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INCLUDING
Bank &
Quotation Section
Railway & Industrial Section
Electric
Railway Earnings Section
Bankers* Convention Section
State and
^C0PYRI^HTED^N^I921^ BY WILLIAM B. DANA COMPANY,
iMued
VOL. 112.
NEW YORK.
Weekly
ENTERED AS SECOND* CLASS MATTER JUNE
NEW
$10.00 Per Year
^financial
23, 1879, AT THE POST
OFFICE AT NEW YORK,
YORK, MARCH 19, 1921.'
NEW* YORK,
Railway Section
City Section
^
UNDER THE ACT OP MARCH
£
1879
NO. 2908.
-
Jftnancial
Jffnanctal
•wvWv\
CHARTERED
1822
HARVEY FISK & SONS
THE FARMERS' LOAN & TRUST
32 Nassau
COMPANY
THE LIBERTY BANK
St.
of New York
NEW YORK
CAPITAL.
T.
UNDIVIDED
475 Fifth Avenue, at 41st Street
NEW
$5,000,000.00
SURPLUS
16, 18, 20 and 22 William Street
..$5,000,000.00
PROFITS.$2,400,000.00
united states bonds
YORK
new york city bonds
OF
MANAGEMENT
CARE
OF
DOMESTIC AND
Correspondents in all countries
and other choice
Special facilities in Scandinavia
investment securities
ESTATES
SECURITIES
FOREIGN
Harris, Forbes & Co.
BANKING
Pine
FOREIGN
LETTERS
OF
FORBES A CO.,
HARRIS
TRUST
Act
as
fiscal agents for munici¬
in
FOR
BONDS
New
York
Clearing
Capital, Surplus and Undivided
List
Profits,
House
BANK
.'...V--
and corporations and
Government, munici¬
pal, railroad and public utility
PARIS
Member Federal Reserve System
SAVINGS
palities
deal
and
&
CHICAGO
5th Avenue and 57th Street
LONDON
Inc.
BOSTON
26 Broad Street
ACCEPTANCES
Gardens, London, E. C.
HARRIS,
Company
CREDIT
LETTERS
:
10 Drapers
EXCHANGE
COMMERCIAL
Street, Corner William
NEW YORK
The New York Trust
on
INVESTMENT
Application
Cable Address SABA, NEW YORK
$14,400,000
Established
1874.
John L. Williams & Sons
BANKERS
Edward B. Smith & Co
Corner 8th and Main Streets
RICHMOND, VA.
Baltimore Correspondents:
R. LANCASTER WILLIAMS
Established 1810
&
CO.,
Inc.
The
Mechanics
GARFIELD
STREET,
where
FIFTH
Capital,
A
-
OF THE CITY OF NEW YORK
AVENUE
Crosses
Metals
The Chase National Bank
Broadway
$1,000,000
Bank for
Surplus,
$1,000,000
-
the Builders of Business
"
of the
Capital, Surplus, Profits
-
$26,750,000
Gty of New York
67
BROADWAY
,
Deposits, Feb. 21,1921
established
New Yore
Philadelphia
National Bank
National bank
23rd
and
$193,000,000
1784
SURPLUS AND PROFITS
DEPOSITS
Foreign Exchange
The Bank of New York
Bond
Trust
'-.$15,000,000
CAPITAL—
21,168,000
(Feb. 21 1921)
Service
.297,827,000
OFFICERS
A.
Department
HEPBURN,
BARTON
r
Chairman ft the Advisory Board.
ALBERT
National Banking Association
H.
WIGGIN;
Chairman of the Board of Directors.
EUGENE V.
CAPITAL & SURPLUS, $9,000,000
Our
136
years'
experience
is
at
R. THAYER, President
Vice-Presidents
Samuel H. Miller
Carl J. Schmidlapp
Gerhard M, Dahl
the
Schley
Alfred C. Andrews
Robert I. Barr
Reeve
service
of
our
depositors
AMERICAN EXPRESS COMPANY
First National Bank
of
A.
Wm.
A.
LAW,
President
Barton Hepburn
BROADWAY
William P. HoUy
Newcomb Carlton
Frederick H. Ecker
Carl J.
Guy E. Tripp
Daniel C. Jackling
Charles M. Schwab
Samuel H. Miller
65
Cashier
Eugene V. R. Thayer
James N. Hill
,
NEW
Purdy
John J. Mitchell
SECURITIES
1
Lee
George H. Savior
M. Hadden Howell
Albert H. Wiggin
GOVERNMENT
tfO.
Edwin A.
William E.
DIRECTORS
Henry W. Cannon
Philadelphia
CHARTER
Comptroller
Thomas Ritchie
SECURITIES DEPARTMENT
Assistaht Vice-Presidents
YORK
Schmidlapp
Gerhard M. Darn
/Andrew Fletcher
Wm. Boyce Thompson
Reeve Schley
Kenneth F. Wood
Edward R. Tinker
H. Wendell Endicott
Edward T. Nichols
William M. Wood
-
©catoerK of jfottlsn Cxcfrang
Inbt&mtnt Jjouit*artb
J. P.
MORGAN & CO.
Maitland, Cop pell & Co.
52 WILLIAM STREET
of Broad
Wall Street, Corner
PHILADELPHIA
CO.,
&
Corner of Sth and Chestnut
Streets
Orders executed for all
Act as
Investment Securities.
agent* of Corporations and negotiate and
Loans.»
issue
MORGAN, GRENFELL & CO., LONDON
Bills
.V'
;
of Exchange,
Letters
Telegraphic
of Credit
No. 22 Old Broad Street
MORGANTHARJES
PARIS
The
National
,
of
Bank
Commercial and Travellers
Letters of Credit
Cie, Paris,
*
on
Agents for the Bank of Australasia.
for Travelers, available In
parts of the world.
'
NEW YORK
Principal Places in Mexico.
Cable Transfers.
Letters
Circular
Union
Messrs. Mallet Freres &
and
Commission.
Commercial Credits.
Foreign Exchange,
&
18 Broad SL
BOSTON
England, Ltd., London,
.
14 Place Vendome
Securities bought and sold on
Provincial
115 Devonshire SL
Transfers,
on
CO.,
&
KIDDER, PEABODY & CO.
NEW YORK
NEW YORK
DEEXEL
[VOL. 112.
CHRONICLE
THE
II
all
TRAVELERS' LETTERS OF CREDIT
BARING
BROTHERS
&
CO, LTD.
LONDON
BROWN BROTHERS & CO.,
August Belmont & Co.
Boston
NEW YORE
Philadelphia
43 EXCHANGE
PLACE, NEW YORK
Members New York Stock Exchange.
Agents and Correspondents of the
ALEX. BROWN & SONS, Baltimore
ROTHSCHILD,
Messrs.
London, Paris and Vienna
ISSUE LETTERS OF CREDIT
Securities
Investment
Travelers
for
Foreign Exchange
Deposit
Available In all parts of the
'
Transfers
Credits
Commexcial
J. & W. Seligman & Co.
world.
Draw bills of Exchange and make Telegraphic
Accounts
purchase and sale of
Execute orders for the
Ng_54 Wall Street
Bonds and Stocks.
Travelers' Credits
NEW YORK
BROW, SHIPLEY &
CO.
Bonds
Equipment
i^NDON
T. Snffern Taller
James G. Wallace
Grenville Kane
FREEMAN & CO.
34
Pine
Street
NEW YORK
TAILER&CD
York
Members New
Stock
Exchange
10 Pine Street, New York
Philadelphia
New York
Pittsburgh
Investment Securities
Lawrence Turnure
64-66
Washington
Baltimore
& Co.
Investment Securities
Wall Street,
New York
Investment securities
Winslow, Lanier & Co.
59 CEDAR
NEW
STREET
Travelers'
mission.
out the United
Central
bought and sold on com¬
available through¬
States, Cuba, Puerto Rico, Mexico,
America
and
Make
Spain.
New
York, Philadelphia and
collections
in and issue drafts and cable transfers on above
YORK
Members
credits,
Pittsburgh Stock Exchanges.
countries.
London
BANKERS.
,
Bankers:
London
Joint
City &
Midland Bank, Limited.
Paris Bankers: Heine & Co.
Deposits
Received
Allowed
Subject
on
Bought
to
and
Draft.
Interest
Securities
Deposits,
Sold
HEIDELBACH, ICKELHEIMER & CO.
on
Commission.
37 William Street.
Foreign Exchange, Letters of Credit
MEMBERS
N.
Y.
Execute orders for
STOCK
EXCHANGE.
purchase and sale of
HUTH
& CO.
New York
30 Pine Street
Stocks and Bonds.
Bonds for"
Investment
Foreign Exchange Bought and Sold.
Foreign Bonds & Investment Securities,
Commercial Credits, Deposit Accounts,
Issue Commercial and Travelers' Credits
available in all parts
Foreign Exchange
of the world.
Correspondents of
Komi, Taylor &> Co.
KfeiV Vbrk.
Pitbshur^h.
BERTRON, GRISCOM & CO. INC.
INVESTMENT
40 Wall
Street
NEW YORK
John Munroe & Co.
NEW YORK
Letters
Commercial
BOSTON
of
Credit for
Credits."^
Travelers
Foreign Exchange
Cable Transfers.
&
CO., Paris
HUTH
&
CO.,
London
SECURITIES
Land Title Building
PHILADELPHIA
BOISSEVAIN &
CO.
BROADWAY, NEW YORK
Members of the New York Stock Exchange
ALDRED &
CO.
62
INVESTMENT SECURITIES
COMMERCIAL
FOREIGN
40
Wall Street
New York
DEPARTMENT
EXCHANGE
MESSRS. PIERSON & CO.
MUNROE
FRED?
Amsterdam, Holland.
Fiscal Agents for
Public Utility and Hydro-Electric
Companies
March 19
1921.]
THE
CHRONICLE
in
Jnbesftment anti jftnatnrial J&rntt*
Goldman, Sachs & Co.
Lee, Higginson & Co.
:■
V
60 Wall Street
NEW
Millett, Roe
YORK
187 So. La Salle Street
60
BOSTON
>
Investment Bankers
14
Montgomery Street
421 Chestnut Street
SAN FRANCISCO
PHILADELPHIA
411 Olive Street
Boston
New York
ATLANTA, GA.
Title Insurance Building
Chicago
Lombard
investment securities
24 Marietta Street
ST. LOUIS
LOS
ANGELES, CAL.
MEMBERS
Members of New York and Chicago
Stock Exchanges
Higginson & Co.
80,
St.
Commercial
London, E. C.
& Haqeh
Congress Street
CHICAGO
Securities
Paper
bought and sold
NEW
commission
on
Foreign Exchange
Commercial
&
available
Travelers'
in
all
Letters
of
parts
YORK STOCK EXCHANGE
'
the
of Credit
world
52 WILLIAM ST.
NEW YORK
Hornblower & Weeks
42
BROADWAY, NEW YORK
RAILWAY
EQUIPMENT
Investment Securities
BONDS
Bonds
Preferred Stocks
MEMBERS
NEW
YORK,
CHICAGO
BOSTON
STOCK
AND
Members New York Stock
•
Direct
wires
to
all
principal
markets
.
60
Boston
Acceptances
EVANS, STILLMAN & CO.
EXCHANGES
Main Office: National
City Bank Building
Exchange
NEW
YORK
Correspondent Offices in 50 Cities."
Chicago
>
Detroit
Providence
Establi»hed
j?
Uptown Office: Fifth Avenue and 43rd St.
BROADWAY
Portland
Underwriters & Distributers
1888
Robinson & Co.
r
Industrial
Bonds
Public
St Mi
VMi
&
Preferred
jv.f ...
Stocks
}
.'V
T
.■ •
\V
r .V :V,
•; •
V'
•
U. S. Government Bonds
Utility Securities
Equipment Trust Certificates
-
Investment Securities
Counselman & Co.
Founded 1797
26
Investment Bankers
112
Exchange Place
New York
Members New York Stock
Exchange
W. ADAMS ST., CH1CAQO
1
Seasoned
Investments
Conservative
Investment Securities
!
Underwritten
&
Distributed
Investment Securities
30 Pine Street
Yielding 6%
New York
to
8%
Federal Securities
Corporation
E&rsly Bros. &. Co.
38 South Dearborn Street
BANKEXLS
Hougliteling &Co.
CHICAGO
MEMBERS PHILADELPHIA STOCK EXCHANGE
■r:V
■
'
'M,'
"
est. 1865
Investment
10 So.
Underwriters
Securities
Distributers
Chicago
Howe, Snow,
1421 CHESTNUT STREET
PHILADELPHIA
Corrigan & Bertles
Investment
GRAND
SECURITIES SALES
Marshall Field, Glore, Ward & Co.
SOUTH LA SALLE STREET
H.
CO.|
Bankers
RAPIDS,
MICH.
b.
187
inc. 1918
La Salle St.
F. BACHMAN
Established
& GO.
H.
Collins, President
Southern
Securities/
1866
64 PEACHTREE,
ATLANTA
CHICAGO
INVESTMENT
NEW
BANKERS
ORLEANS
JACKSONVILLE
BIRMINGHAM
Members N. Y. and Phila. Stock
Exchanges
1425 Walnut St.,
T.
61
PHILADELPHIA
H.
NEW
Broadway
YORK
RAILROAD, INDUSTRIAL,
FOREIGN
GOVERNMENT
AND
HOfLTZ & CO.
MUNICIPAL BONDS
HARPER
INVESTMENT
BONDS
&
INVESTMENT
■
TURNER
STOCK EXCHANGE
LA SALLE STREET
CHICAGO
INVESTMENT
BUILDING
BROAD
PHILADELPHIA
SOUTH
FOR
BANKERS
WALNUT STREET ABOVE
39
MEMPHIS
Members Philadelphia Stock Exchange
Colgate,Parker & Co.,
49 Wall
Street,
New York
\
■
FINANCE
WE
ESTABROOK & CO.
Member*? New York and
Stock Exchanges
Boston
State
Street,
.
Light Enter¬
CHASE & COMPANY
records of established
prises with
earnings.
BONDS
WE OFFER
1
Bankers
BOSTON
-
and
Proven Power
NEW YORK
24 Broad Street,
Power and
Electric
INVESTMENT SECURITIES
J5
ftmntial
financial
JFfnanetal
■
,Wn
[VOL. 112.
CHRONICLE
THE
Investment Dealers
BOSTON
ST.,
19 CONGRESS
and Light Securities
Correspondence Solicited
SPRINGFIELD
PROVIDENCE
HARTFORD
ELECTRIC BOND & SHARE CO.
(Paid-Up Capital and Surplus $24,000,000)
Richardson, Hill &
Co.
71 BROADWAY,
NEW YORK
Arthur Lipper
& Company
New Street and Exchange
1870
Established
BONDS
Securities
Investment
BOUGHT AND
SECURITIES
Conservative Investment
For
50 Congress
Place
YORK
NEW
MUNICIPAL AND RAILROAD
St.
SOLD ON COMMISSION
BOSTON
R. L. Day & Co.
Branch Offices
Members
Waldorf-AstoriaHotel.N.Y.
N. Y. Stock Exchange
York Stock Exchange
Chicago Stock Exchange
(Boston Stock Exchange
New
35
Congress St., Boston
Saratoga Springs, N. Y.
Philadelphia Stock Exch.
Atlantic City, N.J.
Chicago Board of Trade
Correspondents
11 East 44th St., N. Y.
N. Y. Coffee & Sugar Exch.
New York
N. Y. Cotton Exchange
West End, N. J.
Long Beach, N. Y,
REMICK, HODGES & CO.
W. F. Ladd & Co.
PARKINSON & BURR
'
V~ ' X.'.'"'!"
''Y '• r.
■
-
v
Members of the New York and
Boston Stock Exchanges
Investment
Securities
53 State Street
7 Wall Street
BOSTON
NEW YORK
We
Specialize in
•
Government and
Municipal Bonds
William R.fomptonfb.
INVESTMENT BONDS
New York
14 Wall
BONDS
Street, New York
Cincinnati
Louis
St
New Orleans
Chicago
ESTABLISHED 1865
8aker, Ayiing & Young
BONDS
RAILROAD
INDUSTRIAL BONDS
BOSTON
5 Nassau
PUBLIC
UTILITY BONDS
PAUL
H.
St., N. Y.
MEMBERS NEW YORK
STOCK EXCHANGE
PHILADELPHIA
WATSON *
INVESTMENT SECURITIES
Deal in
Underlying Railroad Bonds
55 William
St., N. Y.
Telephone— John 1832
and
Tax-exempt Guaranteed & Preferred
Railroad & Telegraph Co.
Stocks
H. MOUNT AGUE VICKERS
49
Hollister,White & Co.
Bonds
<Mcoft»oe*rco
investment
Wall
Street
Guaranteed Stocks
Securities
Investment
Securities
Foreign
Exchange
Letters of
NEW YORK
North American Bldg.
Philadelphia, Pa.
115 BROADWAY,
50 Congress St.
Boston, 0, Mass.
Credit
Travelers'
Checks
Correspondents Throughout
Thomas C. Perkins
Kamies TJalcnlt Juc.
FOUNDED
15 State Street
1854
Boston, Mass.
Banking
Specialist
Municipal, Railroad,
for
eighteen
-
-
New York
Industrial Securities
Industrials.
Main Office
Entire stock issues
underwritten and distributed
WYTKINS & CO.
7 Wall Street
NEW YORK / "
is Exchange
-
Cable Address
-
Quomakel
r
Utility
and
of established and pros-
225 4th Ave
New York
36 Pearl Street'
Hartford, Conn.
years" in the Financing
erous
Exchange
Equitable Building
Public
FACTORS
the World.
Knautfi Nadioti &Kul)tie
Members New York Stock
Constructive
^
BOSTON
St.
March 19
1921.]
THE
CHRONICLE
Canablatt
BANK OF MONTREAL THE CANADIAN BANK
Canadian
Government and
bonds
offer
%
exceptional
will
they
now
PAID
UP
$22,000,000
-
22,000,000
Pest
oppor¬
If pur¬
tunities for sound investment.
chased
OF COMMERCE
Years
100
over
HEAD
CAPITAL
Bonds
These
Established
Municipal
yield
PROFITS
UNDIVIDED
1,251,850
-
TOTAL ASSETS
President, Sir Edmund Walker, C.V.O., LL.D.,
General Manager, Sir John
SIR CHARLES GORDON,
New York Office,
President.
Sir
B.
C.
Agents
FOSTER,
J. STEPHENSON,
General
request.
Wood. Gundy & Co.
Manager.
At London,
In
Toronto, Winnipeg, Montreal, London, Eng.
England, and at Mexico City.
of
Bank
Paris,
(France).
Montreal
In the United States—New York, Chicago,
Spokane, San Francisco—British American
Bank (owned and controlled by the Bank of
Montreal).
West
British
Indies,
Africa—The
Travelers' Cheques and Letters of
available in all parts of the world.
(in' which
Credit Issued
of every
Banking and Exchange business
description transacted with Canada.
LONDON
OFFICE—2
E. C,
Street,
Lombard
BANKERS IN GREAT BRITAIN
;
The
an
by the Bank of Montreal).
Bank
of
England,
The
West
and
Guiana
Bank
Colonial
interest is owned
Collections
made at all points.
Throughout Canada and Newfoundland.
STREET, NEW YORK
Continental
and Sell Sterling and
Exchange and Cable Transfers.
and Agencies:
Branches
Incorporated
14 WALL
FRANCIS,
L.
Buy
Williams-Taylor
Frederick
*
16 Exchange Place
F.
G.B.E., Vice-Pres.
C.
on
F. Jexes.
Office—MONTREAL
Head
United States funds
C-21
D.O.T
Alrd.
General Manager, H. V.
Assistant
560,150,812
SIR VINCENT MEREDITH, Bart.,
Principal and interest payable In
Particulars
$15,000,000
......$16,000,000
RESERVE
from
7% to 8%
Full
OFFICE, TORONTO
PAID UP CAPITAL.
Bank
of
Scotland,
Lloyd's
Limited.
Bank,
,
!
—
THE
Ji'&'<Att\i2S
established
ROYAL BANK OF CANADA
(So
&
United Financial Corporation
J889
Mambers Toronto Stock
&xcka.nge.
Established
' X:,:, j
Limited
<3anadi<art
.
1869
Capital Paid Up___ --.$19,000,000
Reserve Funds
19,000,000
Total Assets
...590,000,000
....
<Sc\ezvnment, Municipal S Corporation
INVESTMENT BANKERS
Securities
Montreal
Head Office
SIR HERBERT S. HOLT, President
E. L. PEASE, Vice-Pres. & Man.
Director
O. E. NBILL, General Manager
P&Jhxxsb&way
,
TtewYorfe
Montreal
Toronto
VictoriaTIC,
Toronto
London
Montreal
Chicago
Branches throughout CANADA and NEW
FOUNDLAND,
in
CUBA,
PORTO
RICO.
REPUBLIC,
HAITI,
COSTA
RICA, COLOMBIA and VENEZUELA, BRIT¬
ISH and FRENCH WEST INDIES, BRITISH
HONDURAS and BRITISH GUIANA.
700
DOMINICAN
Affiliated with
'
.
of New York.
Co.
Guaranty Trust
ARGENTINE—Buenos
Aires.
' V, V'
BRAZIL—Rio de Janeiro, Santos, Sao
Paulo.
URUGUAY—Monte video.
SPAIN—Barcelona, Plaza de Cataluna;
LONDON OFFICE—Princes Street, E. O.
NEW YORK AGENCY—08 William St.
RURNEIT.
"
HqobeaMoninal Stod^Lcha^o
AND
TORONTO,
Paid
Bought—Sold—Quoted
Total Assets.
7,669,000
140,000,000
Clarence A. Bogert,
Osier,
New York Agency, 61 Broadway
C. S. Howard, Agent
London
Offerings on Request
CANADIAN
McDonagh, Somers & Co.
Branch, 73 Cornhill
S. L. Jones,
Specialize in
AND
Dominion Bank
Manager
FOREIGN
EXCHANGE
TRAVELERS' AND COMMERCIAL
CO.
LETTERS OF CREDIT
BONDS
HERDMAN & COMPANY
Members Montreal
and Foreign Government
Bankers
Securities
Phone Broad
BROADWAY
42
7118
Muller &. Son
H.
No.
65
Corner
Co.
CANADIAN BONDS
CANADIAN
WILLIAM STREET
Pine Street
Building
MONTREAL
AUCTIONEERS
OFFICE
Stock Exchange
& Brokers
Dominion Express
R. C. Matthews &
Adrian
Building
TORONTO, CANADA
BOUGHT AND SOLD
(Small Denominations)
Canadian, Mexican
'
Correspondence Invited
CANADA
HENRY NIGHTINGALE &
.
John Street, Montreal
CANADIAN
BANKERS
Bonds
Montreal Stock Exchange,
in
Canadian
Bond
Issues.
St.
INVESTMENTiSECURITIES
General Manager
President
Houss»W>W'd!)MRvnr
MUNICIPAL
Profits
Dealers
$6,000,000
—
& Undivided
jMembers
17
OFFICE, TORONTO
Up Capital
Reserve Funds
Sir Edmund
TORONTO
Provin¬
and Corporation
GREENSHIELDS & CO.
HEAD
SECURITIES
of
Bonds
ONT.'
BROKERS
New York City
Government,
Building
The Dominion Bank
We
Canadian
cial, Municipal
>
CANADIAN
Bank
de
Quatre-Septembre.
,
CORPORATION BONDS
Montreal
17 St. John Street
E. B. Mclnerny
AUXILIARY: The Royal
(Franco), PARIS, 28 Rue
MUNICIPAL
GOVERNMENT,
Bank of Toronto
INVESTMENT
F. T. Walker, J. A. Beatson,
and J. D. Leavitt. Agents.
FRENCH
Canada
CANADIAN
pORTHflg
STOCK AND BOND
Co.
&
Daly
A.
R.
C.
P.
BONDS
TORONTO
R. Bldg.
Regular Weekly Sales
Nesbitt, Thomson &
OF
Co.
Limited.
Stocks
and
Bonds
Canadian
%
EVERY WEDNESDAY
At
the Exchange Sales Rooms
14-16 Vesey
Street
Municipal, Public Utility &
Industrial bonds
St., MONTREAL
Toronto
London,
^Emilius Jarvis & Co.
INVESTMENT BANKERS
Established
1891
222 St. James
Hamilton
Ont.
JARVIS
BLDG.
TORONTO CAN.
THE
VI
CHRONICLE
[TOL. 112.
Jforefgn
Australia
New Zealand
and
LONDON JOINT
BANK OF
NEW SOUTH WALES
{ESTABLISHED
Pald-Up Capital
'
Chairman:
1817.)
The Right Hon. R. McKENNA
$24,655,500
-
R««erve> Fund—
Rtime Liability
•
Pine
9.
£231,
St.
York
8. B. Murray, Esq.,
E. W. Woolley,
'
$66,061,000
F. Hyde, Esq..
>
Esq.
Permit
Aggregate Assets 80th Septr. 1920 8362,338,975
Sir.
JOHN
RUSSELL FRENCH,
General Manager.
857
BRANCHES
drafts
on
K.R.E.
AGENCIES
in
the
States, New Zealand, Fiji, Papua
(New Guinea) and London.
The Bank transacts
•very description of Australian Banking Business.
Wool and other Produce Credits arranged.
Yokohama
10,859,800
Reserve Fund.
Shanghai,
Hong Kong,
£38,116,050
Paid-up Capital
Australian
Head Office
QBORGE STREET
New York
Banks
direct
draw
to
Subscribed Capital
and
27 Pine St.
Joint Managing Directors:
24,666,500
—
27
New
16,750,000
.
of Proprietors
Agency
MIDLAND
BANK LIMITED
•
j
CITY &
10,869,800
-
Mid
Deposits {Dec. 30 1920)-.1871,841,968
20
Europe
other
and
branches
Far
the
in
East.
London Office
89, THREADNEEDLE
STREET, E. C. 2
SYDNEY
Foreign Exchange
HEAD OFFICE'
Letters
5, Threadneedle Street, London, E. C. 2
of
Credit
Cable
Transfers
THE UNION BANK OF AUSTRALIA Limited
Established 1837
OVER 1,500 OFFICES IN ENGLAND & WALES
Incorporated 1880
Subscribed Capital:
Frs. 150,000,800
Capital—
Authorized
and
Issued-.-..
Pald-Up Capital $2,500,0001
£7,500,000
To-
Reserve
Fund—£2,630,000 r gather £5,130,000
Reserve Liability of Proprietors—£5,000,000
Total Isaued Capital & Reserves
.
£10,130,000
The Bank has 42 Branches In VICTORIA, 39 in
NEW SOUTH WALKS. 19 in QUEENSLAND.
16 fn
OVERSEAS BRANCH65
& 66,
Old Broad Street, London, E. C. 2
ATLANTIC OFFICES
"Aquitania,"
"Imperator,"
SOUTH AUSTRALIA. 21 in WESTERN
AUSTRALIA, 3 in TASMANIA and 44 in NEW
■B ALAND.
"Mauretania'
Head
Affiliated Banks:
BELFAST
BANKING
LIMITED
Reserve Liability of Shareholders
THE CLYDESDALE BANK LIMITED
Reserve Fund and Undivided
Branches
THE
Commercial Banking Company
International Banking Corporation
of Sydney
60
Incorporated in Now South Wales.
Pald-Up
Reserve
Reserve
WALL
STREET, NEW YORK CITY.
-
Capital and Surplus..
Capital
Fund
Undivided
$4,000,000
-
Branches
San
Head
or
collected.
Office,
Straits
Francisco
Settlements
India
Santo Domingo
Java
New
Sydney,
Lane,
Spain
Philippines
South
Office;
Lombard
Street.
Walee
E.
Established
Ionian Bank, Limited
Banker
and
78
de
Incorporated by Royal Charter.
every banking facility for transaction
Bishopsgate, London, E. C.
India,
Burma,
Ceylon. Kenya
and at Aden and Zanzibar.
Hong Kong & Shanghai
BANKING
CORPORATION
Paid up Capital (Hongkong Currency)
Broker
H$15,000,006
Reserve Fund in Silver (Hongkong Curr.)H$23,000,000
Offers
with
6,
In
Colony
1879
C.
ROBERT BRUNNER
80
Office:
East
Remittances cabled.
London
Blrchin
18.
£750,000
Profits£785,790
Ceylon,
Subscribed Capital
£4,000,000
Pald-Up
Capital——£2,000,000
Reserve Fund
£2,800.000
The Bank conducts every description of banking
and exchange business.
Panama
Japan
Burma,
Bankers to the Government in British
Africa and Uganda
in
Lyons
China
~~£6,040,000
India,
NATIONAL BANK OF INDIA Limited
Branches
London
Drafts payable on demand, and Letters of
Credit are Issued by the London Branch on the
Head Office.
Branches and
Agencies of the Bank
In Australia and elsewhere.
Bills on Australasia
negotiated
in
Straits Settlr
ments, Federated Malay States, China and Mauritius
New York Agency, R. A. Edlundh, 64 Wall Street
Head
£2,060,000
2,040,000
2,000,000
Liability of Proprietors
$10,000,000
Profits
London
Capital Authorized and Subscribed. —.£1,590,06#
Capital Paid Up
£750,000
Over 160 Offices in Scotland
LIMITED
Office
Gracechureh Street,
15
COMPANY
Over 110 Offices in Ireland
Head Office; 71 CORNHILL, LONDON, E. C.
Manager—W. J. Essame.
Assistant Manager—W. A. Laing
Established 1834.
The Mercantile Bank of India Ltd
Greece, where it has been established for
and
has
Branches throughout the
rue
la
Lol
Reserve Fund in Gold Sterling
BRUSSELS, Belgium
years,
£1,500,006
...
GRANT DRAFTS, ISSUE LETTERS OF CREDIT.
NEGOTIATE OR COLLECT BILLS PAYABLE IN
Cable Address: Rennurb.
Country.
in
CHINA, JAPAN, PHILIPPINES,
TLEMENTS, INDIA.
Egypt.
LONDON, E. C. 2.
89
0
Pald-Up
Capital
539,437 10
0
Further Liability of Proprietors
539,437 10
0
Remittances made by
Telegraphic Transfer.
Bills Negotiated or forwarded for
CORNHILL
36
Wall
New
SET¬
York.
Capital Authorized & Subscribed-810,000,000
Capital
Paid Up
Reserve
5,000,000
$5=£1
NOTICE
RATES
IS
OF
30 Years
8,000,000
Fund
STERLING.
HEREBY
INTEREST
on
deposit
At
Lincoln Menny Oppenheimer
Agent,
More Than
Telegraphic Address, Udisco: London.
Collection,
Banking and Exchange business of every de¬
scription transacted with Australia.
K. M. J ANION, Manager.
JEFFREY,
of London, Limited
Address;
0
0
St.,
A.
The Union Discount Co.
English Scottish and Australian Bank, Ud.
6
Gracechureh
St., E.
C.
Head Office; London, E. t. 8
Authorized
Capital
£3.000.000
0
Reserve
Fund
583.000
0
Subscribed Capital
1
1,078.875
0
STRAITS
J.
Alao at Alexandria, Cairo, Ac.,
Head Office: Basildon House,
Moor gate Street,
GIVEN
allowed
that
for
the
money
in
Export Banking
Call, 6 Per Cent.
At 8 to 7
The
are
as
follows:
Days' Notice, BJf Per Cent.
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
BANKERS
FRANKFORT-o-M.,
Gable Address
CHRISTOPHER
GERMANY
R.
NUGENT, Manager.
"Openhym"
INVESTMENT SECURITIES
The
National
FOREIGN EXCHANGE
Discount
Company, Limited
S6XCORNHILL
The NATIONAL BANK
LONDON,
Capital
KNOWLEDGE
of
the needs and habits of the people,
acquired
E. C.
Cable Address—Natdis London.
Subscribed
INTIMATE
and
by
actual
of
years
residence
experience
in the
coun¬
tries themselves, is essential when
$21,166,625
of SOUTH AFRICA, Ltd.
Paid Up
Capital
4,233,325
I
Reserve
Fund—
2,500,000
Over 500 Branches in Africa
($5= £1
STERLING.)
NOTICE is hereby given that the RATES OF
Total
Assets
Exceed
-
$430,000,000
INTEREST allowed
as
Offers to Axneiican banks and bankers its
superior
facilities for the extension of trade and com¬
merce
between this country and Africa.
New York Agency
R.
-
-
E. SAUNDERS.
10 Wall St.
Agent.
for
money
Deposit
on
are
transacting business abroad.
23 Branches in South America
1 Branch in
Mexico]
Offices in
Europe
9
follows:
5% per
annum at call.
1
5H% at 7 and 14 days notice.
Approved Bank 6c, 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
March 19
1921.]
THE
VII
CHRONICLE
Jforefgn
ytrcefgn
jTortigit
NATIONAL BANK
Royal Bank of Scotland
of EGYPT
Incorporated by Royal Charter, 1727.
Paid-up Capital
£2,000,000
Rest and Undivided Profits
D®Po«ts
.
.
£1,082,276
£39,114,727
Banque Natienale de Credit
Established
Capital..... ....frs,
Head Office
St. Andrew
•
Square, Edinburgh
Cashier and General Manager: A. K. Wright
London Office
-
Glasgow Office
8
»
500,000,000
frs.
90,000,000
Surplus
....
Deposits.
Exchange Square
in
AND
6
CAPITAL
LIT.
the Ehenish Provinces
GENERAL BANKING
BUSINESS
156,000,000
DEPOSITS
7
—————
NATIONAL PROVINOIAL AND
Limited
LIT.4,371,970,562
Head Office, Milan, Italy
New York Agency, 165
London
($5=£1.)
Broadway
SWITZERLAND
Italy, at all the prin¬
cipal points in the Kingdom
Government, State and Municipal
INSTITUTIONS
COMMERCIALE
ITALIANA
for Investment
BANQUE.
DU
POUR
ITAUENNE
Sc
FRANCAISE
L'AMERIQUE
SUD—Paris,
Buenos
Aires,
and
DI
CREDITO
paraiso.
V
BASLE
BANKVEREENIGING
branches
ITALIANA
England
Offices in
ROTTERDAMSCHE
ZURICH
BANCO ITALIANO—Lima and branches
GENEVA
.
COMMER¬
CIALE—Vienna, Trieste and branches
BANCO
FRANCES
DE
CHILE—Santiago,
numerous
SWISS BANK CORPORATION
Rio da Janeiro and branches
DELLA SVIZZERA ITALIANA—Lugano
SOCIETA
with
Apply to
Sao Paulo,
BANCA
336.195.206
and Wales
Bucarest and branches
UNGARO-ITAEIANA—Budapest
339,034,821
-
-
15, Bishopsgate, London, England,
E BULGARA
—Sophia and branches
BANCA COMMERCIALE ITALIANA E ROMENA—
BANCA
FUND
Head Office:
BONDS
(France)
—Paris, Marseilles and branches
BANCA COMMERCIALE ITALIANA
-
PAID-UP CAPITAL
RESERVE
Constantinople
80 branches in
AFFILIATED
5199,671.506
SUBSCRIBED CAPITAL
Office, 1 Old Broad Street, E. C. 2
BANCA
WILLIAM ST.,
KING
UNION BANK OF ENGLAND
400,000,000
.LIT.
SURPLUS
£2,000,0QP
LONDON, E. C., 4, ENGLAND,
the
BANCA CONMERCIALE ITALIANA
£3,000,000
Fund
LONDON AGENCY
300 Branches in France
4 Branches
Law
Egyptian
Capital, fully paid
PARIS
Throughout Scotland.
Every Description of British, Colonial and
Foreign Banking Business Transacted.
under
June, 1898, with the exclusive right to
Issue Notes payable at sight to bearer.
Reserve
Head Officer
172 Branches
Correspondence Invited
frs.2,400,000,000
...
Bishopsgate, E.C.2
....
Head Office—Cairo.
Branches all
over
Amsterdam
Rotterdam
Switzerland and in London
The
Hague
Val¬
1
.
BANCO FRANCES E ITALIANO DE
COLOMBIA—
CAPITAL AND
Bogota
F.105,000,OM
RESERVE FUND
BANQUE FEDERALE (S.A.)
1
COLLECTIONS
Established 1863
CREDIT SUISSE
HEAD OFFICE—ZURICH
Capital paid up__frs. 100,000,000
Funds
Reserve
frs.
EXCHANGE
PURCHASE AND SALE OF
STOCKS AND
BRANCHES
30,000,000
OF
FOREIGN
Frs.64,200,000
Capital & Reserves
Established 1856
CREDIT
LETTERS
Berne.
Basle,
SHARES
1
La Chaux-de-Fonds,
Lausanne,
Vevey.
Geneva,
HEAD
OFFICE
St.
Gall,
Bank
The
transacts
~
250,000 "A" shares of £20eaeh £5 paid—£1,250,000
500,000 "B" shares of £1 each fully paid..»£
500,000
£1,750.000
Geneva, Claris, Kreuzlingen, Lugano,
£1,000,000
Reserve
Lucerne, Neuchatel, St. Gall.
>
ALEX: ROBB, Gen. Mgr.
SOCIETE GENERALE ALSAGIENNE
Office—62 Lombard Street,
Glasgow
E. C.
Office—113 Buehanan Street.
and every description) of
Issued
British, Colonial and Foreign
Banking and Exchange business transacted.
New York Agents—American Exchange Nat.
Fondee in 1881
Foreign Exchange
Documentary Business,Letters of Credit
London
Deposits.—£30,071,101
MAGNUS IRVINE, See.
Drafts, Circular Notes and Letters of Credit
DE BANQOE
BUSINESS.
BANKING
£5,500,000
Paid up—
description of
banking business
Frauenfeld,
1810
Office—EDINBURGH
Capital (Subscribed)
every
GENERAL
Established!
Head
Zurich, Switzerland
Branches at Basle, Berne,
THE COMMERCIAL BtMK OF SCOTLAND,HI.
Baah
Siege social:
ArnoldGHissen &Co.
Strasbourg
4, Rue Joseph Mnssol
PRAGUE CREDIT BANK
HEAD OFFICE,
Branches throughout
Capital,
Reserve
PRAdUE.
MULHOUSE
METZ
COLOGNE
up-
Cz.Cr.
M
Total Resources
—-
**
Cable Address:
36 Agences notamment a
Czechoslovakia.
(Surplus)—
100,000,000
AMSTERDAM
verses
MAYENCE
LUDWIOSHAFEN
54,000.000
1,100,000,000
THE HAGUE
ROTTERDAM
Established
The United States Life
KONIG
organization through the
of
IN THE CITY
Organized 1850.
Over
the
OF NEW YORK.
Non-Participating Policies only
Paid to Policy¬
the
Letters of Credit
'
KONIG BROTHERS, LONDON
JOHN P.
cover.
Commercial and Travellers
on
FINANCIAL CHRONICLE
inside back
CO.
Forty-Five MUlion Dollars
holders.
Our Classified Department faces
&
Street, NEW YORK
Insurance Co.
fill vacancies in your
Classified Department
EXCHANGE
BROTHERS
IN Pe*
to
1871
BANKERS AND STOCKBROKERS
SARREBRUCK
FOREIGN
LOCATE CAPABLE MEN
Achllltes-Amsterdam
FRANCFORT
Established in 1870.
Capital paid
86-81 Damra k
10® ^millions de francs entierement
Good
MUNN, M. D„ PRESIDENT
territory
producers,
Company.
open
for
high
class
under direct contracts with the
Address Home Office, 277 Broa way
New York City
and
persona
NEDERLANDSCHE HANDEL-MAATSCHAPP
ROTTERDAM
THE
VIII
CHRONICLE
[VOL. 112.
JSattftet* anb broker* ^titafoe JietoIgorfc
CHICAGO
MILWAUKEE
EDGAR, RICKER
CHICAGO
&, CO.
East Water and Mason Streets
MILWAUKEE, WIS.
Specializing
WISCONSIN CORPORATION ISSUES
A. G. Becker & Co.
INVESTMENT
SECURITIES
and Wisconsin Industries.
South
187
Investment Securities
La
Salle
NEW
YORK
322 so. Michigan Av., Chicago
Street
ST. LOUIS
FRANCISCO
SAN
SEATTLE
LOS ANGELES
First Wisconsin Company
Investment
expert verification
ofunderlyingassets
CHICAGO
Bought and Sold.
SCOTT
& STITT
INVESTMENT
Securities
MILWAUKEE
BONDS
based always upon
COMMERCIAL PAPER
Financing of Milwaukee
TIMBER
WISCONSIN
HI
Greenebaum Sons
W.
BONDS
Monroe
St.
CHICAGO
Rank and Trust Company
CINCINNATI
Southeast Corner La Salle and Madison Sts
Second Ward Securities Co.
Second
Ward
Savings Bank BIdg.
MILWAUKEE
108
So. La Salle
GENERAL BANKING
$75,000.00
Capital and Surplus, $2,000,000
6% CHICAGO FIRST MORTGAGE
Suitable
for
Estates,
St.
and
Trustess
BONDS
Miami
Conservancy District Ohio
Individuals
Bonds
Write for Bond Circular C 25.
CHICAGO
Oldest Banking House in Ohicago.
Due
A State Bank
Interest
June
1937-1941-1944
and
Population
Specialists in
Price
Wisconsin Municipals
MUNICIPAL BONDS
and
Mortgage
Corporation Bonds
Short
Industrial
Hyney,
South
89
KSS
f
Wisconsin
our
5.30
Savings
Emerson
La
Salle
Department
CINCINNATI. O.
& Co.
CHICAGO
St.
CHANNER &, SAWYER
INVESTMENT
Milwaukee^
Underwriters and Specialists in
Write
Bond
Issues
Securities
V
Yield
The Provident
Term
Note
York
Bank & Trust Co.
j. m
■
1—New
First
High Grade Investments
Ihvestm^nx
Dec.
District 300,000
A. O.
Slaughter & Co.
Union
SECURITIES
Trust
BIdg.,
CINCINNATI, OHIO
Members
Issues
New York Stock Exchange
Chicago Stock Exchange
Chicago Board of Trade
Trading Department
WEST
110
MONROE
CHICAGO,
SPRINGFIELD, ILL.
Ohio Securities—Municipal Bonds
New York Stocks and Bonds
STREET
ILL.
DEALERS
IN
INVESTMENT SECURITIES
Matheny, Dixon, Cole & Co.
Powelljj Garard & Co.
SPRINGFIELD, ILLINOIS.
INVESTMENT
SECURITIES
I RWIN, BALLMAN &, CO.
328-330 332
Dealers
Municipal
and
and
Corporation
Illinois
Farm
South
39
in
Bonds
Salle
La
Street
Walnut
Chicago
Philadelphia
St.
Louie
Mortgages
££s»ni bonds
BUFFALO
EDGAR
FR I ED LAN DER
DEALER
Cincinnati
Slocum, Eckardt & Company
SHARKER
( COMPANY
IN
Securities
CINCINNATI
OHIO
Formerly
SHAPKER,
INVESTMENTS
420
St.
CINCINNATI, OHiq
134
SOUTH
WALLER
LA
SALLE
& CO.
STREET
TOLED
O
CHICAGO
Ellicott Square
BUFFALO, N. Y.
TUCKER, ROBISON&CO.
JOHN
T.
STEELE
John Burnham & Co.
Investment Securities
BUFFALO, N. Y.
Government,
and
Municipa
Corporation Bonds
SPECIALISTS
*
Successors
to
David Robison Jr. & Sons
La
Salle
and
Monroe
Bankers—Established 1876
Municipal, Railroad and Corporation Bonds
Chicago
Toledo
and
Ohio
Gardner Building,
Securities
TOLEDO.
OHIO
IN
Buffalo and Western New York Securities
F. WM.
KRAFT, Lawyer
Specializing in Examination & Preparation of
IRVING
T.
LESSER
County, Municipal and Corporation
Bonds, Warrants and Securities and
Proceedings
STOCKS AND BONDS
475
Ellicott
Square
BUFFALO, N. Y.
Rooms
Graves, Blanchet & Thornburgh
MUNICIPAL
|
BONDS
Authorizing Same.
517-520, 111 W. Monroe
Harris Trust Building
CHICAGO, ILLINOIS
St.,
GARDNER
BUILDING
TOLEDO, OHIO
March 19
THE
1921.]
IX
CHRONICLE
JBanfe tti attXi ^Brokers ©uts(be J^eto gorft
PITTSBURGH
GORDON
COMPANY
iu
Members ef
A. J. Hood &
INVESTMENT BANKERS
)
Years)
Charles A. Parcells & Co.
V
INVESTMENT
Specialize in Michigan Stocks and Bonds
PENOBSCOT
BUILDING
:
PENOBSCOT BUILDING, DETROIT, MICH.
Members Detroit Stock Exchange
BANKERS
Commonwealth Bid*.,
PITTSBURGH
SECURITIES
DETROIT
LYON, SINGER &, CO.
INVESTMENT
Stock Exchange
SECURITIES
BOUGHT—SOLD—QUOTED
PITTSBURGH, PA.
Pheae Court 3264-5
Detroit
Company
(Established 20
MICHIGAN
iembers Pittsburgh Stock Exchange
UmIw Bank Building,
MICHIGAN
MICHIGAN
Richard Brand Company
HUGHES, GORDON, BRASIE & CO.
Specializing Detroit Securities
Securities of Pittsburgh District
High Grade Bonds
Pennsylvania Municipal Bonds
DIME
BANK
;
DETROIT
BLDG.
We invite
inquiries
your
1721-3 Dime Bank
Bldg., Detroit
Geo. W. Eberhardt & Co.
OLIVER BUILDING,
PITTSBURGH
PROVIDENCE
Stocks, Bonds,
and
Provisions
Members New
Members
Members
WHITTLESEY, McLEAN & CO.
Grain
BODELL & CO.
York Stock Exchange
Municipal Bonds Corporation Bonds
■
Pittsburgh Stock Exchange
Chicago
Board
Trade
of
10 WEYBOSSET STREET
PROVIDENCE
A.
MASTEN & CO.
E.
Established
Preferred
2054-56-58 Penobscot
New York
Stocks
r
Active Members of Detroit Stock Exchange.
DETROIT
Bldg.,
Boston
1891
New York Stock Exchange
Boston Stock Exchange
Members] Pittsburgh Stock Exchange
fenton, davis & boyle
J.
Investment
Branch Office—
INVESTMENT SECURITIES
Wheeling, W. Va.
List
W. Carson Dick & Company
Bankers
CONSERVATIVE
Pittsburgh, Pa
323 Fourth Ave.,
N.
NEWARK,
Chicago Stock Exchange
Chicago Board of Trade
New York Cotton Exchange
upon
request
Chicago
Detroit
Grand Rapids
;
F.M. CHADBOURNE & CO.
FIREMEN'S
INSURANCE
BUILDING
KEANE, HIGBIE & CO.
NEWARK, N. J.
INVESTMENT BONDS
MUNICIPAL BONDS
67 GRISWOLD
f90-895 UNION ARCADE BUILDING
DETROIT
ST.
TEXAS
PITTSBURGH, PA.
J. E.JARRATT& COMPANY
INDIANAPOLIS
Bankers
Investment
Fletcher American Company
-
Texas
Members
Detroit
Stock
Exchange
$1,500,000
Specializing in Indiana and Indianap¬
olis
DETROIT, MICH.
Penobscot Bldg.
INDIANAPOLIS
Capital
Inc.,
INVESTMENT BANKERS
Municipal Bonds
San Antonio,
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
Bldg.
...
-
TEXAS
Milwaukee
Chicago
Investment Securities
INVESTMENT BANKERS
UNION TRUST
BLDG.
DETROIT,
Members Detroit Stock Exchange
MACON
Municipal Bonds
Indiana Corporation
Securities
W. M. DAVIS & COMPANY
Southern Municipal Bonds
NEWTON
HAMLIN A CO
Members
Detroit
Stock Exchange
AND
TODD
Motor Stocks,
Guaranteed Stocks
Local Securities and
Indiana
W. A,
Corporation Bonds and Stocks
GEORGIA
MACON
Public Utilities & Oils
1010 Penobscot Bldg.,
DETROIT, MICH.
INDIANAPOLIS
MS Lemcke Bldg.
BALTIMORE
Joel Stockard
R. Lancaster Williams & Co.,
Inc.
INVESTMENT SECURITIES
the
MARYLAND
LOCATE
firm
disposal
Equitable Building
BALTIMORE
TO
has
for
you
re¬
that
what
quire, insert an ad in the
A Co., Inc.
INVESTMENT BANKERS
Municipal, Government &
Corporation Bonds
Members Detroit Stock Exchange
Penobscot Bldg.,
•
DETROIT
•
Cherry 2096
Classified Department
Scott & Stump
INVESTMENT SECURITIES
Exchange Building
PHILADELPHIA
Stock
of The Financial Chron¬
icle
(faces
back cover.)
the
Harris Small & Lawson
inside
INVESTMENT
ISO
Phones:
Locust 6480. 6481, 6482, 6483
Keystone:
Race 2797
SECURITIES
CONGRESS ST., W.
DETROIT
[VOL. 112.
jankers atlb Proiters €>uts(ije J^eto Port
PACIFIC
PACIFIC
COAST
Howard Throckmorton
CALIFORNIA
COAST
PORTLAND, ORE.
Pacific Coast Securities
SECURITIES
HALL & COMPANY
INVESTMENT BONDS
BONDS
'Government
of MUNICIPALITIES AND
Local and Paclflo Coast Securities
Bonds Municipal
CORPORATIONS
Corporation
PORTLAND, OREGON
LEWIS BUILDING
having substantial assets
San Francisco
and earning power.
Commercial Building
Alaska
MINNEAPOLIS
WILLIAM R. STAATS CO.
Quotations
and
Furnishsd
Information
Paelfle Coast
on
LOS ANGELES
Securities
Established
SAN
FRANCISCO
PASADENA
1853
ESTABLISHED
IQIO
SUTRO & CO.
"MUNICIPAL RAILROAD
INVESTMENT BROKERS
CORPORATION BONDS
Members
San Francisco Stock
San Francisco
410 Montgomery St.
COMMERCIAL PAPER/
F. M.
DEALERS
Blankenhorn-Hanter-Dulin
DENVER
Company
& CO.
BROWN
STIPAUL
MINNEAPOLIS
and Bond Exchange-
Municipal and
IN
Corporation Bonds
MUNICIPAL
Municipal and Corporation
CORPORATION
BONDS
AND
DnMHC
DISTRICT
OVJlNLO
WILL
H.
WADE
INVESTMENT
S18-818
SAN
First
National
FRANCISCO,
Bank Building
CALIFORNIA
COMPANY
BANKERS
Second Floor U. S. National Bank Bldg.
LOS ANGELES
California Securities
PASADENA
SAN
I
DENVER
SAN FRANCISCO
AUGUSTA
DIEGO
JOHN W. DICKEY
Aronson and
Company
Los Angeles,
We
California
4& 2m
Augusta, Ga.
specialize in California
Municipal
&.
Corporation
Southern Securities
BONDS
CSTABLTSH£0 IPIJ
CLEVELAND
Established
1886.
DRAKE, RILEY &. THOMAS
Van
TheGundling-JonesCompany
Nuys Building
LOS
ANGELES
WM. E. BUSH & CO.
STOCKS—BONDS—NOTES
BANGOR BUILDING,
Augusta, Ga.
CLEVELAND
R. H. MOULTON & COMPANY
CALIFORNIA
OTIS & COMPANY
American Natl
Bank
Members
of
MILL
STOCKS
LOS ANGELES
Bldg.,
SPARTANBURG, S. C.
San Francisco
New
York,
Boston,
Cleveland,
Chicago, Columbus and Detroit Stock Wxchanges, the New York Cotton Exchange
and the Chicago Board of Trade.
COTTON
MUNICIPALS
Title Insurance Building,
Investment Bankers
SOUTHERN SECURITIES
A. M. LAW & CO.,
CHAPMAN DE WOLFE CO.
DEALERS
Inc.
IN
CLEVELAND
New York
Columbus
Boston
Toledo
Dayton
Denver
Detroit
Akron
801.858
Cincinnati
SAN
Youngstown
Colorado Springs
Bonds
Stocks
and
Southern Textiles
Quotations
on
all
Bonds
Specialty
a
I
Pacific
SPARTANBURG, S. C.
Coast Securities
Acceptances
and
CALIF!
Stocks and Bonds
Information
Stocks
1
FRANCISCO,
Members San Francisco Stock & Bond Exchange
SHORT TERM
NOTES
CHATTANOOGA
RITTER COMMERCIAL TRUST
NORFOLK, VA
LEWIS BURKE & CO.
Unincorporated
CLEVELAND
•80 Euclid Ave.
BUFFALO
Niagara Life BIdg.
MOTTU & CO.
Established
LOCAL AND SOUTHERN
1892
SECURITIES
THE
KLIPFEL- WASHBURN - BERKLEY
NORFOLK, VA.
80
Listed
Bucyrus
Unlisted
-
Inactive
B. W.
SOUTHERN
Stocks & Bonds
Strassburger
INVESTMENT
Montgomery,
ALBERT
BOSTON
HUNTER GLOVER & CO.
Philadelphia
Cincinnati
Departments
any one
can
be
England
\
Springfield
J.
MURRAY WALKER
85 Devonshire Street
Department
of the
Yielding 6H% 1° 8%
Ashtabula
New York
capable head for
ad in the Classified
Industrial Securities
investment Securities
CLEVELAND
and
of your
CLEVELAND, O.
New
BUILDING,
SECURITIES
Ala.
A BUSINESS EXECUTIVE
obtained by inserting a small
FOYER
Leader News BIdg.
ERIE
CHATTANOOGA
MONTGOMERY
Warren
-
James Building
City Bldg.
CLEVELAND, O.
Dayton
YORK
Broadway
INVESTMENTS
INVESTMENT SECURITIES
2nd Floor National
NEW
CO
Boston
FINANCIAL CHRONICLE.
Our
Classified Department faces ths
inside back cover.
March 19
1921.]
THE
CHRONICLE
XI
JBaukztn anb ^rakers: <0utsribe JJeto
MARX &
COMPANY
THAYER, BAKER &
BANKERS
BIRMINGHAM,
-
.
co
Graham. Parsons & Co.
4IS CHESTNUT ST.'
Southern Municipal and
ST.
PINE
IS
PHILADELPHIA
ALA.
.
NEW
YORK
Investment Securities
Corporation Bonds
V
Deal In
INVESTMENTS
NEW ORLEANS
Purchase
MUNICIPAL BONDS,
Commercial Trust Bldg.,
PHILADELPHIA
Southern
and
Issues af
BONDS, NOTES AND PREFERRED STOCK
of
Municipals
RAILROADS,
INDUSTRIAL
UTILITIES
AND
CORPORATIONS
of
ESTABLISHED
VALUE.
Bond Secured
Short Term Notes
Cable Address "Graoo." Philadelphia.
8% Convertible
|
10-Year Gold Notes
Preferred Stocks
Commercial Paper
Bankers
To Yield 8%%
Acceptances
Hibernia
Securities
Company
(Incorporated)
Strong, ^well-managed
Public
Utility ^serving population of
225,000 in one of the richest and
most rapid growing sections of
the country, has
applicable net
earnings over three times interest
charges for this issue. Collateral
security, sinking fund provision
and conversion privilege make
this an unusually attractive of¬
fering.
Direct Private
Wire
44 Pine Street
Boles&Westwood
Members Philadelphia Stock
Service
Exchange
••
Investment
Securities
Lul Tttta
BiDdlnt,
■
PHILADELPHIA
•
Telephone Locust 4721
Send for Circular CC-65
New Orleans
New York Office
|
HAlByllesby & Ca
Incorporated
„
HI
Chicodo
208 SLuScdle St
New\brk
Broadway
tHI.CIark^CO.
ST. LOUIS
BANKERS
Lorenzo E. Anderson & Company
310
N.
8th
and
Municipal
St..
St.
321 Chestnut
Bonds
Corporation
New York Stock
Exchange
New York Cotton Exchange
Members! Chicago Board of Trade
St. Louis Merchants Exchange
St. Louis Cotton Exchange
St. Louis Stock Exchange
Established
(Established I860)
Members New York and
Insurance Brokers
LANE
MAIDEN
Charles W. Moore
NEW
YORK
Tel. John 4376
Are
your
Holdup
and
BONDS
BANKERS
given
ST.,
ST.
ST. LOUIS, MISSOURI
policy contracts, fire
on
protection and loss adjustments.
Prompt
Mt OLIVE
coverage
procured
wherever
Members
Bldg., Philadelphia
Philadelphia
Stock Exchange
LOUIS SERVICE
lembers New York Stock Exchange
dembers St. Louis Stock Exchange
N.
Land Title
desired.
Pennsylvania Tax Free
MARK C. STEINBERG & CO.
300
Mr Cown&Cq
Bonds,
Fire, Automobile,
Liability policies properly
written?
Advice
INVESTMENT
Philadelphia
Stock Exchangee
William H. Burg
SMITH, MOORE & CO.
1837
Edward E. Hall & Co.
80
Herndon Smith
St., Philadelphia
Louis
Broadway
ST. LOUIS
Bonds
PAUL & CO.
American
Woolen's
Great
Assest
Members Philadelphia Stock Exchange
Republic Steel
American
1431 Chestnut Street
PHILADELPHIA
Sumatra
Position of Equipment Stocks
Members St. Louis Stock Exchange
discussed in current issue of
STIX
& CO.
BOYLE, BROCKWAY & GRAHAM, INC.
MATTERS
Investment Securities
•09 OLIVE
ST.
ST.
LOUIS
digestions
Free
on
Ask
Municipal Railroad^
Corporation Bonds
20
Broad Street
~
New York *
CHOKE RECTOS 8140—CABLE AOOBtSS
List
C given
current
"OBlIirriHEJIT"
offerings.
FINANCIAL
ecurjtjes
Unlen
Arcade
Pittsburgh,
F».
request
for C-6
RCMegargel&Co.
Over
0 New York
gQ^ ^ *ke Banks in
City
NATIONAL
FOR
27 Pine Street New York
SAFETY
THEIR CHECKS
George La Monte
61
uie
PAPER
Broadway
Son
New York
3nqufr<ea
Current
American
UNLISTED
Light & Traction
[VOL. 112.
CHRONICLE
THE
XII
Acker, Merrall & Condit 6s, 1923
1925
Atlas Portland Cement
Atlas Portland Cement 6s,
Borden Co.
Cleve. Akron & Columbus 5s,
Elgin National Watch
Equitable Gas Lt. N. Y. 5s, 1932
Nash Motors
N. Y. & East River
TOBP'i KIHK
Ward Baking
West
Members
Virginia Pulp & Paper
the
That
KNOW
men
in
their
use
and
fied
the
TO
this
mind for
sion
use
ABOUT
Listed
the
when
Sertoli Irotljersi
guMtc Utility &ccuritiea
111 Bwabway,
Exchange
Secured upon the property of one of the
important controlled lines of the Southern
Railway—a line upon which the System is
dependent for a large part of the coal it
occa¬
arises.
uses as
well
as
much
We have
from
Charleston.
of 600
Write
for Circular No. 1844
Describing These Bonds.
Deb.
5s, 1928
Spencer Trask&Co.
Bankers Trust Co.
Central Argentine
Ry. 6s, 1927
25 Broad
Chicago & West. Ind. 7l/zs> 1935
Pacific Power &
Members
Public Utility
CHICAGO
BOSTON
New
York
$100 Denominations
Exchange
Stock
Members Chicago Stock Exchange
South. Bell Tel. & Tel. 5s 1941
Inquiries from Investment
Dealers Solicited.
Trinity Bldg. Corp. 5y2s» 1939
Rector
Tel. Rector 9261
St., N. Y.
all issues
all issues
St. Louis Southwestern,
JOSEPH EGBERT
2
Grand Trunk Ry.,
Erie Gen. 4s, 1996
Southern Ry. Gen. 4s,
1956
Great Northern of Canada 4s, 1934
PROCTER & GAMBLE CO,
and
Members
Cincinnati
of
Stock
Stock
Baltimore
Stock
Philadelphia and
Boston
Pennsylvania Co. 4y28
the
Exchange
Exchange
MILLER & COMPANY
Members N. Y. and Phila.
110
CINCINNATI, OHIO
to
Provincial
Municipal Bonds
Due June
of
Trade
Exchange
Board
Chicago
Rector 99S0-S, 9711-7, 6911-1
Phones
issues
Canadian Government,
Westheimer & Company
York
Phone
Private
City of Montreal 6s, 1922
Cuban Government Bonds
all
INDIAN REFINING CO.
New
Bonds
issued in
Street, New York
ALBANY
Light 5s, 1930
compiled
A List
coal it trans¬
of the
ports to Southern mills and for shipment
American Can
JJetn Horb
on
New York Stock
in
Department
'
im
Department.
Keep
Ward Baking 6s, 1937
New York
YIELD
Classi¬
Chronicle
5s, 1943
United Lead Deb. 5s, 1943
Railroad Bond
respective
consult
York Stock Exchange
5%
efficient
most
fields
Financial
New
Broad St.,
25
DO YOU
Gas 1st 5s, '44
Texas & New Orl. Cons.
Preferred
Packard Motor,
'27
Broadway.
Stock Exchanges
'Phone 7500 Rector, N. Y.
15, 1921 and July 1, 1921
SUTRO BROS. & CO,
NEW YORK
Telephone: Reetor 7350
of New York Stock Exchange
110 BROADWAY,
Members
BALTIMORE, MD.
Bought—Sold—Quoted
TRUST CO. STOCKS
BANK STOCKS
CHASE
NATIONAL
NATIONAL CITY
NATIONAL
CENTRAL
BANK
COMMERCE
MECHANICS
&
METALS
NATIONAL PARK
NAT.
UNION
COLUMBIA
FARMERS'
EXCHANGE BANK
IRVING NATIONAL BANK
BANK OF MANHATTAN CO.
CORN
BK.
BANK
3993
3994
TRUST
TRUST
METROPOLITAN TRUST
LAWYERS TITLE & TRUST
TITLE
COMMON
Telephone 3992 Rector
TRUST
TRUST
LOAN &
GUARANTY
KODAK
3991
BANCERS TRUST
BANK
BANK OF
EASTMAN
GUARANTEE
ALFRED F. I NGOLD&CO.
& TRUST
74
Broadway, N.
Y.
INSURANCE & SURETY STOCKS
GLOVER & MACGREGOR
BOND & MORTGAGE GUARANTEE CO.
GREAT AMERICAN INSURANCE
HOME INSURANCE
LAWYERS MORTGAGE
NATIONAL
845
William. St., New York
PA.
Amer. Wat. Wks. & Elec. 5s, 1934
Stone, Prosser & Doty
51
Fourth Ave., PITTSBURGH,
COMPANY
SURETY COMPANY
'Phone
Hanover 7733
West Penn Traction 5s, 1960
St. Paul Union
Depot 7s, 1923
West Penn Power deb. 6s, 1924
March 19 1921.1
THE
XIII
CHRONICLE
Current $onh Snqufdea
Amer.
Canadian
Light & Traction 6s, 1925
Chinese
Amer. Water Wks. & El. 5s, 1934
War
Loans
Government
American
1921
6s,
Light & Traction
Detroit Edison
Chicago Railway 5s, 1927
Ford Motor of Canada
Kansas
Beaver Board 8s, 1933
Eastman Kodak
Grand Trunk Pacific Issues
Assoc. Simmons Hdwe. 7s, '25
Firestone Tire Com & Pfd.
City Ry. 1st 5s, 1944
Continental Motors 7s, 1925
Lehigh Power Sec. 6s, 1927
Rochester Ry. & Lt. 5s, 1944
Federal Lt. & Traction 6s, 1922
Texas
Gen'l Refractories Serial 6s
Woodward
Sen Sen Chick 6s,
Electric Ry.
Iron
Georgia Lt. Pr. & Ry. 5s, 1941
United
Packard Motor Com. & Pfd.
5s, & 6s
5s,
1952
120
Buff. 5s, 1962
Willys Corporation Stocks
/
Private
wires
to
Chicago,
Traders Telephone 7683
Detroit,
Cleveland,
Grand
Youngstown,
Rapids
Light & Rys. 5s, 1932
Webster Coal & Coke 5s, 1942
Goodyear Tire
& Rubber
Morton Lachenbruch
Willys
Corporation
&Cq
42 Broad Street. New York
-PHILADELPHIA -ST. IfllllS
ynCSfiQSfiH - DETROIT • CLEVELAND -6EAHD RAPIDS
Lansing
N. Y. State Reg. 41/ks, 1963
Albany & Susquehanna S^s, '46
B. & O. Pitts. Jet. 3V2s, 1925
Chi. St. L. & N. Orl. 1st 5s, 1951
G. H. & S. Ant. M. & P. 1st 5s, '31
111. Cent. St. L. Div. Reg. 3V2S 51
Manhattan Ry. 1st 4s, 1990
Mil. Sparta & NoVrn 1st 4s, 1947
N. Y. Central Deb. 4s, 1934
St. L. Iron Mt. & So. Gen. 5s,
Private Wires to, CHICAGO
Rector
R. W.
Rector
Phone 6780
N. Y.
St.,
PRESSPRICH
40 Wall Street,
Telephone
J9
v/V/»
New York
Central RR. of New Jer. Gen. 5s, 1987
FARLEE & CO.
Cent. RR. & Bkg.Co.of
Ga. colL5s,'37
Chic. Ind. & Lou. Ref. 4s & 6s, 1947
Federal Farm Loan
66 BROADWAY
Grand River
4^s,
1937-1938
Grand
Ind.
& Louisville 4s,
C.
C.
& St.
Richmond-Wash.
L. 4^s
Coll.
Oregon Short Line 1st 6s, 1922
Members N.
K. L. FLEMING \JR,
.TEL:Rector7270"
1943
52
Y,
Stock
Broadway
Exchange
Tel. Broad 6323
BONDS
RAILROAD
Private
43
New York City
Telephone: Hanover 6424
Exchange
-y
Broadway NY.•
4s,
Ry. 1st 4s, 1960
Prince & Whitely
5-Hjs & 7s, 1923
S. P. LARKIN & CO.
CONSTABLE
"J," 1964
Tr.
St. L. Iron Mt. & Sou. Gen. 5s, 1931
St. Paul Union Depot
CONSTABLE St FLEMING
1947
England 1st 4s, 1961
Winston-Salem S. B.
INVESTMENTS
307
Rapids & Ind. 1st 4)^8, 1941
Chicago
Pitts.
Norfolk & Western Poco. 4s, 1941
John
Illinois Cent., Omaha Div. 1st 3s, '51
Central of New
Valley 4s, 1959
Manhattan Ry. Cons. 4s, 1990
Rector 1195
'31
C. C. Kerr & Co.
S
G4
Rector
and
Telephone 5s, 1944
Waterloo C. F. & Nor. 5s, 1940
J. S.
■■
Broadway, New York
Telephone 6070 Rector
Louisville Gas & El. 8s, 1923
Ohio State
1929
Merrill, Lynch & Co.
Gulf Oil 7s, 1933
Internat,l Ry. of
Goodyear T. & R.. Com & Pfd.
Lincoln Motors, Class "A"
Paige Detroit Com & Pfd.
PI.
wires to Philadelphia, Boston,
Baltimore, Richmond, New Haven
St. Louis Iron Mtn. & So. 5s,
1931
1929
Iron Mtn. & So. Riv.&G.4s,1933
St. Louis Iron Mtn. & So. 4s,
St. L.
Chicago & Alton Ref. 3s, 1949
Bond
Railroad
New
Public
Dept.
England RR. 4s & 5s, 1945
AtL & Danv. 1st & 2nd 4s, 1948
Ches. & Ohio: Nor. Ry. 5s, 1945
Macon Terminal 5s, 1965
Rensselaer & Saratoga 7s, 1921
Canadian, Cuban,
Imperial Tobacco Com. & Pfd.
Com. & Pfd.
Industrial Bond
Dept.
& Pfd.
Norwalk Steel 4
Safety Ins. Wire & Cable 6s, 1942
Consolidation Coal 5s, 1950
Babcock & Wilcox,
Ltd.
Wayne Coal 6s, 1937
Grand Trunk Pacific 3s, 1962
Lehigh Power Sec. 6s, 1927
Light, Com.
Electrical Utilities, Pfd.
Northern Ohio Electric, Pfd.
American Power &
Municipal Bond Dept.
Caddo Central Oil & Ref. 6s, 1930
1952
Grand Trunk Pacific 4s, 1955
Seattle Ltg. 5s, 1949
Ft. Dodge Des M. & So. 5s, 1938
Southern Cal. Edison 6s, 1944
3^s, 1929
Havana Electric 5s,
Mississippi River Power Com. & Pfd.
Mississippi River Power 5s, 1951
Carolina Power & Light 5s, 1938
New Jersey Pr. & Lt. 5s, 1936
Monon Coal 5s, 1936
Air Reduction 7s, 1930
1951
Havana Electric Com.
Ry. Memphis Div. 5s, 1996
St. Louis Div. 4s, 1951
So. Ry.
British American Tobacco Common
Telephone 5s,
Chatt. Div. 4s, 1951
Housatonic RR. 5s, 1937
So.
SECURITIES
Cuban
C. & O.: Grain Elevator 4s, 1938
Cent, of Ga.,
Mexican
Cuban Telephone
N. Y. Chic. & St. L. 1st 4s, 1937
Utility Dept.
Denver Gas & Elec. 5s, 1949
Cedar Rapids Mfg. & Pr. 5s, 1953
United Light & Ry. 5s, 1932
Auto Sales Gum & Choc. 6s, 1931
Industrial Stock
State of Santa Catharina, Brazil
Ext. S. F. Cold 6s, 1944
New York
Joint
West
Dept.
Wholesale, Pfd.
Austin Nichols, Pfd.
City Bonds (all issues)
issues)
Stk. L'd B'k B'ds (all iss.)
Virginia 33^s, 1939
Fed. Farm L'n Bonds (all
American
Bank
Stock
D. L. & Western Coal
Gillette
Kuczynski & Co.
120 Broadway
New York
Telephone Rector 6834
Dept.
Mechanics & Metals Nat'l Bank
Razor
Ogden Mine RR.
Pitts. Ft. W. & Chicago, Pfd.
Home Insurance
American Smelters Sec.
Guaranty Trust
Indiana & Illinois Coal,
"B"
Com.
Rensselaer & Saratoga RR.
Chase
National
Bank
Equitable Trust
National Park Bank
CORRESPONDENTS
All Important
Foreign Capital.
PRIVATE
Montreal
WIRES
Toronto
CARRUTHERS, PELL Si
15 Broad Street,
New York
Philadelphia Phone, Locust 572
CO.
Phones .5161 to 5169 £Toncw«r
Bait.
Phone, St. Paul 938S
THE
CHRONICLE
[VOL. 112.
Current JJonb Hlnqufrfe*
F.
J. LISMAN & CO.
WANTED
.
Peoria Water Works 4s and 5s
M«mb«ri New York Stock Exchange
61
Birmingham Water Co. 5s
BROADWAY, NEW YORK
Butte
Central
Middle States Water Works Co. 5s
Anaconda & Pacific Railway 5s Clinton, Iowa, Water Co. 5s
Montreal & Province 4s
Vermont
Railway Co. 5s, 1930
Chicago & Eastern Illinois, all issues
WE DEAL IN
Galveston
&
Houston
Henderson
5s
Racine Water Co. 5s
Wichita Water Co. 5s
Greenwich & Johnsville Railway 1st 4s
& Terminal
Houston Belt
Kansas
Lake
Northern
&
2nd
Western
Railways 5s
Ohio
Railway
1st
of
5s
5s,
1941
1945
H. C. SPILLER & CO.
Savannah & Statesboro Railway 1st 5s
">
INCORPORATED
17 Water St.,
Tampa Northern Railroad 1st 5s, 1936
Toledo
Ohio
&
Central
5s,
all
v
Queens County Water Co. 5s
Otero Irrigation District 6s
Leavenw.C'y&Ft.L.Wtr.4s,5s,6s
City Memphis & Birm. 4s & 5s
Erie
New York Interurban Water 5s
Acquackanonk Water Co. 5s
68
corner
Devonshire St., BOSTON
Wall Street, NEW YORK
issues
Toledo Terminal Railroad 1st 4^8, 1957
35
mmWJk
AND ALL RAILROAD AND STEAMSHIP
SECURITIES
American
Underlying
VILAS &HICKEY
49 Wall Street
BOND
&
Scrip
Forbes
Porto Rican-Amer. Tob Scrip
Railroad
New York
Tob.
Mac Andrews
Tobacco
Products Scrip
BROKERS
Bonds
Orders Executed in Railroad
and Active
Dealers
Bond
on
Specialists
*20
5
Nassau
NEW
Indiana Steel 1st 5a, 1952
Cleve* Akron & Col. 4s, 1940
New York Telephone
4%s, 1939
Reading, Jer. Cent. Coll. 4a, 1951
Tri-City Railway & Lt. 5a, 1923
Argentine Govt. 5a, listed &
unlisted
Street
Austin & Northwest 1st 5s, 1941
YORK
Bang. & ArooB. RR. underly'g bds.
Duluth & Iron Range 5s, 1937
City of Sao Paulo 6s
Chicago Memphis & Gulf 1st 5s
Illinois Central-Cairo Bridge 4s
McKinley & Morris
York Stock
Westchester Lighting 1st 5s
Rio de Jan. Tram. L. & P. 5s, 1935
Nassau Electric
Santa Fe Pres. & Phoenix 5s, 1942
4s
BROADWAY, N. Y.
Tel. Bowling Green 2150 to 2157
&
Iron
6s
Finlay Si Davenport
Specialists in
Railroad Terminal Bonds.
Exchange
60
72
Trinity PI.
Central Petroleum
St., N. Y.
Tel. Broad 8788
LOCATE CAPABLE MEN
to
Secur.
4%, 1957
Nassau Elec. RR. 4%, 1951
Lexington Av. & Pav. Fy. 5%, *93
Columbus & 9th Ave. RR. 5% '93
MacQuoid & Coady
14 Wall
St., N. Y.
Tel. Rector 6881
Fajardo Sugar
Providence
Western Power
Stock
ABRAHAM & CO.
Savannah Sugar
Pacific Gas & Electric
York
Shawinigan Wat. & Pr. 5s & 5^8
Utica Clinton & Bing. 5s, 1939
Wisconsin Central ref. 4s, 1959
27 William
Central Aguirre Sugar
Central Sugar Corporation
Lt. & Trac.
Glov.4^s,1947-52
New Orleans Term. 4s, 1953
Nor. Ontario Lt. & Pr. 6s, 1931
Union Terminal of Dallas 1st 5s
Sloss-Sheffield Steel
Empire Gas & Fuel 6s, 1926
&
Florida Cent. & Penin. 5s, 1943
Kanawha & Mich. 1st 4s, 1990
,
Mallory Steamship 1st 5s
Home Insurance Co.
Members New
Securities
jiYPhoae-- Rector 4594
Fonda John.
New York Tel. 6s, 1949
Amer.
Tobacco
WOOD, STRUTHERS & CO.
Central Pacific 3%s9 1929
Canadian Pacific 6a, 1924
New
all
Bristol & Bauer
Commission
Telephone Hanover 8317
Members
tn
Issues for
THEODORE L. BRONSON & CO.
Exchange
Members New York Stock Exchange
Tel. Rector 9970
120
Broadway, N. Y.
Tel.
fill vacancies in your
organization through the
Classified Department of
•
the
FINANCIAL CHRONICLE
Our
Classified Department faces the
Inside back
Rector 7580
Argentine Government
GARDNER
&
5s,
Penn
1st
Pub.
Service
Co.
1945
5s,
1962
Dallas Gas Co. 1st 5s, 1925
Penn. Pub. Ser. Corp. 6s, '29;
CO.
Citizens
73^s, '35
Lt., Ht. & Pr. of Pa. 1st 5s, '34
Penelec Coal Co. 1st 6s, 1924
20 BROAD
STREET, N. Y.
Tel. Rector 7430
A. B. Murray & Co.
14 Wall Street
Union Pac. Ref. 4s
1940
Northwest. Teleg.
4^8,
1934
Long Island Ref. 4s,
1949 Western Union Tel. 5s,
1938
Ch. & N. W. Ext. 4s,
1926 Man. S. W. Col. 5s,
1934
Ch. M. & St. Paul Gen. 4s 1989
Phone 1053 Rector
New York
j
Manitoba Pac. Ext. 4s,
2008
Appalachian Power 5s, 1941
Commonwealth Edison 5s, 1943
Mississippi Val. Gas & Elec. 5s, 1922
Portland Gas & Coke 5s, 1940
Southern Calif. Edison 6s,
Gilbert J.
15
1944
Postley
BROAD STREET
NEW YORK
March 19
1921.]
THE
CHRONICLE
Current ]Bonb inquiries
American Glue, com.
American Hosiery
& pfd.
Bkln. Un. Gas Co. 5s, '45, & 7s,
Co.
New Amsterdam Gas Co. Cons. 5s, '48
*29
Central Union Gas Co. 1st 5s, 1927
N. Y. & East Riv. Gas Co. 5s, 1944-45
Brookside Mills
Chicago & Erie RR. Co. 1st 5s, 1982
N. Y. & Queens E. L. & P. Co. 5s, 1930
Chace Mills
Clev. Akron & Col. Ry. 5s, '27
N. Y. & Westch. Lt. Co. Gen. 4s, 2004
Edis.
Dartmouth Mfg.,
common
N. Y. Penn. & Ohio P.-L. 4^s, 1935
Co., Bklyn. 4s, 1939
111.
Co.
Y.
N.
Northern Union Gas Co. 1st 5s, 1927
5s, 1995
Equitable G. L. Co. N. Y. 5s, 1932
Nor. Westchester Light Co. 5s, 1955
K. C. Sou.
Alpaca Co.
Hamilton
111.
Edison El.
Everett Mills
Farr
El.
& 4s '40
Standard Gas Light Co. N. Y. 5s,1930
Ry. Co. 1st 3s, 1950
Kings Co. E. L. & P. 5s '37-6s, 1997
Naumkeag Steam Cotton Co.
Westchester Ltg. Co. 1st 5s, 1950 "I
Kings Co. Elev. RR. Co. 1st 4s, 1949
Mfg. Co.
N. Y. Mutual Gas Light Co. Stock
Sharp Mfg. Co.
ifSI/: Wm. Carnegie Ewen
Soule Mill
Tel. Reotor 3257-3273-4 and 3294
Sanford Mills, common
'•
!
•'
& CO.
HOTCHKIN
\
Sfl'.f-
53 State St.,
Mass.
Telephone
-
If'--;
•
"'If 'I
f:;'' I
•
•
'i.
•
''
f f f ,;:/f ■
S .1
'•
••
-iff '' f
If-'
-
'•*
United
f
Swiss Govt. 5%s, 1929
Am. T. & T. Cv.
San Francisco
4^s, '33, "$100 Bds."
Amer. Tel. & Tel. Cv. 6s,
1925
1925
Cumberland Tel. & Tel. 5», 1937
Bell Tel. of Canada 5s,
Stock Teleg.
&
Swedish Govt. 6s, 1939
The
Pacific
Tel.
& Tel.
Pacific
Tel.
& Tel.
its
and
Circular upon request
yy.,;
BULL & ELDREDGE
OLD
Members of the New York Stock
BROAD
20
4^s, 1939
Plan
the general First Mortgage
upon
Sinking Fund 4s, due April 1,1927.
Co. Stock
5s, 1936
Michigan State Tel. 5s, 1924
Michigan State Tel. Pfd. Stocks .
Mountain States Tel. & Tel. Stocks
York Tel.
Reorganization
bearing
Home Tel. & Tel. of Spokane
New
Railroads
Boston 9,
Main 460
Gold
.
2 Wall Street, New York
5s, 1937
Pfd. Stock
NEW
Exchange
Tel. Rector 8460
ST., N. Y.
AND
SECURITIES
BOUGHT—SOLD—QUOTED
Federal Farm Loan Bonda
Specialists in Short Term Securities
Southern Bell Tel. & Tel. 5s, 1941
Wm. C. ORTON & CO.
Bonds
Equipment
West. Union Tel. Coll. Trust 5s, 1938
Specialists Reorganization Securities
25 Broad St.,
New York
Tel. 7160-1-2 Broad
T. L. MacDonald
52
Tel.
Y.
N.
B'way.
Broad
2357-8-9
WE WISH TO BUY HIGH-
Fonda Johnstown & Gloversville
2nd
STANDARD
O
Standard
Oil
H.
CARL
Members
Building
PHILADELPHIA
Stock
Oil
Standard
Phones 4860-1-2-3-4
Philadelphia Stock Exchange
Stock Exchange
Preferred stock
Par Value
SECURITIES.
Boenning, Garrison A Co.
Direct Private Telephone to Berdell Bros
We
PFORZHEIMER & CO.
In
Dealers
1923
Standard Tank Car Co.
L
Indiana
1st 6s,
PENNSYLVANIA
TAX-FREE
Florida Central & Peninsula
Hi
|
'
of
GRADE
4^s, 1947
Securities
Y
Specialize in
Goodyear T. & Rub. Com. & Pf.
25 Broad St., N. Y.
Broad.
JN
Peerless Motors Stock & Notes
Rollins, Kalbfleisch & Co.
I make actual markets in
Bonds of
and
Stocks
Members N.
INQUIRIES INVITED
If, Stock Exchange
ROBINSON &
61
Telephone Broad 7064-5-6
SMITH
Tel. Bowling Green 10090
B'way, N. Y.
American Water Works & Electric
West Penn Traction
West Penn Trac. & Water Power
PROCTER & GAMBLE
Inquiries Invited.
BILLO
OTTO
37 Wall St.,
WE OFFER
East St. L. & Interurb. Wat. Co.
Phone Hanover 6197
N. Y,
*
1st
5s, due July 1942
TO NET
■
.'-I
Stock & Scrip
f
' :y
'
f .Vy
\
4-v
"ff
v.-.-f
J. S. Bache & Co.
V/4%
.
Liberty Registered Bonds
Members New York Stock Exchange
New York
Tel.., 6400 Broad
BRANCHES and CORRESPONDENTS
NEWBORG & CO.
Members
60
New
Stock
York
Exchange
Albany
EDWIN BANCKER & CO.
INVESTMENT
BROADWAY, N. Y.
Telephone
PRIVATE
4390
WIRE
Green
ST. LOUIS
Bowling
TO
Com. & Pfd
Pref.
& Manhattan 4^s, 1957
Hudson & Manhattan
Hudson Companies
Hudson
Ann Arbor 1st 4s,
1995
4s, 1923
Keokuk & Des Moines 5s, 1923
Pere Marquette
Ogdensburg & Lake Ch. 4s, 1948
Cine. Ind. & Western 1st 5s, 1965
Steph. Nor. & Sou. Texas 5s, 1940
Internat. Grt. Northern 5s, 1914
Chicago River &
Indiana 5s^ 1925
New York City
Rector
Pere
Marq.
Boston
Buffalo
Chicago
Cincinnati
Pittsburgh
Cleveland
Kansas City
Rochester
St. Louis
New Orleans
Syracuse
Philadelphia
Troy
0944-5-6
4s, 1923,
& 4^s, 1932
Manila Electric Rwy. & Light 5s
Adams Express 4s
Iron Steamboat 4s & 5s
Central Vermont 5s
Grand Trhnk 7s
Georgia Southern & Florida 5s
Cleveland Elec. Ilium. 7s
Buffalo Roch. & Pittsb. 5s
Portland Ry. & Lt. 5s, 1930 & 1942
Rocky Mountain Coal & Iron 5s
Second Ave. Receivers Ctfs.
United Trac. & Elec. 5s, 1933
St. Louis Transit 5s
Advance Rumely 6s
Granby Mining 6s & 8s
Cuban 5s, 1949
Denver
& Rio Grande 5s,
Ctfs.
Wichita Falls & N.
"Nickel
W. 5s
Plate" 2nd 6s
Atchison-East Oklahoma 4s
N.
Y.
& Hartford 4s, 1947
Ohio Central 5s
N. H.
Toledo
&
Current River 5s
Wise.
WOLFF & STANLEY
SECURITIES
118 Broadway
Baltimore
Central Ref. 4s
& Texas Issues
Missouri Kansas
Valvoline Oil Pfd.
Pacific Coast Com. 1st & 2d Pfd.
Telephone Rector 2920
72
SAM'L
Trinity Place, N. Y.
-
Phone 5380-1-2-3 Broad
GOIDSCHMIDT
25 Broad Street
XVI
THE
[VOL. 112.
CHKONICLE
Current Jlonb
Ungufrfe*
WANTED
Colubus Ry. Pow & Lt. 5s, 1940
Detroit & Suburban Gas 5s, 1928
Union Pacific convert. 4s,
1927
Oregon Short Line ref. 4s, 1929
Gt. Falls Power 5s, 1940
St. L. & S. F.
Ontario Power 5s, 1943
St. L. Spring. & Peor. 5s, 1939
Atchison-Cal. & Ariz. 4V£s, 1962
Topeka Edison 5s, 1930
Union Gas Co. Coll. Tr. 5s, 1935
United Water Gas & El. 5s, 1941
Westchester Lighting 5s,
1950
Brazilian Issues
Trinity Place
•
-
-
New York
.<
HUGHES & DIER
Members of New York Stock Exchange
100 Broadway. N. Y.
Quotation
Stocks—Bonds—Grain
| Philadelphia and Pittsburgh
Membersi Stock Exchanges, Chicago Bd.
(of Trade. N.Y. Produce Exch.
Tel. Rector 5300
42 New
Guaranteed Stocks
for
Sierra & San Fran.Pr.5s & 6s
South. Cal. Edison 6s, 1944
ARTHUR E. FRANK & CO.
Telephone: Whitehall 1056
Write
Rumely 6s
Providence Securities 4s
Mexican Issues
HANSON & HANSON
72
adj. & income 6s
Advance
Sheets.
loseptt 12tatlur Si j^otis
Members New York Stock Exchange
CI Broadway
New York
Jessup & Moore Paper Co. 1st 6s, 1939
Western N. Y. & Penn. Gen. 4s, 1943
Caddo Central Oil & Ref. 6s, 1933
Scranton&Pittston Tr. Co. 1st 6s,'20
Tennessee Ry., Light & Power Pref.
Portland Ry., Lt. & Power all issues
GEORGE
221 Lafayette
N.
FLEMING
Building,
Philadelphia
Street, New York
Telephone Broad
Iron Mt., River & Gulf 4s, 1933
Nash. Chat. & St. L. 5s, 1928
Virginia Railway 5s, 1962
Bros.
Montgomery
25 Broad
Telephone
Atchison Adjustment 4s,
American Glue Co.
Fairbanks Co.
1st
Butte, Anaconda
com.
&
Turners
Falls
Power
Western
Power
New
N.
Light pfd.
&
Elec.
Co.
Minn.
& Power pfd.
WALTER S. PLACE
35
Congress St.,
Private
Telephone
BOSTON,
New
York
and
MASS.
Philadelphia
4}^g,
& Ohio
Everett 5s,
Alliance
Investment
Exchange Place
Realty Co.
1935
1939
DUNHAM
48
& CO.
City Investing Co.
FRANK J.
NEW YORK, N. T.
Tel. 6460 Bowling Green
Hanover
WANTED
Central
District
5s,
Missouri
Mfg. Common
&
SECURITIES
Bought, Sold & Quoted
Stocks
R.B.
20 Nassau
Rubber
New
York.
Chicago
Stock Exchanges
IOMB INS. BLDG
CHICAGO
and
Joseph Gllman
Hathaway & Co.
Investment Securities
Tel. John 5020-1
34 Pine Street
'Phone 5691-4
New
York
City
John
Boston
7 WALL 8TREET
NEW YORK
.
Co.
Stocks
BABC0CK, RUSHTON & CO.
Members
Telephone
5s, 1929
Tire and
St., N. Y.
Telephone Co.
1943
Kansas
Specialists
Motor
DILLON
M.
71 Broadway
Securities
'Phone 8300
Willys Corp. (all issues)
Goodyear Pfd.—Packard Pfd*
Rolls Royce Pfd.—National
H. H. Franklin
••Mala 7088"
CHICAGO
St.,
York
Mortgage Bond Co.
Telephone 4^8, 1939
Y, Penna.
Seattle
pfd.
Light
York
Oregon & California 5s, 1927
Oregon Wash. RR. & Navigation 4s, 1961
Puget Sound Power 5s, 1933
Wickwire-Spencer Steel Co. pfd.
Wise.
New
8063
1944
Kansas City Terminal 4s, 1960
L. & N. St. Louis Div. 2nd 3s, 1980
Norfolk & Western Cons. 4s, 1996
pfd.
Jessup & Moore Paper com.
Pacific Power
Broad
Consolidation Coal 5s, 1950
Kansas City Southern 3s, 1950
pfd.
Graton & Knight Mfg.
&
1995
Pacific 5s,
5140
Investment
Securities
USE AND CONSULT
»
.
'By and by is easily said."
—SHAKESPEARE
the Classified Department of
the
Financial Chronicle
Our Classified
Inside back
Department faces the
Davies, Thomas & Co.
Members N.
Y.
Stock
cover.
Action
Exchange
5 Nassau St.
New York
Telephone Rector 5520
is the
tween
connecting link beresolve and
plishment.
which is
accom¬
Any business
sent
to
us
by
correspondent banks is
American Light & Traction 6s
Birmingham Ry., Lt. & Pow. 4j^s & 6s
Brazilian Traction 6s, 1922
Buenos Ayres Consol. 5s, 1915
Brinson Ry. 5s, 1935
Binghamton L. H. &
Beaver Board 8s
Chinese 6s, 1921
Commonwealth
P.
Edison
7s, 1925
FOREIGN BONDS
Argentine
Belgian
Brazilian
5s,
1943
Grand Trunk Pacific 3s, 1962
General Gas & Electric 6s, 1929
Hudson & Manhattan 1st
4j^s, 1957
Haytian-American Corp. 7s, 1922-24
Light 7s
Laclede Gas
Middle West
Utilities 8s, 1940
Ohio Cities Gas 7s, 1921-25
Province of Buenos Aires 6s, 1926
Port Wentworth Term. 8s, 1950
Rio de Janeiro 6s, 1921-1930
San Paulo 6s, 1943
Savannah & Atlantic 6s, 1935
State of Santa Catharina 6s
Woodward Iron 5s, 1952
German
Street, New York
the bank's special needs.
and
American Cyanamid
Atlas Portland Cement
Amer. Light & Trac. Com.
Bordens Com.
&
British-American
resources
are
tant
Russian
factors
consider if
to
impor¬
you are
& Pfd.
Pfd.
choosing
a metro¬
politan
banking
connec¬
tion.
Tobacco
Childs
Firestone
Tire
&
Rubber
Goodyear Tire & Rubber
Imperial Tobacco
Kansas
&
We invite inquiries
our
service
from
about
out-of-
Gulf
Royal Baking Powder Com. & Pfd.
Scottish-American Oil V. T. C.
town
banks.
,
Willys Corp. Pfd.
METROPOLITAN
& CO.
TRUST
OF
Tel. Rector 6157-8, 2558, 6852
DIRECT WIRE CONNECTIONS TO
CHICAGO,
and
particular attention
Our experience, personnel,
Japanese
ERNEST SMITH
20 Broad
to
French.
Italian
Consolidated Textile 7s
Empire Gas & Fuel 6s, 1924-26
Georgia Light, Power & Ry. 5s
handled without delay
with
DETROIT, GRAND RAPIDS
COMPANY
THE CITY OF
60 WALL STREET
NEW YORK
716 TIFTH iAVENUE
March 19 1921.]
THE
CHRONICLE
&«ountantg
XVII
i
jfftianrfal
income tax problems
Pitts, Ch. & L. E. 1st 5s, 1940 Caddo Cent. Oil & Ref. 6s,
audits
'30}(
|j)
West. N. Y. & Pa.Gen. 4s, 1943
Consol. Trac. of N. J. 5s, 1933
financial reports
Portland Railway 5s, 1930
Penn. Wat. & Pow. 5s, 1940
G. R. G. H. &M.
Gr.
BAUER
JOHN
Rap. & Ind. 2d 4s, 1936
K
General Asphalt 8s, 1930
Associates
and
Financial and
63
i
Ry. 1st 5s, '26 Western Penn. Pow. 7s, 1946;!
Taae
MOORE, LEONARD & LYNCH
Consultants
New York
Wall Street
New York
Pittsburgh
Philadelphia
ft'!
GEORGE W.
35
MYER, JR.
Public Accountant
Certified
ST.,
NASSAU
YORK
NEW
Government,
Audits, Investigations,
Estate
Accounting,
Public
Tax Returns
Income
Municipal,
Utility
Railroad
Industrial
Telephone Rector 6441
Established
CO.
&
BlOREN
410 Chestnut St.,
Investment Bonds
1866.
Philadelphia.
A. B. Leach &
Members New York and Philadelphia
Stock Exchangee.
Investment
and offer
subject to
prior sale
and .change in price:
We
own
62 Cedar
State of Florida
District
Everglades Drainage
due 1926-1936 @ 100
6s,
Scrantonl
Pittsburgh
Detroit
Minneapolis
Milwaukee
We Will
1923
RAILROAD
Buy
Sell
or
SECURITIES
CO.
Hershey Chocolate 73^8, 1930
Illinois Cent. Stock Coll. 4s
Armstrong Cork 7s, 1931
BONDS'
Jones &
,
M
Laughlin Steel 5s, 1939
U. S. Steel 1st
CURRENCIES
5s, 1951
Canadian Government,
and Municipal
;.,,-N
r
R.A.SOICH &CO.
Tel. Bowling Groom 3230-39
Exchange PI.
Cleveland
Baltimore
Gulf Oil 7s, 1933
1^
16-18
Buffalo
Gulf Oil 6s,
CHUCKS
'u:
Boston
Aluminum Co. of Amer. 7s, 1925
FOREIGN
■■■■'.
105 So* La Salle St., Chicago
Philadelphia
City of Philadelphia 5s, due 1951,
@ 4.70% basis
City of Calgary, Canada, 6s, due
1924, @ 7.60% basis
ALL
St., New York
Co., Inc.
Securities
J*. H.
Holmes
Hartshorne & Battelle
Co.
&
Members Nmo York Stock Exchange,
» Broad St.
Stock Exchanges
Members N. Y. and Pittsburgh
61
Provincial
Bonds
New York
TaL Broad 7746
NEW YORK
Union Bank Bldg.
Broadway
Pittsburgh
Direct Private Wire Connection
^
'
r
Central Pacific Coll. Tr. 4s
Lehigh Valley RR. Annuity 6s
Sugar Engineering Corp.
BLDQ.,
WOOLWORTH
NEW YORK.
Chic. Milw. & St. Paul 4s
Phila. & Chester Val. RR. 4s, 1938
N. Y. New Haven & Hartford 4s
Pine Creek Ry.
Japanese 5s, 1907-47 (French Issue)
Co. 1st 6s, 1932
Pitts. Bess. & L. E. RR.
Lehigh Valley RR.
cons.
cons.
AND ALL FOREIGN BONDS
5s
6s, 1923
MAXWELL B. SMITH
Western Penna. RR. 1st 4s, 1928
INVESTIGATIONS
67
Exchange
Place
Phone—Rector 8411
Phila. & Reading cons. 4s, 1937
^APPRAISALS
REPORTS
Biddle & Henry
DESIGN
.
104
South
Fifth
Street
ARE
YOU
PHILADELPHIA
Private Wire to New York
Call Canal 8437
SEEKING
OCCUPATION
o.
INCORPORATED
//^
jV^Aiccupo,
Branch
6166 Exchange At#.,
Chicago, 111. ■.
Office,
So.
German, Austrian, Hungarian, CsechoSlovakian, Rumanian, and Jugoslav Gov t
Bonds and Currency.
.*€. BENSINGER CO.
Dayton Power & Light 5s, 1941
Georgia Railway & Electric 5s, 1932
Syracuse Lighting 5s, 1951
California Elec. Gen. 5s, 1948
Kings Co. Elec. Lt. & Pow. 6a, 1997
Danville Champ. & Decatur 5s, 1938
Columbus Street Ry. 5s, 1958
Nashville Ry. & Light 5a, 1958
Laurentide Power 5s, 1946
Great Western Power 5a, 1946
AS A TRADER
OR
Then you
facilities
cash cooes
owtiwSSSSST
Louis Levenson
9no*u%r% owes
«bektl£y complete phrase CODE"
sin*
Largest itlUAj code—w%sd all ever the wo rid
UVM IMN th.«
aw- ASK
So%
mtr
.
™
mHAn Cnglllh c.wi.fl.
of
afforded
by
the
Short
Term Securities.
BgWWKOEK—PHOHg—BOWL. OR. MOT
Tel. Broad 4931
The Financial Chronicle
facing the inside back cover*
Public Utility—Industrial*
rot WPORTAKT COM CIRCULAR NO. 339 "WS
should avail of the
Classified Department
mtmmSmmmSSmm
***°
7
NEED FOR ONE
17 WhitehallStmt
office
HAVE YOU
27 William St., N. Y.
[VOL. 112.
CHRONICLE
THE
XVIII
engineer*
^financial
A
:
ANNOUNCEMENT
Purdy, Rennick & Rider
STONE & WEBSTER
INCORPORATED
INCORPORATED
(Successors to Purdy &
Co.)
DESIGN steam power stations,
34
at
Pine
Street,
the
transaction
in
conservative
offices
of
establishment
the
Announce
of
a
transmission
interurban
chemical
securities.
investment
i
MAURICE M. O. PURDY
March 9,
GEORGE H.
1921
JAMES G.
developments,
hydro-electric
York Ciry, for
general business
New
plants, warehouses and build¬
ings.
RENNICK
RIDER
city and
railways, gas and
plants,
industrial
lines,
CONSTRUCT either from their
own
Telephone John 3174
designs
from designs
orarchitects.
or
of other engineers
MANAGE
utility
public
and
industrial companies.
REPORT
on
going concerns,
proposed extensions and new
projects.
A
Complete Banking Service
In
offer
We
a
FINANCE industrial and public
utility properties and conduct
an
investment
banking
Pittsburgh
comprehensive banking service, both domestic and
business.
corporations, and individuals.
knowledge of business and industrial affairs in the Pittsburgh
foreign,
Our
District
to
out-of-town
makes
this
banks,
service
especially
Your
valuable.
NEW YORK BOSTON CHICAGO
corres¬
pondence is invited.
MELLON NATIONAL BANK
PITTSBURGH, PA.
Capital and Surplus
$11,000,000*00
-
-
WILLIAM
.Aw.
BAEHR
ORGANIZATION
Consulting
Engineers
Specializing in
Public Utilities
INCORPORATED
and
INVESTMENT SECURITIES
Industrial Appraisals
Gas and Electric
Maintaining 93 Branch Offices in 79
Management and Operation,
Counsel and Reports,
Accounting and Purchasing,
Utilities Public
Relations,
Valuation and Rates,
Principal Cities of the United States
EXECUTIVE OFFICES:
111 W. Monroe Street
CHICAGO
Design and Construction of
central station and industrial
power
plants and
gas
plants.
WILLIAM A. BAEHR Orgaakatien
AliPP"
Chicago
Peoples Gas Building
Illinois Trust & Savings Bank
La Salle at Jackso
r>
Chicago
-
$15,DM,MS
Capital and Surplus
PayB Interest
on
Has'on hand at all times
Time
cellent securities.
Deposits, Current and^Reserve
Accounts.
ohange.
Deals in Foreign
Transacts
a
Government,
Ex-
General Trust Business.
a
variety of
ex-
THE
J. G. WHITE ENGINEERING
CORPORATION
Buys and sells
Municipal
and
Corporation Bonds.
Constructors
Engineers
Buildings—Industrial Units
Public Utilities
Acts
as
,
Executor,
Trustee,
Administrator,
Guardian,
Girard Trust Company
Transfer
Agent
Chartered
H.
CAPITAL and SURPLUS, $10,000,000
Member
deposits.
PLACE,
NEW
YORK
1836
of Federal Reserve System]
Interest allowed
on
XCHANGE
AS
PHILADELPHIA
Receiver,
Registrar and
Reports—Valuations—Estimates
E.
B.
Morris, President
M. CHANCE
Mining Engineer*
&
CO.
and Geologists
COAL AND MINERAL PROPERTIES
Examined,
Dr*xel
Bldg.
Managed, Appraised
PHILADELPHIA
Mabch 19 1921.]
THE
xix
CHRONICLE
Jfinamfal
^financial
send
:
one dollar
For
;
There
analysis and Report on
any Security you own or propose
buying.
and
Facts
Brazilian Government Loans now
many
attractive income basis.
on an
feature of such investments lies in
ciation in
price
An added
possible
a
appre¬
sterling exchange returns to nor¬
as
mal.
Criticism
Impartial
are
obtainable
an
for Investors.
The Brazilian
4%s of 1888, the 5% Loan of 1903
of 1895 are examples of such
and the Brazil 5s
Investment
Registry of America, Inc.
issues.
Investment houses and
of
the above issues
The international facilities of
clients.
many new
banks, through the medium
opportunities to secure
have
the American
608 Chestnut Street,
Express Securities Department is in
a
position to afford investment houses a compre¬
hensive service along these lines.
Philadelphia
American express
i
SECURITIES
TELEPHONE'"
Departmbnt
bowleg green iqooo
STOCKS AND BONDS
and
bought
Bold
for
cash,
or
terms.
conservative
carried
broadway—new york
65
on
I
? Inactive and unlisted securities.
Inquiries invited.
FINCH A TAR BELL
Members
180
New
York
Stock
Exchan"
broadway,
NE*
YORK
'here
Texas
Municipal Bonds
to
High Yield
Broadway, New
Tel.
We
are
also
us
We cordially invite you
to
regarding them.
prepared to
re-investment of
the
York
forthcoming issues
your
in relation to
serve you
funds, the analysis of
Rector 4514
Texas Bankers*
Member
the careful investor.
communicate with
L. ARLITT
J.
current and
some
securities that should be very attractive
'of
Short-Term County Notes
141
are
Association
your
securities, quotations, statistical data, &c.
Meeting*
W. A. Harriman & Co.
incorporated
The Chesapeake & Ohio
Railway Company
ANNUAL
OF
NOTICE
New
MEETING.
Richmond, Virginia, February 17, 1921.
Annual
HEREBY
IS
NOTICE
Meeting
of
the
GIVEN
that
Stockholders
of
The
Syracuse:
Chesapeake & Ohio Railway Company will be
hdld, as provided in the By-Laws, at the general
office of the Company in the City of Richmond,
Virginia, on Tuesday, the 19th day of April,
1921, at eleven o'clock A. M.,
(1) for the election of directors;
(2) to approve and consent to, by vote or other¬
wise as may be provided by law and subject to
any
necessary
approval or consent by public
authority, the lease to the Company, or the
acquisition otherwise by the Company if and to
the extent authorized by law, of tne railroad and
that
.
may
be submitted
to
Bldg.
concerns
WE WANT BROKERS
the
and salesmen to sell
preferred stocks of such concerns.
buy half interest in small investment houses.
.
.
Bank
last three successive years.
capital stock;
(3) to authorize and consent to the form and
terms of any instrument of lease or otherwise in
premises
Onondaga
Ereferred stocks and commercial paper of sound, established
usiness
that have shown increasing profits for the
property, with the appurtenances thereof, of The
Chesapeake & Ohio Railway Company of Indiana,
substantially all the
meeting;
Street
WE WILL PURCHASE AND DISCOUNT
in which the Company owns
the
York: 25 Broad
Boston: 35 Congress Street
the
(4) to approve, ratify and confirm such action
theretofore taken or authorized by the Board of
Executive Committee of the
whether pursuant to any previous
We also
Directors or by the
Company,
authorization by, the stockholders or otherwise,
as may be submitted to the meeting; and
(5) to transact such other business as may
lawfully come before the meeting.
The stock transfer books will be closed at the
office of the Company, No. 61 Broadway, New
York City, on Saturday, the 19th day of March.
1921, at twelve o'clock noon, and will be
Wednesday, the 20th day of April,
A. m.
on
Correspondence Solicited
Central National Corporation
Capital $1,060,600
reopened
1921, at
ten o'clock
By
National Association
order of the Board of Directors.
A. TREVVETT, Secretary.
national
NOTICE
OF
lead
1921.
Annual
purpose of this meeting the transfer
books for both Common and Preferred stock will
For
the
close at 3 P.
M. on March 31st,
1921, and remain
Closed until April 22nd, 1921.
By order of the Board of Directors.
M. D. COLE, Secretary.
28
west 44th
street,
Building
new york
co.
ANNUAL MEETING
Meeting of Stockholders of the
National Lead Company will be held at the office
of the Company, No. 1 Montgomery St., Jersey
City, N. J., on Thursday, April 21st, 1921, at
12 o'clock noon.
The
; ^
exempt
Bond
"
Salesmanship
'The Human Side of Business' is the
beet hook on this subject ever written."
Price
$3, cash
circular free.
with order.
Descriptive
Published and for sale by
also
from
new
federal
york
state
income
tax
income
tax
NASSAU COUNTY, NEW YORK
Coupon 5s
the Investment House of
Frederick Peirce & Co.
1431 Chestnut
Street, Philadelphia
6. J. Van
ingen & Co.
4S Cedar SL
New York
TEL.6364 JOHN
[VOL. 112.
CHRONICLE
THE
XX
©tbtoenbg
J&tmk statements
MINNEAPOLIS ST. PAUL & SAULT
MARIE RAILWAY CO.
DIVIDEND NO. 36
STE.
have this day declared
surplus earnings of the fiscal year ending
31, 1920. a 3emi-annual dividend of
Three and
one-half per cent (3M%) 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.
1919, both payable April 15,
1921, to Stock¬
holders of record at 3 P. M. March 22d, 1921.
G. W. WEBSTER, Secretary.
The Board of Directors
The Northwestern National Bank
December
Portland Oregon
,
Statement of Condition
X.
Loans and
Discounts—
_
and Securities
Other Bonds
Furniture
and
Customers'
--
—----------
— —
Fixtures_
Minneapolis, March 8th, 1921.
$15,263,232 55
37,500 00
1,213,821 23
of
A
quarterly dividend of ONE (1) PER CENT
day been declared upon the Preferred
from surplus earnings of
current fiscal year, payable April 15, 1921, to
this
has
Credit,
Acceptances and Bills of Exchange
and Certificates.
- —
Cash on Hand and Due from other Banks
KANSAS CITY SOUTHERN
RAILWAY COMPANY.
New York, March 15, 1921.
THE
No. 25 Broad Street,
64,298 68
-
Letters
under
Liabilities
February 21 1921*
RESOURCES •
Federal Reserve Stock_____---- —
of
out
Stock of this Company,
890,696 73
—
2,275,164 08
4,396,613 38
U. S. Bonds
the
Circulation
National Banking Association
Government
by
for Customers
—
— - - - -
—
cent
327,152 12
—
quarterly dividend of FIVE per
(5%) has been declared by the
of Directors, payable on and
April 1, 1921, to stockholders of
A
1,626,000 00
Executed
Board
563,544 61
18,984,604 93
after
record of March 21, 1921.
FRED'K
$24,141,326 65
ARTHUR C. LONGSHORE, Cashier
GEORGE W. HOYT, Asst. Cashier
FRANK O. BATES, Asst. Cashier
CHAS. H. STEWART, Vice-Pres.
WALTER H. BROWN, Asst. Cashier
C. L. LAMPING, Vice-President
A. L. FRALEY, Asst. Cashier
O. L. PRICE, Vice-President
W. R. RINGSRED, Asst. Cashier
ROY H. B. NELSON, Vice-Pres.
JUNE S. JONES, Asst. Cashier
WILLIAM D. STUBBS, Assistant to the President
President
SKINNER, Vice-President
EDGAR H. SENSENICH, Vice-Pres.
.
OF THE CITY OF NEW YORK.
of
Board
The
Directors has declared a
WILLIAM
LIGHT
Harrisburg,
Due Feb. 15, 1926
16,
1921.
bonds in denomi¬
Central
and
Cambridge Avenues,
Jersey
City, N.
J. Interest semi¬
annually, August 15th and February
15th, and principal payable at the
Second National Bank of Hoboken, N.J.
Price
100
REALTY
CO.
390 Central Ave.,
N.
W.
W.
United
Corner
STONE,
Gas
Broad
PREFERRED
Arch
DIVIDEND
STOCK
NO.
33.
.
■
\
■
BROKER
St. Paul Minn.
declared
the
Board
Cashier.
YORK TRUST COMPANY,
THE NEW
of
Street.
Broad
declared this day
Trustees has
quarterly dividend of EIGHT PER
CENT, payable March 31, 1921, to stockholders
of record at the close of business March 26, 1921.
The Transfer Books will close March 26, 1921,
usual
and
reopen
April 1,
1921.
BOYD G. CURTS, Secretary.
New York, March 16,
B.
THOMAS, Treasurer,
1921.
regular
Preferred
dividend
quarterly
Stock
of
the
of
American
1M%
company
philadelphia
on
Power
&
Company has been
declared, payable
April 1, 1921, to preferred stockholders of record
at the close of business March 17. 1921.
WILLIAM REISER, Treasurer.
AMERICAN CYANAMID COMPANY.
dividend of 1 lA % on the Preferred
three months end¬
ing March 31, 1921, has been declared payable
April 1, 1921, to stockholders of record as at the
close
of
business
on
March, 21,
1921.
The
Transfer Books will not be closed.
C. M. GRANT, Treasurer.
DIVIDEND
NO.
