,168
201,698 209.404 37050,191
2,570,616
499.050
395,994
5,438,496 3,720.026
41,415
34,501
41,415
34,501
230.151
205.670
2,534,758 2,510,793
Pacific Power & Light November
Penn Cent Lt At P & Sub; December
Railway & Light Co. i Includes
j Of Abington Ac Rockland (Mass.).
Tennessee Power Co. and the Chattanooga
both
'20
4940.996 4444,142
31,782
30,176
Paducah Electric Co.
January
60,478
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
all sources,
e Includes constituent
or subsidiary companies,
f Earnings
given in milreis.
q Subsidiary
companies only,
h Includes Tennessee
Railway, Light As Power Co., the Nashville Railway & Light Co., the
a
55,578
1,553,083
329,494
43,036
130,618
122,424
30,978
154,975
78,965
97,472
74,983
396,947
$
S
$
13,880
19,595
13,880
t ,727,780
1.505.699
142.793
308,522 3,37.4,480 2,789.382
2,898
2,964
2,964
67.684
69,488
67,684
899.745 14,647,896 10,569,565
65,847
60,526
60,526
132,398
132,398
153,505
186,534 2,458,830 2,166,888
5,587,849
6,441,011
522,252
941,063
1,076,516
941,063
1,057,084
1057.084 1,226,111
1,104,371
1,175,029
1104,371
558.794 6,730,849 5,655,959
719,451
8,591,206 7.330,952
52,970
47,737
52,970
883,433
883,433 1,018,819
135,870 2,092,334 2,168,119
903,751
89.130
1,166,744
352,057 3,697,299 2,928,545
583,118
914,101
62,991
486,748
639,497
41,492
'19
2,136,961
157,103
1553,083 1289,507
443,373
49,316
December
_
Previous
Year.
1.034,855
1,637,022
1,004,079
59,108
1,121,428
1,598,136
151,216
2,843,696
129,232
1,293,491
Youngstown & Ohio
DuquesneLtCosubsid
e
364,349
79,627
Decembre
Yadkin River PowCo December
Name of Road
or
Winnipeg Elec Ry...
Year.
•
65,847
153,505
Tampa Electric Co., January
Tennessee Power Co. December
Tenn Ry, Lt & Pow.. December
Third Avenue System. January
Twin City Rap Tran. January
United Gas & El Corp January
Utah Power & Light. December
Wheeling EiectrfeCo. December
Jan.
Latest Gross Earnings.
1 to Latest Date.
Current
Previous
Year.
i
1
Jan '21
Vicksburg Shreveport & Pacific
Jan.
Latest Gross Earnings.
Name of Road
months.
Fall River Gas
January
12
months.
Rockland—
29,104
30,978
6,169
355,103
298,532
60,168
Works Co—
82,295
74,983
15,331
21,463
15,309
917,012
772,660
153,712
181,407
152,916
83,662
1,147,714
62,452
820,499
48,666
27,300
725,815
400,865
Galveston-Houston Electric Co—
January...
12 months.
335,640
3,890,811
273,782
3,126,446
March 12
THE
1921.]
-Net
-Gross-
-Surp. after Charges-
after Taxes-
1920.
1919.
1920.
1919.
1920.
$
5
$
S
Barnsdall
1919.
S
§
12
I
...
40,361
3,295
7,307
392,625
41,743
452,024
months.
54,547
56,897
1,741
46,473
8,647
21,014
2,854
17,035
118,421
141,085
61,167
The report of
5,902
47,960
...
Companies).
Subsidiary
President Robert Law Jr. is given in full
95,236
Houghton County Elec & Light Co—
January
56,577
52,016
(and
Corporation
(Report for Fiscal Year ending Dec. 31 1920.)
Haverhill Gas AiLight Co-
January
1019
CHRONICLE
on
subsequent
a
page.
CONSOLIDATED INCOME STATEMENT FOR CALENDAR
TSARS.
•
12
months.
576,718
460,465
$r'
Houghton County Traction Co—
30,026
30,625
1,549
7,208
def2,987
12
319,822
months.
303,321
56,501
70,923
4,477
23,085
30,176
6,548
6,958
2,799
4,498
320,704
82,973
53,222
50,767
25,217
of
12
months.
companies
i
Operating
Res've for Fed. taxes
Loss on sales of
.2,970,080 1,7S2,412
_
$
365,269
Dividends
200,000
capi¬
73.02T
tal assets
gen¬
eral expenses...
1919.
$
Deprec. & depl., Ac. 1,506,363 1,185,901
Interest & discount.
363,764
345,792
7,105,715 4,064,314
and
1920.
Deductions—
"■
of
is owned.....
31,782
358,448
S,
which entire stock
Keokuk Electric Co—
January...
''•
Gross sales, earnings
3,261
January...
1919.
1920.
(10%)
—
...
390,000
1,375,000
Key West Electric Co—
24,592
22,136
6,820
9,414
4,671
262,458
229,807
93,532
82,755
70,121
January...
12
months.
7,195
57.714
Net
Income
Balance
..4,135,635 2,281,902
Other income.......
856,757
715,175
1,167,386 1,016,966
.....
Previous surplus,,.
*.4,734,931 8,717,964
220,168
Adjustments
Lowell Electric Light Corp—
...
107,969
112,499
32,540
43,892
31,772
1,231,348
1,012,498
279,312
302,564
249,225
278,375
......
41,852
,12 months.
January
Total income
12
205,677
162,157
158,173
60,966
X79.62 6
2,346,492
225,417
2,778,259
months.
2,123,880
1,822,350
x985,573
X616.72 2
1920.
12
108,665
118,157
83,239
93,292
Invest, in sub, cos.
3,352,259
3,070,332
3,980,658
months.
3,453,366
1,406,021
1,378,794
1,105,689
1,079,539
Adv. to sub. cos..
2,066,496
1/126,006
43,837
9,246
15,521
2,291
9,933
1,500,000
Deferred charges..
945,414
Cash........
2,638,300
25,728
218,109
721,131
214,168
472,075
443,750
739,363
Cash
47,475
487,208
months.
410,798
Empl. stock sub3.
257,828
Sierra Pacific Electric Co—
12
56,773
Bills & accts. rec'le
727,071
Inventories
250,450
2,411,066
414,506
4,302,838
months. 10,039,493
redeem
to
sub. co.'8 notes.
53,595
130,053
Puget Sound Traction, Light & Power
January...
938,551
899,488
January
18,986,008 17,032,717
Property.!
724,400
708,760
U. S. notes & bds.
67,684
30,705
33,364
24,388
337,059
311,807
264,192
239,360
'153,505
132,398
61,057
1,296,997
61,116
510,872
56,439
1,494,737
65,551
563,188
$
13,000,000 18,000,000
Class B stock
1,000,000
Bonded debt
9,500,000
4,557,363
Pur. money Off—.
597,405
170,099
Class A stock
Bills & accts. pay.
656,634
Accr. int. A exp_.
64,29#
1,345,586
93,136
Dividend payment
Jan. 31........
350,00#
195,000
Accrued taxes.y..
414,72#
6,122,485
273,263
4,734,032
Surplus......—
27,465
693,050
1919.
8
Liabilities—
310,002
January...
12
$
339,010
Paducah Electric Co—
12
1920.
1919.
$
Assets—
Northern Texas Electric Co—
January...
31.
CONSOLIDATED BALANCE SHEET DEC.
Miss River Power Co—
January...
surp.6,122,485 4,734,930
Total p. A 1.
4,850,810 3,138,659
69,488
781,048
...
months.
Total
—31,705,483 14,369,379
Total
....31,705,483 24,369,379
Tampa Electric Co—
January...
12
x
months.
523,790
x
After deducting
for Federal taxes.—V.
468,668
Includes adjustment on account of St. Louis contract.
ylnclid* reserve
of $6,242,651.
depreciation and depletion
112, p. 935.
Rubber
Lee
&
Tire
Corporation.
(Report for Fiscal Year ending Dec. 31 1920.)
FINANCIAL
on
Financial Reports.—An
index to annual reports of steam
on
the last Saturday of
Thi3 index will not
each month.
in the issue of the "Chronicle" in which it is
1920.
—$6,705,929
sales—
1919$5,583,993
1918.
$4,609,924
1917.
$4,073,895
6,404,896
4,999.948
4,347,815
4,015,308
$584,044 '
59,332
$262,109
52,027
58,587
3,101
$643,376
171,571
$314,136
111,740
$61,688
$471,805
$241,380
$202,396
$38,984
$22,589
$16,395
$241,381
$$8,984
Cost of goods & gen. exp.
$301,033
..Cr. 116,053
income
Net
..
Other income
Total income
The latest index will be found in the issue of
published.
page.
Calendar Years—
Net
published during the preceding month will be given
include reports
subsequent
a
CONSOLIDATED PROFIT AND LOSS AND SURPLUS ACCOUNT.
railroads, street railway and miscellaneous companies which
have been
President John J. Watson Jr., will be found
The report of
REPORTS
$417,086
90,453
225,000
..
Deduct—Taxes, int., Ac..
The next will appear in that of
Feb. 26.
$101,633
$531,179
19,517
(Report for Fiscal
& Telegraph Company.
Adjustments
Surplus
—V. 112,
together with the comparative income account and balance
sheets for years 1920 and 1919, also several other important
tables, will be found on a subsequent page.—V.112, p. 260.
Steel
Co.
(Report for Fiscal
On
subsequent
G
President
and
American
Linseed
Results.—Our fiscal year has
published in full the remarks of
tonnage of the various products shipped, the income account,
profit and loss account and balance sheet for the late fiscal
year.
The usual comparative tables follow:
SUBSIDIARY COS.
1920
1919
1918
1917
earnings.$70,587,306 $34,967,802 $83,438,135 $77,446,241
Less—Mfg.cost&op.exp. 57,464,738
30,422,284
58,190,318
46,650,979
Gross sales and
been changed to end Dec. 31 in
.$13,723,441
taxes, &c.a
3,049,095
$5,551,491 $26,228,709 $31,653,452
2,490,829
2,809,804
1,819,535
earnings—_ —.$10,674,346
$3,060,663 $23,418,905 $29,833,917
inv., Ac.
Total income—
Selling
Net
exp.,
Deductions—
off $3 571 790
Production.—In the linseed business, as set forth in my
have been able to show an increase.
Deprec. & accr. renewals
255,549
2,767,843
412,603
1,789.059
10,950,000
300,008
2,127,421
10,040.000
896,170
923,559
1,285,357
164", 367
173", 600
191,379
8,543
212,568
1,430,696
Res've for Federal excess
profits taxes
Lack.
Int.
965,153
2,830,321
157,066
Ac
debentures,
Inventory
bonds,
Steel
adjustment.
_
Int. bds., Ac.,of sub.cos.
Rentals and royalties—
Div.
on
com.
stock.
_
(6%)2,106,510 (6)2,106,015 (8^)2983288(9)3,158,777
Total deductions.....
$4,809,816 $18,053,839 $16,885,718
Includes provision for
Federal excess profits and income taxes.
CONSOLIDATED BALANCE SHEET DEC. 31
particularly In our Nucoa butter sales, we have
shown a very substantial increase.
Our volume of sales for the last six
months of 1920 was nearly 50% greater than in the 6 months ending Dec. 31
1919.
With the further developments of this department wa anticipate
that 1921 will be greater in volume than 1920.
In
our
food products, and
$
S
Assets—
1920
Common
Cost of real estate,
62,514,575 62,074,865
5,092,248
companies, Ac— 5,254,219
stock...35,108,500 35 .108,500
3,887
1st M. 5s conv.g..10,862,000
1st
Liberty bonds—
S
Sub. cos. stock not
owned..
ore
t
1919.
$
Liabilities—
consol.
3,887
10 .862,000
$4,385,287
2,246,317
2,038,525
$4,329,243
$2,138,97#
$2,147,519
Operating
on
$6,238,597
gain
$3,855,828
divs.."$1,764,765
$3,855,828
6,674,651
$2,138,970
8,421,515
4,144,675
$1,764,430
3,552,745
$107186,280
Balance before
$5,317,175
Previous surplus adjus..
$10,530,479
$6,283,645
Preferred, 7% p.a.(8^)$l,465,625
Common, 3% p.a.
(3^)628,125-
$1,172,500
1,172,500
Profit A loss surplus..
$9,357,979
Total-
$8,092,530
x
Notes
10,942,583
receivable..
and
547,710
2,704,50-1
on
funds
3,180.994
hand
2,404,504 Surplus
&
lvtal
364,471
misc.
400,326
268,366
33,812,601 31.624,736
wanna
rec-
Bills A accept, rec.
210,507
Pref. stk. in treas.
—
...102,449,974 95,432,495
stores
Market,
-
securities
1,882,177
CO'8
173,650 Acceptances agst.
raw material— 3,129,60#
556,430
for
con¬
635,306 Reserve
tingencies
209,562
1,854,756
384,069
Adv. by consignees
197,481
16,923
26,352 Miscellaneous
z8,421,515
27,970 Surplus
6,674,651
1,764,765
3,855,828
76,693 Profit
1,465,106
16,952
Miscellaneous
Total
11,000
com.
sidiary
I
Com. stk. in tteas
Total
509,786
293,125
Adj. between sub¬
3,129,600
319,747
Naval
y918,514
A accr .int.
Accrued
452,538
3,586,721
1,719,394
Accts. & notes
4,537
8,048,073
wages
822,171 Accrued taxes
affil. co's—
rec.
during 1920 were $2,524,596, against this was deprecia¬
depletion, Ac., of $20,424,027.
y After deducting $1,775,000 Lacka¬
Iron & Steel Co. bonds, formerly assumed by Lackawanna Steel Co.
and now assumed by Bethlehem Steel Co.
Note.—Preferred stock authorized as of Dec. 31 1919, $10,000,000, none
which is outstanding.—V. 112, p. 658.
xNet additions
tion
Adv., bills & notes
divs.,
6.00S
In
Chas & cash items
382,030
....102,449,974 95,432,495
material
.
Marketable securi¬
ties at cost.....
for materials
•
Deferred charges.-
profits taxes
257,026 Conting.
Cash in bank
Belgian Governm't
transit per contra
income & excess
acc'ts
$4.144,675
293,125
186,050 Dividends payable
511,413 Notes A bills pay. 10,170,00#
3,389,565
Adv.
(less reserve)
—
INCLUDING SUBSIDIARY CO'S.
44,622 Unclaimed
cos..
Raw
Customers'
$5,111,145
1,172,500
■
Dec.31 '20. Sept.30'Id.
Dec.31'20. Sept.30T9.
Liabilities—
S
$
$
$
Common stock
16,750,000 16,750,000
good-will,
trade-m'ks, Ac.35,903,253 34,049,959 Preferred stock—16.750,000 16,750,000
Inventory
xl2,334,941 12,292,524 Office A warehouse
bond A mtge—
299,00#
271,907
Investm'ts (stk.)_
198,299
274,073
393,615
501,000 Current accounts.
Liberty bonds
r
806,000
2.375,457
■—
Assets—
293,196
Car trust eertifs—
'
Mills,
,945,352
160,367
Bond sinking, &c.,
.
.
682,000
132,347
_
6,891,000
^ZIZZZZZL
Deduct dividends—
Current accounts. 8,996,985
211,484
fund, cash.-..
268,743
213,295 Notes payable
Inventories
-17,723,924 20,034,454 Taxes & int. accr..'
Misc. accts. rec'le. 1,392,909
1,229,370 Reserved for Fed'l 2,373,191
Deferred charges.
\
Series A 5s
Sub. cos. bonds..y3,108,000
$1,764,430
$2,138,970
$5,336,555
3,571,790
x
employees../
759,721
120,112
"383",089
- — -—
Balance, surplus..—
Inventory adjustment-.
Transit merch'dise
For
127,499 /
473,415
902,042
borrowed money
Reserve for contingencies
Foreign advances.
company...)
$4,186,044
earns, (all sources)$13,319,045 $11,025,776
Operating expenses
7,080,448
6,696,534
,891,000
,254,000
For
Proper-—
Company
Year ending Year ending
Sept. 30 '18. Sent. 30 '17.
Gross
Adv. to sub.
mtge.
FISCAL YR. END. SEPT. 30.
Co. and Subs.—
15 Mos. to
Year ending
Dec. 31 '20. Sept. 30 '19.
CONSOLIDATED BALANCE SHEET.
(INCL. SUBSID. COS.)
1919.
1920.
plants, &c.x
Investments in
$5,365,066 $12,948,199
$2,187,867df$l,749,153
Balance, surplus
a
$8,486,479
letter of Oct. 6,
we
Int.
Exting. of mines & min¬
ing investments
place of
the 15 months includes the last
decreases in cost of materials.
However, we feel that the taking of inventories on Dec. 31 puts these
large losses behind us, and instead of making up any paper profits we have
put in our inventories at replacement values which has necessitated writing
$4,545,518 $25,247,817 $30,795,262
1,005,973
980,892
858,190
on
1920.)
1, wrote in substance:
three months of 1920, which showed very great
RESULTS FOR 15 MOS. TO DEC. 31 '20 &
oper_$13,122,568
600,873
Net from mfg. &
Add—Divs.
New York.
Co.,
(Report for 15 Months ending Dec. 31
Sept. 30, and therefore this statement for
Downs, together with tables showing the
CON SOL. RESULTS FOR CALENDAR YEARS. INCL.
j'.
475.
p.
President R. H. Adams, March
Subsidiary. Companies.
Year ended Dec. 31 1920.)
pages are
F.
.
$531,179
Year ending Dec. 31 1920.)
Extended extracts from the remarks of President Thayer,
Lackawanna
_.
deb. 182.007
$652,329
..
American Telephone
39,099
March 28.
59,320,106 55.437.319
Total
59,320,106 55,437,319
Inventories include transit merchandise and advance,
y Includes re¬
serve for estimated
Federal taxes,
z Before deducting dividends for 15
x
months ending Dec. 31
1920.—V. 112, p. 935.
1020
THE
American Locomotive
CHRONICLE
BALANCE SHEET OF CORN PRODUCTS REFINING CO. DEC. 31.
Company.
1920.
(Report for the Fiscal Year ending Dec. 31 1920.)
President Andrew
Real
Fletcher, Feb. 28, wrote in substance:
gross earnings were $66,884,613, included in which is
$1,684,037 income from interest and dividends.
After deducting $58,137,473 for the cost of manufacturing, maintenance, administrative ex¬
penses, interest on bonds of constituent companies and an allowance for
depreciation of $1,326,811 on all classes of property, there remained a
gross profit for the year of $8,747,140 {contrasting with $11,729,573 in 1919].
Deducting an allowance of $1,636,014 for estimated U. 8. and Canadian
income and profits taxes, there remained $7,111,126 as the
available
profit for the year.
»
This available profit was 10.6% on gross earnings in 1920; 13.5% in 1919.
An amount equal to $21.45 per share was earned on the common stock
after providing for the regular 7% on the Pref. stock.
After payment of 7% Pref. dividend, $1,750,000, and $1,500,000, or
6%, on the Common stock, and the reservation or $2,000,000 for additions
and betterments to the present plants, $1,861,126 was credited to surplus.
Additions, &c.—During 1920 we expended for permanent additions and
betterments to the plants $2,733,871 which we charged against reserves.
,
Plant
St.
in
Louis.—For
the
of the business
extension
future
approximately 80% of the materials entering into
the manufacture of locomotives can now be obtained within a comparatively
small radius.
It is not at present the intention of the company to proceed
with the erection of the
plant and building operations will be deferred
until general business conditions of the country become more stable.
Orders.—The unfilled orders for new locomotives, reconditioning of
old
locomotives and miscllaneous work
on Dec. 31 1920, amounted to $24,270,702 compared with $8,999,921 as of Dec. 31 1919.
Of the unfilled orders
about 64% is for Domestic Work and 36% is Foreign Business, compared
with
the unfilled order percentages of Dec. 31 1919, of about 32% for
Domestic and 68% for Foreign Business.
Current Assets .dec.—The excess of current assets over currnet liabilities
Dec. 31 1920, was $37,318,565 including in current liabilities a reserve of
$1,911,538 to provide for current shrinkage in value of notes and bills
receivable carried as current assets, and for the estimated loss at the pre¬
vailing discount on Dec. 31 1920, which would obtain in converting to
U.S. dollars that part of the net working
capital of the Montreal Locomotive
Works which is expressed in Canadian dollars on the Balance Sheet of the
The
Company has
bills payable outstanding and of the $8,685,186
it since the first of the
Treasury
certificates.
Tax Reserve.—The reserve of $5,970,421 in current liabilities set up for
accruals for United States and Canadian income and profits taxes, is, we
believe, sufficient to provide for any differences in interpretation of the laws
by the Internal Revenue Departments of both countries.
Inventory.—The amount of materials and supplies of inventory account
together with work in progress Dec. 31 1920, was $14,609,096 in comparison
with $7,170,804 as of Dec. 31 1919.
The materials and supplies have been
valued at cost or market price whichever was lower.
Outlook.—The
on
hand
on
Claims
and
CONSOLIDATED
given March 5,
GENERAL
BALANCE
p.
Dec. 31 '20 Dec. 31 '19
Current Assets
935.
SHEET.
8,685,186
receivable..13,688,863
Bills receivable... 3,443,749
Belgium 5-year 6%
P gold notes
4,152,750
Roum'n 7% notes. 1,372,962
U. S. Treas. Ctfs..
......
3,177,671
5,500.392
389,199
Uncl. Int. & div..
4,819
5,970,421
397,992
Accrued
expenses.
dis.
&
U.S. Lib. L'n bds.
143,255,694 138080,119
bilities.
206,124
283,494
Bonds of const,
5,873,328
.
Locomotives
_
and
of
193.342
510,246
assets49,288,597 49,686,027
Cost of prop, (less
41,379,956 42,421,289
Sundry invest'ts..
883,030
480,487
Deferred charges..
Total assets
-V.
112,
p.
Mont'l, Ltd.
& Mach. W...
Res.
cur.
deprec.res.)
1,500,000
1,500,000
680,129
for
for
&c._
& betterments..
Surplus
2,882,059
3,615,930
.24,654,370 22,793,244
Total
liabilities.^,032,069 93,175,800
935.
„
ACCOUNT
FOR
CALENDAR
1917.
,
1918.
YEAR
was
1920.
1919.
Total income.
Deduct—
.
1920.
1
$20,436,169
bonded
debt
$131,682
State and corp. taxes, $249,475;
insurance, fire and
liability, $247,018
496,493
Depreciation on plant, machinery, &c
1 2,636,514
Income and excess profit taxes
4,580,000
General
,
on
securities sold
121 854
Dividends, 7%, on Preferred stock, $2,087,890; less divs. on
Pref. stock acquired for cancellation, $338,308
Dividends on Common stock, 6% (1% regular and
M % extra
for quarters ending respectively Mar. 31, June 30,
Sept. 30
and Dec. 31
1920
1,749,582
2,987,040
(а) Represented by investment In stock of merged and affiliated
cos. and in mlscell. securities, incl. Liberty bonds, &c._.
$12,766,152
(б) Expended in acquiring stock and bonds for redemption and
reduction of bonded debt under sinking fund requierments
($14,614,790), viz.: Corn Products Refining Co. Pref. stock,
$4,806,965; 1st M. 5s, $3,985,199; debenture 5s, $1,833,392—
6,625,556
Granite City Mfg. Co. 1st 6% bonds
300,000
New York Glucose Co. First Mtge. 6% bonds
1,841,734
National Starch Co. Debenture 5% bonds
1,847,500
(c) Reserved for working capital and new construction
16,140,762
NATIONAL
lia¬
,
McCrory Stores Corporation, New York.
(Report for Fiscal Year ending Dec. 31
RESULTS
FOR
CALENDAR
Calendar Years—
1920.
Sales..
Cost of sales
General expenses, taxes, &c
—
1918.
1919.
—$14,199,346 $11,487,045
9,920,853
7,948,686
3,659,009
3,074,151
—
—
....
Net profits.
Preferred dividends
$819,484
$9,607,250
6,617,225
2,642,912
$347,113
84,740
$464,208
70,201
Common dividends
Retirement of Preferred stock
Total
1920.)
YEARS.
79,709
(1%)50,000
""
37,045
BALANCE
1920.
A sset Sm
/■
49,701
38~392
$462,238
surplus..
$334,798
$223,982
SHEET
DEC.
31.
1919.
1920.
1919.
$
3
Liabilities—
$
,:V
$
x636,148
487,999 7% cum. pref. stocka
965,100 1,124,600
Impts. fura. &c
5 ,000,000 5,000,000
1,315,745 1,314,585 Common stock
Mdse. & supply
b3,256,171 2,778,924 Bills payable
888,755
897,738
Accounts receivable
35,762
640,241
34,345 Accounts payable..
,159.374
Emp. stk. subsc
42,403
Employees dep
6,759
Accrued Int., taxes,
Deposits on leases..
44,750
<fec..—
18,854
133,749
employees
Liberty bonds, &c._
Surrender
surance
value
Reserve
88,749
In¬
135,000
for
Cash
165,000
,712,376 1,250,137
Surplus
104,705
436,214
71,845
policies..
232,189
220,000
retire¬
ment of stock
94,543
398,539
103,238
4,000,000 4,000,000
10,096,347 9,300,923
Total.
—
—10,096,347 9,300.923
x Includes
McCrory Realty Corp., Common stock, 3,170 shares (par
$100), $317,360, and advances to the acquisition and improvement of real
estate taken subject to mortgages of $22o,806, $318,788.
a Issued $1,250,090 pref.
7% cum. stock less $200,000 retired; balance,
$1,050,000 as above,
b At cost or market, whichever is lower.
Note.—Detail of stock dividend given in last week's "Chronicle." See
V. 112, p. 938.
STARCH
Net
CO.—RESULTS
Other
Years—
Profits.
Income.
1920 -.def.$330,454 Cr$10,660
Bond
FOR
CALENDAR
Insur. A
Depre-
YEARS.
Sugar Refining Co., New York.
(Report for Fiscal Year ending Dec. 31
1920.)
The
pamphlet report contains: (1) The financial state¬
ment of the company and of its constituent companies, in¬
cluding the balance sheet and income and profit and loss
statements for the year, and a comparative statement for
the past eight years; (£) numerous charts and tables as to
sugar production, prices, imports, &c.; (3) a general state¬
ment regarding
Govermnent control and attempted de¬
control, and (4) a chronology from June 20 1919 to Dee. 31
1920 of the events affecting sugar prices and supplies.
The report, dated at N. Y.f March 9, further says in brief:
Government Action.—On Dec. 22 1919 Congress in the McNary bill
authorized the President to continue the U. S. Sugar Equalization Board
and to adopt until Dec. 31 1920 plans for securing for the U. S. public an
adequate supply of sugar at a fair and reasonable price.
The President signed the bill on Dec. 31 1919, but on Jan. 2 1920 an¬
nouncement was made that "It Is doubtful whether it will be practicable or
wise for the President to exercise the powers conferred."
It was further
announced that the President would continue to control the industry by
licenses
under
tempted at
the
Lever
Act.
So
de-control
and
control
were
both
at¬
time when the country was bare of supplies.
The Govern¬
through the McNary and Lever Acts continued its responsi¬
bility for supply, price and distribution of sugar throughout the year 1920.
a
ment in effect
Effect of Toll Contracts.—Under the Lever Act the refiner
and the foreign producer was uncontrolled.
came
Toll contracts
was
controlled
were
extended
business, and by paying a "toll" to the refiner, out of which
all the refiner's profit under the Lever Act, the producer had charge
of the refined sugar market at a time when the demand vastly exceeded
the supply.
Prices mounted and distribution became demoralized.
Rush to Buy.—Sugar statisticians repeatedly reduced their Cuban
crop
estimates until by May the differences between the highest original estimate
and the lowest reduced estimate represented a loss of almost 1,000,000 tons.
With
a
known world sugar shortage and the large sales to
Europe of Cuban
the outlook for sugar supplies for the United States became most
unfavorable and the American people were eager to outbid the world for
sugar.
In April a demand arose, regardless of price, beyond any possi¬
sugar,
bility of apparent supply from our ordinary sources.
We and other refiners bought sugar outside our
ordinary sources of sup¬
ply, but at prices substantially lower than prevailing Cuban prices, and as
much as 5 and 10 cents a lb. lower than the
subsequent asking price of the
Cuban planters' pool.
On May 24 we began selling these purchases to our
customers at a uniform net price of 22.05 cents per lb. for the refined
prod¬
uct, in most instances accepting orders for less sugar than desired.
Balance
Interest.
Taxes.
ciation.
Surplus.
$153,519 x$202,912
$250,252df$926,479
1919—— 937,494
11,297
159,209
361,253
250,315
178,014
1918
948,293
13,938
197,652
318,465
250,304
195,810
1917
533,112
12,606
227,727
59,447
250,317
8,227
1916
544,106
11,090
243,933
43,282
261,396
6,585
x Includes $86,532 adjustment of income and excess
profits tax.
"
American
to domestic
Surplus for period$7,733,004
♦Total profit and loss surplus Dec. 31 1920
$43,521,704
*
Note.—The following disposition has been made of the surplus of $43.521,704, viz.:
Calendar
Total —.143,255,694 138080,119
cancellation and $1,847,500 were owned by Corn Prod. Ref. Co., leaving
$671,500 outstanding.—V. 112, p. 936.
additions
Profits from operation..$16,852,793 $24,282,303
$22,015,414 $18,586,032
Interest on loans, deposits and overdue accounts
1,304,709
Int. & divs. on securities owned, $544,169;
rentals, $1,258---—
545,427
Loss
60,566
purchased for cancellation.
Note.—In addition to its own bonded debt, the Corn Products Refining
Co. is also liable as guarantor for principal and interest of the $5,168,000
National Starch Co. 5% Debenture bonds of 1930.
Of these bonds on
Dec. 31 1920 $2,649,000 had been acquired by the company itself for
834,610
388,356
92,032,070 93,175,800
INCOME
on
56,781
chase and exchange as stated under "c" above.
e This amount does not include divs. on stock
432,000
593,607
Corn Products Refining Co., New York.
Interest
bds.
(aa) Corn Products Ref. Co. Pref. stock,
$5,000,000 [acquired during the year for cancellation at a cost of $4,806,964,
out of the total outstanding issue of $29,826,933.—Ed.]; (bb) Corn Prod.
Ref. Co. 1st Mtge. 5% gold bonds, $2,763,000; (cc) Corn Prod. Ref. Co.
debenture 5% bonds. $241,000; (dd) New York Glucose Co. 1st M. 6%
bonds, $478,000; (ee) National Starch Co. debenture 5% bonds, $1,847,000.
d The capitalization here shown includes the securities acquired by pur¬
accident
indemnity,
Res.
432,000
(Report for Fiscal Year ending Dec. 31 1920.)
The usual four years' comparison of income account
given last week, page 936.
„
on
Richmond Loco.
parts in stock...
Total
cos.:
Loco.&Mach.Co.
1,297,476
Accr'd int.
727,040
v
Total
259,495
interest.
_
payable
Securities acquired include:
c
1,911,538
Total cur.
Materials & suppl. 7,773.965
Contract work
6,835,131
Accrued
Acc'ts
accounts, and $9,763,265 for taxes, trade allowances, and contingent
Good will
liab..11,970,032 14,000,016
Pref. stock
25,000,000 25,000,000
Common stock...25,000,000 25,000,000
Can. Victory bds.. 1,586,250
Emp.sub.war bonds
620,000
1,417,841
2,325,519
This does not include dividends on stock purchased for cancellation,
b Reserves include $50,000 for bad debts; $272,282 for miscellaneous
Prepaid rents, &C—
980,000
4,410,500
1,574.500
d506,000
636,160
1,370,037
1,497,651
N.Y. GlUc. 1st 68.
on
Can. funds
980,000
5,615,960
523,147
of notes and bills
rec.
5XA % con v.
gold notes.
year
1,347,014
6,510,576
3,319
shrinkage
for
25-year 5% debs.,
Vouchers payable.
333,210
1,617,212
285,556
1,116.920
Com. stk. for sale to
$
3,685,262
Res.
United Kingdom 3-
$
Accounts payable.
Contracts unad...
Res. for taxes
25,800.000
Limited,
Dec. 31 '20 Dec. 31 '19
Current Liabilities—
$
Cash..
Accts.
49,784,000 49,784,000
1st Mtge. 5s—.d4,781,000
4,903,000
McC. Realty Corp.
Of the American Locomotive Company, Montreal Locomotive Works,
and American Locomotive Sales Corporation—Combined.
'
stock
Common
a
chasing on the part of the railroads; however it is a fact that the effective
equipment of cars and locomotives of the railroads of the United States has
not kept pace the
past few years with the natural growth and development
of the country.
was
$
29,826,933
unad¬
Total
on
The income account
1919.
$
rec.
justed accounts.
Add's & bett'ts...
Dec. 31 1920, a considerable part of
prospect in the immediate future of orders for equipment
Liabilities—
Preferred stock..d29,826,933
Dividend payable.al,181,232
1,268,733
7,568,918
8,031,077 Outst'd'g stock of
Due from affll. cos.11,983,850 19,043,615
merged cos
8,647
8,848
Mdse. & supplies. 6,188,530
blO.085,547 11,348,941
9,904,575 Reserves
Prepaid expenses.
...43,521,704 35,788,700
126,190
74,035 Surplus..
Ins. prem., unex.
120.878
163,235
Notes & acc'ts
year has been invested in U. S.
of
any appreciable volume is not promising.
The unsettled general business
conditions of the country are not conducive to any great amount of pur¬
1920.
I
est.,
Montreal Locomotive Co.
cash
$
bldgs.,
mach'y, &c_ —86,761,722 78,931,065
Misc. securities...d4,710,352
6,806.843
57,276
Furniture, <fec
60,322
Securities aca'd by
pur. & exch.c.. 10,330,300
5.608,579
Cash
1,871,428
586,517
Demand loans
11,904,246
6,710,670
Accr'd int. &c.__
254,569
184,125
we
have purchased 160 acres of land in the St. Louis, Mo., industrial district,
not only because it is a great railroad centre, but also from the fact that it
has been estimated that
1919.
$
Assets—
Results.—The
New
[Vol. 112.
Purchases Abroad.—The trade and manufacturers scoured the world for
and it was found.
The great demand and high prices acted as a
magnet even in the interior of China.
Sugar began to pour into the U. S.
from nearly 50 countries.
In July alone 587,000 tons of sugar reached U.S.
ports.
Ordinarily the trade buys from the refiners.
This year the manu¬
sugar
facturing and
to
a
the
trade purchased direct from the foreign producer
high as 700,000 tons, and about two-thirds came to
This included 250,000 tons from Java, 35,000 tons
grocery
total estimated
Atlantic ports.
as
March 12
from
1921.]
THE
CHRONICLE
Europe, 30,000 tons from Canada, 45,000 tons from Argentina, 35,000
America, 25,000 tons from Mexico and 85,000 tons from
and the West Indies, &c., &c.
tons from Central
Brazil, Peru
Resales Break the Market.—These direct
purchases
J'rices often higher than the equivalent of
by the trade
were
at
your company's selling price
of
2.05 cents net for refined sugar.
Many of these sugars were found on
arrival to be unfit for household or canning use.
Payment became a most
difficult problem, resulting in attempted resales, which in
August precipi¬
tated the most violent
price decline ever recorded in sugar.
As great as was the
buying panic, so was now the hysteria of cancellation
and of repudiation of contracts.
The trade became so demoralized that on
Aug. 24 your company withdrew from the market and devoted its facilities
to completing the business
already on its books.
National Supply.—The total imports show the unprecedented
figure of
4,460,166 tons of sugar imported in 1920, as compared with 3,976,331 tons
m 1919 and
3,115,143 tons inl918.
Allowing for exports and domestic beet
Stock
1021
Purchasing Plan.—For the last two years a plan has been in effect
our employees might purchase the stock of the
company.
of the plan has been as follows: Year
1920, $825,400 stock;
by which all
The result
1919, $582,300.
Stockholders.—The number of stockholders has increased
22,311,
average
sugar in
1920 than in 1918.
Prices.—As
for the sugar markets, of the world, and that there is excess
refining
capacity in the United States sufficient easily to meet domestic require¬
and to refine at least 1,000,000 tons for export.
High prices and
violent fluctuations bring hazard.
A return to a lower
level of prices
is a benefit to your Company as well as to the public.
a race
ments
COMPARATIVE INCOME STATEMENT FOR YEARS ENDING DEC. 31.
Ctistomers' Contracts.—In May 1920, owing to the insistent demand from
the trade for a definite assurance of their
supplies we first offered contracts
for later than 30
days delivery.
We had then, or shortly thereafter, ar¬
ranged for a tonnage of raw sugar at an average duty paid price of
approxi¬
mately 19 to 19 % cents.
The refined sugar was offered for delivery to
correspond with the expected receipt of the raws- at 22.05 cents net
per
pound, which after crediting by-products, left us a margin of about 1 y2 cents
per pound to provide for the cost of
refining, overhead, and profit.
These sugars were sold and purchased in good faith.
Nevertheless in
August
we
received
tracts, which
we
to
1920.
number of cancellations and of repudiations of con¬
declined to recognize, although we offered on Oct. 13 1920,
a
accept deferred payments and to make delayed shipments.
This offer
of great advantage to a
large number of customers.
However, in cases of attempt to escape from obligations by technicalities,
etc., we felt constrained, both for our own protection and to protect
loyal
customers, to begin suits against mercantile houses of special prominence
in the wholesale grocery trade.
Other cases are in preparation.
Earnings.—The volume of refining operations was the smallest in the
history of the company due to the then existing handicaps.
Strikes and
importation of direct consumption sugar also caused a loss of volume.
Our total business, including all operations,
sugar, syrup, molasses, coop¬
erage, timber, lumber, tank cars, tank steamers, and railroads, was over
$350,000,000.
It was the high prices, notwithstanding the reduced volume
of our tonnage, which resulted in this
large figure.
On this large business, we secured an
operating profit of only $1.802,437, a
return of about y2 cent on each dollar of sales, or less than
lrlO of a cent
(one mill) on each pound of refined sugar sold, an amount
wholly inade¬
quate.
It was arrived at after setting aside at cost all raw sugar
necessary
to fulfill our
outstanding contracts with the trade, but after an adjustment
to market prices of opr unsold
inventory.
was
Amounts Taken From Surplus, &c.—We have made the
Improvement of
Plants Fund of $7,367,515 available for any
company purpose.
We have
transferred from surplus to sundry reserves
$10,195,812, the company then
having reserves of $33,562,232 to provide for fire insurance,
employees'
pensions, employees' insurance, advertising, possible losses in accounts
receivable, &c.
Additions, &c.—Operating Properties.—This year betterments have been
capitalized to the extent of $8,179,926.
This item includes improvements
at the Boston Refinery in connection with the
25% enlargement, new
warehouses at the Chalmette Refinery at New Orleans,
expenditures at
Baltimore, the purchase of timber land, construction of stave mills for
cooperage, and payments on a molasses tank steamer now building.
Refineries.—Gratifying
acres
1918.
$1,802,438 $10,283,082
313,292
653,441
Income from investments
4,289,186
4,314,096
1917.
$6,661,683 $10,055,291
687,845
1,006,002
5,202,693
3,129,949
35,265
21,545
Net profit from invest'ts
reservations
in
progress has been made with the new refinery at
The completed plant will occupy an undivided tract of about
in the very heart of the city of Baltimore, with a
former
deep water frontage
of
1,300 ft., served by a 30-foot channel and direct railroad connections.
Another year will see the refinery nearly completed.
(V, 110, p. 2569.)
Cooperage Operation.—Our timber supply in Pennsylvania being about
exhausted and our holdings in Missouri and Arkansas
inadequate, we have
purchased standing timber on large tracts of land in South Carolina, and
acquired in fee another tract in Louisiana.
These purchases bring our total estimated standing hard wood timber to
1,089,000,000 feet, which, it is estimated, will cover our requirements for
20 to 25 years, exclusive of contracts for delivery of
logs, which gives us an
additional supply of 100,000,000 feet.
At the same time, we have constructed
a
with
mill at Georgetown, So. Caro.,
a
capacity equal to the two mills already closed in Pennsylvania.
We have also contructed at Red Cross, La., a mill for the
manufacture of
cooperage for our Chalmette Refinery and have in contemplation
the erection of a larger plant in Louisiana and a second mill in South
Car.
Our holdings of land and timber amount to 500
square miles served by
113^ miles of railroad.
The lands in Missouri and Arkansas of 150,000
syrup
are being gradually reclaimed for agricultural
purposes through a
comprehensive
drainage
system.
Reforestation
of
our
Adirondack
holdings (47,278 acres owned in fee) with pine and spruce is
showing most
favorable results.
Cuban Raw Sugar Investment.—In November 1919, we
acquired all the
capital stock of a Cuban corporation, Central Cunagua, a raw sugar
acres,
prop¬
erty in
Camaguey Province, Cuba (V. 109, p. 1988).
The Central is a
factory of the latest type of construction, and the whole plantation is
one of the most complete raw sugar
producing properties in the world.
It owned in fee 100,000 acres of virgin land with cane
planted sufficient to
meet the requirements of the factory.
Last year it had the third largest
output in Cuba, producing 553,121 bags of raw sugar, with an
operating
efficiency of great promise.
The company owns 60 kilometers of standard
gauge railroad laid with 60 pound rails and owns 290 steel cane cars of 30
tons capacity each, as well as 12 locomotives and
general railroad equipment.1
Second Raw Sugar Factory.—Since our investment in Central
Cunagua,
that
company has acquired in fee about 200,000 acres of land adjoining its
original holdings as a companion plantation, with a proposed second factory
about 40 kilometers east of Central Cunagua.
The new Central the
"Central Jaronu" will be of 600,000 bag capacity, the same size as
Cunagua.
There is being built 90 kilometers of standard
gauge railroad with 80 pound
rails; 250 steel cane cars, 12 locomotives, etc., are already on the
ground.
Cane has been planted for the first year's operations, which will
begin next
2,417,085
10,686,280
years
From surp. of former yrs.
Total
$19,508,281 $15,250,619 $12,587,486 $14,212,787
$2,000,000
$2,000,000
$2,000,000
$2,000,000
10,1951812
3,831,944
2,153,111
4,000,000
3,150,000
3,150,000
3;150,000
3,150,000
Common.(9M%)4,162,469(10)4499,969(9^)4162469 (7)3,149,972
Depr., renew. & replace.
Sundry reserves
Dividends, pref. (7%)—
do
Total deductions
Balance to surplus
$19,508,281
BALANCE
$13,481,914 $11,465,580 $12,299,972
1,768,705
1,121,906
1,912,815
SHEET
/Assets
1920
Real estate and plants..$51,322,190
Merchandise & supplies- 45,405,155
DEC.
31.
1919
1918
1917
$45,852,454 $45,716,455 $45,931,124
15,033,491
13,199,709
9,142,075
Prepaid accounts
2,339,255
507,580
1,257,062
309,051
Accounts receivable
12,546,856
6,691,400
6,658,102
3,322,489
Accrued income.
784,903
1,042,062
983,739
1,047,043
Loans
3,823,911
5,581,070
2,133,343
1,121,266
Investments: General.._ 30,283,551
22,590,445
30,161,130
24,782,541
Insurance fund.
9,500,000
9,500,000
9,500,000
Pension fund
2,000,000
1,750,000
1,750,000
Imprt. of plants fund7,367,515
4,367,515
Advertising fund
2,500,000
2,500,000
Employees' ins. fund
600,000
300,000
U. S.Liberty bonds
14,371,999
Customers' acceptances.
1,897,912
Cash...
8,839,932
28,161,879
23,658,102
40,493,252
-----
-
-----
-
—
Total
Liabilities—
$171,615,664S147,427,896S142,185,1571137,398,841
Capital stock
Sundry reserves
$90,000,000 $90,000,000 $90,000,000 $90,000,000
33,562,231
23,366,419
19,534,475
17,441,163
6,839,136
8,973,360
9,330,879
8,097,115
Bills payable
27,150,000
Divs. declared & outst'g
1,598,439
1,935,979
1,936,369
1,599,036
Surplus
12,465,858
23,152,138
21,383,432
20,261,527
_
Acc'ts and loans payable
—
Total
—
Note.—At Dec. 31
.$171,615,6648147,427,896S142,185,157S137,398,841
1920 there
were
unmatured customers' trade accept¬
amounting to $2,730,709 80 discounted with banks.—V. 112, p. 747.
ances
General
Baking Company.
(Report for Fiscal
President William
Baltimore.
20
1919.
Profit from operation-—
Int. on loans and depos_
Excess
result of
attempted de-control, we have had famine and
plenty, prices ranging from 4% cents to 24 H cents for duty paid raw sugar,
and from 7y2 cents to
27H cents refiners' list,price for refined sugar, with
financial wreckage from producers to grocers, not only in the United
States
but in Cuba, in Canada and in many
foreign countries.
a
20,877 to
of the company and have pointed out that great
changes have taken place
in the shifting of markets that within the next few
years there is likely to be
and
cane sugar, there was in the nation for domestic
consumption, in round
figures, probably 775,000 tons, or 4,957,779 barrels, or 1,735,222,000 lbs.
more sugar in 1920 than in 1919.
Making the comparison with 1918, there
was probably available
1,075,000 tons (2,400,000,000 lbs.) more refined
from
holding 40 shares.
Conclusion.—In the past we have referred to the
broadening activities
Year ending Jan.
1
1921.)
Deininger, N. Y., Jan. 17, wrote in sub.
Results.—The net profit, after making full provision for depreciation of
plants and property, bond interest and income and excess profits taxes,
amounts to $1,086,226, being equal to 10.38% on the entire outstanding
capital stock, both Common and Preferred.
To this amount add the sur¬
plus at Dec. 27 1919, $2,124,402, and deduct Pref. dividends as follows:
(a) In cash 7% (1 %% quar.) paid April 1 1920 to Jan. 1 1921, $600,262;
also (b) the amount of the new Pref. stock issued to pay balance of accumu¬
lated dividends, $1,132,800 (see V. Ill, p. 2047, 226), leaving undistrib¬
uted surplus at Jan. 1 1921 of $1,477,565.
Depreciation, Additions, &c.—The sum of $343,294 was charged off
against the profits for the year for depreciation of the plants and equipment,
and the total reserves for depreciation now amount to $1,782,834, all of
which have been created out of earnings.
During the past year the sum of
$367,052 was expended for improvements and additions to the plants and
charged to the property accounts.
•
The company also acquired the business and property of Dillman Bakery,
Inc., of Brooklyn, N. Y., through the purchase of its Pref. & Com. stock.
Net Current Assets.—The total current assets now amount to $3,120,858,
and the total current liabilities, which include the estimated provision for
excess profits and Federal income taxes payable throughout the year 1921,
amount to $1,268,099.
The difference of $1,852,759 represents the work¬
ing capital at the end of the year.
The comparative income account for three years was given in "Chron¬
icle" of March 5, p. 937.
h'
BALANCE
SHEET AT
END
OF
YEAR.
new
Jan.
Income
From
Investments.—The
income
from
interest
on
loans
and
deposits shows a decrease while income from investments shows little
change.
There has been ho change in the valuation of the several beet
holdings and of Central Cunagua.
During the year the company disposed
of its holdings in the Alameda Sugar Co., a beet
property operated in
California.
'21. Dec. 27'19.
est.,bldg.,&0. 5,399,870
Good-will
7,010,868
Invest. (Kolb Bak.
stock).
1,740,000
Investments
*342,182
Cash
582,679
Notes & accts. rec.
402,165
common
Other
Inventories
1,364,521
U. 8. Liberty bds.
Co. bonds purch'd
Miscellaneous
Tota
x
Jan. 1 '21. Dec. 27 '19
Liabilities—
Real
December.
Storage and Shipping Facilities.—Arrangements have been made with the
Cuba Northern RR., which runs through the entire
property, for the
construction of a wharf and warehouses at its terminus at Puerto
Tarafa,
giving a storage capacity at that port for 300,000 bags of raw sugar to
increase the shipping facilities of Central
Cunagua.
Raw Sugar Profits.—The net profits of Central
Cunagua, covering the
1919-1920 Cuban crop, after setting up reseives for
depreciation and
improvement, amount to $5,377,971, all of which has already been invested
in Cuoa as part of the increased production
program.
Financing.—During the year an increase in capital of Central Cunagua
was authorized
from $5,000,000 to $15,000,000, and $5,000,000 of this
increase has
already been purchased by your Company.
Additional
capital requirements for the building of the second Central are being provid¬
ed from the earnings of Central
Cunagua and by loans made by your
Company.
1
AS8Cl8~~~~
-
575,425
196,068
74.5J9
Preferred stock---
7,010,868
Common
solely
are
a
part of large holdings acquired years ago
as follows:
investment
as an
Shares.
,
Investment in Beet Sugar Cos.—
Great Western Sugar
Preferred
Co. Common-.
Iowa Sugar Co„_
Michigan Sugar Co. Common
-
Preferred.,
Spreckels Sugar Co.
Par
Value
93,540 $10.00
36,496 100.00
51,592 100.00
Owned.
Continental Sugar Co
4,165
100.00
175,740
10.00
-204,380
10.00
25,000 100.00
Par Value
Percentage
Owned.
Owned.
$935,400
(3,649,600
1 5,159,200
416,500
fl,757,400
29
31
5,925,000
3,400,000
2,834,000
7,057,800
3,400,000
Bonded debt—— 2,702,000
1,740,000 Notes, accts., Ac.,
9,600
payable ——.yl ,242,467
710,423 Accts. payable to
associated co'S—
11,458
447,737
14,174
1,308,769 Accrued Interest-191,450 Pref.dlv .pay .Jan.1
190,982 Depr
&o., res've. 1,782,834
84,697 Surplus
1,477,565
stock
803,128
12,578
103,688
1,524,547
2,124,402
,
—
17,688,298 16,727,343
Tota!
--17,688,298 16,727,348
Includes investment of $332,582 in Dillman Bakery, Inc.
y
Includes
provision (est.) for excess profits and Fed'l income taxes.—Y. 112, p. 937.
Tobacco Products
Corporation,
New York.
(Eighth Annual Report—Year ended Dec. 31 1920.)
Pres. James M. Dixon, N. Y., March 11921, wrote in sub.:
Exchange of 12,000 Shares of Common Stock for 6,000 Shares of American
Tobacco Co. Common Stock B.—On Oct. 6 1920 an offer to exchange 3,000
shares of the American Tobacco Co.'s Common Stock "B" for 6,000 shares
of the Common stock of this company was received, and it being deemed
advisable to make the exchange, your company issued on Oct. 13, 6,000
shares of its Common stock in exchange for
3,000 shares of the American
Tobacco-Co.'s Common Stock "B."
On Oct. 28 1920 a second offer of exchange was also accepted, and on
Oct. 28, 6,000 shares of Common stock of your company were issued in
exchange for 3,000 shs. of the American Tobacco Co.'s Common Stock "B."
Liberty Bonds.—During 1920 we sold our holdings of Liberty bonds at a
loss of $102,583.
Dividends.—During the year 1920, along with the regular Preferred divi¬
dends, there were paid four dividends of $1 50 per share on the Common
stock, those of Feb 15 and May 15 in cash, and those of Aug. 15 and Nov. 15
paid in 8% scrip, maturing two years from date of issue.
i
Scrip Series AtoC Paid.—Your company redeemed during the year 1920,
Series A scrip, which matured on May 15; Series B scrip, which matured on
Aug. 15, and Series C scrip which matured on Nov. 15, except $33,481 not
turned In.
[Scrip Series D, issued Feb. 15 1919, was paid off Feb. 15 1921—
,
The beet stocks owned
and still held
$
5,032,819
.
,
_
„
„
75
\ 2,043,800
34
2,500,000
50
Earnings.—^-aIi
the earnings of the subsidiary companies have been in¬
cluded in this statement, but of the affiliated companies, only such earnings
as have been declared as dividends have been included.
THE
1022
CONSOLIDATED INCOME ACCOUNT {SEE TEXT)
Balance, surplus
560,000
556,016
514,500
(3)527,948(1^)240,000(1^)240,000
(3)527,948 (4 M >720,000
Total p. & 1. surplus.. $2,662,620
Div. paid in Com. stock
Jan. 15 1919 (10%).
Final surplus Dec. 31
a
No
..
$1,760,267
3,361,533
128,611
$2,536,595
$1,251,709
2,109,823
$4,993,188
$456,989
3,393,188
1,313,583
$389,966
2,536,595
263,941
Previous surplus
Exc. prof, tax prev. year
$3,361,533
1,600,000
$2,662,620
1920.
Real
$
Invest. In affil.
oos.
5,029,827
11,258,868
3,481,766
3,920,553
471,280
789,824
5,030,021
9,108,737
658,432
1,057,400
1,006,200
876,127
Cash
Liberty bonds
977,188
Rills & accta. rec..
empl.
Res.
for allowance
502,143
870,743
792,478
taxes, &e
1
1,248,000
140,000
2,536,595
scrip payable 1,107,481
140,000
surplus.....y2,662,620
Prdf. div. payableP & 1
Treasurer
Feb
353 Fourth Ave
George Wattley,
Y.,
N
,
28, wrote in substance:
Stores.—The company's first New York store was opened on May 8
1920, followed at intervals by 15 additional stores in New York, 3 in Phila¬
delphia and 2 in Newark, and since Jan. 1 2 additional stores have been
opened.
The company now has 25 stores and 4 candy factories in opera¬
tion, including the Fuerst & Kraemer chain in New Orleans.
Other leases have been secured and additional stores will be opened as
fast as suitable locations at reasonable rentals can be secured.
{Compare
V. 110, p. 174; V. Ill, p. 700, 2433; V. 112. p. 169.]
Operations.—The volume of business in the stores now open is satisfac¬
tory, sales during 1920 in the stores then open and including such whole¬
factories, amounted to $3,193,139.
in the retail stores now open will
$4,000,0001 and $5,000,000.
The company has already taken first rank in the retail candy business and
has built up a valuable good-will asset in its brands and advertising slogan.
Outlook.—The constantly lowering prices of all raw material entering
into the manufacture of the company's products and_ the fact that sufficient
labor is now available makes operation more economical than when we com¬
sale business
as could be handled by our
It is estimated that the sales for 1921
amount to between
future.
business, and presages a very bright
menced
FOR PERIOD
INCOME AND SURPLUS ACCOUNT
ENDED DEC. 31 1920.
CONSOLIDATED
1
operations, $20,297; reserve for taxes and depreciation, $313,433; net deficit....... —
.............———$333,730
Previous surplus brought forward
— -350,601
loss
Net
730,794
from
CONSOL.
pre¬
111.166
paid Ins., &c
$16,871
Total surplus Dec. 31 1920.
48,635
Stk. div. accrued...
deb.
6,384,831
Stores, Inc. (and Subsidiaries).
{Annual Report for Period Ending Dec. 31 1920.)
in
<fc affil. cos..
Sundry
stock...*2,600,000
18,000
Scrip div. rec
par
8,000,000
1,760,000
8,276,443
8,000,000
stock...
Bills <fc accta. pay..
Div.
125,000
Tor
S
Common
Due affiliated cos..
&
mtges
Stk.
1919.
.
Preferred
Due from affil. cos.
mo tee
$
Liabilities—
mack
equip., &c._
Mat'l & Supplies.
Secured
I
DEC. 31.
1920.
1919.
$
est.,
1920.
SUBSIDS.,
CONSOL. BALANCE SHEET OF COMPANY AND
Assets—
$3,361,533
$3,393,188
$2,536,595
has been set up for Federal taxes for
reserve
U. R. S. Candy
$2,006,209
$3,276,283
$2,072,886
$2,023,882
Preferred dividend (7%)
560,000
Common divs., cash..(3%)527,916
do
Scrip (see text).(3%>546,000
FOB CAL. YEARS.
1917.
1918.
1919.
1920.
Total net Income.a
[Vol. 112.
CHRONICLE
DEC
SHEET
BALANCE
.31
Liabilities—
Assets—
321,515
items adjusted).
(Inter-Co.
1920
$3,572,513 Capital stock outstanding: (see note)
Common (founders' shares)
$400,000
640,530
Common (Class "A")
7,729,280
Stock In other companies.
4,501
Pref. stock of sub. cos. outst'g.
102,550
Machinery, good-will & equip. 1,842,571
Cash and demand loans
.....21 687.410 23,333,924 1
Total
x
.21,687,410 23,333,924
Acc'ts and bills receivable
consisting of 160,000 shares of
$1 per
Merchandise and supplies
Total......
Common stack, $16,000,000, par value,
—
$100 par value per share, but for which the coimoration received only
share cash, ana which were issued under the Virginia law at $1 per
share,
value of $100, or $2,440,000.
for Federal taxes for 1920.—V. 112, p. 941,
and $1,600,000 and 28,000 shares of a par
y
No reserve has been set up
856.
-
177,239 Surplus.
—
BALANCE SHEET DEC. 31 OF COMPANY
DATED
BALANCE
SHEET
(1NCL.
Assets—
$983,934
Cash.
270,354
securities...
Securities of subsidiary companies— 10,676,616
9,401,589
Accounts and bills receivable
3,872,720
Inventories, materials and supplies..
883,071
Deferred charges and prepaid expenses
2,388,218
Plants, property and equipment
Advance to Galena-Signal Oil of Texas
6,650,000
Good-will, tr.-mks. & secret processes
1 nvestment
Consolid'd.
8,335,816
7,558,758
2,875,623
2,093,626
1,300,000
$1,797,193
1,721,045
9.877,708
7,928,344
952,841
11.989,762
6.950:666
6°t50,000
Liabilities—
5,111,555
$3,126,43'*
payable
6,000,000
Debenture bands
2,519,181
16,000,000
3,258,914
Reserve for deprec'n, int., taxes, &c.
Capital stock—Common........... 16,000,000
2,000,000
Preferred (old).....
New Preferred
2,000,000
4,000,000
........
4,000,000
92,772
741,158
...
Total
—v.
Subsidiary
(Including
Co.
Nile3-Bement-Pond
.......
..........$35,126,503
$3,339,521
8,800,000
5,552,904
16,000,000
2,000,000
4,000,000
1,524,468
$30,723,808 $41.216,893
Feb. 9 1921, wrote in substance:
Pres. Jas. K. Cullen,
after deducting all general, selling and other
expenses, repairs to buildings and equipment and ample allowances for de¬
preciation. taxes, &c.. were $1,031,522.
Dividends paid during year aggre¬
gated $918,664 [6% on Pref., $238,664, including sub. co's Pref.; on Com¬
mon
8%, $680,000—Ed.]; balance, surplus for year, $112,858, making
the present surplus $16,008,282.
Settlements for canceled contracts (as a result of termination of the war)
referred to In former reports have all been completed.
Business conditions during the past year were on the whole extremely
unfavorable, high costs and decrease in demand for manufactured goods of
all kinds have made it necessary to deal most liberally with our customers
in the matter of holding up deliveries and in some cases actual canceling
of orders.
As a result of this, our inventories are larger than we would
wish.
It is believed the figures at which inventories are carried are very
The profits for the year,
conservative.
Ill, p. 2143.
,
-v.'vV
•
of Federal income tax for the years 1917-20 has not
settled.
[The corporation income account was given in V. 112, p. 659.]
The
matter
been finally
The Quaker
Oats Company.
Assets—
SHEET DEC.
BALANCE
1919.
$
S
Liabilities—
Property account. 19,307,624
Investment in oth.
September began an economic storm, the like of which has never been
known.
The buying power of the nation even for cereals disappeared, our
volume of output shrunk, and cancellation of orders, refusal to accept de¬
liveries and demands for readjustment of price to meet the rapidly falling
markets were an every day occurrence.
The larger part of our customers
stood manfully by'their contracts, but there was a sufficient volume of
readjustments to make our loss very severe.
The extremely mild fall and winter, with pastures good until October,
the closing of the condensed milk factories and the lessened demand for
all dairy products, made unnecessary any heavy use of our ground and mixed
feeds.
There was little exporting of cottonseed and linseed meals, causing
Inventories
2,300,600
8,500,000
1,674,200
2,302,200
Accounts
Results.—This year, in marked contrast with all the 29 previous years,
our balance sheet reflects a heavy loss.
In the first six months of 1920, our business was excellent.
In early,
150,287
600,381
1,471,483
1,156,161
1,144,700
Tax
1,584,706
2,170,933
1,674,200
co's.
do
67,415
10,763,807
Accounts and notes
5,091,847
947,008
1,162,381
receivable
Cash
—
8,500,000
stock
Common
Preferred stock...
11,851,792
companies
Securities
& ASSOC. COS.).
(CO.
1920.
$
18,729,498
$
,
31
1919.
1920.
substance:
yet
.
COMPARATIVE
{Annual Report for Year ended Dec. 31 1920.)
President H. P. Crowell, Feb. 24, wrote in
Co's).
1920.)
{Report for Fiscal Year Ending Dec. 31
...
Accounts and bills
Surplus
....$9,716,761
Total, each side..
capital stock of this Delaware Corporation coasistsof
no par value, viz.; 400,000 shares of founders stock and
850,000 shares of Class A stock.
Outstanding Dec. 31 all of the 400.000
founders shares, paid in $1 each, and 772,928 class A shares, all paid in
$10 per share.—V. 109, p. 686; V. 112, p. 169.
authorized
1920.
$1,345,861
263,824
.$35,126,503 $39,723,508 $41,216,893
Total
16,871
....
1,250,000 shares of
PROPER—ALSO CONSOLI¬
SUBSIDIARY CO'S.)
Company Proper1919.
1920
Organization expense
depr., &c..
Reserves for taxes,
190,387
43,442
324,933
77,448
Deferred development charges
The
{Report for Fiscal Year ended Dec. 31 1920.)
20.630
435,033
Advances to contractors....
Unexpired insurance, &c
Galena-Signal Oil Co. and Sub. Co's in U. S. & Canada.
1,012,396
payable...
Accounts
089,555
Rent paid In advance, &C——
'
i—
Rent received In advance—...
1,853,642
Impts. to stores, factories and
leaseholds
5,140,033
1,499,949
2,739,918
assoc.
Notes
payable
payable.
reserve
Contracts, res.,&c.
Reserve for deprec.
Surplus—
346,038
5,751,026
16,008,282 15,895,423
130,885
6,240,404
,
over-supply for the domestic market and a heavy reduction in price.
Inventory Shrinkage.—For many years we have guaranteed the wholesale
grocer against loss from decline in the price of Quaker and Mother's Oats
on the unsold stocks in their warehouses, .and these reductions have added
a considerable sum to our loss.
It has also been necessary to take similar
declines in our own manufactured products on hand.
On Dec. 31 our
large inventory was reduced to cost or market value, whichever was lower.
The total shrinkage resulting amounts to more than $5,000,000, which
Total
—V.
—
—
-38,510,939 38,940,680
Total
.38,510,939 38,940,680
112, p. 659.
Silver
International
Co.
an
has
all
been
off.
written
Deficit.—Our profit and loss deficit for the year Is $5,218,974, to which
$605,951 for depreciation of buildings and machinery and
$2,227,500 for dividends paid out on Preferred and Common stock, making
» total of $8,052,425, which, deducted from the previous credit to our sur¬
plus account, leaves us with a balance of $1,263,163 on which to begin to
must be added
{Report for Fiscal
Year ending Dec. 31 1920.)
INCOME ACCOUNT FOR
$840,940
Balance
x
1,920,735
$4
BALANCE
1920.
Our business is
a
basic industry and we
have always found that it has
prospered in difficult and trying times.
Calendar Years—
1920.
1918.
1919.
1917.
Profits for year
def.$5.218,974
$3,733,729
$4,052,265
$5,211,752
Dividends on Pref. (6%)
1,080,000
751,251
632,202
563.050
Divs. on Common—(12%) 1,147,500(14) 1177,500(15) 1237500(10^)86625 0
Depreciation
605,951
Balanco
1,053,835
549,677
304,825
def.$8,052,425 sur$751,143sr$l,632,887sr$3,477,627
Note.—Profit and loss surplus Jan. 1 1920, $11,565,588: less transferred
from
surplus to capital by stock dividend of 25% on Common stock (paid
Sept. 30 1920), $2,250,000; balance, $9,315,588.
Deduct loss for year
1920, $8,052,425; balance, profit and loss, surplus Dec. 31 1920, $1,263,163
x Includes accumulated provision of $711.735 for exchange loss on foreign
$693,301
12,645
422.002
2,513
422,002
^
422,002
$1,040,806 dcf$449,324 sur$258,654
$4,079,795
$3,027,108
$3,471,406
SHEET DEC.
interest.
31.
1919.
192t.
1919.
$
Assets—
$
$
$
Liabilities—
2,044,749
1.766,986
Common
*685,365
685,363
Mach'y, tools, &c_ 3,168,096
Trade-marks
and
3,097,765
Preferred stock. —y6,028,588
6,028,588
1,500,000
1,500,000
5,109,516
Debenture
2,872,000
1,867,000
2,335,600
73,968
Reserve
bonds. 2,812,000
bonds. 1,867,000
3,395,170
for taxes.
300,000
Real estate
INCOME ACCOUNT FOR CALENDAR YEARS.
1918.
def$24,809
Earnings, less depreciation, taxes and bond
build again.
1017.
1019.
Net, after int., &c
Totalsurplus Dec. 31-..
CALENDAR YEARS.
$1,462,808
1920.
$1,335,538
Adjus. of plants & inv__
72,596
Divs. on pref. stock(7%)
422,002
x
pa'ents
—
_
5,970,121
Otber Investments 1,934,726
Bonds In treasury24,969
Cash
1,315,489
Accts. & notes rec.z4,156,205
Inventories
First mtge.
1,097,721
3,909,057
Accts. & notes pay.
January
Surplus—
x After dedxicting $9,259,337 and
(y)
reserve.—V. 112, p. 938.
(including Canadian net assets in excess of permanent work¬
ing capital of $4,000,000) based on sterling at $3 75 and Canadian exchange
14% discount.
current assets
2,802,368
450,000
Pref. divs. payable
.20,114,356 18,890.613
Total
stock.
105,500
4,920,735
105,500
4,079,795
—
20,114,356 18,890,613
$578,912 held in treasury,
z Less
Total
GENERAL INVESTMENT NEWS.
at
BALANCE SHEET DEC.
1920.
1919.
$
Assets—
Real
$
plants,
^trademarks, &c.20,386,352 19,370,707
Stocks of sub. cos.
429,920
453,730
est.,
Gov't secure,(cost)
Miscell. Invest
4,540,821
91,359
908,431
Due from sub. cos.
••
2,383,025
73,059
557,672
Invent., materials
and supplies
14,779,823 18.812,228
Acc'tsreceivable.. 5,018,740
7,630,52 0
Cash
31.
3,849,077
1920.
Liabilities—
1919.
$
%
Preferred stock... 18,000,000
18,000,000
Common stock... 11,250,000
9,000,000
Due tosubsid* cos.
180,666
237,508
Notes payable
15,295,000
9,600.000
Acc'ts payable
1,364,086
General reserves*.
2,651,609
2,228,303
1,333,358
Reserve for Federal
taxes..
1,426,75 3
Surplus
1,263,162 11,565,588
Total
50,004,523 53.391,510
4,110,571
RAILROADS,
General
following table summarizes recent
112, p.
50,004,523 53,391,510
855.
ELECTRIC
ROADS.
railroad and electric rail¬
of a more or less general character, full details
concerning which are commonly published on preceding
pages under the heading "Current Events and Discussions''
(if not in the "Editorial Department"), either in the week
the matter becomes public or shortly thereafter.
way
RR.
Total
-V.
INCLUDING
Railroad and Electric Railway News.—The
news
Wage Cut Demanded by
of Republic
Industries.—(a) John A. Topping, Chairman
Iron & Steel Co., "Iron Age" March 3, p. 582.
"Chronicle" March 5, p 929, 930.
Steel & Ordnance Co.,
(b) Midvale
March 12
.
1921.]
THE
J?!** w°4e Qui Held by RR. Labor Board
1920—"Times" March 8. p. 17.
C. B. & Q.
Financing.—-Full report
March 4, p. 499 to 504.
CHRONICLE
to Violate Transportation Act of
of Commission,
"Railway Age"
Rates.—(a) In Utah, the I.-S. C. Commission has sustained the local
protest against the proposed rate increases on coal, ore and metal, which
would, It is said, have aggregated 81,500,000 p. a.
"Boston N. B." Mar. 9,
p. 4.
(b) In Louisiana said Commission has ordered intra-State fares and
rates raised to inter-State level.
Idem Mar. 5.
(c) In Michigan the Fed¬
eral Court has restrained the P. U. Commissions from enforcing the 2
H-cent
fare law and thus permits 3-cent fares, effective March 8. (d) Railroad
situation does not permit
mission).
"Times
Mar.
general rate reduction (Chairman I.-S. C. Com¬
9, p. 21.
(e) Wisconsin intra-State rate case on appeal to U. S. Supreme Court.
For brief of the appellee/the C. B. & Q. BR., see "Railway Review" Mar.
5,
p. 361 to 367 and subsequent issue.
The National Association of RR. Se¬
curity Holders has been permitted to become a party in the case.
RR. Assessment in N. J.—The recent increase in New Jersey of 8117,980,507 on total RR. valuation to $390,229,449 is said to mean an increase of
$1,843,000 in taxes over 1920.
Appeal taken.
"Times" Mar. 5, p. 21.
Jersey Tunnel Board.—T. Albeus Adams of Montclair elected Chairman.
"Sun" .Mar. 8, p. 21.
■
:
"•
Idle Cars.—Week ended Feb. 26, No., 413,450, against 423,193 Feb. 19
and 358,068 Feb. 5.
1New England "Divisions" Case.—See "Current Events" on preceding page.
; Railway Executives Abolish Joint Labor Committee.—"Times
Mar. 5, p. 20.
Wages.—Court orders wages reduced in spite of RR. Labor Board, on
Atlanta Birmingham & Atlantic, but strike ensues.
See said co. below and
"Current Events" above, and "Times" Mar. 7, p. 15.
Proposed Wage Decreases—Necessity for Retrenchment.—(a) Move to reduce
wages becoming general.
Pennsylvania RR. proposes to cut all wages and
salaries.
N. Y. Central proposes on April 16 to reduce wages from 17H to
19% for about 43,000 men.
See "Current Events" above and "Times"
Mar. 10 and 11, p. 1.
N. Y. N. H. & H. RR. and many other roads plan
similar, decreases.
(b) Labor leaders object and threaten strikes.
' 'Times' *
Mar. 9, p. 9; Mar. 7, p. 15.
"Post" Mar. 9, p. 2.
Senator Cummings, Chairman I.-S. C. Commission, Proposes Government
Investigation of RR. Labor Situation, cfec.).—"Times" Mar. 11, p. 1.
Heavy Increase in Transcontinental Freight by Water.—Since the RR. rate
increase of Aug. 1920, transcontinental freight traffic by rail has been at a
standstill, but such traffic via the Panama Canal with water rates on many
commodities 25% less than by rail, has increased until it is estimated to
aggregate 250,000 tons a month.
Eleven steamship lines are in the service,
affording practically one sailing each way daily.
Of late Pacific Coast
lumber for the Eastern territory has all, it is claimed, been coming by water
"Ry. Age" Mar. 4, p. 527.
Covered in "Chronicle" of March 5.—Guaranty partial payment bill
signed, p^ 901.