168
Pittsburgh. Pa., March 16, 1921.
quarterly dividend of seventy-five cents
A
per share
llJ4%] on
(being
the
Common
the
one
par
Stock
and
value
of
one-half per
cent
$50 a share) on
Company, has this
of
this
been declared, payable April 30, 1921, to
of record April 1, 1921.
Cheques will be mailed.
C. J. BRAUN, Jr., Treasurer.
day
stockholders
A quarterly
Stock of this Companv for the
Exchange Bank Bldg.
has
Directors
1921.
Light
Est. 111!
of
record on March 24, 1921.
C. H. MARFIELD,
the
AMERICAN POWER & LIGHT CO.,
71 Broadway, New York, N. Y.
PREFERRED STOCK DIVIDEND NO. 46.
BACKER
Board
The
regular quarterly dividend of three (3) per cent,
payable on April 1, 1921, 'to stockholders of
The
Light Company
YORK.
NEW
OF
New York, March 17. 1921.
Streets,
The
regular quarterly dividend of one and
three-quarters per cent (1%%) on the Preferred
Stock of the Utah Power & Light Company has
been declared, payable April 1, 1921, to stock¬
holders of record at the close of business March 16,
The
FINANCIAL
CITY
Improvement Co.
and
26
Utah Power &
the
JACOB
1921.
16,
THESEABOARD NATIONAL BANK
Treasurer.
Philadelphia, March 9, 1921.
The Directors have this day declared a quar¬
terly dividend of one per cent (50c. per share)
on the Common Stock of this Company, payable
April 15, 1921t, to holders of Common Stock of
record at the close of business March 31, 1921.
Checks will be mailed.
I. W. Morris, Treas.
GEORGE
Jersey City, N. J.
dividend
Treasurer.
WM. G. SIIAIBLE,
March
.
HESPE
.
a
transfer books will not close.
The
OF THE
Office of The
nations of $500 and $1,000, secured by
■a first mortgage on land and buildings
on
regular
on
H.
N. J., Trustee.
declared
payable March 31, 1921, to stockholders of record
March
coupon
a
Quarterly dividend of onestock of this Company,
IK%)
the Preferred
and one-half per cent
Second National Bank of Hoboken,
Five-year
SECURITIES
of $1 per share on the capital stock of this Cor¬
poration, payable April 1, 1921, to stockholders
of record at the close of business March 28, 1921.
Pa.
The Board of Directors have declared
^
The Board of Directors has
March 16, 1921.
Sinking Fund Bonds
HOLLY, Cashier.
P.
\
CORPORATION.
AND
POWER COMPANY
Mortgage 8%
•
1921.
CHASE
HARRISBURG
$75,000
Dated Feb. 15,1921
16,
©tbibenba
.^financial
quar¬
terly dividend of 4% on the capital stock or this
bank, payable April 1, 1921, to stockholders of
record at the close of business March 28, 1921.
The transfer books will not close.
»
■
•
THE CHASE NATIONAL BANK
March
First
r
,
MARK
•
*
METZ, Jr., Cashier.
C.
March 15, 1921.
OFFICERS
EMERY OLMSTEAD,
Secretary.
HAND,
The Bank of New York
49,500 00
Obligations
Deposits
C.
279th Consecutive Dividend
1,193,463 13
_
Commercial Letters of Credit
Acceptances
G.
-----'$1,000,000 00
397,06186
— ______
—
Commercial Paper RediscountedFederal Reserve Bank Secured
at
Transfer Agent.
yf:
— --
—_
m.f
p.
,
thereof will be mailed to
the addresses last furnished the
Checks
stockholders
Capital Stock paid inSurplus and Undivided Profits
o'clock
3:00
at
31; 1921.
in payment
March
$24,141,326 65
■'■K;.'LIABILITIES
record
of
stockholders
;;
philadelphia company
DIVIDEND
A
NO.
17
Pittsburgh, Pa., March 16, 1921.
semi-annual dividend of One Dollar and
(being three per cent [3%J
value of $50 a share) on the 6%
fifty cents per share
MERCK & CO.
A quarterly dividend of two dollars
($2.00)
per share has been declared upon the preferred
j
HAVE YOU
stock
of this
corporation, payable on
April 1st,
1921, to preferred stockholders of record
of business March 17th, 1921.
at the
close
BANK FIXTURES
GEORGE W.
INTERNATIONAL
ment
HARVESTER
of record
duquesnTught
COMPANY
G.
A.
RANNEY, Secretary.
Depart¬
(opposite inside
cover).
Stock, has this day been
payable May 2, 1921, to stockholders
April 1, 1921.
Cheques will be mailed.
C. J. BRAUN, JR., Treasurer.
back
Preferred
MERCK. Treasurer.
quarterly dividend of $1.75 per share upon
918,000 shares of common stock, payable
April 15, 1921, has been declared to stockholders
of record at the close of business March 25, 1921.
Then consult the Financial
par
declared,
W. H. Goadby
& Co.
Member* New York Stock
NO. 74 BROADWAY
Exchange
NEW YORK
co.
DIVIDEND NO. 25
the
V
Classified
the
Cumulative
A
FOR SALE?
Chronicle
on
A
|
Pittsburgh, Pa., March 16, 1921.
quarterly dividend of
ONE AND THREE-FOURTHS
PER CENT
(1 %%) on the 7% Cumulative Preferred Capital
Stock, has
this day been declared,
payable
May 2, 1921, to stockholders of record April 1*
1921.
Cheques will be mailed.
C. J. BRAUN, JR., Treasurer.
mabch 19
1921.]
Hftiftitnbg
■>.%3
UV;,:
,;vHUPP
MOTOR CAR CORPORATrON
Preferred Dividend No. 22.
/;
Detroit, Michigan, March 10, 1921.
The
Directors
have
declared
a
quarterly
dividend of 1 %% on the 7% cumulative pre¬
ferred
stock,
holders
of
payable
record
will be mailed.
T
1,
1921.
stock¬
1921, to
19,
April
March
Checks
.
A. VON
SCHLEGELL, Treasurer.
westinghouse
electric
& MANUFACTURING COMPANY.
A quarterly dividend of 2% ($1.00 per share)
on
the PREFERRED Stock of this Company
will be paid
April 15. 1921.
A Dividend of
2% ($1.00 per share) on the
COMMON
Stock
of
this
Company for the
ending March 31, 1921, will be paid
30, 1921.
Both Dividends are payable to Stockholders
of record as of March 31, 1921.
H. F. BAETZ, Treasurer.
New York, March 19, 1921.
'
#
uarter
Ipril
Consumers
Electric
Light
Company
Power
and
(NEW ORLEANS)
The regular
three-quarters
dividend of one and
(1% %)
on
the Pre¬
quarterly
cent
per
ferred
Stock of the Company has been declared
payable March 31,
1921, to stockholders of
record
March
10,
1921.
The transfer books
for the Preferred Stock will be closed at the
close of business March 10, 1921, and will be re¬
opened
April 1, 1921.
A. L. LINN, JR., Treasurer.
on
contributes
United Shoe Machinery Corporation
The
Directors
clared
a
Capital stock.
dend
of 50c.
stock.
of
per
stock
stockholders
Corporation
1}4%
have
share
at
Preferred
both
on
record
the world's table
divi¬
a
the Common Capital
on
payable
are
of
de¬
Preferred
the
on
They have also declared
dividends
The
Common
this
of
dividend
April
and
1921,
5,
close
the
of
to
In
business
L.
A.
COOLIDGE,
SUGAR
REFINING
COMPANY.
regular quarterly dividend of one and onehalf per cent (1 lA%) on the Preferred Shares of
this Company, and the regular quarterly dividend
of one and three-quarters per cent (1M %) on the
Common Shares of this Company will be paid
May 2nd, 1921, to stockholders of record at the
New
A
Hundreds of
rations
PREFERRED STOCK DIVIDEND.
New York, March 14, 1921.
The
regular quarterly dividend of one and
one-half per cent (1H %) on the issued and out¬
standing PREFERRED capital stock of Ameri¬
can Gas and Electric Company has been declared,
for the quarter ending April 30 1921, payable
May 2, 1921, to stockholders of record on the
books of the Company at the close of business
April 16, 1921.
B.
BALL,
STOCK
the
;
declared
been
for
port
Boston is
in
the
coun¬
'
•
.
V
:
7"
.
."77
1
7. 7'''••
England's contribution
table
also
includes
the
•
'7
'
'
; '
to
'
;
•
the
tables.
This
the
corn to
States.
value stock of the Company for the quar¬
ending March 31, 1921, payable April 1, 1921,
par
tatoes
The transfer books will not be
territory raises
acre
na¬
shipments of
cereals, grain products, fruits and
stockholders of record at the close of business
March 25, 1921.
.
tion's
GUANTANAMO SUOAR COMPANY.
The Board of Directors has this day declared
dividend of fifty cents (50c.) per share on the
to
"
New
14. 1921.
the Company at the close of business March 18,
1921.
FRANK B. BALL, Treasurer.
a
fishing
second.
quarter ending March 31, 1921, payable April 1,
1921, to stockholders of record on the books of
no
shipped each week to
now
DIVIDEND
A regular quarterly dividend of two and onehalf per cent (2}4 %) on the issued and outstanding
COMMON capital stock of American Gas and
has
of fish and fish prepa¬
tons
largest
over¬
try, with Gloucester pressing for a close
Treasurer.
New York, March
Company
are
extending
a
expanded steadily.
foreign and domestic markets.
AMERICAN GAS AND ELECTRIC COMPANY
COMMON
then
even
That trade has
seas.
AMERICAN OAS AND ELECTRIC COMPANY
FRANK
was
England laid the foundation for
sea-food trade
close of business April 22nd, 1921.
PIERRE J. SMITH, Treasurer.
March 15, 1921.
ter
days, when codfish
legal tender for the payment of debt,
Treasurer.
FEDERAL
Electric
Colonial
192l.
March 21,
vege¬
field
more
than the Middle Western
Fine-textured
and onions
berrifes, apples,
from
the
many
po¬
well-
closed.
H.
GEO.
per
Treasurer.
favored
15, 1921.
New York, March
in
ALKALI WORKS, (Inc.)
New York, March 14, 1921.
MATHIESON
THE
A
BUNKER,
quarterly dividend of one and three-quarters
cent (1 % %) has been declared upon the
Transfer books will not be closed.
MATHIESON ALKALI WORKS (Inc.)
FRANCIS B. RICHARDS, Treasurer.
has been declared
England food industries for
than 85 years.
Dividend No. Ill
of 5%
demand
participating actively in the upbuilding
THE YALE & TOWNE MANUFACTURING CO.
dividend
in strong
nearby and distant cities.
of New
A
are
The National Shawmut Bank has been
6referred stock payable April business March 21,
olders of record at the close of 1, 1921, to stock1921.
THE
localities
by the
Board of Directors, payable April 1st, 1921, to
stock of record at the close of business March 21,
We
are
more
established in the
confidence of these industries—well situ¬
1921.
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
ated
present business conditions.
J. H. TOWNE,
action in which
UNITED
quarterly
dollars
per
Company
15,
we can
any trans¬
be of service.
Secretary.
dividend
share)
on
NO.
87
of two
per
cent
(two
has been declared,
March 19,
JOHN
THE NATIONAL SHAWMUT BANK of BOSTON
the capital stock of this
payable on
Aprii
1921, to stockholders of record at the close
of business
intermediary in
FRUIT COMPANY
DIVIDEND
A
to act as an
1921.
W.
DAMON,
Treasurer.
^
1
Resources far exceed $200,000,000
[Vol. 112.
CHRONICLE
THE
xxii
Jflnantlal
Beyond the Usual Banking Routine
&
u
.Strength."
ToWer
-V?'
M
if
v
r:
n
jji
ill
■DE
rsio*
ftl*
tXVi
"
few K
Oui
IN both banking' and
the Bank¬
Trust Company
service
detail work connected with
beyond the usual
increase of
its
and corporations now.
Our Industrial
to
organization.
with
view
a
to
effective
co-operation at this time.
Full information
help them
with financial and
changes in
Consultation is invited
Department
performs very valuable
service inco-operatingwith
customers
capital, merg¬
other
or
ers
and benefit to business
men
the
corporation of the vast
offers
routine, services of special
use
relieves
Depai ^..:ent
trust matters
ers
Corporate Agency
concern¬
ing the work of all of
industrial
problems connected with
departments will
their business.
nished
on
our
be fur¬
request.
Bankers Trust Company
Member Federal Reserve
System
Downtown Office:
Parts Office:
Fifth Avenue Office:
16 Wall Street
9 Rue St. Florentin
at 42nd Street
Special Office for Travelers: 16 Place Vendome
t
March 19
THE
1921.]
xxiii
CHRONICLE
Jfinattual
The winter
quarters
of Father Jacques Marquette in 1674. The original of this mural is one of sixteen
of our main banking room. Father Marquette was the first white man to set foot
stands. His pioneering spirit still lives and is exemplified in the Chicago of today
that adorn the walls
where
Chicago
now
The constructive efforts of
generations fol¬
lowing the early pioneers, who first settled in
Chicago territory, transformed
into
ment
a
great
industrial
through determined effort
continue.
ment
meet
:
...
?''
■:
center.
Only
such develop¬
This bank is
the demands of that
small settle¬
designed
to
growth.
;-
■■
can
a
:'V'
: :.'
men
V
•
who
are a
constructive force in
Chicago
1
v.
'-V"''
stands
ready
to
lend its
resources
the interest of sound business and
to
further
a
greater
community.
of Illinois
129 West Monroe Street,
Chicago
CHRONICLE
THE
Jftnattdal
V/ w.jfl' <&.
i\ Big
Outstanding
Bank in this
of the
United
In Which A
The Citizens Savings
The
Union
First
re
States
United
and
Trust Company
National Bank
Commerce National Bank
The First Trust
The
Section
and
Broadway Savings
Savings
and
Company
Trust Company
The Woodland Avenue Savings
and
Trust
Company
INCLUDING
Quotation Section
Railway & Industrial Section
Electric
Railway Earnings Section
Bankers* Convention Section
State and
Bank &
Week
glue
PUBLISHED WEEKLY
1920.
...
$10 00
6 00
European Subscription (Including postage)
...........
European Subscription six months (including postage)............
Canadian Subscription (including postage)
13 50
7 75
11 50
.....
...
For Six Months
NOTICE—On
for
tances
New
..................
account
European
of the fluctuations in the rates of exchange, remit¬
subscriptions and
advertisements must be made in
$
Chicago 2
Cincinnati
Cleveland
Detroit
Milwaukee...
Indianapolis
....
Card rates
45 cents
...
On request
...
Ohioago Office—19 South La Salle Street, Telephone State 5594.
London Offics—Edwards & Smith, 1 Drapers' Gardens. E. O
B.
DANA
*
'
HOUSE
CLEARING
The following table,
...
Canton
f—
1
RETURNS
made up by telegraph, 4c., indicates that the total bank
the corresponding week last year.
....
Springfield,
O
Bend.....
South
Mansfield......
.
Danville:.......
760,000
—0.2
344,499
313*.050
—37.1
100,000
134,989
866,173,775 1,187,427,005
—27.1
871,279,692
744,660,510
130,700,000
82,238,000
28,157,962
29,388,167
11,952,715
9.775.178
3.555.179
11,328,307
5,780,465
2,914,058
3,632,573
4,081,798
4,749,377
1,217,883
1,746,469
145,718,362
73,059,000
47,730,096
—10.3
116,353,513
36,373,000
33,915,077
97,337,522
37,819,063
18,294,325
14,199,078
5,839,937
10,563,427
5,453,495
3,553,144
2,451,094
4,796,281
6,001,400
—22.3
30,506,895
12,718,198
1,972,067
2,032,796
—38.3
23,153,448
12,634,145
8,536,838
4,594,677
5,725,522
3,341,267
2,188,917
1,133,237
1,874,284
2,076,545
802,239
725,000
925,704
—21.7
3,571,495
3,284,717
+ 8.7
total.
1,435,086
951,156
Ann
551,348
Arbor.
'
Adrian
291,370
...
San
Los
Francisco
Angeles
Port land
—29.8
Tacoma
235 153,010
—36.5
Oakland--—..—
169. 527,269
—30.4
Sacramento
155, 000,000
—19.4
San
597,614
155 216,062
—8.8
*90 ,8C1,464
Diego—...
Pasadena
—14.0
Stockton
New Orleans
43 ,700,615
67 524,119
—35.3
...
Fresno
67 807,711
136, 606,237
78 815,020
—33.5
Baltimore
Yakima
w
*
San Jose
$6,856,154,368
1,315,401,247
1,002,462,378
Other cities, five days.
:..
—24.5
Reno......
—23.8
Long Beach.....
Santa Barbara...
$8,171,555,615
1,498,373,001
$6,175,572,583
1.145,973,641
cities, five days.
day...;
$9,669,928,616
$7,321,546,224
Total all cities for week
-24.4
-23.6
-24.3
be given next
Saturday.
clearings being made up by the clearing houses
at noon on Saturday, and hence In the above the last day of the week has to be in
all cases estimated, as we go to press Friday night.
Detailed returns for the week ending March 12 show:
furnish them to-day,
1920.
•:
1918.
3,688,112,503 4,765,894,086
Philadelphia
....
—22.6
452,945,551
—14.8
75,311,970
Buffalo
32,4.53,886
17,449,030
4,000,000
8,209,361
4,281,090
Washington.
—
Rochester...
Scranton
....
Syracuse..
3,801,157
2.'00,000
2,274,588
2,551,175
4,553,352
2,589.355
..
Reading
Wilmington.
_...
Wilkes-Barre..
Wheeling
Lancaster
Trenton
York
Erie...'.
Binghamton
Chester..
Altoona
317,087
1,752,242
2,632,625
Huntington
Bethlehem......
Total Middle..
854,800
939,700
—2.8
1,015,729
1,141,405
900,000
1,315,196
742,908
+ 2.1
—8.6
—23.0
+ 3.8
—11.2
—20.0
—37.6
—14.8
2,690,567
3,378,102
-1,408,045
—3.7
2,594,306
1,202,900
904,885
1,562,489
905,436
442,136
967,783
Montclair.
—14.1
—23.8
—16.1
5,346,619
880,000
984,150
Greensburg
330,986,232
3,644,613
2,633,064
2,899,672
1,270,228
2,320,315
1,032,100
...
......
384,011,174
120,371,862
71,848,389
19,383,275
14,519,092
3,615,215
8,882,882
3,664,786
3,011,705
2,427,737
2,955,601
2,036,477
4,370,276
2,334,543
2,779,335
1,201,381
1,833,818
2,227,698
Not
incl.
in
4,374,361,190 5,587,431,264
—3.1
—14.2
—9.8
—10.6
—37.0
+ 6.9
—28.3
•
774,531
325,954
62,028,078
47,812,404
19,323,682
13,526,175
4,277,744
7,205,276
3,757,016
4,010,137
2,952,259
2,986,528
1,948,636
3,847,188
3,173,899
2,336,615
1,281,675
1,823,013
558,047
—21.3
Springfield
3,590,313
Portland
2,412,000
2,400,000
+ 0.5
Worcester
3,600,000
1.502,726
3,700,818
2,543,163
1,993,749
1,157.449
700,000
669,000
1,052,871 'J' 1,180,914
667,975
725,000
—2.7
Providence
Hartford
New
Fall
253,129,789
9,895,400
8.734,577
5,302,032
Haven.....
River
New Bedford
Holyoke
Lowell
Bangor
Stamford
Tot. New Eng.
2,028,455 ■Not Incl.
291.771,157 1
In
376,321,586
—23.6
—0.3
—3.6
—18.5
—40.9
—41.9
—3.0
—10.8
+ 8.5
306,893,182
9,097,700
7,512,510
4,831,185
3,425,418
2,295,263
3,300,552
1,612,088
1,440,712
633,249
1,014,275
590,798
254,899,211
12,538,200
7,586,569
5,118,273
48,403,834
33,154,944
18,454,825
14,430,985
11,658,104
7,505,116
12,089,044
5,170,666
215,359,099
33,397,058
63,868,199
15,259,980
21,990,339
23,553,999
11,718,666
10,689,824
9,276,834
4,349,217
5,318,815
4,122,763
2,157,278
St.
Paul
Denver
St.
Joseph._i_
—
Des Moines.——
Sioux
City.
....
4,445,466
3,406,250
...
....—
Helena
—
—
Rapids..
Colorado Springs
Pueblo
.......
Fremont
...
...
West
Tot. oth.
St.
Louis
New
Orleans
Louisville
....
Houston..
—
—
—
Galveston
Richmong
Fort
Worth
Memphis
.....
Atlanta..
Savannah-....
Nashville
Norfolk
———
Birmingham
Augusta........
Jacksonville.....
Little
...
Rock..—_
Charleston
Oklahoma
Macon
2,028,233
3,113,002
2,152,862
2,823,758
1,065,868
922,535
710,356
...
....
...
Austin
Muskogee
Tulsa
3,687,745
2,963,335
1,876,303
646,558
1,140,000
Jackson
....
Vicksburg
Dallas
Shreveport
Total Southern
2,141,878
+ 45.4
2,718,756
—20.8
186,774,159
37,221,306
68,022,024
16,278,157
17,344,449
19,996,373
11,939,218
12,708,932
11,489,074
4,492,920
6,108,409
2,677,948
2,029,689
2,310,326
3,391,355
5,337,148
1,486,917
—47.1
2,557,113
—28.3
793,498
1,025,063
—10.0
1,394,321
—49.1
23,292,230
24,122,919
29,369,588
23,381,291
17,730,501
13,305,098
5,866,233
10,234,687
4,444,734
3,165,290
+ 30.1
+ 42.3
—23.5
—50.9
—50.1
—57.7
—9.1
—11.9
—56.6
—23.4
—35.9
;
2,031,879
2,636,749
2,352,246
918,713
782,733
743,827
1,104,825
1,209,582
1,160.769
976,700
1,585+96
—40.1
1,654,549
1,805,839
—52.5
1,201,524
—33.4
640,441
1,259,702
763,844
1,106,252
405,979,120
588,502,660
-31.0
411,093,327
433,791,956
125,875,637
42,122,327
24,149,598
27,831,591
6,448,091
40,554,778
12,000,000
14,275,544
43,674,347
4,148,371
18,198,201
177,426,634
64,074,426
-29.1
14,746,093
+ 63.8
26,259,586
7,069,494
+ 6.0
145,731,213
55,017,986
18,825,330
16,152,486
4,601,775
48,404,857
950,000
786,094.
Billings
Hastings
Aberdeen
2,300,000
8,962,328
14,778,549
1,964,551
10,000,000
1,800,000
3,074,126
9,266,052
5,730,423
2,000,000
26,740,406
3+00,000
1,364,936
3,726,176
7,758,326
726,906
338,085
-34.3
-8.8
-32.7
-
157,782,338
51,828,349
26,968,633
16,000,000
5,000,000
36,569,939
60,234,893
19,613,328
—38.8
13,169,519
14,488,111
26,829,930
-46.8
66,671,030
11,418,805
23,166,532
10.753.1021
18,937.055,
5,697,621
12,200,000,
2,200,000
3,674,755
12,646,975
7,976,840
4,100,000
14,193,130
-34.5
17,611,634
49,458,782
6,555,991
15,250,795
7,334.504
12,644,633
2,625,290
8,094,154
14,189,241
46,719,652
7,808,295
12,514,632
9,276,365
6,015,840
7.200,000
1.900,000
4,621,268
1,354,300
-63.7
-21.4
-16.7
-22.0
-63.8
•18.0
•18.2
-16.3
—26.7
—28.2
—51.2
+ 88.4
—50.0
—28.2
—19.4
—42.7i
—5.0
730,640,
453,1711 —24.4j
28,000,000
3,000,000
41,044,037i
5,000,000
494,109,349
664,383,555
—31.81
—40.0
—25.6
1,546,667
2,900,280
4,594,320
5,051,837|
2,700,000,
10,591,738
1,600,000
6,352,503
2,327,599
9,563,935
505,444
4,711,976
4,993,737
1,508,741
2,859,503
5,708,538
5,391.683
3,062,442
10,033,290
2,278,249
4,800,000
3,134,507
8,259,012
609,086
396,3841
543,209
23,995,116,
2,637,885
13,262,822
2,526,673
496.250.657
478,844,863
Total all......
total.
—22.5
536,659
—50.3
3,456,059
688,480
1,055,684
97,328,183
Minneapolis.....
Chattanooga
—23.7
331,515,339
12,956,300
8.759,041
5,500,523
4,403,764
Boston
—14.1
226,771,166
Knoxvllle
—21.7 4,363,058,383 3',638,483,067
—20.9
267,152,531
Mobile
total.
—14.9
—37.4
Cedar
3,709.698,416 3,120,750,659
—16.4
158,654,396
98,782,713
38,679,121
17,094,584
4,377,841
10,656,771
4,124,434
4,280,907
3,000,000
378,707,230
135,242,910
Baltimore
Albany
$
%
+ 6.0
+ 48.2
—12.5
Fargo
S
S
+ 7.2
—18.0
268,097,242
49,014,497
Waterloo
1919.
Dec.
—39.1
383,693,586
Topeka
Inc. or
1921*
8,263,559
4,793,670
8,029,304
4,192,978
2,308,136
1,382,526
2,541,363
1,583,500
1,120,707
1,062,340
632,679
335,575,626
Lincoln—
at-
—31.2
32,109,026
167,750,392
63,775,262
Duluth
12.
—34.7
28,720,000
Total Pacific-
Wichita
Week ending March
878,216 Not incl. in
+ 12.6
—41.0
569,540
Kansas City.....
Omaha
Partly estimated.
The full details of the week covered by the above will
—39.0
810,000
346 934,381
$5,173,110,205
—27.4
1,205,678
117 ,985,610
Eleven cities, five days.
—0.9
—19.9
4,863,000
3,300,000
1,159,396
1,366,743
1,090,003
1,433,153
700,000
632,119
822,894
149 ,292,504
...
—38.6
988,316
*125 000,000
Detroit
—37.4
—5.7
Spokane
Pittsburgh
1,628,537
796,585
—34.3
2,035,543
2,224,335
2,104,113
1,305,389
■
2,224,186
1,676,261
1,731,536
7,257,000
3,170,872
1,153,113
1,301,964
1,225,792
1,196,255
811,589
1,431,034
552,225
463,449
—17.9
141
+ 43.6
—31.3
1,349,125
469. 607,608
San Francisco
—34.5
2,009,685
1,133,302
2,016,802
1,781,345
V.:.
:
2,000,000
4,780,404
—30.3
Lima—
Salt Lake City...
.:
St. Louis-.J
5,151,549
6,705,000
3,362,688
2,351,771
1,306,231
1,228,461
—26.3
.
!>—25.0
—30.3
385 278,039
243 568,412
City..
2,400,000
4,436,091
3,309,343
2,929,815
2,873,515
10,915,000
—46.2
$4,442, 019,644
599, 751,018
Boston
1,800,000
3,836,816
—24.4
—24.2
Philadelphia.
—8.2
713,092
$3,366 348,021
441 730,215
...
2,028,739:
2,115,664
745,930
Per
New York...
1,861,791
9,687,400
383,120
....
Seattle
Chicago...
+ 20.5
4,895,020 —15.4
—0.1
3,247,246i
14,001,000
1,600,000
519,713
Cent.
1920.
1921.
—18.9
4,139,169
3,242,120
Jacksonville, 111..
Tot .Mid.West.
Clearings—Returns by Telegraph.
Week ending March 19.
Pittsburgh
9,073,523
5,836,493
4,655,406
3,942,127
3,635,730
2,848,149
1,106,771
2,132,518
3,836,796
2,270,396
1,896,423
1,711,046
—27.1
517,343,958
64,442,968
Owensboro
clearings of all the clearing houses of the United States for the week ending to-day
have been $7,321,546,224, against $6,767,970,217 last week and $9,669,928,616
York
11,111,572
5,138,362
4,463,587
3,320,854
.2,272,614
1,923,062
1,799,119
Lansing
New
49,237,261
31,464,944
3,093,984
Youngstown
Akron....
DANA COMPANY. Presi¬
dent, Jacob Selbert Jr.; Vice-President, Arnold G. Dana; Business Manager, William
D. Riggs: Secretary, Herbert D. Selbert.
Address of all, Office of the Company.
Clearings
85,000,000
32,470,880
13,344,000
11,094,500
—24.0
5,003,102:
......
Bloomington
COMPANY, Publishers,
Published every Saturday morning by WILLIAM B.
*
—24.2
6,027,637
Grand Rapids...
Decatur
We cannot
—35.0
38,450,010
19,276,000
—32.0!
Rockford
Front, Pine and Depeyster Streets, New York.
all
112,339,921
6,759,699
6,602,823
Quincy
Total
83,471,711!
4,597,993
5.352,524
8prlngfield, 111
Fort Wayne.....
Lexington
All cities, one
—20.2
—23.4
—10.3;
DaytonEvan3vllle
Kansas
—28.2
14,356,000
16,391,930
.....
526,135,957
51,213,101
67,599,537
719,289,007
75,427,810
115,649,926
11,950,143
Peoria
1918.
1919.
I
%
12,876,300,
Terms of Advertising
Transient display matter per agate line
........
■
516,304,147
57,787,429
92,269,988
73,041,963
29,157,767
14,657,000
I
Columbus
Subscription includes follotoing Supplements—
Railway & Industrial
Bank and Quotation (monthly)
(semi-annually)
Electric Railway (semi-annually)
Bailwat Earnings (monthly)
Bankers' Convention (yearly)
State and Oitt (semi-annually)
WILLIAM
12.
Dec.
^
Toledo
York funds.
Contract and
ending March
Inc. or
Subscription—Payable in Advance
For One Year
City Section
NO. 2908
SATURDAY, MARCH 19, 1921
VOL. 112.
Terms of
Railway Section
342,646,932
296,900,733
6,767,970,217 8,787,759,656
—23.0 6,751,481,522 5.884,844,494
Outside N. Y._
3,079,857,714 4,021,865,570
—23.4 3,041,783.106 2.764.093.835
CHRONICLE
THE
1060
and what sorry exhibits they make!
cases,
THE FINANCIAL SITU A 770V.
The urgency
relief from
eral
high operating costs which threaten gen¬
insolvency among the carriers unless speedy
action is taken to cut the expenses
fashion—should be
sideration of the
the
of the
of the railroad situation—the need of
kept plainly in view in any con¬
controversy with the employees on
question of lowering
ington
in extra
resolution
session,
proposing
April 11, will move a
on
Congressional investigation
a
It is to be
of the whole matter.
dent
Reports from Wash¬
wages.
that Senator Cummins, when Congress
say
convenes
in most drastic
hoped that Presi¬
Harding will not, at the outset of his Adminis¬
tration, lend his support to such an obviously mis¬
taken
is
for further
Congressional
We have had enough of
meddling and muddling.
that under the Administration which has
out of
plurality of
against
any more
at the
was
favorable
a
the President
as
to have
in the
as
the
always
pleased
case
him, especially when it
was
of the Railroad Labor Board,
equally of
managers
of the
repre¬
proper¬
public.
.1
cases was
behalf of the public some labor sympathizer
on
agitator, who would undertake to
serve
public by voting with the representatives of la¬
bor in favor of the demands of
thing
Paul,
the
the Great
Western,
North
&
Chicago
Northern, the Pere Marquette, the Hocking Valley,
the Grand
Rapids & Indiana, the Lake Erie & West¬
the Toledo & Ohio Central, the Wheeling &
ern,
Lake
Erie, the Louisville & Nashville, etc., besides
which
and
number of
a
the
others, like the Northern Pacific
Southern
amounts above
only
earned
Railway,
the
meagre
simple running expenses.
situation that cannot be al¬
a
lowed to continue without dire menace,
not alone to
the
railroads, but to the entire industrial fabric of
the
country, and as it is not possible to advance
either
freight rates
passenger or
be reduced.
penses must
ask that
at the
common, un¬
prevailing market rates—that
fixed
rates
ments.
at
What
agreements.
many cases
will
a
when
common
our
we say
labor commands
no more
while elsewhere the variations
from 25c. to
$1.00
an
(the "Engineer¬
authority) that in Bal¬
only 30@35c. per
than 25c.
run
all
hour, this last being the rate
Chicago, with the rate at New Orleans 50c., at
Detroit, 50@60c., at Denver SOQSO^c., at St. Louis
52@60c., at San Francisco Sl^c., etc.
labor, and thus the
Cotton manufacturers in Continental
leaders, who had by
with those of Great
common
Europe, in
Britain, have recently
sion, according to advices lately received.
never
to
unerring tendency of the Presi¬
swerve
But endless
from this chosen
path.
experiencing
period of pronounced depres¬
it has been stated, very little
many,
repetition of the experiment worked
a
has been booked thus far in
new
facturers have been
country, in plain sight of the whole world, that the
possible for them to accept delivery of
preponderating part of the population, when op¬
portunity came to declare itself on the matter, de¬
cided to put the seal of its condemnation on it. The
spinners,
politician has had his day,
whole
economic
will bow
table
far
dealing with
questions is concerned, and if he is wise he
as
gracefully to the inevitable.
a man
as
Even
enough to acquiesce in the popular wish
so
decisively at the polls.
ate any
or
on
now
the part
on
"Hands off" is
only
yarns
small proportion of their
a
duction of cloths is
manu¬
asserting that it has been im¬
going into consumption.
from
pro¬
Never¬
theless, and despite the fact that the industry as a
the
produced not
more
than 65% of normal in
past year, the balance sheets recently issued
have
been better
than
for
For instance, the
months.
the
twelve
preceding
Leipzig Cotton Spinning
Co., the largest of its kind in Germany, paid a divi¬
dend of
a
flat
20% and a bonus of 5% for the
year,
against
previous twelve months; the
Cotton
Spinning Co., 20% against
21% for the
Haunstetter
to repeat the campaign slogan,
10%%; the Augsberg Bleaching, Dyeing and Calico
Harding stands committed, "Less
Printing Co., 20% against 15%, and the Zoschlings-
or
to which President
expressed
the part of Congress,
of the Government.
demand,
as
The public will not toler¬
further interference
the
so repu¬
Senator Cummins should be sensible
as
In Ger¬
business
1921, and latterly
such serious mischief to the economic welfare of the
as
hour,
per
along the line
been
dent
agree¬
difference this will make in
appear
ing News-Record" being
timore
figures by national
They seek the abolition of these national
confidence
the
u
cast, instead of having thede
are
uniform
repeated tests found that they could place implicit
on
ex¬
prices ruling in the localities where the af
fairs of the road
at
further,
any
To that end the railroads
they shall be allowed to hire
skilled labor at the
settled—to the satisfaction of the Presi¬
was
dent and to that of the labor
It includes the Erie, the Le¬
England roads.
hour, and in Atlanta
He could always be depended on to ap¬
socialist
or
so
judgment of the President in such
infallible.
point
as
points at issue referred to
labor, of the
ties and of the
move
Nothing
that the commission should consist
sentatives of
popular
appointment of the members
of the commission left to
provided,
political
some
reception.
commission and the
a
So long
helm, suggestions that labor
disputes be settled by
met with
of it by
eight million votes.
over
Mr. Wilson
The
gone
office, and the country at the November elec¬
tion declared
a
just
road, the Boston
high Valley, the Long Island, the Milwaukee & St.
Obviously this is
occasion
no
not to speak of taxes.
expenses,
Maine, the Maine Central and most of the other
New
proposal.
There
operating
The list includes the New Haven
&
Many
principal railroad systems did not in January
bare
earn
[Vol. 112.
Government in business and
more
business in Gov¬
weil Cotton Manufacturing Co., 20% against 14%.
ernment," voices the public requirement.
Current
Entirely apart from this, however, there is no
need of a Congressional or
any other investigation
quite different results.
to
determine
what
is
from
operations, of
course,
are
likely to show
In line with the advices
Germany cablegrams this week refer to ex¬
They
treme
depression in the textile industries of Bel¬
must have relief from the burdens of excessive and
gium.
oppressive
a
In fact, it is intimated that in Ghent, out of
22,000
not
Vice-President Atterbury did
exaggerate a bit when in January he asserted
expenses.
that the urgency
a
ailing the railroads.
momenta
of the situation
was
The returns
are
at
present idle.
such that not
delay could be permitted.
normal total of 26,000 workers employed,
for the month of
January
are now at hand in most
The
for
gold yield from the mines of the Transvaal
February 1921, as announced this week by cable,
March 19
offers
no
1921.]
THE
CHRONICLE
encouragement of any increase in the early
future in the
output of the metal from the world's
premier field.
On the contrary, and despite an ap¬
1061
intention at this time of
no
that
gave
German
the
Cabinet
Herr Simons
un¬
what he did at the London
con¬
qualified support
latest statement shows
ference, and that he also
a
production the smallest of
month since February 1908, and decidedly less
than in any
if not
recent period.
Tp
some
extent, however,
wholly, this unfavorable outcome is ascribable
to labor troubles that
developed during the month.
Advices from the Transvaal at the close of
to the effect that there had been
were
January
quite satis¬
reparations
new
Later dispatches stated
parent gain in the native labor force recently, this
any
making
proposals to the Entente."
the
Reichstag.
on
In
of the Economic Council of the
he
was
well
the
quoted
Committee
a
Reichstag Thursday
having said that "we
as
agreed that
decisive victory in
won a
address before
an
sooner or
later
pretty
are
shall enter again
we
negotiations with the Entente."
Comparatively little information has
to hand
come
factory accessions to the native labor force during
the month, and under
ordinary circumstances this
with
favorable development would be expected to be
re¬
special correspondent of the New York "Times,"
But
who traveled back to Berlin from London with the
flected in the
operating results for February.
intimation ,was
telling of definite plans
the part of the Germans
on
respect to further dealings with the Allies.
German
given at the same time of the possi¬
bility of trouble with white labor, which was clamor¬
the German
ing for
directions will be postponed until after the
an
extra 6d. per hour and more time off, not¬
delegation, cabled
Silesian
withstanding that when the premium on gold still
ruled high it had been accorded additional
pay and
lesia
bonuses
dustrial
to
help in meeting the increased cost of
living.
was
actually started in the Consolidated
Langlaagte Mines, Ltd., in the closing day of Jan¬
and
uary,
February 7 spread to several other
on
mines.
At
of short
duration, the
two of
some
of the
idleness, but
workings the trouble
returning after
men
though warning
even
the 10th that unless absentees
on
selves
the
on
would be
following
for
February
was
day
a
or
posted
was
presented them¬
morning
discharged, the strike
until the 18th.
was
for
duty
they
not finally ended
Specifically, the actual yield of gold
was
only 558,137 fine ounces,
or a per
diem average
of 19,933 fine ounces, this contrasting
625,330 fine ounces and a daily average of 21,-
with
563 fine
fine
ounces
and
ounces
better totals in
for the like
22,740
per
period in 1920, 636,728
diem in 1919, and
even
after arriving in
soon
capital that "German activities in other
plebiscite."
Upper
He added that "the loss of Si¬
would, it is contended, destroy Germany's in¬
pay."
A strike
A
integrity, and greatly impair her
A special
New York
"Tribune," after going
east of the Rhine
word from Dusseldorf
that, in his opinion, "the Al¬
a
long stay in this
upon.
development throwing
the situation in
Federal
made
it
large cities whose
originally decided
was
Another
He
they had taken possession of several
towns in addition to the three
cupation
the territory
over
newly occupied part of Germany."
that
to
occupied by the Allied forces, sent
lied armies have settled down for
known
power
European representative of the
Germany,
Council
the
of
^^
side light
a
oc¬
•
on
the adoption by the
was
Government's
draft
law,
"providing for the definite dissolution of all German
civilian
guards and self-defense organizations."
noted also that "Bavaria's
was
only
votes
seven
were
cast in opposition to the measure."
ones
It
the
The
the yield of
correspondent, furthermore, expressed the opinion
that "this threatens to bring to a head the
long ex¬
gold from the Transvaal workings falls below the
pected clash between the Central Government and
period of all
Bavaria, which stubbornly
1918, 1917 and 1916.
For the two
months of the current calendar
year,
years
730 fine ounces,
787 fine
ounces
tively,
one
ounces
since 1910.
It reached but 1,209,-
against 1,304,833 fine ounces, 1,312,and
1,373,944 fine
ounces,
respec¬
in
two and three years ago, 1,503,955 fine
1917, and the high record for the period of
1,541,061 fine ounces in 1916.
of the
week characterized
a
by
lack of
a
the breaking up
committees formed to maintain law and order.'
The
Paris
of
correspondent
the
New
York
"Times," in setting forth the attitude of the French
because of the defiance of the Germans in
the terms of the
This has been
opposes
powerful system of Einwohnerwehr and local
meeting
Treaty of Versailles, particularly
that of the Nationalist
Party, said:
"It is probably
striking developments in the European situation,
difficult for the
majority of Americans, 3,000 miles
relatively speaking.
and
to realize just how nasty the Euro¬
pened
over
pean
events
must be
of relative
Because of all that has hap-|
there since the beginning of the war
considered from
importance.
the
point of view
Upon their return, the Ger¬
delegates to the conference with the Allied Su¬
man
preme
Council in London
severe
criticism both in and out of the
Severe attacks
Karl
Reichstag.
said to have been made
by aDr.
one
branch of the Nationalist
Party,
by Dr. Gustav Stresemann, spokesman of the
German
People's Party."
Hugo Stinnes, the multi¬
millionaire industrial
leader,
assailed the
Minister
Foreign
cording to the Berlin
York
was
reported to have
severely
correspondent
of
also.
the
Ac¬
New
"Herald," he retorted, "always I shall be glad
to have your
counsel, but it is well for
member that I
session of the
on
called upon to face
Helfferich, former Secretary of the Treasury,
and leader of
and
were
were
the
am
not your young
you
man."
to Re¬
At the
Reichstag during which these attacks
Foreign Minister
were
made, the latter
was
reported to have declared that "the Government has
more
away,
situation is getting.
On the
one
side
you
have
France, imbued with fresh determination to make
Germany right her
over
the German
no war
guilt.
wrongs,
and freshly indignant
campaign to
prove
she shoulders
On the other hand you have Germany,
every
day reiterating her
determination not to fulfill the
Treaty of Versailles.
thoroughly defiant and
How
long Premier Lloyd George can keep the safety-
valve
this situation
on
"that does not
ger
of
mean
war.
very
sorry
an
Paris
no
one
condition."
article
But it does
The correspondent quoted
by former President Poincare in the
"Temps," in which the latter said that "pay¬
Germany
In
He added
post-war settlement of Europe is in a
ment of her debt to us is the
ute
knows."
anything like immediate dan¬
Germany cannot fight now.
that the
from
mean
can
giving
only
manner
in which
restore proper relations with us."
a more
detailed account of his 90-min-
speech in the Reichstag a week ago to-day the
Associated Press
representative
in
Berlin
quoted
Simons
Minister
Foreign
having questioned
had been rightly esti¬
as
"whether the Allied demands
mated in
The Minister was reported to
we now resorted to severe
Germany."
that "if
said also
have
good-will we so
should lose all that
we
measures,
sorely need to extricate us from our great difficul¬
ties."
He characterized the levy on German goods
blunder for the Allies
"a gross
as
themselves, be¬
it would drive trade with Germany
cause
speculators and hopelessly
hands of the
into the
impede the
restoring international
formidable task of
exchange,
impossible to do until the ques¬
of stabilizing German exchange was solved."
New York "Tribune" correspondent with the
which it would
tion
The
be
in
of occupation,
Allied armies
cablegram from
a
Dusseldorf, apparently confirmed the
Dr. Simons's
correctness of
opinion when he said that a labor
by Great Britain and
of the cancellation of orders
the United States.
crisis
impending, largely by reason
in the Rhineland was
In
a
dispatch from Berlin Mon¬
day afternoon it was stated that "the Government
has addressed
a
note to the Secretariat of the
penalties
Entente for Germany's fulfill¬
League of Nations, protesting against the
being enforced by the
ment of her
and in
dealing with
a new rumor
in Paris, the corre¬
spondent there of the New York "Times" said: "Of¬
ficial Paris believes that the German industrial lead¬
headed by Hugo Stinnes, have concocted a plot to
ers,
as
cause
possible in the eco¬
Westphalia and the Rhineland in order
difficulties
many
nomic life of
as
lay the blame on the Allied occupation of Dussel¬
to
dorf, Duisburg and Ruhrort, and thus bring about
a
situation which
drawal.
they hope will lead to Allied with¬
down factories and
his
that the
contends
Paris
cause
close
to
great idleness is part of
French Nationalists to these
that if the Ruhr
threats is
a
demand
region quits work through lockouts
Allies shall occupy
the
threat
He added also that "the answer of the
plan."
all the Ruhr and hold it.
Thereby, they contend, the Allies can collect in¬
demnity,
as
Germany cannot for long do without the
products of the Ruhr mineral and industrial regions
and
will have
to pay
whatever tax is imposed on
Reference has been made to the
Silesia.
As the week
to
early
Upper
plebiscite in Up¬
event.
Paris
The
"Herald," in
a
plebiscite
This statement
French
next
voters
was
He added that "the
danger of
any
Sunday
will
be
from
using
the
said to have been made
general impression here
Upper Silesian voting, there is
coup
d'etat, especially from the
soon
Bavaria, whence the Monarchist ele¬
Germany hitherto expected its greatest
sup¬
a
Thursday night
given a vote of confidence—491 to
day before the Allied Reparations
on
Commis¬
Germany "to carry out Article 235 of
Versailles
which stipulates that Ger¬
Treaty,
the equivalent
Attention was called
in one Paris cablegram to the fact that "Germany
claims she has paid 21,000,000,000 marks," but the
correspondent added that "the Reparations Com¬
mission figures she has paid 8,000,000,000.
There¬
fore, the note to Berlin will say that Germany owes
12,000,000,000 marks on this account, and will ask
how she intends to pay it by May 1."
He also stated
must pay, before May 1, 1921,
many
of
20,000,000,000 gold marks."
that "unless
agreement is reached in the mean¬
an
time, it is the French purpose that, on May 1, the
reparations bill is 400,000,000,000 gold marks,
the
100,000,000,000
than the Paris plan called for.
more
What the Allies will do to
stubborn is
mains
Associated
evening it
the
Press
was
Germans
a
In an
dispatch from Paris Wednesday
stated that the note actually required
to
It
gold
1,000,000,000
"pay
before March 23."
must be
collect if Germany re¬
story yet to be told."
marks
added that "the money
was
deposited in the Bank of France, Bank of
the Federal Reserve Bank in the United
England
or
States.
Germany must complete the payment of
In the note
20,000,000,000 gold marks by May 1."
Commission
"the
submit
a
gave
proposal to
Germany until April 1 to
pay
the balance of the 20,000,-
000,000 marks otherwise than in cash.
may
submit
a
Germany
plan for a foreign loan by April, the
proceeds of which shall be payable to the Commis¬
sion."
Commenting
"Times"
the action of the Commis¬
upon
of the New lrork
if eight days
Germany shall not have turned over 1,000,-
sion, the Paris
correspondent
suggested that "therefore,
now
000,000 marks gold under the terms of the treaty,
legal right to act is much more plain. And
will be in
a
somewhat
The assertion was made in a
lenz
cablegram from Cob-
Wednesday morning that "the Rhineland Com¬
mission has outlined a
policy for the customs tariff
applied between the occupied and unoccupied
to be
areas
of Germany, and
ments for their
has asked the Allied Govern¬
While
approval."
ment has not been
has been learned
made,
one
that the
an
official state¬
correspondent said "it
new
customs line will be¬
gin four kilometers from Essen and thence along a
line to the farthest outposts of the British, Ameri¬
can
is
and French zones, the
general principle, which
continually being stressed by the French, being
that
nothing must be done to injure the Rhine coun¬
try commercially or industrially." On Monday the
British House of Commons passed without division
the second
reading of the Reparations Bill, which
countries on the
be ap¬
added that "the bill,
provides for a 50% levy in Allied
port."
for
the
reparations question.
was
necessary."
southern Germany, thus tending to stabilize
the situation in
The
The
vigorously applauded for his
action
monarchists, who fear that the French will
ment in
66.
sion called
paper
that, while Berlin intends to aid the sabotage in
occupy
the
on
the Premier
was
correspondent of
dispatch to his
Foreign Office after "an exhaustive
connection with the
no
stand
At Wednesday's session of
policy.
strategic position should they judge further
investigation throughout the whole of the plebiscite
is
Premier's
better
was
Tuesday morning, predicted that "the
troops there prevent the
area."
the
the Chamber he
being at¬
special importance
overwhelmingly in Poland's favor unless German
at the
interpellations on the recent reparation
negotiations in London." The dispatches stated that
for about four hours the Socialist faction attacked
thus the Allied Governments
Silesian
polls."
cussion of
attendance of members,"
Tuesday "ordered immediate dis¬
on
the Allies'
the
as
body
It is scheduled to be held to-morrow.
the New York
as
was a more numerous
but that
advanced the European cable advices
made it clear that
tached
discussion in the Chamber of Deputies "until
there
from
exports from that territory."
per
pone
Reparations Commission will notify Germany that
reparations obligations."
setting forth the French attitude still further,
In
[Vol. 112.
CHRONICLE
THE
1062
reparations question will not down in France
moment.
Premier Briand endeavored to post¬
purchase price of imported German goods, to
plied to reparations."
It was
Masch 19 1921.]
which
on
was
THE
introduced
formally
Friday,
account of its
in
the
criticized,
strongly
was
1063
CHRONICLE
House
mainly
on
alleged futility to attain the desired
end."
that "certain
specific terms"
being considered
were
by British and Irish authorities.
In addition to be¬
ing willing to negotiate with De Valera, the Sinn
Fein
Last
week
an
regarding the
the
United
Minister.
official
purpose
announcement
of the forthcoming visit to
of Rene
States
made
was
Viviani, former Prime
An Associated Press
dispatch from Paris
yesterday morning contained the following regard¬
"Rene Viviani, former Prime Minister
ing the trip:
of
France,
States, will
cil
of
his forthcoming visit to the United
on
the
go
prepared to ask
on
nant of the
has
Viviani
League."
League of Na¬
cove¬
The correspondent added that
disclosed
not been
officially,
nor
by M.
himself, but it is the understanding of his
intimate
associates
this
that
will
be
the
primary
Political conditions in Ireland continued
more
or
disturbed, particularly in advance of the hang¬
ing of six prisoners in Mount Joy jail in Dublin
On the other hand, the
cor¬
respondent at that centre of the New York "Her¬
cabled
ald"
upon an
Sunday evening that
in circulation.
peace were
new
rumors
of
He added that this "fell
Ireland hardened against England
dom before
under
According to
Do¬
a
London
a
dispatch last evening Lloyd George declared in the
House of Commons earlier in the
ernment is
prepared to
attend
a
peace
day that "the Gov-
the members of the
name
Irish Parliament who will be
Genuine
as
given safe conduct to
conference."
surprise
this
on
iij all of her turbulent history."
sel¬
as
Refer¬
caused in London, as well
was
side of the
Atlantic, by the
ment in the House of Commons
announce¬
Thursday afternoon,
by Premier Lloyd George, of the resignation of An¬
drew Bonar
Law, Lord of the Privy Seal.
The Lon¬
don
dispatches said that he had also "retired from
the
Government
Health
long period,
early Monday morning.
truce to the Sinn Feins and
minion Home Rule Bill:"
mons."
object of his visit."
less
a
Ireland "fiscal autonomy
grant
behalf of the Coun¬
provided Article X is stricken from the
"this
willing to proffer
to
League of Nations whether the United
States Government will not enter the
tions
leader, the correspondent; said that the British
were
mier
given
was
said
was
leadership in the House of Com¬
greatly impaired by overwork for
to
the only
as
have been
greatly affected when
making the announcement.
nation Mr. Bonar Law
not
a
The Pre¬
reason.
In his letter of resig¬
expressed deep regret over
being able to continue his work in support of
Lloyd George.
in British
He had been active and prominent
politics for
many years,
been Government leader.
had
pointed Lord of the Privy Seal.
he served
Chancellor of the
as
and since 1916
In 1919 he
was
ap¬
From 1916 to 1918
Exchequer in Lloyd
ring to the hanging the next morning the correspond¬
George's Cabinet.
ent asserted that "all Dublin is convinced that those
day evening at the first dinner of the 1920 Club
men
have not been
which
proved guilty of the charges upon
they have been tried, and consider them pa¬
triotic
martyrs, suffering a felon?s death."
executions
were
"convicted of
carried out.
forces in Ireland."
prisoners had been
20,000.
and
of
members
The crowd
was
Crown
the
said to have
num¬
The Associated Press correspondent
declared that not "since the executions
1916
The
complicity with the killing of British
intelligence officers
bered
The
following the
uprising, with the possible exception of the
hanging of Keven Barry in November last for
attack
on
a
military escort, has Ireland been
profoundly stirred."
line; Monday
night
auxiliaries and
was
reported.
During
an
more
street fight in Dub-
a
after the executions,
between
Republicans, the death of four
men
Lloyd George paid
Bonar
the
affectionate tribute to the
an
The Prime Minister, in the same
speech, assailed the leaders of the Labor Party for
the
revolutionary literature they had put in circu¬
lation.
The London advices last
the "Times" asserted that "a
first
Bonar Law from
Among those mentioned
Austen
as
a
question,
There
behalf of the
any person
authorized to speak
majority of the people in Ireland to
question of
Horne, President of the Board of Trade,,
a
truce."
The New York
Wednesday morning,
printed
a
dis¬
considerable interest in advance in the
was
Navy estimates for 1921-22.
made of
amount,
as
a
cut of
£10,000,000.
made public
First Lord of the
the net amount
£82,479,000.
of the Government with
asserted that "the horror in
Lee said that "the
Ireland, which reached
with the hanging of six
men
jail yesterday, is beginning to have
on
£91,186,869, and
was
In outlining the policy
respect to its navy, Lord
Admiralty have effected drastic
economies and have
ordinary circumstances they would regard
bishops of Canterbury and York to-night united in
appeal for peace
Monday by Lord Leey
effect in Eng¬
of coming of peace offers, the Arch¬
It became known in London
Predictions
The actual gross
in Mount Joy
an
Following all the talk by the Government and
the newspapers
on
Admiralty,
patch from its London correspondent, in which he
remarkable
successors are
Chamberlain, Chancellor of the Exchequer*
Sir Robert
on
a
the British Cabinet."
probable
and Sir Edward Carson.
were
land.
evening said that
political crisis of the
magnitude has been created by the retirement
of Andrew
willing to meet
its apex
speech Thurs¬
physician that his retirement need be
only temporary.
be
on
a
Law, and said that he had been assured by
latter's
"repeated his statement that the Government would
"Herald,"
of
character, and services to the Government, of Mr.
British
the
course
In the House of Commons the next
day, Premier Lloyd George, in reply to
discuss
In the
St. Patrick's day."
agreed to
assume
risks which in
as
diffi¬
cult to reconcile with full maintenance of the Gov¬
ernment's
declared
that
economies
"the
number
of
policy."
He also pointed out
included
a
reduction in
the
capital ships in full commission from
Monday that Philip
twenty to sixteen, as compared with thirty-eight in
Kerr, private secretary to Premier Lloyd George,
1914," and added that "this is the smallest number
had
resigned.
was
not
that it
latter's
on
Definite information
as
forthcoming at the time, but it
was
to the reason
was
disagreement with the Premier
Irish policy.
reported
over
Thursday the Dublin
the
corre¬
spondent of the New York "Evening Post" cabled
that
will
enable
the
essential
training of officers and
erly."
Speaking at
a
men to
seagoing technical
be carried out prop¬
public dinner in London
Wednesday night, Lord Lee
was
quoted
regarding Great Britain's attitude
on
as
on
follows
the question
of
reducing its
Britain to
"If America invites Great
to come to an agreement on
navy:
conference
a
[Vol. 112.
CHRONICLE
THE
1064
am
help that matter forward,
Only 800 of the soldiers
were
escaped with him.
prepared to put aside all
other business in order to
arrived in Finland.
said to have
the naval
for there
question, I
be
can
pressing business in the
more
no
affairs of the world."
According to an announce¬
Thursday by Sir
ment in the House of Commons on
Craig, Parliamentary and Financial Secre¬
James
tary of the Admiralty, "four capital warships of
the Hood class will be laid down within a year."
British Treasury returns
the
week
amounted
repaid, £107,342,000, compared with £167,830,000
for
the
week
in the week
inch
guns,
aircraft
guns,
She carries eight 15-
full load.
twelve 5%-inch guns, four 4-inch anti¬
four 3-pounders, and five machine-
guns,
and has two submerged torpedo tubes and four
She is
above water.
oil burner."
an
expenses
Treasury bills, advances, and other items
as
cruiser of
a
showed that
previous week, with the total outflow, including such
items
sources
41,200 tons normal displacement and of
of national financing for
12,
£23,319,000, against £40,294,000 the
to
The naval statistics show that "the Hood is a battle
44,600 tons with
March
ended
tributed
week
£107,136,000,
against £167,160,000
as
Of this
preceding.
sum (revenues con¬
£51,708,000, savings
£38,847,000, against
certificates
Receipts from all
ending March 5.
totaled
£950,000, against
similar amount the
a
previous and sundries £225,000, against £993,-
000.
in
brought
credits
Foreign
National
Commissioners
Debt
£1,221,000 and
against
£3,572,000,
nothing from either of these items last week.
It became known in London
on
Tuesday, and here
through cable advices from that centre, that the
Treasury bills
long-delayed trade agreement between Great Brit¬
in
ain and Russia would be
earlier.
nid
Leo¬
signed the next day.
Krassin, representing the Russian Soviet Gov¬
sold to the amount of £56,686,000,
were
week
of this
that the volume outstanding for the first
Repayments
so
£84,435,000
sales of
with
comparison
figure,
Ad¬
£28,784,000.
against
£5,350,000,
yielded
vances
were
slightly in
a
excess
ernment, had been in the British capital for some
time in several weeks showed
months to
087,879,000, against £1,089,209,000 the week pre¬
negotiate the proposal with the authori¬
Several times it seemed certain of
ties there.
summation, but,
as
of the New York
tions
by
one
side
pointed out by the correspondent
"Tribune," "last minute stipula¬
or
actually
signed Wed¬
was
One of the principal stipulations
nesday morning.
is that "Russia will
that
the other always have held up
The document
matters."
con¬
all
cease
propaganda outside of
country and that England will observe neu¬
trality regarding Russian internal affairs."
It was
vious.
issues
New
reduced
were
of
£200,126,000
week
week before and
week of
totaled
while the floating debt is
ago,
the
£1,289,335,000
against
£1,228,000,000 at the corresponding
The Exchequer balance now aggre¬
1920.
£3,987,000,
gates
bonds
Temporary advances
£183,806,000, in comparison with
to
a
£1,271,685,000,
now
Treasury
against £200,000.
£285,000,
decline, being £1,-
a
compared
as
with
£4,199,000
last week.
explained that "the Soviet Government particularly
There has been
to refrain from any encouragement of Asiatic
agrees
peoples to action against British interests, especial¬
at
ly in Asia Minor, Persia, Afghanistan and India.
Vienna and
British
subjects in Russia and Russians in Great
Britain will be
if
permitted to return to their homes
tfyey so desire."
any
Neither Government is to set up
sort of blockade against the other.
ment
bors
The
agree¬
provides also that "ships in each other's har¬
shall
receive the
treatment
usually accorded
foreign merchant ships," and there is to be "a
newal of
It was claimed in
.parcels post."
cles that the
1
narjr
re¬
telegraphic and postal facilities, including
some
signing of the agreement
London cir¬
was
It
was
that
no
official announcement
such
an
assumption could be accurately based.
London
made
on
which
The
"Times," "Telegraph" and "Morning Post"
criticized
Government
the
tered into the
sharply for having
en¬
agreement.
According to advices from various centres, the
revolutionary movement in Russia
ress.
It
tion.
Thursday morning
was
was
still in prog¬
impossible to learn the actual situa¬
a
report
came
from Lon¬
don that Leon
Trotzky, Soviet Minister of War,
"making
overtures for the capitulation of the
new
Kronstadt fortress."
sion in
sheviki
Riga
was
The
same
said to have
was
day the Russian mis¬
"assorted
that the Bol-
captured Kronstadt from the revolutionists
Wednesday night."
Dispatches from Helsingsfors
and Stockholm
yesterday morning stated that Kron¬
stadt had been
recaptured
shevist
as
on
forces, numbering, it
the revolutionists had
said, 60,000, where¬
only 16,000.
lovsy, the latter's commander,
Thursday by the Bol¬
was
was
from
centres
5% in Berlin,
Paris, Rome and Madrid; 7% in London, Sweden
and 4}^% in Holland.
In London the
private bank rate remains at 7% for short bills,
but
was
as
far
a
week
quoted at 6J4%,
Call
ago.
money
firm, at 5H@5%%, comparing with
No reports have been received by
5}^% last week.
of
now
are
6^@6 11-16%
in London
cable
bills
months'
three
against
open
market discounts at other centres,
have been able to ascertain.
as we
prelimi-
admitted, however,
was
change in official discount rates
Switzerland; 53^% in Belgium; 6% in
and Norway,
A nominal
to recognition by Great Britain of the Soviet
Government in Russia.
no
European
leading
General Kos-
reported to have
England
gain in gold
its
in
£1,013, while as
was
shown by the Bank of
weekly statement, amounting to
note circulation was reduced £368,-
000, there was an increase in total reserve of £369,000.
In addition to this the
bilities
registered
a
proportion of
to lia¬
reserve
further advance to 14.80%, in
comparison with 13.75% last week and 12.24% for
week ending March 2.
In the corresponding
the
week of 1920 the reserve ratio stood at
in
1914 at
23}^%
and
An increase in public deposits of
42\i.
£1,029,000 was recorded, but other deposits declined
£7,937,000, while Government securities were brought
down
gate
In loans
£15,630,000.
was an
or
increase of £8,358,000.
other securities there
Gold holdings
aggre¬
In the same week of last year
£118,270,077 and in 1919 £83,414,724.
£128,325,499.
the total was
Circulation
now
stands
at
£128,107,000,
against
£101,171,915 in 1920 and £72,207,700 the year prior.
Reserves amount to £18,669,000, in comparison with
£35,548,162
Loans total
last
year
and
£102,076,000,
as
£29,657,024 in
1919.
against £91,954,013 and
£79,477,023 one and two years ago, respectively.
*
March 19
1921.]
THE
CHRONICLE
No
change was announced at the weekly meeting on
Thursday in the Bank of England's official discount
rate, which remains at 7%.
the
Bank
will
rate
long also be
ere
Clearings through the London banks for
the week
were
£669,044,000, which
£676,910,000 last week and
We append
a
Public deposits
1919.
1918.
1917.
March 19.
March 20.
March 21.
18,909,000
Otber deposits.....
excess
noteworthy gain in surplus.
a
actually reduced in amount of $62,345,-
were
attributed to the week's active stock
was
while
$28,025,000
to
demand
net
deposits
declined
,
£
$3,767,994,000.
of Government
72,207,700
47,358,895
35,373,425
67,911,044
95,369,000 133,030,922 121,834,936 134,380,750 124,334,827
Governm't securities 23,524,000
42,059,549
49,452,735
56,985,782
Other securities
91,954,013
79,477,023
99,228,693 151,821,035
Reserve notes & coin 18,669,000
35,548,162
29,657,024
31,696,130
118,270,077
83,414,724
60,605,025
53,962,294
14.80%
23.50%
19.90%
18.70%
6%
5%
5%
5H%
Saturday,
compares
or
17.99%
7%
figure
is
exclusive
The last-
with $36,499,000 the previous
contraction of $19,577,000, showing
a
34,588,004
Coin and bullion—128,325,499
named
This
deposits of $16,922,000.
37,824,290
27,212,004
18,419,000
Loans
000, which
liquidation,
1920.
March 17.
128,107,000 101,171,915
was better than had been
expected, and, not¬
withstanding the heavy strain in connection with the
preparations for the payment of income and
England returns:
£
Circulation.
Saturday's statement of the New York associated
profits taxes, showed
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
16.
24,-
banks
year
a
tabular statement of comparisons
1921.
and
year
with
compares
£767,470,000
of the different items of the Bank of
March
last
247,980,000 marks in 1919.
In view, however, of
lowered.
ago.
with 41,648,360,000
compares
the recent reduction in the Treasury bill
rate, it is
believed that
1065
102,076,000
24,051,099
Proportion of reserve
to liabilities
Bank rate—.—
to what extent the Government had been withdraw¬
ing funds from the banks.
clined
'
•
to
earlier.
Member banks increased their
at the Reserve Bank
The Bank of France in its
a
further small gain of
this week.
weekly statement reports
194,000 francs in its gold item
The Bank's
gold holdings
aggregate
now
bring about
francs last year and with 5,540,015,815 francs the
now
held
were
1920 and
week
abroad in
Treasury deposits
francs.
000
1921, 1,978,278,416 francs in
1,978,308,484 francs in 1919.
On
the
augmented by 25,917,-
were
other
During the
hand, reductions
registered in the various other items
as
were
follows: silver,
that
legal
gain in surplus
a
Hence
$30,700,280.
before; of these amounts 1,948,367,056 francs
so
week
a
borrowings
reserves
expanded
$26,934,000 to $516,026,000, and this in turn, to¬
gether with the decrease in deposits, combined to
5,503,743,250 francs, comparing with 5,583,113,068
year
Net time deposits de¬
$234,557,000 from $236,604,000
stands
at
the
$34,683,930,
own
of
a
of
in
$3,983,650 the previous week.
unimportant comprised
were
no
less than
excess
of
reserves
reserves
total
comparison
with
Other changes which
an
increase of cash in
vaults of members of the Federal Reserve Bank
$294,000 to $80,042,000 (not counted
reduction of $139,000
and trust
in
companies in
own
as
reserve),
of State banks
reserves
vaults, to $8,797,000,
1,312,000 francs; bills discounted, 63,553,000 francs;
and
advances, 15,540,000 francs; and general deposits,
237,606,000 francs. Note circulation took a favor¬
banks and trust
companies held in other depositories
to
The figures given above for surplus
able turn, a contraction of 120,853,000 francs
being
reserves
recorded.
stand
quirements, but do not include cash amounting to
at
The total notes
38,245,393,370 francs
francs
the
on
of
war
in
6,683,184,785 francs.
date
in
and
1920
Just prior to the
1919.
1914
now
against 38,160,008,495
corresponding
33,262,283,890 francs in
outbreak
outstanding
as
the
amount
only
was
Comparisons of the various
expansion of $269,000 in
an
$9,042,000.
are
based
13%
on
reserves
above legal
reserves
$80,042,000 held by these banks in
Saturday last.
Bank
own
i-
re¬
vaults
on
The showing of the Federal Reserve
also
was
extent the
of State
favorable, though reflecting to
some
operations incidental to tax settlements.
The ratio of
declined only
reserve
0.4% to 41.8%.
items in this week's return with the statement of last
Bill
week and
408,000, but the aggregate of the Reserve notes in
as
corresponding dates in 1920 and 1919
are
holdings increased from $883,338,000 to $913,-
circulation
follows:
Chances
for Week.
Gold Holdings—
In France
Status
Mar.
Franc*.
Inc.
17 1921. Mar.
Francs.
of-
as
reduced from $801,916,000 to
was
$791,-
403,000.
BANK OP FRANCE'S COMPARATIVE STATEMENT.
—
1920. Mar. 20 1919.
18
Francs.
Although there
Francs.
194,000
3,555,376,194
3,604,834,651
1,948,367,056
1,978,278,416
1,978.308,484
....Inc.
194,000
5,503,743,250
5,583,113,068
5,540,015,815
Dec
1,312,000
264,829,495
248,763,374
314,197,177
Bills discounted—Dec.63,553,000
2,863,943,298
1,670,417,960
1,029,401,107
Advances
2,222,114,000
1,599,437,841
1,230,469,952
was
no
change in the rates for
3,561,707,330
No change
Abroad
who
Total
Silver.....
Note
Dee. 15,540,000
circulation—Dec
12(^,853,000 38,245,393,370 38,160,008,495 33,262,283,890
Treasury deposits..Inc. 25,917,000
64,268,000
110,412,195
110,042,888
General deposits...Dec237,606,000
3,087,596,000
3,384,798,334
2,766,865,571
during the first two days of the week, those
money
were
even
before
Tuesday.
there
Imperial Bank of Germany in its statement
issued
as
pf March 7 shows that gold
nominally,
bullion
3,000
marks,
gained 453,000 marks.
expanded
234,000 marks.
Heavy
Other gains
Treasury certificates
marks, notes
of
480,869,000 marks
were
shown
in
banks
marks.
reports its holdings of gold
as
326,000
The
dis¬
380,000 marks and in the
year
marks and
German
Bank
1,091,613,000 marks.
week of 1920 the total held
was
1,091,-
previous 2,244,320,000.
Note circulation totals 67,907,824,000
bills
Advances declined 7,580,000
other
29,291,000
same
were
1,222,916,000 marks, and deposits
1,484,041,000 marks.
In the
and
500,385,000 marks in liabili¬
reductions
counted which fell
securities
reduced
coin
750,649,000 marks and investments 6,-
in note circulation and
ties.
was
although total
marks, which
was
were
heavy income
The suggestion
market
The fact
on
the
might have been
money
The
in closest touch with the local money
tion realized that conditions
a
both
on
that loans
those two days as
was
tax
posi¬
easier,
payments
on
offered that otherwise
good-sized flurry in the
Monday
were
they
somewhat
were
as
and
Tuesday.
to negotiate
easy
last week.
The rest
of this week the tone of both the call and time money
markets
was
easier.
The renewal rate
on
the Stock
Exchange has not been below 7%', but for the last
three
been
days the bulk of the business is said to have
dope at 6%.
Yesterday quotations
5% by the banks direct
be
were
reported.
as
It
low
as
was
to
expected that, following the return to the regular
channels of the large sums of money
required for tax
payments last Tuesday, the supply of loanable funds
at this centre would be
rarily at least.
to whether conditions
country
money
have
market
considerably larger, tempo¬
There is still
changed
as a
a
division of opinion
as
in the money position of the
sufficiently
to
make
whole permanently easier.
the
The
1
majority opinion here is that the supply will be
larger and the rates as low as they have been for the
last two
three days, for some
or
of rates
in
DISCOUNT
a
-
..
exteilt
the
upon
extent of the demand for
.
-;"'V
men
as
(including
member banks' lb-day col¬ Bankers'
accep¬
lateral notes) secured by—
within
are
hopeful regarding the
The latest reports
reflect considerable
industries.
allied
$400,000,000 Treasury
The
indebtedness
of
certificates
the extent of
automobile
improvement in the
were
oversubscribed to
The local bond market
$60,000,000.
but the offerings of new issues
is somewhat better,
comparatively few and small in the amount
/v-;':;-
involved.
■..
and
Tuesday 7%
diall funds
days,
at
Thursday,
7%, which
was
a
still the only rate quoted and
high, low and ruling figure on both
constituted the
and
was
were
trifle easier Wednesday
that while the maximum continued
so
also the basis for renewals, there
was
decline to
a
Friday's
6%, minimum.
range was
While
b@7%, with renewals still negotiated at 7%.
only
the
a
small volume of business was put through at
6% rate
on
the Exchange itself, it is reported that
secured
member
within
91 to 180
banks
90 days
days
of
Victory
and
notes
t
6
6
6
6
6
6
5A
6
0
7
6
5H
0
5A
5A
0
7
0
0
o
5A
p..
Chicago.!
St. Louis
Kansas
...
6
*
0
6
'0
business
brokers,
transacted.
was
7
7
0
0
0
..
'•.>
t Discount rate corresponds with Interest rate borne by certiflcatee pledged aa
collateral with minimum of 5%
subject to
In the case of Kansas City and 5A% in the case
i
of Philadelphia.
shown
St.
for
in
not
Louis
excess
and
industrial collateral
range
Commercial paper rates
Rates on discounts In excess of the
Bank.
names
Banks'
are
and
Dulness
the
was
confined almost
actions.
the
As
market
business
were
wholly to the barest routine trans¬
completely at
was
Nevertheless, price levels
passing at all.
well maintained and demand bills at no
went below 3
ihe week the
3 90,
quotation ruled
with the final
is
a
bankers
are
satisfaction
as
are
Offerings
which
but aside from
light
the fact
before,
as
factor,
apparently
from
uncertainty surrounding the
political situation.
being heard that
a
Fewer predictions
clearing
up
of
growing that
an
indemnity the Germans will have to pay
doubtful, since the breach, according to
market observers
usually well informed, has become
wide to
too
The
permit of compromise arrange¬
consensus
7%% for
was
noted
by interior institutions.
are
of opinion
is that while the
make
to
entirely justified in their demands, it is
the
requisite
Announcement
payments.
that the Berlin authorities had been notified
Reparations Commission that
would
have to be
paid inside of
a
operators
Dealings
week had little
from the market until the matter has
acceptances
previously current.
were
was
reported.
figured in
Both local
the market
Open market rates for loans
on
as
demand
one
way or
are
the other, for the
reason
obviously determined
will in all probability postpone action until
after the
Upper Silesian plebiscite.
Even in the event of
an
early agreement
reparations dispute, however, bankers
this is also the
for
quotation of the American Acceptance
Rates in detail for acceptances
follow:
Spot Delivery
Ninety
Sixty
Thirty
within
Days.
Days.
Days.
30 Dave
GH@57A
Eligible bills of member banks
Eligible bills of non-member banks
Ineligible bills—
6
63A®6}4
7
®GH
5H@bH
GH bid
GH@57A
0>i@0
....7
@5%
GH bid
@63*
7 bid
7
any
tuations,
Delivery
are
sustained upward movement..
up
or
manipulation
are
that
that most
hold aloof
been definitely
to
Advices from Berlin indicate that Ger¬
adjusted.
many
by the
i lion gold marks
a
against bankers' acceptances remain at 534%, and
Council.
The feeling
early settlement of the
ruled firm at
banks
of the German
reparations questions is not far distant.
to be
consider¬
deriving
that sterling rates
firmly held around the 3 90 level
have thus far been
international
small fraction above
a
3 89%@3 91.
range
in the face of the serious
are now
time
8834, while during the greater part of
■
bankers'
out-of-town
buyers.
standstill with no
a
effect
fairly large turnover
times when
matter of fact there were
a
questionable whether Germany really has the ability
quiet during the earlier part of the week, but later
a
of the
principal characteristic
sterling exchange market this week and trading was
said to have been well diversified.
about the levels
of accom¬
In the case of Kansas City
the maximum rale is 12%.
remain at 1lA@^zA% lor
with the bulk of the business
Operations
basic line are
Allies
A better demand
less well known.
rates,
member bank
at from 7 to 7l/i%.
of choice character and
names
normal
are
M% progressive Increase for each 25% by which the amount
a
ments.
sixty and ninety days' endorsed bills receivable and
six months'
City
Kansas
basic lines fixed for each
of
modation extended exceeds the basic line, except that
having
all-
0
0
almost
Loans
•
7
0
7
fair amount
a
0
0«
0
amount
some
0
*
0
is somewhat
which, according to
@'
0
against 7% for the shorter periods and 6%@7%
wholly to the shorter maturities,
7
6
for five and six months last week.
confined almost
7
7
6
6
seems
Trading, however,
?■>
:£*
0
'W
7
t6
stabilizing
five months with six months' money at 6
:(V
0
City
Francisco..
itself
As to
maturities, here also there was a relaxation of
the recent tension, and, though funds are not plenti¬
ful as yet, on Wednesday quotations were marked
down to 63^@7% for all periods from sixty days to
0
0
0
Dallas.....
in
responsible for the easier feeling.
0
San
bills
believed to be
■vf-
'
7
-
7
7
6
0
6
Richmond
Atlanta.
commercial
fixed
0
Cleveland
of
at times loaned
was
7
0
7
5H
t6
...
Minneapolis.
paper
7
7
5A
Philadelphia
tances
>
unsecured
New York
able
and
maturing
and
cates
Boston
of the first installment of Federal income taxes was
on
maturing
edness
this,
of
for
indebt¬
The return of funds to the banks
in
disc'ted
wise
5%; that is, during the latter part of the week.
fallowing payments
and
was
Other¬
bonds
outside at 5J^%
call
money on
live-stock
Liberty
Vv..'''
On Monday
industrial loans without differentiation.
tural and
certifi¬
••
by the Federal Reserve
loans this
week covered a range of 6@7%, as against a flat
rate of 7% last week, on mixed collateral and allrates in detail, call
money
Agricul-
Trade
accep-
Treasury
'
applying to discounts
Referring to
days
tances
Bank of—
Note.—Rates
;,
90
Federal Reserve
funds to finance new orders.
whole
a
matvAny
bills
Discounted
V;'-i
BANKS
18 1921.
MARCH
'
.
.
to which
revival of trade in this country.
have been
.•
.
RESERVE
FEDERAL
THE
OF
IN EFFECT
loans made
by the banks to the industrial companies during the
last six months ate liquidated and also upon the
quite largely
of money
RATES
during the next few months will depend
broad way
and
in effect for the various classes of paper
now
at the different Reserve banks:
It is
little time.
suggested that the trend of the money market
Business
[Vol. 112.
CHRONICLE
THE
1066
t
down,
likely at
arising
any
the
'Sharp fluc¬
peculative
from
time, but it is argued
Europe's large unfunded debt is
to check any
over
not looking
almost
sure
sharp advance in the foreign exchanges.
Experience has shown that aj rise in values on this
invariably brings out extensive selling of Ameri¬
side
There have been
no
Reserve Bank rates.
changes this week in Federal
The following
is the schedule
can
bills by
London and Paris banks for the
purpose
of
accumulating dollar exchange, and the adjustment
Mabch 19
of
if
1921.]
THE
CHRONICLE
maturing obligations. On the other hand, few
look for an extended downward movement.
$700,000 from Paris.
scheduled to arrive
any
Despite present untoward developments, it is pointed
that
out
Great
financial
Britain's
position continues to improve.
in the rate
British Treasury
on
substantially
of
stable
bills is held to indicate
conditions
for expecting
exchange price levels
comfortable local money
a
at
that
continua¬
Announcement
the
of
once more
attained
of
signing
this account,
on
the
British-
It-appears that concessions
both sides, Russia promising to
Bolshevist
propaganda
outside of
that
country, while Great Britain will preserve neutrality
Russian ruble
concerning Russian internal affairs.
the balance has already been
as
provided for.
In Continental
was
quotations, while still nominal, were firmer at 50,
exchange considerably
more
activity
noted than in
sterling, particularly during the
early part of the week, when French and Italian
currencies
former
perfunctory attention.
all
for
trading with Russia,
on
from
complete the $9,000,000 payment on its
$25,000,000 maturity. No more gold will be shipped
reason
by the British Government
cease
arrived
has
$3,000,000
Canada to
removing all special restrictions
though well received here, exicted little more than
have been made
Lapland from
Another
is the fairly
quite considerable proportions.
Russian trade pact
the La Touraine from the
London.
situation, also the fact t'hat
gold imports to this country have
An additional $1,300,000 is
on
French centre, and $950,000 on the
economic
The recent lowering
monetary
Additional (reasons
centre.
tion
easier
and
1067
of
came in
for( a good deal of attention by
heavy selling operations in the case of the
and
sensational
a
advance
in
the
latter.
Persistent selling of French bills by a very prominent
industrial concern, said to be for the purpose of
providing for impending maturing obligations, forced
price of exchange on Paris down to 6.87 for checks,
the
loss of
a
as
high
the
18% points.
Sales
are
63,000,000 francs in
as
completion
of
these
said to have reached
single day.
a
With
operations the quotation
Quite a favorable rallied to 7.02, although at the extreme close weak¬
that Russia and ness set in and there was a recession to 6.94. Belgian
agreement by which Poland francs, as usual, moved in sympathy with French
against the recent level of 43c.
impression
created by
was
Poland have
signed
will
an
receive
of
30,000,000
Russian
Advices from Washington stating that
gold rubles.
the War Finance
operations
an
indemnity
news
on
Corporation had already commerced
a
moderate
scale,
passed virtually
unnoticed.
quently
Saturday of last week was quiet but
on
steady and
shade firmer at 3 90@3 90% for de¬
a
recovering
points, to 7.22, subse¬
7.34,
to
but
Italian lire transactions attained
part of the week,
and bounded up
suddenly turned strong
point reached since November 1919.
No adeqiiate
explanation could be found for this advance other
mand, 3 90%@3 91 for cable transfers and 3 84%@
than that recent advices from
terial improvement in
Monday's market showed
some
irregularity and while the opening was firm, later
recessions carried prices several points down;
demand
ranged at 3 88%@3 90%, cable transfers at 3 88%
@3 91% and sixty days at 3 82%@3 85%; the de¬
cline
was
attributed to the
from London.
Lighter offerings*and improved rates
from abroad combined to
tone
on
narrow
3
was
trading
a
better under¬
was
dull; the day's
range
88%@3 89% for demand, 3 89%@3 90% for
83%@3 84% for sixty days.
Wednesday's movements
with
bring about
Tuesday, although quotations moved within
limits and
cable transfers and 3
after
receipt of lower quotations
were
again irregular and
advance to 3 90% demand declined to 3 89%,
cable transfers at 3 90%@3 91 and sixty days
an
44%@3 84%; trading was dull and inactive.
Increased firmness developed on Thursday, but this
at
3
was
due
more
to 3
scarcity of commercial bills offer¬
increase in activity; demand advanced
89%@3 90%, cable transfers to 3 90%@3 91%
ing than to
and
to the
any
sixty days to
^ 84%@3 85%.
at 3
On Friday the
displayed
gains
have
to
lire
while
material increase.
irregularity and
a
been reduced
revenues
are
Berlin marks
slightly weaker
were
noted, while,
to
a
00.25%.
fact that the
on
light trading, Austrian
weak opening, steadied and advanced
This firmness
was
said to be due to the
Reparations Commission has announced
its determination to release the first lien
Austrian
bonds
assets
which
will
enable
against these assets.
transactions
above
on
Austria
certain
to
issue
Aside from the special
noted, trading
was
quiet with
speculators still out of the market which remains in
all respects a
Among the
waiting
more
the week, which attracted
appreciable effect
news
I
one.
important
on
news
developments of
attention—though without
actual market levels—was the
that the French Government has removed all
import restrictions
number of other
on
paper
and
paper
pulp, also
a
articles, while it is learned that by
royal decree the life of the Italian National Ex¬
Clos¬ change Institute, organized to supervise and control
ing quotations were 3 86% for sixty days, 3 91 for
91% for cable transfers.
some
kronen/after
a
demand and 3
3,000,000,000
a
a ma¬
tendency until the final dealings, when moderate
89%@3 91 for demand, 3 91@3 91% for cable
86% for sixty days.
than
Italy indicate
Italian financial conditions.
national deficit is said
expected to show
a
transfers and 3 86%@3
Italy's financial dealings with other countries and
Commercial originally authorized
sight bills finished at 3 90%, sixty days at 3 85%,
to
continue its activities for
six months after the end of the war,
is to be prolonged
(sixty after April 30 next, for an indefinite period or until
days) 3 85%, and seven-day grain bills 3 89.
Cot¬ exchange conditions require its supervision no longer.
The official London check rate on Paris finished at
ton and grain for payment closed at 3 90%.
Gold
56.38 against 54.62 a week ago.
In New York sight
imports assumed quite substantial proportions this
week, including $2,250,000 on the SS. Albania, $446,- bills on the French centre closed at 6.94% against
7.11; cable transfers at 6.95% against 7.12; commer¬
500 on the Olympic, $1,100,000 on the Mercian,
approximately $2,500,000 on the Aquitania from cial sight at 6.92% against 7.09, and commercial
London, $450,000 on the Ryndam from Rotterdam, sixty days at 6.86% against 7.03 the preceding week.
Final rates for Antwerp francs were 7.27 for checks
$700,000 from Sweden on the Drottingholm, and
ninety days 3 81%, documents for payment
I
The
more
steady and fractionally higher,
market ruled dull but
pro¬
about 46 points to 4.07, the highest
3
84% for sixty days.
closing at 7.27.
only moderate
portions, but the quotation, after ruling firm the
greater
Referring to quotations in greater detail, sterling
exchange
francs and also lost about 18
[Vol. 112.
-
THE
1068
CHRONICLE
compared with 7.43
Reichsmarks finished at
and
7.44
week earlier.
a
cable transfers
and 1.59 last week. For Austrian
INSTITUTIONS.
Into
1.58
00.26%
(00.20% and 00.21 the
week previous.
Lire closed at 4.06% for bankers'
sight bills and 4.07% for cable remittances, in com¬
parison with 3.67% and 3.68% a week earlier
Czecho-Slovakian exchange ruled without quotable
change, finishing at 1.31%, against 1.32; Bucharest
at 1.37, against 1.37%; Poland at 0.12 (unchanged),
and Finland at 2.80, against 2.85 a week ago.
Greek
exchange was steady with the close 7.55 for checks
and 7.60 for cable transfers.
Last week the close
kronen the close was
00.25% for checks and
transfers, against
for cable
longer possible
of Government
effect
the
Dec. 6, it is no
operations on
on
The Federal Re¬
Clearing House institutions.
Bank of New York was creditor at
serve
the Clear¬
ing House each day as follows:
DAILY CREDIT BALANCES OF NEW
YORK FEDERAL RESERVE BANK
CLEARING HOUSE.
AT
Saturday,
Monday,
Tuesday,
March 14.
March 15.
March 16.
$
S
$
Friday,
Aggregate
March 18.
for Week.
Thursday,
Wednesd'y,
March 12.
$
17.
March
%
$
$
C
45,018,981 86,771,129 46,563,658 87,882,691 68,006,537 70,452,412
7.45 and 7.55.
was
show
Banks.
$7,585,600
the Fed¬
Sub-Treasury was taken over by
As the
the
to
$1,179,500 Gain
$8,765,100
eral Reserve Bank
to
Banks.
17.
Banks' Interior movement
Gain or Loss
Out of
Banks.
Week ending March
1.59% for checks and 1.60% for
against
BANKING
SHIPMENTS BY NEW YORK
AND
RECEIPTS
CURRENCY
and 7.28 for cable transfers, as
.
404,695,408
foregoing heavy credits reflect the huge mass
come to the New York Reserve Bank
The
of checks which
remain inactive with move¬
The neutral exchanges
ments not
other.
the
particularly significant either one way or
Guilders continue to be firmly held
of Swiss francs,
high level of 17.41, mainly on
34%, and the same is true
around
which reached
a new
improved trade prospects. Copenhagen remittances
were easier, ruling at or near 17.00, while Norwegian
checks, another new
low.
As against this, exchange on Sweden ruled
strong, rising to 22.95, the highest point touched on
exchange declined to 15.65 or
previously current.
Bankers' sight on Amsterdam finished at 34.35,
against 34.28; cable transfers at 34.45, against 34.38;
commercial sight at 34.29, against 34.21.
Swiss ex¬
change closed at'17.41 for
bankers' sight and 17.42
Copen¬
transfers, against 16.91 and 16.92.
17.15 and cable transfers at
17.25, against 17.25 and 17.35.
Checks on Sweden
finished at 22.95 and cable transfers 23.00, against
at
while checks on Norway closed
and cable remittances 16.15, against 16.18
and
22.42
16.05
and 16.28
22.52,
on
closed the week
calile
transfers.
13.92.
Spanish pesetas
at 13.91 for checks and 13.93 for
Last week the close was 13.90 and
Friday of last week.
.
quotations, open¬
ing levels were firm with an advance to 34.02 for Ar¬
gentine checks. Later there was a reaction and the
close was at 33.55, with cable transfers at 33.72,
against 33.81 and 34.20 on Friday of last week.
Brazil exchange, however, ruled weak throughout
regard to South American
With
and
declined
points
to
on very
13.72,
drop of more than
a
100
moderate transactions; cable trans¬
and checks at 13.92, against
fers finished at 13.99,
15.14@15.06 last week.
at
14.58, against ,14.70,
3.98 to
is
as
follows: Hong Kong,
and
bank
House.
;
The
March 16
England
128,325,499
__
France a._ 142,215,048
Calcutta,
26%@26%,
2,369 ,000
13,313,000
10 944 000
23,372 ,000 122,296,000
98.131 000
10,944,000
98,924,000
Italy..
32,768,000
53,010,000
3,000 ,000
1,544, 000
35,768,000
54,554,000
Nat. Belg_
10,661,000
10.657.000
1,074.000
21,727,000
15,653,000
1,226, 000
6,984, 000
11,887,000
Switz'land
28,711,000
21
3,410,000
15,653,000
14,73
12,791,000
12,c.y7.000
8,115,000
8,127,000
Netherl'ds.
Sweden
Denmark
Norway
8,115,000
..
Total week
>89,562,047
Prev. week
5^9,466,421
a
148,000
12,643,000
_
New
York
Clearing House banks, in their
gained $7,585,600 net in cash as a result of the cur¬
rency
movements for the week ending March 17.
receipts from the
interior have
aggregated
$8,765,100, while the shipments have reached $1,179,500,
as per
the following table:
3,004.000
35,198,000
800.000
53,605,000
52,805.000
1 U ,000
-
186,000
I
held abroad.
THE
Wilson
President
It
was
legislation.
are
us
hasten to say that in these
words
political issue in political
lesson lies far deeper, and
is of
armistice, the peoples of the earth have
ever
over
come
trade of the world!
life,
a
import.
Since the
and
proposed
if it had been permitted to become law,
of malformation and inani¬
The real
War—its
It was well he
little wisdom in this bit of
characterizing
terms.
Emergency Tariff
have died
But let
tion.
we
soon
the
vetoed
A deformed weakling, born out of time,
the measure,
would
SOLVENT OF
WORLD'S ILLS.
expected he would.
was
There
did.
£77,934,682
.
HINDERING TRADE, THE ONLY
Bill.
14,735,000
12,783,000
8,127,000
47.640,750 626,013,363
47.635,400 623,715,733
holdings of the Bank of France this year are exclusive of
Gold
11,731,000
24,561,000
;
.000
the greatest disaster and wreck
to civilized humanity—the lost
We speak not now
of the World
devastation, cost and waste in treasure
nor
of the Governmental, the national at¬
tempt to embody in a peace treaty a plan for con¬
operations with interior banking institutions, have
Their
25.283 000 123.414,000
32,194.000
49,619,500639,181,547 578,372.613
49,768,700639.235,124 5 76.080,333
cord and universal peace.
The
13,313,000
2.369.000
Aus.-Hun.
has
and
54,993,000
56,162,900
1,594.750
54,568.150
416 ,500
Spain
that
25%@25%,
against 25%@26.
Total.
118,270,077
9.920,000154,113,386
128,325,499 118.270,077
10,560 ,000 152,775,048 144,193,386
54,576,500
-
against 59%@59%; Yokohama, 48%@48%, against
45%@45% (unchanged); Bombay, 26@26%.
1220.
Silver.
Gold.
Total.
Silver.
Gold.
brooding
port,
March 17
1921.
of-
46%@46%, against 45@45%; Shanghai, 61@61%,
against
the Clearing
through
go
principal European banks:
been
48%@48%; Manila 46@46% (unchanged); Singa-
never
*
following table indicates the amount of bul¬
lion in the
universal
3.93.
Eastern exchange
Far
Chilian exchange was easier
while Peru declined from
They repre¬
side of the account, as checks drawn
one
the Reserve Bank itself are presented directly
the
Banks
Bank's operations
Clearing House institutions.
only
upon
to
of
collection scheme.
par
large credit balances, however, show nothing
with the
sent
System's
the results of the Reserve
to
as
Germany
hagen checks closed at
parts of the country, in the operation
all
These
Spanish pesetas remain at
the'current movement.
the levels
for cable
from
the Federal Reserve
Nor of the continued ef¬
forts to declare the terms of
reparation and to read¬
just the credits and debts of allies and enemies, nor
of the
attempt in furtherance of ideals of democracy
vaunted to the skies to set new and
tottering States
their feet. We speak now of the interruption,
disorder, and stoppage, of a huge interlacing worldupon
trade, wrought out of human experience, and
bind-
March 19
i'ihfi
1921.]
THE
CHRONICLE
ing continents and peoples in bonds of amity and
This is the overwhelming result of the
progress.
World War and of the
subsequent efforts to make
the world over
again.
Look at this issue
Is it not wider and
it is.
as
greater than nations,
powerful than the of¬
more
fered plans of statesmen—the
sal solvent into which all
progress, find their end?
now?
in
a
Save that
by
a
indispensable univer¬
statecraft, all States, all
Why not perpetual peace,
fatal error there
treaty, that should declare the terms
which
on
hostilities should end and former relations be
sumed,
a
plan for
idealism
of
power
League of Nations which in its
recognized
democracy
carved out of the
mous
a
re¬
conceptions of
men
States
new
assuming
enor¬
and prerogative, that prevented the
re¬
sumption of the old order?
With America out of
that, be it super-State
association, what
or mere
now
prevents the return of tranquillity, the restoration
of
good-will, the resumption of the natural inter¬
course
reason
of all
advance, what
the failure to fix in
save
and
justice, in view of world conditions, the
indemnity—a financial problem that now
amount of
stays if it does not shatter the economic growth of
all the centuries.
is
The
crux
of
this—how shall the men,
of the
everything in to-day
communities, peoples
world, exchange their products in the old
to the old ends of
ways
good-will and mutual benefit?
session for
ments
dazed and ineffective through its ob¬
more
and
better
not and cannot make it.
ever
government)—Govern¬
unmake, interfere, destroy trade, they do
can
produced
No Government of earth
loaf of bread
a
No Government
ever
Individual
have
men
carpenter's
or a
fertilized
an
done these
acre
form
or
square.
a
brain.
things under the
106»
And Austria, cut off from her
arbitrary small democracies that
rich, Austria, though not
gay,
should
tastic
few
a
experiments,
or
ernment?
with
on
ideal, wrought by
an
council table into fan¬
a
>
*
be done?
can
Go
;
proud,,
vain and wicked Vienna*
even
capital, starve!
What is
at
men
turn
now
once
model of what States
a
be, Austria, victim of
the wills of
her
Go
on
bickering
with
more
Gov¬
require¬
ments, themselves selfish if not -willfully deadening
and
wrong?
war
What?
a
remapped Europe?
substance, "the trouble is the
in goods and
pay
goods."
And
pillorying
none
will come, may
so peace
enemy can
of the nations want"
infer, by
-we
State for something she cannot do—
a
in gold.
pay
Map again
Lloyd George, speaking of indemnities, de¬
clares in
only
Introduce force again, that another
end war?
may
over peace
And then
the Unitea
comes
Staten.
aloof, asking nothing, having given all, murmuring
into the
of all this
agony,
ear
must not be flooded with
exchange for the
sacred shores
And yet the wide-sun'-
float the argosies of toil free of charge
seas
into the heart of every
land!
hunger, into the treasury of
A nation that spent twenty-five, thirty,
whatever the final
the
our
physical lives of beaten and
very
dying peoples themselves!
dering
that
cheap goods, though they
summing
be, billions to free
may
aspirations of men, to defend rights transgressed;,
to end
of
war
and unite the world—now turned afraid
"cheap goods," made by starving peoples
under the
wonder
and'
deadening pall of anaemic States!
Senator
a
home how
can
we
cries, "if
we
No-
cannot compete at
expect to compete abroad?"
protection of Government, through labor and lib¬
Why hundred-million foreign financing corpora¬
tions, why merchant fleets, why charities untold,
erty, and often, as well, in defiance of it.
why domestic political overturns, why Leagues
in the
Economics admits this.
like
Commerce,
long advance, is the language of civilization.
an
And
angel of light, moves
earth in the wake of war,
from their old
yet, though Charity,
over
the waste places of
communities, peoples, torn
moorings by overactive statecraft,
literally starving for want of food, and
are
none can
to them.
come
Associations of
then when the world's
to
us
bony hand of hunger stretches
filled with the toil of
despair and the nobility
painful effort, strike it down—though starvation
of
and ruin stalk
the continent?
The Gods, if
for these conditions and times, must
across
Philip Gibbs, the famous correspondent, declares
Austria, in its condition and prospects, epitomizes
law, and this is the great moral law!
the future of all
tics enters into this
"For," he
says,
rebuke to the
"the State of Austria is
a
tremendous
short-sighted diplomacy which utterly
failed to realize that
a
rearrangement of the politi¬
cal frontiers must be based upon
and conditions of the
the physical needs
people within those boundar¬
laugh!
to
only
power—a
but that may
in every
ger
little
soon
a
natural
equilibrium."
We cannot refrain from
modest satisfaction in the fact that "The
long
of
ago,
new
have
selves
or
Chronicle,"
in speaking of this peremptory formation
States in
the
a
yet make them.
very
as
they have for
ages
past.
And then Gibbs follows with this statement:
"It is
also
tragic warning to all the nations of
Europe that if they hark back to
body, that for
There
years are
times such
that may,
a
an
intense national
when least expected, turn poisonous, de*
stroying the spirit of civilization?
THE
OFFICE
OF
AN
INDUSTRIAL
refusing co-operation and mutual helpfulness,
own vitality and wealth will be
impoverished
life menaced by the illness
of
sur¬
EXECU¬
TIVE—HUMAN RELATIONS.
One of the
an
judgments visited by
war upon man m
examination of the value of all
things in their
relation
to
stunned
by the extent of the evils wrought by thie
harmony and happiness.
ress
own
diseases
May there be hidden in these
sudden and terrible reversal from
neighbors, checking the natural flow of trade
their
are
slow and of
disease, the disease of selfishness^
their
and
the
effect, but that suddenly become virulent and
egotism, building barriers between themselves and
their
of trade
seem
And the lurking dan¬
of this delay!
produce death.
they must inevitably disintegrate and perish,
continue in eternal conflict
and
No petty poli¬
power
Europe declared that unless they
physical background to maintain them¬
a
question of the
trade not made by these Governments
year
of the human
evolution for the sake of
theory without upsetting
The great natural law is the great economic
help the world now—almost it would
ies, and that it is not possible to violate historical
a
or
Nations, why the protection of lib¬
erty and property, why a spiritual good-will—and
there be any
Europe, unless something is done.
^
allegiance, her territory whittled down to
against her with hostile non-intercourse,
every
Governments (all mankind is now in the grasp of
its governors,
f ^
rounding peoples."
former
included
was
-
to
death
civilization
duction
and
come
Shocked and
peace and prog¬
destruction, the institutions of
under
analysis.
The whole of
having been distorted and diverted,
seek to return to normal
we are
conscious of
pro¬
as
we
seeing
.
We must
use them, for they are inwrought in the nature of
things—but can they be used to greater concord
and helpfulness?—this becomes our study.
Unfor¬
tunately we are often prevented from clear analy¬
and works in a new light.
the old ways
sis
the con¬
by the imposition upon affairs, upon
duct of
our
occupations and industries, of
needful
specious theories .woven of dreams.
Enmeshed in economics and politics we too often
and the
For in¬
stance, "labor," emboldened by high wages obtained
during the desperation of a country's need, now, in
an era of slowly returning peace demands of "capi¬
tal," so-called, a part in the management of indus¬
try. The basis of this demand at bottom is "better
ignore the cumulative forces of industry
spiritual in the material.
existence of the
We hear little or nothing
human relations."
a
desire to increase the
render the
about
output of production, or to
working of the plant more successful—
such a
part in control of operation that higher wages shall
bring these human relations—which in the end are
meaning of "better human relations" is
the
relations
not
all
at
but
conditions,
better food,
point the "open shop" controversy appears
there is
and
of
domi¬
Management under the old representative,
capitalistic, system by introducing a form of "col¬
lective
bargaining" from the outside.
be successful it will
If this is to
place the executive officer In
industry in a very precarious position. He cannot
serve two masters.
He cannot owe his employment
to the
of
owners
a concern
and then yield his service
of outside factors
selfishness
to the
of
class in labor!
who claim
a
cold and heartless statement.
humanities. And yet we
Now this appears a
It
to leave out the
seems
believe this to be
first
by the
proposition is that the
tion of
executive position in the administra¬
an
Government limited
a
harnessed
dustry to maximum, perfected, efficient production,
draw him to the human element in
which and with which he works and has his
Therefore he studies the welfare of
in that is bound up
cause
he must
reason
outside.
Still you say
ment—and
the
it embodies.
duction, reduce costs, perfect output, and earn divi¬
dends under such
an
anomalous condition.
ence,
complicated by another form of interfer¬
iteration that
natural
system that
contract between
employer and employee, written
implied, than is
very
this is
a
labor union clamoring for
reason
in
coercion of the
and the
While "labor" is thus seeking for
management.
ever
seemed that executive officers
does this
breast of
destroy the milk of human kindness in the
managing employer,
a
of
wj^y
making
horror
? Are
a
or on
man
whole industrial
employers
executives
man
orderly and
like
ourselves?
unto
Can
system be overthrown because
mercilessly grasping and
are
they
as
the contrary
not in this whole matter guilty
tyrants and brutes?
agers are
men
we
an
monster in theory and then fitting the
upon a
are,
were
once
some man¬
Why not try to
and remember that
a
some
see
many many
in the ranks and
are
still hu¬
though they command?
THE SEE-SAW NATURE
potential starvation of the people.
No
by directors
more
repre¬
In the first statement issued
of
the
can
admirable admonition:
tional
in the interest of workmen's wages.
And here
we come
sentimentalism
upon
that statement that "busi¬
and all the condemnation which
is business"
has
executive becomes
a
conjured
driver of
around it.
up
men.
He becomes the
pet of those who oppress their kind.
He draws
salary out of all proportion to his deserts.
nishes the sinews for stock
Even
so
The
a
He fur¬
speculation and manipu¬
intermediate
an
industry
as
bank¬
ing comes in for investigation of salaries paid to
officers and clerks.
executive
And
so
it is that the efficiency
management is imperiled by
eco¬
theories, buttressed by political expedients,
more
"The
interested in
new
we
Secretary
read this
people generally must
saving the Government's
than in spending it.
A thorough-going
na¬
budget system must be established, and the
Government's expenses
income."
But
adjustment!
income"
sum
by the
Treasury, Andrew W. Mellon,
money
people, direct and primary, than he
OF "NATIONAL
ECONOMY."
resorted to the
become
nomic
profits, and that profits
give it freedom of expression in
senting the stockholders manage his plant in the in¬
all
human, too?
contented, well-paid, happy workmen,
upon
terest of the
of
are
Granting that management looks after the workers
"strike," to the stoppage of industry,
the executive officer elected
lation.
cold, unfeeling state¬
place and opportunity to be kind to itself, has it
that the people now appear
in interest is because "labor" has
ness
a
thing humanity is crying out
to direct, manage, control, from the outside.
The undoubted
can
has
Yet the people are no more a party to the
party.
power
the
the people are named as a third
evolved is wrong,
or
Here, spurred on by con¬
that of Government.
stant
And for this
his success.
against and to destroy which "labor" demands a part
helpful
And it is
We have this matter now before us.
further
being!
employees be¬
bargain inside the plant and not
hinge
they created the wealth by work that
No executive officer can maintain pro¬
Constitution and
a
draw the executive in in¬
make—the closer you
do not possess
it because
by
specific duties by legislative enact¬
to
But—and here is the crux of the contention
ments.
we
and activities of all men, is not
resources
parallel to
from the cold calculation of
own
the time.
of the delusions of
one
executive officer
charged with the conduct of an enterprise cannot
serve
any of the three parties we have enumerated,
directly or indirectly, in whole to one, or in lateral
part to others, unless he can make it successful in
an open
competitive field. He cannot do this unless
he assume a responsibility commensurate with his
charged duty. He must do business on a business
plane, free from outside interference and with a
certain leeway of discretion from inside.
An execu¬
tive position in a free and open industry environed
Our
part in management under the plea that
while they
legal title to the plant they really
in behalf
by inflamed sentimentalism
hindered
one
attempt on the part of "unions"
an
advocating the "closed shop" to neutralize the
nance
and
the closer you
clothing, homes.
At this
[Vol. 112.
CHKONICLE
THE
1070
how
brought into relation to its
much
depends,
or
waits
upon
Is it really possible for the "national
to become
until taxes
no
its natural course?
a
real
and
actually estimable
longer hamper or interfere with
How is
Congress to be guided
by public opinion until the people are aroused to
demand definite
expenditures?
policies with reference to the chief
There are certain outstanding obli¬
gations, interest and part principal of the public
debt, which must be met.
to show that the
But it needs
no
argument
principal field of national economy
March 19
lies in the
and
expenditures for
potential.
the
THE
1921.]
civil
Even
army
and
navy, present
rigid pruning of costs of
a
departments must offer
opportunity
an
secondary in amounts to this.v -"
There
the
distinctive
are
It is
basis of taxation.
war
from
away
probable that the
profits tax will be repealed and the surtaxes
excess
and incomes somewhat reduced.
cussion
has
But
so
far the dis¬
chiefly centred around some form of
taxation to take the
place of these reductions—and
generally using the former figures of computation.
The
repeal of
take its
We
place, is not in evidence.
go on, as we
should have and then
levying
to raise the amount.
Can it be doubted that
this process
continues,
some
national economies?
on
pends
fixed
form of taxation
Governmental policies
A
budget that de¬
can never
become
of the people, to what
power
term the "national
determined
and earn,
income," and once
that the
as
we are
people
so
live and labor
may
without undermining of capital and in¬
defeat themselves and result in
deficits, must,
may
he
This is the method of
does not
our
personal and business
first what his living conditions
say
be, but what they must be under his fixed
income.
is
It
pounded by
a
there
true
class that
that is another
is
a
reverses
Nor does
story.
poration set aside
before
a sum
basis
as a
proceed
there is
for
adjust
to
a
an
industrial
cor¬
What the
budget is the national
appropriations
thereto.
That
indeterminate field in the estimate made
an
equally true that
any
apparent—and it is
tax system affects this—but
estimate of the amount of taxation
possible with¬
injury to the "business" of the people which
it, has
pays
no
relation to political policies of
Government instituted to protect that
if this is
on
pro¬
fixed charge first, and then
of national income is of coutse
out
theory
this process—but
for extensions of business
Government must have in any
an
wage
providing for its fixed charges.
income
a
business. And
true, we are at an end of all discriminations
the kind and size of business
enterprises, all sub¬
sidies, and all tariffs in the usual acceptance of the
Must
war
a
and
free
people forever submit to the costs of
preparations for war?
High officials of
before Congress and ask for a navy "the
the navy go
equal of any on earth." What chance has any budget
under such
and grows
arations
a
condition?
Congress is embarrassed—
afraid of neglect to make adequate prep¬
defense.
And those high in the De¬
for
partment are not wholly to be blamed.
this
a
duty.
has
the
this much we can
and no more, then the navy takes its size from
the number of dollars
the
They deem
But if the people, through their repre¬
sentatives who lay the taxes, say
spare
stand for the
the power
ence
never
firm
a
soft answer
a
wrath, and for the lessons of experi¬
powerful and insistent than now.
more
figures
are
what the "public opinion"
zealous and economical
a
take
must
of good-will, which like
Pacts and
of
They
growth of good sense in the world, for
turneth away
people must declare.
Outgo and income must not play the game guns and
First, the sum
armor-plate have so long played.
business
can
for
pay
without oppres¬
any purpose
those
charges, including
fixed
sion; second, the
charges made by fixed policies.
FOR
TAXES—COINING A VACUUM
INCOME
REVENUE.
To illustrate
practical point, Lincoln once
some
of his many volunteer
advisers how
asked
one
legs
sheep would have, calling the tail one.
a
the visitor answered
many
When
five, the beloved wise man re¬
plied that he was wrong; the number would still be
four, for "calling a tail a leg doesn't make it one."
It appears
make
that in their hot reach for revenue our
things so by "calling" them so.
Income
from
at
available for this purpose in
general allotment for all purposes.
Someone
hinted about a possible people's strike against
payment of taxes.
This would be a deplorable
affair, if possible. But the people can make it
known that ever-increasing taxes, taxes that already
hamper business, are
intolerable.
But it must be
is
something that has come in, but not
If
come-in is income.
every
one
shifts money
a man
pocket to another, or cashes his own check
bank, something comes in, but is not income.
Gross
receipts
which
are
not income, nor is anything such
merely shifts position; nor are any transac¬
tions that
without profit; nothing can
are
be income
which does not leave the individual with more
ban
and
than
If, for instance, one bought a subur¬
he had before.
building lot, ten years ago, in hope of a profit,
if the market value was down as 1913 opened,
yet the owner sold it in 1920 for the original
cost he
pocket his interest and taxes; he has clearly
is out of
not "made" the difference between
that sale at cost
figure to which the lot declined in 1913. Yet
and the
it has been held that he has made a
profit,
on
the
assumption that things are what officialism "'calls"
them.
For
a
section of the income-tax law of
1916, defin¬
ing income, sets forth, inter alia, that net
shall
include
"for the purpose
from the sale
personal,
or
the
gain derived
of ascertaining the
disposition of property, real,*
mixed, acquired before March 1,
the fair market
of March
or
other
or
income
profits derived from any
Then (proceeded the section)
"gains
whatever."
source
term.
•
urged by interested classes, political theorists, and
vain-glorious patriots.
The farmer, the mechanic, the salaried
economy.
should
They must act without fear of
legislators and tax collectors have been trying to
expended.
man,
they must rise in the
possible results of an unpreparedness, which is
earn¬
related,
should, become the fixed amount that
or
"disarmament."
the
wont to
without containing those excesses which
dustry,
soon
so
people must do more;
a
Not only must policies be formu¬
quantity.
lated but taxation must first be related to the
ing
long
as
budget will have little
a
on
effect
the
might of their "opinion" and demand what we know
item of taxation, with nothing to
an
always have, estimating what we will need, or rather
as
confessed, in the complications of the problem, that
as
signs of veering
1071
CHKONICLE
price
or
1, 1913, shall be the basis for
amount of
such
1913,
value of such property as
gain derived."
determining
Probably few
di¬
notice of it,
Washington dispatch of the 11th tells us that
persons
to whom this-did not happen to become
rectly applicable ever took particular
but
a
more
than 100 millions will
probably be returned to
taxpayers as the result of a reversal
ment's
It has
of the Govern¬
position in the Supreme Court on that day.
heretofore been contended that profit on sales
could be
determined by
thus the Bevenue
point in the
using the date arbitrarily
law, and besides collecting large sums
named in the
Department has won suits on this
lowei^
the brief filed
courts.