1023
Boston Elevated
a
Ry.—City Loses Suit, &c.—
The full bench of the Massachusetts Supreme Court on March 3 dismissed
bill brought by the city of Boston against the Commonwealth to recover
$2,905,932 which the city paid as its proportion of a deficit of $4,000,000
existing in the operation of the Boston Elevated Ry. for the year 1918
and up to July 1 1919.
The city attacked the
constitutionality of Chapter 159 of the Acts of 1918
under which the Governor appointed, for 10 years, 5 trustees to manage
and operate the elevated road for the benefit of the public.
This statute
♦also provided that such a
public^ corporation shall continue until the Com¬
monwealth shall elect to discontinue the same.
The court, however, ruled
that the statute of 1918 violates no constitutional right of the city of Boston
and the bill sets forth no ground of relief.
Before the Legislative Committee on Street Railways on March 3 on a
bill to authorize the State Treasury to buy 20-year bonds of Boston Elevated
for the account of cities and towns of metropolitan district, Counsel Barnum
for the elevated declared that if $2,000,000 bonds were bought the State
would own them at the end of 20
years by virtue of difference in rate of
interest which the State would receive from the elevated and rate it would
Mr. Barnum also pointed out that it is possible for the State to
Eay.
orrow on much more favorable terms than the
company can.
Maturing
outstanding bonds of the company which cannot be refunded amount to
$5,000,000, he said; and trustees have spent $22,000,000 in 2H years in
The company wants to borrow in ail about $4,000,000.
improvements.
This year has been most critical, he said, but the peak of prices has
passed.
Coal is being bought for $5 a ton; $15 was paid eight months ago.—v.. 112,'
p.
848, 256.
■
Calendar Years—
Gross
1920.
$606,072
409,883
$393,493
.......
...
...
$393,493
"$168,089
$46,530
__
.....
......
_
Balance
Real est. & inventory loss
Balance, surplus.
V
H. Hinson has been elected Secretary, succeeding J, C. Nelms Jr.—
95, p. 1683.
Central Illinois
Public Service
Calendar Years—
Years
ending Dec. 31—
1920.
1919.
Gross
income, all sources.$l ,719,347
Interest, taxes, &c
1,244,494
1918.
$1,795,436
1,171,117
1917.
$1,321,563
1,029,097
81,568,718
874,130
Oper.
expenses
Net
income
$474,853
Surplus
Net
(3%)331,10l
280,000
(7%)
$369,853
Earnings of
-
Combined
Calendar Years—
Operating
$624,319
105,000
_
Preferred dividends
$292,466
$694,588
None(4%)378,400
280,000
280,000
$13,219
Controlled
1920.^
$12,466
revenues_$18,836,225 $16,312,231
aft. fixed chges. $1,619,674
$1,714,831
Ill, p. 1948.
_
_
$14,234,405 $12,863,405
81,045,296
$1,290,952
_
Atlanta
Birmingham & Atlantic RR .—Strike—Status.
authorized by Federal Judge Sibley, and which went into effect on March 1,
between 1,500 and 2,000 union employees went out on strike on March 5.
Judge Sibley on March 5 handed down an order declaring in effect that
reduction order of Feb. 28 would be given "no other or further
effect than it ought to have by law under the facts which may be established
at the hearing already set for March 26."
The Judge's order was taken
t he wage
to mean that the question of wage reduction is
dependent on the outcome
of hearings before him set for March 26.
Meanwhile reports indicated
that no trains, with the exception of one or two, were being
operated
on
the road.
Negotiations for mediation of differences between the receiver and the
striking employees have been abandoned, following the refusal of Receiver
Bugg to accept mediation.
Commissioner W. L. Chambers, in a letter to
the receiver, voiced regret at the receiver's decision "more since the repre¬
sentatives of the employees have unconditionally accepted our services
as
mediators under the law."
President B.
L.
Feb. 25, issued
Bugg, who
was
appointed receiver
in part:
on
statement which says
a
of the road is due entirely to the extraordinary
the cost of operation, of which much the largest item is the
In the year 1920 the wages were 72% of all the earnings.
These
increases
were
in much greater proportion than the increases in the freight
and
in
passenger rates, being more than double, while the average advance
freight and passenger rates was about 50%.
The A.
B.
&
A.
has made
an
average miles made per day for each freight car on its rails was 35.2.
Other
roads show: Central of Ga.t 29.8:Georgia RR., 23.8: G. S. & F., 21: N. O.
& St, L.t 30.6.
The average loading of freight on the A. B. & A. was
24.3 tons per car; Georgia RR., 23.4: G. S. & F., 26.9; N. C. & St. L.,
24.1; W. & A., 23.4.
A. B. & A. shows 568 ton miles per car per day;
Central of Ga.. 535; G. S. & F., 323: N. C. & St. L., 478; W. of A., 447.
The average cost of track maintenance per mile per month in Sept., Oct.
and Nov. 1920 on the A. B. & A. was $208—pre-war average, $62 07;
G. S. & P., $276 22—pre-war, $63 09; Central of Ga., $198 78—pre-war,
$78 65; Georgia RR., $311 07—pre-war, $75 59;
pre-war, $143 39.
Statement by Reuben
This road is losing
R. Arnold,
$100,000* per'month,
N. C. & St. L., $395—
Petitioner for Receiver.
This is $3,300 per day.
Its wage expense is $6,600 per mile per year.
More than 71 % of Its gross operating revenues is consumed by the pay-roll
of employees at rates fixed by abnormal and unprecedented wartime con¬
ditions.
This only leaves, of gross operating receipts, less than 29% to
for supplies, taxes, maintenance, insurance and
every
other expense
incident to the operating of a railroad.
This railroad serves a great territory.
benefit of the public as a great system.
It should be preserved for the
It is manifest from its gross earn¬
ings of $9,000 per mile per year that this railroad will be of great service
to the public if its expenses are not too high.
Compare V. 112, p. 931.
Baltimore
&
Ohio
Pres. Daniel Vfillard in
"Labor costs,
an
RR.—Reduces Force—Jan.
address at Baltimore
on
Earnings.
March 9 said:
and conditions of work are our greatest operating
expense.
That means that we will have to employ fewer men and pay them
less.
There have been about 400,000 men laid off by the railroads since
October.
The Baltimore & Ohio has reduced its force from about 88,000
men to about 62,000.
Readjustment of wages will have to come.
I think
the question will be settled without stopping the railroads."
See January earnings under "Earnings Department" on a previous page.
—V. 112, p. 743.
wages
Belt Line Ry.
Corp.—To Abandon Lines
The P. 8. Commission has ordered
a
___* $1,342,472
1,049,205
233,163
$1,229,785
891,719
228,630
$957,554
736,101
223,081
(1)^)90,000
$897,996
615,494
194,418
(1)60,000
$60,103
$109,436
def.$91,62S
$28,08i
.;
dividends
"
Central RR. of New Jersey.—Receives
150% Cash Div.—
See Lehigh & Wilkes-Barre Coal Co. under "Industrials
on a
following
Ry.—Property Acquisition.—
The I.-S. C. Commission has issued a certificate
authorizing the company
acquire and operate a line of railroad in Eau Claire and Clark Counties
Wis., 65 miles in length, owned by the Fairchild & Northeastern Ry.
The company was organized in Wisconsin for the
purpose of acquiring the
property in question by lease, with an option to purchase at a Later date.
Capital, $25,000, to be increased as occasion shall require.
The necessary
to
equipment is to be leased from tho Fairchild & Northeastern for the present,
with the
same option to purchase later.
Operation of the line was discontinued upon the termination of Federal
because revenues were not sufficient to pay operating expenses.
Investment in road and equipment on Dec. 31 1919 was slightly in excess
of $700,000.
Current liabilities as of that date were $418,881; profit and
loss deficit, $170.623.—V. Ill, p. 2323.
control
Chicago & Alton RR.—$800,000 Due Road.—
The I.-S.
C.
.
the Treasury
Commission has certified to the Secretary of
provisions of the
Transportation Act applicable to roads under Federal control.
The Com¬
Mellon that $800,000 is due the company on account of
mission declared it
was
due to the carrier.—V.
unable at this time to determine the whole amount
112.
61.
v.
Chicago Burlington & Quincy RR.—Payments Under
Winslow Act.—The Treasury Department has announced
the following payments under the Winslow Aet(V.112, p.802):
RR.$7,000,000IGreat Northern Ry
$6,000,000
7,000,000 Chic. Mil. & St. Paul Ry.
837,190
Chic. Burl. & Quincy
Pacific
Northern
—V.
112, p. 932.
Chicago Milwaukee & St. Paul Ry.—Partial Payment.—
Chicago Burlington & Quincy RR. above.
N. Buckner and W. E. S. Griswold have been elected directors,
succeeding Percy A. Rockefeller and John A. Stewart.—V. 112, p. 743.
See
Mortimer
Chicago North Shore & Milwaukee RR.—Earn. Dir.—
Operating revenue.___
Operating expenses.
....—
_
1918.
1919.
1920.
Calendar Years—
$4,193,669
3,229,048
$3,237,921
2,319,465
_
$2,899,975
1,856,039
151.746
Operating income
Non-operating income.
Gross
income...
Balance,
_
_
_
,_
Deductions.
_
_
_
~
-
-...
—
___.
siirplu8.___
Profit and loss surplus
Joseph
__ _ _. _ ..
-
Otis has
61.
E.
—V. 112, p.
(adjusted)__
been elected
__
a
163,100
185,821
$812,875
10.332
Taxes
$755,356
17,879
$858,115
9,469
$823,207
390,196
$773,235
341,396
$867,584
332,506
$433,011
$431,839
$1,643,161 $1,270,954
$855,811
director succeeding LI. L. Stuart.
!
Chicago & North Western Ry.-Equip. Trusts Auth.—
The I.
S. C. Commission has authorized the company to
issue and selJ
at not less than 97 $9,630,000 Equip. Trust Certificates at a rate not ex¬
ceeding 7% per annum.
The Equip. Trusts are to be Issued in three series:
Series "J" dated March 1 1921, $2,805,000; Series "K" dated April
1
1921, $4,005,000 and Series "L" dated May 1 1921, $2,820,000.
Certifi¬
cates mature annually for 15 years.
Farmers' Loan & Trust Co. and
Edwin S. Marston, trustees.
Denom. $1,000 (c* &r *) $1,000, $5,000,
$10,000 and $50,000.
Div. payable semi-annually.
The certificates are to be secured on the following equipment, estimated
cost $9,684,093: 40 class J locomotives, 20 class E locomotives, 500 steel
ore cars, 500 steel underframe stock cars, 250 steel underframe refrigerator
cars,
50 steel underframe caboose cars, 25 standard
steel coaches, 9 steel
smoking cars, 2 steel postal cars, 23 baggage cars and 3 combination mail
and baggage cars.
The company in its application to the commission states that no arrangements for disposing of the certificate.3 have yet been made but that it
proposes to invite bids.—V. 112, p. 743, 652.
,
Chicago Rock Island & Pacific RR.—Seeks Loan.—
has asked the Government for a loan of $1.905,000 for five
off at maturity $1,905,000 Cedar Rapids Iowa Falls & North¬
5s due Oct. 1 1921.—V. 112, p. 932.
The company
—
hearing for March 14 on au appli-
Ication of the corporation for authority to abandon its West Side line south
of 42d St. in 10th Ave., West 8t. and other streets to South Ferry, on the
ground that the heavy trucking and freight business of the New York
Central makes it impossible to maintain regular schedules *and that for
some time past the receipts have not been sufficient to pay expenses.
—T.
7. p: 247
$871,658
26,338
70.202
page.—V. 112, p. 743.
not counting interest on its mort-
gages.
pay
$871,72#
85,834
Balance, surolus
Ill, p. 2040.
In last November the
enviable record.
$1,159,583
Common dividends.
The financial condition
increases in
wages.
$1,325,453
17,019
Central Wisconsin
Following the reduction in wages (amounting to 50% of all increases
granted since the Government assumed control of the property in 1917)
1917.
$2,448,050
1,576,408
—V\
Atchison Topeka & Santa Fe Ry.—Branch Line.—
The I. S. C. Commission has authorized the abandonment of about 15
miles of a branch line of road in San Bernardino County, Calif
The portion
to be abandoned is part of the Barnwell Branch which is owned
by California
Arizona & Santa Fe Ry. and Is operated under lease
by the Atchison.
There is n» industry or business activity on the branch.-—v. 112, p. 371.
~
1918.
$2,955,171
2,083,451
& taxes..
earnings.
Interest
Preferred
Co.—Earnings.
1919.
$4,606,594
3,447,011
Operating income.
1917.
1918.
inc.
—V.
$36,188
Companies.
1919.
1920.
$5,168,000
3,842,637
Other income.
Net
Common dividends
(b) After deducting
110, p. 1748
Carolina RR.—New Secretary.—
S.
V.
$46,530
$168,089
a After
deducting taxes amounting to $541,728.
taxes amounting to $770,121.
c Including taxes.—V.
Gross earnings...
Railways Co., Philadelphia,—Earnings.—
$3,529,855
$2,783,538
1,460,474
1,266,471
C572.385
c469,941
(6)720,000 (6 M >750,000
$4,535,661
bl,404,109
290,616
(6)720,000
$196,189
Interest, &c
Dividends
1917.
1918.
1919.
$5,466,517
_.__al,631,728
305,655
(6 % )720,000
revenue
Gross income.
.
American
\
-
Capital Traction Co., Washington, D. C.—Earnings.-
years to pay
western
RR.
Chicago & Western Indiana RR.
The New
—
Listing.—
York Stock Exchange has authorized the
listing of $6,957,000
(auth. $7,000,000) temporary 15-year 7M% Coll. Trust Sinking Fund Gold
Bonds due Sept. 1 1935, with authority to add $43,000 additional.—-V. 111
p.
2423.
1034
THE
Cleveland
CHRONICLE
Co.
which matured Feb. 15 1921, and have been extended
authority of the Court to mature Feb. 15 1922.—V. 112,
Ry.—Would Sell Liberty Bonds.—
The company has
petitioned the Cleveland City Council for'permission
11,600,000 of Liberty bonds held in its treasury.
The proceeds are
to be used to meet short-term
notes, about $1,000,000 of which shortly
become due.
All but about $74,000 of the
p.
to sell
William C. Potter, Carl A. de Gersdorff, C. C.
Hughitt and H. L. Utter
have been elected directors,
succeeding Nicholas F. Brady, A. H. Wiggin,
J. H.
McClement, resigned, and the late A. J. Hemphill.
Matthew C.
Brush, Bertram Cutler, William C. Potter and John G-. Drew have been
elected members of the executive committee.—V.
112, p. 933, 849.
Liberty bonds are now pledged
Cleveland Union Terminals Co.—To Construct Station.
>
Under
recent
a
ruling of Judge A.
P.
Morgantown!(Va.) Interurban Ry.—Discontinued.—
/The stockholders have decided to discontinue business and surrender the
company's charter
Clinton (Iowa) Street Ry.—Fare Increase.—
Barker the company, effective
Mohawk Valley
Feb. 20, increased its fare from 6 to 7-cent cash fare with 4 tickets for 25
cents.—V.
Cuba
Ill,
p.
RR.—Equipment Trusts.—
Columbia Trust Co. has been appointed trustee of
Denver
&
Rio
Grande
an
issue of $1,425,000
257, 61.
p.
RR.—Stockholders
Given
March 25 to Purchase Road for $10,000,000.—Benjamin B.
a notice to the stockholders, says:
'"Che committee has so far succeeded In preventing the consummation
of the sale of your
property for $5,000,000.
The Court has ruled that a
resale will be ordered if the committee
deposits $100,000 on March 25 1921
and agrees to bid $10,000,000 for the
property at the resale.
"The stockholders who have not,
already deposited their stock or made a
contribution toward the expenses of the committee are
urged to communi¬
committee, Suite 1101, 35 Nassau St., N. Y. City,
giving their names and addresses and the
by them, respectively."
Co., Utica.—Annual Report.—
1920.
1919.
1918.
1917.
$5,928,656
3,350,294
$5,919,128
3,493,886
$4,971,264
3,029,209
Net earnings
.$2,505,044
Taxes & uncollectible bills
658,378
$2,578,362
639,216
$2,425,242
589,461
$1,942,055
454,196
$1,939,145
106,700
$1,835,780
126,182
$1,487,859
157,35$
.$1,938,359
$2,045,845
$1,961,962
$1,645,211
1,181,452
1,211,639
1,192,611
928,386
198,751
172,219
132,673
92,905
44
81
Until
Odell, Chairman, in
cate at once with the
Calendar Years—
Earnings from operations.$7,109,848
Expenses (incl. deprec'n). 4,604,804
2323.
7% equipment trust certificates.—V. 112,
by
162.
Missouri Pacific RR.—New Directors, &c.—
as collateral for these notes.
This action of the company follows the Coun¬
cil's refusal to allow the
company to issue and sell $3,000,000 additional
stock at 80.—V. 112, p. 652, 561.
See New York Central RR. below.—V.
110, p. 464.
[VOL. 112.
of Texas,
amount of each class of stock held
The postponement of confirmation of the sale of the road until March 25
ordered March 6 by Federal
Judges Lewis and Sanborn, following a
Net
income——_—$1,846,666
Non-operating revenue..
91,693
Gross income
Deduct—
Interest and rentals
Dividends
stocks
on
not
subsidiary
owned
Proportion undivided
sur¬
plus of subsidiary cos.*
Dividends
(6%)
68
449,808
------
Balance, surplus
$558,156
$661,942
$636,597
$174,044
was
hearing at Kansas City
action to enjoin confirmation of the sale fixed
by the Court Nov. 20 at $5,000,000.
Unless the higher bid is made or
accepted the sale already made will be confirmed.—V. 112, p. 932.
Denver
on an
Tramways Co.—Fare Increase.—
Federal Judge Lewis has
granted the application of the receiver to In¬
crease fares from 6 cents to
8 cents.
An application to increase the fare to
10 cents was denied.—V.
112,
Des Moines
Court of
union
a
on March 4 because of failure to make
party to the appeal.—V. Ill, p. 2520.
Detroit Toledo & Ironton RR.—New President.—
Henry Ford has been elected President, succeeding Joseph A. Gordon,
who will remain as a director.—V.
112,
p.
372.
|
Elmira (N. Y.) Water, Light & RR .—Fare Increase.—
The P. 8. Commission has
granted the Company permission to advance
its fares on lines within
city limits to 6 cents; Rorick's Glen, Elmira Heights
and other points outside the
city will be 7 cents; to Horseheads the fare will
be 13 cents.—V.
106, p. 601.
Fairchild
&
Northeastern Ry.—Sale of Property.—
See Central Wisconsin Ry.
Gainesville
above.—Will,
Midland
p.
2324.
Ry.—To Reduce
Receivers Gordon Carson and
Wages.—
W. B. Veazy have been authorized by
Federal Judge Beverly D. Evans to
reduce the wages of the
employees
about 10%.
The order followed the
presentation of a report on the con¬
dition of the road by the receivers.—V.
112,
p.
849.
.
Grand Trunk Pacific
The
Grea,t Northern
W
r
»•*
Ry.—Notes Paid.-
£2,000,000 notes which fell due March 1
112, p. 61.
retired—V.
have been paid off and
Ry.—Payments under Winslow Act.—
See Chicago Burlington &
Quincy RR. above.—V.
112, p. 932.
Green Bay & Western RR.—Annual Dividends.—
.TJ1? directors have declared dividends of 5% each payable on the Class
A
..
debentures and capital stock and
ys of 1% on Class "B"
all payable Mar. 21 to holders of
record Mar. 19.
The same
paid in 1920 (V. 110,
Illinois"
debentures,
amounts were
561).—V. 110,
p.
Central
New Orleans Texas & Mexico
Ry.—Government Loo/n
p.
1972.
RR'.--$2,376,000
Fro~GovL—
Due
New Paltz
The company has asked the I -S
C. Commission for authority to con¬
struct (under charter of Cleveland Union Terminals
Co.) a union passenger
station in Cleveland for the use of the New York
Central, the Cleve. Cine.
Chicago & St. Louis and the N. Y. Chicago & St.
Louis railroads
Plans have been under consideration for several
years for the construc¬
a passenger terminal on the lake
front, to accommodate the New
tion of
York
company to
issue $3,564,000 Q}4%
Equip. Trusts Certificates Series "G."
Equip. Trusts Authorized
—
Dated Feb.
1 1921.
Due annually Feb. 1 1926-34.
Divs. payable F.
Guaranteed principal and div. by Illinois Central IiR.
Commercial
Trust Co., Phila., trustee.
Denom. $1,000.
Secured on 50 two-ten-two
type freight locomotives and 25 8-wheel
switching locomotives, estimated
$5,941,250.
I
In its application the
company states that Kuhn, Loeb & Co. have sub¬
scribed for the entire issue at 96.54.
The bankers state that the certificates
have been placed privately with investors.—See
112, p. 849.
Indiana Service
Corp.—Fare Increase.—
The Indiana P. S. Commission has authorized
the company to increase
its fares from 5 to 7 cents in
Lafayette.
Four tickets are to be sold for
25 cents.—V. Ill, p. 1472.
Ithaca (N.
Y.) Traction Corp.—Fare Increase
—
The P. S. Commission has
granted the company permission to increase
fares on its lines (with the
exception of the East Ithaca line) from 7 to 8
cents.—V. 107, p. 2008.
Kansas City Mexico & Orient RR.—New
Director.—
Bouston Harte of San Angelo, Texas, publisher of the San Angelo
,
Standard,
has been elected
V. Ill, p. 1852.
a
director, succeeding Herbert S. Garrett.—
Louisville & Nashville
Stricken from
List—Equipment Offering.—
T!ie™eJrrtYo™ Stock Exchange has stricken from the
T
paid
off!
See
necessary changes
made such a plan
Plate have
SaiomonBros. & Hutzier
~
"
V
*
offering $425,000 6^% Equipment Trust
Philadelphia plan) maturing $25 000 vearlv
are
prices to yield 6.75% to 6.35%,
according to maturities
p* ydu.
(N7H.)
Street Uj7—wJuU Reduce
Wages'.—
The company has proposed a
general 20% reduction in the
wages of all
employees effective April 1.
Present rate for trainmen is 60 cents
an hour
after one year of service.—V.
110, p. 2076.
Middle
West
Utilities
Co.—Interest—Pref. Dividend.—
The company on March 1 last
paid 1H% interest on the 10-year
6%
dividend certificates, which were issued in
lieu of cash for June 1 1918 Pref.
dividend.
It is reported that the directors
will meet in the near future
to act on the Pref. dividend,
which, it is said, was promised at the rate of
3% for 1921 and 4% for 1922 —V. 112, p. 62.
Missouri, Kansas & Texas Ry .—Certificates Extended.—
C. E. Schaff, Receiver, under date of
March 1, advises us that the
[$2,241,000] Receiver s Certificates of the Missouri, Kansas & Texas
Railway
union
contract
a
in streets for the station and approach tracks, which
possible.
The New York Central, Big Four and Nickel
filed applications with the I.-S. C. Commission to enter into
with the Cleveland Union Terminals Co. for the construction
and
operation of such a passenger terminal in order that there may be
ample time for complying with all of the legal provisions necessary for the
financing, which should be undertaken when the time is opportune.
A substantial portion of the passenger terminal will be devoted to the
operation of suburban and interurban railways, which will add distinctly
to the terminal's usefulness and convenience to the
public.
The plan proposes the purchase by the railroads of the entire
capital stock
of the Cleveland Union Terminals Co., in
proportion of 64% by New York
Central, 28% by the Big Four and 8% by the Nickel Plate, this being the
relative proportion of passenger business handled
by the respective rail¬
roads in Cleveland.
The Cleveland Union Terminals Co. is organized under the Union
Depot
Act of Ohio and is to construct the station pursuant to the provisions of
the ordinance of the City of Cleveland, adopted to permit the
project,
which ordinance provided that it should become a contract
upon
its ac¬
ceptance by the terminal company.
To Cut
Wages—43,000 Workers Affected
—
See under "Current Events" in this issue.—V. 112, p. 744.
New York Rys.—Bondholders Propose
tion of System—Receiver Asks Court for
Further Disintegra¬
Relief—Disintegration
Higher Fares.—Further disintegration of the New
York Railways system, which would reduce the
system to
one-fourth of the mileage operated at the time of the appoint¬
ment of Job E. Hedges as receiver in March 1919, is
being
sought by the Refunding bondholders.
Mr. Hedges an¬
nounced
on
Mar. 9 that, as receiver, he had been asked to
disaffirm 4 of the
remaining leased lines, and that he had pre¬
pared a petition for instructions which he would present to
Judge Julius M. Mayer on Mar. 14.
Extracts from
Statement
of
Receiver
Hedges.
Disintegration Causes Higher Fares.—The New York Railways system has
already disintegrated to so large an extent that this has resulted in the
public paying in many cases 7 cents or 10 cents for rides which had pre¬
viously cost 5 cents.
Unless some relief is granted It is, in the opinion or the
receiver, unavoidable that there will be a further disintegration of the sys¬
tem now operated by him.
Lines Abandoned.—The receiver
were
names
operated at time of receivership.
summarized
as
follows:
20 routes
over
which the
The situation then
and
Present
Receiver.
Cross town
—
is
At
Appointm't
Avenue lines
cars
now
i
—
lines
Time.
9
—
5
11
6
151
73
18
70
—
287
Total 2c. transfer points
list $3,500,000 St.
~
Manchester
the present
now
Total track mileage operated
Total free transfer points
vfll™ pfolf? 849^' dU® Mar* 1 1921, whjch have been
Gold Certificates (Issued under
from 1922 to 1936 at
■r
use
apparent, however, that the future
RR.—Equip. Trusts Authorized.—
the issuance of $11,025,000
Gold Certificates Series "D".
See offering in V. 112
653, 849, 933.
become
At
T£e I. ?. C- Commission has authorized
p.
It has
growth of Cleveland industrially, as well as in population, may be better
provided for with a passenger terminal of sufficient size to accommodate
all of the railroads, located so as to be free from interference
by operations
connected with necessary service to industrial plants.
On Jan. 6 1919 the City of Cleveland
passed an ordinance containing
provisions for the location of a passenger station on the public square and
Causes
& A.
cost
Central, Big Four and Pennsylvania, which
station at Cleveland.
.
Has authorized the
non¬
77, p. 196.
New York Central
RR.—To Build
Union Passenger
Terminal at Cleveland.—An official statement states in subst.r
It has certified to the Treasury
$2,376,000 duo road by the Government under the
guaranty of the trans¬
The I. 8. C. Commission
(N. Y.) Highland & Poughk. Trac. Co.—
payment of taxes amounting to $1,500.—V.
J' S* ® Commission has announced
portation act.
—
The I.-S. C. Commission has
approved a loan of $926,000 to enable the
carrier to provide itself with
equipment at a total estimated cost of $2,315,000.—V. 112, p. 933, 653.
Two cars have been seized by the sheriff and advertised for
sale for
—
Appeals at Kansas City
carmen s
Applicable to stock of subsidiary companies not owned by Mohawk
Valley Co.—V. 110, p. 1079.
744. 61.
p.
(Iowa) City Ry.—Fare Decision
The application of the
city of Des Moines for right to appeal from Judge
Martin J. Wade's 8-cent street car
fare order was dismissed by the Circuit
the
*
__
Leases Surrendered.—The following leases have been surrendered and the
property returned to its owners:
Eighth Avenue Railroad Company--.
Aug. 1 1919
Ninth Avenue Railroad Company
Oct. 1 1919
New York & Harlem Railroad Company
Feb. 1 1920
Lines Temporarily Discontinued.—The lines temporarily discontinued are:
(a) Avenue C, storage battery line, Sept. 211919; (5) Spring and Delancey
St., storage battery line, Sept. 21 1919; (c) Sixth Ave. Ferry, storage bat¬
tery line, Sept. 21 1919; (d) Chambers & Duane St., storage battery line,
Sept. 21 1919.
\e) Canal Street crosstown line, Dec. 1 1919; (/) 145th St. crosstown line,
July 11 192(L
(g) Operation of Seventh Ave., Brooklyn and Fourteenth
St. crosstown lines over Williams burgh Bridge ceased Mar. 7 1920.
/Jrs
Transfers from Staten Island ferry boat ceased Sept.
A
15 1919.
Trans¬
fers with 59th St. crosstown line of the Third Ave. Ry. system ceased Jan.
30 1921.
Bondholders Pressing for Sale.—The refunding bondholders are pressing
for
a
sale of the property and have heretofore submitted forms of
which provides for a
a
decree
sale of the present system In separate parcels.
Other
praying that the Court will postpone the sales in the hope that
there may be some salvage for other creditors.
Pending the sale of the
property, the Refunding bondholders have requested the receiver to dis¬
affirm four out of the remaining leased lines, including the lease of the-
interests
are
Mabch 12
1921.]
THE
CHRONICLE
Broadway & Seventh Ave. ER., which constitutes the backbone of the New
York Railways system and affects its only remaining north-and-south
line
from the Battery to the Harlem River.
Meanwhile, the receiver has de¬
faulted by order of the Court in the payment of interest on
some
of the
un¬
derlying bonds (the Lexington Ave. bonds, the South Ferry bonds and the
Columbus Ave. bonds), and the bondholders have started or
start foreclosure proceedings on the property covered by these
are
about to
mortgages.
Leases Sought to be Surrendered.—The surrender of the
following leases
now
under consideration: Broadway and Seventh Ave., Sixth
is
Ave.,
Christopher and Tenth St., Bleecker St., and Fulton Ferry.
Operating Income and Expenses (Rate in Cents per Mile).
*
Operating
income
Operating
expenses
>
.
Percent
Incresae
39.27
72.51
Decrease,
a
in
Loss.
Cents
28.19
67.18
157.22
a6.86
Payroll cost, included in operating
Taxes
Dec.
1913.
65.65
and taxes
Net result
*
Dec.
1920.
611.08
14.13
*161.91
181.60
39.79
expenses
6 Gain.
per
Car Mile
(Compared with Other Cities).
surplus will be distributed to the Common stockholders.
A letter sent to
the Common stockholders asking for additional
proxies says in part"Your committee received overnight proxies
representing approximately
300,000 shares, and was represented by counsel at the
hearing in Philadel¬
phia on Mar. 1, and presented a petition for leave to intervene in the
Government dissolution suit.
1.86
to
to
Dec. 31 '20 Dec. 31 *20
Deficit from operations
$1,386,158
$240,216
Deficit after including non-operating income and out¬
_—
Chicago Burlington & Quincy RR. above.—V. 112,
Ohio Electric
p.
933,241
;
933.
Ry.—Securities at Auction.—
(а) $868,000 2d & Gen. M. 5s and $576,000 collat. note of the Ohio El. Ry.
(б) All the equity of the Ohio Syndicate (V. 92, p. 265) in the collateral
pledged for the payment of a note (now overdue) for $3,200,000,
reduced by payments on account to $1,530,000, viz.:
(aa) 79,991 shares of Com. stock, 30,000 shares of Pref. stock and $4,200,000
1st & Ref. 5s and $815,000 overdue coupons of Ohio Electric Ry.
(66) $3,000 Col. Newark & Zanesv. Elec. Ry. Gen. 5s and $25,000 Col.
Terminal
1st
5s.
<cc) $633,205 unpaid subscriptions due to the Ohio Syndicate.
The same auctioneer later in Jan. sold the following for $25,000:
(a) $400,000 The Ohio Elec. Ry. 2d & Gen. 5s, ctfs. of dep.; (6) $25,000
Columbus Interurban Terminal 1st 5s; (c) 42 shares Ft. Wayne Van W. &
Lima Traction; (d) 2,600 shares the Ind. Col. & East. Trac., pref.—VI
112, p. 653, 563.
Ohio Syndicate.—Securities at Auction.—
See Ohio Electric Ry. above.—V. 92. p. 265.
Pennsylvania RR.—Bonds Authorized.—The I.-S.
Commission has authorized the company to issue:
C.
(1) $60,000,000 15-year 6M% Secured Gold bonds, maturing Feb. 1
1936; and (2) $60,000,000 Gen. Mtge. 6% bonds, Series C, maturing April 1
1970; and to pledge the latter issue of bonds as security in part for the 15year 6H% Secured Gold bonds.
(Compare offering in V. 112, p. 470.)
The proceeds, together with such further sum as may be necessary to
equal the principal amount of the General Mtge. gold bonds proposed to
be issued, will be deposited with the trustee under the General Mortgage
and will be used for the following purposes:
(a)
<6)
(c)
(d)
(e)
if)
ig)
(h)
Purchase of locomotives, rolling stock and other equipment
from the Pennsylvania Co., covering 90% of the amount
agreed to be paid therefor by the Penna. RR
$17,417,685
Purchase of 204,661 shares of Common stock of the Pitts¬
burgh Ft. Wayne & Chicago Ry. at par
20,466,100
Purchase of 22,280 shares of capital stock of the Pittsburgh
Cincipnati Chicago & St. Louis RR. at 76.50
1,704,420
Refundment of 90% of the yearly installment, amounting to
$2,670,000 of general freight equipment trust 4s and 4)4%
certificates, issues of 1912 and 1913, payable in 1921
2,403,000
Reimbursement of company's treasury for 90% of yearly
installment, amounting to $3,468,000, of Penn. RR. Co.
equipment trust of 1920, paid in 1921
3,121,200
Payment of mortgages maturing in 1921 on real estate be¬
longing to the company
;
1,151,000
For additions and betterments proposed to be made during
1921
11,506,045
To be expended for capital purposes coming within the
terms of the company's general mortgage
2,230,550
Bonds of the Pennsylvania Co.
payment of which is guaranteed by the
mature as follows: (a) Gold loan of 1915, 4 *A% certificates,
1921, $37,805,140; (6) First Mtge. 4Y2% bonds, due July 1
1921, $17,793,000.
(Compare annual report in V. 112, p. 927.)
company
<iue June
15
New Director.—
Edgar C. Felton of Philadelphia, former President of the Pennsylvania
Steel Co., has been elected a director, succeeding Andrew W. Mellon of
Pittsburgh, Pa., who resigned Jan. 12 and who has been made Secretary
of the Treasury in President Harding's Cabin
et.^r-V. 112, p. 933, 927.
Necessity for Retrenchment—To Reduce Salaries and Wages
of Officers and Employees to Accord with Economic Conditions—
Current Operating Expenses Altogether too High.—
rate
Lehigh
of 16 Roads and Increase in Debt Approved.—
was
on Mar. 4 approved (1) the leases of 16 railroad prop¬
(V. 112, p. 162) now constituting portions of the system and con¬
trolled through stock ownership; (2) an increase in the company's indebted¬
ness of $100,000,000; (3) changes in the dates of the annual meeting from
the second Tuesday in March to the second Tuesday in April, beginning
with the year 1922, and the annual election for directors from the fourth
Tuesday in March to the fourth Tuesday in April.
(Compare V. 112, p.
470, and annual report, "Further debt authorization," p. 928).—V. 112,
p. 933.
The stockholders
The Farmers' Loan &
C.
&
St.
Louis RR.—Tenders.—
Trust Co., 22 William St., N. Y. City, will until
Consol. Mtge.
not
exceeding par and
$160,670.—V. 112, p. 933.
Port
Wentworth
int. to
Terminal
an
amount sufficient to
Co .—Receivership.—
the Savannah & Atlanta Ry. (see below), is one of the companies
partly owned by Imbrie & Co.
See offering of $1,000,000 1st Mtge. 8s
by Imbrie & Co. in V. Ill, p. 1370, 1662.
ary to
Quebec Railway, Light, Heat & Power Co.—
The company, it is stated, is now negotiating for the sale of the Quebec &
Montgomery Ry.
With the sale of this railway the company will become
solely a public utility concern.—V. Ill, p. 2141.
Reading Co;—Change Proposed in Plan.—
Common
Stockholders'
Committee, Seward Prosser, Chairman
(V. 112, p. 745), is preparing an amended petition to be filed with the Dis¬
trict Court in Philadelphia before March 15, covering in detail Its conten¬
tion that the company s $33,000,000 surplus belongs to the Common stock
-alone and its proposals for a modification of the segregation plan so that the
The
under
"Industrials"
below.—
w,
7 cents cash with 4 tickets for 25 cents.—V, 110,
p. 1189.
RR.—Obituary.—
p.
933, 850.
.
.,
,
Dated March 1 1921, due $400,000 each March 1 1922 to
1926 incl.
and $5,000,000 March 1 1951.
Bonds due 1951 are red. on 30 days' notice
at any
int. period at 107^ and int. up to and incl. March 1 1931 and at
105 and int. thereafter.
Interest payable M. & S. at Equitable Trust
Co.,
N. Y., trustee, Union Trust Co., San Francisco, and Union Bank &
Trust
Co., Los Angeles.
„
*
Outstanding
Capitalization^at Conclusion of This Financing.
Div. (closed) Mtge. bonds $2,609,000 Prior Pref. 7% stock
$l,500,tl(5&
1st & Ref. Mtge. bonds-_12,965,000 Pref. 6% Cum. stock
6,500,000
Unif. & Ref. 7s (this issue) 7,000,000 Common stock
11,000,000
Series D Coll. Tr. 8s, 1935
2,625,000
IThe stockholders on Feb. 25 increased the authorized capital stock from
$7,500,000 7% Prior Pref., $6,500,000 6% Prrf. and $11,000,000 Common
stock to $75,000,000 7% Prior Pref., $25,000,000 6% Pref. and
$50,000,000
Common stock.
The bonded debt was also increased to $150,000,000.1
Purpose.—Proceeds of the $2,000,000 serial bonds are to be used to refund
$2,000,000 of debentures, and proceeds of the $5,000,000 bonds, due 1951,
are to be used to refund floating debt and to reimburse the
treasury for
the construction of additional transmission and distribution lines.
This Issue.—Authorized, $150,000,000.
Mortgage provides that addi¬
tional bonds may be issued for 75% of the cost of new
construction, &c..
when annual net earnings are 1 % times total interest on all
outstanding and
proposed bonds.
Sinking Fund.—Sinking fund commences March 1 1927 of 2% of the
largest amount of bonds then outstanding, plus any which may be subse¬
quently issued, including all underlying and divisional bonds.
Company
may reinvest one-half of this sinking fund in new construction, extensions
and betterments against which no bonds may be certified.
Property.—Owns and operates 10 hydro-electric plants, of which 5 are
located on the north fork of the San Joaquin River and have a combined
capacity of 30,000 h.p.
Water to operate these plants is impounded in
the Crane Valley reservoir, which has a storage capacity of 50,000 acre feet.
The new Kerckhoff plant of 50,000 h.p. capacity located on the main San
Joaquin River receives full benefit of the water stored in the Crane Valley
reservoir, the full flow of the main San Joaquin River and all storage thereon.
The 4 other plants are located—one on the Tule River, of 6,700
h.p.; one
on the Kern River, of 4,000 h.p.; two on the Merced River with a com¬
bined capacity of 1,050 h.p.
Has also in operation a modern steam plant
at Bakersfield of 35,000 h.p. capacity, and steam reserve plants' in Fresno
and Betteravia of 3,500 h.p. combined
capacity.
On July 15 1920 corporation placed in
operation its new steam plant
addition at Bakersfield, adding to this station over 17,000 h.p., and on
Aug. 15 1920 it placed in operation the new Kerckhoff hydro-electric plant
on the San Joaquin River, with a maximum capacity of
50,000 h.p.
To
serve this additional power corporation recently completed
approximately
167 miles of 110,000-volt transmission lines.
At Jan. 1 1921 had on file
signed contracts for service to 37,000 h.p. additional connected load.
There are 989 miles of high-tension transmission lines; 2,750 miles of
secondary lines and 33 sub-stations.
Natural gas, which is purchased at a
very low price, is used in generating power at the Bakersfield steam plant.
Gas used is at an equivalent of 55c. per bbl. of oil, whereas this oil price is $2.
Earnings Calendar Years.
1920
Gross oper. rev._$4,340,906
Maint., oper., &c. 2,100,984
Net oper. rev... 2,239,922
Other income...
131,894
1919
$3,292,963
2,196,914
1,096,049
163,246
1917
1915
1913
$2,038,807 $1,766,375 $1,722,096
909,288
691,169
840,930
1,129,519
1,075,206
881,166
31,023
7,783
40,224
Available for int.
and
depreciat'n 2,371,816
920,813
1,259,295
Int. charges (net)
745,785
1,160,542
469,779
1,082,989
484,698
921,390
431,288
—V. 112, p. 850.
Savannah & Atlanta
Ry.—Receivership.—
Upon application of Theodore G. Smith and John B. Johnston, receivers
for Imbrie & Co., Charles E. Gay, Pres. and Gen.
Thomas B. Felder, N. Y., were appointed receivers.
application for
a
receivership
was not
Mgr. of the road, and
unexpected, since the
announce¬
ment of the
appointment of receivers for Imbrie & Co., the controlling fac¬
It is stated that the road is heavily indebted to Imbrie &
Co., who, it is stated, own a majority of the Common and Pref. stock.
See also Port Wentworth Terminal Corp. above.—V. Ill, p. 1370.
tors in the road.
Seaboard Air Line Ry.—Security for U. S. Loan.—
The I. S. C. Commission has authorized the company (1) to issue $713,000
1st & Consol. Mtge. 6% bonds, Series "A," of 1915 and (2) to pledge said
bonds, together with $1,077,000 1st & Consol. Mtge. 6% bonds, Series
"A," now held in its treasury; $1,521,600 Common stock and $1,105,900
4-2% Preferred stock also in the treasury, as security for loans from the
United States.—V. Ill, p. 933.
Sherbrooke (Que.) Ry.
absorb
Charles E. Gay of Savannah, Ga., and Thomas B. Felder of New York
have been appointed receivers by Judge Evans.
This company, a subsidi¬
.
Co.
Joaquin Light & Power Corp.—Bonds Offered.—
Cyrus Peirce & Co., Blytli, Witter & Co. and Banks, Hunt¬
ley & Co., San Francisco and Los Angeles, are offering at
prices to yield from 8% to 7)4% for the 1922 to 1926 ma¬
turities and at 97
and int. to yield 7.20% for the 1951
maturity, $7,000,000 Unified & Refunding Mtge. 7% bonds.
(See advertising pages.)
-
March 30 receive bids for the sale to it of Vandalia RR.
bonds at
Coal
Barre
Vice-Pres. C. W. Hillard died in N. Y. City Mar. 8.—V. 112,
The
erties
Pittsburgh C.
Wilkes
&
St. Louis-San Francisco
See statement by Vice-President Elisha Lee on the necessity for retrench¬
ment and the resolution adopted by the directors March 9 directing the
executive officers to reduce salaries and wages of all officers and employees.
Lease
,
San
Messrs. Barnes & Lofland, Philadelphia, on Jan. 12 sold at auction for
$25,000 the following securities in order to raise funds to pay off the in¬
debtedness of the Ohio Syndicate managers:
Interurban
the entire matter
The company has been granted a fare increase from 7 cents cash to 8 cents
cash, with 7 tickets for 50 cents.
The company petitioned the Mansfield
City Council for a 10-cent cash fare and 6 tickets for 50 cents.
The old
195,279
467,240
Northern Pacific Ry.—Payments under Winslow Act.—
See
and
Richland Public Service Co.—Fare Increase.—
go,
—
granted
V. 112, p. 933, 850.
1920.
Mar.31 19 Aug. 1 '20
but before deducting any int. on bonds or other
requirements
1,479,213
Def. aft. charging int. actually paid on certain bonds. 2,819,243
Def. after charging int. in default on underlying bonds
and on N. Y. Rys. 1st real estate & ref. bonds in
hands of public
4,596,632
—V. 112, p. 653.
,
See
4.92
1919 to Dec. 31
was
Coal Dividend Precedes Dissolution„—
2.19
Deficits Accrued from March 31
Leave
adjourned for two weeks, during which time further interventions sugges¬
tions and briefs may be filed.
"The contention of your committee is that the
surplus of the Reading Co
amounting to upward of $33,000,000, belongs entirely to the Common
stockholders, and the intervention filed by your committee
suggests a modi¬
fication of the plan to maintain that contention.
Your committee will be
represented on all future hearings in the matter."
The Penn Mutual Life Insurance Co., Phila., owner of
$1,000 000 4%
General Mortgage bonds of the Reading Co. and the
Reading Coal & Iron
Co., has filed a petition with the U. S. District Court asking leave to intervehe in the dissolution plan.
The Prosser Common Stockholders' Com¬
mittee, the Iselin Preferred Stockholders' Committee and the Central
Union Trust Co. of New York, trustee under the General
Mortgage are
already on record as having intervened in the suit.
Compare V. 112 n
653
745 850 933.
'
,
United Railways (San Francisco).
Philadelphia Rapid Transit Co
New York Railways Co
1035
& Power Co.—Fare Increase
The P. U. Commission of Quebec, effective Feb. 1, authorized the
—
com-
0 cents; children, cash follows: Adults,
Sany to increase fares asfare, 4 cents, or 8cash fare, 1025 cents. 6 After mid¬
tickets for
tickets for cents, or
night, 15 cents cash fare for each passenger.
the
V.
old
schedule
the
cash fare was 8
108, p. 1276.
Shore Line Elec.
Transfers
.
Ry.
are
free.
cents, or 4 tickets for
:
.
Under
25 cents.—
*
(Conn.).—Three Charter#Sought.
Division of the railway into three parts in order better to dispose of the
property and to enable it to continue operations is provided in a bill before
the Connecticut General Assembly.
Robert W. Perkins, receiver, asks for
three charters, each charter to apply to a section of the road.
Edward M. Day, counsel for receiver, says that the line from New Haven
to
Saybrook to Chester had not been operated lately and a section of track¬
had been sold to Louis LeVinson, N. Y. City; that the line in Stonington
was now being operated, and that the section from Norwich to
Westerly was in partial operation though its discontinuance had been
authorized by the Court.
The passage of the bills before the Legislature
would enable syndicates to purchase the property very cheaply and to con¬
tinue its operation.
("Electric Railway Journal.")—V. 112, p. 746.
age
and Groton
1036
THE
Shreveport (La.) Rys.—Appeals Decision
CHRONICLE
cuts of the
—
of May
1920 in which the voters granted an increase in fare from
See V. 112, p. 850.
Orders
Co.—Suit Dismissed
—
Judge John C. Knox in the U.S. District Court on March 1 dismissed a
suit brought by Clarence H. Venner against the Southern Pacific Co., the
Pacific Oil Co. and certain officers and directors of the railroad company to
Street Journal" Mar; 5,
p. 6.
Oil, dec.—The Standard Oil Co. of N. J. on Mar. 10 reduced the price of
gasoline In NT. J. and Md. districts 2 cts. a gallon; the Standard Oil Co. of
N. Y. 1 ct.,
making the wholesale price 27 cts.
Atlantic Refining Co. has
also made a similar
reduction, but in Oregon the Standard Oil Co. of Calif,
has raised the price 1 ct.
Other Prices.—Various commodities have made new low records this
week for the 15-month
period now ending, notably (a) Copper on Mar. 10,
12 cts. against the low of 12.50 cts. Dec. 28 and
high 19.50 Jan. 5 1920:
(b) silver in N. Y. Mar. 6, 52hA (London Mar. 5, SOHd.), against
59K
low and $1 37 high in Dec. and Jan.
prevent the carrying out of a plan to sell the oil lands controlled by the
company to the Pacific Oil Co.
In view of the fact that Venner owns only
200 shares of the Southern Pacific the Court held that it would not be
proper to subject the list of the stockholders to a long and expensive litiga¬
tion and it would be advisable to dismiss the suit now leaving the matter
to determine
on
,
appeal.—V. 112, p. 653.
Southern Railway .—Stricken From List.—
1920, respectively; (c) tin Mar. 9,
27.75 against 32 Dec. 14 and 65.25 Jan. 11 1920; (d)
pig iron, Valley No. 2,
$26 against $28 Feb. 8 1921 and $48 50 in
Sept. 1920; (e) black sheets, 3.85
cts. Mar. 8, against 4 cts. Mar.
1 1921 and 7.50 cts. Aug. 1920.
(f) Print cloths, 64x64, Mar. 10, 5 cts. against 17 cts. in April and 6*4 cts.
in Dec., the high and low in
1920; (g) coffee Mar. 9, 5% cts. against 7*4 cts.
Jan. 12 1921 and 6)4 and
16% the extremes in 1920: (h) eggs Mar. 9, 34 cts.
The New York Stock Exchange has stricken from the list $950,000
Virginia Midland Ry. Serial Mtge. bonds, Series D, due Mar. 1 1921, which
have been paid off.—V. 112, p. 850.
United Rys. of St.
a
Louis.—Receivership Suit.—
.
The U. S. Supreme Court overruled the petition of John W. Seaman for
to review the decision of the U. 8. Circuit Court of
writ of certiorari
agst. 79 cts. Jan. 17 1921 and 89 the peak Dec. 10 1920.
For closing prices
'Commercial Epitome" on a subsequent page.
Matters Covered in "Chronicle"
of March 5.—(a)Clearings in Feb. 1921,
p.
874, 904 and 905.
(b) Purchasing power, employment and wages,
also credit condition and
declining prices as seen by N. Y. Federal Reserve
Bank, p. 888, 893.
(c) Farm Loan Act upheld, p. 888.
Also extended, p.
889.
(d) McFadden Gold Bill reported favorably, p. 890.
(e) Proposed
repeal of war taxes, Longworth bill, p. 894.
(f) Repeal of war measures,
p. 897.
(g) Failure of immigaation and soldiers' bonus bills,
Appeals, which recognized the receivership suit filed by Samuel W. Adler
against the company to the exclusion of Mr. Seaman s earlier suit for a
receivership.
The motion for a writ of certiorari was filed in the Supreme Court on
Dec. 17.
It was the second of two steps which Attorney Caplan took in
appealing from the Court of Appeals to the Supreme Court.
The other
and earlier step was an appeal in regular form.
This appeal is still pending.
It is not known when the Supreme Court will pass on it.—V. 112, p. 933, 259.
United RRs.
of San
Francisco.—Foreclosure Sale
see
p. 897.
(h)
and army bill vetoed, p. 897.
(i) Naval measure goes
session, p. 898.
(j) Lever profiteering clause unconstitutional,
(k) Steel prices declared excessive, p. 898.
Charge denied by
Judge Gary, p. 899.
(1) Imbrie & Co. receivership, p. 890.
Also Beaver
Board Cos., p. 935, and Savannah & Atlanta RR. under
"RRs." above.
Emergency tariff bill
—
overnext
The foreclosure sale of properties is scheduled for March 24.
Under the
plan of reorganization the properties are sold under foreclosure on technical
default of interest on one of the underlying bond issues and will be bought
in by Market Street Ry., the reorganized company.—V. 112,
p. 63.
United
Traction
898.
p.
Acme Packing Co.—Balance Sheet Jan. 15 1921.—
(Certified by Ernst & Ernst and reflecting condition of company
System (Rhode Island).—Plan.—
The plan for the reorganization of the traction
Electric
properties into the United
_
its
Railways has been accepted by the bondholders of the United
Traction, Rhode Island Suburban, Pawtuxet Valley and Cumberland
Street Railway
companies and by the United Traction stockholders. Under
the plan those security holders who have not deposited their stock or bonds
with their protective committees have a further period, up to March 20,
during which they may deposit their securities with the proper depositary.
See plan in V. 112, p. 564.
Valdosta Moultrie
&
of
ceding page.
Coal.—While the price of anthracite has eased off, a leading producer
asserts high wages will
prevent a summer cut in prices, but range may be
considerable.
Stove coal was quoted in Manhattan Mar. 9 at $8 10 whole¬
sale, $14 10 retail. "Sun" Mar. 10, p. 3: "Post" Mar. 11, p. 2; "Wall
5 to 6
cents was illegal.
Southern Pacific
independents, it has been booking new orders at 25 to 30% o^
See also "other prices" below.
U. 8. Steel Corporation, see "Current Events" on a pre¬
capacity."
The company has
appealed to the Louisiana Supreme Court from the
recent decision of the Circuit Court which held that the referendum election
[Vol. 112.
Cash
$626,972
r
Customers' acc'ts rec.Jess res.
Cust.s' notes & trade accept.
Due from ins.
(since
609,452
20,832
for fire loss
co.
Notes payable, banks..
1,192,500
Acc'ts pay., not vouchered
paid)
117,3421 Acc'ts
3,150,971
Accrued
2,983,161
73,500
Reserve for contingencies
1st
10,744
expenses
8% Con v. serial
gold bonds, due 1926-1930.
24,002
14,548
Common stock
Prepaid
94,274
Surplus
...
20,000
Mtge.
Railway claims
Salesmen's advs.&sundry accts.
the road,
property, equipment and franchise, in the following manner:
The entire line, about 42 miles, all real estate, rolling stock, equip¬
and franchise as junk.
(2) The entire railroad, property, equipment and franchise of said com¬
pany as a going concern.
Notes & acc'ts
The road was offered at auction on Feb. 22, but no bid was received.
The upset price was $165,000, and the condition of the sale was that the
road should continue to be operated.—V. 112,
Good-will...
Total (each side)....
3,000,000
See Indian Packing Corp. in V. 112,
p. 938
654.
(1)
ment
sold
Notes, junior series, and (2) to pledge the $1,500,000 Equipment
Gold Notes, junior series, with the Secretary of the
Treasury as part security
for a loan of $1,500,000 from the United
States.—Compare V. 112, p.
746, 934.
Jersey & Seashore RR.—Defers Dividend.—
An official statement dated March
11 says in substance: "The directors
have decided to defer for the
present action upon the declaration of a semi¬
stock, ($11,586,250 outstanding—Ed.) par $50,
conditions for the year can be more definitely
until business and financial
ascertained.
"There is pending before the RR. Labor Board the
request of this com¬
pany that the wasteful war working conditions and standards be
abrogated,
and the executive officers under instruction of
the board of directors are
will be favorable.
Alabama
a
proper
p.
Industrial
and
2326.
Alaska Packers'
Public
the matter becomes public.
Trade
March 3.
Alabama Coal Strike ended Feb.
22, Gov. Kilby to Settle Terms.
Atlantic Coastwise Freight Rates
Adjusted.—Idem, p. 643.
German Chemical Industry
from the Inside.—"Oil, Paint & Drug Re¬
porter" Feb
14, p. 26.
Gasoline at 7 Cities Analyzed bu U. S.
Bureau of Mines.—Idem Feb. 28.P.12.
Mexican Order to Stop
Oil
10.
Affects
American
Interests.—
Legislation.—{a) Daylight-saving repeal law signed.
"Times" Mar
Court
Decisions.—-Indictments, Ac—(a) N. Y. rent law upheld
a
"Times"
Mar.
9,
1919.
$
$
5,750,800
Inventories
6,771,020
3,558,341
Insurance fund...
3,658.778
5,750,800
4,432,145
Liberty bonds---.
921,810
2,563,955
Fleet replac't fund,
Insur. fund invest.
2,679,350
Current lndebted's
371,512
4,471,384
371,512
1,714,414
Accounts recelv'le.
29,771
371.118
Reserve for taxes-
269,530
477,212
Surplus-.
-.-.15,688,645
112, p. 471,
15,272,568
Cash...
—
p.
3,059,1S9
Allied Chemical & Dye
The
New York
Total
_
1,436,171
-
..
350,000'
-
-
-
-v
2,653,697
-15,6S8.645
15,272,588
Corp —Listing.—Cap. Increase.
Stock Exchange has authorized
the listing
on
or
after
March
17 of $2,047,900 additional 7% Cum. Preferred stock (par $100)
and 35,082 shares of Common stock without par value, on official notice of
ssuance
in exchange for present outstanding stocks, and (or) Chemical
Consolidation Deposit Certificates for stocks of the following companies:
(1) General Chemical Co. (a) $895,000 Preferred stock, (b) $366,300 Com¬
stock; (2) Solvay Process Co., $6,100 Common stock; (3) Semet-
mon
Solvay Co., $317,700 Common stock; (4) Barrett Co. (a) $289,200 Preferred
stock, (b) $621,900 Common stock; (5) National Aniline & Chemical Co..
Inc., (a) $815,600 Preferred stock and V. T. C. for Pref. stock; (b) 1,786
shares Common stock, no par value, and V. T. C. for Common stock,
making a total applied for $39,374,300 Preferred stock and 2,178,537
shares
of Common stock.
The authorized capital was increased on March 7 by the stockholders from
373,264 shares of Preferred stock (par $100) end 2,143,455 shares of Common
stock without par value, to 973,264 shares of Preferred stock (par $100)
and 3,143,455 shares of Common stock without par value.
The additional shares of stock applied for are to be issued in part in.
exchange for certain shares of stock of the respective Consolidating Cos.
not deposited in accordance with the Plan.
See Y. 112, p. 565, 747, $51.
The executive committee, it is reported, has recommended to the board of
directors that at its meeting on March 29 an initial quarterly dividend of
1% on the Common stock be declared, payable May 2 on stock of record
April 15.—V. 112, p. 851.
Allied Oil Corp., N.
1.
The company has
to
$16,000,000.—V.
Y.—Capital Increase.—
filed notice of
110, p. 168.
an
increase in capital from $12,500,000
j
to violate
that each
Anti-Trust Law.
"Times" Feb. 26, p. 1.
on Feb. 15 ruied
"Iron Age" Feb. 17 p. 449
°f Price Guaranties.—Federal Trade Commission
case
must be decided
on
its merits.
Steel and
^r(^-~rFhe
4:^e"
Mar. 10 says in brief: "Present out¬
put, totaling har<Uy 40% for the industry as a
whole, is only two-thirds of
ordinary wear and tear.
A further
Steel) Corporation operations has taken
place in the
Chicago territory, but in Pittsburgh and the
Valleys no material,change has
occurred
^The corporation has, however, three fewer furnaces in blast in
what is considered
necessary to meet
restriction in (U. S.
both centres than was the case a
week ago.
about
31.
1920.
Liabilities—
Capital stock
12
by
(b) Same Court holds that
cab|® trapsfere do not create a trusteeship. Idem Mar. 3, p. 17. (c)
9J?
^ u"!on
enR>iaed from picketing.
Idem Mar. 9, p. 26.
iu A majority of the 52 master plumbers indicted for alleged violation of
the Donnelly Anti-Trust Law
plead guilty.
"Times" Mar. 9, p. 22; Mar. 8,
p. 11.
(e) 226 bituminous coal concerns and miners
indicted on charge of
conspiracy
Sherman
of Appeals.
S
5,127,358
Utility News.—The
Review
Court
order authorized the company
1919.
$
Total
Drilling for
a recent
Association, San Francisco.—Report.
1920.
-V.
Leading Packers Reduce Wages of 100,000 Employees About
1214%, with
Readjustment of Hours, Effective March 14.—See Armour & Co. below
Possible strike or
injunction; appeal to President Harding.
"Times"
March 11,
p. 2; March 10, p. 8.
.(-Bureau of Labor) .—These show index No. of 100 in
1913; 33 in 1840: 234 in 1920.
Compositors' wages in N. Y. in 1842, 15 cts.
per hour; 1865, 25 cts.; 1920, 122.2 cts., agst. 72.9 in Conn.
"Iron
Idem, p.
Co.—Fare Increase.—
COMPARATIVE BALANCE SHEET DEC.
A$80t8~~~~
MISCELLANEOUS
following table summarizes recent industrial and public
utility news of a general character, such as is commonly
treated at length on
preceding pages under the caption
"Current Events and Discussions"
(if not in the "Editorial
Department"), either concurrently or as early as practicable
after
Power
Inc.—Sale.—
112, p. 259.
Canneries, fleet,Ac 5,132,559
Williamsport & North Branch RR—Trustee's Sale.—
AND
Co.,
This company, of which about 80% of the stock is owned by the California
Packing Co., reports in brief for the calendar year 1920;
In 1920, unusual stormy weather interfered greatly with the
fishing in
Alaska and this was the principal cause of another short pack.
The
general depression of business, together with low exchange rates, deterred
the free distribution of salmon.
Stocks in hands of the jobbers are small.
Cases packed during the year 1920, totaled
62p,978 as against 571,170
in 1919, and 1,217,556 in 1918 and amounts ranging
annually from 1,024,040
to 1,504,415 cases for the 7-year period ended Dec. 31 1917.
The 1920 operating losses amounted to $757,462.
The net earnings of the
insurance fund were $400,659.
Out of the $3,331,350 Liberty Bonds
held by the insurance fund a bond dividend of $20 par value per share
was distributed to
the stockholders
[in Feb. 1920] along witn a divi¬
dend of $2 per share ($115,016) from the interest income or the Insurance
fund.
Quarterly dividends of $2 per share also were paid during 1920.
protection of the stock¬
Under foreclosure of mortgage, holders of $540,000 bonds have
bought in
railroad property at the upset
price of $25,000 fixed by the court
Holders of $5,000 bonds did not join in the
purchase.—V. Ill,
INDUSTRIAL
.$11,554,348
7 cents on its lines in and between Attala, Alabama City and Gads¬
den, despite the opposition of the city councils of Gadsden and Attala.
Tickets will be sold at the rate of 16 for $1.
The company will be required
to issue transfers on any one line to
any other line.—V. Ill, p. 2043.
In view of these conditions the board felt that the
de¬
the
General
Explosives
The Alabama P. S. Commission in
taking steps to reduce salaries and wages, the results from which it is
hoped
ferring of action upon the dividend is
holders' interests,"—V. Ill,
p. 488.
469,405
to charge
Ry.—Equipment Notes.—
Gold
annual dividend upon the
369,888
See Hercules Powder Co.—V.
Co., trustee, recently issued a notice to First Mtge.
4% bondholders of the Wabash-Pittsburgh Terminal Ry. announcing that
The I. 8. C. Commission has authorized the
company
(1) to issue $1,500.000 Equipment Gold Notes. Preferred series, and $1,500,000
Equipment
7,807
.......
for stock
employees
Aetna
Wabash-Pittsburgh Terminal Ry.—Distribution.—
West
rec.
1,850,000
7,670,000
...
.......
,
The Bankers Trust
Western Maryland
expenses..
Stock bonus & org. expenses
471.
it has received a sum of money as proceeds of the sale of certain unmort¬
gaged assets which would be distributed to holders of the bonds at the rate
of $2.020119 per bond upon presentation of the bonds in
negotiable form
for stamping at the office of the Bankers Trust
Co., 16 Wall St., on and
after March 3.—V. Ill, p. 1085, 897, 794.
7,995
202,849
192,454
__
pay., vouchered
Plants <fc equip, (appr. value)
Leasehold (appraised value).
Western Ry.—Sale.—
$400,000
Notes payable, brokers
Merchandise credit vouchers.
Inventory.
J. W. Talbert, Commissioner in charge by virtue of an order of the
U. S. District Court, will offer for sale, at Valdosta, Ga., on April 9 1921,
p.
upon
acquisition of the property and assets of Indian Packing Corp.]
-4 [.%■■■ '■ ■
;
Liabilities—
V-,'" ' V->
Assets—
a
Its operations appear to be at
65% rate, and in spite of general
stangation following the price
Amalgamated Sugar Co.—New Director—Resignations.—
James De Vine of Ogden, Utah, has been elected a director, succeeding
David Eccles,
who also resigned as a member of the executive committee.
Edgell has resigned as President and Treasurer, but will continue as
director, to represent the Bankers Trust Co. of N. Y.
George W. Reinks
has resigned as Asst. Gen. Mgr.—V. Ill, p. 1568.
S. M.
a
American
A
Agricultural Chemical Co.—Scrip Dividend.
quarterly dividend of 2% has been declared on the Common stock
payable in scrip (convertible into Common stock at par) on April 15, to
holders of record March 21.
A like amount was paid in scrip in Jan. last.
Dividends of 2% each In cash have been paid quarterly from Oct. 1918
to Oct.
1920, inclusive, as compared with quarterly dividends of 1*4%
paid from Oct. 1917 to July 1918, inclusive.
March 12 1921.]
THE' CHRONICLE
outstanding $5,035,900 Conv. Gold Debenture bonds due Feb. 1
^een called for payment Aug. 1 at 101 and int. at the Guaranty
Co., 140 Broadway, N. Y. City.
Holders may deliver said bonds
1, and will receive payment at the above
7K% 1st Ref. Mtge. bonds.—(V. 112, p.
9
i
A?
Trust
on
at any time
prior to Aug.
with Int.
See offering of
or
rate
vut»
5u51 472*
l
_
,
American-Hawaiian SS.
Co.—Dividend
»r^9uarterl5r dividend of 7K% has been declared on
the outstanding
$5,000,000 Capital stock, par $10 payable April 1.
Quarterly dividends of
$2 per share
ro) have been paid during 1920 and also in Jan. last.V. 110, p. 2388;
111, p. 591, 1663,2327,2425.
x_
American Hide &
Leather
John C.
Jay Jr. has been elected
—V- 112, p. 934, 851.
Co.—New
Director.—
American Light & Traction Co.—Sub. Co. Rate Incr.—
See Detroit City Gas Co. below.—V. 112, p. 64, 164
,
565.
American Linseed Co.—Status of
With Lever
Proposal to Consolidate
Bros.—Report.—The Boston "News Bureau" says:
It is understood the basis
proposed for acquiring control of American Lin¬
seed Co.
by Lever Brothers interests of London calls for exchange of 7%
1st Pref. stock for present Preferred and issue of 7 % 2d Pref. non-cumulative
stock for the Common shares of the Linseed Co.
Lord Leverhulme is
expected to take
issue of Common stock and put $10,000,000 into
new
a
the
proposed consolidation.
*
American Linseed has an authorized Common stock issue of $16,750,000
and the same amount of Preferred.
Practically all of each issue is out¬
standing.
The.Rockefellers dominate the company through a large stock
ownership, there being in the
name of John D. Jr. some 41,000 shares.
at which the British pound sterling has long been selling
factor holding up the negotiations, as it would prove very
The discount
has been
one
costly for the Lever interests to ship funds to this country at present.
The Levers already have a Massachusetts corporation,
operating a plant
at Cambridge, which may play an important part in any consolidation that
may take place.
This would probably be found to be a more advantageous
method than trying to merge direct with the British corporation.
The Linseed management has always been
opposed to any publicity except
for the annual statement.
This statement will, in futpre, be submitted
some 10 days before annual
meeting date in order that stockholders may
have opportunity to analyze the results of the
previous year's operations,
a concession to
minority stockholders.
Minority stockholders say they have knowledge of a stock market oper¬
ation being conducted for the benefit of officials of the corporation for which
the corporation itself paid.
It involved the "carrying" of 2,000 shares of
Preferred and 8,000 shares of Common for President Adams, an undertak¬
ing originally fathered and financed by John D. Rockefeller Jr., who later
turned it
over
the company.
to
See annual report on a
Amer.
The
preceding page.—V. 112,
p.
935, 929.
Ship & Commerce Corp.—Listing—Notes, &c:—
New
York
Stock
Exchange has authorized the listing of 100,000
additional shares capital stock without par value (authorized, 1,500,000
shares), on official notice of issuance and payment in full (V. 110, p. 2489);
with authority to add up to 47,113 shares of said stock, on official notice of
issuance in exchange for 47,113 shares of the common stock of Shawmut
Steamship Co. (V. Ill, p. 903); also with authority to add up to 63,708
shares of said stock on official notice of issuance in exchange for its 10-Year
Sinking Fund 10% Convertible Notes, due Augl 15 1930, making the total
amount applied for 820,566 shares.
Note Issue.—Outstanding, $1,980,000 10-Year Sinking Fund 10% Conv.
Notes.
Authorized, $2,123,600.
Guaranty Trust Co., N. Y., trustee.
Notes were issued in exchange for 78,200 shares (par $25) of Common stock
.of Shawmut SS.
Co.
on
the basis of $100 of notes for 4 shares of stock.
Dated Aug. 15 1920, due Aug. 15 1930.
Interest payable F. & A. 15.
Denom. $1,000 or $100 (c*)
Red. as a whole only on any int. date at 102
int. on 60 days'notice.
Annual sinking fund begins Aug. 15 1921.
Notes are convertible, at any time prior to Aug. 15 1930, into stock at the
and
rate of 3 shares of stock for each
$100 of notes.
Consolidated Income Account for 9 Mos. end.
x$739,641
.xl,210,560
16,716
____
_
_______
_
Total
Expenses
__
__
$1,966,917
353,034
____
Profits
x
.$1,613,883
Proportion of earnings applicable to stock owned
Corp.—V. 112, p. 654.
by
American Ship &
Commerce
American Steel Foundries.
Calendar Years—
on
Sub.
co.
$5,774,529
340,478
$4,OH ,825
ITc ,599
$7,800,650
$6,670,995
Total income
$6,107,825
333,296
$6,246,497
424,498
Balance
Other income
Loss
1918.
1917.
,113,097 $49,369,584
,442,237
$8,718,296
426,412
917,646
1919.
$59,481,864
x$6,915,734
669,237
Operating earnings
Depreciation.
$6,115,007
$4,189,424
$8,038,674
minority
36,600,000
Decrease.
17,900,000
Ansco
Co.-—Capital Increase.—
The stockholders will vote Mar. 22
Arizona
on
increasing the capital stock from
Ill, p. 2523.
Copper Co.—Production (in Lbs.).—
1921—Feb.—1920.
2,000,000
3,000,000
Decrease. | 1921—2 Mos.—1920.
1,000,00014,300,000
6,000,000
Decrease.
1,700,000
'
112, p. 654, 260.
Armour & Co.—To Reduce
Wages.—
J. Ogden Armour
announces (in substance):
"Effective March 14, the
for Armour plant employees will be reduced an average of approx¬
imately 1214 % and hours of work will be revised.
This does not mean the
wage scale
elimination of the 8-hour day.
To assure employees equitable earnings
despite fluctuations of receipts, the industry guarantees pay for 40 hours
of work whether or not that amount of work is
actually done.
The revision
in hours and wages is designed to make it
possible for the industry to con¬
tinue to serve live stock producers and meat consumers.
The reduction of
12 Yt % is very small in view of the fact that packing house wages average
three times as much to-day as they were before the war. *
We will continue
paying double time for Sundays and holidays and time and one-half for
work in excess of 54 hours a week.
Despite the lower rate which will obtain,
employees can probably earn as much or more than under existing conditions.
The 40-h.our minimum wage with its basic 8-hour day has demonstrated
positively during the two years that it has been in effect that it results in
decreased weekly wage earnings for the employees.
The adjustment should
enable all plant employees to average 48 hours wages per week, and their
earnings will compare favorably with the earnings of similar workmen In
other industries."
Co. and Wilson & Co. have made similar reductions.
Swift &
Company Takes Care of Armour Leather Co. Dividend.—
See Armour Leather Co.
below.—V.
112, p.
935.
Armour Leather
Armour & Co.
An
on
Co.—Preferred Dividend No. 5 Paid by
Assignment of Rights.-—
official statement,
dated March 7, says in substance:
meeting of the directors held to-day, the question of the current
quarterly dividend on the Pref. stock was considered. No action was taken
in regard to this dividend, but an arrangement was effected with Armour &
Co., the founders, that upon receipt of a warrant (to be sent to each stock¬
holder of record of March 15) assigning to it the rights of the present and
future holder of such stock to Preferred stock dividend No. 5, when declared,
properly signed and witnessed, Armour & Co. will, on April 1, or as soon
thereafter as reasonably possible, send a check to such stockholder forthe
full amount of dividend of $1 75 per share covering the quarter ending
March 31."—V. 112, p. 852.
"At
a
Atlantic Gulf Oil
Corp.—Special Master.—
See Atlantic Gulf & West Indies SS. Lines below.—V. 112, p.
Atlantic
Gulf &
West Indies
832.
SS. Lines—
Judge Martin T. Manton in the U. S. District Court
on
March 7 issued
a
temporary restraining order directed against this company and two sub¬
sidiaries, the Atlantic Gulf Oil Corp. and the Compania Petrolera de
Tepetate, S. A., In a suit brought by Henry O. Mount and others to restrain
the defendants from distributing the profits on certain oil wells until a
special master shall have in his hands moneys sufficient to pay claims of
the complainants amounting to about $827,552.
Judge Manton appointed Herman Nessler special master to take over
the suit and issued a
temporary restraining order, preventing the company from using these
profits until the claims were satisfied.
Mr. Nessler was directed to deposit
the money in the Commercial Trust Co.
It is related in the complaint that the Petrolera company made a contract
■with the plaintiffs for the use of certain oil lands, under which the plaintiffs
were to get one-seventh of the profits, and that this contract was turned
over to the Atlantic Gulf Oil Corp.
Three amounts are named as due—
$75,703, $351,168 and $400,681.
It is alleged that the profits had been
over $5,000,000 from the wells covered by the contract ana no portion of it
has been paid over.
It is also asserted that some of the profits have been
diverted to the building of a pipe line in France.—V. 112, p. 935, 852.
136,497
1,357,200
219,235
2,287,600
238,024
Baldwin Locomotive Works.—Orders,
&c.—
President Samuel Vauclain at the annual meeting March 3 stated that the
plant was running on the average of this time last year.
He said the com¬
pany had $30,000,000 worth of work to start with, which is enough for
about five months.
He said the company on March 3 received a large
order (cash business) from the Polish Government for spare parts for loco¬
motives.
Regarding reports that the management contemplates moving
the works to Eddystone, Mr. Vauclain said: "We have not a dollar's worth
of real estate in Philadelphia to sell."—V. 112, p. 742.
322,373
securities sold..
Interest
-Earnings- —Annual Report.
1920.
Gross business..
1921-2 Mos.-1920.
18,700.000
all the profits from the oil properties mentioned in
Sept. 30 1920.
Kerr Navigation Corp. earnings.
Cramp Company earnings.
American Ship & Commerce Corp. interest received
Decrease. I
9,500,000
,
—V.
;
Co.—Wage Reduction.—
Copper Mining Co.—Production (in Lbs.).—
1921—Feb.—1920.
9,000,000
18,500.000
—V. 112, p. 654
473.
$1,300,000 to $2,300,000.—V.
director, succeeding Henry Seligman.
a
American Writing Paper
Representatives of 6 unions of employees of the company have agreed
tentatively to a reduction in wages of from 10% to 17%, to take effect
Mar. 14.—Y. 112, p. 565.
Anaconda
Decreased.—
1027
322,768
earns.
charges..
279,810
Barnard
219,103
58,181
•
Federal tax reserve
Preferred dividend
1,249,600
1,627,089
(7 %) 593,691 (3 ^)296,845
Common dividends,.(9%)1.616,159 (6^)1503630
Manufacturing
The balance sheet
as
Co.—Report—Stock
of Jan. 1 1921 shows:
Dividend.
Real estate, machinery, &c.,
xl ,632,480 (6)1,031.940
$1,237,220; U. S. securities, $360,000; cash and other current assets, $105,159: capital stock outstanding, $506,000; depreciation, $364,824; reserves
(incl. $45,000 for Federal taxes), $81,935; debts, $900; profit and loss sur¬
$2,286,594
9,274,166
$2,410,189
7,182,846
$1,063,247
6,429,228
$4,500,799
3,651,670
plus, $754,720; total assets and liabilities, $1,702,380.
During 1920 divi¬
dends totalling $200,000, or 40%, were paid.
The stockholders on Jan. 27 voted to increase the authorized and out¬
$11,560,760
$9,593,035
$7,492,475
$8,152,469
standing stock from $500,000 to $1,250,000 and ratified the declaration of
a 150% stock div. payable to holders of
record Jan. 27.—V. 112, p. 473.
12,785
344,000
84,813
25,132
344,000
34,370
344,000
34,887
344,000
Unappr. surp. Dec. 31..$11,144,731
$9,274,166
$7,182,846
$6,429,228
Balance, surplus
Unapprop. surp. Jan. 1.
Total
Add discount on deben¬
retired
Deduct—Deb. sink, fund
tures
Pref. stock sink. fund.
1,414",128
Bond sink, fund res've
Includes 7%, $1,202,880 in cash, and 2 lA%, $429,600, in Liberty bonds.
Note.—Operating earnings in 1920 are shown after writing down the
on hand by approximately $1,500,000, to market prices.
Repairs
and maintenance in 1920, also deducted, amounted to $4,371,355.
Out of the "appropriated surplus" of $6,086,216, representing sums
appropriated for redemption of bonds, debentures and Pref. stock, there
were paid in 1920 two stock dividends
(6% May 29 and 12% Dec. 31),
together aggregating $3,216,852 leaving of said surplus, $2,869,364. [Ed.],
—V. 112, p. 473.
x
materials
American
Tobacco
Co.—6,000
Shares
B
Common
Ex¬
changed for 12,000 Shares of Tobacco Products Corp. Common.
See that company under Reports above.
The New York Stock Exchange has admitted to the list dividend
cates Series
"I."—V. 112,
p.
Barney & Smith Car Co.—Rehabilitation Plans.—
It is stated that plans for the rehabilitation of the company have been
agreed upon by the directors and will be submitted to the stockholders
shortly for their co-operation.
The plan, It Is said, proposes to raise
$1,000,000 through the issue of 7% 2(1 Mtge. bonds which will be offered
to the stock and bondholders In proportion to the amount of their holdings.
The money thus raised is to be used for working capital.—Y. 109, p. 2173.
Bell
Telephone Co. of Pa.—Listing—Earnings.—
The New York Stock Exchange
now
outstanding.
Operating
revenues
Operating
Net
oper.
Decrease. I
1921-2 Mos.-1920.
$8,663,443
Income...
has been declared
the outstanding
$12,998,600
Common stock, par $100, payable April 1 to holders of record March 18.
Dividends of 3% each have been paid quarterly from April 1 1920 to
Jan. 1921, incl., compared with 5% in Jan. 1920.—V. 110, p. 2489.
on
Co.—Prices.—
its fall lines of fancy woolens and worsted suitings
2, 3, 7 and 8 on Mar. 9.
Since nearly all lines offered
new no price comparisons with last year are possible, but quotations
believed to be about 30% lower.—V. 112, p. 935, 929.
miscel.
1920.
deduct
Interest
Net
$437,056
1,040,678
income
Corp. surp. Dec. 31
Dividends
($6)
chgs.
$2,939,637
1919— 12,333,654
3,600,000
(net)
141,930
$3,791,100
626,272
Decrease.
$2,720,911
American Window Glass Machine Co.—Smaller Div.—
in Departments
Rent&
Miscel.
$1,048,045 $5,942,532
American Woolen
$4,780,276
21,372
967,797
Non-oper. rev. (net)...
Corp.—February Sales.—
—V.
The company opened
rev....
Taxes (incl. Fed. taxes)
Operating
A dividend of
expenses
Year ending December 31
$30,329,204
25,548,928
747.
American Wholesale
1921—Feb.—1920.
$2,702,272
$3,750,318
112, p. 560, 164.
See offering in V. Ill, p. 1372.
Income Account
Uncoil, oper. rev
certifi¬
has authorized the listing of $25,000,000
25-year 1st & Ref. 7% Sinking Fund Gold Bonds Series A upon official
notice of their issuance in exchange for J. P. Morgan & Co. interim receipts
are
are
Grcss Income
—V.
$4,417,372
Bal.
sur.
Dec. 31 1920
$11,531,360
Ill, p. 2426.
Black Lake Asbestos & Chrome
Co., Ltd.—Control.—
The Asbestos Corp. of
Canada has sold its stock interest in the company
capitalist, thereby ending a deadlock over
stock control.
Both held approximately one-third of the stock and neither
could secure control.
A new board of directors, including Messrs. Anado
and Schinahi, N. Y., has been elected.
A threat of bondholders to apply for a winding-up order has been aban¬
doned as they now agree that J. A. Jacobs, the new President, and his
to Jacob A. Jacobs, a Montreal
New York associations have sufficient interest in the company to assure
all parties fair treatment.
Head office, it is stated, will be moved from
Toropto to Montreal.—V. 112, p. 852.
1038
THE
Boston Consolidated Gas Co.—Notes
CHRONICLE
Dated
Feb.
Company.—Supplies gas to Boston and some of immediate suburbs
including Brooklme; total output of gas for year ended June 30 1920 being
8,638,474,000 cu. ft.
Book value of the real estate, plant and property
as of June 30 1920, based upon a pre-war appraisal, $27,536,811.
Capital Stock.—--Capital stock outstanding, $15,124,600.
Surplus and
reserve accounts as of June 30 1920, $9,123,982.
All the stock, except
directors' qualifying shares, is owned by the Massachusetts Gas Co., which
has outstanding $25,000,000 Common and $25,000,000 Preferred
stock, valued at present selling prices in the maket at over $36,000,000.
Purpose.—Proceeds are to be used to retire $3,500,000 notes maturing
Feb. 2 1921, and to pay up all bank loans.
Earnings.—For the year ended June 30 1920 earnings, before deducting
interest charges, were $1,127,731.
Total interest charges of this issue
amount to only $350,000.
Bates Increased.—During the year ended June 30 1920 the average price
received for gas sold to customers was $1 per 1,000 cu. ft.
Since that date
two increases In price have been allowed by the Department of Public Utili¬
ties, on July 23 1920 to $1 35, and on Jan. 4 1921 to $1 40.
An increase
was also allowed of 30 cents per 1,000 cu. ft. in the price charged to other
gas companies. The estimated additional annualJune 30incomeisfrom the
gross 1920 $2,946,-
icrease in price as compared with the year ended
364.—V. 112, p. 936.
British-American Nickel Corp.,
Ltd.—Closes Down.
smelter has closed down for an indefinite period.
corporation's refinery at Deschenes, Que., is to be closed also.
About
1,200 men are affected.
Operations have been discontinued, owing to the
extremely bad condition or the market for the metal.
The corporation
began operations in Jan, 1920.
See V. 112, p. 565.
The company's mine and
The
& Electric
Bronx Gas
'
Co.—Referee.—
The Appellate Division of the Supreme Court has affirmed the appoint¬
ment of George V. S. Williams as referee in the suit of the company asking
for
a
ruling
on
the contention that the prescribed rate of $1 per 1,000 cu.ft.
the city is confiscatory and unconsti¬
for gas to the public and 75 cents to
tutional.—V. 112, p. 473.
Data.—In connection
the United
Drug Co. to subscribe to the capital stock of the Caribbean
Sugar Co. at par ($25) until March 15, Pres. Henry DeFord
in a letter to Richardson, Hill & Co., who have under¬
written the stoek and $1,500,000 8 % 5-year notes, says:
with the offering of the right to the stockholders of
Capitalization—
Authorized.
To be Issued.
8% 5-Year notes
$1,500,000
$1,500,000
Common stock (par value $25)
x300,000 shs.
135,000 shs.
x The noteholders have been given the right until maturity of the notes
to subscribe for Common stock at $30, $35 and $40 a share according to
date when such right is exercised, and 60,000 shares have been reserved
for this purpose.
No Preferred stock may be issued without the consent of
two-thirds of the Common stock.
Company.—Incorporated under the laws of Cuba.
Lands are in the
Of the entire holding of 13,500
owned (subject to a small mortgage of $28,000)
on favoraole terms. About 5,000 acres have been
cleared and planted.
The first crop will be cut the coming fall and winter
and should yield about 50,000,000 pounds.
Production can eventually be
increased to 600,000 bags.
The mill in course of construction will have
initial capacity of 150,000 to 180,000 bags.
Directors.—Henry DeFord (Pres.), Daniel W. Gurnett (V.-Pres.), Merrill
Griswold (Sec. and Treas.), Henry DeFord Jr. (Asst.
Treas.), Carlos I.
Parraga (Asst. Sec.). William A. Gaston, Louis K. Liggett, J. N. Staples.
Robert S. Potter, George W. Rolfe, Byron P. Luce and R. S. Carpenter.
See further details in V. 112, p. 852.
Yaguabo district orCamaguey province.
about 3,300 acres
and the balance leased
acres,
(J. I.) Case Plow Works.—Defers 2d Pref. Dividend.—
on the 2d Pref. stock, which
7% p. a. basis.
The regular quarterly dividend of 1 % % has been declared on the First
Pref. stock, payable April 1 to holders of record March 17.—V. Ill, p. 2328.
on
a
Charlestown Gas & Electric Co.—Notes
Estabrook & Co.
_
Offered.—
Chicago Utilities Co.—Earnings (Incl. Chicago Tunnel
Chicago Warehouse & Terminal Co.)—New Director.
Go. and
Calendar Years—
1920.
Security.—Secured by the deposit of (a) $13,000,000 (entire outstanding
sidiaries: $3,500,000 Chaparra Sugar Co., $2,900,000 Chaparra RR.,
$3,500,000 San Manuel Sugar Co., $1,000,000 Tinguaro Sugar Co., $500,000
Mercedita Sugar Co., $300,000 Cuban Sugar Refining Co. (refining),
$900,000 Cuban Sugar Refining Co. (plantation), $400,000 Unidad Sugar
Co., and (6) $3,000,000 Colonial Sugars Co. 1st Mtge. 5s, due April 1 1952—
total $16,000,000.
The Cuban-American Sugar Co. owns all the
tors' qualifying shares, ana the entire
sues
deficit
Charles A. McCuUoch has been elected
a
$887,431
899,752
$143,454
30,966
Operating loss
Taxes
Capitalization after This Financing—
Authorized. Outstanding1st Mtge. Collateral 8% Sinking Fund Gold bonds_$10,000,000 $10,000,000
7% Cumulative Preferred stock (par $100)-_
10,000,000
7,893,800
Common stock (par $10)
10,000,000
10,000,000
Dividends.—At the rate of 7% on Preferred stock since incorporation
(since Oct. 1915 regularly).
On Common stock divs. were paid at the rate
of 10% from Jan. 1916 to and incl. April 1920.
In May 1920 par value of
shares was reduced from $100 to $10 each and exchanged 10 shares of new
stock for each share of old.
Since then Common divs. paid per share have
been: July and Sept. 1920, $1 75 each; Jan. 1921, $1.
A div. of $1 per
share has been declared for
on
$12,321
73,560
$174,420
$85,881
director.—V. Ill, p. 1275.
1921—2 Mos.—1920.
186,55515,989,685
267,804
'UP Cities Service Co.—25th Monthly Distribution.—
Income Account for the Fiscal Years Ended Sept. 30.
1919-20.
vice Co, Common
stock, Prefeired stock and bankers' shares, comparing
with 17,763 holders of Cities Service Co. stocks on Jan. 1 1919 and 31,767
holders of stocks on Jan. 1 1920.—V. 112, p. 566.
Georgia .—Earnings.—
Net earnings for January last, amounted to about $205,700.
Compare
annual report published in last week's "Chronicle"—V.
112, p. 930.
Colorado Fuel & Iron Co.—Obituary.—
i*1'Vice-President J.
V.
B.
McKennan
died
in
Denver,
Colo.,
1918-19.
1916-17.
1917-18.
$91,441,283 $49,666,824 $38,901,892 $39,367,782
Sales
y
Income, after deprecia'n,
available for interest &
Federal taxes
x$19,116,155 $11,818,283
498,964
726,985
6,509,000
4,000,000
552,566
552,566
Common stock.
4,000,000
1,000,000
Interest and discount
Reserve for Fed. taxes__
Divs. on Pref. stock
Divs.
on
$8,624,249 $10,059,929
897,047
665,930
3,500,000
2,500,000
552,566
552,566
999,950
1,999,137
Balance
$7,564,625
$5,538,732
$2,674,686
$4,342,296
x After deducting a reserve of $2,000,000 for depreciation of refined sugar
inventory,
y
Raw and refined sugars and molasses produced, less com¬
missions.
During the current fiscal year ending Sept. 30 1921, company estimates
its production at over 1,800,000 bags.
With raw sugar selling at an aver¬
age price of 5c. f.o.b. Cuba, this should, due to the low cost of production,
produce earnings, available for interest and Federal taxes, of over $8,000,000.
Compare annual report for fiscal year ending Sept. 30 1920 in V. Ill,
p. 2531.—V. Ill, p. 2516, 2525.
Detroit City Gas
Co.—Rate Increase.—
The company, a subsidiary of American Light & Traction Co., has been
granted permission to increase its rate to domestic consumers from 79 cents
to 85 cents per 1,000 cubic feet.
The rate to industrial consumers using
more than 100,000 cu. ft. was set at 75 cents and for consumers using more
than 200,000 feet 65 cents.
The increase, it is estimated, will net an addi
tional income of $992,000 annually.—V. 106, p. 1038.
Detroit & Cleveland Navigation Co.—No Extra
Div.—
The regular quarterly dividend of 2% has been declared on the outstand¬
ing $6,038,000 capital stock, par $50, payable Apr. 1 to holders of record
On Jan. 1 last an extra dividend of H of 1% was paid in addition
Mar. 15.
to
quarterly of 2%.—V. Ill,
the regular
,
p.
J329.
2r~
Detroit Copper & Brass Rolling Mills.—New
F.
H. Hoffman and A. J.
Directors.
Peoples have been elected directors, thus in¬
creasing the directorate from 7 to 9 men.—V. 106, p. 819.
Elliott-Fisher
Co., Harrisburg, Pa.—New President.—
Philip D. Wagoner has been elected President, succeeding Kenneth B.
Schley.
Mr. Schley will remain as Chairman of the board.— v.108,p.1277.
Endicott-Johnson
Corporation.—Listing.—
The New York Stock Exchange has authorized the listing of $500,000
additional Common stock (auth., $21,000,000), par $50, on official notice
of issuance, making the total amount applied for $16,890,000.
to be issued to the employees.
See v. 112, p. 937, 847.
This stock is
|
Security Trust Co., Lexington, Ky., and J. J. B. Hilliard & Son, Louis¬
Ky., are offering at 97H and int.. to yield over 7.20%,
$300,000
lst'Mtge. f
1941.
Int.
ville,
National
(c*&r) $1,000.
or
The 25th monthly distribution on Cities Service Co. bankers'
shares,
payable Apr. 1 to holders of record Mar. 15, will be 35c. a bankers' share.
The distribution on bankers' shares Mar. 1 was made to more than 18,000
holders of record, there now being more than 53,000 holdersfof Cities Ser¬
*•
Atlanta,
payment April 1 1921.
In addition extra divs.
paid, 10% in cash and 40% in stock in Oct, 1916
10% in cash in Oct. 1917.
Fayette Home Telephone Co.—Bonds Offered.—
Decrease.
6,257,489
Common have been
and
£|Chino Copper Co.—Copper Output {in Pounds),—
Co,.
capital stock, except direc¬
outstanding first mortgage bond is¬
companies (see below), and will reserve the right under
of all the above
the trust agreement securing these bonds to procure an extension of the ma¬
turity of the first mortgage collateral (due in 1929) to a date not later than
Mar. 15 1931, or to pledge new mortgages covering the same property and
maturing not later than Mar. 15 1931.
Sinking Fund.-—As a sinking fund company will set aside quarterly the
sum of $250,000 beginning with the quarter ending June 15 1921, which
shall be used to purchase bonds in the market up to 105 and int. if obtain¬
able: any unexpended balance to be credited upon the next quarterly sink¬
ing fund installment.
Purpose.—Proceeds will be used in reduction of present outstanding bank
loans and other notes and accounts payable and to increase working capital.
Company.—lncorp. Sept. 19 1906 in N. J. to acquire entire capital stocks
of Chaparra Sugar Co., Tinguaro Sugar Co., Cuban Sugar Refining Co.,
Unidaa Sugar Co. and Mercedita Sugar Co., 5 independent companies
engaged in business of cultivating sugar cane and manufacturing raw and
refined sugar in Cuba.
In 1908 acquired Colonial Sugars Co., with cane
lands, sugar factory and other equipment located in Cuba, and a sugar fac¬
tory, lands and refinery in Louisiana.
In 1910 purchased San Manuel
Sugar Co.
In 1910 Chaparra RR. was organized to take over the railroad
companies of the Chaparra and San Manuel companies.
1919.
$871,515
1,014,969
Total operating revenue
Maintenance, operation, depreciation, &c
Coca-Cola
Int. payable M. & S. at
,
offering at 101 and Int., yielding 6.85%, $200,000
10-year 7% gold notes.
Company supplies gas and electricity In Charlestown and sections of Somervllle, Everett and Medford, Mass.
Population
abput 70,000.
The $658,000 capital stock at present market price repre¬
sents an equity of $1,118,600 junior to this issue.
Net earnings have averaged 8% times the Interest charges on these notes
during the 8 years' period, 1913 to 1920.—V. Ill, p. 297.
Decrease. I
Due Mar. 15 1931.
issues) First Mtge. 6% bonds, all due Oct. 1 1929, of the following sub¬
are
1921—Feb.—1920.
2,989,934
3,176,489
—V. 112, p. 747, 655.
Dated Mar. 15 1921.
National City Bank, New York, trustee.
Denom. $1,000 and $500 (c*).
Red. as a whole only at 107H on any int. date on 30 days' notice.
Data from Letter of Pres. R. B. Hawley., New York, Mar. 7 1921
are
The directors have deferred dividend action
Net
are offering at 100 and int. $10,000,000 1st Mtge.
Collateral 8% Sinking Fund Gold bonds.
(See adv. pages.)
-
Caribbean Sugar Co .—Additional
issue has been
City Co.
1
1921, due Feb. 1 1922.
Int. payable semi-annually
Denom. $500, SI,000, $5,000 and $10,000 (c). Provision is made that no
mortgage can be placed on the property without securing this issue.
Data from Letter of E. N. Wrijjhtington, Vice-Pres. of the Company
company
Cuban-American Sugar Co.—Bonds Offered.—National
Offered.—Kidder
Peabody & Co. and P. S. Moseley & Co. are offering at
99Mr to net over 7M%> $5,000,000 One-Year 7% Notes.
[Vol. 112.
March
9.—
112, p. 474, 375.
_
_
Red.
as a
whole only
_
on any Int.
date from Feb. 1 1926 to
Feb. 1 1936 at 110% and int., thereafter at 105% and int.
Data
from
Letter
of Thos.
A.
Combs,
President of the Company.
Company.—Has successfully operated for the past 20 years lines and
exchanges In the counties of Fayette and Woodford.
Has the benefits
afforded by physical connections with all Bell and Independent companies
throughout the U. S. and in Canada.
Book value of plant,
$1,100,000.
Purpose.—To provide funds to pay 1st Mtge. 5s due April 1 1921 and for
operating
&c., over
other corporate uses.
,
..
■
Earnings.—After deducting all Federal and other taxes and providing
for depreciation and obsolescence, net earnings for 1920 were $74,317.
For the past 6 years net earnings, including rental received from the U. S.
Government for the use of company's plant in 1918 and 1919, have aver¬
Interest on bonds will require $21,000.
Surplus and re¬
aggregate $100,588.
■
■
Capital—Control.—Has outstanding $500,000 Common stock (paying
8%) and $300,000 6% Preferred steck.
Approximately 30% of both issues
owned by the Cumberland Telephone & Telegraph Co., a subsidiary of the
American Telephone & Telegraph Co.
aged $68,848.
Columbia
Graphophone Mfg.
Statement
of Income
and
Co .—Annual
Surplus for
1920.
Earnings*from all
Calendar
Report
—
Years.
1919.
1918.
$5,805,514
620,560
439,617
81,057
2,113,006
$7,793,044
262,960
490,044
24,525
3,391,313
$1,939,513
503,715
387,188
229,148
Add—Surplus account at Dec. 31
$2,551,275
2,864,545
$3,624,202
2,396,361
$819,461
2,188,179
Total surplus
Div. on Pref. and Common stock___
Reduction of inv. to market value.
Other surplus charges
$5,415,820
2,078,187
1,971,012
347,032
$6,020,563
2,435,402
$3,007,640
611,279
720,617
TIIIZI
_S^?Dec.3!
$1,019,589
$2,864,545 $2,396,361
sources
Deduct—Interest>on funded, &c., debt
Depreciation of plant, equipment, &c.
Bad accounts, amortization,
Reserve for 1919 Federal taxes
Net income
—---
f
serves
,
Federal Finance Corp., Denver.—Motor Financing—
incorp. in Colo. June 26 1918, to do a general acceptance
business for the automobile industry, a business it proposes to
extend into other lines, is making an issue of 8% Pref. stock with one share
of Common as bonus.
Capitalization, including new1 issue: 8% Pref.
stock, $470,000, par $100; Common stock,
$20,000, par $1. President,
E. R. Harper, Ideal Bldg., Denver.
This company,
and discount
Firestone
Tire & Rubber Co.—Dividend Omitted.—
The directors have
voted to omit the payment of the quarterly dividend
usually paid March 31.
In Dec. last a dividend of 1H% was paid, prior
to which 2% was paid quarterly.
A statement issued by the company says in substance:
Wc have reduced
our sales and administrative expenses more than 60%, which with lower
.
MABCH 12
labor costs give
1921.]
THE
CHRONICLE
firm foundation for increased production and increased
earnings, justifying a resumption of the dividend on the Common stock
for the next quarter."
The usual
quarterly dividends on the 6 and 7% Pref. stocks have been
declared.
The dividend on the 6% Pref. stock will be paid
April 15 to
holders of record April 1, while the dividend on the
7% Pref. stock will be
paid May 15 to holders of record May 1.—V. Ill,
p. 2516.
us a
Fraser Companies, Ltd.—Bonds
Offered.—Royal Secur¬
ities Corp. and United Financial.
Corp., Montreal, are offer¬
ing at 99 and int., to yield 8.10%, $2,000,000 8% General
Mtge. gold bonds.
Series "A."
1932; at 103 thereafter
to Mar. 1 1934; at 102 thereafter to Mar. 1
1936;
101 thereafter to Mar. 1 1938; thereafter at
par.
Montreal Trust Co.,
trustee.
Annual cumulative sinking fund of 3% will commence
in 1923, sufficient to
retire entire issue before maturity.
at
Capitalization—
Common
Authorized.
Outstanding.
..$10,000,000 $10,000,000
shares
6% 1st M. Serial bonds (due $250,000 annually)—
8% General Mtge. bonds, Series "A" (this issue)..
(Closed)
2,250,000
10,000,000
2,000,000
Data from Letter of Pres. Archibald
Fraser, Edmonton, N. B., Mar. 1.
Company.—Is one of the largest manufacturers in Canada of easy
bleach¬
ing and bleached sulphite pulp, spruce lumber and cedar
shingles.
Business
has been in successful
operation for
over
40 years.
Timber
areas,
1,822 sq. m. leasehold and 210 sq. m. freehold timber
limits, estimated to contain 1.760,000,000 ft. b. m. saw logs and
4,650,000
cords pulpwood.
'Company in addition has leasehold cutting rights on
900 sq. m. of privately owned lands.
Owns and operates 2 pulp mills, at
Edmundston and Chatham, N. B., and 12 saw mills in New
Brunswick
and the eastern portion of
Quebec.
Plant and property valuation, $14,000,000, against $4,250,000 of bonds outstanding, including this issue.
Annual Output.—Edmundston mill, bleached
sulphite pulp, 54,000 tons;
Dominion mill easy bleaching sulphite
pulp, 18,000 tons; total pulp pro¬
duction, 72,000 tons.
Lumber production, 130,000,000 ft. b. m.
annually.
Shingle production, 168,000,000 annually.
Assets.—Net liquid assets, after deducting all current liabilities
and
including the proceeds of this issue, will be in excess of $4,000,000.
Earnings.—Average annual net earnings after depreciation, available for
interest charges on these bonds, for the 5
years ended Dec. 31 1920, were
$741,450, over 4 times interest charges on Gen. Mtge. bonds now to be
issued.
Net earnings, after depreciation, for calendar
year 1920, available
for interest charges on Gen.
Mtge. bonds, amounted to $1,276,301, nearlv
8 times int. charges on bonds now t)o be issued.
See V. 108, p. 1824, 1939;
V. Ill, p.1756.
Freeport Texas Co.- ■Annual Report.November 30 Years—
1919-20.
Net profit
x
1918-19.
1917-18.
in part, on any interest date,
upon 60 days' notice, at
Data from Letter of Vice-President W. S.
Farish, New York, March 1,
Company.—Through the property which it directly owns and operates,
and the pipe line facilities which it operates
through a subsidiary, covers all
phases of the oil business, including the production, transport,
refining and
distribution of petroleum and its products.
Production is secured from its
properties in Texas and Oklahoma and is now running at the rate of
40,000
a day.
During 1919 produced about 7,000,000 bbls., increased dining 1920 to a
figure in excess of 10,000,000 bbls. This production was derived from a rela¬
tively small part of the co.'s acreage.
At the present time the developed
acreage, that is, the territory now producing oil, is about 11,500 acres
while the undeveloped acreage held by the
company, considered valuable
by virtue of its careful selection, is 472,275 acres.
The number of producing
wells on Jan. 11921 was about 600, while the number of wells
drilling was 80.
Transportation Facilities.—Owns all the stock of the Humble Pipe Line
Co., which owns a complete pipe line system reaching the Ranger District
in West Texas and the coastal field in South Texas.
It owns about 525
miles of 8-inch main line and 185 miles of
6-inch, 4-inch and 3-inch gathering
lines,
which, together with the tankage and necessary pump stations to
an investment of nearly $14,000,000.
The pipe line system handles about 2,000,000 bbls. of crude oil
per month.
Refineries.—Owns at Baytown, Texas., a modern refinery, constructed
within the last two years, which handles 12,000 to 14,000 bbls. of oil
per
day; and also a small plant at San Antonio which refines 2,000 bbls. per day.
Marketing Facilities.—Distributes directly to the consumer throughout
Texas, and has its own tank wagon stations and a complete marketing and
distributing system, including over 300 tank cars; and also owns a tank
steamer and several barges for the handling of oil locally in the Houston
district.
The company's owned storage capacity is in excess of 8,000.000
bbls., and it now has under lease additional storage capacity to the extent
of about 1,500,000 bbls.
equip the pipe line system, represent
Income Account for
Gross
revenue
Year ended Dec. 31
......
(Partly Estimated).
$18,864,141
13,673,929
21,564,611
10,973,459
Provision for depletion, $2,500,000; est. Fed. taxes, $1,000,0003,500,000
....
...
_
Balance
,1.
$7,473,459
---
Covenants.—Company will covenant that, except as to purchase money
mortgages and pledges for temporary loans or indemnity in the usual course
of business, it will not hereafter mortgage nor pledge
any of its property
without securing the principal and interest of these Notes
equaly ana rat¬
ably with any other indebtedness secured by such mortgage or
pledge.
Neither this company nor the Pipe Line company has any funded debt.
Purpose.—Proceeds will be used in part to reduce current debt and to
provide additional working capital for the purpose of enabling the company
to continue to purchase current production of oil from its
customers in the
various fields, thus insuring continuing production
by such customers and
a regular supply of crude oil for this
company.
Balance Sheet Dec. 311920, after This
$1,443,213
19,621
$1,473,336
129,081
$4,806,310
128,640
$1,602,417
$4,934,950
898',386
l,bbl".9l6
Inv., incl. Lib.bds.
Inventories
36,218,143
864,013
Financing [July 31 1919 Inserted by Ed.].
Plant & equipm't-54,492,122
840,070
.
1920
from production
Gross profit from pipe line, refineries, marketing, &c
Cost of operations, interest and depreciation
Net earnings from operations
$1,462,834
175,718
1,326,098
......
Other income
10034% and interest.
Guaranty Trust Co. of New York, trustee.
bbls.
Dated Mar. 1 1921.
Due Mar. 1 1941.
Int. payable M. & S. at Royal
Bank of Canada, Montreal.
Toronto, St. John, N. B., and Halifax, N. S.
Denom. $1,000 and $500 (c*).
Callable all or part on any int. date at
110 to Mar. 1 1924: at 107 thereafter to Mar. 1
1926; at 106 thereafter to
Mar. 1 1928; at 105 thereafter to Mar.
1 1930; at 104 thereafter to Mar. 1
Montreal,
1039
Dec. 31 '20
July 31'19
Dec. 31 '20
Liabilities—
Total
Federal
income
taxes
Interest, depletion, depreciation, &c_
79 193
Dividends
Acc'ts receivable--
8,206,751
11,019,471
Deferred charges..
838,014
Cash...:
Deficit.
Profit and loss surplus..
$38,982
$4,481,601
.
Grasselli Chemical
$4,599,561
$6,984,444
Co., Cleve .—Earnings—Director.—
Net earnings for the year ended Dec.
ereciation and all taxes amounted to
1919 and $4,000,018 in 1918.
l
Andrew Squire has been elected
V.
$215,232Sr$3,069,036
.
After cost of sales and expenses —V. 112,
p. 262.
x
a
Ill, p. 2143.
31
1920, after allowance for de$3,181,441, compared with $3,972,297
—
Total (each side).111,485,041
2,178,176 Notes payable.290,178
3,818,386 Money
borrowed
on open account.
1,103,185
15,846,064
307,641 Reserves
Capital stock
32,868,564 Surplus..
Great Northern Iron Ore Properties.—Dividend.—
;.v«;
1746.
New Director.—-
amount
—v.
dividend of $2 per shafe on the certificates
payable April 18 to holders of record March 29.
Like
paid in March and December last.—V. Ill, p. 1569.
was
Great Western Sugar
Co.—Extra Dividend of 214%.—
Sugar Co .—Dividend Deferred.—
The directors have deferred action
on
per
share
was
2428.
Gulf
Oil
paid,—V. Ill,
Corp .—Underwriters Syndicate Dissolved.-—
The syndicate headed by
Guaranty Co. of New York and Union Trust
Pittsburgh, which underwrote the $35,000,000 12-Year 7% bonds,
It is stated that syndicate
participants took approxi¬
mately 80% of the bonds firm on the subscription, which left
only $7,000,000
to be actually offered for
Co.,
has been dissolved.
subscription at 98.
The amount of subscriptions
received for this balance, it was stated, was in
V. 112, p. 657, 853.
Gulf
States
Steel
excess
of
$24,000,000.
See
(P.
H.)
p.
Knitting
Co.—Dividends
Omitted.—
The directors have decided not to
pay any dividend on either Class
"A" or "B" Common stock for the
quarter ending March 31.
In Jan.
last payments of 2% were made on these issues.
The
on
the
110,
p.
directors
Pref.
have
stock,
declared
the
payable April
regular quarterly dividend of
1 to holders of record March 21.—v.
2661.
Hartford Electric Light Co.—To Increase
Capital.—
The
company has
petitioned the Connecticut State Legislature for
authority to increase its capital stock from $10,000,000 to $20,000,000.
V. Ill, p. 993; V. 110, p. 2491, 2295, 2080.
Hercules Powder Co .—To
The
Co., Los Angeles.—Common Dividend.—
It has been announced that the company has
placed its $1,200,000 Com¬
stock on a 4% p. a. dividend basis.
Dividends of 8% have been paid
since the company's organization in 1918 on the
$900,000 First Pref. stock
and the $437,000 2d Pref. stock.—V.
108, p. 484.
mon
Hudson
River
Vehicular Tunnel.—Construction.—
Sealed proposals for the construction of two shafts in
Jersey City, for the
vehicular tunnel under the Hudson River, will be received at the
office
of the New York State Bridge & Tunnel Commission and the
New Jersey
Interstate Bridge & Tunnel Commission, Room
N. Y. City, until March 29.—V.
Humble
616,
Hall of Records,
Ill, p. 2330.
Oil
&
Refining Co.—Notes Offered.—J. P.
Morgan are offering at 99 and int., to yield about 7.55%,
$25,000,000 Two-Year 7% Gold Notes.
Dated March 15 1921, due March 15
in New York
City.
1923.
Denom. $1,000 and $500.
Smullen
■■■■>'.'
Hydraulic
Steel
Co .—Dividend
Interest payable M. & S.
Red.,
as a
whole but not
Omitted.-—
The directors have voted to omit the payment of the Common dividend
usually made April 1.
An initial dividend of 75 cents per share was paid in
April 1920 on the Common stock, no par value.
This rate has been paid
quarterly to and including January last.
The regular quarterly dividend of \%% has been declared on the Pref.
stock, payable March 31 to holders of record March 19.—V. Ill, p. 1857.
Imperial Tobacco Co. of Canada, Ltd.—Dividends.—
An interim dividend of 1H%
stock
was
has been declared, on the Ordinary stock,
The regular semi-annual dividend of 3% on the Pref.
also declared
payable March 31.—V. 112,
67.
p.
Independent Pneumatic Tool Co.—Extra Dividend.—
An extra dividend of $1 per share has been declared on the
outstanding
89.640 shares of capita] stock (no par value) in addition to a quarterly
dividend of $2 per share, both payable April 1.
In Jan. last, an extra of
$2 per share was paid.
It is understood that extra dividends of $4 per share
were paid in July and Oct. last.
Dividends of 5% were paid quarterly on
the old $100 capital stock from Jan. 1919 to April
1920, with an extra of
5% in April last and in Jan. 1919.—V. Ill,
p.
2526.
Institution for Encouragement of Irrigation Works &
S.
A.—Listing.—
The New York Stock Exchange has authorized the listing of New York
Trust Co. temporary certifictes of deposit for 35-Year
4M% Sinking Fund
Gold Bonds, due Nov. 1 1943.—V. 112, p. 938.
Inc.—Resignation.—
H. J. O'Toole has resigned as Vice-President and a director.V. 112, p. 378.
International Merc. Marine Co.—Agreement Condemned.
In a report submitted to the Senate on March 3, the Shipping Board
declared that the agreement between this company and the British Admir¬
alty requiring the corporation to operate its ships without injury to British
commerce is "inimicable" to the foreign commerce of the United States.
The report was in response to a resolution of inquiry, as a result of charges
by Senator Jones that the agreement was injurious to American shipping.
In reporting its findings after a hearing had been held on the charges, the
board declared the agreement to be "inimicable to and not in harmony with
the policy of the United States, with respect to the development of its
trade and commerce, and at variance with both the letter and the
spirit of
the Merchant Marine Act of 1920 "
Acquire Aetna Explosives.—
company has asked the U. S. Circuit Court of Appeals at Phila;
to modify the decree of dissolution entered in the du Pont
Powder Trust'
suit and sanction the purchase by the Hercules Co. of the assets of the
Aetna
Explosives Co., Inc.
The plan of the Hercules Co., it is stated, if sanctioned
by the court, is to form a new subsidiary corporation in New York to which
the assets of the Aetna Co. will be transferred.—Y.
112, p. 938.
Home Service
director, succeeding W. S.
1746.
International Fur Exchange,
937.
Hanes
; V
■
a
Development of Agriculture,
Co.—Closes Plants.—
The company, it is announced, has closed down all its
plants in Alabama
City, owing to the state of the steel trade.
Resumption is scheduled for
April 1—V. 112,
no, p.
payable March 30.
the regular dividend of 50 cents,
usually paid April 1 on the outstanding 300,000 shares of no
par value stock.
On Jan. 3 last a quarterly dividend of 50 cent
p.
1,165,315
25,000,000
8.200.000
35,588,725 20,567,336
a
An extra dividend of
2>£% has been declared on the outstanding $15,000,000 Common stock, par $100, in addition to the regular
quarterly divi¬
dend of 1M %, both payable April 1 to holders of
record March 15.
Extra
dividends of 10% each have been
paid quarterly from April 1917 to Jan.
1921 inclusive.—V. Ill, p. 1856.
Guantanamo
.
Capital Slock.—Company has outstanding $25,000,000 capital stock [of
James Anderson has been elected
The directors have declared
of beneficial interest,
$
4,101.228
which 50% owned by Standard Oil Co. of New Jersey],
which, at current
market quotations in excess of $200 per share, indicates an
equity Of over
$50,000,000 junior to these notes.
Compare V. 109, p. 1890, 1896; V. 110,
p.
director succeeding J. H. Dempsey.—
July 31 *19
$
24,663,667 7% notes
---.25,000,000
710,470
797,509 Accounts payable. 8,594,759
"
„
„
The resolution provides that "International Mercantile Marine Co. is
hereby requested and directed so to amend the said agreement of Aug. 1,
1903, together with agreements supplementary thereto, as to exclude there¬
from any and all vessels documented under laws of the United States, to
end that said agreement and supplements thereto shall not be allowed to
affect or apply to the ships operated by said International Mercantile
Marine Co., at any time under the flag of the United States."—V. 112,
p. 658.
International
Piano
Manufacturing
Co.—Bankrupt.
By order of the United States District Court for the District of Massa¬
chusetts, the trustees in bankruptcy, will sell under the'direction of Warren
F. Freeman, Boston and Aaron Polak, N. Y. City, auctioneers, beginning
March 15 and continuing March 16 and 17 at Alden St., Fall River, Mass.
the entire plant, &c.
Iron
Cap Copper Co.—Earnings.—
Month of—
Ore receipts
Dec. 1920.
—V.
112,
p.
Oct. 1920.
$67,798
$97,545
82,402
80,086
sur.$878
Balance
Nov. 1920.
$62,483
61,605
Expenses
def.$14,604
sur.$17,459
475.
Kelly-Springfield Tire Co.—New Director—Report.—
Theodore G. Smith, Vice-President of the Central Union Trust Co., has
been elected a director, succeeding Van H. Cartmell.
For annual report see
"Chronicle' of March 5.—V. 112,
p.
929.
Consolidated Copper Co.—Product n
Decrease.] 1921—2 Months—1920.
Nevada
Lehigh Coal &
Co.—Bonds Canceled.
Navigation
list $22,000
1948 canceled
Exchange on March 5 struck off the regular
series "A" Funding and Improvement Mtge. 4% bonds, due
by operation of the Siking Fund, leaving amount of
date $2,744,000.—V. 112, p. 750, 475.
The Phila. 8fcock
1921—February—1920.
3,000.000
3,850.000
—V. 112, p. 854
751.
bonds listed at this
Coal Co.—150% Cash Dividend.
This company paid March 5 to holders of record Feb. 28, a cash dividend
of 150%, or $75 per share.
Of the $9,210,000 capital stock par $50, the
Central RR, of New Jersey holds $8,489,400 and has deposited it as part
security for its $50,000,000 General Mortgage of 1887.
Excerpts from Minutes of Directors' Meeting Held Feb. 21 1921.
The President reported that, respecting the proposed plan of the Reading
Co. for complying with the opinion of the U. 8. Supreme Court, so far as
this company was concerned two features had been definitely determined,
viz.: (a) Its stock to the number of 169,788 shares now owned by the
Central RR. Co. of New Jersey must be sold by the latter prior to Aug. 14
Lehigh & Wilkes-Barre
is now permitted
condition and to pay such
including the Central RR. Co.
of New Jersey (compare plan, V. 112, p. 743).
The President further reported that under the conservative dividend
policy alwavs pursued by this company it had paid no dividends whatever
during the first 35 years of its existence prior to 1909, and that since the
latter date had paid dividends only at the moderate rate of $6 50 per share
per annum.
The result of this policy has been that a surplus now properly
distributable to the shareholders as dividends has gradually accumulated,
which has been invested in U. S. Liberty bonds, Victory notes and Treasury
certificates to an amount at par of upwards of $13,000,000.
It was the unanimous sense of the board that the company should cor¬
dially co-operate with the Court, the Department of Justice, and the other
defendants in expediting the execution of these features of the plan of disin¬
tegration and facilitating by all appropriate action on its part the disposition
of its shares owned by the Central RR. Co. of New Jersey.
It was thereupon resolved that the President be and he hereby is author¬
ized to sell and convert into cash such portion of the Government securities
in the company's treasury as he may in his judgment deem necessary
this
Libby, McNeill
The company,
issue of bonds or
V. Ill, p.
947.—V. Ill, p. 2430.
(O.)
Lima
60 Broadway, N. Y.
definitive certificates
Inc.—Definitive Ctfs.
Works,
Locomotive
City, Is now prepared to ex¬
representing Capital stock, for
certificates.—V. 106, p. 1348.
outstanding
dividend of 13^ % has been declared on the capital stock
tion to the regular quarterly dividend of 2%, both payable Apr. 1
ers of record Mar. 23.—V. Ill, p. 1088.
An extra
(P.) Lorillard Co.—New
company
394.
Manhattan Electrical Supply Co. Inc.—Dividend Cut.—
A quarterly dividend of $1 per share has been declared on the outstanding
33,000 shares of Common stock, no par value, payable April 1 to holders of
record
Quarterly dividends
March 21.
from April
1 1917 to July 1
Massachusetts Gas
See
paid in
paid quarterly
of $1.50 per share were
compared with a dividend of $1 per share
1920, incl.—V. Ill, p. 2527.
Oct. and Jan. last,
Boston
Mexican
Co.—Sub. Company Notes Offered.—
above.—V. 112, p. 938.
Metallurgical Co.—Receivership.—
Consolidated Gas Co.
receiver in a suit
Judge Mayer on March 7 appointed Donald C. Brown
brought by Antoinette G. Pearsall, a creditor
the defendant is capitalized for $4,000,000 and that its assets
for $7,800.
It is stated that
consist of a
Potosi, Mexico,
large metallurgical and smelting plant at or near San Luis
and other owned or leased mining properties, stock in mining property,
railroad and industrial corporations.
Secured and unsecured liabilities are
said to be about $4,250,000, all due except $2,042,000 serial bonds.
Offices,
82 Beaver St., New York City.
See Compania Metalurgica Mexicana
in
V.
109,
p.
1891.
Michigan Transit
1920.
$6,545,846
30,071
______
From investments, &c__
Part. adj. Govt.
Co.—Guaranteed Bonds Offered.—
Illinois, Chicago, are offering at 100 and int. $175,000
Serial gold bonds, guaranteed prin. and int. by Northern
Michigan Transportation Co.
A circular shows:
Dated Jan, 1 1921; due serially Jan. 1 1923 to 1931.
Red. at 102 and
int. on any int. date.
Int. payable J. & J. at Central Trust Co, of Illinois,
trustee, without deduction for normal Federal income tax.
Security.—Secured by first closed mortgage upon the steel passenger
steamship Missouri, 2,434 gross tons, and valued at $375,000.
Company.—Incorporated April 19 1919 to take over a long established
line of freight and passenger steamers operating between Chicago and Lake
Michigan points.
Since its acquisition, the company has acquired the
steamships Manitou, Missouri and Kansas, with docks and dock properties
located at Ludington, Manistee, Frankfort, Petoskey, Traverse City,
Onekama, Suttons Bay and Harbor Springs.
Income Account 12 Mos. end. May 31 1920 and 6 Mos. end. Nov. 30 i.920.
Central Trust Co. of
First Mtge. 8%
6 Mos. to
Nov. 30
825,834
contr__
$6,575,917
manufac'g. &c__ $4,796,602
Cost of
364,318
61,165
70,000
Taxes.
Reserve
for taxes
Year end.
May 31.
Milwaukee (Wir.) Coke &
V. 112, p. 567.
1920.
Rents, &c
1919.
$995,039
19,165
$808,814
Total income..
103,906
Reserve for taxes—
$1,014,204
44,166
*307,500
Common dividends.
Balance, surplus
$227,252
*
Including allowance for New York
Mount
N. A.
with
a
$317,538
exchange.-
$720,649
39,429
1917.
$492,720
3,888
$496,608
42,432
35,000
210,000
120,000(4 %) 120,000
210,000
$351,220
$89,175
-V. 110, p. 974.
Royal Hotel Co., Ltd.—Debentures
Offered.—
offering at par and interest,
stock, $4,000,000 8% Conv. Debentures.
MacDonald & Co., Ltd., Montreal, are
bonus of 40% Common
Convertible into 8% Cumul. Pref. stock on July 1 1923.
Interest payable Q.-J. in Montreal or New York.
It is proposed to con¬
struct a modern fireproof hotel of 1,036 rooms in Montreal, to be operated
as a link in the chain of 20 hotels in Canada and the United States which
are managed by the United Hotels Co. of America.
Dated Dec. 1 1920.
Nebraska
Power
The Guaranty Trust
Co.—Definitive Bonds Ready.—
prepared to deliver definitive
outstanding temporary 1st Mtge. 6% Series
1949.
Seefioffering in Y. Ill, p. 1477.
Co. of N. Y. is now
securities, in exchange for the
*B"
bonds,
due June 1
180,000
70,077
(10)965,313(20)1,937,715(20)1,986,980
250,000
_
def$93,154
8,082,591
1,508,606
...
& I. surplus..
$4,047,629
$6,054,168
$6,595,667
Net
$6,480,829
to present day conditions.—
adjusting various assets
charges
V. 112, p. 658x
New York & East River Ferry Co.—Condemnation.—
will receive $230,750 from N. Y. City for the land, water¬
the foot of Fulton Ave., Astoria, which are used as
the Queens terminal of the ferry, now under municipal operation.
Awards
to that amount were made by Justice Kapper in the Supreme Court in con¬
demnation proceedings.—V. Ill, p. 994.
front and buildings at
Co.—New Rates Illegal.—
New York Edison
preliminary
restraining
Supreme Court Justice Daniel F. Cohalan on Mar. / granted a
injunction applied for by Corporation Counsel John P. O'Brien
and the United Electric Light & Power Co. from continuing
to charge the increased rates for electricity which went into effcet in Dec.
last.
The immediate result of the decision is to reduce the price of elec¬
tricity from 7.9 cents a k. w. h. to 7 cents.
The Court held that the 7-cent
rate, which became effective on July 1 1917, was fixed by a contract; that
the contract still was in effect, and the increases granted last fall by the
P. 8. Commission were illegal.
The 7-cent rate under this decision must
remain in effect until final adjudication of the case.—V. Ill, p. 2331.
the company
Niagara Falls Power
Co.—To Inc. Cap.—Power Grant.—
will vote Mar. 25 on increasing the authorized capital
$26,515,400, consisting of 265,154 shares (par $100) Preferred stock
and 150,000 shares (par $100) Common stock to $40,000,000, to consist
of $20,000,000 Preferred and $20,000,000 Common stock (par $100).
The Federal Power Commission on Mar. 2 issued a 50-year license to the
The stockholders
from
of 19,500 cu. ft. of water per second from the
falls for power development.
Under the terms
is required to do a large amount of new construc¬
tion within the next 3 years.
It may be desirable that the moneys neces¬
sary for such construction work shall be raised, in whole or in part, through
the sale at par of additional stock rather than to attempt to finance the en¬
tire expenditure through the issuance of bonds or debentures.
If the stockholders shall authorize the increase in stock and the P. S.
Commission shall consent to an issue of stock for the purposes of the of the
company, opportunity will be afforded to the stockholders to subscribe to
such additional stock as may be issued.
[Signed Paul A. Schoellkopf,
Pres.; Frederick L. Lovelace, Sec.]—V. 112, p. 939.
company
for the diversion
Niagara River above the
of the license the company
Co.—Dividend—Annual Report.—
American
North
capital stock, amounting to 1H%.
Mar. 15. Dividends at the rate
The increase to 5% p. a. was
made Mar. 1 1904. and it has been maintained at that rate for 17 years ex¬
cept for five quarterly periods following the 1907 panic.
Sec annual report in last week's "Chronicle. —V. 112, p. 942, 929.
quarterly dividend on the
The 68th
will be paid on Apr. 1 to holders of record
of 4% p. a. were initiated Mar. 1 1903.
Northwestern
Yeast Co.—Usual
Extra Dividend.—
dividend of 3% has been declared on the outstanding capital
the regular quarterly dividend of 3%, both payable
March 15 to holders of record March 12.
An extra dividend of 3% has been
An extra
in addition to
1914.—V. Ill, p. 2431.
Scotia Steel & Coal Co., Ltd.—Earnings-
paid quarterly since Sept.
Nova
1920.
Calendar Years—
prof, after taxes,
Surplus applicable to
1918.
1919.
main, exp., &c.$2,376,085 $2,193,304 $3,535,525
Common stock amounted to $1,039,407.—V.
112, p. 476.
Oklahoma Natural
Earnings for
J. E.
1918.
$703,096
17,553
87,655
210,000
210,000
(6 %) 180,000(4 M) 135,000 (4%)
Preferred dividends (7%)
213,946
100,000
180,000
180,000
....
Harding
amounted to about $705,000.—Y.
112, p. 568.
—V.
Ottawa
Light, Heat & Power
1920.
earnings
earnings-
Gross
Net
Gas Co.—Earnings.—
110, p. 1296
Producing & Refining Corp.—New Sec'y.—
has been elected Secretary, succeeding Robert L. Howard.
January last
Calendar Years—
Charges
200,476
def.8222,017 def$541,498 sur$114,838
6,054,168
6,595,667
6,480,829
1,534,522
—■
Bal., sur. or def
Previous surplus
Oklahoma
Ltd.—Earnings.—
$729,304
79,510
Calendar Years—
Profits
$7,792,143
306,563
26,719
Adjustments x._
i
Res've for contingencies
Com.
-V.
_
Balance available for V ^reciation, interest, &c
Montreal Cottons,
$7,137,317
682,159
98,533
2,580
Sundry charges.
Gas Co.—Stock Dividend.—
The stockholders in Dec. last, voted (a) to increase the authorized
Common stock from $2,000,000 ($1,750,000 outstanding) to $3,500,000 and
(b) to pay a 100% stock dividend in Common stock, to holders of record
Dec. 27 1920.
During the last year cash div. amounting to 10% were paid.
$160,901
$161,235
13,941
$147,294
Tax accruals and ren
Mtge. 7M% bonds in
$2,810,507
790,711
60,003
...
180,000
,299,260
(10%)973,877
Dividends.
__
$4,465,512 $10,464,508 $10,269,330
50,132
Royalties...
Depreciation _•
Coupons on bonds.....
Intorest paid (net)
$466,327
$85,877
$89,088
13,158
$75,930
$652,412
maintenance
Gross income
See also offering of 1st
1919.
1918.
1917.
$3,551,668 $10,380,584 $10,157,038
88,010
83,924
112,292
Total income
stock,
Operating revenue
Net after operating expenses, incl.
through an exchange of stock.—V. 112,
Co.—Annual Report.—
The company
elected directors succeeding
(N. Y.) Light & Power Co .—Stock Increase.—
has increased its capital from $300,000 to $600,000.—
Mai one
The
in addi¬
to hold¬
Directors.—
Charles A. Giidey have been
R. K. Smith and R. L. Henry.—V. 112, p. 846.
P. J. Hanlon and
V. Ill, p.
Brake
Calendar Years—
Sales
Total p.
Co.—Extra Dividend.—
Loew's Theatres
New York Air
Admin., &c., expenses._
Drug Co. below
Columbia Trust Co.,
temporary
acquisition having been made chiefly
International Ltd., Inc.—Syndicate Extended.
and compare annual report of United Drug
Liggett's
See United
Island Assembly to allow the
Providence Telephone Co.
The New England
practically all the stock of the Providence company, the
introduced in the Rhode
been
take over the
owns
company
& Libby.—New Financing.—
negotiating with Chicago bankers for a new
Nothing definite can be obtained on the matter.—
Co.—Acquisition.—
England Tel. & Tel.
New
A bill has
company to
1284.
Co. in V. 112, p.
change
proposed bill provides, first, that a Massachusetts electric utility
a hydro-electnc plant may issue bonds to an amount not exceeding
capital stock, instead of to an amount not exceeding
the capital stock; second, if a refunding mortgage is issued and prior lien
bonds are placed back of it, the two bonds, one of which is collateral and
the other original, shall not count as two; third, that such a utility may be
permitted, when benefited by a reservoir in New Hampshire or Vermont,
to own securities of such a reservoir company.#
Mr. Harriman said that
in consolidating the three companies named by him it is desired to apply the
rights already enjoyed in New Hampshire and Vermont to the combined
company.—V. 112, p. 67.
The
owning
it is stated, is
notes.
Decrease.
2,031,938
twice the amount of the
dividends this day
which to pay any
(lbs.).—
8,031,938
New England Power Co.—Consolidation of New England
Hydro-Electric Companies Forecast.—
President Henry I. Harriman appeared before the Committee on Power
and Light of the Massachusetts Legislature Feb. 16 in support of a bill to
facilitate the financing of hydro-electric companies, stating that the con¬
solidation of the New England Power Co., the Connecticut River Power Co.
of N. H. (and Vt.) and the Rhode Island Power Transmission Co. is sought
by the controlling interest in these organizations.
.
1921; and (b) by a modification of the decree
company
declare any dividends warranted by its financial
dividends so declared to all its stockholders,
or expedient to provide funds from
declared.—V. 112, p. 750, 368.
850,00016,000,000
,
to
now
[Vol. 112.
CHRONICLE
THE
1030
hfBalance,
—V.
-
Co.—Annual Report.—
1919.
1918.
$1,459,308
228,700
$1,237,129
230.971
$1,114,915
310,150
$18,700
$9,459
•
$29,026
after dividends
—
Ill, p. 1956.
Penmans, Ltd.,
Calendar Years—
1917.
$957,300
246,140
_________
$26,622
Montreal.—Annual Report.—
1920.
1919.
1918.
1917.
$8,648,382 $6,896,496
$1,358,331 $1,135,742
Deduci—Depreciation
$121,160
$120,233
Bond interest..
100,000
100,000
100,000
Pref dividends (6%)64,500
64,500
64,500
Common divs___.(9^%)209.684(6^)145,166(7^)161,295(5%)107,530
Patriotic contributions
4,547
13,907
16,300
War tax
45,000
425,000
355,169
91,813
Reserve fund
500,000
500,000
500,000
Sales
Profits'" ""
—
Total
surplus
profit and loss
—V.
112, p. 659.
Balance,
$9,499,181
$460,306
$8,538,848
$1,437,292
$129,720
100,000
64,500
$41,122
$68,359
$1,045,392
$1,004,270
$42,300
$850,167
$135,365
$807,867
March 12
Phelps-Dodge Corp.—Div. Decreased—Output (Pounds)
A dividend of 1% has been declared on the outstanding $45,000,000
^capital stock, par $100, payable April 1 to holders of record March 18.
During 1920 four quarterly dividends of 214% each were paid.
A quar¬
terly dividend of 2^% was also paid in January last.
»
■Copper Production
(in
Lbs.)
1921—Feb.—1920.
7,582,000
—V.
V
for Month dnd Two Months ending Feb. 28.
Decreased
1921—2 Mos.—1920.
Increase.
15,547,500
3,500116,283,000
7,585,500
735,500
112, p. 659, 168.
Pittsburgh Coal Co.—Earnings.—
1919.
Gross receipts.
.$48,596,689
Profits, after all expenses
$14,302,505
Depletion coal lands, &c
3,369,789
Depreciation plant and equipment
Interest paid and accrued
— .
Net
L
profits
Undivided
v
$4,559,716
1,128,276
2,160,000
1,608,460
1,604,559
1,533,030
895,708
$9,006,854
1,839,470
2,160,000
1,608,460
112. p. 379.
Co.—Capital Incr.,&c.
Porto Rican-American Tobacco
on
March 10 authorized an increase in the capital
stock,
$10,000,000.
It is proposed to redeem out of the new
$1,342,754 scrip (Series 1 to 9) previously issued in lieu of cash divi¬
dends.
Compare V. 112, p. 752.
from $5,000,000 to
issue
Providence
;
See New
Telephone Co.—Merger.—
(Bell)
England Tel. & Tel. Co. above.—V. 110, p.
Radio Corp. of
1296.
signed between the Polish Government and the com¬
pany under which the company will construct at Warsaw one of the largest
radio stations in the world, thus affording direct uninterrupted communi¬
cation between Poland and the United States.
The company, it is said,
will operate the station for a number of years.
Cost of station is said to be
between $2.00^,000 and $3.000.000.—V. 112, p. 477.
lbs.).—
Ray Consolidated Copper Co.—Production {in
1921—2 Months—1920.
909,00015,959,000
7,784,073
3,885,000
940, 855.
112, p.
Decrease.
Decrease. I
1921—February—1920.
2,976,000
Common
and
Year ended Dec. 31
Surplus Account
Total
First
.
__
_
shares
Debit balance in general
a
Based
all costs
on
and
Issued.
—$4,000,000 $4,000,000
3,000,000
1,500,000
(closed mtge.)
800,000
__
......
Paper
(closed mtge.)
689,800
7,000,000
1,000,000
of Issue.—Now being sold, $1,000,000.
Held in escrow to
retire prior lien bonds, $1,490,000.
Held in escrow against balance to
become due on timber limits, $580,000.
To be disposed of as directors
may determine, $430,000.
For future capital requirements, issuable ac¬
cording to the terms of the deed of trust, $3,500,000.
Sinking Fund.—Beginning Jan. 1 1923, there will be provided an annual
sinking fund equivalent to 2% of the total amount of bonds outstanding.
Retirement of Outstanding Securities.—An offer of exchange is being made
to the holders of the outstanding 6% bonds of the Howard Smith Paper
Mills, Ltd., and Toronto Paper Mfg. Co., Ltd., providing for the deposit
of their bonds and the acceptance by them of 7 % bonds of this Issue held
by the trustee In escrow.
Upon the retirement of all such bonds by exchange
or otherwise, and upon payment o fthe balance due on timber limits, the
present issue will be secured by a first mortgage on entire assets.
Company.—Is the largest manufacturer of high-grade writing and book
papers in Canada.
Owns the properties and assets of the Toronto Paper
Mfg. Co., Ltd., which it has acquired and taken over as a going Concern as
and from Jan. 1 1921.
(V. 109. p. 1707).
Operates 3 modern paper mills
situated at Beauharnois and Crabtree Mills, Que., and Cornwall, Ont.
Tn addition, at the latter point a sulphite mills is operated together with a
bleaching plant.
The aggregate capacity of the three plants Is 100 tons per
day of high grade book, writing, bond and ledger papers and 70 tons per
day of high-grade bleached sulphite.
Also owns about 500 square miles of
of.$6,472,000
proceeds
2,200,000
Surplus of current assets over current liabilities, incl.
of this issue, will amount to
...
TotaI
assets
u
......
$8,672,000
.
_
Earnings.—Average annual net earnings for the past 3 years ending Dec.
31 1920, after deducting bond interest and depreciation, were $477,288,or.
sufficient to pay about 7 times the int. charges on
Net earnings after bond interest and depreciation
bonds now to be issued.
for year ended Dec. 31
charges on bonds now
1920. amounted to $815,683, or over 11 times interest
to be issued.
p.
Purpose.—Proceeds will be used to complete the extensions to the plants
company and to provide further working capital.—Compare V. 108,
2636; V. 109, p. 1615,1706, 2445; V. 110, p. 367.
Income
Years ended December 31.
Consolidated
Company Proper
Account
1917
1918
1919
1920
$257,241
17,730
$204,262
11,150
11,200
20,211
33,250
21,250
71,243
4,760
17,716
33,250
42,500
27,949
7,790
$181,552
$181,552
$91,292
$91,292
$1,089,899
78,000
Preferred dividends... (8%) 120,000
Common dividends..(5H%)220,800
Depreciation
i.
196,216
Written off...___i
>16,932
Tax reserve
91,018
$437,990
35,216
33,250
62,500
$366,933
$366,933
Total income.
_
Bond interest.
Balance, surplus..
Profit and loss surplus
—V.
$210,000
Reduction in valuation of inventories from cost to
Montreal
94,059
*
168,922
._—$922,224
divs. ($7 per share),
—1
$52,500
$753,302
-
(7%), $157,500; 2d Pref.
divs.
Pref.
44,130
—
_
profit before applying inventory depreciation below
1 1920
—
Net
General surplus Jan.
1920.
a$797,432
sales
$100 (c*).
Authorized.
8% Cum. participating preference shares.
6% 1st mtge. bonds, due 1934
6%
1st mtge.
bonds, due 1942 .(Toronto
Mfg.
Co.)
...
7% 1st ref. mtge. bonds (this issue)
of
The directors have deferred for an indefinite period action of the quarterly
on the First and Second Pref. stocks.
The company had been
paying dividends at the rate of 1 % % and $1 75 per share quarterly on the
1st Pref. ($100 par) and the 2d Pref. (no par) stock since Dec. 31 1919.
Income
& J. at Royal
or part on
Co., trustee.
dividends
Consolidated
Int. payable J.
Capitalization—
1,825,073
(Robert) Reis & Co.—Dividends Deferred—Annual Report.
Manufacturing and merchandising profits on
Interest paid (net of interest received)
1941.
York funds.
Denom. $1,000, $500 and
any int. date on 30 days' notice at 105 and int.
New
Red. all
Trust
Due Jan. 2
1921.
Montreal or Toronto, or at office of Aldred & Co., Ltd.,
in
timber limits.
Assets—Fixed assets, excl. good will, represent a book value
America.—New Contract.—
A contract has been
—V.
York,
Provisions
(a)
$6,757,350 def$337,020 $3,398,924
(a) $30,369,828 $23,485,632 $23,822,652
profits
Subject to Federal income taxes.—V.
The stockholders
1,325,044
1,168,009
1,038,128
436,906
2,130,000
1,608,460
Total surplus
a
1918.
$37,303,131 $49,608,827
$8,090,897 $13,040,151
$10,932,716
Income and excess profits taxes
Preferred dividends (6%)
Common dividends (5%)
Dated Jan. 2
Bank of Can.,
New
,
1920.
Calendar Years—
1031
CHRONICLE
THE
1921.]
market value... 782,872
$70,648
surplus account Dec. 31 1920
valuing Dec. 31 1920 inventories at cost after deduction
(excepting interest) and depreciation of plant.
31 shows: Cash, $544,233; U.
of
Solar Refining
Replogle Steel Co., Wharton, N. J.—Annual Report.—
Dec. 31 1920 shows a gross profit
operations of $189,974.
Adminis¬
(including $42,159 for taxes) totaled $477,828,
leaving an operating loss of $287,854; other income amounted to $584,062,
resulting in a total income for the year of $296,208; miscellaneous deductions
(including $195,450 for interest on funded debt) were $293,195, leaving a
net income for the year of $3,013.
The balance sheet of the company (incl.
sub. cos.) shows cash assets of $940,124 and inventories of $2,522,896, a
total of $3,463,021 current assets, as against current liabilities of $545,305.
—V. 112, p. 265.
The annual report for the year ended
sales and a net revenue from railway
on
$1,142,319
$2,694,119
(30)600,000 (15)300,000 (35)700,000
1,000,000
$442,319
$2,394,119
$2,761,999
$3,413,991
Balance, surplus—...
1917.
1918.
1919.
$3,361,999
1920.
$4,413,991
Cash dividends.... .(50%)
S.
Liberty and Victory bonds (at par),' $184,600; accounts and notes receivable
(net), $901,722; inventories, $2,644,548; notes payable, $1,683,500; ac¬
counts payable and accrued, $199,486; total assets and liabilities, $4,762,338.
—V. Ill, p. 1478 .
Co.—Annual Report.-
Calendar Years—
Profits or loss
expenses
The consolidated balance sheet of Dec.
$81,623
$114,473
112, p. 940.
BALANCE SHEET DEC. 31.
845,457
1,585,099
$60,457
2,399,330
242,319
1,616,332
1,583,965
242,094
2,996,723
1,247,312
$7,906,207
1919.
.
.$2,000,000 $2,000,000
Capital stock
618,355
615,889
785,688
5,112,197
876,327
4,413,991
Accounts payable.
2,543,312
1,860,047
Total *.........$8,516,240
a
1920.
Liabilities—
1919
1920
Assets—
Real estate
Plant
Inventories
Insurance
reserve.
Cash and
invest..
Acc'ts receivable..
Tax
liability
Profit & loss, surp.
trative and selling expenses
(R. J.) Reynolds Tobacco
Stores
Co.—Obituary—United Retail
Corporation Buys Block of Common B Stock.—
Reynolds, Vice-Pres. and director, died March 6.
United Retail Stores Corporation below.—V. J11, p. 1089.
Walter R.
See
Root & Van Dervoort
President W. H.
Engineering Co., Moline, 111.—
Van Dervoort died in Moline,
After deducting
Standard Oil Co.
Deferred.—
..$8,516,240 $7,906,207
—
(Calif.).—Capital Inc.—Earnings,
The stockholders have voted to issue
Calendar Years—
Net
earnings...
Depreciation & depletion
Federal taxes
Dividends
do
&c.
$15,000,000 new stock to be sold to
The new issue
The par value
1920.
1919.
1918.
$59,413,819 $48,566,327 $44,276,521
9,798,565
8,176,220
9,917,985
7,960,000
9,327,339
19,405.462
J917.
$30,377,073
5,897,326
5,830,117
(cash)._(14%)13,912,263(11)10931,063(10)9937,331(10)9,316,248
2,484,333
.(2^)2484333
Liberty bonds
.^7/74^91
Balance, surplus
Royal Baking Powder Co.—Common Div.
Total
depreciation.—V. Ill, n. 2049.
employees, who will be assisted in paying for it by a bonus.
will bring the authorized capitalization up to $115,000,000.
of the shares has been reduced from $100 to $25.
111., Feb. 25.—V. Ill,
25*7, 2528, 2235.
p.
a
$17,647,372
$2,531,411
$9,333,382
—V. 112, p. 660.
that
Standard Oil Co. of N. J.—Denies Rumor—Cuts Prices—
March 7 issued the following statement: "The rumor
that the directors of the Standard Oil Co. of N. J. are on their way
to Mexico to confer with E. L. Dobeny of the Mexican Petroleum is incor¬
rect.
It is true that James A. Moffett Jr. and E. J. Sadler, both directors
of the Standard Oil Co. of N. J., are in Mexico on business connected with
the Transcontinental Petroleum Co., a subsidiary of the Standard Oil of N.J.
The company on March 9 announced a reduction of 2 cents In the price
of gasoline in wholesale lots for both the New Jersey and the Maryland dis¬
tricts, bringing the wholesale price down to 24
cents a gallon.
See Humble Oil & Refining Co. above.—V. 112, p. 940, 752.
employees until wages have been reduced to the general level of the spring
of 1920, when the last increase in pay was granted.
Falling off in the
business during Jan. and Feb. is given as the reason for the reduction.—
V. 112, p. 940, 752.
which will cost in the
The directors have deferred action on the Common
dividend usually paid
which it is expected will be held shortly.
2% was paid on the $10,000,000 outstand¬
March 31 until their next meeting,
In Dec. last
extra dividend of
an
ing Common stock, par $100, along with the regular quarterly dividend of
2%.
The regular quarterly dividend of 1K% on the Pref.
stock has
been declared payable March 31 to holders of record March 15.—V. Ill,
2332.
p.
Sears, Roebuck & Co.—Reduces Wages.—
Wages of 2,500 to 3,500 employees have been reduced, and it is stated
similar reductions will be made in a short time in the pay of other
Shredded Wheat Co.—Earnings
{Including Sub. Cos.).—
The annual report for 1920 shows gross income, less operating expenses,
$1,094,534; reserve for depreciation, $130,162; reserve for taxes, $92,687;
net income,
$871,685; net profit after dividends amounting to $775,000
Total surplus as of Dec. 31 1920, $1,450,763.—
(7H%) totaled $96,685.
V. 106, p. 821.
Simms Magneto
Co.—Earnings.—
ending Dec. 31 1920, after deducting all expenses
operation, incl. ordinary repairs and maintenance of plants,
depreciation, estimated Federal taxes, amounted to $71,661, compared with
$94,998 in 1919 and $74,414 in 1918.
After deducting $70,000 for Pref.
dividends the balance for the year was $1,661, as against $22,748 in 1919.—
Ill, p. 2332.