But now, according to
by the Government's own law official,
THE
1072
the income tax "can be
when it is clear that
at
amount above
an
applied to capital assets only
profit
a
CHRONICLE
the
was
obtained by selling
Several
purchase price."
large taxpayers, in actions involving hundreds of
millions, make the further contention that any gain
by sale of capital assets is
income, and
of
the
this
is not taxable at all.
so
new
As
practice
A
:
bought bonds in 1911 for
man
$200,000, and in 1916 sold them for the
March 1 of 1913 those bonds
000
in
example
an
admitted to have been wrong
now
is cited
case
capital, not
much
so
same ;
worth
were
but
on
only $160,-
market, and so under the past practice the
Government exacted
securities
tax
a
sold at
were
$40,000; in
on
one case
actual loss, vet because
an
the
[Yon. 112.
One member of the State Senate is
he
is
there
sure
gains and that the law
quoted
as
saying
intent to treat losses as
no
was
it stands is not just.
as
Per
contra, the Deputy Attorney-General is quoted as
The Legislature,
talking flippantly and defiantly.
he says,
define
is unhampered by any restrictions and can
anything
criminate
while
as
Congress
"and
income, so long as it does not dis¬
between
under the 16th Amendment,
was
restricted to
was
monly known
taxing only what was com¬
That amend¬
Indeed?
income."
as
situated,
similarly
taxpayers
ment authorizes taxes "on
incomes, from whatever-
derived," but the question what is income
source
remains; could this State make income of sickness
selling price was above the market quotation on the
and funeral expenses
date named the
suming to "define" them as such ?
ference
party was made to return the dif¬
taxable income.
as
If one is to pay
it would
any
classed
to be
seem
gain
by
difference
demanding that
money
money
is to be
broken
of
gone
largely increased his income.
Hewitt evolved
and
into the
when he likened
tempt to "coin
levy taxes
a
Apropos of
time, the late Abram S.
pat phrase which may be recalled
a
certain procedure to
a
vacuum."
on a vacuum,
task is the reconstruction of our tax laws and the
endeavor to infuse
and
view the
take the
and
be
the citizen
"good,"
turn in
a
Nobody
short cut might be to just
care
might
seem
he ought to
good
serve one
about apparent high living.
few days
a
it
which might
process
teaching
Yet, only
as
past, submit what has been done to a strict
test, and claim refunds where due, is
To what
but there is likely to be
seen,
demand which cannot be
one
on
the increase.
aggregate refunds may go cannot be fore¬
And herein is
seriousness
for
reason
more
small amount of
no
gainsaid.
in
enforcing
at¬
an
telephone directory and the "Blue Book"
assess
justify both its
The disposition to re¬
But if Government is to
where is the limit?
a
sense
becoming plain that people no
determined that it shall
more
TAXATION
Albany
ago, an
press
When
much in
so
SPENDING—
WITH
PROMISES.
public operations demands
doing and of timely encouragement to ourselves to
lose
opportunity of praising those who show
no
business
some
sense
and real
And so,
doubts
personal character in public
while competent opinion
concerning his policy
on
may
it should be
ney-General, this State will continue to require in¬
himself well in less than three months' trial.
return from individuals of
anything realized
by sale of stocks above market value at the opening
of 1919, no matter whether the sale resulted in
gain
or
loss, provided the stock
arbitrarily fixed date,
the Tax
the
Bureau, will not interpret Section 353
Federal
Solicitor-General
Federal statute.
vantages, "but
himself
acquired before that
was
The State, said the head of
as
has stability," and he expresses
so
tired of
trying to keep
up
with the Federal
in
its power
to tax."
a
a
or
the
presumption of constitu¬
Every statute is
to say that
a
entitled, but what if
so
by "calling"
loss in fact is
.gain and therefore subject to
A later and fuller
press
fniits that there is
Congress is,
Legislature, and the
statute seeks to make income
such,
as
that
If the section is wrong, he
matter for the
.statute is entitled to
tionality.
statement
Legislature is not limited,
holds that is
the
Uniformity, he added, has its ad¬
Vulings; he added the remarkable
"the State
interprets
now
as
talk
of
a
tax
a
on
a
thing
profits?
statement, however, ad
a
change and suggests
was
(still avoiding the straight¬
plan of inquiring whether in fact any gain
made
on
justed and if
sales) whereby the thing shall be ad¬
a sale at a loss shows am
imaginary
gain the party shall be assessed
instead of
on
on
only
a
few points
the whole of such constructive
profit.
frankly said that Gov. Miller has proved
opened, it
taken hold of it
rank among
he
He meets
task; he has
firmly, and has proved his right to
the vertebrates.
generalities; what he
means
As
plain that of all incoming
was
State Executives he had the heaviest
says
He does not reel off
he
means,
and what he
directly undertakes, in fear of nobody.
one
holding his
test of
ear
does he is not
statesmanship, that instead >f
to the ground as the mere politician
thinking of
any
second term
or
subse¬
about his
own
personal future in either public or private life.
He
quent position and takes
shows
one
no concern
characteristic which is
impossible in the
faith that when an impor¬
mere
politician: he has
tant
subject is clearly and truthfully presented to
the
a
a
people there is in them
a power
of judgment and
preference for the right side which will rally them
to that side.
Gov. Miller has served
constructive
kind of forced average
forward
the year
have
local transit,
patch reported that, under advice of the State Attor¬
come
cen¬
it is only justice and only stimulus to well¬
sure,
work.
dis¬
LINKED
IS
MILLER FULFILLS
GOV.
enough to write in figures the total of im¬
arbitrary fashion
It is also
aggregate and its methods.
aginary gains, and if income is to be jumped at in
such
justice and business
some
longer rush to meet taxation half-way, but are more
method
taxable income
as
did; had he
of the
It
this
between
himself, but he might have struck it rich
and have
unsettled, and burning.
clear that a serious and non-deferrable
more
into them.
marginal speculation he might have
the silver inflation
daily
income, where is
as
shall return
one
done otherwise than he
is wise
question of fact whether
which he might possibly have had if he had
maelstrom
now,
a
If dream
collectors
revenue
essentia]
the
wholly
gains from sales
on
is
taxpayer's family by as¬
a
So the matter stands,
income tax
realized.
was
in
spending of the State.
omy,
of
an
economic
example.
he
few months, but he
Production, industry, econ¬
problems, and this State must set
No further commitments beyond posi¬
necessity; cutting everything right to the bone;
consolidation
and
a
and thrift, he said, are necessary for solution
our
tive
only
be judged by his stand on the finances and
may
of
departments;
lopping off offices
merging others—these were the disturbing steps
outlined.
The comfortable placeholders opened
March 19
ail
THE
1921.]
and felt uneasiness, but they remembered
eye
that economy
and in most
and had
is always to be found in the dictionary
places other than in public operations,
they not heard such talk before from new
brooms in office?
that the
They hardly noticed his saying
hewing must
to the line, regardless of the
go
chips, for "the business of the State has grown to
such
huge proportions that there is little room for
sentiment
sonal
or
He
is
and
the
whatever for
favoritism,
per¬
said
a
have
to
lopped off some 2,000
now
The budget is
saving of three millions.
11% millions below last year's expenditures;
always be futile to appeal to any public
to cut down its
habit to
friend of
somebody who had done some cam¬
outlays;
the contrary, it is the
on
past and in advance of appropriations,
run
committing Government to outlays, on the assump¬
tion that deficits will
finally be covered, as of old,
by deficiency appropriations; no spend-easy fears
debt,
The only
fails to rely on the paternal purse.
or
is to close that purse and serve general notice
way
Tell each
that effect.
have and the
department what it can
limit; there is your cloth; cut it ac¬
cordingly, and if
you
overcut there will be a reckon¬
ing without favor.
It is incorrect and
"good fellows," friends of some politician, or of
some
will
department
firmly in economy, applied elsewhere, and it
to
political, in the ordering of it."
places, at
about
none
1073
CHRONICLE
unjust to charge the last Con¬
few have done, with neither accomplish¬
gress, as a
attempting
retrenchment; it both at¬
paign service, will think the world is in danger, but
ing
they must subsist on their own fat or cast about for
tempted and accomplished, and was hampered by
heads
The
employment.
finance committees
the
of
two
plain language.
use
legislative
"We have
known
Hewitt, "and
we
believe time will show not only
unimpairment but great improvement in the State's
See how heartlessly
service."
"One
of
the
first
things
did was to inform
were
and
if they didn't we would.
We have abolished
whole departments, the aggregate of whose appro¬
priations in 1920 was $991,532, and by consolida¬
tion in other departments, weeding out employees
in others, and reducing operating expenses, we cut
out $4,400,000."
unsympathetically, the damage inflicted by
job-holding Government employees is three¬
mere
they are non-producers yet still consumers and
:
must be
consume,
wastefully, supplies of all sorts; they must
be housed
(and most comfortably if not luxuriously)
They not merely add
nothing to public work, but diffuse the habit of the
Office
Circumlocution
and
of
general inefficiency
everywhere; in one respect they are human rodents,
in that
they destroy as well as consume.
And Government is
inward
banyan-tree.
towards self-purging,
power
makes for
a
any
has the way
Wilson has not
fully reported to Congress on his per¬
he has
may
expected to come out—things which
startle but should move us to serious determi¬
nation to have
lic
affairs.
man
Little by little, things come out,
expended.
must be
and
what he has said, or what
has done,
real change
a
As
one
in the handling of pub¬
instance, it is found that one
(perhaps of the deserving Democrats we used
then) has been wearing
to hear mentioned now and
the title of Labor
Representative in an international
in Geneva in August next; he
conference to meet
has been
drawing $50
a
day, with $19 a day for a
secretary and $4 for traveling expenses,
bly
a
and possi¬
provision for comfortable private offices.
It is unnecessary
to show the kitten the way to the
raise any
scruples about its right to that delicacy; the aver¬
age man will settle into a sinecure job if he can, and
will stay there as long as he can cling.
He believes
cream,
and idle to expect) the animal to
for
thinking it
We are heavily and
over.
a
cheese-paring extreme; yet how far shall
and how far can we
commit ourselves further,
we
cancel
existing commitments?
cut
or
These are"
practical and timely questions, to be taken up, not
in
but in real determina¬
talk about economy,
mere
We have all been more or less in
tion to have it.
"orgy" of inflation and spending, and now it is
an
time to
get down to the hard truth.
The returns of the
in themselves
are
yield of this year's income tax
suggestive, and the signs of grow¬
unmistakable.
in¬
crease, but it should also take the just and rational
direction.
If the country really wants and really
means to have lighter taxation,
it must decide to
have and
determinedly insist on having lighter
ing dissatisfaction at the tax load are
spending.
TILE
That
be.
They should
dissatisfaction should
,
POLITICAL SITUATION IN SOUTH
AFRICA.
The recent announcement
Mr.
him, and it is only too evident that he could not
tell what he
at income-tax time, is a natural and fit
Left to itself, it
expenditures out of the large fund turned over
•
There should be, and there may be.
to rush to
it constantly
of the thistle and chicory weed.
people.
firmly bound, financially, and we would be foolish
adding bureaus and commissions and for
tagging hangers-on to hangers-on.
sonal
Without
business-like handling of Govern¬
people?
the
supported; to make a feint of working, they
and each must have clerks.
a
growing Intention of that nature among
season
Stated
and
a
Just now,
year's appropriations.
We told them toe
looking for decreases and they must find them,
over
to
Is there
last
nore
fold
Congress; yet the real effective pressure
next
the
for economy
mental affairs must come from the
he sums it up:
we
disposition, and it is safe to look for more of that in
department that we proposed to absolutely ig¬
their requests where they called for increases
every
past whose aggregate is not
Congress did show an unwonted
yet.
even
any
the
commitments in
provided for all which had to come in," says Sena¬
tor
nor
at the
by cable of the success,
election|Of the party backing the large-minded
patriotic General Smuts as Premier of the Union
South Africa will awaken wide interest, as it
and
of
bears
directly
The lines
tween the
upon
were
the international situation.
sharply drawn in the election be¬
party of the Union, led by
General Smuts,
and the Boer
secessionists, under the lead of the re¬
bellious
irreconcilable General
and
majority for the Union
What it
ers
means
becomes
was
the other way.
Hertzog.
and
The
decisive.
apparent when one consid¬
what would have been the
gone
large
effect had the election
The general disturbance of the
and so difficult of
Africa is remote from
the great centres, the definite attempt to force, or
even
threaten, a breach with the British Empire
could not hhve failed to produce serious and possi¬
nations
to-day is so world-wide
settlement
that, though South
bly explosive effects.
the
It would have been a blow on
already much over-strained heart
financial and
cal system.
of the world's
commercial, and, we may add, politi¬
As it is, one not unimportant source of
THE
1074
removed, and the way
disturbance is for the time
made open
for
world's main
South
to
the
hand
private communications from
before
Africa, written just
the elections,
which set forth the seriousness of the situation that
exists there.
a
state of
remembered
society, white and black, has been
and to the
among
that
called attention last summer
we
racial conditions then existing
beginning of
extensive organization
an
the natives following strikes in the mines,
resort to force to
and the Government's
The
them.
It will be
upheaval for the past year.
the threatening
to
"rapids" which
expected from the whites.
He
outspoken and growing. It means to see
reputation fcjr justice and fair-play
that the British
does not
opportunity to the native, to give him the
chance to become civilized and to make the most of
himself. This element believes that the native
and walked out.
The election of General Smuts and the
the
done business
State; though
Not
a
bank in South Africa has
to-day. This was easy enough for the
highly organized union.
The na¬
Meanwhile the
of the labor of American missionaries among
years
cies that will lead
We knew that the native
strike must come.
It did come suddenly, and 50,000
blacks employed in the mines dropped their tools
and refused
work.
to
The
demand
for
food,
withhold, and for
increase of pay, which was refused.
The natives of¬
fered no violence, but maintained a steady passive
resistance, from which they were finally driven by
mounted troops.
It was effective, but no solution.
Perhaps even more ominous is the occurrence for the
was
which the authorities dared not
first time in South Africa of
race
riots.
Zulus,
model.
of
the
is
popular, to
influential
bady wounded. There is the
feeling, intensified hatred and race
prejudice."
regarded
purely industrial situation, has developed the
regards
a
more
against which the better ele¬
eventually arisen and assert¬
ed itself in the recent elections.
their
attitude
This is the
toward
story:
the
blacks,
positions are
coming into sharp contrast, with a mighty
two classes of whites whose
by and by. There is one section whose
is, 'Keep the nigger in his place.' That means,
keep him ignorant, poor, voiceless, a hewer of wood
as
water; keep the native as
possible.
It is significant that,
near
serf¬
as in the
the movement for secession
from the
Empire, even at the cost of civil war, has
become bold and blatant, so also has the demand for
the repression of the native race become
outspoken.
last three
or
four years
This shameless
policy of repression, supposedly dis¬
carded by the
State, is now openly advocated in our
halls of legislation. For
example, last month in our
Transvaal Council, or State
Legislature, strong op¬
position developed to native education. Until re¬
cently the Transvaal has spent from public revenue
for educating the natives a sum
just equal to what is
the upkeep of the
Johannesburg Zoo!
(And there
are
in Greater
Johannesburg alone 300,000 natives.)
While it has done better of
to the
late, yet in comparison
heavy direct and indirect taxation of the na¬
tive, the sum for educating black children is
pitifully
small.
And
now
the
political reactionaries have
made the
attempt not only to reduce, but to delete
altogether, the money for native education.
This
move was
happily defeated. But the ugly things said
in the debate have left their
constituency, not
are
an easy
And in Johannes¬
most strained and most
the sympathetic attention of
secure
men
and to obtain needed funds has been
sting in the heart of
forum meetings for educated blacks,
open
evening classes, movies, etc.,
Leading citizens
set
was
were
established.
interviewed, the glaring need
were
forth, and the value of results already at¬
made
was
evident.
cussed and
some
sums
presented.
were
Possibilities
were
dis¬
preliminary pledges of substantial
The response
edly prompt and heartening, and
a
was
unexpect¬
committee
repre¬
senting the mining interests, the Chamber of Com¬
merce,
the Government, the Municipal Council, the
professions and the missionaries
raise at least
was
appointed to
£15,000 for the erection of
Social
a
Centre.
clash assured
motto
and drawer of
a
community playground has been opened in the
tained
ment of the nation has
furnishes
difficult.
A
200 blacks and whites
one,
A.
serious, and where the "damn-the-nigger" attitude
with
political
C.
to make sure of the support
There have
the other
street and
30 deaths and over
Upon, this, which might have been
better understanding
M.
existing situation.
burg, where relations
back
aftermath of bad
a
The Y.
Christian
native
in
slums, and
some
directly to
races.
It is necessary
the
task
working earnestly to establish agen¬
are
between the
been two this year, one in Johannesburg,
in Port Elizabeth, 500 miles away."
These
alley fights resulted in
intelligent Christian men in the
community, and there have been nearly a hundred
tive has noted the methods of the white workman in
getting what he wants.
far it will, of course, be sub¬
so
ject to the vicissitudes of party government.
the
dom
triumph of
political party behind him is in the line of this
whites with their
fast
rightly
developed will not be a drag to the country, but will
prove one of its greatest assets."
of the
are
It means to open
degenerate into a myth.
the door of
movement, and assures its recognition in the policy
sphere, in common with other
lands, we have had strike after strike. Yesterday
the employees of every bank laid down their pens
there
machine-guns
settle the race problem, there are also signs of
hope. There is another element among the whites
may
"In the industrial
"As
of one section to goad
the natives into rebellion in order that
suppress
says:
serious
attempt should be made
belief that justice can¬
an
"But if it is the set purpose
correspondent then
our
thought not distant seem to have been reached.
now
That such
tends to confirm the natives'
that is both
South African
in
the blacks.
not be
problems.
have in
We
attention
undivided
more
[Vol. 112.
CHKONICLE
It
to
soon
appeared that it
the
on
sincerity of
the
chains
was
going to be difficult
the utter distrust in the native mind of
overcome
any
generous
part of the whites.
or
feared, and the opposition seemed ir¬
was
reconcilable
and
hopeless.
Fortunately time and
prolonged effort with the aid of the
minded
among
its social and
reading
new
and liberal
a
work is assured.
rooms, games,
large
With
class and club-
refreshment counter, baths, commodious lec¬
ture and entertainment
activities
service,
saner
the natives prevailed and
building to house the
rooms,
kindly approach
The forging of more
hall, together with all the
prompted by the spirit of true Christian
this
building
will
provide
means
for
a
unique and powerful ministry to the multitude of
homeless young men.
of the
race,
good-will of
and in
a
It will be concrete evidence
many
white
variety of
ways
men
toward the black
will promote the
quaintance and mutual respect of the best
both
a
races
new
men
wLich it is hoped will open the way
ac¬
of
for
era.
It is not
altogether
easy
under circumstances not
to realize
even
with
us
wholly different, but where
March 19
such
this
1921.]
THE
enterprises have long been established, what
one
attempt
real effort has
still
greater
inferiors
mass
mass
a
region where almost
been made to
ever
ings of the great
in
means
of inferiors,
or
no
change the feel¬
of the superior
to
race
toward
secure
a
to those
permanent status of just and human
a
The basis of the
treatment.
foundations in
Christian
attempt is to lay the
manhood,
bringing this
purchasable with $100
while unskilled labor gave
tremendous, and the problems
share in the
can
it that
we
hope of those who so bravely face
day it will be found "to make
some
every¬
difficult, but
a
real
occurred, but
they still remain high, and there has been no adjust¬
of wage
ment
prices of
that
innumerable and very
Within recent months
declines in costs of material have
some
Indicating the course of
schedules.
few materials in New York, we note
a
delivered
are
55.4 days' work for $100
against 15.4 days in 1920.
where it exists into contact with those in whom it
The task is
from 275% to 362%
was
greater in the earlier named year than in the later,
is needed.
where
1075
CHRONICLE
brick
common
quoted at $15.50 per thousand,
job January 1919, and $25.60 at the
on
same
time in
year,
and stood at $23 at the opening of January
1920, advanced to $31 during the late
1921; face brick
from $34@$75 Jan. 1919 to
up
$48@$100 Jan-1920, and later ruling act $59 to $150,
contribution to the solution of South Africa's great¬
began 1921 at that high level-
est
spective quotations for wood lath were $6.50, $20,
problem."
Meanwhile
shadows of
race
how both the
lights and the
$20 and $14; lumber and trim, $74.50@$130, $120@
question in the United States
205, $91.25@325 and $37.50@85; lime, $3.70, $3.80,
we can see
our
extend to other lands and hearten
who face them in less
or
dismay those
happy conditions.
$5 and $5.20; cement, $4, $3.40, $5.10 and $4.80;
plaster, $27, $25, $28 and $30, all of which furnishes
its
BUILDING OPERATIONS IN 1920.
fact
comment.
own
One
A
Ooincidently the re¬
development of late 1919 that encouraged
belief in
worthy of remark in reviewing building
tive
ability to
building
carry on
program
successfully
in 1920—we refer
a very ac¬
now
to the
operations in the United States for 1920 is that, not¬
local situation—that would very
withstanding that the plans put under contract for
housing shortage, was the agreement reached be¬
the 12 months covered
for any
than
an
estimated outlay greater
similar period in the history of the
the
tween
and the
Building Trade Employers' Association
Building Trades Council that was at the
country, the housing problem was apparently still
time hailed
urgent to some extent at the close of the year.
building industry.
other
In
words, although our compilation below indi¬
cates that in 286 cities of the country
the permits
as
lay of over 1,607 million dollars, or fully 103 mil¬
tion.
than the
the need for
was
poses,
some
high record established in 1919,
buildings, especially for dwelling pur¬
still, according to current reports, in
measure
unsatisfied.
However, 1921, under
the
prevailing depression, is likely to have a differ¬
ent
story to tell-
In fact, signs of a decline in build¬
assuring two
of
years
peace
in the
Contractors were then quoted
building industry here would do much to sta¬
bilize wage
more
as
saying that the removal of the menace of strikes
in the
issued for construction called for an estimated out¬
lions
much relieve the
the
conditions throughout the city and na¬
But recent
happenings
to indicate that
seem
agreement, instead of simply acting to stabilize
and
bring
peace, more
surely opened the way for the
making of combinations that greatly augmented the
cost of
operations and offered opportunity for graft¬
At least that would appear to be the conclusion
warranted fromvthe disclosures of the Lockw.ood
ing.
The result of the
investigations of this
ing demand, with a coincident contraction in new
Committee.
building projects, were already in evidence the lat¬
Committee, with Mr. Samuel Untermeyer as chief
half of 1920.
ter
In
the earlier months,
down to
including May, each period showed much more
and
doing
as
judged by the contemplated expenditure
counsel,
to have been boosted so
arranged for than in the previous year, and for the
of
five months the increase was over
profitable..
the
100%, although
magnitude of the percentage was due largely to
the fact that
with
comparison in the earlier months was
quite contracted totals in 1919.
It is to be
outlay arranged was for business build¬
It may
tures
in
so
new
as
ers
be argued that even though business struc¬
were
the
a
more
than usually important element
year's operations the aggregate outlay was
great—much the heaviest on record for a single
year—that the needs for housing accommodations
must have been considerably relieved.
That would
certainly have been the case on the cost basis of most
earlier years,
but with both labor and materials rul¬
of the
immense
contemplated outlay of 1920 represented as great a
volume of quantitative construction as in 1916 or
some earlier years.
Bearing upon this point, we
ing higher than ever before in the history
country it is a moot question whether the
note that the Dow
21, carried a
1920 and
Service.Keport of Monday, June
compilation
contrasting 1914 with
promising reductions in cost all along the
of
what
has
needed it would be furnished
been
said above
by the review of
building situation in New York City for
made
tion-
1920,
by the Fuller Industrial Engineering Corpora¬
That review
points out that 1920 opened with
building material prices
minds of
high
(their peak in the
many), but by mid-summer showed a fur¬
Then, how¬
would not
build in the face of such prices, and banks refused
to loan money on building investments that could
not hope to amortize the excess cost of the struc¬
ther
average
ever,
demand fell off sharply and owners
advance of about 40%.
tures before the value of the
property would be de¬
preciated by the return of normal
Some reductions from
the end of the year,
terial costs
was
ning of 1920.
of
quantity
1.
Its abrogation and the restoration of
substantiation
If
were
showing that of such materials as yellow
pine, steel sheets and common brick, the
buildings in New York City had become un¬
line.
the
ings.
building was alleged
high that the construction
competition in the industry is welcomed by build¬
noted, furthermore, that to a greater extent than
usual the
the breaking up of a working agree¬
was
ment under which the cost of
1920,
were
building costs.
peak prices occurred toward
but the general average of ma¬
somewhat higher than at the begin¬
Wages, already high at the beginning
further raised, either May 1 or October
Referring to the fact that the present wage
scale
1076
be
cannot
justified
the review re¬
much longer,
marks that union labor will resist any wage
to the
the
decrease
last, but must unquestionably adjust itself to
conditions.
new
by month from June 1919 on to the
close of that year,
the operations arranged for in
January 1920 covered
the meagre
aggregate of contemplated
an
phenomenally greater (462.4%)
expenditure
of
were
especially
statement for
February showed
and the result for the first
with
had
become
0.5%.
single month, with
a
1919.
over
May operations,
the year
than
more
that
of
the
preceding
During the remaining months of
was
comparison with the last-named year on the
indicate
then
the
much
a
than
toward contraction in
in the
outlay
in
totals in
15-2%
1919, losses became the rule.
A decline of
indicated by the July statement, the
was
August result proving to be 27.9% below that of
earlier.
year
off of
was
September
along with
came
a
$261,500,189
25.1% under that of 1919.
final
The exhibit for the
quarter of the year, contrast being with
ex¬
city
footed
in
1919
as a
and
whole the estimated
$291,528,264 against
up
$56,500,495
in
cities have furnished
re¬
only
1918.
For
New
ports
England 63
combined
and
their operations
approximate expenditure
worthy decline
year.
The only note¬
States, outside of Greater New York (60
reporting) made
favorable exhibit, the build
a
estimated outlay
an
There
$283,648,736 against $274,181,515 in 1919.
restriction of
was
an
at New Bedford and New Haven.
was
ing permits issued calling for
of
covered
$163,373,197 against
of
$143,714,846 in the preceding
operations at Philadelphia, Wil¬
mington and several small towns.
In the Middle
West, it is to be noted that diminution in construc¬
tion work in 1920
was
most
pronounced in localities
great activity was the feature in 1919, al¬
in all cases.
so
Chicago, Detroit, Akron,
Peoria, Dayton and Canton are among the cities
showing notable contraction compared with the pre¬
vious year.
stated
•
For the whole group the expenditure is
$393,177,360 against $429,233,976.
as
On the Pacific
falling
a
31.7%, and the outcome for the third quarter
For the
1920
though not
working to that
comparison with 1919 all
gain, but the most notable augmentation was
in Manhattan.
labor but other adverse conditions
comparison being with highly expanded
the
In
boroughs, except the Bronx and Queens, share
where
And
labor, however, would
greater quantitative construction
now.
cities
earlier, while
a year
A
basis of cost of material and
ran
only nominally larger—
overtopped
the tendency
1909.
operations, not only the high cost of materials and
end.
augmentation,
quintupling the outlay of 1918 and run¬
The Middle
The six months' total for 181 cities at 842 1-3
by 82.9%.
considerable
a
contemplated outlay exceeding 1919 by 11.6%
the
on
considerable drop, and
a
aggregate was
million dollars
year
146.1%,
In April comparison
for
recorded
hand, exhibited
June
the
quarter of the year was
only 26.8% ahead of those of
the
gain of 228.1%,
apparent, but the 1920 total was the
ever
115.3% increase
other
a
The
period in 1919 when revival of activity
a
heaviest
import.
increase of
an
augmentation of 230%.
was
monthly compila¬
favorable
and that for March disclosed
an
than
total of the period in the preceding year,
and thereafter several consecutive
tions
into in 1920 showed
ning moderately ahead of the former high mark of
Following the marked expansion in construction
work month
[Yol. 112.
CHRONICLE
THE
Slope activity
was more
than elsewhere.
No
city of
any
Seattle
an
easing
up
reports
San
returns from
Francisco,
the feature
importance except
in operations,
Los
Angeles,
and
Long
traordinarily heavy autumn and winter monthly to¬
Beach, Oakland, San Diego, Fresno and Pasadena in
tals in
particular
1919,
tober loss
was
was
of
course
three
The Oc¬
42.1%, that for November 49.7%, and
that for December about
the
unfavorable.
months
58%, with the result for
combined
a
diminution
of
49.5%.
a
were
the
scene
of especial animation, with
moving-picture industry the operating cause to
marked extent.
The 23 cities in the group
compilations for 1920
include
returns
for Nevada and
from
cover
every
286 cities, and
State
New Mexico.
As
except
in
all
those
the
which,
cluded
possible, but in several instances
we
In the States west of
cluding Louisiana, Texas, Oklahoma and Arkansas,
the reports have been secured from official
where
an
Mississippi River to the Pacific Slope (not in¬
former
sources
give
aggregate of $173,811,252 against $106,906,924, or
62.6% greater than in 1919.
Our
years,
the
being large producers of cotton
by
us
and Duluth
ver
are
in¬
in the Southern group), Omaha, Den¬
the
are
only cities of prominence at
have had to! rely upon private individuals for the
which the
data, the absence of city ordinances providing for
its collection
making that course necessary. At a
the other
hand, at St. Louis, St. Paul, Minneapolis,
Salt Lake
City, Sioux City, Des Moines and Wichita,
majority of the cities (145 out of 286) there
it
greater activity in building operations,
as
was
represent¬
ed
by the contemplated expenditures arranged for
in
1920 than in 1919
w
or
any
earlier
hole 286 cities the estimated
der
the
For the
outlay projected
permits issued in the latest
less than
in
year.
year
was
11,607,856,613 (the highest total for
un¬
no
any
was
outlay in 1920 exceeded that of 1919.
noticeably less and
cities that go
to make
up
as a consequence
moderately less than for the preceding year—$129.768,099 against $141,120,539.
Considerable
of the year
expansion in building was a feature
at the South, an outcome not at all sur¬
prising in view of the exceedingly high prices ob
period.
material and labor upon
In all the 48 cities in the group
the
our
identical
cities
a very
furnished
a
much lower level,
total
of
approxi¬
mately 1,140 million dollars.
In
compiling
our
each State
or
section
returns into
groups,
giving the leading cities in
separately in segregating the
and Greater New York
conse¬
quently heads the list. For the five boroughs of this
city the operations for wrhich contracts were entered
tained
pear
for
cotton
during the greater part of the
The only decreases worth mentioning ap¬
at Fort Worth, Oklahoma City and Richmond.
furnish
$172,549,705 against $148,266,770 in 1919.
a
total of
For the
United States outside of Greater New York the ag¬
tables the plan of former years
has been adhered to of
the 38
the division furnish a total
history) against $1,504,924,759 in 1919,
only $497,428,037 in 1918 and $820,961,718 in 1917.
In 1916, a
year of marked activity, with prices for
year
On
gregate of $1,316,328,349 for 1920 compares with
$1,243,424,570 in 1919 and but $440,927,542 in 1918.
Our
compilation covering the building
the last
four years
section of the
the
statistics
for
for the leading cities in each
country, together with the totals for
remaining cities in each State, is now appended :
March 19
THE
1921.]
UNITED
STATES
BUILDING
1919.
1920,
8
•
;•:
OPERATIONS.
Inc.or Dec.
1918.
%
$
8
term
$
Manhattan
139,199,564
152,328,700
106,773,373
154,726,816
+30.4
—1.4
17,697,650
38,802,845
Total N. Y. City
Maine—2 cities
291,528,264
1,892,121
261,500,189
2,399,300
+11.6
—21.1
56,500,495 103,068,798
751,562
958,543
2,612,795
1,784,815
+46.4
-393,200
42,738,169
60,330,629
Hampshire—
Manchester..
Vermont—Burllngt'n
28,467,253
63,966,580
Other 32 cities
Conn.—Hartford
19,925,309
New Haven
187,050
+ 19.8
23,520,855
+ 5.2
60,773,448
8,351,521 + 138.6
7,702,190
20,843,261
2,254,983
23,294,161
34,620,512
7,863,616
—42.4
3,219,558
12,695,270
5,645,059
8,910,917
5,134,343
Other 20 cities
+7.0
join
cluding 1906:
Cities.
New York.""9
286
J291.528.264
1919
286
261,500,189
1918
286
56,500,495
103,068,798
221,293,974
172,945,720
138,115,260
162,942,285
228,601,308
235,
200,325,288
1910
223
1909
209
1908
206
213,848,617
273,108,030
174,757,619
798,913,875
762,174,380
763,368,183
740,677,942
555,324,252
197,618,715
241,064,458
604,671,736
564,486,823
$2,937,219,026
$11,758,281,134
$14,695,500,160
1917
286
1916
285
1915
284
1914
New Jersey—Newark
273
....
4,986,000
3,817,000
+8.0
1,128,067
1,455,819
143,714,846
+ 13.7
54,085,403
99,720,765
13,033,000
+0.7
10,581,000
1907
200
9,641,579
+ 3.2
6,754,820
1906
163
28,913,753
20,890,187
40,564,581
+ 12.2
7,014,030
1,949,551
10,379,301
5,320,833
21,545,828
20.576,695
Other 20 cities
57,512,579
Pennsylvania—Phila
Delaware—Wllm'ton
22,488,170
3,840,531
65,088,750
14,731,616
19,498,520
5,911,859
Maryland—Baltimore
24,535,692
Pittsburgh
55,305,390
16,048,058
+ 8.9
9,437,104
11,464,204
13,152,735
2,384,813
26,768,884
—8.3
4,644.373
10,145,626
2,647,410
19,706,296
5,482,263
4,221,900
20,402,292
—37.3
67,250
508,386
—3.4
7,136,818
4,514,594
+ 21.4
2,321,408
12,916,886
2,828,571
283,648,736
274,181,515
+ 3.4
65,625,830
11,684,837
(60).
46.214,175
+42.0
10,923,750
6> 345,760
81,730,311
+ 7.0
12,794,556
+ 19.5
4,557,667
18,247,329
—5.2
...
Cincinnati
Columbus
10,257,170
56,985,645
15,284,119
17,291,390
Other 14 cities....
Indiana—Indianapolis
OtherS cities.....
Illinois—Chicago
Total, 15 years
34,016,480
7.033,349
West Va.—3 cities..
235
...
A noticeable fact here disclosed is the
a
pre¬
In
1906, it will be observed, the contemplated outlay
gate intended expenditures for the whole country
+ 31.7
3,300,220
—30.3
23,015,540
6,803,254
3,914,930
39,744,160
7,103.138
14,803,883
were
—26.9
35,131,150
64,188,750
21,180,792
—32.4
4,693,596
—6.3
17,406,353
14,998,977
+ 16.1
18,201,707
4,183,742
10,658,886
39,692,305
Other 6 cities.....
Wise.—M11 waukee..
14,910,950
4,274,400
20,062,193
3,828,902
—25.7
4,790.750
+ 11.7
2,083,927
5,018,744
8,622,152
2,615,395
4,140,715
+ 108.3
1,990,308
1,571,965
+ 66.4
549.457
609,240
Tot.Mid .West(53)
393,177,360
429,233,976
—8.4
17,694,078
—13.9
6.352,582
+4.5
5,666,995
1,201,169
20,538,460
13,164,060
1,459,240
—17.7
652,047
17,309,160
—22.2
5,465,740
12,276,466
19,258,734
—36.2
10,152,705
7,789,173
11,435,970
2,110,.545
5,922,947
9,022,647
+ 31.5
2.783.861
+ 26.7
3,608,054
2,052,452
+ 2.8
758,572
9,262,955
7,086,038
4,757,199
7,737,047
1,374,093
3,807,281
4,849,831
3,270,060
5,221,885
14,790,776
6,779,880
1,001,445
—21.5
represented by the
13,760,295
Other 2 cities
Minn.—Minneapolis
St, Paul
Other 2 cities.
Nebrasko—Omaha
.
Lincoln
Kansas—Wichita—
Other 4 cities
3,659,791
Iowa—Des Moines..
Other 6 cities—..
4,091,229
10,708,399
Colorado—Denver..
7,549,020
1,563,135
Other 2 cities.
S3. D.—Sioux Falls..
Utah—Salt Lake City
Ogden
Montana—3 cities..
Idaho—Boise
—27.6
4,100,563
6,662,060
+ 11.4
2,595,890
+ 56.1
537,067
—8.6
857,195
—5.4
923,080
2,310,015
1,026,535
1,865,398
2,732,155
—30.8
500,000
500,000
—33.7
852,723
—33.8
182,994
3,071,298
193,497
+ 456.7
+ 76.2
326,000
1,253,340
1.492,188
87,212,455
5,715,689
2,018,497
1,300,000
210,000
3,244,204
129,768,099
141,120,539
—8.0
61,084,700
26,729,992
15,163,242
+ 76.3
Los Angeles..
60,023,600
28,253,619
+ 112.5
Oakland
9,489,906
41,031,094
12,088,506
1,182,140
7,134,572
+ 33.0
9,135,477
8.678.862
5,382,158
24,193,526
Other 12 cities
Oregon—Portland
..
Other 2 cities..
13,760,090
....
+69.6
11,695,755
+ 22.8
G, 174,157
635,050
+ 86.1
—11.9
445,700
3,717,945
545,250
+ 47.8
10,899,775
422,766
3,477,278
6,708,315
2,140,760
1,675,926
56,311,928
63.310.582
15,615,010
1,689,928
4,381,252
Spokane.
3,031,704
6,474,220
Total Pacific (23).
173,811,252
106,906,924
+ 62.6
Virginia—Richmond
+ 79.4
6,919,278
0,632,053
8,770,452
—21.1
1,838,614
4,118,688
7,852,944
+ 22.3
2,047,610
+ 13.3
N. C.—Charlotte-..
2,589,110
6,760.452
3,257,347
13,372,666
7,318,582
1,807,280
1,196,004
5,046,359
2,040,075
10,442,739
2.723,592
341,029
1.488,616
Other 2 cities—..
.
_....
„
.
_
Other 6 cities..
South Caro.—2 cities
Georgia—Atlanta
i.
Other 3 cities.....
Florida—Miami...
Other 3 cities.
Ala.—Birmingham
.
Other 2 cities
1,203,475
Mississippi—2 cities.
according to the information at hand, in common
those in
with
sion
in
the
issued in
the United
States, exhibited expan¬
expenditure called for by the permits'
1920, but there, as here, the high cost of
materials and labor was
in
a
swelling the totals.
the Eastern Provinces
decidedly potent factor'
At about half the points in
the outlay arranged for un¬
der the contracts entered into was
of 1919 and at
—Sherbrooke,
Johns and
number of
a
Toronto,
points
greater than that
very
Windsor,
Westmount, for instance.
noticeably
Montreal,
so
St.
A more strik¬
ing outcome is revealed in the West, with Winni¬
3,572,086
+ 71.1
1,350.876
Regina and Weyburn most prominent in activity;
1,238,720
4,977,815
2,422,927
1,859,504
+ 90.1
1,767,845
2,754.754
+ 11.6
1,572,714
1,818.736
—3.8
336.917
377.326
+37.1
+ 3.2
10,373,229
19,243.141
18,657,654
15,071,198
—44.4
2.267,887
7.906,485
11,301,503
3,727,732
1,071.178
2,601,768
+ 43.3
784.223
+ 36.6
274,245
504,608
9,648,547
+ 1.8
4,847.370
12,226,066
6,715,183
7,634,743
9,474,443
10,823,556
7,518,950
6,986,679
+ 13.0
3,532.259
8,380,492
3,741,676
—10.7
1,591,078
+ 9.3
1,363,826
2,625,865
3,130.974
172,549,705
148,266,770
16.4
45,513,711
67,323,826
cities) 1,607,856,613
1,504,924,759
+6.8 497,428,037 820,961,718
York..1,316,328.349 1,243,424,570
+5.9 440,927.542 717,892,920
contemplated disbursements
under the
permits issued in 1920 were rather con¬
tracted
compared with the boom period of 1910*
1,705,611
+ 27.6
but in that section the
972,940
13,164.600
Vancouver, Victoria, Edmonton, Moose Jaw,.
1,265,112
..
Other 3 cities—
8outhern(48)
Tot. all(286
As the
708,208
the whole
3.573.259
1,030.264
was so
much greater, it would
There is also reason to be¬
it possible to obtain all the data
to make the investigation, it would be
1916
and
possibly in
some
earlier
(1912 and 1909, for example) the quantitative
was
that
or an
moreover,
close
up
to if not in excess of that for
In this view it will be
interesting to study
changes in the grand aggregates for a longer
contracts
the
costs
for the year
$114,581,288
of
increase of 23.5%.
Compared with 1918r
losses from 1913 and 1912 reach
show
a
146.2%
total
covered
against $92,805,-
the total was greater by 167.8%, but the
that
were
in
839,
find
ly have been smaller.
that
indicates
estimated
comparatively moderate, while the
so
Briefly, our compilation for
cities, of which 38 in the East and 18 in the West,,
45%.
that the quantitative construction must real¬
necessary
as
1913 inclusive.
and
over
#ost of everything entering into building
that,
to
1919 is
gain in projected expenditure
operations in 1920
the
--
Building operations in the Dominion of Canada?,,
+ 28.1
2,862,958
Tennessee—Memphis
output
explanation for the expansion in construe.- >
•
^
tion work.
peg,
240,898
-
1920.
find chief
compilations have clearly indicated,
rapidly in many sections and in that we
702,171
752,667
1.667,730
Other 4 cities—...
years
census
3,713,191
864,666
1,761,569
Other 1 cltv
found
recent
has grown
furnishings
time, however, population, as
same
777,779
+ 80.1
Ark.—Little Rock..
lieve
At the
returns.
840,173
+ 52.9
Oklahoma—Tulsa
appear
cities, especially between 1906 and 1913, must"
he ascribed to the increase in the number
2,239,144
+ 140.0
Worth......
average
side
It is to be admitted; *
18%.
augmentation shown for the out¬
+ 59.7
564,633
5,249,092
Other 6 cities
on
of the
some
+ 34.0
4,035,188
Texas—Dallas
Outside New
returns
later—the per-*
+ 116.5
6,170,149
13,595.157
Other 2 cities
Total
1,070,170
1,016,440
12,598,468
Louisiana—NewOrl.
Fort
4,278,424
3,264,215
3,455,401
3,929,822
1,251,071
4,476,760
6,568,110
4,384,229
.
....
that
15,635,319
16,932,082
4,442,533
11,518,452
which
19, and in 1919 had sunk to about 17,;
over
while in 1920 it stood at
426,700
9,840,725
Other 3 cities.....
cities from
centage had fallen to 21, in 1916 it was down to a little
4,291,000
1,297,733
+40.7
1,562,560
860,495
Calif.—San Francisoo
3,771.519
2,485.829
3,145,809
8,218,894
1,857,634
1,169,177
West(38)
3,085,521
1,477,696
+ 11.9
—21.6
11,308,537
10,158.450
2,226,747
1,338,084
Wyo —Cheyenne...
Arizona—2 cities...
130,266,511 246,924,935
4,059,320
2,034,211
2,613,040
3,839,353
1.081,935
N.D.—3 cities.
6,977,875
11,535,859
30% of the aggre¬
In 1911—five years
obtainable.
1,009,571
13,469,564
as
1,742„245
Other 2 cities.....
City.
as
in Greater New York constituted
82,995,701
Missouri—St. Louis.
total
ponderating element in the grand aggregate.
10,451,315
104,198,850
....
the New York
diminution in
tant
quite impor¬
30,483,605
76,173,150
14,308,804
Ky.—Louisville
758.991,580
753,730,258
818,029,278
93,665,289 153,394,357
77,737,165
Other 4 cities
717,892,920
919,339,446
10,386,360
4,578,833
Michigan—Detroit.
Other 11 cities
440,927,542
20,196,394
3,018,149
D.C.—Washington.
Total Middle
15,452,670
7,781,729
+ 15.3
Other 2 cities
Ohio—Cleveland
—1.5
+41.8
—15.0
1912
1911
$1,316,328,349
1,243,424,570
J 9,007,338
—35.0
...
Other 13 cities
.
284
1913
+ 21.4
20,450,825
Total All.
»[ Outside Cities.
$1,607,856,613
1,504,924,759
497,428,037
820,961,718
1,140,633,420
931,937,300
891,845,524
980,971,563
1,027,515,183
962,499,06&
977,216,800
1,013,785,972
730,081,871;
802,290,451
805,551,281
9,951,813
32,432,839
Other 14 cities
Norfolk
.No.
13,121,000
Rochester
Wash.—Seattle
/
Year—
163,373,197
Eng.(63)
New York—Buffalo.
Tot. oth.
."
V
1920
26,495,870
8,309,100
2,775,820
10,084,200
Other 3 cities
Kansas
and to render that possible we sub¬
table permitting comparison back to and in¬
a
2,996,370
28,356,776
R. I.—Providence..
Tot. New
—39.5
1,273,945
341,275
237,450
M ass.-—Boston
317,462
of years,
1917.
Other boroughs...
New
1077
CHRONICLE
approximately 32%
Analyzing the returns by sections we
the
38
cities
in
the
Eastern Provinces
gain.of 7.9% over the previous year and
over
1918, but contrasted with the heaviest
of which
have record
we
(that of 1913)
the
The 1920 total of outlay was
falling off is 11%.
$84,054,703 and that of the preceding year $77,887.158.
In the West the total contemplated expendi¬
ture of the year was
of
104.6%
1918.
over
The loss from
1912 about
is
as
75%.
follows:
$30,526,585,
an
augmentation!
1919 and of 253.1% contrasted with
1913, however, is 60% and from
Our statement for the Dominion
CANADIAN BUILDING OPERATIONS.
,
1920.
$
2,301,480
Other 4 cities
5,645,428
25,748,732
19,797,026
Ontario—Toronto
Hamilton
4,321,420
Ottawa
3,367,557
Other 25 cities
Nova
21,274,956
Scotia—Halifax
3,411,341
5,029,135
3.179,437
22,929,428
5,194,805
railroad wages
4,387,638
2,459,386
1,318,165
7,163,556
2,733,865
2,635,612 1,041,017
9,772,432 12,028,492
2,816,852 1,628,556
+10.4
+ 7.8
+63.4
+30.1
—14.1
+5.9
—7.2
—34.3
12,743,480
2,134,219
3,455,371
14,067,609
..
1917.
«
$
'
Quebec......
Quebec—Montreal
4,882,873
904,375
1,198,211
8,535,331
2,472,254
911,882
703,741
+29.6
4121,073
416,900
3,004,298
2,720.516
+10.4
509,638
872,048
84,054,703
77,887,158
Sydney
New Brunswick—2 cities..
Total East,
38 C'tles
Manitoba—. .nnipeg
Alberta—Calgary
Edmonton
Other 2 cities
Saskatchewan—Regina...
Saskatoon
Other 5 Cities
Brit.Columbia—Vancouver
Victoria
2,603,320
1,900,000
4.812,606
1,699,020
1,404,590
1,449,026
2,271,361
466,141
675,413
2,050,650
363,987
1,197,100
351,510
335.553
1,006,000
604,675
790,310
1,440,384
289,760
214,601
2,942,000i +184.4
3,709,873
1,207,572
Other 2 cities..*
619,109
Total West, 18 Cities...
30,526,585
cities...^.114.581,288
Total all, 56
+7.9 34,139.651 34,049,625
8,367,250
877,119
2,906,100
3,231,955
291,681
Other 2 cities
457,431'
+91.8
+31.4
+24.9
—30.0
+53.2
+35.3
+232.1
+63.3
+156.9
—8.3
2,211,100
926,346
416,253
made in
higher
cost of fuel and everything else entering into the
operating accounts of the railroads, it was known
ment, first by reason of the huge advances
1918.
Inc. or Dec.
1919.
$
[You 112.
CHRONICLE
THE
1078
14,918,681 +104.6
8,644,530
92.805.839
+23.5 42,784,181
2,212,450
335,863
548,300
306,300
199,688
416,460
582,739
696,205
768,255
147,875
180,515
6,394,650
40,444,275
and secondly by reason of the
beforehand that the advance in
freight and passen¬
tariffs would have to be very substantial, and
that these advances would have to be further in¬
ger
Board grant ad¬
creased should the Railroad Labor
proved to be the case.
the first to submit
announced on July 20,
ditional advances in wages, as
The Railroad Labor Board was
Its award was
its decision*
and the Board made advances
estimated
in wages which it was
would add $600,-
by the Labor Board itself
td
the annual payroll of the roads.
The Board also made its award retroactive to May 1.
000,000
per year
The railroads estimated the addition to the
RAILROAD GROSS AND NET EARNINGS FOR
THE CALENDAR YEAR.
In
The
operating results the year 1920 may truthfully
be said to have been the most unfortunate in rail¬
road
The two preceding years had made
history.
extremely poor showing in the matter of net,
an
and it
nothing
futire,
tion
supposed that nothipg so bad, or at least
was
worse, was
likely to be experienced in the
but it remained for 1920 to disclose a situa¬
more
dismal
even
than that
carriers had already passed.
the
Such
remarkable inasmuch
more
an
outcome is
the year
as
will al¬
remain noteworthy for the enactment of
ways
important legislation bearing
upon
the roads and which at the time
legislation of
a
known
as
the
vided for the
was
very
the affairs of
supposed to be
highly constructive type.
have reference to the passage
In this
we
of what has become
Transportation Act, and which
pro¬
changes in their conduct and relations
made
necessary
ment
control, and prescribed
the
through which the
by the relinquishment of Govern¬
regulations for
new
and with labor conditions generally.
proclamation, the Federal Government relinquished
control of the railroads in
they then
the
early
once more
management and operation.
considering the question of the extent
time still
the additional
vious wage
revenue
of
yield
needed by roads to cover pre¬
increases and the general
augmentation
operating cost, and with the announcement of
the award of the Labor Board the carriers made im¬
in
mediate
application to the Commission for rates
high enough to cover this new addition to
nual
payroll.
clusions after
ing only
rental
a
the an¬
The Commission announced its con¬
the close of business on July 31, leav¬
single month before the expiration of the
In Eastern territory the
freight rates of
guaranty period.
Commission authorized a raise in
40%, in the Western Group an advance of 35% and
in
the
Southern
Group and the Mountain-Pacific
The Commission also authorized the
advance passenger fares 20%, Pullman
Group 25%.
carriers to
50%, and excess baggage rates and milk rates
rates
20%.
No fault
was
found with the action of the Com¬
mission, it being estimated that the new rate sched¬
In accordance with President Wilson's previous
March 1 and
a
the increase in rates to be allowed in order to
fixing of rates and for dealing with matters of
wages
annual
still larger figure, or at $625,921,085.
Inter-State Commerce Commission was at the
payroll at
morning of
reverted to private
In order to allow ade¬
ules would
yield
confidence in
further
was
about
$1,500,000,000
to the carriers per year,
revenue
a new
and better
were
era
for the railroads
But further obstacles
strengthened.
and drawbacks
additional
and consequently
to be encountered.
It did not
quate time for the Inter-State Commerce Commis¬
prove
sion to decide upon the new schedules of rates and
for
promulgation until towards the close
for
but
yet in time before the discontinuance of the Gov¬
setting
up
the machinery provided by the Trans¬
portation Act for dealing with labor questions (and
for
safeguarding the financial condition of the
riers in the
ized
a
other
meantime), the Act referred to author¬
continuance of the rental guaranty for an¬
period of six months, or until September 1,
1920.
In view of all these
precautions it seemed
if the future of the roads had
that
car¬
now
been assured—
during the interregnum of six months
plete readjustment of the affairs of the roads
be effected
and
thereafter
the carriers loomed ahead.
expectations
respect,
as
brighter
had happened with
and of the
Towards
obliged
charge
for
were
the
transportation
definitely fixed.
large revisions upward.
great rise in
once more to
feet—both the question of
wages
rates which the carriers were to be
own
new
to
re¬
expiration of the guaranty period,
freight and passengers
involved
other things
years.
July—when only four to five weeks
their
authorized
prospects for
so many
after which the roads would be
on
could
to be sadly disappointed in this
were
mained before the
stand
com¬
Unfortunately, however,
concerning the railroads in recent
the end of
as
expenses under
of
Both
In view of the
Government manage¬
possible to get the
ernment rental.
many cases,
new
The State
rate schedule in shape
August,
authorities, however, in
intervened to prevent the complete car¬
rying out of the new scheme of rates.
sions
lof
State Commis¬
other State authorities could not interfere
or
with the rate schedules
affecting inter-State traffic.
They did undertake, however, to thwart the roads
in
putting into effect the higher rates on intra-State
traffic—that
is, traffic wholly within the State, thus
preventing for the time being (though on the taking
of the matter into the courts the
latter, one after an¬
other, sustained the Commission)
tion of the benefits
the full realiza¬
expected by the roads from the
higher rate schedules authorized by the Commerce
Commission.
At the
in much
deemed
same
more
time expenses
possible at the time.
that the award made
any
continued to mount up
pronounced fashion than anyone had
It was clear, of course,
by the Labor Board would in
event add $50,000,000 a month to the aggregate
expenses
of the roads as compared with the#year
preceding—other things being the same. But, as a
matter of fact, expenses continued to expand in
amounts
running far in excess of what could be
;-s
'
March 19
1921.]
1079
accounted for
by the wage award alone.
planation
found in the circumstance that dur¬
was
ing the period of Government control
roads
and
not
were
were
of the
many
not up to the proper physical
extra
This necessitated
heavy
mainte¬
All through the period of the con¬
outlays.
nance
tinuance of the rental
guaranty from March 1 to
September 1 these heavy maintenance outlays
a
ex¬
kept in a complete state of repair
consequently
standard.
The
feature of the returns
and,
were
it subsequently
as
ap¬
(and in lesser degree the latter part of January)
the
severity of the winter weather experienced was
adverse influence of
an
contrast with the
Indeed the winter of
to,
1920, during the period referred
comparable only with the extraordinarily
was
rigorous weather of 1918 when the country
in the midst of
quite( so low as in 1918 but the fall of snow was
immensely heavier and the interference with rail¬
road
city 17y2 inches of
not be
swept
Fur¬
thermore, during Government operations discipline
the employees had grown decidedly lax, the
among
relying
men
holding their jobs upon the power
on
of the unions rather than the character of their
with the result of
ure
the
destroying in considerable
slow process
was a
the
Railroad
Labor
made under the award of
Board.
Nevertheless, by de¬
the state of things in that respect improved
after the 1st of
the year
September, and the latter part of
it appeared
if the carriers
as
succeeding in getting control once
Then
accounts.
pense
unfavorable
marked
a new
development
more
at length
of their
ex¬
and quite unforeseen
a
in
encountered
was
collapse in trade and
were
a
tremendous shrink¬
in the volume of traffic moving
over
the roads.
city's history.
other
moving
which
would reduce the force of
hence calculated to
was
restoring discipline
employees required, and
aid railroad managers
among
by promoting the efficiency of operations.
huge shrinkage in traffic, however,
curred in December
was
as
Such
actually
a
oc¬
altogether out of the reck¬
oning, and completely upset all calculations.
managers
in
the employees and there¬
The
arranged to cut down their forces, but
plans of that kind obviously could only be worked
out
slowly and cautiously, with relatively little ef¬
fect for the time
it
being in curtailing
expenses.
Thus
happened that the addition to net income counted
from the higher freight and
upon
passenger
put in force the latter part of August
was
rates
realized
only in part.
The
ter
and
attending railroad operations the lat¬
part of the year.
there
was a
In the early months of 1920
striking combination of adverse factors
influences, all tending to augment
further to reduce net income.
unfavorable
these
article
features
reviewing the
half year
21.
As
worst
snow came
city streets for five
duplicated at
was
re¬
entailed heavy extra outlay, besides
ordinary running
expenses were
enormously
On account of the
depth of the
large
snow over
embargoes had to be placed
areas
on
traffic and
altogether the conditions under which transporta¬
tion had to be carried
the month of
New York
bare
earn
quite unusual.
were
Central and the
not
was
in the Middle States
aged to
the
Pennsylvania failed to
a
single road that did not
heavy deficit below running
a
For
as
operating expenses, while in the New Eng¬
land States there
show
on
February such leading systems
only
better, but
where
even
running
heavier than the
expenses
few minor roads
and
man¬
In the Middle West the situ¬
earn expenses.
was
a
gross
here there
expenses
were numerous
ran
very
The
revenues.
much
situation
greatly improved in that particular the latter part
of
March, but in April
difficulties appeared
new
that served further to add to the
unhappy lot of the
railroad manager.
It
during April
was
which had such
fic
and
strike
that
the
"outlaw"
paralyzing effect
railroad
on
strike
railroad traf¬
transportation originated.
This
began the early part of the month at Chicago
in
and
other
a
the Middle
West, and gradually spread to
parts of the country, finally reaching the At¬
lantic
seaboard,
that beginning with Saturday,
so
April 10, the movement of freight here in the East
brought almost to
was
standstill.
a
Not only that,
but certain roads like the Erie and the Lackawanna
foregoing has reference chiefly to the unfor¬
tunate results
as every¬
very
increased.
instances
it
A further fall of
The situation here
snow
unwelcome, and in fact
as
of the
points and the work of clearing tracks and
ation
desired, inasmuch
was one
encumbered the
snow
six weeks.
A small contraction in traffic would not have been
was
Feb. 4, 5, 6
ion
subsequent days of the month and piles of ac¬
on
high, particularly when supplemented with the
grees
age
in the
meas¬
getting back to the old-time effi¬
further increase in wages
living here will recall,
one
or
ciency and meanwhile operating costs continued to
run
the North Atlantic States
over
In this
fell in the storms which
snow
7, and the blockade of the city streets,
work,
Naturally it
prevailed under private management.
and
operations correspondingly greater.
cumulated
efficiency of operations that had formerly
still
been
ment, etc., up to their former physical state could
completed in the six-months' period referred
was
Temperatures may not have
war.
peared, the work of bringing roadbed, track, equip¬
to, but extended into the succeeding months.
large moment, especially in
exceedingly mild weather of 1919.
gross
expenses
was
contained
in
our
and net earnings for the
to June 30, printed in
our
issue of August
already noted, the railroads remained
der Government control
and
An enumeration of
un¬
were
forced the
following week to abandon their sub¬
urban passenger
trains running out of New York.
Relief in this latter
untary
ed in
made
crews,
some
particular
up
instances
only after vol¬
by students from the colleges,
undertook to restore passenger
to meet the
necessary
came
of local residents and recruit¬
needs
service to the extent
of
commuters.
The
freight situation continued extremely bad through¬
out
April—in fact
tually became
so
grew
steadily
desperate
worse
and
even¬
that the next month
the recommendation of the railway
only during January and
(May 20),
February, after which they were again returned to
executives
private management and operation.
Commission exercised the emergency powers grant¬
two
months,
was
there
a
as
During these
also the subsequent months, not only
continuance of the adverse trend
arising
out of
ed
it
to
on
themselves,
under
undertook to
the
the
new
Inter-State Commerce
Transportation Act and
regulate the distribution of
cars
with¬
the growing cost of labor coupled with de¬
creasing efficiency and declining morale, but other
out
elements also
consequent congestion of traffic at numerous points
pense
came
accounts.
in still further to swell the
In February and
a
ex¬
part of March
regard to ownership.
The
tying
and the
/
up
of freight in this
resulting embargoes
on
manner,
with the
traffic movements
generally, served at
and
add
to
once
to diminish gross revenues
greatly to the running expenses of the
The troubles
roads.
experienced in that respect in
April and May extended also in great measure into
June.
What with
at terminal
shortages and labor troubles
car
points by
reason
of strikes of teamsters,
small
148,664,364,
in expenses, especially
remained unrelieved in
rising operating costs
In the second half of the year,
with railroad con¬
gestion and freight embargoes in large measure re¬
moved and normal conditions in the running of
the
roads
apparently in prospect, the conspicuous
feature continued to
be, as we have already seen, the
Mainte¬
great and uninterrupted rise in expenses.
nance
expenses ran
unusually heavy, for the reasons
in
advances
tremendous
retroactive to the 1st of
other
operating
of $490,758,869, or over 20%,
expenses
loss of $60,079,749 in net earnings.
a
this
erence
had increased $430,679,-
11.61%, this had been attended by a rise in
or
to the 1917 loss in
net, namely that it followed
net, in 1916 and 1915.
the
-July,
-to
award, though not announced until
wage
was,
pointed out above, made retroactive
as
May 1 and the increase on account of the added
for the back months accordingly had to be ab¬
jpay
of
one
With these
understood
should be
explanatory remarks it will be readily
why the showing for the twelve months
extremely disappointing, notwithstand¬
so
ing that Congress passed
law for dealing with the
a
the
best
withstanding
024,409,
satisfactory
very
gain in
In 1915
For the first half of the year our
gains for 1916 and 1915 represented in part
-shown
an
increase of
tended
by
an
$358,015,357 in
augmentation in
but at¬
gross,
expenses
of $425,461,-
gross
and
was
penses
or
25.64%.
For the full twelve months
•of the calendar year
the showing is still
increase in the gross
earnings for the twelve months
reaches
less than
no
expenses ran up
178,
or
$1,026,235,925,
in the prodigious
30.14%.
or
19.81%, but
of $1,330,189,-
sum
Consequently net earnings (before
the deduction of taxes) suffered a reduction of
953,253,
as
will be
seen
Jan. 1 to Dec. 31—
by the following
1919.
234,579
+1,186
+$1,026,235,925
4,412,763,187
+1,330,189,178
33.14
$461,922,776
$765,876,029
—$303,953,253
39.62
considering the foregoing totals,
we
may
re¬
said last August in reviewing the fig¬
for the six
months, that standing by itself the
increase
would be bad
enough. But taken in conjunction with
in
expenses
here
disclosed
the antecedent huge additions to expenses
an
unfavorable record for which
be found in
can
American railroad
no
it fur¬
parallel
history.
1920
constitutes the fourth successive year in which the
net has fallen off—in each
year,
In 1919
the increase in the gross was of
only moderate
ex¬
tent
(5.25%), and yet amounted to $258,130,137.
it was accompanied,
however, by an augmenta¬
tion in expenses
of $401,609,745, there
Commission, but for the preceding
as
registered by
years
our own
portion of the railroad mileage
totals, owing to the refusal of
of the roads at
some
monthly figures for publication.
Earnings.
Net
Earnings.
•Yr.
Inc. (+) or
Year
Yeai
Given.
Preceding.
Year
Year
Inc. ( + ) or
Given.
or
21.40%
(due in
no
(—).
Preceding.
Dec. (—).
—4,526,646
—53,371,196
'09. 2605,003,302 2322,549,343 + 282,453,959 901,726,065 750,685,733 + 151.040,332
•10. 2836,795,091 2597,783,833 + 239,011,258 909,470,059 900,473,211
+8,996,848
'11. 2805,084,723 2835,109,539 —30.024,816 883,626,478 907,914,866 —24,288,388
'12. 3012,390,205 2790,810,236 + 221,579,969 937,968,711 877,617,878
+ 60,350,833
'13. 3162,451,434 3019,929,637 + 142,521,797 907,022,312 940,509,412 —33,487.100
'14. 2972,614,302 3180,792,337 —208,178,035 828,522,941 904.448,054 —75,925,113
'15. 3166,214,616 3013,674,851 + 152,539,765 10403043C1 828,650,401 + 211,653,900
'16. 3702,940,241 3155,292,405 + 547,647,836 1272639742 1036016315 +236,623,427
4138,433,260 3707,754,140 +430,679,120 1215110554 1275190303
—60,079,749
'18. 49C0.759.309 4036,866,565 + 863,892,744 905,794,715 1J 90566 335 —284,771,620
'19. 5173,647,051 4915,516,917 + 258,130.137 764,578,730 908,058,338 —143,479,608
'20. 6204.875.141
5178,639,216 + 1026235,925 461,922,776 765,876,029 —303,953,253
Note.—In 1907 the
in 1906; in
length of road covered
was
173,023 miles against 171,316 miles
1908, 199.726, pgainst 197,237 miles; in 1909, 228.508 miles, against
225,027 miles; in 1910, 237,554 miles, against 233,829 miles; in 1911, 241,432 miles,
against 238,275 miles; in 1912, 239,691 miles, against 236,000 miles; in 1913, 241,931
miles, against 239,625 milts; in 1914, 246,356 miles, against 243,636 miles; in 1915,
249,031 miles, against 247,936; in 1916,249,098 miles, against 247,868 miles; in 1917;
250,193 miles, against 249,879 miles; in 1918, 233,014 miles, against 232,639 miles,
in 1919, 233,985
miles, against 234,264 miles; in 1920,235,765, against 234,579 miles.
A record of the
in the
as
those
Gross
monthly totals, such
following, displays of
reflected in
earnings show
course
the
the totals for
an
as
is furnished
same
features
the full
year.
increase for each and
every
month, but in the case of the net earnings all but two
of the first
of $863,892,744,
Dec.
'07. 2287,501,605 2090,595,451 + 196,906,154 660,753.545 665,280,191
'08. 2235,164,873 2536.914,597 —301,749,724 694,999,018 748,370,244
movement
aggregates of the
then published by the Inter-State
that time to furnish
$143,479,608, or 15.80%. For 1918 our com¬
pilation showed an increase in the gross in the im¬
was a
net of
sum
as
take the
country being always unrepresented in the
loss in
posing
ex¬
actual loss
an
show the yearly comparisons
we
tables each year—a
too, in face of very
substantial gains in the gross
earnings.
As
In 1913
considerable
and net for each year back to 1907.
give the results just
of the
very
$33,487,100.
we
1909
1910 and
Commerce
•17.
tremendous
nishes
following
monthly totals
we
in the
$142,521,797, but the augmentation in
to both gross
For
gross
19.81
5,742,952,365
we
as
compila¬
our
$208,178,035 in
reached $176,008,897, leaving
In the
00.50
$5,178,639,216
expenses
peat what
gain in
Gross
%
loss of not less than
loss also of $75,925,113 in net.
a
:
Inc.{-r)orDec.{~).
235,765
Net earnings.
ures
against $765,876,028 for
$6,204,875,141
Gross earnings
In
as
1920.
Miles of road
Operating
$303,-
nearly 40%, the total of the net for 1920
or
being only $461,922,770,
1919,
The
worse.
a
a
in net in amount of
D41, leaving net diminished therefore in amount of
•$67,446,584,
of
sum
For 1914
of previous losses.
recovery
there
compilation had
On the
these
tions showed
requirements in author¬
or
tables showed $152,539,765
and $211,653,900 gain in net.
gross
the
izing very liberal advances in rates.
of $236,623,427,
amount
our
of $311,-
gain in net in
a
hand, it is equally important to remember that
a
Commerce Commission met
17.35%, and not¬
expenses
other
changed situation arising out of the restoration of
property to private control and the Inter-State
or
augmentation in
an
was
record; the addition to gross
on
14.68%, there remained
or
22.84%.
regards gross and
as
The statement for 1916
earnings reached $547,647,836,
the
sorbed.
There
qualifying circumstance, however, with ref¬
added further to the totals
over,
In
words, for the calendar year 1917 our compila¬
leaving
was
falling off in the net
substantial increase in the gross.
a
tion showed that while gross
120,
by
and made
January of that year. But
in 1917 there had been a
even
strikingly good results, both
More¬
granted
wages
Director-General McAdoo in May, 1918,
•already given, while in addition the new wage award
of the expenses.
due not merely to
general rise in operating costs but yet more to
in face of
other respects.
The prodigious augmen¬
23.92%.
or
tation in the 1918 expenses was
the
as
40.35%, leaving a loss in the net of
or
$284,771,620,
fered with
intensifying the congestion existing—it was impossi¬
by Di¬
May in that
year) but the addition to the expenses reached $1,-
the
unloading and the removal of freight—
to the advance in rates made
measure
rector-General McAdoo at the close of
draymen, longshoremen and the like, which inter¬
ble to avoid heavy increases
[Vol. 112.
CHEONICLE
THE
1080
eight months of the
reaching
a
year
show losses, the
climax in August when with the
inclusion of back pay on account of the retroactive
feature of the wage
award and exceptionally heavy
March 19
maintenance outlays the
actually failed to
the roads indeed
these expenses
railroads, treated
bare operating
earn
whole,
as a
expeness—
falling $71,853,826 short of meeting
(not including taxes) as against net
earnings above
expenses
in August of the previous
Lake ports
the
to
The two months in this
by water
there
expansion in railroad
an
was
traffic in 1920.
far
As
the
as
Western
was
further contraction in the
a
grain movement, following
in the movement
March, in the first of which the roads had a windfall
traction then in all the separate
in the
For;
aggregate of $53,000,000 and which if
eliminated would have left a decrease in net instead
1918
of
to
an
while in March comparison
the increase shown,
with
was
exceptionally
poor
results in the previous
In the last four months of 1920 there were
year.
gains in net
result of the higher transportation
as a
rates, but these gains fell far short
and
extremely
were
moderate
of the calculations
when considered
either with reference to the increases made in rates
or
with reference to the poor
with which
totals of net for 1919
11992200
the
Net Earnings.
Earnings.
1919.
Inc. or Dec.
1920.
1919.
S
S
$
8
$
Inc.
or
Dec.
$
336,411,000 bushels (the sharp fall in the price of
wheat the latter part
farmers
494,706,125 392,927,365 + 101,778,760 85,908,709
+72+31,089 10,688,571 27,117,462
+61.492,190 40,872,775 27,202,867 + 13,669,908
Mar.. 408,582,467 347,090,277
April. 385,680,982 372,828,115 + 12,852,867 11,797,818 41,637,642 —29,839,824
May
387,330,487 348,701,414 + 38,629,073 28,684,058 51,056,449 —22,372,391
June
+61,705,722 24,147,215 64,425,847 —40,278,632
430,931,483 369,225,761
July.. 467,351,544 401,376,485 +65,975,059 18,827,733 87,949,402 —69,121,669
Aug.. 441,423,158 367,865,628 + 73,557,530 df71853,826 89,418,961 —161,272,787
93.423.391
+ 8,905,693
Sept.. 594,192.321 480,408,546 + 113,783,775 102,329,084
Oct
633,852,568 503,281,630 + 130,570,938 117,998,825 103,062,304 + 14,936,521
+ 37,533,530
Nov.. 592,277,620 438,038,048 + 154,239,572 85,778,171 48,244,641
+96,073,439 51,322,679 37,517,854 + 13,804,825
Dec.. 539,197,615 443,124,176
Jan
..
Feb.. 421,180,876 348,749,787
.
.
..
above months have
April, 3.45% inc.;
Note.—Percentages of increase or decrease in gross for the
20.77% inc.; March, 17.72% inc.;
16.43% inc.; Aug., 19.98% Inc.; Sept.,
23.68% inc.; Oct., 25.94% inc.; Nov., 35.21% inc.; Dee., 21.68% inc.
Percentages of Increase or decrease in net for the above months have been: Jan.,
137.98% inc.; Feb., 60.58% dec.; March, 50.26% inc.; April, 71.67% dec,; May,
43.82% dec.; June, 62.51% dec.; July, 78.70% dec.; Aug., 180.35% dec.; Sept.,
9,53% inc.; Oct., 14.49% inc.; Nov., 77.89% inc.; Dec., 36.79% inc.
In Jon. the length of road covered was 232,511 miles in 1920 against 232,210 in
1919; in Feb., 231,304 against 231,017; in March. 213,434 against 212,770; in April,
221,725 against 220,918; in Mpy, 213,206 against 211,040; in June, 213,525 against
208,598; in July, 220,459 against 218,918; in Aug., 199,957 against 199,418; in Sept.,
226,955 against 224,922; in Oct., 231,439 against 229,935; in Nov., 235,213 against
233,839; in Dec., 229,422 against 228,134.
May, 11.08% inc.; June, 16.99% inc.; July,
hand,
bushels
the
the volume of traffic moved this
as concerns
middle of the year
tinct
in
maintained
well
apparently
of
volume
about
and the railroads derived
advantage from
the
until
very
a
coal
the
a
the
dis¬
considerable increase
freight.
tonnage there had been a heavy
In this coal
pe a large increase again in the coal
The combined production of soft and hard
output.
coal
to
was
for
1920
546,000,000
is
tons
put
646,000,000
at
during
the
calendar
tons
(being
an
of
but
against
year
1919,
increase of 100 million tons, all but one
which was in the output of soft coal)
comparing with 678,211,904 tons in 1918 and
651,402,374 tons in 1917.
Iron production in the
United States also increased,
to
the
this
in
bushels
of
iron
produced
in 1919,
calendar
as
aggregating according
with
charcoal
as
fuel)
against 30,582,878 tons
but comparing with 38,506,047 tons in the
year
39,039,356
1918, 38,185,981
tons
in
1916.
The
tons in
increase
1917 and
in
iron
also reflected in the shipments of
Superior Iron ore by water from the Upper to
production is
Lake
the
Lower
Lake ports which during the season
navigation in
of
1920 aggregated 58,527,226 tons as
47,177,395 tons in the season of 1919,
61,156,963 tons in the season of 1918, 62,498,901
tons in the season of 1917 and 64,734,198 tons in the
against
season
of 1916.
This
ore
the other
212,800,000,
Altogether;
combined
cereals
were
against
1920
The Western
946,881,000
grain movement in
WESTERN
FLOUR AND GRAIN
after reaching the Lower
RECEIPTS,
Wheat.
Corn.
Oats.
Barlefi.
Rpe.
(bbls.)
(bush.)
(bush.)
(bush.)
(bush.)
(bush.)
1920.
1919
—
8,378,000
.
—
29,348,000
77,530,000
84,834,000
66,365,000
.10,481,000
,
761,000
3,754,000
8,914,000
8,435,000
35,463,000
43,912,000
26,237,000
20,926,000
■
.
1920-...
4,191,000
1919....
4,442,000
4,919,000
1,485,000
1,250,000
1,741,000
1,549,000
1,627,000
_.
O.'-
vtV.
Detroit—'
:
1920
30,000
Cleveland—
1920
■
-
'."'V
1920....
+';:'
''"O:;S.y
42,373,000
1919
Minneapolis—
Ka
sas
......
City
;;
,
1,081,000
1,410,000
:
9,434,000
9,139,000
—
.
,
69,171,000
71,574,000
Omaha and Indianapolis—
1920....
33,997,000
1919
34,352,000
-
■
<- --
7,.543,000
12,444,000
40,445,000
40,661,000
29,540,000
28,175,000
115,000
.
22,183,000 15,096,000 7,026.000
25,218,000 34,064,000 14,337,000
11,572,000
16,009,000
9,000
1919-..-
922,000
214,000
;.v.v.V
3.841,000 19,909,000
7,090,000 17,257,000
■
113,252,000
112,447,000
1920....
4,000 f
,
,
25,043,000
......
■
...
7,000
20,827,000
13,073,000
20,327,000
8,521,000 •
-'J:--:
14,000
3,049,000
28,000
1,033,000
3,584,000
2,898,000
3,617,000
v' 7-
<
;
2,119,000
625,000
'
2,555,000
;
■
:■■■;
......
553,000
39,000
Peoria—'■
......
......
2,821,000 +-.
2,527,000
29,000
■
.
1919
-
67,000
......
:
i.....
1919....
4,089,000
4,608,000
2,247,000
12,428,000
1920
•
554,000
423,000
30.212,000
1,095,000
32,944,000 11,107,000
v.'•' -v-
Toledo—
'
.
4,694,000
''
'
.
.
4,555,000'
22,916,000
8,449,000
28,058,000 19,260,000
15,641,000
821,000
St. Louis—
DlTlUh—
'
-
1919....
6,131.000
7,844.000
76,024.000 11,025.000
90,003,000 26,468,000
Milwaukee—
48,000
......
4,000
......
......
......
Total of All—
15,894,000 336,411,000 212,800,000 212,0.50,000
19.545,000 391.392,000 185.627,000 235,650,000
1920
1919
The
41.302,000 39,097,000
89,435,000 44,777,000
grain movement to the seaboard was also on a
receipts of wheat, corn, oats,
diminished scale, the
barley and
1920,
aggregating 374,086,000 bushels for
481,778,000 bushels in 1919, as
rye
against
as
will appear
from the table we now introduce.
Receipts of—
bbls.
Flour
Wheat...
Corn
1920.
13,813,000
1919.
16,229,000
1918.
19,625,000
27,645,000
11,887,000
Rye50,957,000
Barley
Total grain..
1917.
21,962,000
1916.
25,453,COO'
204,521,000 374,883,000
49,439,000 57,960,000
178,940 000
71,013,000 102,514,000 135,255,000
57,944,000
10,256,000 17,396,000
30,403,000
8,016,000 14,569,000
374,086,000 481,788,000
.'«•
52 WEEKS,
AT SEABOARD PORTS FOR
bush.263,584,000 221,333,000 101,926,000
20,013,000 101,095,000
20,311,000
OatS
27,499,000
16,862,000
243,023,000 421,180,000 656.144,00^
The Western livestock movement
city (which do not take cognizance of the small
amount
on
reached
Flour.
1 to
Dec. 31.
monthly compilations of the "Iron Age" of
36,414,114 tons in 1920
but
year,
corn
five
the
for
GRAIN AND FLOUR RECEIPTS
million
market)
Chicago—
reduction in 1919
(following the signing of the Armistice in Nov. 1918)
but 1920
of
against 185,627,000 bushels.
as
receipts
1920-...
was
previous
receipts
the
1919....
As far
having prompted '
year
large amounts from
receipts of oats, barley and rye also wore
The
1919.
smaller than in the
1919....
been: Jan., 25.90% inc.; Feb.,
of the
withhold
to
against 391,392,000 bushels in the fifty-two weeks of
Jan.
+49,809,654
—16,428,891
36,099,055
wheat
the
1920
detail is set out in the following:
Month
1920.
con¬
items of such traffic.
of
weeks
a
receipts at the Western primary markets aggregated
bushels for 1919.
Gross
contraction
a
whole in 1919 but not
a
as
fifty-two
841,660,000
comparison is instituted.
leading staples
of the
movements
concerned there
are
eight months period which formed exceptions to the
rule and showed an increase in net were January and
shape of back mail pay for the years 1919 and
the railroads
over
districts and the increased
thus transported indicates one other
ore
whicfi
in
way
thence
passes
iron-producing
quantity of
of $89,418,961—making the falling off in this
year
single month $161,272,787.
1081
CHRONICLE
THE
1921.]
likewise
was on a
At Chicago the receipts
carloads in the calendar
year
1920 as against 303,948 cars in 1919.
At
Kansas
City the receipts were 124,764 cars as
against 150,714 and at Omaha 110,497 cars as
greatly diminished scale.
comprised
only
267,955
against 132,798.
Southern roads
on
their part had to contend
with
falling off in the cotton movement. The shipments
overland for the twelve months of 1920 were only 2,a
009,348
bales
as
against 2,442,241 bales in 1919,
2,783,497 bales in 1917 and
At the Southern outports
6,370,372 bales against 6,927,349
2,364,423 bales in 1918,
3,108,517 bales in 1916.
the
receipts were
[VOL. 112.
bales in
bales in
but comparing with only 4,930,740
1919,
1918,
as per
the following table:
RECEIPTS OF COTTON AT SOUTHERN PORTS FROM JANUARY
DECPJMBER
31
1915 TO
1
TO
Inclusive.
1920,
Increase.
Year.
Ports.
1920.
1919.
1915.
1916.
1917.
1918.
Galveston
.bales- 2,544,952 2,272,207 1,488,,623 1,968,018 2,800,245 3,463,217
Texas City, Ac
448,706
685,833
518,666
366,873
107,398
117,,875!
New Orleans
1,523,320 1,500,728 1,552,,729,1,355,695 1,646,911 1,979,406
Mobile
143,590
Pensacola, Ac..-
19,237
Savannah
143,060
124,187
57,908
907,757 1,086,194 1,585,215
208,200
175,770
168,132
45, ,880
849,358 1,410,812 1,009, ,146
90, 550
76,304
214,030
Brunswick
Charleston-
307,827
______
145, ,506
298,214
141,824
172,401!
99,511
117 371
252,544
27,769
377,244
204,860
198,533
10F
2,484
99",232
189,687
93* ,830
7*2*272
391,542
263, ,373
379,895
162,576:
686,553
315,728
283,872
4,014
2,943
5, ,857
6,125
60,7751
Georgetown.
Wilmington
Norfolk
Newport News, Ac..,
726,695
115,294
•—
6,370.372 6,927,349 4,930.740 5,328.882 7,561
',641 9,734,000
*
as
the returns for the separate
concerned it is
gains in the
only
earnings
gross
instances of great
to
necessary
are
say
roads
are
that while the
general and in most
as to the
earnings is almost uniformly bad.
few
exceptions to this latter rule of roads which
earnings
having suffered
have
are a
reduction of their net
a
succeeded
There
in
substantial
making
small, the most conspicuous
in the South and the
Railway, with
increase
of
mention
namely
Southwest, led by the Southern
also
exceedingly
Western
lines
will
directly operated combined) which
$95,485,696 increase in
than
$63,114,486 loss in net, and
has
We
which
with
$41,947,810
gross
$57,639,641
decrease
in
reports no less
the New York
increase in
net.
These
gross
latter
figures relate simply to the New York Central itself.
Representing 1 road in
our compilation
$1,226,134
Decrease»
Increase.
$6.955,94i
Railway
Cine New Orl & Tex Pac
St Louis Southwest. (2).
Virginian.
2,482,332
2,390,955
2,161,425
2,122,955
1,687,323
1,532,896
Baltimore &~Ohio
3,482,947
St Louis-San Fran (3)—
Delaware Lack & West
3,326,989
Illinois Central
Elgin Joliet & Eastern._
Buffalo Roch & Pittsb..
Chesapeake & Ohio
Great
Northern
Chic R I & Pacific (2)
—
Chicago Milw & St Paul
Pere Marquette..
Chicago Great Western.
$7,090,494
7,009,751
6,807,480
6,032,411
4.910,293
4,473,259»
3.839,481
Duluth Missabe & North
3,704,205>
3,610,196
3.364,546
3.295,1103,209,382
3,163,213
2,936,562'
2,774,393
2,729.496
2,474,672'
2,283,452"
Grand Trunk Western._
2,048,413
Pennsylvania (2)__
a$63,114,486 Pittsburgh & Lake Erie.
New York Central
641,947,810 Phila & Reading
Atch Topeka & S Fe (3)
16.199,054 Texas & Pacific
N Y N H & Hartford.
13,709,216 C C C & St Louis
Chicago Burl & Quincy.
12,618,841 Central of Georgia
1,729,939
1,729,165
1,689,715
1,570.984
1,547,671
1,536,186
Bessemer & Lake Erie.
Duluth & Iron Range.._
.
Minn St Paul & S S SM
1.352,237 Union Pacific (3)
1,320,653 Wabash
1,203,801 Yazoo & Miss Valley—
1,147,650 Long Island
1,034,042 Seaboard Air Line
Internat & Grt Northern
Chicago & East Illinois..
Florida East Coast
Toledo & Ohio Central..
Missouri Pacific
Decrease.
heavy..
$1,226,134
PRINCIPAL CHANGES IN NET EARNINGS IN 12 MONTHS.
As to the
exceedingly
Fred. & Pot.
of the New York Central
itself.
Including the various auxiliary and controlled roads, like the
Michigan Central, the "Big Four," &c., the whole going to form the
New York Central System, the result is a gain of $99,685,569.
Representing 15 roads
in our compilation..$32,202,146
only the two most conspicuous instances,
the Pennsylvania Railroad, (Eastern and
with
Central
are
Decrease.
Rich.
Company) and the Pittsburgh Cincinnati Chicago & St. Louis com¬
the Pennsylvania RR. reporting $77,589,813 Increase and the
on an
increase of $6,955,941 (this
by individual roads, these
and
roads
some
$22,078,578 in the gross).
losses in net
numerous
an
being
cases
1,022,184
Representing 126 roads
in our compilation_$997,934,70O
P. C. C. & St. L. $17,895,883 increase.
b These figures cover merely the operations
_
gains in the net, but their number is exceedingly
Monongahela
Ala. & Great Southern._
by the companies themselves.
This is the result for the Pennsylvania RR. (incl. the former Pennsyl¬
magnitude, the showing
net
Cent. RR. of New Eng..
1,092,900
1,065,115
1,059,065
1,029,666
Chicago Peoria & St. L._
"
in the statements furnished
vania
Southern
instead of
*
Valley
Rutland
returns do not show the total for any system, we have combined the separate
roads so as to make the results conform as nearly as possible to those
given
bined,
As far
*
Midland
Pitts. & West Virg.
Kanawha & Michigan._
$1,146,882*
1,142,357
1,133,576
1,127,608
1,124,467
Note.—All the figures In the above are on the basis of the returns filed
with the Inter-State Commerce Commission.
Where,
however, these
a
Total
St. L. Mer. Bdge. Term.
Duluth So. Shore & Atl._
$1,879,582
1,761,787
1,761,676
El Paso & Southwestern.
1,729,166
Grd Rapids & Ind......
1,559,065
San Ant. & Aransas Pass
1,524,707
Long Island
1,461,775
1,454,849
pet. Toledo & Ironton..
Bangor & Aroostock
1,452,799
Gulf Mobile & North....
1,356,988
Caro. Clinch. & Ohio...
1,356,502
Central Vermont
1,321,338
Kan. Okla. & Gulf
1,285,200
New Orl. & Northeas'rn.
1,281,313
Chic. Ind. & West
1,276,577
Norfolk & Southern
1,225,246
Vicks. Shreve & Pacific..
1,198,942
Northwestern Pac...
1,185,481
"
Full
Increase.
Spok. Port. & Seattle...
Chic. Great Western
New York Connecting
Atlantic Coast Line
Rich Fred &
Potomac
_
Northern
Erie (3)
Michigan
Pacific
11,488,412
Central
Norfolk & Western
Louisville & Nashville.
_
N Y Phila & Norfolk...
11,378,549 Nash Chatt & St Louis
10,270,032 Indiana Harbor Belt
10,142.611 Georgia
9,994,945 Central RR of New Eng
Boston & Maine
9,005,488
Maine
Lehigh Valley
Chicago & North West.
Chicago Junction
Southern
8,923,833
8,190,348
7,602.321
Central
7,513,200
a
Pacific f8)._.
RR of N J...
Central
1,529,444
1,476.914
1,180,232
1,033,626
1,032,477
1.032,262
Representing 63 roads
in our compilation_$334,944,574
This is the result for the Pennsylvania RR.
(incl. the former Pennsyl¬
Company) and the Pittsburgh Cincinnati Chicago & St. Louis com¬
the Pennsylvania
RR. reporting $57,102,663 decrease and theP. C. C. & St. L. $6,011,823 decrease.
b These figures merely cover the operations of the New York Central
itself.
Including the various auxiliary and controlled roads, like the
Michigan Central, the "Big Four," &c., the result is a los^of $56,147,716.
vania
bined,
Including the various subsidiary and controlled roads,
System is
When the roads are arranged in groups or
geograph¬
a loss in net of
$56,147,716 on a gain of $99,685,569 ical divisions
according to their location, a further
in gross.
Both the Eastern and the Western lines
striking illustration of the bad character of the
of the Pennsylvania failed even to earn bare
operating year is furnished in the fact that while
every group
expenses and hosts of other roads might be mentioned
without any exception reports enlarged gross, on
distinguished in the same way—among others, the the other hand
every group in like manner without
Erie, the Lehigh Valley, the Boston & Maine, and
any exception is obliged to report diminished net,
the Central of New Jersey.
Nothing could indicate the New
England Group doing worst of all and
more plainly the unfavorable conditions under which
being unable to show even expenses earned.
Our
the railroads were administered in 1920 than this
summary by groups is as follows:
failure of so many of them to earn
enough to meet
SUMMARY BY GROUPS.
their heavily increased expenses.
Gross
In the following
Earnings
Section
Group.
1920.
1919.
Inc.(+) or Dec.{—y
we
indicate all changes for the separate roads for
Jan. 1 to Dec. 31—
$
$
$
^
Group 1 (9 roads), New England. 260,223,620
218,661,328
+41,562,292 19.01
amounts in excess of $1,000,000, whether increases
Group 2 (38 roads), East A Middlel,795,197,274 1,503,024,543 + 292,172,731 19.44
Group 3 (31 roads), Middle West.
644,703,786
or decreases, and in both
529,390,535 +115.313,251 21.78
gross and net.
Groups 4 A 5 (35 roads), Southern 825,959,694
699.017,149 +126,942,545 18.16
the result for the entire New York Central
—
or
PRINCIPAL
CHANGES
IN
GROSS EARNINGS IN
12
Increase.
,T1
Pennsylvania Ry. (2).
a$95,485,696
N. Y. Central..._____,.657,639,641
Bait. & Ohio..
49,324,427
Southern Pac. (8)
45,573,081
Atch. Top. & S. Fe (3)_
43,551,069
Illinois
Central
37,267,436
Union Pacific (3)
31,611,819
Chicago Burl & Quincy.
30,599,548
Chicago & North West.
25,439,709
Chic. R. I. & Pac. (2)__
25,401,467
Missouri Pacific
24,555,348
Southern Ry
22,076,578
Phila. & Reading..
21,449,734
Erie (3)
19,909,392
Louisville & Nashville.
18.856.728
18.715.729
Chesepeake & Ohio
N. Y.N. H.& Hartford.
17,689,117
Great Northern
17,658,634
Chic. Milw. & St. Paul.,
17,401,553
St. Louis San Fran (3)_.
15,823,707
Clev. Cine. Chic. & St.L.
15,013,078
Boston & Maine.
14,131,684
Wabash
11,135,197
Lehigh Valley
10,568.870
Northern Pac
10,426,932
Mo. Kan. & Tex (2)
10,338,778
Dela. Lack. & Western..
10,083,700
Atlantic Coast Line
10,075,310
Delaware & Hudson
9,961,169
St. Louis S. W. (2)
9,917,935
Norfolk & Western
9,633,575
8,710,697
Michigan Central
Seaboard Air Line
8,081,497
Buff. Roch. & Pitts.
7,756.699
Pitts. & Lake Erie
7,536,619
Denver & Rio Grande.
7,228,770
Cent. RR. of N. J.
7,152,001
Elgin Joliet & Eastern..
6,320,061
_
.
.
.
,
,
Virginian...
MONTHS.
Increase.
$6,104,746
Chic. & East Illinois
Texas & Pacific
6,101 684
5,631,752
Internat. Grt. North...
Minn. St. Paul SS. M.._
5,588,551
5,496,051
5,490,650
5,440,432*
5,315,838
5,279,231
5,237,266
5,102,599
Hocking
Valley
Maryland
Wheeling & Lake Erie...
Pere Marquette
Colorado Southern (2)..
Chicago & Alton
Western
N. Y. Chic. & St. Louis.
Kansas City Southern
Cin. N. Orl. & Tex. Pac.
Nash. Chatt. & St. Louis.
Toledo & Ohio Central._
New Orl. Tex. & Mex (3)
Chic. St. Paul Minn. & O
Maine Central
Los Angeles & Salt Lake.
Minn. & St. Louis
Chic. Ind. & Louisville..
Florida East Coast
Central of Georgia
Bessemer & Lake Erie
Union RR. of Penn
Yazoo & Miss VaUey
Mobile & Ohio..
Grand Trunk West
Duluth & Iron Range
Toledo St. Louis & West.
Indiana Harbor Belt
Western Pacific
Chic Terre Haute & S E_
Louisiana & Arkansas
N. Y. Ont. & Western..
West Jersey & Seashore.
Lake Erie k Western
4;749!635
4,650,436
4,544,873
4,437,456
4,366 954
4,198,192
4,179 587
3,841 359
3,688,194
3,619,458
Groups 6 A 7 (33 roads), Northw. 1,314,024,198
Groups 8 A 9 (51 roads), Southw. 1,007,867,286
Group 10 (12 roads), Pacific Coast 356,899,283
Total
(209 roads).....
1,110*866,334
+203,157,864 18.29
815.912,076
+191,955,210 23.5$
301,767,251
+55,132,032 18.27
6,204,875,141 5,178,639,216+1026,235,925 19.81
-Net Earnings-
Mileag.
Jan. 1 to Dec. 31.
1920.,
1
2..
3
4 A 5
7,392
30,790
Groups 6 A 7
Groups 8 A 9
67,143
Group
Group
Group
Groups
Group
19,511
39,005
1919
1920.
1919.
/wc.(+)
or
Dec.(—)
$
S
%
% «
7,317 def3,936,378
19,834.833
—23,771,211119.85
30,567
12,595,291 160,471,380 —147,876,089 92.15
—28,639,688 35.39
19,612
52,276,695
80.916.383
—23.079,405 23.99
54,896
—49.727,738 25.85
—27,840,574 20.00
16,719
10
38,578
55,205
16,669
96,166,832
73,087,427
66,940 142,664,589 192,392,327
111,357,316 139,197,890
73,877,836
76.896.384
—3,018,548
3.92
—235,765 234,579 461,922,776 765,876,029 —303,953,253 39.69
Total...
NOTE.—Group I. Includes all of the New England States.
Group II. includes all of New York and Pennsylvania except that portion west
of Pittsburgh and Buffalo, also all of New Jersey, Delaware and
Maryland, and
the extreme northern portion of West Virginia.
Group III. includes all of Ohio and Indiana, all of Michigan except the northern
3,596,726
peninsula, and that portion of New York and Pennsylvania west of Buffalo and
3,424 983
3,420 359
3,281 860
Pittsburgh.
3,266,865
3,172,045
3,159,438
3,148,033
3,090,710
3,089,058
2,653,225
2,324,206
2,151,214
2,084.661
2:015,419
1,943,421
1,927,735
Groups IV. and
east of the
V. combined include the Southern States south of the Ohio and
Mississippi River.
,
VII. combined include the northern peninsula of Michigan, all of
Minnesota, Wisconsin, Iowa and Illinois, all of South Dakota and North Dakota
Groups VI. and
and Missouri north of St. Louis and Kansas City, also all of Montana, Wyoming
and
Nebraska, together with Colorado north of
a
line parallel to the State line
passing through Denver.
and IX. combined include all of Kansas, Oklahoma. Arkansas and
Indian Territory. Missouri south of St. Louis and Kansas City, Colorado south
of Denver, the whole of Texas and the bulk of Ixjuisiana, and that portion of
New Mexico north of a line running from the northwest corner of the State through
Pants Fe and east of a line running from Santa Fe tojEl Paso.
Groups VIII
(jroupX. includes all of Washington, Oregon, Idaho, California, Nevada, Utah
and Ariaona and the western part of New Mexico.
March 19
We
1921.]
add
now
calendar
two
THE
CHRONICLE
-Gross+-
detailed statement for the last
our
classified by
the same
as in the table further above and
giving the figures
for each road separately.
years
groups
1083
GROUPS IV. & V.
'*■
-Net-
1920.
1919.
1920.
$
Southern—
$
S
Alabama A Vlcksb..
3,540,404
2,794,556
1919.
Netc
—
———
Net-
1920.
————Gross
1919.
1919.
mo.
Ala A Great South-_
11,588,804
10,529,739
2,522,646
3,040,400
2,778,563
625,686
710,651
—84,965
Atlanta Birm A Atl.
5,750,591
4,961.072 defl ,060,400
def780,080
—280,320
73,633,762
10,058,540
—2,729,496
63,558,452
7,329,914
2,06 5,962
3,274,056
Bangor A Aroostook
6,740.098
Boston & Maine....
86.715.554
def682,022
5,287,299
3.375.549
757,650
72,583.880 def2,445,276
293,926
South-
660,336
567,350
65,484
97,770
7,634,328
6,277,826
1,899,704
1,575,255
+ 324,448
Central of Georgia..
25,116,869
21,696.510
912,275
2,159,916
—1,517,671
Birmingham
S
def519,937
\
—162,085
+ 463,731
6,560,212 —9,005,4S8
—32,286
3,471,736
3,121,636
def247,924
298,883
—546,807
Chesapeake A Ohio. 90,190.745
71.475.016
12,485,865
10,798,542
+ 1,687,323
20,858,559
16,313,686
4,297,537
Charleston A W Car
Central Vermont...
Maine Central.
def552,520
def27 9,855
—272,665
Cine New Ori A T P
814,590
+ 3,482.947
7 ,173.646
5,852,308 def 1,159,495
del580,580
—578,915
Florida East Coast.
13,546,205
10,121,222
3,008,256
1,860,606
+ 1,147,650
21.356.537
Can Pac Lines in Me
17,525,178 defl,027.353
5,114 —1.032,477
Georgia Sou & Fla._
5,330,810
4,374,501
defl8,957
252,577
—271,534
362,522
14,071.738—13.709,216
Georgia & Florida..
1,528,672
998,346
def743,852
def388,487
—355.365
145,749
1,325,981
—1,180,232
2.754,953
2,890.171
NYNH4 Hartf..124.234,237
106,545.120
875.901
def79,112
de/65,785
363,327
1,761,676
Rutland...
4,838.534
5.966,142
Total (9 roads).-.260,223,620 218,661,328def3,936,378
—Gross—
Group II.
East Middle—
—429,111
3,053,924
2,496,260
def73,634
4,180,494
2,823,508
def589,720
Louisville A Nashv. 126,371,693
107,514,965
Louisv Hend A St L
Inc.
or
4,975,882
505,,838
Baltimore A Ohio..231,944, 443
182,620.016
5,660,,396
661,209
—205,630
—190,065
def406,330
—670,313
15,636,714 defl,076,643
12,750 ,890 —7,090 ,491
Nashv Chatt A St L
24,481,590
20,044,134
1,675,,099
1,603,332
defl 19,,511
defl3 176
1,193 ,519
1.030,620
def82,,453
def284 336
+201
deflOO, 994
def416 586
+315 ,592
Norfolk A Western
1,049,820 def 1.073 135
+2,122 955
Norfolk A Southern
3,114 ,960
2,157,830
Buff Roch A Pitts..
21,712 ,290
13.955.591
Central RRof N J._
51,989 .303
44,837,302 def 2,949 849
Cent RR of N Eng.
7,«8,,,075
—106 ,335
New Orl & Grt Nor.
883
14,970,827 —9,994,945
def207,418
1,039,815
Bait Ches A Atl
—609,676
455.579
18,796,152
Bklyn E D Terra'!—
—105,185
19,956
def397,483
Mobile A Ohio.-.-.
—517
:
1,011,409
876
1,023 714
31,551
2,914,103
Mississippi Central.
4,452,164
Buffalo & Susq
'
3,163,648
Dec.
$
5
$
6,579,140
Gulf A Ship Island..
Net—
1919.
1920
4,667, 231
City
Georgia...-...-..
19,834.833—22,771,122
——
1919.
1920
—955.013
6,389.987
Gulf Mob & North.
NY Connecting
Atlantic
+456,684
Caro Clinch A Ohio.
Inc. o' Dec.
$
3
S
England—
Atl & St Lawrence..
Dec.
—85,022
At lanta A West Point
"
-
or
$
418,900
Atlantic Coast Line.
EARNINGS OF UNITED STATES RAILWAYS JAN. 1 TO DEC. 31.
Group I.
Inc.
S
333,878
N O A Northeastern
2,294,550
2,684,965
7,728.115
18,033
6,446,802
86,559,174
.
31.062
1,130,721
76,925,599
2,761.702
1,560,506 —1,529,444
178,213
—160,180
521,523
+609,198
12,904,313- -10,142,611
"
Delaware &
Hudson
Del Lack & West.
.
def420, 389
613, 237
—1,033 623
3 4,687,0 2 3
44,648 ,192
81,907 ,74'.
.
077
3,107, 309
+372 ,768
3,480
>71.824,047
109.066 ,9.50
Erie..........
8,951 316
15,758 ,796 —6,807 ,480
91,797,507 def7,217 ,997
3,981 ,671—11,199 ,668
New Jersey ANY
1,348 ,224
Fonda Johns A Glov
1,431 ,562
1,251,651
Lehigh & New Eng.
'
Southern Ry
Southern
Virginian
16,042,999
+6,955,941
1,864,983
def349,739
120,708
—470,447
2,489,538
def35,003
def336,928
+301,925
+62 ,430
18,180.051
12,075,305
5,382,636
2,900,304
+2,482,332
Western Ry of Ala..
2,786,398
2,546,170
403,022
630,582
—227,560
1.025 ,201
—52 ,107
Yazoo A Miss Valley
28,124,175
24,952,130
2,457,625
5.667,007 —3,209,382
(35roads)..825,959,694 699,017,149
73.0S7.427
98,166,832—23,079,405
381
973 ,094
64,528.891 def3,597 ,244
5,326 ,589 —8,923 833
3,795 ,124 —3,163 213
Total
631 911
1,356,187
def 194 ,266
def30 ,470
—163 ,796
Monongahela
4,674 851
3,652,667
911 ,295
1,259 ,39?
—348 ,102
2,944 .585
1,954,320
1,677 .351
N Y Phlla A Norfolk
N Y Susq A Western
Pennsylvania
Peiklomen
Belt Ry of Chicago-
4,730,854
30,374,933
3,780,322
243,017
398,451
25,272,334
Chic A East Illinois.
30,896,865
24.795,181
I,718,623
799,130
139.589,915
I.707,285
2,002,931
11,820,180
154,011,438
20.899,634
10.909,515
1,105 ,470
—559 ,922
7,911 ,391
8.208,366
def516 .705
1,019 ,391
—1,536 ,186
4,450 .III
3,915,640
def 7 96 .428
134 ,182
—930 ,610
33,913 ,484—57,102 ,663
588 ,544
559 ,426
+29 ,118
8,263 649
—1,729 ,165
72.871.823
6,534 ,484
1,295 ,245
839.122
def8 ,260
10 ,926
—19 .186
1,858 .382
1,115,125
300 ,324
defl86 506
+486 830
1,125,756
df f443 ,372
def335 096
Pitts Shawm A Nor.
1.949.,198
Stat en Isl Rap Tran
Ulster A Delaware.
_
of Penn.
Union RR
West Jersey A Seasb
Maryland.
Western
2,377,412
949.683
1,590 382
South Buffalo
Total (38leads).
def237 151
III
Middle
Ann
H til—
+ 116 ,575
-272 ,436
—509 .587
171 ,674
1,480 ,0f 6
1,215,809
def260 ,189
dcf8S ,515
7.710.276
433 ,897
def39 ,422
+ 473 ,319
13.914 .442
11,971,021
def 8 5 ,177
826 ,001
—911 ,178
20.050 ,841
14,610,409
180 244
18 .642
+ 161 ,602
12,595,291
$
I
Bessemer A L Erie..
15,790,560
Chic Ind A Louisv..
15,952,552
Chic T H A So East.
6,245.409
Ch D Can Gr Tr Jet
2,000,168
—
160.471.380 —147876089
Chicago Peor A St L
2,801,193
1,736,078
ChicStPMAOm—
31,911,608
27,732,019
1920.
S
1919.
$
4,415,553
def46,023
+ 70,023
+1,35 i,237
19,614,069
3,388,451
12,205,262
9,921,810
19,994,713
443.694
4,758,601 V
120,737
1,913,689
East St L Connect..
1,512,770
dofl99,414
1,229,439
6,719,283
Elgin Joiiet A East. 25,630,441
19,310,380
Great Northern
124,192,373 106,533,739
13,773,309
Grenn B iv A West-.
137.5X0
1,2X1,8i 1
1.213,613
Illinois Central
II,366,710
145,154,271 107,888,835
Illinois Terminal...
566,615
1,119,931
938,439
Indiana Harbor Belt
9,216,137
6,562,912 def2024,209
Mineral Range
defl94,459
663.975
753,226
Inc.
or
Dec.
S
713,415
809,650
12,508,700
3,589.475
2,056.579
+ 1,532,896
12.355.826
727,167
1,591,045
—863,878
4,094,195
270,660
defl71,027
388,276
741,023
—352,747
5,900,958
353.034
2,498,223
156,990
—30,253
defl31,781
4,557,858
+ 2,161,425
20.839
8,254,810 —3,610,196
29,110
—8,271
Pacific...111,166,286
100,739,354
13.071,227
24,559,639—11,488,412
4,533,990
—96,235
1,679,044
1,243,748
def230,825
def431,205
Quincy Ora A K C__
1,366,998
1,117,415
def350,423
defl 16,338
3,433,706
2,932,822
def237,807
Toledo Peoria A W.
2.014,007
1,645,768
def323,641
defl 53,639
—170,002
Union Pacific......131,093,304
110,819,514
36,706,099
36.882.835
—176.736
Total (33 roads).. 1314021198
1110866334
Peoria A Pekin Un_.
+ 79,833
—31.398
Groups VIII
—45,898
Soulhweu.
16,429,004 —1,570,984
Clev Cine Ch A St L
88.869.534
73.856.456
14,858,020
Detroit A Mackinac
2,078.601
1.687.341
defl35.136
7.716
—142,852
Det Tol A ShoreLlne
2,450,010
2,458,394
893,089
1,159,537
—266,448
Det Grd Hav A Mil.
4,882.548
4.366.538
def205,678
703,021
—908,699
Det Tol A Ironton..
5,220,604
3,765,755 defl,096,583
def490,796
—605,787
1920.
Erie System—
12,837,811
10,401,398
1,530,391
1,745,671
—215,280
17,060,109
13,912,076
1,413,144
3,161.557
—2,048,413
Grand Rapids of Ind
9.797.701
8,238,636
195,669
897,119
—701,450
Valley....
17,145,167
11.654,517
1,534,191
1,961.912
—427,721
5,417,655
4,324,755
121,507
262,400
—140,893
Lake Erie A Western
11,712,561
9,784,826
543,143
542,431
+ 712
1,449,021
1,105,285
deflOO,580
def40,145
—69,435
Central..
87,555.082
78,844.385
10,732,539
Newburgh A So Sh.
1,920,237
1,328,299
72,817
46,971
+ 25,846
N Y Chicago A St L
28,225.188
23,475,553
5,634,909
5,157,750
+ 477,159
Pere Marquette
40,722,368
35,443,137
4,879,830
8,719,311 —31839,481
179,904,498
361,742
—938,803
—5,102.191
Ft Worth A
5,046,028
16,232,536
13,143,67 6
1,084,795
D C.
1,138,210
12,976,644
3,389,572
11,162,302
915,650
8.136. »*»7
7.3 >9,2 '5
2,911,011
def351,486
def797,564
Ft Smith A Western
2,045,504
1,980,566
1,646,460
988,814
14,410.300
1,517,856
1,511,840
1,322,209
Internat'l A Grt Nor
19,998,851
Kan Okia A Gulf...
2,803.056
Kan City Mex A Or.
1,714,314
1,991,519
K C Mex A Or ofT.
Kan City Southern.
Kan City Terminal.
3,212,715
2,063,689
15,111,997
1,388,293
2,220.760
3,542,034
3,952,821
West Va__
2.577,075
def542,609
+ 426,390
Beau SLA Nor..
2,364,223
1,304,168
Toledo A Ohio Cent.
13.445.864
9,078.910
1,470,150
436,108
+ 1,034.042
St L Brownsv A M
Toledo St LA West.
11,356.935
8.267,877
2,011.076
1,322,932
+688,144
St Louis San Fran..
7,589,742
93,801,034
78,552,125
Wabash
59,982,282
48,847,085
1,160,238
4,455,348 —3,295.110
Ft W A Rio Gr..
1,961,143
Wheel A Lake Erie.
17,916,677
12,600,839
2,019,407
1,731,301
80,916,383—28,639,688
Net
Inc. or Dec.
S
S
S
1,314,960
293,362
def?4,815
+ 36S177
£1 Paso ASouthwest
11,490,557
1 2,761,391
3,978,829
3,874,948
+ 103,881
Ang A SaltLake
4,909.565
20,898,126
17.209,932
Nevada Northern..
1,588,638
1.579,440
^orth western Pacific
7,867,940
6,682,459
jOS
Arizona
pokane
4,524,617
+ 384,948
506,688
483.883
+ 22,805
1,506,871
1,432,187
+ 74,684
562 281
44 906 043
38 260 580
Ore-WashRRAN
33,060.169
28,367,603
15,981,502
13,657,296-
Total (12 roads)..356,899,283 301.767,251
12 827 312
2,777,033
-3,956,699
73,877.836
+792,446
def640,342
def493,981
def566,370
3,602,265
defl3,215
def601,480
—146,361
+ 38,110
2,966,042
219,690
—232,905
1,007,666
263,522
896,870
30,588
+977,078
+636,223
249,857
+ 13,665
defl37.520
539,176
def511,733
+374,207
5,335,243
+ 357,694
5,081,929
+ 253.314
defl 15,208
82,473
782,289
530,906
284,957
—197,681
+ 497,332
1,503,449
12,771,291
130,341
+ 400,565
1,600,390
—96,941
18,124,022
139,158
—5,352,731
—1,039,996
def900.838
1,665,481
98,108
—617,024
def518,916
1,537,640
+ 73,030
def326,285
def253,255
3,217,134
3.006,528 +4,191,860
7,798,388
13,750,285
—864,871
6,910,877 def2142,820 defl277,949
+68,226
1,144,253
372,681 "...
301,455
10.219,457 —2,774,393
93,577,081
7,445,064
def908,964
+941,167
32,203
4,516,590
def212,159
+53,158
1,101,712
defl59,001
21,957,495
9,720,533
2,984,547
5,093,739
—2,109,192
686.839
1,943,212
—1,256,373
2,396,104
def314,248
1,207,626
1,209,295
499,302
—813,550
1,551,292
—343,667
4,758.433
36,212,438
1,495,013
4,385,150
854,091
G,074,865
311,881
1,454,329
def368,606
def447,941
+79.335
Vicks Shrcv A Pac..
2,251,813
2,260.169
4,522,271
573,546
629,945
Utah
2,009,519
3,32.3,329
1,309,865
878,814
589,329
—56,399
+289,485
5,629,940 —2,852,907
Wichita Falls A N W
2,609,813
2,308,744
Wichita Valley.....
1,825,943
1,227,501
42,876
397,055
defl 16,817
—155,312
+ 141 671
Texas
+ 225 349
Texark A Ft Smith.
Pacific
Trinity A Braz Val.
Oregon Short Line
Pacific
Louisiana West'n.
Term Assn of St L._
420 610
2 170 824
'nlon Pacific Syst—
'estern
12,134,259
3,022,714
+ 1,320,653
def878,436
41,844,190
4 091 004
2 396 173
Hous E A W Tex.
def779,287
def712,327
—21 095
1 248 090
1,462,457
+339.972
541,366
dof85,990
8,140,177
4,002,717
—975,846
879 518
7 275 263
6,041,297
San Ant Uval A Gulf
Southern Pac System—
Galv liar A San A 26,543,746
116,901
Texas A New Orl.
40,280,446
1 566 <75
1.395,505
118,132,429
259,233
8,065,807
858 423
9 154 845
.
+446,078
—174,455
84,778
456,873
4,234,597
39,304,600
Eastern.
_
Missouri Pacific
San Ant A Ar Pass..
+191.898
+ 1.074,194
—1,550,321
—118,140
+ 777,272
5,380,826
3 681 306
Intelnat
21,311,705
St L S W of Tex..
9,267,392
5,540,631
3,332,821
Morg LaATRRAN 10,429,501
169,728,931
pok Poi t A .Seattle.
1,816,776
4,364,016
St Louis Southwest.
Hous A Tex Cent.
Pacific...201,894,192
iouthern
St L San Fr of Tex
St L Merch Bdge Ter
St Louis Transfer.
1919.
S
104,679
33,010,2 >7
29,929,948
1920.
46,539
916,312
2,315,378
3.413.008
2,938,479
I)env A Rio Grande 40.215,037
New Orl Tex A Mex
52,276,695
1,862,747
Denver A Salt Lake.
M K A T of Texas..
1919.
3.883,881
14,555,888
4,106,882 —1,729,939
529,390,535
Dec.
$
551.060
2,514,666 —6,011 ,823
Gross—
or
9.453,697
93,606,303 lef3,497,157
+ 288,106
Inc.
def577.061
28,034,188
defl16,219
$
49.402.254—11,927,430
6,708.470
Pitts Cin Chic A StLll 1,502,186
1.452.608
37,474,824
1919.
22,184,340
Pittsb A Lake Erie.
2,376,943
$
111,578,655
1,587,826
34,272,092
25,244,514
-10,270,032
21,002,571-
1920.
9,355,874
Panhandle A S Fe
19,762,433
1,598,277
Louisiana A Ark
4,305,421
Louisiana Ry A Nav
4,275,834
Midland Valley
5,086,397
Missouri A N Ark_.
2,115,210
Missouri Kan A Tex 39,925,436
1,399,492
-234,085
Chicago R I A Pac.. 135,258,494
Chic R 1 A Gulf..
6,767,656
alveston Wharf
Mich..
$
Atch Top A S Fe...215.444,414
Gulf Colo A 8 Fe. 27,548,089
Colorado A Wyom..
Chicago A Erie...
A Garfield
+200,380
—326,196
-Net-
1919.
$
88,389
142,664,589 192.392,327—49,727,738
-Gross& IX.
Colo A Southern...
Grand Trunk West.
Jingham
4,644.614
St Jos A Grd Island.
710,673
$
556,767
+ 9,848
def547,295 —1,476,914
def91,395
—103,064
380,350
—633.854
def253,504
def27,135
Pacific Coast—
—6,032,411
10K022
+ 33,558
8,975,755 +2,390,955
13,384,871
42,661,595
1,073,849
lnternat'1..
Northern
—67,633
19,805,720
17,004,329
48,157,646
1.303.979
Minu A St Louis...
MinnStPASSM.
def385,083
1920.
—2,283,452
+ 90,660
Duluth So Sh A Atl.
+ 441,687
2,132,563
•461,286
Duluth Winn A Pac
664,775
Total (31 roads)..644,703,786
—1,032,26 2
II,808,689 —4,473,259
+401,781
def759,101
21.000
def58,533
Group X.
defSl 1,732
3,954,267
def305.250
Plttsb A
—3,190,348
33,518,475—12,618,841
2,823,026 —3,704,209
4,740.688
1.153.261
35,570.807
—11,338
+1,203,801
20,010,528
1,002,911
3.201.570
Michigan
Dec.
$
7,961,606
2.872,269
Lake Terminal
or
992,413
1,392,359
Hocking
V
—347,950
—155,434
11,052,316
Range
3,616,989
Kanawha A
def357,320
Inc.
Duluth A Iron R...
Copper
Cine Leban A North
4,481,147
2,058,947
def881.183
Chicago Grt Western 23,889,976
22,128,189
Chicago Junction-..
3,600,429
3,712,478 dofl543,994
Chic Mllw A St Paull67,771,947 150,370,394
7,335,430
Cincinnati Northern
Cine Ind A West...
2,356,795
Chicago A N W.... 165,029,624
Chic Burl A Quincy. 184,610,986
Minn A
-Net-
1919.
1920.
5,528,579
Arbor
.
10.977 .141
1795.197.274 1503024543
—
—108 ,276
—275 868
78 .145
194 .720
2,234.671
2,415,.149
805. 642
529,,774
-Gross
GROUP
Bait A Ohio Ch Ter.
Duluth Miss A Nor.
1,584 .472
Port Reading
def610,631
Chicago A Alton.-.
12.924 ,934
04.321 .557
$
def958,581
+201 ,515
Phlla Beth A N En*
Reading...
$
61,774 ,941—41,917 ,810
545 .548
Pitts & Shawrnut...
Phlla &
1920.
$
def2 40 ,319
def35 ,804
19,827 ,131
1,121.837
1919.
$
& VII.
Northwest.
+525 ,566
1,199,496
1.269 .616
....
-Net-
1919.
1920.
Groups VI
53 ,194
666,860 ,758 489,270,945df23,189 ,179
...
-Gross-
578 ,760
368,355 ,216 310.715,575
N Y Ont A Western.
3,717,715 —2,936,562
22.998,940
1,881,559
—263 ,786
24,381,973
N Y Central..
+ 143,787
—2,474,672
448 ,252
1,338 ,996
Montour
126,517
5,100,261
781,153
644 ,932
25,843 748
Conn
27(j,304
'
2,928,925
Tennessee Central..
Island...
Monongahela
41,183,532
—631.271
2,625,589
1,183.932
12,276,017
49,265,029
393,681
151,864,389 129,787,811
—
+36 ,399
Mary Del A V*
Long
def237,590
146
3,981,318
4,808 ,055
Potom.
Seaboard Air Line..
Ry in Miss
75,097 761
Lehigh Valley
1,501,881
11,049,883
Alabama.
Northern
Rich Fred A
6,591,227
510 ,682
2,687,526
3,116 ,401
44 949
81 ,348
1,144,688
Lehigh & Hud Rlv__
4,563, 351 —',.513 ,200
6,757,409
7,816,473
.
13 162 215
4,112,011
—334 903
76,896,384— 3,013,548
10,001,849
Total (51 roads)—1007867286
516,627
1,707,746
—498,451
871,820 —1,584,147
+ 9,145
507,482
317,081
-1,689,715
+ 542,210
+ 159,693
+ 79.974
815,912,076 111,357,316 139.197,890—27,840,574
in
ADVANTAGES OF CANADA
—PULP AND PAPER
an
the
interesting study as to the enormous
provide
impossible had it been necessary to
advantages
ten
of exports
papers
tax.
$44,198,000 in 1919-20 and $67,The exportable output of the
pulp and paper industry has more than doubled in
two years and before 1925 the productive capacity
of the Canadian pulp and paper mills will have been
so enlarged as to provide an exportable surplus of
over $200,000,000 a year.
This enormous trade is
Professor T.
other one person for
legislation and interpreta¬
tion of the past four years, answers the question "When is
Income Realized?" and points out how the courts may find
shaping of the Federal tax
the
a
Treasury's position in accepting com¬
practice as the test of realization.
"Constitutional Aspects," Thomas Reed
to validate the
way
mercial and accounting
title of
Powell, Professor of
tributes
In
development of flour
to cheap water
powers.
In the nine months of the fiscal year
1920, the value of flour sent abroad was $85,000,000,
although this had shrunk to almost half the amount
during the six months
following. Thirty-eight
countries or groups of islands are now using Cana¬
dian flour, and not the strangest part of the story
is that the United States
value
the
to
months
of
itself imported Canadian
$6,883,000 during the nine
formerly a member of the'Advisory
nent
Boston attorney,
Tax
Board, shows the legal
force and effect of Treasury
interpretation to be actually
much more narrow and re¬
popularly supposed. "Interpretative" regu¬
stricted than is
Treasury,] he flatly asserts, have no legal force.
widely known as
accountant and author than as a
an
and
the
have
which
ending December 1920.
the Treasury's practice in this
from
resulted
Losses are comprehensively
part of the field.
tise
on
Federal Taxes.
Ballantine, formerly Solicitor of Internal
A.
"Consolidated
well-known
come
from
New
York accountant.
metallurgy.
electric en¬
ergy during the nine months of 1920 were valued at
$4,124,000; of copper and its products, $11,106,000;
nickel, $9,136,000; asbestos, $10,495,000; cyanamid,
$2,689,000; calcium carbide, $2,858,000. It has been
pointed out also that the growth of the rubber tire
industry in the Dominion is really an outcome of the
final
exports of aluminum produced by
chapter,
of the Committee on
has been edited
distribution
months'
of
cheap
During
power.
the
nine
period under review, Canada sold to thirty
countries tires to the value of
$7,579,000.
The Provinces of Ontario and
Norris, of Wilkes-Barre.
In
Appeals and Review of the Treasury,
procedure on appeals.
by Professor Haig and is
Goods and the World
The volume
carefully indexed.
Market.
Prepared and
published by The Canadian Bank of Commerce,
Toronto,
Canada.
This booklet contains a
tion in Canada from the
divided as to provinces.
statement of the industrial situa¬
standpoint of production and trade,
It also sets forth the opportunities
wfliich the Dominion offers, both
ital and the establishment
tables are included,
for the investment of cap¬
new
industries.
Comparative
incorporating statistics as to the annual
trade and consumption
the
of
principal cities,
ports and imports in
of Canada, value of manufactures in
and a classification of Canadian ex¬
concise form.
Quebec, represent¬
ing the industrial hub of the Dominion, have been
blessed with enormous water power resources
not
prepared
regulations on depletion by
Talbert, until recently Chairman
S.
P.
describes the Treasury
Canadian
"The Taxation of In¬
Wasting Assets" contains a carefully
engineer of eminence, R. Y.
the
Revenue, and
Staub, the
the topic of Walter A.
Returns"
ognized status as a leader in mining and
The
considered by
York Bar, author of the trea¬
"Inventories" is the topic of Arthur
George E. Holmes, of the New
an
exports of non-metallic minerals
Columbia college pro¬
vexed question of "Reorganizations
Closed Transaction," pointing out the absurdities
the
discusses
fessor,
discussion of the new Treasury
and of elec¬
tro-chemical products, as well as of copper and
nickel, have grown to such an extent, due to the use
of Canadian water powers, as to give Canada a rec¬
The
Fred T. Field, a promi¬
pending Brewster case.
ment in the
Lt.-Colonel Robert H. Montgomery, more
the
manner
milling in Canada owes its success
flour
decision in favor of the Govern¬
incidentally prophesying a
,
similar
a
Constitutional Law at Columbia, con¬
legal status of the statute,
keen analysis of the
a
lations of the
Canada.
S. Adams, of Yale, who has
responsible perhaps more than any
Under the
of
Murray Haig, of the School of
been
by Professor Robert
Business.
688,000 in 1920-21.
water power resources
outlining the
The economic concept of income is
and contrasted with the statutory concept in a
discussed.
elaborated
paper
of the
contributes an introduction
tax authors,
problems
Exports of paper for the same
direct outcome of the
the dean among Ameri¬
Professor Edwin R. A. Seligman,
can
periods amounted to
a
and practice. The result is a
serious student of the income
book which will interest every
import coal from
for the nine months
and administration have writ¬
dealing with the most important questions of
theory, policy, interpretation
$30,226,000 for Canadian pulp shipments, chiefly
to the United States, and $65,227,000 covering the
class
of economics,
in their various fields
experts
law, engineering, accounting
forest regions. The
apparatus used in pulp grinding is a prolific con¬
sumer of power and in this industry more than al¬
most any other steam power is helpless to compete
against water. Figures of exports for the nine
months of the 1919-20 fiscal year give a value of
1920-21 fiscal year.
The Columbia
knowledged
Pennsylvania to the northern
same
Congress are beyond doubt,
controversy.
of cheap water pow¬
ers contiguous to industrial centres.
Perhaps the
most interesting illustration is provided by the pulp
and paper industry.
The development of paper
manufacture in Canada would have been practically
of the statutes by
points where the constitutional rights
is the occasion for violent
University School of Business
offers as its contribution to this troubled field a volume
entitled "The Federal Income Tax."
Ten specialists, ac¬
of
accruing from the possession
value of
the Supreme Court during
The interpretation
past few days.
the Treasury, even on
March 18 1921.
of the Dominion
Congress to tax gains in the
capital assets has only reached
DEVELOPMENT.
Ottawa, Canada,
The latest trade returns
the right of
as
Such a fundamental ques¬
of adjudication.
the process
tion
WATER POWER
[Voi* 112.
CHRONICLE
THE
1084
and
only by private enterprise but by the direct par¬
ticipation of the Provincial Governments in power
Eighty
Years
& Sons,
of
This booklet,
Issued by Robert Garrett
facilities of the firm of Robert Garrett &
abstract of its business policies.
development and transmission have these resources
manner,
Established in
1840, they have
been utilized to the fullest
Md.
attractively illustrated, contains an interest¬
ing description of the
Sons, and an
Service,
investment bankers, of Baltimore,
possible extent.
patrons.
BOOK REVIEWS.
The
Columbia Lectures
on
the
Federal
Income
Tax.
clients and the
eight years of application the income tax is only
beginning to
reveal its many complexities.
The
'statutes
passed by Congress in 1913,1916,1917 and 1918 are just now
The experience and associations
which their many
present
benefit
of service have afforded, enables them to meet
financial problems in a way calculated to mutually
years
Columbia University Press, 271 pages.
After
endeavored to serve investors in an efficient
and to merit the confidence of their friends and
public in general.
The safe solving of these
problems has to-day reached an exacting climax,
to this end they extend to all investors the entire
of their
organization.
and it is
facilities
They are members of the Baltimore
March 19
Stock
1921.]
THE
Exchange, with
pondent
on
a
reliable New York house
the New York Stock
as
CHRONICLE
corres¬
Exchange, and the pamphlet
includes a table giving the rates of commission on stocks and
bonds in both Baltimore and New York, which is of
particular
interest to investors.
1085
with the League of Nations omitted after that body reassembles on
April
It
pointed out that this question is
was
sion between
the
mittee, but that
11.
which is still under discus¬
President and members of the
Foreign Relations Com¬
policy had been definitely fixed.
no
hearings
a matter
by senate judiciary
on
committee
foreign loans.
G/uvxciri
continued
offering
of
british
bills. y
The
usual
offering of ninety-day
basis of
count
The bills in this week's offerings
March 14.
of
session
;
continuance
Judiciary
on
to whether the
as
during
on
March 2, it
by the
reported
was
the ques¬
retiring Secretary of the Treasury.
D. F. Houston would be asked by the Committee to remain
in
are dated
'
the
March 3 that the inquiry would be postponed;
on
tion
dis¬
a
authorizing
Congress of the inquiry into loans by
States to foreign countries was adopted
Senate Committee
British Treasury bills
on
resolution
a
new
the United
;;
6%, the rate which |ias been in effect for
time past.
some
the
treasury
:
disposed of this week by J. P. Morgan & Co.
was
While
mitt%veuts
gtscirssimus
;
Washington
tion
then undecided.
was
On March 1
Houston
Secretary
directing
to
resolu¬
a
produce
complete
Treasury files of correspondence relating to foreign loans
rate
on
french
treasury
at
The
French
this week
on
continued
6y2%.
discount basis of
bills
were
6V2%.
disposed of
The bills offered
visit u. s. on mission from
french
According
to
advises
press
from
March 19
on
to determine whether it was
an
will
March
sail
official mission
for
7,
the
Rene
United
new
from the French
It is the understanding that
of the objects of
one
to the United States.
his proposed
at
visit,
Paris, March 6,
gram
as
was
regarding
issued by the French Foreign Office
given
as
follows in
a
copyright cable¬
to the New York "Times":
on a
special
m s
sion M. Viviani to carry to the United States the
good wishes of friendly
France on the occasion of President Harding's entry into
power.
This visit
will have in the eyes of Americans a
special significance.
It will mark at the
moment when the direction of the affairs of State in the United
States has
passed into
new
was
Nelson,
was
My Dear Mr
dated Feb. 26, and read
Chairman.—With
reference
follows:
as
the
to
hering to the Judiciary Committee of the Senate
requests
which,
ad¬
Bill S4890, Senator
on
Reed has made for correspondence from the files of the Treasury
concerning
foreign Governments, I enclose
Secretary of State.
a copy
of my letetr of today to the
You will note that I have had prepared files of copies
of the correspondence which I understand Senator Reed
have
asked
committee
the
much thereof as, in his opinion, it is not
so
desires, and that I
Secretary of State to examine it and to transmit to the
public the file which
incompatible with the
I venture to suggest that before making
handed the committee at the last hearing of copies
was
of correspondence containing loans to Czechoslovakia, the committee submit
the
the
to
same
that
any part
Secretary of State for his opinion
may
whether there is
as to
be incompatible with the public interest to make public.
Very truly yours,
D.
F.
HOUSTON.
Secretary Houston's letter to Secretary of State Colby,
war
Government at the tragic hour
The letter of
Secretary Houston to the chairman of the Committee, Sen¬
enclosed
at the head of the French
subject.
(Missouri), its author, declared
Democrat
hands the continued affection of the French people for the
for independence.
M. Viviani
Reed,
failure to produce the requested documents.
sister nation, which in the critical hours of the
great war continued the good
traditions inaugurated between the two countries at the
epoch of the
the
on
March 1, at which was adopted the resolu¬
public interest to make public.
The French Government is going to send to Washington
Secretary
"compatible with the public in¬
public the correspondence
on
by
Secretary of State
calling upon Secretary Houston to produce the data,
its loans to
The official statement
advised
that Secretary Houston should be "cited for contempt" for
Harding Administration at Wash¬
M. Viviani's mission will be to discuss the French indebted¬
ness
tion
ator
Government to the
ington.
on
Paris
had been
Houston that the latter had requested the
Senator
government.
Viviani, former Prime Minister,
States
Committee
the
At the session
rene vivian! to
On the previous day
adopted by the Committee.
terest" to make
dated March 18.
are
had been
(Feb. 28)
ninety-day Treasury
a
bills
with
the
above,
was
likewise dated Feb. 26; It
read:
of the
declaration of war by Germany.
He has already received in the
United States, in company with Marshal Joffre, an
unforgettable reception
under consideration
when he went to thank them for the
co-operation they had decided
and which
on
with
enthusiasm.
ment and
Finally he has participated in the work of the French Parlia¬
of the League of Nations in a manner which cannot be
forgotten.
Better than almost any one, he is fitted
to bear witness to the
pacific
of France, to trace the picture of the magnificent effort she has
already made to resume in the world the place to which the service she has
My Dear Mr Secretary.—The Judiciary Committee of the Senate has
to explain the necessity for her to find in
by
prevent
and
disarmament
a
repetition
of that
crime
against
civilization
liberty.
He will
The
same
not to make any new
a
statement
commitments, credits
or
advances under and by virtue
of said acts.
At the hearings which, by unanimous vote, as I understand of the com¬
mittee
being held in
are
for correspondence
advances
to
open
session, Senator Reed has asked the Treasury
concerning the establishment of credits and the making
certain
foreign
Governments and the incurring
by
the
Treasury of the commitments in connection therewith.
So far
cablegram also said:
When asked for
Secretary of the Treasury to
has not actually been paid to foreign governments, and directs him
money
of
M. Viviani, in view of the nature of his
mission, will go alone.
on the La Lorraine and will return in
April.
sail March 19
which was introduced by Senator Reed
The bill further directs the
governments.
the just execution of the
Treaty of Peace by Germany means of repairing her
ruins caused by the war, of which she
supported the heaviest burden and to
S4890,
cancel all credits and commitments made pursuant to said acts upon which
purpose
rendered to humanity entitles her,
Bill
provides that there shall be revoked and rescinded the authority
granted by Section 2 of the Liberty Bond acts, authorizing loans to foreign
as
the Treasury is concerned for its own sake, there is no
why its entire files should not be made public.
reason
The correspondence
con¬
cerning foreign loans, however, involves the affairs of foreign governments
to-night, M. Viviani said:
"Several weeks
and
has
do
to
with
relations
ago Premier Briand asked me if, after Mr. Harding had
I would go to salute him in the name of the French
democracy and to manifest through him to the American people the ardent
sympathies and eternal gratitude of the French.
I could only accept this
of the correspondence for which Senator Reed has asked which it is incom¬
mission, which the Government of the Republic, through its chief, wishes
patible with the public interest to make public.
entered into power,
to
confide to
appears proper
of
our
with them.
In
these
circumstances it
that the Department of State should have
an
opportunity
advising the Judiciary Committee of the Senate whether there is
any
part
I have, therefore, prepared
files of copies of such correspondence as, I understand Senator Reed desires
me.
"Since the Minister of Foreign Affairs has told
you of my mission, I may
say a few words about it.
Four years ago, before the effective entry of
America into the war, in company with Marshal
Joffre, I went to
salute,
through President Wilson, the people of America.
I shall leave by the same
ship about the
same
By
a
curious coincidence,
time of the year.
reach
Washington about March 28, and I do not need
duty will be to salute the new Chief of State.
to say
I expect to
that
my
first
concerning loans to France, Greece, Italy and Liberia, and hand them to
you herewith with the request that you examine them and transmit to the
Judiciary Committee of the Senate so much of the correspondence therein
contained
to make
as
in your opinion it is not
incompatible with the public interest
public.
At the hearing on the 21st instant there was handed to the committee a
file of copies of
correspondence relating to loans to the Gzechoslocak Re¬
"The note of the Minister of Foreign Affairs
clearly explains my mission.
It will be my task to make known the real democratic and
pacific character
public.
the French and to explain that this disinterested nation, which
fought for
civilization and liberty, claims only her
right and even recently diminished
her demands in the interest of the
peace of the world.
I shall go alone,
of
there is any part which it is
counting upon the precious help of
the Committee.
our
Ambassador, M. Jusseraand.
"
I
is made
am
suggesting to the Chairman of the Committee that before this
public, it be submitted to
you
for your consideration
I enclose
a
copy of my
League of Nations whether
the United
States
Government will not enter the
League
provided that Article X is stricken from the covenant."
It
was
added that "this has not been disclosed
officially,
nor
by M. Viviani himself, but it is the understanding of his
intimate associates in public life that this will be the
primary
object of his visit to Washington."
A dispatch from
Washington appearing in the New York
"Evening Sun" last night (March 18), in stating that Presi¬
dent Harding had discussed with the Senate
Foreign Rela¬
tions Committee
yesterday the prospective visit of M. Vivi¬
ani, stated:
It
was
reached
denied
an
at
the
White
House
that
the President
or
Cabinet had
agreement to send the Treaty of Versailles back to the Senate
Very truly yours,
D.
"go prepared to
whether
letter of today to Senator Nelson, Chairman of
Associated Press advices from Paris Mar. 17 stated that
M. Viviani in his forthcoming visit would
ask on behalf of the Council of the
as to
incompatible with the public interest to make
public.
F.
HOUSTON.
Following the adoption of the resolution of the 1st,
was
announced
that
accordance with
Secretary
ence,
was
papers
the
the documents would
resolution.
Under
be submitted
the
resolution
it
in
the
directed to produce "all of the correspond¬
and documents
relating to the establishment
of credits and commitments and loans and advances to the
Gevornments
Great Britain,
of
Belgium,
'Cuba,
Greece, Italy,
Czechoslovakia,
France,
(Liberia, Rumania, Russia and
Serbia, under the Acts of Congress of April 24, 1917, Sept.
24, 1917, April 4, 1918, and July 9, 1918, including in said
papers
the papers and correspondence heretofore produced
before the Committee
on
the Judiciary of the Senate by the
Secretary of the Treasury, but not examined by the Com¬
mittee."
Senator Reed was also the author of the previous
the Treasury De¬
partment to make further loans to foreign nations, testi¬
mony growing out of which was referred to in our issue of
rescind the authority of
resolution—to
before the Committee defended the
attention to the section of
tinuing his testimony
Government's course by calling
the
President
issued a proclamation to that effect.
The press accounts
from Washington Feb. 21 reported him as stating that he
did not feel that the armistice had brought about "a situa¬
tion which would prevent advances under the law," and
th&t he held that existing statutes gave him authority to
continue loans until the President issued the proclamation.
He added that he did not believe any nation would ask for
new loans.
Secretary Houston's further testimony on the
authorizing foreign loans,
the law
21st
which provided that
end only when the
should be considered at an
war
detailed as follows in the
was
ington appearing in
of dollar accep¬
opening of foreign credits
on all parts of the world, and the negotiation and collection
of bills of exchange; foreign exchange will also be bought and
sold, and drafts issued and telegraphic transfers effected.
Among the stockholding banks and firms are:
Old Colony
Cleveland Trust Compant,
York City.
Huth & Company, New York City.
Corn Exchange Bank, New York City.
Liberty Bank of New York, New York City.
Franklin National Bank, Philadelphia, Pa.
First National Bank of Portland, Portland, Ore.
Kuhn, Loeb & Company, New
Nevada National Bank, San
Seattle National Bank, Seattle, Wash.
Wells Fargo
,
In
Hope & Company, Amsterdam.
Swiss Bank
the other became
Mr. Houston
letter written to
him by the State
Skandinaviska Kredit
with that nation, said Mr.
Secretary
been
Houston.
Nicholas Kelley,
stand. He said
remained under which additional money would be
One was $1,000.000 to pay the Shipping Board
only two items
returning the invalid Czech troops from
Part of the
Siberia.
$6,000,000
paid to liquidate
he War Department's bill for carrying the well Czech troops from Siberia
o Rumania.
After those items were paid, Mr. Kelley said, it was the inention of the Treasury to withdraw the balance of the $6,000,000 credit.
Correspondence relating to French loans was next taken up.
It showed
hat in April 1919 France asked for $233,549,000 to pay debts here, $6'8,00,000 to pay debts in Great Britain and $16,000,000 for relief work in
Austria.
All these credits were granted, except that the $68,000,000 was
ut to $18,000,000.
France has remaining a credit of $50,000,000.
A letter from former Assistant Secretary Rathbone to the French financial
a
$12,000,000 credit to the Czechs would be
officer in the United States,
advances for other purposes
record, said that no
would be allowed after
which was read into the
would be made and none
he war had terminated.
I
Liberian loans wore brought up
ames
H. Moyle, acting Secretary
ut on the
and
a
letter to President Wilson from
of the Treasury, dated Aug. 20
1918, was
record.
The letter showed that
Liberia wanted a loan of
informed the President that
$5,000,000.
Department, said Mr.
Liberia's
Department advised
quoted by the State
Moyle, as being "in sympathy with the
loan," and
Mr. Moyle asked the
affixed, "Aug. 24 1918, W. W."
friendship."
"in common justice and
and this was
Liberia
President's approval
The total amount loaned to
It came out in
Mr. Moyle
Secretaries Baker and Daniels said
elp in the war would be "negligible," but the State
he loan as an economic asset.
President Wilson was
desiring it
was
$26,000-
correspondence, some of which was
by the Committee, that
considered in private
advised against the
F
The $5,000,000 was
1912 by a syndicate,
the National City
made to Liberia in
& Co. .
New York. Mr.
about $1,000,000, but Senator Reed deduced
asked for in part to refund a loan
composed of J. P. Morgan & Co., Kuhn, Loeb
Bank and the First National Bank of
Kelly thought this loan was
the papers that it was
The
$1,700,000.
correspondence showed that Liberia was in a
critical condition finan¬
her, to obtain aid from the Brit¬
ish Bank of West Africa, with which she had had previous dealings; from the
British and American Governments together, or from the United States.
Letters from William Phillips, Assistant Secretary of State, and others
showed that the British Bank of West Africa wished to get the contract.
The contract was not read, but Senator Reed referred to it as "onerous,"
cially, and that three chances were open to
and
"practically taking over the Government of
Liberia."
The"
has
n
of
of
President; V
W. Davenport, Vice-Presidents; and
the Board of Directors;
Board
the
J.
P.
and E.
Vogel
Abbot
F.
Directors;
of
Goodhue,
Gill, Secretary and Treasurer.
Fletcher L.
The list of directors was
given in our issue of
Feb. 19.
organization of the International Acceptance
Bank,
(of.which Paul M. Warburg is Chairman of the Board),
now
been perfected and is preparing to open early
April,
as
scheduled,
Previous reference to
the
columns Feb. 19, page
31 Pine Street, this city.
corporation was given in these
The new corporation, which will
at
new
702.
McIIUGH ON CHIEF
JOHN
*
FUNCTION OF FOREIGN
FINANCING CORPORATION.
TRADE
Weekly losses of export orders running into millions
were indicated in a report issued on March
12
of
at
dollars
Trade Financing Cor¬
organized under the Edge Act to
promote the country's foreign trade by granting long-term
credits which are needed for financing purchases of American
goods abroad.
Information assembled by the organization
committee indicates a situation which is without parallel in
the memory of leading New York business men.
Following
are a few of the most significant facts collated in the corpora¬
uity of the Foreign
poration, which is being
tion's survey:
•
v
number of purchasing agents for
buyers abroad than at any time sin>ce the close of the war.
Several million bales of cotton are now stored at various points in the
South, held up by lack of adequate credit machinery to finance their sale
There are in New
York to-day a greater
buyers abroad.
to
Surplus supplies of grain, to
bushels
the extent of several
country's normal need, are
above this
hundred millions of
stored at primary points
Middle West, held up for similar reasons.
In the absence of adequate credit facilities, due to the fact that commercial
banks have extended their lending resources to the limit of prudence, certain
throughout the
large corporations are
As
emergency
an
ancient
preparing to finance their own business.
certain manufacturers are reverting to
measure,
the
practice of barter.
Middle Western State
In one
mariufacturers are facing
current export orders from
million dollars in
Banks
a' loss of twenty
Southeastern Europe alone.
Canvassed.
financial district, made for the pin-pose of
shedding light on the possibilities of immediate business abroad, revealed
the fact that there is a strong demand for credits running from six months'
to a year by responsible business interests in Japan, Germany, Denmark,
Finland, the Balkans, South Africa, Italy, Australasia and the republics
South
of
of banks in the
canvass
America.,
credits are sought to
Those
finance purchases
of America's foodstuffs
of manufacture, and.in addition, many
manufactured specialties such as electric dynamos, harvesting machinery,
locomotives, typewriters, machine tools, adding machines, tractors and
and
materials, standard articles
raw
equipment.
Bank officials were unanimous
sound character of this business, but could see
miscellaneous engineering
commenting upon the
way
of extending
the desired credit
in
no
under existing facilities.
Independent Financing.
Following E. H.
Gary's recent announcement
that the U. S, Steel Cor¬
aside twenty millions for financing the orders of its for¬
eign customers on a long-term basis, and Charles M. Schwab's statement
in Paris, promising to open large credit accounts in Europe to facilitate busi¬
ness for the Bethlehem Steel Company, there are marked indications that
certain powerful corporations will resort to independent action to save their
poration is setting
INTERNATIONAL ACCEPTANCE BANK, INC.
Inc.
consists of $10,000,-
special stock and $5,000,000
stock, $250,000
The officers are: Paul M. Warburg, Chairman
Daniel G. Wing, Vice-Chairman
surplus.
A
the Solicitor of the Treasury
oan.
rom
common
the offices in this
obliged to leave the hearing, and
in charge of foreign loans, took the
oaned to Czecho-Slovakia.
emaining of
Aktiebolaget, Stockholm.
capital, fully subscribed,
The bank's
Department under
Secretary Houston was
or
London.
Stockholm.
Credit Suisse, Zurich.
Belgium, Greece, Italy and
Czecho-Slovakia were still at war with "one or more enemies of the United
States," Liberia was at war between Aug. 4 1917 and June 30 1920; the
Kerensky Government at war from April 1917 until it fell Nov. 15 1917,
and the United States would be at war with Germany until a Presidential
proclamation of peace.
None of the nations has signed a treaty with Hun¬
gary, one of this country's enemies, and they were therefore still at war
hat
Bank of England, Ltd.,
Handelsbanken,
18 1921, saying that France,
date of Feb.
Assistant
Svenska
Aktiebolaget
when the peace between Great Britain, France,
Czecho-Slovakia, on the one hand, and Germany on
a
Sons, London.
National Provincial & Union
effective.
read
Corporation, Basle.
Rothschild &
N. M.
given since January 1920,
Italy, Belgium and
Europe.
Handel-Maatschappij, Amsterdam.
Nederlandsche
to be "speaking of
have been making
only two credits have
St. Louis, Mo.
National Bank,
First
which is not true."
had been made, he said, and
R. I,
Francisco, Cal.
Company, Providence,
Rhode Island Hospital Trust
000
No new loans
Kansas City, Mo.
First National Bank, Los Angeles, Cal.
redits[in favor of foreign Governments for a reasonable period and within
easonable limits to meet the needs growing out of the war."
"From the report," Mr. Houston said, "it was apparent that the Secretary
believed that aid would have to be extended for a considerable time, even
after peace and during the period of reconstrutcion.
I am informed that
the loans and credits now being inaugurated grew out of the policies then
added that Mr. McAdoo seemed
unreality, to the effect that we
Cleveland, Ohio.
Bank, Detroit, Mich.
Fidelity National Bank & Trust Company,
McAdoo's policy.
,
Secretary Houston replied that he did not know what Mr. McAdoo meant
n the published statement.
He read from the ox-Secretary's report for
918 to show that credits totaling $8,171,976,666 had been established up
o Nov.
15 1918.
Mr. McAdoo'was further quoted as saying he would
•recommend the enactment of legislation extending authority to establish
loans,
Mass.
Chicago, III.
First & Old Detroit National
acted contrary to Mr.
Secretary Houston
,
Mass.
Trust Company, Boston,
First National Bank of Chicago,
of foreign loans, was
ometking which is an
United States.
Birmingham, Ala.
First National Bank of Boston, Boston,
dispatch from Wash¬
naugurated."
In the
*
First National Bank,
McAdoo, in which he
injected into the discussion
by Senator Shields of Tennessee, who inquired if Mr. McAdoo followed this
policy during his administration and whether Secretaries Glass and Houston
new
besides embracing the opening
credits, will also comprise the
tance
published statement of ex-Secretary
The recently
opposed the general policy
Board, will
international nature.
financial transactions of an
Its functions,
"Times":
the New York
supervision of the Federal Reserve
be under the
conduct
Houston, in con¬
On Feb. 21, Secretary
12, page 600.
Feb.
[Vol. 112.
CHRONICLE
THE
1086
business
abroad.
Another significant
tion has
in an
.
development, the Foreign
found, is the fact that many
attempt to overcome
Back
't
«
A certain
his products a
to
barter
foreign exchange. ^
Barter.
?
electrical equipment is reported to have taken
certain quantity of eggs and bristles. A mam-
manufacturer of
in return for
Trade Financing Corpora¬
manufacturers are resorting to
the handicaps of unfavorable
March 19
1921.]
THE
CHRONICLE
ufacturer of electrical equipment is reported to have taken silks and
pottery.
Barter is entirely possible as one solution of the problem, and may
prove
highly profitable, but it is not regarded
anything
as
than
more
an emergency
due to the great risks devolving upon the exporter in this country.
measure,
Replying to
1087
question, he said the United States Government should not
a
cancel the debts of Great Britain and other
should be refunded with
countries, but instead these debts
issue of fifty-year bonds.
an
A
sinking fund for
their payment
far-reaching influences involved in the concerted plans of farmers,
bankers and manufacturers to supply the needed credit machinery
through
should be provided.
Then at the expiration of the fiftyperiod, the countries will be able to clear their indebtedness, he de¬
clared
He termed Europe's war shattered credits a millstone for the United
the Foreign Trade Financing Corporation is reflected in the marked inter¬
States.
The
est
.
'
The necessity of purchasing America's surplus
materials is regarded in many countries as a matter of national
and
representatives of these countries here
showing
are
importance,
interest in the effort to set up the banking facilities which alone make these
purchases possible.
For example, Roger Nielson, technical adviser of the
Royal Danish Legation, has pointed out that Denmark is in urgent need of
materials and many
raw
Pre-War Basis Far Away.
raw
proportionate
a
"The condition of prices of raw materials and other commodities
may be
back to normal in three months," Mr.
price level there will be a 'psychological reaction' which in
should send prices up
Mr.
Financing Corporation.
daily at the offices of the
is seen in the large number of
Agents of foreign purchasers
cerning the prospects of making long-term credits available in the
ture.
new
Buyer and seller alike
corporation
real
one
in the plans for this corporation their
see
hope of checking the slump which is causing the million-dollar losses
of urgent foreign orders.
John
the
reports of large
industrial
companies
N. I Finds Radicals Busy.
Coupled with the ills of the country is
a
an
\'^Nv
industrial unrest which presents
problem equally grave, according to Mr. Forgan.
"I recently talked to a lumberman who had completed a survey of camps
in the Northwest," said Mr. Forgan.
"He told
me
that he found lumber¬
reading quantities of radical and inflammatory literature spread
were
men
by bolshevistic forces for the purpose of inciting bolshevism and unrest.
"The labor situation, because of the radical element which is continually
McHugh, Chairman of the Committee
tion of
to
were shown and said they
"present industrial condition of the country and its general
economic welfare are extremely grave."
fu¬
near
just in the frame of mind to make the
are now
They
a succass.
attention
indicate the
calling
are
corporation at 66 Broadway, to inquire con¬
new
few months
a
again."
called
Forgan
business offers which have already been made to officials of the Foreign
Trade
on eco¬
during the last few months in which large losses
Foreign Agents Active.
Hope of relieving this situation, which finds America anxious to sell and
no purpose,
Forgan said, "but prophets
nomic matters declare it will be five years before conditions of the
country
reach their pre-war basis.
On raw materials which are now down to a low
manufactured products.
foreigners anxious to buy, all to
J v;Vv. Hi'..'("a
■
,■
,
being shown in the progress of organization by members of the American
and foreign embassies.
,
year
Organiza¬
on
Foreign Trade Financing Corporation, in dis¬
cussing the question
to "How Far Can Barter Remedy
as
Our Present Situation," says in part:
at
work, presents
a
problem which is definitely associated -with the ailments
of the land."
"The argument
fail
has been made that Wall Street wanted to
labor unions would be
so
disrupted.
That is
the banks
see
false argument, for the
a
failures would surely react against Wall Street itself."
People abroad who require American goods cannot immediately
pay
cash
for their purchases, and because they have drawn extensively upon existing
THE PLAGE OF FOREIGN TRADE BANKS IN
credits for payment, foreign buying has in considerable measure stopped.
Thus with the
supplies of gold unavailable, and with the
necessary
chinery of international credit apparently incapable of contributing ade¬
quately toward the general distribution of the world's commodities, it is
little wonder that
men
of the
part
another part has too much.
this.
Broadly
speaking
chandising and credit.
order not
own
the United States
time
same
has
No system of barter
what
needed
is
is
a
means
little
too
can
for its
permanently remedy
scientific
a
are
of distributing
welfare;
system
producing
more
of mer¬
than other
that
prosperity
their surplus products in
The productive capacity of
greatly enlarged by the exigencies of the
was
the
continue.
may
productive
capacity
other
of
No system of barter will immediately correct this.
people
war at
the
reduced.
was
America to markets elsewhere where industrious people em harassed by the
hardships of the past six
needy people
On
the
and will be restablished and repayment will be made.
can
other
of these
hand
if this
credit
is
extended
not
the
whole standard
civilization among the needy people of the world will be lowered to
dictated by their economic circumstances.
of
point
a
Inevitably this will shrink the
markets of the world for American products and cut down the productive
capacity of our farms
and
will be drastic.
progress
The effect of this
factories.
people of Europe is dragged downward, it is inevitable that
tion will
move
in the
same
American
our own
civiliza¬
direction.
If it is true that the wealth of
to work,
upon
If the civilization of the four hundred million
a
it is manifest that to restore the wealth of America's foreign cus¬
be necessary to restore them to work.
The machinery for
tomers it will
long-term credit
An
moment.
Law"
can
authorizes
return
for
be set up and should be set up at the earliest possible
amendment to the Federal
the
adequate
organization
of
banking
foreign security,
"Edge
Reserve Act termed the
institutions
extend
purchasers can secure American goods.
credit
that
which
with
can,
in
foreign
Under the authorization of this
act, a group of leading American business men and bankers have launched
the
Trade
Foreign
scriptions
Financing Corporation,
being received.
are now
It is
the
to
of which
stock
sub¬
belief that only as we extend
my
credit to foreign buyers of our goods can we expect in the months to come
maintain
to
our
export trade, not
only in
our
own
interest, but in the
interest of the entire world.
The
Trade Financing Corporation with a
capital of 8100,000.000 fully subscribed, but not necessarily all paid in at
the
beginning, would, I
still
more
have
am sure,
it commenced to function I
am sure
a very
we
When
stabilizing influence.
would all find that it would have a
stabilizing effect and it would not be long before
reflection in foreign exchange
conditions.
we
would find
The chief function of the pro¬
on
long time and who could satisfy
us
by giving
warrant the
making of such long-itme loans.
that if this
were
done
stabilizing influence.
there
always mast be
in
Of
a
considerable
course, it
us
security that would
It is surely plain to be seen
volume,
it would at
starting point and the longer
solution, but it remains to be
bankers and business
of
our
in
bringing such
a
men
have
Banks
we put
seen
whether
a
off the starting
In my
opinion,
It cannot be done unless
along the' lines for which it is organized and to the maximum
of its ability as soon as
possible.
naturally
must
R.
FORGAN ON
industrial
critical
have
PRESENT
CRITICAL PERIOD.
transcending
any
in the
past forty-four years, is the light in which the present period
is viewed
by David R. Forgan, President of the National
City Bank of Chicago, whose utterances
indicated
as
American industrial conditions
last 44 years, not
gan,
on
the subject
were
follows in the Chicago "Tribune" of March 7:
are as
critical
as at
any
period within the
excepting 1893 and 1907, in the opinion of David R. For¬
president of the National City Bank of Chicago, who spoke yesterday
before the Current Events class of the First
ton.
Congregational Church of Evans-
Only the Federal Reserve banking system prevents
view.
a
panic, in his
man¬
understood
by
the exporters and
either to restrict
Bank
Act
may
accept only up to
Thus, in financing foreign trade they
operations or to use actual money
their
times the amount
liabilities
large
The
countries.
incidental to
their
deposits
foreign
in
they
countries
such
carry
they
they keep
At home
operate.
such
is re¬
as
reserve
Federal Reserve Board against their acceptance liabilities.
are relatively small, foreign trade banks must
by the
quired
Inasmuch
are
as
be required by the customs and laws of the foreign coun¬
may
which
in
tries
deposits.
such deposits
of
way
such deposits as may be made in their branches in foreign
or
Against
as
reserves
the
in
bank may receive only
foreign
foreign trade,
their deposits
as
surplus for financing their business
Their value to the banking and com¬
lies in their ability to supply a large source
credit for the furtherance of our export and import business, which is so
depend
their
on
through
their
capital and
own
acceptance
powers.
mercial community, therefore,
vital
this
to
country.
which
buyers
fully.
The
be
must
of
.
"■'</
.
trade, they create acceptances for
order that they may operate success¬
foreign
found
of
soundness
their
of
method
,
.
their financing
Through
in
such
acceptances
be
may
judged
the
from
creation.
importer
at ninety days sight to enable
that importer to bring coffee, hides or
some
other commodity from a foreign country.
Back of the acceptance
stands the credit not only of the bank, but also the credit of the mer¬
For
arising from
accepts
this
the
behalf
an
on
case
draft
a
of
an
with the actual commodity which is being imported with the
chant along
proceeds
trade bank accepts
foreign
the
example,
of
used to
are
The same is true where a bank
The proceeds of the acceptance in
American manufacturer for his goods while
acceptance.
exporter.
pay
an
being shipped to seaboard and transported across the ocean to
a foreign country,
the foreign buyer providing funds
are
their
destination in
to meet the
stead
been
have
cash
supplied with
to finance
the operation, in¬
the United States from
funds to
the return of
purchaser.
When
'
foreign trade bank accepts on behalf of
a
in
turn
well
as
ment
has
sequence
ration
of
of
establishment
have performed
and
Federal
our
Reserve
system,
for
London
trade by the acceptance method and as a con¬
centre of the world.
With the inaugu¬
the
become
the
banks
buyers
view.
of
the
Reserve
great value in making known to banks
throughout the country the soundness
satisfactory yield of bank acceptances from an invest¬
the
as
service of
bill
financed all foreign
years
.
merchant, it or the
the
to
Federal
the
and
a
potential
point
Before
aceptances
houses
performing
other
and
the
sells
discount
still
are
a
so-called discount houses, who
dispose of them to other banks, corporations or private customers.
merchmant
The
formerly
the foreign
having to wait three, four, six or eight months as they
of
pending
did,
During all this time the manufacturer and
draft at maturity.
merchant
the
money
plan
acceptance
in
this country,
not only has
dolar ex¬
change become widely known, but it has become at least of equal impor¬
with
tance
period,
ia accord¬
trade banking corporations, on the other hand, may accept up
of their capital and surplus since they do not
Foreign
to several
the
A
be
the National
operating under
sterling
exchange.
United
American
Foreign
more
States
dollar
and
manufacturer
banks
trade
credits,
American
can
consumer.
advantages to offer.
have several
attention
individual
the
by
Much
trade that was
formerly of
sterling credits is now financed in
with the consequent saving to the
London by
necessity financed through
DAVID
financing foreign trade
make use of their services, as well as by banks of the
may
have money to invest in bills.
compelled
sufficiently recognize this to co-operate
corporation into existence.
for
which could and should be utilized in other ways.
sufficient number
by and through co-operation not only in furnishing its capital but in seeing
that it operates
organized
100% of their capital and surplus.
are
a
will take time to bring this about, but
the further off will be the beneificial effects to be secured.
it is the only
once
Banking
can
which
interior
posed Foreign Trade Financing Corporation would be to place American
dollars at the disposal of those of other countries who could afford to borrow
them
operations
of
they
organization of the Foreign
Foreign
regulations of the Federal Reserve Board, if properly
importers who
of
country lies in the ability of its poeple
1
Park-Union
should be and will prove to be of inestimable value in furthering
foreign trade of this country.
To gain their widest usefulness, their
scope
utilize them in restoring their welfare.
years may
If this credit is granted for a sufficiently long time the prosperity
TRADE.
President
aged,
the
What will correct it is
reasonable system of credit which will distribute the surplus products of
a
the
with
ance
only that the welfare of their people may be promoted but in
order that their
Holder,
Corporation.]
Banking corporations
is not that of exchange but it is of
world
The American people
people and must find
Charles Adams
Dr.
'
'
After all, the world's greatest problem
One
[By
saying that it might be better to return to the
are
primitive conditions of barter.
mal-distribution.
OVERSEAS
ma¬
be given
Being smaller,
to each transaction.
The officers
banks being practically specialists and interested
exports and imports, it may be taken for
granted, are more familiar with the markets of the world, commodities,
supply and demand and current prices, than is the personnel of the aver¬
age
bank.
They can, accordingly,
expertly guide their customers in
transactions which may be trivial or large, but which nevertheless form
of
almost
the
only
Most
own
trade
foreign
solely
in financing
basis
for
the
transaction
of
their
business.
foreign trade banks have the additional advantage of having their
branches
foreign
branches
in
foreign
conditions,
they
can
countries
foreign
which
markets
most satisfactorily
and
keep
foreign
follow
up
them
prices.
conversant
with
Through
these
the ultimate
disposal
of
No
developing
joint
loose
a
CLEARING OF LOANS BY
operates sucessfully in every particular
here and there.
Some of these loose
currencies.
As time goes on more and more foreign business will be directed
foreign trade banks, especially established to take care of it.
The New York Stock Exchange
of loans
on
new
Under the present
to
TO BE COMBINED.
adopted
Stock Exchange,
on
the 9th inst. by the Governing
Committee on Quota¬
Commissions, which will take the place of the
Committee on Quotations and the Committee on
present
of the proposed changes
Announcement
Commissions.
made as follows by Secretary Cox
New York
Stock Exchange,
following amendments to the Constitution were
The
is
March 10,
Under the new system
will become law
and
transaction will take not more
disapproved within one week by a majority
if not
I
Section
Amend
the amount of his contribution.
At
special meeting of the board of directors of
a
vices rendered
new
loans made for
Stock
amended to read
was
Clearing
Corporation.
clearing loans.
■
reduction of 50% in the charge for
________________
IN~~NEW
YORK
OF
INVESTIGATION
and to
prove or
and
Quotations
on
It shall have charge of all matters
disapprove any application for
quotations and wire connections of
'
the character referred to.
shall
"It
said
rules
the
enforce
cr
the interest
rules
relating to
partnerships and
commissions,
partnership or branch office which may appear not to
any
welfare of the Exchange.
or
have
power
appoint, dismiss,
to
Senate Committee on
FOR
investigation of "bucket shops"
an
introduced in the Senate at Albany
Banks.
aimed at Stock Exchange
Pitcher, Chairman of the
In stating that his bill is not
houses. Senator Pitcher is quoted
follows:
yesterday is not aimed at Stock Exchange houses, as
Stock Exchange has its own rules, which are very drastic.
brokers who advertise to buy low-priced stocks and who either
My bill introduced
the New York
It is aimed at
do not buy them at
and determine the number,
duty and pay of all employees of said Committee and of all employees of
the Exchange requisite to the collection and dissemination of quotations,
and to make such expenditures as it may deem necessary for the conduct
of its business, and shall make reports thereof to the Finance Committee."
Amend Section 2, paragraph (A) of Article XXXIV by striking out the
words, "Committee on Commissions" in the seventh line and substituting
in lieu thereof the words, "Committee on Quotations and Commissions" ; said
shall
"It
LEGISLATURE
SHOPS."
"BUCKET
March 10 by Senator Fred B.
on
as
shall report to the Governing Committee any violation of
branch offices, and
proposing
in New York State was
Commissions, to consist of
relating to quotations,
wire connections between members and non-members, and shall ap¬
Committee
"Tenth—A
nine members.
A resolution
.
original charge was lc. per $1,000, so
that there has been a
RESOLUTION
Section 1.
follows:
$1,000 of loans paid off
the clearing member under agreements filed with
It is added that the
Section, and by striking out
paragraph Tenth and substituting in lieu thereof the following:
as
will be made of one-half cent for every
renumbering the following paragraphs of said
Article XI,
the Stock
Clearing Corporation, paragraph 4 of rule 26 of the rules of A
the Stock Clearing Corporation concerning charges for ser¬
striking out paragragh Fifth and
XI by
Article
of
than fifteen minutes.
made for each $1,000 in loans cleared. It is
certifications at present required will be elimi¬
nated, as the corporation will maintain deposits with the banks at a mini¬
mum of $10,000,000 and they will accept its checks without certification.
This amount is subscribed by members in proportion to their business,
and, conversely, each will be extended accommodations in proportion to
of 1 cent will be
estimated that 60% of the
adopted by the Gov-
the entire membership:
of
vote
Corporation's headquarters, and brokers will
When it is desired to pay off a loan
directly with them.
the
erning Committee on March 9, 1921, and are submitted to the Exchange
in accordance with the provisions of Article XXXVIII of the Constitution,
the banks will have their representatives in cages
deal
the broker or his
representative will withdraw the securities, turn them over to the corpora¬
tion, which will give its check to settle the loan.
It is estimated that this
the Stock Clearing
in
or
1921.
depending upon the value of the securities
the average time consumed is
Investigation has shown that
fifty minutes per loan.
A charge
of the Exchange:
lending Institution and
From one to five men are
the loan withdrawn.
employed in this transaction,
involved.
Committee, it is proposed to create a
tions and
of procedure, a broker desiring to pay off a
amount and interest, which he sends to his
This is then presented to the
the securities collateraling
Constitution of the New York
Under amendments to the
method'
bank for certification.
COMMITTEES OX QUOTA¬
STOCK EXCHANGE
March 16
making 75% of the call loans.
loan draws his check for the
protect the acceptances of these
TIONS AND COMMISSIONS
on
arrangement, these, it is
A charge
Y.
announced
Commerce" says:
,
N.
STOCK CLEARING
MARCH 22.
Clearing Corporation will begin the clearing
March 22.
Twenty-two banks have agreed to
dozen institutions
are
reserves
Board to
Secretary.
stated, including ten or a
With the
other banks to be represented, it is figured that about 90%
of the daily transactions, averaging about $25,000,000, will
be handled through the corporation.
The "Journal of
the
required by the regulations of the Federal Re¬
banks and if typical in¬
stances of how foreign trade financing is done by way of acceptances
were
constantly brought before the public, it would not be very long
before these 'acceptances, with their unusual security, their definite period
of repayment and convenient amounts, which may be from five to one
hundred thousand dollars or more, would eventually make them a strong
and valuable factor in the development of our trade with other countries.
Ample
serve
COX,
that the Stock
foreign
other
D.
BEGIN
TO
CORPORATION
discovered and corrected by the loyal co-oper¬
ation of the Federal Reserve Board.
Others, no doubt, will develop from
time to time and will be remedied.
For example, at present there is a
discrepancy in the rates of discount between eligible bills of member
banks and eligible bills of non-member banks, which is entirely arbi¬
trary, unnecessary and unjust.
There should be no difference in these
bills as long as both are prime and eligible.
The rate should depend
upon the credit of the bank and not upon the fact that one bank is a
member and the other is a non-member.
Foreign trade banks are pre¬
cluded by law from becoming members of the Federal Reserve system.
The foreign
trade banks should eventually become banks for foreign
exchange having at their disposal incoming and outgoing bills in sterling,
and
V.
E.
joints have already been
francs
shall be employed on any
the foregoing
other than
/7
plan or enterprise ever
new
for the solicitation of business,
basis."
"No agents,
merely as an agent. Likewise, the
foreign branches are also of great value in affording the merchant in
foreign countries a market for his bills upon the United States and par*
ticularly in offering to the merchant in the United States a source of
credit information which cannot be approached by any bank not having its.
branches.
must be paid fixed sal¬
aries, not varying with the business.
of an alien bank acting
to the mercy
without
managing clerk and all other employees
"The
So,
goods or the collection of drafts or other evidences of indebtedness.
too, in casei goods are
refused by the foreign buyer, these foreign
branches are' better able to dispose of the goods than where they are left
own
[Vol. 112.
CHRONICLE
THE
1088
all or buy and immediately sell them out
jury to small investors.
certificates, they find it
The Senator is also reported to
I
am
pears to
such as proposed by my
end, if possible, to the unlawful practice by what ap¬
be an organized band of
ment, are doing more to
ness
stock
have said:
convinced that a Legislative investigation
resolution will put an
at great in¬
When the customers wish to secure their
is almost impossible to do so.
financial highwaymen who, in my judg¬
retard the return to normal conditions of the busi¬
and financial world than any
other one cause.
paragraph, as amended, to read:
Article XXXIV,
Section 2.
Subscription Rights; Bonds or Notes of Foreign Countries
having five years or less to run; Notes of Corporations having five years
or less to run; Bonds having five years or less to run; such rates to mem¬
bers or non-members as may be mutually agreed upon; provided, however,
that the Committee on Quotations and Commissions with the approval of
CHARLES PONZPS INVESTORS SUED.
"(h) On
Committee may hereafter determine special rates on any or
the Governing
of the above-mentioned
all
Section
Amend
mittee
securities."
of Article XXXV
2
by striking out the words,
"Com¬
Commissions" in the fifth line and substituting in lieu thereof
on
said Section,
the words, "Committee on Quotations and Commissions";
as
amended, to read:
Article
"Sec.
When
2.
individuals
in
to
XXXV.
member intends to form
a
existing partnership,
an
writing to that
partnership,
a
or
admit other
he shall duly notify the Secretary
effect,' and opportunity shall be given the Committee
becomes
the
same
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.
shall
on
Commissions to consider the proposed arrangement before
effective.
On receipt of such, notice from a member,
Quotations and
promptly
Members
notify the Secretary of the retirement from a partnership
dissolution of such partnership."
Amend Section 6 of Article XXXV by striking out the words, "Commit¬
tee on Commissions" in the second line and substituting in lieu thereof the
of
any
words,
individual
or
"Committee
amended, to
of the
on
Quotations
7.
read:
■7)77 777;;7
"Sec.
6.
Members may,
must be in
said
to
,r
said
Section,
as
;
Secretary
or
firm establishing a branch office
of the
Exchange,
the trustees, as printed in
his fortune.
I The statement of
the "Boston
Transcript," is as follows:
Ponzi paid to
is to say,
noteholders upwards of five million dollars
people who accepted the amount
der of their
shall register it with
and shall be directly
responsible for the
scheme
was
in refunds, that
that they paid in for the surren¬
";\7v
of people generally who were able to get
notes.
a
these refunds were the
and the aggressive—men who suspected that
fraud and who were willing to forego the 50%,
shrewd, the strong
Committee.
conduct of its business.
bankruptcy of the estate of
The class
Article XXXV.
by the consent and approval of the Committee
and
"The member
the
Commissions";
Commissions, establish branch offices.
Such offices
charge of either a partner, or of a manager or clerk acceptable
Quotations
on
and
the trustees in
Charles Ponzi, whose ' 'foreign
exchange" scheme collapsed so disastrously last summer, on
Feb. 19 gave out a printed statement to the effect that
immediate legal action was to be taken by them against the
thousands of persons in the vicinity of Boston and through¬
out New England, as well, who had invested (either without
loss or at a profit) in the scheme.
This is to compel them
to make restitution of the moneys they had received from
Ponzi whether in payment of their matured notes with in¬
terest at 50%, or simply a refund of their investments, and
that suits would also be brought in particular against the
Ponzi agents who received one of the largest portions of
According to press reports from Boston,
the Ponz
who were
struggle and stand in line all day and get their
money.
The people who were unpaid were weak and innocent and defense¬
less
who trusted Ponzi, who believed in his promises, or who were too
strong
enough to push ?.nd
weak to stand in
line all day to get then* money.
that, as far as they are
able, the strorig shall not
of the weak, the shrewd, the capable or sophisticated
The trustees propose
profit at the expense
Makch 19
at the expense
1921.]
THE
of the credulous
proceedings, to compel
or
CHRONICLE
the innocent; and they propose, by
legal
who received refunds and also those
every person
who made profits to contribute the amount so
received, and merely take
1089
Judge W. S. McKenna in the Richland County District Court at Whapetoday, declared "proper" the action of Sargent County to recover
ton
approximately $75,000 from the Bank of North Dakota through garnish¬
proceedings to tie up deposits of the Bank of North Dakota in seven¬
their dividends with the others, so that ail may share equally in whatever
ment
there is.
teen banks in
'V
It is the purpose of
the trustees,
the money thus regained,
we
the assets
understand, to take
now
in hand, and other
and to distribute the fund thus obtained
sums,
among
those
who had
original deposits.
nishment
on
March 14, eleven bills of
These
against former Ponzi investors.
their
against investors who put in
Ponzi went into
the additional
are
directed
shortly before
the attempted
recovery of
ask that "the said transfer be declared to
Court.
Further,
defendants
to
that
The bill
to be ordered
this
be
a
set aside by the
decree be entered requiring the
a
defendants, Ponzi
was
was
not solvent, and that said
part of the property of Ponzi, the effect of
a
begun in the District Court at
was
to enable the defendants to obtain a
in eight Cass County
Dakota
Bank of North Dakota to honor
National
In
State
OF
NORTH
HELD
DAKOTA
LOCAL
("To the bank addressed): Enclosed you will find
shall have
you
a copy
on
hand in available funds not less than 10% of demand de¬
posits and 7% of time deposits, within a period of thirty days after this
notice.
"Yours truly,
v
"O. E.
.
than
$100
nor
within thirty
IN
Section
vides
BANK'S AFFAIRS.
5170,
as
LOFTUS, State Examiner.
amended, provides that "the State
garnishee
funds of the Bank of North Dakota which are held in local
Ibanks
was
Dakota
on
handed
Chief Justice
N.
down
March
J.
12.
E.
by the
Supreme Court of North
decision
The
In
Robinson.
was
announced
advices from
by
Bismarck,
and
term of
private
be
The decision
was
Dakota to restrain
given in the
obligations.
case
brought
on
in that county.
be
It is regarded
as one
of the most important decisions of the court
or
both.
of North Dakota to private
on
Feb. 20.
as
The
added:
and
decided by the State Industrial Commission at a meeting which
was
a
concerted effort
to meet their
by four judges, with Justice Grace alone dis¬
court is
fine of not more than $10,000
public deposits was announced
On time
on
A resolution adopted said "there appears to
the part of privately owned banks which are unable
obligations to detract attention from themselves by refusing to
cash checks drawn
Decision of the
senting.
to ten years or a
concluded early this morning.
behalf of the State of North
Bank of North
opened in each of the fifty-three counties in the State,
This
Sargeant County from garnisheeing deposits in banks
reserves must be in cash
including the
accounts from Bismarck stated that branches would
press
private
Judges Concur.
one
as
a
Four
Two-fifths of the
approved depositories,
The opening of the Bank
a
banking organization, it has been alleged by political opponents of the bank,
in
officers committing such act are guilty of a felony, punishable by a prison
As
it is subject to closure for failure to meet its
required reserves."
solvent bank accepts deposits after committing an act of insolvency, the
well
contention in legal circles of the State.
Insolvency.
1913, which has not been amended, pro¬
"any bank shall be insolvent when it fails to make good the
Section 10012 of the laws of 1913, not amended, provides that if an in¬
The court in effect holds also that the Bank of North Dakota is
a
not met
are
days' notice.
three-fifths
*
banking institution,
penalty of not less
Dakota.
D., the Minneapolis "Journal" has the following to say
regarding the court's findings:
a
than $500," if the reserve requirements
more
5189 of the Laws of
that
amounts of
A decision in which it is held that counties may
of the Reserve
,
hereby advised to comply with this law, which requires that
are
Law Defines
DEVELOPMENTS
BANKS—OTHER
or
by State Bank Exami¬
"The letter read:
bylaw.
The copy of the law. Section
IN
and Security
Feb. 23 to each of the 700
on
in North Dakota
banks
Banking Board (Nonpartisan controlled) may impose
BANK
$15,373 drawn
First
their reserves within thirty days to the amount required
up
centage of their debts than other creditors."
OF
This
O. E. Loftus, the institutions were called upon to build
ner
greater per¬
NORTH DAKOTA COUNTIES MAY GARNISHEE FUNDS
banks.
Bank, Minneapolis.
registered letters sent
more
check for
a
City Treasurer, payable to the
by the
law, which took effect July 1 1920.
July 13 1920 to date of payment."
alleges that "at the time of the transfer of the
was
action
Bank of North
"You
note to the
18
Feb.
action, according to the complaint, followed refusal by the
back to the trustees the said amounts
pay
with interest from
payment
On
50% profit which they had been promised.
fraudulent preference and
which
cases
money
bankruptcy and who withdrew it without
The trustees, in speaking of
money,
com¬
filed in the Federal District Court by the trustees
were
deposit in local banks through gar¬
Grant, Burke and McHenry
on
instituted in Ward,
Fargo by the City Commission to garnishee deposits of the
Pursuant to the above, on
plaint
public funds
proceedings
Counties, involving $279,000.
dealings with Ponzi, in proportion to their claims
based
Sargent County and six banks in Richland County.
over the State today showed that four distinct actions have
Reports from
been brought to keep
the Bank of North Dakota
on
deposits for less than
or
by it."
the bank will pay 4% interest and
a year
5M> % on deposits for more than a year.
affecting State finances and the future of the Bank of North Dakota.
In
Justice
Robinson, in
a
statement, says
newspaper
family frown
Depositors clearly have the right to obtain the moneys of the bank.
A
more
drastic, last resort remedy would be to force a "defaulting bank"
The Bank of North Dakota is not
a
North Dakota does not impart
of its privileges or prerogatives; that it lays down
as
Such checks
Fargo:
Auditors' office yesterday.
Hall, Secretary of State, for
1915 session laws to complete session law files in the
The book
was
a copy
of
Auditor's office.
received with this instruction:
"Please do not send
check
us a
on
the Bank of North Dakota."
■
The court concerned itself with the question of the right of garnishment,
while Justice Robinson, in expressing his
view that the deposits of the Bank of
The House of the North Dakota
personal views, advanced also the
North Dakota
are
not constitutionally
of the whole
Legislature in committee
Feb. 23 recommended for passage a
on
bill to
guaranteed by the State.
abolish
Collection Method Upheld.
The court decision gives counties
in various parts of the State, who have
garnisheed funds of the Bank of North Dakota in local banks because the
Bank of North Dakota refuses to pay money owing to the counties, the right
to continue
The
a
ruling that checks would not be paid unless they
If the counties can garnishee funds in local
banks, it is expected they will avoid the necessity of continuing to deposit
•funds in the Bank of North Dakota and will deplete the deposits
of the
Bank of North Dakota in a large amount.
expressing his personal opinion that the deposits in the Bank of North
Dakota cannot be guaranteed by the State, Justice Robinson's views bear
point raised in the recent investigation conducted by the North Dakota
Legislature.
Non-partisans, friends of the bank, have declared that the
charges that the State
may
lose great sums of money are unfounded because
the deposits of the Bank of North Dakota are
guaranteed by the State and
that it has the entire credit of the State of North Dakota behind it.
The
same
paper,
in further Bismarck advices March 15,
an
news
arduous task.
demonstrated,
fish
in
when
prices
can
the
Dakota to start garnishment proceedings against nearly
500 banks in the State, which are indebted to it, if they do not pay, accord¬
ing to W. A. Anderson, Assistant Attorney General.
"Heretofore the banks have been
the
garnishee about 5500 banks, which have failed to
| meet demands for payment of deposits or other obligations," Mr. Anderson
said.
The
The swift events of February have ag¬
It seems probable that leaders opposed to the
party now in power will attempt to set in
State officers.
A
:
motion a recall of the highest
*
majority of
program
The decline
the situation and hastened the
of farm products undermined
present political climax.
which
our
readers are doubtless familiar with the legislative
instituted
was
was
two
to finance the State Industrial
years
ago
in North
Dakota.
The
serve as a
projects, to handle all North Dakota
mother institution for the State banks and to
created an industrial commission! of greatly
centralized power, whose duty was to
stat¬
establish and administer the State
the North Dakota Mill and Elevator Asso¬
to establish the State owned terminal elevator
industrial projects; instituted
ciation, whose function was
mines
of
the
provided for the regulation and operation of the lignite coal
and established the North Dakota Home Building
State;
Association, whose object was to assist in the building of homes for people
residing in villages and cities.
out these
Bonds authorized for the purpose of carrying
projects were a Mill and Elevator series of $5,000,000, a Real
and
a
the total authorized bonds amounting to
sale, but practically none has found a
proceedings had their inception more than a month
advices from Fargo at that time (Feb. 15)
feeling has run high, reports in the
at times be as baffling as the inky discharge of the cuttle¬
Estate Loan series of $10,000,000,
F. W. Cathro, Director General of the Bank of North Dakota .informed
•of this, said he understood such a situation existed.
ago, press
Minneapolis, in its
condition which has been brewing for some time.
and flour mill;
supposed to be exempt in the process
•of garnishment, but with this construction of the law, it would permit
Bank of North Dakota to
of
of political developments in North Dakota
As partisan
pursued by enemies.
a
public funds, to
of North
Bank
the following recital of the develop¬
daily press from that State have been most confusing; printers' ink, it is
lend money on farm property;
Decision of the North Dakota Supreme Court opens up the way for
ing
gave
principal bills established the Bank of North Dakota, the purpose of which
stated:
Bank
March,
Keeping abreast with the
has been
gravated
In
•on a
Dakota.
ments in North Dakota:
this method of collecting money.
continue to deposit money.
Bank of North
Northwestern National
review for
Many counties have been forced to continue making deposits in the Bank
•of North Dakota under
the
venture rather
which
than
a
Bank series of $2,000,000.
a
Of
$6,200,000 have been offered for
market.
treasury department,
As the bank is a business
the usual business principles
apply to any bank, apply also of course,
capital,
to it, with a workable
suitable reserve and a sufficient amount of quick assets as implied
requirements.
*
say
by the Secretary of State, according to in¬
The Auditor recently wrote Tom
the
lit is unconstitutional to guarantee the deposits of the Bank of North
Dakota by the State, because the State debt limit of $2,000,000 is exceeded.
not wanted
are
structions received at the City
its sovereignty so
respects transactions of the corporation.
official
State
checks drawn on the Bank of North Da-
kota," the Minneapolis "Journal" had the following to
part of the State Government, and
in creating a private corporation the State of
any
"even members of the
that
on
under date of March 1 in advices from
into liquidation.
far
reporting
:
Upon opening, the Bank of North Dakota received upon
;
[Vol. 112.
CHRONICLE
THE
1090
| The report also goes into the Home Builders' Association and shows how
control of the State, those belonging to '!
public officials, men charged with direction of the affairs of the Association,
counties, school districts, townships,
had the State build homes for themselves.
It shows the unbusiness-like
municipalities and so forth, together with deposits from State banks which
elected to make it their depository for reserve funds.
Some of this money | methods of that Association. The same is true of the Mill and Elevator
j Association. In brief form, the report tells of the shortage in the loss in
was redepositod in State banks; some was lent to the State industries that
conducting the Drake mill.
were started, long time farm loans were made, and through the Home
An analysis of what the farmers of the State must face some day as a
Building department building projects were financed, the bonds intended
result of loaning their credit to a political organization is set forth by the
for these various uses, as has been said, not yet having found a market.
committee
deposit public funds under the
State
departments, State institutions,
influenced its oper¬
Bank of North Dakota
Act so that "all local public funds" were released from the ne essity of
being deposited with the State bank.
This considerably reduced the
deposit^ of the bank, as there was a general movement to withdraw such
funds.
To draw conclusions from its monthly statements, pub'ic deposits
reached their highest point in April of last year, the total on April 15 1920,
being $28,734,000; at the time of the latest published statement, Feb. 15
1921, the corresponding total was $9,967,000.
Deposits of State banks
amounted to $3,891,000 on March 15 1920, and declined to $759,000 on
Feb. 15 1921.
This decrease is due to a considerable extent to declining
values of farm products and the hesitancy or inability of the farmer to pay
history of the bank which
An event in the
ations
was
announced its willingness to
The bank recently
his debts.
has greatly
fall amending the
the law initiated last
receive individual
amounted in the latest statement to $245,000.
From the
point of view of commercial banking, too great a proportion of deposits that
are
subject to marked fluctuations—particularly as the capital of the
bank is represented by bonds rather than cash—has been converted into
slow assets.
The disputes that have arisen and the means that have been
resorted to by the different factions have greatly hampered the progress
of business and banking in North Dakota at a time when the highest
efficiency has been desirable.
The small flour mill operated by the State
began business at a time when veteran millers had need of all their accumu¬
lated stores of experience to steer clear of the shoals.
The mill and elevator
deposits, and these
report:
and the political campaigns
Townley perfected a scheme
whereby they obtained notes from farmers throughout the State by way of
accommodation and in exchange for the industrial notes of Townley and
League corporations.
In addition thereto farmers were induced to give
"In financing the
various League concerns
conducted by the League, Mr.
their
Lemke and Mr.
postdated checks for like purposes.
Flooded the
With Paper.
State
accumulated in large amounts and a
great flood of it was placed in the various banks in the State affiliated with
the League as collateral to loans made to the ^eague and its subordinate
accommodation
"This
and
kindred
paper was
corporations.
contributing cause to the present insolvent
Out of this situation will
necessarily arise a multiplicity of lawsuits.
The farmers aforementioned,
who have been persuaded to contribute their personal notes upon the rep¬
resentation that same were to be used only to accommodate the League and
"This practice
condition
doubtless is a
League banks.
affiliated
of many
The law of
together with the fact
that they received absolutely nothing from the proceeds of such notes,
will compel them to refuse payment, and to stand suit.
The deception thus
practiced will then be brought home to the misguided individuals who thus
its associated
concerns,
self-preservation
builders announce
their credit, which means
pledged
harvest.
It is now reported that a law will be initiated whose effect will be to
reduce the Bank of North Dakota to a department of rural credits.
Con¬
cerning the effect of the wheat market on the banking system of that State
"Harvey's Weekly" for Feb. 26 remarks, "Almost any system of banking
might work well when all conditions were favorable.
The test of soundness
is, ability to stand the shock of strain of untoward circumstances."
will be called upon
shortly to pay.
and)the original understanding,
all of their property,
farms."
plant at Grand Forks is in process of construction and its
that it will be ready to begin operations soon after next
NORTH
IN
LEAGUE
SAN
presented to the State Legislature
On March 5 there was
committee of the House which in¬
report by the special
enterprises fostered
vestigated the public ownership of the
In describing it as "the story
by the Non-Partisan League.
the dire consequences re¬
with
"Star," in an account from Bismarck
That story, the
of the report, said:
result of weeks of testimony taking, is so
Discussing the underlying theory
"All of the
public mind before starting any
compelling and so
wel 1
action looking to a recall of the
public officials responsible.
Would
recall
officials re¬
condition of the State's finances should be required
proceedings for some time.
The feeling Is that the Townley
sponsible for the chaotic
to "stew in their own juice,"
as some
equalled in the history
attempt by radicals to
of the observers have put it.
been
of American Commonwealths.
It is the story of an
build up a Socialistic State, and of the grossest kind
presented to the House, the story has never
As told in the report
of mismanagement of State
from the Bank of
State would become sub¬
servient to and dominated by the power in control of the bank.
Adding to
the influence thus engendered, the active influence of the farmer, which,
it was presumed, would come to the support of the bank by virtue of the
special authority to make direct farm loans, completes the picture of a
Socialist's dream of financial power, unhampered by legislative control,
and the requirements of business and political experience and judgment,
and the safeguards that years of practical business experience had thrown
about the uses of the public and private funds of this State."
report, designed to whitewash the
the
Hou^e
time that the
same
troduced
in
thej( Senate at
independent s, was in¬
Townley officials, went into
report, prepared by
branch.
lower
the
"High Lights" in the Report.
Here
V
of the high lights set
are some
The good faith and
forth in the report in the House:
credit of North Dakota has been pledged for $18,-
729 322 47, not including "vast sums that
wili be necessary to raise to carry
provisions of the State Bank Guaranty
banks that have been closed."
out
Fund Act because of the forty
The Bank of North Dakota, the keystone of
industrial
*p
and
commission.
the public ownership arch,
according to the Minneapolis
bank bonds to be sold for cash in order to
capital, only $48,000 of the $2,000,000 in bonds had been
sold
and denying all charges of
The "Journal" also said:
The Senate Committee report
industries have faced on the
former manager
Townley and William C.
ingenious system to interlock and
coordinate activities
control and procure funds.
to the league
obtained most of the public funds as re-
deposits from the Bank of North Dakota.
Post-dated checks and accommodation paper signed by
used
as
If the 1915 reserve law was applied,
The Senate
Accounts Called Straight.
a
in loaning "laid
a
the Bank of North Dakota, Dec. 3
Investors Avoid Dakota Bonds.
Investing public shuns North Dakota bonds because
are
not protected
These lights
Second—State industries are not
1920, show actual profits
.
:
\
"sinking and interest
and not provided, and the industrial commission
divert sinking funds to other purposes."
Bank of North Dakota.
instances cited.
of $217,111.09 after deducting Drake
mill loss,
office expenses and deferred assets accounts of the
Home Building Association; that the house committee refused to give credit
to industries making profit, singling out only losses.
Third—This success, according to the report, has been made "in the face
of most terrific concentrated financial and political attacks from platform,
Fargo mill and elevator
pulpit and press that ever has been
United States."
made against any program of progress
in the
intent of fair
"have no
gain political
people
opposition to the progress of State industries
representation of facts, and the purpose only is to
of misrepresentation and deceit to the
of North Dakota.
Fifth—The two principal witnesses
before the house, J. W. Brinton and
attempted to discredit the industrial program at the
Waters, "have
house
committee's direction, and they have
perjure themselves to
weeks ago
entered into a conspiracy to
discredit the farmers' movement in North Dakota."
committee report was made by six
House Attorneys
several
Attacked.
Committee report bitterly attacks
and J. F. Sullivan
who also
independent members, the
members having withdrawn from the committee
when denied an attorney.
The Senate
Francis Murphy of Minot
of Mandan, House Committee attorneys, as
have fought the
reactionaries
farmers' movement, and scores E. L. Bishop,
made the audit and
refused to appear before the Senate and explain the audit, as well as Waters
and others, including Herbert Temple of the Temple & Webb Co., Minneap¬
olis, which is criticised and accused of failing to find profits which existed
on the
books and misrepresenting actual earnings of the Bank of North
President of Bishop,
It is
Brissman & Co. of St. Paul, who
claimed that the financial
drawals
.
It is impossible to give
crisis is not confined to this State and that
farm product values and with¬
total $50,000,000 and not more than
be charged directly to the industrial program.
tight money is that deflation on
of money from the State
$1,000,000 can
Says
(
The
culled from the report touch only the financial affairs as
•onducted through the
the many
The bank's un¬
foundation, from the standpoint of social¬
perfect immunity from organized attack."
holds abnormal power to
properly accounted for.
only self-sustaining, but up to Dec. 31
First—All funds in State industries are
the reason for
total shortage in reserve of $2,241,606.
1920, showed
limited power
funds
and asserts they were dis¬
proved themselves traitors to the farmers' cause.
report contains 15,000 words.
A brief summary delcares that:
Dakota.
farmers w;ere
collateral for loans to league enterprises.
istic theory, for almost
of the Bank of North Dakota,
Lemke dictated appointments of executive
director-general and J. R. Waters as
manager.
Townley and Lemke control the national Non-Partisan League,
the league exchange, the Consumers' United Stores Co., the "Courier News"
of Fargo, the Publishers' National Service Bureau, the United States Sisal
Trust, the Scandinavian-American Bank of Fargo, all league enterprises.
Evidence discloses that dummy stockholders and directors were used in
retain
trouble which the
Non-partisan League, and J. R. Waters,
because they
charged
officials, including F. W. Cathro as
Banks friendly
places the blame for the
activities of J. W. Brinton, former secretary
Townley, President of the
to A. C.
three Non-partisan
Control.
Although not officials of the Bank of North Dakota at the time, Arthur
to
irregularities brought
five
which has been in progress for
.at the House hearing,
The house
v
to Dec. 3 1920.
the building of an
"Journal," that all accounts
industries pros¬
the State-owned
in excellent condition,
pering,
4 received the
investigating committee, asserting,
J. R.
,
Mr. Townley in
O.
of the Senate
findings
with the submission of the House
report, the Senate on March
advantage, even at the cost
capital by the process of merely exchanging checks with the
While the law required the
create the
Almost simultaneously
investigation
Fourth—The
Approximately "$1,185,000 ot money raised by taxation for school
State institutions went into State-built houses, mills and elevators."
increased its
and the people of the
affairs.
climax to the session of the Legislature, which has
virtually nothing so far as passing real laws is concerned.
A counter-
The report comes as a
done
and its
being permitted to borrow money
Proceedings.
Recall
of the Bank of North Dakota,
By becoming
North Dakota, and by
weeks.
Postpone
throughout the State now seems to be to postpone
The disposition
Dream."
theoretically, at least, do business with the
depositories of funds from the Bank of
people of the State,
banks of the State.
are
to let the facts sink
disposition
sensational that there now is general
into the
Kansas City
of Townleyism," the
rule
the
from
sulting
shame,
Dakota's
North
of
INCLUDING
OF NORTH DAKOTA.
THE BANK
a
OF THE NON-PARTI¬
DAKOTA,
Socialist
a
operations, the report says:
North Dakota, the banks
REPORT ON THE ENTERPRISES
including their
*
"Is
report says money
doney is
Safe.
in closed banks is
guaranteed by the State de¬
that the State owned bank will not suffer loss.
Waters' charge that Cathro favored the Scan¬
dinavian American bank and financed league paper is false, as when Waters
was Manager of the State owned
bank the Fargo bank had $302,360 of
League paper and that this now has been reduced to $153,900.98.
The
Bank of North Dakota is in extremely good condition and holds collateral
pository guaranty act and
The report also says that
on a
2 to 1 basis for
all notes, the Senate report says.
March 19
THE
1921.]
CONVENTION
RECALL
CONSIDER
TO
CHKONICLE
ELECTION IN
he could promise
out any
NORTH DAKOTA.
'
Plans
for the
North Dakota
on
March 2, and the
Voters'
North Dakota
Association of
formal call for the State
Convention of the Association at Devil's Lake on March 30
and 31 was issued
Press advices from Fargo
March 15.
on
to determine
Delegates
districts, with one delegate for
Board Law in last November's
each unit of 200 votes cast for the Audit
election.
Major fractions of the unit of representation entitle the legisla¬
tive districts in
Legislative district conventions are
Petitions for
'
to be conducted
a
the time of the recall
of
to
were
on
March 23,
a
call
notes
Mr.
forwarded to Thomas Hall.
readily renewable unless in exceptional circumstances.
Bogert refrained
Public Depository
Ten thousand
are re¬
funds.
dent
information regarding the
report embodying detailed
submitted
to
the Committee
on
operations of such
in certain foreign countries,
the Ontario Legislature on Feb. 11 by
Rural Credits.
The report was prepared
by Thomas McMillan, M. II. Staples and Prof. W. T. Jack-
proposals contained in the report were outlined
follows in the Toronto "Globe" of Feb. 12:
institution"
Manitoba, and of
in the nature of
a
credit
a
"sav¬
Provincial bank, which would become a
While debarred
deposits made by societies or individuals.
would receive
interest, and otherwise act in the fullest sense
by the Bank Act from the title of "bank," this sayings centre
deposits, advance loans, pay
chartered bank for patrons of rural credits societies.
Farmers
As to these latter, the report
Hold All
some
The committee would have every-
being divided equally
"Our object in
the
neighborhood,
Provinces, but would have all shares held by farmers
Manitoba
In
themselves.
one-half is
held
by
farmers,
the other
half
between the municipality and the Government.
making this change," says the report, "would be to keep
complication with the Government or with the
society clear of any
of qine
such organizations or associations as are best calculated to under¬
stand and promote
of
term
a
four years.
agricultural interests."
the
on
same
He first became
April 1918, and
was
dissolution
the
The nomination
same
a
was
con¬
Mr. Meyer had
day.
capacity before the making
by the Corporation
suspended in May of
was
director of the Corporation
Managing Director from March 1919
of
the
Corporation.
The latter
was
resolution passed by Congress early in January
a
ber
it
approved
000,000
raw
has
the
directors
the
of
preliminary application for
a
the joint obligation of
upon
the
finance
to
The
that
stated
was
exportation
materials
On March 15
American exporter
products
Europe.
to
produced principally in the Eastern
are
Western
Middle
advance of $1,-
an
an
milk
of
Corporation had
It is
States.
also reported that
it
approved the application of two American banking insti¬
advances to assist exportation of
tutions for
of
previous resolution passed in Decem¬
a
calling for the revival of the Corporation.
to
cotton
Germany and Czeeho-Slovakia.
15,000 bales
In referring
to the
approval of the advance in behalf of Germany, the
"Journal of Commerce" in a Washington dispatch March 16
Generally it may be said to be the policy of the War Finance Corporation; '
according to present plans, to extend Government financial aid to American
foreign trade operations whenever such aid is shown to be sufficiently neces¬
sary
and unobtainable from private sources.
in the new
In Manitoba each directorate
comprises three men chosen by farmers, three named by the
Municipal
The new principle embodied
policies of the Corporation is that the agency's powers will be
liberally construed for the assistance of foreign trade of the country as con¬
trasted
with the strict interpretation of these
powers
under the policies
initiated by former Secretary Houston.
The announcement by the
from the Manitoba system is that which provides that
directors to each unit six shall "be chosen by farmers and the other
three by
March 14 by Presi¬
on
(noted in the "Chronicle" of Jan. 8, page 104) after Presi¬
municipality, and vice versa."
A further change
nominated
was
dent Wilson's veto of
changes from the system
society responsible for passing upon the applications in its
Western
MANAGING
MADE
said:
Shares.
recommends
successfully operating in Manitoba.
in the
AGAIN
JR.
by the Senate
of advances
and
the Committee recommends the establishment of rural
societies, somewhat similar to those operating in
as
were
Harding to be Director of the War Finance Corpora¬
until
systems in other Provinces, and
so
credits still
chartered banks had lost huge
CREDITS APPROVED.
in
close the State Bank.
need of rural credits in Ontario and the
a
rural
WAR FINANCE CORPORATION-
Eugene Meyer Jr.
last year.
rural credits board.
a
MEYER
EUGENE
previously served in the
RURAL CREDIT PLAN PRESENTED IN ONTARIO.
as
loans under
declared,
to question, in that
as open
by loans to Prairie farmers.
revived in
for
dollars in
Apart from that, he
outstanding.
sums
firmed
Act.
Public Depository Act for State
ings
thousand
hundred
several
tion for
initiated follow:
Board of liquidation to
reservoir
the working of the Rural
from comment upon
MacMillan that "not one dollar had been lost"
returned to the headquarters
Amending industrial commission law by changing the membership and
Briefly,
accounting, and these
Credits Act in Manitoba beyond describing the statement of Mr. Thomas
Secretary of State.
limiting the commission's powers.
as
The fact that farmers'
at three months was for convenience in
were
Non-partisan election of legislators and State officials.
The
and reports that banks discriminated against farmers
mortgages,
in favor of urban interests were entirely unfounded.
DIRECTOR OF
law.
a
The proposed laws
man.
Mr.
to say that short-term loans could be secured
The branches of his bank, he stated, very rarely asked for
agriculturists.
chattel
issued in each district.
Independent Voters' Association in Fargo.
quired to initiate
was
on
seven
About 12,000 signatures are on the petitions,
A
He went
initiated laws, that will be voted upon at
election, if one be conducted, or at the next succeeding
group
Statewide election,
Establishing
better served by its banks than Ontario,"
country
no
question to an additional delegate.
for such conventions being
of the
filed]
policy is decided upon.
to be selected by legislative
are
is
from banks by farmers with very little difficulty, and at rates advantageous
calling a recall election and
against which State officials the recall petitions should be
in event that such
"There
Bogert stated.
notes were
March 15 state:
The convention is to consider the question of
the utmost cooperation of Canadian bankers in working
scheme that the Government might deem requisite to the fullest
development of the agricultural industry of the Province.
proposed recall election in
by the Independent
approved
were
1091
to finance the
Corporation that It had approved
an
advance
exportation of commodities to Germany came as a surprise
to-day, for the reason that Secretary Houston based his reluctance to favor
Government commercial credits on his
interpretation of the present status
of the United States and Germany, as
prohibiting
Even
Council, and three named by the Government.
any
aid by the Govern¬
still is technically at war with the Central countries.
ment while this country
after Congress directed the re-establishment of the
War Finance
Corporation over the objection of former Secretary Houston to extend
Land
,
above outlined
The
Mortgage Bank.
system would care,
necessary
chiefly and primarily, for the
provision of "short-term credits," i. e., credits for the purchase of
stock, implements, fertilizers, &c.
credits," upqn
seed,
For the equally necessary "long-term
which the farmer would depend for financing permanent
provision is made.
In this
to
disbursements
with most of the mortgages held by
private individuals, and points out the
dangers of any Government assuming "the active direction of
in
conjunction
with rural credit societies."
farm loans."
land mortgage bank to act
It recommends, instead, "the organization of a
This bank, the committee
and taken by
believes, should have a capital stock of $500,000, subscribed
and payable in installments of about 25%.
farmers
stock
had
been paid in the bank might
New
regulations are being drafted by the War Finance Corporation to
govern
the requirements which applications for credits must meet before
new
a
leading part in bringing the Corporation to an important
in the foreign
view that the
Government
the
loans.
Loans, which should be
on
the amortization plan,
As
Half Million Capital.
Regarding the land mortgage bank, the report specifically stipulates that
begin operations with a lesser amount than $500,000:
it would be unwise to
dividend should be fixed at 7 %; that it establish from the
fund account by setting aside semi-annually from its profits
balance was equivalent to 25% of the
outstanding capital stock; that land bank bonds be not tax-exempt; that
the bank be incorporated under Ontario, not Dominion statutes, and,
25% of net earnings until the credit
of the greatest business
ability, and of sympathetic interest in agriculture and all its problems
finally, that the directors be men of large tision,
for upon
this directorate "depends the success or the failure of the entire
hearing on the rural credits proposals before
Agricultural Committee of the Legislature on Feb. 18,
Toronto "Globe" of B^eb. 19 said in part:
the
the
C. A.
to
a
Bogert, representing the Canadian Bankers'
Association, declined
"pick holes in the bills," as it was suggested he should by the
Minister of
Agriculture.
Mr.
Bogert stated
that neither he nor the members of the Bankers'
Association had had time to familiarize themselves with the
details of the
legislation, and he asked that an opportunity be given later to discuss with
the committee the provisions of the act.
Meantime, Mr. Bogert stated
will favor
That he
credits
on
behalf
of March
the liberal
the War Finance
construction
o'
order that financial assistance may be
opinion of the Treasury officials.
of
Czecho-Slovakia,
the "Wall
18 said:
Foreign banking institutions, whose applications
in financing raw cotton exports
for an advance to assist
to Central Europe have been approved
by
Corporation, are the First Federal Foreign Banking As¬
sociation of New York and the Federal
International Banking Corporation
of New Orleans, the two Edge Law concerns.
Immediate cotton
bales.
upon
exportation to be financed amounts to about 15,000
But this is only a forerunner, as plans of
the export bankers are based
the idea of a more or less continuous flow of raw
material.
This cot¬
Czecho-Slovakia.
Method of credit under which
exportation is to be financed is what is known as "Veredlungs" credit,
"refining credit."
No payment is to be made in funds, but in the fin¬
ton goes
to the mills of
the
or
system."
Regarding
to
Street Journal"
'
outset a reserve
assistance.
Corporation's authorities in
given whenever possible is tho fixed
periods of five to thirty years.
that the maximum
it is expected
point
trade operations of the country.
He is known to hold the
present business depression is due in large part to lack of
Eugene Meyer Jr., director of the War Finance Corporation,
will take
farmers
to make further
regulations have been perfected and announced by the
personnel of the Corporation.
mortgages as
should be for
The modification of requirements will be apparent,
they will be approved.
it is said, when the
By massing
securities it could issue debentures which could be sold to
and others, and the funds obtained from the sale of these be used
to Germany or other of the Central
countries must be excluded from Government aid.
When one-half the
begin to function.
to keep actual commercial
by the Corporation to a negligible amount because of his
that shipments consigned
opinion
improvements or the acquiring of fixed assets,
connection the report reviews the defects of the present mortgage system
aid to finance shipments of farm products and other commodities
foreign markets the official was compelled
ished product.
The associated Edge Law
Czecho-Slovakia
Co.
mills,
but
banks do not extend the credit direct to the
to the Mississippi
This, it is understood, will have
central distributing port for
this way the cotton
Delta Export & Trading
its representatives at Hamburg, the
Czecho-Slovakia, and at the mill centre.
In
will be watched as it is in process and fed to the mills as
production demands require.
Probably a full 50% of the finished goods
disposal of the mill managers which they may sell
will be at the complete
for cash, or upon any
It has been stated
terms they elect, in any
available market.
that some of this cotton going to Europe under the
"refining credit" scheme
is intended for Germany.
This is not the
case.
1092
THE
The confusion
to
a
about from the fact that technically the cotton goes
comes
free port for Czecho-Slovakia.
date
some
mills.
It is just possible that at no distant
of the cotton financed under the present arrangements,
the support
of the War Finance Corporation,
having
be diverted to German
may
United States becomes legally defined.
with any such trade.
for
houses
remotely connected
American houses have been selling cotton to Ger¬
and have large stores in Bremen and other points.
a year
material have been
the European situation
on
question
and restore the
ability to pay for
Payments for the
general
the German reparations
up
confidence in
manufacturers*
German
Countenance of the War Finance Corpora¬
production of Germany back
ton
men
look to
be surprised
normal.
Some well informed cot¬
a course
of action
precede any formal
were to
political
recognition between the two Governments.
SESSION
$650,499*
5,000,000 119.544,027
6—
100,000
50.000
100,000
100,000
Ga.
son,
89.540
The Bank of Lavonia, Lavonia, Ga._
«
40,000
The Brahd Banking Co., Lawrence-
650,946
i
Ga
•»
860,730-
231,683
mm
10,000
214,215
•
50,000
50,000
469,911
30,000
3,000
75,422
District No. 8—
Pine Lawn Bank, Pine Lawn, Mo...
District No.
The
9—
State
Bank
of
Ewen,
Ewen,
Mich
25,000
State
11,250
400,095
50,000
6,020
549,182
3,000,000
29,662
32,488,907
25,000
2,500
182,525
50,000
Commercial
25,000
608,083
Gregory,
Bank,
So. Dakota
District No. 12—
Sacramento-San Joaquin Bank, Sac¬
ramento, Calif
SPECIAL
$15,000
5,000,000
Citizens Bank & Turst Co., Jeffer¬
They would not
arrangement brought about soon.
see an
if such
nearer
$50,000
York,
The Exchange Bank, Cordele, Ga.
tion in assisting these credits would go a long way toward bringing the tex¬
tile
of New
Bank
Bank of Cartersville, Cartersv'le, Ga
ville,
attitude of the Administra¬
any
which would clear
material.
raw
Liberty
New York, New York
steadily.
met
Large cotton exporters would welcome
tion
The Bank of Depew, Depew, N. Y._
The
These
well satisfied with the credit arrangements which have been en¬
are
tered into with the German banks and manufacturers.
Resources.
Surplus.
District No. 2—
District No.
Individual exporters are now free to trade with Germany, but no United
States Governmental agency may permit itself to be even
raw
Total
Capital.
But this is not likely to occur until the status of Germany and the
many
[Vol. 112.
The League of Nations set aside a district of Hamburg to
Hamburg.
be
CHRONICLE
OF
....
Eden State Bank, Eden, Idaho..
SENATE ENDS.
Bank of Jordan Valley , Jordan Val¬
The
special session of the Senate, which convened
March 4,
adjourned after
brief meeting
a
which it confirmed three additional nominations
dent Harding as
on
ley,
Ore
March 16, in
on
by Presi¬
INSTITUTIONS AUTHORIZED BY FEDERAL RESERVE
follows:
BOARD
TO EXERCISE
TRUST POWERS.
Robert Woods Bliss of New York, to be Third Assistant Secretary of State.
Irving W. Wright of Thermopolis,
Wyo.,
to be
Register of the Land
Office at Lander, Wyo.
JT. Ira
Buffalo,
folio-wing institutions
Kirbv of Sheridan,
Wyo., to be Receiver of Public Moneys at
Wyof
the
as
11.
The Citizens National Bank of New
the date for convening the
Sixty-seventh
Washington dispatches.
according
Congress,
This information, it is stated,
was
received
had
The First National Bank of Fort Smith, Forth Smith, Ark.
Commercial National Bank of Miles City, Miles City, Mont.
The First National Bank of Belden, Belden, Nebr.
through Senator Lodge, to whom the President
SUBSCRIPTIONS
SERIES
ISSUES
FARM
OF
LOAN
BONDS
The Farm Loan Board announced
Loan Banks
Federal Farm
preparing to
are
issues of farm loan bonds
are
details of the Board's announcement
dispatch
special
a
"Journal of Commerce,"
Plates
which
being made for the
are
the printing
new
resume
opera¬
to be offered shortly,
being made known in
Washington,
from
March 17 that the
on
March. 17,
the
to
says:
securities and presses will
the
soon
being
of bonds to
amount
It is estimated
applications for approximately $100,000,000 of farm loans
now are on
file with the Farm Loan Board, and it is probable that this amount will be
raised immediately through the sale of the bonds if subscriptions are readily
forthcoming.
securities of the Board, the first to be issued for
new
and
more
since the validity of the Farm Loan bonds was questioned,
than
a
year,
will bear 5%
the
of
Series
T.
M.-1922,
through the Farm Loan Land banks, and
of
the
indicate
banks,
States
Supreme Court
up¬
holding the validity of the Federal Farm Loan Act,
referred
in these columns March 5,
to
was
that
It
the
total
that
the
combined
R.
issue, which
subscriptions aggregate
announced
later
was
CRISSINGER
SWORN
IN
AS
pre¬
was
for
that
the
$460,000,000.
over
total
subscriptions
amounted to $503,436,500, while the total allotments were
$481,803,000.
The amount offered
thereabouts."
The
subscriptions
the several Federal
among
$400,000,000 "or
was
allotted
Reserve
to
their quota as
divided
were
Districts
ranked in the order of the percentage of their
(which
are
subscriptions
follows:
Total
Federal Reserve District—
v
—Series
Allotted.
T. S. 2-1921.
T. M. 1922.
$50,780,000
23,634,000
28,341,000
209,909,000
Richmond
$10,434,000
51,975,000
New York..
85,721,000
124,187,000
16,440,500
$40,346,000'
6,291,000
10,149,500
30,815,000
14,515,000
16,300,000
Boston........
34,978,000
12,912,000
22,066,000
Kansas
D.
15 by
San Francisco.
888.
page
March
on
thereabouts, has been oversubscribed, and
or
Cleveland
United
5lA%
liminary reports received from the twelve Federal Reserve
Philadelphia......
previously used by the Board in the sale of its securities.
the
for
Subscriptions
The bonds will be distributed
decision
books
announced
was
interest, maturing within twenty years, callable in ten years at the option
Tne
AT.-1922.
T.
subscription
of the Farm Loan Board.
other, machinery
CERTIFICATES,
AND
Secretary of the Treasury Mellon, when he stated that
be
issued will bo determined both by the demand for the securities and market
The
2-1921
Treasury Certificates of Indebtedness, Series T. S. 2-1921
$400,000,000
conditions, tested by the actual flotation of the obligations.
that
closing
of the bonds for immediate distribution.
According to the Board's announcement,
TREASURY
TO
S.
T.
PLANNED.
The
new
'
Philadelphia, Ohio.
The First National Bank of Graettinger, Graettinger, la.
given permission to make the announcement.
tions;
powers:
The Farmers National Bank of Amsterdam, Amsterdam, N. Y.
The Manheim National Bank, Manheim, Pa.
CONVENE APRIL
April 11 has been selected
special session of
NEW
granted permission to the
exercise trust
to
The Farmers National Bank of Boyertown, Boyertown, Pa.
CONGRESS TO
to
The Federal Reserve Board has
COMPTROLLER
OF
City.......
4,850,500 V
14,000,000
9,149,500
D. R.
Crissinger, whose nomination
Currency
980,
CURRENCY.
was
was
as Comptroller of the
referred to in these columns last week, page
'sworn into office
on
March 17.
Announcement
Reserve
Bank
of
was
FEDERAL
made
Richmond
on
RESERVE
March
that
it
1st
had
building for the branch.
five feet
on
acquired for its
corner
can
one
be started
was
on
hundred
the construction of the
by the end of next
summer.
opened for business three
4,068,500
Dallas
4,942,000
2,546,000
2,396,000'
Atlanta.
5,034,000
2,647,000
2,386,5,00
The
one
offering
S.
T.
was
page
referred to in
982.
2-1921,
new
ago
our
Both series
$193,302,000 $288,501,000
issue of Saturday last
are
dated March 15.
bearing 5Ji%» will mature Sept.
15
1921, while Series T. M.-1922, bearing 5%%, will mature
March 15
1922.
hun¬
RENOMI NATIONS
building
and the
OF ASSISTANT
THE
and twenty-
The Baltimore
years
$481,803,000
8,574,000
a
Lexington Street, is immediately opposite the
Building, and is said to have cost about $200,000.
hoped that work
Branch
The property fronts
and
3,166,000
20,536,500
*
of
on
Post Office
It is
Calvert Street
7,234,500
Series
by the Federal
Calvert and Lexington streets, on which will be erected
dred feet
21,879,500
(March 12),
BANK.
Baltimore branch the property at the northwest
new
4,705.000
42,416,000
Total
PROPOSED NEW BUILDING FOR BALTIMORE BRANCH
OF RICHMOND
13,279,000
Chicago..
Minneapolis.
THE
St. Louis..
President Harding
Secretaries
of
the
SECRETARIES OF'
TREASURY.
renominated
Treasury,
S.
on
March 9
Parker
as
Assistant
Gilbert,
Jr.,
of
Bloomfield, N. J.; Ewing Laporte, of St. Louis, and Nicholas
Kelley,
of
New York.
Secretary in charge
Mr.
Gilbert
has been Assistant
of fiscal offices, Mr. Laporte was in
steady growth in its volume of business, combined with its
charge of internal revenue, war risk insurance, and customs,
recent
and Mr. Kelley had
assumption of the United States Sub-Treasury func¬
tions, have made necessary the acquisition of larger quarters.
were
,STATE
INSTITUTIONS
RESERVE
ADMITTED
TO
FEDERAL
SYSTEM.
Federal Reserve System
were
admitted to the
in the week ending March 111921:
Kelley and Laporte
confirmed by the Senate on March 10.
Secretary of the Treasury Mellon
that
The Federal Reserve Board at Washington announces the
following list of institutions which
charge of foreign loans.
The nominations of Messrs. Gilbert,
he
had designated
appointed
charge
of
announced
on
March 14
Eliot Wads-worth, who has been
Assistant Secretary of the Treasury, to haveforeign loans. Assistant Secretary Kelley has-
an
consented to continue in office for the time being to assist
MARCH 19
1921.]
THE
Mr. Wadsworth in the foreign loan work.
tary Gilbert will continue
1093
Assistant Secre¬
Assistant Secretary in charge
as
next fiscal year are
about $70,000,000 less than for
including the Naval bill
as
the
current year,
and
it passed the House, $205,000,000 less.
The total volume of constructive legislation of the
Congress is enormous,
of fiscal affairs.
beginning with the return of the railroads* the telephones and telegraph lines
private management, and ending with the repeal of the war laws, and
to
ROBERT W. BLISS RECEIVES POST AS HUGHES' AID.
embracing
reform and constructive
many
of important and far-
measures
reaching character.
Robert Woods Bliss, of New York, on March 15 was
nominated by President Harding as Third Assistant Secre¬
I shall enumerate but
Congress,
a
very
few of the
important enactments of the
more
follows:
as
The adoption of the woman suffrage amendment.
tary of State.
The placing on the statute books of a complete and
comprehensive na¬
tional prohibition law.
T.
W.
MILLER APPOINTED
The enactment of liberal provisions for vocational
training and rehabilita¬
tion of wounded soldiers and sailors, and the making of generous
ALIEN PROPERTY
appropria¬
CUSTODIAN.
Thomas W. Miller, of Delaware,
tions for the
House of Representatives, was appointed Alien Property
Custodian by President Harding on March 12.
The ap¬
Miller
Alien
succeeds
Francis
P.
Garvan, who
Property Custodian when A. Mitchell Palmer
Water
The Act establishing a
was
of
names
Woman's Bureau.
Henry P. Fletcher, of Pennsylvania, to be Under-
Secretary of State; Theodore Roosevelt Jr., to be Assistant
Spanish-
wars.
Resolution
March 7 sent to the Senate the
on
,
Act largely increasing compensation of injured veterans of the World War.
APPOINTMENTS BY PRESIDENT HARDING.
Harding
.
Act reclassifying and readjusting salaries of postal employees.
An Act increasing pensions of veterans of the Civil, Mexican and
American
President
: ;
Power Act.
The Act for the vocational rehabilitation of persons disabled in
industry
The Civil Service Retirement Act.
appointed Attorney-General.
OTHER
"x:-V";
Oil and Coal Land Leasing Law.
The
named
was
Army Reorganization Act.
Merchant Marine Shipping Act.
The
pointment, it is stated, does not require Senate confirmation.
Mr.
„
Railway Transportation Act.
The
former member of the
a
same.
The
create
to
a
joint commission for the reorganization of the
Administrative branch of the Government.
in
Appropriation of $50,000,000 to provide relief for suffering populations
Europe.
Important amendments to the Federal Reserve Act.
Secretary of the Navy; Elmer D. Ball, of Iowa, to be Assist¬
Act for
ant
Act making provisions for new, additional and increased hospitals and
Secretary of Agriculture.
General John A.
Corps for four
the
of
Lejeune to be Commandant of the Marine
and made the former Commandant
years,
Corps,
He also appointed Major-
General George Barnett,
All the nominations
were
Major-General.
a
promptly confirmed by the Senate,
with the exception of those of Mr. Roosevelt and Mr. Ball,
whose
confirmation followed
I
later.
the
hospital facilities for veterans of the World War.
The appropriation
conduct
all
the
compensation,
In
the
THE SIXTY-SIXTH
summarizing the
In
addition
passed
a
dell
(Republican)
in
the
CONGRESS.
closing
session
on
March
4, stated that "the adjournment of this Congress
marks
the
passing
following the great
technical state of
the
of
first
reconstruction
of
It leaves the country still in
war.
with
war
period
German
the
have
sums
sufficient to properly
provided liberally for
the
of
these
to
that
measures
become
have
The Congress enacted a comprehensive
laws,
the Congress
a
Presiden¬
budget statute, which
like fate, and but yesterday urgency tariff legislation was defeated
by
Presidential veto.
These measures should all have become law, and their
Representative Frank W. Mon-
addressing
activities,
hospital treatment and vocational rehabilitation
resolution establishing a condition of peace, which met
tial veto.
met
important of the bills passed by
more
Sixty-Sixth Congress,
bills, in addition to carrying
Government
care,
veterans.
war
a
failure is in
WORK OF
regulation of immigration.
a
Imperial Govern¬
wise the fault of the Congress.
no
Notwithstanding the veto of the Executive Budget Act, the Congress so
as to provide for a single
appropriating committee, and
the appropriations of this session have been reported and
presented to the
modified its rules
House
by such
committee, thus inaugurating
a
an
budget plan.
up-to-date legislative
V
View the work of the Congress as you may—from the standpoint of com¬
prehensive, forward-looking legislation, of economy in appropriations,
of business-like conduct of the
public affairs—it is
a most
creditable
or
one,
creditable alike to the membership of the Congress and to the great con¬
stituencies
they represent.
v
ment, owing to the veto by the President of the peace reso¬
lution, but it closes its sessions with the
war
and with the foundation laid for the further
laws repealed
development of
constructive policies to meet the new conditions which
the
front
and
country
world."
the
We
give,
con¬
herewith
Representative MondelPs statement regarding the achieve¬
of
ments
The
has
Congress
Sixty-sixth Congress,
the
first
Congress following the great
a
wa r
and
war
has carried
out
its
programs of legislation and appropriations handicapped by serious differ¬
The
of
opinion existing between the Congress and the Administration.
reductions
great
accomplished
were
expenditure and
in
Government
expenditure
which
the
Congress
undertaken and carried out in the face of extravagant
estimates made by the Administration.
enormous
Not¬
withstanding all these difficulties, the record of the Congress in constructive
legislation and in
every
in appropriations
economy
particular and from
The session
now
In
every
our
a most
a
highly creditable
one
in
businesslike attention to business and for the completion of the legislative
generally characterizes the
closing hours of Congress.
the State
and expendi¬
tures, all of the appropriation bills and all legislation before the Congress
urgent character passed both Houses and was presented to the Presi¬
dent.
The adjournment of this Congress marks the passing
of reconstruction
following the great
technical state of
war
veto
the
laws
peace
man
of all claims and the amount of each filed with
Government since August 1914," President Wilson
tary of State in tho matter.
complete total of losses
filed
country and
Imperial Government
policies to meet the
new
extravagance begotten
of the
war
a
,
owing to the
conditions which confront
confirmed habit of Government
is most creditable.