Skinner
Eddy (Shipbuilding) Corporation.—
&
The company's
a sum
shipyard No. 1 has been largely disposed of to two firms
The purchasers will not use any of the parts
close to $1,000,000.
purchased for a shipyard plant, it is said.—V. 106, p.
2654, 2457.
Ltd.—Bonds Offered.—
Aldred & Co., Ltd., New York, are offering at 82 and int.
yielding 8.82% (N. Y. funds) the unsold portion of SI,000,000 1st Ref. Mtge. Sink. Fund 7s.
Circular shows:
(Howard)
(New York).—New Building.—
the erection of a new office building, 34 stories high,
neighborhood of $35,000,000.
The present building
at 26 Broadway will be incorporated in the new structure, which will rank
sixth among New York's skyscrapers.
Building will have a frontage on
Broadway of 277.7 ft., 159 ft. on Beaver St. and 203.6 ft. on New St.
See
N. Y. "Times" March 6.—V. 112, p. 380.
(F. B.) Stearns (Motor
Richard Garlick, Treasurer of
Net income for the year
for
Standard Oil Co.
The company plans
been elected
incident to
V.
The company on
spread
Smith Paper Mills,
[These bonds were offered at 91 and int. to yield about 7.90% In Canadian
funds by Aldred & Co., Hanson Bros., Montreal, and R. A. Daly & Co.,
Toronto.]
a
Car) Co.—New Director.—
the Youngstown Sheet & Tube Co., has
Paul Wick of Youngstown.—V. Ill,p.597
director, succeeding
Stephens Fuel Co., Inc.—Pref.
Richardson, Hill & Co. are offering
2 shares of Common stock with every 10
Stock Offering.—
at 92H and div. (with a bonus of
shares of Pref. stock) this company s
7% Cum. 1st Pref. stock, par $100. (See description &c.f in V.109.p.ll86.)
Capitalization Dec. 31 1920—
0utsIr^l^A
7% Cumulative 1st Pref. stock (par $100)
^1'cRa'RaR
i
7% Cumulative 2d Pref. stock (par $100)- — [—
1,500,000
1,112,700
Common stock
(no par)
Earnings.—In the first 5 months
----
60,000shs.
annual
dividend
on
assets.
Real estate and equipment
Sinking fund
...
Advances
—
Good-will, &c
Total
$1,333,259 7% Cum. 1st Pref. stock. $500,000
1,036,676 7% Cum. 2d Pref. stock. 1,112,700
204,935
9,250 Common stock (no par)..
479,083
58,556 Accounts payable
Reserves
49,317
1,118,645
$3,556,386 Surplus
as'to" property, &c., in V. 109, p. 1186.
(each side)
See full details
3 times the whole
Liabilities—
Assets—
Current
40,987 shs.
of the present fiscal year, Aug. 1 to
earned after tax reserve $106,844, or
the First Preferred stock.
Balance Sheet as of Dec. 31 1920.
Dec. 31, the company
1,210,3-51
1032
THE
Steel &
CHRONICLE
Radiation, Ltd.—Receivership.—
United States Gypsum Co., Chicago.—New
Officer.—
WJG. T. Clarkson, who has been appointed receiver, says: "The receivership
is for the
purpose of reorganization and it is contemplated that the business
will be carried
available for
on
without any interruption whatever.
time."—V. 112, p. 940.
E. L. Marsh has been elected Secretary and
Treasurer, succeeding 8. T.
as Secretary and Treasurer, re¬
Meservey and S. Q. Fulton, who resigned
spectively.—V. Ill, p. 1958.
No statement will be
some
Stewart
United
Manufacturing Co.—Stricken from List.—
As 57,667 shares out of 60,000 shares
Calendar
l§20.
Gross earnings from construction and sales
Gross profit from operations
United States Worsted Co.—Bankers*
—
--
(subject to Federal taxes)..
1758.
$1,865,995
$2,063,559
Superior Oil Corp.—Temporary President—Operations.
M. Catlts has resigned as President and a member or the executive
Until such time as a permanent President is selected, W. M.
Irish, Vice-President of the Atlantic Refining Co., will act as President.
H. G. Davies, formerly of the Carter Oil Co., was recently elected VicePresident in charge of operations.
An official statement put out Mar. 4
says in substance: "Thus far there has been no restriction of the corpora¬
tion's output in Kentucky, from which source normally some 80% of its
R.
committee.
Earnings of United States Worsted Company for Calendar Years.
Calendar Years—
Net profits.,
1918.
596,230
1917.
$1,236,187
122,477
Federal taxes
with all other operators in those fields."
A financial statement will probably be issued in advance of the annual
342,109
720,325
--
Balance, surplus
Swift &
Co.—Wage Reduction.—
See Armour
&
Co.
above.—V.
Products
Fruit
Co.—Earnings.
United Verde Extension Mining Co.—Production
The annual report the
year ended Dec. 31 1920, shows a net deficit of
$248,006 after all deductions, incl. taxes, depreciation and reserves; net
sales totaled $6,774,194, and net profits were $263,166.
Dividends were
paid in 1920 as follows: $59,500 on the Best Clymer Pref. stock and $769,894
on the Ten tor Corn & Fruit Products stocks.—V.
Ill, p. 2432.
1921—Feb.—1920.
3,349,942
2,977.898
—V. 112, p. 753, 661.
Utah
Corporation.—American Tobacco Co.
Has Aajuired 12,000 Shares of Common Stock.—
—V.
See annual report on a preceding page.—V. 112, p. 941, 856.
See Howard
Ltd., above.—V.
109,
p.
stock
(paying
are
offering at
par
1707.
56,000
sq.
ft.), with the old foundry, gives
a
day.
Gross
-V.
Union Tank Car
New
York
a
operation
melting capacity
Co.—Admitted to
United Alloy Steel
Sept.
1918 to Dec.
Warner
Co.—Cap. Inc.—Acquis*n.—Earns.—
Calendar
proposed increase
—Quarterly Dividend of 2%.—
.A quarterly dividend of 2% has been declared on the
outstanding $100 000,000 Capital, stock, par $100, payable April 15 to
holders of record
March 19.
A 100% stock dividend and a
cash dividend of 4%
^ ^ 1no4*.
15 last.
Tn
In
1 flOA
-in** 1*3
1920 dividends were
paid as follows:
July and October,, 3% each.—W'112, p. 558, 477--
United
William C.
Gas
Improvement
Dickerman,
American
O-11
~
Co.—New
were
V
Jan.,
_
Director.—
"•">
Vice-President in charge of operations
of the
been elected a
director, succeeding
6
Car & Foundry Co., has
Thomas J. Dolan.—V. 112,
p. 267.
-
1919
-$52,138.951S113,049,828
Wheeling Steel Corp —Postpones Common
The
directors
have
postponed
action
Dividend.—
the Common stock dividend
later meeting, but have declared
the regular quarterly dividend of 2% on the Pref.
stock, Class A, and alsothe regular quarterly dividend of 2H% on the Class B
Preferred.—V. Ill
which should be
payable May 1, until
on
a
2050.
Wilson &
See Armour &
Co., Inc.—Wage Reduction.—
Co. above.—V. 112, p.
(The) Winchester Company
nual Report Calender Years.—
941, 856.
and
Subsidiaries.—An¬
1920.
Sales.
U. R. S.
Candy Stores, Inc.—Report— Sales.—
See under "Financial
112,
p.
169.
Reports"
on a preceding page.
$309,693, compared with $171,178 in Jan. last.—
United Retail Stores
|
Corp.—Buys Block of Reynolds
Stock.
The "Wall Street Journal" says: "The Corporation has acquired a sub¬
stantial block of R. J. Reynolds Co.
Class "B
common.
It was purchased
from R. J. Reynolds Estate.
It is understood that United
Retail found it
possible to obtain this stock on favorable terms because
of the inheritance
tax.
Executors of the estate decided that
the offer from United
Retail
made it possible to dispose of the
stock more
advantageously than if it had
been retained and the inheritance tax
,
paid."—V.
112,
p.
930.
1919.
$18,042.247 $24,910,904
$20,706,880
_
_____
Cost of sales, mci. selling & gen. exp., depr. &
int..$16,956,331
Net earnings
Li
Reserve for Federal and State
___
taxes and
contingencies
Proportion of profits applying to stockholders of
Winchester Repeating
Arms Co., other than
the Winchester Company
Proportion applying to period prior to Apr. 16
1919 (date of incorp. of the Winchester Co.)
Dividends on 1st Pref. 7% cumulative (7%)
Dividends on 2d Pref. 6% non-cumu. (6%)
other
.
$1,085,916
__
Deduct:
••
; $4,204,024
.-.'m,,
'
__
7
37,233
..
"
1,200,000
95,000
.
__
Sales in Feb.' totaled
$1,437,689
637,879
_
-
\
-V
Balance, after Preferred dividends
$799 go9
Dividends paid on Common stock were as follows:
7% in 1914; loi.o'and
1%; 1918, 2%; later dividends, if anv, not
reported.—
naid
234%;
—
1920
------
1916, none; 1917,
V. 97, p. 1220.
,
See
Sugar Refining Co.—Earnings, &c
Net earnings after taxes.
$1,910,054
Carried to reserves, $627,372; 7% Pref. divs., $10,507
offered, only 20,739 shares have
«Xail
in.
4
"In spite of the excellent earn¬
of the present business
depres¬
Years
Gross sales...
United Drug Co.—Syndicate Extended.—
April
1920 inclusive.
sion it would be a wise policy to conserve cash
resources."
The directors
have declared the regular quarterly dividend of
1%% on the Pref. stock,
payable March 31 to holders of record March 21.—V. 107, p. 2104.
13,333 of preferre .—V. 109, p. 279.
been sold, consequently the
syndicate has been extended to June 15
V. 110, p. 2495.—V. 112, p. 929.
Mfg. Co., Boston.—Dividend Decreased.— *
An official statement says in substance:
Announcement has been made by the United
Drug Syndicate that all of
the $7,500,000 Pref. stock of
Liggett's International, Ltd., has been sold.
Of the Common stock, of 50,000 shares
Co
Springfield, O.—New Officers, &c.
A quarterly dividend of 1734 cents
per share has been declared on the
Common stock, par $20, payable March 15 to holders of
record March 7.
Dividends of 1 *4% each (35 cents per share) have been
paid Quarterly from
authorization of 380,000
Fruit
$789,608
_
Exchange has admitted to the list $12,500,000 tem¬
12-year 7H% Sinking Fund Debentures, due Nov. 1 1932.
See
offering in V. Ill, p. 2237; V. 112, p. 68.
of
United
_
ings for 1920, the directors felt that in view
common stock (present issue
525,000 shares) and 50,000
preferred stock.
Arrangements are said to be nearing completion for consolidation of
Berger
Manufacturing Co. and United Furnace Co., and is expected to be accom¬
plished on an exchange of stock basis without resorting to a sale of additional
securities.
There will probably be a small issue of
pref. stock connected
with the consolidation to be offered in
exchange for Berger Mfg. pref. stock.
United Alloy already owns 50% of United Furnace
stock, the balance being
held by Pickands, Mather & Co., who are
expected to exchange their
holdings for United Alloy.
Net profit for the calendar year 1920, after
paying $2,100,000 cash divs.
and providing as a reserve $628,000 for estimated
1920 Federal taxes
amounted to $871,833.—V. 112, p. 941.
shares
________
321,000
297,500
1858.
p.
Walworth
a
1920
Virginia-Carolina Chemical Co.—Listing.—
Trading.—
The New York Stock Exchange has received notice of
the capital stock.
The increase calls for the
expense
The New York Stock
Storage Co. of Jersey City.—
additional shares of
110,
$2,771,626
1,363,518
__
sales
porary
The company has increased its
capital stock from $1,250,000 to $2,000,000.
The increased stock will consist of 20,000 shares
(par $100), divided
into 6,667 of common and
2d Pref. stock without par
Victor Talking Machine Co.—Smaller Dividend.—
Exchange has admitted to trading $12,000,000
common stock, $12,262,000 7%
equipment trust coupon notes arid $12,000,000 7% cumulative non-voting pref. stock.—V. 112, p. 661, 68.
Union Terminal Cold
2,905,395
A dividend of $10 per share has been declared on
the Common stock,
payable April 15 to holders of record March 31.
In Oct. 1920, and Jan.
last, dividends of $15 per share each were paid.—V
111, p. 1860.
director to succeed the late Jacob
Stock
Con v.
profits
Victor Rubber Co.,
Co.—New Director.—
Maurice Wortbeim has been elected
Wortheim.—V. 112, p. 661.
Decrease.
17,905,395
V :"
H. S. Berlin has been elected.President and H. H.
Durr, Secretary.
Allard Smith, Vice-President of the Unoin Trust
Co., of Cleveland, has been
elected a director.—V. Ill, p. 2146.
Purpose.—To provide additional cash working capital, to enable company
or its bills and take care of the
rapidly increasing business.
Earnings.—Present earnings, after deducting dividends on Pref. stock,
interest, &c., are in excess of 20% of the entire authorized and outstanding
issue of Common stock.
Compare V. 108, p. 2637.
The
10,000 shares of Cumul.
outstanding.
Net profit.
Outsland'g.
$1,000,000
$750,000
to discount all
Underwood Typewriter
1921—2 Months—1920.
Inc.—Listing—Earnings.—
Reserve for Federal taxes,
Dividends paid
Company.—Owns and operates one of the largest manufacturing foundries
Eastern States.
Customers include: General Electric Co., United
Shoe Machinery Corp., Heywood Bros. & Wakefield Co., Greenfield
T.ap &
Die Corp., &c.
A large new foundry, recently completed and In
some
Co.,
Administrative and
In the
of about 125 tons per
84,356
Income Account for 13 Months ended Dec. 31 1920.
Clough, Thorpe & Co., Manchester, N. H.: Riley-Fitzgerald & Co., Worces¬
ter, Mass.; Charles H. Terry & Co., Bristol, Conn.; Henry A. Dunbar,
Pittsfield, Mass.; and William C. Greer, Troy, N. Y.
$1,000,000
$750,000
I
1,711,806115,000,000
of
now
10%).
Authorized.
Decrease.
941, 856.
p.
conversion
value,
Bankers Making Offering.—Thomas C. Perkins, Inc., Hartford;
Edie,
Sweet & Richards, Boston; Frank A. Mahoney & Co., Concord, N. H.;
(covering
112,
($25) $250,000 Common
Capitalization—
Common stock (par $25)
8% Cumulative Preferred Stock (par $100)
(lbs.).
Decrease.
6,654,210
Copper Co.—Copper Production (in lbs.).—
Van Raalte
Troy Foundry & Machine Co.—Common Stock Offered.-
The bankers named below
1921—2 Mos.—1920.
372,04416,569.854
The New York Stock Exchange has authorized the
listing of $3,250,000
7% Cumul. 1st Pref. stock (auth., $4,250,000), par $100, with authority to
list $1,000,000 additional 1st Pref. stock on official notice of
issuance*on
Manufacturing Co., Ltd.—Acouired.-
Smith Paper Mills,
Increase. I
i
1921—February—1920.
7,500,000
9,211,806
Tobacco Products
Toronto Paper
The
1920 resulted In part from the payment in June last of a 50% stock
dividend,
$2,146,000, and from adjustment of surplus, $283,017.—V. 112, p. 753.
112, p. 941, 660.
&
Corn
Temtor
def.$5,999,859sr.$l,477,323sr.$l,113,710sr.$2,062,821
__adef.$4.534,527sr.$3,894,350sr.$2,291,164sr.$3,362,754
profit and loss deficit of $4,534,527 for the year ending Dec. 31
Profit and loss
a
V.
$3,125,255
common
meeting in April.—V. 112, p. 752.
QJJ
1919.
$2,073,553
655,766
Depreciation
ne
in
1920.
def.$5,344,093
Dividends
Broduction is secured, but in Oklahoma and Texas the actionthe Superior
companies in pro-rating runs has curtailed the activities of of the pipe
in
Committee—Report.
body & Co.; Winsor of F. S. Moseley, and Allan of Winslow & Co. have been
investigating the affairs of the company.
This committee has already
cut overhead charges by $100,000.
The committee figured that about
$500,000 of inventories would be disposed of during the first 6 months of
this year.
The Jan. sales alone amounted to $500,000 and the Feb. sales to
$500,000, all goods having been sold at better than inventory values.
In
March 1920 company had $15,000,000 of orders on its books.
By Aug. 1
they had all been canceled.
The company suffered a loss of $8,000,000 in
value of wool and manufactured goods as a result of the
slump in values.
"Last Dec., when the company could not meet its notes, the bankers
agreed to extend the loans and enlarge them if necessary, if the stockholders
would advance more money.
Some of the stockholders said they would
put up $600,000, taking notes for the same.
Director James D. Colt ex¬
plained that the affairs of the company are In a more or less critical condi¬
tion, but the outlook is brighter than it was several months ago."'
1919.
—
Net income
Corporation.—Unfilled Orders.—
that
$35,179,794 $93,991,824
$5,026,740
$5,309,931
Expenses and taxes
1,188.516
1,024,967
Interest, discount and other income
_.Cr.3,276,761
Cr./12,731
Deprec'n, inventory adjust't & contingent reserve. 3,621,118
1,386,827
Loss on rubles and Russian accounts
1,547,306
Railroad and ship expenses
1,627,872
—V. Ill, p.
Steel
The "Financial America" says: "At the annual
meeting Mar. 5 it developed
a bankers' committee
consisting of Messrs. Fessenden of Kidder, Pea-
Report (Incl. Sub. Cos.).
Years—
States
See under "Trade and Traffic Movements" above.—V.
112, p. 941, 661'.
have been ex¬
changed for shares of Stewart-Warner Speedometer Corp., tho Boston Stock
Exchange has stricken the stock from the list.—V. 110, p. 2664.
of the company
Submarine Boat Corp.—Annual
[VOL. 112.
682,829
120,000
819,335
341,414
Consolidated earnings for year
$245,854
$1,748,274
Note.—The balance sheet shows current assets of
$20,965,934, including
inventories of $17,541,858, and current liabilities of
$12,392,000, which
include $9,925,000 bank loans.
The company has undertaken the development of 25 distinct
lines of new
products, which include hardware, sporting goods and cutlery.
Arrange¬
ments have been made with some 3,500 of the best hardware
dealers to act
as exclusive agents.
Nine Winchester-owned stores have been
Boston (2), Providence,
Pawtucket, Worcester,
Troy and New Haven.—V. 110, p. 1328.
,
For Other
Investment News,
see
page
1038.
Lawrence,
,
opened at
Springfield*
Maech 12
THE
1921.]
CHRONICLE
1033
jqxovte and
AMERICAN TELEPHONE & TELEGRAPH COMPANY
ANNUAL
DIRECTORS
THE
OF
REPORT
TO THE
STOCKHOLDERS FOR THE YEAR ENDING DEC. 31, 1920.
New York, March 5, 1921.
■
In
To the Stockholders:
It is the purpose of these reports to
and
facts
to
as
pany's
status of their properties, but also
and steadily increasing de¬
business, the insistent
form
to
and facilities as will enable
judgments as to the soundness of
accurate
successfully created, and the
the structure which has been
assurance
to be
paid
servative
mium
the
No individual
scattered farms.
the
settlements and
part of the development can be considered only with refer¬
itself, but each part must be considered in its rela¬
to
Does it add
tion to the whole.
a
proportionate value to the
as
for
is
the
benefit
a
con¬
of the
portion of the surplus always works
some
service
most
be fair
to
must
case.
well
as
as
return.
a
produce
10%.
market
The
a
fair return
a
No
may
of
the
8%
associated
on
fair
a
Under
companies
their investment
to pay 10%
far
so
as a
whole,
dividends with
of the associated companies
one
be
at the time.
fair return would be not less than 8%
assets
produce enough
margin.
of money
value
exceed their capital that
would
in fixing what
important factor
is the
present conditions
or
which to figure
upon
is the
reverse
the only legal basis
the value of the property.
upon
A
ence
justly be taken
only fair basis
return
roads
or
stock-watering where the
upon
Telephone service to be adequate cannot be limited by
It must reach across the continent and connect
pur¬
the rate of dividend
The value of the property is
political boundaries narrower than the boundaries of
only the cities and larger communities, but the cross¬
rate-making
or
for the public without capital costs—and would put a pre¬
any
the nation.
for
return
of capitalization
capitalization—which
Rates for
is, more than any other, a nation-wide util¬
of
amount
ill cannot properly
upon
public because
ity.
not
the
basis, because that would penalize the company with
returns on their investments.
of continuing
The telephone
such
far-reaching extent of the Com¬
the broad and
mand for additional telephones
them
make clear to a large
body of stockholders not only the
steadily increasing
present fanincial
fixing
poses, the amount
fair
a
pays
more
than 8% dividends.
It is easy to understand that the de¬
It is clear therefore that this Company is entitled to con¬
velopment of the service anywhere adds to the value of the
siderably higher earnings without being subject to the criti¬
service
cism of
service of the whole?
subscriber
No
everywhere.
telephone
to
service
knows in advance the stations or locations he may at some
Every increase in potentiality of serv¬
time want to reach.
When
forty-odd years
ciers and business
men
of that period looked upon it as an
with
interesting curiosity
small
the telephone was introduced
ago
public, and when some of the great finan¬
opment, with wonderful vision and almost prophetic fore¬
sight laid the foundation and planned
for the great
ture
the business struc¬
our
of patents and an experimental
a group
to
a
at
a
the
us
at times
Telephone and Telegraph Company owning all of its stock is
earning dividends with
The irrelevance
stood
A
by
rate-regulating body can justly fix rates only for the
a
utility under its jurisdiction. Whether the
of that utility have or have not revenue from without its
The
of its properties are not paying is of interest.
The
but
Company pays its dividend
there is much more
sued
at
more
pany's
than
one
than par.
on a
value of $100,
par
hundred dollars earning
The amount paid into the Com¬
reserves
the
So it comes about
$35
of $154,565,113, or
are
that
$36,684,237 and the earnings
through
upon
that
Company, surplus
per share, have accumu¬
associated companies.
is invested in stocks of
Many of them have had periods in
which they paid no dividends,
leaving all of their earnings
business; and other periods in which they left
a
part
This Company's interest in the amount so accumu¬
is
equivalent to
$67
per
share of its capital
which added to its own surplus and reserves
makes over
required
permit this to continue.
up
The larger
conditions do not
<
Our program for the past year
uniformly
service.
present financial
by
has been to bring service
to standard, to make such increases in pay to
a
skilled, loyal and hopeful army of employees, and to in¬
the
revenue
to
an
ment of the stockholders
a
amount nearer
the invest¬
what
justifies by bringing all sections to
basis of reasonably fair
this
earnings
so
that as
a
final result
Company, which largely represents the investing pub¬
lic's ownership in the
telephone business, would make the
$200 in assets to
$100 par value of its stock.
earn
($35
per
stock,
share)
the dividend upon each
now
are
necessary
to attract new
We believe that the soundness of this program cannot be
Telephone service has become so much a vital
questioned.
necessity in the domestic and commercial life of the country
that nothing
should be
reliable.
more
quires
from
There
the
lieve
pay a
now
is
omitted" which
is
no
personnel
effort than telephone
invested for the stockholders.
Most of this capital and surplus
lated
carrying in some sections of the country
the fair cost of telephone
part of
nation-wide
Telegraph Company
capital at reasonable cost.
exceeds
and the other earnings left with the
there.
a
Telephone and
its
this cash payment of
in the
American
the
The Company has never paid out all of
improving its property.
lated which
service
larger earnings which
stock
earnings in dividends, but has consistently pursued the pol¬
and
that the invest¬
Thus for the benefit of an adequate,
revenue.
by
for
icy of employing some part of its earnings in extending and
sum
neces¬
do new financing on favorable terms even
such earnings were not all
capitalization
treasury
$36,684,237.
investment,
and
jusified and when the Company's, investments in some
crease
Much of the Company's stock has been is¬
that dividend.
capitalization
telephone workers as would result in attracting and holding
why this Company can pay dividends when
reason
between
low return on the total net assets
parts of the System were not'earning their fair part of the
own¬
jurisdiction is obviously irrelevant.
some
when
earnings
stockholders.
our
service of
ers
objection should be fully under¬
re¬
the fixed charges and dividends, have permitted
has been in effect
margin.
a
of this
than they have
be made to newl standards of earnings.
margin
in the past to
ment
associated company on the ground that the American
an
the investment
beginning of the past year it was realized that
wide
The
broadly along the lines which they foresaw.
Objection is sometimes made to increases in rates urged
on
premium with margin enough to insure stability.
At
tionize commercial and domestic life, the evolution has been
by
our
that it is for the
it should be always enough to make it attractive
sary to pay
.
ade¬
high-grade investment security, and that the
very
turn upon
plete System, which has been of such value as to revolu¬
INVESTMENT.
an
The interest of the public requires that our stock always
be
and the relatively
ON
We believe
stock.
fair return
a
model, from that time up to the establishment of the com¬
RETURN
To give
been.
adjustments must
Starting with only
fair return.
real benefit of the public we serve that earnings should be
nearer
nation-wide utility which the Company
has become.
a
stable enough to attract money freely to
enough and
great commercial value, the
no
of Boston merchants who undertook its devel¬
group
than
more
securities and to
ice increases value.
to the American
earning
quate and economical service, our earnings should be large
other
more
make it better or
faithful
and
which
re¬
intelligent
service, and it should be and we be¬
adequately rewarded.
fair price for a good service.
All parts
can
employment
The public is willing to
I
of this program have been going on during the
year.
The increases in revenue have
the increases in expenses
approval
of
rate-regulating bodies.
panies during the period of rate
dends only
naturally been slower than
because the former required the
Several of the com¬
revision earned their divi¬
in part, but before the end of the year, with three
THE
1034
received favorable action
they had
exceptions,
Electric
and were
the end of
At
were
the
wise, whereby this difficulty with respect to patent rights
might be remedied, thereby making it possible for the Army
the average rate of
In only a few
of
part
the
on
public
the
resolutions
little or no
As
increases
must be
successful
Radio
the
ing
Also it is
In
tion.
States provision has been made
the
public
well
as
as
In
most
in
in foreign countries,
and
this
of providing to the
is believed that by our
American public
participation in the Radio
in improving the present unsatisfactory posi¬
progress
tion
of
will be
United States in international
the
communications
greatly accelerated.
to the company.
SERVICE.
transportation, have be¬
part of the essential machinery of industry and com¬
merce.
to,
whereby util¬
This procedure is eminently fair to
The utilities so-called, including
come a
service
in view
Corporation, and by the exchange of licenses above referred
giving bond to protect the public, collect rates
pending investigation.
It
ice.
clearly equitable that with due safeguards to
some
this
adequate international and world-wide radio telegraph serv¬
public, living rates should be allowed pending investiga¬
ities may, by
for
with the end
'
gation.
countries, and is erect¬
providing for the erection of new and most powerful
or
stations
public service should not be re¬
a
number of high-power radio tele¬
time has a
tween the United States and foreign
reasonably prompt in action.
reasonable that
That corporation at
Corporation above mentioned.
present
in the
taken a stock interest in the
graph stations engaged in long-distance radio telegraphy be¬
permanently
quired to maintain losing rates during a prolonged investi¬
the
and telegraph communication, and
scientific experts and operating staff still
our
radio art, this Company has
through which the companies have
The recent experiences
telephone and
greater facilities for obtaining practical experience
companies, pre¬
passed emphasize the fact that regulation to be
serious delays
been removed, and the use
tending still further to foster improvements
measure
a
to furnish to
bodies endorsing the
regulating
the
to
By
wire telegraphy.
in
expensive and continuous liti¬
of substantial improvements in all forms of
application of the companies for increased revenue.
is
of this arrangement,
telegraph service has been ensured to the public.
situation and, after in¬
tions realized the necessities of the
vestigation of the statements made by the
should have the benefit
development work in the field of
in the progress of the art have
commercial and business organiza¬
cases
System
the Bell
in all forms of telephone
number of
the Radio<
in their field of radio
work
development
gation has been avoided, uncertainties and
granted.
It
rights and
means
returns as
the
to
Company,,
company,
its associated
Company and
wire and wireless telephony and
In practically
where rates were raised, there was
case
opposition
General Electric
the
and
of their patent rights and
importance, and that to
additional capital.
will attract the necessary
Company
whereby the General
ent
companies were sus¬
be sufficient to make such
it rates must
|to meet this situation, a contract was made be¬
this
telegraphy, and
before that good and ade¬
quate service is the matter of first
sented
built
Corporation of America, would have the benefit of our pat¬
Apparently the rate-regulating bodies
and the public realize as never
a
impor¬
apparatus
Electric
instances was it necessary to resort
and in those cases
action was necessary the
such
tained by the courts.
In
extraordinary
from
obtained
be
providing for an exchange of licenses
legal action to secure sufficient rates,
every
not
tween
Commissions have ap¬
proved increases in rates in order to meet the increased ex¬
penses of the operating companies and to enable the com¬
panies in turn to meet the increased demands for telephone
secure
improvements of
could
In order
COMMISSIONS AND RATES.
where
radio
under the patents of either company alone.
During the past year many State
service.
new
which
tance
the year.
to
Navy and the public to obtain the benefit of nu¬
the
merous
companies' investment
whole is substantially better than
as a
and
majority of
fully in effect in the
the rate of earned return on the
cases
ar¬
case);
City is a notable
still pending (New York
but with the adjustments
this Company that some
upon
applications for increased
some
year
Company and
rangement be adopted, by an exchange of licenses or other¬
fully earning their dividends.
rates
[Vol. 112:
CHRONICLE
of their regulation
States the importance
'
of your Company
the prosperity
which
the foundation on
service is
Good
rests, and our greatest effort during 1920
has been to restore the service in those
places where it still
by Commissions who can keep constantly informed as to the
suffered from the after-effects of the war.
requirements of the public as well as to the problems of the
fying to be able to report that the service throughout the
utilities
been
has
At
recognized.
extension of the utilities is most
it liberal and prompt treatment
particular
this
period,
important, and to provide
of rate questions is neces¬
Generally speaking, the Commissions have not been
sary.
provided with sufficient clerical and technical assistance.
We believe that there is
nothing
important at this
more
It is very grati¬
System, both local and toll, has been brought up to substan¬
tially normal condition,
was
as
predicted
a
It
year ago.
be of interest to state in this connection that we make
may
and
continuous
tests of
rigorous
service, so that
our
we
definitely what grade of service is being given at all
know
from subscribers bear out
The
comments
to
times.
the marked
juncture than thorough support and understanding by the
tests
public of the work of the Commissions.
our
own
during the year.
EXCHANGE
Pursuant to its policy
OF
LICENSES.
PATENT
The
of developing to the fullest extent
all kinds of apparatus and operating methods which
be useful to the associated companies of the Bell
inight
System in
rendering service to the public, and in order that the
asso¬
of operation, the American Telephone and
pany
ing the
ment
the
secures
patents
or
patent rights.
Dur¬
of its scientific researches and the develop¬
course
of the
necessary
Telegraph Com¬
best methods
of telephone
transmission, both
methods
fic
its
development
of radio machinery
the General Electric Company also secured
number of important patent rights useful not only in radio
work
In
ences
be
but also applicable
the course
of these
numerous
In
such
cases
the
relative
each company were involved in so much
company
of its
interfer¬
own
infringe
free
was
to
proceed
in
the
patent
rights of
upon
tions
importance
that
the
Navy
of
world-wide
authorities
a
high proportion of new operators,
are
will
good
electrical
urged
upon
communica¬
the
General
to
reasons
result in
and that during the year
best and most uniform
a
it
Certificate
was
success
The short¬
who are, how¬
our
continued
in the
service
service it has ever given.
OF
MERIT.
has been awarded by the War Department
of Merit
for services of the
Bell System im
The citation which accompanied
particularly gratifying in that it recognized theof the efforts to keep up the standard of public-
service notwithstanding the
of
been a distinct
1921, the Bell System will give the
CERTIFICATE
The Company
believe that
further improvement
connection with the war.
the rights of the other.
The experience of the great war so emphasized the vital
military
efforts
development
special field with the certainty that it would not
months, there has
in the employment situation.
improving rapidly in their work.
doubtl that neither
proper
effectively and loyally
in the operating forces have been made up, but there-
There
developments,
possible-
greater progress was made.
still
ever,
to wires.
in the Patent Office arose, and many others were to
expected.
ages
it has been
last year, and there never has been a period'
During the last few
is
By means of more intensive
forces have never worked more
turn for the better
and apparatus,
a
Throughout most of the year we were still
Even in the face of discouraging conditions, the traf¬
caps.
when
with
by-
of all the traffic
the service steadily in spite of the many handi¬
ent
connection
accomplished
been
part
of training and supervision,
to improve
damental features of wire and wireless telephony and teleg¬
In
has
the
has been made
personnel, high labor turnover and a large percentage
than during the
raphy.
on
inexperienced employees.
by wire and by radio, hundreds of valuable patents and pat¬
rights have been secured, many of them covering fun¬
service
work
that
confronted with difficulties in the way of Shortages of plant
of
the most advanced methods
in
intensive
tors themselves.
and
best apparatus and
and
improvement
both those in supervising positions and the opera¬
forces,
to
the
improvement
skillful
ciated companies may at all times have available and be free
use
as
the military
service:
sacrifices made for the benefit
March 12
1921.]
THE
CHRONICLE
Citation.
"For
of
its
especially meritorious
organization
and its
the prompt
in
service
associated
companies,
and patriotic
action
in placing its personnel,
1035
Telephone Company (name changed in October, 1920, to The
Ohio Bell Telephone Company), also operated in certain
sections of these States.
In the early part of
equipment, and facilities at the disposal of the War Department.
Through
hearty co-operation, the Signal Corps of the Army was enabled to or¬
ganize, with the splendid personnel contributed, sufficient battalions of
operating in Indiana, and in
signal troops to meet the early demands of the
ment in
its
Its loyal
emergency.
sup¬
port and the technical ability, intelligence, and superb qualities of the per¬
sonnel furnished, aided in a
high degree in the phenomenal results obtained
by the Signal Corps in the part it performed in the World War.
And, for
the efficient and
satisfactory manner in which it assisted in providing and
maintaining the communication service at home, notwithstanding adverse
conditions such as had never before existed in the history of our
country
and the depletion of its technical force for service in the Army."
statutory
The
continued
tending
well
commercial
through
the
of
1920,
year
the
country
and the
ex¬
consequent
demands by the public for additional telephone
local
and
toll,
necessitated
service, botti
large construction program,
a
the execution of which during the greater part of the year
was
rendered difficult by the material supply situation,
fuel shortages and transportation difficulties.
year we have constructed
a
net increase of
tions
the System in
any
one
Notwithstanding the larger number of stations add¬
year.
ed. the demands until
so
the necessary plant and installed
503,430 stations, the largest number of sta¬
added by construction to
ever
During the
the last few months of the year were
abnormal that the unfilled orders for service reached
unprecedented total.
in
an
Considerable progress has been made
relieving that situation and it is hoped that it will be
restored
the public
future.
In
general,
and the public authorities have appreciated the
which
steps
in the not distant
normal
to
have
we
taken
maintain
to
and
extend
the
was
deemed desirable to form
new
to that
State.
This
was
done in
March, 1920, the Central
Union Company selling its property in Indiana to the
newly
incorporated Indiana
funds
provide
PLANT.
activity
telephone companies
endeavor to secure improve¬
an
operating results, it
1920, to meet
of
respect
company—the Indiana Bell Telephone Company—to
acquire the Central Union and other Bell System property
in Indiana, the operation^ of the company to be confined
a
to
ADDITIONAL
in
requirements
Bell
for
Telephone
the
new
Company.
to
company
In
order
purchase
the
property in Indiana, the American Telephone and Telegraph
Company acquired certain of the notes and all of the issued
capital stock of the company; the Central Union Company,
concurrently with the proceeds from the sale of its property,
liquidating indebtedness to the American Company of like
amount.
With
the territory of the Indiana Bell Telephone Com¬
thus interfiosed between the remaining properties of
pany
the Central Union
Company in Illinois and Ohio, it followed
that the most economical and efficient operation of the Cen¬
tral Union properties would be secured by their sale to, and
operation
part of the systems of, other associated
as a
panies operating in Illinois
this
procedure
was
in
At
to be
deemed
regulatory commissions
com¬
and Ohio.
satisfactory to the
these
more
the
same
time,
States,
and to ourselves,
by reducing the number of associated companies operating
these States.
Arrangements were accordingly made
in
whereby
the
Illinois property of the
Central
Union
Com¬
sold to the Illinois Bell Telephone Company as of
December 1, 1920.
In payment for its property the Central
pany was
telephone service under the difficult conditions of the past
and in those cases where there have been delays in
Union Company accepted the notes of the Illinois Bell Tele¬
providing
phone Company maturing in December, 1923.
year,
telephones, these delays have been accepted
with good will, notwithstanding the fact that the public, see¬
ing only the telephone on the wall or desk, does not in
new
general appreciate the difficulties in providing additional
telephone plant to take care of large demands for additional
service.
In addition
to
providing the plant to add 563,430
stations, during the year all of the shortages of plant
new
which
interfered
have
with
the
telephone
service
of
the
existing subscribers have been made up, so that to-day the
switchboards, trunks and toll lines are generally speaking
adequate to take care of the service of the existing sub¬
scribers and of
such
new
subscribers
as
be connected
may
with the System.
Likewise, as
31, 1920, the Ohio property of the Central
Union Company was sold to The Ohio Bell Telephone Com¬
pany.
The American Telephone and Telegraph Company
of
purchased
sued
the
notes
of
like
the Ohio property of the Central Union Com¬
to
which
assets
own
The third
Key West and Havana.
common
The manufacture of these cables
Nebraska.
In
Cuba and
PLANT
the
United
States.
/
these
the past
MAINTENANCE.
as
needed and minor troubles
and adjustments which
temporarily interfere with service
of promptly and so as to reduce their reac¬
the service
has been
to
no
floods
minimum.
a
abnormal
made
weather conditions, and
has occurred has been promptly and thor¬
oughly repaired.
PRINCIPAL
CHANGES
DURING
During the
affecting
IN
THE
BELL
SYSTEM
a
either better to
meet the requirements
of State laws
or
to
facilitate better supervision and more economical operation
of the properties.
The first of these changes related to the
Bell System property in Missouri,
and
homa
Texas,
which,
for
past,
years
had
been
In order to
bring about closer co-ordination, to elimi¬
duplication of organization, and to facilitate other
nate
economies, it
the
of
property
December 31,
1920, the North¬
(formerly the Iowa Tele¬
the
Nebraska
Company—
Telephone
These transac¬
place the entire property in the five States under
a
single ownership and management, the American Company
owning the entire outstanding stock
Bell Telephone Company.
far
so
and
Company
the
concerned,
is
territorial
inter-company
sult merely in a change
Northwestern
report]
shows
Telephone
these
corporate
rearrangements re¬
in the form of assets held without
increasing the book investment.
phlet
of
the balance sheet of the American
as
Telegraph
The map
territories
the
of
on page
the
30 [pam¬
licensee
com¬
panies as of December 31, 1920.
WESTERN ELECTRIC CO.,
Kansas, Arkansas, Okla¬
some
owned and operated by three separate companies with com¬
mon executive management and
headquarters at St. Louis,
Mo.
and
changes
1920 three important corporate changes,
number of tllie associated companies, were made
year
whereby, as of
Bell Telephone Company
operating in Nebraska and South Dakota.
and
1920.
single unit, to eliminate duplication
erty of The Northwestern Telephone Exchange Companyoperating in Minnesota, North Dakota and South Dakota—.
In
CORPORATE
a
phone Company), an Iowa corporation, purchased the prop¬
tions
damage to the plant from
or other severe
States
organization, and to effect other economies, arrangements
western
struction work has been done
Dakota, South Dakota
the properties in these
In order to consolidate the operation of
properties into
were
The plant has been maintained up to the usual high stand¬
ards of the Bell System and it is in good condition. Recon¬
as
mainly of securities of otlier
consist
executive management and headquarters located at
in
between
damage
by. these
owned and operated by three separate companies with
established
such
Company
change related to the Bell System property in
Omaha, Nebraska.
There
Union
the States of Iowa, Minnesota, North
and the associated apparatus is completed.
The cables are
to be laid shortly, and during the year 1921 service will be
sleet storms,
Central
The
amount.
were
care
the
transactions sold all of its telephone property, but continues
Florida by means of one or more cables to be laid between
on
is¬
stock
Company liquidated indebtedness to the American Company
and
taken
capital
companies.
the Cuban
tions
additional
the
and from the proceeds of the sale the Central Union
pany,
Telephone Company plans had been made
for the extension of telephone service across the Straits of
are
and
The Ohio Bell Telephone Company to enable
by
latter to buy
In the last annual report it was noted that in co-operation
with
December
Under
can
the
contractual
Telephone and
Electric
relationship
Telegraph
INC.
between
Company
and
the
the
Ameri¬
Western
Company existing since 1882, the control of inven¬
tions and patents
relating to telephones and telephonic ap¬
pliances developed
or
acquired by either company rests in
the American Telephone and
phone Company and the Southwestern Bell Telephone Com¬
pany, the Bell System operating companies in Texas and
Telegraph Company, i
is licensed to manufac¬
ture under such patents under conditions protecting the
telephone companies as to price, quality and quantities.
This original
arrangement has developed by natural
Oklahoma, respectively,
stages into
should
owning
deemed desirable that
operate
these properties.
Accordingly, as
and
sold their properties to the South¬
Telephone
operating
Company,
the
Kansas and Arkansas.
the entire property
entire
Bell
a
Missouri
with
outstanding
corporation
System
property in Mis¬
These transactions combined
in the five States under
ship and management,
ing the
single company
a
31, 1920, The Southwestern Telegraph and Tele¬
Bell
western
souri,
and
own
of March
was
the
American
capital
stock
a
single owner¬
Company
of
the
own¬
Missouri
The second
important change related to the Central Union
Telephone Company, which prior to March 31, 1920, was the
Bell System
cago
to
operating unit in the States of Illinois, Indiana
Other associated companies, including the Chi-/
Telephone Company (name changed in December, 1920,
Illinois
search
Western
intimate co-operation in development and re¬
an
work,
Electric Company
an
increasing
standardization
of
telephone
routinized procedure throughout the en¬
tire Bell System in the manufacture and construction of its
equipment and
of the factors contributing to
between all parts of
System and has saved many millions of dollars in cost
plant.
This
practicable
the
a
has
been
one
telephone communication
of equipment.
company.
and Ohio.
The
Bell
Telephone Company),
and
The
Cleveland
The prices
of telephone apparatus have until the past six
been steadily cut down by reason of quantity produc¬
and manufacturing economies.
With the increasing
years
tion
costs of labor and material
since 1914, telephone apparatus
prices have necessarily been increased, but the increase has
not been more than sufficient to meet the increased cost
materials and supplies
As compared with
of manufacture.
which in¬
purchased of other manufacturers, the prices of
creased on an average of 110% from 1914 to 1920,
the prices
sold by Western Electric
Company
of telephone apparatus
of less than
Companies increased an average
Bell
the
to
67% during the same period.
In addition to its work for the Bell Companies
the West¬
and profitable
jobbing business throughout the United States
and an important export and foreign business.
Contrary perhaps to general opinion it does not make a
large profit on its business with the Bell Companies.
Dur¬
ing the past five years it has averaged a net earning of
approximately 5% on its capital devoted to this part of its
business.
In the earlier years the earning rate was larger.
It is believed that the earning rate on this business should
fairly be not less than 10% and that as conditions of manu¬
facture again approach normal this can be reached without
Company has built ,up a large
Electric
ern
electrical
productive years on tele¬
phone apparatus, the general business with other customers
has been profitable so that as a whole the company has
earned its regular dividends with some margin.
The sales billed by the company during the year 1920
aggregated $206,000,000, of which $114,000,000 were to the
Bell Companies and $92,000,000, largely electrical jobbing
business, were to other customers.
This is an increase over
the previous year of 62% to the Bell Companies and 41% to
Fortunately, during these less
other customers.
requirements of the Bell Companies on
The
Electric factory
the Western
until the latter part of the year its operations
conducted under the severe handicaps of transporta¬
were
tion difficulties, shortage
terials common
of labor and lack of essential ma¬
country. In
to the other industries of the
spite of these difficulties the company
working forces and its output.
greatly increased its
plant,
produce
Important additions were made to the Hawthorne
chiefly for the purpose of providing facilities to
machine-switching equipment in large quantities.
provided on its own credit all the necessary
additional capital required to carry its increased volume
of business.
the end of the year aggre¬
Its unfilled orders on hand at
gated $83,000,000 as compared with $47,000,000 on December
31, 1919. Its estimates for 1921 as compared with 1920 in¬
dicate a larger volume of business in its own manufactures
and a smaller volume in its sales of the manufactures of
y;\,
others.
STATISTICS
SYSTEM
of
number
The
AND
FINANCIAL DATA.
in
companies
telephone
separate
cables in the conduits $178,-
of $129,300,000 and the
500,000,
total in underground plant of $307,800,000.
a
1946
190
NET
ADDITIONS—BELL-OWNED.N
PLANT
"
Added in 1920.
'
.
Real
$12,811,052
Estate
Equipment
Exchange Lines
42,675,634
31,047,561
_
_
32,987,380
Toll Lines
28,360,516
Construction Work in Progress
Total.
;
additions compares with
The above amount of net plant
the additions of
NET
ADDITIONS
PLANT
1901
DURING
1911
$31,005,400
37,336,500
35,368,700
33.436,700
50,780,900
79,366,900
52,921,400
26,637,200
28,700,100
53,582,800
1903
1904
1905
1906
1907
1908
nineteen years as follows:
the previous
1902
.
20-YEAR
1913
1915
1917
1918
—
1919
1920
BELL
Bell
System
$55,660,700
75,626,900
54,871,900
50,045,300
32,863,700
66,224,700
118,599,500
77,922,600
73,446,000
147,882,100
$1,182,280,000
the
—
—
AND EXPENSES.
EARNINGS
SYSTEM
consolidated
PERIOD.
—
—
1912
Total
A
$147,882,143
____
income
statement with all
duplications eliminated follows and repre¬
sents the telephone business of the System as a whole in its
relations to the public.
Comparative figures for the year
inter-company
1919
not
are
shown
during the
because of Federal control
and the necessarily dif¬
ferent classification of earnings and expenses in that year
months of the year 1919
first
seven
as
result of such control.
a
This
statement
does not
include data for
connecting, in¬
dependent, or sub-license companies, or The Bell Telephone
and the Western Electric Company,
Company of Canada
companies
Inc., except as interest and dividends from these
are included in non-operating revenues.
BELL
SYSTEM
INCOME
DECEMBER 31 1920
STATEMENT FOR
YEAR
ENDING
(DUPLICATIONS EXCLUDED).
$301,282,599
Exchange Revenues
141,883,485
6,276,031
Toll Revenues.
Miscellaneous Revenues
$449,442,115
65,731.071
69,665,080
Total
The company
BELL
cost
a
considerably exceeded those of any previous
and
year,
The underground conduits represent
is steadily increasing.
1909
prices.
increasing
[Vol. 112.
CHRONICLE
THE
1036
Operating Revenues
Depreciation
Current
Traffic
Maintenance
Expenses
145,848,181
^
45,075,272
20,500,013
Commercial Expenses
General and Miscellaneous Expenses
Total Operating Expenses..
Net
Operating Revenues
346,819,617
$102,622,498
...
1,208,798
27,841,334
Uncollectible Revenues
Taxes
29,050,132
$73,572,366
Operating Income
.....
Non-operating Revenues—Net
11.692,610
$85,264,976
Total Gross Income
5,755,808
31,724,103
Deductions
Rent and Miscellaneous
Interest Deductions
37,479,911
approximately 10,500,
Of them 29 are
associated companies of the Bell System, 9,231 independent
Deduct Dividends
conq>anies whose telephone stations are connected with the
Surplus
1,200 independent companies whose
telephone stations are not connected with the Bell System.
There are also a large number of rural lines and associa¬
tions operated mainly on a mutual or co-operative basis and
During the year $135,396,151 was applied out of revenues
for current maintenance and depreciation by the companies
United
is
States
Bell System, and about
rated
not
these lines and
Of
companies.
as
associations
2G,032 which connect with the Bell System.
At the end of the year the number of telephone stations
which constituted the Bell System in the United States was
there
are
current
in
service, while provision for depreciation and obsolescence
was made at the annual rate of 5.3% of the cost of plant.
By means of these charges against revenue, the property
revenues
tables
following
set forth
the development of
the
TELEPHONE
STATIONS.
Number at
„
.
^
Bell Owned
Total
Increase
During Year.
8,333,979
4,267,956
_.
.
594,820
211,368
12,601,935
BeU Connecting
r
Exchange Connections
TotaJ
Average Number
Daily
_
Toll Connections
Ill™ I
_
amount over
Federal,
"
,
1
.
O
..
-I.
.
EMPLOYEES—ASSOCIATED
Number
on
^
'
■
,
'
BELL COMPANIES.
December 31 1920
MILES
OF
.
Aerial.
WIRE
AT
END
OF
Toll...
BeU
61.8%
During
Under'
ground.
Total.
449,167
-
of
of Copper
Wire to
Year.
Total Wire.
960,978
253,427
9,629,871. 15,747.533 25.377,404 iSSSS
Comaeciblng
,To11-
the
Bell-owned
wire
marine cable—is in underground
taxes
chargeable against the
surplus earnings $7,785,486 after meeting all
expenses
These surplus earnings remain invest¬
ed in the telephone business, and to that extent interest and
dividend payments are made unnecessary on an equivalent
amount of new capital.
BALANCE
The
SHEETS.
following are the combined balance sheets of the Bell
System in the United States for the years
ending December
31, 1919 and 1920:
BELL SYSTEM
BALANCE SHEETS, 1919 AND
1920
(DUPLICATIONS EXCLUDED).
Dec.
Assets—
1919.
Dec.
31
1920.
$1,363,826,327
47,442,043
84,409,519
72,879,842
118,806,351
115.230,719
.$1,530,074,930
$1,634,249,533
$512,121,868
$511,493,407
213,571,750
164,396.100
80,495,900
37,330,325
Receivables
Cash
-
Bonds
Stocks and
31
_$1,215,944.184
38,035,034
Telephone Plant
Supplies, Tools, etc
-
66,351 159
41,399,285
Liabilities—
YEAR.
7,220,333 14,384,135 21,604,468
2,409,538
1,363.398
3,772,936
Exchange
as
Total
Per Cent
,
local
231 316
Increase
BeU Owned
and
Interest and dividend payments were $71,723,682, leaving
1,327',000
33,162,000
-------
'
State,
for the year amounted to $27,841,334. This amount
approximately $3,000,000 in excess of taxes for 1919.
is
^31*^5 000*
The daily average of 33,162,000 exchange and toll connec¬
tions during 1920 exceeded "by 2,700,000 the daily average
during 1919.
investment.
amounted to $145,848,181, of which
$112,000,000 was paid in operators' wages.
expenses
806,188
CONNECTIONS—BELL-OWNED EXCHANGES.
TELEPHONE
plant
and capital charges.
End of Year.
'
_
for
average
has been made for the protection of the
Traffic
Bell System
in the United States at the end of the year and
its growth during the year:
expenses
the
maintained in good condition and adequate pro¬
been
has
connecting companies.
The
$7,785,486
..
comprising the Bell System.
The
maintenance represented 5.6% on
vision
of
...
Earnings...
which 8,333,979 were owned by associated
companies of the Bell System and 4,267,956 by local, co¬
operative, and rural independent companies or associations
having sub-license or connection contracts, the so-called
12,601,935,
47,785,065
39,999,579
Balance Net Income.
95 8
91.1
95J
21,597
mileage—excluding
sub¬
cables, and this percentage
Capital Stock.—
Mortgage Bonds
Collateral Trust Bonds
Convertible Bonds
and Notes
Debentures
Three and
-
Five-Year Gold Notes
Payable.
Accounts Payable
Bills
Outstanding Obligations...
Employees' Benefit Fund
Surplus and Reserves
Total
Total
-
191,163.060
165,369,900
63,983,700
35,686,100
90,000,000
1,774,207
72,158,014
.$1,132,256,849
9,244,081
388,574,000
$1,530,074,930
90,000,000
10,130,141
73,429,492
$1,180,847,115
9,363,215
444,039,203
$1,634,249,533
March 12
All
1921.]
intangible assets
balance sheets
shown
are
THE
in
an
been
have
excluded
that the combined
so
in
the
above
Surplus and Reserves
amount considerably less than
gate of these items
CHRONICLE
the,
aggre¬
they appear on the books of the sepa¬
as
1037
corporate changes in connection with the Southwestern Bell
Telephone
and
net
Company.
advances
of
and
notes
of
this
Actual appraisals of the telephone plant of the Bell Sys¬
tem which have been made from time to time by
rate-making
bonds
companies increased $28,This increased investment represents loans by
411,910.42.
rate companies.
Investments in
associated
to
Company to the associated companies for the extension
telephone properties, after deducting the amount
$15,451,252.63 temporarily invested by this Company for
of
their
bodies for rate-fixing purposes have clearly demonstrated
the conservatism of the book costs.
The true value of this
associated companies until
propertly greatly exceeds the book cost.
of the Western Electric
During
1920
surplus and
have
reserves
increased
$55,-
465,203.
The
stock,
bonds and notes payable of the Bell
System outstanding in the hands of the public at the close
of the year 1920 were
$1,107,417,623, while the book cost of
the net assets devoted to earning a return on these outstand¬
ing securities amounted to over $1,551,000,000. The surplus
and reserves of
$444,000,000,
over
or more
than 27% of the
total assets, have been invested in productive property, and
this amount it is not necessary to pay capital
on
charges.
In
April,
Southwestern Bell Telephone Com¬
pany sold its Five-Year 7% Convertible Gold Notes of the
of
amount
for
1920,
the
$25,000,000 for the
consrtuction
new
of providing funds
purpose
required
by the
growth
of its busi¬
ness, and also for the reduction of the current indebtedness
incurred in the past in developing its property.
These notes
are convertible at par at the option of the holder into the
Seven Per Cent. Cumulative Preferred Stock of that com¬
Company, Inc.; The Bell Telephone
the 195 Broadway Corporation which
the land and building in which this Company's offices
Company of Canada
owns
capital
required by them.
Investment in stocks of other companies consists of stocks
in
New
York
tion which
;
located, and the 205 Broadway Corpora¬
are
real estate adjacent thereto;
owns
the Atlantic
Telephone and Telegraph Company, which was
referred to at length in last year's report; the Cuban Ameri¬
and Pacific
Telephone and Telegraph Company, now constructing
telephone cables between Key West and Havana; and the
Radio Corporation of America.
During the year invest¬
can
ments in the securities of these
companies increased $4,427,-
808.49.
Special Demand Notes amounting to $7,587,935
of the Atlantic and Pacific
are notes
Telephone and Telegraph Com¬
Investment in these notes decreased $4,412,065 dur¬
pany.
ing the year, due principally to investments held by
company maturing during the year.
The investment in
that
Telephones, representing telephone
ceivers and transmitters which
re¬
furnished by this Com¬
associated companies, increased
are
pany.
pany
During October, 1920, The Bell Telephone Company of
Pennsylvania sold an issue of $25,000,000 Twenty-five Year
First
and
Refunding Mortgage 7% Sinking Fund Gold
$2,588,671.67 during the year.
The Company's investment in Real Estate,
amounting to
$3,775,407.74, consists of a building in Indianapolis and
real estate in New York City, the latter having been ac¬
quired in connection with the erection of an additional head¬
Bonds Series A.
A part of the proceeds of this issue has
been used for the purpose of repaying current indebtedness
incurred for construction purposes, and the remainder will
be
used
for
and
construction
new
extensions
to
its
tele¬
tion.
ing done by the Bell System during the
FINANCIAL STATEMENTS
year.
OF THE AMERICAN TELE¬
PHONE AND TELEGRAPH COMPANY.
Telephone and Telegraph
the Ameri¬
Company'for the
is shown at the end of this report.
To provide
1920
year
a
sig¬
more
nificant presentation of revenues and expenses for 1920 the
form of statement used in former reports has been some¬
what
modified; also comparative figures for the
not shown because of Federal control of
business of
the
a
year
1919
portion of the
Company in
1919 and the necessarily dif¬
ferent classification of earnings in that year as a result of
such control.
dividends,
The usual comparative table of net revenues,
appropriations for
to surplus account since 1900
The financial and
service
of
the
Bell
contingencies,
System
and additions
telephone
in preceding state¬
shown
ments.
The earnings of the American Telephone and
Telegraph
Company for 1920 include, in addition to the earnings of the
long-distance lines, dividends on the Company's investment
in stocks of its associated
companies, interest
notes of and advances to associated
dividends
under
from
the
investments
general
service
in
on
bonds and
companies, interest and
other
contracts
companies,
with
earnings'
associated
and
other companies for the furnishing of instruments and serv¬
ices, and other miscellanoue
revenues.
,.
ducting
comprise
incurred in operating the long-distance lines, con¬
general service organization whereby instru¬
the
ments and
panies
services
are
furnished associated and other
under contract,
incident
to
conducting
disbursements
of
and other items of
taxes,
the affairs of
Interest
and
the
Company.
Dividends
com¬
The
represent
the
lines.
Company,
in
1920,
after
meeting
all
operating
charges and making adequate provision for depreciation and
Federal taxes payable in 1921, had
available for interest and dividends, $70,686,904.10.
Inter¬
obsolescence,
and for
charges were $18,865,688.44,
increase of $3,018,092.18
for 1919, while dividends paid to stock¬
the usual rate of $8.00 per share per year amount¬
an
similar charges
over
holders at
ed to $35,376,792.88.
Of the resulting balance, there was
appropriated for contingencies $8,000,000, and the remain¬
der, $8,444,422.78, was carried to the Surplus Account.
The Company and
public at the rate of at least $7.50 per share each year
for
the
past
thirty-nine years;
during
BALANCE
this report.
SHEET.
Company for Decem¬
stock
During the
year
investments in stocks of asso¬
companies increased $33,653,891.90.
investment
represents
for
the
most
This increased
part
merely
a
change in the form of assets resulting from the sale by the
Central Union Telephone Company of its property and the
repre¬
'
under the Employees'
The item
Stock Purchase Plans.
of Accounts Receivable from the
United States
Government, amounting to $9,483,715.52, which appeared in
year's report and which represented the balance due
last
this
Company for the Bell System
on
December 31, 1919,
as
compensation during Federal control, was received in full,
with interest, in June, 1920.
Concurrently this Company
made
with
settlement
amounts due
them
in
eral-control.
the
associated
companies
for
respect of compensation during
all
Fed¬
r
in
Suspense, amounting to $10,227,Company during
973.34 in the 1919 report, were paid to this
the year out of the
proceeds of the sale of the Central Union
Telephone Company property.
This Company concurrently
purchased the securities of the companies which acquired
the property of the Central Union Company.
During the
year
outstanding capital stock increased $844,stock being issued in connection with
200, the additional
the conversion
the
Company
000,000.
of
was
The
bonds.
authorized
share capital
of
into
of
also increased from $500,000,000 to $750,-
$829,300 of the convertible 4^% gold bonds of 1933
stock
were
during the year at the ratio of $120
or $100 of bonds and $20 of cash, for one share of
There remained outstanding at the end of the year
bonds,
stock.
$12,198,200 of these bonds out of
in 1913.
The
a
total of $67,000,000 issued
•
■"*'
6% convertible gold bonds maturing Au¬
/
seven-year
gust 1, 1925, became convertible into stock after August 1,
1920, and $171,500 of these bonds were converted into stock
on
the basis of
of
stock.
The
$100 of bonds and $6 of cash for one share
Of these
bonds, there remained outstanding as
a total of $48,195,700.
•
5% collateral trust bonds maturing in 1946
31, 1920,
were
re¬
duced during the year ,in the amount of $973,800 by retire¬
ments
through the sinking fund.
These conversions and retirements reduced the
long-term
indebtedness
by
bonds and note issues are
surplus
Notes
as
Company's
All
discounts on
deducted in determining the.net
$1,974,600.
shown in the balance sheet.
of
endorsed by
associated
and
other
Bell
System
companies
this Company but not included in the balance
amounted
to
only
$1,000
on
December 31,' 1920,
as
compared with $9,303,000 on December 31; 1919.
CAPITAL
For
31, 1919, and December 31, 1920, is given at the end of
ciated
$12,957,754.89,
$737,681.15, Trustees—Employees' Stock Pur¬
past fourteen
the rate has been uniformly $8.00 per share.
A comparative balance sheet of this
ber
the
increased
Plant
Plans, represents the balance owed this Company on
capital stocks in the hands 'of the Trustees for delivery to
employees upon completion of their installment payments
sheet
its predecessor have paid dividends to
the
years
The item of
of December
The
Lines
phone business.
expense
charges on the securities issued by this Company mainly to
finance the associated companies and the long-distance
est
Long
converted
The disbursements under the head of Expenses
expenses
now in course of construc¬
;'
'...
'
■
Accounts Receivable
statements of the
are
the
senting additions made during the year to the plant of this
Company to care for the growth of its long-distance tele¬
is shown.
statistical
of
use
chase
EARNINGS.
A statement of the earnings and expenses of
are
•
The
These two issues comprise the only important new financ¬
the
quarters office building which is
phone plant.
can
for
STOCK.
the
$442,825,400 par value of capital stock $479,509,637.97 has been paid into the treasury of the Company; the
$36,684,237.97 in excess of par value represents premiums
on stock which are included as part of the Company's sur¬
plus.
The
book cost
of the assets underlying the capital
stock
and Telegraph Company, includ¬
ing its interest in the assets of its associated companies,
amounts to more than $200 for each share of stock.
'
of the American Telephone
1038
THE
The stock of the
Company
be compared as to market
as an
CHRONICLE
purchasing stock under the plan of easy payments, was
139,448 on December 31, 1920, an increase of 18,988 during
the year.
That the distribution continues to be
general
more
held
Of the holders of less than
The average
or
11992
1900
Surplus.
$4,078,601
$937,258
$470,199
.$5,486,058
1901
5,050,024
1,377,651
1901
7,835,272
6,584,404
522,247
728,621
1903
10,564,665
8,619,151
728,140
1,217,374
7,398,286
......11,275,702
9,799,118
586,149
890,435
13,034,038
9,866,355
1,743,295
1,424,388
....12,970,937
10,195,233
1,773,737
16,269,388
10,943,644
3,500,000
1,825,744
18,121,707
12,459,156
3,000,000
2,662,551
.23,095,389
17,036,276
3,000,000
3,059,113
1910
j..26,855,893
20,776,822
3,000,000
3,079,071
22,169,450
2,800.000
2,763,815
26,015,588
2,800,000
3,247,357
27,454,037
2,500,000
...27,733,265
>..32,062,945
i—32,920,090
.32,334,814
27,572,675
2,500,000
women
more
men.
34,618,638
29,100,591
2,500,000
..38,013,277
31,122,187
2.500,000
4,391,090
3,489,492
3,671,623
brokers
Second
in
and
Stock
was.
on
December 31, in
1%
of
the
about
Purchase
the Bell System
$3.00
Plan
is
stock
the
held
in
effective
made
was
year's service
one
or
aided to become stockholders
are
38.471,106
32,481,614
1918
43,901,322
35,229,699
5.000,000
44,395,791
35,356,334
5,000,000
4,039,457
..51,821.216
35,376,793
8.000,000
8,444,423
c.
country are now paying for shares under
J
BALANCE SHEET, DECEMBER 31 1919 AND 1920.
approximately
2,3.000
out of the total of
over
own
20,000
some
43,000 employees who are now pay¬
a
ing these employees,
also
in
already
who
should be added
ing for stock at the rate of
for them
which number in-
employees
stock of this Company, there
and
few dollars per month.
those
investment
and
trusts
Count¬
whose
persons
the
stock
like, there
at least 105,000 actual investors in stock in this Com¬
American
ber of holders of
Dec. 31 1920.
$490,792,063.02 $524,445,954.92
third
outstanding, but it is first in the
common
average
$3,200.
These
shareholders reside in all
the
B.
of
parts
_
—
9,483,715.52
_____
10,227,973,34
36,574,185.40
*
_r__.
-
Total.
51
16
92
49
S926.781.Q88.60 $939,868,246.15
LIABILITIES.
,
•
Dec. 31
:
Capital Stock...
;...
6% 3-Year Gold Notes, 1922
6% 5-Year Gold Notes, 1924
——
Dividend Payable January 15th
Accounts
Net Earnings
$70,686,904 10
18,865,688 44
Balance.
Deduct Dividends...
_
,
Balance.
_____
$5!,821,215 66
35,376,792 88
$16,444,422 78
8,000,000 00
___________
Appropriated for Contingencies....
2,589 ,000.00
12,198 ,200.00
48,195 ,700.00
50,000 ,000.00
40,000 .000.00
8,852 .072.00
6,773 ,978.36
Com¬
Associated
panies from United States Govern¬
7,858,620.83
6,363.800.72
7,422,682.29
2,000,000.00
2,000.000.00
47,262.123.43
57,915,152.06
Other Current Accounts Payable
Employees' Benefit Fund
for
Reserve
Contin-
and
Depreciation
gencies
Surplus
Capital
(Including
miums
and
excluding
Stock
Debt
Pre-
-
Discount
and Expense)
Balance, added to Surplus.__
9,985 .000.00
Payable:
Due
ment
Deduct Interest........
76,461 ,100.00
6,408,390.08
Interest and Taxes Accrued not Due
Compensation
1920.
78,000 .000.00
78,000,000.00
77,434,900.00
9,985,000.00
2,589,000.00
13,027,500-00
48,367,200.00
50,000,000.00
40,000.000.00
8,839,612.00
6% Convertible Bonds, 1925
Current
Dec. 31
1919.
$441,981,200.00 $442,825 ,400.00
....
4% Collateral Trust Bonds, 1929
..$103,946,988 08
33,260,083 98
________
26,636,360.24
27,512,170.11
Deposits
4H% Convertible Bonds, 1933___._._—
$34,800,465
12,969,756
56,030,624
146,141
8,697,431.03
8,737,763.55
Other Current Accounts Receivable
4% Convertible Bonds, 1936..
company.
Telephone Operating Revenues
Expenses
Government
5% Western T. and T. Co. Bonds, 1932..
1920.
—
States
Compensation
Accounts Receivable in Suspense
the
THAYER, President.
Earnings—
Miscellaneous Revenues.
United
from
Account
Cash and
STATEMENT OF EARNINGS AND EXPENSES FOR THE YEAR 1920
..
737,681.15
Purchase
Stock
Plans
Current Accounts Receivable:
5% Collateral Trust Bonds, 1946.
american telephone and telegraph
Dividends
435,492.48
95,136,361.47
8,812,799.03
Trustees—Employees'
was
Directors,
H.
336,521.50
82,178.606.58
holding
average
on
country and their investment has been applied by this Com¬
pany to the building and extension of telephone plants in
every section of the United States.
For
3,775,407.74
Estate....
Office Furniture andFixtures
num¬
number of shares held ten years ago
or
7,587,935.00
23,876.520.60
3,138,119.01
——
Long Lines Plant
in
widest distri¬
57,990,057.22
12,000,000.00
21,287,848.93
Special Demand Notes
Temporary Cash Investments..
stock and has the
sixty-three; to-day it is thirty-two,
53,562,188.73
Telephones.
Real
190,549,044.30
162,137,133.88
Companies
Stocks of Other Companies
Due
corporations this Company is
bution of ownership of any corporation.
Interest
Dec. 31 1919.
31. 1920.
pany on December
the amount of stock
of
ASSETS.
Stocks of Associated Companies
Associated
To the 139.448 stockholders of record,
all
HEISS, Comptroller.
Bonds and Notes of and Net Advances to
this plan.
held
A.
american telephone and telegraph company.
Over 43,000 employees
share per month.
per
in all parts of the
The
3,018,047
2,500,000
1920
of
rate of
Of
2,262,139
1917
each, for which they are paying out of their wages at the
were
2,966,053
v
1916
thirty-two.
was
shareholders than
of this Company to the extent of a limited number of shares
is
1,001,967
1915
3V<z% of the stock
-cludes
|
1914
i
;
-early in 1920. by which employees of
j
970,611
1904
1913
Europe.
,
•
Added to
1909
100 shares each,
number of shares held
About
more
Contingencies.
1911
less each.
or
are
The
Paid.
1907
(omitting brokers,
less each;
There
names
Appropriated for
Revenue.
Year—
1908
holders in investment trusts, etc.).
109,080 held 25 shares
Dividends
1906
from 1,000 to 5,000 shares each;
13 held 5,000 share or more each
52,055 held 5 shares
DIVIDENDS.
AND
Net
1905
following:
130,407 held less than 100 shares each;
8,741 held from 100 to 1.000 shares each;
274
ANNUAL EARNINGS
investment security may
stability with high-grade bonds of
railroad and industrial companies, rather than with stocks.
The number of shareholders, not including employees
^appears from the
[Vol. 112.
96,649,961.44
86,663.741.54
...
$8,444,422 78
$926,781,088.60 $939,868,246.15
C.
A.
C.
HEISS, Comptroller.
(F. W.) Wool worth Co.—Seek Tax Reduction—Sales.—
The executors of the estate of the late Frank W.
,
—V.
Increase. I
1921—2
Mos.—1920.
$965,881! $17,475,989
Increase.
$16,648,760
$827,229
112, p. 661, 648.
Worcester Electric
authorized
the capital
from $2,000,000
to
$2,500,000.—V.
109,
p.
an
80.
Worthington Pump & Machinery Corp.—Earnings.
Calendar Years—
1920.
1919.
1918.
1917.
Billings to customers._.$27,924,745
Gross income.
$2,355,858
Interest, adjust ts, &c__
Federal taxes
Dividends on—
Class "A" pref
Class "B"
pref
Common stock
To
reserve
Balance
*
$32,074,592 $43,443,486 $28,407,699
$5,284,105
$7,630,686
$6,254,571
24,935
27,041
492,912
317,349
300,000
2.000,000
4,000,000
1,504,857
(7%)391,498
(6%)619,300
(6%)747,129
Total p.&1. sur. Dec. 31
—V. 110, p. 2402.
(7)391.498
(7)391,498
(6)619,300(4^)464,475
1.500,000
1,267,364
1,500~066
$272,996
$746,266
$859,611
$2,076,392
$4,625,734
$4,352,738
$3,606,472
$2,746,861
"This
surplus and undistributed profits of
and is larger than would be justified if based
business conditions.
The Connecticut State Legislature has
passed
Pran.y.ot0 mc£ease its capital stock from
V.
notices.
a
and
Inc.,
announce
their opening for the
The officers of
Rider, President, formerly with A. B. Leach &'Co.,
Inc., M. M. O. Purdy,
H.
Rider,
general business in investment securities.
the firm are James G.
Vice-President, formerly of Purdy & Co., George
Rennick, Vice-President and Treasurer, formerly with the late Willard
Straight, and Roscoe G. Kincaid, Secretray of the Estate of Willard Straight.
a
growing community of an index of local
conditions, the statistical department of Van Riper, Day & Co., Denver,
has undertaken to issue periodically a
compendium of Denver and Colorado
statistics presented with comparisons, where possible, with national figures
to indicate the rate of
development of Denver and the State with that of
the rest of the country.
—Effective Wednesday March 9,
the New York Trust Company will
take over all registration and transfer of stocks and payment of coupons now
handled by The Liberty National Bank.