During the three
sessions of the Congress the estimates made by the Administration have
been scaled down
mous
as
reflected in appropriations and
decreased in the enor¬
In detail these reductions have been
Third
Session.—Saving
Session.—Saving
on
on
given
the losses suffered through
as
$110,254,059, and the claims
$23,221,244; through military requisitions of and dam¬
to property, including that in occupied territory, the
loss
is
put at $10,299,280; and the claims at $5,439,539;
personal injuries, &c.,
at
$52,500;
are
&c.,
are
are
no
damage
to
as
statements
no
amounts have yet been
37, while there
are
858 statements of
concerning property in Germany in
amounts have been
given.
claims and statements of loss
the intention of filing claims is
or
A grand total of 1,253
communications indicating
reported, with claims involv¬
We quote from the report
ing $221,231,466.
as
Naval bill
enormous
as
it
as
follows:
I transmit herewith
a
report from the Secretary of State in response to
the resolution adopted by the Senate on Dec. 30
August
1920, in respect to claims
1914.
WOODROW
$939,692,541 97.
The
supply bilLs, $1,474,422,602 16.
White House, March 3
March 2 1921.
add the saving ia the
we
passed the House, the total savings of the Congre: s below
run
into the enormous t jtal
of
The
appropriations carried in the regular annual bills of this session,
If
as
they do for the next fiscal
year, are
approximately $42,000,000
than appropriations for the current fiscal year for the same
we
include in
our
The President:
The undersigned, the Secretary of State, has
in response to the
calculations the Naval bill, which
It the figures at which it
services.
failed in the Senate,
passed the House the reduction below the appro¬
re¬
regarding claims against the German Government
filed by American citizens with the
mentioned is
the honor to report as follows
resolution adopted by the Senate on Dec. 30 1920,
questing information
$3,607,329,089 98.
ess
WILSON.
1921.
supply bills, $909,699,463 61.
saving below the estimates
the estimates of the Wilson Administration
providing
follows:
To the Senate:
Total, $3,323,814,607 74.
If to this
in
property
sale, liquidation, forced loans,
The claims in which
reported
losses and
which
use,
figured at $46,066,419, the claims therefor being
$6,075,986.
stated
reported at $200,000, with the
sequestration,
Germany, including loss,
since
First Session.—Saving on eight regular supply bills,
Second
are
against Germany filed with the Department of State by American citizens
of $3,323,814,607 74.
sum
According to the report, the
were
the world.
The record for economy in the face of
on
.1180,098,234, while the claims
was
aggregated $41,133,251;
submarine warfare
resolution, but it closes its sessions with
repealed and with the foundation laid for the further develop¬
ment of constructive
the
with the German
by the President of the
war
of the first period
It leaves the country still in a
war.
(pub¬
the Secre¬
March 3 transmitted to the Senate the report of the Secre¬
claims
of sharp differences of opinion with regard to naval program
an
upon
Department by American citizens against the Ger¬
With the exception of the Naval bill, which failed in the Senate by reason
of
calling
tary of State to transmit to the Senate "a full and complete
remarkable record for close and
program without the rush and confusion which
issue of Jan. 8, page 101),
ages
lis
viewpoint.
closing has made
to the Senate resolution of Dee. 30 1920
answer
lished in
splendid record of achievement
The Congress began its labors in the trying period
readjustment immediately following the
ences
OF AMERICANS AGAINST GERMAN GOVERNMENT.
statement
completed its work and left behind it
and accomplishment.
of
REPORT BY PRESIDENT WILSON REGARDING CLAIMS
Department of State.
The resolution
quoted below:
"Resolved, That the Secretary of State be, and he is hereby, requested to
transmit to the Senate a full and complete statement of all claims, and the
amount
of each,
filed with thb State Department by American citizens
priations for the current year is $79,000,000, and, taking into consideration,
against the German Government since August 1914.
all appropriations, regular, annual and indefinite, the
claimants, together with all facts in possession of the department relating
approprif tion for the
Also the
names of the
,
to
after April 6 1917.
bearing upon their validity and merits
losses due to submarine war¬
fare is an insurance loss of $15,898,147 sustained by the Bureau of War
Risk Insurance on American hulls.
Of this amount only $2,535,268 70
Included in the table of reported American
forth in
and losses may lie
claims which has been filed, the
classified are herein set
Claims and losses which may be readily
indicating the items into which the claims
summary,
the number of
conveniently classified,
and the amounts of the claims
number which is prospective,
properly supplement the state¬
appearing on page 5.
companies or organiza¬
tions (including the Bureau of War Risk Insurance) as reported to the De¬
partment up to the present time are as follows:
Pre-war
i__ _$34,349,900
ment of hull losses of private owners
■
of Alleged Losses or Communications
Claims (Without Accompanying Proof).
Losses—Statement
of
Summary
Intention of Filing
This item might
represents pre-war losses.
and the alleged
losses.
Insurance Losses.—Losses by American insurance
Indicating
_
Claims Filed.
...
_
50,734,713
I
Belligerent.
Num¬
V
'
■;
.
Num¬
Amounts.
ber.
■
^
ber.
_——$85,084,613
Total
Amounts.
411
$23,321,243 65
£7,908.00
presented in the form of claims in a few
While insurance losses have been
$110,254,058 69
23,500.00 pesetas. -.
22,009.25 lires—..
17,709.55 francs....
£13,701.00
451
Submarine war/are
(Including loss of life, per¬
sonal
injuries,
loss
of
hulls, cargoes, and per¬
sonal effects, war-risk In¬
instances, it
ment of
ration.
losses due to
submarines, raiders, and
mines. These figures do
tate the
requisi¬
tion nor insurance claims
on hulls, except by Bu¬
Risk
War
Bureau
In¬
surance.)
13,580.05 rubles
£11,868.00
1,016,422.00 taels a
35
-
6,842,599.05 marks.
1,419.388.91 francs.
occupied
...
$200,000 00
to
;
82
damage
Germany,
eases,
in
property
including
loss,
sale
use,
liquidation, forced loans.
—
Miscellaneous,
not
included
on
cargoes
The Department of State has
losses sustained by the Bureau to the
£2,800.00
above.
on cargoes
Exhibit No. 3.)
$5,238,640 85
186,698.28 marks
5
paid
of the loss of the property,
42,000.00 francs
496,874.95 marks
$2,539,420 81
slated
above
of
in
claims to the number of 180, in the sum
$40,127,915 96
$169,359,178 47
dollars
Risk Insurance acknowledged
of $303,807 81, covering life, in¬
In addition, it appears that
jury and detention cases.
Other Items mentioned above
State indicates that
possession of the Department of
Information in the
the seamen's division of the Bureau of War
Total
total of $14,101,853, the
which belonged to aliens at the time
the remaining $4,272,164 representing Americanowned cargoes.
(See Exhibit No. 2.)
The losses sustained by the Bureau of War Risk Insurance on insurance
of freight charges undertaken by the Bureau amounted to $229,000.
(See
of $9,829,689 was
sum
$0,075,986 05
65
$40,006,419 28—
59,000.00 francs
29,744,866.40 marks
£135,259.00
443,9708.33 kronen
23
hulls, $24,407,165 14
on
Of cargo
$52,500 00
2
tentions, expulsions.
Sequestration
losses amounting to $22,-
(See Exhibit 1.)
672.618,713.46 lei 1)
Personal injuries, arrests, de¬
by the
Department, insurance
Insurance of the Treasury
Risk
in which there were sinkings or
cases
total of $47,114,918 14.
63,000.00 kronen
2
INSURANCE.
and $229,000 on freight, a
been advised of the
settlement by the Bureau of War Risk Insurance of 691 claims, amounting
to $28,912,507 53.
Eight claims, amounting to $435,210, were said to be
pending, and 11 claims, which have not been presented amount to $78,355478,753
.$5,439,539 41
£2,932.00
161,850.00 francs
9,680.16 guilders
$10,299,270 69
evidence.
RISK
WAR
furnished the Department of State
information
to
War
of
written in
77
OF
vessels and
This would necessi¬
citizens and concerns.
vast amount of
a
BUREAU
•
Military requisitions of and
damage to
property,
in¬
cluding that
in
territory......
assembling of
According
,
of
carried on hundreds of different
•
'
be
through
reau
cargoes
owned by hundreds of different
which the United States
may
of the uncertainty as to the treat¬
insurance claims and the expense and labor involved in their prepa¬
Most of these cases are complicated.
The losses of some of the
Hinder\Vriters involve
not include hull losses for
Government
interested concerns have re¬
be stated that most of the
may
frained from preparing claims because
surance,
liable
$303,807 81, all occurring
detentions of American seamen, amounting to
all evidence
the same, and
the nature and character of
such claims,
[Vol. 112.
CHRONICLE
THE
1094
authority will be
amounting to about $100,000, which are
it is further stated, are denied
at this time for the reason that it is not known whether they are marine
claims or war risk claims, the exact cause of the death in each instance be¬
if converted into dollars at
sought to pay 34 pending claims
ordinary values of the
based
re¬
.$107,390,560.1
spective coins, about
Complete
635
total
51,057,815 25
—
$41,133,231 21
518
$180,098,234 48
672,618,713.46 lei
on
ing undetermined.
(Exhibit
Grand total of 1,253 claims
and statements of loss or
Intention
of
osses
v;
-vV
%
37
stated--«•
in Germany in which no
Many of these may become claims, particularly
amounts hare been given.
those based upon submarine warfare-.—
858
~
which comprise the principal
part of the amounts claimed or losses alleged are loss of life, personal in¬
juries, vessels sunk in submarine warfare, cargoes lost in submarine warfare,
Insurance paid, and premiums paid on war-risk insurance.
Further infor¬
mation regarding these losses and claims is set forth below under their
respective headings.
In the statements which follow the ternT'pre-war"
relates to losses which occurred prior to the entry of the United States into
the war.
The term "belligerent" relates to losses which occurred during the
The items included in the foregoing summary
notified the Department of State that it is
reimburse the Government of the United States for
Statements of Alleged Losses
and Claims Arising from Loss of
Pro-war*.....
135
—
to obtain war
$15,865,756 02
205,346 74
150
$16,071,102 76
Lusitania claims.
of Alleged tosses and Claims Arising from
Personal Injuries.
by submarines while in ocean
Pre-war
46
.......
Total
$1,761,316 41
40
„
Belligerent
634,237 23
$2,395,553 64
86
.........
losses other than
Claims of Private Owners Arising from the
Sinking of Vessels.
11
Belligerent
89
______
$6,604,487 96
23,807,276 17
100
Total
$30,411,764 13
STATEMENTS OF ALLEGED LOSSES & CLAIMS ARISING FROM
THE
LOSS
were
it
OF
CARGOES,
reported lost
appears,
INCLUDING
INSURED
CARGOES.
prlvatoly-owned cargoes of the value of nearly $60,000,000
American
were
Most of these
through submarine warfare.
insured.
Payments
on
American
cargo
cargoes,
losses to
the
$53,000,000 have been reported to the Department
amount of more than
by some 70 American insurance concerns.
Included in this
sum are
the
losses of the Bureau of War Risk Insurance of the Treasury Department,
whose payments,
owned cargoes.
as
it is understood, amount to $4,272,164 01 on American
These losses, which include hundreds of items, have not
yet been presented as claims.
insured cargoes to
been filed
cargo
the value of
$5,000,000 were lost.
cerns on
business
business
of the rates charged by the Govern¬
frequently considerably in excess
United States, it can be seen that this item of claim
American owned cargoes as shown, 13 insurers have
American concern, in
claims it is now
recovery
war.
The bulk of these losses, $9,829,689, were
of War Risk
Life
and
insurance
to
the United States entered
sustained by the Bureau
Insurance of the Treasury Department.
Accident
Insurance.—Forty-four American life and accident
companies have reported to the Department losses
amounting
$3,280,342, representing payments made by them on account of deaths
and
injuries resulting from submarine warfare.
Of this sum only $35,710
represented losses sustained after April 6 1917.
To these losses should be
added those of the Bureau of War Risk Insurance for deaths, injuries, and
giving notice to the department
Another concern asks
amounting to $1,212,000.
for war risk premiums in the sum of
$530,367.
of
Loss Resulting from Military
to
It appears
regarding
engaged in preparing, sets forth an item of claim for war
Claims or Statements
Property in Occupied Territory.
Requisitions or Damage
from claims or statements of losses made by American citizens
resulting from military requisitions and damage to
that most of the losses
their property,
including that in occupied territory, occurred prior to the
Property belonging to many
of the United States into the war.
Americans was seized by the
purposes or
both
A great
either seized for military
German army at the outbreak of the war,
and in the countries invaded by the German army.
deal of valuable American property in
damaged
or
Belgium was
destroyed during the German occupation of
Bel¬
valuable American property available for war purposes,
such as automobiles, machinery and supplies, was promptly taken by the
German army.
American property in northern France was also lost or
gium.
Much
damaged.
losses of this character were those sustained
corporations which had valuable property interests
I n Rumania.
These American corporations operated in Rumania through
th8 medium of local Rumanian corporations, the stock in which was held
and owned by parent American corporations.
American losses in Rumania
were suffered mostly in connection with oil property held in that country.
These losses of Americans in Rumania occurred mainly in two ways.
In order to prevent oil properties from falling into the hands of the invading
German army in the winter of 1916, the British and Rumanian Governments
destroyed millions of dollars of such properties.
This destruction was
carried out under the supervision of a British officer of high rank.
The
Among the heaviest pre-war
by several American
remained was seized and used by the German army
its invasion of
following
Rumania.
The result has
reported losses
Department on foreign-owned property amounting to $11,602,317.
would be
large.
One
property that
$53,000,000 alleged by American insurance con¬
Of these losses about $5,570,000 occurred before
the
Claims have
About $30,000,000 of the American
losses were sustained after April 6 1917.
In addition to losses of
to the
Information available indicates that un¬
over
for some of these losses.
When it
large number of private American concerns were en¬
gaged- extensively in placing war risk insurance on transatlantic
during the recent war, and that the premium rates charged for such
in Germany
Amount.
Number.
Pre-war...
Many millions
$16,500,00(0.
by such payments would be nearly
is remembered that a
entrance
Statements of Alleged Losses and
transit.
citizens and concerns.
Although not a great many claims or statements of loss (communications
respecting claims not prepared in the usual formal manner) involving the
item of war risk insurance have been filed with the department, it is known
that such claims, if ultimately admitted, would total a large sum.
For in¬
stance, the losses represented in the premiums paid to the Bureau of War
Risk Insurance, Treasury Department, by policyholders who allege no
Amount.
Number.
•,
premiums were paid by American
risk insurance premiums
.Total...
been sustained by American
consists of sums paid by them as premiums
loss through the destruc¬
risk insurance to protect them from
tion of their property
very
15
_
of expense or loss alleged to have
citizens during the recent war
ment of the
Life.
Amount.
Number.
Statements
Risk Insurance.
Premiums Paid on War Risk Insurance.
were
participation of the United States in the war.
Mainly
seamen's division, see
.
of dollars in such
Statements of losses and statements concerning property
*
report of the work of the
business written by the Bureau of War
on
A large item
Rumania at time of German in¬
Rumauia; rate of exchange not
Stated in lei, a coin of
Claims in which no amounts have yet been
Belligerent
paid
lei
A weight of silver.
bCIaim for German destruction of property in
Known.
a
$221,231,465 69
672,618,713.46
vasion of Rumania in 1916.
(For
4.)
desired to make claim to
filing
claims
a
No.
The Treasury Department has
communications indicat¬
ing
AJout $100,000 of claims,
illness.
have grown out of the
One company is seeking
been that three classes of claims
destruction of American
properties in Rumania.
liable instead of Rumania for the destruc¬
this claim may reach the sum
of $30,000,000.
The British Government appears to take the position
that the Rumanian Government is primarily liable for the destruction of
to
hold the British Government
tion of its oil
properties, and the amount of
companies involved have, on the
of
their property to prevent its falling into the hands of the invading German
army.
All of the American companies, however, have separate and dis¬
tinct claims against Germany for losses resulting from the German occuthe
property.
other
Some of the American
hand, made direct claims
against Rumania for the destruction
March 19
1921.]
pation of Rumania.
set forth
THE
Included in this last category is the statement of loss
in the summary
above, amounting to 672,618,713 46 lei.
department is not advised
The
to the value given to the lei in expressing
as
this statement of loss, and for this reason no attempt has been made to
convert this item into the
equivalent in dollars.
list of values
listed
cases
which it is pertinent to
of parcels sent by
losses
mention in this report, such
losses
as
registered mail, cases of diverse nationality and various
by the Government of the United
sustained
States.
Information
or
pensation
The persons seeking com¬
by American
Some of the interested persons are known to be aliens.
letter) been shown.
for these parcels usually possess receipts issued
postmasters.
The Post Office Department
too small to
ship by
warrant the
right of claim which might exist is apparently
preparation of formal claims, even if American
nationality be established, parcel post cases require
special consideration.
made record of these losses and has suggested to inter¬
The department has
Germany is
can
of
occurs.
Amount.
Total
—-
175
$7,350
275
—____——
__________
Belligerent
of further
11,550
450
$18,900
NATIONALITY CASES.
About 30 cases of losses due to
furnished
information
as
to
of State in which the proper showing
The claims made in these cases aggregate
citizenship is missing.
$500,000 and are not included in the
about
In some instances an
general summary given above.
American citizen has endeavored to claim for the death
British subjects have endeavored to claim for the deaths
of British relatives;
naturalized citizens have sought to claim for losses or damages
of Americans;
suffered while declarants; declarants have
These cases do not possess
the
Record has been made of these cases
the event that the Department may
A large amount
Department regarding
.
in the Department of State for use in
is involved in one case which may also come within the
nationality claims, that of the statement of loss of a
British insurance company operating a branch office in New York City.
The submarine losses of this company on American property, as submitted
through American underwriters, amount to
j
•
Various
LOSSES
items
OP
have
$989,776 63, and are included
UNITED
which are not included in the
United States as
a
result of the war
general summary of losses and claims as set
These items may be briefly
forth above.
GOVERNMENT.
STATES
communicated to the Department as losses
sustained by the Government of the
summarized as follows:
Pre-war.
Cargoes, U. S. Govt, owned (seeExhibits5,6 and7)__
War vessels of United States Navy (see Exhibit 5)
67,183,750.55
49,910,371.10
property
12,958,394
_ _—
ordinance of Jan. 11 1920, various war measures adopted by the
an
relating to
enemy
property in Germany were repealed.
1,566,964
—
900,000
officers and sailors_____
Expenses of United States Navy re same
$26,477
War Department expenses in caring for prisoners of
Expenses Department of Justice in handling enemy
aliens in United States..
—
United. States Navy expenses in restoring damaged in¬
terned German ships_______—__
—:__
United States Navy demurrage charges in re damaged
German
the regulations relating to the
and
_____
1,032,656
6,961,285
8,762,433
Shipping Board expenses in repairing damaged Ger¬
man ships
Relief and repatriation of submarined American sea¬
50,000
—
—
_
200,000
$76,477
___
Total
8,584,942
$80,457,864
the
(No account is
in
of ratification in which to
date
houses
Governmental losses com¬
prised in the additional sums the United States Government has paid or
may have to pay for merchant vessels lost in Government service, amount¬
ing to many millions.
(See Exhibits 5, 6, 7, 8, 9 and 104
LOSS
OF
VESSELS
OWNED OR OPERATED
V-. ■
BOARD. ;a ■;/,
Information furnished the Department of State
by the United States
BY THE SHIPPING
sf
regarding losses sustained
-r-
Shipping Board discloses the following:
Forty-eight vessels either owned by or under requisition to the Shipping
submarine warfare.
Nineteen, with a gross
Board were lost as a result of
114,591, were owned by the Shipping Board at the time of
Included in the 19, however, were 6 former enemy vessels (German),
tonnage of
loss.
with
Twenty-nine privately owned merchant vessels
lost, with a gross tonnage of 114,408, had lie en chartered to the Shipping
Board, so that a total of 228,799 gross tons of merchant tonnage was either
Government owned or under Government control and use at the time of
a
gross tonnage
loss.
of 46,784.
.
This is more than half of the entire American
during the war, the grand total being 430,489.
(See Exhibit No. 8.)
merchant
tonnage
lost
Of the 29 requisitioned vessels lost, which were
originally requisitioned by the Shipping Board, 11, with a gross tonnage of
46,678, had been turned over to the Army or Navy and were in such ser¬
vice at the time of loss.
(See Exhibit No. 9.)
I
Monetary losses sustained by the Shipping Board on account of sinkings
due to submarine warfare are comprised in three principal classes: (1) Ves¬
(See
Exhibit No.
11.)
sels owned by Shipping
Board and not in service of Army or
quisitioned American steamers;
Exhibit No.
Navy; (2) re¬
(3) requisitioned Dutch steamers.
(See
10.)
included in Exhibit 10 (a) represent what are termed insured
values, but the figures do not indicate either construction cost or actual
commercial values.
Certain values per ton were adopted by the Board for
insurance purposes, and were not intended to be inclusive.
Included in thig
The figures
decide whether it would adopt
ine
of o^tling
Inasmuch
as
the treaty was not ratified by the Government of the
United States and
no
substitute adopted for the arrangement
contemplated
by Article 296 of the treaty, the German Government, according to
tion reaching the Department of State, has not
informa¬
released American credits,
cash and deposits.
Consequently, while American citizens, since Jan. 11 1920, have been
able to obtain the
possession of real estate and certain classes of personal
property which had been sequestrated by the German Government,
have been unable to obtain the release of credits, cash and deposits.
The amount of claims which may be
of American property
in Germany is
they
expected to result from sequestration
as
remain
yet uncertain, and will
until the restoration of property to Americans progresses more
so
nearly to
completion and they have had opportunity to ascertain to what extent their
property has been damaged and what losses
of
they have sustained as a result
sequestration.
American citizens have complained to the
Department of State regarding losses which
the
they have suffered as a result of
depreciation in the value of the German mark, and indicate a desire to
indemnification for these losses.
Many of them had funds on
obtain
Debts are owing to many in
marks are held to the credit of many.
Bondholders.—In relation to the securities mentioned, it may be said that
deposit in German banks, mostly in marks.
German securities payable in
marks.
Americans have appealed to the department for its assistance
many
protection in connection with German securities owned by
war
in
them.
and
Many
issued between the outbreak of the
Europe and the date of the entrance of the United States into
the war.
of War.—By reference from the War De¬
Losses by American Prisoners
prisoners of war lost property
been
The losses submitted
by the War Department were compiled from data contained in the affidavits
of the American military prisoners who were held in various prison camps
partment, some 613 cases in which American
Germany or suffered other injuries or losses while prisoners have
brought to the attention of the Department of State.
and hospitals
of
In addition to the complaints regarding loss
in Germany.
personal property, other grounds of complaint are cruelty, neglect,
food and medicine, ill treatment,
These
labor.
Total value of property as
or
is reported
injuries are reported but no amounts
464
loss alleged
of property in which estimates or statements
116
incomplete
Claims of
290
$12,560.08
reported
Cases in which miscellaneous
Cases involving loss
lack of
insanitary living conditions, and enforced
be summarized as follows:
cases may
Number of cases in which value of property
are
figures would be increased by indirect
Under the terms of the
would have had one month from
between the United States and Germany for the purpose
as
debts.
occupied territory in Germany.)
These
the
"clearing office" provided for in Article 296
thereto of the Treaty of Versailles.
annex
of claim
and belligerent
$80,534,341
taken in this report of the expenses of the American Army
Grand total, pro-war
on
provisions of the treaty relating to the establishment of a system of clearance
in
3,305,300
_____
vessels
men
_
,
I
in the United States
released
application of the owner, but such releases were to be without prejudice to
of these securities are German war bonds
requisitioned as naval auxiliaries (see
Exhibit 5)_
Department of Labor expenses in caring for German
war
3,563,079.16
-$191,147,346.76
___
istration of the German trustee of enemy property was to be
,
Belligerent.
$36,185,890
Armed vessels
—
29,267,147.27
30,951.549.20
Losses Due to Exchange.—Many
THE
been
Estimated Values.
________
Total
By
interests
A-
,
Inheritances, real, personal, and miscellaneous.
general summary above.
GENERAL
An abstract
American
$10,271,449.48
Miscellaneous
be able to assist the claimants thereafter.
category of diverse
in the
Several thousand Ameri¬
estimate of its value.
an
follows:
Deposits
undertaken to claim as such.
the element of continuous American nationality
regarded as essential to the support of a diplomatic claim.
which is usually
for the loss
Department statements describing their
Securities.......
the
submarine warfare have been brought
the attention of the Department
owners
of various descriptions in
claims.'
treaty the Government of the United States
to
,
actual amounts, including
Debts, including accounts and bills receivable.
losses follows:
DIVBRSE
are
By the terms of the ordinance mentioned, property subject to the admin¬
Number.
Pre-war
source
Germany and giving
German Government
■
A summary of parcel post
(c)
owned property
of American
Character of Property—
question, for use if and when an opportunity to assist
them for the parcels in
10
understood to have been paid to the
possible
a
in Germany
submit as soon as possible the best available evidence
show the losses, including two certified copies of any receipt issued to
them
are
;v
■
shown under Exhibit
citizens have filed with the
property in
ested persons that they
to
values
Real estate
war causes.
nationality, and since the losses are usually small,
not based on American
accepted the suni of $937,500, this being
for the balance of tho full value.
The treatment
disclaims responsibility for losses of Postal
Union mail occurring through the sinking of a
Since in most instances any
of this vessel the owners
case
AMERICAN INTERESTS IN GERMANY.
These
mines, of vessels carrying registered mail.
In very
the nationality of the person alleging the loss (usually
party mailing package or
v'-v..
in full settlement of losses with tho exception of the Carolina.
of their vessels.
either by submarines or
few instances has
Rough estimates,
75% of the award made by the Shipping Board, and reserved the right to
sue
relating to the loss of registered letters
registered mail parcels as a result of the sinking
arise from the loss of
In
owners
interest, which
parcels have been brought to the attention of the department.
cases
repairs to these two vessels.
Tho values shown under Exhibit 10 (b) are amounts stated to have been
paid to
The
Parcel Post Losses.
Liberty Glo,
It is stated that it has been impossible as yet to
however, place the partial loss on the Englewood at about $300,000 and at
; '
regarding these classes of losses follows:
About 450 claims, or statements,
those for two vessels, the Englewood and
$500,000 for the Liberty Glo.
foregoing and which are otherwise described above, there are several
classes of
were
partial losses.
as
ascertain the actual cost of
In addition to the items which are included in the summary presented
in the
1095
CHRONICLE
of war by Gerrr any,
the Department by an on behiiii' of
American Seamen for wages while held prisoners
A number of claims was
American seamen
presented to
for loss of wages from
vessels on which they were
the dates of the capture oi the
serving until the dates of their release by Ger¬
based on any alleged acts of
authorities while the men
health as a consequence of im¬
prisonment or exposure at sea or forced labor, but appear to have been
restricted to the effort to recover for the time of their detention the same
These claims for indemnity are not
many.
cruelty
were
or
maltreatment at the hands of German
prisoners of war, or injury to their
monthly wages they were receiving prior to their capture.
Claims of this character have been brought to the attention «f the De¬
partment in the cases of
and Beluga,
The Beluga
whether the
wages
the American schooners Winslow, John
H. Kirby,
captured by the German raider Wolf.
had
a crew
owners
of 11 men.
Inquiry was made of the department
to pay the
of the Beluga had made any arrangements
period of eight months they were held abroad the
The Department of Commerce in a ruling under
of the crew for the
German
raider Wolf.
date of Dec. 24
1918, held that the capture of the
members of the crew of the
further rights and interests of the members
against the owners of the vessl and that the owners were not liable for
transportation and subsistence of the crew following capture; that these
seamen were taken as American citizens who were liable with the rest of their
Beluga undoubtedly defeated all
as
hardships and hazards of war.
The ruling of the
did not relate to the question of wages
prior to the capture of the crew.
The crew of the American schooner Winslow, another vessel captured by
countrymen
to
the
Department of Commerce, however,
the Wolf consisted of nine men,
of nine months abroad the
were
later interned in
all of whom were held prisoners for a period
Wolf, and four of whom, including the captain,
Germany.
claim for wages to cover
One of the members of the orew made
the period from the date of his capture until tho
date of his release in Denmark
Feb. 25 1918.
THE
1096
12 members of the crew of the
All but 4 of the
John H. Kirby, also
American barkentine
captured by the Wolf, were interned at
One of the members of the crew
Kiel, Germany.
of the Kirby is seeking to recover compensa¬
Nov. 30 1927 to
by the German Government from
tion for his detention
"It is indicative of the Bureau's attitude in the matter,"
Kramer said, "that even the name 'brewery' was
representing themselves
to be American citizens who were serving on the British steamer Esmeraldas,
which was captured by the German raider Moewe.
It appears that the
British Government arranged with the operators of the vessel to pay for
the period of their confinement in German prisons the wages of that portion
of the crew that was of British nationality, and it is understood that through
the good offices of the United States Shipping Board the arrangement was
extended to the American members of the crew.
The Department has been
advised of settlements made with fcome of the members of the crew in
Similar claims have been presented by persons
of less than H
and
due to naviga¬
attack or losses
due to carrying out naval orders; the death of more than 700 enlisted men
of the United States Navy and Coast Guard Service in submarine warfare
(see Exhibit No. 12); the death of 742 persons on American and British
army transports through submarine warfare (see Exhibit No. 13); or the
loss of some 35 American sailing vessels without trade during the years
1914, 1915, 1916, 1917 and 1918.
It is not known with respect to these
vessels whether the losses were due to marine risk or to cause of war.
In a few instances claims or statements of loss have been filed by relatives
under stress of enemy pursuit or
tion of dangerous waters
and losses given in
the foregoing are those alleged by the persons who have reported the losses
to the Department of State and are not the estimates of the Department.
No adjustment of these claims having been made and no arrangement having
been consummated for such adjustments, the amounts herein, which are
the amounts alleged by claimants are, of course, the only figures which can
be given to the Senate at this time.
It has been the endeavor of the Department to set forth in the foregoing
full information regarding the number, character and amount of claims
which have been filed against the German Government, and regarding the
losses that have not been made the subject of claims, but have been alleged
by persons for whom the
ted in obtaining
Government of the United States might be interes¬
It is noted that the Senate requests in
1920 that the names of claimants and the evidence
indemnification.
the resolution of Dec. 30
With
to that portion of the resolution it may be observed that in pre¬
their claims to the Department many claimants have disclosed infor¬
bearing on the validity
senting
affairs and their business connections
and have requested that the information which they divulge be
their financial
regarding
mation
abroad,
regarded
can
of claims be transmitted to the Senate.
confidential. It is conceivable that announcement that Ameri¬
or concerns suffered large financial losses might adversely affect
as
citizens
their credit and otherwise injure
might
of claimants
names
Moreover, the publication of the
them.
them
expose
to circularization by not over¬
scrupulous persons seeking to impress upon them that they possess superior
facilities for assisting claimants.
Some claimants have indicated to the
annoyed by the solicitations of such persons.
communicating with the Department regarding
Department that they are
Claimants are constantly
their claims, and it is
relation
essential that the information which they submit in
their claims be
to
claimants, in order that
readily available to the Department and to
the Department may be in a
inquiries and to assist tbem in the
which must be obvious from the
position to answer their
preparation of their claims. For reasons
foregoing, it is deemed in advisable and
impracticable to furnish the names of claimants
has been submitted in support of claims.
and the evidence which
March 3 1921.
My Dear
Mr.
Secretary:
This will acknowledge receipt of your letter of
opinion
February 21st, requesting
the following questions:—
on
Whether the Commissioner of Internal Revenue is authorized under
1.
the
Volstead
medicinal
Act
issue
to
a
permit for the manufacture of whiskey for
purposes.
Whether the Commissioner of Internal Revenue is authorized under
2.
the Volstead Act to issue
malt liquors,
with
permit for the manufacture of beer and other
a
alcoholic content in excess of one-half of one per
an
cent, for medicinal purposes.
Whether the Commissioner of Internal Revenue is authorized under
3.
the Volstead Act to issue
vinous liquors, with an
4.
permit for the mnaufacture of wine and other
a
alcoholic
content in excess of one-half of one per
RULING
PERMITTING
LIMITED AMOUNT OF LIQUOR FOR
-
If your answer is in the affirmative in any or all of the above
cases,
please advise
me
mentioned
whether by regulations, approved by the Secretary
of the Treasury, the quantity to be prescribed by
physicians may be limited
controlled.
or
5.
If your answer is in the affirmative as to one or all of
bered 1,
questions num¬
2 and 3, please advise me as follows:
(a) May the Commissioner under regulations to be approved by the
Secretary of the Treasury, limit the number of permits for manufacture or
sale within any particular State, subdivisions of States, or locality, after
he has determined as a matter of fact that a certain number of permits would
be all that reasonably would be necessary to take care of these products
for medicinal purposes?
(b) May the Commissioner as a matter of administration in the exercise
of his administrative judgment determine that no permits whatsoever should
be issued in any
particular State, locality,
subdivisions of States, or in
or
the country as a whole?
In answering the first three questions, it may be
guage
of
my
Title II,
well to quote the lan¬
opinion of December 13 1920, where, in referring to
of the National Prohibition Act,
I said:
In Section
Section 1,
"The word 'liquors' is
expressly defined in Section 1, above quoted, to include whiskey
liquors there enumerated."
and other
1, it is provided that the term
"liquor" includes "alcohol, brandy, whiskey, rum, gin, beer, ale, porter,
and wine, and in addition thereto any
spirituous vinous, malt, or fermented
It will thus be seen that the liquors enumerated in your first
liquor."
three questions come within the definition of
It
was
not the purpose
beverage
purposes,
the term "liquor."
of Congress to prohibit the use of liquor for non-
is evidenced by the wording
as
'of the Title of the
National Prohibition Act.
An
and to regulate the manufac•
and sale of high-proof spirits for other than beverage
and to insure an ample supply of alcohol and promote its use in
scientific research and in the development of fuel, dye, and other lawful
Act to prohibit intoxicating beverages,
ture, production, use
purposes,
industries.
However, it
in
was necessary
order to accomplish
medicine
shown
ATTORNEY-GENERAL'S
JUSTICE,
OF
Washington.
to regulate the traffic in non-beverage
the purpose of the Act,
liquor
which was, as stated, to
The use of liquor as a
non-beverage use.
This is
prevent the use of liquors for beverage purposes.
BAINBRIDGE COLBY.
Respectfully submitted.
decision."
following is the opinion in full:
DEPARTMENT
that the amounts of the claims
It should be added
regulations to deal with the situation
question, but that our problems, which have been
no
cent, for medicinal purposes.
killed in line of duty.
of soldiers and seamen
there will be
The
pursuance
respect
of 1% alcoholic content.
heavy enough already, will be multiplied many times by the new
an
of this arrangement.
report does not include losses resulting from sinkings
Commissioner
abandoned and 'de-alco¬
holizing plants' substituted for the 436 plants producing malt beverages
"We will have to draft entirely new
Jan.301919.
This
[Vol. 112.
CHRONICLE
UN¬
MEDICINAL
was
recognized by Congress to be
a
(See
by the provisions made for the Issuance of permits to prescribe.
Section 7, Title II).
I
am,
therefore, of opinion the Commissioner may issue
permits for the manufacture of liquors for medicinal
purposes.
If, by your fourth question, you mean to inquire whether it
is competent
of
prescribe for
given period of time, I think the question must be
by regulation, to limit, except as prescribed by the statute in the case
PURPOSES.
spirituous liquor, the quantity of liquor that a physician may
An
opinion in which it is held that the Government may
Volstead Act, limit the quantity of liquor
that a physician may prescribe for a patient within a given
time, was rendered by U. S. Attorney-General A. Mitchell
Palmer on March 3, just before he retired from office, but
not, under the
It was submitted
to Secretary of the Treasury Houston in answer to inquiries
made by the latter.
Noting in his opinion that Congress
was
public until March 10.
not made
has limited to not more
than
a
pint the amount of spirituous
the
patient within a
same
answered
the
in
negative.
The statute forbids a physician to prescribe
liquor except when, after the required examination or investigation,
"he in
good faith believes that the use of such liquor as a medicine by such person
is necessary
gress
Con¬
and will afford relief to him from some known ailment."
has imposed the sole additional limitation that not more than a
of spirituous liquor
of ten days.
not to the
pint
shall be prescribed for the same person within any period
Subject to this limitation, ovbiously there has been committed
judgment of the Commissioner and the Secretary of the Treasury,
but to the professional
judgment of the physician, the question of the quan¬
tity of liquor that may be used to advantage, as a medicine, in each case.
As to this
question, I think the intention was to leave the physician unfet¬
liquor which shall be prescribed for the same person within
tered by Governmental control but subject to be
dealt with criminally and
period of ten days, the Attorney-General said: "Subject
this limitation, obviously there has been committed,
by revocation of his permit if he acts in bad faith.
A regulation, therefore,
any
to
judgment of the Commissioner [Internal Revenue]
not to the
and the Secretary of
the Treasury, but to the professional
which would substitute the judgment of the
of the Treasury
Commissioner and Secretary
for the good faith of the physician, by fixing a limit upon
the amount that could be
prescribed in
a
given emergency or during a given
period of time, would, in my opinion, be without authority and void.
However,
the authority to make regulations governing the manner in
judgment of the physician the question of the quantity of
which liquor may
liquor that may be used to advantage, as a medicine in each
ably deemed by the Commissioner and Secretary proper to limit the
Attorney-General decided that a regulation
"which would substitute the judgment of the Commissioner
The
case."
and Secretary of the Treasury for
the good faith of the physi¬
cian, by fixing a limit upon the amount that could be pre¬
scribed in
a
given
emergency
or
during
a
given period of
time, would in my opinion be without authority and void."
The
opinion further gives to beer and wines, with an alco¬
excess of ^ of 1 %, the same status as whiskey
bution of liquors
be prescribed is clear and ample.
Any regulation reason¬
distri¬
for medicinal purposes to cases in which a physician, in
good faith, believes necessary will be valid.
To authorize a physician to
prescribe, at one time, a large quantity of liquor, on the theory that
the
in the
future, would lead to abuses and enable persons to obtain liquors that might,
in fact, never be required for the purpose for which prescribed.
This, I
necessity for its use will probably continue during a long period
think, was never contemplated and I am of opinion that
the regulations
properly limit the quantity of liquor of any and all kinds which
called for by a single prescription.
The regulation may provide
may very
shall be
that
no
prescription shall call for more than the physician, acting in good
holic content in
faith, believes will actually be required during a given number of
As to the decision and its effect,
the New York "Commercial" in press advices from Wash¬
may
ington March 9 said:
that the Commissioner
and the Secretary are without authority to limit the
number of permits to
be issued for the manufacture or sale of liquor for
for medicinal purposes.
With all limitations lifted
medicinal
purposes
on
permits for whiskey,
wine and beer for
by an opinion of former Attorney-General
Palmer,
going out of office and announced to-day, prohibition
will be made more difficult than in the past, Prohibition Com¬
rendered just before
enforcement
missioner Kramer stated to-night.
and promulgate an entirely new
As a result, it will be necessary to draft
set of regulations, he added.
Particularly will the authorization of beer for medicinal purposes be pro¬
ductive
of
trouble,
bureau has never
he said, and has
can
Commissioner
Kramer
continued.
The prohibition
contemplated that beer would ever again be legalized,
worked out no scheme by which its brewing or distribution
be restricted within legal limits.
days, or it
simply provide that no prescription shall call for more than a given
quantity.
In
answer
to your questions 5 (a) and 5 (b), I am
medicinal purposes
constrained to the view
within a particular section of the country upon the sole
ground that a given number will be sufficient.
The manufacture or sale of liquor for medicinal purposes has not been
prohibited.
to
The constitutional amendment does not expressly confer power
prohibit either.
making the
upon
It may be assumed that Congress, for the purpose of
Law effective, could have placed some limit
Prohibition
the quantity of liquor that should be either manufactured or sold for
medicinal purposes
and that it might have indicated, in general terms, the
character of s-uch limitation
out the purpose
and authorized the executive officers to carry
thus expressed by proper regulations.
I can find in the
March 19
Act, however,
1921.]
THE
either to directly impose such
no purpose
limitation
a
confer upon the executive officers any
power to do so.
that a regulation
of the statute and not
regulation to
a mere
carry out
Section 6 of the Act contains
amendment
an
the expressed purpose
number of provisions
a
to
or
I think, therefore,
having this in view would be, in effect,
of Congress.
CHRONICLE
relating
to permits, and must be taken to describe, in
general, the scope of the regu¬
lations which may lawfully be promulgated.
however, to
a
There is
limit the quantity produced
purpose to
reference here,
no
or
sold.
With
1097
beer, wines and whiskey, would stand, according to SolicitorGeneral Frierson, despite protests, unless the
Treasury Deshould
partment
known
in
ask
for its
Washington
revocation.
Opinions
re¬
were
sales to
by providing that:
"No permit shall be issued to anyone to sell liquor at retail, unless the
sale is to be made through a pharmacist designated in the permit and
duly
licensed under the laws of his State to compound and dispense medicine
prescribed by a duly licensed physician.
No one shall be given a permit to
prescribe liquor unless he is a physician duly licensed to practice medicine
and actively engaged in the practice of such profession."
Practically, therefore,
to
no
druggist who is himself
a
pharmacist.
As between
permit for sales at retail can be granted except
a licensed pharmacist or who employes such a
different applicants for permits who meet this
and the other requirements of the Act, I am unable to find
any authority
for discriminating.
I think it was the intention of Congress that all
made, he added,
quest and
by physicians should be entitled
prescriptions.
I
to a
permit to sell liquor at retail
believe that it
can not
on
the intention that the
was
such
execu¬
tive officers should have authority to say that one reputable
druggist in a
community should have
If there
are
permit and another equally reputable should not.
a
number of reputable drug stores in a community, I can not
a
find in the Act anything which authorizes the Commissioner and
Secretary
to say that some of them shall be denied a
permit merely because, in the
opinion of these officers, the others will be able to meet the legitimate de¬
mand for
liquor for medicinal
It
purposes.
be that Congress might
may
have conferred the power to thus select what may be deemed
sufficient
a
number to receive permits and then to deny all other applications made
from the
same
community.
But I do not think this has been done.
With respect to sales at wholesale for any non-beverage purpose, the Act
imposes limitations
soon as
the
to
as
class of persons
who
may
receive permits.
With respect to persons who may receive permits to
does not
seem to be any
limitation as to the class of such persons.
On the whole, I am of opinion that there is no authority to limit the num¬
ber of permits, either locally or for the country as a whole, because the Com¬
missioner and Secretary may be of
I
necessary.
must,
therefore,
opinion that
the
answer
larger number
a
two
questions
embraced
in
No. 5 in the negative.
your
A.
PALMER.
Study of the
had worked
there
had
Harry
been
March 10
Daugherty,
M.
presented
when
have not read it.
to
yet," said Attorney-General Daugherty, "and I
I expect to go over it in the next three or four days."
"Will it stand for
'
me
a
while—say, during the hot
summer
has
Now I have the greatest respect for the
been
Attorney-General.
opinions of
he
was
should
have
have left"
I would
high
for
respect
However, if I thought
him, and would expect
reverse
my successor to
do
"Isn't it customary for such opinions to stand as the construction of the
"I think you are right about that," said Mr. Daugherty.
a
"I know it is
reporting Dr. Wilbur F. Crafts, Superintendent of tbe
International Reform Bureau, as having appealed to Mr.
Daugherty to overrule Mr. Palmer's decision, the New York
"Times" in a Washington dispatch March 10 added:
Dr. Crafts asserted that if the Government snould act in accordance with
of two honored professions—the doctors and the druggists."
was
have
no
also submitted to
Through the
Attorney-General
statement by Dr. Harvey W. Wiley, former Chief of the Bureau
medicine.
Dr. Wiley insists that beer, wine and
medicinal value whatever and asserts that the practical
placing whiskey
cians
a
has
among
remedial agents which
"brought criticism
may
whiskey
result of
be prescribed by physi¬
the ethical members of the
upon
medical
On March 11
Washington
Beer and wine drinkers who
abundantly again
Palmer, which
nas
as a
see
press
favorite
drink flowing
result of the opinion by former Attorney-General
just been made public, are going to be disappointed, in
the Act bearing his name and Chairman of the Judiciary Committee
So far
as
the
of
The Palmer
It has caused
no
Volstead agrees with the Palmer opinion that beer
quantity
criminately.
or
that
a
physician
can
He admits there is
and wine can be
But he denies they can be sold in
prescribe for a year or two years indis¬
no
limitation
on
the number of permits
physicians to prescribe and druggists to sell, but insists that/this can
be held down easily by revoking permits for the
He holds that permits to manufacture
slightest infraction of the
can
be
limited
Volstead Act to the number required to produce the liquors
"In my
up to
use
Attorney-General will modify this opinion.
new
If the other nine States adopt
kind of prohibition codes which thirty-nine States have
already
same
no opportunity to use beer as a medicine anywhere in
The prohibition fight, of course, has resolved itself into a
country.
going to make the
are
beverage
will
of the fellow who tries to divert the beer
way
thorny
purposes as
get the members
If he becomes too troublesome
possible.
as
House and
of the
Senate from the
thirty-nine
States that have prohibition codes barring beer to amend the law to
stop
the traffic in the other nine.
.
,
As
result of Mr. Palmer's
a
ruling it
that the Internal Revenue Bureau
was
stated
on
March 14
virtually swamped
was
applications from brewers throughout the country for
On March 11 the reception of the
permits to make beer.
by local brewers
indicated
was
follows
as
in
the
New York "Times":
Leading breweries in the metropolitan district announced yesterday that
they
ready to supply the legitimate trade with all of the real beer
were
required for medicinal purposes, under
Palmer.
All that
was
a
decision of former Attorney-General
needed to start the movement of beer to the drug
the issuance of
was
permits.
permits to be available within
a
Brewers said that they expected these
few days.
been
careful
reduce
the
A
to
Act.
brewers
few
alcoholic content to
have
been
not
the
requirements of the
careful,
so
according
to
Boston prohibition enforcement agents, who said that they had been able
to
buy real beer in
some restaurants.
The bottles bore
no
labels and the
agents were unable to trace the brewers.
"It
is
the
cheerful
most
news
in
years," said Colonel Jacob Ruppert.
to put out
Colonel
that the Anti-Saloon League
would not be able to
-
"It is
a
I have heard in five
ready
are
on a
moment's notice
secure a
modification of the
'','■
fact," he said, "that beer formerly
physicians.
was
generally prescribed by
Since prohibition went into effect I have been
number of
He
great public demand for beer, and expressed the opinion
was a
ruling.
was
business way
"We
Ruppert added that he believed the ruling would stand.
said that there
a
a
real beer."
apprbached by
physicians who appealed to me for beer on the ground that it
absolutely
necessary
for the welfare of their patients.
I was not in
position to help them."
Ruppert.
third
The sale of one-half of
of that
real
when
beer
was
of former workers, said Colonel
one per
cent beer has been about one-
legitimate.
Colonel
Ruppert believed
that the breweries would be enabled to operate on something like the
old
schedules.
HENRY C. WALLACE WOULD HAVE FARM PRICES AT
Two
causes
for medicinal
are
"widespread agricultural depression"
for the
assigned by
ture, in
a
Henry 0.
Wallace,
Secretary of Agricul¬
discussion of "The Agricultural Situation," made
public March 13.
One of these, says Secretary Wallace, is
the
production
high
cause
he
cost
of
cites
is
that
the
last
"prices
year,
while
the
second
of farm products have
dropped out of all proportion to the prices of other things, as
well
as
to the cost of
production."
Secretary Wallace inci¬
dentally observes that those not familiar with
Agriculture
_
the enforcing officer.
He
Congress will fix the law."
was
Palmer,
under the
"It is
make regulations that will limit the
opinion the law is all right as it stands," Mr. Volstead said.
can
of beer and wine to medicinal
It
Commissioner could not
regulations with reference to the prescribing of liquor.
Beer has never been recognized as a medicine.
We hope that the
by Mr.
change in rules and regulations of enforcement
sold by" prescription for medicinal use.
purposes.
Revenue
certain
70% ABOVE PRE-WAR NORMAL.
and probably will not so long as the present Commissioner holds office.
rules.
its general use as a
last
opinion has not been brought officially to the attention of
the prohibition enforcement officials, according to information given
to
secure
We
Prohibition Commissioner and Internal
make
fourteen months.
any
fail.
of the
drinking person is concerned, he doesn't think there
will be any more beer and wine in the future than there has been in the
Mr.
by Wayne B. Wheeler, General Counsel
League of Amreica, on March 13, who
reported as saying [we qoute from the "Herald"]:
and employment given to a large number
dispatches said:
visions of their
the opinion of Representative Andrew J. Volstead, of Minnesota, author
Volstead.
made
The property of the brewers will be made more valuable by the ruling
profession."
House.
ex¬
with the purpose of the law, nor do we think he was
right in stating that the
of Chemistry and one of the fathers of the Pure Food laws, condemning the
idea that beer is
under the
do not believe that the ruling of the AttorneyGeneral relating to beer as a medicine on a doctor's
prescription is in accord
ruling it would be "a peril not only to the public but to the honor
a
was
will
Volstead
general proposition."
In
International Reform Bureau there
powers
and distribution of intoxicants
All of the breweries have been making beer, but virtually all of them have
the custom in many of the States and I believe it is
Daugherty
use
The attempt to reinstate the beer trade or to
stores
the same."
new
The prohibition unit, officials explained,
theory that it possessed regulatory
or
further
was
law until upset or approved by the courts?"
the
the
of the Anti-Saloon
opinion of anybody who
especially
immediate predecessor, and I have.
my
wrong
I
which the Internal Revenue Bureau had been
liquor interests
destroy the prohibition Act will eventually
result in taking away what few privileges the
liquor traffic
ruling
months?"
"Well," smilingly observed Mr. Daugherty, "it will stand at least until
reversed.
on
weaken
with
according to the Baltimore "Sun":
come
on
The statement that "every attempt of the
to
him for his
to
consideration the opinion of his predecessor in office, said,
"It has not
ruling, officials said, had dislcosed that the whole theory
new
nied.
We
In his first conference with newspaper men on
whether
prescribed would
was
cepted by Congress from the general ban.
By the most recent view of the
law, however, officials maintained, it would seem that this theory was de¬
we
asked
patient for whom beer
a
Act which permitted it to limit the
to
Attorney-General,
as
question of law and order.
Secretary of the Treasury,
new
that
proceeding had been overthrown.
Washincrtnn. D. C.
the
appear
of prohibition enforcement
the
Hon. David F. Houston,
The
re¬
beer medicinally would be issued
use of
adopted there will be
MITCHELL
Attorney-General.
•
motion of the Department originally making the
an error of law was found.
on
be able to obtain it by the case, as it would
probably be ordered as a tonic,
and it would appear unreasonable to
require a person to procure only one or
two bottles at a time.
the
Respectfully,
were not matters
A review would only be
Under this most recent interpretation of the Prohibition
Law, officials de¬
clared, it would
not
are
explained, and
they could be prepared, prohibition officials declared, although they
possibility of the opinion being reconsidered.
medicine
manufacture, there
which
had been delayed on the
But again I can find no authority to discriminate between persons within
that class by limiting the number of permits to be issued.
"made
change made where
a
Regulations to provide for the
reputa¬
ble drug stores authorized to compound and dispense medicine
prescribed
12,
Issued by the Department of Justice only to the President
and members of the Cabinet, Mr. Frierson
in which private individuals might
participate.
very narrow limit
was
likewise stated:
spect to the sale at retail for medicinal purposes, the Act itself confines such
a
This
March
accounts
press
announced
permitting
Of course, if this isn't done
purposes.
findj it hard to understand the situation, and "refuse to be¬
lieve that the
depression is as serious as it really is," and
declares that "every good
citizen, no matter in what busi¬
,
on
March
practically
Mr.
unlimited manufacture of
that
12
■
the ruling of
ness
he may be
engaged, should do what he can to help the
farmers through
this period of depression, not for the sake
THE
1098
helping the farmer alone, but for the sake of
of
self."
conditions until
all
to
price level which will be fair
on a
people and all
our
come
arrive
we
Farm products must
products.
down until the
This
in price and other products come
up
normal
has
them
between
relation
helping him¬
to reach normal
"we cannot hope
asserts that
He
restored.
been
prices,
whether farm prices or other
talk of bringing prices,
is morally wrong and economi¬
back to the pre-war normal,
high prices
continue, but if we
should try to bring about a level, say 70% above the pre¬
war normal, everybody
would be better off.
The Nation
is not going bankrupt—the farmers are not going bankrupt,"
says Mr. Wallack
"Gradually farm prices will be brought
the excessively
course
prevailed during the war cannot
which
and we will go ahead,
fair relation with other prices
into
hitting
to
Of
impossible.
cally
We give herewith what he has
all cylinders."
on
situation in general. I think if
we can get an
understanding of this, the proper work of the Department of
Agriculture will become apparent.
We must approach it from two angles,
first, present conditions, which are decidedly unusual, and, second, condi¬
Let
speak first of the agricultural
me
what has happened
to the farmers of the producing sections.
Take the grain and livestock
producing country of the Central West, for example, and I speak of this
because it is the region with which I am most familiar and also because it
is the region which gives us our great surplus crops.
We have the finest
rural
people of the East realize just
whether the
doubt
I
taken
civilization,
whole, the world has ever seen; our farmers
a
as
than almost
world; they have adopted the most advanced sys¬
high in intelligence; they produce more per man
average very
other farmers in the
of extensive farming yet developed.
any
tem
in
now
most
a
and
period
trying
Notwithstanding all this they are
suffering
are
financial losses.
South and West, are
severe
throughout the Nation, especially those in the
Farmers
exactly the same trouble.
The cotton fanners of the South,
farmers, the cattle and sheep growers of the Far West, the fruit
rice
all
growers,
discouragement and
passing through this same valley of
are
financial stress.
really
which
not familiar with agriculture find it hard to
are
They refuse to believe that the depression is as
situation.
apparent wealth and
comfort on every side; and they refuse to take seriously what the farmers
say concerning their troubles.
There are two causes for this widespread agricultural depression.
One
number
the
is
by
farmers,
the
to
last year.
If we include all the factors
production, we find, for example,
bushel of corn in Iowa, the greatest corn State,
high cost of production
which
producing
a
This includes the land cost, the labor cost,
cents.
90
than
more
into the cost of
enter
properly
that the cost of
was
owned
automobiles
of
and
everything else which ought to be included.
Many
people
He
is
but it is also true that the advance in land prices was not nearly
year ago,
as
$500
the
an
and
acre
The
sort.
They hear of the occasional sales at $400
that that represents the average.
Nothing of
in the value of our rich corn belt land
assume
only about 60%
was
advance
average
It must be remembered also
above pre-war values.
the
principal corn States over half the land is farmed by tenants
these tenants mostly had to pay rent on the basis of the advanced
that
in
and
It is true further that if
land values.
the
omit the land charge altogether,
we
price which the farmer can get for a bushel of corn is still consider¬
ably below what it cost him to product it.
corn production
is not land but labor.
The
been
has
who
man
The five
has prospered.
money
farming
his
The largest item of cost In
land and who has
own
were
saved
profitable
his
years,
especially to the grain farmer who was so fortunate as to have good crops.
he
If
exercised
before made at
The
farmer.
he made
intelligence
ordinary
Those
farming.
years were
who grew his own
man
more
than
money
he
ever
not so profitable to the livestock
livestock and
own
grain and fed his
grain to the livestock, on the whole made money, although not as much
if
had
he
the grain
sold
instead of feeding it.
The
livestock
and
bought the grain and fed the grain to the livestock,
average,
lost
money.
to
buy
when
out
were
selling at $20
hogs
but
for the
We
all
of
For
the price of
price
pre-war
normal, if
fat
of
cattle
we
and oats
corn
the 'normal
below
present
and
hogs is
of
Now
note the
farms hands
70
from
iron, coke,
to
the
Factory
other
prices
mal,
no
100 to 150,
wages
must
come
It
is
as
buy
the
some
inflated
the
a
situation
are
If
a
to
which
exists
industry and
should
one
severe
condition
continues
brothers
The
will
is
a
far above the
more
pre-war
pre-war nor¬
than 100% above
of
needs
prices
from
50
to
agricultural depression is in¬
this depression will cer¬
business
challenge
at
power
will
indictment
the period
this period.
going bankrupt.
development of
agriculture.
our
The farmers of the
the average,
produced and sold grains and livestock at less than the cost of
production, if
into
tice
take into consideration all the factors which properly en¬
we
business
system of
the
the trouble will
very
be
trouble
best thought of
communicated
to
the
people
of
our
the actual labor
ing of his
to
soil, which
keted
civilization
called
the farm against his receipts from the market¬
on
it will be found that he has not received for them enough
costs.
We will omit the value of the fertility of his
actual
is,
his
in
expended
crops,
his
cover
in effect,
think
They
very
farmers
as
whom
farmers
but
well-to-do,
a
production is to be maintained.
I
is made many people question it.
crop
statement of this kind
a
of individual
become
mar¬
will simply throw in for good measure,
we
although this must be replaced if
know that when
he has
of his capital and which
portion
a
but which
crops,
I
they
known and who have
have
speaking
am
the
of
which
statement
has
is
abundantly corroborated
been
the
absolutely
by scientific
farmer,
average
and the statement I have just nude
mass,
an
investigation.
the
farmers have been able and willing to
actual
of
cost
production
accept the value of the farm
a
as
our
value
population has
of
the
sell their
times
past,
willing to
been
place to raise their children,
as a
reward for their work;
In
at less than
crops
have
they
first,
home,
a
increased there has been
land.
farm
because,
as
of the substantial
part
as
a
therefore,
second, because
and,
steady
the
enough to give him
and who
had
farmer who
the comforts of life, to
it
growing
into
hang
a
paying out
on,
result
whe
on
have
had
have been
we
to
than
compete with
other results of this great surplus of
development and to build
up
people could
As
consume.
the fanners of the world in the
food
that competition.
An¬
to stimulate our industrial
was
commercial enterprises of all kinds until
our
than one-half of all
more
see
great surplus food-producing na¬
a
our own
great consuming markets and take prices fixed by
now
of
many
the farm and finally to
valuable piece of property.
a
We have grown more food
tion.
land—
lot of hard work in him,
a
most of them have, has been able, by living
as
denying himself and his wife the luxuries and
economically,
very
foothold—and who had
a
good wife,
a
the
in
increase
young
could get enough ahead to make a very small payment on a piece of
our
people live in the cities and industrial
centres.
The
steady increase
in
the
value
prices for
the
and ciites where
of
farm products has caused
towns
their
labor
material
could
and
In
way.
people
of
some
our
and
fully justified
offer
ment,
more
comfortable
farmers'
relative
crease our
lation
in
come,
in the
gait
future.
normal world
Most of
sive
a
or
a
not as
are
forty years
perfectly natural
ago.
move¬
will
It
continue as long as the
greater opportunities for advance¬
conditions,
the
of
and
better1 social,
educational
in
stop it.
can
producing population been
a
Nor
serious
very
Certainly it has not been serious from the
labor-saving
per man.
the decrease
has
States there
thirty
We have made great advances
development
and
farmers to
better pay for
secure
extolling the beauty of farm life
machinery
in methods of produc¬
has enabled
farm
population,
both from the
new areas
per
use
we
have, until
very
in¬
to
us
Notwithstanding our increase in total
steadily increased food production
increase
were
low
relatively
young
It is the inevitable result of economic conditions
to the present time.
production
the
advance themselves in
city has been
rewards,
living
decline
viewpoint.
The
tion.
talk
amount of
there
as
by conditions.
financial
greater
and
drift of
heaviest producing
This movement from the farm to the
ment
land
our
constant
opportunities to
the farms to-day
on
a
they thought they could
better
see
popu¬
recently,
thousand of total population.
This
of labor-saving machinery and from
of fertile land.
We cannot keep
up
this
Consumption has almost overtaken production under
conditions.
our
fertile land which
reclamation has been taken
can
up.
be farmed profitably without expen¬
We still have large
areas
of
6wamp
and
farm
who
make
or
land
products than prevailed before the war.
crease
States, provided we can depend upon
expense.
man
much
than
per
Under our system of farming we have
almost any other nation, but we have
acre
as
in the nations of Western
produced far
more
per
not produced nearly
Europe,
for example.
as
Our
of food production in the future must come from in¬
yields, but this, in turn, depends upon prices which will
increase
this
great
creasing
our acre
economic
chaos
justify the increased cost.
when
So, also, we can greatly in¬
the land in surplus producing
prices which will cover the increased
the productive power of a large area of
greatest
modern
of what almost might be
charging a fair interest on the
capital invested, both in his farm and his farm equipment, a fair wage for
the
every
Anything which seriously af¬
to
is that if the farmer would prac¬
mean
economy,
*'
generally.
another.
bring
What I
production costs.
sound
a
,
during the past seventy years have, on
United States
dry land and cut-over land, but these lands cannot be profitably
reclaimed and farmed unless we can depend upon higher relative prices for
things the farmer buys.
terrible
country is in
not
are
their
on
this
Anything which hurts the farmer
be communicated to all of our citizens.
The farmers repre¬
buying
everybody would be better off.
get through
farmers
has
pig
could force all prices back to the pre-war nor¬
would be equivalent to just about doubling
off our debts much easier if we
The Nation is not going bankrupt.
Neither are they going to lie down
job.
Gradually farm prices will be brought into fair relation with
other prices and we will go ahead hitting on all cylinders.
But there is
another thing in the long run—a more important phase of our agricultural
problem which we have been slow in considering.
Let me sketch briefly the
We
The
prices of
and
probably 35 to 40% of the population.
the
we
pay
no
as
is morally
nearly the level at which the debts were incurred.
more
normal,
war
can
and
Wages
bringing prices,
of
maintain a price
Of course,
the excessively high prices which prevailed during the war cannot con¬
tinue, but if we should try to bring about a level, say 70% above the pre¬
level
We
Ithe
is
very soon
It
are
both
are
will
their
If
cannot—it
we
debt.
matter up
200%, above the
everything he
normal.
such
it
prices.
mal—which
talk
We incurred a heavy national debt on
and economically impossible.
wrong
down until the normal
come
This
restored.
been
has
religious privileges.
above
,
other prices, back to the pre-war normal
and
normal; railroad rates
pre-war
cases
wages
farmer
practically
pre-war
long as
Nation.
in
is
normal.
sent
fects
20% to 25%
from
Portland cement,
and in
them
The
war.
selling the things he produces at
higher, and, for great surplus crops, lower than the pre-war nor¬
We
deal
farm
Iowa
the
'
other products
and
price
in
up
between
whether farm prices or
bringing into cultivation
while
words,
he must
entire
the
normal; such basic commodities
pre-war
and railroad
tainly be communicated
one.
on
before
crops
of the things the farmer must buy:
100% above the
90% above
150% above the
evitable
as
normal.
pre-war
In
some
about
petroleum, lumber,
normal—from
mal.
well
as
take Chicago prices, but on the farm the
prices of
are
helping himself.
hope to reach normal conditions until we arrive on a price
level which will be fair to all our people and all products.
Farm products
cities
to-day
price* of these
both cattle and hogs are down to pre-war
are
Prices of farm products
proportion to/ the cost of production.
example,
20%
sake of
cannot
many
of the farmer's trouble is this:
cause
who had
men
money.
dropped out of all proportion to the prices of other things,
about
of
hundredweight
per
selling at those high figures the
were
the grain to feed the hogs lost
The second
have
When hogs
the
on
to think the hog feeder was growing rich, but most of
everybody seemed
the time
as
who bought the
man
who can help to take hold.
time for every man
a
dragged our fire engines by hand to
During all this period
prior to 1920
years
It is
consumer.
the days when we
great as many people suppose.
or
thought to getting the world back on a
As In
the scene of the fire
good citizen rushed out and took hold of the long rope and did his
bit, so we must do now.
Every good citizen, no matter in what business
he may be engaged, should do what he can to help the farmers through
this period of depression, not for the sake of helping the farmer alone,
the
The
charge is considered on the basis of its value a
is
world
the
more
and every
water."
on
that the land
true
given
basis, and perhaps had spent less time on
truthful
inflated price.
land at an
figuring the
are
The farmer did not pay that price for the land.
that.
dividends
wants
It
"You
say:
not do
You should
half
sound
idealistic schemes and
theories, they would have rendered a greater contribution to the peace
and orderliness and happiness of the people of the earth.
Now, as to this present situation, surely the duty of the Department
of Agriculture is evident.
We should do everything possible to find an
outlet for this great food surplus.
We should search for ways to produce
more
cheaply.
Our scientific men should try to find new uses for our
surplus crops.
We should help develop more efficient marketing systems,
straightening curves and lowering the grades between the producer and
had
economic
ter
understand
serious as it
is.
They point to the high value of our land, to the high prices at
farm products were selling prior to this heavy drop, to the large
People who
the
supply, while across the seas, in both
suffering for want of food.
If our
surplus food
great
our
almost
statesmen
experiencing
the
of
directions,
that
develop in the future.
tions which may
because
relation
in full:
say
[VOL. 112.
CHRONICLE
March 19
The farmer is
the
engaged in a big business who has had no
man
one
voice in fixing the price of
He has been compelled to
take whatever prices he could get.
His cost of production has not at any
time been considered in determining this price.
In times of small crops
prices have sometimes been high.
In times of large crops prices frequently
have been ruinously low.
Very large crops, as a rule, give the farmer fewer
dollars than small crops.
Farming 6eems to be one business in which large
things he produces.
doubt, when
squared
away
value of
this
on
orderly basis there will be a gradual increase in the
an
farm land,
provided
value
has
been taken
upon
the
increase
of the
out
in times past.
than
The farmer
land.
can
The speculative
no longer depend
operations year by year.
Farmers' crops must sell
higher relatively in the future than in the past.
We seem to have been going on the theory that the fertility of our soil,
through his farming
is inexhaustible. To
We must set about in
development of an agricultural policy which will enable us
to feed our people at fair prices and, at the same time, retain the fertility
of our soil, our greatest national material asset.
The increase in tenancy has aroused great concern.
Many people seem
to think that tenancy is in itself an evil.
Not necessarily so.
As land
advances tenancy increases.
This has always been true everywhere and
it is not necessarily a bad thing in itself.
The farmer who has a limited
especially in the great corn and tame grass country,
the
Nation
this
is
most
a
theory.
dangerous
the
earnest
working capital
has reached
far better afford to rent than to own after the land
can
fairly stable value based on its productive power.
Men are
willing to invest their money in land and accept a very low rate of interest
because of the security of the investment, but there are evils which grow
a
out of the
If
tenancy system which must be corrected.
are to make this a self-sustaining National
agriculturally,
we
studying these great problems.
It is not a question of production alone,
it is a question of the farmer being able to sell what he produces at a
We are the best
producers in the world, but our sales system is very bad indeed.
We must
study everything which influences both production and price.
We must
price which will justify
look
the
into
the
of
matter
him in continuing to produce.
competitidn from farmers of foreign
lands where
agriculture is still being exploited and where the standards of living
much below the standards which we demand for our people.
We
must look into world conditions both of supply and demand and produce
are
very
intelligently and adjust our various crops to the probable needs.
look into the administration of our credit machinery.
Those
more
must
We
regarding the plan, the
paper
quoted
#
The initial working capital of the national sales agency, with which to
provide facilities for the immediate handling of grain, to be secured through
subscription of the
membership
secured by deduction
Subsequent funds to be
growers.
of a certain percentage of the sales value of all grain
sold through its offices.
There
to be two contracts; one
are
elevator company or
a
the local
companies, composed of grower-members,
dividend basis to be asked to contract with the national sales
patronage
agency
grower to
association to the central sales agency.
Farmers' co-operative elevator
on a
running from the
the grain growers' association, and the other from the
said local company or
for the sale of grain of members of the national
farmers' co-operative
Where
organization.
elevator company meeting these requirements does
composed of grower-members
only to be organized, and contracts arranged between the national sales
agency and such associations for the sale of their grain.
These local co-operative associations to arrange for the use of local ele¬
vator facilities, either by contracting -with companies now in existence
exist, a local co-operative association,
not
which
are
zation,
or
eligible for membership due to their present form of organi¬
not
I
by arranging to lease, buy or build elevators.
To
However,
Permit
Re-Organization.
reasonable period of time may be given to local elevator
a
companies to make such necessary changes in their present form of
tion
as
would meet the requirements for doing
organiza¬
national
business through the
salesagency.
,
A contract between the growers and the
tor company or
Presi¬
as
Harding put it in one of his speeches, there is no time to be lost in
dent
As to other details
says:
value of his farm to make good losses suffered
in the
Transportation, legal, statistical and other
trade.
departments will be included.
national policy is fair to agriculture, but
our
slower
much
be
will
increase
get through this period of world adjustment and get
we
which affect the grain
the
production is always penalized.
No
1099
CHRONICLE
THE
1921.]
■
local fanners' co-operative eleva¬
the local co-operative association would be
solicited, provid¬
the sales
ing for the exclusive sale of the grower-members' brain through
As an alternative, a contract with
facilities of the national sales agency.
the
providing for the pooling locally of the
could be solicited,
growers
grower-members' grain, and its sale through the national sales agency.
The
said contracts also will contain provisions authorizing two or more companies
pool their grain, when approved by at least 75% of the
to
The
members of each
■
•.
.-V-...
plan provides for handling grain by purchase, on consignment or
pooling,
as
by
Growers will sign con¬
the growers in any locality may decide.
agreeing to deliver all their surplus grain to their local elevator com¬
tracts
A similar contract will run froin the loca
for a period of five years.
pany
^ ,-v.0
""V
v—'
company.
elevator company to the
central sales association.
who
'
control
the
of
finances
directly
fluence, either
the
or
country and
who
in their
have
The same
Through
the simple device of regulating the flow of cars the prices of farm products
can
be sent up or down at the will of those who exercise such control.
We had some costly experiences along this line during the war.
In short, the people of the Nation must come to understand that our
prosperity as a nation depends upon a prosperous and wholesome agri¬
large
a
the prices of
control over
of
amount
farm
products.
thing is true of the administration of our transportatoin systems.
culture.
I
cannot
ment
of
speak in detail of the many lines of work in the Depart¬
now
We have here
Agriculture.
magnificent body of men and
a
a
We are trying to use the scientific and practical
splendid organization.
Will
to in¬
power
indirectly, the extension of credit can exercise
Stabilize
Prices.
By handling a large volume of grain through
farmers
throughout the year, by financing the grain movement, with elevator re¬
by maintaining its own sales
exportable surplus,
the new grain marketing organization can, in the opinion of the committee,
stabilize prices and prevent the great daily, weekly and seasonal fluctuations
that are so great a hardship to both producer and consumer.
It is not the desire of the committee to form a grain "trust" according to
ceipts handled by its own finance department,
agencies on the grain exchanges, and by handling its own
It points out the impossibility of unfair
the committee.
farmers, since unduly high prices
culture of the Nation.
over
AGENCY
PROPOSED
FOR
production.
mittee of 7 to perfect
MARKETING- GRAIN.
v
it is
A
in time for the
by farmers of the principal grain-growing States at a series
Bernard
meetings held in the various States beginning March 13.
At each State
a
meeting delegates will be selected to attend
final meeting in
the
of
Mo.,
Chicago
April 6 to
on
pass on
ratification
proposed plan which was adopted at Kansas City,
Feb. 17 by the Farmers' Grain Marketing Com¬
on
mittee of Seventeen appointed
more
than six months
by the American Farm Bureau Federation.
sales agency
would be in the form of
a
ago
crops.
dustries Board,
not
be
The proposed body, the
exist.
controlled
actual
grain
by
farmers,
of authorities and
The national
growers.
limited
to
Houston
J. M. Bayne,
grain markets to handle the grain for
each natural grain district.
co-operative agencies desiring to operate through seats on the exchanges.
Corporation.—In connection with the branch sales offices, it
will be necessary to
provide Government-licensed warehouses, from which
will be Issued and used as a basis of credit.
These ware¬
wiil be acquired through lease, purchase or erection.
Finance Moving
adequate
of Crops.
Corporation.—A finance corporation is contemplated to
provide
farmer-controlled credit facilities, whereby country elevators may
properly finance the moving of the crop in an orderly fashion.
The capital
stock of the finance corporation will be subscribed when growers are asked
to
*
sign up their
Industries Board.
California Fruit Exchange.
Growers' Association
Corporation.
of United States Bureau of Markets.
.
Henry L. Goeman, President of a Chicago Grain
E. G. Montgomery, Chief
J. M. Mehl, Bureau of Markets.
Theodore
D.
Hammatt,
Assistant Secretary of the
Kansas Board of
Agriculture.
S.-W. Tator, formerly of the
J. E. Black, formerly
Federal Trade Commission.
of the Federal Trade Commission.
SHUTDOWN OF KANSAS FLOUR MILLS
memberships in the national sales agency.
The finance
supplement existing financial machinery.
Export Corporation.—The farmer-controlled export corporation will pro¬
vide proper facilities for marketing the exportable surplus of grain.
Service Departments.—The service departments are designed to furnish
accurate information on local, regional, national and worldwide conditions
corporation is designed only to
SUBJECT TO
COURT'S APPROVAL.
Under
Wherever
possible use will probably be made of all farmers' co-operative machinery
such as now exists.
Effort will be made to open boards of trade to farmers'
Finance
Board of Trade.
member of the Canadian Council of Agriculture.
the following:
Terminal Agencies.—Branch sales offices will be provided at important
warehouse receipts
number
United States Grain Corp.
George Simpson, member of the Oklahoma Cotton
ownership of the voting stock,
house facilities
a
Thompson, member of the Federal Trade Commission.
G. H. Powell, member of the
The announcement made by the
according
plan provides that the national sales agency will control, through
Warehouse
months
financiers, including:
"Herald and Examiner" of Feb. 18:
the Chicago
The
Feb. 17 the Committee of Seven¬
Bernard M. Baruch, former Chairman of the War
Committee of Seventeen regarding the plan says,
to
on
it during the past six
L. F. Gates, former President of the Chicago
associations
being
The Kansas
of farm products.
Julius H. Barnes, formerly President of the
"Star" stated, would
membership
marketing system in operation
a substantial part of the 1921
proposed the formation of a corporation for
the marketing
teen called before
non-stock, non-profit,
co-operative
new
handling of
reaching its conclusions
to
formed where local farmers' co-operative elevators do
be
local
or
sub-com¬
City "Star" states that in conducting investigations prior to
ing of grain by virtue of contracts with farmers' co-operative
companies
a
In addressing the Kansas City gathering on Feb. 14,
M. Baruch, formerly Chairman of the War In¬
financing
grain growers' membership organization, which, it is learned
from the Kansas City "Star," would provide for the market¬
elevator
appointed
the organization plans; it is stated that
hoped to have the
grain marketing plan calling for the incorporation of a
national sales agency has been taken up for consideration
of
price fixing by
quickly defeat themselves by encouraging
The Committee of Seventeen has
SALES
manipulated, to
By maintaining a steady flow of grain to the markets
their disadvantage.
knowledge of these men whereever it can best be used to promote the agri¬
NATIONAL
their own sales agencies, the
speculation and unfair
to check and finally eliminate the
hope
practices by which the terminal grain markets have been
on
a
ruling of the Kansas Court of
Feb. 25, flour mills of
cept for unavoidable causes,
been obtained from the
Industrial Relations
the State may not shut down, ex¬
unless permission to do so has
Industrial Court.
This ruling was
their approval of a
report of a committee recently appointed to draft rules and
regulations governing all mills in the State.
The Topeka
"Capital" of Feb. 26, in announcing the Court's ruling, said:
given by the Judges of the Court after
.
This move comes as a result of the
their employees, when
trouble between Topeka millers and
the mills shut down early in the winter
and the em¬
ployees were thrown out of work.
Under the
production below 75% of its regular
or more,
sion.
during
regulation, if a milling company wants to
suspend opera¬
dally capacity for fourteen
Industrial Court for permis¬
In making application the company must agree to pay its employees
the shutdown as if they were on duty or furnish them with other
tion or lower
day8
new
employment.
application must be made to the
1100
THE
The committee submitting these regulations is
composed of G. A. Engh,
Chief Accountant of the Industrial Court; Prof. J. A. Fltz, head of the mill¬
C. V. Topping, Secretary of the South¬
ing department, K. 8, A. C. and
western
All Judges approved the report.
Milling Association.
questionnaires are now being printed to be
These will give the information regarding aver¬
In carrying out the new order
sent to all Kansas millers.
was
also laid before Secretaries Wallace,
The
embargo
and waste.
under
was
sociation had agreed upon
the pooling by members of 50,-
executive committee to be held for sale in
the market.
The Kansas City
an
effort to stabilize
"Star" in jts report of this
signed
up
for legally by the members of the association.
This year the farmers agreed not to
sell except for
This is part of the plan for the
legal binding to hold the agreement.
was no
National
Wheat
Association.
Growers'
It is thought that the National Association
million
bushels
wheat
of
The
more.
or
will control the sale of 200
executive
Association
Kansas
committee has been in session here for the past two days and will imme¬
A. C. Bailey
diately send out men to get the signatures of the members.
of Kinsley is Chairman of the board of
directors and M. D. Kelly of Bucklin
Secretary-Treasurer, will handle the sale of the wheat for the Kansas grow¬
y-r'-^y
ers.
SLIGHT
The
REFINED
March
This is
(The increased quotation
mentioned
American
cash.
sugar
March 17 to 8}4 cents, less 2% for cash,
on
and 8 cents for soft.
advance of
an
on
of
cent
a
early in February.
Feb. 24 from 7.50 to 7.75 cents
on
799 of the issue of Feb. 26).
page
The
Sugar Co. is still quoting 8 cents less 2% for
The
price
81^-cent
rules in
also
Philadelphia
the
The Cuban
new
of
on
cent in the
a
March 17 announced
On May 1
be followed
price of
(or 5.10 cents f.
and
b. Cuba),
o.
raw sugar.
against the previous price
as
price of 4% cents named
a
Commission began to
after the
soon
by
like advance in subsequent months, as has
a
been customary
in former
WOOL
It is understood that the
years.
Lehigh Valley, Delaware Lackawanna & Western and Lehigh
& Wilkes-Barre Coal Co. will
probably follow suit in reducing
Reading and Lehigh Coal & Navigation companies
prices.
said to contemplate no cuts.
are
The Delaware & Hudson
prices in prepared sizes of anthracite 50 cents a
effective
ton,
April
1,
according
URGED
ON
Fuel
to
Administrator
Following the lowering of wholesale prices, reductions in
ranging from 65 cents to $5 a ton
the retail price of coal
below the highest
March 18.
on
stove and nut
quotations of the winter were announced
new quotations in the city are $13 for
coal, and $12 75 for egg and broken coal.
In
The
Brooklyn coal is quoted
a
as
follows: For broken and egg, $13
This represents a
ton; stove and nut, $13 25; pea, $11.
cut of about 85 cents
them, in
a
ton.
George J. Patterson, head of
Lehigh Coal Co. of Brooklyn, said:
opjnion.
our
it will be possible to fix
There can be no substantial reduction in these fig¬
a reduction in the miners' wages and in freight
until there has been
rates and the agreement
The railroads
are now
with the miners does not expire until April, 1922.
attempting to readjust wages with their employees as
been made there
well
as
is
possibility of serious interruption in transportation, which, of course,
a
would
function.
UPON
'
these prices will be advanced 10 cents a ton, to
the boat owners, and before those adjustments have
delay in the delivery of the supply of coal for this market.
cause
OF
IMPORTANCE
EMBARGO
$7 10; stove, $7 35;
egg,
The latter two represent cuts of 75 cents and
the others of 50 cents.
ures
quotation is 5M cents, cost and freight New York
of 5 cents,
are:
Our prices as announced to-day .are as low as
Sugar Commission
another advance of
prices
new
$5 65; buckwheat, $3 50; rice, $2 50; and
the Scranton &
markets.
The
The
15.
nut, $7 45; pea,
Hultman, of Massachusetts.
.
since March 9th and of % of a cent since
was
IN
SUGARS.
RAW
prevailing local wholesale price for granulated
advanced
was
ADVANCES
PRICE
AND
anthracite coal
Pennsylvania Coal Co., hand¬
ling the product of the Erie RR., has lowered the price of
anthracite coal 50 to 75 cents a ton, effective
will lower
FURTHER
The
domestic
r
■
the
action.
COAL PRICES CUT.
have been announced.
stated price, but there
a
any
Cuts in the wholesale and retail prices of
barley, SI 50.
said:
The wheat will be
and
HARD
000,000 bushels of the 1921 wheat crop in the control of an
he desired
indicated that
Cabinet members before taking
advice of
announced at Hutchinson, Kans., on Feb. 24 that
the State Committee of the National Wheat Growers' As¬
it is said, took the request
President Harding,
PLANS FOR POOLING OF WHEAT IN KANSAS.
It
Hoover and Fall.
applied to wool would include tops, yarns
as
consideration,
dally capacity, the number of employees, and other general information.
age
[Vol. 112.
CHRONICLE
INDUSTRY
DYE
STAND¬
FROM
PRESIDENT
POINT OF NATIONAL DEFENSE.
HARDING.
The
dent
of
placing of
Harding
Utah,
an
embargo
at the head of
was
the President
wool
urged
was
a
upon
plea that
a
delegation which called
tives made
was
statement
I
On the
Representa¬
once
butter, lemons, cottonseed oil and cotton.
of this
made
Announcement
by Senator Cameron, of Arizona, who in
a
regard this situation
as
the most important question that has confronted
More than
a
hundred million pounds of wool have
arrived in this country since last November, and in the last sixty
days it
has been coming in at the rate of 1,000,000 pounds a day.
bottoms
the
on
seas
en
route
to
this country
There is
in
now
100,000,000 pbunds
while to-day we already have actually on hand in the warehouses
more,
a
two-
years' supply of wool.
wool is
now
On top of this Is the fact that another great crop of
being sheared.
On account of the costs involved, the congested
warehouses and
no
market, the wool growers do not know what to do.
Growers of other commodities for which
facing
ers
very
much the
same
conditions
as
and
can
go no
further,
embargo is immediately put
the present
We must
so
act
now
industries which
are
they
that there is
on.
situation, but to
are
asking
that of the wool
of the West have loaned all the money
men
we
no
an
embargo
men.
are
The bank¬
can to the cattle and
sheep
chance for relief unless this
This action is necessary not only to meet
the industry from total destruction.
save
to conserve
mercy
necessary
City Colony, National Society of New
German dyes.
and
The President was informed, the Senator said, that the
producers of the commodities which would be covered by the
embargo were facing such a "serious situation" that unless
importation
of dyes.
in the American chemical
ownership
American
said that
He
"It
the colors
is important that
depend
pend
industry during
Property Custodian.
our
color, and that unless
the industries could not go on.
$3,000,000,000 worth of products
the dye industry should not any longer de¬
on
the Germans,"
on
exclude
industries producing $3,000,000,000
worth of goods annually used coal-tar
that
would
He
Mr. Choate investigated the German control
his association with the office of Alien
he
"It
said.
is
important
these
products should not be placed at the mercy of an industry
which is practically organized as a part of the German Gov¬
I
ernment.
not
say
to you,
however,
that that importance is
fraction of the vital importance to this country of this
a
He contended that the dye industry was most
industry."
important of all, however, from the standpoint of national
In
defense.
emphasizing that point, he said, according to
the New York
"The
won't
for the people.
Mr. Choate advocated a
of German chemists.
of the
licensing
and guarantee the continuance of these
absolutely and vitally
York
England Women, declared that the United States is still at
they could get
regarding the situation, said:
the country in years.
address at the Hotel Waldorf-Astoria on March
upon
appeal to President Harding for the putting
of an embargo on wool, hides, meats,
an
into effect at
an
10 before New
for immediate relief be
of Western Senators and
a group
Joseph H. Choate, Jr., counsel for the Chemical Founda¬
tion, in
the
measures
put into force until necessary legislation be enacted.
following day
Presi¬
Senator Smoot,
the 16th inst. in behalf of the Western Wool
on
Growers with
on
the 16th and 17th inst.
on
tant
go
"Times" account of his address:
industry
dye
whole process
with the
explosive
industry.
I
of our stockings are dyed, the
of its manufacturing is the same up to the last point, with
manufacture of
the
is interchangeable
into that any further than to say that in the case of one impor¬
dye, sulphur black, with which most
used in
picric acid, which is
one
of the two great shell-fillers
By varying the last process to a slight degree you can make
war.
job result either in sulphur black to color your clothes or in picric acid
the
steps were taken immediately to shut out imports from foreign
countries, the very existence of some of the producers was in
to blow up your
danger.
The Western members of Congress
large number of different dyes.
maintain
that
gave
war
powers
were
said
to
still retained by the President
him authority to declare
an
embargo such
as
they
The
delegation which presented the request to the Presi¬
dent included, in addition to Senator Cameron, Senators
Washington;
Stansfield,
Oregon;
Borah
and
Gooding, Idaho; Warren, Wyoming; Smoot, Utah; and Oddie,
Nevada; and Representatives French and Smith of Idaho,
and
Hawley, Washington.
The situation confronting the
producers of the products for which an embargo is sought,
into
an
the
if you
so
same
opponents' trenches.
way TNT is almost produced
in
the
manufacture
of
a
You can turn a large dye works overnight
explosives factory and get all the explosives you can ever need, and
maintain
bother
recommended.
Poindexter,
"In
have a full-grown dye industry in time of peace you need never
great supply of explosives or special explosives factories, or
any
about having a trained
force of
explosive chemists and employees
who are especially experienced in that line. That, however,
a
secondary matter.
The great war began as a 100% explosive war.
the last fighting more than half the shells fired were filled with poison¬
and engineers
is
In
ous
gases.
The Germans made every pound of their poison gases in their
dye works without
ready to their hand,
changing them in the least.
They had the factories
they had the men and the materials, they had every¬
thing."
At tlie
present time this country has developed a dye in¬
dustry far in advance
of any in the world outside of Ger-
March 19
1921.]
THE
many, said Mr. Choate.
to
keep it?"
"And the question is, are
CHRONICLE
going
we
Considering the question with reference to the
1916.
In the
another
event of
war
might be cutt off from supplies of
we
saltpeter.
"The
portance.
armament
the
of
resources
great demand for disarmament, Mr. Choate stated that dis¬
German
dye industry are of
less military
no
im¬
complex organic
would
limited
was
disarm
"But how
dye monopoly
she has
defense.
is in
or
of
can any
is left armed?" he asked.
a
national
by
No
nation
beyond the point at which national defense
imperilled.
was
'
1101
disarm if Germany
us
"As long as
Germany maintains
position where she
a
regain it,
can
armament for chemical warfare superior to that
an
of any other nation.
An otherwise
day in
a
develop
against
a
unarmed nation
is
to¬
Most
the
of
employed
gases
toward
the end
the
of
were
war
substances, none of which had been made previously ex¬
small quantities, and some of which were prepared for the first
during the war.
Gas warfare undoubtedly will continue to develop
this direction, and in the future organic substances will be
employed
cept in
time
in
which
do
we
not
know
to-day.
"The use of gas will always offer great opportunities for
surprise in mili¬
tary operations, and the experience of the present war has shown that rapid
production of new gas is essential if the surprise is to be effective.
Any
country without a well-developed organic chemical industry will be se¬
verely handicapped in this respect."
position
to
attack
which,
nation not chemically armed, will be simply un-
defeatable.
The
Germans
alone knows what
sleeves.
chemical
a
We | do
devilish
know
this
in
are
position.
contrivance they
if
that
have up their
destroy every gun they
we
have they will still be in a position where they can launch
deadly
a
armed,
day
attack
long
so
that
certain extent, are
ing it.
lot.
But
cal
destroyed,
war
But if
happy position, and
same
the British.
The French
or
should also be able to carry
organic chemical industry
our
well.
as
lose that
we
reporter of the New York "Times"
a
Dr.
Charles
H.
on
Sunday, March 13,
of the American Chemical
Herty,
declared that Mr. Choate
was
Society
correct when he asserted that
"as long as Germany maintains a dye monopoly or is in
position where she
chemical
Dr.
warfare
can
regain it, she has
superior
of
to that
for
an armament
other
any
a
nation."
"But
sufficient
factories
and
dyestuffs during peace-time,
of
The question
war.
to
supply
the
world
with
chemicals
and she could quickly turn these to
is whether
now
the
should pefruit that country
we
maintain
that equipment.
We have the right to make her disarm in
Other countries have developed their own dye industries to the
that way.
where most of
point
This
is
them
able to
are
country, Great Britain
rapidly
supply their
and Japan
building her industry,
so
have their
that there
the maintenance of those German plants, which
"The
Her
supply
after 1916
war
Chilean nitrates
of
plants
and France
is absolutely
constant
are a
need
no
war
had it not been for her chemical
was
exhausted
ing ammonia from atmospheric nitrogen.
if she is allowed to keep her plants."
G.,
Dr.
by that time,
She
do the
can
amount
but
plants.
she
enable
was
thing again
same
this
has scored another record.
135,000
was
In
year.
in
rose
years
been
that
the
twenty-four
the interallied mission acquiesced
on
continue the
war
in
Daily
writ¬
as
tons.
Before the
war
Last year the amount
produced in
ever
one
in the
year
of history.
broken
during the months of
January
and
13,000
tons
Presuming the monthly
pro¬
January the total production
February to 15,000.
was
year
learn
that the
been
so
efficiently
never
so
determined.
they
hundred
different
demand.
British
the
concerns
have decided
organized,
never
on
big spurt.
a
well
so
provided
Never have
with
capital
Though they turn out between four and
the industry
is concentrating mainly on
shades
those for which
there
is
and
will
is still very
five
the
most
likely be the greatest
low—about a quarter of the
figure.
in
colors
will
dye
The cost of production
"Early
the
is
hoped
to have completed large stocks of
demand, and the financial position of the dye concerns
these stocks being sold at extremely low figures for the
in
most
permit
it
summer
of
purpose of conquering foreign markets.
"Germany's two great dye opponents are Great Britain and
States, and it is the markets there she has set her heart,
express
the
these.
"An
United
rather her
in spite of restrictions, for she thinks she will be able to
upon,
over¬
'
intensive
campaign is being organized and will be opened in a few
Already the German dye industry is doing very well in the Far
America, in both of which regions sales have even now sur¬
passed the pre-war figures."
months.
East and South
SHIPBUILDING
IN
UNITED
STATES—THE
MOORE
SHIPBUILDING COMPANY.
Oakland, California, March 10 1921.
Editor, Commercial & Financial Chronicle:
Dear
Sir:—In
the issue
of your paper
for Feb.
19
1921,
on
710,
page
there appears an article regarding production of
ships in this country during
the year 1920 in which you
reprint an article from the New York "Evening
Permit
were
spite of the blockade.
Germany
The I. G. works
to call to your attention that
me
delivered nineteen steel vessels.
pany
vessels
largely owing to the efforts of this combination that
to
"The
rest of the year at the
February figure, Germany
produce 178,000 tons of dyestuffs.
It is not too much to
say that the figure will be a good deal nearer a quarter of a million tons.
was
following statement in their report:
was
of
duction remains for the
will
with
a
total
during the
Of
this
year 1920 this com¬
number
nine
were
cargo
deadweight carrying capacity of 84,600 tons.
tank steamers with
a
Ten
total
deadweight carrying capacity of 100,000
tons making the total carrying
capacity of the nineteen vessels 184,600 tons.
This plant reopened on Nov. 24
1919, after a two months' strike and has
operated
"It
DYES.
Post," showing the number of ships produced by certain
shipyards.
Herty pointed out
chemists and engineers
in the
has
record
February of this
...
I.
correspondent
the biggest amount
industry's thirty
for
Speaking of the great German chemical coalition known
the
the
menace.
able to get her supplies for her explosives by the Haber process of extract¬
as
OF
domestic needs.
own
own
reports of interallied investigators declared that Germany could not
have continued the
dye industry
tons,
that
and the
brain,
uses
to
special
a
production of dyestuffs
whole of
come
has
OUTPUT
gr
Herty added |:
"Germany
German
making of
published in the issue of that paper
reports
145,000
and
interview with
an
IN
follows:
as
was
advantage."
In
ing
"I
lose
11,
German
on a chemi¬
RECORD
Chronicle," who recently returned from Germany,
approach¬
nearly
or very
March
To¬
a
SETS
special cable to the New York "Times" from London,
"The
too, to
so,
are
A
un¬
and planes and tanks and rifles
our guns
we
well as everybody else,
as
we
armed
chemical industry is by far the best of the
our
To-day if all
were
nation,
other
any
they retain their chemical facilities.
as
are in
we
against
GERMANY
Heaven
as an open
shop under the American plan continuously since that
date in the face of strenuous opposition on the
part of organized labor unions
who endeavored to enforce the continuation of strike
conditions.
produced the bulk of the synthetic ammonia and nitric acid needed for the
production of fertilizers and explosives, all the poison gas (with the ex¬
ception of some chlorine and phosgene), and a large proportion of the high
fully launched
explosives.
A V
was
"No arrangements appear
the
to utilizes
war
to have been made prior to the outbreak of the
of any
resources
of the dye factories for
war
purposes.
After the battle of the Marne the
Government realized the need for
expand¬
ing the output of explosives, and most of the chemical works were producing
small quantities by the end of 1914.
Standardized plants used for the
manufacture
of
dyes
converted for the
were
production of explosives with
remarkable speed, for instance at Leverkusen, a TNT
plant producing 260
tons per month was put into operation in six weeks.
"Poison
At
gas:
first
ments, but afterward
which
these
made
by
were
and
phosgene were the main require¬
variety of organic substances were employed, all of
the factories of the I. G. combination.
Many of
and
new
difficult
to
dye factories could be
wished to introduce
Berlin to
a
new
used
for
this
"The
that
every
other
tions
factories of
of
"For
therefore
chemical
a
key
of
as
which will be
to
Germany's
that
1912
large-scale
and
on
the Badische
to
the
has
gas
the
show the great military
In
as
a
is essential
that
otherwise
a
we
permanent
war
are
the
future
it
is
clear
domination
of
certain
sec¬
war.
leaving Germany in possession
of
extension
become
and nitric
that
in
to the peace of
explosives
the world.
the
was
Haber
from atmospheric
nitrogen.
It is
production by this process only began at the
the early part of 1914
great pressure was put
Company to increase its output.
of
the
Haber
independent of
acid, substances
plants at Oppau
During the
and
war,
Merseburg,
owing
Germany
foreign countries for her supplies of ammonia
indispensable for the manufacture not only of
high explosives, but also of ferilizers for food production.
"Without such a process
Germany could not have made the nitric acid
required for her explosive program, nor obtained fertilizers for food pro¬
duction after the
ade,
and
it is
supply of Chile saltpeter had been stopped by
probable that she could not have continued the
tioned in your tabulation.
our
war
ships fourth among the various plants
men¬
A comparison of figures of production for 1920
and third in tonnage.
You will probably be interested to know that
two
vessels
cargo
which
are
of fourteen
thousand
on
tons
Feb. 201921, we launched
deadweight capacity each,
the largest freighters built to date on the Pacific Coast.
laid the keel for
a
We
also
tanker with the deadweight carrying capacity of 16,340
tons.
-
■1.
•
Trusting the foregoing information will
prove of interest to you, we are
Yours very truly,
,
MOORE SHIPBUILDING
L.
DEALING
WITH
LABOR
H.
IN
COMPANY,
CROMWELL, Secretary.
THE
MANUFACTURE
OF CATERPILLAR TRACTORS.
Editor of Commercial& Financial Chronicle:
On page 783 of the Feb. 26 1921 issue of the
I read your article about the situation in the local
"Chronicle,"
printing trades, and
was
much interested in the next to the last paragraph (page 784) in the
article,
wherein you have used the illustration of the application of the
"Caterpillar"
tractors and other forms of
2.
You
no
doubt
will
strength to the removal of the
be
interested
to
hear
that
the
snow.
very
principles
which you are stating in this article, and the illustration
you have given to
make that statement more effective, were wrought into the construction
of those
3.
"Caterpillar" tractors.
We have been operating for some time past with a form of
employee
known as Shop Committee, and many of the problems
representation,
stated in your article confront
mittee
and
"all
trying
years
in
us
also, but by sitting down with the Com¬
reasoning together",
a
much
more
we
satisfactory
have
come
manner
through two very
any of the other
than
industries in this vicinity.
Very truly
block¬
after
Comparing the above
hand for 1921, it appears that in tonnage we
on
would indicate that this company ranks fourth in number
of ships delivered
Dear Sir—1.
each
menace
production
regards business
as
potential arsenal, and
for the production of ammonia
significant
end
to
figures
be sub-divided in order to
combinaiton.
submit
gate carrying capacity of 119,090 deadweight tons.
rank third and in number of
held at
was
country shall have its
industry firmly established, and this must be secured as one of
weapon
process
G.
on the same tide within a
period of one hour.
This record
made under the most adverse labor conditions
conceivable.
On Jan. 1 1921, we had eleven vessels under
construction with an aggre¬
Government
industry which Germany exercised before the
the conditions of peace,
"The
I.
cannot
military security it
chemical
of
the
chemical factorty must be regarded
nations
organization of
the
gas, a conference of the various firms
determine how the manufacture should
value of the
peace
When
purpose.
existing plants to the best advantage.
figures for the output of explosives and
use
and rapid production
prepare,
only possible owing to the speed with which the
was
the
were
substances
a
chlorine
The first sextuple launching ever
attempted was held by this company
Dec. 20 1919, when six steel vessels
aggregating 58,200 tons were success¬
on
THE
'
R.
M.
HOLT
yours,
MANUFACTURING
COMPANY,
HUDSON, Manager Methods A Personnel.
1103
The
MONTHS GUARANTY.
Commerce
Interstate
since the enactment
on
Commission
sanctioned up to March
that
announces
Feb. 26 1921, of Section 212
ing the Transportation Act of 1920
amend¬
Commission has
the
16, partial payments of sums due
the railroads under the Federal guaranty of
half year
UNDER
ended Sept. 1 1920,
as
follows:
Name of
of Canier—
Ami. Certified.
Chic., Milw. & St. Paul..
S637.190.05
Great Northern
6,000,000.00
^
Northern
150,000.00
2,000,000.00
Trans-Miss. Term!na!....
7,000.000 00
800,000 00
Illinois Central
Carrier—
Amount
Phlhidelplila & Reading..
Chic., Mllw. & St. Paul..
Pacific.7,000,000 00
Chic., Burl. &Qulncy
Chicago & Alton
•'•
Gulf, Mobile & Northern.
—
hearing of evidence from both parties to the dis¬
outlined
110,000.00
2,500,000.00
6,000,000.00
Chic., Rock Isl, & Paciflc.
Chicago Great Western...
Chic,, Ind. & Louisville..
Ulster & Delaware
219,800.00
Gulf, Mobile & Northern.
50,000.00
Pacific..
1,000.000.00
Chicago & Nor. Western..
...
Chic. Gt. Western..
Raritan
to
said:
Actual payments to
212
of
also
and
Act
under
1920
(V.
March 14 under the aforesaid Section
Sections
other
110,
of
720, 2250)
p.
Transportation
Federal
§841,812.04
the
of
ment
v
to which a certificate for final payment
them they
are
taken
drastic steps to
effect the strictest
but with the enormous payroll obligations forced
facing
crisis which, if not solved properly and equit¬
a
impressed with the importance of the issue
why all employees should evince, as
of
them,
a
a
proper
has already been shown by a
receptive mood and desire to honestly co-operate in
solution of the difficulties of the situation.
The war
scale of wages must give way to the normal rates of pay.
WITH EMPLOYEES.
In fulfillment of the
has not been
in
(bommeree
263,182,874.00
...
Under Section 212, for partial payments in respect to the
30,802,990.05
guaranty provided in Section 209.__
J......
J
188,982,137.60
$485,131,514.32
Total............
resolution
a
policy of reduction of expenses directed
adopted by the board of directors of the
Pennsylvania system
of
the
on
March 9, and printed
issue of March 12, a circular
our
Managers of that
Under Section 210, for loans from the revolving fund of
§300,000,000 therein provided
already
This is why the railroads are
1.311,700.63
Commission
(d)
have
PENNSYLVANIA SYSTEM WILL HOLD CONFERENCES
(h)
(i)
received by the Treasury from the Interstate
(c)
carriers
ably, will vitally affect the future welfare and prosperity of the country.
(2) For advances under paragraphs (h) and (i) to carriers
as
Issued yesterday from the
was
Managers' Association, which dwells
pay¬
guaranty has been made under paragraph
(g) including previous advances under para graphs
and
causing
the importance of the matter at issue:
The
economies in operation,
producing
1
control
Under Section 209: (1) To carriers, to which final
(б)
following statement
offices of the General
number
Under Section 204, for reimbursement of deficits during
(а)
Another first line argument is that the
living has fallen and it is possible to decrease wages without
The
and
summary:
which, they say, are higher than those paid to labor in
hardship.
reported by the
are
Treasury Department in the following
makes it unnecessary and inadvisable to pay
this region now
other similar line of work.
cost of
upon
the
condition.
the present rates,
any
the Railroad Labor
companies are forbidden to present the facts bearing on their
Their main argument is to be that the large supply
Board the
financial
of labor in
.....$49,752,990.05
Total
course
■■■'•■'■I
presenting the ex parte appeals in the wage cases to
In
upon
60,000.00
.
in
preparation.
400.000.00
835,000.00
RIverr
Formal
In connection with the submission of cases
the labor tribunal,! the New York "Times" of March 17
of
12,000,000.00
Central
Tennessee
Texas &
•
617 of the issue of Feb. 12.
on page
March 17 sent to Chicago by the New York
Central, and the New Haven papers in appeal are
500,000.00
2,376,000.00
115,000.0C
as
papers were on
income for the
Partial Payments to March 15 Intl. on Account of the Government Guaranty.
Name
abrogate national agreements and wage schedules
a
pute,
—PARTIAL PAYMENTS SANCTIONED
refusal to
without
FINANCING UNDER TRANSPORTATION ACT OF 1920
SIX
[Vol. 112.
CHRONICLE
THE
company was
information of
for
program
a
the
on page
984
signed by the General
given out
March 15 "for
on
This notice contains the
public."
series of conferences with different classes of
employees to be held in Moose Hall, 628 Penn Ave., Pitts¬
UNSKILLED RAILROAD LABOR REJECTS WAGE CUTS
burgh, for the
purpose
of discussing the contemplated revi¬
sion of salaries and wages,
TO LABOR BOARD.
—ROADS APPEAL
effective April 20:
The circular reads:
Indications at present arc that all railroad
East, members of which
unions in the
affected by proposed
are
de¬
wage
will resist the cuts.;
Various organizations are re¬
ported to have held conferences within the past few days,
creases,
but
no
formal statement has
as
yet been issued.
The
men,
it is said, take the stand that figures submitted by the roads
to
uphold their position do not establish sufficient
the
warrant
that present
reductions
and
cannot
reasons
to
'be substantiated,and
economic conditions do not justify their attitude.
The carriers will at
once
bring test
cases
before the United
States Railroad Labor Board and endeavor to obtain
which will enable other roads to reach
rulings
agreement with
an
Notices will be placed on the
nate
come
to
an
the New York Cen¬
tral, the New York New Haven & Hartford and the Phila¬
delphia & Reading.
Reports that workers
of the Central Railroad of New
cut
were
denied
March 16
on
This action is taken in pursuance of the
of directors March 9,
on one
Jersey had accepted
rejection of the
of the Board.
salaries and wages
reduction by
wage
This
suggestion
on
was
em¬
the
men.
At
the
also turned down by the
that date issued the following
statement:
of officers and employees to accord with economic con¬
For the purpose
a
series
of discussing the proposed revision of salaries and wages,
has
of conferences
been scheduled,
which the representatives of
subordinate officials and employees are invited to
stated to be that of "reaching an agreement as to
reasonable rates of pay
The object is
attend.
what constitutes just and
in the light of present conditions."
Pitts¬
burgh, and the hour of convening for each will be 10 o'clock in the morning.
Pittsburgh
was
selected
as
being the most centrally located city in the terri¬
tory of the Pennsylvania Railroad System, and most easily
accessible from
all sections.
(
Any employee designated and authorized to act in a representative capac¬
the purpose
of attendance and will be furnished with the necessary railroad
transportation.
Mar. 31—Maintenance of way
time be given any consideration.
April
4—Shop employees, except supervisory forces.
April
6—Telegraphers, telephoners, levermen, &c.
April
8—Stationary engine (steam) and boiler room forces.
April
9—Clerical and station forces.
signal foremen and signal inspectors.
April 13—Train service employees.
April 15—Train dispatchers, yard masters and assistant yard masters.
R. E. McCarty,
T.
mean
withdrawal from service, but should the New York Central arbitrarily
as of April 1, it is the intention of the
representatives to comply strictly with the provisions of the Transportation
Act of 1920 by placing the matter into the hands of the United States
Labor
executive
refused to
was
offices
of
the
New
York
Central
The
notice
procedure outlined in the notice is in strict accordance
Transportation Act of 1920, which provides that in the event
Labor Board.
ERIE
reads:
second conference between the general
managers of the New York
Central RR. and representatives of
freight-house, track and other unskilled
labor at New York to-day the representatives of labor declined to
join the
railroad in submitting
the question to the United States Railroad Labor
Board
required
as
by
the Transportation
Act of 1920,
and
therefore the New York Central RR. will
request the United States Railroad
Labor Board to authorize the reduction in
wages, effective April 1 1921.
1
The action taken by the New York Central in this
respect
follows the course outlined by the Board at the time of its
RETURNS
FORMER
COMPELLED
The wage
a
Chicago,
Altoona, Pa.
an
made that the labor representatives had
Board.
Region.
Manager. Southwestern Region.
with the terms
of in¬
ability to reach an agreement respecting wage revisions, at conferences such
as those proposed, the matter shall be referred to the United States Railroad
The
of the
join the management in submitting the dispute
Labor
General Manager, Northwestern
P. F. Smith, Jr., Works Manager,
way
Board for final decision.
B. Hamilton,
Eastern Region.
General Manager, Central Region.
I. W. Geer, General
in any
place those rates offered into effect
of the following officers:
C. S. Krick, General Manager,
properly at the
The rejection of the New York Central proposal does not
signal foremen
and signal inspectors.
The notice bears the signatures
present rate of pay.
the
|
April 11—Engine service employees.
We find that those employees to-day are
not receiving sufficient income to maintain their families
announcement
except signal foremen, assistant
2—Signal department
April 16—Shop supervisory forces, signal foremen, assistant
v
(
and structures and unskilled forces.
employees,
April
The conference concluded in the representatives of the
employees notify¬
ing the management that a reduction in the rate of pay would not at this
at
resolution adopted by the board
instructing the executive officers to "give, as promptly
ditions."
held March 16 and resulted in
was
union representatives, who
the
reduction in sal¬
ity at these conferences will, upon request, be granted leave of absence for •
a wage
by representatives of the
meeting, it is said, the railroad management proposed that
the employees accept the revised scale pending the decision
At
a
possible, proper notice that it is the intention of this company to reduce
as
division
A second conference between officials and unskilled workers
to
make
I
20.
The schedule of meetings follows:
of the New York Central
At
became effective warrant a reduction of salaries and wages,"
and that the management, therefore, proposes to
aries and wages effective April
ployees.
a
officers, subordi¬
"changed conditions since the present
employees that
All the conferences will be held in Moose Hall, 628 Penn Avenue,
Among the roads that have been unable to
are
officials and
rates of pay
employees without going before that body.
understanding with unskilled labor
bulletin boards of the Pennsylvania Railroad
System not later than Thursday of this week, informing
TO
WAGE I SCALE
REDUCE
BUT
IS
PERSONNEL.
reduction put in effect by the Erie Railroad on
which the management believed a more humane way
effect economies found absolutely necessary because of
Feb. 1,
to
lowered
of
it
wishes
on
revenue,
than to throw large numbers of workers out
employment, was withdrawn on March 13.
This action
is
stated
was
taken in order to conform with the
of
March
the
7
United
that the
States
Labor Board, whose decision
Erie, through its lowering of wage
March 19
scales
and
THE
1921.]
without
formal
with
conference
the
affected
men
without submitting the question to the Board, had
violated its rulings, was
March
But in order
12.
operating
printed
to
meet diminished revenue,
the nation and 2,000,000
it is announced in various
papers,
will result in the
and
in
a
dropping of from 3,000 to 3,500 workers
the reduction in
personnel is proposed to take effect
In February, it is said, it cost the
short time.
very
This
the need for economy is
urgent, and it will be impossible to maintain the present forces
and await a decision by the Board in the matter.
This
action will leave the company in a position to formally
management $1.07 to make a dollar,
submit
the
question of
wages
It is
inhabitant of this country.
an
unwarranted
proposition to tear down and destroy American standards of work, wages
and
30% reduction in working force has been proposed.
a
public should understand the railroad situation thoroughly.
the curtailment of
out
carry
The American
It directly affects every
986 of the issue of
on page
that is absolutely necessary in order to
expenses
1103
CHRONICLE
living for the benefit of the railroads without regard to the welfare of
employees, who ask only for
an
equal enforcement
of the law.
It is
direct attack against American standards of living, against the
a
American home and against the welfare of American citizenship.
If the
labor sections of the Transportation Act are to be violated at the will
of the
railways, then let the Cummins-Esch Law be nullified in its entirety and
ordered to get along without interference from or the protec¬
the railways
tion of the Government.
ask is fair dealing from their employers and
All the railway employees
a
They will not agree
fifty-fifty enforcement of the Cummins-Esch Law.
such jug-handled application of the law as
to any
have announced they
at their command to combat the proposals of
every resource
roads.
If the railway companies in¬
intend to place upon it.
violation of law, railway employees will be fully justified in
sist upon their
using
certain of the railways
the rail¬
.
to the Board and await its
The New York "Herald" of March 13 said:
The Erie announcement said that the reductions
in
wages
of its unskilled
this month, no longer obtain,
attain its end by reducing its working
This diminution in personnel will come to pass next
AND
EXECUTIVES
RAILWAY
OF
REPRESENTATIVES
BETWEEN
CONFERENCE
decision.