The transfer of these activities ig
in connection with the approaching merger of these two institutions.
ville
RR.
Co.
6H%
Equipment
Trust Gold
Certificates
(issued
under
Philadelphia Plan) maturing yearly from 1922 to 1936, at prices to yield
6 75% to 6
35% according to maturities.
—Prince & Whiteley have recently published a pamphlet entitled "The
Selection of Bonds for Investment" containing an analysis of the outstand¬
ing features of various classes of securities as applied to specific requirements,
to holders of record March 21.
An official statement issued in connection with
the dividend says:
dividend is paid out of accumulated
112, p. 4<8.
Comptroller.
—Salomon Brothers & Hutzler are offering $425,000 Louisville & Nash¬
(7)391,498
(6)619,300
Yale & Towne Mfg. Co.—Usual Div.
of 5%—Cap. IncTh&U8UaJ Quarterly dividend of 5% has been declared, payable April 1
previous .years
Rennick
—Purdy,
transaction of
—Recognizing the value to
Light Co.—Capital Increase.—
^The stockholders on March 8 authorized the directors to
apply to the
Massachusetts Department of Public Utilities for
authority to issue 4,000
additional shares of capital stock.
The stockholders also
increase in
HEISS.
Woolworth have filed
application with Surrogate Leon D. Howell of Mineola, L. I
asking
that the State tax of $1,084,761 on the estate be reduced to
$837,694The State tax was based on the appraisal filed on Dec. 31
last, valuing the
estate at $27,205,283.
The executors ask for a reduction
of $6,176 676,
declaring that this amount was paid as the Federal estate tax.
an
1921—Feb.—1920.
$9,138,262
$8,172,381
current
A.
on
present
bill allowing the com$10,000,000 to $25,000,000.—
a
—Vincent
H.
Olsen
formerly connected with Farson, Son & Co. has
firm of S. C. Mayer & Co., 50 Broad
become associated with the brokerage
Street.
—J. D. Sweet & Co., Inc., investment securities. 29 Liberty St., New
York, has issued an interesting booklet of 24 pages on "Laundry Securities."
—The National
City Bank of Chicago has been appointed Chicago regis¬
Common stock of the Corn Products Refining Co.
trar for the Preferred and
—The New York Trust Co. has been appointed registrar of the
stock of the Superheater Co
capita'
March 12
1921.]
THE
CHRONICLE
1039
LEE RUBBER & TIRE CORPORATION
FIFTH
To the Stockholders
ANNUAL
REPORT
FOR
THE
FISCAL YEAR ENDED DECEMBER 31, 1920.
of
ment, and without further plant expenditures
Lee Rubber & Tire Corporation:
ly increase
The Treasurer's Report for the year ended December 31,
1920 is appended hereto.
of the company
bility of the
par value
no
company
on
is the issue of 150,000 shares of
its plant.
does
con¬
The only capital lia¬
at that date.
stock, the company having
mortgage
product of
our
no
proof tire has grown in popularity
every
The current obligations of the
people
from
favorite
drive
who
the
a
tire
their
inconvenience
for
own
and
delays
The
529.68.
less of the fact that it sells at
Consolidated Profit
The
sales
for
the year
and
sales
of
$1,121,936.27.
Account
shows
to $6,705,929.50,
amounting
$5,583,993.23 for the previous
Loss
year,
or
as
The net profits for
on
The
on
V'4;'
Surplus Account of the
Company
shows
a
ever
lower.
was
count
gain of
crude rubber.
caused
and
use
thereby
by
with
saved
punctures.
constantly increasing, regard¬
price higher than the regu¬
a
basis of about
a
our
possible during
as
mailing this report,
our
the year.
At
plant is being operated
65% of the basis of operation for the
Our
year.
sales
exceeding
are
monthly production and while it is not expected, with
prevailing conditions,
stocks, these dealers
the market, which¬
The important items in our inventory ac¬
cotton fabric and
are
or
of
corresponding period last
$121,155.77, after paying dividends of $225,000.
Inventories have been taken at cost
conservative lines
as
the time
the year, after
■v/.-'T;:
is
re¬
during its
year
are
are
puncture-
lrour management has endeavored to conduct the business
against
Federal taxes and inventory adjustments, amount to $326,638.15.
this tire
punc¬
lar cord and fabric tires.
net
increase in net
an
for
and
we
The
commercial
cars
$666,281.29, against which it has current assets of $4,207,-
demand
large¬
stood better than it
never
same.
as
can
consisting of cord,
company,
to-day, meeting with universal favor, and
existence,
preferred stock and
no
we
the occasion presents itself.
as
ceiving increasing demands for the
including taxes payable during 1921, amount to
company,
production
ture-proof, and fabric tires, has
■
The Consolidated Balance Sheet shows the financial
dition
The
our
that
are
dealers
our
will
take
on
large
buying continually, and the indi¬
cations are that the business for this year
should be satis¬
factory.
Our fabric has
The
been written down to market price and our crude rubber is
books
carried at its cost, we having on hand and under contract
Marwick,
for future delivery a sufficient quantity to provide for our
whose
consumption for
and
accounts
have
been
audited
by Messrs.
Report.]
a
period of six months, at
an average
price
of less than 20c. per pound.
Mitchell
of
1919
factory is
have
up
all
to date,
been
completed and
paid for.
JOHN
ASSETS.
[Pamphlet
Accounts
4,182 91
...
less Reserves
WATSON, JR.,
President.
TIRE
&
RUBBER
CO.
OF
NEW
YORK,
$400,000 00
Payable
128,052 04
Miscellaneous Accruals, Including Taxes
138,229 25
689,959 31
Inventories..
$666,281 29
3,101,870 01
Working Funds at Branches..
Reserves:
18,785 00
Advances to Employees
-$4,207,529 68
&
■'
Adjustment of Tire Claims
4,050 00
Equity In reacquired Capital Stock of Lee Rubber
INC.
1920.
Notes Payable
26,559 33
.
J.
LIABILITIES.
$362,123 12
Notes Receivable.
LEE
SHEET DECEMBER 31
V-'
Cash
$40,250 00
Depreciation of Plant and Equipment
411,661 35
451,911 35
Tire
Declared Capital, in accordance
8,053 50
...
Lee Tire & Rubber Co. Employees' Stock Option Accounts..
9,855 68
Charges Deferred to Future Operations
Real
hereto.
REPORT.
CORPORATION, LEE TIRE & RUBBER CO. AND
Corporation.
Accountants,
1
CONSOLIDATED BALANCE
Accounts Receivable,
Public
Respectfully submitted,
Our
TREASURER'S
Acceptances
Certified
By order of the Board of Directors.
with modern machinery and equip¬
LEE RUBBER .& TIRE
Trade
Co.,
Certificate of Audit is attached
The improvements and addition to the plant started in the
Fall
&
33,699 24
Estate, Plant and Equipment
1,529,882 02
Patents, Trademarks, &c
145,098 03
with
the Stock
Corporation Law of the State of New York..
$750,000 00
Stock of Lee Rubber & Tire Corporation Author¬
ised
and
Issued
150,000
Shares
Working Capital, being cash and book value of
Assets acquired in excess of required Declared
Capital
3,413,591 09
4,163,591 09
Surplus
652,334 42
Contingent
Notes
Liability:
made to finance Stock Sales to
*
Employees, $200,000.
$5,934,118 15
CONSOLIDATED
Net
PROFIT
AND
LOSS
AND
Sales
SURPLUS
$6,705,929 50
Cost of Goods Sold, including Freight, Selling, Administrative
and General Expenses
FOR THE YEAR ENDED DECEMBER 31 1920.
Surplus at December 311919.
$531,178 65
Adjustments
19,517 62
—
$301,033 70
$550,696 27
Net Profit for the Year ended December 31
Add:
Discounts
ACCOUNT
Add:
6,404,895 80
Gross Operating Profit
$5,934,118 15
on
Purchases
viding for Federal Income Taxes
$81,603 58
Miscellaneous Income..
1920, after pro¬
326,638 15
34,454 45
—
116,058 03
—.
$877,334 42
-
Less:
$417,091 73
Dividends
Paid
—
225,000 00
Deduct:
Federal Income Tax, Interest, Etc
...
Net Profit for Year after provision for Federal Income Taxes
90,453 58
Surplus at December 31 1920
$652,334 42
$326,638 15
A.
A.
GARTHWAITE,
/
Treasurer.
[Vol. 112.
CHRONICLE
THE
BARNSDALL CORPORATION
SECOND ANNUAL
1921.
February 15,
York,
New
STATEMENT, 1920.
giving effect to the application of funds received from the
sale of the recent issue of bonds./ The value of the proper¬
ties is shown
To the Stockholders:
and
The
1920
year
been
has
The
Petro¬
which
changes and uncertainties in all lines of business.
been among the last
leum and its products have, however,
operations of Barnsdall Corporation and its
The
results
viewpoint.
from
every
New producing properties
acquired in practically every district in which
been
have
subsid¬
shown gratifying
the year 1920 have
Corporation has previously been operating, as well as
this
in several new fields which Lave shown
acreage
of the various subsidiary companies.
der reports
The
probabili¬
Details of the operations are included un¬
ties of success.
|
developments in the mining division of this Corpora¬
retarded
tion have been
adequately providing for depreciation
Consolidated
are
liberal
by the depression in demand for
limited its expenditures in the
earnings
shows
depletion, taxes and
the year.
Earnings of
subsidiary companies not consolidated are included in the
Consolidated Earnings Statement only to the extent of divi¬
dends received by the Corporation.
/
Despite the drastic cuts that have taken place in the
market for crude oil during the first quarter of the present
year, your management views with optimism the outcome
of the 1921 operations.
Crude oil has evidently gone far
provision
depreciation,
for
below
its
real
and
value
mining division.
However,
next
the
few
will
months
un¬
revision in prices.
To-day
there is a world-wide shortage of crude oil and while in
some fields there has been a temporary over-production this
condition will undoubtedly be of short duration.
doubted
witness
upward
an
BOARD OF DIRECTORS,
Barnsdall Corporation has, therefore,
and prices of metals.
Income
of
Statement
believed to be conservatively stated after making
charging off all drilling costs for
commodities to feel the effects of readjustment.
iary companies for
after
depletion.
filled with
eventful one,
an
;
Robert Law, Jr., President.
/
during the year the developments of the properties of the
Barnsdall Zinc Company and the American Tripoli Company
reached
the earnings
tially to
In
high state of efficiency and contributed substan¬
a
of
the Corporation.
Stock at $35.00 per share.
scriptions recei ved were in excess of the number of shares
fying.
'
*
" :
'
Go.
-
'
an
exchange of stock.
were
concluded
This Company
owns a
complete modern refining plant located at Bigheart, Okla¬
homa, close to a large part of Barnsdall Corporation's Mid-
243,862 75
_
$25,228,658 79
Less Reserves for
Depreciation & Depletion
6,242,650 94
818,986,007 85
Investments
in
and
Advances
to
Affiliated
$2,117,.537 15
panies
Investment in Shares of Mining and Miscel¬
772,661 90
laneous Companies
Bonds and Mortgages Owned
Advances to
—
Affiliated Companies
462,060 09
2,066,496 87
5,418,756 01
Note
1
Redemption Fund:
Cash from Proceeds of Bond Sales deposited for Redemp¬
tion of Barnsdall Oil Co.'Serial 6% Notes
Dcfcrfcd Oh3>r^681
*
1,500,000 00
...
Continent production, has necessary pipe lines and tank cars
and has daily a
capacity for completely refining 3,000 bar¬
rels of crude oil into all classes of petroleum products.
The
acquisition of this plant gives Barnsdall Corporation and
its subsidiary companies an
additional outlet under its
own
Unamortized Bond Discount, Prepaid Expenses, Interest,
etc
-
945,414 10
-
Current Assets:
Cash
Bills and Accounts Receivable
—
$2,638,300 06
727,070 85
Employees'Stock Subscriptions Receivable
56,773 52
Inventories of Oil at market prices..
Inventories of Minerals at cost
Inventories of Supplies at cost
347,313 50
51,057 82
326,029 37
States Liberty Bonds
at market prices
708,760 17
...
control for
a
v'/'/.
....—$21,649,651 75
3,335,144 29
Mining Properties
—
Real Estate and Miscellaneous Properties.
Investment in Shares of Oil and Gas Com¬
negotiations
acquisition of the Bigheart Producing and Refining
through
'/
Companies Not Consolidated:
Toward the close of the year
for the
ASSETS.
The sub¬
offered and the result of the offering was extremely grati¬
1 1921.
BALANCE SHEET JANUARY
.
Oil and Gas Properties
April the Corporation offered to i^s stockholders 40,000
shares of its Class B
CONSOLIDATED
Properties:
large part of its production in the Oklahoma
United
field.
and Victory
Notes
Arrangements were also concluded in 1920 for the issu¬
4,855,305 29
through the banking house of Lee, Higginson & Co. of
$31,705,483 25
ance
$8,000,000.00 of
authorized issue
an
the
of
sale
these
bonds
been
have
$15,000,000.00 8%
of
Sinking Fund Convertible Gold Bonds.
The proceeds from
used
since
January 1,
1921, to liquidate bonded and floating indebtedness of the
Corporation and its subsidiary companies, to apply against
the
and
purchase of valuable properties during the past year,
to increase working capital.
The sale of these bonds has provided the Corporation with
ample working capital and enables the officers to carry on
the development of the properties of this Corporation in the
most advantageous manner, to acquire valuable producing
properties from time to time, and in general, places the
Corporation in a most desirable financial position.
During the year the Barnsdall Corporation and its sub¬
sidiary companies produced 2,437,466 barrels of crude oil,
more than 4,000,000,000 cubic feet of
natural gas, produced 825,000 gallons of casing-head gaso¬
transported and sold
line, 20,408 tons of high-grade zinc concentrates and 11,473
tons of tripoli products.
A summary by States of the acreage and wells in which
Barnsdall Corporation and its subsidiary companies are in¬
terested
is
as
follows:
Wells.
.
State—
Oil,
Arkansas..
California
Colorado
...
....
48
....
39
*
7
178
172
...
...
l
Kentucky..
Louisiana.....................
Montana
New York
Ohio
2
$
....
16*
184
Oklahoma.
1,636
Pennsylvania...
,.
West Virginia
403
112
263
480
250
...
...
.
...
40
...
...
3
9
480
...
11
Unoperated
262
264
.....
Illinois
.
Operated.
...
..
Indiana...
Kansas......
Texas
Acreage
Gas.
...
1 290
3,634
38,134
22,138
1,393
22,288
2.782
6 472
848
1.170
6.913
8.295
176.i
520
42?>
5,736
23,382
47.228
66,053
10,994
LIABILITIES.
Capital Stock of Barnsdall Corporation:
Class B.
Class A.
Authorized..
..$15,000,000 00 $15,000,000 00
2,000,000 00 *14,000,000 00
Unissued
Outstanding
$13,000,000 00
$1,000,000 00$14,000,000 06
Bonds and Serial Notes:
BarnsdaU Corporation 8%
Sinking Fund
Convertible Gold Bonds due 1931:
Authorized
Unissued
.$15,000,000 00
7,000,000 00
$8,000,000 00
Barnsdall Oil Company Serial 6% Notes
(called for payment March 1 1921)..
1,500,000 00
9,600,000 00
Current Liabilities:
Bills Payable
Accounts
Purchase
Payable
$235,000 00
421,634 42
597,404 86
64,238 87
350,000 00
...
Money Obligations..
Accrued Interest and Expenses
Dividend No. 6, Payable Jan. 31 1921
Accrued Taxes including Reserve for Fed-
'
414,720 03
eral Taxes
^
.
_
nnn
2,082,998 18
Surplus of Barnsdall Corporation and Subsidiary Companies
6,122,485 07
831,705,483 25
*$5,000,000 Par Value Class B stock reserved to meet conversion privilege
of Bonds, and
$3,250,000 Par Value Class B Stock reserved for acquisition of Capital
Stock of Bigheart Producing & Refining Company.
BARNSDALL CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATED STATEMENT OF INCOME FDR THE
YEAR ENDING DECEMBER 31ST 1920.
Gross Sales and Earnings of all Companies of which the
entire capital stock is owned
.—
$7,105,715 41
Producing and Operating Expenses (not including deprecia¬
tion, depletion and drilling charges) and General and
Administrative Expenses.^...—.——
frr'
2,970,079392
,
and Operating Income before deducting
'
:■
■ ■
depreciation, depletion and drilling charges—
$4,135,635 49
Net Producing
Other Income:
.
Dividends from Companies of
part of the Capital Stock is
,,
,
which only
owned
$575,154 29
140,020 77
Interest Income..—
ffa
«■"
715,175206
Totals
2,713
504
89,261
180,873
$4,850,810155
Total Earnings
During the year, the Corporation enlarged upon its policy
of benefiting/employees by providing for insurance upon the
lives of their wives.
fit of
Total insurance carried for the bene¬
employees and their families amounts to $1,625,000.
The Consolidated Balance Sheet shows the combined as¬
sets and liabilities of Barnsdall
Corporation and Subsidiary
Companies of which the entire capital stock is owned, after
Deductions:
«»-J
Depreciation, Depletion & Drilling Charges
written off
——-—;
Interest and Discount
Provision for Federal Taxes
Loss on Sales of Capital Assets
.....
....
$1,506,363
363,763
365,269
73,027
50
99
17
63
2,308.424 29
Net Income January 1 to December 31 1920
_t$2,542,386 26
March 12
UNDIVIDED
THE
1921.]
SURPLUS
BARNSDALL
OP
SUBSIDIARY
CORPORATION
sale of
on
AND
Certified Public Accountants—Pennsylvania.
$4,734,931 64
—
40,000 shares of Class B stock
400,000 00
—
$5,134,931 64
Less
debits
sundry
Bonds,
Surplus—Depreciation
to
Dividends
■"
December 31,
1920, and
that in our opinion the accompanying
We hereby certify
Dividend Nb. 3, paid April 15
Consolidated Balance Sheet, which is adjusted to give effect
$325,0.00 00
'
■
350,000 00
—
I
31 1921—
350.000 00
,
$6,122,485 07
——
and after charging off all
Federal taxes,
and
depletion,
1,167,386 26
Surplus Net Income for the Year 1920
1920
($8,000,000.00)
Dollars
Fund
January 1st, 1921, after adequate provision for depreciation,
_
1,375,000 00
Undivided Surplus December 31
Million
Eight
Convertible Gold Bonds dated January 1,
1921, and to the actual application of funds received from
the sale of these bonds, sets forth the financial position of
the Barnsdall Corporation and Subsidiary Companies as at
Dividend No. 5, paid Oct. 30
Dividend No. 6, payable Jan.
of
issuance
Sinking
350,000 00
1920
the
to
,
Dividend No. 4, paid July 15
—
We have audited the books and accounts of the Barnsdall
■->
—
York, N. Y.
Stockholders of Barnsdall Corporation :
the
Corporation and Subsidiary Companies for the year ending
31 1920- $2,542,386 26
Barnsdall Corporation
on
PITTSBURGH
Oliver Building
Broadway
To
$4,955,098 81
Stock:
1920
165
New
179,832 83
Balance
1920
Members of American Institute of Accountants. \
NEW YORK
Liberty
of
etc
Net Income, January 1 to December
Less:
COLLINS & COMPANY,
COMPANIES.
Undivided Surplus December 31 1919—
Premium
1041
CHRONICLE
drilling costs for the year, and that the relative Consoli¬
dated Statement of Income correctly shows the results of
operations for the year ending December 31, 1920.
COLLINS & COMPANY.
Coropration's proportion of earnings for the year of
subsidiary companies not consolidated amounts to $251,562 87 in excess
Note.—Barnsdall
of
dividends
New York, February
received.
23, 1921.
LACKAWANNA STEEL COMPANY
SUBSIDIARY COMPANIES
AND
REPORT—FOR
ANNUAL
City of Lackawanna, Erie County, N. Y.
February 8,
1921.
To the Stockholders:
The year 1920
modities
started with
a
large shortage of steel com¬
throughout the Country due to after-war adjust¬
during the first half of 1919, and labor difficulties
ments
and coal operators
The demand for steel
enabled your Company to operate for the first nine months of
the year to the extent that restrictions caused by fuel
shortage and inadquate railroad service would allow.
Be¬
ginning with the last three months of the year, the demand
for steel products fell off rapidly, reducing your Company's
output to about fifty per cent of regular operation during
experienced by steel manufacturers
during the last half of that
year.
retarded the
the first two months of the year.
shortage and congestion of the railroads
Company's operation for
The railroad switchmen's strike in April
and the Interstate
Commerce Commission's control of fuel cars very seriously
interfered with production and shipment of steel up to
first of
placed
the
and
increases becoming effective Aug. 26,
Company the highest manufacturing cost
high prices prevailing for all materials used in
freight
steel, the high rate of wages being paid
rate
upon your
burden
under
which
it
has
ever
operated;
nevertheless,
throughout these adverse conditions, your Company was
able
maintain sufficient
to
cost and
ngs
year.
All of your
class
spread between manufacturing
selling price to enable it to report reasonable earn-
for the
properties have been maintained in a first-
capacity
output.
prevailing
at the end of the year will probably continue well into 1921,
during which time reasonable deflation will undoubtedly
take place which should encourage buying to an extent that
will gradually raise your Company's production to normal.
Your Company benefited materially from foreign business
secured through the Consolidated Steel Corporation, the
Export Company, of which your company, together with
other independent steel companies, is a member.
Shipments for the year, as detailed in the appended table,
totaled 1,085,293 gross tons, which compares favorably
with tonnages of previous years shown therein:
depression of the steel market
general
Angle
Bars,
L- 13,119
14,005
fl
1
subsidiaries,
production
pre¬
Company's subsidiaries, produced 343,774
tons of raw coal and shipped 85,387 gross tons of raw
coal and 227,397 gross tons
also
The mines of
your
of washed coal.
Your
company
produced 1,359,872 gross tons of steel ingots, of which
1,302,242
gross
tons were open hearth and 57,630 gross tons
Bessemer steel.
The
battery of 60 Solvay coke ovens, the construction of
authorized
and
was
put into
operation, the first coke being pushed on Sept.
17 1920.
which
was
On Mar. 11 1920,
power
station
begun in 1918,
the 7,500 K. W. generator set in the new-
the work of
operation and
into
put
was
134,952
255},289
174,763
512,422
423.046
stiof&ro
'Z1«#.891
Steel
.
*n 1919 is
now
During the
being completed.
and $124,000 of
canceled,
year
$146,000 of Subsidiary Company bonds
year
Car Trust Certificates
making
a
redeemed and
of $270,000.
:
Quarterly dividends of *1^2%
were
March 31, June 30, Sept. 30,
on
were
net reduction in Funded Debt for the
total
payment
v
-
paid during the
year
and Dec. 31, making a
$2,106,510 equivalent to 6% on your
of
Pig Iron and Mis- ^
122,029
90,282
17.631
144,364
603,876il.177,985^1,202.494
1,297,825
_
'
;
38,920
1.085,293
3
1916.
12,746,
3 80,283
7,078
On account of the
appearance
toward
price decline, which began to make its
the end
1
of
the fourth quarter
your
Company, to be conservative, has written down its inventory
$2,830,321.61 which represents the estimated shrinkage in
value of its
raw
and finished materials
on
hand at the end
of the year.
Appended hereto
Loss
and
Income
are
the Balance Sheet and Profit and
by Messrs.
Accounts, duly certified to
Price, Waterhouse & Co.
On
April 3 1920,
your
Company suffered an irreparable
C. H. McCullough, Jr.#
loss in the death of its President, Mr.
who, previous to Jan. 1. 1919, had been Vice-President
General Manager of your
Company since 1905.
1920, Mr. G. F. Downs, Vice-President
elected
and
On July 14,
in Charge of Opera¬
President to fill the vacancy.
Directors takes pleasure in acknowledging
companies.
43,092
——-!'
another of your
gross
443,247
84,039
*1
*
Total.
of
The Lackawanna Coal & Coke Co.*
viously mentioned.
of the Lackawanna Steel
Plates.
r
one
of coke which is included in the total coke
the
74,606
135,329
111,370
cellaneous
Co.,
tons of coal and 241,139 gross tons
gross
89.701
142,353
83,981
54,680 £? 58,712
71.987
W 144,233
8Bmete
produced 1,689,193
tions,
71,921
142,087
Products
tons of pig iron.
gross
Collieries
302,149
1,748
tings, Etc
Structural shapes
Merchant
1,058,230
Ellsworth
The
310,655
7.828
227,186
175,712
^22,607
Fit-
'1917.
1918.
1919.
1920.
369,954
Standard* Rails—
Light Rails
coke and
Company's outstanding stock.
operating condition assuring the possibility of
The
1920 your Company received from mines
year
which it is interested and from other sources 2,012,495
gross tons of iron ore and produced 811,348 gross tons of
installing the additional unit of 12,500 K. W. authorized
manufacture of
the
the
August.
The
During the
1920.
jn
were
the month of December.
Fuel
ENDED DECEMBER 31
FISCAL YEAR
was
Your Board of
as
loyal and efficient services of the officers and employees
Company and its several subsidiary
By order of the Board of Directors.
G.
F.
DOWNS,
President.
THE
1042
CHRONICLE
PRICE, WATERHOUSE & CO.
[VOL. 112.
LACKAWANNA STEEL COMPANY AND SUBSIDIARY
54 William Street.
COMPANIES.
■
New York, February 7, 1921.
To the Directors
of the Lackawanna Steel Company:
the books of the Lackawanna Steel
We have examined
Company and its subsidiary companies for the year ending
December 31, 1920, and certify that the balance sheet at
date and the relative income account are correctly
prepared therefrom.
We have satisfied ourselves that during the year only actual
additions and extensions have been charged to property
account; that full provision has been made for depreciation
and extinguishment, and that the treatment of deferred
charges is fair and reasonable.
The valuations of the inventories of stocks on hand, as
that
certified
by the responsible officials, have been carefully
accurately made at cost or market, and full provision
has been made for bad and doubtful accounts receivable,
INCOME
We
have verified
amounting
tures
and
which
are
net
earnings for the fiscal
a
but
appropriations
current
WATERHOUSE
&
CO.
,
(
year,
$10,674,345 21
Deduct:
Interest
on
Bonds and other obligations:
Lackawanna Steel Company
Subsidiary
$965,152 67
Companies
157,066 67
•_
$1,122,219 34
Appropriations:
For extinguishment of mines
and mining investments.
$300,008 04
.
For depreciation and accru¬
2,127,421 06
2,427,429 10
3,549,648 44
$7,124,696 77
Less:
Adjustment account Inventory Revaluation.
2,830,321 61
Net profit for the year
ending at that date.
PRICE,
maintenance,
the
for
1920.
renewal expendi¬
not
deducted below
ing renewals
fair and correct statement of the
year
other
and
repairs
ordinary
$7,541,210 56,
to
DECEMBER 31
deducting all ex¬
by actual in¬
spection or by certificates from the depositaries; and
We certify that, in our opinion, the balance sheet^ is
properly drawn up so as to show the true financial position
of the combined companies on December 31, 1920, and the
relative income account is
including
penses,
,
and securities
the cash
ENDING
YEAR
FOR
Total net earnings of all properties after
and
and for all ascertainable liabilities.
ACCOUNT
4,294,375 16
Surplus January 1 1920---
31.624,736 10
—
$35,919,111 26
Less:
LACKAWANNA STEEL COMPANY AND SUBSIDIARY
COMPANIES.
Dividends
on
Common Stock—
-
2,106,510 00
$33,812,601 26
Surplus at December 31 1920
PROFIT AND LOSS ACCOUNT FOR YEAR ENDING DEC. 31, 1920.
Gross Sales and Earnings
$70,587,305 92
Less—Manufacturing and Producing Costs and Operating
Expenses
57,464,738 04
$13,122,567 88
Dividends
on
Investments,
Net
Income
from
rented, etc..
property
600.872 68
.
$13,723,440 56
Deduct—Administrative, Selling and Gen¬
1,663,452 80
28,417 68
Commercial Interest and Discount
Steel Company
the year
above
ending December 31 1920, and we certify that the
Income
the combined companies for the year end¬
PRICE,
3.049,095 35
$10,674,345 21
LACKAWANNA
STEEL
correctly sets forth the results of
Account
the operations of
54 William Street,
Net Earnings for year, carried to Income
Account
the Lacka¬
and its Subsidiary Companies for
ing at that date.
eral Expenses..———.—$1,357,224 87
Taxes Including provision for Federal
Excess Profits and Income Taxes.....
We have audited the books and accounts of
wanna
WATERHOUSE & CO.
New York.
February 7 1921.
COMPANIES.
SUBSIDIARY
COMPANY "AND
CONSOLIDATED BALANCE SHEET, DECEMBER 31
1920.
LIABILITIES.
ASSETS.
Cost of Property, Real Estate, Buildings, Plant, Machinery,
Capital Stock:
&c.:
Preferred 7% Cumulative:
As at December 31 1919
.$10,000,000 00
Authorized
-.----$80,414,006 65
Net additions during 1920
2.524,596 09
Common:
——$60,000,000 00
Authorized..
$82,938,602 74
Less:
Depreciation, depletion and amortiza¬
tion
Capital Stock of Subsidiary Companies Not Held by Lacka¬
20,424,027 60
reserves
Steel Company
wanna
$62,514,575 14
Investments in Ore Companies, &c„ Less Amortization.....
5,254,219 59
Cash in Hands of Sinking Fund Trustees and Other Trust
Funds......
—
First
Mortgage
Convertible
Gold
$10,862,000 00
Receivable..
6,891,000 00
682,000 00
due 1950—Series A, 5%
18,435,000 00
547,710 29
Cash-...
Marketable Securities
Less—The Lackawanna Iron & Steel Co
364,471 26
—
—
Bonds,
127,499 45
__
wanna
34,280,090 12
Charges
$4,883,000 00
Subsidiary Companies' Bonds—
3,180,993 97
———
Convertible..
Car Trust Certificates, due 1921-1926—-
1,392,908 80
10,942,583 39
...
Liberty Loan Bonds-..—
First Consolidated Mortgage Gold Bonds,
$17,723,922 96
———
Miscellaneous Accounts Receivable....
Deferred
5%
Bonds, due 1923
Customers' Accounts (less Reserve).
Notes
3,887 50
Bonded Debt:
Lackawanna Steel Company
268,742 64
Chrrent Assets:
Inventories
$35,108,500 00
Issued
formerly
Steel
assumed
Company
by
and
sumed by Bethlehem Steel
Lacka¬
now
as¬
Company._
1,775,000 00
132,347 83
3,108,000 00Current Liabilities:
Current Accounts Payable and Payrolls.
Notes Payable
__
$8,996,985 10
211,483 91
—
Taxes and Interest Accrued, including Bal¬
ance
of previous
year's provision for Fed¬
eral Income and War Excess Profits Taxes
2,373,191 38
11,581,660 39
Reserves for Contingencies and Miscellaneous
400,326 17
Operations——
Surplus:
—$31,624,736 10
Balance as at December 31 1919—
Add—'Profits for
year
as
per
Income Ac¬
count
—..—
4,294,375 16
$35,919,11126
Less—Dividends
on
Common Stock
—
2,106,510 00
33,812,601 26
$102,449,975 32
$102,449.975 32
We have examined
year
the books
and
ending December 31 1920 and
accounts of the Lackawanna
Steel Company and its subsidiary companies for the
certify that the above balance sheet correctly sets forth the financial position of
we
the combined companies at that date.
'
.
•
•'
PRICE,
WATERHOUSE
&
CO.
54 William
Street, New York.
February 7 1921.
;
March 12
THE
1921.]
Cmummial
CHRONICLE
lators there, who had been buying continuously on the fall-,
'Qimzs.
ing market, and fears were expressed that the settlement,
might result in failures.
The dealers consequently request¬
ed
COMMERCIAL EPITOME.
the contract
York, Friday Night, March 11 1921.
In the great process
of transition from a war to
basis prices of commodities and labor are
trade is still
on
quiet.
declining. General
big railroads are arranging
has been
The
and the
a
conservative scale.
very
In the main it is
prised to
this
see
towards
move
reduce
to
mercantile community
more
wages,
less
or
sur¬
much desired and abso¬
a
lutely essential rehabilitation of the vast railroad systems
of this country
securities.
Stock
trade
on
And
in
basis
of
the
that
The
truth,
is moving steadily towards
throughout
the
however,
States.
extend
In
of
every
of the
to
a
normal
bring
production and consumption of
well-being of
The whole world suffers from deficient production
at normal
bor
to
and breadth
all kinds of commodities that minister to the
society.
saner
The great aim is to reduce costs and
return
a
the
is that
ramifications
the textile trades and is bound to
about
at
safer and
a
vast
line of industry throughout the length
United
decline
less depressing effect
or
more
a
industry, and that the transportation interests
joined in this movement, which was started long
now
in
doubt
no
directions.
business
American
ago
is
there
some
the country
have
made the pretext for lower prices for their
Exchange has had
about normal costs.
or
this
la¬
everything else is bound to be liquidated and
brought within proper economic limits.
In other words, the
abnormal is beginning to disappear and the normal will
or
later
to emerge
commence
About 6,000 workers
ton
slowly but surely after
period of commercial and financial distraction to which
affords no parallel.
Food prices it is noticeable
have latterly declined.
This includes grain and dairy prod¬
history
Meqts continue high,
prices decline but slowly.
active
of any,
slightly.
a
food
index
the most
are
is not absent.
In¬
Retail
The
sales have increased
Trade in automobiles has
winter
wheat
crop
in
the
main
In parts of the West,
however, farmers over a
substituting grass for corn. Napped
area are said to be
cotton
the
noticeable than recently. Job¬
few lines have been
doing a bet¬
than wholesalers.
somewhat.
looks well.
truth
The clothing trades
Building is increasing.
gained
large
in
more
bers and retailers in not
ter business
and
but the note of caution
deed it has been rather
goods have latterly been reduced 66%.
The leather
trade shows less snap.
Millinery goods sell somewhat more
freely, with the Easter this year coming on March
27, or
much
earlier
been
slow.
than
usual.
Failures,
too,
Collections
show
some
in
the
main
have
this
week
increase
those of last week.
over
The total is stated at 323
against
303 last week, 108 this week in
1920, 118 in 1919, 225 in 1918
and 250 in 1917.
Exports of wheat make a very good show¬
ing and Italy has been buying in the United States in
spite
the competition from
Argentina.
Supplies of all kinds
of grain on the farms are as a rule
unusually large.
Stocks
of cotton at the
South, too, are far bigger than the ordi¬
of
Unemployment is still
nary.
estimate
can
common
idea
be
is
including
more,
made
that
some
for
it
very
the
large.
country
amounts
400,000
to
No very
at
large,
4,000.000
reliable
but
persons
the
or
the railroads.
Iron
and steel continue dull and
depressed.
And there are those
who think that these
big industries will not really get on
their feet until costs of
production, including, of course, the
price of labor, have been reduced to the
point where both
men
on
production and consumption will take on their
normal ac¬
tivity.
The tone of business in this
country is not uncheerful, but there is a sober realization of the fact that
pros¬
perity
is
not
likely
to
return
by
leaps
and
bounds,
but
rather by a slow but persistent
process of readjustment to
post-war, or in other words, normal
conditions, after the
profound disturbances of the war period.
Finally it must
be said that the commercial
community of the United States
watches with keen
sion of
further.
go no
At
and
interest the outcome of the Allied inva¬
Germany, and its effects
on
international trade, to
Bennington, Vt., all the textile plants
some
working
on
now
are in operation
Rhode Island's textile
industry is
up to 75%.
The Amoskeag
Co., at Manches¬
full
time.
ter, N. H., has restored full time in its worsted
A horizontal
wage cut for all officers and
Pennsylvania
000 men,
of
department.
employees of the
210,000—has been ordered
Railroad—some
the New York
Central will cut
wages, it is believed, of 43,
York, New Haven & Hartford Co.
and
the New
23,000
on
|
strike.
dress fac¬
Manchester cot¬
and yarns-markets are
reported very gloomy owing to
breaking off of the German negotiations and the general
political situation.. Abandonment of a project to build a
the
silk spinning mill, to - be union owned and
controlled, was
announced at New Bedford by officers of the United Textile
Workers of America.
responsibilities.
Ownership somehow
Twenty-four
Spanish
have closed, owing to the crisis in the
thousand
workers
have
textile factories
other
affecting 8,000
more
been
thrown
other has its
or
textile
factories,
cotton trade.
of
out
work.
Eight
Fifty
in
Spain have introduced half-time,
workers.
Henry Ford says the worst of the business depression is.
over
and that business in Detroit is steadily
from
ports
over
to
loans
judge
the
is
South
show
progressing
that
very
the
improving. Re¬
liquidation
of hold¬
position
well and those in
the belief that the worst of the Southern
express
situation is past.
The
and
weather in the main has been warm, muggy, rainy
spring-like, though clear and cooler in the last 48 hours.
On March 7 the temperature rose to 68V2 degrees, the high¬
est for that date on record.
The grass in the parks here i&-
already taking
on a very noticeably green appearance, leafbuds in the maples and other trees are swelling; lilacs show
beginnings;
green
New
robins
have
Long
on
Island,.
LARD
quiet; prime Western $12 60 @$12 80; refined to.
14c.; South American 143^c.; Brazil in kegs.
15Mc.
Futures declined somewhat on packers' selling,
despite higher prices at times for hogs.
Stocks of product,
too, are large.
European politics has been disturbing.
Clement Curtis's report shows the following number of hogs,
the Continent
on farm, with comparisons: 1921,
33,663,000; 1920, 37,175,000; 1919, 33,764,000; 1918, 36,121,000.
To-day prices de¬
clined and wind up 40 points lower than a week ago.
DAILY
CLOSING
PRICES
Sat.
May delivery
July delivery-.
cts.12.30
;
12.70
OF
LARD
Mon.
FUTURES
Tues.
12.22
12.62
12.22
12.G0
IN
Wed.
CHICAGO,
Thurs.
12.27
12.67
12.17
12.57
Fri.
11.90
12.30
PORK
quiet; mess $30 @$31, family $38@$40, clear
May closed at $21 50. a decline for the week of
quiet but steady; mess $16@$18, packet $19@
$21, family $25@$28, extra India mess $44@$47; No. 1
canned roast beef $3 15, No. 2 $8 25.
Cut meats firmer;
pickled hams, 10 to 20 lbs., 20%@22%c.; pickled bellies,
10 to 12 lbs., 16@17c.
Butter, creamery extras, 48M@49c.
Cheese, flats, 18@29c.
Eggs, fresh-gathered extras, 35 %@
$31 @$33.
50c.
Beef
36c.
COFFEE on the spot quiet but steady; No. 7 Rio 6b6@
63^c., No. 4 Santos 9J4@9/4c., fair to good Cucuta 11 %@
12c.
Futures have declined sharply, with Brazilian prices
lower, firm offers down and hedge selling rather larger;
also long liquidation.
European politics has had some ef¬
fect.
New low ground has been reached.
Whatever may
be said in favor of the statistical position, supplies are to
put it mildly evidently ample for the present market.
To¬
day prices fell.
They closed 69 points lower than last Friday.
#
Spot(unofflcfal)ct8 6>8-'ilMay
March
5.40 @ 5.451 July
SUGAR
Cuban
The
and
firmer;
5.96c.
cts_5.70@5.72|Sept
for
cta_646@6.47
6.09 @ 6.121 December
centrifugal,
Porto
96-degrees
Rican.
_
_
Futures
6.82 @6.84
_
6.02
test,
for
advanced.
Cuban Commission
put the price up to 5c. cost and
10,000 tons early in the week.
Refined
sugar rose on a1 better demand.
Refined "futures," it is
said, may yet be traded in.
Some people ask this innovation.
On the 10th inst. full duty paying sugars advanced to the.
basis of 4%c. c. i. f. on sales of 5,200 tons San Domingo,
middlb of March and early April
shipment^ this price being
equal to 5c. c. & f. for Cuba.
In Cuba considerable dissatis¬
faction is expressed by some of the growers or dealers be¬
cause of the slowness of measures looking to their financial
relief.
Some sales are reported there at below the official
prices.
How such sugar purchases are to be exported to
consuming countries is another matter.
Exports require
permits from the Financial Committee.
Here the trading
in futures, it is declared, is
hampered by the fact of Cuban
control.
Transactions have fallen off.
To-day prices ad¬
vanced slightly, ending 17 to 18 points higher for the week.
freight.
It sold
Spot (unofficial) cts_5
(March-_cts _5.11 @5.141 July
cts_5.58@5.5&
| May
5.36@5.371 September—5./2@5.74
South
whole business has been small.
Board.
appeared
Jersey and Connecticut.
protest against the wage reductions to the
Railway Labor
OILS—Linseed
quiet and lower.
There
American inquiries early iu the week,
were
but
some
on
the
Cocoanut oil meets with
a
better demand.
Greenville,
forced
784 lbs.
or
more, and virtually every large railroad in the
country is preparing to put wage reductions into
effect for
all their employees.
The four railroad brotherhoods will
creases
settlement, but this;
in misses' and childrens'
tories in Greater New York went
a
ucts.
postpone the
Winter overcoats most of the time have been uncomfortable.
salutary process of productive readjustment
like
sooner
to
price at 253 rupees per candy,
peace
a
board
refused and the board proceeded to fix the settlement*
was
New
1043
S.
C.,
dispatches say that unless trade in
greatly the cotton mills of South Carolina will be
to
curtail
the
output
sharply.
Tin
workers
at
Youngstown, Ohio, have had their wages cut 7 to
13%%.
The Sheepshearers' Union of
North America have voted
voluntarily to reduce
cents per head
to
the wage
12% cents.
and cotton crisis
scale for shearing from
Bombay has had
a
17
financial
Cables from that city on March 8 said
the recent heavy decline in cotton had
hit the bazaar specu¬
Ceylon bbls. 9%@9%e.; Cochin 10@10%<f.
olive
$1.90@$2.; Cod, domestic 47@54c.; Newfoundland
55@59c.
Lard special prime 92c.
Soya bean, edible
8@8^c.
Cottonseed oil sales today 15,200 bbls.; March
closed at 6 30@6.40; May at 6.75@6.78 and July at 7.30@
7.34.
Southeast immediate crude 4.55, sales.
Spirits of
turpentine 61c.
Common to good strained rosin $6.25.
PETROLEUM quiet and lower; refined in bbls.
20.50c.; bulk 10.50@11.50c.;
line declined to 27c. for steel
19.50@
23.25@24.25c.
Gaso¬
bbls.; motor gasoline U. S.,
cases
1044
THE
CHRONICLE
second hands, sales have been made, it
seems, at $5.
Oil
companies and municipal corporations are buying steel pipe
steadily if not largely at fairly steady prices, at least.
iSome
put the case a little more strongly.
Prices on finished and
Navy specifications 20c.; naptha 63 to 66 degrees 24.50c.;
to 68 degrees 25.50c.
The Standard Oil Co. of New
Jersey reduced the wholesale price of gasoline 2c. a gallon
for New Jersey and Maryland, which brings the price down
to 243^o.
for those districts.
Conditions in the Mid¬
dle West are reported more favorable owing to the resump¬
tion of the 100% runs by large interests.
Gas oil is plentiful
66
$3 00
| 1 90
Cabell
1 86
Somerset, 32
and above
1 65
Wooster
...
Lima
...
Indiana
$2 38
Princeton
Illinois
2 52
Kansas
&
Strawn
Healdton
Moran
1 75
7£
homa
1 00
2 80 Corsicana, light—
2 48 Oorsicana, heavy.
Electra
1 50
75
1 75
RUBBER firmer but quiet.
Factory and other buying
interests are not inclined to buy at the present level, their
views being yA to Yi under Asking prices.
Smoked ribbed
quoted at 17c.; April-June 18j^e., and JulyDec. 22c.
Stocks of up-river fine, coarse and island fine,
Paras, are very small, owing to decreased shipments as a
result of prevailing low prices.
Up-river fine was quoted
at 18c.r coarse 11%® 12c. and island fine at 18c.
Centrals
remain quiet but steady at 12c. for Corinto.
There was a
heavy decrease in imports of crude rubber during the month
of February.
Total imports for the month were 8,839 tons,
against 14,177 in January and 32,994 in Feb. last year.
were
OCEAN FREIGHTS have been dull.
It is hoped that
the recently lowered rates will soon bring more business.
Flour shipments are said to be increasing to Hamburg and
Danzig at cheap rates, i. e., at 25c. a sack, or 10c. under
the current rate for April shipments.
Cargo to Havre is
taken from New York to Havre at 16c. per 100 lbs.
Notice
of a substantial reduction in ocean rates, effective March 15,
from Gulf and South Atlantic ports to Havana, has been
issued.
The reduction in some cases is as high as 30%.
A further decline in the marine traffic for the port of New
was shown in February, when only 374 vessels cleared
foreign ports, while 424 arrived here.
York
for
Charters included 40,000 quarters of grain from a Gulf port to Greece,
8s. 6d.; if two ports, 9s., March; coal from Atlantic range to Copenhagen,
$3 76, prompt; from a Virginia port to Havana, $2; to Copenhagen, $5 75,
from Atlantic range to west Italy, $5 75 prompt; cement from
Philadelphia or New York to Callao, $6 75; coke, $7 75: sugar from one or
two ports north side of Cuba to Philadelphia.or New York, 20c.; if New
Orleans or Galveston, 17c., with options, prompt; sugar from one or two
ports north side of Cuba to Savannah, 15c., with options, prompt; 32,000
quarters grain from a Gulf port to Greece, 8s. 6d., March; nitrate soda from
west coast of South America to United States North Atlantic port, $4 50,
March; steamer, 3,611 tons, four or six months' time charter in transatlan¬
tic trade, 7 shillings, March.
prompt;
TOBACCO has been dull and prices seem no better than
Manufacturers for the most part hold aloof or buy
normal.
from hand to
believe.
mouth, awaiting possible lower prices,
Farmers
at
the
South
50c. clean basis and
some 50-56s at about 45 clean basis.
Pulled wools, especially A's and B's, have been in fair de¬
mand.
Woolen mills have bought medium scoured wools.
1 75
Caddo, La., light. 2 00
Caddo, crude
1 25
De Soto
1 90
Henrietta
1 75
as
they
The
holding back.
carryover into next season, it is suspected, will be laree and
will, to ail intents and purposes, add just so much to the
crop.
Holding back is deprecated, partly for this reason
and partly because the quality of this year's crop.
In this
way the farmer, it is feared, may m popular parlance "get it
goinc and coming."
And the movement to cut down the
burley acreage lias, it seems, failed because 60% of the
farmers have not agreed to this project, despite the low
prices
paid for the 1920 crop.
The Burley Tobacco Growers'
Association, in abandoning this campaign, adds that it will
await any marketing plan worked out by Bernard M.
Baruch of New York and Robert
Bingham of Louisville.
are
COPPER quiet and depressed.
Spot copper was offered
by smaller dealers at 12c. while the price of April is put at
1234c. by the same interests.
For later business 1234®
irregular and weak, with sales difficult.
foreseen, however, and largely discounted.
In Boston re¬
cently some sales have been made at 75®85c. for short to
good French combing wools.
Montevideo 56s sold at about
1 00
1
Okla¬
are
WOOL has been dull and in some cases lower.
The vet©
of the tariff bill
naturally disappointed seme.
It bad been
SI 75
175
Thrall
2 52
Plymouth
deg.
Ragland
sheets
semi-finished steel
V
and dull.
Pennsylvania
Corning
[Vol. 112.
Some
low scoured
wools
have been sold
at
some
Capes sold from 40 to 72e.
Noils dull and lower.
In
London on March 5 prices were lover than at the
January
sales.
Superior merinos were bought by Americans at a
decline of 5%.
Other mermos were from 15 to 25% lower.
Prices for fine erossbreds were 10 to 25% lower and medium
coarse 20 to
30% off.
Continental buyers took 40,000 bales,
,
the home trade 32,000 bales and Americans 6,000 bales.
the final sale 13,000 bales of Government wools
wool auction scheduled for March
were
10 in Boston had been
suspended until further notice.
This makes the second post¬
On March 8 early cables from Liverpool stated
ponement.
that there was
an upward
tendency for the East India wools,
reported at par to 234% higher.
Later advices,
however, stated that prices were 5% lower on the best wools
suitable for clothing purposes.
Other descriptions were
firmer.
America
was
apparently
buying freely.
The
eighth series of wool sales for the present season at Sydney,
Australia, closed on March 9 with about 50% of the offerings
which
sold.
were
Competition
was
sluggish and prices
under those of the last series.
A
new
10 to 15%
were
series started March 10
and will terminate March 17.
The offerings will aggregate
reported on March 10 that the
shipping dispute at Dunedin had been settled.
Sales have
been fixed to begin March 15 with 2,300 bales.
On March
10 cables from Geelong, Australia, reported a firmer market.
Best merinos were in fair demand.
American buying was
again noticeable.
Good 64-70s combing wools were bring¬
ing, it was said, equal to 66 to 75c. clean landed basis, and
good warp 64-70s from 86 to 93c. clean landed basis.
The
24,000 bales.
next sales
offered in
are
And it
was
in Melbourne
Antwerp
on
March 21.
on
River Plate wool
the 9th bad to be withdrawn;
no
Friday Night, March 11 1921.
CROP, as indicated by our
telegrams from the South to-night, is given below.
For the
week ending this evening the total receipts have reached
92,890 bales, against 88,116 bales last week and 84,623
bales the previous week, making the total receipts since
Aug. 1 1920 4,567,215 bales, against 5,590,632 bales for the
same period of 1919-20,
showing a decrease since Aug. 1
1920 of 1,023,417 bales.
/
THE MOVEMENT OF THE
,
Sat.
Galveston
Texas
5,178
Tues.
Wed.
11,308
Thurs.
5,266
Fri.
4,435
PIG IRON has remained dull and weak.
British makers
have made the extraordinary reduction of equal to $8 to $9
Some Southern iron is reported off to the basis
of $25, or $1 50 lower than a week
ago.
In eastern Penn¬
sylvania 500 tons sold at $24 50 furnace.
The situation
might be far more cheerful than it is.
Buyers still hold
per
824
STEEL
4",649
New Orleans
443
8,363
2,184
5,192
1,786
4,437
192
214
4
223
538
26,611
1,171
1,840
1,831
1,953
1,634
372
931
8,561
95
95
"49
"257
"256
"183
""99
163
Wilmington
213
158
174
86
37
117
957
785
Norfolk
545
1,244
981|
296
910
860
4,836
Pensacola
Jacksonville
Savannah
Brunswick-—
Charleston
continued dull and depressed.
Pittsburgh
prices for plates and shapes.
March trade,
according to the current doleful talk, may not be better than
February.
Unfilled orders again drop.
Wage cuts are
looked for, following the example of the railroads.
Costs
must be reduced before production and
consumption can be
speeded up.
Steel ingots production decreased in February
approximately 12% from January, or, roughly, the same as
pip* iron.
On the other hand, tin plates have been pretty
steady at about $7 per base box, though occasionally less.
Tin plate output has slackened very
noticeably in recent
months.
The trouble is that the demand is also slack.
48
At
/'
48
"97
New York
Boston
97
26
787
635
44
17,249
17.904
13.296
7,906
1,492
Baltimore
Philadelphia
Totals this week_
21,970
14.565
92.890
The
following shows the week's total receipts, the total
since Aug. 1 1920 and stocks to-night, compared with the
last year:
1920-21.
,
Receipts to
March 11.
This
Texas
City
New Orleans
_
Mobile
1,171
Pensacola
Jacksonville
Savannah
Brunswick
Charleston
Wilmington
Norfolk-
Newport News,&c
New York
Boston
Baltimore
Philadelphia
Totals
1920.
This
Week.
1 1919.
40,361 1,817,488
5,764
299,772
70,247
12,395
149
23,113
30,307
982,322
M
—
203
8,561
456,441
17,621
95
10,545
2,700
2,240
3,384
4,179
957
785
48
97
1,492
—
—
55,665
61.753
196,325
1,485
25,136
21,937
34,721
5,123
1921.
1920.
319,730
4.941
280,428
68,862
416,958
370,871
14,184
22,294
—
2,550
69,994
4,524
4,836
'
Since Aug
4.819
•
Gulfport
1
37,234 2,177,723
824
19,117
306.638
9,736
443
46,793
26,611 1,068,476
Stock.
1919-20.
Since Aug
Week.
Galveston
Houston
has
824
9,736
"443
Port Arthur, &c__
looks for lower
37,234
9,736
Arthur, &c_
Mobile
ton.
aloof, distrusting the stability of present prices.
Total.
6,109
City
Houston
Port
Mon.
4,938
N'port News, &c.
higher,
owing to curtailed production and light offerings.
Spot
New York was quoted at 4.20@4.30c.
The technical posi¬
tion has also strenghtened.
Zinc steady at 4.80@4.85c.
for spot St. Louis.
The demand continues light, but there
is a better feeling in the market due to the
strength of London.
buyers.
COTTON
:
business of late has been done with
Germany.
At
offered,
consisting chiefly of greasy merinos from Sydney and Vic¬
torian and New Zealand erossbreds; the latter were
mostly
withdrawn.
Merinos were freely bought by the Continent
at prices ranging from 11 to 26d.
On March 8 the army
base officials were notified by the War Department that the
1234 was asked.
Some of the large producers are quoting
1234 for March and 13c. for April, but as the smaller agencies'
supply is sufficient to tneet the demand and busniess is so
small, they are content to hold aloof.
And exports it is
believed will be small until the question of the German
indemnity is setttled.
A large percentage of the export
TIN quiet and lower in sympathy with a decline in Lon¬
don.
Spot tin, 28c.
Lead in better demand and
decline.
Fine
62
275
236,694
15,795
13,267
1,069,321
138,500
365,903
123,061
296,001
4,082
15,874
296
20,170,
143
81,724
17,298
257
„
-
2,058
154,159
432
246,096
25,279
86,752
125,965
10,342
3,592
5,166
6,219
149,791
16,500
197,811
42,866
92,424
-52,761
5,454
5,551
4,751
92,890 4,567,215 122,886 5,590,632 1,415,654 1,316,583
March 12
THE
1921.]
In order that
comparison may be made with other years,
give below the totals at leading ports for six seasons:
we
1015
CHRONICLE
a
degree that has surprised not a few.
encouraged
way in feeling for the
Receipts at—
1917.
1918.
1919.
1920.
1921.
29,832
26,487
1916.
32,223
48
62
98
217
1,589
1,589
""625
'3,513
6,037
34,802
11,865
16,694
2,086
8,426
1,000
1,573
2,004
7,681
2,915
2,206
92,890
122,886
84,626
104,363
74,958
91,252
Galveston
37,234
40,361
TexasCity,&c.
11,003
26.611
18,308
30,307
2,550
New
Orleans.
Mobile
1,171
8,561
Savannah
875
298
24,579
2,292
16,555
33,089
813
377
27,557
""974
4,237
3,500
2,730
3,881
7,821
17,621
2,006
6,483
11,276
Brunswick
95
2,700
Charleston
957
'2,240
~1,511
Wilmington
785
3,384
4,179
Norfolk
4,836
N'port N., &c.
All others
Total this wk_
15,875
486
is out, that
news
The exports for
the week ending this evening reach a total
of
are
a
tentative
inclined to
assume
They maintain that all the bad
it is discounted, that the pri<j:e is far be¬
low the cost of
production, that sales of fertilizers are very
smaller than last season, and that a noteworthy re¬
much
duction in the acreage
would not be|at all surprising. North
insists that its
Carolina
sales of fertilizers amount to
own
71% less than those for last
year.
A sharp reduction, it is
said, has also taken place in Oklahoma. One feature, more¬
over, has been a rather sharp rise of late in Alexandria,
Egypt.
Government
Since Aug. 1__ 4,567,215 5,590,632 3,901,116 4,725,414 5,676,083 5,587,674
They
bottom.
it cannot be far off.
that
It undoubtedly has
certain number of people to buy in
a
with
measures,
will
Government
the
it
are
seems,
view of sustaining the
a
to be taken there,
price of cotton; that is to say
help small cultivators by buying di¬
83,949 bales, of which 11,005 were to Great Britain,
7,415
to
France
and 68,529 ' to
other
destinations.
rectly from them at certain fixed market prices for each
week.
The British Government, it is stated, will guarantee
Exports for the week and since Aug. 1 1920 are as follows:
export credits for Great Britain.
China
the distant months of late in Liverpool.
Week ending Mar. 11
Frtm Aug.
1921.
Exported to—
1 1920 to Mar. 11 1921.
Exported to—
in
buying
*
Great
Great
Other.
France.
Britain.
Total.
Other.
Britain. France.
Total.
Far
be a forerunner of an improvement in
Vermont and Rhode Island report an
may
trade.
Eastern
increased output of textiles.
Galveston
Houston
8,368
_.
...
9,736
rm *.*»
252,280
594,496
141,219
27,321
9,736
15,733
3,220
''-i
44,111
898,814 1,745,590
121,308
306,638
'
Texas
City.
Port
m
«.
-
^
-
-
-
»
**■'*
,
'
m «■
*-
'
""
El Paso....
"
*.
New Orleans
-
—
«.
-
-
-
100
60,303
1,501
398,939
691,983
4,819
114,597
425
6,750
16,018
43,485
110
43,422
133,825
2,910
291,844
11,179
20,717
9,433
11,724
100
.■"mmwm
..
«.
■
Mobile
-
232,741
20,822
18,577
2,245
Gulf pert...
*
Jacksonville
—
Savannah
i*
'«•
<•*
-
2,800
-
5,405
1,816
2,212
'•w
_
Charleston
2,298
1,550
2,298
Arthur
PortNogalez
Brunswick
18,562
29,158
4,812
-
6,873
1,501
;
m — m
.
—-
29,158
1,550
2,709
8,980
4* 4*
m
San Antonio
3,250
7,929
_
"425
.
*
— —
«. ~
Wilmington.
'
'
1,350
4,000
38,277
7,373
1,350
124
Norfolk
158
^
•
«
-
'
15,724
66,301
66,301
18,425
•
56,802
38,491
119
5,576
349
1,246
2,898
53,925
8,504
4,433
6,764
Boston
8,061
2,809
34
New York..
30
1,476
11,475
18,269
"
Baltimore
.
i**.
_
Francis
«. «. •
•:
-
Seattle
W-
200
200
41,267
4.'■***,
3,105
3,105
58,108
41,267
58,108
7,872
7,872
32,582
32.582
1,000
1,000
'
"m
!
•
t
Portl'd, Ore.
Total
86,949 1,193,173
9.169 126,260 225,513 2,460,114
90.084
Total *18-'19
68,529
7,415
11,005
Total *19-'20
37,127
1,476
—
■
Tacoma
317
6,110
«»•.—*»
Angeles
San
•*
----
317
6,110
Philadelphia
Los
m'«.
36,449 134,318 1,466,455
60,742
422,281
1,894,51,4 3.509,968
1,795,018|4,706,589
451,457
543,348 1,162,1063,171.909
In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named.
Wo add similar figures for
New York.
'
'U
:;v:-
Ger¬
Other
Galveston.
New Orleans
__
France.
Cont't.
wise.
15,310
6,698
5,924
5.020
3,000
19,263
19,059
12,692
8,286
101
about until there is
Mobile
tions, it is feared, may delay the return of business revival
on the Continent of Europe.
And the South, it is pointed
out, still holds about half its crop on the eve
"400
Other ports *_
3,000
Total'1921
Total 1920.
Total
*
1919.
10,944
12,080
21,986
26,356
.
.
Estimated,
103,264
64,246
a
250
40,095
86,728
28,025
24,578
16,670
1,300
5,500
4,601 106,574 1,309,080
25,295 244,037 1,072,546
2,713 116,971 1,194,237
for China.
weakened somewhat.
Yet the general drift at one time was upward, owing partly
to the fact that the technical position had become rather
active,
and
prices
have
In other words the
both markets.
Of
of Germany had a disturbing
stronger both here and in Liverpool.
interest
short
the
course
noticeably increased in
Allied
invasion
And there have been adverse factors,
effect in Manchester.
of a China
unemployment in
many parts of the United States.
Wages of workers on
railroads and in meat packing houses will be reduced to
the number of several hundred thousand, and many indus¬
like
a
house
crisis in Bombay,
financial
in
Liverpool,
will be greatly reduced.
been threatened in the past.
and
the
a
continue to hold or not no one
cotton.
Whether they will
knows.
Probably events, it is suggested, will have to decide
And very few believe-that the time is ripe
in commodities.
Most of them have re¬
markets
bull
The stock market has been falling.
Times are hard.
The promise from
That has hurt cotton.
Washington of easier money
Speculation in cotton for future delivery has been only
moderately
a new sea¬
A big cut in the area has often
In very many cases it has not
been brought about.
The South, it is believed, will sell
steadily if not largely on any material advance in prices.
Farmers, it is also believed, still hold a very considerable
percentage of the last crop outside of the stocks of, hedge
age
Exports,
500
"300
"600
2,500
_
of
Some, moreover, are not too confident that the acre¬
son.
263,541
377,794
153,659
245,096
11,263
86,752
124,665
56,310
Norfolk
New York *
big foreign outlet.
56,189
39,164
1,000
2,921
•1,473
1,448
Cot¬
But it is not getting it. The
$100,000,000 Finance Corporation, it is said, is not really
functioning.
Exchange, though higher of late, is still low.
Foreign buyers find themselves unable to purchase.
Mill
stocks throughout the world may be small but the consump¬
tion is alsd> small.
And it is anticipated that it must remain
so
until times greatly improve.
The German complica¬
ton needs a
Stock.
500
Charleston
rise be brought
decided improvement in trade?
a
Total.
1.000
Savannah
how can a permanent
People ask
price.
cently been declining.
Leaving
Coast¬
many.
Great
Britain.
Mar. 11 at—
/.
general buying, it is said, even at the present low
courage
that question.
Shipboard, Not Cleared for—
months ago.
On the other hand trade is in the main so dull as to dis¬
for
On
The total for the United States
be twice as large as two
is said to
Money is easier
Some of the Liverpool trades suggest that the
Lopdon.
China
Experts
from—
has been buying
failure
increased
has had no effect on cotton.
intimated, continue small.
To-day
prices declined on Liverpool and Southern, if not Japanese
selling, big "cuts" in some cotton goods by the Amoskeag
Co., small spinners' takings, and last, but far from least
significant, a break in the stock market. Prices ended, how¬
ever. only 10 points net lower on near months for the week.
Middling upland on the spot fell 20 points to 11.4c., a net
as
already
decline for the week of 10 points.
'
quotation for middling upland cotton in the
New York market each day for the past week has been:
The official
Sat.
uplands
1921
Tues.
11.55
1920
41.00
26.85
1911
1918
1917
1916
33.25
18.25
1909
...14.65
1910
11.80
8.85
13.10
1906
FUTURES.
1905
_c
1904
1903...
...
1907
1914
11.40
...
1908
1915
Fri.
11.60
11.90
7.90
16.65
10.15
9.12
...15.10 1902
9.80 1901....... 8.75
1900
9.69
6.44
...11.35 1899
6.19
...11.10 1898
1912
1919
Wed.Thurs.
11.50
1913_c__ ...12.40
...10.80
11.40
-c
Mori.
11.40
March 5 to March XI—
Middling
The
1897-C.....
1896
1895
1894
1893
;
7.25
7.75
5.94
7.56
9.12
6194
1892.
8.94
1891.
1890...
11.50
highest, lowest and closing prices at
week have been as follows:
New York for the past
Saturday,
Naturally it all means re¬
duced buying capacity.
At the same time Europe, Asia and
Africa are in poor shape to buy.
Liverpool cabled that
Mar. 7.
Tuesday, Wed'day, Thursd'y, Friday,
Mar. 9. Mar. 10. Mar. 11.
Mar. 8.
Week.
March—
accept goods bought from
Monday,
Mar. 5.
Range
tries
are
running on short time.
East India merchants refused to
50% of the cost price. British exports
only 9,000,000 lbs., against 12,000,000 in the same month last year, and cloth exports for
the month were but 245,000,000 yards against 312,000,000 in
the same month last year.
Print cloth sales at Fall River
remain small.
They are estimated this week at 50,000
pieces at a drop of % to %c.
Curtailment there is very
marked, i. e. some 150,000 pieces recently per week.
Spot
cotton, however, has sold somewhat better at the South,
notably the lower grades.
The basis on these grades has
advanced more rapidly than that for higher grades.
And
whatever may be said to the contrary some advices have
Lancashire except at
of yarns in February were
stated that there
Also
Liverpool
was
a
slow improvement in Manchester.
has latterly not
declined very materially,
the bad news from the Far East, and a rather
sharp advance here in sterling exchange.
Some advices even said that the undertone in Liverpool
despite
was
good.
Range
Closing
April—
...
May—
11.44
—
11.46
—
11.83
—
11.56
—11.35
—
...
...
11.80
June—
Closing
July—
Range
Closing
11.80
—
—11.80
...
August—
Range
Closing
—
11.88
—
—
12.23
—
12.30
12.23
—
12.47
—
12.30
12.48
12.70
—
—
September—
Range
Closing
12.05
11.89-.54
11.89-.10 12.07-.50 11.92-.20 12.30-.54 12.27-.48 12.01-.35
12.05-.06 12.13-.14 12.13-.15 12.52-.54 12.30- .31 12.07-.08
1
12.33-.67
12.60-.67 12.33
12.50 —
12.52
...
11.85
11.80-.00
—
11.85-.00
Range
—12.25
12.75-.78'
12.85
12.50
—
12.60
12.52-.78
12.37
—
—
...
12.40
...
12.44-.61 12.61-.00 12.50-.74 12.86-.10 12.83-.05 12.55-.89 12.44-.10
12.56-.60 12.69-.70 12.73~.74 13.09-.10 12.83 -12.58-.59
—
i
October—
Range
Closing
November—
12.70
12.70
Range....
12.64
Closing
—
12.77
12.94
13.20
12.83
—12.70
December—
12.63-.80 12.77-.15 12.78-.85 13.10-.30 13.05-.20 12.83-.05 12.63-.30
13.30
13.04-.06 12.85
12.94
— 12.88
Range
12.80
Closing
January—
Range!
week is that cotton prices have resisted to
Closing
—■
11.50-.11
11.50-.72 11.65-.11 11.50-.74 11.85-.10 11.80-.03 11.54-.88
11.60-.62 11.73-.74 ll.7l-.74 12.08-.10 11.81-.82 11.60-.61
Range
In short, despite bad news, one of the outstand¬
ing facts of the
—111.10 —
11.35
Closing
Closing
10.90-.65
11.05-.21 11.23-.65 10.90-.18 11.40- ,50 11.40-.47 11.08-.27
11.30
11.10-.11 11.24 — 11.18 — 11.58
12.7I5-.93 12.90-.00 12.88-.90 13.21-.37 13.12-.30 12.91-.18 12.75-.37
...
12.89
—
12.95
13.02
—
13.37
—
13.10-.12 12.91
THE
1046
CHEONICLE
THE VISIBLE SUPPLY OF COTTON to-night, as
made
by cable and telegraph, is as follows. Foreign stocks, as
well as the afloat, are this week's returns, and consequently
all foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-night
up
(Friday), we add the item of exports from the
including in it the exports of Friday only.
491,000
14,000
83,000
_
—
Stock at Manchester
—
97,000
.
Total Great Britain
.1,118,000
Stock at Hamburg
10,000
Stock at Bremen
168,000
Stock at Havre
186,000
Stock at Rotterdam
11,000
104,000
Stock at Barcelona
Stock at Genoa
66,000
40.000
Stock at Ghent and Antwerp—.
154,000
For the convenience of the reader we also add columns which
show at a glance how the market for spot and futures closed
on
days.
same
,
550,000
Spot
135,000
1,000
35,000
6,000
151,000
8,000
82,000
95,000
91", 000
181,000
Market
Closed.
Closed.
Saturday... Quiet, 10 pts. dec..
Monday
Quiet, 15 pts. adv..
Tuesday
Quiet, 5 pts. dec
Wednesday. Quiet, 40 pts. dec..
Thursday
Quiet, 30 pts. dec..
Friday
Quiet, 20 pts. dec..
...
610,000
336,000
177,000
-.1,703,000 1,821,000
India cotton afloat for Europe—
69,000
58,000
924,000
13,000
727,000
40,000
136,000
65,000
338,000
♦560,000
1,525,144
1,272,797
11,617
585,000
Total Continental Stocks.
American cotton afloat for Europe
309,054
569,188
322,070
Egypt,Brazil,&c.,afloat for Eurre.
Stock in Alexandria, Egypt
71,000
£34,000
55,000
143,000
38,000
400,000
Stock in Bombay, India--.-.---1.1)16,000
998,000
912,000
Stock in IX. S. ports...
..'■....1,415,654 1,316,583 1,311,208
Stock in XT. S. interior towns
1,702,645 1,245,820 1,522,139
XJ. 8. exports to-day
:.
1.178
34,895
14,856
Total visible supply
Of the
6,521,531 6,241,486 5,457,313 4,675,558
.
above, totals of American and other descriptions are as follows:
Liverpool stock
632,000
82,000
490,000
309,054
.bales.
Manchester stock....
Continental stock.........
American afloat for Europe
U. 8. port stocks
V. S. Interior stocks
301,000
53,000
287.000
322,070
855,000
125,000
502,000
569,188
293,000
26,000
*159,000
136,000
..1,415.654 1,316,583 1,311,208 1,525,144
1,702,645 1,245,820 1,522,179 1,272,797
1,178
34,895
14,856
11,617
U. S. exports to'day
Total American
East Indian, Brazil, &c.—
Liverpool stock
.....
London stock...
Manchester stock
4,632,531 4,648,486 3,811,313 3,423,558
386,000
3,000
15,000
95,000
69,000
.
..
...
Continental stock...
India afloat for Europe
.
.....
.
.
Egypt, Brazil, Ac., afloat...
Stock in Alexandria, Egypt.
Stock in Bombay, India ....
Total East India, &c
Total American....
...
71,000
.
234,000
.1.016,000
.
190,000
14,000
30,000
49,000
13,000
38,000
400,000
912,000
192,000
10,000
29,000
108,000
58,000
55,000
143,000
998,000
181,000
20,000
30,000
♦18,000
40,000
65,000
338,000
*560,000
6,521.531 6,241,486 5,457,313 4,675,558
28.65d.
15.36d.
23.63d.
6.94d.
41.00d.
28.15c.
33.65c.
11.40c.
Middling uplands, Liverpool
Middling uplands. New York
Egypt, good sakel, Liverpool
16.00d.
Peruvian, rough good, Liverpool.
14.00d.
Broach, fine, Liverpool..6.90d.
Tlnnevelly, good, Liverpool.....
7.40d.
.
32.73d.
23.60d.
30.58d.
32.00d.
14.96d.
23.85d.
115.21d.
49.00d.
30.00d.
22.00d.
_
bales,
3.300
gain of 280,045 bales over 1920, an excess
1,064,218 bales over 1919 and a gain of 1,845,973 bales
of
over
1918*
AT THE INTERIOR TOWNS the movement—that is,
the receipts for the week since Aug. 1, the shipments for
the week and the stocks to-night, and the same items for the
corresponding period of the previous year—is set out in
detail below:
Movement to Mar. IX 1921.
Receipts.
Week.
Ala. Birm'hama
168
3,684
17,464
8,321
46,668
80,687
46,369
166,638
88,122
10,409
118,617
116,967
292,279
Eulaula.
60
Montgomery
74
130
......
Ark., Helena..