BROTHERHOODS.
meeting of members of the American Association of
A
workers, which went into effect on the first of
Executives
of
the railroad
Railway
forces about 30%.
brotherhoods, said to have been called for the purpose of
and operating costs be
This is to be done in order that revenue
month.
brought closer to normal relationship.
prompted by the decision of the United States
This action by the Erie was
violating the edict of
Railroad Labor Board which ruled that the road was
appealing to the Board, were rewarded by hearing
The latter, immediately
the Erie rebuked
They at
once
decreed. They so
arranged the deductions that a differential was established above the going
rate for corresponding labor in each community touched by the railroad.
Protests by the men were overuled and the workers appealed to the Labor
The Board held, in effect, that the Erie
Railroad had violated the
Board's decision and instructions.
General Manager for the Erie, declared yesterday that
Robert Parsons,
effected since March 1 by the reductions in pay had enabled the
considering taxes.
In other words, the road
the savings
road to break about even, not
is
taking in
Now
dollar for every dollar expended, before taxes, of course.
a
by reducing
the Erie officials expect to continue to come out even
The only classes of labor not to be affected will be.the four
working forces.
At present Erie employees, from the President
brotherhoods.
great R. R.
•f the system
down, are on a pay basis of five days a week.
came
ment
by
Erie
the
was
the announce¬
At present both sides
particularly significant.
is
is that
to say
a
committee of the railway executives met
made.
unofficially stated that the conference is the first of
It is
a
of common interest which
before the committee, and that satisfactory progress was
series to be held, and that the
creation of regional boards
adjustment of grievances has been proposed by the
for the
brotherhoods and may result from
the conference.
The fol¬
lowing day Mr. Cuyler issued an emphatic denial of charges
made by representatives of the brotherhoods that the move¬
ment toward wage reduction was instituted by a small group
Mr. Cuyler said:
of executives.
There has been no clique of
y
railroad executives under whose auspices a re¬
duction in railway pay has been
dently
All railroad officials and labor leaders agreed yesterday that
No details of the meeting
March 14.
with brotherhood chiefs to discuss various matters
ranging from 48^ cents to 30 cents an hour had been
Board.
on
general statement:
All there
notified their unskilled labor that a cut in pay
in the office of
public, Mr. Cuyler merely issuing the following
made
were
controversy, was held
wage
Cuyler, Chairman of the Executives' Association,
Philadelphia
at
alternative.
officials discovered that it cost them 51.07 to
Late in February the Erie
dollar.
The railroad then decided to resort to
by the Board.
what it declared to be its only
a
T. DeWitt
cutting wages without first consulting the workers affected.
the board by
make
discussing the
and
representatives
but that the corporation will seek to
Each road has acted indepen¬
promoted.
must be
association or
that the Transportation Act
its own responsibility, without advice from this
on
committee of this association, excepting
any
strictly complied with.
(excepting of course, the radicals, wno are in a decided minority) appear
to be in a
On one hand are railroad officials how say
conciliatory mood.
that under the pay
schedules they propose there will be steady work for all,
and when prosperity returns to its
American normalcy the railroads will
talk of restoring losses sustained by the men.
But, they add,
if the railroads can do no business they cannot pay wages,
and it is a matter
be glad to
to be decided
the
On
by the men and none others.
other
hand,
the
leaders—marine
labor
and land forces—are
These
silencing the jingoes who already are demanding strike instructions.
labor
men
are
declaring that they have faith in the good will and fairness
and that neither the railroads nor the unions can stand
of the labor board,
a
strike at present.
The Erie action leads to
other lines will allow the
come
wage
cuts to come
means
with
seeking all
agreement at proposed conferences
an
In the meantime, all carriers are
employees.
possible
to
to whether or not
as
putting into effect, in the case of the
before the Board before
failure to
conjecture
contemplated
to effect economies.
v
v
.
-•
RAILROAD
^
TO VIOLATE LAW.
Declaring that if the railroads insist upon
Cummins-Esch
Law
their proposals
in
to
j
violation of the
reduce wages,
"employees will be fully justified in using every resource at
the railroads,"
their command to combat the proposals of
President of the Brotherhood of Railroad Train¬
W. G. Lee,
men,
issued
a
statement on
March 14 attacking the roads.
The statement follows:
The announcement by the
tions
without
should convince the
their
Cummins-Esch Law
American public of the insincerity of the railroads in
conforming to
the
provisions of the
professions of respect for and obedience to the law.# They assume
position that was denounced as illegal by every authority
the same outlaw
in the United States,
including the Federal Labor Board, when the
switch¬
16 to testify
March
of the roads for the
There should now be no
difference of public opinion on the
of that same ruling by the Labor
denied by the Inter-State Commerce
advantage afforded them by the
application
Board, and further, the railways should be
Commission every rate benefit and
law until they are ready and willing to com¬
The railroads are not contending for reduced
prices of materials, taxes and other expenses necessary to operation, but
presume to load every dollar of unearned costs on the shoulders of their
employees, who have not as yet received any.appreciable advantages in
reductions in the bulk of their living costs, and without regard to Section
war
It is neither fair nor
that
wise to
provisions of the Cummins-Esch Law.
attempt to take from employees anything
Their present wages! and service rules
taken away from them by the same careful in¬
rightfully belongs to them.
belong to them until they are
vestigation and legal processes that
sanctioned the award of the Labor
18.
The
The railroads,
pression.
same
naturally, like every other business, feel the
However, they should assume their own
with the men
and when they did not
transportation con¬
share their financial advantages
until forced by the Government to
results of de¬
deficiencies with the
readiness that they assumed their profits when
ditions were better,
to
men
their
postpone
to be
questioned
do
so.
appearance
were
until
T. De Witt
Chairman of the Association; W. W. Atterbury,
Carl R. Gray, President of
Cuyler,
President of the Pennsylvania;
Pacific, and R. S. Brinkerd, assistant to
the Union
Mr.
asked to bring with them
documents and records relating to the proceedings of the
Labor Committee of the Association in connection with the
These
Atterbury.
men
with the request of
road
were
They were called upon in compliance
Frank P. Walsh, counsel for the rail¬
employees, who on March 14 refused to
rebuttal testimony
I shall not state at this time our reasons for
suffices to say that their testimony
I feel it incumbent upon me to say
calling these witnesses.
It
is essential to our case.
that my clients are in no sense respon¬
in these proceedings.
sible for the delays
outset to go
proceed with
until the executives were called before
Mr. Walsh said:
the Board.
We have been ready from the
forward in an orderly way to a speedy determination of the
and we submit that the whole matter
issues involved in this controversy,
the conference which we asked
had taken steps to
hours,;
as
Board
charged a conspiracy between the
packers to cut pay and lengthen working
further
Walsh
Mr.
months, ago, if we had been granted
of the railroad executives, or if this
bring about such a conference.
railroads and the
follows:
schedules the railroad owners
of railroad workers should be reduced because the
have been lowered.
The packers will
in that industry must be reduced because railroad wages
will argue that wages
wages
of packing house employees
argue that wages
about to be reduced.
are
Mr. B. M. Jewell, President of
the American Federation
of
the railroad department
of Labor, on the same point
said:
The public
have not
but
have
will now have an opportunity to learn that the
railroad workers
opposed any and all changes in the rules and national agreements,
insisted merely that changes be made in accordance with the
orderly processes of the law.
The public may
we
learn, too, that the national adjustment boards for which
originally advocated by a majority of the Labor Com¬
have asked were
mittee
Board July 20 1920.
Chicago
in the hearing regarding the petition
schedules
wage
March
ply with its labor provisions.
307, Paragraph D, of the labor
at
abrogation of national agreements and
When this Board comes to consider wage
men's strike of last year occurred.
Board
permitted four representatives of the Association of Railway
Executives who had been summoned before that body on
could have been disposed of weeks, if not
railroads of ordered and proposed wage reduc¬
Labor
Railroad
States
questions at issue.
DECLARES RAILROADS SEEK
HEAD
BROTHERHOOD
SUMMONED BY LABOR BOARD.
HEADS
United
The
of the
railroad executives for the practical reasons for
which we
have advocated them.
The "Wall Street Journal" of
demand of Mr. Walsh for
says:
the
March 15, in regard to the
of the rail officials,
appearance
1101
THE
Railway officials attach
great importance
no
They point out that the carriers'
has
case
for
Walsh's move.
Mr.
to
CHRONICLE
abrogation of national agreements
already been laid before the Board in exhaustive detail.
only immediate advantage in prolongation of hearings is to extend the
present life of the national agreements.
Of greater moment to the labor
leaders is the dramatic color to be lent by direct examination of executives.
Rail officials declare that from the outset the fight for
ments has been involved in union
of the
tion
American
adoption of
a
national
agree¬
Beginning with the last conven¬
politics.
declares that railroad officials will alsojwelcome
sional
investigation.
To the unions
the
Federation of Labor, when railway leaders forced
resolution in favor of Government ownership with some sort
of "democratic control" and failed in their effort to increase railway repre¬
sentation In the Federation's executive council, the endeavor of leaders has
been to augment the prestige of the railway employees.
A spectacular
[Vol. 112.
He said:.
Congres¬
a
$§
,
If the
inquiry is undertaken they would be the first to ask that employees
be given a hearing.
In fact, they would be summued before any inves¬
tigating committee.
Representatives of the employees have made so many
"loose" charges of railroad mismanagement that they should now be asked
to submit any
The
proof they have in substantiation of such allegations.
investigation proposed by Senator Cummins might also
*
serve another
of particular interest to railway executives.
It might ascertain
just how much of the heavy operating expenses of the railroads at present
purpose
be justly
can
attributed to mismanagement during the period the roads
under Government
were
control
fight for the continuance of national agreements, it is pointed out, may
impress the rank and file of the railway and other union organizations, and
thus enlist support for proposed enlargement of the American Federation
of Labor executive council and for other
forward
RESTRICTIONS
UNION
UNDER
IMPOSED
CON¬
DITIONS MAKES RAILROAD LABOR SO COSTLY.
which may be brought
measures
by the railway employees' department at the next convention of
To the Editor of the Commercial & Financial Chronicle:
the Federation.
Dear Sir—I have read the editorial "The Financial Situation" on page 964
RAILROAD
LABOR
LEADERS
ASK
INVESTIGA¬
FOR
TION OF TRANSPORTATION SITUATION BY
of your
and
thought
to
occurs
me
that
writers discussing
most
"wages" conditions fail to make clear to the
the
"labor"
reader the
average
enor¬
increase of cost in all kinds of construction and operation of business
mous
CONGRESS.
publication.
The
v
enterprises due to "Union Rules and Regulations" as distinguished from the
Seven
railway labor leaders
011
March 14 wired Senator
Cummins, Chairman of the Senate Inter-State Commerce
rate of wages
needed
Commission, endorsing his proposal for
investigation by
an
Congress of the transportation situation (mentioned
986 of
our
issue of March 12).
assailed railroad
message
asserting in relation to the Transportation
managements,
Act of
The
on page
1920, that they "use and abuse the law solely to enjoy
its benefits and
reject its burdens."
It also alleged that the
labor policies of the roads are dictated
committee
by
certain national
a
composed of nine members, and the "national
organization of railroad management" seeks to impose this
policy "upon
a
local craft union of employees."
concludes with
sage
given
a
The
mes¬
for
day's work.
a
lost sight of in these discussions and the public mind is too
are
only
ing the rate of
other
the rate of wage for a working day.
on
An architect in
discussing the matter recently told
for
wage
restrictions
working day,
a
imnosed
by
the
that without chang¬
me
the hours, the elimination of
or
Walking
Delegate,
which
of
were
no
particular interest to the worker himself would reduce the cost of building
50%.
These things were forced on to the railroads by the ones in control during
Government operation and is evidenced
ployees required to do less work.
concrete
by the increased number of
examples which affect his
department, but the public fre¬
own
quently loses sight of them; and the Walking Delegate Is always
politician and advertiser than the railroad
better
a
manager.
Yours very, truly,
The telegram
P. S.—I
em¬
Any railroad forman will give numberless
'
HENRY
hearing in the event of such inquiry.
may
not; the limiting of the quantity of work to be performed in a
or
working day;
often fixed
request that railroad labor unions be
a
The limiting of the kind of work that
be done by one man; the extra charges for overtime; the "helper," whether
SMITH.
G.
railroad manager under former conditions many years ago.
was a
reads:
We understand that you are
for
an
endeavoring to
secure
investigation, in order to determine what is
Congressional approval
wrong
SOUTHER PACIFIC ALSO CUTS PAY FOR
with the railroads,
and, not being fully advised as to the intended scope of this investigation, we
COMMON LABOR.
submit the following:
In addition to the Western roads which have announced
The rank and file of railroad employees, members of the several railroad
labor
organizations,
repeatedly
expressed
themselves
opposed to
as
any
action being taken by Congress looking to a return of the railroads to their
private
The officers of the respective railroad labor organizations,
owners.
in this instance, as in all other matters,
mandate from the memberships and
laws.
complied with this unmistakable
vigorously opposed the
passage
of such *
However, when advised that the President had approved the Esch-
proposed
compliance with the laws of these democratically-governed railroad labor
organizations, called
a
of railroad employees,
railroad.
convention of the duly authorized representatives
selected by and from the employees
This convention
was
on
each separate
held in Washington, D. C., and it was there
rates for unskilled
wage
Company, through
a
rates will range
Southern
Los
from
territory
in
other
on
the
Coast,
divisions)
Tucson
The
order
pay
April 16.
minimum of 30 cents
a
(comprising
and
Angeles
(listed
similar cut in the
a
labor in all departments effective
common
new
labor
the Southern Pacific
notice issued by J. H. Dyer, General
Manager, informs employees of
Cummins bill, and that it was, therefore, the law of the land, these officers
in
lower
986 of the issue of March 12)
page
of
The
hour in
an
Joaquin,
San
somewhat higher
to
in
that
states
fixing
that railroad labor announced its intention, in the future as in the past, to
wages
comply with law and give the Transportation Act of 1920
remunerations, consideration will be given to the decrease
a
fair trial.
Since that date the members and officers of the railroad labor organiza¬
tions have been
tradiction
upholding the law, and without
any
fear of successful
the law, while railroad managements have manifested
to use and abuse the law,
This
hind
a
screen
riers are without
implacable purpose
affect
as a
danger signal
"labor's policy of centralization and nationalization dictated
by a few at
the top."
The facts are that railroad management's labor
imposed
upon a
local craft union of employees by the national organ¬
ization of railroad management.
This procedure obviously places the employees at a
no
right-thinking
man can
ployees in their present
sanction.
case
The primary effort of railroad
before the Railroad Labor Board is to
em¬
Railroad labor seeks
no
special privilege; railroad labor recognizes and will¬
will not willingly submit to less.
on a
square
cost
of living,
character of work, etc.,
hour in southern territory, effective
be established
to
In event there
ployees
in localities
are
of
any
peaceably
secure the meagre
You and other members of Congress who framed and passed the Trans¬
portation Act obviously accepted as the basis of the Act the true concept
of collective bargaining—an equality of strength at the conference
table—
agreement to and maintenance of just and reasonable wages and working
conditions as the bill of rights of railroad workers and the final effort to
settle disputes arising between the management and
a
offices of this
17.
S.
ATLANTA
WAGE
Receiver
deal, and will deal
Railroad labor stands for industrial peace
and evolution, not industrial warfare and revolution.
a
secure
thorough investigation of the railroads, and that the duly
lected representatives of the thousands of employees, members of the
re-
pecfive democratically governed railroad labor organizations, will be given
opportunity to present to the committee information now in our posses¬
an
sion, and thus it ife hoped to assist Congress and the American public in
a just conclusion as to what is wrong with the railroads and who
arriving at
is
responsible for the present unjustifiable and unnecessary situation with
which the American public is now
Samuel O.
ment
Railway
wage
Labor Board
Similar
summonses
published in the New York "Times"
on
or
suggestions of either individual
em¬
in San Francisco.
state¬
March
BOARD
TO
HEARING
HOLD
ATLANTIC
&
DISPUTE.
on
on
14,
&
Atlantic
before the United States
March 21 at
a
hearing
on
the
have been sent to representatives of the
The decision of the Board
strikers.
page
987 of
our
on
Feb. 21
(as stated
issue of March 12) referred the dispute
employees arising out of lowered
scales to conference between the
men
proved unsuccessful to the Board for
Another ruling
Board
March 12, which takes the stand that the
on
wage
and their employers,
decision.
in the
case
award of July 1920 has been violated.
was
issued by the
wage
A Chicago dispatch
the New York "Herald" dated March 12 said:
to
Wages on the Atlanta Birmingham & Atlantic were reduced by one-half
of the increase granted to employees since Dec. 31
order to the receiver,
into effect March 1.
stand that the wage
"It is the legal
To-day
a
a
court
The cut went
ruling issued by the Labor Board takes the
award of July 1920 has been violated.
duty of the carrier to pay the wages decided in decision
authorized representatives of the employees
such conference has been
this
1917, following
B. L. Bugg, President of the road.
the ruling said, "until other rates of wages are agreed upon by the
carrier and by duly
a
rates
.
controversy which has caused the strike ion the road.
No. 2,"
confronted.
Dunn, editor of the "Railway Age," in
above, somewhat higher
RR. has been summoned to appear
policy is
constructive, not destructive.
approval for
paid for similar
of the Atlanta Birmingham
Bugg
and if such conference
.
We trust, therefore, that you will be successful in your efforts to
as
BIRMINGHAM
of any one
Railroad labor's
wages
where conditions justify
company
LABOR
RAILWAY
IN
between officials and
a square
as
objections, Thursday, April 7, 1921, is the date
upon all carriers (not
carrier) and all employees (not employee) to exert every reasonable effort
adopt every available means to avoid any interruption to the operation
and
fairly with all, if it is in possession of the facts.
well
as
con¬
ference between representatives of carriers (not
carrier) and representatives
of employees (not employee), the duty being imposed
(1) carrier)
reasonable
em¬
vided for them by the law.
The American public, we hold, is in favor of
make
to
their duly appointed representatives, and such meeting to take
or
place in the generai
rights pro¬
employees by
or zones
complaints
any
Our immediate complaint is against the
process to
The notice reads.
proposes
Request is therefore made for your concurrence in minimum of 30 cents
per
deal, and
attitude of the railroads, which has materially hampered the railroad
ployees in their natural
company
secure
the fundamental safeguards obviously accepted by you and other members
of Congress in framing the Transportation Act.
ingly accepts its responsibilities; railroad labor insists
this
work in outside industries.
set for hearings
disadvantage which
1921,
as
In fixing new rates there wii ibe taken into consideration decreasing
ments.
through and dictated by
to be
16
well
reductions in the rates of pay of common or unskilled labor in all depart¬
policy is executed
a small national committee, composed of nine
members: the national railroad management's policy thus dictated is sought
April
as
The reduciotn will
approximately 10,000 employees.
Effective
be¬
on
of propaganda, in which the representatives of the car¬
justification holding out to the public
living and the character of the work
paid for similar work outside.
wages
solely to enjoy its benefits and reject its burdens.
campaign on the part of railroad management is being carried
smoke
in the cost of
con¬
desire to state that railroad employees have complied with
we
zones.
or
until
sought and denied and the dispute referred to
Board for decision and decision rendered."
March 19
The Board further stated that it was the legal duty of the employees "to
exert
reasonable effort and adopt every available means to
every
avoid
The employees, the ruling said,
interruption to operation'' of the road.
any
1105
CHKONICLE
THE
1921.]
$558,520
Deficit for September 1920----
1,082,704
1920
Deficit for October
1,773,031
Deficit for November 1920
should confer with the carrier and if unable to reach an agreement refer
i
the dispute to the Board.
under the Transportation Act,
mandate and,
violated the Board's
Board to take cognizance of any suppoesd violation
which empowers the
of the law, has ordered the two
parties before it for hearing.
This hearing
there has been a violation of the wage decision.
will take up only whether
the wage dispute to the Board since the wage
Neither side has yet referred
cut.
:
\
v
in
charge of the stations, whose duty it will be to keep the stations clean,
Receiver Bugg to avail himself
arbiters, the Federal Board of Mediation,
of its services
as
C. Chambers and Whitehead Klutz, have
consisting of L.
returned to
In declining to enter into settle¬
Washington.
Commissioners, Col.
through negotiations with the
ment
Bugg said:
No matter what conclusion might be
pay out
would have
susceptible to compromise than the
I
This proposition is no more
with which to pay.
means
no
reached by arbitration, I could not
than the road earns, for the obvious reason that
more money
be sold and
master
on
since the
have unconditionally
accepted our service as mediators under the law."
Col.
Bugg asserts that it is expected practically normal service
expressed his regret at the latter's decision, "more
with
the
train
new
first
be resumed.
soon
the
of
Some
Cordele.
and
On March 12
institution of the strike
the
since
Atlanta
between
will
crews
train
employees
the
of
was
strikers
run
are
reported to have returned to work.
The Atlanta
Birmingham & Atlantic RR. on March 15
unable to meet its
was
pay-roll of about $100,000, according
not be
far as the passengers are
So
is considerable. Nothing
In the case of L. C. L.
(less than carload lots) freight, it will be at owner's risk after delivery on
the platform or in the warehouse, which will be unlocked.
There will be
no one representing the railroad to take charge of the freight upon its arrival.
In shipping out carload freight, the billing must be done from the nearest
station, which ranges from 1.7 to 4 miles from the shipping point.
Also, if
a shipper wishes a car set he must arrange for it at the (nearest station.
In
regard to freight, however, the inconvenience
but prepaid
freight will be received at these stations.
These inconveniences are
case
warrant them,
1915
payroll chargeable to operating expenses for
was
increases in wages,
employees.
Another recent order issued
and freight rates
commerce
can
out of their
operating
and
con-
has been
a
been
a
a
In
year.
a
number of
cases,
intendents and ends with clerks new in
Those who
service.
remain in the service may
with additional duties.
be
may
be asked to accept lowered wages
It is hinted that later the reduction
hoods
who
make
men
affected, it is said,
by agreements with the brother¬
a
The financial situation
matter of comment that in
One railroad man of
train
crews to some
there
is
extent, as some of the "drag
tonnage to
no
trains have been
revision of wage
But railroad executives expect that
scales of train employees will be taken up before
The paper from
sales of
an
to railroads
the largest, has until recently done
Last month its
Another company, manu¬
its sales
article largely and constnatly used by railroads, finds
running only 10% of what they were a year ago.
Cases are cited of lumber companies
six and eight times
In
long.
which the above was quoted also says:
business in repair parts of $100,000 a month.
repair parts amounted to less than $500.
facturing
the
is exercised in the purchase of supplies.
An equipment company, not among
average
freights" are not run when
As yet, comparatively few passenger
fill them.
discontinued.
Drastic economy
an
a
reduction in wages.
taken in.
addition
within
a
unless
having*reduced prices on cross-ties
few months, and then failing to get
conditions
find it necessary to pass its
hand, it was said.
7;;,//
orders.
materially improve, it is
railroad wage statistics.
the
railroads
carriers
of
the
permits the discontinuance of twenty-
the Boston & Maine Railroad.
authorizing this action, the report of the Commission
said in part:
The Boston & Maine Railroad
began in November 1920 reducing its oper¬
to the
smallest number of people.
it would cause inconvenience
One way in which this is to be accom¬
plished is to discontinue the agencies at rural stations.
The business will
all be handled in some other way without any loss of revenue, but at con¬
Government
control were on duty ten hours a day, at least, and were paid approximately
$10 a week.
They now are paid from $25 to $40 per week and are on duty
siderable saving to the railroad.
These station agents before
only eight hours a day.
The
by the strictest
that it can continue serving the public.
After paying operating
and fixed charges, including interest and rental of leased lines,
This move on the part of the
company
economy
expenses
railroad is in the interest of economy.
finds its financial condition such that it is only
the following deficit
is shown:
represenattives of the different
presenting statistics to substantiate the necessity
economical measures contemplated.
There is a
the roads are
putting wage reductions
this end were printed in the "Journal
growing public sentiment to the effect that
fully justified in reducing forces and
into effect.
Figures to
of Commerce"
Interstate
of March 12,
Commerce
compiled from reports of the
Commission, the American Railway
Association and the Bureau of
Railway Economics.
Not-
officials, these statistics show
that the average pay of workers increased from $1,004 in 1917
to $1,910 in 1920, or about 90%.The "Journal of Commerce"
including salaries of railway
prints details
The
follows:
as
payroll of the railroads,
exclusive of officials' wages, was $1,739,-
Following the July, 1920, wage award of the United States
Railroad Labor Board the payroll was increased to $3,600,000,000.
The
000,000 in 1917.
granted by the board were
estimated that with the same
Direct
labor
retroactive to last May, hence It is
number of employees the 1921
payroll will be
The average compensation to
of $1,004 in 1917 to $1,910 in 1920.
$3,808,000,000.
has increased from a
level
costs
for
railroad operation last year were
workers
estimated at
incident to coal and lumber, bringing
$4,000,000,000, a figure greater than the total
gross revenues of the country's carriers in 1917.
By way of proof that the
burden in readjustment should rest on the rank and file of railroad workers
it was stated yesterday that since 1917 there has been a decline of approx¬
imately 15% in the payroll for general officers drawing $3,000 or more
$3,600,000,000 with indirect costs
the total
ating costs by curtailing service in places where
retrench expenditures enforced upon
progresses,
are
approximately
In
■
As the movement to
Service Commission
on
$1 04 for every dollar
Moreover, there is one great railroad system
dividend for the first time in forty-six
years.
Nothing but a financial miracle can avert it."
Still another authority has declared that about $6,000,000 of unpaid bills
are reposing on the desk of the Treasurer of the Erie Railroad; that the
Treasurer of the Pennsylvania Railroad is faced by $32,000,000 of the same
unpaid demands and that the New York Central Railroad owes about
$30,000,000 in current bills.
Ready money to meet these bills is not on
that may
increases
agencies
the merit of our contentions and must permit
We cannot go on paying out
It can't be done.
probable that the curtailment of many public facilities will
result.
A recent decision by the New Hampshire Public
four stations and
quoted
considerable prominence said yesterday:
"The Board must recognize
the announcements of proposed
members of the four big brotherhoods,
reductions,
which the railroads at present are
crews.
composing the
train crews, have not been mentioned.
One reason for this is that these
men are piece workers, and are paid on a mileage scale, with certain trim¬
mings.
Shrinkage of freight traffic automatically reduces the outlay for
wage
burning their corn because
facing is further indicated in the following statement
from the New York "Herald" of March 12:
feature:
It has been
be reduced and wages must be lowered.
coal and have the coal shipped back.
traffic rates, and the roads
until the cost of the three fundamentals is
can't reduce the traffic rates
The "Wall Street
prints the following in explanation of
the train
up
Journal" of March 14
this
The
sweeping.
even more
do not include those covered
The price of fuel must come down, cost
peak.
at their war
reduced.
fall of
it is said, there has
progressive demotion which starts with general super¬
more
are
situation are fuel, payroll and cost of materials.
The nation's commerce can't stand present
nearly 15% in the pay-roll of general officers drawing $3,000
or
He says:
only three steps which can
bankrupt condition and there are
The situation is so bad now that farmers are
confining their efforts toward'cutting
forces, it is stated that since 1917 there
than the nation's
they can't afford to ship it, buy
Many high-salaried men are being demoted or
In contravention to the increases granted their
off.
more
freight and passenger rates are more than the public can
come down.
To bring them down the roads must be taken
of maintenance materials must
altogether in the direction of the rank
expenses
file.
laid
not
are
are
stand and must be lowered.
bring that about.
officials demoted.
The railroads
a
on
passenger
wages—many
lowered
to
fined
not
trains
the Texas & Pacific Railroad.
W. G. Bierd, President of the Chicago & Alton, recently
issued a statement in which he warns that the present
day
All three
efforts
retrenchment
by the Railroad Commission
Louisiana called for the discontinuance of two
of
The three elements in this
carriers'
the year ended June 30
1920 it was $60,$39,206,754, of which $34,500,000 is due to
the balance being due to 11% increase in the number of
$21,074,695, while for the year ended June 30
bear and must
funds with which to pay the men.
secure
Over this item
of the operating expenses.
had direct control, and it is interesting to note
281,449, making an increase of
posted, and in addition Receiver Bugg announced he was
endeavoring to
objectionable, and unless the exigencies of the
they should not be permitted.
of expense the Government
The present
Ga., dispatches.
Atlanta,
with him to have their baggage
concerned, the inconvenience will
great.
Notices to this effect were
to
By speaking to the conductor when
they board the train passengers can arrange
that the
representatives
boarding the train and have the baggage
the train check the baggage.
The labor costs comprise 65%
letter to the receiver
a
freight billed out at those stations.
no
their fare to the conductors after
multiplication table.
Commissioner W. L. Chambers in
for the patrons of the road.
No tickets will
Passengers must pay
heated, lighted and comfortable
checked.
Following the refusal by
consideration the company proposes to place a caretaker
In all cases under
position that both the carriers and the employees
The Board took the
have
$3,444,255
expense to over
*
per annum.
granted to various
grades of workers under the July 1920 wage award of the United States
Railroad Labor Board; Clerks, 82%; masons and bricklayers,
105%;
ironworkers, 116%; carpenters,
106%; upholsters, 113%; electricians,
126%; air brakemen, 116%; car inspectors, 113%; section men, 102%;
unskilled labor, 99%; telegraphers, 110%; station agents, 99%; station
employees, 110%; station masters and assistants, 54%; yard engineers,
56%; yard firemen, 97%; yard conductors, 62%; yard brakemen, 74%;
switch tenders, 116%;other yard employees, 134%; road freight engineers.
The
following
list shows the
percentage increases
President Willard of the Baltimore & Ohio is inclined to take
105%; road passenger
70%; firemen, 103%; conductors, 69%; brakemen,
[Vol. 112.
CHRONICLE
THE
1106
same
ground
wage
reduction which could be justified at this time because of the
vratchmen and
cost of
other
marine, 78%;
policemen, 60%; machinists, 71%; boilermakers, 73% and
blacksmiths, 78%.
The
.' '■
.
the award of the board.
workers
90.2%.
was
roads
control started.
Since
September 1 last, however, reductions in working forces have been made
which cut railroad personnel by 289,000.
Of the extra men on the payrolls
it is estimated that there were 149,000 in shops, 54,000 in the clerical de¬
In response to requests
for specific figures in this respect,
the New York Central Railroad has furnished comparative
covering clerks,
statements for the years 1915-1921,
shop workers, engine hostlers, track and freight laborers.
These tables,
for
lower wage for unskilled
a
engine hostlers
as
maximum of 192 %
operating expenses, but
wages
P.
C.
road expenses and rates,
which will decrease rail¬
provided sufficient net income be left to enable
railroads to provide for future needs of the nation
and to pay a fair return
to owners."
•
WAGE CUTS.
MORE RAILROAD
Among the
Eastern roads which,
since
117
last issue,
our
have fallen in line with the
general plan for
the following:
are
The Central Railroad of New
of
Inc.
1921.
1919.
1917.
1915.
between 10 and 17 cents
$.3921
$.4681
$.7043
$.85
Boilermakers.-
.3800
.4550
.7077
.85
124
Blacksmiths.
.4076
.4806
.7235
.85
102
wage
Machinists
are
paid by railroads."
President Pearson says "I certainly favor a plan
Average Hourly Rates.
Class—
effi¬
including
being greatly injured by the high scale of
simple justice to employers generally,
as a
muneration of workers
follows:
by railroads
labor and a readjustment of certain
ciency, is justified not only by the urgent necessity of railroads to reduce
compensation during this period ranging
minimum of 101 % for clerks to a
a
President Gray of the Union Pacific says: "The movement
to obtain
working conditions among the skilled crafts, which adversely affect
printed in "Financial America" of March 12,
show increases in
from
railroad
be made in railroad
■■V:1'';";
farmers and stock raisers who
partments and 26,000 in maintenance of way work.
wage
and
7.''"'V
rates."
there were 261,000 more
the payrolls than when Government
on
levels, to make any general reduction in rates
President Warfield of the Seaboard Air Line Railway says: "No
is wise enough to determine what reduction, if any, can
roads showed that when the
turned back to private management
were
decreased
living would be sufficient to enable the railroads, while business
charges."
The average increase
Further figures to indicate the position of the
employees
that taken by Mr. Rea.
remains at its present
.
smallest proportionate in¬
for all classes of
train service and yardmen received the
crease under
as
much the
He says: "I do not think that any
engineers, 56%; firemen, 96%; conductors. 58%; brakemen, 105%;
employees, 92%; flagmen and gatemen at crossings, 128%;
Jersey
proposes
hour to
an
common
Erie, besides the changes already noted,
lowered
a
re¬
cuts ranging
labor.
The
announces
horizontal
effective April 10,
in the Hornell region.
The Delaware
reductions for all except train
crews,
Sheet metal work
.3665
.4285
.7052
.85
135
and
Electrical
.3498
.3528
.6786
.85
143
.3605
.6689
-80
170
Lackawanna & Western will make cuts in unskilled labor of
.2965
Moulders
4204
.4824
.7012
.85
106
Helpers
2431
.3001
.4947
.82
152
workers
Carmen
Inside engine hostlers in the Eastern territory in
1915 received 24c. an
hour for 10 hours' work; in 1917, under the Adamson
law, they received
10 hours' pay for 8 hours' work, no change in rate; and
under the various
adjustments during Federal control, and under the decision of the
wage
Labor Board in Chicago, rendered July 20 1920, and made
retroactive to
was
hourly increase of 46c.,
or a percentage
an
work; the daily rate under the Adamson law
hour in 1915 for 10 hours'
continued for 8 hours, and
was
with the various increases granted by the Railroad
Effective July 1
was
nounced to go
also said to
In the
contemplate reductions.
Middle West the
247-mile
Chicago Peoria & St. Louis,
to shut down unless
employees accept
a wage
ACT.
TRANSPORTATION
In
concurrent
a
TO
AMENDMENT
SEEKS
ASSEMBLY
resolution adopted by
it, the Colorado
1917 ranged
hour, and generally they worked 10 hours per day.
per
portation Act of 1920 "as to protect and preserve the powers
These hourly rates have been increased until these men are now
Increase of from 111 to 142%.
Thus
formerly earned from $2.00 to $2.30
receiving
a
a
track laborer in this territory who
day, now for equal service must be
increase of from $3.13 to $3.33 per day.
of the several States with relation to
and make such amendment
or
intra-State rates,
receiving from 55 to 57c.
basis.
hour, or an increase of from
per
170%.
shall
be
throughout the United States
was
of the
maintained
in 1919, and under the Labor Board's award
$139.73, or an increase during
Congress
March 8 by Senator
railroads
$69.36 in 1916; $79.58 In 1917; $113.21
.
without
in the "Record"
on
opportunity
for
advised of the adoption
Colorado resolution with its presentation to the Senate
misinterpretation."
on
The average monthly compensation for clerks on the various
.
plain that the authority of the States in their respective
territories
20 to 25c. per hour, these men also being generally on a 10 hour
.
amendments in language so
Freight house laborers in the New York territory were receiving from
are now
cut April 9.
Legislature has petitioned Congress to so amend the Trans¬
48 He. per hour, with overtime after 8 hours at time and one-half, or an
125 to
a
line, has served notice that it will be compelled
paid at the regular
The rates paid track laborers in the vicinity of New York in
They
are
wages an¬
The Philadelphia &
into effect March 16.
1919, time and one-half for overtime was
United States Railroad Labor Board.
or an
against the lowered
Reading, the Maine Central and the Rutland railroads are
granted and is still continued under the present rates established by the
paid $5.33,
hour, effective April 16.
said to have voted to strike
COLORADO
Federal control overtime for hostlers
an
45.5c., or a per¬
centage increase of 140 %.
from 20 to 23c.
l%lA cents
Administration and the
Labor Board, now receive $6.24 or an hourly increase of
Prior to
men
Employees of the Boston Revere Beach & Lynn RR.
increase of 192%.
Outside engine hostlers received 32 He.
hourly rate.
from 7 to
increased to $5.60, that is 70c. an hour, or an
May 1 1920, their rate
lays off 800
on
was
Phipps, who asked that it be printed
March 8 and referred to the Committee
Inter-State Commerce.
this period of $70.37 per month, or 101%,
A
Additional
monthly
boilermakers,
per
as
pay
for August 1915-1920 of machinists,
blacksmiths
and
inspectors,
oar
cent of increase of 1921 and 1920
over
and
They
1915.
the
are
Twenty-third General Assembly of the State
of Colorado.
House concurrent resolution No. 3 (the
gress
*
Senate concurring), to the Con¬
of the United States to so amend the Trasnportation Act 1920, as to
eliminate therefrom the rule of rate
making as applied to intrastate rates,
and to reserve to the States of the Union power with relation to intrastate
rate, service and facilities, and local
questions affecting common carriers
within the States.
follows:
Straight
Whereas, The Interstate Commerce Commission, through its interpreta¬
Time
Earnings
Present
hourly
Aver.
monthly
for
day of
Aver.
monthly
pay
for
pay
tion of the Transportation Act
Aver.
monthly
for
*P. C.
pay for
Class—
rates.
.85
$6.80
$223.43
$147.02
$95.15
.85
6.80
227.50
164.44
106.77
103.7
.85
6.80
214.27
148.30
97.81
119.1
Boilermakers—
_
-
Blacksmiths.
_
-
Car Inspectors
8hours. Aug.
.80
6.40
'20. Aug. '19. Aug. '15.
212.77
146.38
=
Inc.
*
134.8
67.21
216.6
mentalities entering into the field of
The average monthly pay is based on men working full time, in other
railroads and all instru¬
transportation, and thereby to divest the
legislature of the several State sof substantially all power to regulate the
intrastate rates and service of the railroads within the respective States; and
Whereas, In conformity with this policy and
to be the intent of Congress
acting upon what it claims
in the enactment of Section 13 (4) of the Trans¬
portation Act 1920, the Interstate Commerce Commission has made orders
which seek to compel increases and other
♦This per cent of increase being 1921 and 1920 over 1915.
average
1920, has indicated its purpose to assume for
Itself full and exclusive authority to regulate the
Machinists.
words,
of the
comparative figures compiled by the statistical
department of the New York Central Railroad show the
average
Concurrent Resolution
number of States,
changes in intrastate rates in a
without regard or heed to the protests of the Government
of those States; and,
full-time positions.
Whereas, The authority it has assumed for
itself permits the Interstate
exiercsed by any
Commerce Commission to wield the greatest power ever
body in peace times, which if allowed to take its
RAILROAD
PRESIDENTS
EXPRESS
VIEWS
AS
TO
logical course must in¬
the American
evitably develop into a bureaucratic system repugnant to
theory of Government; and,
PROBABLE RA TE REDUCTIONS.
Whereas, It is unjust and unnecessary to permit
In
to
response
inquiries,
several
railroad
presidents
recently presented to the "Evening World" their views
to the
retrenchment
question
of
as
probability of lower traffic rates resulting from the
their
are
in
railroad
wages.
Their
about equally divided.
communications
opinions
The following
on
the
summary
in "Financial America"
to
has not considered "any general reduction of rates at this time
be either appropriate or desirable,
cannot
even
earn
especially
their actual transportation
so
long
as
the railroads
and maintenance costs and
of the Transportation Act 1920,
serious conflict between Federal authority in the regulation of
Whereas, Before the passage by Congress
there
was no
commerce
commerce;
and State authority in the regulation of intrastate
and,
directed
to
whether through Federal or State agency, is
and happiness of the
the sole end of promoting the welfare
ment to deny to
the people of the several States the undisputable
of State regulation
of commerce
that to do otherwise may in some
the
says:
"As the purchasing power of the dollar increases, railroad
rates and railroad fares may
be reduced comparably without loss
to either the railroads or their
the public."
or
injury
employees and to the manifest advantage of
it is neither sound nor practcal govern¬
benefits
within the States upon the assumption
way be prejudicial to commerce between
people, it is our firm conviction that
taxes, and practically nothing at all by way of returns on their property
On the other hand, President Besler of the Central Railroad Co. of New
in time
and money; and,
investment."
Jerseys
seek it solely through the
Interstate Commerce Commission at Washington at great expense
Whereas, All government,
Presidmt Rea of the Pennsylvania says that the management of that
the development of a
of Colorado or any other State either to
forego relief for local transportation problems or
interstate
appears
of March 14:
company
system which will compel a citizen
people of the different States.
the Senate (the House Concurring), That the
the Congress of the United
amend the Transportation Act 1920, as to protect and preserve
Therefore Be It Resolved By
General Assembly
States
to so
the powers of
hereby respectfully petitions
the several States with relation to intrastate rates,
and facilities, and the
local affairs of the common
services
carriers*within.the States,
March 19
and to
make such amendment
amendments in language so plain that
or
respective territories shall be maintained
the authority of the States in their
without opportunity for misinterpretation;
to transmit
on
income from the sale of stock.
hereby is, directed
but
after
careful
SHIP¬
Solicitor-General Frierson has asked the court to reverse
of
cost
farm
profits in
filed
of
section
the United States,
production are all involved in a
and
com¬
the Inter-State Commerce
with
11
March
on
100 million consumers,
than
more
every
American livestock
plaint
to
meat
Livestock Exchange. This com¬
Commission by the National
railroads, attacks the
plaint, directed against all Class 1
present rates on ordinary livestock
throughout the country.
but not the other.
Two items of income which Goodrich was required to include in his return
which he paid taxes are involved in the case argued to-day.
and upon
1,000 shares of the capital stock of a mining company
rich bought
at
advanced in price
statement:
"From
all
the
of
sections
Indicating the dis¬
reports
country we have
adjustment, which,
coupled with the recent decline in livestock values, gives to the producer
more than his proportionate share of the post-war readjustment burden.
couraging and disheartening effects of the present rate
"The
and
markets
the
of
than
one
the
at
United
membership buyers
twenty-seven important primary livestock
million carloads
of
"We
hope
receive and ship
actually
members
Our
States.
in its
includes
Exchange
and in one year the proceeds
livestock,
the sale of this stock was in excess of
from
four billion dollars.
with others of similar
and our organiza¬
fight to restore our transportation rates
have this complaint consolidated
to
Many of these are now in course of preparation,
nature.
tion is
and
livestock
of
sellers
more
Livestock
National
glad to lead the van in a
charges to normalcy.
•
the railroads of the country,
"We do not underestimate the importance of
neither do
but
basic
concede they
we
of
are
importance than that of our
more
industry—agriculture.
report an item of income equal to the
and $695. its value on
that
convinced
am
railroad
many
executives recognize
the
far-reaching effect of such a precedent.
"The Commission is charged with the duty of seeing that the railroads
honestly, efficiently and economically managed, before it shall permit
the establishment of rates designed to yield a fair return upon the value of
are
We hope to have, a full investigation of this situation.
railroad property.
"That
charges
in
The
1920.
alleging that the
complaint
ordinary livestock
on
amended
the
of
part
is borne
is unlawful,
that all
fact
out by
not been
have
tariffs
of terminal
collection
the
law
as
brought into
conformity with the law seemingly shows the indifference of some of the
to the
carriers
rights of the shipping public."
The complaint
is signed jointly by Mr. Brown and D. C.
of
Chairman
Mosier,
After
mittee.
detailing
Transportation
Exchange
the
the
authorized
advances
Com¬
by
Shares by Gift and Bequest.
it
declares
advances
these
the
B.
were
unjustified
Goodrich
F.
and assets to
because
the
laws of New York.
Goodrich
exchanged his shares of stocks in the Ohio company and
in return cash and shares of stock in the New
time the fair market value of the shares in
The taxes in
1916,
question
were
collected under the Income Tax Act of Sept. 8
amended Oct. 3 1917.
as
that the
The fundamental contention of Goodrich
proceeds of the sale of the capital assets do not, in any event,
include anything which Congress has the power to
With respect to
the second item of taxation mentioned, Goodrich con¬
principal contention, there is no income
tended that, even if mistaken in his
in the case of a sale of stocks at
value
on
less than their cost but more than
March 1 1913, since, in that case, the whole
is
asserted
addition
that
the
to
collection
the
transportation
of
rate
terminal
a
on
charge in
ordinary livestock
"After
case
careful study of the statute," Mr.
a
the
that
Inter-State Commerce
Act.
erroneously construed
Commissioner has
and
is
asked to
non-discriminatory
the statute.
It
derived from the sale of
property.
It cannot be said that there has been a gain resulting from a
sale of property at less than it cost, no matter how long an interval may
have intervened between the purchase and the sale.
The error consists
clearly imposes the tax only on gains that are
in giving too
broad
a scope
for deter¬
made during a par¬
to the rule laid down by the statute
mining the amount of taxable gain derived from sales
ticular year.
of
Difference
"From the
There had been much discussion and difference
gains derived from sale.
of opinion as to
It
Opinion.
beginning, the Income Tax Acts had imposed a tax only upon
whether all such gains should be taxed in the year in which
contended that it would be unjust to tax all of such gains
was
V.
at first, thought that such gains should
"Following the Act of 1917, it was,
be taxed only
when the transaction from which they resulted
and ended in the tax year, or at least when the property
a
long period
had resulted from a gradual increase in values during a
both began
had been purchased
There was also a doubt
short time before the beginning of that year.
Spe¬
of the power
The
cific violations of sections 1, 2 and 3 are also charged.
Commission
Frierson's presentation of the
"the Solicitor-General is forced to the conclu¬
to the Court declared,
sion
only
violates section 15 of the
their
transaction shows a
loss and not a gain.
of years.
It
treat as income for the
of taxation.
purpose
when they
managed.
At that
;-.'v
income.
thorization of such rates, to see that existing railroad prop¬
honestly, efficiently and economically
received
share- making the value of 3,600 shares received by
a
received.
are
York corporation.
the New York corporation was
plaintiff in error
$291,600.
On March 1 1913, however, their value was only about $41 25
per share, or $148,635 50.
Subsequently they increased in price until they
were sold irt 1916 for $269,346 25.
This was $22,253 76 less than their
value in 1912, but $120,710 75 more than their value on March 1 1913Goodrich was required to report this latter amount as an item of taxable
$81
Commision is required, as a condition precedent to the au¬
erties
under the
corporation of the same name organized
a new
and
In 1912 this Ohio company transferred its busi¬
bequest from his mother.
ness
certain shares of stock in
which he had previously received by gift
Co.,
the
Commission in the general rate advance case (ex parte 74),
difference between the selling price
March 1 1913, or $13,236 22.
Prior to 1912 Goodrich was also the owner of
was
the impera¬
tive need of an early readjustment of their rates, and it is frequently
stated that present rates are, in many cases, more than the traffic will
bear.
They will not, however, voluntarily reduce these rates for fear of
"I
Internal
of
Commissioner
The
$13,931 22.
He held it, how¬
$13 a share, and sold it for
Revenue required him to
until it was worth 693^ cents a share.
until 1916, when it was worth more than
ever,
Good¬
in 1912
On March 1 1913 the stock had
$500.
50 cents a share, paying in all
Concerning this far-reaching action taken by the Exchange,
President Everett C. Brown issued the following
the plaintiff is entitled to recover one of
the ground alone that
on
the items of taxes sued for,
The
statute in
of the lower court in favor of the Government and place the
the judgment
reversal
EXCHANGE.
MENTS BY NATIONAL LIVESTOCK
of Justice is forced to the conclusion that the
Revenue erroneously construed the
of Internal
case.
Accordingly
LIVESTOCK
ON
RATES
AGAINST
Solicitor-General has informed the Supreme
study the
Court that the Department
Commissioner
from Colorado.
that
PROTEST
court,
In the Goodrich case the Government won its case in the lower
resolution to each United States Senator
certified copy of this
a
and each Representaive in Congress
Both involve the payment of income taxes
cut, will be heard to-morrow.
and be it further
Resolved, That the Secretary of State of Colorado be and
1107
CHRONICLE
THE
1921.]
represented by the increase in value which had occurred prior to
require the establishment of just
rates.
which would be
the adop¬
of Congress to tax that portion of such gains
tion of the Sixteenth Amendment.
"Under
a
the
transaction in the
construction of the Act, it must be conceded that
proper
plaintiff in error was not liable for a tax on account of his
■ »'
make clear the
Losses
sustained in business or trade or in transactions entered into for profit are,
under certain conditions, permitted to be deducted.
Where these losses are
allowed and have resulted from the sale of property purchased before
March 1 1913, Congress has made provision for ascertaining the amounts
of such losses that may.be deducted in much the same language used in
B. F. Goodrich Company
stock.
"Having made this concession, however, it is proper to
SOLICITOR-GENERAL
ADMITS
COLLECTIONS
that
Admission
ON
lower
the
ERRORS
STOCK
court
in assessing
erred
profit the difference between the market value of
ment March
of sale
date
made
on
March
case"
tax
by Solicitor-General
now
argument
"corporate
in the
appeal before the U. S. Supreme
on
It is stated that if the court accepts Mr.
Court.
view,
11
as
Frierson's
Associate Justice Pitney indicated that it would,
thousands of individual assessments, upon
of dollars in taxes
which
millions
already have been paid, will be annulled.
The
previous day the Solicitor-General had conceded that
the
Internal
Revenue
the statute in
Bureau
had
erroneously construed
collecting income taxes in the
taxed in
case
of
a
sale
where the sale had been effected at less than the
cost of the stock but more than the value of the shares on
March
Details
1913.
1
Solicitor-General
account
March
An
to
on
the
March
New-
the
of
10
York
views
are
expressed
by
the
given in the following
"Times"
from
Washington
policy in the matter of taxes on incomes from the sale of stock has been
made
William L. Frierson, representing the Department of
Justice, in two important cases now being considered by the United States
Cburt.
One of these cases,
in error,
that of David M. Goodrich of New York, plaintiff
against William H. Edwards, Collector of Internal Revenue for
the Second New
of James J.
York District,
was
argued to-day.
Walsh, Collector of Internal Revenue,
Brewster, brought up on a
The other case, that
against Frederick F.
writ of error from the District Court of Connecti¬
March 1 1913.
could be said that, in any event, the
could deduct from the income derived from one
suffered through the other, he would not
plaintiff in
transaction the losess
be entitled to a deduction.
The
the value of
decsased before March 1 1913 that if he had sold
then his loss would have been very much greater.
He did not choose to
take his loss at that time, but held the stock for a higher price, which he
finally obtained.
In other words, the entire decrease in value which re¬
sulted in his final loss occurred prior to March 11913.
There was thereafter
no decrease in value which resulted in a loss, but, on the contrary, an in¬
crease in price which overcame, in part, the previous decrease, and there
was no less occurring under the terms of the Act after March 1 1913 which
reason
is that, while he suffered a loss on
the entire transaction,
the stocks had so greatly
be deducted.
"From what has been said, it results;
The taxes paid on the gain
"1.
pany
derived from the sale of the mining com¬
stocks were properly collected.
"2.
pany
There
stock,
was no
F. Goodrich Com¬
of that transaction were
gain resulting from the sale of the B.
and the taxes collected on account
improperly collected.
The plaintiff in error
derived from the first
by Solicitor-General
such sources to be
•
particular year.
"In the present case, if it
error
"3.
11:
important concession by the Government involving a probable new
Supreme
a
Loss Before
can
of property
and related matter.
providing for ascertaining the amount of income from
representing the Department of Justice,
closing the Government's
bond
as
invest¬
an
1 1913 and the price realized at a subsequent
was
William L. Frierson,
in
TAX
IN
SALES.
Government's view with respect to a similar
second."
As
to
i
is not entitled to any deduction
transaction on account of losses
from the income
sustained in the
*
.
the further admissions
erred in the collection of taxes
to the "Times" from
that the Government had
in stock sales, special advices
Washington March 11 said:
result of which consider¬
made during
argument before the United States Supreme Court today of the case of
James J. Walsh, Collector of Internal Revenue for the District of Connecti
An important
able
concession by the Government as a
revenue may
be lost in the collection of income taxes, was
1108
THE
against Frederick F. Brewster.
cut
today and in his brief in the
Both in his argument, before the court
William L. Frierson, Solicitor General of
case
the United States, conceded that where the selling price
in
of the purchase price there is no
excess
The
case
Collector
taxable gain
Edwards of the
H.
income
the
to
District of New York, in
Second
vendor
realized from the sale of capital
amendment
the sixteenth
within
the
to
Constitution.
profit realized
the Federal District Court for the District of Con¬
case
far
so
the
as
ad; of 1916 undertook to tax the
revenue
the sale of stock by one not
on
unconstitutional.
This decision
15 Wallace, 63,
221.
was
In the Goodrich
trader therein, such act was
on
rested
a
the authority of Gray vs.
approved in Lynch vs. Turrish, 247 U. S.,
as
'
,
complai nt
transaction.
values, in all
resulted in
the District Court had sustained a demurrer to the
case
a
question whether
General's
Concessions.
an
income tax could be laid
the alleged profit represent¬
on
the sale price realized thereafter, in those cases where the original purchase
In the Goodrich
gain.
a
the original purchase price
case
value prior to 1913 was higher than the sale price, wnile in the Brewster
was
March
1
exactly the
1913,
was
In both instances, however, the value on
same.
lower, thus indicating
In his argument and briefs in
gain in either
no
the
cases
the Solicitor General concedes
and that the tax
case
was
erroneously collected.
the latter is higher, the tax is payable only on the portion of the gain which
accrued after March 1
1913, the date
which the Sixteenth Amendment
on
became effective.
The Goodrich
perhaps,
paid under protest
before the Supreme Court on a writ of error to
came
income taxes for the
as
included four items,
only
on
one
year
1916.
The amount re¬
of which the Government
now
challenges the correctness of the judgmenet.
One item of the taxes involved
by
was
tax assessed on
a
$39,159
as
profits
bought in 1899 for $191,000 and sold in 1916 for exactly
were
On March
amount.
same
Under this ruling if property was sold for more
of deductible losses-,
case
if the selling price, though
too literal construction of the act of Congress.
a
actual
on
But
oil
the argu¬
gains determined by comparing cost and selling prices and that
are allowed only for actual loss determined in the same
way.
a concession to taxpayers by excluding from the com¬
putation that portion of the increase in value which occurred prior to 1913.
gain
a
lossl
or a
The
ascertained whether the sale
1913 value must then-be looked to to
how much of the loss de¬
or
ductible.
The concession I made
applied only in the rate cases in which the taking
of the 1913 value as the basis would result in
showing
a
fictitious gain or
loss.
NEW
YORK
1
STATE
Press advices from
TAX
BUREAU
NOT
TO
Albany March 14 stated that, acting in
accordance with the
advice
of
Attorney General Newton,
the State Income Tax Bureau will continue to enforce the
statute
excess
which
individuals paying income tax on any
taxes
realized in the sale of stocks above the market value of
Jan.
on
transaction
1
1919, regardless of whether the whole
might have resulted in
a
loss to the taxpayer,
considering the price he paid for the stock if he acquired it
before Jan. 1 1919.
This decision was announced by Mark
Graves, Director of the State Income Tax Bureau who said:
The New York State Income Tax
Bureau
the advice of the Attorney
on
General will not interpret Section 353 of the State Tax law in the way
1913, however, their market value
was
Solicitor General Frierson
was
Federal law.
taxable income to the amount of the difference between this
selling price of $191,000, and collected taxes
sum
and the
this basis.
on
transaction there
gain, since the bonds
was no
of their cost, the only returns on the
were sold for the exact amount
of Goodrich
case
contemporaneously
Edwards, under consideration by the Court
vs.
excess
a
gain
that
much of the judgment as allows recovery for this item of taxes
income.
For this
reason
the
Government cannot
insist
or
as
is
unwise
is
that
a
matter
for
was a
cision in the Eisner
tax upon a
vs.
stock dividend.
On the basis of the de¬
Macomber case, 252 U. S. 189, it was conceded by
the Solicitor-General that this tax
was
improperly collected.
a cost
of $231,300.
These bonds
On March 1 1913, however, their value
were
was
the
of constitutionality.
Legislature, not the
Until it is
repeaed or held uncon¬
From the New York "Times" of March 12
the
also take,
we
following special dispatch from Albany.
Payers of income tax in this State will be taxes
income tax
State
law
went
into effect,
on any excess
on
realized in the
Jan. 15 1919, when the
regardless of whether the whole
transaction might have resulted in a material loss to the taxpayer, consider¬
ing the price he paid for the stock if he acquired it before Jan. 1 1919.
In 1906 Brewster purchased bonds of the International Mercantile Marine
Company at
State
The statute is entitled to
sale of stocks above the market value of the shares
Another item
The
is Congress, in its power to tax, and there is no
the Attorney General to remedy.
presumption
and in the latter
be desired.
stitutional by the courts it will be enforced by the Income Tax Bureau.
is
erroneous."
has stability,
so
for construction—in the terms of Section 353.
room
If the section
Comptroller
of the purchase price there is no
taxable
or
ambiguity,no
with the case, it has been conceded that where the
selling price of property is not in
interprets the corresponding section of the
the Federal rulings leave something to
Legislature is not limited,
capital invested being the interest col¬
lected during the time they were held, which, presumably, was included in
the income of the holder for the years in which received.
now
Uniformity has its advantages, but
quality
"It is apparent," Solicitor-General Frierson conceded, "that on the entire
"In the
INCOME
ALTER ITS TAXATION POLICY AS TO STOCK PROFITS
The Commissioner of Internal Revenue ruled that there
$151,845.
so
loss.
March 1 1913, although less than its previous cost, the
deductions
sale of bonds of the International Navigation Company.
a
These bonds
the
of
ment, I feel compelled to concede that, in this minor detail, the department
had fallen into error.
My view of the statute is that the tax is imposed only
the shares
case
review the judgment of the District Court graintng a recovery of $17,756.79
realized
act
of March 1 1913 and to use
as
the basis for determining whether the sale
as
greater than the original cost, was less than the 1913 value, there was a loss.
There was nothing arbitrary in this ruling.
It
apparent though not a real
an
He said that the purchase and sale price must first be compared and that if
covered
or
on
Conversely, in the
profit at the time of sale.
there is
the entire
the
higher than such sale price, and the transaction thereby represented
was
loss instead of
it
on
cases,
determine how much of the gain is taxable
ed by a difference between the value of the stock as of March 1 1913, and
case
gain
than its value
gain
a
construed
Department
The result, I think, is that it must first be
Besides the broad general question above stated, these cases raised the
or
loss rather than
a
Revenue
difference between the selling price and the 1913 value was treated as income.
resulted In
a
making
Internal
But Congress made
the ground of i nsufficiency.
on
Solicitor
price
The
intending to capitalize all values
as
simply resulted from,
In the Brewster
necticut held that in
Darlington,
[Vol. 112.
less than the original cost,
Congress
these
income.
or
similar concession yesterday, but involves also
a
the important question of whether a profit
Is
of property is not
argued jointly with that of David M. Goodrich against
was
William
which Mr. Frierson made
assets
CHRONICLE
sold in 1916 for $276,150.
much lower than the original
cost and
The New York State Income Tax Burueau will not accept as a precedent in
computing the State Income tax the position taken by Solicitor General
Frierson in the
of Goodrich
case
vs.
Edwards in the United States Supreme
they were worth only $164,480.
The Commissioner of Internal
Revenue ruled that the difference between this sum and the
selling price
Court, according to
taxable gain or income, and, accordingly, collected taxes on
$111,670:
In this transaction the actual gain realized was the difference between the
the stand he takes by Atorney General Charles D. Newton.
was
selling price, $276,150, and the cost price, $231,300,
or
$44,850.
in value occurred before that date.
the defendant in
the March
taxable
or
on
error was not
properly taxable
the difference between the
on
the difference between
it is contended that he
was
purchase price and the selling price,
$44,850."
for the full amount claimed upon the
ground that profits realized from the sale of capital assets
and that, so far as the Act of
is unconstitutional.
argued
case
But
on
This
holding is
now
income,
income, it
as
challenged by the Government in
ty-day.
price actually
realized
on
the sale
now
In further
right to
quoted
a
special dispatch from
date of Mar. 12,
gains
was
taxable when the property was purchased before
1913.
Congress had provided that the value
as
the basis; and the
same
provision
was
on
made
for determining deductible losses.
an
most
of such sales the value of the
property was greater on
cases
Hence, the general rule is that the
that date is deducted from the
income.
proceeds of sale and the remainder is
In this way that portion of the
gain which resulted from
increase in value occuring before 1913, is not taxes.
right to deduct
Likewise, if the
loss is claimed that portion of the loss
resulting from a
decrease in value which occurred before March
11913, is not allowed.
This
a
is the rule which has been
consistently followed and, in all cases in which the
sale resulted in a profit, is
undoubtedly the rule intended by the Act of
Congress.
There is
chased
,
by any constitutional limitations,
Amendment to the Federal Constitution.
define
to
difference between the
as
is Congress, deriving all
as
If the State Legislature chooses
income for purposes of taxation profit which might not be
within the meaning of the Sixteenth Amendment to the Federal
income
Constitution, it had power to do so, since it had power to tax profits under
designation.
'vNo
Limit
on
State
'V.V
Power.
v
the power of the State Legislature to tax profits, and it has indicated its
intention in the State income tax law with unmistakable clearness.
Director
Graves
told the
Iselin,
after
consulting
Attorney
General Newton
correct.
in the
and Mr.
"Times" correspondent that the position taken by the
Government in the United States District Court and
The
same
position was taken
as
upheld by that court
recently
as
March 9 by.
Wendell
Appellate Division of the Supreme Court at Albany.
During the argument of counsel for the taxpayers, members of the court
pointed out, in interrogating him, that in
essential that there be
a
any statute taxing
profits it was
starting point, otherwise profits and losses, which
occurred many years ago, would have to be considered in making up con¬
temporary income tax returns.
statute
of all
1913, than when purchased.
as
vast
a
Mr. Ivins in arguing the case of The People, ex. rel. Klauber, vs.
March 11913, should be taken
treated
was
The New York State Legislature, he said, was
it exercises in such matters from the Sixteenth (income tax)
power
was
follows:
and sold after March 1
on
not restricted
on
insisted that the ruling of the Internal Revenue Department was
Incidental to this question, there was the further
question as to
what part of such
value
Impose income taxes.
of income tax litigation for the State, there is no constitutional limitation
The important question involved was whether
gains derived from the profitable
sale of capital assets may be taxes as income at all.
On this question I, of
In
Graves pointed out that there
Mr.
to
of the International Mercantile
a
explanation of the Government's attitude in the
as
take
According to Deputy Attorney General James S. Y. Ivins, who has charge
Washington to the New York "Times" under
March 1
identical stand,
tax on $44,850, or
the Solicitor General, in
matter,
correct.
an
the court to
power of the State Legislature and the power of the United States Congress
be questioned only
Marine Company bonds.
course,
Supreme Court that the Government having taken
judicial notice of the fact.
any
to the extent that it denies the Government the
was
He is upheld in
Solicitor General Frierson announced to the United
the basis of the statement of the facts given, the Solicitor-General
declared it must follow that the judgment itself could
the
are not
Congress undertakes to tax them
case
prepared to recede from its position, and asked
was
the
The Court below granted a recovery
the
In the Goodrich
While it is conceded, therefore, that
1913 value and the selling price,
made today to the New York "Times"
correspondent by Mark Greaves, Director of the Bureau.
States
"Since the value of the property on March 1
1913," the Solicitor General
declared, "was only $164,480, it cannot be said that any part of the increase
an announcement
all
required
a
They pointed out that the theory of the
general balancing of the books of taxpayers and appraisal
property as of the date when the statute become operative, and that
profits and all losses attributable to any time prior thereto should be
ignored and that the taxpayer should be presumed to have taken his profits
or his losses up to that time and to have started afresh.
A suggestion, Mr.
lature only
Graves said,
intended to tax
as
was
made by one taxpayer that the Legis¬
profit the increase in value between the In¬
cidence of the income tax law and the date of the sale in cases in which there
was an
actual profit, as between the date of purchase and the date of sale,
and that if there was no such actual profit, there would be no tax to measure.
He
pointed out that this would lead to compl;te absurdity and gave
the
following examples:
occasional case, however, in which
property, after
decrease in value until it was worth much less on March
an
the cost price and was later sold at
being
pur¬
11913, than
an
advance
over
the 1913
value, but for
If
a
worth
man
purchased stocks in 1890 for $1,000 which on Jan. 1 1919 were
1919, for $999, under the tax¬
$800, but which were sold in July
payer's suggestion, there would be
nontax.
Under the State ruling and all
March 19
1921.]
THE
the rulings heretofore made by the
tax on
be
a
the
profit of $199.
a
tax upon
CHRONICLE
Federal Government, there would be
a
NEW
If the sale price was $1,001, however, there would
$201 of profits under the taxpayer's theory as well
theory of the officials.
It is clearly absurd he said, that
a
under
as
1109
DECISION PUZZLES EXPERTS.
TAX
[From the New York "Times" of March 12)
difference
of $2 in a sale price could make a difference of $201 in taxable income,.
Tax experts and those who have sold stock since March 1 1913, whose
Federal income taxes are affected by Solicitor General William L. Frierson's
It is the opinion of the State Income Tax Bureau officials that the Supreme
Court of the United States would uphold the decision of the District Court
decision that fictitious increases in value
in the Goodrich case,
yesterday
but that
if it did not do
a
so
decision of that court based upon the
of both parties to the action
consent
would
even
regardless of Solicitor General Frierson's statement,
probably have
very
would not be controlling
unless the Court of Appeals
same
portion
The
heretofore,
as
shall hold that they are wrong.
The Klauber case, in which the
question is before the State courts, it
was
said, would probably be decided by the Appellate Division on May 4 and be
Later advices indicate that the State authorities may have
as
modify their attitude just
will appear from
did the Federal officials,
as
the following taken from the New York
"Times" of March 17:
The ruling of
on
the State authorities under which income tax
be levied
may
result of the
as a
case
on
antedating the statute,
New York lace manufacturer, against Controller James A.
the State must admit that it has
Wendell in the
that
now
taken by the
prepared to recede from the position and asked the
The New York State Income Tax
judicial noiice of the fact.
result of protests
a
the State Income Tax law, which many lawmakers
injustice
There is
admitted would work
that the taxing power of the
Federal Government
was no
Saxe,
possibility that the decision of ttye Appellate Division
income derived from any source.
Effect
limitation in
a
lawyer and
'
Revenue Unknown.
on
What effect the decision would have
could not be estimated yesterday,
weight disagreed
as
Collector of Internal
to the loss by the Government.
into many millions of dollars.
run
said that this question of an apparent gain since March 1 1913, which
was
was a
collectors.
loss from the date of purchase, came up continually to plague
The
same
story was told at the office of the State bureau for the
collection of income taxes in the Equitable Building.
We
We
have
that
question before us almost every day said one official.
constantly obliged to placate those who squirm under what they
are
contend is in injustice,
and
only
our
of pacifying them is to suggest
way
that they might under the law suffer fictitious loss which was an actual gain.
may
be
the State law, and
Federal decisions
The
generally adopted by the State.
are
be large.
The argument was completed in Albany
of the tax.
Mr. Klauber in his return of income for 1919 showed
a
net income
subject
tax, after exemptions were taken of $273.
a
to
the
sum
involved,
1 1919, is overthrown, will undoubtedly
a';
The action to be taken by those Avho have
last week and briefs have been filed by both sides.
showing
the State and Federal revenues
on
and those whose opinions would have
that the loss to the Government Avould
returns and payment
of $20,539,
Martin
expert on State taxation, believed that there was no difference between this
if the arbitrary valuation of Jan.
tax
curtailed by the
was
the State Constitution on the taxing power.
handed down before April 15, the time limit for the filing of State income tax
to
no
The Federal law in almost all instances is followed by
the taxpayer.
on
a
now concedes that the
limitations of the Federal Constitution but that there
Frierson.
received in Albany since the New York "Times"
Saturday called attention to the ruling, there has been talk of amending
an
was wrong,
apparent gain that in reality is a loss.
Revenue Edwards would not be quoted, but it was intimated at his office
Bureau will not accept as a precedent the stand taken by Mr.
As
on
Attorney General Newton disagreed with Mr. Frierson's opinion holding
It
on
on
They based this belief
Mr. Frierson
actually
court to take
by the board.
go
Government's former stand
Supreme Court in which Solicitor General Frierson announced to the court
was
would
in letter to the Federal law, and that if
that the Government having taken a stand similar to
State of New York,
surprised
to how the State Income Tax law would be affected led
as
the
parallel to the Goodrich case in the United States
exact
an
Avere
the ground that the State law was modeled to conform in spirit and largely
may
of the People ex rel. Edward Klauber, a
Appellate Division at Albany.
The case is
taxable,
what its effect would be
experts to the opinion that the arbitrary valuation of Jan. 11919,
fixed by State law, also
Jan. 1
on
1919, when the law became effective, regardless of any actual loss
transaction through the price paid on purchases
be overturned
not
are
as to
lack of limitation and the broad power in the Federal Constitution to tax
realized from the sale of stocks above market value
any excess
Speculation
most of the
and divided
decision
revenue.
power to tax an
taken before the Court of Appeals in June.
to
the national
and
upon
little weight with the courts of the State.
State bureau officials intend to maintain the
the
by
State tax
large amounts of
could not be learned yesterday.
money
subject
Dr. Joseph Klein, an
expert on income taxation and one of those who framed the present State
doubt that those Avho had fictitious gains registered,
His return showed that during the year 1919 he sold securities for $46,214
tax, said that he had
which had cost him $52,307, a loss of $6,093.
but had suffered actual losses, would contest the payment of the tax if the
Mr. Klauber submitted
a
no
list of the securities with the statement that he had disregarded dates of
State declined to follow the lead of the Federal Government.
acquisition and that he
attorneys for a large estate said that as Mr. Frierson merely was the legal
was
advised that he had the right to deduct loss on
the basis of cost upon a transaction closed in 1919.
The Controller ruled
adviser of the Government, he thought it likely that most attorneys would
that the selling price was in excess of the market value on that day and if
await
such market value
case,
on
were
the transaction,
taken
as a
basis for determination of profit and loss
it would result in
Controller therefore assessed
an
profit rather than
a
The
loss.
a
position taken by Arthur B. Hyman, of Paskus, Gordon & Hyman. of
2 Rector St., who appeared for Mr. Klauber, was that the State must con¬
theoretical profit.
cession made by Solicitor-General Frierson covered precisely the point
which is the first suit
on
raised
this point that has been brought
in this State.
"In the Klauber case," he said, "there had been a loss to the taxpayer
the sale of the capital assets, which, however, resulted in a theoretical
profit based upon the market value
on
Jan. 1 1919.
I contended that while
the power of the State was not limited by the necessity of a constitutional
amendment,
as was
incomes, the State
trarily designated
the power of the Federal Government, to levy a tax on
was
as
bound to levy on incomes and not something arbi¬
such; that under the guise of taxing income the State
legislature could not tax
had not and,
payer
"In the Federal
as
a
loss by converting it into a profit, which the tax¬
it happens, could not possibly be realized.
cases now
before the Supreme Court a
preme
an
enhancement in capital assets.
Court that it does not, and that
which is
now
was
v.
Walsh,
The Solicitor-General in his con¬
cession still maintains the position of the Government that a profit on the
sale of capital assets is subject to income taxes.
position
our
was
on any excess
Jan.
1
realized
on
fictitious
a
demnation
was
everywhere in the
was
on
an
1 1919.
85.28.
was
apparent increase of $6
an
the market
widespread
con¬
Albany dispatch printed in
100.67, it would show
Some of the writers urged that the State Income Tax Law be amended so
While
it is
true
the
as
State
necessary
Director
amendment, for more than
Graves
and
a
the
conference this afternoon between
Attorney-General Charles D.
Newton.
After the
"The New York State Income Tax Bureau, on the advice of the Attorney-
they will uphold the opinion of the Solicitor Gen¬
at
greater price than on the effective date, but lower than on the date
a
a
theoretical gain to an actual gain in
no
precedent for the present situation,
I don't believe our courts will turn
the
of
case
an
actual loss.
There is
because at the time of the old income tax following the Civil War values
year.
The present method of taxa¬
purpose
of the statute, which was to
computed merely for the current
were
tion is
contrary
tax
a
on
and
to the sense
income.
To tax
a
fictitious gain is illogical.
Government.
The intent of those who framed the State income tax law was to
the Federal law in every
The
and
in
many
desirous
was
instances the
the
fault it
was
incorporated in the State law, he said,
was
language
of the statute
followed.
So
believed the Federal statute to be at
nevertheless adopted.
amounts to be refunded by
brought to test the State law and the
the Federal Government and the State would
I know of one instance in which a tax of $500,000
this item alone, and that of course, would be lost to the Govern¬
on
ment, as well
as
certain deductions that would follow.
Mark Eisner, former income tax collector
tax expert,
was
committee which framed the law to follow the Federal
There will undoubtedly be suits
paid
follow
particular, said Dr. Klein.
spirit of the Federal law
of the Second District and now a
said that he believed the loss to the Federal Government and
State would be small.
way as
no
doubt that the State law will be found to apply in the same
the Federal law, said Mr. Eisner.
practically results in the taking
But
I
cases
away
The present arbitrary valuation
of property without due process of law.
in which this fictitious value is
should think,
in my
interprets the corresponding section of the
applied are very rare, and in my
on
It would apply chiefly,
deduction are made for bad debts.
the Federal Government wpuld be small,
to where claims for
stock transactions to
opinion, and
even
smaller to the State.
I would not give $1,000,000
back.
for all the Federal Government will have to pay
Federal law.
"Uniformity has its advantages, but
so
has stability—and in the latter
Federal rulings leave something to be desired.
Legislature is not limited,
ambiguity—no
room
as
The
State
is Congress, in its power to tax, and there is
for construction—in the terms of Section 353.
the section is unwise, that is a matter for the Legislature, not for
or
of
purchase, then there is merely a fictitious gain.
Solicitor-General Frierson
troller
before the effective date, and on that date
If property is purchased
The loss
no
is
construe the law
come to
eral.
General, will not interpret Section 353 of the State Tax Law in the way
quality the
power
said Mr. Saxe, I believe that when,the State courts
large experience I have only had one such case.
conference the following statement was made public by Director Graves:
now
Federal
in the State Constitution,
I have
appear to have had no weight with
authorities, although they led to
the law.
Attorney General says that
derived from the Constitutional amendment and that there are no limitations
elapse before State income tax payments become due.
These representations, however,
which the protests against the tax were based, and
on
sideration in deciding a suit brought to test
interpretation by the United States authorities of
the Federal statute, which is diametrically opposed to the State's policy.
\
actual loss at the time of sale of almost $9.
an
this condition
•
ample time to make the
But
18 1916, when the market average
this which Mr. Saxe believed the State courts would take into con¬
tude of the State authorities.
month will
Nov. 15 1919, it would be
was
undoubtedly be large.
a
on
share, on which the seller would be taxed.
a
was
was
There would be
by the
which all valuations were
It
Saturday, in which the policy of the Income Tax
authoritatively defined, Director Mark Graves of the Bureau
to conform with the
on
it
had been receiving a great many letters, all of them condemning the atti¬
as
;
,
tax a loss that
On Jan. 4 1919, the week's average
stock was sold
statute that even in cases where they
result of
*
so as
same
State.
a
If
if that stock had been bought on Nov.
define
actual loss from the price
purchased, is meeting with
learned to-night that as
the New York "Times"
Bureau
over
stock sales
The date
a
fifty stocks
on
.
gain under the arbitrary valuation, was shown
based by the State was Jan.
1919, when the State Income Tax Law began to operate,
at which the securities were
apply
State Followed
regardless of whether the sales price involved
It
what
seen
special advices to the
sales of stock and bonds
Works.
affected by market conditions which had raised the average to 91.28, an
policy of the State Income Tax Bureau of levying against payers of
on
:
New York "Times" stock averages.
from Albany March 14:
income tax
value
It remains to be
Appellate Courts will take in the controversy."
We also quote the following
paper
The
V;
The way in which the tax would
It has been held by the Su¬
the decision in Brewster
before the Supreme Court.
before bringing suit to contest the
its value is lower than the market value when it was acquired, and it is sold
broader question is
raised, namely, whether under any circumstances income in its true sense
arises from
.
Supreme Court in the Goodrich
States
How the Decision
was
upon
"
of
I
Mr. Hyman told a New York "Times" reporter yesterday that the con¬
in the Kaluber case,
by the United
additional tax of $217, plus $13 for interest
fine its tax to income and that it did not have the power to rurn a loss into
a
decision
a
in which the issue was raised,
State law.
and penalties which Mr. Klauber paid under protest.
The
One of the
the Attorney-General,
to remedy.
presumption of constitutionality.
The statute is entitled to a
Until it is repealed
or
held unconsti¬
tutional by the courts it will be enforced by the Income Tax Bureau."
If
the Comp¬
ITEMS
ABOUT
BANKS,
No sales of bank
or
TRUST
trust company
the Stock Exchange or at
COMPANIES,
stocks
auction this week.
«
■
were
ETC.
made at
THE
1110
transfer, the
ported proposed for
consideration being stated
respectively.
$95,000 and $97,000
as
memberships were re¬
Stock Exchange
York
New
Two
[Vol. 112.
CHRONICLE
faithful clerks, who have
A. A.
E. R. McLaury, C. H. Wessells, Henry
of the following
pay
on
recently announced the re¬
National Bank
The Chemical
tirement
served the bank on an average
Firth, D. P. Johnson,
of forty-seven years:
Moore, O. B. Garthwaite.
Ralph T. Crane,
who has been Manager
Federal Reserve Bank of
Relations of the
of Member Bank
New York since
associated with Brown Brothers & Co.,
59 Wall Street, New York, and will devote his time to ex¬
tending the firm's relations with banks and security houses
outside of the city.
Mr."Crane has been in the banking
1919, has become
Vice-President and
Treasurer of the Montclair, New Jersey, Savings Bank, and
still retains his official relations with that bank.
For sev¬
eral years he was a member of the investment firm of Ludwig & Crane, New York, leaving there to take up his work
with the Federal Reserve Bank.
Between 1917 and 1919 he
Associate Director of the Certificates of Indebtedness
Department of the Federal Reserve Bank, through which
business since
In 1906 he became
1896.
was
worth of Treasury certificates
hundred banks of the
district, and in this position, and later as Manager of Mem¬
ber Bank Relations, his personal contact with bankers in the
billions of dollars
the many
distributed among the twelve
were
district became very
New York
intimate.
1
Bank
The
at
48 Wall
The Bank is the
versary.
oldesi;
voted last
was
fect,
official
While
Association,
March 15 its 137th anni¬
in New York State; it was
Hamilton in 1784 and incorporated
1865. The Bank of New York has a
national bank in
as a
completed for the acquisition
by interests
identified with the National City Bank, with a view to the
nationalization of the Commercial Exchange and its be¬
coming a branch of the City, the reports appear to be au¬
The National
thentic.
The Guaranty
City
a
the following
E. Burke, Assistant
Assistant Secretary;
Co. also announces
appointments on March 17: Arthur
Trust
Officer; Henry D. Quinby,
Assistant Secretary.
Daniel II. Bender,
♦
Gerken, formerly
John
Plans
Vice-President, has resigned as a
this city.
Trust Company of
increase the
to
of The New York Trust
Harral S. Tenney, Vice-President of
the Liberty Securities Corporation,
was elected a VicePresident of the trust company.
He will serve in his pres¬
ent office until the merger of the New York Trust and the
capital of the Utica Trust &
De¬
N. Y., from $800,000 to $1,000,000
stockholders on March 7.
The stock
posit Company of Utica,
ratified by the
were
of that company.
of the Trustees
meeting
in London.
Guaranty Trust
is being offered to shareholders of record
30 at $200 per share; payment
(par value $100)
At
House. Kingsway,
The company now
14.
March
of New York opened a new
London, on
has eight foreign branches,
Trust Company
at Alexandra
branch office
•
General Sales Manager of
Company of this city, has been elected
Assistant Vice-President
an
Commercial Exchange Bank
of control of the
Director of the Hudson
$9,000,000.
Schoepperle, Assistant
Victor
time in its
arrangements have been
that
organized by Alexander
capital and surplus of
report showing the enlarged
weekly sheet of March 12.
confirmation is lacking regarding reports
Clearing House
the
amount for the first
The
National Banking
of New York,
Street, celebrated on
has in¬
$200,000 to $700,000. The increase
Dec-ember, but has only just gone into ef¬
three of which are
♦-—
Bank of this city
Exchange
Commercial
The
creased its capital from
at the close
of business April
before June 1.
is to be made on
Company, on March 17,
•
Liberty Bank, which goes
regarding the merger
Information
issues of Dec. 25, Jan.
into effect April 1.
appeared in our
March 5, 12.
At
meeting of the directors
a
of
President
elected a director
/■-'
\
y
22, 29, Feb. 5, 26. and
Fred L. Childs,
—♦
Walter L.
Burckett, Vice-President
of the State Bank of
He was 64 years old.
Mr.
Burckett began his banking career with the old Fourth
National Bank in 1872 and left that institution in 1906 to
become Vice-President of the State Bank.
city, died on March
this
10.
•——
The Chemical National
Bank has four men who have
been
than fifty years, their
total length of service being 205 years.
They were with
the bank ten years before Percy H. Johnston, the President
of the Chemical, was born.
Two of them are soon to re¬
tire, not because of failing health,
but as a reward for duti¬
by the
bank:
with the bank.
above Chambers
corridor.
served
Vice-President, has completed fifty-one years of service
He began as messenger, his route covering all of the city
Street.
The bank then occupied the space now used as the
Halpin,
hydrant and little tin cup that
That was before the war on germs and microbes.
position to another, Mr. Halpin rose through the
By the side of the bank was a
the
employees.
Graduating
ranks
from one
until 1917 when
that he will retire in
ty\
Frederic
He
was
he
was
appointed
has served
men
on
He
announces
continuously for fifty
years.
When he became Director in 1871 he
history the Chemical has had only
its
its board, and up until three years ago had had only
twenty-five.
Mr. Stevens has known all of the bank's presidents since
John Q. Jones, including President George G. Williams, who was in the
service of the bank sixty-one years.
Mr. Stevens says he remembers the
panic of 1875,
when industrial and financial depression had plunged the
nation into gloom,
and the Chemical Bank declared a dividend at the un¬
The Directors recently celebrated the
fiftieth anniversary of Mr. Stevens's election and presented him with a
handsomely engrossed testimonial signed by all his associates of the Board.
John F. Flaacke, Transfer Clerk, entered the Chemical National Bank
precedented
proportion
of
100%.
There are now more than 500
employees.
He began as a messenger, and had to walk or run his errands.
Occasionally he would wait for the Broadway stage.
Fifty years ago the
employees used candles, and instead of adding machines they used their
heads and fingers.
During the fifteen years that Mr. Flaacke worked in
the money cage he handled $450,000,000 in cash.
Edward P. Brown, Bookkeeper, joined the Chemical force fifty-four years
ago.
When he entered as a messenger in 1867 he carried the mail, all of
which he put under his belt.
When he asked for a mail bag, the answer
fifty
According to
years
ago
as
the twenty-eighth clerk.
was
that the bank could not afford such an extravagant and foolish luxury.
Mr.
Brown worked in the various departments of
keeping and note-telling.
of Boston.
a
the bank, including book¬
He retires at an early date.
notice printed in the Boston
28, the business of the
that city was on that date
Trust Co., with
"Transcript"
Old South Trust Co. of
transferred to the International
offices at 45 Milk Street
and 115 Summer
The notice in part reads as follows:
Balances in both Commercial and Savings Departments have been set up
in our books, and deposits and withdrawals may now be made.
Until
new Check and
Deposit Books can be furnished, deposits and withdrawals
in which checks and deposit books of the Old South Trust Company are
Street, Boston.
be honored.
will
used
For
forty years at the same
over
has served
location, The International Trust Com¬
the public in banking matters.
It has a strong Board
assets in excess of thirty-five million dollars; is a
member of the Federal Reserve System and has a competent and courteous
Directors; has total
of
of
staff
officials
and
assistants who are at
all times anxious to furnish
best of service.
the
steady
Recent
withdrawals of deposits from
which had drained its resources,
for the transfer.
Director,
graduated from Yale in 1858.
the tenth on the list.
In all
thirty-five
Vice-President.
July.
Stevens,
Chiids, wholesale coal deal¬
of the Hyde Park Trust Company of
electejl a director of the International
been
Trust Company
pany
Francis
lias
Boston,
interesting record is furnished
This
services.
ful
of Zeppler &
and also President
ers,
of February
actively connected with it for more
Vice-
Company, was
succeeding George H. Tryon.
National Fire Insurance
the
■■' -.V-
of the First National Bank
March 9. Frank D. Layton,
Conn., on
Hartford,
of
The Old South Trust Co. was
December 18 1919 by State
upon
run
the request of its
year.
closed on
Bank Commissioner Thorndike
President, John R. McVey, after a
July 10 of last
It reopened its doors on
the bank.
on
the bank,
it is said, was the reason
Charles G. Bancroft is President of the International
Its last statement showed capital of $2,000,000,
Trust Co.
with surplus
of like amount and
undivided profits of $490,-
000.
George C. Smith,
reau
the
director in charge of the Industrial Bu¬
of the Board of Trade,
lias been elected a director of
Equitable Trust Company of Baltimore.
one
of the organizers
for
the Baltimore and
Robert
vers
&
D.
Mr. Smith was
of the Bureau of Industrial Surveys
Ohio RailroJd.
Hopkins, Chairman of the Board of the Dro¬
Mechanics
National
Bank
March 8 at the age of 73 years.
dent of the bank
of
Baltimore, died on
Mr. Hopkins became Presi¬
in November 1918 and continued to act in
March 19
that
until January 11 1921, when he was
capacity
1111
CHRONICLE
THE
1921.]
of Cleveland, Ohio, has
The Cleveland Trust Company
elected
address delivered before the
Cleveland Bar Association by F. H. Goff, President of that
Savings Bank of Baltimore, the Baltimore Tube Company,
and several other local corporations.
It is not contemplated company on Nov, 9 1920, under the title of "The Living
Trust from the Lawyer's Viewpoint."
The address deals
that the death of Mr. Hopkins will cause any change in
in an interesting way with the creation of trusts for the living
the personnel of the bank, the recent changes in January
as distinct from testamentary trusts, their management and
having, we are advised, been brought about at his request.!
legal administration.
The relief afforded from the often
burdensome care of wealth, the insurance against depend¬
He
Board.
of
William
the
A.
Chairman
Carlisle was
also
was
a
director in the1 issued in
Vice-President of the
elected a
of Philadelphia on March
Company
Trust
Ave.
of Secretary and Treas¬
He has served in the capacity
10.
and
urer
having started
position in the institution,
every
with the bank in 1891.
.'YV'.Y. ..v.,.'.
•
Trust
effected
was
National Bank on March 28.
be known as the Union
will
institution
combined
Deposit &
The resources of the Union
surplus of $200,000.
The
Deposit
capital of $200,000 and
Company and will have a
Trust
Trust
will be taken by the stock¬
Feb. 28 and similar action
on
$2,000,000, while the
National Bank exceed $1,000,000.
Company amount to more than
Trust
of the American
resources
Deposit & Trust Company remain as
The officers of Union
President; Thomas S.
Crago, Vice-President; Chas. T. Strosnider, Secretary and
Treasurer, and Wm. H. Sutton. Asst. Treasurer.
W.
namely:
before,
Cotterrel,
D.
Y',
YY'V'A
-,Y ' V'-V..:.;/;1
•
proposed new Market Street Trust
The
risburg, Pa., for which a charter will be
Company of Har-
applied for in April,
plans to erect a building in Market Street near
and
expects
to open
for business in
YV
- Y
vv-/-Y-VYY-YY'.' Y-~Y
March
to
M.
17, Daniel
accused waived
a
and
notice signed by the Federal
a
It read:
Bank Examiner was posted on the door.
"By order of the Board of Directors, the First
closed and payments
the
on
Federal
First National Bank
the books of the bank. On March 14 the
of Beaver failed to open
Later
The
funds.
examination of
Bank Examiner Frank Miller, following an
is
dated
hearing and was released in $15,000 bail.
complaint against Mr. Reisinger was made by
The
suspended."
will
close
business
National Bank
First
of Directors by
the
tect
of
of
The new bank will have several departments,
General Commercial Banking, Savings, Trust,
Bond and Investment, Foreign Exchange.
The officers of
per
share.
namely:
Sharer;
Carl B. Lee;
Cashier, Frank A. White; Assistant Cashiers, J. Brenner
Root and Emmet W. Sample.
Further information ap¬
12,
National Bank of Beaver
of the bank gave out
peared in our issues of July 24, Sept. 11
amount.
The
Comptroller
name
the
to
of the
served
has worked
and has for
several years been in charge of the Bond and Foreign De¬
partments of the institution.
He comes from one of the
early prominent Swedish families of Chicago and is very
popular among a large acquaintance. Mr. Carlson was
given a solid gold watch and chain, the presentation speech
being made by Henry A. Haugan, President of the bank.
joined its force March 11 1896. Mr. Carlson
through the various departments of the bank
■v.;
v
,
$463,490.
of the Currency reports the change in
Bank of Columbus,
First National
Ohio,
Bank in Columbus.
meeting of the Associated Trust Companies
inson, Vice-President of the Guardian Savings & Tust
was
Com¬
Arthur
elected President for the ensuing year.
H.
closed
on
of
Cleveland,
was
by
March 1
"This bank closed
First
National
J. C. Hoffman,
elected Vice-President;
Society of Savings of Cleveland,
was
elected Secretary, and A. L. Assmuss, Vice-President
the
Cleveland Trust Company,
dent of the institution.
of
Bank
of
Cleveland
has
convinced State Auditor Russel that some
not very good, and the bank would have to
were
positors
lost money."
According to
Fred Granby, a
28.
a press
dispatch from Chicago, March 1, W.
real estate operator
permanent
appointed
been
granted permission by the State Department of Banks to
change its name to the Bank of Cleveland, capital, $100,000.
The
Klonowski
was
incorporated last June.
Cleveland
are:
Savings Bank
S.
was
organized in 1913 and
The officers of the Bank of
Klonowski,
President;
A.
F.
Kotowski
and M. P. Kniola, Vice-Presidents; Leo F. Kucewicz,
tary
and Treasurer,
Secretary.
and
John
A.
Secre¬
Drombowski, Assistant
'
facts which, upon
of the bank's securities
be closed before the de¬
regular bank examination February 14 gave some
"A
study,
Co. in the District Court of
We referred to the failure
19 issue.
The Continental Bank of Detroit
22 at 1309 Broadway, corner
bank are:
Guthard,
dent ;
began business on Jan.
The officers
Henry J.
Gratiot Avenue.
Walter G. Toepel, President;
Vice-President;
Charles
Vice-Presi¬
Sidney II. Zinkann,
W. Burton,
William J. Schecter, Cashier, and
Assistant Cashier.
Sioux City on Feb¬
of this company in
»—
:
of the
of Sioux City, la., was
receiver for the American Bonding
these columns in our February
Savings
permission to reopen. . If
all of this bank's
I shall negotiate with another bank to take over
and pay off the depositors.
and liabilities
♦
Klonowski
is Presi¬
making the
former Bank Examiner,
Mr. Weir is reported as
enough money so he cart get
is trying to get
assets
& Casualty
elected Treasurer.
was
A notice on
Auditor.
following statement regarding the affairs of the bank:
"I think the depositors will get about all their money back.
There are
deposits of over $200,000.
There is a capital of $100,000, with a $10,000
surplus, making $110,000. The $90,000 difference, I think, will be made up
by the value of various securities, including bills payable.
"What loss there will be will be suffered by the stockholders.
Mr. Cole¬
ruary
The
the Calumet Trust Co.,
Bank
Miller Weir, Consulting
by order of Andrew Russel, auditor of public accounts,
Bank Building, for examination and adjustment.
"MILLER WEIR, Consulting Examiner,".
Seibig, President of the United Banking & Savings Co.
Assistant Secretary of the
10758 South Michigan Ave¬
was
Charles W. Coleman, a
Savings Bank of Cleveland on February 28, H. C. Rob¬
pany
4
Chicago, formerly known as
he fails,
At the annual
• ' '
Y
nue,
man
and
■
Kiwbark State Bank, at
1424
capital of $50,000 and a surplus of like
First National
the Union League Club in
Edward Carlson, one of its Viee-Presidents who
the bank continuously for 25 years, having
Chicago, gave a dinner at
to close the bank.
«
the
officers of the State Bank
Friday evening, March 11, the
Board
This Board, in order to pro¬
It is ex¬
Beaver, Pennsylvania, were reported to the
The deposits amounted to
and Nov. 20 last year.
the door read:
pected and believed that the depositors will be paid in full."
The bank had a
McCune and
L.
Samuel
Vice-Presidents,
certain irregularities in the
1921,
the depositors, decided
of
be: President William P.
Midland Bank will
the
Examiner, on orders from the State
March
the National Bank Examiner.
interests
since last July closed its sub¬
way
for business on April 4
open
The
following statement:
"At the
under
in the Leader-News
stated in our issue of November 20,
it has acquired the unexpired lease of the National City
Bank as well as the latter's vaults and fixtures.
The stock
of the Midland Bank is in $100 shares and was sold at $125
It
'
the same day the directors
yvYVYy
Building, in which as we
honor of C.
Pa., was arrested on that day for
alleged embezzlement of $41,000 of the bank's
the rights reserved
scriptions books on March 2.
The new institution has been
formed with a capital of $2,000,000 and a surplus of $400,000.
■
Cashier of the First Na¬
Reisinger,
Bank of Beaver,
tional
as
Cleveland, Ohio, the organization
The Midland Bank of
of which has been
of
from Pittsburgh,
dispatch
press
a
well
"■■■■■■.y,YYyY
itable purposes.
has
According
as
managed by members of the community with power lodged
in a committee to use the income for educational or char¬
W. Frank
the fall.
..Y-...; :.,'Y•• Y>1Y-;.
- •
■
defined,
by the donor.
The address concludes with an explanation
of
Community Trusts or charitable trusts created and
Tenth Street,
of the bank.
'';;iV
Whitman is one of the organizers
vested in trustees is also
proceedings were
merger
stockholders of the Union Deposit &
holders of the American
&
The
21.
E"eb.
on
the trust estate after
(capital $150,000)
Pa.
of Waynesburg,
Company
ratified by the
Co.
National Bank of
(capital $200,000) and the Union Deposit
Waynesburg, Pa.
&
•
consolidation between the American
A
of
an
in old age, and the advantageous disposition possible
death 4s dwelt upon.
The power
ency
Columbia
pamphlet form
The bank has a capital of
surplus of $140,000.. The stock, in shares
posed of at $120 per share.
*
»
-
$700,000 and
of $100, was dis¬
Press dispatches from Lincoln, Neb., report the
State Department
of the
l&
of Trade
Commerce, after the
discovery of an apparent shortage of $20,000 by a bank ex¬
aminer.
It
Cashier
and
announced
was
principal
Under date of November 13
liabilities
of
William
that
of
owner
this bank
$241,149, in which
was
Lefferbink,
bank,
the
the
missing.
was
reported assets and
included $216,855 de¬
banks and $11,000 capital and surplus.
The official
$50,000
disposed of at $200
was
the addition of
;v.''
4
announcement
Official
of
that the
Southern
city and that the institution would go into
that
The following statement concerning
voluntary liquidation.
(with combined
March 3
on
Bank of Savannah had
day been transferred to the Citizens &
that
Bank
March 4 the Castetter Bank of Blair, Neb.
made
was
assets and liabilities of the Ilibernia
on
share, this enabling
per
$50,000 to the surplus.
'•"'Ov
cash.
state that on
stock
prorated to shareholders at par ($100), while the other
was
report says the shortage is in loans and discounts and in
Press dispatches from Lincoln and Omaha
additional
the
$50,000 of the increase
1920;
21
June
on
1;
March
effective
became
authorized
was
posits, $184,135 loans and discounts, $33,023 cash and due
from
from $200,000 to $300,000. The new
has increased its capital
capital
at Sumter, S. C.,
South Carolina,
Bank of
The National
closing on
of Hadar, Neb., by order
February 28 of the State Bank
[Vol. 112.
CHRONICLE
THE
1112
of the banks was given out by Mills B. Lane, the
the merger
Bank, after the Direc¬
President of the Citizens & Southern
capital and surplus of $120,000) was closed after the State
tors
Department of Trade & Commerce had announced the dis¬
of Savannah, and, on
and after to-morrow, March 4, the business will be conducted in the name
of the Citizens and Southern Bank, this bank having taken over the assets
and assumed the liabilities of the Hibernia Bank.
Any balances customers'
of
covery
the
alleged shortage in the institution,
an
President of
for
the bank, and
connected with the institution
Secretary Hart of the State Department
thirty years.
of Trade & Commerce is reported as saying that
in
Nebraska
Western
following
Claridge, the
disappearance on February 27 of F. H.
Colorado
and
land
responsible
was
have
"We
frdm early reports, would
probably be from $250,000 to $300,000.
founded
was
fifty
over
years
in-law of the missing President.
Claridge
all
and
women
his
and
two
"We
assure
the
employees,
all
stockholders
the
are
with the exception of the
women.
banks in that State
under date of
closed
were
serve
"The Directors
burg National Bank, with
with
a
capital
capital of $50,000 and deposits
a
estimated at approximately
business and
of the
Hibernia
Bank of
assume
be
held
advised by
are
where
in
Helena
Secretary A. T. Hibbard
Helena)
are
bankers
ing plans for the convention, with
a
(Vice-
that the
already mak¬
view to having the big¬
gest and best convention ever held.
that
customers
full
Bank & Trust
able to
is
in
..'I';..
the
of
Hibernia Bank
hearty support of the Citizens and
to
conduct
The
are
state
nese,
closed
was
The
institution
is
Japanese tenant farmers.
heavily
in¬
Its capital is
$162,000 and deposits $850,000.
of
institution,
new
namely
&
Brambleton
Norfolk, opened its doors for business
the issuance of its
institution has
been
which
business
time
and
the
will
new
operate
of
'name
Company.
G.
The
later; for that
under
paid
originally $25)
was
for.
The
stock
will do
insurance
an
a
Vice-President,
(par
value
of
department
it has organized
E.
C.
bank are:
Tatem;
a
and
of
Savannah
The
and about
career
and
warrant
President, F.
on
L.
them
Ocean View
1919.
been
Its
Garrett of
was
arrested
alleging embezzlement and making false entries in
Mr. Garrett
resigned from the bank
Feb. 28 of this year at which time
showed
to
be
substantially
was
an
audit of his books
correct.
released
by taking
appointed receiver.
year
the
over
Bank
$400,000.
said
be
to
Savannah
as
it effected
had
a
pros¬
greatly increased its
ago
National
Bank
of
Savannah.
The Citizens & Southern Bank, which is
the
largest bank
a
on
the Citizens Bank.
the Atlantic south
of
incorporated in
was
In 1906, as
stated above,
with the Southern Bank of the State
merger
Georgia, Savannah, and assumed its present title of the
&
Southern
Bank.
the Merchants National
at
has
em¬
organized
as a consequence
the close of that year
institutions
In
Bank
Bank of
January 1919 it absorbed
of
Savannah and still again
(September, 1919)
took
having banking houses in
Savannah,
Macon and Augusta, and approximate resources of
000.
the
over
Atlanta, the resulting and present
The capital of the Citizens & Southern Bank
Atlanta,
$50,000,last
was
given at $2,000,000 with surplus and undivided profits in
of $3,000,000.
ex¬
/
The First National Bank of Desdemona, Texas, is re¬
ported as having closed its doors recently, owing, it is said,
to
withdrawals.
heavy
The
institution
had
a
capital
of
The
accused
D.
Stewart
American
Beekley of Dallas,
Institute
of
Banking,
Texas, President of the
addressed
the
Chicago
Chapter of the American Institute of Banking at a meeting
held in his honor yesterday (March 18) at the Iroquois Club.
The American Institute of
ization
with
Chicago
than
more
Chapter has
thousand bank
a
Banking is
forty
an
educational organ¬
thousand
membership of
members.
The
than
three
more
men.
♦
on
$5,000 bail.
The
Night and Day Bank began business in
August
were $102,000.
W. R. L. Taylor has
deposits
A new financial
National
Bank
of
institution, namely the French-American
Los
Angeles,
is being
organized
number of French-Americans in Southern California.
i»
1906.
♦
immediately afterwards H.
waived examination and
in
$25,000 and deposits of about $250,000.
Night and Day Bank, Ocean View, Va.,
by order of the State Bank Examiner on
the books of the bank.
con¬
effi¬
company
Insurance
Secretary and
Norfolk, formerly the Cashier of the institution
on
will
customary
its
founded
was
Richmond, dates back to 1887, when it
cess
The Ocean View
11
with
forming the present Citizens
Hibernia
a
♦
March
banks
capital is $200,000, with surplus and undivided profits
now
some
Counsel, Fred C. Abbott; Cashier, O. S. Hart.
closed its doors
bespeak for its patrons
Southern Bank, which
two
These officials had not entered the
institution.
new
perous
Third National
general banking
Brambleton Realty
new
the
of
new
later put out at $20, with
was
purpose
the
The
bank
The officers of the
Benham;
Bank
few days after
charter, at 533 Park Avenue.
and
premium of $5.
a
State
capital of $100,000, of which $50,000 has
a
subscribed
Bank
Southern Bank.
of
the
fortunate
State of Georgia, which at that time had just been merged
Citizens
A
business
with the Citizens Bank—thus
of about
estimated at $1,000,000.
recently.
volved in loans to
the
Hibernia
business
Sacramento, Calif., under date of March 18,
that The Nijjpon Bank of that city, operated
by Japa¬
under
need
been
Its organizers were officials of the old Southern Bank of the
Its
Advices from
they
larger capital assets
it has
ciency and fidelity."
capital of $150,000 and surplus of $130,000, was closed tem¬
March 16, pending reclassification of its obliga¬
of
reaching this agreement with the Citizens and Southern Bank.
the
Co., of Clarksdale, Miss., with
which
institution
an
and the Hibernia Bank feels that
extend,
porarily
Its deposits
its
obligations of the Hibernia
accommodation
present trade conditions and which
ploy of the enlarged bank and
♦
tions.
over
in liquidation and
capitalization of the Hibernia Bank has made it impossible
its
afford
Aug. 5 and 6,
on
Association officials and Helena
on
the
they will be received and duly honored.
"The small
to
"The officers and directors
President of the Banking Corporation of
The Delta
to-day concluded
in and present their checks for payment to the Citizens and Southern Bank,
$500,000.
The eighteenth annual convention of the Montana Bank¬
We
have
Bank from to-day will make their deposits
tinue
1921.
Savannah
Southern Bank has taken
The Hibernia Bank will be placed
assets.
Citizens and Southern Bank will
•——
will
we
signed by M. A. O'Byrne, the President of the
their
Association
surplus
ample
our
agreement by which the Citizens and
an
recent
on
$10,000 and deposits of about $90,000, and the Emmets-
ers'
conservative and
sound,
capital and
them to their entire satisfaction."
"The patrons of the Hibernia
dates—the Farmers' Savings Bank at Iliner,
of
position to
patrons that it is our purpose to render
with
and
Bank.
According to press dispatches from Iowa
two
Bank
and service consistent with
practices,
A statement
1
March 4,
Hibernia
Hibernia Bank, was also given out, reading as follows:
the
President, were
banking
date, will be
Bank of Savannah, as of this
forms of the Citizens and Southern Bank or the
on
Savannah.
of
the
courtesy
every
in
are
With the exception of Mr.
nephews,
Bank
Hibernia
them
The Castetter Bank
by A. Castetter, father-
ago
day absorbed the Hibernia Bank
have with the Hibernia
may
liberal
for the failure and that the loss,
this
subject to their check
speculation
transaction:
of both institutions had confirmed the
-
understood
that
the
by
a
It is
capital of the bank will be $500,000.
March 19
The
bank
1921.]
when
THE
have
will
organized
affiliation
French-American Bank of San Francisco, which,
Rothschilds
of
pany
of Paris
Mexico,
of the
interests
interested.
be
to
are
bank is intended to act
as
Bolleo
CHRONICLE
with
the
Mining Com¬
The
THE ENGLISH GOLD AND SILVER MARKETS.
also the
as
prospective
We
GOLD.
The Bank of England gold reserve against its note issue is
before the public in
depositary
the
California
Southern
and
for the French
|
French
and
Government,
colony and to do
among American commercial
the following from the weekly circular of
Montagu & Co. of London, written under date of
Feb. 24 1921:
as
Angeles
reprint
Samuel
intermediary for the French
an
Government in placing French issues
Los
1113
to
serve
as
also to
as
a
serve
general banking business
a
interests.
£126,510,485'
compared with £126,509,775 last week.
The fair amount of
for the United
It
is
gold that
into the market this week
came
taken
was
States.
reported from New York
that
gold consignments of $2,200,000,
$1,750,000 and $525,000 have been received in that city from
London!
Paris and Buenos Aires,
respectively.
It has been stated with regard to South African
gold mines that:
Number of
At
Mines
special meeting of the stockholders of the Mission
a
Savings Bank of San Francisco
Feb. 17, the recommenda¬
on
tion made by the directors to the
stockholders
Nov. 19
on
Which
Will Close.
When
gold drops to 100s
4V
"
"
16
90s.
Unemployment.
5,800 Europeans
26
12,000
"
14,000
"
;
"
to increase the
capital from $500,000 to $1,000,000,
85s
was ap¬
proved.
at
The
as
31
stock (par value $100) will not be issued
new
be
may
one-half of the
certain
a
The fact, foreshadowed
in
of
many
our
previous letters, has
now
become
patent, namely, that the world value of silver has been falling by its
weight.
proportion of deposits.
indus-
try.
SILVER.
•.
to comply with the State banking law,
necessary
requires that the capital and surplus be kept at
and dis,
aster to one-quarter or
but will be sold from time to time in such amounts
once
which
(normal)
^
,
A Pittman Act and
a
ephemeral effect, when exports from the Far East had almost
an
own
body of Chinese speuclation could exert only
obtain.
cease
s
to
•
Now that the Continent has refrained from acquiring silver, India alone
The Bank of Italy, San
depositors than
Francisco, it is claimed, has
more
other institution in the United States
any
according to figures published this week in New York City.
221,788 depositors are shown by the bank as of Dec. 31
remains the quarter to which we can look with any degree of reliance
possible absorber.
institution
in
the
more
it is stated than
These * figures
country.
depositor gain of 32,277 in the last
gain in deposits of
greatest
States
June 30 1920, as shown in
Subsequent to that date
Italy for the
said that 1920
ending
year
additional $10,000,000 in deposits
an
bringing the total
A. P. Giannini, President
deposit figure to $140,000,000.
of the Bank of
average
published comparative reports.
secured before the close of the year,
was
The
year.
Italy, in speaking of the bank's operation,
was
the most succesful in the history of
news
So
the
as
The continued fall of the rupee
from
the
The paid in
$7,000,000 to $9,000,000 last
total
authorized
subscribed.
these funds.
in San
when
Many
the
progress on
possible within
a
exclusive
new
July 2 1921,
on
were
than
more
bank
occupancy
This
it is expected
new structure,
the Bank of Italy
in
buildings,
the
the
of
one
United
States.
features for the convenience and comfort of the
bank's clients and
employees
are
to be incorporated in these
quarters.
a
were
year) would, in normal circumstances, suggest that the quota¬
a
Still,
It might be
considered cheap.
wanted, but just
step.
naturally discourages optimistic
reduction in the price from 89J^d. to 32d. (or 64% in little
a
tion to-day should be
now
it is not unlike
a
so
regarded if silver
baby abandoned
must not lose sight of the ancient affection
we
India for this metal.
upon a
door¬
possessed by
A return toward its pre-war value ought to
stimulate
exports of gold (of which that country possesses very large accumulations)
in exchange for
silver—so appreciated by its vast population.
China
actual
So far as
and invisible stocks are more than ample for
is concerned visible
needs.
If India parts
with gold in large quantities, the effect upon sterling ex¬
change with the United States will be favorable,
return
to
or
and conduce toward a
United Kingdom, but it wil1
the result of still further depressing the London value of silver,
effective gold standard in the
an
also have
less
from the United States market.
sentimental effect of reducing the value of the
dependent upon supplies
This again might have the
rupee.
The
premium
prices
materially
head office building
new
short time.
completed will give
largest
increased
approximately $1,500,000 being added to
Rapid
Francisco, is reported and
will be
and
year,
was
capital of $10,000,000 will be fully
Surplus and undivided profits
increased in 1920,
new
capital of the bank
as
failed to afford sub¬
future of silver.
to the
heavy
more
institution.
now
inundated the bazaars with supplies to such a degree as to undermine their
a
bank in the United
any
recorded by the Bank of
was
represent
In addition, according to these figures,
deposit is $630.
the
other
any
has
resource
action of American banks (who had attached
apparently undue importance to the infllence of the Pittman Act) having
confidence.
1920, approximately 25,000
This ultimate
stantial support, owing to the
cash delivery disappeared yesterday, the last time even
on
quoted
were
was
the 6th ultimo.
on
price to-day is the lowest since Aug. 31 1916. There was then no
The
quotation for forward delivery.
In view of the
contraction
depressing reports received from time to time as to the
Mexican silver output owing to the falling rates, the
of the
following extract from "The Times" Trade Supplement, dated 19th
of interest: "Notwithstanding the drop
to be
that
probable drop in the cost of supplies as well as labor,
it will
of oil is the
Though the exploitation
outstanding factor at present, it must not be overlooked that
soon
regain its former importance.
real'backbone of the country, employing vast numbers of
silver mining is the
miners
combined
it is hoped
With the lower tax on the export of the bullion,
recovering.
with the
and
inst. is
in silver the mining industry appears
other laborers
who
depend upon the working of the mines.