741
Little Rock..
3,271
3,722
Athens......
i*,225
Atlanta
4,668
....
Season.
Ship¬
Stocks
ments.
Augusta
Week.
11.
571
4,461
'
49,
803, 17,733
300
La., Bhreveport
Miss.,Columbus
430
26,668
74,932
8,423
102,993
87.746
22,679
12,140
2,221
219
28,692
27,714
626.210
960
16,005
44
3,570
3,620
3,397
187
Meridian....
100
Vicksburg
Yazoo City..
Mo., St. Louis.
N.C.,Gr'nsboro
Raleigh.....
Okla., Altus.
32
Cblckasha...
84
2,616
Greenwood..
100
Tenn.,Memphis
27,069
Nashville
...
Tex., Abilene.
Brenham
Clarksvllle
—
Honey Grove
....
Paris
San Antonio.
Fort Worth*.
Total, 41 towns
•
30,291
2,487
700
174,163
80,430
9,322
136,437
220,452
458,754
33,749
192,849
50,793
1,134
3,886
695
72,440
200
660
114
2",561
116
2,463
200
13,234
13,533
100
15,619
28,586 29,833
684
6,730
139
2
100
122
3,514
2,276
17,700
68,537
64.867
100
17,145
11,94a
5,434
2,384
103
12,310
1,000
9,997
2,051 20,402
100 12,438
17,108
698,170 26,855376,264
728
70
135
500
711
2,525
4,519
17,
420
17,027
4,361
31,980
12,450
48,419
2,686
43,996
27,000
735
2,276
258
16,643
125,243
466
105,338
700
178
32,974
17,549
469
653
32,662
611,861 100,702
42,034
1,260
500
10,123
1L620
24,722
7,441
2,439
13,510
1,300
7,331
46,143
31,700
1,648
36,272
32,718
132,570
120
4,500
9,742
8,079
11,850
9,500
372
10,397
3,500
37,089
3~855
120,998
15,104
26",475
938,847
6,247
3~,610
33,264
7,900
19,720320,912
946
1,344
1.436
1,010
106,536
"469
1,697
2,782
48,753
1,236
3,307
25
10,331
4,401
6,072
1,906
200 10,800
*"l25
22,850
37,895
"i§7 6,600
"§94
37,458
1,243 17,317
68,902
1,697
1,214 19,859
200
190
21,100
8,190
30,871
290
4,900
33",448 2 .188,542 41,215358,012 32,0081,688.729 41,214251,416
1,727
88,180
2,215 15,345
1,100 15,000
1,100, 111,825
436
233
2
37,782
10
3,700
40,542
1,199
2,064
08,066
2,686 22,182,
3,000
44,700
3,000 18,000
l",954
16
Dallas
Houston
15
52,128
2~,656
Okla .oma
485
8,485
66,439
2,845
74,863
50,713
63,414
Hugo
S.C., Greenville
288
22
36,672
253
36,823
1,499
4,450
6,912
36,105
12.
558
6,471
612
Week.
300
4,200' 58,023
4.1511 33,066
6,659150,527
150 34,197
Mar.
1,888
17,909
640, 17,879
2,841 64,426
3,603 80.629
281
Season.
Stocks
25,202
5,273
65,707
12
479
Greenwood.
120
398
827
1,062
Week.
Ship¬
ments.
6,294
mm
234
Columbus...;
..
Receipts.
31,918
m.
Rome.......
81
Movement to Mar. 12 1920.
Mar.
Maoon
Clarksdale
130,9875.481,792144,3621702645ll06,8005,815,217l127,898 X245820
Last year's figures are for Cincinnati,
a
Last year's figures are for Natchez,
Miss.
The above totals show that the interior stocks have de¬
creased
bales
AND
up
from telegraphic reports Friday night.
The results for
the week and since Aug. 1 in the last two years are as follows:
-1920-21March 11—
1919-20
Since
Week. Aug.
1.
Shipped—
Via St. Louis
Via Mounds, <Scc
Via Rock Island
Via Louisville
28,586
5,610
1,362
1,847
Via Viginia points
10,214
Total gross overland
Deduct shipments—
«10,702
2,497
509,195
180,367
24,176
44,669
89,640
222,658
345
/Via other routes, &c_
Since
aWeek. Aug.
1.
13,065
611
16,666
43,873 1,507,910
47,964 1,070,705
Overland to N. Y., Boston, &c_
Between interior towns.
a
1,589
Inland, See., from South.
8,299
86,917
18,833
201,740
10,681
307,490
37,283
763,215
Total to be deducted
793
......
......
__
Leaving total net overland*
*
Including movement by rail to Canada,
a
o611,320
339,036
15,897
82,871
133,523
325,263
332
971
998
4,796
135,066
58,493
185,700
6,765
379,259
-V
37,108 1,128,651
Revised.
The foregoing shows the week's net overland movement
has been 37,283 bales, against 37,108 bales for the week last
year,
and that for the
land
exhibits
In
season to date the aggregated net over¬
decrease from a year ago of 365,436 bales.
a
Sight and Spinners'
Takings.
Net overland to March 11....... 37,283
Southern consumpt to March 11 _a 45,000
Total marketed
.175,173
-*13,375
excess
Since
Week.
Week.
Receipts at ports to March 11.... 92,890
Interior stocks in
-1919-20-=
1920-21Since
Aug. 1.
*
Aug. 1.
4,567,215
763,215
1,861,000
122,886
37,108
71,000
5.590,632
1,128,651
2,243,000
7,191,430
842,704
230,994
*21,098
8.962,283
443,773
,
209,896
North, spinners'takings to Mar.11
*
Decrease during week,
a
33,191
9,406",056
1,222,749
38.924
2.128.544
These figures are consumption; takings not
available.
Movement into sight in previous years:
Bales.
—..
WEATHER
193,446
213.852
Since Aug. 1—
1918-19—March 14
1917-18—March 15
155,869
1919—March 14—
1918—March 15
1917—March 16——
1916-17—March 16
REPORTS
BY
Bales.
8,292,312
—
9,451,424
10,452,152
TELEGRAPH.—Our tele¬
graphic advices from the South this evening denote that rain
Towns.
Pine Bluff...
Ga., Albany...
3,300
WEEK
THE
SINCE AUG. 1.—We give below a statement showing the
overland movement for the week and since Aug. 1, as made
Week—
Selma
FOR
MOVEMENT
8,034 J34
a
3.300
Steady
•
Continental imports for past week have been 107,000 bales.
The above figures for 1921 show a decrease from last week
of 300
3.300
Firm
-161,798
♦Estimated.
Total.
Steady
22.25d.
88.50d.
Contr't.
Total..
.1,889,000 1,593,000 1,646,000 1,252,000
.4,632,531 4,648,486 3,811,313 3,423,558
Total visible supply...
Spot.
Barely steadySteady..
Very steady..
..
OVERLAND
Total European stocks
,
SALES.
Futures
Market
...
338,000
,
56,000
588,000
1,211,000
MARKET AND SALES AT NEW YORK.
The total sales of cotton on the spot each day during the
week at New York are indicated in the following statement.
191S.
474,000
20,000
1919.
1921.
1920.
-bales 1,018,000 1,047,000
3,000
10,000
March 11—
Stock at Liverpool
Stock at London—
United States,
[Vol. 112.
during the week 13,375 bales and are to-night 456,825
than at the same time last year. The
receipts at
24,187 bales greater than the same
more
all towns have been
week last year.
has fallen in most sections during the week, but the rainfall
has been light or moderate generally.
are
progressing well.
From
effect that much former cotton land is
crops.
to the
are
being given to other
.
Rain.
Abilene, Texas
Brownsville
Dallas
Corpus Chrlstl—
Palestine
San Antonio
Del
Crop preparations
Alabama reports
.
Rio
Galveston
....
New Orleans, La
Mobile, Ala——
Savannah;Ga
Charlotte, N. C
Charleston, S.C
Shreveport, La
Selma, Ala
SEA
ISLAND
Thermometer
Rainfall.
dry
dry
1 day
0.68 in.
dry
2 days
1.16 in.
2 days
0.77 in.
.1 day
0.02 in.
1
1 day
1.12 in.
2 days
1.17 in.
1 day
1.00 in.
1 day
0.95 in.
1 day
0.12 in.
.3 days
1.25 in.
0.29 in.
—2 days
0.85 in.
high
high
high
high
high
high
84
92
82
80
80
82
low
low
low
low
low
42
mean
54
mean
42
52
42
low 44
mean
_
mean
high 72
high~76
high
high
high
high
high
78
78
78
83
80
low 46
63
67
mean
mean
61
low 46
mean
62
low 37
mean
low 48
mean
62
low 47
mean
65
low 38
mean
59
SUBSTITUTE.—It
COTTON
62
66
61
mear 63
mean
low 48
low 54
62
73
mean
is
58
an¬
nounced by the Department of Agriculture that a practical
substitute for Sea Island cotton, which is said to be dying
out from the ravages of the boll weevil, has been demon¬
strated in tests of meade cotton.
Comparative spinning tests show
a
slight difference in the strength of
the fibers, with Sea Island having a small superiority.
It is said that
Meade cotton, a variety developed by the Department of Agriculture, is
rapidly taking the place of the Sea Island plant.
A comparison of the two varieties, with special reference to their spinning
qualities, is contained in Department Bulletin 946.
The ravages of the boll weevil have been so severe that the Sea Island
variety may be wiped out within the next few years.
Its annual production
has been reduced from 92,619 bales in 1917 to 6,916 bales in 1919.
The
Meade cotton, developed during 1912 and subsequent years, has now been
established on a commercial basis and its future production in place of Sea
Island is believed to be assured.
Meade cotton is a long-staple upland variety, producing under favorable
conditions a fiber 1 % inches long of fine texture like the Sea Island.
Be¬
cause its seeds are nearly smooth it should be handled on roller gins.
The
fiber resembles Sea Island so closely that the two cannot be distinguished
except by experts, and it is said that Meade has been sold on the regular
Sea Island market at Savannah at a premium over the mainland Sea Island.
The Meade variety matures two or three weeks earlier, gives a greater pro¬
duction of both lint and seed and is more easily picked than Sea Island.
In the comparative spinning tests the cotton of the two varieties was run
under as nearly Identical conditions as possible.
Averaging the waste for
the three seasons in which the tests were made, it was found that the Meade
cotton was 3.5% more wasty than the Sea Island.
Comparing the breaking
strength of the yarns for the three seasons a difference of 17.2 pounds was
found in favor of the Sea Island for the 23s yarn and 1.68 pounds fen: the
100s yarn
March 12
1921.]
THE
QUOTATIONS FOR MIDDLING COTTON
MARKETS.—Below
each
AT OTHER
_
the closing quotations of
are
cotton at Southern and other
CHRONICLE
middling
principal cotton markets for
day of the week:
.
1047
MANCHESTER MARKET.—Our
report received by
to-night from Manchester states that the market con¬
cable
tinues quiet for both yarns and cloths.
Re-orders are light.
to-day below and leave those for previous
this and last year for comparison:
We give prices for
Closing Quotations for Middling Cotton
Week ending
March 11.
Saturday. Monday.
weeks of
on—
Tuesday. Wed'day. Thursd'y,
Friday.
1921
Galveston
New Orleans..
12.00
11.00
Mobile
Savannah
12.00
12.00
12.00
12.00
10.75
11.00
11.00
10 50
10.50
10.50
10.50
11.00
11.00
10.50
11.00
10.75
10.50
11.50
11.50
11.50
_
-
Charleston
*»
Norfolk
1920.
12.00
11 00
11.25
—
11.25
^
11.00
11.25
32s
11.25
—
-
—
ings, Common
Mid.
32s Cop
to Finest.
Cop
Cot'n
Upl's
Twist.
Twist.
11.00
11.25
_
8% lbs. Shirt¬
8H lbs. Shirt¬
12.00
12.00
12.00
11.75
14
22
@
20 X
19
6
Philadelphia.
@21 6
11.65
11.80
11.75
12.15
11.85
11.65
21
21
©
25
19
0
Augusta
@21 0
9.35
10.50
10.75
20^
@
25X 18 6
@20 0
12.00
11.50
10.50
11.50
28
12.00
10.50
12.00
10.88
Memphis
10.50
12.00
Dallas
10.35
10.50
10.50
10.85
10.55
10.35
4
@
25
18
0
Houston
Little Rock...
Port Worth
@20 0
10.75
10.75
10.75
11.00
10.85
11
@
24
17
6
11.50
11.50
11.50
11.50
11.50
10.75
11.50
19 H
19
18
18
@
22
17
0
10.50
10.50
10.85
10.60
10.40
—
......
-
-
Mid
Finest.
to
.
UpYs
*
/ 11.25
12.00
Baltimore
Cot'n
ings, Common
Jan.
'
d.
25
d.
H
d.
a.
d.
d.
s.
d.
d.
10.85 56
d.
s.
d.
8.
d.
@
66
39
6
@42 6
28.66
@
68
39
6
@42 6
27.66
9.G4 58
@
65
40
0
@43 0
28.31
@
70
40
6
@43 6
27.72
@19 6
8.35 58^
8.11 59
@
8.27 60
@
@44 6
@46 0
29.67
@18 6
57^
41
6
72
42
6
30.51
16^
@
ux 16 6
@18 0
6.76 61
@
73
42
6
@46 0
30.02
16 K
@
20 MS 16
0
@17 6
6.56 61
@
70X 42
6
@46 0
29.15
15^
@
17 X 15 6
@17 0
6.94 61
@
76 X 42
6
@46 0
28.65
Mar.
NEW ORLEANS CONTRACT MARKET.—The
clos¬
ing quotations for leading contracts in the New Orleans
past week have been as follows:
4
11
cot¬
ton markets for the
Saturday, Monday,
Mar. 5.
March
10.82
Tuesday, Wed'day. Thursd'y,
Mar. 7.
11.03
Mar. 8.
Mar. 9.
Mar.
Friday,
10. Mar.
10.91 — 11.25 — 11.07-. 10
11.27-.30 11.42-.46 11.38-.42 11.72-.75 11.51-.53
11.60-.63 11.73-.76 11.74-.78 12.07-.10 11.89-.92
12.12 — 12.25 — 12.25 — 12.62-.69 12.42 —
12.27 — 12.40 — 12.40 — 12.77 — 12.60 —
12.42 — 12.55 — 12.60 — 12.92-.97 12.77 —
May
July
October
December
January
—
SHIPPING NEWS.—As shown
10.86
—
11.
—
11.27-.30
11.67-.69
12.16-.18
12.34 —
12.51
—
Tone—
Spot
Options
Quiet
Steady
Quiet
Steady
Quiet
Steady
Firm
Steady
Steady
reached
up
Feet.
Above
zero
of gauge.
13.2
12.4
Memphis
Above
zero
of gauge.
Nashville
Above
zero
of gauge.
18.0
18.3
Above
.Above
zero
of gauge.
18.6
22.6
13.6
31.0
Shreveport
Vicksburg
zero of gauge.
Week.
Visible supply March 4
Visible supply Aug. 1
American in sight to March 11
Total supply
Deduct—
6100,000
64.000
611,000
68,000
To
To
To
This total
350
4,600
-
To
Bremen—Mar.
Raritan,
9—Frankinver,
2.780—Mar.
4",792",018
209,896
98,000
23,000
7,000
15,000
9,406,056
1,834,000
290,000
721,000
163,000
6.521,531 6,241,486
8,743,860
6,386,860
2,357,000
285,098
200,098
85,000
6,241,486
342,151
7,946,588
*123,000
3.018.000
465,151 10,964,588
b Estimated.
1
COTTON
To China—Mar.
1919-29.
1918-19.
5—Sumatra Maru, 725--
100
2,212
Receipts at—
Since
Week.
Since
Aug. 1.
Week.
To
Antwerp—Mar, 7—Northern, 1.050
-
To Barcelona—Mar. 8—San Franciscq,
To Genoa—Mar. 8—San Francisco, 700
2,355
700
To Venice—Mar. 8—San Francisco, 1,200
To Trieste—Mar. 8—San Francisco,
100
SAN FRANCISCO—To Japan—Mar.
Since
Aug. 1.
Week.
Aug. 1.
82,000 1,536,000
For the Week.
74.000 1,237,000
Since August 1.
8—Coquett, 425
Japand
nent.
China.
Great
Total.
Conti¬
Britain.
nent.
500,..Mar.
7—Seiyo Maru, 2,035—_Mar. 8—Chicago Maru, 3,575
1920-21—
86.949
The particulars of the
our
foregoing shipments for the week,
usual form,
Great
many.
2", 245
Orleans,
follows:
North.
South. Japan. China.
24
7,757
9,736
Houston
Mobile
are as
Ger—Oth. Europe—
Britain. France.
New York—
34
Galveston
8,368
3,220
4,600
"587
8",081
1,050
4,926
86,000
70,000
86,000
80,000
16,000
339,000
46.000
257,000
405,000
759,000
982,000 1,285,000
48,000
53,000
13,000
366,000
294,000
273,000
"l'ooo "9^606
1,000
12,000
3,000
14,000
127,000
26.000
29,000
71,000
140,000
167,000
240,000
11,000
2,000
10,000
23,000
29,000
466,000
328,000
68,000
431,000
1,000
1919-20-
2,000
1918-19-
3,000
1920-21-
1,000
Norfolk
4,355
1919-20-
8,000
5~ooo
1918-19-
3,000
5,000
86,000
79,000
48,000
87,000
92,000
56,000
75,000
24,000
926,000
122,000 1,525,000
304,000
396,000
AND
SHIPMENTS
OF
COTTON.—The following are the receipts and shipments for
the week ending Feb. 16 and for the
corresponding week
of the two
previous
Alexandria,
years:
Egypt,
1,350
"317
317
200
200
Los Angeles,_
Seattle—
6,110
3,105
7,072
6,110
3,105
7,872
«—
11,005
COTTON
7,415 23,793
1920-21.
1919-20.
1918-19.
High
Density.
Oporto
,75c.
Manchester
.50c.
Barcelona.
.55c.
.40c.
Japan
.45c.
Shanghai
40c.
-
Havre
.25c.
.30c.
Rotterdam
62c.
.75c.
Gothenburg.,
Bremen..
Hamburg
1.25c.
1.25c.
.75c.
152,711
67,311
5,027 214,320
6,926 128,277
5,051 102.133
Liverpool
To Manchester,
Ac
To Continent and India.
4440
7,025
To America
Total exports
55,029,
76,584*
22,943
__
13,031 232,091
11,165 221,867
30,035 676.821
Since
Actual
export
stock
Total
Imports
Week. Aug. 1.
Of which American
Amount afloat
12,811 173,090
Of which American
4~246
79,771
78,135
16,038
17,057 347,034
1.25c.
1.00c.
1.25c.
.50c.
we
have the fol¬
The tone of the
each
Feb. 25.
Mar. 4.
Mar. 11
24,000
15,000
26,000
22,000
21,000
12,000
22,000
14,000
9,000
6,000
6,000
5,000
42,000
40.000
33,000
28.000
994,000 1,035,000 1,027,000 1,118,000
648.000
645.000
613,000
632,000
82,000
31.000
29,000
21,000
63,000
12,000
26,000
15,000
121,000
181,000
116,000
120.000
66,000
61,000
American
Of which American
Since
Week. Aug. 1.
.50c.
.40c.
—1.00c.
lowing statement of the week's sales, stocks, &c., at that port:
Forwarded.
Since
Week. Aug. 1.
.75c.
,40c.
1.00c.
Feb. 18.
69,962
1.50c.
1.25c.
.62c.
Salonica
Lisbon
.80c.
1.25c.
-.1.00c.
i
Piraeus
Flume
ard.
1.00c.
1.26c.
1.50c..
Vladivostok
.75c.
Trieste
Stand
1.00c.
Bombay
.40c.
.75c
are
1.00c.
S
.50c.
StockholW
Total
To
High
Density.
ard.
.50c.
Gbent
86,949
pound:
Stand¬
Sales of the week
Exports (bales)—
per
Liverpool
Sales,
110,721
725
by Lambert & Burrows, Inc.,
follows, quotations being in cents
Feb. 16.
week
,
17,136 21,545
FREIGHTS.—Current rates for cotton from
New York, as furnished
as
5,330
LIVERPOOL.—By cable from Liverpool
Receipts (cantars)This
9,433
1,350
•*.„
Christiania
RECEIPTS
725
425
_
Genoa
ALEXANDRIA
4,258
100
1,816
Francisco
San
Antwerp.
~
27,321
9,736
20,822
425
Oth. India—
1920-21-
Total.
158
100
3,376
100
2,212
Charleston
Total.
6,000
7,872
Total
Total
4,000
6,000
1918-19-
6,110
3,105
TACOMA—To Japan—Mar. 2—Arizona Maru, 7,872
Tacoma
Bombay—
317
200
SEATTLE—To Japan—Mar. 8—Tokushima Maru, 3,105
Japan
&
China.
425
1,350
5—Venezuela, 200
Exports
Britain.
1,200
100
-
LOS ANGELES—To Japan—Mar. 5—Golden State,
Philadelphia
90,000 1,148,000
Conti¬
2,212
1,816
1,050
2,355
.
Savannah
Feb. 17.
Great
1,000
6,981
4,258
725
-
SAVANNAH—To Liverpool—Mar. 8—Brasher,
To Havre—Mar. 7—Northern, 1,816
New
1920-21.
1919-20-
100
-
To Naples—Mar. 7—Corsinia, 6,981
To Japan—Mar. 5—Sumatra Maru, 4,258
arranged in
MOVEMENT.—The receipts of
India cotton at Bombay for the week ending Feb. 17 and for
the season from Aug. 1 for three years have been as follows.
from—
3,958
968
587
MOBILE—To Havre—Mar. 5—Cheniston, 100-
Southern mills, 1,861,000 bales in 1920-21 and 2,243,000 bales in 1919-20—
takihgs not being available—and the aggregate amounts taken by Northern
and foreign spinners, 6,882,860 bales in 1920-21 and
8,721.588 bales in
1919-20. of which 4,525,860 bales and 5,703,588 bales American, i
Bombay.
2,245
10—West
1,178
To Hamburg—Mar. 5-—Californie, 350; Frankinver, 61S
To Rotterdam—Mar. 4—Maartensdijk, 587
To Barcelona—Mar. 10—Noddle Island, 100
To Genoa—Mar. 7—Rossia, 1,000
receipts in Europe from Brazil, Smyrna, West Indies, &c.
embraces since Aug. 1 the total estimated
consumption by
BOMBAY
8,276
1,460
NORFOLK—To Bremen—Mar. 9—Lake Ferrona, 1.350
PHILADELPHIA—To Rotterdam—Feb. 21—Arizpa, 317
Of which other
a
100
1,375
-
CHARLESTON—To Liverpool—Mar.
American
Embraces
180
400
1,151
-
6,806,629 15,265,391 6,706,637 17,206,074
takings to March ll.o
*
8,368
3,220
7,577
6,521,531
Visible supply March 11
Of which
34
24
100
100
4—Hans, 1804—Caledonier, 400.
4—Caledonier, 1,151
Christiania—Mar. 5—Hercules, 100
Gothenburg—Mar. 5—Hercules, 1,375
Copenhagen—Mar. 5—Hercules, 350
Genoa—Mar. 5—Nesco, 4,600
To
Season.
4,956",257
8,034,134
1,401,000
183,000
440,000
251,000
made
HOUSTON—To Bremen—Mar. 5—Atlanta of Texas, 8.276
To Hamburg—Mar. 5—Atlanta of Texas, 1,460
:
NEW ORLEANS—To Havre—Mar. 5—Californie, 2,245
6,353,741
161",798
Bombay receipts to March 10_.
Other India ship'ts to March 10.
Alexandria receipts to March 9.
Other supply to March 9*
Total
Week.
as
follows:
To Hamburg—Mar.
To Antwerp—Mar.
13.8
Season.
are as
To Ghent—Mar.
1919-20.
6,521,831
shipments in detail
To Havre—Mar. 5—Continental Bridge, 3,220
To Bremen—Mar. 9—Catalina, 7,577
3.50
1920-21.
The
GALVESTON—To Manchester—Mar. 4—Telesfora de Larrinaga,
8,368
WORLD'S SUPPLY AND TAKINGS OF COTTON.
Cotton Takings.
Week and Season.
the
Bales.
Mar. 12 1920
Feet.
Orleans
86,949 bales.
To Salonica—Mar. 5—Blair,
following statement we have also received by tele¬
graph, showing the height of the rivers at the points named
at 8 a. m. of the dates given:
New
page,
NEW YORK—To Havre—Mar. 4—Remus, 34
To Bremen—Mar. 8—Eastern City, 24
The
Mar. 11 1921
previous
a
from mail and telegraphic returns,
Steady
Steady
Steady
on
exports of cotton from the United States the past week have
......
Liverpool market for spots and futures
day of the past week and the 'daily closing prices of
spot cotton have been
as
follows:
THE
1048
Friday.
Thursday.
Wednesday.
Tuesday.
Monday.
Saturday.
Spat.
[Vol. 112.
CHRONICLE
of $1 90 per
bushel c.i.f., equivalent to about 14 cents per
parity.
Italy has been a heavy
bushel below the American
f
Market,
12:15
Hardening
v\
■
1
P.M.
6.82
HOLIDAY
Rale*
• .80
6.99
7.03
6.94
4.000
Mlfl.Upl'ds
»,000
7,000
4,000
3.000
Market
Market,
decline.
advance.
Barely st'y.
Steady
8 @14 pts.
2pts.adv.to
Barely st'y,
Steady,
20@23 pts. 29@31 pts. 24@28 pts.
f
t.M.
advance.
decline.
decline.
/
Quiet
3@6 pts
Steady,
4@6 pts.
\
7@10 pts.
i
below:
'
decline.
advance.
decline.
advance.
prices of futures at Liverpool for
The
Quiet,
Steady,
Quiet,
1S@20 Dta. 15@22 pts.
Quiet,
futures.
opea*d
Quiet.
Quiet
Quiet
Quiet
tendency.
dec.
•
Mon.
Tues.
12%
12%
12 %
4
p. m. p. m.p. m. p. m
d.
d.
d.
12 %
4
p.m. p.m
4
d
12%
Fri.
Thurs.
Wed.
Mar. 5
Har. 11.
pts.
each day are given
1'
Sat./
to
6
12%
4
p. m. p. m
4
p. m. p. m
12%
buyer for the past few days of both Argentine and American
wheat.
Argentine shipments of wheat for the week were
1,269,000 bushels against 2,728,000 last week and 4,283,000
last year.
In western Central Europe beneficial rains have
generally in satisfactory shape.
making good progress there. In Spain
conditions are favorable.
In India rains are needed.
In
Australia general rains over a wide area favored pasture,
but in some sections there -were floods.
In Rumania the
outlook is considered good.
In Italy conditions are also
favorable.
The Food Ministry of that country states that
breadstuffs are now on an economic basis, and that coarse
grains will be entirely decontrolled soon.
To-day prices
declined.
They closed 10 to 11 cents lower than a week ago.
fallen and winter wheat is
Spring sowings
DAILY
4
d.
d.
d.
CLOSING
PRICES OP WHEAT
Sat.
d.
d.
March
7.17
7.38
7.15
7.07
7.34
7.35
7.38
7.21
7.29
7.26
7.46
7.25
7.15
7.42
7.42
7.45
7.29
7.37
7.28
7.58
7.35
7.28
7.55
7.55
7.57
7.41
7.49
7.40
May
7.38
Juna
7.44
7.64
7.42
7.35
7.61
7.61
7.63
7.48
7.56
7.77
7.53
7.47
7.72
7.73
7.75
7.63
7.62
7.79
7.80
7.82
7.71
7.77
7.66
HOLI¬
7.63
DAY
7.70
7.92
7.69
7.62
7.86
7.87
7.89
7.79
7.83
7.73
7.76
7.98
7.75
7.68
7.91
7.92
7.95
7.84
7.88
7.78
November
7.79
8.02
7.79
7.72
7.95
7.96
7.99
7.88
7.92
7.82
..
December
7.83
8.05
7.83
7.75
7.98
7.99
8.02
7.91
7.96
7.85
..
8.02
8.05
7.94
7.99
7.88
8.05
8.08
7.97
8.02
7.91
September..
October
7.85
February
...
8.07
7.86
7.78
7.88
January
8.01
8.10
7.89
7.81
8.05
corn
quiet and depressed.
Export business has
subsided somewhat pending developments in Europe in the
matter of the German reparations, &e.
Early in the week
the export outlook did not seem bad. j Europe bought to
some
extent.
It will remove restrictions on trading in
flour before long.
Such at least is the opinion of not a few.
European government agenoies have bought less and re¬
cently individual merchants rather more freely in small lots.
Later in the week the invasion of Germany by the Allies to
settle the indemnity question put a damper on export trade.
Domestic trade has also been slow.
Buyers are still feeling
their
way.
flour
on
an
Some mills have been quietly pressing their
unwilling market.
Canadian competition has
the situation. Taken altogether it
cheerful state of affairs.
There are
hints that mills cannot always sell easily even at cost prices.
New York will always "buy "at a price" but the price will
hare to look a bit alluring.
Western mills are trying to sell
here.
This it is argued tends to keep the market very weak.
It i3 hard to sell on the spot here.
Storage expenses mean¬
time are mounting and holders shade their prices.
Also it
is said 10,000 bbls. of spring patents sold on the spot for
export to Greece at much under any prices for forward
naturally complicated
has
not been
a
very
delivery.
Wheat declined,
owing to big farm stocks, the German
complications, checking business with the continent and a
weakened cash position in this country.
As for farm reserves
on March 1, they were 207,591,000 bushels.
That is to say,
the largest since 1916.
The largest private estimate had
been 192,520,000 bushels.
It was thought that the Govern¬
ment figures would be less.
Yet the total, as we have seen,
turned out to be 207.591,000 bushels, or 26.4% of the 1920
against 164,624,000 bushels, or 17.6% of the 1919
and 128.703,000 bushels, or 14.0% of
March 1 1919.
The five-year average is
149,234,000 bushels.
There was a good deal of selling on
these figures. " Cash premiums fell to the lowest of the season.
March fell to 7I^c. over Mayas against 10c. recently.
But
on the 9th inst. the tone changed for the
better and prices
advanced after an early decline of 3 to 3He.
Italy, it was
found, took 1,200,000 bushels at the Gulf late on the 8th
inst.
Prominent cash interests at the West were good buy¬
crop,
ctop, March 1 1920,
the
1918 crop,
ers.
But how about the reserves? it is asked.
They mean
into next season. It is declared that the
possibly be marketed this season.
Later in the week prices fell.
It is becoming very clear
that sharp competition from Argentina must be expected.
It captured a large French order the other day.
Italy also
bought a cargo there at about 14c. per bushel under American
prices.
Curiously enough, however, it was said on Thursday
that sales had just been made at the Gulf of about 400,000
bushels for export at equal to $2 04 c.i.f. Italy, whereas the
Argentine sale was at $1 90.
Reports that sales were being
a
big
carryover
reserves cannot
made
in Buenos Aires for shipment to
supertax were considered significant.
Europe without a
There was some re¬
alleged damage by green bugs, but it had
no great effect.
Chicago is disturbed by reports of a threat¬
ened strike in the meat-pa,cking industry, a walkout of boat¬
men at New York, of possible labor trouble among flour mills
at Minneapolis, and finally by the news that some of the
largest railway systems in the country have taken steps to
reduce wages of all classes of employees.
Clement Curtis &
Co.'s March 1 crop report makes the condition of winter
wheat 86, against 87.9% on Dee. 1 and a 5-year average of
83.2.
It puts the condition in Kansas at 90%, against 88
Dec. 1, and in Nebraska at 92, against 90; Oklahoma, 86
against 86 on Dec. 1.
Argentine advices say that Italy purchased a cargo of
wheat there for March shipment equal to 79s. per quarter,
newed talk about
or
March
Flour has been
NEW york.
Wed.
Thurs.
nom.
nom.
Frt.
nom.
FUTURES IN chicago.
Mon.
Wed.
Tues.
Fri.
Thurs.
167% 166% 166%
167% 166
1 59
1 59
159% 157% 153%
declined like everything else on
the grain list,
farm reserves.
The total on
March 1 was 1,572,307,000 bushels, or 48.6% of the 1920
crop, compared with 1,070,677,000 bushels, or 37.5% of the
1919 crop so held a year ago.
About 87 %, or 2,811,266,000
87%,
Friday Night, March 11 1921.
162
IN
Tues,
nora.
partly owing to the German news and the big
Thev are the biggest in American history.
bushels of
BREADSTUFFS
cts.171
^levator
May delivery in elevator
March delivery in
Indian
nom.
PRICES OP WHEAT
Sat.
7.59
7.85
7.55
cts. nom.
-
_
CLOSING
DAILY
7.45
7.56
7.09
July
2 red
7.23
April
August
Mon.
p. m.p. m.
No.
d.
are
crop;
the
1920
crop
is merchantable, compared
with
2,486,000 bushels, of the 1919 crop. Total reserves
1 1919 were 855,269,000 bushels, or 34.2% of the
in March i918, 1,253,290,000, or
40.9%; in March
1917, 782,303,000, or 30.5%; in March 1916, 1,116,659,000,
or 37.3%; in March 1915, 910,894,000, or 34.1%; in March
1914, 866,392,000, or 35.4%; in March 1913, 1,289,655,000,
or
41.3%, and in March 1912, 884,059,000 bushels, or 34.9%.
are the largest reserves ever known.
Moreover, re¬
These
There has been a moderate
for Europe early
has been bearish.
Big supplies and slowness of trade account for it.
The
United States visible supply increased 1,510,000 bushels last
week, bringing it up to 23,838,000 bushels, against 5,143,000
bushels a year ago.
Later 175,000 bushels sold for export.
Receipt decreased a little, but only a little.
The market
ceipts have been rather large.
export demand; 200,000 bushels were sold
in the week.
The feeling much of the time
has
lacked
snap.
Argentine shipments of corn were 452,000 bushels against
935,000 last week and 1,294,000 last year.
The weather
there has been favorable for corn and picking is reported
from the extreme north.
First arrivals will probably be
damp but the quality is
considered good in general.
The
Argentine corn crop is expected to furnish an export¬
able surplus of 175,000,000 bushels, outside of any carryover
from the old crop.
In South Africa rains have benefited
corn.
In
Rumania corn is being offered more freely.
new
Today prices declined and ended 2 to
Friday.
DAILY
CLOSING
PRICES
2 He. lower than last
OP CORN IN
Sat.
Mon.
NEW york.
Tues.
Wed.
Thurs.
Fri.
cts. 89%
88%
87% 88% 87% 85%
DAILY CLOSING PRICES OP CORN FUTURES IN chicago. •
Sat.
Mon. Tues.
Wed.
Thurs.
Fri.
No. 2 yellow_..-
May delivery in elevator.,
Julyidelivery in elevator.
cts. 71%
73%
70%
73
70%
72%
71%
73%
70%
72%
.
69%
71%
the fall in other grain.
The
German news affected the market.
Besides the cash de¬
mand was poor and receipts were rather larger.
It looked as
though the country was more^disposed to sell.
The visible
supply changes for the week, it was true, were not marked.
It increased 68,000 bushels, against 35,000 in the same week
last year.
That makes the total, however, 34,210,000 bush¬
els, against 10,436,000 bushels a year ago.
Farm reserves
cn March 1 were 270,000,000 bushels above what
they were
on the same date last year.
This was far larger than had
been expected.
It is a high record.
It helped to send prices
downward, though the market was so narrow, and so ex¬
tremely slow, that the decline did not go far.
Demand was
simply absent.
Hedge selling told "to some extent. The
supply of oats held on farms is 689,566,000 bushels, or 45.2%
of the 1920 crop, compared with 418,983,000 bushels, or
34.0% of the 1919 crop a year ago.
Farm stocks on March 1
in other years were, in 1919, 590,251,000 bushels; in 1918,
599,208,000; in 1917, 394,211,000; in 1916,598,148,000;
in 1915, 379,369,000, and in 1914, 419,476,000 bushels.
To-day prices declined and ended 3c. lower for the week.
Oats declined in response to
DAILY CLOSING
PRICES OF OATS IN NEW
Sat.
No. 2
white.
DAILY CLOSING
May delivery
July delivery
Mon.
Tues.
york.
Wed.
Thurs.
Fri.
57% 57% 57
56
57%
57
57
56 % 55%
PRICES OF OATS FUTURES IN chicago. .
cts. 58%
No. 1 white
in elevatorin elevator
Sat.
cts. 46%
47
58
57%
Mon.
Tues.
Wed.
Thurs.
45%
46%
45%
46%
45%
46%
44%
45%
Fri.
43%
44%
Rye declined with other grain.
Besides, the European
political complications are expected to hurt foreign trade.
The Government gave no figures on the farm reserves of
rye.
The visible supply in the United States decreased
272,000 bushels, leaving it 1,706,000 bushels against 19,596,000 a year ago.
The supply of barley held on farms
on March 1 was
69,836,000 bushels, or 34.6% of the 1920
crop, compared with 36,848,000 bushels, or 22.8% of the
1919 crop so held a year ago.
Some export demand has
latterly been reported, but it weighed little against the ad¬
verse factors.
Indeed cash premiums have declined some-
March 12
THE
1921.]
velopments
what, despite the fact that the supply of rye is but moderate.
To-day prices fell again.
They ended 7M to 8J^c. lower
for
the week.
'-"V
.
DAILY CLOSING PRICES
following
\
prices.-':
Fri.
No. 2 white
Nominal
No. 3 white
Barley—
Feeding
Malting
$0 85%
Rye—
No. 2
164
'
.
80 @86
90 @97
11990267834..
see
page
996.
DEPARTMENT'S REPORT ON
Agricultural Department's re¬
issued on March 8 as follows:
port on cereal stocks, &c., was
of the Bureau of Crop Estimates, from reports
of correspondents and agents, estimates that the amount of corn on farms
March 1 1921 was about 1,572,307,000 bushels, or 48.6% of the 1920 crop,
against 1,070,677,000 bushels, or 37.5% of the 1919 crop on farms March 1
1920, and 855,269,000 bushels, or 34.2% of the 1918 crop on farms March 1
1919.
The proportion of the 1920 crop which is merchantable is about
87% (equivalent to 2,811,266,000 bushels), against 87.0% (2,486,296,000
bushels) of the 1919 crop and 82.4% (2,062,041,000 bushels) of the 1918
The Crop Reporting Board
crop.
1918 crop on farms March 1
1919.
As of interest in connection
a
with this report, we give below
covering the stock of corn on
statement
series of years as
made
partment's figures:
by
up
Product
of
Bushels.
2,592,320.000
.2,668,651,000
3,552,190,000
2,886,260,000
__2,531,488,000
3,124,746,000
.2,446,988,000
__2,672,804,000
.2,994,793,000
....2,566,927,000
.3,065,233,000
2,502,665,000
2,858,509,000
.3,232,367,000
March 1908
i
1914..
1915-.•
1919.
1920
1921.
The stock of wheat
us
March 1 for
a
from the Agricultural De¬
on
Consumed or
On Hand
March 1.
Distributed.
Per
Bushels.
Cent.
962,429,000 37.1
1,047,763,000 39.3
977,561,000 38.3
1,165,378.000 40.4
884,059,000 34.9
1,289.655,000 41.3
866,392,000 35.4
910,894,000 34.1
1,116,559,000 37.3
782,303,000 30.5
1,253,290,000 40.9
855,269,000 34.2
1,070,607,000 37.5
1,572,307,000 48.6
Bushels.
1,629,891,000
1,620,888,000
1,574,629,000
1,720,882,000
1,647,419,000
1,835,091,000
1,580,596,000
1,716,910,000
1,874,234,000
1,784,624,000
1,811,933,000
1,647,360,000
1,787,902,000
1,660,060,000
March 1 for 14 years is shown in
subjoined table:
Product of
Previous Year.
Bushels.^
Wheat—
634,087,000
1909__________
664,602,000
1910____
683,350,000
1911_
635,121,000
1912.
621,338,000
1913
730,267,000
763,380,000
1915_____
891,017,000
1916.
.1,025,801,000
1917__
636,318,000
1918
636,655,000
1919...
921,438,000
1920
934,265,000
1921-.
789,878,000
March 1908
"
1
"
"
In
On Hand
March 1.
Bushels.
148,721,000
143,692,000
160,214,000
162,705,000
122,025,000
156.483,000
151,809,000
152,903,000
244,801,000
100,650,000
107,745,000
128,703,000
164,624,000
207,591,000
THE DRY GOODS
,
Per
Cent.
23.5
21.6
23.4
25.6
19.6
21.4
19.9
17.2
23.8
15.8
16.9
14.0
17.6
26.4
Consumed or
Distributed.
Bushels.
458,346.000
520,910,000
523,136,000
427,416,000
499,313,000
573,784,000
611,571,000
738,114,000
781,353,000
535,668,000
528,910,000
792,735,000
769,641,000
582,287,000
TRADE
1921.
lines the dry goods
continued extremely unsettled during the Week,
New York,
Friday Night, March 11
keeping with practically all other
trade has
disturbing
The further de¬
lay in settling the German reparations question has re¬
mained as an obstacle in many quarters; another being
the prospective alterations in the tariff as a result of the
change in the Administration at Washington.
Unemploy¬
ment is growing in many sections, leading to a reduced buy¬
ing power, and the threats of substantial wage reductions
in many important industries give rise to predictions of
which
is
not
influences,
strange in
view of the numerous
both present and prospective.
additional labor troubles.
There is
still
a
free movement of textiles on
old orders,
especially for cotton goods, indicating; that retail trade con¬
tinues good, necessitating constant replenishment.
Buyers
for retail houses are taking something every day, many
shipped
quickly. A fair volume of business is also coming in from
traveling representatives.
As an indication of the reduced
buying power in various industrial sections it is pointed out
that demand is centered almost entirely in standard and
staple lines, to the exclusion of the more fancy and less
small repeat orders
being received for goods to be
economical goods that were
times.
manner
many
wanted during more prosperous
Jobbers are likewise buying in a hand-to-mouth
and it is evident that many of them are short of
domestic and dress goods.
insistent call for ship-'
and especially of fine goods in small checks,
available. Many printers of per¬
old orders,
on
of such goods are somewhat
urgent call for deliveries of ginghams
supplies
Available
There is an
little of which seems to be
prints are running full time and are asking
The same is true of branded
cales and staple
shipments.
immediate
for
wide sheetings, sheets and pillow cases,
known grades of wrash fabrics., There
bleached cottons,
and also the better
is also
a
swisses, or voiles, ba¬
character. Foulard designs of
well, especially those with dark grounds.
Em¬
steady movement of dotted
tistes, and organdies of that
sell
voiles
the more expensive
voiles lead
high-class trade is also buying
ties and colored yarn
goods, while the
steadily of fine plaid novel¬
voiles.
Owing to the unsettlement in raw cotton there was a poor
demand for print cloths.
At the beginning concessions of
a quarter-cent led to moderate sales of spot goods,
subsequently even this small business was lacking. The
low prices named by second-hand sellers last week have
been met by certain mill agents, viz. 6%c. for <54 x 60s; 7%c.
for 68 x 72s; and 5%c. for 60 x 48s.
Some bids were heard
for narrow cloths, but generally too low to interest mills.
about
but
accepted
Some
basis of 4%c. for 8.20s, but this was not
a
There were sales also of 6.50 56 x 44s at 5^c.
Conditions as to sheetings have become so bad that many
general.
Previous Year.
Corn—
the
1
In
It is evident that similar
orders shipped a short time ago have already been distrib¬
uted and that immediate replenishment is an imperative
necessity in many quarters.
A significant fact is that the
new buying is confined to a large extent to the more staple
lines, making it clear that many distributers expect that
their future business will be almost wholly in popular priced
broidered
1921 was about 207,591,000
bushels, or 26.4% of the 1920 crop, against 164,624,000 bushels, or 17.6%
of the 1919 crop on farms March 1 1920, and 128,703,000 bushels, or 14.0%
of the 1918 crop on farms March 1 191—.
The amount of oats on farms March 1 1921 was about 689,566,000 bush¬
els, or 45.2% of the 1920 crop, against 418,983,000 bushels, or 34.0% of
the 1919 crop on farms March 1 1920, and 590,251,000 bushels, or 38.4%
of the 1918 crop on farms March 1 1919.
The amount of barley on farms March 1 1921 was about 69,836,000 bush¬
els. or 34.6% of the 1920 crop, against 36,848,000 bushels, or 22.8% of the
1919 crop on farms March 1 1920, and 81,746,000 bushels, or 31.9% of the
of wheat on farms March
The amount
available for quick delivery.
goods previously ordered.
goods.
STOCKS —The
when
signs of slackening there is still an
small.
AGRICULTURAL
CEREAL
a
fact, few if any of the retailers will buy for more thanthirty days ahead.
While demand in some quarters shows
ment of
7 25
7%%.
GOODS.—Buyers
continue to*
decidedly wide variety of finished cotton
especially
goods,
FLOUR.
For other tables usually given her,
..
COTTON
,
-
Spring patents
$8 75© $9 25 Barley goods—Portage barley:
No
1
$7 25
Winter straights, soft
8 10@
8 35
Nos.2,3and4pearl
7 50
Hard winter straights
8 75 @
9 25
7 15©
Nos. 2-0 and 3-0
Clear
6 50©
7 50
7 50
Nos. 4-0 and 5-0—
Rye flour
8 50@
9 25
Oats goods—Carload
Corn goods, 100 lbs.:
6 00
spot delivery
Yellow meal
2 00®
2 20
Cornflour
2 00©
2 25
still
maturities the rate is
show interest in
,
56
55%
54%
No. 1 white
$1 88%
>
Exceptional paper of short maturities is still
7%%, but for most names and regular
DOMESTIC
Oats—
No. 2 red
No. 1 spring
Corn—
No. 2 yellow
■
continue firm as demand is
being discounted at
GRAIN.
Wheat—
■/
•
fairly active.
closing quotations:
are
good
attractive
woolen goods, there being
Rates for commercial money
IN CHICAGO.
Wed. Thurs.
noted in
are
to the opening of additional fall lines at
response
143% 143% 142% 140
126% 127
124% 121%
cts.145% 144%
128% 127%
May delivery in elevator
July delivery in elevator.:
The
OF RYE FUTURES
Sat.
Mon. Tues.
1049
CHRONICLE
Further satisfactory de¬
large mills are out of the market, excepting for special cus¬
tomers.
Small sales were made of 6.15s on spot at 4%c.;
31-inch, 5 yards
buyers were un¬
interested, largely because of the cheapness of burlaps.
Drills, twills, sateens and fine yarn goods were dull and
featureless.
There was some demand for better grades of
sateens on spot, but many houses had no stock.
This busi¬
ness went to second hands at concessions under mill quo¬
4-yard goods at 6%c., and
also of 37-inch,
spite of these low prices many
In
at 5c.
tations.
WOOLEN
GOODS.—Although
tinues hard in many ways,
business in
woolens con¬
it is an encouraging feature
that
prices named on fall goods brought in enough or¬
ders to keep many mills busy all summer.
The fact that
the lower levels have developed keen competition has stimu¬
the new
on which
market for men's
and worsted suit¬
ings for fall were opened at discounts of 45 to 55% com¬
pared with last season and the volume of orders resulting
was
fairly satisfactory.
Cutters have been laying down
some good
orders for staple dress goods, such as serges.
Tricotines are still favored for spring and future use.
In
the cloakings a good call is noted for bolivias and velours.
Tweeds are enjoying a better demand for both men's and
women's wear and some expect a greater development in
this line next fall.
On the new lines of men's goods opened
fancies have continued in better demand than staples, the
best sellers being herringbone and pencil stripe effects.
lated
notably on
business,
the coarser fabrics,
prices were especially attractive.The
wear is opening slowly.
Fancy woolen
GOODS.—The/burlap market has re¬
and prices have again declined,
largely reflecting offerings from Calcutta at new low fig¬
ures.
This latter was owing partly to the drop in rupee
FOREIGN
mained
exchange,
week
in
DRY
extremely
which
the
offset the decision to adopt a four-day
on April 1.
Calcutta quotations were:
mills
40-inch, 8-oz.,
For
slow,
3.75c. for March and
4.20c. for April;
and 5.05c. for April. Light
weights on the spot were fairly steady at the start, but later
sagged about a quarter-cent, being quoted at 4.25c.
The
10^-oz. goods were quoted at 4.85c. and might have been
secured at less on firm bids.
Business has continued quiet
in the local linen market, but the opinion prevails among
for
10^-oz., 4.75c. for March
will soon come in more freely from job¬
who are traveling among retailers
throughout the country.
Manufacturers abroad are some¬
importers orders
bers'
representatives
the raw material situation.
Be¬
apparent surplus exists, and yet it;
is conceded that the supply available is not enough to keep
mills running at full capacity for more than a few weeks
or months.
The failure of the last Irish crop to come up to
because of
what
uneasy
cause
of slow trade an
expectations will probably restrict new planting there and
on
the Continent it is said that Germany is taking more
than its usual
share of the
production.
1050
THE
CHRONICLE
tax,
J>late and CiLj §jqrartmmt
NEWS
ITEMS.
Adjourns.—The
seventy-second
session of the Indiana general Assembly adjourned sine die
on March 8.
In summarizing the work of the Legislature
the Indianapolis "News" under date of March 8 said in part:
1919
closed had to do with
measures
of the 1919 session.
Measures of fundamental importance which were passed by this session
of the legislature and which, like the action on the resolutions for
amending
the Constitution, attracted
comparatively little attention while they were
pending, are the act permitting cities to adopt the commission or commission
manager form of government and the acts providing for city planning and
city zoning systems.
1920
.
New York City.—Assessed Value and Tax Rates
for 1921.—
The Board of Aldermen on March 1
approved the assessment
rolls of real and personal
1921.
property for
The
total
assessed valuation for the five boroughs is
$10,186,207,279,
of which $9,972,985,104 consists of real estate
(including real
estate of corporations and
special franchise assessments) and
$213,222,175 of personal property.
There is an increase of
$1,346,862,547 in the real estate values, while personal prop¬
erty has decreased $83,284,010.
The following table
gives the assessment of each class of
property by boroughs:
Real Estate.
1921.
1920.
Inc. for Dec.
15,470,482,258 54,805,084,146 $665,398,112
Real estate of corporations
131,198,850
113,739,925
17,458,925
Special franchises
277,166,525
267,947,816
9,218,709
Bronx—Ordinary real estate
766,871,771
672,726,721
94,146,060
Real estate of corporations--:
53,756,150
51,408,650
2,347,500
Special franchises
31,819,482
29,172,893
2,646,589
Brooklyn—Ordinary real estate
2,267,238,056
1,811,626,806
455,611,250
Real estate of corporations
45,774,850
39,164,350
6,610,500
Special franchises
82,473,567
87,020,049Z>cc.4,546,482
Queens—Ordinary real estate..—
645,939,140
569,694,575
76,244.665
Real estate of corporations...
40,876,330
37,577,450
3,298,880
Special franchises.
32,002,669
29,137,134
2,865,535
Richmond—Ordinary real estate.
117,749,970
102,766,550
14,983,420
Real estate of corporations.
4,841,150
220,350
4,620,800
Special franchises..
4,794,336
4,434,692
359,644
Manhattan.
Bronx.
Brooklyn.
Queens.
Richmond.
Total.
estate
$
19215,878,847,633 852,447,4032,395,486,473 718,813,139 127,385,456
9,972,985,104
1920
5,186,771,887 753,308,264 1,937,811,205 636,409,159
111,822,042 8,626,122,557
inc.
692,075,746 99,139,139
457,675,268 82,408,980 15,563,414 1,346,862,547
Note.—The classification "real estate of corporations" is
made in accordance
with charter
direction, and is not exactly what the title would seem to imply.
In
it is improvements
D^t
in streets and public places not assessed as a special franchise,
and chiefly it consists of the
private rights-of-way of public service corporations and
improvements on such rights-of-way. Special franchises include
the tangible prop¬
erty of public service corporations
situated in streets and public places, together with
the value of the privilege of
maintaining and operating them there.
Personal Property.
1
Non-
Personal
Resident
Personal,
Boroughs—
Personal
of Estate.
Manhattan—
}®21
$
Corporations
Resident.
$
{Sec. 7,
Sub.Div.l.
Non-Res.
$
$
Sec. 7,
Sub. 2.
$
1921
12,920.900
16,299,850
541,300
787,750
434,500
790,600
333,000
32,069,800
32,206,250
2,751,700
2,806,100
2,894,350
2,656,500
3,507,050
6,231,150
601,400
564,300
7,150,600
680,850
750,150
1,167,275
120,300
141,100
1,644,585
1920.
228,450
258,600
Brooklyn—
1921
Queens—
1920
Richmond—
1921.......
Total—
3,000
26,000
18,000
12,500
210,500
115,000
154,432,475 15,533,800 19,268,600 7,119,700 14.020,500
2,847,100
*920
178,302,785 22,157,350 27,129,700 47,053,800
17,791,500 4 071.050
Decrease..... 23,870,310
6,623,550
7,861,100 39,934,100
3,771,000 1,223,950
mot
Bronx.
Brooklyn.
Queens.
Richmond.
Total.
$13,899,700 $37,741,850 $7,409,350 $1,428,675
$213,222,175
rv.
17,211,200 41,192,900 8,792,100 2,246,635 296,506,185
Decrease 74,320,750
3,311,500
3,451,050
1,382,750
817,960
83,284,010
Grand Totals of Real Estate and
Personal
Property.
«6,03l?590,233 $5,4139835,237 $61^54,996
BrSSx*11**
n
866,347,103
2,433,228,323
726,227,489
128,814,131
-
Richmond
770,519,464
1,979,004,105
645,201,259
114,068,677
I
Total
95,827,639
454,224,218
81,026,230
14,745,454
$10,186,207,279 $8,922,628,742 $1263,578.537
With the
above figures as a
basis, the tax rates for 1921
(given on a $100 valuation) have been fixed as
follows 1920
figures being given for comparison:
New York
County.
R. E.
Tax rate 1921
Tax rate 1920
2.77
2.48
Increase
We
of
.29
are
advised
laxes and
The ordinance, designed to stimulate construction of
dwellings, to relieve the housing shortage under a permissive
State law, exempts from taxation for
Bronx
County.
Kings
County.
Queens
County.
Richmond
County.
Pers.
R.E.
Pers.
R.E.
Pers.
R.E.
Pers.
R. E.
Pers.
2.80
2.43
2.85
2.79
2.83
2.83
2.54
2.54
2.53
2.53
-37
.31
.25
•30
.30
2.77
2.84
2.83
2.39
2.63
2.44
2.80
2.54
.38
•31
.39
J26
by Jacob A. Cantor, President
Assessments, that those
taxation under the ordinance
who
of the Board
are
exempt from
(which became effective Feb. 25)
exempting from taxation for a period of ten vears
dwellings
erected between April 1920 and
April 1922, must apply to
the Board for
deduction, or remission if they have paid their
a
period of ten
years
dwellings erected between April 1 1920 and April 1 1922, to
the
amount
whether
a
of
$5,000 for each separate family dwelling,
single-family house,
family house
or an
a part of a two or threeapartment, at the rate of $1,000 a room,
to five rooms.
The period of exemption will run from
the date of occupancy.
up
New York State.—Bill Proposed That
Savings Funds
May be Invested in Equipment Obligations.—A bill proposing
an amendment to the
Banking Law by adding a new sub¬
division to Section 239 is in the Legislature.
The bill would
permit the investment of the deposits and guaranty fund of
savings banks in equipment obligations or equipment trust
certificates.
We print the bill in full below:
AN
ACT to
the
amend the banking law, In relation to the investment of
deposits and guaranty fund of savings banks in equipment obliga¬
tions
or certificates.
The People of the State of New York,
represented in Senate and
do enact as follows:
Section 1. Section 239 of Chapter 369 of the
'An act in relation to banking corporations, and
laws
Assembly,
of
1914, entitled
individuals, partnerships,
unincorporated associations and corporations under the supervision of the
banking department, constituting chapter 2 of the consolidated laws,"
subdivision 11 of which was added by chapter 270 of the laws of
1918, and
amended by chapter 717 of the laws of 1920, is hereby amended
by adding
at the end thereof a new subdivision, to be subdivision 12 to read as
follows:
>12. In equipment obligations or
equipment trust certificates which
comply with the following requirements:
(a) They must mature not later than fifteen years from their date;
(b) They must be issued or guaranteed by a corporation to which a loan
or loans for the
construction, acquisition, purchase or lease of equipment
have been made or approved by the Interstate Commerce
Commission,
under authority conferred by act of
Congress of the United States of
America; •
(c) They must be the whole or part of any issue maturing serially, annually
or semi-annually;
(d) They must be secured by or be evidence of a prior or preferred lien
respect of
which they have been issued or sold, and or by an
assignment of or prior
interest in the rent or purchase notes given for the
hiring or purchase of such
equipment;
(e) The total amount of principal of such issue of equipment obligations or
trust certificates shall not exceed sixty per centum of the cost or
purchase
price of the equipment in respect of which they were issued;
(f) The remaining forty per centum of said cost or purchase price shall be
paid by or for the account of the railroad so constructing, acquiring, pur¬
chasing, or leasing said equipment, or by funds loaned or advanced for the
purpose by the government of the United States or one of its agencies or
instrumentalities and subordinated in the event of default, in respect of the
or interest thereof,
upon or in such equipment and or in such equipment
lien
rent or
purchase notes, to the lien or interest of said prior or preferred
or equipment trust certificates.
than twenty-five per centum of the assets of any savings bank,
less the amount invested by said bank in railroad
bonds, shall be Invested
in said equipment obligations or certificates.
In determining the amount of
the assets of any savings bank under the provisions of this subdivision the
value of its securities shall be estimated in the manner
prescribed for
determining the per centum of par value surplus by Section 257 of this
Chapter.
or
equipment obligations
Not
more
Sec. 2.
This act shall take effect immedinately.
North
Carolina,—Legislature
Adjourns.—The
'
North
Carolina Legislature adjourned on March 8, at 1 o'clock
a. m.
Important among almost a thousand laws enaqted is one
which provides for an! issue of $50,000,000 bonds for the
construction of 5.500 miles of hard surfaced roads throughout
the State.
North
kota
$
102,043.350 11,519.100 15,234,350 7,078,200 14,020,500 2,847.100
122,001,500 17,655,200 22,673,850 42,888,250
17,791,500 4,053,050
l020
Jtsronx—
time in which to make the necessary
SaxeLaw,
:
Resident
no
upon or Interest in, or of reservation of title to the equipment In
Borough—
Manhattan—Ordinary real
was
25.
legislature
adopted resolutions for sixteen constitutional
amendments, and of the sixteen, the session just closed adopted thirteen,
rejected two and failed to act on one.
The thirteen proposed amendments
approved by the two sessions of the legislature will be submitted to the
voters of the State at a special election, to be held on Sept. 6 1921.
The proposal for a constitutional amendment that Is likely to arouse
most wide-spread public interest is one that says the general assembly shall
provide by law for a system of taxation.
This proposal is designed to open
the way for the classification of
property for taxation in lieu of the present
system of assessing at cash value.
Another proposal of first importance would grant equal suffrage to women
and restrict thefranchise to citizens of the United States.
The first part of
the amendment, which was proposed two years ago, is of less consequence
in view of the Federal enfranchisement of women, but the second
part will,
if the electorate
approves, remove the evils of alien voting, under the present
Constitution.
Little opposition is expected to this amendment.
The constitutional amendment proposals originated in the 1919 session
as did the State tax
law, the conservation commission law and the State
highway commission law, which were amended by the session just ended.
So it is seen that a good deal of the work of the
legislature that has just
there
adjustment under the new law.
Housing Measure Becomes Effective.—The housing measure,
designed to stimulate home building in New York City by
exempting new dwelling structures from taxation, was passed
by the Board of Estimate and signed by the Mayor on Feb.
Indiana.—Legislature
"The
as
[Vol. 112.
Dakota.—Legislature Adjourns.—The North Da¬
Legislature adjourned March 5.
Ohio.—Amendment
to
Constitution
Proposed.—A joint
proposing to amend Section 2 of Article XII of
the Ohio Constitution is before the General
Assembly.
The
resolution proposes that the proposition to amend Section 2,
by fixing the maximum rate for all taxes hereafter levied in
any year at not exceeding 15 mills on each dollar of assessed
valuation in any taxing district (except that rates in excess
of this limit may be authorized
by a vote of the people if
for a specific purpose), be submitted to the voters in Novem¬
ber.
Wre print the resolution in full below:
;
resolution
JOINT
RESOLUTION
Relative to
a proposed amendment to Article
XII, Section 2, of the Consti¬
tution of the State of Ohio, relative to taxation with limitation.
Be it resolved by the General Assembly of the State of Ohio, three-fifths of the
elected to each house concurring therein:
That there shall be submitted to electors of the State for their
approval
rejection, at the regular election to be held on the first Tuesday after the
first Monday in November, 1921, a proposal to amend Article
XII, Section
members
or
2, of the Constitution of the State of Ohio, to read as follows:
All property shall be taxed by such rules and methods as may be
provided
by law, and such taxation shall be just to the subject taxed.
The maximum rate for all taxes hereafter levied, in any year, shall not
exceed fifteen mills on each doUar of assessed valuation in any taxing dis¬
trict, except that the commissioners of any county, the trustees of any town¬
ship, the council or other legislative body of any municipal corporation,
or the board of education of any school district, or
any other body or board
by law authorized to issue bonds for a public purpose, may, at any general
election, submit to the electors of such county, township, municipal cor¬
poration, school, or other taxing district in any manner provided by law
the question of the authorization of rates in excess of the limits hereinbefore
set forth, but such authorization shall be only for a
specific purpose, specific
period of time and specific amount, and if a majority of the electors voting
at such election shall vote in favor of authorizing the levy of taxes in excess
of said limits, it shall be lawful to levy taxes within such
taxing district,
irrespective of any tax limitation as to the maximum rate of taxation.
All bonds outstanding on the first day of January 1913. of the State of
Ohio or of any city, village, county or township in this
State, or which have
been issued in behalf of the public schools in Ohio and the means of instruc¬
tion in connection therewith, shall be exempt from
taxation, and burying
grounds, public school houses, houses used exclusively for public worship,
institutions used exclusively for charitable purposes,
public property used
exclusively for any public purpose, and personal property, to an amount
not exceeding in value five hundred dollars, for each
individual, may, by
general laws, be exempted from taxation; and laws may be passed to
pro¬
vide against the double taxation that results from the taxation of both the
real estate and the mortgage or the debt secured
thereby or other lien upon
it, but all such laws shall be subject to alteration or repeal; and the value of
March 12
1921.]
THE
CHRONICLE
all property so
exempted shall, from time to time, be ascertained and pub¬
lished as may be directed
by law.
Oklahoma.—Amendment to Constitution Proposed.—A
proposition has been submitted to the Oklahoma Legislature
which would amend Section nine of Article ten of
the State
The resolution proposes to extend the tax
limitation from 313^ mills to 50 mills on the dollar.
We
print the resolution below showing the proposed new matter
in italics:
Constitution.
HOUSE
A
t
RESOLUTION
JOINT
submitting
RESOLUTION
proposed
a
NO.
constitutional
amendment,
changing Article 10, Section 9.
Section 1. Be it resolved by the House of Representatives and Senate of
the State of Oklahoma. That the
Secretary of State is hereby instructed,
to
submit to the people of this State for their
ratification or rejection at the
election held throughout the State wherein, same
may be
legally
submitted a proposed amendment to the
Constitution, changing Article 10,
Section 9, to read as follows:
ufirst
v
Section 2.
\
Except as herein provided the total taxes on ad valorem basis
for all purposes; State,
County, Township, City or Town, and School District taxes shall not exceed in
any one year fifty mills on the dollar, to be
provided
levy not
as
BERNALILLO COUNTY SCHOOL DISTRICT NO.
15, N. Max.—
DESCRIPTION OF BONDS.—Further details are at hand relative
to sale
of the $6,000 6% bldg. bonds, awarded on June
1 last ta Bosworth, Ohanute
& Co. of Denver at 90.194 and
interest—V. 110, p. 2505—Denom. $500.
Date June 1 1920.
Int. J. & D.
Due June 1 1940 optional June 1 1930.
Total Bonded Debt (including this
issue) June 1 1920, $7,500.
Assessed
value 1919 $464,215Actual value (est.) $600,000.
BERKELEY COUNTY
follows: State not more than three and one-half mills.
than ten mills, provided that any County
more
may
County
levy not
exceeding two mills additional for County.
High school and common
school of which one mill shall be for
High school and one mill for common
schools, said meney shall be apportioned as provided by law.
Township levy not more than eight mills.
City or Town levy not more
So. Caro.—BOND
2694).
CREEK
DRAINAGE
DISTRICT,
Forsyth
County,
Ga.—
BOND OFFERING.—Bids for the purchase of
$16,064 6% drainage bonds
will be received by J. B. Durham, Commissioner
(P. O. Gumming).
Denom
9 for $1,600 and 1 for $1,664.
Prin. and ann. int. payable in New York.
Due yearly from 1923 to 1932 incl. •
BIG HORN COUNTY SCHOOL DISTRICT
NO. 17-H (P. O. Har¬
din), Mont.—BOND SALE.—Bosworth, Chanute & Co. of Denver were
the successful bidders
(V. 112,
674).
p.
after Jan.
15
on
Mar. 7 for the $75,000 6%
school-bldg. bonds
Due Jan. 15 1941, optional on or
Date Jan. 15 1921.
1931.
BLACK HAWK COUNTY (P. O.
Waterloo), Iowa.—BOND SALE.—
Schanke & Co. of Mason City were awarded at
public auction on Mar. 4
$125,000 5% county bonds, it is stated, at 100.14.
BLAINE COUNTY
(P. O. Chinook), Mont.—BOND SALE.—During
1920 $78,000 6Y% seed grain bonds were sold.
1925, optional 1922.
BREA SCHOOL
than twelve mills.
School district levy 8H on the dollar for school district
purposes for the support of the Common Schools.
Provided, that the aforesaid annual rate for school purposes
may be
increased by any school district
by an amount not to exceed ten mills on the
dollar valuation on condition that a
majority of the voters voting at the
election vote for said Increase.
O. Moncks Corner),
(P.
SALE.—The Farmers' & Merchants' Bank of Moncks
Corner has pur¬
chased the $100,000 6% bonds, which were offered on
July 6 (V, 110, p.
BIG
2.
1051
Date Apr. 1 1920.
Due
DISTRICT, Orange County, Calif.—BOND SALE•
—On March 1 the $60,000 6% school bonds—V.
112, p.
E. H. Rollins & Sons, at 102.094 and
867—were sold to
Interest, a basis about 5.75%.
Date
April 1 1921.
Due $3,000 yearly from 1923 to 1942 incl.
Other bidders:
California Company
$60,555,001 W. R. StaatsCo
$60,268.00
Frank & Lewis
60,550.00 Bank of Italy
60,102.20
First National Bank
60.300.001
Oregon .—Legislature Adjourns.—The Oregon Legislature
adjourned sine die on Feb. 23.
Among the more important
BREVARD COUNTY SPECIAL ROAD AND BRIDGE DISTRICT
NO. 6, Fla.—BOND SALE.—On March 9 the
$175,000 6% bonds—V. 112.
acts
p.
of
the
ligencer,"
session, according to the Seattle "Post-Intel-
were:
The passage of &
new
motor code
to
changing the basis of the licensing system
a weight basis, authorization of a
$7,000,000 bond issue for carrying on
road work in the next biennium,
doubling of the tax on gasoline sold and
used in the State and
making the figure 2 cts. a gallon, passing of a soldiers'
bonus law, subject to
referendum, and legalizing cooperative marketing of
farm products,
A law was passed to permit women to serve
on juries, but not making such
service compulsory.
A State budget system was approved.
The govern¬
or's salary was increased from
$5,000 to $7,500 a year.
Numerous other
salaries, state and county, were increased.
The legislature defeated all
attempts at
to
New lays of importance applying
Portland only included port
improvement and tax supervision bills.
kota
Dakota,—Legislature Adjourns.—The South Da-
Legislature adjourned sine die
on
March 4 at
11:45
-iv;"
p. m.
BOND
PROPOSALS
this week have been
as
AND
NEGOTIATIONS
follows:
ACADIA PARISH ROAD
DISTRICTS, La .—BONDS NOT TO BE
RE-OFFERED AT PRESENT.—The
$350,000 Sixth Ward Sub-road District
No. 2 and $180,000 Road District No. 2
without
at
success
5% bonds, which were offered
Feb. 8—V. 112, p. 866—will not be reoffered for sale
on
present.
ADA SCHOOL DISTRICT
BOND
issue
(P. O. Ada), Pontotoc County, Okla.—
issue of $75,000 school bonds has been sold.
This
May 11 last.—V. 110, p. 2215.
SALE.—An
was
BROCKTON, Plymouth County, Mass.—LOAN OFFERING.—John
J. O'Reilly, City Treasurer, will receive bids until 12 m. Mar.
15 for the
purchase at discount of a temporary loan of $200,000 dated March 17tand
maturing Nov.
BROWN
voted
ARISPEE
on
SCHOOL
DISTRICT
(P.
O.
Arispee),
Union
County,
Iowa.-—BOND SALE.—On Feb. 16 $55,000
6% 5 1-6 year school bonds were
sold to Schanke & Co. of Mason
City at 94.72.
Denom. $1,000.
Date
March 1 1921.
Int. M. & N.
Due May 1 1926.
In giving the notice of the
offering of said bonds in V. 112, p, 674—
we incorrectly stated that this district
would sell $75,000 instead of $55,000.
We also stated in the said notice that the bonds would be
sold on March 1.
This date, however, was given to us
by E. R. Lathrop, Secretary Board
of Education.
/
Due
CITY,
Cowley
County,
Kans .-—PRICE
PAID.
The price paid for the $64,195 30
paving bonds by James Stanton, Contract¬
or,—V. 112, p. 866—was
par.
ARMONA
SCHOOL
DISTRICT, Kings County, Calif.—BOND
SALE.—E. H. Rollins & Sons were the successful
bidders on March 4 for
the $65,000 6% 1-13 year serial school
bonds, dated Feb. 8 1921.—V. 112,
p. 764—at 100.06, a basis of about 5.99%.
ASHLAND, Ashland County, Ohio.—BOND OFFERING.—E. R.
Balliet, Director of Finance, will receive bids until 12 m. March 12 for the
following three issues of 6% assessment street-improvement bonds:
$16,000 Clark Ave. bonds.
Denom. $800.
Due $800 each six months
from
Sept. 1 1921 to March 1 1931, inclusive.
6,300 Heltman Ave. bonds.
Denom. $300.
Due each six months from
Sept. 1 1921 to March 1 1931, inclusive.
3,300 Alley No. 16 bonds.
Due $150 and $450.
Due $450 Sept. 11921
and $150 each six months from March
1 1922 to March 11931, incl.
1921.
Int. M. & S.
Certified check for
Date March 1
1% of amount
for, payable to the "City of Ashland," required.
of bonds bid
yearly on Jan. 1 from 1926 to 1940.
these bonds before
ATLANTA, Ga.—BONDS VOTED.—On March 8 the $8,850,000 5%
112, p. 674—carried by an overwhelming majority.
The ap¬
as follows: 20,000 "for" to 500
"against."
BUTTE, Mont.—BOND SALE HELD UP.—With reference
"No announcement has been made by
city
will be made to the State Supreme Court.
CACHE
COUNTY
County, N. 3.—BOND SALE.—Sherwood
York have been awarded $885,000 6% coupon bonds,
advertising at prices to yield the investor 5.70%.
Prin. and semi-ann. int. payable at the Hanover National
Bank of New
York.
Due $75,000 Apr. 1 1924, $55,000
Apr. 1 1926 and $755,000 Apr. '
1927.
AUXILIARY EASTERN CANAL IRRIGATION DISTRICT
(P. O.
Chandler) Maricopa County. Ariz.—BONDS VOTED.—The proposition
providing for the issuance of $2,000,000 6% bonds, carried, by a vote of
88 to 0, at
in the
election held
future.
an
near
on
Feb. 15.
Said bonds will be offered for sale
1
'
SCHOOL
CASTLEWOOD, Hamlin County. So. Dak.—BONDS VOTED.—At a
special election held in Castlewood $18,000 bonds to be used for the instal¬
lation of a municipal light plant carried.
CHATHAM COUNTY (P. O. Savannah), Ga.-BOND
of Denver.
BARTHOLOMEW
COUNTY
(P.
O.
Columbus),
Ind .—BOND
OFFERING.—Smith Carmichael, County Treasurer, will receive bids until
10 a. m. Mar. 15 for the following two issues of AY*
% road bonds:
$7,280 A. C. Herring et al. Rockcreek Twp. bonds.
Denom. $364.
Due
$364 each six months from May 15 1922 to Nov. 15 1931, incl.
10,440 George K. Smith et al. Hawcreek & Flatrock Twps. bonds.
Denom.
$522.
Due $522 each six months from May 15 1922 to Nov. 15 1931
incl.
Date Mar.
15 1921.
Int. M. & N.
Due $75,000 Aug.
1
1931
and $75,000
each
BELLINGHAM, Lac Qui
Parle County, Minn.—BOND OFFERING.
for
$8,000.
Assessed value 1919, $544,825.
Actual value (est.) $650,000
every
year
CHATTANOOGA, Hamilton County, Tcnn.—BOND SALE.—The
$100,000 6% school bonds offered on March 1—V. 112, p. 867—have been
sold to the First National Bank of Chattanooga.
CHEROKEE
COUNTY
ROAD
DISTRICTS,
Tex.—BOND OFFER¬
ING.—C. F. Gibson, County Judge (P. O. Rusk), will receive bids for the
following 5% 1-40-year bonds until March 14:
$350,000 Road District No. 2 bonds.
Bonded debt, nono.
Assessed value
(real and personal), $2,942,571.
Actual value (real and personal),
$6,000,000.
Population (est.), 6,000.
300,000 Road District No. 3 bonds.
Bonded debt, none.
Assessed value
(real and personal), $2,521,470.
Actual value (real and personal),
$5,000,000.
Population (est.), $5,000.
125,000 Road District No. 4 bonds.
Bonded debt, none.
Assessed value
value (real and personal), $895,173.
Actual value (real and per¬
sonal), $1,500,000.
Population (est.), 3,000.
Denom. $1,000.
Date Aug. 10 1920.'
Prin. and semi-ann. int. (F. & A.)
payable at the Hanover National Bank, N. Y.
Thebonds have been ap.
8roved circular Attorney-General, of the three districts hasand registered.
fficial by the states that neither and have been printed
defaulted
ever
of
All three Issues have been validated by the
Legislature.
CLEVELAND, Cuyahoga County, Ohio.—BONDS SOLD TO SINK¬
ING FUND—NOW OFFERED BY THEM.—On Dec. 21 last the Sinking
Fund purchased three issues of blA% coupon bonds, aggregating $450,000,
which they are now offering at public sale on April 4.
Bids for the bonds,
which are described below, will be received until 12 m. on that date by C. S.
Metcalf, Secretary of Sinking Fund Commission:
$150,000 police department oonds.
Due $5,000 yearly on Jime 1 from
1921 to 1950, inclusive. I
200,000 fire department bonds.
Due $5,000 yearly on June 1 from 1921
to
1960, inclusive.
100,000 public bath-house bonds.
Due $4,000 yearly on June 1 from
1925 to 1949, inclusive.
Denom. $1,000.
Date June 1 1920.
Principal and semi-annual interest
(J. & D.) payable at the American Exchange National Bank of New York.
Certified check on some solvent bank other than the one making the bid,
for 3% of amount of bonds bid for, payable to the Sinking Fund Commis¬
sion, required.
Bids must be on blank forms which may be obtained by
applying to the Secretary.
Purchaser to pay interest accrued from Dec. 1
,
T
,
,
_
,
.
,
.
1920.
CLYDE,
were
V.
no
Sandusky County, Ohio—NO BIDS RECEIVED.—There
for the $5,000 6% refunding bonds offered on March 4—
bids
112, p. 765.
•COLORADO SPRINGS.
EI Paso County,
Colo.—CORRECTION.—
The municipal auditorium bonds which are to be submitted to the voters
April 5 amount to $400,000 (not $600,000,
Due 1936, optional 1931.
as
reported in V. 112, p. 867).
COLUMBUS, Franklin County, Ohio.—BOND SALE.—On March 8
the city made award of its five issues of bonds, offered on that date
(V.112,
958), as follows:
$150,000 5M% Scioto River park bonds to Eldredge & Co. for $155,085
(100.054) and int. a basis of a bout 5.46% Denom. $1,000.
p.
BERNALILLO COUNTY SCHOOL DISTRICT NO. 6. N. Mex.—
DESCRIPTION OF BONDS.—Additional information is at hand relative
to the sale of the $6,000 6% bldg. bonds, awarded on June 1 last to Bosworth, Chanute & Co. of Denver at 90 294 and interest—V. 110, p. 2505—
Denom. $500.
Date June 1 1920.
Int. J. & D.
Due June 1 1940 op¬
tional June 1 1930.
Total Bonded Debt (including this issue) June 1 1920
and
thereafter until whole issue is paid.
on
—Bids will be received until 8 p. m. March 22 by the Village Recorder
for $20,000 6% electric-light bonds, it is stated.
ELECTION.—
An issue of $1,500,000 5% % school bonds will be submitted to the voters on
,
BACA COUNTY SCHOOL DISTRICT NO.
29, Colo .—BOND ELEC¬
TION.—SALE.—Subject to an election yet to be called $2,600 7% 15-30'
year (opt.) school bonds have been sold to the International Trust Co.
...
as to whether an appeal
CARROLL COUNTY (P. O. Pulaski), Va .—BOND
OFFERING.—
Sealed bids will be received by E, W. Ogle, Clerk Board of County Super¬
visors, until May 10 for $100,000 road and bridge bonds.
These bonds are
part of a $300,000 bond issue.
The County will consider bids on the
remaining $200,000.
ATLANTIC CITY, Atlantic
now
officials
NAMES.—The
Act
are
city
DISTRICT (P. O. Logan), Utah.—
purchasers of the $200,000 5% coupon
tax-free bonds—V. 112, p. 867-r-were the Harris Trust & Savings Bank,
E. H. Rollins & Sons, both of Chicago, and the Palmer Bond &
Mtge.Co.,
of Salt Lake City.
PURCHASERS'
in the payment of its debts.
they
to the
"The city of Butte was yesterday retrained from
selling a $600,000
funding issue to a Toledo bond house through the issuance of a permanent
injunction by Judge Jackson of the District Court.
"In the injunction proceedings brought by a taxpayer of the
city, it was
charged that the commission of $54,000 asked by th„ bond house for broker¬
age and other expenses vhich they termed necessary was illegal, excessive
and a wanton dissipation of the municipality's funds.
proximate vote is
&, Merrifield of New
redeem
may
Batte being restrained from selling its $600,000
funding bonds to a
Toledo. O., bond house at a commission of $54,000, the "Montana RecordHerald
of March 1 had the following to say:
bonds—V.
which
The School Board
maturity.
of
May 24.
ARKANSAS
18 1921.
CREEK
SCHOOL DISTRICT (P. O. Welch), McDowell
County, W. Va —BOND SALE.—On March 1 $270,000 6% school
bldg. bonds were sold to W. W. Whyte at par and accrued interest.
Denoms. 200 for $1,000 and 140 for $500.
Date Jan. 1 1921.
Int. annually.
anti-Japanese legislation.
South
•
764—were sold to Caldwell & Co. of Nashville at 95.33 and Interest, a
basis of about 6.44%.
There were no other bidders.
Date Feb. 1 1920.
,
Date March
15 1921.
„
,
Int. J. & D.
.
„
Due June 1
1941.
35,000 5H% Summit Street park purchase bonds to Field, Richards &
Co., of Cleveland, for $35,721 (102.06) and interest, a basis
of about 5.30%.
Denom. $1,000.
Date March 15 1921.
Int. J. & O.
Due June 1 1936.
%
.
$16,500 5H % Olentangy River parte playground and boulevard bonds to
Eldredge & Co. for $17.059 35 (103-39) and interest, a
basis of about 5.22%.
Denom. $1,000 and $500.
Date
March 15 1921.
Int. J. & D.
Due June 1 1941.
1,000 5M% city's portion street improvement bonds to the Sinking
Fund at par.
Date March 15 1921.
Int. J. & D.
Due
1
June
1926.
^
^
^
205,000 5H% special assessment street sprinkling and cleaning bonds to
the Sinking Fund at nar.
Denom. $10,000 and $5,000.
Date March 1 1921.
int. M. & S.
Due March 1 1922.
CORNING, Steuben County, N. Y.—NO SALE.—No sale was made
of the $200,000 5% coupon bonds offered on March 7 (4. 112, p. 867).
BLUFFS, Pottawattamie County, Iowa.—BOND OFFER¬
ING.—F. T. True, City Treasurer, will sell at public auction at 11 a. m.
March
15, $100,000 5H% water-works-plant extension bonds, being
part of an authorized issue of $300,000.
Denom. $1,000.
Date Feb. 1
1921.
Principal and semi-annual interest (F. & A.) payable at the National
Park Bank, N. Y., or at the office of City Treasurer.
Due $40,000 Feb. 1
1931 and 1932, and $20,000, 1933, optional after Feb. 1 1931.
Certified
check for $2,000, payable to the above official, is required before bidding.
Regality approved by Chas. B. Wood, Chicago.
r COUNCIL
Ind.—BOND SALE.—The
$21,000 5% J. W. Megenity et al, Patoka & Sterling Twps. road bonds
offered on March 7 (V. 112, p. 867) were awarded to J. W. Bird at par and
interest.
Date March 7 1921.
Due $1,050 each six months from May 15
COUNTY (P. O. English),
CRAWFORD
15 1931, inclusive.
1922 to Nov.
-
,.
CREEK DRAINAGE DISTRICT, Ark.—BOND OFFER.
be received by Vernon McCammon, President Board o1
CYPRESS
ING.—Bids will
Drainage Commissioners (P. O. Arkansas City), for $500,000 6% drainage
bonds until 12 m. March 17.
Maturity, denomination and place of pay¬
ment to be agreed upon.
(P. O. Greenville), Ohio.—BOND OFFERING.—
DARKE COUNTY
proposals until 10 a. m.
Inter-County Highway No. 208 improve¬
Date March 1 1921.
Principal and semi¬
The Board of County Commissioners will receive
March 16 for $440,000 6% coupon
Denom. $1,000.
ment bonds.
Financial
Bonded Debt (excl. this
Water debt (incl.)
Street and
Sinking
Sinking
To
•
annual interest (M. & S.) payable at the County Treasurer's office.
Due
$22,000 each six months from March 1 1922 to Sept. 1 1931, inclusive.
Certified check for $500 required.
Purchaser to pay accrued interest.
DAYTON SCHOOL DISTRICT (P.O. Dayton), Montgomery County,
SALE—OPTION GRANTED.—A syndicate composed of
&
school property
and building bonds offered on Mar. 3—V. 112, p. 675.
The bid submitted
by these firms was $525,655(100.124) for the $525,000 bonds maturing
$25,000 yearly on Mar. 3 from 1941 to 1961 incl., all to be subject to call
on any interest paying date on and after Mar. 3 1941.
The Board of Edu¬
cation also gave the syndicate a 30-day's option on the remaining $475,000
bonds.
In the meantime the $525,000 are being offered to investors by
the syndicate.
was
Compton Co., the Bankers Trust Co. and Halsey, Stuart
R.
Wm.
Co.
Assessed value taxable property,
1920--
.$218,857,600 00
2,130,000 00
-
_
Total bonded debt, including this issue
Sinking fund.
Net bonded debt
$105,506 08
_
,
__
152,559
DEFIANCE COUNTY (P. O. Defiance), Ohio.—BOND SALE.—The
$9,000 6% building bonds offered on Mar. 4 (V. 112, p. 867) were awarded
throe local banks at par.
Date Mar. 1 1921.
Due $1,000 yearly on
to
Sept. 1 from 1922 to 1930 incl.
DELTA, Millard County, Utah.—BOND ELECTION.—An
$30,000 water bonds will be submitted to the voters on Mar. 29.
issue of
County, Tex.—BOND ELECTION DATE.—The
a ballot on the issuing of $75,000 park
Denton
general
water
Cash
hand
on
2,919,320
2,293,780
Assessed
(in addition to sinking fund cash)
value
INDEPENDENT
SCHOOL DISTRICT (P. O. De Smet).
Kingsbury County, So. Dak.—BOND SALE.—The $82,000 h)6% school
bonds, which were offered on June 15 last—V. Ill, p. 108—but then failed
to receive a bid, have been sold, it is stated, to the De Smet National
Bank of De Smet.
SCHOOL
REJECTED.—All bids received
bonds—V. 112, p. 283—were rejected.
EAST
DISTRICT
on
Jan.
NO.
116,
Wash.—
20 for the $8,000 school
Columbiana County, Ohio.—-BOND OFFER¬
City Auditor, will receive bids until 12 m. Mar. 14
LIVERPOOL,
ING.—John T. Burns,
for the following two issues of
$4,000 Lisbon
6% street impt. bonds:
Denom. $1,000.
Date Feb. 1 1921.
Int.
Due $1,000 on Feb. 1 in 1922, 1923, 1924 and
Street bonds.
annually Feb. 1.
1925.
unsuccessful
Denom.
$800.
Ave. & East Fifth St. special assessment bonds.
Date Jan. 1 1921.
Int. annually Jan. 1.
Due
$800 on Jan. 1 in 1922, 1923 1924 1925 and 1926.
Cert, check for 5% of amount of bonds bid for, payable to the City
Treasurer, required.
Bonds to be delivered and paid for within ten days
from date of award.
Purchaser to pay accrued interest.
ERIE SCHOOL DISTRICT (P.
O. Erie), Erie County, Pa .—BOND
$500,000 4%% coupon (with privilege of registration) taxfree school-bldg. completion bonds offered on Mar. 1 (V.
112, p. 765)
were awarded to Redmond & Co., Biddle & Henry and M. M. Freeman &
Co. at par.
Date Apr. 1 1921.
Due $20,000 yearly on Apr. 1 from 1925
to 1949 incl.
The $300,000 bonds maturing 1925 to 1939 are being offered
to investors at prices to yield 4.70%.
SALE.—The
FRAMINGHAM, Middlesex County. Mass.—TEMPORARY LOAN.—
loan of $50,000. maturing Nov. 15 1921 (V. 112,
958), was awarded to S. N. Bond & Co. on a 6% discount basis, plus
$2 75 premium.
On Mar. 7 the temporary
p.
FREMONT,
Dodge
County,
Neb.—BOND
ELECTION
CALLED
OFF.—The election which was to take place April 5 to vote on the question
of issuing $75,000 water extension bonds—V. 112, p. 867—has been called
HADDON SCHOOL TOWNSHIP (P. O. Carlisle), Sullivan County,
Ind.—BOND OFFERING.—Tarlton C. Woodward, Township Trustee,
election to
again together with other bond issues, at
be held sometime during May.
FULTON
come
up
HAMILTON, Butler County, Ohio.—BOND OFFERING.—Ernst E.
Erb, City Auditor, will receive bid.-, until 12 m. April 6 for the following
6% bonds:
■
$25,000 gas works impt. bonds.
Date Feb. 1 1921.
Due $2,500 yearly
on Feb. 1 from 1926 to 1935 inclusive.
59,500 Ilooven Ave. impt. bonds.
Date Jan. 1 1921.
Due $5,950
yearly on Jan. 1 from 1922 to 1931 inclusive.
10,750 sidewalk impt. bonds.
Date Jan. 1 1921.
Due $2,150 yearly
on Jan.
1 from 1922 to 1926 inclusive.
Prin. and semi-ann. int. payable at the City Treasurer's office.
Cert,
check for 5% of amount of bid, payable to the City Treasurer, required.
April 1 1920.
special
(P. O. Rochester), Ind.—BOND OFFERING—
County Treasurer, will receive bids until 10 a. m. Mar. 14
Int. M. & N.
Denom. $1,175.
Date
Due $1,175 each six months from May 15
1921 to Nov. 15 1930, incl.
FULTON COUNTY (P. O. Johnstown), N. Y.—BONDS NOT SOLD.
was made of the $70,000 5% registered
highway bonds offered
Mar. 9 (V. 112, p. 958).
The issue will be re-offered at a later date.
—No sale
•on
COUNTY (P. O. Princeton), Ind.—BONDS AWARDED
IN PART.—Of the three issues of 5% road impt. bonds, aggregating
$117,000, offered on Feb. 28—V. 112, p. 867—the $26,000 H. M Buck etal
Barton Twp. bonds were sold to local people at
par.
Date Feb. 15 19<>1
I>ue $1,300 each six months from May 15 1922 to Nov. 15
1931, incl.
™£H?VE1^SV1I?LE' Fulton County, N. Y.—BOND SALE.—The
$68,-
700 6% registered sewer, paving, sidewalk, curb, gutter and grading bonds
on March 10 (V. 112, p. 958) were awarded to Chas.
King, of Gloversville at 101.001, a basis of about 5-60%.
Date Jan. 11 1921.
Due
offered
yearly
on
Jan
lf/^o
11
as
follows: $15,200, 1922; $14,500,
1923; and $13,000,
£1110,
Finley, County Treasurer, will receive bids until 10 a. m. Mar. 26
following two issues of AlA % road bonds:
$108,00 Nobelsville Twp. Meara Concrete Road bonds.
Denom. $1,080.
Due $5,400 each six months from May 15 1922 to Nov. 15 1931
for the
incl.
38,000 Adams
15
Samuel
Twp.
Trenton)*
Mo.—BOND
SALE.—On
5-20-year (opt.) drainage bonds
aggregating $325,000, were sold to the Liberty Central Trust Co
and
Whitaker & Co., both of St. Louis, jointly:
$225,000 Grand River Drainage District No. 2 bonds (V. 112, p 867)
100,000 Muddy Creek Drainage District No. 1 bonds (Y. 112, p. 869).
GRAND
RAPIDS,
Kent
County,
Mich.—BOND
OFFERING—
J. C. Shinkman, City Clerk, will receive bids until 12 m. March 15 for
5%
Barker Concrete
Road bonds.
Denom.
Due $1,900 each six months from May 15 1922 to Nov.
$950.
1931, incl.
Int. M.&N.-
HANGING
Jasper
TOWNSHIP (P. O. McCoysburg),
OFFERING.—George Parker. Township
SCHOOL
GROVE
County,
Ind.—BOND
Trustee, will receive bids until 10 a. m. Mar. 26 for $38,250 6% coupon
school building bonds.
Denom. $1,275.
Date April 1
semi-ann. int. (J. & .J.) payable at the State Bank of
1921.
Prin. and
Rensselaer.
Due
$1,275 each six months from July 1 1922 to Jan. 1 1935, incl; and $2,550
on July 1 1935 and Jan. 1 1936.
Cert, check for $500 required.
COUNTY
(P.
O.
Kenton),
Ohio.—BOND
SALE.—The
$10,000 6% bridge bonds offered on Feb. 18—V. 112, p. 675—were awarded
Ada, at par and interest.
Date Jan. 3 1921.
to tho First National Bank of
3 from 1922 to 1931, incl.
Due $1,000 yearly on Jan.
HARLINGEN, Cameron County, Tex.—BOND OFFERING.—E. W.
Patterson, City Secretary, will receive sealed proposals until 12 m. April 6
for $60,000 6% water, sewer and light bonds.
Denom. $1,000.
Date
March 1 1921.
Principal and semi-annual interest (M. & S.) payable in
New York.
Due March 1 1951.
No certified check is required.
The
legality of the issue has been approved by the State Attorney-General.
Financial
valuation
(estimated)
Statement.
$2,000,000 00
•
1,513,146 00
valuation
Total bonded debt
(including this issue)
Water debt (included)
;
Floating debt
Total sinking fund for general debt
rate
(per
$6 50.
$1,000),
Population
(estimated),
157,000 00
21,000 00
None
16,149 96
2,500.
HATTIESBURG, Forrest County, Miss.—BONDO FFERING.—T. E.
Batson, Mayor, will receive sealed proposals until 2 p. m. March 17 for the
$365,000 6% general impt. bonds one-fifth of the total issue to mature each
year for the first five years, and one-twenty-fifth of the total issue to mature
annually during the succeeding 10 years and the remainder to be divided
approximately equal payments, one payment each year during the remaining
life of the bonds.
Int. semi-ann.
Cert, check for $500 required.
These
bonds, which were mentioned in V. 112, p. 181, are to be used for the fol¬
A.
sum
purposes:
For erecting a municipal building commonly
called
a
city hall, in the
of $100,000.
equipping a white municipal school building on Main
Street School ground in the sum of $169,000.
C. For erecting and equipping a colored municipal school building in
B.
For erecting and
Ward Four and
D.
buying additional grounds theiefor, in the sum of $75,000.
For repairs and improvements of existing
municipal school buildings,
in the sum of $6,000.
E.
sum
For the purchase of fire-department equipment and apparatus,
tax-free
tuberculosis
hospital
bonds.
Denom.
$1 000
Date Sept. 1 1920.
Semi-ann. int. payable at the City Treasurer's office.
Due yearly on Sept. 1 as follows: $200,000 1925, $40,000 1926 to
1929, incl.,
and $24,000 1930.
Cert, check for 3% of amount of bonds bid for, payable
to the City Treasurer, required.
Bonds to be delivered and paid for at
the City Treasurer's office.
Purchaser to pay accrued interest.
0
in tht
of $15,000.
HAXTUM, Phillips County, Colo.—A MOUNT OF BONDS SOLD.—
extension bonds which were sold to the Bankers Trust
amounted to $27,500 (not $27,000 as stated in V. 112, p. 80).
The bonds answer to the following description: Denoms. 25 for $1,000 and
5 for $500.
Date Jan. 1 1921.
Prin. and semi-ann. int. (J. & J.) payable
at the Bankers' Trust Co., N. Y.
Due Jan. 1 1936, optional Jan. 1 1931.
The water works
Co. of Denver
Financial
Statement.
Assessed valuation, equalized 1919
Total bonded debt (including this issue)
Water works debt______—
_—__—
Net
debt
:
— — ______
—______
—__—
$852,560
90,000
70,500
19,500
HEMPSTEAD UNION FREE SCHOOL DISTRICT NO. 21 (P. O.
Rockville Centre), Nassau County, N. Y.—BOND OFFERING.—Lore*
H. Rockwell, Clerk of Board of Education, will receive bids until 8 p. m.
March 24 for thp following coupon or registered school bonds, to be awarded
at the lowest rate bid:
$92,000 bonds.
Denoms. $2,000, $5,000 and $10,000.
Due yearly o*
Jan. 1 as follows: $2,000 1923: $5,000,1924,1925 and 1926: $10,000,
1927 to 1933, inclusive, and $5,000. 1934.
15,000 bonds.
Jan.
1
Denom. $5,000.
Due $5,000 Jan. 1
1934 and $10,00$
1935.
1921.
Principal and semi-annual interest, payable at ths
National Bank, of Rockville Centre.
Certified check for
10% of amount of bid, payable to Harry W. Reene, Treasurer of Board ®f
Date April 11
Nassau County
Education.
HICKORY,
Catawba County, No.
Caro.—BOND OFFERING.—
received until 8 p. m. April 12 by R. G. Henry, City
Sealed bids will be
Clerk, it is stated, for $175,000 6% street-improvement bonds.
April 1 1921.
Interest semi-annual, payable in New York.
Due
Date
yearly
$12,000, 1928 to 1931, inclusive;
and $19,000, 1932 to 1936, inclusive.
Legality approved by Bruce Craven,
of Trinity, and Caldwell & Raymond, of New York.
as
follows: $8,000 1924 to 1927, inclusive;
HILLSBOROUGH COUNTY SPECIAL ROAD AND BRIDGE
-9PUNTY
March 7 the following two issues of 6%
$384,000
Noblesville), Ind.—BOND OFFERING.
HAMILTON COUNTY (P. O.
—A. G.
Population, 1920 Census, 1,159.
a
COUNTY
H. B. Kumler,
for $23,500 AM% Thos. F. Neff et al road bonds.
Mar. 28 for $35,000 6% school house bonds.
Denom. $1,250.
Date April 1 1921.
Prin. and semi-ann. int. (J. & J.)
payable at the Peoples State Bank of Carlisle.
Due $1,250 each six months
from July 1 1922 to Jan. 1 1936, incl.
Cert, check for $1,000, required.
off.
This issue will
,
legality of the terms of the officials.
but of this amount $16,000
in September following an
offering of the entire lot.
will receive bids until 1 p. m.
lowing
4,000 Pennsylvania
■
The original total of this issue was $400,000,
sold to the Sinking Fund Commission
Tax
COUNTY
DOUGLAS
BIDS
■
existence of the city or as to the
were
Assessed
DE SMET
'
The official circular states that the city has never defaulted payment on
any bonds at maturity, that the legality of a bond issue has never oeen
questioned, and that there is no question as to the legality of the corporate
Actual
1
1,316,333
$197,814,968
—
1920
Population 1920 Census, 137,634.
date for voters of Denton to cast
bonds—V. 112, p. 283—is April 5.
$1,546,000
343,900
943,042
86,378
(incl.)
_____
HARDIN
2,024,493 92
Population, 1920 Census
DENTON,
fund,
fond,
$5,214,100
-—
-
debt
deducted
Net Debt-
awarded $525,000 of the $1,000,000 5 *4% coupon
Financial Statement.
sewer
Statement.
issue)
be
Ohio.—BOND
the
[Vol. 112.
CHRONICLE
THE
1052
DIS¬
OFFERING—W. R. Watkins, Clerk Board of
(P. O. Tampa), will receive proposals for $170,000
TRICT NO. 5, Fla.—BOND
County Commissioners
5% bonds until 11 a. m. April 1.
Denom. $1,000.
Date
Principal and semi-annual interest (J. & J.) payable in gold
Due yearly on July 1 as follows: $2,000, 1922, and $6,000,
April 1 1920.
at New York.
1923 to 1950,
Certified check or bond for 2% of the amount of bonds bid for,
The U. S. Mtge. & Trust Co., of New York, will prepare bonds
and certify genuineness of signatures and seal.
Approving legal opinion
of Chester B. Masslich, of New York, will be furnished purchaser.
Deliv¬
ery at place chosen by purchaser on or about April 12 1921.
No bid of less
than 95 and interest will be considered.
inclusive.
required.
HOLYOKE, Hampden County, Mass.—TEMPORARY LOAN.—The
city has negotiated with
$200,000, maturing Nov.
Harris, Forbes & Co. for a temporary loan of
8 1921.
March 12
1921.]
THE
CHRONICLE
IRON CITY RURAL SCHOOL DISTRICT (P. O. Bellefontaine),
.
Logan County, Ohio.—BOND SALE.—Ail issue
bonds
offered
1921.
of S3,000 6% school
19 has been sold.
Denom. $500.
Date Feb. 19
Due $500 yearly on Oct. 1 from 1925 to 1930, incl.
Feb.
on
Int. A. & O.
IRONTON SCHOOL DISTRICT (P. O. Ironton), Lawrence
County,
Ohio.—BOND SALE.—Oh Mar. 8 Weil, Roth & Co. of Cleveland were
awarded the $400,000
6% school house erection bonds offered on that date
V. 112, p. 676.
The price paid was 410.240, equal to 102.56, a basis of
about 5.78%.
Date Feb. 1 1921.
Due Feb. 1
1941.
;
JACKSONVILLE SCHOOL DISTRICT NO. 117 (P. O. Jacksonville),
Morgan County, 111.—BOND SALE.—The Wm. R. Compton Co. of
St. Louis, has purchased and is now
offering to investors an issue of $126,000
6% school bonds.
Denom. $1,000.
Date Feb. 1 1921.
Prin. and semiann. int. (F. &
A.) payable at the First National Bank of Chicago.
Due
yearly on Feb. 1 as follows: $3,000, 1922; $4,000, 1923 to 1928, incl.;
$7,000, 1929 to 1934, incl.; $11,000, 1935 to 1939, incl.; and $2,000. 1940.
Financial
Statement.
$13,431,818
6,715,909
335,000
...
Assessed valuation, 1920.
-
JANESVILLE, Rock County,
Wise.—BOND
OFFERING.—Until
2p.m. April 8 Ervin J. Sartell, City Clerk, will entertain proposals for the
purchase of the $600,000 5H % coupon high school bonds—v. 112, p. 181—
Denom. $1,000.
Date April 15 1921.
Prin. and semi-ann. int. (A. & O.)
payable at the office of the City Treasurer.
Due $30,000 yearly on April 15
from 1922 to 1941, incl.
Cert, check for $10,000 required.
City will
furnish on date of sale legal opinion of Chapman, Cutler &
Parker, attorneys,
Chicago, approving legality of issue, and bonds will be printed by City prior
to sale, so that sale will be unconditional.
Successful bidder may receive
bonds
as soon
after sale
desired upon full payment, but payment in full
as
must be made not later than
April 15 1921.
Total bonded debt (including
Assessed value
1920, $30,989,036.
Population
this
issue) $1,053,000.
1920 (est.) 20,000.
JASPER COUNTY (P. O. Rensselaer), Ind —BOND OFFERING.—
John T. Biggs, County Treasurer, will receive bids until Mar.
17 for the
following two issues of 5% Wheatfield Twp. road bonds:
$17,000 Wm.
Grube et al. bonds.
Denom.
$850.
Due $850 each six
months from May 15 1922 to Nov. 15 1931 incl.
W. Poole et al. bonds.
Denom. $1,110.
Due $1,110 each
six months from May 15 1922 to Nov. 15 1931 incl.
22,200 R.
Date Feb.
15
1921.
JEFFERSON
Int.
COUNTY
M. &
(P.
N.
O.
Principal and semi-annual interest (A. & O.) payable at the Cleveland
Trust Co.
of Cleveland.
Certified check for 5% of amount of bonds bid
The official circular states that there is no
for, required.
litigation pending
threatened and that the city has
or
LANCASTER
SCHOOL
defaulted.
never
TOWNSHIP
(P. O, Craigville), Wells
Ind.—BOND OFFERING.—Proposals will be received until
1
by A. E. Hunt, Township Trustee, for $108,000 6%
coupon
County,
p. m. March 18
school bonds.
Denom. $500.
Date Mar. 20 1921.
Prin. and semi-ann.
int. (J. & D.) payable at the Studebaker Bank of
Bluffton.
Due each
six months as follows: $3,500 June 15 1922 to
June 15 1926, incl.; $4,500
Dec. 15 1926, and $4,000 June 15 1927 to Dec.
15 1935.
Cert, check for
$5,000 payable to A. E. Hunt, Trustee, required.
Purchaser to pay
accrued interest.
Bonded Debt (excl. this issue) $5,000.
Assessed
value,
$5,700,000.
LA PLATA COUNTY SCHOOL DISTRICT NO. 4
(P. O. Bayfield),
Colo.—BONDS VOTED.—On March 5 $19,500 6% school bldg. bonds were
voted.
Actual value, estimated.
Total bonded debt. inc. this issue
Population, 1920 census, 15,713.
1053
These bonds have already been reported as
being sold to Benwell, Phil¬
lips, Este & Co. of Denver, subject to be authorized at the said election.
The notice of sale and election
appeared in V. 112, p. 959.
LEBANON, Boone County, Ind.—-BOND SALE.—It is reported that
thei $45,000 sewage-disposal-plant bonds offered on March
7 (V. 112, p.
959) were awarded to the Meyer-Kiser Bank of Indianapolis, the Boone
County State Bank, L. W. Kirtley and J. R. Tyre, for $45,081, equal te
100.18.
LEWISTOWN
SCHOOL DISTRICT
NO.
1
(P. O.
Lewistown),
Fergus County, Mont—DESCRIPTION OF BONDS.—The $250,000 6%
school-bldg. bonds, awarded as stated in V. 112, p. 766—are described as
follows:
Denom. $1,000.
Date
Jan. 1 from 1932 to 1941, incl.
prior to
Jan.
1 1921.
Due $25,000 yearly on
Each installment optional six months
maturity.
'
Financial Statement.
Actual valuation, estimated, 1920
Assessed valuation, estimated, 1920
Total bonded debt, including this issue
$20,000,000
17,023,132
374,500
37,625
Sinking funds on hand Jan. 15 1921
Population of district, estimated, 7,500.
LIBERTY
COUNTY
(P.
O.
Chester), Mont.'—BOND SALE.—
W. L. Slayton & Co. of Toledo
offering par was awarded on March 8 the
$100,000 6% funding bonds—Y.
112,
676.
p.
Date Jan.
1
1921.
Due
Jan. 1 1941 optional on or after Jan. 1 1931.
the $50,000
LINCOLN COUNTY SCHOOL DISTRICT NO. 2 (P. O.
Carrizozo),
N. Mex.—BONDS NOT YET SOLD.—No sale has
yet been made of the
$4,000 building bonds offered on May 25 last.-—V. 110, p. 2105.
(P. O. Kentland), Newton
Ind.—BOND OFFERING.—Chas.
F.
Wittenberg, Township
Trustee, will receive bids until 2 p. m. Mar. 26 for $120,000
LINCOLN COUNTY INDEPENDENT SCHOOL DISTRICT NO.
65,
UP. O. Ivanhoe), Minn.—BOND SALE.—On Feb. 26 the $100,000
6%
school-bldg. bonds—V. 112, p. 868—were sold to the Capital Trust &
Savings Bank of St. Paul on a 6.35% basis.
The purchaser also paid ac¬
Madras),
Ore.—BOND
SALE.—On
March 2 the Madras State Bank and First National Bank, both of
Madras,
and Citizens State Bank of
Metolius, jointly, purchased at
6% 20-year road bonds dated Jan. 1 1921—V. 112, p. 489.
JEFFERSON
SCHOOL
par
TOWNSHIP
County,
serial school
building bonds.
6% 15-year
Denom. $1,000.
Date Feb. 23 1921.
JOSEPH, Wallowa County, Ore.—BIDS REJECTED.—'The following
bids
were
received
on
March
1 for the 6% coupon sewer bonds.—V.
112,
676.
p.
Freeman, Smith & Camp Co..92.06(Western Bond & Mtge. Co
Carstens & Earles, Inc
91.00(Ralph
Schneeloch
Co.
All
the above
brokers
are
located
in
Portland,
Ore.
The
90.16
88.06
above
were
rejected.
KENDALLVILLE, Noble County, Ind.—BOND OFFERING.—CapiClerk, will receive bids until 12 m. April 5 for $70,000
6% coupon electric light and water works bonds.
Denom. $500.
Date
April 5 1921.
Int. A. «fc O.
Due $5,000 yearly on Oct. 5 from 1923 to
1936 incl.
Purchaser to pay accrued interest.
tola Michaelis, City
KENMORE,
Summit
County,
Ohio.—BOND
OFFERING.—B.
O.
Sours, Village Clerk, will receive bids until 12 m. Mar. 22 for the following
three issues of 6% special assessment street impt. bonds:
$39,000 South 13th Street bonds.
Due $3,000 Mar. 15 1922 and $4,000
yearly on Mar. 15 from 1923 to 1931, incl.
49,000 North 16th Street bonds.
Due $4,000 Mar.
15 1922 and $5,000
yearly on Mar. 15 from 1923 to 1931, incl.
75,000 Florida Ave. bonds.
Due yearly on Mar. 15 as follows: $7,000
1922 to 1926. incl., and $8,000 1927 to 1931. incl.
Denom. $1,000.
Date Mar. 15 1921.
Int. semi-ann.
Cert.-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.
Purchaser to pay accrued int.
*
...
KENMORE
VILLAGE
SCHOOL
DISTRICT
(P.
O.
Kenmore),
Summit County, Ohio.—BOND OFFERING.—M. W.
Schramm, Clerk
of Board of Education, will receive bids until 12 m. Mar. 21 for
$200,000
5H % school bonds.
Denom. $1,000.
Date Mar. 21 1921.
Prin. and
semi-ann. int. (.A. & O.) payable at the office of the Board of Education.
Due Oct. 11941.
Cert, check for 5 % of amount of bonds bid for, required.
Purchaser to pay accrued interest.
KENTLAND, Newton County, Ind.—BOND OFFERING.—'The Town
Trustees will receive bids until 2 p. m. March 2 6 for $25,000
6% 20-year
serial school-bldg. bonds.
Denom. $1,000.
Date Feb. 23 1921.
Interest
semi-annual.
KENTLAND
SCHOOL TOWN (P. O. Kentland), Newton
County,
Ind.—BOND OFFERING.—Bids will be received until 2
p. m. March 26
by the School Trustees for $35,000 5% 20-year serial school-building bonds.
Denom. $1,000.
Date Feb. 23 1921.
Interest semi-annual.
COUNTY ROAD DISTRICT NO. 1, Tex.—BOND SALE.—
issue of $35,000 5M% road bonds has been sold to L. A. Schreiner.
Denom. $500.
Date July 1 1920.
Int. A. & O.
These bonds are part of
a total issue of $200,000.
KERR
An
COUNTY (P. O. Vincennes), Ind.—BONDS AWARDED IN
.ART.—Of the eight issues of 4M% and
5% road bonds, aggregating
'183,200, offered on Feb. 21—V. 112, p. 766—the following two were
awarded to J. F. Wild & Co. of Indianapolis:
crued
interest.
other
Int.
semi-ann.
bidders.
1931, incl.
22,000 5% J. B. Fraumann et al. Johnson Twp. bonds.
Date Jan. 4 1921.
Due $1,100 each six months from May 15 1922 to Nov. 15 1931,
inclusive.
BONDS NOT SOLDA-No sale was made of the $48,000
5% W. H.
Dikemannet al. Widner Twp. road bonds offered on Feb. 28.—V.
112,p.868.
LAGRANGE, Troup County, Ga.—BONDS NOT SOLD.—No sale was
on Feb. 24 of the $670,000 5 % 30-year
coupon municipal improvement
made
bonds (V.
112,
p.
676).
They will be re-offered in the
near
future.
LAKE COUNTY (P. O. Crown Point), Ind.— NO SALE.—The $150,000 4H% Anthony J. Burns North Twp. gravel-road bonds offered on
March 1—V. 112, p. 868—were not sold.
LAKEWOOD, Cuyahoga County, Ohio.—BOND OFFERING.—A. O.
Guild, Director of Finance, will receive bids until 12 m. March 21 for the
following 6% street bonds:
$88,000 00 city's portion
street-improvement bonds.
Denom.
$1,000.
Date Feb. 1 1921.
Due $4,000 yearly on Oct. 1 from 1925 to
1935, inclusive.
26,047 50 special assessment Berea & Fischer Road sewer bonds.
Denom.
$5,209 50.
Date, day of sale.
Due $5,209 50 yearly on Oct. 1
from
1922 to 1926, inclusive.
33,890 00 Arthur Ave.
sale.
paving
1 34,230 00
1,610 00
8,720 00
3,690 00
32,850 00
8,570 00
bonds.
Denom.
$3,389.
Date,
day of
Due $3,389 yearly on Oct. 1 from 1922 to 1931, inclusive.
22,460 00 Bunts
Road paving bonds.
Denom. $2,246.
Date, day of
sale.
Due $2,246 yearly on Oct. 1 from 1922 to 1931, inclusive.
Chesterland Ave. paving bonds.
Denom. $3,423.
Date,day
of sale.
Due, $3,423 yearly on Oct. 1 from 1922 to 1931, incl.
Irene Ave. water-main bonds.
Denom. $322.
Date, day of
sale.
Due $322 yearly on Oct. 1 from 1922 to 1926, inclusive.
Onondaga Ave. sewer bonds.
Denom. $872.
Date, day of
sale.
Due $872 yearly on Oct. 1 from 1922 to 1931, inclusive.
Onondaga Ave. water bonds.
Denom. $369.
Date, day of
Due $369 yearly on Oct. 1 from 1922 to 1931, inclusive.
sale.
St. Charles Ave. sewer bonds.
Denom. $3,285.
Date, day of
sale.
Due $3,285 yearly on Oct. 1 from 1922 to 1931, inclusive.
St. Charles Ave. water bonds.
Denom. $857.
Date, day of
sale.
Due $857 yearly on Oct. 1 from 1922 to 1931, inclusive.
Feb.
1
1921.
Due
Feb.
1
1936.
There
were
no
LINN COUNTY
(P. O. Albany), Ore.—BOND OFFERING.—Proposals
will be received until 2 p.
for the
following
$50,000 bonds.
25,000 bonds.
Denom. $50 or
est semi-annual.
m. March 21 by R. M. Russell, County Clerk,
5% road bonds:
Due Oct.
Due Oct.
1
1
1926.
1927.
multiples thereof
up
to $1,000.
Date Oct. 11919.
inter¬
Certified check for 2% of the amount of bonds bid for
required.
LONG BEACH, Los
—No bids
were
bonds.—V.
received
Angeles County, Calif.—NO BIDS RECEIVED.
on
Feb. 25 for the $400,000
5% water-works-impt.
112, p. 676.
LORAIN,
Lorain
County,
Ohio.—BOND
OFFERING.—ProposalS
will be received until 12 m. Mar. 24 by Chas. L. Patterson, City
Auditor,
for the following two issues of coupon bonds:
$100,000 5^*% water works bonds.
Date Mar. 15
yearly on Sept. 15 from 1939 to 1943 incl.
80,000 6% paving bonds.
Date Jan.
15 1921.
on Sept. 15 from 1922 to 1931, incl.
Denom. $1,000.
Prin. and semi-ann. int. (M. & S.)
of the Sinking Fund Trustees.
Cert, check for 2% of
for, payable to the City Treasurer, required.
1921.
Due $20,000
Due
$8,000
yearly
payable at the office
amount of bonds bid
LOVELAND,
Larimer
County,
Colo .—BOND
ELECTION.—On
April 5 $45,000 6% municipal electric light plant bonds will bo submitted
to a vote of the people.
LUCAS COUNTY (P. O. Toledo), Ohio.—BOND SALE.—The Harris
& Savings' Bank of Chicago has purchased and is now offering to
Trust
investors at
prices to yield from 6 to 5.60%, according to maturities,
an
issue of $644,000 6% coupon road bonds.
Denom. $1,000.
Date Mar. 10
1921.
Prin. and semi-ann. int. (M. & S.) payable at the County Treasurer's
office.
Due yearly on Mar. 10 as follows: $69,000, 1922; $67,000, 1923 to
1925 incl.; $65,000, 1926; $63,000, 1927 and 1928; $62,000,
$59,000, 1931.
1929 and 1930,
and
LYON
COUNTY
(P. O. Marshall), Minn .—BOND
OFFERING.—
Until 2 p. m. March 15 sealed proposals for the purchase of $40,000 5% %
refunding bonds will be received by R. D. Hondersheldt, County Auditor.
Date March 1
for
/> KNOX
$32,000 5% Henry Vollmer et al. Johnson Twp. bonds.
Date Jan. 4 1921.
Due $1,600 each six months from
May 15 1922 to Nov. 15
Date
LINDEN TOWNSHIP SCHOOL DISTRICT (P. O.
Linden), Union
County, N. J.—BOND SALE.—On March 8 the issue of b%% coupon
(with privilege of registration) school bonds offered on that date (V. 112, p.
959) was awarded to the National State Bank of Elizabeth, which offered
$240,296 for $239,000 bonds, equal to 100.542, a basis of about 5.70%.
Date March 1 1921.
Due $6,000 yearly on March 1 from 1922 to i960*
inclusive, and $5,000 March 1 1961.
1921.
Int. M. & S.
Due March 1 1941.
Certified check
10%, payable to the County Treasurer, required.
MADISON,
P.
H.
Rockingham County, No. Caro.—BOND OFFERING.—
Scales, Town Treasurer, will receive sealed proposals until 2 p. m,
March 21 for $30,000 6% gold coupon (with privilege of registration) electric-
Denom. $1,000.
Date April 1 1921. Principal and semi¬
(A. & O.) payable in New York.
Due yearly on April 1
$1,000, 1923 to 1950, inclusive, and $2,000, 1951.
Certified
check or cash for 2% of the amount of bonds bid for .payable to the above
official, required.
The approving opinion of Chester B. Masslich, of N. Y.,
will be furnished to purchaser without charge.
The bonds will be delivered
at any place east of the Mississippi River, at purchaser's choice,
April 1
1921, and must then be paid for.
light bonds.
annual interest
as
follows:
MADISON, Lake County, So. Dak.—BIDS.—The following proposals
also received on Feb. 28 for the $25,000 water works and $25,000 sewer
as stated in V. 112, p. 960.
were
6% bonds, awarded
Other
bidders:
f
,
Spitzer, Rorick & Co.—Par, less a commission of $1,150.
Speer & Sons Co.—Par, less a commission of $1,394.
H. C.
Kalman, Matteson & Wood—Par, less a commission of $1,414.
Lake County National Bank—Par, less a commission of $1,455.
Casady-Dufur Bond & Mtge. Co.—Par, less a commission of $3,000.
MAPLE HEIGHTS. Cuyahoga County,
Ohio.—BOND OFFERING.—
C. G. Holtz, Village Clerk, will receive bids until 12 m. Mar. 16 for the fol¬
lowing 6% coupon bonds:
$2,442 92 special assessment Hill Ave. sidewalk bonds.
Denoms. 1 for
$442 92 and 4 for $500.
Date Feb. 15 1921.
Due $442 92"
Oct. 1 1923 and $500 on Oct. 1 in 1925, 1927, 1929 and 193113,468 62 special assessment Lee Road water bonds.
Denoms. 1 for
$468 62 and 26 for $500.
Date Feb. 15 1921.
Due $968 62
Oct. 1 1922, $1,000 Oct. 1 1923, $1,500 Oct. 1 1924, $1,000 Oct. 1
1925, and $1,500 yearly on Oct. 1 from 1926 to 1931 incl.
1,515 30 special assessment Pease Road sidewalk bonds.
Denoms. 1
for $515 30 and 2 for $500.
Date Feb. 15 1921.
Due $515 30
Oct. 1 1924 and $500 on Oct. 1 in 1928 and 1931.
8,029 08 special assessment Dunham Road sidewalk bonds.
Denoms.
1 for $529 08 and 15 for $500.
Date Feb. 15 1921.
Due yearly
on Oct.
1 as follows: $529 08, 1922; $500, 1923; $1,000, 1924;
$500, 1925; $1,000, 1926; $500, 1927; $1,000, 1928; 1929, 1930
,
fluid 1931
2,500 street-impt.
bonds.
Oct. 1 1931.
Denom.
15,000 00 water-works bonds.
Oct. 1 1936.
$500.
Denom, $500.
*
Date
Apr.
Date Apr.
^
1
1
„
1921.
Due
1921.
Due
-
1054
THE
CHRONICLE
[Vol. 112.
Prin. and semi-ann. int. (A. & O.) payable at the Central National Bank
Savings & Trust Co. of Cleveland.
Cert, check on a solvent bank in
Cuyahoga County for 5% of amount of bonds bid for, payable to the Village
Treasurer, required.
NEWARK, Essex County. N. J.—BIDS.—1The following Is a complete
list of bids submitted for the bonds awarded on Feb. 23 as reported in
V. 112, p. 869:
v
MARION COUNTY
(P. O. Marion), OhioBOND OFFERING.■
Harley E. Koons, Clerk of Board of County Commrs., will receive bids
until 12 m. Mar. 19 for $27,850
6% coupon road impt. bonds.
Denom.
$1.000 & $850.
Date Mar. 1 1921.
Prin. and semi-ann. interest (M. & 8.)
payable at the County Treasurer's office.
Due each six months as follows:
$850, Mar. 1 1922: $1,000, Sept. 1 1922 to Sept. 1 1925 mcl., and $2,000
Mar. 1 1926 to Sept. 1 1930 Incl.
Cert, check for $200, payable to the
Board of County Commissioners, required.
Chase Securities Corp
Potter Bros. & Co.
Biddle & Henry
H. L. Allen & Co.
MARSHALL
COUNTY
(P.
Name—
$1,250,000
Issue.
$2,000,000
-
I
$2,000,362 20 for
$1,916,000 of bonds
$1,250,484 23 for
Barr & Schmeltzer
$1,203,000 of bonds
Field, Richards & Co. ....I
Curtis & Sanger
j
The National City Co
_
j
)$1,250,047 59 for
$1,221,000 of bonds
Estabrook & Co
O.
Issue.
}
Plymouth), Ind.—BOND SALE,
On Feb. 28 the countylsold three issues of 5% 1-10-year serial road bonds,
amounting to $348,000, to Adelbert P. Flynn at par and interest.
Harris, Forbes & Co
George B. Gibbons & Co
BOND OFFERING.—Bids for the following three issues of 4H% road
bonds will be received until 2 p. m. March 16 by Chas. F. Cooper, County
J. S. Rippel & Co
Equitable Trust Co.
]
Treasurer:
$2,000,468 54 for
$1,946,000 of bonds
j
Kissel, Kinnicutt & Co
$1,250,857 00 for
Blodget & Co
$1,215,000 of bonds
EI dredge & Co
Guaranty Co. of N. Y
'
Remick, Hodges & Co.....
Bankers Trust Co
$1,250,011 00 for
Wm. R.
$1,239,000 of bonds
Compton Co
Hannahs, Ballin & Lee._._i
West Side Trust Co
$1,250,034 02 for
$1,209,000 of bonds
_
,
_
„
$3,000 Chas. M. Urschel et al, bonds.
Denom. $250.
Date Feb. 15 1921.
Due $750 on May 15 and Nov. 15 in 1921 and 1922.
8,000 Henry Craig et al. bonds.
Denom. $400.
Date Feb. 15 1921.
Due $400 each six months from May 15 1921 to Nov. 15 1930 incl.
26,700 D. B. McCullough et al. bonds.
Denom. $667 50.
Date May 22
1920.
Due $1,335 each six months from May 15 1921 to Nov. 15
1930 incl.
Interest M. & N.
MARTINSVILLE,
Henry County, Va.—BOND SALE.—On March 5
the
$250,000 6% 34-year coupon tax-free school bldg. and street impt.
bonds dated April 2 1921—V. 112, n. 767—were sold to the First National
Bank and the Peoples National Bank, both of Martinsville, jointly, at par.
Bids were also received from J. C. Mayer & Co., Seasongood & Mayer,
Spitzer, Rorick & Co., Weil, Roth & Co. and the Mountain Trust Bank.
MASSILLON,
Stark
County, Ohio.—BOND OFFERING.—Bids wil
be received until 12:30 p. m. March 17 by Richard B. Crawford, City Aud¬
itor, for $12,850 6% coupon fire-dept. bonds.
Denom. 1 for $850 and 12
for $1,000.
Date March 1 1921.
Prin. and semi-ann. int. payable at the
State Bank of Massillon.
Due $4,000 on April 1 and Oct.
$2,000,470 00 for
$1,936,000 of bonds
•
$2,000,506 00 for
$1,977,000 of bonds
,
M. M. Freeman & Co
Hornblower & Weeks
Eastman, Dillon & Co
B. J. Van Ingen & Co
$1,250,682 00 for
$1,214,000 of bonds
$2,000,682 00 for
$1,935,000 of bonds
j $1,250,326 70 for
j $1,231,000.of bonds
82,000,445 40 for
$1,957,000 of bonds
Rutter & Co
Kountze Bros
Dominick & Dominick
Redmond & Co
Spencer Trask & Co
A. B. Leach & Co
1 in 1927 and
$4,850 April 1 1928.
Cert, check for 5% of amount of bonds bid for. pay¬
able to the City Treasurer, required.
Bonds to be delivered and paid for
at Massillon within 10 days from date of award.
Purchaser to pay ac¬
crued interest.
$1,250,050 for
$1,237,000 of bonds
NEW BEDORD, Bristol County, Mass.—BOND SALE.—On March 4
of Boston purchased at par the following tax-free regis¬
bonds:
Estabrook & Co.
tered
$28,000 5% highway
Oct.
MEDFORD, Middlesex County, Mass.—LOAN OFFER TNG.—Edward
1
impt.
Date Oct. 1 1920.
Due yearly on
$3,000, 1921 to 1928 incl., and $2,000, 1929
bonds.
follows:
as
and 1930.
A.
Badger, City Treasurer, will receive bids until 9 a. m. March 14 for a
temporary loan of $100,000, issued in anticipation of revenue, maturing
$50,000 on Nov. 25 and Dec. 10 1921.
Denom. 2 for $25,000. 4 for $10,000
and 2 for $5,000.
These notes are exempt from taxation in Massachusetts.
17,000 5% macadam bonds.
Date Oct. 1 1920.
Due yearly on Oct. 1
as follows: $4,000,1921 and 1922, and $3.000,1923,1924&1925
20,000 5% highway bonds.
Date Jan. 1 1921.
Due $2,000 yearly on
These notes will be engraved under the supervision of the Old Colony Trust
Co., Boston, which will guarantee the signatures and will certify that the
notes are issued by virtue and in pursuance of an order of the Board of
Aldermen, the validity of which order has been approved by Ropes, Gray,
Boyden & Perkins, of Boston.
The legal papers Incident to this issue will
be filed with the Old Colony Trust Co., where
they may be inspected.
50,000 5M% macadam bonds.
MEMPHIS
NOTE
CITY
SALE.—The
SCHOOL
$500,000
DISTRICT
6%
tax-free
(P. O.
coupon
Memphis), Tenn.revenue
notes offered
March 1—V. 112, p. 869—have been sold to the Harris Trust &
Savinsg
Bank of Chicago.Date March 1 1921.
Due Oct. 1 1921.
on
MENTOR, Lake County, Ohio.—BOND OFFERING.—F. D. Swain,
Village Clerk, will receive bids until 12 m. April 7 for the following two
issues of coupon Center Street impt. bonds:
$60,000 5village share bonds.
Due $3,000 each six months from
April 1 1923 to Oct. 1 1932 incl.
50,000 6% special assessment bonds.
Due $3,000 April 1 and Oct. 1
in
the years 1923 to 1929 incl. and $4,000
April 1 and Oct. 1 1930.
Denom. $1,000.
Date April 1 1921.
Prin. and semi-ann. int. (A. & O.)
payable at the Painesville Branch of the Cleveland Trust Co.
Cert, check
Lake County bank for $1,000,
payable to the Village Clerk, required
with each issue.
Purchaser to pay accrued interest.
The official circular
states that there has not been, nor is there now
pending or threatened
on
from 1922 to 1931 inclusive.
1
Jan.
on
Jan.
Feb.
1
Date Jan.
1 from 1922 to 1931
400,000 5M% highway bonds.
on
Date Jan.
1921.
Due $10,000 yearly
1 from 1922 to 1926 inclusive.
100,000 5M% highway bonds.
from
1
1
1921.
Due $10,000 yearly
inclusive.
Date Feb.
1
1921.
Due $40,000
yearly
1922 to 1931 inclusive.
50,000 5M% macadam bonds.
Date Feb. 1 1912.
Due $10,000 yearly
on Feb. 1 from 1922 to 1931 inclusive.
289,000 5% school bonds.
Date Feb. 1 1921.
Due yearly on Feb. 1 as
follows: $15,000,
1922 to 1030 inclusive, and $15,000, 1931
to
NOBLE
1941
inclusive.
TOWNSHIP
RURAL
SCHOOL
DISTRICT
(P.
O.
Belle
Valley),
Noble
County,
Ohio.—BOND OFFERING.—Proposals for
$2,500 6% school building bonds will be received until 12 m. Mar. 26
by S. E. Ackley, Clerk of Board of Education.
Denom. $500.
Date
Mar. 1 1921.
Int. semi-ann.
Due $500 yearly on Mar. 1 from 1922 to
1926, incl.
Cert, check for 5% of amount of bonds bid for, payable to
the
Clerk
of the
April 26.
Board,
Purchaser to
required.
Bonds to
accrued interest.
be delivered and paid for
pay
a
any
litigation in any manner affecting this issue of bonds, that no referendum
petition on the ordinance to issue the same has been circulated, filed or
mentioned, that there never has been any default, principal or interest,
of any debt of the said village, that no other bonds that are in
general obli¬
gation of the Village of Mentor have been issued by the Village Council
for
Jan.
on
some
years, and that Mentor has
lighting plant.
_
.
no
municipal water works
•
Financial
.
r
municipal
$126,600
6,233
debt
MIDDLE
SCHOOL
TOWNSHIP
(P.
O.
Hendrick,
County, Ind.—BOND OFFERING.—Ira O. Dale, Township Trustee,
will receive bids until 10:30 a. m. Mar.
25 for $74,000 6% coupon schoolbldg. bonds.
Denom. $500.
Date Jan. 4 1921.
Prin. and semi-ann. int.
(J. & D.) payable at the Pittsboro State Bank of Pittsboro.
Due each six
months as follows: $2,000 June 30 1922
to Dec. 30 1926 incl., and $3,000
June 30 1927 to Dec. 30 1935 incl.
Bonds to be delivered and paid for by
April 5.
Purchaser to pay accrued interest.
MIDDLETOWN, Orange County, N. Y.—BOND OFFERING.—Bids
7"
2 p.m. March 17 by I. B. A. Taylor, City Treasurer,
for
$60,000 53^% registered filter-plant bonds.
Denom. $1,000.
Int.
semi-ann.
Due $2,000 yearly on April 1 from 1922 to
1951 incl.
Cert,
check for 2% of amount of bonds bid
for, payable to the City Treas¬
urer, required.
MI NOT PARK DISTRICT
(P. O.
BOND OFFERING.—A. II.
Minot), Ward County, No. Dak.—
Kurth, Secretary Board of Park Commissioners,
will receive bids until
April 5 for $200,000 6% 20-year park impt. bonds.
The official notice of this bond
offering will be found among the advertise¬
ments
elsewhere in this Department.
MOUNT
LEBANON
TOWNSHIP SCHOOL
DISTRICT, Alleg eny
County, Pa.—BOND OFFERING.—Proposals will be received for
$290 000
coupon tax-free school lionds, to bear interest at
5% or 5H%, as designated
in the successful b!d, until 8
p. m. April 6 by J. W. Howell, District
retary, Oliver Bldg., Pittsburg.
I Denom. $1,000.
$?rS°<19?2^1926, incl.: $10,000
Cert, check for
nnn0i<vr7f 1951, incl.
000 1937 to
urer
,
required.
Sec¬
Due yearly on Aprl 1
1927 to 1936:
as
1933 and
follows:
1934.
Date Jan. 1 1920.
$1,000,
Cert,
1922:
check
$1,500,
ona
n
Bids will be received
Int. semi-ann.
1923 to
Due yearly on
1932, incl.; and $2,000.
incorporated bank
or trust
company
for 2% of amount of bonds bid for, payable to "Northampton Township,"
Purchaser to pay accrued interest.
NORTH
Department.
SANPETE
SCHOOL
DISTRICT
(P. O. Mt. Pleasant),
of $75,000 5% 5-year
syndicate headed by the Palmer Bond &
Mortgage Co. of Salt Lake City at 92.06.
Date March 1 1921.
Prin.
and semi-ann. int. (M. & S.) payable in New York.
Total Bonded Debt
(including this issue) $253,000.
Assessed value $8,946,715.
Population
9,600.
The bids by this firm on various forms of bonds after waiving 8-10
of one point for proceedings contract, were: 89.80 for 1-20
year serial,
89.20 for 6-20 year serial, 92.06 for 5 year, 90.31 for 10 year and 86.50 for
20 year.
The bids by Keeler Bros. & Co., of Denver on various bond forms
were: 89.57 for 1-20 year serial, 88.87 for 6-20
year serial, 92.05 for 5-year,
90.10 for 10-year and 86.10 for 20 year..
*
Sanpete County, Utah.—BOND SALE.—An issue
$68,409
$5,000,000
Pittsboro),
1
school
64,424
Net debt
Assessed value, 1920, $2,849,940: actual value
(est.)
Jan.
bonds not to exceed $20,000.
Mar. 24.
The official notice of this bond offering will be found among the advertise¬
$58,000
6,424
Sinking fund
To be deducted
emergency
ments elsewhere in this
•
$132,833
___
Special assessment debt (included).
4J^%
until 8 p. m.
required.
Statement,
Bonded debt (including this
issue).
Floating debt
Total
pr
NORTHAMPTON TOWNSHIP (P. O. Mount Holly), Burlington
County, N. J.—BOND OFFERING.—The township is offering an issue
of
a
OCILLA, Irwin County, Ga.—BIDS REJECTED—All bids received
March 7 for the $25,000 6% school, light and water bonds (V. 112,
p.
on
677)
were
turned down.
OGDEN
SCHOOL
DISTRICT
(P.
O.
Ogden), Weber County,
Utah.—BOND SALE.—On March 4 $125,000 5% 10—25 yr. (opt.) school
bonds were sold to E. H. Rollins & Sons at 91.8o.
Other bidders were:
Palmer Bond & Mortgage
Bosworth Chanute & Co
International Trust Co
National
Co..90.40ISidlo, Simons Pels & Co
90 26(Bankers
Trust Co
J89.27 j Keeler Bros. & Co
\
|
City Co
..89.17
89.06
88.56
OKMULGEE COUNTY (P. O. Okmulgee), Okla.—BONDS NOT YET
SOLD.—No sale has yet been made of the $504,000 5% road bonds offered
Feb. 2 last (V. 109, p. 2377).
on
ORRVILLE, Wayne County, Ohio.—BOND OFFERING -r-A. Jenny,
Village Clerk, will receive bids until 12 m. March 28 for the $22,000 6% iceplant bonds which were voted on Jan. 25 (V. 112, p. 583).
Denom. $1,000
Date March 15 1921.
Interest semi-annual.
Due $2,000 Sept. 15 1922 and
$4,000 yearly on Sept. 15 from 1923 to 1927, inclusive.
Certified check for
5% of amount of bonds bid for, payable to the Village Treasurer, required.
incl*
and $11,$2,000 payable to the District Treas¬
Purchaser to pay for printing of bonds.
bonds has been sold to
OSCEOLA
COUNTY
(P.r O.
Sibley),
Iowa.—BOND
OFFERING.—
Auditor, for
Bids will be received until April 6 by M. F. Taylor, County
issue of drainage bonds estimated at $155,000.
an
Westchester County, N. Y.—BOND
SALE.—The
$100,000 tax-relief, $50,000 school tax-relief and
$5,000 water tax-relief
registered bonds
were
s
notsoM
5.85%.
on
which were offered as
5Ms onFeb. 28 (V. 112, p. 869)
that date, but were reoffered as 6s on
March 8 and awarded
and interest, a basis of about
Date £rQ* °£ NewYorkat 100.396 1 1924.
March 1 1921.
Due March
SCHOOL DISTRICT, Ventura County, Calif.—BOND
gold bonds, offered on March 2.—V. 112,
869—were not sold, no bids being received.
OXNARD
NOT SOLD.—The $36,000 5%
p.
OXNARD
mv,N^Si!*Jr°UNTY (f*
Nashville), No. Car—BIDS REJECTED.—
Join ™n°S?g Pr°P°sals were received on March 7 for the purchase of the
V
ii2 p 869°UP°n
privilege of registration) road and bridge bonds.—
Merchants Nat. Bank,
Raliegh.98.75 A. B. Leach & Co., N. Y.
Sidney Spitzer & Co., Toledo._95.50
Spitzer, Rorick &
Hanchett Bond Co., Chicago..94.95
These bids were turned down.
decide whether thev
are
in favor of
000*'kctnerator 5%
HIGH
March
SCHOOL
2 for
the
DISTRICT, Ventura County,
SOLD LATER—The following bids
following two issues of bonds, aggre¬
gating $250,000—V. 112, p. 869:
_
$100,000
6%
$150,006
5X%
Both
"E 74."
"E 43."
Issues.
$102,261
Co., Toledo_94.25
E. H? Rollins & Sons
Frank & Lewis
101,600
102,003
Citizens National Bank.
101,600
issuing $450,000 White Rock
6% irrigation bonds offered
unsuccessfully on Feb. 10 (V. 112.
will not be re-offered until
market conditions
d.
767)
improve.
(/' 8L*}hio£>>
$12,280 4H % road bonds offered on Mar.I*"*-—BONDS NOT SOLD.—The
1 (V. 112, p. 767) were not sold.
$250,050
——
National City Co
Los Angeles Trust & Savings Bank
100,876
101,355
Bank of Italy..
101,088
Cyrus Pierce & Co
1_
100,557
Bank of A. Levy, Inc
102,613
All the above were rejected.
The two issues of bonds were sold later at a
private sale to Bank of A. Levy, Inc., of Oxnard, as follows: $150,000 5H %
r'E 43" bonds at par and accrued interest and the $100,000 6% "E 74"
bonds at 100.45 and accrued interest, a basis of about 5 95%.
—
40-year bonds on April 5, it is
IRRIGATION DISTRICT, Bonneville and BineCounUes, Ida.—BONDS NOT TO BE OFFERED AT PRESENT.—
on
Blyth, Witter & Co.
NEW SWEDEN
The
received
94 40
NASHVILLE, Davidson County, Tenn.—BOND ELECTION.—The
voters wil!
stated.11 l^mmfD$1
UNION
Calif.—BIDS REJECTED—BONDS
were
—-
PACIFIC GROVE GRAMMAR SCHOOL DISTRICT (P. O. Pacific
Grove), Monterey County, Calif.—BONDS VOTED.—An issue of $90,000
March
new
1
1921.]
grammar-school
stated.
THE
building bonds
authorized at
was
a
recent
CHRONICLE
election, it is
„
PALO ALTO SCHOOL
„
BOND
DISTRICT, Santa Clara County, Calif.—
SALE.—According
obligations.
to reports an issue of $25,000 6% school bonds
has been sold to the Bank
of Italy of San Francisco at 100 03.
PARK
PELHAM
FIRE
DISTRICT
County, N. Y.—BONDS
offered
Feb. 28 (V.
on
NO.
1
(P.
O.
Pelham),
Westchester
NOT SOLD.—The $10,000 6% registered bonds
112, p. 869),
were not
sold.
PENNINGTON COUNTY INDEPENDENT SCHOOL
DISTRICT
NO. 18 (P. O. Thief River
Falls), Minn.—BOND SALE.—An issue of
6% refunding bonds, amounting to $68,000, was sold at par on Feb.
11.
Denom. $1,000.
Date Feb.
1
1921.
Int. F. &
A.
Due Feb.
1
1936.
PINEVILLE, Bell County, Ky.—BOND
SALE.—It is reported that
$7,113 street bonds have been sold to Davis & Graham
at par and accrued
interest.
PIONEER
IRRIGATION
DISTRICT
(P.
County, Ida.—BOND OFFERING.—At
ceived for $35,400
refunding bonds.
PLAIN
CITY,
Madison
County,
O.
Caldwell),
Canyon
3:30 p. m. Apr. 5 bids will be
Fred. L. Evans, Secretary.
Ohio.—BOND
re¬
OFFERING.—Bids
will be received until 12
m. Aprli 2 for $11,000
6% coupon or registered
funding bonds.
Denom. $500.
Date March 1 1921.
Principal and semi¬
annual interest payable at the First
State Bank, of Plain City.
Due $500
yearly on Sept. 15 from 1925 to 1946, inclusive.
Certified check for 10%
of amount of bonds bid
for,
payable to the Village Treasurer, required.
_
PLAINS HIGH SCHOOL
Ga—BONDS
CAN
DISTRICT (P. O. Plains), Sumter County,
ACQUIRED.—'The $50,000 5% school bonds
BE
which failed to meet with success when offered
be acquired at a private sale.
on
can
PLATTE
Bids
COUNTY
(P.
Feb. 18—V. 112, p. 870—
O.
May 1
1921, $50,000 July 1 1921 and $30,000 Sept. 1 1921.
to be held on March 31
bonds will be voted upon.
an
$163,272.19 paving and $12,000 bridge
POLAND, Mahoning County, Ohio.—BOND SALE.—The $17,000
6% village's portion Main Street paving bonds offered on March 8
(V. 112,
960), were awarded to the Commercial National Bank of
Youngstown at
p.
Date March
1
1921.
Due
March
1
$146,000 funding bonds for $150,057, equal to 102.77, a basis of about
5.61%.
Due yearly on Jan. 1 as follows: $15,000, 1926 to 1934
incl., and $11,000, 1935.
17,000 bridge funding bonds at par.
Due yearly on Jan. 1 as follows:
$2,000, 1926 to 1933 incl., and $1,090, 1934.
Denom. $1,000.
Date Jan. 1 1921.
Prin. and semi-ann. int.
(J. & J.)
payable at the office of the County Treasurer.
Bonded debt
(including
these issues). $1,727,000.
Tax levy value (1-5 approx.) 1920, $50,345,220.
Moneys and credits additional (full value),
$44,363,245.
Population
1920 (Census), 154,029.
PORTERVILLE UNION HIGH SCHOOL DISTRICT
(P. O. Porterville), Tulare County, Calif.—BONDS DEFEATED.—On Feb. 25 the
65,000
high school bldg. bonds—V. 112, p. 584—were declined.
SCHOOL
ROLLA, Phelps County, Mo.—BOND OFFERING.—E. D.
Williams,
City Clerk, will receive sealed bids until 7:30 p. m. March 17 for the follow¬
ing 5lA% tax-free bonds, voted at the election held Jan. 11 1921:
$12,000 funding bonds, authorized by a vote of 479 to 20.
Due yearly on
Feb. 1 as follows: $500 1922' to 1937,
incl., and $1,000 1938 to 1941, incl.
13,000 power-plant improvement bonds, authorized by a vote of 473 to 26.
Due yearly on Feb. 1 as follows: $500 1922 to
1935, inclusive, and
$1,000 1936 to 1941, inclusive.
Date Feb. 1 1921.
Principal and semi-annual interest payable at the
Mercantile Trust Co., St. Louis.
A deposit of $1,000 is required.. Official
circular states that no bonds of any
previous issue have been contested, and
that the principal and interest of all bonds
previously issued have been
promptly paid at maturity.
Total debt (including these issues), $53,500.
Sinking fund, $4,500.
Assessed value of real estate and personal
property
equalized, 1920, $637,089; estimated real value of all real estate and personal
property, $2,000,000.
Last rate of taxes for all purposes, $1 27 per $100 ■*
ROSEBUD
Reports
678)
Calif.—BONDS
COUNTY
that
(P.
O.
Forsyth),
were
Portola), Plumas County,
DEFEATED.—The proposal to issue bonds to the amount
$7,000 to repair the Portola school building was defeated
by a vote of
49 to 21, it is stated.
ROSS COUNTY (P. O. Chillicothe), Ohio.—BOND OFFERING.—
Walter S. Barrett, County Auditor, will receive bids until 12 m. March
28
$60,000 6% coupon bridge bonds.
Denom. $500.
Date Macch 15
1921.
Prin. and semi-ann. int. payable at the County Treasurer's office.
Due $4,000 yearly on March 15 from 1922 to 1936 incl.