This industry extends to almost every State
and upon its success the per¬
prosperity of the country depends.
The advance in price of the
white metal has enabled most of the larger companies to continue to work,
manent
The
forty-sixth annual report of the Standard Bank of
Canada (head office, Toronto) was presented to the share¬
holders at their annual
which
meeting
Feb. 23.
on
the fiscal year ending
covers
1921, and is
unmatured bills under discount, interest
on
on
this
mium
added the
was
on new
sum
stocks, and the
sum
of $360,537, the balance
smelters will reopen shortly.
Kilos,
■1
Gold
ceding
profit and loss brought forward from the
of
making altogether $1,371,408,
year,
distribution, and which, the statement
priated
shows,
appro¬
was
officers'
circulation
pension fund; $35,044
to
Dec.
31
1920;
war
$100,000
tax on bank note
written
bank
off
INDIAN
year's profit and loss account.
Jan.
31
1921
were
Total assets of the banks
$90,183,980,
of which
Notes
deposit in the Central Gold
and
Reserves.
the same date were $67,389,710. The paid-up
capital of the bank is $3,802,001, with a reserve fund of
$4,800,000.
During the year covered by the report the
Standard Bank of Canada opened a number of new branches
and sub-branches in the Dominion, mostly in the Province of
deposits
Ontario.
Francis
Easson, General Manager.
is
President,
and
C.
H.
Feb. 7.
Feb. 15.
16341
16356
6314
16382
6340
2400
2400
6299
of India
----
2400
Gold coin and bullion in India—.
6807
6807
6807
835
835
835
ending 15th inst.
The stock in Shanghai on the 19th inst. consisted of about 45,900,000
ounces in sycee, 32,500,000 dollars, and 900 bars as compared with about
45,300,000 ounces in sycee, 34,500,000 dollars and 1,800 bars of silver on
Securities (Indian Government)
No rupees were
the
__
coined during the week
12th inst.
The
Shanghai exchange is quoted at
3s. 3d. the tael.
Bar
Silver per oz. Sid.
2 Mos.
Cash.
Quotations—
Iff:
-nm.
ll21
"
23
24
33^d.
S2Ad.
32d.
33^d.
S2Ad.
32d.
22
-
Average""""!""The silver
on
Wellington
Jan. SI.
in circulation
Gold coin and bullion out of India—
as
Total
RETURNS.
7
Silver coin and bullion in India
$15,152,827,
consisted of current coin held by the bank, Dominion notes
held,
CURRENCY
(In Lacs of Rupees)—
premises; $40,000 reserved for Dominion income tax, and
$300,000 transferred to reserve fund, leaving a balance in
amount of $378,644 to be carried forward to the succeeding
of
14,363,050
♦Approximately 64,000,000 fine ounces.
Securities (British Government)
follows: $492,720 to take care of four quarterly
at the rate of 14% per annum; $25,000 contributed
as
dividends
to
pre¬
available for
-
46,056,9001 Zinc
Silver coin and bullion out
at credit
Kilos.
121,434,060
1,572,376
i
1,979,9701 Antimony
♦Silver
republic it is
The mineral production of
follows:
25,3701 Lead
...
Copper
deposits,
of $226,501, representing pre¬
improvement in the transport facilities of the
Mexico during the year 1920 was as
Provincial taxes and expenses of management) of $784,370.
To
an
expected that
The reports,
Jan. 31
highly satisfactory, showed net earnings (after making the
usual deductions for bad and doubtful debts, rebate of inter¬
est
and with
Bar Gold
per oz
Fine
ioes. od-.
105s
6d.
105s. 8d.
105s. lid.
33.187d.
33.041d.
105s. 8.6d.
and forward deliveries are, respec¬
fixed a week ago.
quotations to-day for cash
tively, 2 Ad. and 2 Ad. below those
We have also received
this week the circular
wntteh. under
date of Feb. 17 1919:
GOLD.
The Bank of England
an
increase of £2,260 as
gold reserve against
its note issue is £126,509,775,
compared with last week.
/
A
and was taken for the United
small portion for the Dutch
large amount of gold came into the market
States of America,
with the exception of a
and $350,000 in gold have
respectively.
United Kingdom imports and exports of gold during
reported from New York that $750,000
The following are the
the'month of January 1921:
«
Belgium.,
Feb. 28
3,310
--
68,733
24,110
6,154
300
200,598
3,168,269
204,137
2,557
2,800
West Africa
United States of America
—
Central America & West Indies
South America
Rhodesia...,
..
Transvaal
—
British India
——
—-
Settlements
—
Other Countries.—...
.......—
5,253,340
Porcupine district of Northern Ontario,
Lake Winnipeg, traces of alluvial
gold in Saskatchewan River, copper matte with gold in it at Rossland,
British Columbia, near the frontier, alluvial gold in various rivers of British
Columbia, as well as in the north corner of that Province at Atlin, and
finally the Kluane District in the great field alluvial gold in the Klondike
It is interesting to notice that
Canada is drawing gold from quartz as well
miles apart,
Northern Canada
has been prospected, it is reasonable to expect still more' important dis¬
coveries, which in view of the lessening product on the Rand would be
particularly valuable to the Empire.
The Transvaal gold output for January 1921, amounted to 651,593 fine
ounces, as compared with 632,215 fine ounces for December 1920, and
and from points as much as 2,000
Considering the poor extent to which the vast territory of
SILVER.
will be
some
seen
on
the
Gold
Federal Reserve Board
Total
to which end,
Note.—Reserved against $346,681,016 of U. S. notes and $1,602,553 of Treasury
1890 outstanding.
Treasury notes are also secured by silver dollars In the
Treasury.
•
SILVER DOLLARS.
Liabilities—
Assets—
Sliver dollars.
Silver ctfs. outstanding.
189,578,015 00
Silver dollars in gen. fd.
Total
Total
189,578,015 00
Liabilities—
Assets—
Treas. checks outstand'g
20,588,649 00
3,235,019 00
Depos. of Govt, officers:
00
05
Board of Trustees,Pos¬
tal Savs. System—
36
80
73
93
Other deposits
Comptroller of Cur¬
5,240,817
5,088,625
18,122,587
8,175,738
1,435,885
46,896,941
Fed. Res. bank notes...
National bank notes
Subsidiary silver coln...
Minor coin..
Silver bullion
Unclassified
5%
ernment
so
far
the London quotation is concerned,
as
an
the sale of gold
encourage
and its substitution by the relatively
The fact that most of the
more or
buying has been to
speculative sales,
cover
less ahead, has caused cash delivery to be less in request
premium thereon consequently diminished.
price for cash delivery yesterday
at which time there was no
Insolv¬
ent banks
1,153,119 86
disbursing
&c..
67,551,634 94
Redemption of F. R.
notes (5 % fund .gold)
263,733,162 68
courts,
99,361,949 35
officers,
Deposits for:
139,615,000 00
Redemption of F. R.
bank notes (5% fd.)
Redemption of nat.bk.
notes (5% fund)... '
4,525,869 06
Gov¬
42,602,018 29
Retirement
12,519,973 79
circulat'g notes .Act
May 30 1908......
Exchanges of currency
officers...
Depos. in Philip. Treas.:
To credit Treas. U. S.
2,215,096 92
In view of the heavy
Total
set-back in the sterling value of the India Rupee—
Menya and Uganda instead of
a
rupee)
We understand that an arrangement has been made
new
301,022,515 42
Total
714,621,854 71
Book credits for which obligations of foreign Governments are
States amount to $35,736,629.05,
23 1913 deposits of lawful money for the
retirement of outstanding national bank and Federal Reserve bank notes are paid
$881,014,776 60.
held by the United
Under the Acts of July 14 1890 and Deo.
into the Treasury as miscellaneous
receipts, and these obligations are made under
The amount of such obligations to-day
$29,882,069.
$1,946,807 in Federal Reserve notes, $5,088,625 in Federal Reserve bank notes
and $17,800,050 in national bank notes are in the Treasury In process of redemption
and are charges against the deposits for the respective 5% redemption funds.
was
DEBT STATEMENT OF UNITED STATES FEB. 28 1921.
The
preliminary
as
is to be
maintained and arrangements have been made with the banks for the
Mint will take
714.621,854 71
.........
Note.—The amount to the credit of disbursing officers and agencies to-day was
re-
by which the Royal
the French Silver in circulation in the Island of
Guernsey
British Silver in place thereof.
over
statement
the public debt of
of
of the
daily Treasury statements, is
Total gross debt Jan.
31
as
follows:
1921...'
$23,993,234,882 92
Public debt receipts Feb. 1 to 28 1921
$138,310,596 22
Public debt disbursements Feb. 1 to 28 1921—
79,860,750 86
58,449,845 36
Increase for period
INDIAN
CURRENCY
RETURNS.
(In Lacs of Rupees)—
Jan. 22.
Jan. 31.
16284
16341
16356
6246
6299
6314
2396
2400
2400
Notes in circulation.
Silver coin and bullion in India..
Feb
7
Silver coin and bullion out of India
Gold coin and bullion out of India
_
Securities (Indian Government).
No rupees were
6807
6807
6807
835
.
835
8358
12th. inst. consisted of about 45 300 000
34,500,000 dollars and 1,800 bars of silver, as
compared
with about 40,500,000 ounces in sycee, 31,000,000 dollars
and 3 080 bars
of silver on the 5th inst.
in sycee,
fSSSTTiJ.:....
February
February
February
February
February
Average
12
14
15
16
17
36%
d.
105<f~'firf
d.
33%d!
34%d.
34%d.
35.229d.
}o2*
1&
104!'
34.208d.
105s.'
1Slljer quotations today for cash and forward delivery
l%d. and %d. below those fixed a week
28,894,500 00
.
11,718,240 00
Postal Savings bonds
First Liberty Loan
-
Second Liberty Loan
Third Liberty Loan
Total
..1,952,329,700
3,222,334,750
3,645,747,900
6,361,785,750
bonds
-•
4,149,757,705 00
Victory Liberty Loan
Tax
7d*
Loan
lid'
1 4d
*»|H3CMveiy
ENGLISH FINANCIAL MARKETS—PER
CABLE.
The daily
closing quotations for securities, &c., at London,
reported by cable, have been as follows the past week:
London,
Week ending March 18.
Sat.
Mon.
Tues.
Wed.
Thurs
Fri
Mar. 12.Mar. 14.Mar. 15.Mar.
16.Mar. 1*7 Mar *18
French War
Loan(inParis) fr. 83.95
33*
33*
Plttman
-
...
-
....
......
Act
-
$1,651,694,500 00
832,337,500 00
254,375,000 00
32,854,450 00
Special issues
2,771,261,450 00
War Savings
securities (net cash receipts)
105s
46%
86%
78%
46%
46%
87
46^
87
79
79
58.90
86%
78%
58-80
57.75
57.85
58.10
83.95
83.95
83.95
83.95
83.95
86%
78%
Debt on which interest has
735,248,829 15
$23,822,194,354 15
3,853,990 26
ceased
225,636,383 87
Non-interest-bearing debt
$24,150,684,728 28
Total Gross Debt
TREASURY CURRENCY HOLDINGS.—The following
32K
105s.2d. 105s.6(1. 105s.ld.
105s.4d
46%
-$16,165,926,370 00
Treasury Certificates:
Total interest-bearing debt
Silver, per oz
d. 32%
Gold, per fine ounce.
__105s.3d
Consols, 2% per cents
46%
British, 5 per cents
85%
British, 4% per cents
78%
French Rentes (in Paris).-fr. 58.95
00
00
00
00
Not68#
in
are respectivelv
ago.
as
$883,728,270 00
—
Gold
el
34 %d.
34
Bar
34%d.
34
Panama's of 1961
15,282,198,100 00
per oz. std.—
36%d.
35%d.
34 %d.
_
25,947,400 00
50,000,000 00
Panama's of 1918-1938
Fourth Liberty Loan
Shanghai exchange is quoted at 3s. 3d. the tael.
—Bar silver
118,489,900 00
48,954,180 00
-
Conversion bonds
coined during the week ending 7th. inst.
...
$599,724,050 00
Consols of 1930
Loan Of 1925
Panama's of 1916-1936
The stock in Shanghai on the
^
$24,051,684,728 28
Note.—Total gross debt before deduction of the balance held by the Treasurer
free of current obligations, and without any deduction on account of obligations of
foreign Governments or other investments, was as follows:
Total gross debt Feb. 28 1921....
Bonds:
Gold coin and bullion in India
ecurities (British Government)
the
United States for Feb. 28 1921, as made up on the basis
umption of business on this basis.
The
87,610 00
29,253,749 14
coin, &c
the lowest since Nov. 17 1916,
was
approximates Is. 4d. instead of the official figure of 2s. -d.
shilling florin (adopted in Feb. 1920
the unit of currency for
ounces
17,930,481 31
add'l
12,270,574 13
of
11,466,496 55
quotation for forward delivery.
it is interesting to learn that a two
and issue
of
77,103 56
for
the Acts mentioned a part of the public debt.
cheaper metal.
now
agent
creditors
Deposits in nat. banks.:
ernment
4,822,814 95
Postmasters, clerks of
800.000 00
offleers...
17,026,980 47
reserve
rency,
11,381,450 81
To credit Treas. U. S.
496,185 83
Post Office Dept
(unsorted
currency, &c.)
Depos.in Fed. land bks.
Depos.in Fed Res .banks
Deposits in special de¬
To credit of oth.
$
280,545,658 49
Gold (see above)
Silver dollars (see above)
United States notes
413,599,339 29
substantial, that none need feel surprise if the Bazaars buy heavily at
each successive easement in the value of silver, especially as lower prices
which
189,578,015 00
GENERAL FUND.
Net balance.
so
The
167,386,813 00
1,602,553 00
20,588,649 00
Treas. notes of 1890 out.
quotations in London and America have been
Improvement in the exchange with the United States has always been
conduced.
The absorbing capacity of India however, has always been
and the
...2,371,327,561 90
Total
2,371,327,561 90
1,431,490,907 78
152,979,025 63
280,545,658 49
degree the quotation for forward delivery in the Bazaars, and
In these circumstances, the
delivery
reserve
notes of
also to accelerate thd weakness of the Indian sterling exchange.
would
$
506,311,970 00
fund,
settlement
Gold In general fund
willing to absorb the
of silver to India from China, America and this country has been to depress
falling,
LIABILITIES.
Liabilities—
To credit Treas. U. 8.
The result of heavy consignments
metal—should be fed from the Far East.
taken
,
Gold ctfs. outstanding..
253,521,924 78
bullion... .......2,117,805.637 12
To credit of oth. Gov¬
that the demand from India—the only market now
to a marked
Gold
It was natural therefore
there.
way
are
the United States
GOLD.
a sense
ounces are
The figures
Treasury for Feb. ,28:
Depos. in foreign depos.:
followed by cheaper
of repletion in the stock of currency, which,
below, has much increased in volume.
In addition to this,
five million
following.
statement of
daily
the
of ctfs. of indebted'ss.
The commencement of the Chinese Year has been
as
set out in the
from
positaries acc't of sales
671,050 fine ounces for January, 1920.
In Shanghai and
entirely
holdings of the Government as the items stood
Federal Reserve notes..
region of the Yukon Territory."
money
56%
Gold
patches between Lake Superior and
from alluvial sources,
99%
55%
12»767
large tract mainly quartz in the
as
99%
55%
Assets—
published by the Dominion Government, we find quartz gold along the
eastern coast of Nova Scotia, a small patch in the Beauce County of Quebec,
a
are
Gold coin......
— ...
£4,268,502 £5,751,630
some
99%
57
CURRENT ASSETS AND
interesting paper read on the 15th
very
99%
57%
482,213
Inst, before the Royal
Statistical Society by Mr. J. Bonar, LL.D., late Deputy-Master of the
Royal Mint, Ottawa, dealing with the Mint and the precious metals in
Canada, the following remarks were made:
"Contenting ourselves with
what is known and consulting the large maps of the minerals of Canada
a
99%
56%
„
The cash
31,355
—
....— ...
France
In
99%
Foreign
TREASURY CASH AND CURRENCY LIABILITIES,
Exports.
£559,489
'
Straits
price of silver in New York on the same day has been:
London and France
been received in that city from
Russia,
The
Silver in N. Y., per oz. (cts.):
Domestic
East Indies.
It is
[VOL. 112.
CHRONICLE
THE
1114
the daily Government state¬
holdings of the Treasury at the
compilation made up from
ments, shows
the
currency
beginning of business on the first of December 1920 and
January, February and March 1921:
March 19 1921.]
Holdings in
Sub-Treasuries.
THE
Dec.
1
!..
■
1920. Jan.
1
*
1921.
Feb. 1 1921.
$
Mar.
Net United States notes.
Net national bank notes._
51,541,323
55,803.331
6,962,414
14,034,901
5,359,144
15.518,080
11,722,288
5,566,830
4,946,046
25,444,550
542.045,885
*557,715,354
557,582,078
152,979,026
152,979.026
152,979,026
Net
4,094,172
subsidiary silver
3,691,931
Minor coin, &c
Total cash in Sub-Treas
Less gold reserve fund
1921.
U. S. Bonds Held Feb.
28 to Secure
Bonds
433,355,085
Net Fed. Reserve notes._
Net Fed. Res. bank notes.
1115
$
430.386,732
13,130,555
18,203,857
1
$
Net gold coin and bullion.
Net silver coin and bullion
_
CHRONICLE
427,621,611
64,459,736
3,938,348
22,467,063
10,223,811
Feb.
28
Deposit
On
Deposit to On Deposit to
Secure Federal
Secure
Reserve Bank National
Bank
Notes.
Notes.
1921.
18,122,587
5,240,817
5,088,625
8,175,739
5,027.334
,
on
433,524,684
67,485,591
3,235,019
7,836,848
16,007,327
12,817,337
*533,690,399
152.979,026
:' S
2%,
4%,
2%,
2%,
2%,
U. S. Consols of 1930—
U. S. Loan of 1925—
Totals
Cash balance in Sub-Treas
Dep. in spec, depositories:
389,066.859
404,736.328
404,603,052
50,751,000
291,016,000
155,592,000
800,000
60,028,053
800,000
800,000
143,148,349
103,934,234
139,615,000
800,000
99,361,949
10,544,899
10,300,032
13,535,589
12,270,574
12,519,974
23,835,621
24,790,548
2,215,097
47,127,887'
285,300
Dep. in Fed. Land banks.
Dep. in Fed. Re3. banks
Dep. in national banks:
To credit Treas. U. S.„
To credit disb. officers.
<■
11,005,577
12,444,469
14,615,081
25,464,360
716,966,190
986,071,390
following shows the amount of national bank notes
legal-tender deposits Feb. 1 and
afloat and the amount of
Mar. 1 and their increase
decrease during the month of
or
January:
National
Amount
583,137,350
74,913,500
48,181.180
254,375,000
269,105.200
-
The
$
571,668,950
72,320,500
47,797,680
25,179,060
254,375,000
400,711,373
Acct certs, of indebt...
s
11,468,400
2,593,000
383,500
U. S. Panama of 1936
U. S. Panama of 1938
U. S. One-year Certifs. of Indebt—
Total
Held.
Bank
Notes—Total
afloat Feb.
1
Afloat—
1921
$719,653 927
......
Total
23,450,046
25,159,980
2,348,651
43,279,167
42,317,468
410,038,287
910,488,475
405.537,081
733,256,641
388,145,555
165,627,097
504.951.394
345,111.086
301,022,515
$12,817,336 54
minor coin'
Net
714,621,854
413,599,339
Cash in Philippine Islands
Deposits in Foreign Depts.
2,781,239
48,788,187
2,174,266
amount
Issued
during February
Amount of bank notes afloat
8,139,937
March 1 1921.......
Amount
on deposit to redeem national
Net amount of bank notes issued In
Net cash In banks, Sub-
Treasuries.
Deduct current liabilities-
575,665,384
Available cash balance-
and
Amount
deposit to
on
Through the courtesy of the Secretary of the Treasury,
enabled to place before our readers
to-day the details
Government receipts and disbursements for
February
we are
1921 and 1920 and for the
eight months of the fiscal
years
1920-21 and 1919-20:
Receipts.
Ordinary—
Feb. 1921.
$
Customs
Internal
Feb. 1920.
*8 Mos.'2Q-'21.
$
21,152,666
8 Mos.'19-'20.
$
26,778,888
$
188,735,464
197,176,253
revenue:
Income and profits tax.
revenue
Panama Canal tolls, &c
Total
ordinary.
70,511,047
111,699,940
42,483,019
2,816,943
49,276,050 1,752,938,300
993,097,203
490,675,134
7,965,040
2,099,326,650
998,393,159
416,729,195
3,303,204
229,527,341 3,433,411,141
3,714,928,461
,118,657,905
34,608,284
206,214
..248,563,615
Public Debt—
Lib. bonds and Vict, notes
b40,363
Certfs. of indebtedness—132,872,500
War-savings securities—
Postal Savings bonds
Deposits for retirement of
335,460
b788
1,032,640,531
9,709,974,969
609,243,700 5,341,282,450
5,212,213
18,113,221
178,880
3,324,164
56,159,846
189,400
national bank notes and
Fed. Res. bank notes
(Acts
of
July
-Stock of Money Mar. 11921Money In Circulation
in U. S.
aHeld inTreas. Mar. 11921.
Mar. 1 1920.
$
$
$
$
Gold coin
(Including bullion
In Treasury)
2,916,884,770 433,524,684bl,015,784,340
919,564,330
:.
350,953,690
387,203,974
269,802,326
20,588,649
80,224,311
131,158,991
Silver certificates
167,386,813
128,571,523
Subsidiary silver
271,204,125
8,175,739
263,028,386
246,256,028
Treasury notes of 1890
1,602,553
1,686,292
United States notes
346,681,016
3,235,019
343,445,997
328,573,277
Federal Reserve notes
c3,345,123,895
5,240,817 3,072,735,428 2,999,690,207
Federal Reserve bank notes
207,446,400
5,088,625
202,357,775
198,753,714
National bank notes......
727,793,864
18,122,587
709,671,277
657,328,165
Gold certificates...
Standard silver dollars
14
Total
.8,084,936,396 493,976,120 6,207,190,570
5,998,786,501
Population of continental United States (revised
figures) estimated at
Circulation per capita, $57 73.
1890
2,154,295
1,202,801
12,870,338
11,675,302
Total
138,310,596
616,003,174 5,372,444,101 10,810,640,048
Grand total receipts
386,874,211
845,530,515 8,805,855,242 14,625,568,509
Disbursements.
ing to $310,895,384 62.
b Includes $542,254,547 78 Federal
Reserve Gold Settlement Fund
deposited with
Treasurer of the United States.
c Includes own Federal Reserve
notes held by Federal Reserve
banks.
Note.—On March 1 1921 Federal Reserve banks
and Federal Reserve agents held
against Federal Reserve notes $961,263,776 gold coin and
bullion, $155,358,280
gold certificates and $267,147,650 Federal Reserve
notes, a total of $1,383,769,706,
week
same
in
5.7%.
1920
show
17,872,256
Checks puicl
(lees bals. repaid, Ac.)..
Purchase of obligations of
foreign Governments
of
Clearings
250,363,559 2,598,364,903
24,587,180
565,699,545
aggregate of
2,280,393
506,695
at—
3,530,698,410
577,034,341
10,010,664
7,182,574
\
Inc. or
1921.
1920.
Dec.
Canada—
1919.
%
Montreal
•:
57,201,634
375,720,914
,
102,291,531
118,967,117
—14.1
Toronto
97,608,955
40,547,506
13,364,094
7,617,152
6,195,205
3,812,260
6,013,765
90,770,671
40,362,045
+ 0.4
-
Vancouver
Principal
15,900,000
118,890
Accrued Interest
ordinary
.351,102,030
295,457,434 3,247,295,636
Ottawa
,
Quebec
Halifax
4,490,636,239
Hamilton
St.
Public Debt—
John»
—
—15.4
6,372,559
3,177,079
3,421,852
5,640,958
87.672.570
75.210.571
31,665,793
10,042,344
6,644,666
4,888,122
4,074,786
4,503,665
2,901,548
2,470,337
4,712,981
2,131,825
3,397,821
2,804,717
525,125
+ 7.5
15,804,836
9,189,415
5,964,025
4,685,549
2.655,309
-
London.
1918.
$
Winnipeg
20,000,000
Federal farm
loan bonds:
Total
the
Week ending March 10.
public debt paid...
Purchase
decrease in
a
■;-V|
_
(lessbalancesrepaid,&c.)330,949,381
Cftnftl*
*
Canadian Bank Clearings.—The
clearings for the week
ending Mar. 10 at Canadian cities, in comparison with the
Checks and warrants paid
on
—5.6
—17.1
+ 3.9
—18.6
—16.4
76,908,896
bank notes and
Fed. Res. bank notes
877,993,952 5,602,772,225 10,875,613.44 6
—13.8
+ 6.3
555,217
502,183
+0.1
291,632
979,738
+ 13.8
II,01,164
1,050,718
+ 4.8
709,005
1,181,875
1,009,807
1,214,382 —16.9
2,730,249
—9.1
3,003,606
368,388
495,933 —25.6
1,495,014 Not Included in total
2,355,871
4,636,822
'3,560,220
Brandon
2,066,610
12,466,548
15,201,054
880,060,562 5,615,238,773 10,890,814,500
dlsbursem'ts430,962,781 1,175,517,996 8,862,534,409 15,381,450,740
*
Receipts and disbursements for June reaching the Treasury In
July
b Counter entry (deduct).
are
Included,
680,150
576,421
1,846,527
1,031,055
I,321,687
941,336
625,071
436,061
Lethbrldge
Saskatoon
Brantford..
Moose Jaw
Fort William-
New Westminster
Medicine
Hat.
Peterborough
©ommerctal mitlBXisccUtraeoits
Windsor
Price Albert
Moncton
BANK NOTES—CHANGES IN TOTALS
OP, AND IN
DEPOSITED BONDS, &c.—We
give below tables which
show all the monthly changes in national bank notes and in
bonds and legal tenders on
deposit therefor:
Bonds and Legal Tenders
on
Circulation Afloat
Deposit for—
Under—
%
Feb. 28
1921-
31 1921—'
716,977,190
714,973,190
Dec. 31 1920..
715,325,440
Nov. 3G 1920—
714,888.640
Jan.
Oct.
30 1920—
712,066,500
Sept. 30 1920..
711,839,000
711,000,900
709,436,400
707,963,400
706,307,750
704,884,000
703,000,000
701,469,450
Aug. 31 1920-
Juiy
31 1920—
June 30 1920—
May 31 1920—
Apr. 30 1920—
Mar. 31 1920—
Feb.
28 1920—
Tenders.
Bonds.
Legal
Tenders.
Total.
30,061,044
27,376,452
27+10,317
27,817,444
27,015,647
27,403,924
28,363,714
29,710.095
31,039,887
31,288,577
32,439,832
32,892,677
$
$
$
697,728,580
689,592,883
695,900,770
706,600,480
704,732,185
699,461,435
698,592,128
698,099,990
689,327,635
686,225,000
692,104,195
691,498,920
689,748,578
following shows the amount
on
deposit to
bonds and certificates
bank notes and national bank notes
314,369,514
28,363,714
29,710,095
31,039,887
of
Slocks.
Inn
Price.
Corp.,
$10
com
$15
«
inn Corp.,
pref.,
$10
732,549,629
726,477,082
725,996,052
726,463,70]!
719,037.730
25 Star Gold Mg., $1 each
4 Advanced Agricul. Pub.,
pref.
"B"
5 Cities Service, common..$232 per sh.
32,439,832
32,892,677
723,938,752
722,641,255
$500 Comstock Tunnel 1st 4s..
class of U.
S.
Federal Reserve
Jan. 31:
698,786
1,409,182
1,503,041
831,529
808,609
1,030,053
603,351
374,590
403,926
626,491
678,157
1.088 313
588,031
1,046,738
366,108
~193~634
253,393,058
—5.7
Shares.
219,875,237
Stocks.
$6 lot
\$30
/
lot
Price.
30 N. Eng. Eqult. Life Insur
)
52 N. Y. Sanitary Utilization, com|
20 Boston Opera, v.t.c.
I
25 Hope-Jones Organ,
25 Hope-Jones Organ,
Industrial,
25 Planters
$38 lot
pref..
$105 lot
100 No. Amer. Review Corp., 1st
pref
$73 lot
10 Chicago Ry. Terml. Elev
500 Comstock Tunnel, $2 each.
each
lot
10 Advanced Agricul. Pub., com.$31 lot
15 Amer. Internat. Pub., Inc.,
717,264,887
723,392,772
(all secured by
582,726
—11.6
—14.9
300 Dixie
31,288,577
secure
on
719,653,927
723,277,222
—6.8
—1.1
—15.1
333,404,576
each
734,010,797
—10.5
Sales.—Among other securities, the following,
usually dealt in at the Stock Exchange were recently sold
at auction in New York, Boston and
Philadelphia:
By Messrs. Adrian H. Muller & Sons, New York:
G3iCtl
727,793,864
—10.5
not
89 Tabard
30,065,284
30.061,044
27,376,452
27,410,317
27,817,444
27,015,647
27,403,924
—6.6
—19.7
Auction
66 Tabard
$
30,065,284
$207,446,400 Federal Reserve bank notes outstanding Feb. 28
U. 8. bonds), agjainst $237,834,400 In 1920.
The
Canada.
30 New York Railways....'.
Legal
Bonds.
Total
Shares.
1920-21.
70,642,697
57,020,370
40,875,200
8,757,291
5,172,389
3,616,018
3,151,886
4,668,062
2,142,425
2,096,478
6,222,921
1,807,195
2,864,764
2,747,936
581,536
1,181,379
+ 34.8
588,515
435,429
860,826
Regina
2,951,855
79,860,751
Grand total
Calgary
Victoria...-...-.
Edmonton
re¬
tired (Acts of July 141890
and Dec. 23 1913)
Total
698,404
Sherbrooke
int .-bearing notes
and certificates retired—
3,662,898
8,271,410
2,630,867
5,178,354
3,819,586
687,751
679,993
2,089,014
1,211,352
1,532,242
Kitchener—.
Bonds,
National
107,528,000.
a This statement of
money held In the Treasury as assets of the
Government does
not Include deposits of public money In Federal
Reserve banks and In national banks
and special depositaries to the credit of the
Treasurer of the United States, amount¬
against $1,260,564,635 on Mar. 1 1920.
and Dec. 23 1913)
Int.
4,240
$30,065,284
•
Miscellaneous
Miscellaneous
'$30,061,044
,
redeem national bank notes March 1
1921...
STOCK OF MONEY IN THE
COUNTRY.—The follow
ing table shows the general stock of money in the
country,
as well as the
holdings by the Treasury and the amount in
circulation on the dates given:
GOVERNMENT REVENUE AND EXPENDITURES.
of
bank notes Feb. 1 1921
February
•
Includes Mar. 1 $46,890,941 93 silver bullion
4c., not Included In statement "Stock of Money."
$727 793 864
Legal-Tender Notes—
pref
)$53
|
lot
com
com
Compress,
(
com.,
tr.j
ctfs
J
113Up-town
Amusement
$145 lot
Bonds.
Per cent.
$5,000 Swedish Govt. 6s, 1939....
Co.
Mont., school
$75,000 Hill
dist.
5s,
79J-6
.
1940
$60,500 lot
$65,000 Riva Corp.
coll.
tr.
6s,
1923
$58,000 lot
$3,000 Western
Farms
Products
deb. Inc. 5s, 1950..
—$31 lot
By Messrs. Wise, Hobbs & Arnold, Boston:
Shares.
Slocks.
$ per sh.
5 Nyanza Mills
-105
50 Newport & F. R. St. Ry..l2 1-16
800 Orpin Desk., pf., $50 eacb\$10,000
1,778 Orpin Desk, com.,$20 each/
lot
100 Texas Gas & Elec., pref._\ $2,000
100 Texas Gas & Elec., com../
lot
Shares.
Stocks.
$ per sh.
14 Hood Rubber, common
5 Milford Nat'l Bank
1-3 U. S.
25 rights
Envelope,
Edison
Brockton
—
com
Elec.
54
.143
...
39
Ilium.
3H-4
[Vol. 112.
CHRONICLE
THE
1116
Per
Day & Co., Boston:
By Messrs. R. L.
Shares.
$ per sh.
Mass., Trust
101
com
8554
1 Nashua Mfg., pref
97 & dlv.
10 BIgelow-Hnrtf. Carpet, pref... 9454
100 Newport & F. R. St. Ry
1254
Stocks.
Shares.
15 Mass.
2 Mass.
% per sh.
2 Penn National Bank
31254
1 Reliance Insurance, $50 each.. 80
333^ Midland Valley RR., pref...
634
44 Bellefonte
Central Ry., $50
Security L. I. & T
133
Trust & S. D.i22-12234
..450-460
575
11034
4 Fire Assn. of Phil., $50 each..317
4CCamden Fire Ins. Assoc...... 1154
16 Phlla. Warehouse & C. S
..102
250 Peoples Water, Millville, N. J.,
$50 each
34
Bonds.
Per cent.
13 Fidelity Trust
Philadelphia Trust.......
11 Colonial Trust
Oil Corp. conv. s. f.
£0
-
$10,000 Port Huron
6s, 1929
$48 Va. Ry. & Pow.
4m
1 at
-
9034
$20 lot
Extra
RR. 1st
9034
8934
following information regarding
the office of the Comptroller of the
Currency, Treasury
Bankers
National Bank of Saint Petersburg, Fla.
Correspondent, J. N. Brown, St. Petersburg, Fla.
The Ninth Street
'
Apr.
5
Apr.
6
Apr.
1
Holders of rec. Mar. 21
3
Apr.
]
Holders of rec. Mar. 24
Apr.
6
Apr.
1
1
1
Holders of rec. Mar. 21a
Holders of rec. Mar. 19
Apr.
Holders of rec.
Mar. 19a
Mar. 31
Holders of rec.
Mar. 21a
3
Mar. 30
Holders of rec,
Mar. 21a
4
Mar. 31
Holders of rec,
254
Mar. 31
Mar. 26
to
Mar. 31
254
Mar. 31
Mar. 22
to
Mar. 31
Apr.
(quar.)...
Apr.
............—
(quar.)
3
(quar.)
_
..
Holders of
Mar. 27
4
Mar. 31
5
Mar. 31
Holders of rec, Mar. 30
Holders of rec. Mar. 23
154
154
154
(quar.)..
Mar. 31
Mar. 31
Ltd., pref. (qu.)
preferred (quar.)
Aeolian, Weber Piano A Pianola, pf.(qu.)
Amalgamated Sugar, 1st pref. (quar.)_American Art Works, com. A pref. (qu.)
American Cyanamid, pref. (quar.):
Amer. Fuel Oil A Transp., com. (No. 1)
Apr.
$25,000
Preferred
Preferred
25,000
Capital—
N. Y.
2
1
15
1
1
1
1
2
1
Apr.
5c. Apr.
20c. Apr.
254
May
2
Apr.
2
(quar.)
American Hardware Corp. (quar.)
Apr.
154
(quar.)..
Hoideis of rec. Mar. 19
Holders of rec Mar. 31a
Holders of rec. Mar. 21a
Holders of rec. Mar, 10
,
Holders of rec. Mar. 25
Holders of rec. Mar. 18
Apr.
Holders of rec. Apr.
254
154
Apr.
1
The
154
Apr.
154
Apr.
Am. Seeding Machine, com.
A prei. (qu.)
154
Apr.
Apr,
to
Mar. 31
1
Oitizens'
to
15
15
Am.La France Fire
Bank of Bassett, Va., into "The First National Bank of Bassett.
Capital, $50,000.
,
„
Bank, Hohenwald, Tenn., into "The First National Bank of
Hohenwald."
Capital, $35,000.
,
The Bank of Andalusia, Ala., into "The Andalusia National Bank.
Founders, com. (quar.)
(quar.)
Arlington Mills (quar.)
Asbestos Corp. of Canada, com. (quar.)
Preferred
(quar.)..
Ault A Wiborg Co., pref. (quar.)
Babcock A Wilcox Co. (quar.)
Amer. Type
Preferred
APPROVED.
March 7.
$25,000
11,945—The Farmers' National Bank of Bendena, Kans. Capital.
President, John P. Severln; Cashier, J. V. Morehead.
CORPORATE EXISTENCE
EXTENDED.
City National Bank of Lawton, Okla., until March 6 1941.
First National Bank of Carmichaels, Pa., until March 6 1941.
First National Bank of Ashlaiid, Ore., until March 8 1941.
First National Bank of Barry, 111., until March 8 1941.
5.826—The First National Bank of Redwood Falls, Minn., until March 10
5,753—The
5,784—-The
5,747—The
5,771—The
1941.
5,756—The Tell City National
Bank, Tell City, Ind., until March 12 1941.
CORPORATE EXISTENCE RE-EXTENDED.
VOLUNTARY LIQUIDATIONS.
Capi¬
tal
8 1921.
Liq. Agt., New York
Trust Co., New York City.
Succeeded by the
Liborty Bank of New York.
'
To take effect March
$25,000
Henderson, Ltd., pref. (qu.).
Hill Steel, com. (quar.)
Bran dram
$150,000
TITLE.
March 5.
Bank in Columbus."
are now grouped in two separate tables.
In the
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
Dividends
we
been paid.
The dividends announced this week are:
(quar.)
Per
When
Payable.
Days Inclusive.
Reading Company, common (quar.)..
*2
1
Apr.
Apr.
(quar.)...
rec.
Apr.
Apr.
Apr.
154
Apr.
Apr.
1
Mar. 21
to
Apr.
1
Apr.
1
Mar. 21
to
Apr.
1
254
Apr.
Holders of rec. Mar. 15a
154
Apr.
Holders of rec. Mar. 21a
40c.
154
Apr.
Apr.
Apr.
1
1
1
1
1
2
Holders of rec. Mar. 15a
/
Holders of rec.
pr. 15a
Holders of rec. Mar. 20a
Holders of rec. Mar. 20a
Mar. 15a
Apr.
2
Apr.
1
Apr.
1
154
Apr.
1
♦54
May
1 ♦Holders of
rec.
Apr.
May
1 ♦Holders of
rec.
Apr.
May
1 ♦Holders of
rec.
Apr.
154
Apr.
1
254
Apr.
Common and
preferred (monthly)
City Investing, pref. (quar.)
Gas (Toronto) (quar.)
Consumers Power, pref. (quar.)
__
Consumers
♦154
♦Mar. 26
to
Mar. 30
to
Mar. 31
rec.
Apr.
1
Apr.
3
(quar.) —
(quar.)
Second preferred (quar.)
Creamery Package Mfg., com. (quar.).
Preferred (quar.)
■____
Crucible Steel, com. (quar.)
Damascus Brake Beam Co., com. (qu.)
Davis Mills (quar.)
Frst pref.
A Light, pref. (quar.)...
Mfg., pref. (quar.).
Detroit Edison (quar.)
Dominion Canners, Ltd., pref. (quar.).
Edmunds A Jones Corp., pref. (quar.)..
Dayton Rubber
Bros..Inc.,pref.(qu.)
Elec. Mfg., pief. (quar.)
Mar. 17
Hcders of rec.
Holders of rec. Mar. 15a
Mar. 15
Mar. 31
to
Apr.
$2
Apr.
2
Apr.
154
Apr.
50c. Apr.
154
Apr.
*2
Apr.
$2
Apr.
Mar.
Holders of rec.
Mar. 15a
Holders of rec.
1
1 ♦Holders of rec.
Holders of rec.
1
to
1 Mar. 16
to
Mar. 16
1
to
Mar. 16
1
to
1
10 Apr.
to
1
10 Apr.
30 ♦Holders of rep
to
15 Apr. 10
154
Mar. 26
154
Apr.
15
15
15
26
Mar. 17
Mar. 15a
Apr.
Apr.
Apr,
Apr.
Apr.
Apr.
Apr.
1
1
1
10
10
15
14
Holders of rec. Mar. 12
Mar. 21a
Apr.
1
1
Holders of rec.
154
2
Apr.
15
Holders of rec.
Mar. 31a
154
Apr.
Holders of rec.
Mar. 19a
154
154
154
Apr.
1
1
Apr.
1
Holders of
Apr.
1
Holders of rec.
Mar. 20a
2
May
Holders of rec,
Apr.
Holders of rec.
Mar. 19a
Holders of pec. Apr.
Mar. 16
to
Mar. 21
Apr.
Mar. 31
to
rec
1
.
Mar .21a
15
154
May
2
1
2
Preferred
154
May
2
Holders of rec.
General Amer.
154
Apr.
1
Holders of rec. Mar. 15
154
Apr.
j
Holders of rec.
154
Apr.
1
Holders of rec. Mar. 26
154
Apr.
1
Holders of rec
154
Apr.
Mar .31
Apr.
1
1
Mar. 22
154
Holders
Mar. 21a
154
Apr.
1
Holders
Mar. 21a
1.54
Apr.
1
Mar. 26
Mar. 31 •
Apr.
__
50c. Apr.
1
Famous
Players-Lasky Corp., pf. (qu.).
(quar.)
Federal Oil, pref.
Federal Sugar Refg., com.
(quar.)..
(quar.)
Tank Car Corp., pf.(qu.)
General Baking, com. (No. !)_.__
Preferred (quar.)
General Flreproofing, com. A pref. (qu
Goodwins, Ltd., pref. (quar.)
(quar.)...
(quar.)
(quar.)
(P. H.) Knitting, pref. (quar.)..
Bros. A Co., pref. (quar.)..
10c. Apr.
22a
Apr. 22a
Mar. 26
Mar. 20
Holders of rec. Mar. 25a
Holders of
1
1 ♦Holders of
rec.
Mar. 21
rec.
Apr.
154
*154
Apr.
50c.
Mar. 31
Mar. 17
to
Mar. 31
Mar. 26
to
Mar. 31
May
10
154
19
Mar. 31
Holders of
Apr.
Holders of rec. Apr. 25
Mar. 31
to
1 Mar. 22
Mar. 31
to
Mar. 22
1
1 Holders of rec. Mar. 18a
9
25 ♦Holders of rec, Apr.
9
25 ♦Holders of rec. Apr.
la
Holders of rec. Mar.
1
254
Harris
1
Apr.
Mar. 28
Hanes
2
Apr.
Mar. 15a
Mar. 31a
May
4
Holders Of rec.
Mar. 23a
Apr.
Holders of rec. Mar. 21a
Apr. 30
Holders of rec.
Mar. 19
134
Holders of rec. Mar. 20a
1
Holders of rec.
rec.
134
1
Apr.
1
1
1
1
Holt, Renfrew
Duquesne Light, preferred
1
Apr.
Apr.
rec.
Mar. 17
Apr.
2
,154
Apr.
A Co., Ltd., pref.
(q
Rentschler Co., pf.(qu.)
Huntington Devel. A Gas, pref. (quar.).
Interlake Steamship (quar.)
Hooven, Owens,
*154
1
1
154
rec.
and Electric Railways.
Chicago City Ry. (quar.)
Cincinnati Street Ry. (quar.)
Holders of rec. Apr.
154
♦Holders of
May 12 ♦Holders of
Holders of rec. Apr.
15
1
4 ♦Holders of
Holders of
15
Mar. 25
15
Apr.
1
Guantanamo Sugar
*2
Apr.
154
Apr.
Gray A Dudley Co. (quar.)
Great Lakes Steamship (quar.)
(Steam).
*154
154
Apr.
Preferred
Books Closed.
Cent.
(quar.)..
Chicago Burlington & Quincy (quar.).
9
154
(quar.)
pref. (quar.).
Central Maine Power, 6% pref. (quar.).
Seven per cent preferred (quar.)
Central Petroleum, preferred
Central Teresa Sugar, pref. (quar.)
Chicago Morris Plan Bank (quar.)
Cincinnati Gas A Electric (quar.),.
Canadian Woollens, Ltd.,
Goulds Mfg., common
Street
(quar.)
Canadian Westinghouse
Emerson
Kansas City Southern, pref.
9
Apr.
154
Canadian Locomotive, com.
Eisenlohr (Otto) A
DIVIDENDS.
Joliet & Chicago (quar.)
Apr.
rec.
Holders of rec. Mar. 15a
1
2
(F. N.) Co., Ltd., com. (quar.)...
Preferred
(quar.)
California Elec. Generating, pref. (qu.).
Dayton Power
4,343—The New First National Bank of Columbus, O., to "First National
Railroads
rec.
15 ♦Holders of
Apr.
154
(quar.)
Corona Typewriter, common
Bank.
Company.
15 ♦Holders of
Apr.
2
*3
Cornell Mills (quar.)—o.
■
Name of
Apr.
♦154
Common
State Bank of Wanette, Okla.
OF
♦1
Cities Service
$25,000
8,304—The State National Bank of Wanette, Okla.
Capital..
To take effect March 8 1921.
Liq. Agt., New York
Trust Co., New York City.
Succeeded by the
Liberty Bank of New York.
8,304—The State National Bank of Wanette, Okla.
Capital..
To take effect Jan. 17 1921.
Liq. Agt., O. A. Nation,
Wanette, Okla.
Assets purchased by the Security
CHANGE
Holders of rec. Mar. 31a
Holders of rec. Mar. 19a
Holders of rec. Mar. 10
Mar. 12
(payable in common stock)._ VI54.
♦54
Preferred B (monthly)
....
$5,000,000
6,730—The National Bank of Long Beach, Cal.
Capital
To take effect Feb. 26 1921.
Liq. Agt., J. E. Hatch,
V
205 E. 10th St., Long Beach, Cal.
Assets purchased
by Long Beach Savings Bank & Trust Co., which
changed its name to Long Beach Trust & Savings
15
Holders of rec. Mar. 17
Mar. 31
*7
Preferred
Apr.
to
2
—
Extra
Brier
6
154
(quar.)...
common
(quar.)
Billings A Spencer Co., pref. (quar.)
Boston A Wyoming Oil (No. 1) ...
Preferred
7,487—The National Commercial Bank of Cleveland, Ohio.
Capital
$1,500,000
To take effect
Feb. 28 1921.
Liq. Agt., E. T.
Shannon, Cleveland, O.
of New York, N. Y.
Preferred
Apr.
154
(quar.)..
Burt
2.521—The State National Bank of El Paso, Tex., until March 7 1941.
2.522—The Citizens' National Bank of Hornell, N. Y., until March 11 '41.
4,645—The Liberty National Bank
Beatrice Creamery,
Holders of rec. Mar. 22
154
prer. (quar.)..
Barnhart Bros. A Spindler
Baltimore Tube, Inc.,
First and second pref.
3
Holders of rec. May
15
Transportation
American
CHARTERS ISSUED.
have not yet
$1.25
American Surety (quar.)
Capital, $200,000.
first
(quar.)
Preferred
16
1
Mar. 20
Mar. 16
Eng.,Inc.,com.(qu.).
RECEIVED.
16a
Holders of rec. Apr.
May
Apr.
-
(quar.)
Amer. Laundry Machinery, pref. quar.)
American Power A Light, pref. (quar.)..
'■
Mar. 31
Holders of rec.
Mar. 31
154
154
(quar.)
Ameiican Lace Mfg.
March 9.
APPLICATIONS TO CONVERT
None.
rec.
to
Holders of rec. Mar. 19a
Mar. 19
1
Mar. 31
1
May 16
APPLICATIONS TO CONVERT
Mar: 18
4
_________..
Aeolian Company,
Hard¬
...
Mar. 21a
Holders of rec.
1
Apr.
Mar. 21
8
(quar.)_
American Gas A Electric, com.
National Bank of Willsboro, N. Y.
Correspondent, Wallace H. Howell, Jr., Willsboro,
Apr.
254
Apr.
6
Abltibl Power A Paper,
March 10.
The Essex County
5
1 Holders of rec. Mar. 28
1 Holders of rec. Mar. 28a
1 Holders of rec. Mar. 28a
1 ♦Holders of rec. Mar. 21
1 Holders of rec. Mar. 21a
Mar. 31
to
Mar. 20
1
Holders of rec. Mar. 22a
1
Holders of rec. Mar. 19a
1
1 Holders of rec. Mar. 25a
1 Holders of rec. Mar. 21
Apr.
Miscellaneous.
25,000
March 9.
National Bank, Littleton, Colo.
Capital
Correspondent, Walter N. Ickes, Littleton, Colo.
Holders of rec. Mar. 28
1
Apr.
8
New York (quar.)
ORGANIZE APPROVED.
The Littleton
Apr.
25,000
The American National
APPLICATIONS TO
2
4
Title Guarantee A Trust
.......
'
2
May
Apr.
Peoples (Brooklyn) (quar.)
Farmers' National Bank of Heber, Cal.
Capital _____
Correspondent, Mike C. Hill, Heber, Cal.
Bank of Slick, Okla.
Capital.
Correspondent, Charles T. Okey, care Campbell-Okey
ware Co., Slick, Okla.
May
Apr.
(quar.)
Metropolitan
50,000
March 12.
The
Apr. 21
rec.
554
Hudson (quar.)
Manufacturers' (Brooklyn)
Ridge. Ark.
March 10.
Capital
rec
Holders of
3
...
(quar.)
Equitable (quar.)
FIdelity-In ternational
$25,000
Capital—
Holders of
Holders of rec,
*3
Empire
RECEIVED.
Bank of Walnut Ridge, Ark.
Correspondent, W. R. Lane, Walnut
Mar. 21
Companies.
(quar.)
Central Union (quar.)
March 5.
The Planters' National
Mar. 15a
rec
May 16
$1
(quar.)
Columbia
APPLICATIONS TO ORGANIZE
rec
Holders of
May 16
May
________
(quar.)
Brooklyn
Department:
1
Holders of
1
2
Apr.
Apr.
5
(quar.)
Trust
National Banks.—The
national banks is from
Apr.
4
Metropolitan (quar.).....^New York, Bank of N. B. A. (quar.)
Park, National (quar.)
Seaboard National (quar.)....
& Elec. 1st 5s,
City, 4s, 1943.
1
1
Apr.
254
Mechanics A Metals National
8334
Mar. 15
Mar. 25
(quar.)...
Greenwich (quar.)
_ ... _ - --i-—Hanover National (quar.)
_.
Manhattan Co., Bank of the (quar.)
3334
1923
$2,000 Philadelphia,
rec
Mar. 19
54
Chase Securities Corp.
Power
-
Holders of
1
1
Mar. 15
rec
Mar. 31 ♦Holders of rec
to
♦Mar. 16
Colonial
6534
$2,000 Choctaw & Mem.
5s. 1949.....
Apr.
__
Chase National
75J£
& Mans. Ry.
$4,000 United Rys. (United
&Transp.) coll. 4s, 1949
Holders of
Mar. 31 ♦Holders of rec
(quar.)
Atlantic National
55
IQ^Q
$3,000 Pitts. Crafton
1st 5s, 1924..
Apr.
Banks.
& Refg.
& Norfolk RR.
$2,000 N. Y. Phil.
$3,000 Peoria Gas
Gas & Elec. 1st
pref. scrip
$10,000 Caddo Cent. Oil
1st cons. s. f. 68, 1930
Mar. 31a
rec,
♦2
(quar.)
Ridge Ave. Passenger Ry., Phlla.(quar.) ♦$3
154
Springfield Ry. A Light, pref. (quar.)___
154
Trl-Clty Ry. A Light, pref. (quar.)
154
West Penn Power, 7% cum. pref. (qu.)_
154
West Penn Tr. A Wat. P., pref. (quar.).
hi 54
Preferred (acc't accum. dividend)
9634
1922
rec.
Holders of rec. Apr.
*1
com.(qu.)_
Preferred
63
Holders of
Holders of
1
1
Apr.
1*4
(quar.)
Public Service Corp. of N. J.,
57
of Bait. 1st 5s,
$6,000 Md. Steel
22 Guarantee
$1,000 Choate
8s, 1925
Preferred
--
1
Porto Rico Railways, Ltd., com.
Stocks.
Coke
preferred
(qu.)._
Six per cent cumulative
Dags Inclusive.
7
3754c. Apr.
75c. Apr. 30
2
$1.50 May
(quar.).
Philadelphia Co., common (quar.)
70
—
5s, 1936
$10,000 Rockford G. L. &
1st & cons. 5s, 1950--..-
8
each
1
Lighting, common
Lighting, pref...
Books Closed.
Payable.
(Concluded).
Monongahela Val. Tract., pref.
53
554
$ per sh.
$6,000 Natl. Gas Elec. Lt. & Pow.
coll. 6s, ser. B, 1931
39
$10,000 Utah Gas & Coke 1st s. f.
Shares.
Stocks.
15 United
Street and Electric Rys.
8654
40 Hood River, com.
& Lofland, Philadelphia:
By Messrs. Barnes
Shares.
Spersh.
,
Gas & Elec., $50
each
Mills,
Ipswich
Stocks.
7 Charlestown
2 Charlestown,
12
When
Cent.
Nam* of Company.
Extra
Apr.
1
154
Apr.
1
154.
Apr.
1
Holders of rec. Mar. 31a
Holders of rec. Mar. 15
154
Apr.
1
2
Apr.
2
Apr.
1
1
Holders of rec. Mar. 26
March 19
1921.]
THE
•
CHRONICLE
Per
Name of
When
Books Closed.
Cent.
Company.
Payable.
Days Inclusive.
1117
Miscellaneous (Concluded)
ndiana Pipe Line
(quar.)
$2
Per
Name of
When
Cent.
Company.
Street and Electric Rys.
Payable.
(Concluded)—
May 14
Holders of
IK
Apr.
15
IK
Apr.
15
InterprovinclalBrick ofCan.,Ltd.,pf.(qu.)
IK
Mar. 31
Interprov. Clay Prod., Ltd., pref. (qu.)_
Island Creek Coal, com. & pref.
(qu.)—
Jones Bros. Tea, pref.
(quar.)
Kansas Gas «fc Elec., pref.
(quar.)
Kayser (Julius) & Co., com. (quar.)
Holders of rec. Mar. 31a
Holders of rec. Mar. 25
Holders of rec. Mar. 24a
Holders of rec. Mar. 24
$1.50 Apr.
1
Holders of
rec-
Mar. 25
West India Elec. Co.
*1K
Apr.
1
►Holders of
rec.
Mar. 21
IK
1
Holders of rec. Mar. 22a
1
Holders of
*1K
Apr.
Apr.
May
Yadkin River Power, pref. (quar.).
1
IK
Apr.
1
IK
Apr.
1
IK
Apr.
1
Holders of rec. Apr. 21
Holders of rec. Mar. 20a
Holders of rec. Mar. 19
Holders of rec. Mar. 15
Internat. Agrlc. Corp., pref.
(quar.)
Snternat. Harvester, common
(quar.)._.
2
2
First and second preferred
(quar.).
Kirstybaum (A. B.) Co., pref. (quar.)..
Kolb Bakery, pref.
(quar.)
Kroger Grocery & Baking, 6% pref.(qu.)
Seven per cent preferred
(quar.)
Laurentide Company, Ltd.
(quar.)
Apr.
1
Holders of
Apr.
1
Holders of rec. Mar. 22
Apr.
15 ♦Holders of
rec.
Apr.
15
rec.
IK
common
*1K
2
50c. Apr.
(quar.)
*2c. Apr.
♦2c. Apr.
...
$1
2
New River Co., preferred
(quar.)
N- Y. Title & Mortgage
(quar.)
common
*1K
2
Apr.
IK
(quar.)..
Ogilvie Flour Mills (quar.)
Ohio State
Telephone, pref.
3
...
Pond Creek Coal
(quar.)
Prairie Oil & Ga3
(quar.)...
1
1
May 16
Apr. 15
Mar. 22
Mar. 21a
rec.
Mar. 25
Holders of rec. Mar. 23
Holders oi rec. Mar. 17
♦Holders of
rec.
rec.
Preferred
(quar.).
...
Chemical, com. (quar.)... 12
Preferred
(quar.)
IK
Amer. Bank Note, pref. (quar.)..
75c.
Amer. Beet Sugar, pref. (quar.)
IK
Amer Bosch Magneto (quar.)
$1 .25
Amer. Brake Shoe A Fdy com
(quar.).
$1
....
Preferred
Mar. 25
3
Apr.
1
Holders of
rec.
Mar. 21
Apr.
1
♦Holders of
rec.
Mar. 15
Holders of
1
1 ♦Holders of
30 ♦Holders of
rec.
Mar. 18
rec.
Apr.
Mar. 22
rec.
Apr.
15
Corp. cl. A (qu.)
Mar. 22
rec.
Mar. 15
Apr. 20
Holders of
rec,
Apr.
9
Apr.
20
Holders of
rec.
Apr.
9
Apr.
Apr.
1
Holders of
rec.
Mar. 18
Preferred
1
Holders of
rec.
Mar. 18
Amer. Steel
Apr.
15
Holders of
rec.
Mar. 31
3K
Mar. 30 ♦Holders of rec.
Mar. 26
IK
American Snuff,
common
Mar. 17
1 ♦Holders of
rec.
Mar. 25
American Tobacco, pref. (quar.)
1
♦Holders of
rec.
Mar. 25
*4
Mar. 31
♦Holders of
Amer. Wholesale Corp.,
pref. (quar.)...
Amer. Window Glass
Mach., com. (qu.)
*5c. Apr.
21
$1.25 Apr.
1
♦Apr.
rec.
1
to
Holders of
Mar. 21
Apr.
7
Amer. Sugar Refg., com A
pref. (qu.)..
Preferred
(quar.)
rec
Mar. 19
rec.
Mar. 21
♦Holders of
rec.
Mar. 21
Armour
Apr. 25 Holders of
May
2 ♦Holders of
rec.
rec.
Apr.
Apr.
June
1
♦Holders of
rec.
May 16
50c. Apr.
37 Kc Apr.
5
Holders of
rec.
Mar. 21
IK
Holders of
Apr.
1
*31Kc< Mar. 31 ♦Holders of
*K
*1K
Mar. 31
5
Holders of
rec.
Mar. 22
11a
15
Mar. 21
IK
(quar.)..
(quar.)....
Apr.
15
Holders of
rec
Mar. 31a
2
Utah Power <fc Light, preferred
Weber Piano Co., pref.
Apr.
1
Holders of
rec.
Mar.
24]
Holders of
rec
Mar. 19
*1
*1K
Apr.
Apr.
Apr.
30 ♦Holders of
—
give the dividends announced in previous weeks
paid.
This list does not include dividends
yet
announced this week.
pref.
When
Books Closed.
Payable.
Days Inclusive.
Railroads (Steam).
Beech Creek (quar.)
50c. Apr.
Boston & Albany
(quar.)
Susquehanna, com. (quar.)___
Canadian Pacific, com. (quar.)
*2
Buffalo &
Preferred
IK
Mar. 31
2K
Apr.
*2
Cleve, Cine. Chic. & St. L., pref.
(qu.)__
Delaware & Hudson Co. (quar.)
Great Northern Iron Ore
Properties....
Green Bay & Western..-
Apr.
2K
...
Holders of
♦Holders
rec.
of rec.
Mar. 16a
Feb.
28
Mar.
20 ♦Holders of
Mar. 21
$2
Apr.
5
Mar. 21
18
87Kc Apr.
2
$1.25 Apr.
2
Holders of
rec.
Apr.
rec.
Holders of
Feb.
rec.
la
20
>
Mar. 29a
Holders of
rec.
Mar. 19a
Holders of
rec.
Mar. 12a
Holders of
rec.
Mar. 12a
3K
Apr.
15
Holders of
rec.
Mar. 22a
2
Apr.
1
Holders of
rec.
Mar. 19a
IK
IK
May
Apr.
2
Holders of
rec.
Apr.
1
Holders of
rec.
Mar. 14a
IK
Mar. 19
Holders of
reo.
Feb.
IK
May
2
Holders of
rec.
Mar. 18a
IK
Apr.
1
Holders of
rec.
Mar. 15
IK
IK
Apr.
New York Central RR.
(quar.)
N. Y. Lackawanna & West,
(quar.)
Norfolk A Western, common
(quar.)...
com
Chicago, com.(qu.)
la
28a
1
Holders of
rec.
Mar. 10
Apr.
5
Holders of
rec.
Mar. 10
50c. Apr.
Preferred (quar.)
Reading Co., 2nd pref. (quar.)
14
Holders of
rec.
Mar. 28a
St. Louis & San Francisco—
K. C. Ft. S. & M., pref. tr. ctfs.
(qu.).
Southern Pacific Co. (quar.)
1
IK
Apr.
April
1
Southern Ry., M. & O. stk. tr. ctfs
Holders of rec. Feb.
2
Apr.
1
Union Pacific, common
Preferred
Holders of rec. Mar. 15a
2
April
April
1
Mar. 13
(quar.)
...
United N. J. RR. & Canal Cos.
(quar.).
Western Pacific RR. Corp., pref.
(qu.)..
Wisconsin Central, preferred..
....
K
2
1
1
2
Apr.
10
IKi
Apr.
1
Apr.
1
*2
Mar. 26
to
Apr.
1
28a
to
April 12
Mar. 13
to
April 12
Mar. 20
to
Mar. 31
Holders o( rec. Mar. 18a
♦Holders of
rec.
IK
♦
Teleph. (quar.)..
(monthly)
Common (payable In com.
stock)
Preferred B (monthly)
t
Cities Service, bankers' shares
(mthly.)
Citizens Gas of Indianapolis
Cleveland Stone..
Cleveland Worsted Mills
(quar.)
Cluett, Peabody A Co., pref. (quar.)..
Columbia Graphophone Mfg., pf.
Computlng-Tabulatinir-Reeording
(qu.).
(qu.).
Consol. Gas, E. L. A
P., Bait. (quar.).
Mar. 12
(quar.)
Carolina Power A Light, pref.
(quar.)...
Cleveland Ry. (quar.)..
Duluth-Superior Tract., pref. (quar.)...
Frankford A Southwark Pass. (quar.)...
Manila Elec. RR. A Ltg. Corp.
(quar.)..
Northern Ohio Trac. A L., pref.
(quar.).
(quar.)
Traction..
Second A 3d Sts. Pass., Phila. (quar.)__
1
1
Holders of
rec.
Mar. 19
1
♦Holders of
rec.
Mar. 17
Holders of
rec.
IK
Apr.
1
Holders of
rec.
Mar. 15
1K
IK
Apr.
1
Holders of
rec.
Mar. 12
1
Apr.
1
Holders of
rec.
Mar. 15a
Apr.
1
Holders of
rec.
Mar. 18a
$4.50 Apr.
1
Holders of
rec.
Mar.
1
Holders of
rec.
Mar. 21a
IK
IK
Apr.
La
Apr.
1
Holders of
rec.
Mar. 10a
1
Apr.
1
Holders of
rec.
Mar. 15
$2
Apr.
1
Holders of
rec.
Mar. 10a
$3
April
1
Holders of
rec.
Mar.
la
(quar.)
com.
(quar.).
Preferred
(quar.)
Dartmouth Mfg., common
(extra)
Mills
Mar. 11a
Holders of
rec.
Mar. 11a
15
Holders of
Mar. 31
April
April
1
Apr.
2
Apr 15
April 1
1
Apr.
1
Apr.
1
Apr.
1
Apr. 15
rec. Apr.
la
Holders of rec. Mar. 15a
Mar. 22
to
April 1
Mar. 22
to
April 1
Holders of
(quar.)..
Detroit A Cleveland Nav.
(quar.)
Dictograph Products Corp., pref. (quar.)
Dodge Mfg., common (quar.)
Common (special)
Preferred (quar.)
Dominion Glass, common
(quar.)
Preferred (quar.)
Dominion Iron A Steel, pref. (quar.)...
Mar.
la
to
Mar. 29
to
Apr.
Holders of
rec.
6
Mar. 15a
Holders of
rec.
Mar. 18
Holders of
rec.
Mar. 18
Mar. 17
to
1
Holders of
1
Apr.
rec.
M ,r. 19
Mar. 11
Mar. 16
Mar. 31
rec.
to
Mar. 10a
Mar. 31
Apr. 15
Holders of
rec.
Mar. 15
Mar.<f21a
Apr.
1
Mar. 16a
Mar. 31a
Apr.
Apr.
1
1
Holders of
reo.
Mar. 15a
Holders of
rec.
Mar. 15a
Apr.
1
Holders of
reo.
Mar. 15a
Apr.
1
Holders ol
rec.
Mar. 15a
Mar. 31
Apr.
1
Holders of
rec.
Mar. 20a
Apr..
1
Holders of
rec.
Mar. 19
Apr.
1
Holders of
rec. Mar.
Mar. 31
Holders of
rec.
Mar. 15
Mar. 31
Holders of
rec.
Mar. 21
Mar. 31
Holders of
coup.No.85it
19
Mar. 25 ♦Holders of rec. Mar. 15
1
Holders of rec. Mar. 21a
Holders of rec. Mar.
4a
Apr.
Mar. 21
Apr.
1
Holders of rec. Mar. 15a
April
1
Holders of rec. Mar. 15
Holders of rec. Mar. 24
Mar. 31
Mar. 31
Mar. 21
Mar. 31
Mar. 21
Apr.
1
Apr.
1
Mar. 31
to
Mar. 31a
to
Mar. 31a
Holders of rec. Mar. 15
Holders of rec. Mar. 15
Holders of
rec.
Mar. 19a
Mar. 31
Holders of
rec.
Mar. 26
IK
Holders of
rec.
IK
Apr.
April
2
Mar. 31
1
1
Mar. 17a
Holders of rec. Mar. 14a
Mar.
9
to
Mar. 31
Mar.
9
to
IK
IK
IK
IK
IK
IK
Apr.
Holders of
Apr.
1
2K
Apr.
1
3K
IK
Mar. 31
15
Apr. 15
April 1
Apr.
1
Apr.
1
Mar. 31
15c. Apr.
Mar. 29
Mar. 29
rec.
Mar. 31a
Holders of rec. Mar. 31a
Holders of rec. Mar. 10a
Holders of rec. Mar. 10
Holders of rec. Mar. 21a
Holders of rec. Mar. 21a
Holders of rec. Mar. 21a
Holders of rec. Mar. 10a
Holders of
rec.
Mar. 10a
1
Mar. 11
to
Apr.
Apr.
1
Mar. 22
to
Mar. 30
K
flK
K
Apr.
Apr.
Apr.
1
Holders of
rec.
Mar. 15
1
Holders of
rec.
Mar. 15
35c.
Apr.
1
Holders of
rec.
Mar. 15
I$1
1
Holders of
rec.
10
Mar. 15
5
Mar. 29
2
Apr.
1
Holders of
rec.
Mar. 22
IK
Mar. 31
Holders of
rec.
Mar. 15
IK
IK
Apr.
1
Holders of
rec.
Mar. 21a
Apr.
Mar. 11
to
Mar. 29
1
Holders of
rec.
Mar. 10a
Apr. 11
April 1
Holders of
rec.
Mar. 25a
2
Holders of
rec.
rec.
Mar. 15a
Mar. 19a
$1
IK
April
1
Holders of
2K
Mar. 28
Holders of
5
Cuban-American Sugar
Davnl
Mar. 20
rec.
4
(quar.)
Crucible Steel, pref.
(quar.)
Cuba Cane Sugar,
pref.
Apr.
Mar. 20
to
2
Mar. 21
Apr.
IK
$1,375 Apr.
to
8Kc.
(quar.)
Chesebrough Mfg. com. (quar.)
Preferred
(quar.)
Chicago Nipple Mfg., cl. A (quar.)
Common and pref.
Mar. 12
3K
Central States Elec.
Corp., pref. (quar.)
Certain-teed Products Corp.,
lstpf.(qu.)
Second preferred
(quar.)
Chandler Motor Car.
Cin. A Suburban Bell
Cities Service.
11a
Mar. 11a
Mar. 12
2
(quar.)..
Preferred
Bangor Ry. A Electric, pref. (quar.)
(qu.)
Continental Can, com. A pref.
(quar.)..
Coombs (H. L.)
Co., Ltd., common
Railways.
Asheville Power A Light,
pref, (qu.)
Boston Elevated, common (quar.)
Brazilian Trac., L. A Pow., pref.
com.
...
com.
Holders of rec. Mar. 15
Holders of rem Mar. 15a
1
Holders of
IK
IK
IK
IK
(quar.)
Coke,
rec.
1
$1
Carbo-Hydrogen Co. of Am., pref. (qu.)
Extra
rec. Mar.
Holders of
IK
Carbon Steel, 1st preferred
Case (J. I.) Plow
Works, 1st pref. (qu.)
Case (J. I.) Thresh.
Mach., pref. (qu.)..
Cellu'cid Company
Preferred (quar.)
Central Leather, pref.
Mar. 15a
Holders of
500.
(quar.)
Central Coal A
rec.
Holders of
1
1
1
*/10
Corp., pref. (qu.).
Canadian Gen. Elec., com.
(quar.)..
Preferred
16 to
Mar. 31
1
Holders of rec. Mar.
la
1 ♦Holders of rec. Mar.
1
Apr.
*1X
.......
(quar.)
Preferred (quar.)
Minn. St. Paul & S. Ste.
M., com. & pf..
Leased lines
1
Mar. 31
5a
Mar. 15a
2
Calumet A Arizona Mining
(quar.)
Iron
.Crocker-Wheeler.Ltd.,
rec.
4
Cambria
Preferred
Mar. 19a
IK
2K
(qu.).
Buffalo General Electric
(quar.)
Burroughs Adding Machine (quar.)
By-Products Coke (special in
stock)...
California Petroleum
Canad
Per
Cent.
Mar. 11a
Apr.
IK
1K
Canada Steamship Lines, pref.
(quar.)..
Canadian Consol.
Rubber, pref. (quar.).
Company.
rec.
reo.
2
Bucyrus Co., pref. (quar.)..
Preferred (account accum.
dividends)
Mar. 31
rec.
Holders of
Holders of
Holders of
2
Brunswlck-Balke-Collender,
Mar. 21
IK
*$1.75 Apr.
*$1.50 Apr.
Holders of rec. Mar. 15a
Holders of
IK
hK
Mar. 31
Mar. 15
Mar. 16
Mar. 18a
IK
rec
rec,
rec.
1
Apr.
1
Apr.
1
Apr. 15
Apr.
1 ♦Holders of rec.
Apr. 25 Holders of rec.
Apr.
1
Mar. 22
to
Apr.
1
Holders of rec.
quar.)...
per cent cum. conv.
rec.
Holders of
1
1
1
rec.
rec. Mar. 16a
Holders of-rec. Mar. 16a
Holders of rec. Mar. 16a
Holders of reo. Mar. 19
2
1 ♦Holders of
1
1
IK
IK
IK
1 ♦Holders of
1
Apr.
Apr.
Apr.
Apr.
Apr.
20c. Apr.
pref. (quar.)
Seven per cent non cum. pref.
(quar.).
British-Amer. Tobacco, preference...
Brit.-Amer. Tob. ordinary (Interim)
IK
*1 K
Eight
Holders of rec. Mar. 18a
Apr.
Apr.
IK
*1K
.....
Leather, pref. (quar.).
Associated Oil (quar.)
Avery Co., pref. (quar.)
Barnet Leather, pref.
(quar.)
Bell Telephone of Canada
(quar.)
Bethlehem Steel Corp., com.
Common Class B (quar.)
Mar. 15a
Apr.
IK
IK
IK
IK
IK
Amer. Woolen, com. A pref.
(quar.)..
Arkansas Natural Gas (quar.)
Armour A Co., pref. (quar.)
rec.
Mar. 12a
rec.
Holders of
IK
IK
Amer. Telep. A Teleg.
(quar.)
Apr.
Apr.
Mar. 15a
rec.
Holders of
2
Mar. 20
rec.
rec.
Holders of
1
$1
rec.
Holders of
Holders of
Holders of
Apr.
IK
1 ♦Holders of
Mar. 21a
Mar. 21a
75c. Apr.
(quar.)....
1
rec.
rec.
Mar. 31
Mar. 31
IK
IK
IK
Apr.
Mar. 21
rec.
Holders of
Holders of
April
3
Apr.
.
Mar. 31
Mar. 15a
Mar. 31
$1
(quar.)....
com.
rec.
April 1
Mar. 31
IK
IK
IK
(quar.)
Foundries,
(quar.)
Holders of
Holders of rec. Mar. 15a
Holders of rec. Apr. 25a
Holders of rec. Mar. 24a
15 ♦Holders of
Apr. 15
Apr. 15
Apr,
1
Apr.
1
Apr.
1
75c. Apr.
Preferred B (quar.)
*IK
*1K
(quar.)
$2
Amer. Stores, com. (quar.)
First and second pref.
(quar.)
2
(quar.)
2
(quar.)...
American Linseed, pref. (quar.).
Amer. Locomotive, com. (quar.)
Preferred (quar.)
American Public Service, pref. (quar.)..
Amer. Radiator, com (quar.)
Ahaer. Smelters Securities, pref. A
(qu.).
rec.
*2 K
Holders of
Apr.
v
IK
IK
IK
American Express (quar.)
American Fork A Hoe, first preferred...
Amer .-Hawaiian S. S.
1 ♦Holders of
Mar. 31 ♦Holders of
1
Westmoreland Coal (quar.)
Wilson (C. R.) Body Co.,
pref. (quar.)..
Youngstown Sheet & Tube, com. (qu.)__
Preferred (quar.)
IK
IK
Amer. Can, pref. (quar.)....^.-..—.
Amer. Car A Foundry, com. (quar.)
Preferred (quar.)
Mar. 21
Mar. 25a
*2
1
*$1.50 Apr.
Amer. Agric.
rec.
*1K
Westinghouse Air Brake (quar.)...
IK
...
Amalgamated Oil (quar.)
Holders of
Universal Leaf Tobacco, preferred..
Philadelphia
April
April
1
1
Miscellaneous.
15
(quar.)
Ottawa Traction
IK
IK
Allied Chemical A Dye Corp., pf.
(quar.)
AUIs-Chalmers Mfg., com. (quar.)
Preferred
;
Second preferred (quar.)
1
United Shoe
Machinery, common
Street and Electric
Holders of rec. Mar. 18
Mar. 16
to
Apr.
1
IK
United Cigar Stores, com.
(monthl:
United Drug, first preferred
Pittsb. Ft. Wayne &
1
2
Underwood Computing Mach.,
pf. (qu.)
Union Twist Drill, com.
(quar.)
Northern Pacific (quar.)...
Plttsb. Bessemer & Lake Erie,
Apr.
2
...
common
Mar. 31
IK
....
2
Thompson (John R.), common (quar.)..
Preferred (quar.)
Tide Water Oil
(quar.)
Tonopah Mining of Nevada.
Torrington Co., common (quar.)
Lehigh Valley,
5
,.
Advance-Rumely Co., pref. (quar.)
Ltd.,
Standard Safe Deposit (quar.)
Tecumseh Cotton Mills
(quar.).,.......
Textile Banking Co. (quar.)...
Name of
Mar. 24a
Mar. 21
Apr.
Second preferred (quar.)
Mar. 24a
rec.
American Chicle, pref. (quar.)
Common and preferred
(quar.)
rec.
rec.
Amer. Cigar, pref. (quar.)
Amer. Exchange Secur.
Spanish Rivei Pulp & Paper Mills, Ltd.,
Mar. 24a
rec.
Holders of
Mar. 31
IK
Mar. 26
Mar. 31
rec.
Holders of
Mar. 31
Common
rec.
Holders of
1
Mar. 31
Preferred (quar.)
Soden (G. A.) Co., 1st pref.
(quar.)
Holders of
Holders of
Mar. 31
rec.
(m)
Mar. 31
1"
rec.
*1K
1
Mar. 12
2
Mar. 31
rec.
Apr.
Apr.
rec.
5
rec.
Singer Mfg.,
Mills,
2
(quar.).
Mar. 31
rec.
Apr.
to
Apr.
Apr.
Apr.
Mar. 31
Holders of
1
Holders of
1
10 ♦Holders of
*30c. Apr.
1
Mar. 31
4
2
(quar.)
4K
(quar.)
♦Holders of
(quar.)_.._
Salt Creek Producers Association
(quar.)
Simpson Creek Coal, pief.
we
1
Apr.
30
....
not
Apr.
(quar.)..
Apr.
Regal Shoe, preferred (quar.)
IK
Reo Motor Car, common
*25
(quar.)..
Republic Motor Truck, pref. (quar.)...
IK
Safety Car Heating & Lighting (quar.)..
*1K
Below
6
10
Fifth Avenue (quar.)
*3
Extra
Prairie Pipe Line (quar.)
Procter & Gamble, preferred
(Howard)
Paper
(quar.)
1
rec.
Mar. 18
Holders of
37^C Apr.
1
♦3
April 30 ♦Holders of
*3
Apr. 30. ♦Holders of
(quar.)....
1
rec.
rec.
1
1
Apr.
rec.
Holders of
1
Apr.
Apr.
3
Guaranty (quar.).
Lawyers Title A Trust (quar.)
Mar. 15
Apr.
Mar. 20
to
Mar. 31
Holders of rec. Mar. 9
Holders of rec. Mar. 18a
Holders of rec. Mar. 31a
Holders of rec. Mar. 31a
4
*3
rec. Mar. 19
Holders of rec. Mar. 31
Holders of rec. Mar. 31
Mar. 22
Apr.
Holders of
Trust Companies.
rec.
Apr.
Mar. 24
1
*
1
Apr.
Apr.
1
Chatham A Phenix Nat. (quar.)
Coal A Iron National (quar.)
Mar. 21
Holders of
Apr.
(quar.)
IK
Oklahoma Natural Gas (quar.)
♦$2
•Old Colony Woolen
Mills, pref. (quar.).
IK
Panama Power & Light
Corp., pref. (qu.)
IK
Panhandle Prod. & Refg., pref. (quar.)__
♦2
Apr.
Apr.
Commerce, Nat. Bank of (quar.)
Mar. 17
1
1
Apr.
1
of reo. Mar. 18a
of rec. Mar. 15a
of rec. Mar. 19a
of reo. Mar. 19a
Mar. 23
to
Apr.
1
Banks.
■
rec.
Holders of rec. Mar. 15
Holders of rec. Mar. 31a
Mar. 31
Holders of rec. Mar. 16
Apr.
1 ♦Holders of rec. Mar. 19
Apr.
2K
IK
IK
...
rec.
15 ♦Holders of
15 ♦Holders of
15 ♦Holders of
*lc. Apr.
1
$1.75 Apr.
(quar.)
Holders
Holders
Holders
Holders
Yorkvllle
Holders of
15
15
$1.40 Apr.
Preferred (quar.)
and
1 ♦Holders of
Holders of
1
Apr.
1
1
1
National City Company (quar.)...
Holders of rec. Mar. 25
Apr.
Apr.
Apr.
IK
West End St., Boston, common
National City
Extra
Holders of rec. Mar. 31
15
Apr.
$1.25 Mar. 31
(quar.)
Preferred (extra)
Narragansett Elec. Ltg. (quar.).l
National Automatic Fire Alarm
(quar.).
New England Telep. &
Teleg. (quar.)...
Preferred
Mar. 31
$1.50
Apr.
Apr.
1
Liberty (quar.)
1
Liberty Securities Corp., pref. (quar.)..
Mar. 31
Holders of
IK
IK
Wash. Bait. A
Annap.El.RR.,com.(qu.)
Preferred (quar.)
First National
Mar. 31
*1K
Preferred (quar.)
Midwest Oil, common
Preferred
Mar. 15
*IK
Merrimack Chemical (quar.)
Smith
rec.
Twin City R. T., Minneap., pref. (qu.).
United Light A Rys., pref. (quar.)
Mar. 28a
IK
Manning, Maxwell & Moore. Inc. (qu.).
Massachusetts Lighting Cos., pref. (qu.)
McCrory Stores Corp., pref. (quar.)
Merck & Co., pref.
(quar.)
Niagara Falls Power,
rec.
23
*e40
(quar.)
Midway Gas,
■
Apr.
IK
Lit Brothers (payable in
stock)
MacAndrews & Forbes Co., com. (quar.)
Preferred
Mar. 31
rec.
Books Closed.
Days Inclusive
Mar. 28
IK
IK
Mar. 31
Apr.
Apr.
1
$l
IK
Apr.
1
10
May
2
*2
Apr.
!
1
rec. Mar.
9
Holders of rec. Mar.
19.
Holders of rec. Mar. 15a
Holders of rec. Mar. 15a
Holders of rec. Mar. 10a
Holders of
rec. Mar.
Holders of rec. Apr.
rec. Mar.
Holders of rec. Mar.
♦Holders of
10a
15
25
$1
Apr.
1
2
Apr.
15
Holders of
rec.
Mar. 31a
IK
Apr.
1
Holders of
reo.
1
Mar. 24a
Apr.
1
Holders of
rec.
15a
Mar. 24a
IK
Apr.
1
Mar. 22
IK
Apr.
1
Holders of
rec.
IK
IK
Mar. 15
Apr.
1
Holders of
rec.
Mar. 15*
April
1
Holders of
rec.
Mar. 15
to
Mar. 31
[Vol. 112.
CHRONICLE
THE
1118
Per
Per
Name of
Company.
When
Payable.
Days Inclusive.
Name of Company.
(Continued)
1H
Dominion Textile, common
Preferred
(quar.)
Apr.
ix
Apr.
3
Apr.
1X
Apr.
VA
Corporation (quar.)..—
II.), common (quar.)..
First preferred (quar.).*..-.-.--Second preferred (quar.)——i
—
du Pont (E. I.) de Nemours & Co.—
Debenture stock (quar.)
duPont (E.I.) de Nem .Powd. .com. (quar.)
Preferred (quar.)
April
'm
(qu.)-..
(quar.).—..
Dominion Steel Corp., com.
Apr.
Draper
Dunham (James
&.Mfg., com.
(quar.)
———
Endicott-Johnson Co., com. (quar.)....
Preferred (quar.). - - - - -—. —
Fairbanks Co..pref. (quar.)
- - - -
Corp., com. (qu.)
Son, Inc., pref. (quar.).
Rubber, 6% pref. (qu.)
Seven per cent pref. (quar.)
Galena-Signal Oil, pref. (quar.)
General Cigar, deb. pref. (qua*.)
General Electric (quar.).......—
General Ry. Signal, pref. (quar.)
General Tire & Rubber, pref. (quar.)—
Goid <k Stock Telegraph (quar.)
Goodrich (B, F.) Co., pref. (quar.) — —
Preferred
(quar.)
Graeselll Chemical, com. (quar.)
Preferred
(quar.)—
Great Lakes Towing, common (quar.)..
Preferred (quar.)
——————
Great Western Sugar, com. (quar.)
Famous-Players Lasky
Farrell (Wm.) &
Firestone Tire &
Apr.
Apr.
Apr.
IX
Mar. 31
IX
*2 A
Apr.
Apr.
75c.
Apr.
—
(quar.)
(quar.)....
Six per cent preferred (quar.)..
Eight per cent preferred (quar.)
Greenfield Tap & Die, com.
pref. (quar.)
Gulf States Steel, 1st
Harbison-Walker Refrac., pref.
Hart, Schaffner
& Marx,Inc.,pref.
(quai.)
Helme (George W.) Co., com.
Preferred
(quar.)
(quar.) —
Independent Pneumatic Tool
Extra
St. Joseph Lead
Mar. 25
St. L. Rocky Mt. A Pac.
Preferred (account accum.
to
Mar. 31
Mar. 25
to
Mar. 31
Apr.
Mar. 31
Apr.
Mar
1
31
Holders of rec. Mar. 15a
Holders of rec. Mar. 30a
Mar.
3A
Apr.
62 Ac
Mar. 22
hX
Apr.
3
Apr.
IX
IX
Apr.
Apr.
1A
Apr.
Holders of rec. Mar. 15a
1
1
Apr.
IX
Apr.
1A
Apr.
2
Apr.
IX
April
IX
2
Apr.
1A
Apr.
Feb.
28
17
Todd Shipyards Corp.
United Paper Board,
♦50c
Mar. 19
Mar. 31 •Holders of rec.
Holders of rec. Mar. 19a
-
3
Apr.
1
Apr.
IX
1
1
1
Apr.
IX
$1.25 Apr.
Apr.
IA
I
(H. R.) A Co., Inc., pf.
(qu.)
Manati Sugar, pref. (quar.)
Supply (quar.) —
;
1
Apr.
IX
Apr.
1
Apr.
1
1
Apr.
5a
5a
Holders of rec. Mar. 21a
Preferred
Mar. 21a
Holders of rec.
Mexican Investment, pref
Mexican Petroleum, common
Preferred
(quar.)—
Holders of rec
.
Apr.
1
April 11
Holders of rec
.
April
April
1
1
Holders of rec
.
Holders of rec
.
April
1
Holders of rec
Apr.
1 ♦Holders of rec
Apr.
1
Holders of rec
Mar. 21a
April
April
1
1
Holders of rec
Mar. 15a
Middle States Oil Corp
Extra
(quar.)
Mississippi River Power, pref. (No. 1)—
Montana Power, com. (quar.)
Mar. 15a
Wilson A Co., Inc.,
(quar.)
Montgomery Ward A Co.,
pref. (quar.).
Motor Wheel Corp., common
IX
Apr.
1
Holders of rec
Mar. 21a
Mar. 10
Wlnnsboro Mills, com.
Preferred (quar.)
Mar. 31«
(quar.)
Nat. Enameling A Stamping, com. (qu.)
National Biscuit, com.
IA
X
♦2
IX
IA
(quar.)..
Western Electric, common (quar.)....
Mar.
Mar. 15a
Weyman-Bruton, common
Mar. 15a
(quar.)
Wheeling Steel Corp., pref. cl. A (quar.)
Preferred class B (quar.)
Whltaker Paper, com. (quar.)...
5a
Mar. 15
Holders of rec
Mar. 10a
Mar. 10a
Mar. 21
.
Mar. 21 ♦Holders of rec
Mar. 19
28a
Woolwortb (F. W.) Co..
May 31
Holders of rec
May
11a
Worthington Pump A
Preferred A (quar.)
Holders of rec
Aug. 11a
Common
1A
Nov. 30
Holders of rec
Nov. 10a
Common
IX
Mar. 31
Holders of rec
Mar. 11a
Common (quar.)
(quar.).J
(quar.)
Preferred (quar.)
Preferred
(quar.)
Preferred (quar.)...
Preferred (quar.)..
IX
(quar.)...
National Surety (quar.)
New York Air Brake (quar.)—
New York Transit (quar.)
(quar.).
Extra
Holders of rec
Mar. 31
Mar. 31
Holders of rec
Apr.
1
2
1
Apr.
Holders of rec
—
Apr.
IX
Apr.
Apr.
*2 A
Apr.
♦3
Apr.
Apr.
Mar. 31
50c. Apr.
50c. May
Apr.
IX
Apr.
Mach., com.(qu.)
...
(quar.)
Co., com. (monthly)
IX
Apr.
IA
Apr.
IX
Apr.
1A
pref., (quar.).
Apr.
50c. June
Apr.
5
...
(quar.)
IX
Apr.
reo.
Mar. 14a
rec. Mar.
rec.
20
Mar. 20
16a
21a
18
Holders of rec. Mar. 18
Holders of rec. Mar. 19
Holders of rec. Mar. 10a
Holders of rec. Apr.
5a
Holders of rec. Mar. 21a
Holders of rec. Mar. 21a
Holders of rec. Mar. 25
Holders of rec. Apr. 25
Holders of rec. May 25
Holders of rec. Mar. 25
Holders of rec. Mar. 21
Holders of rec. Mar.
1
Apr.
IX
——
Apr.
Apr.
Holders of rec. Mar.
1
1
1
1
1
15
1
1
1
IX
2
to
15
Holders of
1
1 Holders of
1
1
1 ♦Holders of
1 ♦Holders of
♦2
Common
•
Apr.
2A
26
Holders of rec. Mar.
Holders of rec. Mar.
1
1
1
Yale A Towne Mfg.
Stock Exchange has ruled that stock
and not until further notice, a Transfe?
books not closed for this dividend.
& Less British Income tax. d Correction
e Payable In stock.
/Payable In common stock, s Payable In scrip, h On account
of accumulated dividends,
i Payable In Liberty or Victory Loan bonds.
k Transfers received In order In LondoD on or before March 5 will be In time for
•
Mar. 15a
Mar. 12
.
Mar. 18a
Holders of rec
Mar.
2a
2A
—
$1
(quar.)
(monthly)
Common (monthly)
Preferred (quar.)
Mar.
Apr. 30
Mar. 25
Holders of rec
Apr.
Holders of rec. Mar.
Apr.
Mar. 11a
Holders of rec
IA
3
—
...
31
Mar. 26
Holders of rec
4
Niagara Falls Power, pref. (quar.)
NUes-Bement-Pond, com. (quar.)
Ohio Oil
Dec.
Sept. 10a
Dec. 10a
2A
....
National Sugar Refg.
(quar.)
Holders of rec
IA
(quar.)
North American Co.
Holders of rec
Sept. 30
2
(quar.)
(quar.)
National Refining, pref.
June 30
IX
—
Preferred B
Wrlgley (Wm.) Jr.,
10a
June
IX
National Licorice, pref.
National Lead, common
Aug. 31
Holders of rec. Mar.
15
IX
$1
$1
Feb.
IA
IA
♦Holders of rec. Mar.
Mar. 31
♦Holders of rec. Mar.
pref. (quar.)
Holders of rec
14a
♦Holders of rec. Mar.
$2.50 Mar. 31
(quar.)t
(quar)
rec. Mar.
♦Holders of rec. Mar.
♦1X
Holders of rec
.
Holders of rec. Mar.
3
3
19
19
21
21
24
13
31 a
31a
♦Holders of rec. Mar.
1
1
1
1
5
(quar.)
15
Apr.
♦20c. Apr.
Preferred
Preferred
Apr.
♦$1 ..50 Apr.
Western
Preferred
Apr.
IA
15
Apr. lo
April 2
♦25c. Apr.
(quar.)....
West Coast Oil
Mar. 26
Apr.
♦10
Union Telegraph (quar.)
Westinghouse Elec. A Mfg., com. (quar.)
Holders of rec. Mar. 15a
Mar. 31
$1
(quar.)...
Woods Mfg., pref. (quar.)
*2
Walworth Mfg., preferred
1
Apr.
Mar. 30
*1X
White Motor (quar.)
Holders of rec
2
(quar.)
Mill Factors Corp., class A
Preferred
Mar. 31
3
Mar. 31
IX
—
(quar.)
2A
Mar. 19
♦Holders of rec.
Mar. 31
*1X
First and second pref.
Holders of rec. Mar. 18a
Holders of rec. Mar. 31a
♦Holders of rec. Mar. 21
87AC June 15
Apr. 15
IA
l A
July 16
♦SI
IX
pref. (quar.)..
Mergenthaler Linotype (quar.)
May Department Stores,
(quar.)
(quar.)
Waldorf System, Inc., com.
1X
*1X
Apr.
Apr.
1
15
IX
Wahl Co., common (quar.)
1
15
Apr.
1
Apr.
1
Apr.
1
IX
$1
*1A
Maverick Mills, pref. (quar.)
<
Machine, com.
Preferred (quar.)
Wabasso Cotton (quar.)
Holders of rec. Mar. 15
Apr.
3
Utilities Securities, preferred (quar.)
3
(quar.)—.
Alkali Works, pref. (quar.)..
50c.
$1
4
pref. (quar.)
Manufacturers' Light A Heat
Apr. 15
(quar.)..
8. Steel Corp., com. (quar.).
1
Manhattan Shirt,
1
Apr.
U. 8. Playing Card
Victor Talking
Holders of rec. Mar.
1
Apr.
•IX
Utah Copper (quar.).
Holders of rec. Mar.
Apr.
♦1
(quar.)
(quar.)
Holders of rec. Mar. 22a
1
1
si
pref. (quar.)
(quar.).
Holders of rec. Mar. 16a
Holders of rec. Mar. 16a
IX
(quar.)...
(quar.).
Preferred (quar.)
U.
1
Mar. 24
IX
United Gas Improvement, com.
Preferred
1
1
1
April
April
VA
United Fruit (quar.)
U. S. Gypsum, com.
April
April
2
(quar.)
Holders of rec. Mar. 15a
1
2
United Dyewood com.
Preferred (quar.)
Holders of rec. Mar. 23
Mar. 21
1A
(quar.)
Holders of rec. Mar. 23
5c.
2A
15a
31
19
Holders of rec. Mar. 17a
•Holders of rec. Mar.
1
Mar. 16
to
Mar. 21
Holders of rec. Mar. 11a
Holders of rec. Mar. 4a
Holders of rec. Mar.
4a
Mar.
6
to
Mar. 15
Holders of reo. Mar. 10a
Holders of rec. Mar.dlSa
Holders of rec. Mar. 15a
Holders of rec. Mar. 15a
Holders of rec. Mar. 19a
Holders of rec. Mar. 31a
Holders of reo. May 31a
Holders of reo. Apr.
la
Holders of rec. July
la
•Holders of rec. Mar. 15
Holders of rec. Mar. 16
Holders of rec. Mar. 21
Mar.
1
to
Mar. 2
Holders of rec. Mar. 12
Holders of rec. Mar. 17
♦Holders of rec. Mar. 31
♦Holders of rec. Mar. 31
Holders of rec. Mar. 15
Holders of rec. Mar.
►Holders of rec. Mar.
1
Apr.
10
11a
Dec. 10a
Holders of rec. Mar.
16
1
April
$1.50
(monthly)
United Drug, common
Holders of rec. Mar. 16a
Holders of rec. Feb. 28a
1
1
'
5
IX
(quar.)
Union Carbide A Carbon (quar.).—
Holders of rec.
Mar. 31
Apr.
Apr.
IX
Preferred
Holders of rec. Mar. 21a
31
Holders of rec. Mar.
Holders of rec. Mar.
*$2
(quar.)
Tonopah Belmont Devel. (quar.)
Tonopah Extension Mining (quar.)
Underwood Typewriter, com. (quar.)—
United Cigar Stores, com.
Mar.
1
Mar. 31
•4
Thompson-Starrett Co., pref
Tobacco Products Corp., pref. (quar.)..
Apr.
Preferred
1
Apr!
5
April 15
Apr.
25o
to
Holders of rec. Mar. 21a
Mar. 31
1
1
Apr.
75c. Mar. 31
to
Holders of rec. Mar. 19a
1
1
1
1
Apr.
Apr.
5c.
Holders of rec. Mar. 10a
Holders of rec. Mar. 17
1
Apr.
1
1
Apr.
IX
(quar.)
Holders of rec. Mar.dl6a
Mar. 31
$2
2
April
April
2
1
Holders of rec. Mar. 16a
la
Holders of rec. Apr.
Mar.
1
1
Mar. 31
1A
CIO
Company stock
24
Holders of rec. Mar. 21
Holders of rec. Mar. 15a
Mar. 31
April
♦10c.
24
Feb. 28
Mar. 31
*$1
Feb.
to
1
11
Apr.
*3
Apr.
12Ac. Apr. 15
1
Apr.
*1A
Apr.
1
IX
IX
Texas
1
April
IX
(qu.)
Feb.
_
1A
Texon Oil A Land
Apr.
2
(quar.)
(quar.)
dividend
A Pacific Coal A Oil (quar.)
Holders of rec. Mar. 15
Holders of rec. Mar. 22a
l
1
1
1
15
1
1
Apr.
Mar. 31
IX
Texas Company
Texas
Mar. 31
1A
Swift A Co.
Mar. 31
Mar. 21
IX
(quar.)—
Sterling Oil A Development.
Sullivan Machinery (quar.),
to
Holders of rec. Mar.
IX
(quar.)
Steel A Tube Co. of America, pref.
Holders of rec. Mar. 15
Holders of rec. Mar.
IX
South West Pa. Pipe Lines (quar.)
Holders of rec. Mar. 21a
Mar. 31
IX
VA
(quar.)
Mar. 31
19
19
22
•Holders cf rec. Mar. 15
Mar 10
to
Mar. 21
Holders of rec. Mar. 19a
Holders of rec. Mar. 19a
Holders of rec. Mar. 15a
•Holders of reo. Mar. 24
Holders of rec. Mar. 24
Holders of rec. Mar. 15
Holders of rec. Mar. 15
Holders of rec. Mar. 19a
•Holders of rec. Mar. II
Holders of rec. Mar. 10a
Holders of rec. Mar. 10a
Holders of rec. Mar. 15
♦Mar. 16
to
Apr.
1
Holders of rec. Mar. 20a
Holders of rec. Mar.
1
*4
Mar. 21
1
1
Apr,
IA
(quar.)..
*1A
.....
Mar. 21
Mar. 31
15 c.
(quar.)....
South Porto Rico Sugar, com.
25c.
Loft, Inc. (quar.)...
Lone Star Gas (quar.)
Loose-Wiles Biscuit, first pref.
Mar. 31
Standard Oil (Kentucky) (quar.)
1
1
Apr.
...
IX
South Penn Oil (quar.).
31
Apr.
♦$1
(quar.)
Apr.
♦5
25
Apr.
to
Holders of rec. Mar.
Apr.
Sloss-Sheffield Steel A Iron. pref. (qu.)..
Preferred
Holders of rec. Mar.
Mar. 17
Apr.
Shawinigan Water A Power (quar.)
Sherwin-Williams Co of Can com (quar.)
Preferred
Holders of rec. Mar.
Holders of rec. Mar.
Holders of rec. Apr.
IX
Scovlll Manufacturing
Mar. 30
Liggett A Myers Tobacco, pref. (quar.).
Lindsay Light, preferred (quar.)
Loew's Theatres Co. (quar.)...
Manhattan Electrical
Mar. 25
Holders of rec. Mar. 31a
Holders of rec. Mar. dl9
Holders of rec. Mar. 19a
Apr.
Holders of rec. Mar.
2
(quar.)
Sears, Roebuck A Co., pref. (quar.)
♦S2
(quar.)
—„—j
Kaufmann Department Stores, pf. (qu.)
Kaynee Co., pref. (quar.)
Kelly-Springfield Tire, pref. (quar.)
Kerr Lake Mines, Ltd. (quar.)
"...
King Philip Mills (quar.)
Kresge (S. S.) Co., pref. (quar.)
Kress (S. H.) A Co., pref. (quar.)
1.
Lackawanna Steel, common (quar.)
Lrhigh Valley Coal Sales (qu.)_
Library Bureau, com. (quar.)...
Lucey Mfg.. class A (quar.)
Mackay Companies, common
Preferred (quar.)
Mar. 31
♦3
Kansas & Gulf Co.
Lorillard (P.) Co., com.
Preferred (quar.)
to
*1X
dividends).
Extra
Mar. 25
15
Apr.
50c.
Co., com. (qu.)
April
April
April
15
1
Apr.
50c.
Preferred
Apr.
May
IX
(quar.)
Mar. 16
Apr.
Apr.
VA
(quar.)
Mar. 25
Apr.
Apr.
Holders of rec. Mar.
25c
Mar. 25
to
2
(quar.)
—...
Indianapolis Water Works Securities, pf.
Internat. Buttonhole Sew. Mach. (qu.).
Internatlonal Cement (quar.)
Internat. Motor Truck, 1st A 2d pf.(qu.)
International Salt (quar.)
International 8Uver, pref. (quar.)
IX
2
Holders of rec. Mar.
IX
to
Holders of rec. Mar. 22a
Holders of rec. Mar. 31a
Apr.
15
15
10a
10
10a
22a
13
25
25
Holders of rec. Mar.
1
1
1
1
1
2
1
1
1
1
1
1
Apr.
IX
pref. (quar.)
(quar.).
Rlordon Pulp A Paper, preferred (quar.)
Royal Baking Powder, pref. (quar.)
Mar. 16
1
1
1
1
Mar.
1
1
1
1
1
1
15 •Holders of rec. April 1
2
31 •Holders of rec. May
Holders of rec. Mar. 17a
31
Holders of rec. Mar.
7a
21
Apr.
1
Cumulative convertible pref.
Holders of rec. Mar. 14a
Holders of rec. Mar. 21a
Mar.
3
Rlordon Co., Ltd., 1st cum.
2
Indiahoma Refining
May
IX
Common B (quar.)
Preferred (quar.)
IX
-
April
2
Machine (quar.)__
Remington Tynewriter 1st pref. (quar.).
1st pf. ser. S (qu.)
Second pref. (quar.)
—
Republic Iron A Steel, com. (quar.)
Preferred
(quar.)
Reynolds (R. J.) Tobacco, com.
Apr.
*1A
—
Reece Folding
1
Apr.
Apr.
*1A
(quar.)
Preferred
IX
Canada, ordinary..
Preferred
IA
...
Apr.
2
(quar.)
(quar.)
(quar.)
Reece Buttonhole Machine (quar.).-
Apr.
Apr.
1X
IA
Preferred
(quar.)
...
Railway Steel-Spring, com. (quar.)
IX
(quar.)...^
Illinois Bell Telephone
April
VA ' Apr.
1
Apr.
cent pref. (quar.)
Quaker Oats. com.
VA
(quar.)
Hupp Motor Car Corp., pref. (quar.)—
Hydraulic Steel, pref. (quar.)
Ide (Geo. P.) A Co., Inc., pref. (quar.)..
Apr.
♦2
(quar.)...
2
(quar.)
Preferred
Mathleson
Mar. 25
Apr.
2
Ltd., com. (qu.)
IX
(quar.)
(quar.)
Collieries, com.|(quar.)...
Malllnson
IX
IX
IX
—
Hlgbee Co., 1st pref.
Preferred
per
Apr.
2
(quar.)..
1
Common (extra)....
Imperial Tobacco of
1
2
(quar.)
(extra).—..——.
Herring-Hall-Marvin Safe, com.
Hlllcrest
Apr.
Apr.
Apr.
Eight
Holders of rec. Mar. 15a
Holders of rec. Mar. 15a
Holders of rec. Mar. 14a
1
1
1
1
IX
(quar.)..
Common
Preferred
April
2A
Manufacturing, pref. (quar.)..,
Hercules Powder, common
Mar. 31
1.12 A Apr.
1
1
1
1
1
1
1
(quar.)
Six per cent pref.
Holders of rec. Mar. 15a
9a
Holders of rec. Apr.
Holdets of rec. Mar. 19a
IX
$
Haverhill Gas Light (quar.)..
Hendee
IX
$1
(qu.)
Haskell A Barker Car
April
Apr.
♦1
(quar.)
Plate Glass, com.
Preferred
Mar. 15
IA
2
1
Mar. 31
Pure Oil Co., 5X % pref.
Mar. 22
15a
15a
1
"Holders of rec. June
1
"Holders of rec. Sept.
1
"Holders of rec. Dec.
1
Holders of rec. May
5
Holders of rec. Apr. 21
Holders of rec. Mar. 18a
Holders of rec. Mar. 21a
Holders of rec. Mar. 18
Holders of rec. Mar. 21a
"Holders of rec. Mar. 18
Mar. 26
to
Mar. 31.
Holders of rec. Mar. 15a
Holders of rec. Mar. 19a
•Holders of rec. Mar. 15
Holders of rec. Mar. 15
Holders of rec. Mar. 15
Holders of rec. Mar. 15
Holders of rec. Mar. 15
Holders of rec. Mar. 15
Holders of rec. Mar. 15
16
May
IX
pf.(qu.)
Apr. 15
to
Holders of rec. Mar.
IX
IX
pref. (quar.)
Provincial Paper Mills,
Common (extra)
Holders of rec. Mar. 15a
Holders of rec. Mar. 15a
Holders of rec. Mar. 15a
Apr.
May
IA
90c. Apr.
1
15
16a
16a
"Holders of rec. Mar.
2
pref. (qu.)-j-
Mar. 15
Apr.
IX
...
(quar.).
Pittsburg
9a
Apr.
'21
Holders of rec. Mar.
♦50c. Dec. 31
—
(Albert) A Co., pref.
Holders of rec. Mar.
♦50c. June 36
(quar.)....
ii—
Pierce-Arrow Motor Car, pref.
Pierce Oil Corp.,
Holders of rec. Mar.
♦50c. Sept. 30
Mar. 15
to
Mar. 16
1
1
Apr.
1
Apr. 19
IA
2
Pick
Holders of rec. Mar. 15a
Mar. 31
Mar. 16
to
1
1
1
1
1
Apr.
(quar.)
Holders of rec. Mar.
♦50c. Mar. 31
Phelps-Dodge Corp. (quar.)
la
la
Holders of rec. June 21
Holders of rec. Mar. 15a
IX
1
Penney (J. C.), preferred (quar.)
i.J.
Pennsylvania Water A Power (quar.)^..
Holders of rec. Mar. 21
Holders of rec. Mar. 19a
"Holders of rec. Mar. 31
Mar. 31
*1X
Preferred
Mar. 25a
1A
Apr.
Apr. 15
IA
$1.50 April 11
$1.50 April 11
—
Penmans, Limited, common
Feb. 28
2
1
1
1
IX
(quar.)..
Peerless Truck A Motor, com.
Pettibone Mulliken Co., 1st A 2d
1
Mar. 31
Apr.
75c. Apr.
(quar.)
Penn Central Light A Pow.,
Holders of rec
1
Apr.
1
Common (quar.)..—
July
Apr.
Common Class B
Holders of rec. Mar. 17
Holders of rec. Mar. 19
1
1
1
1
1
Apr.
IX
(qu.).
Pan-Amer. Petrol. A Trans., com.
Holders of rec. Mar. 17 a
Holders of rec. Mar. 17a
Holders of rec. Mar. 20a
Apr.
Apr.
2
50c.
(quar.)
(quar.)
Pacific Telep. A Teleg., pref. (auar.)—_
Holders of rec. Mar. 14a
VA
HoIdersofrec.Apr.30 2i
Holdersof rec. July 30'21
Holders of rec. Mar. I5a
Holders of rec. Mar. 15a
Holders of rec. Mar. 15a
Preferred
Holders of rec. Mar. 17a
Holders of rec. Mar. 17a
April 15
IX
—————
Common (quar.)_——.—
Common (quar.)
Holders of rec. Mai.
16
Aug. 16
IX
(quar.)
Holders of rec. Feb, 28a
Holders of tec. Feb. 28a
1
Holders of rec. Apr .30
May
(quar.).—————
Ottawa Car Manufacturing (auar.)....
Owens Bottle, common (quar.)
Holders of rec. Apr. 30
Mar. 31
Mar. 16
to
Holders of rec. Apr.
Holders of rec. May
May 16
IX
Otis Steel, pref.
Holders of roc. Mar. 21
2
IX
(quar.)— —
Preferred
Preferred
Holders of rec. Mar. 15a
Apr.
2
(quar.)..————————
Orpheum Circuit, Inc., com.
1
1
1
9
Holders of rec. Apr.d20a
Holders of rec. Apr. 20a
April
*1A
Prefened
Holders of rec. Apr.
IX
*1X
(extra)
Preferred
to
Mar. 31
*1
—
Common
to
Mar. 20
Apr.
Apr.
Apr.
to
Mar. 20
Apr.
& pf.(qu.)
Preferred
Mar. 20
May
(quar.)—
Electric Storage Battery, com.
Holders of rec.
May
IX
(quar.).
Elec. Controller
Holders of rec.
2
2
1
May 24
IX
Apr.
1
2
2A
A0ril 1
April 1
IA
1
75c. Apr.
Apr.
1
IX
Apr.
1
3
1
$1.25 Apr.
Apr.
1
IX
2
Apr.
1
Apr.
1
$2
April 1
IX
Apr. 15
1A
May 15
IX
1A
50c.
(quar.)
— —
Eastern Potash Corp., pre!, (quar.)
Eastern Rolling Mill, pref, (quar.)
Eastman Kodak, common (quar.)
—
Ontario Steel Products, common
6
Mar. 15
Mar. 31
Mar. 5
1
2
Oklahoma Producing A Refg., com.
Holders of rec.
Apr. 25
1A
Eastern Mfg., common
Preferred
Apr.
IX
Days Inclusive.
(qu.)
(quar.)
Holders of iec. Mar.
1
1
15
1
1
1
1
Books Closed.
Payable.
(Concluded)
Miscellaneous
Miscellaneous
When
Cent
Books Closed.
Cent.
April 15
Holders of rec
Mar. 22
IX
Apr.
15
Holders of rec
Mar. 31a
Holders of rec
Mar. 21
IA
Holders of rec
April 1
IX
♦$1.25 Mar. 31 ♦Holders of rec
Mar. 31 ♦Holders of rec
♦$2.75
,
Mar.
.
.
la
Mar. 15a
Feb.
26
Feb.
26
From
unofficial sources,
will not be
t The New York
quoted ex-dlvldend on this date
pavtnent to transferees.
I Payable in common stock or scrip convertible
m Dividend Is 20 French francs per share.
-
Into common stock,
-
—
•
-
March 19
1921.]
THE
CHRONICLE
Transactions at the New York Stock Exchange daily,
weekly and yearly.—Brought forward from page 1123.
1119
Boston Clearing House Banks.-—We
give below a sum¬
showing the totals for all the items in the Boston
mary
Clearing House weekly statement for
-
Week ending
March
Mocks.
State, Mtm.
Railroad,
18 1921
&
Ac.,
Shares.
Par
Bonds.
Value.
Foreign
BOSTON
U. S.
Bends.
CLEARING
479,800
628,200
$30,783,500
47,142,000
$1,766,000
2,288,000
635.670
48.829,000
2,659,000
Wednesday
Thursday
Friday
872,310
825,980
56,544,500
59.098,000
798,040
61,040,400
2,298,500
4,240,000 $303,437,400
$15,487,500
...
Total.