Cert, check for
$500,, payable to the County Auditor, required.
■
-
RUNNELS COUNTY (P. O. Ballinger), Tex
Feb. 26 the voters defeated the
$100,000
2 bonds—V. 112, n. 492.
On
PORTSMOUTH, Scioto County, Ohio.—BOND OFFERING —J. Earl
Chandler, City Auditor, will receive bids until 12 m. March 29 for
$10,000
6% city's share sewer bonds.
Denom. $1,000.
Date Feb. 1 1921.
Prin,
and semi-ann. int. (F. & A.)
payable at the City Treasurer's office.
Due
$1,000 yearly on Feb. 1 from 1925 to 1934, incl.
Certified check for 2% of
amount of bonds bid for, payable to the
City Auditor, required.
on
Mar. 1 from 1922 to 1951, incl.
1 1921.
Prin. and semi-ann. int.
Date Mar.
COUNTY
(P. O. Winamac), Ind.—BOND OFFERING.—
3 p. m. March 15 by Cecil
Bachtenkircher,
County Treasurer, for $16,000 5% Chas. Kain et al. Jefferson & White
Post Twps.
road bonds.
Denom. $1,000.
Date Nov.
3
1920.
Int.
M. & N.
Due $1,000 yearly on May 15 from 1922 to
1937 inclusive.
will
be received
until
RANGER INDEPENDENT SCHOOL DISTRICT
(P. O. Ranger),
Eastland County, Tex.—DESCRIPTION OF
BONDS.—'The $259,000
5% gold coupon high-school bonds which were authorized by a vote of 314
to 11 on Jan. 22 (V. 112, p. 767) are in denom. of
$1,250 and are dated
Mar. 1 1921.
Int. payable at Ranger or New York.
Due $6,250 yearly
on
Mar.
1921.
1 from 1922 to 1961 incl.
$450,000.
Sinking
fund,
Bonded debt (incl. this
$15,000.
Assessed
School tax rate (per $1,000). $5.00.
issue) Feb. 24
value,
$16,000,000.
READING,
Hamilton
County, Ohio.—BOND
OFFERING.—Carl
M. Bemmis, Village Clerk, will receive bids until 12 m.
April 4 for $5,539.50
5% coupon special assessment Main Ave. impt. bonds.
Denom. $553.95.
Date Jan. 20 1921.
Prin. and semi-ann. int. payable at the
Reading Bank.
Due $553.95 yearly on Jan. 20 from 1922 to 1931 incl.
Cert, check for
5% of amount of bonds bid for, required.
Purchaser to pay accrued int.
(M. <fc 8.) payable at the
Village Treasurer's office in U. S. gold coin or its equivalent.
Oert. check
on an incoroprated
bank or frust company for 2% of amount of bonds,
required.
Legality approved by Hawkins, Delafield & Longfellow of
New York; bonds will be prepared under
supervision of the U. S. Mtge. &
Trust Co. of New York, which will certify as to the genuineness of the sig¬
natures and the seal.
Purchaser to pay accrued int.
ST. JOSEPH COUNTY (P. O. South Bend), Ind.—BOND OFFERING.
—W. A. Slick, County Treasurer, will receive bids until 11:30 a. m. Mar. 15
for $88,000 5% Liberty Twp. Pierce Free Gravel Road bonds.
Denom.
$440.
Date Feb. 7 1921.
Int. M. & N.
Due $4,400 each six months
from May 15 1922 to Nov. 15 1931 inclusive.
ST. LOUIS COUNTY SCHOOL DISTRICT NO. 39
(P. O. Eveleth)
Minn.—BOND SALE.—An issue of $400,000 6% tax-free school-bldg. bonds
has been sold to the
Wells-Dickey Co. and the Detroit Trust Co.
Denom.
Date Mar. 15 1921.
Prin. and semi-ann. int. (M. & 8.) payable
Loan & Trust Co., Chicago.
Due $50,000 yearly on
Mar. 15 from 1923 to 1930 incl.
$1,000.
the Merchants'
Financial
Statement.
^
Real valuation
$40,000,000
23,359,439
510,000
42 square miles (26,880 acres).
Assessed valuation, 1920
Total bonded debt, including this issue
Population, 1921 estimate, 9,000;
area,
ST. MARTIN PARISH ROAD DISTRICT NO. 1 (P. O. St. Martins¬
ville), La.—BOND OFFERING POSTPONED.—'The offering of the $300,000
road bonds, which was to have taken place on March 8—V. 112, p. 498—
has been postponed until March 14.
POTEAU, Le Flore County, Okla.—BOND SALE.—The $25,000 park
bonds which met with the voters
approval on June 15 last—V. Ill, p. Ill—
have been sold.
PULASKI
BONDS DEFEATED.—
Commissioner's Precinct
RYE, Westchester County, N. Y.—BOND OFFERING.—William H.
Selzer, Village Clerk, will receive bids until 8.15 p. m. Mar. 16 for the
following two bond issues:
$10,500 6% registered automobile fire apparatus bonds.
Denom. $350.
Due $350
yearly on Mar. 1 from 1922 to 1951, incl.
3,000 6% registered fire alarm bonds.
Denom. $100.
Due $100 yearly
—
Bids
SALE.—
on
sold.
of
.
Mont.—BOND
March 7 the $20,000 6% coupon hospital bonds (V. 112,
Date Jan. 1 1921.
Due Jan. 1 1941, optional after
1 1931 to the Bankers Trust Co. of Denver at
97.625 and interest.
say
for
at
DISTRICT (P. O.
;
redemption.
269,083 83
Population, 1910 Census,
51,000.
per
ROCHESTER, N. Y.—NOTE SALE.—The $900,000 revenue
notes,
maturing three months from Mai*. 14 1921, and the $10,000 Lewiston Ave.
and Ridge Road bridge notes,
maturing eight months from Mar. 11 1921
which were offered on Mar. 9 (V. 112,
p. 961) were awarded to the National
Bank of Commerce of Rochester at
6% interest.
1931 incl,
POLK COUNTY (P. O.
Des Moines), Iowa.—BOND
SALE.—On
Feb. 10 the Harris Trust &
Savings Bank of Chicago was awarded the fol¬
lowing 6% tax-free coupon bonds:
PORTOLA
$85,000,000 00
53,866,791 71
3,234,000 00
No.
POCATELLO, Bannock County, Ida.—BOND ELECTION.—At
election
and interest.
city purposes, $22 50
34,876; 1920 Census, 50,842.
Columbia), Neb.—BOND OFFERING.—
bonds will be sold on either of ohe two
following propositions, to wit: (1)
for delivery May 1 1921, with accrued
interest from May 1 1920; or
(2)
said bonds will be sold with accrued
interest from May 1 1920 to date of
delivery and payment, with payment and delivery as follows: $50,000
par
Tax rate for
Jan.
will be received
valuejof taxable property (est.)
Assessed value for taxation, 1920
Total bonded debt,
including this issue
Cash value of sinking fund held for debt
p.
until 2 p. m.
April 12 by Geo. H. Bender, County
Clerk, for $130,000 5% court-house ana building bonds.
Date May 1 1920.
Denom. $1,000.
Interest semi-annual (M. & N.), payable at the office of
the County Treasurer.
Due May 1 1930, optional May 1 1925.
Said
Financial Statement.
,
Actual
FALLS, Price County, Wise.^-BONDS VOTED.—An issue of
$65,000 6% water-works extensions bonds was authorized
by a vote of 215
an election held
Feb. 21.
Due $3,000 yearly for 18 years and $5,500
19 and 20 years.
Date of sale not yet determined.
to 28 at
m
1055
after notice of the
acceptance of such bids unless some other date or dates
of payment be
mutually agreed upon.
Official advertisement states that
the city of Roanoke has never
defaulted in the payment of
SAMPSON COUNTY (P. O.
—Butler
and
Herring,
Clinton), No. Caro.-r-BOND OFFERING.
Attorneys
(P.
O.
Clinton)
will receive
proposals
until 12 m. March 14 for $100,000 6% 20-year road bonds.
Int. semi-ann.
Date Jan. 1 1921.
Due Jan. 1 1941.
A 2% doposit is required with bid.
SANTA CRUZ, Santa Cruz County, Calif.—BOND SALE.—On Feb.
14 the Santa Cruz County National Bank of Santa Cruz was awarded the
$100,000 6% municipal impt. bonds at 100 08, a basis of about 5.98%.
Denom. $1,000.
Date Feb. 15 1921.
Int. F. & A.
Due $10,000 yearly
Feb. 15 from 1922 to 1931 incl.
on
SAYREVILLE
SCHOOL
.
DISTRICT
(P. O. Sayreville), Middlesex
N. J.—BOND OFFERING.—Proposals will be received until
Mar. 15 by Fred 8. Davis, District Clerk for an issue of 5H%
coupon or registered school bonds, not to exceed $34,000Denom. $1,000.
Date Mar. 1 1921.
Prin. and semi-ann. int. (M. & 8.) payable at the
South River Trust Co. of South River; interest on registered bonds will,
if requested, be remitted in N. Y. Exchange.
Due yearly on Mai. 1 as
follows: $2,000 1922 to 1931, incl.; and $L000 1932 to 1945, incl.
Cert,
check on an incorporated bank or trust company for 2% of amount orboncl
bid for required.
Bonds to be delivered and paid for at the District Clerk s
office.
Legality approved by the State Attorney-General and by Caldwell
& Raymond of N. Y., a copy of whose opinion will be furnished the pur¬
chaser.
Purchasor to pay accrued interest.
County,
8 p.
m.
READING, Berks County, Pa.—BOND OFFERING —O. B.
Dorward,
City Controller, will receive bids until 10 a. ip. March 30 for the
following
two issues of 5%
coupon or registered tax-free general improvement bonds:
$740,000 bonds, Series "T."
Due $15,000 May 1 1922 and
$25,000 yearly
on May 1 from 1923 to
1951, inclusive.
175,000 bonds. Series "IT."
Due $4,000
May 1 1922 and $19,000 yearly
on May 1 from 1923 to
1931, inclusive.
Denom. $1,000.
Date May 1 1921.
Int. M. & N.
Certified check for
5% of amount of bonds bid for, payable to the "City of Reading,"
required.
(P. O. Waterloo), N. Y.—BOND OFFERING.—
County Treasurer, will receive bids until 2 p. m. March 21
$17,815 highway bonds, bearing interest at a rate to be specified by the
bidder.
Denom. 10 for $781 50 and 10 for $1,000Date April 1 1921.
Int. A. & O.
Due $1,781 50 yearly on
April 1 from 1926 to 1935, incl.
Certified check for 5% of amount of bonds bid for, required.
Bonds to be
delivered and paid for at the County Treasurer's office on April 18Pur¬
chaser to pay accrued interest.
REDFIELD, Spink County, So. Dak.—BONDS VOTED.—On March 1
$125,000 6% 20-year water-works bonds—V.
112, p. 678—were au¬
Starkey, Clerk of Village Council, will receive bids until 12 m. Mar. 21
for $3,500 6% sewer bonds.
Denom. $500.
Date Apr. 1 1021.
Int.
semi-ann.
Due $500 yearly on April 1 from 1922 to 1928 incl.
Cert, check
the
thorized
by
a
vote of 238 to 81.
RICHLAND
PARISH
Date of sale not yet decided.
SCHOOL
DISTRICT NO. 5.
La .—BOND
Secretary of the Parish School Board (P. O.
Rayville), will receive sealed bids for $150,000 school bldg. bonds until
11 a. m. April 12.*
OFFERING.—E. E. Keebler,
RICHMOND
COUNTY (P. O.
Rockingham), No. Caro.—BOND
Henry, County Attorney, will receive bids until
$200,000 6% court-house bonds.
Interest semi-annual.
OFFERING.—Ozmer L.
March
28
for
RIPLEY COUNTY
(P. O. Versailles), Ind.—BOND SALE.—The issue
of $15,600 4Ji»% Henry Jobst et al. Delaware
Twp. road bonds offered on
Mar. 7 (V. 112, p. 870) was awarded to the Batesville Bank and the
Ripley
County Bank, each taking half.
Date Mar. 7 1921.
months from May 15 1922 to Nov. 15 1931 incl.
Due $780 each six
ROANOKE,
Roanoke
County,
Va .—BOND
OFFERING.—Until
2:30 p. m. March 26 P. H. Tucker, City Clerk, will entertain
proposals for
the
purchase of all cr any part of $85,000 4M % 30-year coupon school bonds.
Date Jan. 1 1920.
Int. U. & J. payable at the office of
Cert, check for 1% of the amount of bonds bid for
required.
The legality of said bonds will be passed upon by John C.
Thomson of N. Y. and a copy of his opinion wilt be furnished to each suc¬
Denom. $1,000.
the City Treasurer.
cessful bidder.
The bonds have
been prepared under the
supervision of
Mtge. & Trust Co., N. Y., who will certify as to the genuineness
of the signatures of the city officials signing the bonds and the seal
impressed
t hereon.
The successful bidder must pay for said bonds within 30 days
the U. 8.
SENECA COUNTY
H. W. Le Clear,
for
SHADYSIDE, Belmont County, Ohio.—BOND OFFERING.—F. B.
for 5% of amount of bonds bid for, payable to the Village Treasurer, re¬
quired.
Bonds to be delivered and paid for
to pay accrued interset.
award.
Purchaser
SHELBY
within 10 days from date of
COUNTY
(P. O. Shelbyville), Ind—BOND SALE.—The
county recently sold three issues of 5% road bonds as follows:
$15,800 Geo. P. Fritts et al. Moral Twp. bonds to the Meyer-Kiser Bank.
Date Jan. 15 1921.
Due $790 each six months from May 15 1922
to
Nov.
15
1931
inclusive.
Union
15 1921.
10,800 Earl T. Arbuckle et al.
Harrison.
_
^
'
.
bonds to Breed, Elliott &
Due $640 eaeh six months from
Twp.
Date Jan.
May 15 1922 to Nov. 15 1931 inclusive.
6,400 Burgess Road bonds to J. F. Wild & Co.
SHREVEPORT,
No bids
000
on
were
Caddo
Parish,
La.—NO
BIDS
RECEIVED.—
submitted for the six issues of 5% bonds, aggregating $1,200,-
Feb. 23.—V. 112, p. 768—it is stated.
SMITHFIELD GRADED SCHOOL DISTRICT (P. O.
Smithfield),
Johnston
County,
No.
Caro.—BONDS
VOTED.—The
Smithfield
Graded School District voted 410 to 10 on March 2 in favor of a bond issue
of $300,000 for the purpose of building a high school and also a colored
school, it is reported.
will be offered for sale
SNYDER
It is also reported that $200,000 of the $300,000
time after April 1.
some
INDEPENDENT
Scurry County,
SCHOOL
Tex.—BONDS
DISTRICT (P. O. Snyder),
VOTED.—By a vote of 338 to 44 the
$75,000 5% 40-year bonds on Feb. 24
voters favored the issuance of the
THE
1056
they are ap¬
(V. 112, p. 584).
The bonds will be offered for sale as soon as
proved by the Attorney-General.
SOUTH
AMBOY,
Middlesex County,
CHRONICLE
N. J.—BOND OFFERING.—
Harold G. Hoffman, City Treasurer, will receive bids until 12 m. Mar. 22
an issue of 5% coupon (with privilege of registration) water bonds, not
for
$100,000.
Denom. $1,000.
Date Aug. 1 1919.
Prin. and semiann. int. (P. A A.) payable at the First National Bank of South Amboy,
or at the South Amboy Trust Co., at holder's option.
Due $4,000 Aug. 1
1943, and $6,000 yearly on Aug. 1 from 1944 to 1959, incl.
Cert, check
to exceed
an
incorporated bank or trust company for 2% of amount of bonds
payable to the City Treasurer, required.
Legality approved
Caldwell & Masslich of New York.
Purchaser to pay accrued interest.
on
for,
bid
by
BEND SCHOOL CITY (P. O. South Bend), St. Joseph
Ind.—WARRANT SALE.—Local banks were awarded at par
offered on Feb. 21 (V. 112, p. 678).
TODD
(P. O.
IRRIGATION DISTRICT (P. O. Manteca),
SOUTH SAN JOAQUIN
San Joaquin County, Calif.—PRICE PAID.—The price paid for the
$100,000 5H% bonds which were sold on Feb. 15 to the Stockton Savings
& Loan Society Bank, Union Safe Deposit Bank, Sacramento-San Joqauin
Bank, Bank of Italy, City Bank, Commercial & Savings Bank and First
National Bank, all of Stockton, jointly (V. 112, p. 768), was 91.
Other
1...
bidders W0r©«
••
•
Anglo & London Paris Nat. Bank, Blankenhorn-Hunter-Dulin
J. R. Mason & Co. and Schwabacher & Co
Bank of Italy
-
Co.,
—
Frank & Lewis
SPARTANBURG
Spartanburg
So.
O.
(P.
DISTRICT
SCHOOL
County,
Caro.—DESCRIPTION
The $300,000 6% bonds, which were sold to R. M. Grant
at 100.72, plus attorney's fees and other costs, a basis of
V. 112, p. 870—are in denom. of $1,000 and are dated
Prin and semi-ann. int. (M. & S.) payable at the Hanover
Due March 1 1941.
Financial
N. Y.
87.013
88.488
86.37
Spartanburg),
OF BONDS.—
& Co. of N. Y.
about 5.94%—March 1 1921.
National Bank,
(Including this issue)
Less Sinking Fund
390,000
Population 1910. U. S. census. 17,517; 1920 U. S. census, 22,638.
__
SPRINGFIELD, Hampden County, Mass .—TEMPORARY LO'AN~
On Mar. 9 the temporary loan of $600,000 dated Mar. 11 and maturing
Nov. 10 1921 (V. 112, p. 961) was awarded to Estabrook & Co. of Boston
on a 5.79% discount basis.
Clark County,
Ohio.-r-BOND OFFERING.—W. J.
Mar. 14
Barrett, City Auditor, will receive separate proposals until 12 m.
for each of the following Issues of 6% special assessment bonds:
10 for
$22,860 Limestone Street curbing and paving bonds.
Denoms.
$786 and 30 for $500.
Due $2,286 yearly on Sept. 1 from
1923^o
1930 incl.
24,370 Limestone
Street
SCHOOL
DISTRICT
NO.
IV
TROY, Rensselaer County, N. Y.—BOND SALE.—On
Mar. 5 $175,-
000 6% registered coupon harbor and dock bonds were awarded to Rutter
A Co. and H. L. Allen A Co. of New York for $189,761 25. equal to 108.435,
a basis of about
5.25%.
Denoms. 160 for $1,000 and 40 for $375.
Date
Apr. 1
1921.
1961 incl.
„
TRURO
Sta.
E,
Int. semi-ann.
SCHOOL
TOWNSHIP
Route
Due $4,375
Franklin
6),
yearly on Apr. 1 froml922to
DISTRICT
County,
(P.
Columbus,
O.
Ohio.—BOND
OFFERING.—
P. P. Baughman, Clerk of Board of Education
will receive bids
Mar. 19 for $15,000 6% school building bonds.
Denom. 1 for
Prin. and semi-ann. int. (J. A D.) payable at the
until 12 m,
$1,000 and
Reynolds-
burg Bank of Reynoldsburg.
Due one bond each six months from June 1
1922 to Dec. 11925, incl.
Cort. check on a national bank or trust company
in Franklin County for 1% of amount of bonds bid for, payable to the
Board of Education, required.
Purchaser to pay accrued interest.
URICH SCHOOL DISTRICT (P. O. Urich), Henry County, Mo.—
OFFERING.—Bids will be received for the $20,000 school bonds,
voted on Feb. 8 (V. 112, p. 585), at the Bank of Urich, Urich,
until3 p. m. Mar. 15.
Denoms. 10 for $500and 15 for $1,000
Int. J. A J.
BOND
which were
The purchaser is required to pay for the bonds as follows:
$5,000 June 1
1921; $5,000 July 1 1921; $5,000 Aug. 1 1921, and $5,000 Sept. 1 1921.
are requested to submit their proposals for either $20,000 6% 5-20year bonds or $20,000 6 % 5-year bonds.
Bidders
$85,000,000
11,353,987
4410,000
...J
20,000
-
Net debt
SPRINGFIELD,
INDEPENDENT
TOLEDO, Lucas County, Ohio.—BOND OFFERING.—John J. Higgins, Director of Finance, will receive bids until 12 m. Apr. 5 for $1,083,616 48 6% deficiency funding bonds.
Denoms. 1 for $616 48 and 1,083
for $1,000.
Denom. $1,000.
Date Feb, 1 1921.
Interest payable semi¬
annually at the U. S. Mtge. A Trust Co. of New York.
Due Feb, 1 1929.
Cert, check for 2% of amount of bonds bid for, payable to the City Treas¬
urer, required.
Bonds to be delivered and paid for within ten days from
date of award.
Legality approved by Squire,
Saunders A Dempsey.
Purchaser to pay accrued interest.
7 for $2,000.
Statement.
Real value of taxable property
Assessed valuation, 1920
Total bonded debt
COUNTY
Long Prairie), Minn.—BOND SALE.—The State of Minnesota*,
has acquired 4% school bldg. bonds to the amount of $50,000 at par.
SOUTH
County,
the $75,000 6 months' time warrants
[VOL.112.
curbing and paving bonds.
Denoms. 10 for
Due $2,437 yearly on Sept. 1 from 1921 to
$437 and 40 for $500.
1930 incl.
VAUGHN SCHOOL DISTRICT (P. O.
semi-ann.
cation.
Cert, check
required.
No
or
bid
cash for $1,000,
will
be
payable to the Board of Edu¬
for less than 95 cents on
considered
the dollar.
VENTNOR
CITY,
Atlantic
J .—BOND OFFERING.—
County, N.
James T. G. Hand, City Clerk, will receive bids until 8 p. m. Mar. 28 for
an issue of 6%
beach park and water front bonds not to exceed $40,000-
Denom. $1,000.
Date May 1 1920.
Int. M. A N.
Due $2,000 May 1
1922 and $1,000 yearly on May 1 from 1923 to 1960 incl.
Cert, check on a
national or State bank or trust company for 2% of amount bid, payable to
Enoch S. Turner, City Treasurer, required.
Legality approved by George
S.
Clay of New York.
VIGO
,
Vaughn), Guadalupe Coun¬
ty, N. Mex.—BOND OFFERING.—Fred A. Adams, Clerk Board of Edu¬
cation, will receive bids until 4:30 p. m. to-day (March 12) for the $75,000
6% 10-30-year (opt.) school bonds offered unsuccessfully on Jan. 20—
V. 112, p. 492.
Denom. to suit purchaser.
Date Jan. 1 1921.
Int.
COUNTY
(P. O. Terre
Ind.—BOND OFFERING.—
bids until 10 a. m. Mar. 15
Haute),
41,700 Limestone Street railway tracks bonds.
Denom. 10 for $670 and
70 for $500.
Due $4,176 yearly on Sept. 1 from 1921 to 1930 incl.
38,800 Limestone Street railway tracks bonds.
Denoms. 10 for $880 and
60 for $500.
Due $3,880 yearly on Sept. 1 from 1921 to 1930 incl.
2,150 Kelly Avenue grading bonds.
Denom. $430.
Due $430 yearly
on Sept.
1 from 1921 to 1925 incl.
Date Sept. 1 1920.
Prin. and semi-ann. int. payable at the City Treas¬
urer's office.
Cert, check for 5% of amount of total issue bid upon is re¬
quired with each Issue.
Purchaser to pay accrued interest.
Geo. A. Schaal, County Treasurer, will receive
for the following two issues of 5% coupon road
SPRINGVILLE, Erie County,
N. Y.—BOND OFFERING.—P. J.
Cady, Village Clerk, will receive proposals until 8 p. m. Mar. 22 for $12,000
fire dept. equipment bonds, to bear interest at a rate not to exceed 6%.
Denom. $1,000.
Date May 1 1921.
Prin. and semi-ann. int. (M. & N.)
payable at the Citizens National or the Farmers Bank of Springville.
Due Sl.,000 yearly on N•▼. 1 from 1922 to 1933, incl.
Cert, check for 2%,
payable to the "Village »f Springville," required.
the
Bulloch County, Ga.—BOND OFFERING:—Sealed
m. March 31 by L. N. Mallard, Clerk of
public school bonds.
Date Jan. 1 1921.
Denom. $500.
Int. J. A J.
Due $12,500 on Jan. 1 in each of the years
1926, 1931, 1936, 1941. 1946 and 1951.
Cert, check for $1,500 payable to
STATESBORO,
bids will be received until 5 p.
City Council for
$75,000 5%
the City of Statesboro, required.
mr
STEPHENSVILLE,
Erath
March 22 $100,000 6 % 30-year
submitted to the voters.
SURPRISE
SCHOOL
County, Tex.—BOND ELECTION —On
water-works, street and sewer bonds will be
DISTRICT,
BIDS RECEIVED.—No bids
were
Tulare
submitted
on
County,
Calif.—NO
March 7 for the $5,000
Henry
F.
et
al.
Honey
Creek
Due $2,290 each six months from May 15
WABASH,
Wabash County,
Ind.—WARRANT SALE.—On Mar. 2
$21,136.82 time warrants, maturing $10,415.22 July 1
1921, and
$10,721.60 Jan. 1 1922—V. 112, p. 870—were awarded to Edward Bridges
for $20,428.75 (96.65) and interest for 6s.
WALDEN, Orange County, N. Y.—BOND SALE.—On Mar. 4 the
Savings Bank was awarded the following three blocks of oH %
paving bonds:
$12,000 bonds.
Denom. $1,000.
Due $1,000 yearly on Sept. 1 from 1921
to 1932, incl.
5,700 bonds.
Denom. 1 for $700 and 5 for $1,000.
Due 1 bond yearly
on Sept. 1 from 1922 to 1927, incl.
3,000 bonds.
Denom. $250.
Due $250 yearly on Sept. 1 from 1921
to 1932, incl.
Date Mar. 15 1921.
Prin. and annual interest (Sept. 1) payable at the
Third National Bank of Walden, in N. Y. exchange.
Walden
WARE, Hampshire County, Mass.—LOAN OFFERING.—It is re¬
ported that the Town Treasurer will receive bids until 12 m. Mar. 14 for a
temporary loan of $40,000, dated Mar. 21 and maturing Nov. 10 1921.
WARREN SCHOOL DISTRICT (P. O. Warren), Trumbull County,
Ohio.—BOND OFFERING.—Bids will be received until 3 p. m. Mar. 28
6% school bonds—Y. 112, p. 961—Due $500 yearly on Feb. 7 from 1924
to 1933 incl.
by Margaret E. Wright, Clerk of Board of
"
coupon
SWAMPSCOTT, Essex County. Mass.—TEMPORARY LOAN— On
Mar. 4 a temporary loan of $100,000 dated Mar. 5 and maturing Nov. 10
1921 was awarded to the Security Trust Co. of Lynn on a 5.60% discount
basis.
TARRANT COUNTY (P. O: Fort Worth), Tex.—BOND SALE.—
During the current year a syndicate consisting of the Harris Trust A Sav¬
ings Bank and Stacy A Braun, both of Chicago, and the Mortgage Trust
Co., Mississippi Valley Trust Co., and the Kauffman-Smith-Kmert A Co.,
all of St. Louis, purchased $2,500,000 5% tax-free coupon road bonds.
Of
the said $2,500,000, $1,000,000 bear date of Oct. 1 1919 and the remaining
$1,450,000 bear date of Oct. 1 1920.
Denom, $1,000.
Prin. and semiann. int.
(A. AO.) payable at the Chemical National Bank, N. Y.
The
syndicate named is now offering the mentioned bonds to investors as follows;
Price.
Due.
Amount.
$167,000 Oct. 10
89.000 Oct. 10
90,000 Oct. 10
89,000 Oct. 10
90,000 Oct. 10
89,000 Oct. 10
90,000 Oct. 10
89,000 Oct. 10
90,000 Oct. 10
89,000 Oct. 10
90,000 Oct. 10
89,000 Oct. 10
90,000 Oct. 10
Yield.
1924 96.80 6.00%
96.03 6.00%
95.30 6.00%
95-14 5.90%
94-55 5.90%
1929 94.00 5.90%
1930 93.48 5.90%
1931 93 73 5.80%
1932 93 31 5.80%
1933 92.92 5.80%
1934 92.54 5.80%
1 925
1926
1927
1928
1935 92.20 5.80%
1936 92.83 5.70%
f
Amount.
Due.
$89,000 Oct.
90,000 Oct.
Price.
Yield'.
10 1937 92.55 5.70%
10 1938 92.28 5.70%
89,000 Oct.
10 1939 92.04
90,000 Oct.
10 1940 91.80 5.70%
10 1941 91.58 5.70%
10 1942 91-95 5.65%
89,000 Oct.
90,000
90,000
90,000
90,000
90,000
90,000
90,000
90,000
42,000
5-70%
Oct.
Oct. 10 1943 91.76 5.65%
Oct. 10 1944 91.58 5-65%
Oct. 10 1945 91.41 5-65%
Oct. 10 1946 91.26 5.65%
Oct. 10 1947 91.11 5.65%
Oct. 10 1948 90-97 5.65%
Oct. 10 1949 90-84 5-65%
Oct. 10 1950 90.71 5.65%
$350 000 000
124.986 300
4,950 000
Less sinking fund, $458,256; net debt
Population,
1920 Census,
152,800.
4 491
Total debt less than 3K%
'744
of'as¬
sessed valuatioh.
TAUNTON,
Bristol
County, Mass.—TEMPORARY
city has borrowed $100,000 from Harris, Forbes A Co. on a
Oct. 20 1921, according to reports.
TEANECK
wood),
TOWNSHIP SCHOOL
Bergen
County,
The sale of the $100,000 6%
DISTRICT
(P. O.
LOAN.—The
note maturing
West Enele-
N.
J.—BOND OFFERING DEFERRED —
school bonds which was to have taken place
March 8 (V. 112, p. 870) has been postponed.
SCHOOL DISTRICT, Tulare County, Calif.—
BOND SALE.—The First National Bank of Terra Bella was the successful
bidder on March 7 for the $3,500 6% 6-year (aver.) school bonds—V. 112,
p. 961.
Due $500 yearly on Feb. 7 from 1924 to 1930, incl.
<
TERRA
Junior
High
School
Bldg.
Education, for $500,000 5lA%
bonds.
Denom. $1,000.
completion
1 1921.
Prin. and semi-ann. int. (A. A O.) payable at the Chase
National Bank of New York.
Due semi-annually on Apr. 1 and Oct. 1
as follows: $5,000 1924 to 1930 incl.; $10,000
1931 to 1933 incl.; $12,000
1934 and 1935; $13,000 1936 and 1937; and $15,000 1938 to 1946 incl.
Cert, check for $51000, payable to the Board of Education, required.
Purchaser to pay accrued interest.
Date Apr.
Dak.—PRICE PAID.—The
WATERTOWN, Codington County, So.
price at which the L. E. Pollard Co. of Minneapolis obtained the $200,000
5% 20-year tax-free light and power bonds on Jan. 31 (V. 112, p. 679)
was par and accrued interest less
$22,000 for agency commission.
Said
bid is equal to 89.00, a basis of about 5.95%.
Bonds are dated Feb. 11921
WAYNE TOWNSHIP SCHOOL DISTRICT (P. O. Mountain
View),
N. J.—BOND OFFERING.—Bids for an issue of 6%
coupon (with privilege of registration) school bonds, not to exceed $24,000,
will be received until 8 p. m. March 16 by C. E. A. Walton, pistrict Clerk.
Denom. $1,000.
Date Mar. 1 1921.
Prin .and semi-ann. iht. (M. A S.)
Passaic
County,
payable at the Paterson Safe Deposit A Trust Co. of Paterson.
Due $1,000
yearly on Mar. 1 from 1922 to 1945. incl.
Certified check on an incorpo¬
rated bank or trust company for 2% of amount of bonds bid for, payable
to the Custodian of School Moneys, required.
Purchaser to pay accrued
interest.
WELD
COUNTY
SCHOOL DISTRICT
NO. 76 (P. O. Frederick),
Colo.—BONDS VOTED.—At a recent election $17,000 funding and $8,000
school bldg. 6% 15-30-yea? (opt.) bonds carried. [
These bonds have already been reported as being sold to the Bankers
Trust Co. of Denver, subject to being sanctioned at the said election.
The
notice of sale and election appeared in V. 112, p. 492.
Financial Statement.
.
Real value of taxable property, estimated
Assessed valuation for taxation, 1920
Total debt (this issue included)
on
bonds:
Twp. bonds.
Denom. $458.
1922 to Nov. 15 1931 incl.
33,500 Joseph P. Head et al. Otter Creek Twp. bonds.
Denom. $335.
Due $1,675 each six months from May 15 1922 to Nov. 15 1931 incl.
Date Mar. 15 1921.
Prin. and semi-ann. int. (M. A N.) payable at
the County Treasurer's office.
$45,800 B.
BELLA
TEXAS (State of).—BONDS REGISTERED.—The following 5% bonds
have been registered with the State Comptroller:
Amount.
Place and Purpose of Issue.
Due.
$1,975 Calhoun County (bridge)
5.20 years
2,000 Hamilton County Common S. D. No. 7
5.20 years
700 Van Zandt County Common S. D. No. 58
5.20 years
2,400 Van Zandt County Common S. D. No. 96
10-20 years
1,000 Van Zandt County Common S. D. No. 107-.10-20 years
Date Reg.
Feb.
Feb
Feb.
Feb.
Feb.
WESTERLY, Washington County, R. I.—NO BIDS.—No bids were
received on $30,000 sewer notes which were
on March 4.
offered by the City Treasurer
NOTE SALE.—On March 9 an issue of $170,700
awarded to the Rhode Island Hospital Trust Co. of
Washington Trust Co. of Westerly on a 6.15%
12 1921.
funding notes was
Providence and the
discount basis.
Due Sept.
issues
privilege of registration) bonds offered on March 8—
been awarded to J. S. Rippel A Co. of Newark, as
WEST ORANGE, Essex County, N. J.—BOND SALE.—The two
of 5*A% coupon (with
V. 112, p. 870—have
follows*
$48,000 street-impt. bonds for $48,035, equal to 100.073, a basis of about
5.49%.
Due $4,000 yearly on Dec. 1 from 1921 to 193 2, inc.
104,000 assessment bonds for $104,070 equal to 100 067, a basis of about
5.49%.
Due yearly on Dec. 1 as follows: $11,000 1921 to 1924
incl. and $12,000 1925 to 1929 incl.
WHITE COUNTY (P. O. Monticello), Ind.—BONDS NOT SOLD.—
of the two issues of 4)4% road bonds, amounting to
$20,100, which were offered on Feb. 28—V. 112, p. 870.
No sale was made
WHITLEY COUNTY (P. O. Columbia City),
Ind.—BOND OFFER¬
25
24
25
25
ING.—Bids for $7,840 4H % coupon Frank Wakeman et al. county line
road impt. bonds will be received until 2 p. m. Mar. 15 by Mark W. Rhoads,
County Treasurer.
Denom. $392.
Date Mar; 15 1921. Prin. and
semi-ann. int. (M. A N.) payable at the County Treasurer's office.
Due
25
$392 each six months
from May 15 1922 to Nov. 15 1931, incl.
j&niM
Mabch 12
THE
1921.]
Lake
WILLOUGHBY,
Pro-
Ohio
County,
posals will be received until 12 m. Mar. 26 by C. C.
•for the following four issues of 6% coupon bonds:
Jenkins, Village Clerk,
bonds.
Denom. $500.
Date Apr. 1
Due $2,500 on Apr. 1 and Oct. 1 in each
$150,000 water-works
A. & O.
1922
from
1921.
Int.
of the years
incl.
1951
to
20,000 village's share stree1>-impt. bonds.
Denom. $500.
1920.
Int. A. & O.
Due $2,000 on Apr. 1 and
Date Apr. 1
Oct. 1 in 1932,
1933, 1934, 1935 and 1936.
30,000 fire-dept. bonds.
Denom. $500.
Date Mar. 15 1921. Int.
M. & S.
Due $500 on Mar. 15 and Sept; 15 in each of the years
from 1922 to 1951 incl.
4,000 Clark
Ave.
extension paving bonds.
Denom. $400. Date
Apr. 1 192D
Int. A. & O.
Due $400 yearly on Apr. 1 from 1922
to
Prin.
and
1931 incl.
semi-ann.
1057
CHEONK^E
the Cleveland Trust Co. of Wilsolvent bank for 10% of amount of bonds bid
int. payable at
loughby.
Cert, check on a
for, payable to the Village Treasurer, required.
Bonds
paid for within 10 days from date of award.
Purchaser
$58,000
Ont.—DEBENTURE SALE.—An issue of
NEW TORONTO,
the
6%% coupon school-bldg. bonds offered on Mar. 5 was awarded to
Dominion Securities Corp. at 99.641, a basis of about 6.53%.
Denoms.
$1,000 and odd.
Date Feb. 1 1921.
Int. annually on Feb. 1. Due
Feb.
1941.
1
MUNICIPALITY (P. O. Reston>, Man.—DE¬
Municipality Secretary-Treasurer,
PIPESTONE RURAL
BENTURE
OFFERING.—G. F. Birnev,
proposals until 6 p. m. Mar. 31 for $80,600
Date Jan. Iil921.
Int. payable annually on Jan .1.
will receive
PRESCOTT
1
Ont.—DEBENTURE
COUNTIES,
RUSSELL
AND
Mar.
SALE.—On
road debentures.
$100,000 6% 20-installment read debentures were
& Co. on their bid of 98.55, which is on an ap¬
awarded to R. C. Matthews
proximate 6.18% basis.
M., Man .—DEBENTURE
Mar. 5 Wood, Gundy & Co. were
ST. ANDREWS R.
port that on
SALE.—Newspapers re¬
awarded $100,293 5%%
basis of abeut 6-54%.
B.—DEBENTURE SALE.—It is reported that the
Corp. of St. John, has purchased $54,600 6 % 25-year
to be delivered and
to pay accrued int.
WORCESTER COUNTY (P. O. Worcester), Mass —TEMPORARY
LOAN.—A temporary loan of $100,000, dated Mar. 8 and maturing Oct.
25 1921, was awarded to R. L. Day & Co. of Boston at 5.74% discount on
20-year installment
Mar. 4.
SASKATCHEWAN SCHOOL DISTRICTS, Sask.—DBBENTUiRE
SALES.—The following, according to the "Monetary Times," is a list of
debenture sales, aggregating $47,100, reported by the Local Government
Board from Feb. 1 to 12:
Shellbrook, $1,200 8%; Mr. McDonald, Prince Albert.
Zealandia,
$1,500 15-years 8%; H. L. Morrison, Zealandia.
Wauka, $1,200 10-years
WYNONA, Osage County, Okla.—BOND
6% water and sewer bonds was recently sold
and accrued interest.
Denom. $1,000.
par
SALE.—An issue of $300,000
to Max L. Cunningham at
Date Dec. 20 1920.
Int.
Due Dec. 20 1945.
ann.
Tulare County, Calif.—BOND
school bonds—V. 112, p. 871—were
Los Angeles at 100 25.
DISTRICT,
SCHOOL
YETTEN
SALE.—On March 7 the $14,000 6%
sold to the William R. Staats Co. or
CANADA,
and
Provinces
its
Municipalities.
BLADWORTH,
Sask.—DEBENTURES AUTHORIZED.—It
ported that the local Government Board has authorized the village
$4,000 8% 15-year installment concrete sidewalk debentures.
is re
to issue
JOHN. N.
Sesurities
ST.
Eastern
debentures at 99
8%, Slawa,
road debentures at 91.81, a
.55, a basis of about
6 04%.
$1,800 10-years 8%: Water¬
30-years 6%%; Weyburn
20-years 8%; Harris, Read
$4,200 10-years 8%; H. J. Birkett, Toronto,
$1,200 15-years 8%, Church Hill,
Regina.
Weyburn,, $5,060
Weyburn.
Paynton, $31,000
man-Waterbury,
Sinking Fund,
& Co., Regina.
Bitter Lake,
DEBENTURES
according te the same
granted by the Lecal Government Board
AUTHORIZED.—The following,
is a list of authorizations
from Feb. 1 to 12:
paper,
,
Debentures.—Meadow River, $2,000, 10-years annuity;
10-years annuity; Gibson Creek, $2,000 10-years install¬
Briardale, $600 10-years installment; Tilney, $800, 5-years annuity;
School
8%
BURNABY, B. C.—DBBENTURE OFFERING.—Proposals for $131,700
6% debentures, maturing Dec. 31 1935 and 1940, will be received until
March 14, it is reported.
Peebles, $1,300,
HOSPITAL DISTRICT NO. 3 (P. O.
Alta.—DEBENTURE SALE.—The $28,000 7% 20-year
installment debentures, offering of which had been set for March 20—V. 112,
p. 769—have already been sold locally.
The Hospital Board decided on
the local sale when it was found that a good price could be obtained by
Penzance,
that method.
STRATFORD, Ont.—DEBENTURE SALE.—Local people
chased $50,000 6% debentures, maturing $22,060 in It years,
DRUMHELLER MUNICIPAL
Drumheller),
N. S.—DEBENTURES SOLD.—It is reported that last
purchased $15,000 6% 15-installment paving de¬
GLACE BAY,
fall W. F. Mahon & Co.
an option on $175,000 6% 30-year school debentures.
of February W. F. Mahon & Co. reported that it could
use $85,000 of debentures.
The company and the municipality agreed on
the sale of $85,000 at 83, which is on a basis of about 7.43%.
A fifteenday option was given the firm on the remaining $90,000 debentures.
took
bentures and
In the latter part
MANITOBA
$1,000,000 5 %
(Province
of).—DEBENTURE
5-year gold coupon debentures has
SALE.—A block of
been awarded at a bid
City Co. of New York, which is now offering the
States at 90% U. S. Funds, to yield 7%%.
Denom. $1,000.
Date Mar. 1 1921.
Prm. and semi-ann. int. (M. & S.)
payable in U. S. gold coin at the Union Bank of Canada of New York, or
at the holder's option in Montreal, Toronto or Winnipeg.
Due Mar. 1 1926.
of 100 566, to the National
debentures in the United
MELFORT, Sask.—DEBENTURE SALE.—During February
20-year and $6,900 10-year 6%% debentures were awarded locally.
MONTREAL PROTESTANT
$35,000, 20-years annuity; Copeland, $1,700 10-years
$17,400, 20-years annuity; Bucclough, $800, 5-years
Creek, $3,500, 15-years annuity*.
Craik,
purchase of
Mar. 16 by
SHERBROOKE,
Que.—DEBENTURE
calling for bids for Mar. 14 for the purchase
maturing Mar. 31 1931.
„
;..
15 years,
M
OFFERING.—The city is
of $513,000 6% debentures,
...
.
have pur¬
$8,000 in
M
and $20,000 in 30 years.
DESCRIPTION.—The
to the stockholders
in the denomina¬
payable in
July and January at the Town Clerk's office, and mature Oct. 4 1950.
TRAIL, B. C.—DEBENTURE SALE.--The $37,000 7% eoupon 20^
year water works debentures offered on Mar.
7—V. 112, p. 769—were
awarded to Gillespie, Hart & Todd of Victoria, at 96, a basis of about
7.10%.
Denom. $500.
Date Mar. 1 1921.
Prin. and semi-ann. int.
(M & S .) payable at the Bank of Montreal in Trail, Toronto or New York,
SUMMERSIDE,
I .-DEBENTURE
E.
P.
turned
$31,500 5% % debentures which the town
over
of the local electric company in payment for the works are
tion of $500, are dated Oct. 4 1920, carry interest coupons,
.
Due Mar. 1 1941. j
Alta.—DEBENTURE SALE—W. Ross Alger & Co.
purchased, it is stated, $5,000 7% debentures.
Date Aug. 1920.
at holder's
option.
VEGREVILLE,
have
1940.
WOODLANDS, R.
Life Assurance Co. of
30-year installment
M.,
Man.-DEBENTURE SALE —The Mutual
awarded an issue of $20,600 6%
Canada has been
debentures at 96.13 a
basis of about 6%%.
NEW
NEW LOANS
LOANS
annuity;
annuity;
Fairwell
Due Aug.
SCHOOL COMMISSION (P. .O. Mont¬
real), Que.—DEBENTURE OFFERING.—Tenders for the
$1,500,000 6% serial debentures will be received until 5 p. m.
C. J. Binmore, Treasurer, of the Commission.
NEW
$1,500
ment;
LOANS
$200,000
We
520,000
specialize in
City of Philadelphia
TOWNSHIP OF NORTHAMPTON,
Burlington County, New Jersey
3s
3i/2s
.
,
■
y
4s
41/4S
41/2S
.,vf;
.
;v.y,
43^% Emergency Bonds
'
i
Sealed proposals
I
"We offer for
South Fifth Street
PHILADELPHIA
Private Wire to New York
Call Canal 8437
sale $200,000 6% 20-year
Park
Iinprovement Bonds to the highest bidder.
Bids
will be opened APRIL 5th, 1921—Board reserves
the right to accept or reject any or all bids. For
further information address A. H. Kurth, Clerk,
Park District of Minot, N. D."
will be received by the under¬
MARCH 24th, 1921, AT EIGHT
purchase of not exceeding
$20,000 bonds of the Emergency Bond Issue of
1920.
Said bonds will be dated January 1st,
1920, and will mature on January 1st of each year
as
follows: $1,000 on January 1st,
1922, and
$1,500 each year from 1923 to 1932, inclusive;
$2,000 each year from 1933 to 1934 inclusive.
The rate of interest is four and one-half per cent
payable semi-annually.
The sum required to be obtained at such sale
is $20,000 and such bonds will be sold in not
MUNICIPAL BONDS
O'CLOCK p. m. for the
Biddle & Henry
District No. Dak.
6% BONDS
until
signed
5s
104
Minot Park
exceeding such sum.
Unless all bids are rejected, said bonds will be
sold to the bidder or bidders complying with the
terms of sale and offering to pay not less than
$20,000 and to take therefor the least amount of
such bonds, stated in a multiple of $1,000 and
commencing with the first maturity.
Should
two or more bidders offer to take the same amount
of such bonds, then, unless all bids are rejected,
sold to the bidder or bidders offering
therefor the highest additional price.
The bonds cannot be sold for less than par and
accrued interest.
Each bid must be accompanied
by a certified check for two per centum of the
amount of bonds bid for, payable to the order
of the undersigned and drawn upon unincorporated
Underwriting and
distributing entire Issues of
and Read District
and offerings
01 ty, Couhty, School District
Bonds of Texas.
Dealers' inquiries
solicited
.
Circulars on request.
HAROLD G. WISE
&
Houston
COMPANY
texas
Established 1915
Steel Corp.
Empire Tube &
they will be
to pay
United
States and Canadian
Municipal Bonds.
to secure the municipality
resulting from the failure of the
comply with terms of his bid. The
right is reserved to reject any or all bids.
bank or trust company,
Circular on Request
1
Jones 8l
Thurmond
against any loss
bidder
to
THE
WAIXDELL
Ground Floor
IN
New York, N.
Broad St.
TOWNSHIP OF NORTHAMPTON,
THE COUNTY OF BURLINGTON
OF NEW JERSEY.
Phone:
New York
Broad 7412
8th, 1921.
Holly, N. j-
Dated March
Mount
Telephone Oortlandt 3183
AMERICAN
and sold for^eash, or
MFG. CO.
New Jersey
STOCKS AND BONDS
bought
Y.
AND STATE
Singer Building
86 Liberty Street,
25
Securities
carried on
conservative terms.
securities.
Inquiries invited.
CORDAGE
Inactive and unlisted
FINCH & TARBELL
Members New York
1$0
BROADWAY,
Stock Exchange
NEW YORK
MANILA, SISAL,
JUTE
OUTWATER & WELLS
II
Exchange Place
Tel. 86 Montgomery
Jersey City,
N. J.
Noble and
West Streets,
Brooklyn, N.Y.CIty
FINANCIAL/ CHRONICLE
Classified Department
INVESTMENT MEN WANTED
SECURITY
ment House has
and
successful
care
of
an
Financial
York
opening for
salesman.
90
Invest¬
capital
experienced
an
Address
Chronicle.
POSITIONS WANTED
GENTLEMAN
SALESMAN—New
Box
Pine
in
furnish additional
working
for
interest in established
return
investment
J6,
will
house.
Address
with
STATISTICIAN, capable of answering inquiries
on
all classes
of securities,
making specific
assurance
that
reports on individual companies and
drawing
up
circular matter,
wishes
position.
Good
for making change.
Address Box J8.
care
of Financial
Chronicle, 99 Pine
replies will be held in strict
confidence,
Box H-6, care of
Financial Chronicle, 90
Street,
New York City.
Pine
reasons
Street, New York City.
BOND
SALESMAN sought by old New York
Stock Exchange House.
Must be experienced
bond
man
with
established
clientele.
INVESTMENT
for
sell
to
a
HOUSE
has
On account of the Annual
books will be closed from
only would appeal to us.
Ad¬
care of Financial
Chronicle, 90 Pine
Street, New York City.
j.
G
dress K-2,
House
has
MAN.—Large
an
opening for
controlling active
accounts.
tunity for
that
J-5,
a
care of
man
can
I.
CASE
The
regular
\j.
D. MILNE,
o.
a.,
record
at
the
March 14, 1921.
or
close
BELGIAN
EX-OFFICER,
of
region
KANSAS
having
fought
entire war, now seeks American
order
to
set
Belgium
up
the
In
France
or
a
devastated
brick-making
enterprise
of
mest
advantageous openings.
Minimum capital required,
$65,000.
Address
Box F 1, care of Financial
Chronicle, 90 Pine
Street, New York City.
EXECUTIVES SEEK POSITIONS
EXECUTIVE,
in financial
In
Investigation
European
lyst,
of
care
years of
to
business
hard
worker.
Financial
Keen
ana¬
Address
Chronicle,
90
make
a
J-2,
new
care
business
of Financial
was
declared
on
Chronicle,
Investment
Exchange,
York, wish
now
to establish
a
care
New
the
common
Company,
shares
the
TRADER,
business
in
Wall
and
Street,
At present associated
with
brokerage firm
trading
in
Pine
New York City.
STATISTICIAN, experienced
securities,
seeks
both
ences,
as
in the analysis of
position.
to
Excellent
character and
nished from responsible
people,
ent
employers.
New York
including
Salary. $3,000.
J-l 6, care of Financial
in
refer¬
ability,'fur¬
pres¬
Address Box
Chronide, 90 Pine Street,
City.
of
8, 1921.
JUNIOR
STATISTICIAN,
with
considerable
experience
compiling data, wishes to make
connection with New York
investment house.
Address Box J-3, care of
Financial
Chronicle,
90 Pine Street, New York
City.
BOND
HOUSE
ENGAGEMENT sought by an
engineer who is desirous of
learning the bond
business.
Address Box J-l, care of
Financial
Chronicle, 90 Pine Street, New York
City.
LOVELACE, Secretary.
The
terly
Co.
cent
private wire
of
Philadelphia, December 8, 1920.
Directors have this day declared a
quar¬
dividend
(87Mc.
this
of
per
and
one
share)
tions with Now York Stock
Exchange House.
Address Box K-3, care of
Financial Chronicle,
90 Pine Street, New
York
Company
I.
City.
W.
Assistant
as
three-quarters per
Preferred Stock
payable March 15
1921
to
holders of Preferred Stock of
record at the close
of business
February 28 1921.
Checks will be mailed.
reciprocal rela¬
STATISTICIAN thoroughly familiar with
gather¬
ing and compiling data on
railroad, public
utility and industrial securities desires
position
house.
UNLISTED
pages xxii to xxvi
with
J-ll,
an
investment
of
care
Financial
TRADER
is
seeking
new
connec¬
tions.
MORRIS, Treasurer.
see
Box
Chronide, 90 Pine St., New York
City.
Have five years
experience trading in
unlisted stocks and bonds.
Address Box
all
For other dividends
Statistician
Address
the
on
J-14,
of
care
Financial
Chronicle,
90
Pine
Street, New York City.
UNLISTED TRADER,
experienced, wishes
sition.
J-12,
po¬
Excellently recommended.
care of
Address
Financial Chronicle, 90 Pine
Street,
New York City.
THE MAN WHO CAN
BUSINESS OPPORTUNITIES.
GROUP of successful investment
SATISFACTORILY FILL
to
A VACANCY IN ONE
OF THE MORE
RESPONSIBLE POSITIONS IN
YOUR ORGANIZATION IS
A "CHRONICLE"
READER.
l
men
intending
personally contribute $200,000 toward the
an Investment
Business wish
establishment of
to get in touch with
a
a gentleman who
will supply
like amount of
money and his services in this
enterprise.
for the
Negotiations
purchase
of
a
are
now
under
way
seat
on the
Stock Ex¬
The proposed house would do a
gen¬
change.
eral
Reach
him
investment,
commission
and
trading
Address Box Kl-17 care of
Financial
Chronicle, 90 Pine Street, New York
City.
business.
through
an
advertisement
in
this
Department.
BUILDER requires financial assistance in
struction of
Rates
on
:
Positions
Equipment
initial, with
For
a
Wanted
Sale,
10
minimum
and
cents
Office
per
and
word,
Bank
figure
Men, Traders and Statisticians
Wanted, etc., 15
per word, figure or
initial, with a minimum
cents
charge
of $6.00.
Long
medium-priced dwellings in
Island.
Better
than
usual
con¬
City
profits
assured.
Address Box J-7, care of Financial
Chronicle, 90 Pine Street, New York
City.
or
charge of S3.00; Investment
a
railroad
Address
graphical illustra¬
tions, analyses and studies;
commercial, finan¬
cial, engineering; university
graduate; age 26.
Box J-10, care of Financial
Chronide, 90
payable March
stock
STOCK
with
acquaintance
STATISTICIAN—Specialty
Street
COMPANY,
Office of The United Gae
Improvement
N. W. Corner Broad and Arch
House, members
having
Street,
Box K-l, care of
Financial
Chronicle, 90 Pine Street, New York
City.
record
Niagara Falls, N. Y.
March 2
1921
COMMON STOCK DIVIDEND
NTO. 9.'
At a meeting of the Board
of Directors of this
Company held this 2nd day of March,
1921, a div¬
idend of One Dollar and
Fifty Cents ($1.50) per
MISCELLANEOUS WANTED
PHILADELPHIA
to New
high-class
bonds.
close of business March
22, 1921.
•
'WILLIAM REISER, Treasurer.
NIAGARA FALLS POWER
UNLISTED
familiar
wide
a
desires position.
SAWYER, Secretary.
Streets
of Local
having
Monday,
March 2, 1921;
PREFERRED STOCK DIVIDEND
NO. 10.
At a meeting of the Board
of Directors of this
Company held this 2nd day of
March, 1921, a
dividend of One Dollar and
Seventy-five Cents
($1.75) per share was declared on the
preferred
shares in the capital stock
of this Compa
payable on the 15th day of
April, 1921, to hold*
ers of said
preferred shares of "record at" the close
of business on the 31st
day of March, 1921.
FREDERICK L.
Box
Pine
connection.
90 Pine Street, New York
City.
THE
AND
thoroughly
FALLS POWER
COMPANY,
Niagara Falls, N. Y.
EXECUTIVE possessing un¬
ability for organizing and
management,
Address Box
of
three-quarters per cent (1%%) on the
Preferred
Stock of this
Company has been declared, payable
April 1, 1921, to preferred stockholders
or
at the
90 Pine
one
THE NIAGARA
Writer, posted
EXPERIENCED
desires
of
FREDERICK L.
LOVELACE, Secretary.
Street. New York City.
usual
jlo, IvZl.
16, 1921.
dividend
15, 1921, to holders of said common
record at the close of business
on March
financial experience.
and statistics.
economic conditions.
versatile,
J-20,
reuruary
&
the capital stock of this
corporation.
accounting, four
on
GAS
Chronicle,
as well as
foreign government
bonds.
Address Box J-9, care of
Financial
Chronicle, 90 Pine Street, New York
City.
CO.
ELECTRIC CO.
Kansas.
PREFERRED STOCK
DIVIDEND NO. 44.
The regular
quarterly dividend of one and
share
Institution, or indus¬
College
and
university
graduate, 31, technically trained; six
years of
varied industrial
experience in costs, sales and
trial
Financial
con¬
house.
Address K-5,
analyzing railroad, public utility and
industrial
Wichita,
throughout the
in
CAPITAL
investment
stocks and bonds
payable
1921, to the holders of
Preferred Stock
April 1,
York
STATISTICIAN capable of
preparing circulars,
answering inquiries
to
advertisements
and
—
WM. F.
capital
of
BOND
Financial Chronicle,90 Pine Street,
SEEKING
MACHINE
quarter-yearly
—„
Address
New
York City.
Treasurer.
Excellent oppor¬
produce.
TRADER, experienced, seeks
with
Excellently recommended.
the transfer
March 19,
man
New York City.
A
Meeting,
Saturday,
THRESHING
Racine, Wis.,
ivttuiiiw,
*» in.,
Consolidated
customers'
a
nection
Tuesday, March 29, 1921, both
days included.
man
CUSTOMERS'
-
on
Friday, March 18, 1921.
need
to
tinctive in every respect.
Telephone & Telegraph Co.
A quarterly dividend of
Two Dollars per share
will be paid on
Friday, April 15, 1921, to stock¬
holders of record at the
close of business
security that is dis¬
An experienced and
successful
UNLISTED
American
WANTED.
BANKING
salesman
a
MEN
I
Confi¬
dentially address Box J4, care of. Financial
Chronicle, 90 Fine Street. New York City.
CUSTOitiERS'
Street.
New York City.
JBibttiente
WE
HAVE an up to date
plant which costs
$300,000 for tanning hides, side, kip cals,
dry
or green salted.
Our organization la made
up
of thorough leather men.
We also have a good
selling
organization
in
Boston
to
sell
the
finished
merchandise.
hide
bankers who are
ready to tan
contract.
Prices for tanning are 20
skins
concern
on
We
are
seeking
some
or
%
Address Box E 3, care ef
Financial Chronicle, 90 Pine
Street, New York
lower than last year.
City.
March 12
jHnancfel
®ru«t Companies
Cotton
Ohas. O.Corn
Paul Scbwacz
Frank A. Kimball
August Scfaierenberg
Corn, Schwarz & Co.
OF
ILLINOIS
COMMISSION MERCHANTS
15
xxxi
CHRONICLE
THE
1921.]
William Street
New
CHICAGO
Under
National, State and
Clearing House Supervision
York
Accounts
of
banks and
bankers received
MEMBERS OF
Correspondence invited
Now York Cotton
Exchange
Exchange
New York Produce
I
handle all business
Exchange
ing
New York Coffee Exchange
.
equipped
Efficiently
New Mean* Cotton
How Peabody Service
to
pertain¬
Increases the Value of
to banking, and offer a
complete service to accounts
M Fadden & Bro.
H.
(One of
individuals.
and
Geo.
Coal Property Investments
corporations, firms
of banks,
~~qAs
Capital & Sur¬
plus 67,000,000
COTTON MERCHANTS
Deposits,
$60,000,000
PHILADELPHIA
25 Broad Street
67 Worth Street
NOTICE
FOREIGN CORRESPONDENTS.
N.
V.
Import en Export,
Rotterdam.
Societe d'Importation et de Commission,
Fachiri & Co., Milan.
Baltic Cotton Co., Copenhagen.
Reinhart & Co., Alexandria, Egypt.
Geo.
H.
Havre
•
in
the
and
noteholders
All
affairs.
developing. At
other
35 Congress
Street
BOSTON, MASS.
COMMISSION MERCHANTS
T.
other claims
Cashier.
SHANNON,
Service Based
Dated March 1, 1921.
Colonial
The
of
Bank
National
Hartford,
on
Ownership
Sell¬
the practical
development of our long ex¬
perience as owners and man¬
agers in virtually all important
ing—every phase
Dated February 11. 1921.
New York Stock Exchange
Liquidation
Exchange
Exchange
New York Coffee & Sugar
New York Produce
Chicago Board of Trade
Associate Members of
Liverpool Gotton Association
Notice.
National
Bank,
located
State of Maine, is closing
affairs.
All note holders and other creditors
the association are therefore hereby notified
The
in
the
present the notes and other claims for
GEO.
bituminous fields.
at
Machias
Machias,
its
Write for
of
to
PEABOBY
Dated, Jan. 15, 1921.
COAL
Hubbard Bros. & Co.
EXCHANGE BUILDING
HANOVER SQUARE
booklet
payment.
BOYNTON, Cashier.
B.
includes
Financing, Operating and
payment.
New York Cotton Exchange
I
I
property management
JAMES N. H. CAMPBELL, Cashier.
BROKERS
■
complete service in coal
Our
Connecticut,
is closing its affairs.
All note holders and other
creditors of the association are therefore hereby
notified to present the notes and other claims for
located at Hartford, in the State of
Membsrs of
COFFEE
every step our
payment.
E.
Hcntz & Co.
NEW YORK
AND
and
Experience
William Street
j
pre-
opinions represent the mature
judgment of 37 years' success.
of the Association are therefore hereby
notified to present their notes and
j
appraise,
plans for opening
pare
of Cleveland,
State of Ohio, is
Inc., Lima, Peru.
Henry
.
lower cost.
We examine and
LIQUIDATION.
OF
Cleveland,
at
its
creditors
for
South American Company,
McFadden
located
closing
voor
or
The National Commercial Bank
Zerega & Co-, Liverpool.
McFaada&.'s Oie
Consulting Engineer
changes which increase output
lUqutttetfon
Egyptian and
Foreign Cottons
Dealers in American,
Frederic
Series)
Drawing on practical knowl¬
edge based on experience, we
are often able to recommend
YORK
NEW
a
LIQUIDATION NOTICE.
COMPAHY
Founded 1883
The
Bucksport
National Bank located at
Bucksport in the State of Maine is closing Its
All noteholders and other creditors of
the Association are therefore hereby notified to
332 So.
Michigan Ave.
-
CHICAGO
affairs.
NEW YORK
present the notes and other
Operating 36 bituminous mines in 11 fields
annual capacity of 18,000,000 tons
claims for payment.
with
PARKER S. KENNEDY, Cashier.
COTTON MERCHANTS
Liberal
Made
Advances
on
Dated Jan. 15, 1921.
Cotton
Consignments
CHARTERED 1853
GWATHMEY & CO.
United States Trust Company of New York
PLACE, NEW YORK
20-24 EXCHANGE
475
FIFTH
45-47
NEW YORK
AVENUE,
MEMBERS .'
NEW YORK COFFEE EXCHANGE
NEW YORK PRODUCE EXCHANGE
NEW ORLEANS COTTON EXCHANGE
ASSOCIATE MEMBERS
LIVERPOOL COTTON
ASSOCIATION
STREET
$2,000,000.00
$14,717,784.61
Capital,
------Surplus and Undivided Profits, -
EXCHANGE
EXCHANGE
NEW YORK COTTON
NEW YORK STOCK
WALL
This Company acts as Executor, Administrator, Trustee, Guardian,
mittee, Court Depositary and in all other recognized trust capacities.
It receives
Com¬
deposits subject to check and allows interest on daily balances.
real and personal, for
corporations and individuals, and acts as Trustee under corporate mort¬
and as Registrar and Transfer Agent for corporate bonds and stocks.
It holds and manages securities and other property,
Stephen M. Weld & Co.
COTTON MERCHANTS
82-92 Beaver
Street, New York City
PHILADELPHIA,
UTICA. N. Y.,
WELD & CO.,
BOSTON,
FALL RIVER,
PROVIDENCE,
LIVERPOOL.
NEW BEDFORD.
estates,
gages,
EDWARD
W.
SHELDON,
M.
WILFRED
President
WILLIAMSON
KINGSLEY, 1st Vice-Pres.
WORCESTER, Secretary
CHARLES A. EDWARDS, Asst. Secretary
WILLIAM C. LEE, Assistant Secretary
WILLIAM G. GREEN, Assistant Secretary
WILLIAM
J.
FREDERIC
W.
PELL, Vice-President
ROBBERT, Asst. Secretary
ROBERT S. OSBORNE, Asst. Secretary
THOMAS H. WILSON, Asst. Secretary
-
ALTON S. KEELER, Asst. Secretary
TRUSTEES
JOHN
ROBERT MOORE &, CO.
.
44 Beaver Street, N. Y.
MERCHANTS
FRANK LYMAN
J. PHELPS
Successors to
WILLIAM RAY & CO.
JOHN
LYMAN
J.
GAGE
ARTHUR CURTISS JAMES
M. KINGSLEY
STEWART TOD
WILLIAM
the
Board
CORNELIUS N. BLISS. JR.
HENRY W. de FOREST
WILLIAM VINCENT ASTOK
WILLIAM
SLOANE
WILLIAM
OGDEN MILLS
L. F. DOMMERICH & CO.
BROKERS.
New York
contracts executed on
and Liverpool Cotton Exchanges.
26 Cotton Exchange
Orders for future delivery
the New York
of
Exchange
STEINHAUSER & CO.
COTTON
Chairman
CHAUNCEY KEEP
PAYNE WHITNEY
Members New York Cotton
STEWART,
EDWARD W. SHELDON
LEWIS CASS LEDYARD
COTTON
A.
WILLIAM ROCKEFELLER
FINANCE ACCOUNTS OF MANUFACTURERS AND
MERCHANTS, DISCOUNT AND GUARANTEE SALES
Hopkins, Dwight & Co.
COTTON
and
General
Offices,
254
Fourth
COTTON-SEED OIL
COMMISSION MERCHANTS
Room 50,
Cotton Exchange Building
NEW YORK
NEW YORK
Established Over 80 Years
Avenue
XXXII
the
chronicle
jFbtatulal
[VOL. 112.
jfinanrial
financial
Spia^ilS
WE
MUNICIPAL
BONDS Central Bend &
Mortgage Co.
We know that offerings were
so attractive as to net
South
208
LaSalle
never
yield
they
right now.
specialized in
Municipal Bonds for more than
as
And
we
are
nave
of
quarter
a
Safety
a
a
Chicago Junction RR. Co. 1st
Listed and Unlisted Securities
(Chicago) 1st 5s
Equip. 7s
Rainey-Wood Coke Co. 1st 6s & Eq. 7y2*
Utah Power & Light Co. First 6s
AMES, E ME RICH & CO.
List
Ill
BROADWAY, NEW YORK
CHICAGO
MILWAUKEE
Dodge & Ross
Bolger, Mosser & Willaman
CHICAGO
Incorporated
DETROIT
GERMAN
Investment Bankers
Bonds and Marks
Underwriters and Distributers of la vestment
MUNICIPAL
4s
Gen. Amer. Tank Car
Equip. 6s & 7*
Idaho Power Co. First 5s
Pressed Steel Car Co. Guar.
Private Wires to the East and Southwest-
Certainty."
Send for
Charcoal Iron Co. of America 7s
Knickerbocker Ice Co.
Investment Bankers
century—"26
©evoted
to
Making
Years
Street
CHICAGO
Brunswick-Balke-Collender Co. 6a
'
Securities
BONDS
Our circular
Public
application.
on
Utility
and
Specializing
in
high
Industrial Issues
grade
issues of Municipal Bonds of
the
South
we
invite
investors
curities
and
Mid-West,
inquiries
interested
this
of
Bought
from
in
Sold
Quoted
W, MONROE ST., CHICAGO
111
Wollenberger & Co.
INVESTMENT BANKERS
v
se¬
C. F. Childs & Company
105 So.
character.
Specialists
Company
BROADWAY
AT
CHICAGO
MISSOURI
208 So.
PINE
CHICAGO
Government Bonds
Mortcace Trust
?T LOUIS
La Salle St.
NEW YORK
La Salle
§t.
120 Broadway
F. H. PRINCE & CO.
Radon, French
Stevenson
Co.
&
&
INVESTMENT
Bros.
Perry, Inc.
BOSTON, MASS.
I
Investment Securities
SECURITIES
We purchase end underwrite entire Issues of
106
So.
bonds and stocks of established corporations.
1f« offer high-grade Investment opportunities
La
Salle
St.,
the securities of municipalities,
public
utilities, and well established industrial cor¬
W. G. SOUDERS &, CO.
porations.
,
Correspondence
WEST
INVESTMENTS
Members of New York 8c Boston Stock Exchange!
f
INVESTMENT
Invited
MONROE
HIGH-GRADE
CHICAGO
Telephone Randolph 5520.
la
111
BANKERS
SECURITIES
STREET
208 South La Salle Street,
CHICAGO
Established
1870
CHICAGO
New York
CHRISTIAN & PARSONS C0.
Detroit
Milwaukee
Grand Rapids
Dominick & Dominick
Members New York Stock Exchange
Commercial
Collateral
Paper
A-
■
Loans
Investment Securities
288 S. La Salle SL
P. W. Chapman & Company
Chicago, III.
•
INVESTMENT
112
EMERY, PECK & R0CKW00D
INVESTMENT SECURITIES
'\
115
Wiggins Block
CINCINNATI
SECURITIES
South La Salle St.,
McClellan & Campion
115 Broadway
CHICAGO
NEW YORK
ENGINEERING
&
MANAGEMENT
INVESTMENT SECURITIES
Continental
&
Commercial
Bank
141
Building
CHICAGO
Railway Exchange Building
Henry S. Henschen & Co.
INVESTMENT
'
108
'■
MILWAUKEE
'
Broadway
NEW YORK
So. La
BROADWAY
NEW
.
YORK
CITY
BANKERS
Salle St.
CHICAGO
WE
OFFER
AT MARKET
Amer. Agrio. Chem. Co. S. F. 7^s
Atlantic Refining Co. S. F. 6^s
Deere & Go. S. F. 7V2s
DeLaval Separator Co. S. F. 8s
Pfister & Vogel Leather Co. S. F. 7s
RUTTER, LINDSAY & co., Inc.
The Rookery,
"IVs Dependable"
Buy and Sell High-Grade Bonds
The Fitch Bond Book
It costs less than Five Cents
NASH
FOR anyone, time deals
who
any anywhere,
at
North Carolina
in
RICHMOND, VA.
Capital and Surplus
John M. Miller,
W. Si Addison,
C.
R.
Burnett,
-
$3,000,090.00
Jr., President
Vice-President
Vice-President
Alex F. RytandL Vice-President
S. P. Ryiand, Vice-President
Jas. M» Ball, Jr., Cashier
First
138
Total Bonded Debt
Yield
—
5.62%
H Broadway
Pearl Street
$51,256,489
Assessed Valuation, 1920----
:—
180,000
41,126
to 5.85%
Company
Municipal Bonds
"Are
Exempt
from Federal
Yielding fram
Income Taxes."
5^%
to' 7%.
Send for List
Scrip
SEAS0MO0D, HAAS & MACDONALD
Members New York Stock
any
New York
§%, due 1952
American Tobacco
with
The Fitch Publishing Co.
Denomination $1,000.
Principal and SemiAnnual
Interest
Payable
in New York.
Due Serially Nov. 1st, 1923-1942.
Price to
Salmon River Power
way
Court House Bonds
Population, 1920 Census
Correspondence Invited
any
standard American Bond,
"IT'S BUILT TO USE."
6%
BANK
day
COUNTY
CHICAGO.
FIRST NATIONAL
a
ELST0N
-a
COMPANY
71 West Monroe Street
THE HANCHETT BOND CO.
CHICAGO
Milwaukee
Detroit
Incorperatad
Minneapolie
1910
39 South La Salle Street
Exchange
CHICAGO
New York
/■
'
@FedFRASER