-
Sales at
New
1921.
Stocks—No. shares...
613,500
938,500
849,000
4,763,000
1.497,000
5,963,000
930,500
4,228,750
$5,275,000 $32,238,750
Jan.
.
1 to March
1921.
18.
}920.
$303,437,400 $645,260,625
1920.
1921.
Circulation.
Reserve
In
excess
bank
$48,422,500
$420,122,350
5,289,500
13,119,000
196,936,000
$699,916,900
122,199,000
138,316,000
$53,001,250
$66,831,000
$671,686,350
$930,431,900
54,628,000
TRANSACTIONS
AT
THE
BOSTON.
PHILADELPHIA
AND
BALTIMORE EXCHANGES.
Huston.
5,147,000!Dec.
Shares.
Philadelphia.
Bond Sales.
9,695
Monday
12,949
Tuesday...
11.959
9,862
Shares.
Si 9,050
........
Fiiday
Total.
ending March 12. The figures for the
In the
totals, actual figures at end of the week are also given:
The return of the Equitable Trust Co. has been included in
this statement siMe Sept. 25.
Baltimore.
Bond Sales.
Shares.
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
(Slated in thousands of dollars—that is, three ciphers
Bond Sales.
$25,000
58,900
6,567
66,000
609
15,000
HOUSE
41,100
8,980
32,800
2,622
20,100
MEMBERS.
17,100
4,150
68,400
1,764
7,000
13.960
8,134
77,350
5,988
4,198
50,900
271
14,000
18,000
2,000
1,632
4,000
$231,500
34,693
$245,100
7,265
$78,100
367
,
$18,000
CLEARING
Net
RETURN OF NON-MEMBER
INSTITUTIONS OF NEW YORK CLEARING
of dollars—that is, three ciphers [000] omitted.)
CLEARING
Capital. Projits.
WON-MEMBERS
Reserve
Net
Net
Cash
with
Demand
Time
Bank
in
Legal
De¬
De¬
Circu¬
Vault.
Deposi¬
posits.
posits.
lation.
counts,
Nat.bks.Feb.21 Invest¬
Week ending
State bks.Feb28
ments,
March 12 1921.
Tr. cos.Feb-28
&c.
Members of
Bank.
tories.
Battery Park Nat.
1,500
1,561
11,227
221
1,445
9,401
26
Mutual Bank.....
200
790
11,341
290
1,678
12,184
256
W. R.Grace A Co.
500
Yorkvllle Bank...
200
980
—
Banks.
'
4,495
39
486
2,431
15,877
523
1,404
8,459
8,221
1,073
5,013
32,475
9,436
•
4,063)
2,400
Not Members of the
"/
-■
'v.:.
&c.
Members of
Average
$
$
$
2,000
7,221
Co.
5,600
Mech & Metals.
10,000
Bank of Amer._
National City..
5,500
40,000
17,135
16,750
6,107
66,700
Chemical Nat 1.
4,500
15,199
Atlantlc Nat 1..
i,ooo;
1,138
300,
159
Amer Exch Nat
5,000
Y.NBA
Manhattan
100
600
.
Corn Exchange-
7,500!
Imp & Trad Nat
1,500
10,000
National Park.
East River Nat.
.
National
NY County Nat
Continental
Total
1,000
15,000
Chase National.
772
500
700,
Exch..
21,158
2,374
1,047
828
9,211
193
1,541
1,000,
Fifth
National.
l.ooo;
672
1,000
5.000
1,500
4,778
7,424
15,777
13,448
45,392
88,277
1,509
18,398
Liberty
459
216
2,175
1,369
30
3,415
17,937
Union Exch Nat
Brooklyn Tr Co
1.0001
2,634
21,352
1,585
Grand aggregate.
527,
200
527
3,300
6,620
Comparison previa U9 week
......
.
8,833
443
8,833)
443;
4,150!
71,9371
+
103
3,424
3,424
103
5,699
Lincoln Tr Co..
2,000
1,108
2,000
193
Metropol Tr Co
NassauNat.Bkn
3,438
+2
Farm L & Tr Co
5.699
6,701
a57,251
15,165
559f +229; —309
+ 379
Peoples' Tr Co.
+ 526
"
Columbia
Gr'd aggr. Mar.
5
3,300
6,996
71.3781
3,921?
7,010
Gr'd aggr. Feb. 20
3,300
6,996| 71,046
4,018!
Gr'd aggr. Feb. 19
3,300
6,996
72.183,
4,016:
0,646
6,500
Gr'd aggr. Feb.
3,800
8,008' 71,115
4,143,
6,707
11
a50.872
191
14,639
a55,953
14,591
192
a56,806
a57,159
14,479
193
14,422
Equitable Tr Co
190
Avge. Mar.
payable, rediscounts, acceptances and other liabilities, $532,000.
$244,690 decrease.
377
124
648
4,228!
80)
294
1,257
11,360
83,120
4,854
2,814
1,406
4,797
32,023
239,5441
4,302
3,597
8,890
1,457
953
2,692
5,866
682
1,218
412
949
co ndition
State Banks.
3.282
23,540!
97,803
107,313
47,677
150,072
26,601
135,720
8,553
19,683
172,335
182,614
14,864
FJt.Svstem Companies
Capital
$33,225,0
Surplus and profits
90,554,0
Loans, dlsc'ta & investm'ts. 674,695,0
Exchanges for Clearing House
21.490.0J
Due from banks
j 88,965,0
Bank deposits...
118,864,0
Individual deposits
468,344,0
Time deposits...
11,240,0
Total deposits
598,438,0
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..!
*
$4,500,0
12,997,0
33,503,0
247,0
12,0
335,0
17,854,0
194,0
18,383,0
2,200,0
49,354,0
11,880,0
61,234,0
48,011,0
3,071,0
2,698,0
13,223,0
373,0
"
871,0
88,977,0
119,199,0
486,198,0
11,424,0
616,821,0
3,052,0
2,200,0
49,354,0
12,751,0
64,305,0
50,709,0
13,596,0
51
5,376
50
85
624
5,867
7,174
2,491
757
854
13,040
5,456'
913
116
6,196
30,585
232,688!
9,645
1,076
751
19,339
7,990
9,623
15.147
12,999
44,819
"_3i
*392
906
2,700
1,139
1,293
2,183
1,751
6,041
533
7,705
659
1,784
457
540
521
287
2,248
196
100
507
236
973
69
58,329
1,898
2,600
13,153
341
405
388
410;
2,495
18,029
326
865!
3,819
28.148
3,381
974] 26,872
"•205.106,
44,639
8,928
1,114!
21,5811
380
2,398
1,094
522
9,843
3,455
7,367
3,118
*488,436
17,813
74,268
33,795
55,319
22,431
628
3,295
23,505
1,138
476
1,310
12,911
479
1,196
628
....
618!
3,845
1,347
1,658
----
534
109,240}
11,811,
22,890;
561
3,073
16,957
24,097
*155,546
160,576
~
50
1,751
170;
10,380j
81,8871493,730 c3,681,353 191,655:34,635
Not Members of F. R. Bk
17,890
5,631
2,092
092
337
18,306
5,620
50
839
2,718
73,305
3,376
2,053
29,819
43,152
3,750,
5,491
96,826!
6,760
4,093
53,805
43,202
97,533
96,681!
97,811
0,085
6,778
0,724
4,120
3,798
3,992
54,773
53,353
55,101
43,260
1,000
Avge. Mar. 12.
co
1,933
ndition Mar.12'
co
ndition Mar.
co
ndition .Feb. 26
Trust Cos.
5
1,703
43,080
42,938
Not Members of F.R. Bk.;,
Title Guar A Tr
6,000
12,314
46,482
1,253
3,269
29,958
Lawyers Ti & Tr
4,000,
6,157;
24,190,
894
1,578
15,720
336
18,472
70,672!
2,147
4,847
45,678
1,217
cojnditlon Mar .12!
70,288,
45,248
44,910
45,728
1,189
Avge. Mar. 12.
10,000
2,112
4,922
co'ndltion Mar. 5;
70,980
2,158
4,975
co
ndition Feb. 26
70,697
2,027;
4,947
37,725,0
103,531,0
708,562,0
24,824,0
90,926,0
37,725.0
89.759.0
Gr d aggr., act 1 cond'n
Feb. 20
121,685,0
486,250,0
117,895.0
489,293.0
Gr'd aggr., act'l cond'n
Gr'd aggr., act'l cond'n
Feb. 195,001,150
Feb. 115,021,366
11,356.0
619,291,0
881
1,223
1,289
712.783.0
11,309.0
1921.
Grd aggr. avge
Comparison,
6,356,0
2.320,0
48,645,0
12,448,0
63,413,0
50.471.0
12.942.01
Cash In vault* not counted m rcoarvc for Federal Reserve members.
35
2,098
1,102
Feb. 26
Total.
$37,725,0
103,551,0
708,198,0
21,737,0
100
*104,53L 16,345}
March 5
1921.
Trust
4,432
2,800
22,581
23,533
1,629
1,008
7,126
Totals, actual
Members of
236
14,093
250
Totals, actual
Two ciphers (00) omitted.
350
505
2,500;
Bank
Totals, actual
Totals, actual
Totals, actual
l~,4l4
•
241
13,586
15,255
7,057
20,979
3,509
17,941
1,455
Totals, actual
Weekending March 12 1921.
778
l'ooo
1,917
11,971
2,912
48,819
1,268
*506,515 36,309
99,236,
1,288
618
14,261!
co ndition Mar.
Bowery
State
1,589
10,077
%
97,770
140,882
'Mar .12 4,750,686 80,0421510,026 c3,668,073 190,108,34,638
54,813,191 79,748)489.092 c3,697,756 192.30li34.458
jFeb. 264,830,126 78,513 496,733 c3,673,775 lOO+OS^+S?
co ndition
Greenwich Bank
Philadelphia Banks.—The Philadelphia Clearing House
statement for the week ending March 12 with comparative
figures for the two weeks preceding is as follows.
Reserve
requirements for members of the Federal Reserve system
are 10% on demand deposits and 3% on time
deposits, all
to be kept with the Federal Reserve Bank.
"Cash in
vaults" is not a part of legal reserve.
For trust companies
not members of the Federal Reserve system the reserve
required is 15% on demand deposits and includes "Reserve
with legal depositaries" and "Cash in vaults."
2,000
12,000
$
28,615
1,520
12. 267,900468,523 4,778,023
Totals, actual
Totals, actual
Totals, actual
U. S. deposits deducted, $216,000.
Excess reserve,
1,000' 1,465
5,000; 11,403
Average Avge.
13,171
18,616
6,471
52,012
13,203
1,913
727|
6,096
2,685! 48,698
17,928
77,093
34,347
87,749
22,154
30,316
16,134
.
2,595
8,513
1,867
47,854
496,527
1,500
5,000
Average
$
5,053
25,000
Columbia Tr Co
200
$
4,160
33,571
N Y Trust Co..
Bay1
Total
la¬
tion.
734
276,827
37,727
1,619
7,010
1,500|
1,814
3,000, 11,589
Fed'l Reserve Bank.
16,709
$
2,752
U S Mtg & TrCo
30
1
*
1,551
Average Average
19,502
Guaranty Tr Co
2,030' 20,104;
Not Members of the
tories.
1,500,
20,000
2,000
Fidel-Int Tr Co
700
404
400
Avenue..
Commonwealth
:;
%
3,453
Trust Companies
Bills
4,690
38,008
10,909
10,000
12,500
1,000
41,134
125,785
186,760
54,763
551,106
126,670
16,771
4,466
120,380
358,191
21,319
115,275
115,767
44,445
155,966
39,4301
182,897
10,588
23,974
278,130
179,234
12,912
6,798
336,991
19,735
8,199
Seaboard Nat'l.
1,589) 16,711
440;
737
1.0001
Second Nat'l..
Irving
9,772
8,654
23,142
I.ooo;
Bankers Tr Co
a
7,695
25,000; 32,005
1,000
1,726
7,000'
8,399
3.000 20,609
2,500
4,281
Natl
Coal A Iron
Bank of Wash Hta:
posits.
28
Comm'l
Fed'I Reserve Bank
Colonial Bank...:
Deposits.
Garfield Nat'l..
42.940
j
,
Deposi
Feb.
Fifth
933
731
•
193
Vault.
State,
First National.
Average Average Average Average Average Average
%
$
$
%
$
$
$
$
Nat'l
Circu¬
Week ending
Metropolitan
Dis¬
Bank
De¬
March 12 1921. Tr.Cos. ,Feb.28
Chat & Pnenlx.
Loans,
Time
Demand
ments,
Nanover
Net
Net
Legal
21
Pacific Bank
thousands
in
with
in
Feb.
Nat Bk of Com.
HOUSE.
Natl
Cash
Natl,
Nat Butch & Dr
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:
omitted.)
Invest¬
(.000 omitted.)
Bk of N
New York City Non-Member Banks and Trust Com¬
000
Reserve
Loans,
Capital. Profits, Discount,
Fed. Res. Bank
Mechanics Tr,
5,787,000
of
66,559
Wednesday
Thursday
State
5,203,000
separate banks are the averages of the daily results.
4,810
........
Total.
56,000
members for the week
•
Res.
$9,000
2,562,500
2,555,000
873,000 583,556.000 584,672,000
2,719,000 393,790,000 393'i30|000
459,000 90,137.000 88,750,000
602,000 22,577,000 22,139,000
3,346,000
6,770,000 ;
8,821,000
1,325,000
15,326,000
12,564,000
2.064,000 50,592,000; 48,013,000
53,000 47,681,000 ; 48,581,000
-
and Trust Companies.—The following detailed statement
shows the condition of the New York City Clearing House
Week ending
March 18 1921
Fed'I
$
26
and
59,865,099
$5,320,742,425
case
(Stated
$
.......
Federal Reserve Bank—'..
36,934,094
$5,826,577,573
$32,238,750
5,275,000
15,487,500
__
Total bonds.
Saturday
1921.
Feb.
Statement of New York City Clearing House Banks
bonds.
State, mun., Ac., bonds
"RR. and misc. bonds..
DULY
1921.
$2,571,000 Inc.
Loans, disc'ts & investments. 582,683,000 Dec.
Individual deposits, incl. U. S 391,071,000 Dec.
Due to banks
U„! 89,678,000 Dec.
Time deposits
21,975,000 Dec.
United States Deposits..
3,424,000 Dec.
Exchanges for Clearing House 14,001,000 Dec.
Due from other banks
48,528,000 Dec.
Cash in bank & F R Bank
47,628, OOOiDec.
Bank shares, par
Bonds.
Government
March 5
6,060,000
3,467,000
Changes from
previous week.
7,820.000
7,218,002
4,240,000
Par value
series of weeks:
$
$3,404,000
3,009,000
Week ending March 18
$426,500
'
York Stock
Exchange.
a
MEMBERS
Bonds.
March 12
Saturday
Monday
Tuesday
HOUSE
103,534.0
23,752.0
018,497.0
8,197.0
2,103.0
51,182.0
12,762.0
66,047.0
281,650
492,486:4,945,521! 90,794 502,676 f3,780,8361236,074 34,635
i—39,666 +3,712!—3,015
pre vious week
+ 416!
+210, +341
|Mar.124,918,507,
Gr d aggr., actl condn
Comparison pre vlous week
Grdaggr., actl
*
cond n
Includes deposits
Mar.
88,839525,068 g3,767,994|234,557 34,638
—62,345
+ 145!+27203
-28,025—2,047) +180
54,980,852; 88,684 497,865g3,796,010236,604 34,458
4,998,634; 87,264 505,072g3.774,6O4i234,690134,157
86,590505,914g3,798,837|230,941^34,305
97,258 513,759 g3,799,032 242.66634,105
in foreign branches not included In total footing as follows:
National City Bank, $116,143,000; Bankers Trust Co., $10,486,000: Guaranty Trust
Co., $122,296,000; Farmers' Loan & Trust Co., $18,455,000; Equitable Trust Co..
$27,325,000.
Balances carried lh banks in foreign countries as reserve for such
were: National City Bank, $50,417,000: Bankers Trust Co., $535,000;
Guaranty Trust Co., $18,350,000; Farmers' Loan & Trust Co., $2,427,000; Equitable
Co., $4,665,000.
c Deposits in foreign branches not included.
eU. 8.
deposits
50.003.0
Trust
15,444.0
deposits deducted, $20,924,000.
f U. 8. deposits deducted, $16,922,000.
Bills
payable, redlscounted acceptances and other liabilities, $1,156,892,000.
y Aa of
Feb. 7 1921.
g As of Feb. 3 1921.
THE
1130
and
combined
clearing house banks
statements of reserve position of
[Vol. 112.
CHRONICLE
results
trust companies.
Loans and
Week ended—
Total
Reserve
Reserve.
Required.
Jan.
8,907,000 502,676,000 511,583,000
8,729,000 505,691,000 514,420,000
8,793,000 501,197,000 509,990,000
8.895,000 503,083,000 511,978,000
Total Mar. 12
5
Total Mar,
Total Feb.
26
Total Feb.
19
500,862,140
500,810,790
498,204,860
.501,497,370
115,406,100
4,351.241.600
4,314,472,300
4,346,190,400
4,348,258,100
112.140,300
587.986,600
tllO,570.800
110,483,900
116,277,500
583,456,400
583,800,900
580,586,000
Jan.
22
29
5,708,133,700
5
5,699,889,500
11
5,636,439.700
19....
5,590,256,100
10,720,860
Feb.
26
13,609.210
Mar.
5
11,785,140
Mar.
12
Feb.
Feb.
C-.:
T,
Members Federal
Total
Reserve
State banks*
....
Trust companies
Total Mar.
12....
5
Total Mar.
Total Feb.
26
Total Feb.
19
*
Required.
Reserve.
$
$
$
$
a
This Item includes gold, silver,
legal tenders, national bank notes and Federal
t Corrected figures.
.
Condition of the Federal Reserve Bank of New York.
—The
516,026,000 516,026,000 482,552,730
9,841,140
4,120,000 10,805,000
6",685*,000
6,787,200
7,034,000
4,922,000
2,112,000
33,473.270
963,860
8,797,000 525,068,000 533,865,000 499,181,070
8,936,000 497,865,000 506,801,000 502,817,350
8,751,000 505,672,000 514,423,000 500,082,020
8,938,000 505,914,000 514,852,000 503,129,630
34,683,930
comparison with the previous week and the corresponding
246,800
date last year:
3,983,650
14,340.980
Mar. 41921.
Mar, 111921.
Resources—
11,722,370
$
$
Gold and gold certificates
Gold settlement fund—F. R. Board
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. 121920.
$
83,577,000
148,996,526
54,542,302
167,672,013
48,200,313
Gold with foreign agencies
demand deposits in the case of State banks
This Is the reserve required 011 net
following shows the condition of the Federal Reserve
111921, in
Bank of New York at the close of business March
Not members ol Federal Reserve BanK.
and
119,687.600
117,026,200
113,040,800
Surplus
Reserve.
$
Reserve banks....
131,802,100
b
in
Vault.
5,568,707,800
5,567,907,300
5.532,610,200
Reserve notes,
Depositaries
Reserve
in
Figures.
Reserve
Cash
5,752,205,800
...
653,345,900
641,707,000
611,051,300
593,132,300
576,805,000
590,687,400
133,645,500
10.480,630
*
Actual
$
$
$
Feb.
Trust companies
Depositaries.
4,703,111,800
4,638,642,400
4,521,194,000
4,447,406,300
4,451,067,800
4.376,232,700
Jan.
$
9
493,736,000 493,736,000 484,325,540
9,684,900
4,093,000 10,853.000
6",760,000
6.851,700
4,994,000
4,847,000
2,147,000
Reserve banks
Reserve in
Total Cash
in Vaults.
5,860,012,800
5,770,053,400
8
15
410,460
1,168,100
142,300
$
$
$
$
Members Federal
in
$
Reserve.
Jan.
State banks*—....
*
Demand
Deposits.
Surplus i
in
Depositaries
Vault.
companies
trust
a
Reserve
Reserve
in
and
Investments.
Averages.
Cash
banks
of
greater new york.
33,093,000
41,390,000
—
$5,749,660; Mar. 6, $5,746,110; Feb. 26, $5,712,240; Feb. 19,
158,060,000
308,338,000
26,988,000
456,024,258
444,163,159
493,386,000
154,097,049
156,319,441
101,746,000
610,121,307
600,482,600
595,132,000
389,519,031
373,703,954
598,059,000
389,519,031
486,060,842
373,703,954
472,502,409
553,059,000
274,189,000
39,550,000
472,502,409
234,639,000
37,828,818
Gold with Federal Reserve Agent
Gold redemption fund
$5,733,660.
of State banks
and trust companies, but In the case of members of the Federal Reserve Bank
Includes also amount of reserve required on net time deposits, which was as follows:
Mar. 12, $5,703,240; Mar. 5, $5,769,030; Feb. 26, $5,713,890; Feb. 19, $5,603,730.
b This is the reserve
203,538,828
204,624,331
36,000,000
486,060,842
Mar. 12,
215,872,327
204,151,930
36,000,000
Total gold held by bank
37,131,633
225,988,000
required on net demand deposits In the case
Total gold reserves....
Legal tender notes, silver, Ac
Total
reserves..i
Bills discounted: Secured by Govt, war
obligations—For
Trust Companies Not in Clearing
Banking Department reports weeklyfigures showing the condition of State banks and trust com¬
panies in New York City not in the Clearing House, as follows:
State Banks and
House.—The
45,000,000
Less rediscounts with other F. R. banks.
All other—For members
Less rediscounts with other F.R. banks
TRUST COMPANIES IN GREATER
Bills bought In open market
CLEARING HOUSE STATEMENT.
NEW YORK, NOT INCLUDED IN
Total bills
{Figures Furnished by State Banking Department.)
k
Loans and investments
......
Gold
-
—
March 12.
$587,089,200
7,171,200
18,312,300
Currency and bank notes
Deposits with Federal Reserve Bank of New York...
48,964,600
Total deposits
—603,622,800
Deposits eliminating amounts due from reserve de¬
positaries, and from other banks and trust com¬
panies in N.Y. City, exchanges and U.S. deposits.
Reserve on deposits
Percentage of reserve, 20.7%.
Total earning assets
$48,197,200
Total
8,244,300
5.12%
20,601,100
6.11%
21.40%
$68,798,300
20.40%
Includes deposits with th
k The Equitable Trust
no
======
80,528,697
14,023,928
F. R. bank notes in circul'n—net liability
790,859,851
791,403,430
34,605,200
longer Included in these totals, It having become
in the statement of the
The Federal Reserve
The
figures for the system
whole
rately "it each of the twelve banks.
are
40%
to
net
gold
deposits
reserves
liability
on
millions in total cash
The
reserve
ratio shows
a
further slight
rise
an increase of 28.6 millions, and other discounts on hand—
Increase of 2 8 millions. On the other hand, holdings of acceptances purchased in open market are shown 17.4 millions less anc T;
ld
--'reasury certificates
—about 2 millions less than
on the preceding
Total earning assets,
Friday.
accordingly, show an increase for the week of 7 6 millions to 2,796.6 millions^
compared with 3,221.9 millions reported on March 12 of last year.
Of the
total holdings of 1,006 millions of paper secured by U. S. Government obliga¬
tions, 627.5 millions, or 62.4%, were secured by Liberty and other U. S.
bonds; 269.7 millions, or 26.8%, by Victory notes and 108.8 millions, or
10 8%, by Treasury certificates, compared with 598 9, 273.7 and 109.2
millions shown the week before.
Discounted bills held-by the Cleveland Reserve Bank are shown inclusive
of 13.5 millions of bills discounted for the Dallas Bank, compared with 12.4
Combined Resources
and
Liabilities
Afar. 111921.
of the
and liabilitiessepa-
holdings of the Boston, PJhila
Cleveland and San Francisco Banks are given inclusive of 13.d
millions of bank acceptances purchased from the New York Bank, comparet
with 18.9 millions reported on the previous Friday.
Aggregate contingen
delphia,
liabilities on bank acceptances held for account of foreign correspondents
show an increase from 18.2 to 34 4 millions.
*
All classes of deposits were substantially larger than at the close of the
previous week: Government deposits—by 24.6 millions, reserve deposits—
by 261 millions and other deposits—by 6.7 millions.
Moreover, the
volume of the "float" carried by the Reserve banks and treated as a deduc¬
tion from immediately available deposits wsa about 11 millions less than on
the previous Friday, with the consequence that calculated net deposits show
an increase for the week of 68.4 millions.
During the week under review, the circulation of Federal Reserve notes
declined by 36 8 millions, all Reserve banks except the Cleveland Bank
reporting substantial reductions in their outstanding circulation.
Total
Federal reserve note circulation is given as 3,005.8 millions, or about 34
millions less than on the corresponding date last year.
Federal reserve bank
note circulation shows a decline of 3 millions during the week as against
a decline of 8 4 millions for the corresponding week a year ago.
\Feb. 25 1921
Feb.
18 1921.
Feb. 111921.
Feb.
4
1921.
Jan. 28 1921. Jan. 21 1921, Mar. 12 1920.
$
F. R. Board
254,276,000
628,216,000
234,353,000
526,499,000
217,335,000
530,104,000
210,978.000
511,751,000
204,985,000
480,480,000
by banks
old with Federal Reserve agents.
.....
199,750,000
484,192,000
199,869,000
461,523,000
421,325,000
3,300,000
gold certificates
resources
millions the week before, while acceptance
Gold with foreign agencies
reserve
36.7%
.....
Federal Reserve Banks at the Close of Business March 11 1921.
Mar. 4 1921.
RESOURCES.
gold
8,104,945
;
Comptroller and Reserve Agents and between the latter and Federal"
/
Federal Reserve Board says:
an
Total
14,146,308
The second table shows the
year.
U. S. bonds show
redemption fund
45.0%
43.8%
bills purchased
In commenting upon the return for the latest week the
March 11 1921.
Total gold held
38.5%
41.8%
after
against
for foreign correspondents
for the week from 50 8 to 50 9%.
As against moderate reductions in the holdings of bills secured by Victory
notes and Treasury certificates, those of bills secured by Liberty and other
Gold
42.2%
and
The Federal Reserve Agents' Accounts (third table following) gives details regarding
Further gains of 24.8 millions in gold and.of 22.1
and
deposit
to
F. R. notes in circulation
accompanied by an increase of 68.4 millions in net deposits and by
reduction of 36.8 millions in Federal Reserve note circulation, are indicated
in the Federal Reserve Board's weekly bank statement issued as at close of
Gold settlement fund,
reserves
Contingent
a
Gold
of
deducting
reserves,
on
reserves
F. R. note liabilities combined
Ratio
43,049,000
given in the following table, and in addition we present the results for seven preced¬
transactions in Federal Reserve notes between the
business
total
729,681,000
107,959,000
Banks.—Following is the weekly statement issued by the Federal Reserve Board on March 12.
as a
ing weeks, together with those of corresponding weeks of last
Reserve banks.
,
of
"...
23,856,000
45,082,000
5,979,000
1,850,517,000
16,191,25?
Total liabilities
Ratio
.
1,715,963,640 1,684,174,341
All other liabilities
Companies in New York City.—The
averages of the New York City Clearing House banks and
trust companies combined, with those for the State banks
and trust companies in Greater New York Qity outside of
the Clearing House, are as follows:
——
886,668,000
830,531,000
49,605,000
14,775,000
F. R. notes in actual circulation
Banks and Trust
■
748,463,227
801,916,080
35,619,200
15,301,777
Total gross deposits
The change began with the return for Sept. 25.
■
26,459,600
56,414,546
7,233,021
650,418,463
78,331,653
12,480,090
672,965,998
credits
Other deposits, Incl. foreign Govt,
member of the Clearing House and being now included
■
;
26,489,450
56.414,456
23,341,228
Deferred availability items
Federal Reserve Bank of New York, which for the
12 were $48,964,600.
Co. Is
942,000
1,715,963,640 1,684,174,341 1,850,517,000
resources
Due to members—reserve account
State banks and trust companies combined on Mar.
Clearing House member banks.
170,197,000
2,277,633
v
Capital paid In
Surplus
Government deposits
14.29%
......$34,495,200
Deposits in banks & trust companies
127,190,106
2,455,398
<
Liabilities—
—Trust Companies—
16.28%
3,094,000
3,642,000
120,963,021
from gross deposits
Total
State Banks
*$26,250,900
Cash in vaults.
4,466,550
2,380,110
1,211,100
4,626,969
2,307,810
1,211,100
All other resources
RESERVE.
946,166,240 1,077,510,000
974,278,034
5% redemp. fund agst. F.R. bank notes.
Gold abroad in custody or in transit
Uncollected items and other deductions
1,651,700
1,781,700
50,000
62,317,000
61,571,443
59,613,943
Bank premises...
770,400
2,002,100
567,422,100 Inc.
103,293,500 Inc.
1,255,400
...................
U. S. Certificates of Indebtedness
Inc. $4,368,900
Inc.
297,100
Inc.
1,784,500
883,337,997 1,013,686,000
1,256,800
1,457,000
913,408,691
hand
U. S. Victory notes
previous week.
Inc.
Dec.
on
U. S. Government bonds.
Differences from
-
a
...
.
State
SUMMARY OF STATE BANKS AND
*
members
3,300,000
3,300,000
220,239,000
169,978,000
391,649,000
112,781,000
674,408,000
644,864,000
664,692,000
782,492,000' 760,852,000! 747,439,000 722,729,000
685,465,000 685,242,000
1,240,570,000:i,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 1,142,576,000
164,844,000;
165.678,000,
158,693,000!
149,377,000,
2,187,906,000 2.163,090,000 2,140,313,000 2,132.652,000
151,958,000
152,995.000
2,121,978.000'2.111,947,000
2,106,137,000
167,476.000;
164,601,000
119,380,000
March 19 1921.]
THE
Mar. 111921. Mar. 4 1921.
$
Legal tender
Total
no tee,
silver, Ac
Secured by Govt, obligations
All other
Bills bought In open market
hand
U. S. Government bonds
U. 8. Victory notes
U. 8. certificates of Indebtedness
Total earning assets
19,000
Uncollected Items and
from gross deposits
257,693,000
605,758,000
or
12,728,000
In transit
18 1921. Feb. 11
S
1921. Feb.
$
1921. Jan. 28 1921. Jan. 21 1921.
Mar. 12 1920.
4
5
$
$
$
19,000
261,510,000
19,000
25,849,000
19,000
261,759,000
263,574,000
25,849,000
19,000
259,970,000
25,849,000
25,899,000
26,775,000
19,000
19,000
68,000
261,452,000
264,631,000
267,461,000
*631,957,000
12,199,000
607,422,000
641,661,000
567,478,000
*595,980,000
12,159,000
12,114.000
12,868,000
3,300.000
7,617,000
595,096,000
12,746,000
3,300,000
7,739,000
12,207.000
3,300.000
667,141,000
12,680,000
849,752,000
3.300,000
8,580,000
7,500,000
7", 105",C00
6,830,000
6,184~666
5,485*000
3,300,000
All other resources
9,145,000
Total resources
13,851,000
5,845,659,000 *5,840601000 5,861,101,000 5,856,021,000 5,822,491,000
*5847053,000 5,861,727,000 5,946,999,000 6,159,531,000
LIABILITIES.
Capital paid In
Surplus...
101,003,000
100,865,000
100,790,000
100,740,000
100,557,000
100,228,000
100,147,000
99,962,000
90,871,000
202,036.000
202,036,000
202,036,000
202,036,000
202,036.000
202,036,000
202,036,000
120,120,000
202,036,000
81,521,000
56,941,000
62,984,000
61,516,000
48.457.000
*48,373,000
52,138,000
55,324,000
32,603.000
1,731,429.000 *1,705364000 1,722,919,000 1,720,855,000 1,740,259,000
1,742,762,000 1,731,823,000 1,765,225,000 1,886,929,000
467,221,000 *482,385,000
469,811,000
479,799,000
423,613,000
423,633,000
430,302,000
608,600,000
472,616,000
30,776,000
*24,064,000
23,305,000
24,609,000
25,802,000
26,243,000
24,054,000
97,009,000
25,204,000
...
Government deposits
Due to members, reserve account
Deferred availability Items
Other deposits, inch for'n gov't credits..
•
Total gross deposits
2,310,947,000 *2,268754000 2,279,019,000 2,286,779,000 2,238,131,000
*2241011,000 2,238,317,000
2,295.648,000 2,647,862,000
3,005,840,000 3,042,611,000 3,051.706,000 3,037,444,000 3,050,416,000
3,075,750,000 3,090,748,000
3,115,310,000 3,039,750,000
182,087,000
185,109,000
189,325,000
193,431,000
198,178.000
197,210,000
202,169,000
220,738,000
207,365,000
43,746,000
41,226,000
38,225,000
35,591,000
33,173,000
30,818,000
28,310,000
40,190,000
26,678,000
F. R. notes in actual circulation
F. R. bank notes in circulation—net liab.
All other liabilities
Total liabilities
Ratio of gold reserves to net
deposit and
F. R. note liabilities combined
Ratio of total
19,000
255,687,000
...
5% redemp. fund agst. F. R. bank note?
abryad in custody
1921. Feb.
S
2,796,611,000 2,789,069,000 2,854,135,000 2,818,908,000
2,870,831,000 2.886,729,000 2,908,853,000
2,941,528,000 3,221,922,000
20,193,000
19,733,000
19,469,000
19,309,000
18,977,000
18,244,000
18,228,000
other deductions
18,215,000
11,791.000
Bank premises
Gold
S
1131
212,673,000
216,686,000
220,338,000
220,220,000
214,180,000
213.837.000
205,482,000
120,366,000
2,397,924,000 2,375,763,000 2,356.999,000
2,352,990,000 2,342,198,000 2,326,127,000 2,319,974,000
2,301,251,000 2,056,730,000
1,005,977,000
981,840,000 1,003,975,000
990,182,000 1,011,677,000 1,017,152,000 1,048,768,000
1,056,117,000 1,515,959,000
1,362,473,000 1,359,665,000 1,392,279,000 1,374,226,000
*
1,393,839,000 1,415,921,000 1,407,707,000
1,426,912,000
907,487,000
146,Qp»i<J0tr 164,004,000
170,503,000
166,874,000
175,873,000
167,818,000
165,058,000
167,950,000
504,172,000
2,515,058,000 2,505,509,000 2,566,757,000 2,531,282,000
2,581,389,000 2,600,891,000 2,621,533,000
2,650.979,000 2,927,618,000
25,847,000
25,848,000
25,849.000
25,848.000
...
Bills discounted.
on
Feb. 25
210,018,000
reserves
Total bills
CHRONICLE
reserves to net
5,845,659,000 *5,840601000 5,861,101,000 5,856,021,000 5,822,491,000
5,847,053,000 5,861,727,000
5,946,999,000 6,159,531,000
46.4%
46.2%
45.3%
45.5%
44.9%
44.7%
44.5%
44.2%
40.0%
50.9%
50.8%
49.9%
50.3%
49.6%
49.3%
49.0%
48.5%
42.5%
58.5%
67.6%
56.9%
66.5%
55.6%
47.0%
deposit and
F. R. note liabilities combined
Ratio of gold reserves to F. R. notes In
circulation after
setting aside
59.9%
35%
against net deposit liabilities
59.3%
Distribution by Maturities—
1-15 dayB bills bought in
open market.
1-15 days bill discounted
1-15 days U. 8. certlf. of indebtedness.
16-30 days bills bought In open market
$
$
$
9
$
$
$
$
$
65,097,000
72,745,000
63,335.000
50.848.000
52,666,000
56,559,000
66,424,000
133,499,000
58,954,000
1,448,142,000 1,444,440,000 1,455,023,000 1,444,358,000 1,431.768,000 1,456,476,000
1,453,331,000 1,443,330,000 1,499,923,000
8.324,000
11,971,000
y 7,646,000
6,323,000
4,823,000
5,823,000
4,468,000
10,131,000
4,802,000
33,486,000
31,769,000
44,213,000
54,172,000
47,652,000
38,249,000
41,456,000
102,348,000
47,008,000
222,698,000
248,885,000
222,558,000
223,858,000
251,266,000
238,301,000
235,415,000
207,039,000
251,587,000
3,500.000
3,100,000
4,407,000
7,581.000
6,000,000
2,000,000
1,999,000
2,000,000
2,500,000
34,805,000
43,302,000
43,348,000
44,526,000
68,860,000
56,233,000
48,117,000
180,533,000
53,030,000
381,720.000
375,018,000
397,788,000
389,479,000
403,655,000
407,392,000
419,912,000
453,624.000
434,432,000
9,518,000
9,518,000
9,036,000
6,949,000
7,646.000
9,955,000
10,682,000
7,000,000
12,296,000
13,220,000
16,188,000
17,328,000
19,607,000
16,695,000
16,777,000
9,061,000
87,792,000
8,958,000
247,096,000
255,707,000
283,234,000
266,151,000
274,716.000
283,855,000
293,538,000
246,527,000
297,735,000
5,602,000
4,513,000
5,350,000
6,813,000
8,858.000
11,511,000
8,020,000
3,540,000
8,138,000
42,607,000
43,642,000
40,662,000
37,651,000
44,211,000
47,049,000
54,279,000
16,333,000
55,945,000
229,421,000
228,591,000
234,093,000
234,393,000
236,247,000
230,681,000
236,283,000
244,790,000
236,895,000
.
16-30 days bills discounted
16-30 days U. 8. certlf. of indebtedness.
31-60 days bills bought In open market.
31-60 days bills discounted
31-60 days U. 8. certlf. of indebtedness.
81-90 days bills bought in open market.
61-90 days bills discounted
61-90 days U. 8. certlf. of Indebtedness.
Over 90 days bills discounted
Over 90 days certlf. of indebtedness.
58.1%
■
...
Federal Reserve Notes—
Outstanding
3,337,009,000 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 3,281,343,000
331,169,000
304,378,000
312.506,000
296,767,000
318,228,000
324,343,000
420,553,000
241,593,000
447,887,000
Held by banks
In
actual
circulation
3,005,840,000 3,042,611,000 3,051,706,000 3,037,444,000 3,050,416,000 3,075,750,000
3,090,748,000 3,115,310,000 3,039,750,000
Fed. Res. Notes (Agents
Accounts)—
Received from the Comptroller
6,535,360,000
Returned to the Comptroller
2,868,248,000
Amount chargeable to Fed. Res. agent
In hands of Federal Reserve
Agent
Issued to Federal Reserve banks
4,131,424,000 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 3,667,112,000
794,415,000
788,894,000
798,457,000
808,852,000
825,026,000
815,434,000
385,769,000
744,534,000
734,683,000
3,337,009,000 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 3,281,343,000
How Secured—
1
By gold and gold certificates
By eligible paper.
227,386,000
227,386,000
227.386,000
227,386,000
227,385,000
227,386,000
250,151,000
227,387,000
266,386,000
2,096,439,000 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 2,138,767,000
115,694,000
109,120,000
113,831,000
113,359,000
118,901,000
103,412,000
114,182,000
99,672,000
109,247,000
897,490.000
900,054,000
919,329,000
893,436,000
922,751,000
943,949,000
946,881,000
792,753,000
910,671,000
Gold redemption fund
With Federal Reserve Board
Total
Eligible
3,337,009,000 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 3,281,343,000
paper delivered
to F. R. Agent
2,462,717.000 2,450,543,000 2,512,232,000 2,471,746,000 2,625,411,000 2.554,001,000
2,547,440,000 2,598.204,000 3,873,394,000
•Revised figures.
WEEKLY
STATEMENT
RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT
CLOSE OF BUSINESS MARCH 11 1921
OF
Two ciphers (00) omitted.
Federal Reserve Bank of—
Boston.
Gold and gold certificates
Gold Settlement Fund. F. R. B'd
New York.
?
RESOURCES.
$
%\
Cleveland. Richmond
S
9
3,636,0
7,198,0
48,715,0 107,770,0
3,833,0
31,948,0
Total gold held by banks
30,525,0
Gold with Federal Reserve agents
148,905,0
Gold redemption fund
215,872,0 52,351,0 114,968,0
204,152.0 130,116,0 181,707,0
15,215,0 10,434,0
36,000,0
35,781,0
29,188,0
Total gold reserves
214,618,0
Legal tender notes, silver, Ac....
13,295,0
456,024,0 197,682,0 307,109,0
154,097,0
3,276,0
3,540,0
95,340,0
Total reserves
7,097,0
29,428,0
227,913,0
167,672,0
48,200,0
Phila.
ernment
obligations (a)
60,455,0
85.066,0
other
Sills bought in open market (b)..
Total bills
on
13,010,0
hand
158,531,0
550,0
5,0
U. 8. certificates of indebtedness
21,474,0
U. 8. Government
Total earning
assets
Gold abroad In custody or transit
All other resources...
_
Total resources
S
4,990,0
21,210,0
17,692,0 113,628,0
3,570,0
26,304,0
8,447,0
20,585,0
2,750,0
38,915,0
29,874,0
5,606,0
29,032,0
24,807,0
3,779,0
41,665,0
38,246,0
4,772,0
12,109,0 50,795,0
782,492,0
16,584,0 122,857,0 1,240,570,0
8,843,0
164,844,0
8,437,0
88.340,0 361,257,0
4,205,0
7,722,0
99,598,0
7,584,0
57,618,0
440,0
84,683,0
3,112,0
37,536,0 188,089,0 2,187,906,0
4,732,0
2,009,0
210,018,0
610,121,0 200,958,0 310,649,0 101,352,0
92,551,0 368,979,0 107,182,0
58,058,0
87,795,0
42,268,0 190,098,0 2,397,924,0
389,519,0 110,213,0
58,035,0 128,921,0
61,659,0 249,792,0
1,027,0
9,490,0
34,753,0
49,950,0
2,111,0
14,368,0
51,549,0
33,611,0
63,276,0
13,646,0 47,811,0 1,005,977,0
52,409,0 101,437,0 1,362,473,0
146,608,0
30,276,0
913,409,0 163,090,0 163,711,0 111,858,0 120,721,0 388,203,0
1,255,0
834,0
1,434,0
1,233,0
114,0
4,490,0
86,820,0
1,153,0
65,917,0
116,0
6,006,0
486,061,0
36,696,0
37,829,0
16,181,0
64,444,0
66,122,0
33,145,0
50,201,0
58,450,0
3,207,0
•
332,0
97,219,0
8,867,0
78,334,0 192,371,0 2,796,611,0
1,769,0
514,0
20,193,0
52,736,0
54,057,0
46,227,0
25,984,0
82,575,0
34,390,0
18,158,0
48,632,0
35,963,0
43,258,0
605,758,0
1,072,0
241,0
541,0
2,308,0
1,211,0
2,454,0
.1,300,0
264,0
468,0
1,240,0
270,0
558,0
601,0
162,0
387,0
675,0
119,0
440,0
2,252,0
393,0
1,676,0
523,0
155,0
526,0
590,0
89,0
118,0
918,0
158,0
500,0
586,0
86,0
665,0
152,0
1,016,0
461,0
12,728,0
3,300,0
9,145,0
.
996,0
Total gross deposits
149,409,0
in actual circulation. 205,207,0
10,0
59",014",0
30,464,0
23,805,0
3,0
12",262",0
16,665,0
1,0
39,615,0
13",603",0
8,480,0
26,489,0
8,609,0 10,870,0
56,414,0
17,010,0 20,305,0
23.341,0
7,250,0
6,365,0
672,966,0 103,315,0 147,444,0
80,530,0
42,053,0 45,126,0
14,023,0
1,082,0
729,0
5,305,0
10,561,0
3,830,0
57.416,0
35,575,0
430,0
4,045,0
14,119,0
8,343,0 28,980.0
4,036,0 11,592,0
46,010,0 250,171,0
19,422,0 57,217,0
378,0
2,111,0
4,433.0
8,346,0
4,288,0
65,377,0
32,906,0
753,0
790,860,0 153,700,0 199,664,0 97,251,0 69,846,0 321,091,01 103,324,0
791,404,0 251,623,0 302,374,0 151,877,0 160,527,0. 489,484,0 120,351,0
3,495,0
6,980,0
2,191,0
44,658,0
15,442,0
4,486.0
9,159,0
6,932,0
78,228,0
44,092,0
487,0
4,127,0
7,169,0
101,003,0
6,033,0
14,194,0
202,036,0
3,699,0
3,067,0
81,521,0
49,830,0 108,079,0 1,731,429,0
24,807,0 34,503,0
467,221,0
345,0
8,956,0
30,776,0
62,777,0 129,739,0
70,487,0 98,578,0
78,861,0 154,605,0 2,310,947,0
64,119,0. 239,809,0 3,005,840,0
486,0
F. R. bank notes In circulation-
15,8^5,0
liability
2,355.0
All other liabilities
t
254,276,0
528,216,0
120,964,0
7,856,0
15,711,0
Oth. deposl ts, lncl. for. Govt. cred
Total liabilities
17,987,0
38,808,0
42,824,0
Government deposits
4,930,0
Due to members, reserve account 107,935,0
Deferred availability Items
35,548,0
Net
5,886,0
6,223,0
Total.
456,363,0 1,715,963,0 451,220,0 556,794,0 275,581,0 257,995,0 890,890,0 245,038,0 152,124,0 256,150,0 160,022,0 427,519,0 5,845,659,0
LIABILITIES.
Capital paid In
Surplus
W. R. notes
San Fran.
*
10,320,0
3,212,0
items and other de¬
from gross deposits..
5%
redemption
fund
against
Federal Reserve bank notes..
Dallas.
$
74,513,0 116,407,0
598,0
1,742,0
Uncollected
ductions
Kan.Cily.
S
974,278.0 194,988.0 188,360,0 125,353,0 137,503,0 432,308,0
101,636,0
4,627,0
506,0
1,670,0
1,499,0
723,0
2,707,0
626,0
180,560,0
premises
M inneap.
$
64,118.0
Victory notes
Bank
St. Louis
$
66,055,0 179,524,0 2,515,058,0
3,979,0
1,822,0
25,847,0
19,0
8,300,0
11,025,6 255,687,0
bonds
U. 8. Government
Chicago.
*
22,682,0 134,838,0
58,768,0 197,870,0
6,896,0 28,549,0
52,440,0
7,125,0
Bills discounted: Secured by Gov¬
All
Atlanta.
—
34,605,0
16,191,0
17,963,0
2,315,0
20,973,0
2,608,0
9,126,0
1,461,0
456,363,0 1,715,963,0 451,220,0 556,794,0 275,581,0
13,283,0
1,951,0
29,981,0
7,235,0
7,046,0
6,889,0
1,538,0
1,496,0
11,956,0
2,232,0
5,539,0
l,523,0j
8,901,0
2,841.0
182,087,0
43,746,0
160.022,0 427,519,0 5,845,659,0
THE
Cleveland. Richmond
Phila
Boston
omitted
Two ciphers (00)
CHRONICLE
Atlanta
Chicago
St. Louts
SanFran
Dallat
Minneap.
{Concluded)—
LI A BI LITER
Ratio of total reserves to net
de¬
llbllltlee
posit and F. R. note
combined, per cent
61.3
..
Memoranda—Contingent liability
Discounted paper redlscounted
endors
as
with other F. R. banks.....
sold to other
Bakers' acceptances
endorsem't
F. R. banks without
Contingent llab. on bills purch.
for foreign correspondents
(«)
discounted for
Includes bills
other F. R. banks,
viz.
..
(ft) Includes bankers' acceptances
Without their endorsement
R. banks:
bought fr om oth. F.
2,796,0
25,0
831,0'
STATEMENT OF
FEDERAL RESERVE
at—
Federal Reserve Agent
MARCH 11 1921
AGENTS' ACCOUNTS AT CLOSE OF BUSINESS
Richm'd Atlanta
PhUa.
Boston
{In Thousands of Dollars)
hand
outstanding
security for Federal Reserve notes outstanding:
Dallas
Minn
Chicago
23,280
143,332
Kesources—
Federal Reserve notes on
Federal Reserve notes
Collateral
Gold and gold
5,960
3,227
54,931
79,214
7,571
certificates
fund.
Gold redemption
fund—Federal Reserve Board
Gold settlement
Eligible paper/Amount required
1 Excess amount held
Total
—
.
Liabilities—
of Federal Reserve
Comptroller of the Currency
Collateral received from
/Gold
Net
amount
Federal Reserve
notes received from
Bank\Eilglble paper.
Total
-
outstanding.
notes held by banks
3,337,009
3314.69
Federal Reserve notes
Federal Reserve
Federal Reserve notes
............
In actual circulation....
Federal Reserve
Member Banks of the
by the Federal Reserve
Banks. Definitions of the different items
Dec. 29 1917, page 2523.
REPORTING MEMBER BANKSIN FEDERAL RESERVB
System.—Following is the weekly statement issued
the principal items of the resources and liabilities of the Member
statement were given in the statement of Dec. 14 1917. published in the "Chronicle"
Board giving
in the
STATEMENT SHOWINd PRINCIPAL RESOURCE
BANK AND BRANCH CITIES AND ALL
AND LIABILITY ITEMS OF
13 millions of loans and of 41 millions of investreduction of 59 millions in borrowings from Reserve
Aggregate liquidation of
meats, coupled
with
a
banks, is indicated In the Federal Reserve Board's
condition on March 4 of 824 member banks in leading
Loans secured by Government obligations show an
weekly statement of
cities.
increase for tne week
of 8 millions, loans secured by corporate obligations—an increase of 1
million, while other, largely commercial, loans and discounts declined by
about 22 millions.
For the member banks in New York City increases of
6.2 and 14 mil lions in the three classes of loans are shown.
p
Considerable liquidation—by 27 millions—of Treasury certificates is
noted, while holdings of United States bonds and notes combined and of
other securities show each a reduction of 7 millions.
In New York City,
the week saw corresponding reductions of 16 millions in certificates holdings
of 3 millions In U. S. bonds and notes and of 10 millions—in other securities,
Total loans and investments of the reporting banks, in consequence of the
changes noted, show a reduction for the week of 54 millions, ana those of the
New York City
banks—a reduction of 6
Data for ell reporting
l.
Number of reporting
millions.
member banks In each
Boston.
Federal Reserve District
AT CLOSE OF BUSINESS MARCH 4 1921.
Accommodation of the reporting institutions at the Federal Reserv
banks decreased during the week from 1,891 to 1,832 millions, or from
11.7 to 11.4% of the banks' aggregate loans and Investments. For the
member banks in New York City decreases from 800 to 758 millinos m the
amount of accommodation at the local Reserve Bank and from 151 to
14 4% in the ratio of accommodation are noted.
.
..
As against further net withdrawals of 31 millions of Government deposits,
the reporting banks show increases of 23 millions in other demand deposits
(net) and of 11 millions in time deposits. Member banks in New York
City show a loss of 14 millions in Government deposits, and gains of 19
millions in demand deposits and of 9 millions in time deposits,
Reserve balances with the Federal Reserve Banks are shown 18 millions
less than tne week Defore, the New York City banks alone reporting a
reduction in this item of 11 millions. Cash in vault shows a gain of about
1 million for all reporting banks and of 2 millions for the banks in New
York City.
e
OTHER REPORTINQ BANKS AS
Federal Reserve District at close
\Sew York Philadel.
Cleveland. Richm'd.
Atlanta
of buslness March 4 1921. Three
Chicago
St. Louis
Minneap
ciphers (000) omitted.
Kan. City
Dallas
San Fran.]
Total
banks.:
including bills re
discounts,
Loans and
discounted with F. R. bank:
Loans sec. by U.
Loans secured
8. Govt, obligations..
by stockB and bonds..
AH other loans and discounts
Total loans and discounts......*.*..
Q. 8. bonds
U.S. Victory notes
U. 8. certificates of Indebtedness
Other bonds,
stocks and securities
Total loans, dlsc'ts &
investments, Incl.
Bank
Bank
bills redlscounted with F. R.
Reserve balance with F. R.
Cash In vault
deposits
deposits
deposits
Net demand
Time
Government
Bills payable
with F. R. Bank:
8ecured by U. 8. Govt,
All other
obligations...
...
Bank:
obligations
Bills redlscounted with F. R.
Secured by U. 8. Govt,
All other
Data of reporting
2.
member banks In Federal Reserve
City of Chicago
Three
ciphers
(000)
72
Loans and discounts, incl. bills
redls¬
counted with F. R. Bank:
Loans sec. by U. S. Govt,
obllg'ns
Loans secured by stocks & bonds.
All other loans and discounts
Total loans and discounts
$
335,090
1,119,400
2,853,874
4,308,364
257,788
74,050
101,921
540,377
U.S.
bonds
U. 8. Victory notes
U. 8. certificates of Indebtedness
Other bonds, stocks & securities
Total loans & dlsc'ts,
& invest's,
Incl. bills redisc'ted with F.R.Bk.
Reserve balance with F. R.
Bank...
Cash In vault
Net demand
deposits
5,282,500
547,547
92,999
4,157,876
278,040
38,501
Time deposits.
deposits
Bank:
by U. S. Govt, obligations
Bills payable with F. R.
8ec.
other reporting banks.
AUOther Report .Bks
Cities F. R. Branch Cities
omitted,
Number of reporting banks
Government
Bank and branch cities and all
All F. R. Bank
220,127
1,939,51412,794,934
215,063
865,808
35,458
28,796
344,888
194,426
207,679
1,990,285
16,106,90216,740,952
1,296,808 1,404,038
327,399
373,899
10,495,21111,553,616
2,908.663 2,557,180
121,856
39,078
563,422
1,538
956,772
2,940
206,874
1,118,861
327,369
All other
Bank:
obligations..
Bills redlscounted with F. R.
8ec. by U. S. Govt,
All other..
Ratio of bills payable &
101,811
436,410
rediscounts
with F. R. Bk. to total loans and
Investments. y>er cent.
a
Comparable figures not available.
14.4
$07,048
March 19
1921.]
THE
CHRONICLE
United
Wmkzxs7 (iiL&etfce.
Wall
Railroad
States Bonds.—Sales
the Board
limited to
are
Today's 'prices
Street
and
1123
Friday
Night,
Miscellaneous
March
18,
1921.
Stocks.—The
fall
see
fourth
are
page
of Government bonds at
the various
given below.
Liberty Loan issues.
For weekly and yearly
range
following.
m
•
•
.
security prices noted in this column last week had
tically spent its force when that report
was
decidedly better tone
a
maintained
throughout
week
and
losses
show that
by actual
The process
owners
has, of
a
range
selling
was
involved
of cotton and
producers hands.
corn
well
as
as
by
87.20
87.20
A--'--
86.70
86.92
87.10
87.20
87.10
87.20
2
16
5
1
High
86.94
87.10
87.34
87.64
87.58
87.48
Low
86.86
86.88
86.88
87.16
87.40
87.30
86.90
87.50
87.40
98
487
140
Sales
Range for Week.
Fourth
Par. Shares
$ per share.
52
Marl7
100
50
Mar 15 z48
Am Brake S & F pref.100
100
90
Mar 16
90
Mar 16
American Chicle,
.no par
200
22
Mar 16
22
% Mar 17
26
500
70% Mar 18
American
Snuff
100
Assets Realization
Mar 15
50
25
2,100
Batopilas Mining
2C
Brooklyn Union Gas. 100
400
24
25
% Mar 18
100
Brown Shoe pref
100
Brunswick Terminal. 100
Mar 17
55
74
100
Mar 12
Mar 14
Mar 12
Mar 12
Note.—The
200
Cluett, Peabody & Co. 100
2,200
58
Mar 17
3%
Jan
12%
Mar
15
Jan
Mar
35
Jan
1
Jan
Mar
59% 'Mar
with
ninety days,
77
Jan
85 %
Feb
3 84% @3 85%.
Mar
8%
Jan
6% Mar 14
58
Mar 17
6%
58
Mar
63
Commercial
ment,
Jan
62%
Jan
65%
Jan
6 88%
400
23
% Mar 12
24
% Mar 12
23%
Mar
31
Jan
200
70
not yet
Mar 18
70
Mar
Durham Hosiery Mills 50
1C0
25
Mar 18
25
500
40
Mar 18
70
Mai
70
Mar 18
25
Mar
37
Jan
Mar 690
Feb
Mar 18650
Mar 18 640
Mar 15i
Mar 15
40
Emerson-Branting... 100
100
Fairbanks Co
200
38
no par
100
Gen Cigar pref
100
Homes take Mining.. 100
200
49% Mar 14,' 49% Mar 14
90 % Mar 16 91
Mar 17
300
51
7% Mar
15|
Mar 14
Mar 16
10
1,300
Kayser (Julius) & Co 100
Kelsey Wheel Inc.-.100
Kresge (S S) pref
100
300
69
Mar 15
500
38
Mar 12
Mathieson Alkali
8% Mar 16
100 102 % Mar 14
9
200
Mar 12
7% Mar 15
40
Mar 17
51
% Mar 14
8% Mar 12
39
Jan
7%
38
40%
Mar
9%
Mar
Jan
84
Mar
51%
Mar
8%
Mar
15%
Mar 12
69
Mar
79
Jan
Mar 16
35
Mar
46
Mar
9
Mar
15%
2%
Jan
Mar 17
Jan
7%
Jan
1% Mar 17
%
Jan
3%
28%
Jan
500
24
1,000104
Mar 14
15% Mar 17
26
Mar 12 106
Mar 17
21
Mar 16 102
300 107
Mar 15 108
N Y Shipbuilding.no par
Southern... 100
400
Mar 14
25
Mar 14
Norfolk
500
9% Mar 15
10
Mar 14
Norfolk & West pref.100
Otis Elevator....
200
400 121
Pacific Mail SS
—5
200
300
13 % Mar 14
9
Mar 15
14% Mar 14
9% Mar 15
13%
100
Rand Mines Ltd..no par
Shattuck Arizona
10
700
22
Mar 17
23
Mar 18
5% Mar 12
6
Mar 16
21%
4%
Standard Milling
Stern Bros pref
200 110
24
65
800
100
65% Mar 14
Marl5 123
Mar 18
24
9%
65
115
9
Mar 17 110
99
600
Mar 18
Mar 14 106
Mar 17 105
33
Feb
12%
67 %
Jan
Jan 130
17%
Mar
12
Feb
Jan 103
Mar
85
14
Mar
Mar
3,900
1,500 *92% Mar 18
20% Mar 17
13
Jan
25%
43%
Jan 211
Jan
20%
__
Jan
Jan
Jan
Mar
95
Mar 17 *92
----Mar 106
50
400
43% Mar 15
44
Mar 14
43%
47
Van Raalte 1st pref-.100
500
74% Mar 17
75% Mar 16
74 %
Mar
Mar
Weber & Heilbroner no par
600
10
Mar 12
11
Mar 17
8%
Jan
13
Jan
Wilson & Co pref
100
84
Mar 15
84
Mar 15
89%
Feb
For transactions
Boston
exchanges,
State
and
have been
on
New
see page
Railroad
84
Mar
78%
Jan
Feb
Mar
York, Boston, Philadelphia, and
Bonds.—No sales of
The record of this week's bond market is
State
bonds
quite the
reverse
Railway and industrial issues of the
better class have been
quotation.
Hudson
&
active, generally at somewhat higher
The local tractions have been notably strong.
Manhattan's
have
advanced
1
to
2% points,
Inter-Met. 4%s, are 2% points higher, B. R. T.
Interboro 5s 2.
over a
At the
series A
Of
a
same
7s 4 and
time Steel 5s have moved up
point, Tidewater Oil's 1% and Am. Tel. & Tel. 6s 1.
The Frisco inc. 6s
over a
are
2% higher, the Adj. 6s 1% and the
point.
list of 25 important issues 23 have advanced.
89.96
90.00
90.20
90.10
90.16
90.28
90.34
90.12
90.12
90.20
1,784
941
808
819
267
87.08
87.04
87.40
87.40
87.50
Low
•
245
87.16
86.56
86.76
86.74
87.02
87.20
87.24
•
Close
86.80
86.76
892
2,225
878
1,594
958
1,820
High
97.26
97.30
97.34
97.32
97.34
97.34
Low
97.04
97.12
97.16
97.26
97.26
97.20
Close
97.24
97.24
97.24
97.30
97.34
97.22
994
1,274
2,616
559
1.789
723
High
97.26
97.28
97.32
97.30
97.32
97.32
Low
97.16
97.22
97.26
97.24
97.28
97.24
97.22
97.30
97.26
97.30
97.28
97.24
170
236
118
81
591
171
■
table
87.00
includes
5
3d
87.24
sales
of
4th
32
coupon
were:
4%s.._
19
87.24
87.30
90.18
Victory4%s
86.58 to 87.30
4%s........
97.04 to 97.10
;
;
,
:
A
^
;
V
.
•
/A
and documents for payment
(sixty days),
actual rates for Paris bankers' francs
were
6 86 @
German bankers' marks are
Amsterdam bankers' guilders were
Sixty Days.
Cables.
Checks.
3 86%
3 91
3 91%
3 82%
.
3 88%
3 88%
7.00%
7.08%
7.09%
6.81
6.87
6.88
1.60
*
;
1.61
Germany Bankers' Marks—
High for the week
Low for the week
1.55%
...
1.56%
Amsterdam Bankers' Guilders—
High for the week
Low for the week
Domestic
discount.
Boston,
par.
San
Cincinnati,
par.
Francisco,
St. Louis,
par.
34.45
34.20
33.78
Exchange.—Chicago,
$1,000 premium.
34.35
34.03
....
34.30
15@25c. per $1,000
Montreal,
$126.25
per
par.
Outside Market.—The "curb" market this week displayed
better tone than for some time past, though business on
the whole was not large.
Profit taking followed a show of
a
strength caused considerable irregularity but even with this
prices held fairly well.
Oil shares were prominent.
Carib
Syndicate after a gain of over a point and a half to 6%,
reacted to 5% and to-day ran up to 7%'.
Carib Trading,
which has been inactive for some time past, sold up from 7
to 12 on limited transactions.
Guffey-Gillespie Oil advanced
from 11% to 12% and reacted finally to
11%.
Internat.
Petroleum
was active and rose from 13% to 15.
Maracaibo
gained two points to 24.
Salt Creek Producers after
early weakness from 10 to 9% sold up to 10%.
The indus¬
Oil
1119.
reported at the Board this week.
of that of last week.
90.12
Jan
Jan
Mar
Mar 14
Mar 14
Jan
Jan 110
Mar 17
Mar
.
25%
6%
Jan
40% Mar 17 38
16 210% Mar 16 210
16
Mar
Mar
Mar 14 103
100
90.24
High for the week
Jan
Mar
Mar 15
273210
! Jan
Jan 120
Mar 12
Tex Pac Land Trust. 100
Jan
Mar
14
Third Avenue Ry..-100
United Drug
100
First preferred
812
90.44
foreign exchange for the week follows:
Low for the week..
Jan
Mar
38
15
Jan
Jan 108
300
par
20
Jan
1,000
no
1,091
90.36
Paris Bankers' Francs (in cents
per franc)—
Jan
5
Texas Co warrants
806
90.26
Sterling Actual—
Jan
70
Mar 12
86.96
853
90.28
Low for the week.
Mar 1023*
Mar 19%
87.16
1,635
90.34
High for the week
40
10
The range for
Feb
49%
102% Mar 14 1023*
86.60
607
56.42 fr. low.
92
1% Mar 17
TemtorC&FPcl A
87.04
86.64
90.34
33.88@33.95 for long and 34.14@34.29 for short.
Exchange at Paris on London, 56.38 fr.; week's range, 55.14 fr. high and
Jan
4% Mar 14
100
86.88
12
High
above
(Friday's)
53
15% Mar 17
Peoria & Eastern
86.96
quoted for long and short bills.
Mar
100
100
87.06
for long and 6 92@6 93% for short.
Jan
47%
400
Preferred
86.90
Cotton for payment, 3 89% @3 90%, and grain for pay¬
Jan
200
100
86.70
87.16
banks, sight, 3 89%@3 90%; sixty days, 3 85%@3 85%;
40
50
Biscuit
86.68
3 81%@3 81%,
Feb
Motor
100
Ctfs dep stpd asstd...
Mullins Body
no par
National
86.30
87.00
3 89% @3 90%.
To-day's
Mar
40 640
on
Jan
Mar
Maxwell
Low
87.16
'
'
.
Jan
(Jan
i
44
par
87.20
87.04
To-day's (Friday's) actual rates for sterling exchange were 3 86 % @3 86%
sixty days, 3 89% @3 91 for checks and 3 91% @3 91% for cables.
61
v t c.no
87.18
87.02
87.00
for
Mar 15
Marlin-Rock
5
87.18
86.80
86.78
irregular fluctuations and Italian lire conspicuous for
47% Mar 18
Indian Refining
21
87.00
strength.
61
Gen Am Tank Car
15
86.92
87.04
86.58
Foreign Exchange.—Sterling exchange ruled quiet but
firm wich quotations showing a
tendency towards higher
levels.
The Continental exchanges were rather more active
Mar 15
(The)..25
5
86.66
87.00
86.70 to 87.06
44% Mar 14
Elk Horn Coal pref...50
10
High
2d 4MB....
61
Kodak.... 100
86.70
86.46
300
Eastman
86.54
2d 4s
25
Insur
86.30
7
50
Mar 16
M
86.30
3%s.____
.....90.56
4%s..........
86.70
Jan
5%
^
Close
1st
Feb
84
^
_
1st
Jan
Jan
%
-
86~. 84
1
Davison Chemlcal.no par
Detroit United Ry._100
Continental
•Ar A**.
only
Transactions in registered bonds
70
82
C St P M & Omaha-lOO
Mar
Mar
24
51
.;
86.80
Total sales in $1,000 units.
3%
41%
82
6% Mar 14
Jan
73%
Feb
2%
,
....
Total sales in $1,000 units.
Mar 14
200
100
Mar
29
Jan 106
211
i
Low
3%% notes of 1922-23
(Victory 3%s)
Mar 18
45% Mar 16
100
91
95
87.5-;
188
~
^
•
Liberty Loan
4
45% Mar 16
Chicago & Alton
Jan
Mar
„
87.16
62
—
86.30
(Second 4%s)
74
3% Mar 12
100
Mar 16
Mar
Jan
% Mar 18
55
300
Calumet & Arizona...10
Case Thresh M pref.100
43%
83%
21%
86.92
86.90
■i
Total sales in $1,000 units.
not
Jan *48
70% Mai 18
200 101% Mar 14 102
Mar 12
100
2% Mar 17
2% Mar 17
100 12% Mar 14
12% Mar 14
10
Auto Sales pref
Barnsdall class B
86.70
High
Victory Liberty Loan
4%% notes of 1922-23
(Victory 4%s)
Highest.
|
90.36
Close
a
$ per share. 1$ per share
46%
Jan 54
Feb
$ per share.
52
Mar 17
100*48
Amer Radiator
(First 4%s)
4% % bonds of 1933-38
(Fourth 4%s)
products,
Lowest.
~
•
Close
Range since Jan. 1,
Highest.
«
■
9
Lowest.
*
—
2
Week
Prelerred
Low
in $1,000 units.
Liberty Loan
High
Low
4% % bonds of 1928
Close
(Third 4% s)
Total sales In $1,000 units.
for
American Bank Note. 60
*»
Tota sales
bonds.
STOCKS.
Week ending Mar. 18.
High
Third
the pages which follow:
on
87.16
1927-42
an
showing
following sales have occurred this week of shares
detailed list
163
86.70
'
of
Total sales in $1,000 units.
Converted 4%% bonds of
On the other hand the demand for pig
our
705
Liberty Loan
4% bonds of 1927-42
(Second 4s)
1
capacity.
represented in
282
Total sales in $1,000 units.
of wheat still in
iron continues to decline and the
output of steel
from all sources, is only about
35% of
The
428
Close
advance in Sterling and Con¬
tinental exchange and by the Government report
excess
616
Total sales in $1,000 units..
Second
Converted
4% % High
bonds of 1932-47 (First
Low
Second 4%s)
Close
more
Monday.
on
The recovery mentioned above has been facilitated
large
388
1932-47
the weak feature of the market,
an
90.35
90.42
'
motive and Mexican Pet. from 5 to 6.
market, by
90.50
90.42
90.62
Close
During the same period United Fruit, Huston Oil and Cruc.
Steel, covered a range of 7 to 9% points and Baldwin Loco¬
easier money
90.64
90.52
90.60
Second
Thursday 11% points lower than
on
90.80
90.00
89.90
Total sales in $1,000 units..
Converted 4%% bonds of
of from 4 to 5 points.
Atlantic Gulf & W. I.
90.60
89.90
90.10
Subsequent
irregularity and Reading, Union Pacific, Northern
Pacific, Great Northern, Atchison and Ches. & Ohio, have
covered
90.18
90.00
4%
bonds
1932-47 (First 4s)
and the usual results
course,
90.10
Low
Converted
less
or
High
Close
Total sales In $1,000 units..
considerable percentage of last week's
a
sales was-not made
have followed.
Liberty Loan
3%% bonds of 1932-47--(First 3%s)
previously
recorded have in large measure been recovered.
events
First
There
Monday which has been
on
the
written.
was
Daily Record of Liberty Loan Prices. Mar. \2Mar. 14 Mar. 15 Mar. 16 Mar. 17 3/a>\18
prac¬
trial list as a whole was inactive.
Aluminum Mfrs. com.
advanced from 16 to 20.
Automatic Fuel S. lost ten points
to 40.
Durant Motors after early loss of a point to 20 re¬
covered to 21% and sold back finally to 21.
Intercontinental
Rubber improved from 9% to 10.
Lincoln Motor Class A
dropped from 20 to 17%.
Union Carbide & Carbon moved
from 51% to 55 and sold finally at 53.
Considerable
interest was manifested in the mining list, where prices were
higher.
In bonds Gulf Oil Corp. 7s were heavily traded in
up from 94% to 97, the close to-day being at 96%.
N. Y.
N. Haven & Hartford 4s dropped from 59 to 55 and sold fin¬
ally at 56.
Humble Oil 7s, traded in for the first time, up
from 96% to 97 and at 96% finally.
«
A complete record of "curb" market transactions for the
week will be found on page 1133.
up
I
Daily, Weekly and Yeariy
New York Stock Exchange—Stock Record,
1124
OCCUPYING THREE
PAGES
of stocks usually inactive, see preceding page.
For sales during the week
STOCKS
the
NEW YORK STOCK
Week
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
March 14.
March 15.
March 16.
March 17.
79%
77%
88
*85
80
80%
77
*79%
3134
31
31'4
30%
48
48
47
47%
47%
12%
7%
111%
56%
*7%
110% 111%
5584
56%
*3
*3
4
*3
3
3
12%
784
12%
4
2%
16
23%
30%
03«4
22%
24
6834
70%
5634
300
Atcb Topeka A Santa Fe._100
Do
pref
•
100
2,300
Atlanta Blrm A Atlanta.>.100
32%
4
81%
33%
4
8.500
81
3%
81%
33%
49
3%
*79%
32%
81%
33
49
49
49
49
16,200
1,900
14%
13%
14%
13%
14
9,800
8%
9|
7%
8
*7
79
4
80%
59%'
400
9%
58
40
32%
51%
Do
*2
3%
*2%
*2%
3%
3%i
3%
2%
2%
Certificates of deposit..
Canadian Pacific
8%
8%
8%
8%
17%
24%
38%
700
Do
pref trust rects
Chicago Great Western... 100
Do
pref
100
1,900
14,750
Chicago Mllw A St Paul—100
Do
pre!
100
4,100
Chicago & North western.. 100
13,950
100
11,800
Do
100
7 pre'erred
100
100
pre!
Chic Rock Isl A Pao
1,500
200
"98%
"98%
98%
ClevClnChlc A 8t Louis—100
1%
2%
1%
1%
234
2%
'mmmm
101
♦3
*5
6
*5
*5
6
*5
6
—-
6
12
12%
17%
12%
18
12%
71%
31
9
12%
13
70
71%
3034
7%
30%
7%
12%
1734
1134
17%
12%
12%
71%
30%
70%
30
30%
*7%
9
*7%
70%
24
*24
26
85%
484
1234
22%
4634
85%
4%
1234
2134
♦46%
*85%
86
mmmm
mm —
mm''
mm--
1234
13%
21%
22%
4734
*10%
*19%
4734
13%
22%
48
48%
13%
*10%
25
50%
98
50%
*19
23
51
*10%
*19%
49%
*97%
50%
23%
48%
13%
10
10%
10%
23
49%
49%
49%
49%
97%
98
98
98
50
51
51
10%
10
*66
70
*66
70
90
*83
90
934
'
mm mm
mmmm
m — — —
2"
22%
48%
13%
23%
48
*83
2%
2%
*4
4%
16
1634
34
35
*4%
1634
3434
*4%
,
.
2%
2%
34%
434
4%
17%
35%
4%
35
22%
49
50%
50%
*98
56
10
*67
70
*67"
|
*83
90
*85
2%
4%'
2
2%
2
*4
4%
18%
*4
2%
♦4
18%
18
35%
36%,
5%'
36%
5%
68
70
05
4%
60%
67%
68%
68%
68
j
69%
100
100
pref
50
Lehigh
Valley
Louisville A Nashville
100
Manhattan Ry guar
Minneap A St L (new)
100
100
100
~70~
Minn St P A S S Marie
100
Do
90
5%
"2",400
100
pre'
6,100
5
1,100
1,500
Do
prei trust ctls
100
Nat Rys of Mex 2d pref—.100
NewOrlTex A Mex
14,900
200
v
t c.„l00
100
New York Central
N Y Chicago A 8t Louis... 100
*46
48
*45
47
*45
47
*44
48
70
*60
77
♦60
77
*60
77
*60
77
First preferred
61
*55
61
*55
61
*55
61
Second preferred
17
16%
94%
16%
93
94%
77%
76
36
76%
3534
1534
3634
16%
16
34
34
25
25%
m
-
~m
'
25%
95%
77%
36%
16%
18%
16%
95%
78%
36%
16%
10%
14%
17%
"90%
78%
97 I
80%
36%
37%
16%
17%
--
-
|
40
-
2534
25
25%
26%
75
*70
75
*70
40
25%
69%
6534
69
65
68%
39
39
39
40%
4034
41
41
20%
20
40%
41%
21%
41%
40%
39%
40%
20%
40%
40%
21%
21%
20%
•
mm--
mm--
27
25%
25%
36
35%
m-
—
10
10
*28
36
5%
*8%
26%
36
5%
10
72
19
1934
20
19%
71%
19%
72%
54
70%
54
19%
20%
1934
42
42
115'%
*38
*60%
67%
66
66%
'2Ik
22li
*9%
23%
7%
18%
10%
23%
7%
18%
14
9%
♦38%
114
7U
18%
12%
9%
7U
18%
12%
9%
114% 115%
*12%
9%
15
"23%
8%
14%
23%
*23%
68
68
*65%
8%
8%
14%
14%
16
26
68%
8%
14%
26
27%
37
*5%
6%
10
73%
20%
54%
20%
19%
54%
20%
*38
43
114% 115%
|
"24"
7%
18%
41
2,000
21%
21
21%
7,200
66
24"
7%
18%
38%'
1
6%
6%
*5%
10
I
I
73%
75
20%
21%
54%
20%
21%
39
39
116
8%
14%
118%
65%
11%
19
19%
13
25%
7%
9%
16%
25%
68
*66
15
6%
21%
43
66%
10%
5,100
2,100
1,100
69
*62
68
9%
I
9
8%
36
31
33
"34%
34%
34%
"48%
49"
79%
48%
"39%
40%
*60
80
75%
53%
25%
84%
121
53%
27%
84%
122%
40%
*60
53%
26%
41%
^87%
35%
36%
80
80
75
75
*48
49
49
49%
75%
43
34%
76
75
40%
41%
41%
*52%
26%
52%
54%
27%
27%
*75
27%
85
121% 122%
19%
*74
42%
88%
36
82
49%
32%
1%
1%
42%
33
1%
1%
43%
5,100
2,600
3,300
9,100
500
"35%
36%
82
82
49%
4934
11,500
410
2,600
75
400
41%
44
4134
43
10,700
55
55%
29
28%
56%
29%
55%
28%
56%
29%
2,600
13,600
75
122
85%
123%
*74
113
19%
84
121% 122%
*110% 113
21
21%
121
121% 122
111
21%
6%
&
130
59%
8%
43%
49
59%
40%
*8%
42
8%
8%
42%
48%
6%
6%
6%
6%
122% 122% *119% 130
*8%
8%
8%
8%
42% 43%
43% 43%
50%
50%
84
12334
"60"
40%
8%
60
60
60
60
60
41%
8%
40%
41%
41%
43%
81%
6
6%
*
82%
108
82%
105
6%
5%
7%
7%
83%
105
6%
8
83%
105
5%
7%
62%
43
8%
8
49
84%
105
6%
7%
84%
,*105
86%
107
6%
8
Bid and asked prlcee; no sales on this day.
62%
41%
,
47
*105
52
51%
6%
8%
85%
*105
86%
107
6%
8%
i Ex-rlghta.
53
62%
42%
8%
4834
86%
*105
7
8%
Jan
% Nov
16%
Feb
Oct
6%
8%
53%
9% Feb
16% Dec
1
18% Dec
no par
pref
Magneto.-No par
100
American Can
200
1,400
3,500
1,500
9,800
1,600
1,500
200
30,874
10,100
| Leas than 100 shares,
31
100
pref
41% Jan
19% Jan
12
8
957g
68
57%
39%
37
Dec
21%
0678
64%
327g
33%
15%
23%
Feb
Aug
Feb
Mar
Mar
Feb
Jan
19
45
Jan
6
Marll
32
Jan
10
Marll
75
Jan
17
Marl5
65
89% Jan 15
55
37% Mar 12
Feb
7
Feb
33%
Feb
66%
247g Feb 25
Marll
23% Feb
7
35
Marll
14
Deci
47
Mar
43
Oct
41
Jan
11
7
Jan
11
12
Jan
8
Marll
101
Jan
3
Dec
34%
12%
Dec
23%
19% Jan
Jan
Feb
Feb
11
July
20%
54%
70%Jan 10
11
Jan 13
19
Feb
8%
13
14
Oct
Oct
15% Sept
27% Oct
40
Sept
78
Nov
Dec
16
Oct
13
15
May
28
Oct
May
48
Oct
8%
1
36
Jan 20
25
3
35
Jan 28
22
Dec
8
14
Dec
Apr
46% Mar
52% Feb 17
Jan 12
40
Dec
72
11
24
Dec
88>4 Jan
2% Mar
3
Mar
19% Jan
Jan
3
32% Jan
6
25% Feb 24
78 Jan 14
3
38% Mar 8
x87% Mar 15
29«4 JaD
3
Marl6
39% Jan
9
9
13
937gJan 26
37% Feb 17
1% Feb
1'4 Feb
82
% Dec
•4
43%
Dec
Dec
62% Sept
92% Nov
6
51
Dec
95
Marl8
65% Jan
72% Feb 28
90
Jan 20
79
Dec
39% Marl 2
51
Feb 15
32>4
Dec
74
747g Jan
57'4 Jan
Mar 8
5
8
77% Jan
3234 Jan 29
88
Jan 20
Jan
Feb 25
75
Oct
45% Dec
2184 Dec
72»4 Dec
15%
Dec
133
Jan
21
95
8% Marl 2
11
Jan
8
5
53% Marl7
35
Dec!
Feb 23
37
Aug,
Feb
Dec,
42
Jan
25
57
Jan
8
62% Mar 3
53
Feb,
38% Jan
5
Corp..100,
8% Feb 11
10,
100 *46% Mar 1
49%Jan 11
30%
Dec I
10% Jan
7
62% Jan 31
93
Jan 29
42
Dec,
80
Aug.
74
Dec
Ex-div. and rights,
83% Marll
81% Feb
4
Jan
4
87% Mar 4
107% Feb 26
5% Mar 14
10
Jan
7
7
14
Jan
20
Marll
z Ex-divldend.
Jan
Jan
Jan
59% Dec
03g Dec
100
Jan
6134
Apr
64%Jan 10
8% Jan 11
100
93
12884
116%
23% Jan 28
American Locomotive
100
Do
pref
100
American Safety Razor— 25
Am Ship A Comm
no par
Jan
Jan
Apr
147%
8
52
Jan
96%
103«4
Dec
6% Marl5
120
Jan
4
2
Jan
92
10534 July
111
19% Marll
40% Feb
53%
101
5884 Jan
American Hide A Leather. 100
Do pref....
100
American Ice
100j
Do pref
—100,
Jan
847g Dec
26% Dec
67% Dec
55% Jan
45% Feb 25
49%Jan 14
4284
40
100
10
Oct
17
100
100
Oct
Oct
13
15%
12
11
Jan
4
25
32%
Aug
May
11% Jan
8% Marll
14% Mar 12
75
129% Nov
69% Jan
7
29% Mar 4
Jan
117g
20%
14
15
Marll
1
4984
3
Mar
233gjan
9% Marl2
26% Jan
40
8% Jan 12
26
23% Marl2
Feb
Feb
61% May
7% Aug
12% Mar 3
337g
48%
118%
110
6734 MarlO
65%
May
Dec
Dec
Feb
27% June
40% Feb 11
122
Jan 10
Marll
32
Feb
20%
5%
8%
88%
13
578 Mar 14
8% Marll
Feb
61
50
24% Jan
15
Oct
Nov
Oct
18
19% Marll
70
103
247b Jan 13
60
Jan 13
5784 Jan
29
Oct
84*4 Sept
Oct
Oct
Oct
Sept
Oct
Oct
Oct
Nov
Oct
Oct
15
10
33% Jan 11
30% Mar 4
Marll
40
Oct
Feb
Feb
32
Dec
Jan
70
Feb
Oct
Oct
Oct
Nov
Oct
Oct
Oct
Sept
Oct
Nov
Nov
44
Dec
35
25
114
a
37%
27%
50
127% Jan 10
American Express
70
105%
Jan 20
Jan
Amer Druggists Syndicate.
65
Feb
57
Jan
Am La France FE
American Linseed
Do
pref
73%
Marll
120
Amer International
84%
Apr
14
110
pref
8«4
657g
84% June
66% June
377g May
100
pref
American Cotton Oil
Feb
55%
June
10
American Car A Foundry. 100
Do
18
31%
41% May
15% Dec
12
3
Oct
11
Nov
Feb
64% Feb
2384 Feb
4
Jan
51
10
100
Allls-Chalmers Mfg
100
Do
pref
100
Amer Agricultural Chem..100
Do
pref
100
American Beet Sugar
100
Do
pref
100
4,400
8634
50
Allied Chem A Dye
Do
12
Oct
21
95
June
Dec
Dec
Dec
33% Dec
3% Dec
10
Jan
Oct
90*4
Feb
80%
2%
384
11%
10478 Feb 19
88
Jan 28
1534 Marl4
no par
56% Nov
112%
6584
50
45
Alaska Juneau Gold Mln'g. 10
600
Jan 31
50
100
AJax Rubber Inc
Alaska Gold Mines
Amer Bosch
63
Jan 11
7
77% Feb 17
74% Jan 12
100
Rumely
pref
Reduction, Inc
Do
38% July
8% Dec
11
6% Feb
67
Air
11
Oct
40-
Feb
Jan
41% Jan
100
Do
Feb
10
Oct
Oct
Oct
27%
52%
2484
May
8%
207gJan 12
12% Marl 2
pref
Aug
40
^
17% Oct
3584 Oct
97% Oct
6% Oct
17% Nov
8% Dec
13% May
Jan
584 Jan
417g Mar
Feb
3
3
18
Do
80%
Jan 25
93
pref A
1
100
pref B
100
Westc n Maryland( new)..100
Do 2d pref
100
Western Pacific
100
Wheeling A Lake Erie Ry.100
Do
pref
100
Wisconsin
Central
.100
Dec
6534 June
247b Dec
7
Jan
13
33% Marll
4% Jan
5
60 Jan 10
66
Marll
42
Marl2
12»4 Oct
21% Sept
30% Oct
2284 Sept
91% Nov
Dec
12
Oct
8
May
73
Do
1,200
19,100
634
8%
5%
158% Jan 25
Do
9,600
62%
43%
884
4834
107
3
Oct
260% Sept
3984 May
94
Aug
,16% Jan
5
100
36% Jan 10
Transit..100
Union Pacific
100 *113% Marll
64% Jan
3
Do
pref
100
9% Jan 18
United Railways Invest... 100
Do
19%Jan 14
pref
100
7
Mari 1
Wabash
100
700
21%
53%
9
Twin City Rapid
200
111
6%
6%
6%
6%
6%
6%
130
*120
130
12434 124% *120
*9
9
10
9
9%
9%
4334
44%
44% 44%
44% 46%
52%
% Nov
Texas A Pacific
Do
*120
Jan 10
83% June
165
Feb
108
19% Marll
200
80
53%
112% 112% *112
'112%
35%
36
1%
1%
Dec
53% Marll
100
*35
46
56% Jan
5
103%Jan 11
100
pref
36
37
Oct
Aug
2484 Mar 3
100
Do
Advance
*35
54
35
49% Mar 5
14% Jan 13
28
Jan 25
Southern Railway
400
37
36%
July
5% Jan 25
100
300
*35
89%
100
pref
17
51%
37
~40% ~42
Do
30
*35
69
Feb
46
16
Southern Pacific Co
*48
37
*1%
1%
42%
88%
35%
§82
49%
100
Seaboard Air Line
*28
*35
31%
1%
1%
42%
100
pref
*16%
51
29%
1%
1%
42%
Do
17
*16
1%
42%
87%
100
St Louis Southwestern
51%
*28
16
50
1%
pref
Preferred A trust ctfs—10i
200
4,600
1,100
1st
2d pref
30
28%
Dec
20
75% Marll
34% Marl 8
15% Marll
Industrial 8c Miscellaneous
Adams Express
100
16
28%
8%
15%
*47%
1%
300
934
16
1
5,100
14
26%
51
28
19
*25 ~
28%
28%
1%
1%
42
90
35
79%
49%
75%
40%
2,800
16
*46
1%
41%
900
2,000
7%
*12%
10
28%
*15%
*1
1,100
25%
51
28%
14,200
16
16
28%
1%
8,100
25%
*49
1
38,700
17,300
19
*28
28
1034
25
7%
20
51
28%
66%
25
12%
500
100
116% 11734
12%
9%
60
Marl2
50
50
50
St Louis-San Fran tr ctfs.-lO'
Do
Do
600
*38
31%
17%
30
74%
2034
"20%
25%
7%
Mar 3
93
100
pref
Oct
Oct
Sept
Oct
3784 Mar 4
52
Mar 1
19% Jan
Reading
200
43
♦49
15%
6%
10
21%
25%
7%
19%
,
600
73%
116% 118
66
65%
11%
11-%
prior pref v t 0
Do
pref v t c
Pittsburgh A West Va
7,800
»
57
*16
♦27%
2734
20%
74%
21%
20%
32
*9
«
Do
200
37%
27%
*36
6%
10
73%
8%
15%
15
I
20%
*54
*65
9
8%
*9%
*38
65%
11%
24%
7%
9%
68%
*28
29%'
28
38
j
62
100
Pere Marquette v t c
1,500
42
27%
15%
25%
8%
14%
68%
41
42
Dec
23% Jan
50
100
100
100
100
8V.666
66%
31%
Marll
Pennsylvania
Do
70
Jan 20
16
Northern Pacific
5,400
42%
71%
14% Mar 17
100
Norfolk A Western
75
41%'
84«4
Feb
100
N Y N H A Hartford.
200
26
42%
29%
54
44
26
*70
I
30
10
35%
*34
20%
38
16
25%
*65
53%j
34%
Feb
54
100
100
N Y Ontario A Western... 100
300
37
28%
"_9% "¥%
15%
25%
17%
53%
79
75
21%
13
65%
17
53
96
276%
27%
*37
37
*8%
72%
17%
96
80%
41
*70
46,350
1,000
4,700
30,200
76,500
4,400
96%:
30
32
*28
33
*34
I
16%
16%
41
67%
37%
'
,
15%
16%
67%
67%
19%
96%
78%
35%
16%
25%
1
16%
17
*16
*53
75
*68
75
♦68
m
16%
17%
16%
93%
76%
35%
16%
51
51
-mm-
mrn-m
17%
41
64
13
66
3%
10%
18%
45%
36%
47
17%
Dec
11
Jan
48
Marll
*58
16%
16%
Mar
21%
Jan
64
MarlO
*42%
*55
Jan
75
Feb 24
68
60
120
79% Jan 29
32% Mar 4
*■*
9% Feb 2
2
45
*55
Dec
June
15% Jan 12
4
42
60
60
98
21%*Jan 12
16
pref
Oct
91% Mar
11
Jan
2878Jan 12
Marll
Marll
Marll
Jan 3
100
Do
Oct
44% Nov
65
36% Dec
Jan 24
71
110
7% Mar 12
Missouri Kansas A Texas. 100
♦50
*50
12
3
17
1478Jan
3
Missouri Paciric trust ct 8.100
70
Dec
Jan
7% Jan
100
70%
21
31
46% Jan 12
4'4 Jan 31
6,300
68%
33%
2% Jan 29
4%
*67
17% 8ept
14% Oct
Dec
4% Jan
18%
2
Dec
220
5
68
68%
65
pref
4,900
53
Dec
6%
15%
Jan
46% Mar 8
102
Jan 13
17%
36%
36%
68
Do
Lake Erie A Western
1,000
51%
3'4
8
9
Jan 26
Kansas City Southern
Jan
70% Nov
15
Sept
20%Jan 13
91
100
100
100
134
Feb
Jan
7
Jan 14
Feb 4
Jan 25
10
Marll
23 Feb 24
xt9% Marll
97«4Jan 20
45% Jan
0
9
Marll
66
Marll
89% Feb 21
Central
pref
13% Mar
Feb
4
85% Marl2
Do
500
10%
100%
47
6«4Jan 29
6% Jan 31
100
Illinois
3,200
99%
55
62%Jan 10
Interboro Cons Corp..No par
Do
*98
Mar
Feb
100
51
51
Oct
17
119%Jan 11
113s Marl 2
Jan
49% Oct
Febj
54
Jan 25
26
....
104%
9% Aug
5% Sept
109% Dec
7
800
13
27%
21
pref
Dec
40% June
100
Do
Dec
11
Jan
10
17
12%
69%
283s
properties-No par
82
Jan
12% Sept
Oct
May
4%
1478 Jan 25
42 Jan 26
98% Marl2
208
Jan 20
*4 Jan
7
1% Feb 28
3% Mar 1
434 Feb 23
Mob A Nor tr ct s—.100
Gul
I
18
67%
5
22%
Ore
z82
54
100
100
100
2d pref
72
86% Jan
3
37%Jan 12
100
1st pref
Iron
9,700
7,500
15,100
*48%
100
Great Northern pref
500
5%
15
90
67
67%
87%
15
54%
10%
69%
51%
10%
69%
05
4%
4%
"66"
,
87%
5%
87%
5%
15%
23
48%
100%
♦98
*80
4%
16%
2%
434
16%
3,400
13
51%'
50
14,200
32
100
5%
14%
100
pref
Do
200
87%
13%
22%
74
I
86%
5%
15%
5
14
100
Do
5,500
2,600
32
26
5%
5
5%
13
,
50
100
pref
Erie
11,500
18
72
12%
74%
*86
*86
5
*7%
12%
*12
32
12%
72%
31%
*24
27
*24
24
12%
72%
31%
19
Do
Do
11%
12%
18
100
Duluth S S A Atlantic
17%
11%
12%
18%
12%
74%
31%
9 |
12%
18%
100
Denver A Rio Grande
6
*5
2 pref
100
Delaware Lacl A Western.
4
4
100
1st pref
Delaware A Hudson
1,900
1%
2%
4
*3
12
Do
3,800
1%
2%
*3%
4
18%
1%
2%
1%
2%
*3
m
1%
2%
1%
2%
4
17
T,206
102
*95
103
*99
i
*3
11%
100
pref
Colorado A Southern
300
Do
101
99
34%
mmmm
mmmm1
mm
1%
2%
"99"
1,800
34
33%
34%
52
200
2%
1%
1%
2%
99%
34
52
210
210
210
210
51%
51
51
34
100
6% preferred
2,800
79% Jan 24
7% Jan
4
5534 Marl4
3
Marl 8
2% Marl5
7% Mar 9
1534 Marl4
23
MarlO
35
MarlO,
6334 Marl2
102
Mar 9
22% Marll
6834 Mar 12
5634 Marl2,
40
Marl5
60
Feb 3
27% Jan
8
49
Jan
3
100
Chic & East Illinois trust rects
Do
32%
32%
32%
31
100
I
Chesapeake A Ohio
500
8%!
100
pref
Brooklyn Rapid Transit—100
200
*2%
*7%
16%
100
Baltimore & Ohio
4,500
3
3
41
32%
Atlantic Coast Line RR_>.100
7,800
17,200
8%
8%
111% 113%
57%
58%
113% 114
58% 58%
114%
58
*79%
16%
17%
17%
16%
16%
16%
25
25%
23%
25
25% J
23% 24%
23%
36%
38
39
37% 38%
i
36% 38%
36%
65
66%
66
66
66%
67%
66
66
65
64%
*102
105
*103
105
*103
105
105
10434 10434 *103
25
25%
25%
25%
25% 26
24
23%
24%
23%
71%
71%
71
72
*70%
72%
70
70
70
69%
*60
61
59
60
60% 61
59
59%
58
67%
107
♦103
7%
16%
24%
37%
7%
1534
7%
16%
24%
3634
64%
*78
13
"
7%
81%
78%
3%
80%
32%
48%
112
77% Marl2
75% Jan
3
2% Feb 26
80% Mar 16
39% Mar 11
47
Marl4
10% Jan
3
67s Jan 14
1103s Mar 10
81
I
79
*77
3%
83
32%
48%
12%
7%
111%
57%
3%
3
3%
30%
11%
11%
7%
7%
110% 112
56%
55%
3%
3%
Highest
I
% per share 9 per share
76
Feb
90% Nov
$ per share
84% Jan 11
9 per shared
78%
81%
80-%
80%
77
3%
3%
3%
3%
*79%
$ per share
Par
Railroads.
$ per share
$ per share
$ per share
'
77
*76
Lowest
Highest
Lowest
Shares
$ per share
80
79%
77
*76
Range for Previous
Year 1920
EXCHANGE
On basis of
March 18.
$ per share
PER SHARE
I
1.
100share lots
Range since Jan.
for
March 12.
SHARE
PER
Sales
NOT PER CENT.
SALB PRICE—PKR SHARE.
HIOH AND LOW
8*4 Dec
96% June,
6% Dec;
7%
Dec
Feb
5484 Jan
86
15%
175
30%
122
Mar
Jan
Mar
Jan
Jan
53% Mar
68
Jan
Jan
Jan
Apr
99% Jan
109% Apr
107
Mar
120%
14%
95
17% June
30%
Jan
•
New York Stock
Record—Continued—Page
For sales during the week of stocks
usually inactive,
HIGH AND LOW SALE PRICE—PER
SHARE,
PER
NOT PER CENT.
Sales
STOCKS
tor
Saturday
Monday
*01
Wednesday
Thursday
Friday
March 15.
March 16.
March 17.
March 18.
Shares
*61
37
$
67
37%
share
ov?
*61
$ per share
66
38
38
76
75%
29%
*85%
*61
66
38%
75%
29%
85%
39%
88%
91%
100% IOOI4 *100
102
*100% 102
7734
80%
77%
79%
77%
79%
*84
*84%
88
88
*84
8912
101% 102
102
102
102
102
11234 116
114
114% 117%
116%
89%
*73
76
29%
*74
29%
29%
*89% "9034
90
113%
96
*90
64
*94
112% II434
63%
64%
95
62%
*94
77
1,220
29%
29%
4,600
100
80%
92%
101% 102
116%
80%
*84
87%
*99% 100%
113% 115%
*90
*90
96
112% 114%
*62%
64%
87%
96
112% 114%
64
65%
30%
30
*8
8%
*8
30%
8%
27
27
28
35%
34%
35%
25
24%
25
*23
62
52
*58
*45
*26
8%
28
27%
37%
25%
27%
38
25%
37%
26%
37
37%
*23
26%
*58
62
*58
62
*58
*45
52
*45
52
*45
*6%
7
42%
36
34%
41%
*6%
32%
37
34%
36%
33
35%
84%
82%
2%
2%
7
*50
54%
55%
4%
4%
82%
*6%
32%
32%
54
*49
55*i
55
32%
29
32
30%
10
z53%
*88%
87%
86
2%
52%
2%
52%
55%
55
100
2%
2*4
52%
*51
56%
56
*90
*88"
95
*89
86
86
*85
87
5
17
17
19
19%
17
12
12
12%
12%
11%
11%
14
14
5%
85%
5
13
12%
59%
35%
70%
59%
36
70%
5%
5
12%
12%
12%
13
13%
60
59
60
41
72
72
73
36
35%
*70%
70%
5%
5
5%
37
36%
84
70%
38
*82%
23%
2434
72
86
37%
85%
24%
25
71
72
72
60
60
20
20%
26%
58"
8,.':
58
8%
7%
9%
9%
19%
20%
56%
7%
48%
58%
7%
26%
58%
*48%
*32
38
44
*42
45
47
78%
*76%
77
*75
18%
57%
68%
1%
70%
80
80
*35
10%
20%
20%
21
21
21
21%
5%
*5%
38%
85%
25%
75%
69%
*60
41
*73
39%
85%
25%
79
64
48%
38
*34
*46
47%
78%
20%
27
*27%
58%
6%
59
59
48
40
41
*33
48
•
*76
78%
47
16,400
80
200
600
7%
5%
10%
20%
22%
30
59%
6%
200
38
69%
1%
7034
1%
72%
2,800
82
19
82
1%
26%
82%
28%
85%
88%
88
88
*87
23
24%
23%
65%
27%
15%
19%
r58%
65%
65
21%
21%
21%
21%
23
64%
26"
26%
27%
15%
*19"
20%
26%
15%
*19%
58%
t
16
57%
58%
20%
61
*87
28%
15%
19%
59%
900
1%
4,700
72
73% 37,500
*101
200
102%
28%
29%
5,100
86%
91% 127,100
27%
90
3,100
1%
27%
85%
103
*100
1,200
19
59
18%
x59
71%
72%
101% 101%
28% 29%
86% 88%
102
*87
15%
19%
58%
81
90
102
5
Jan
3
65
81
81
63%
82%
5%
66%
65%
90
27%
15%
*19
58%
24%
65%
28%
15%
20%
60%
2%
51%
100
8,200
26
25
85
14
15
15
15
15%
14%
16
83%
14%
16%
2
2
2
83%
14%
17
1%
56%
49%
52%
85
47
84
*58"
59
*83
60"
85
128% 130
12%
12%
63
No par
100
Do
Class B common... 100
pref
Do
cum conv
—.100
8% pref. 100
Booth Fisheries
Brook yn Edison, Ino
Burn
Bros......
Butte Copper A Zino
100
Zlno-Lead
10
Case (J I) Plow Wks
100
Chile Copper
Coca
5
No par
60
*83
85
129% 131
12%
12%
63%
73%
34%
2
47%
84%
58%
14,100
63%
73%
35%
Do
pref
100
75
75
*18%
20
19%
20
15
15
15
15%
15%
21
21
*18
21
*19%
13
13
13
29
29
*54
56
28%
*53%
59%
61
"60% ~6~1
11%
5%
13
29%
30%
21%
13
29%
54%
15%
15%
"44"
93%
5%
44%
93%
13
28%
56
15%
64
13%
5%
32
15
61%
13
13
13
5%
30%
7%
43%
5%
31
.5-%
30%
8
8
8
45%
4434
94
94
95
4534
95%
12%
46%
12%
48%
47
Free port Texas Co
75
*19
20
15%
14%
General
13
46%
30%
48
30%
30%
12%
31%
30
*72
73%
*72
74
73%
*57
63
*59
12%
49%
30%
-73%
62
14
13%
51%
72%
16%
52%
72%
17%
"l7"
33
33
*32
3%
8
*20'
35%
*83
16
3%
8%
13%
52%
15%
64%
13%
5%
67%
14
65%
13%
5%
32%
*8%
67%
14%
5%
33%
9
49%
66%
15%
68%
14
15
32
5%
33%
8%
46%
8%
46%
13
13%
3%
8%
*20"
85
*83
11%
14
49%
51
53
"14%
13%
52%
37%
10%
13%
49%
"17%
54%
37%
3%
8%
2*4"
38%
88
16%
14%
50%
"17%
18"
*32
36
3%
3%
8%
20%
23%
37%
10
24
23%
39%
*83
92
16%
13%
50%
16%
14%
5134
*140
160
*141
153
*140
22%
155
*104
16%
•
16%
105% *102% 105
16%
17%l
17
17%
49%
51
12%
50%
33%
31%
31%
32
63%
14%
62%
14%
56%
55
62%
14%
56%
18%
19
18
*32
3%
il
39
3%
10
11%
24%
23%
38%
27%
*82
17%
14%
23%
40%
92
17%
15%
3%
10%
26%
23%
39%
*82
17%
14%
53
35%
4%
11%
23%
40%
31%
2,900
74
92
17%
15%
53%
23
*140
23%
155
102% 105
17%
23%
145
23%
145
*102% 105
18
17%
17%
24%
39%
41
8Vz
17%
87%
14%
23%
145
18
15%
42%
23%
145
*102% 105
17%
18%
| Less than 100 shares.
Marl8
9,100
14,900
100
(new)
100
pref (new)
100
800
Deo
7884 Dec
110% Dec
54
15
Mar 17
Jan
3
59% Mar 12
11%Jan
4
5% Mar 14
29% Marl2
7% Feb 28
42% Mar 1
93% Jan 22
103
3
3
46% Marll
Jan
Jan 24
69
Dec
94
Apr
44% Jan 11
27
Dec
85%
Jan
IO284
55%
49*4
Jan
16% Marl7
24
Feb 10
Dec
38%
Jan
11% Dec
Dec
20%
84%
Aug
25
51%
Dec
Jan 10
Jan 20
12% Dec
55% Dec
9% Dec
5% Aug
15
Maris
718 Jan
8
37% Feb 10
1384 Jan 11
28
9%
Dec
67
40%
Dec
Jan
100% Feb 16
110
Jan 29
7
18
13% Jan
3
Do
par
10
pref
69%
Dec
19
Dec
32% Jan
40
Jan
27%
Deo
4
Dec
3
Dec
4
Jan
3
6
100
■
Jan
Jan 20
Kelly-Springfield Tire
Temporary 8% pref
Ex dlv. and rights.
26*4
Jan 20
4
a
Jan
Apr
04%Jan 20
3% Marl4
11
434 Jan
8
1134 Marl 7
Apr
84
71
26
3
pref
100
Loew's Incorporated..Wo par
170
75
8% Jan
Laclede Gas (St Louis)... 100
Lee Rubber A Tire....No par
Dec
Jan
Nov
54%
3
Jan
14% Jan
No par
Jan
Jan
0
Jan
100
Copper
115
51*4
111%
16% Marll
Jones Bros Tea, Inc
Kennecott
68
Jan
78% July
46% Apr
110% Sept
23% Apr
9*4 Apr
61% Apr
27
Apr
88% Apr
142% Apr
Nov
Dec
11% Dec
3812 Dec
100
25
Nov
Nov
10% Dec
28%
Jan
...100
88
44
Jan
Dec
100
17% Jan 11
6334 Jan 11
76
46
Jan
Jan
Jan 29
Feb 15
38
Corp...Wo
15
Dec
Jan
16% Jan
63%Jan 15
10% Jan
7
Iron Products
8%
8934
36%
60%
19%
80%
7
71
Mar
85%
5
Marl 5
Jan
42
Jan
72
Jan
Jan
172
Dec
5712 Jan
Do
9,900
4
Jan
600, Liggett A Myers Tobacco. 100
1 Ex-rights,
14
12% Jan
19,800; Keystone Tire A Rubber.. 10
3,000 Lackawanna Steel
100
200
Deo
79%
75%
94*4
58%
30
Island Oil A Transp v t o..
7,600
43
Dec
12*4 Dec
64% Nov
International Nickel (The) 25
International Paper
100
Do
stamped pref
100
Invincible Oil Corp
50
Jewel Tea, Ino
100
Jan
12% Jan
20
28% Marl 5
100
10,800
24,200
Jan
100
52,500
300
Dec
Dec
Jan
Jan 11
Feb 18
Jan 13
Internat Motor Truok.Wo par
Do
1st pref
100
Do
2d pref
100
800
*22"
138%
16%
71%
70%
Jan
Dec
31%
28
Mar 18
Jan
36%
19%
Dec
5,500
4%
10%
85
51
48
15
51%
8,000
26
26
20
Dec
Deo
70
51
500
Marll
13
Jan
Int Mercantile Marine
Do
pref
36
1% Mar 17
40% Jan
Dec
91% Apr
10% Mar
44*4 May
134% Mar
Dec
Jan 26
Inter Harvester
200
*32
12%
1%
32%
71%
17
85
1,300
19
10
20%Jan
584 Jan
71'4 Jan
112% Jan
62% Jan
25
3,000
56%
78
Jan
3
13%
18%
*32%
4%
10%
21% Dec
11
15%Jan 11
18% Marll
9% Jan
0
96
55%
Jan
72
13
"l4i2 "l"4%
95
100
900
Jan
Dec
100
3,500
Jan
Dec
,
Do pref
Granby Cons MSA P
Gray A Davis, Ino
Q
Apr
Dec
34% Mar 14
10
Jan
5
100
Hupp Motor Car Corp...
Jan
Apr
66
Goodrich Co (B F)_.
par
59%
85%
40
82
Sugar...No
100
21% Dec n005
13
9% May
13% Dec
28
Feb 25
Feb 10
Dec
Jan
Apr
Apr
69% MarlO
12% Marl5
266%Jan 10
25
43%
Feb 23
Jan 31
71% Mar 8
200
81% Dec
10% Dec
107
278%
54
(7%).--100
5,900
Dec
Jan
5% Mar 8
General Motois Corp..Wo par
Do pief
49
0
Feb 14
Deb stock
3,400
17
Jan
Do
23,800
70
Jan
Apr
Apr
76% Jan
100
74
12%
49%
61%
14%
5434
Bid and asked prices; no sales on this day.
100
47%
"42"
22%
pref
Electric...
96
47
32%
5%
33%
Dec
24% Dec
Jan 11
102*4
14%
105%
Jan
Jan
Indiahoma Refining..
5
Inspiration Cons Copper.. 20
Internat Agrlcul Corp
100
Do
pref
100
534
97
Jan 10
26
500
1,100
6,300
Deo
Jan
Jan
Greene Cananea Copper.. 100
16
61
104
80
Gulf States Steel tr ctrs
100
Haskell A Barker Car. _No par
Hendee Manufacturing
100
Houston Oil of Texas
100
16
Mar 18
Jan 17
Dec
54
Guantanamo
15
73
24%
37%
16%
14
100
97»4 June
3% Dec
84
.100
700
15
Dec
91
63
300
52
89% Aug
93% Mar
46% Apr
98
Apr
Jan 29
...100
Cigar, Inc
700
56
Dec
08% Feb 28
(0%)1..100
1,100
Dec
16
147
80% Jan
120% Jan 10
Do
13
par
Debenture
General
Dec
7134
Dec
13% Jan
Asphalt
pref
3
70
7
Jan
47
No par
500
*54%
Marll
Aug
90
21%
54
3
80
Jan
♦20%
*13%
54
8312 Jan
20% Marl2
61%Jan
5
51% Dec
Jan
2,000
56"
3
11% Jan
16%
*54"
5
Jan
Jan 11
79
16
14%
Jan
25% Marll
Jan
Jan
7
73%
104%
3234
107%
Jan
50
23
16%
20%
14%
30%
20%
*13%
5
25
29%
*13%
Jan
07
Deo
0
Deb stock
1,200
Dec
34
Jan
Do
74%
19%
7% Nov
16% Dec
Jan 19
Jan
1,400
16,000
Deo
Deo
Nov
65%
100
Gaston W AW, Ino.. No
100
92,100
Dec
92*4
No par
,..100
36%
75
13
1,600
9,700
66%
75%
37%
74%
19%
60
Dec
Dec
Dec
84% Feb 25
8% Jan 11
29%Jan 28
Rubber
85
20
29%
16
64%
75%
35%
5%
•30%
80%
24%
59%
75% Jan
Jan
20%
19*4 June
104*4 Jan
108% Jan
61% Jan
164*4 Mar
111% Apr
21% Jan
41% Jan
40*4 Jan
44% Jan
Dec
Jan 29
48
85
65
Dec
Jan
Jan
9
5
95
5,300
Nov
4
Jan
62%
66
Jan
Flsk
134% 138%
13%
13%
03
18
98
Feb 15
87
1%
60% 282,400
55% Deo
15% Nov
11%
Feb 10
21% Jan
Jan
8-5
132% 134%
12%
13%
5
52
Do pref
Fisher Body Corp
55
Jan 20
17% Marl2
56% Feb 21
94% Feb
9
50
100
1%
5
pref
100
Famous Players Lasky No par
Do
preferred (8%)
100
Federal Mining A SmeltinglOO
1.400
16
Maris
Endlcott-Johnson
7,700
85
3'4 Dec
7
Jan
6,700
*83
19%
14%
25
33%
10%
21%
03%
85
13
3
Marl8
70% Jan 11
1234 Feb 10
23% Feb 10
Jan 25
131
22
Mar 9
Feb 24
12
32% Jan 20
80
17
131
*12%
*18%
3
Marll
Jan
10% Jan
Do
*18
MarlO
Jan
96
25
General
75
Feb 17
Marl7
77% Jan 31
7% Jan
8
8% Jan 13
43% Jan 19
10
1,500
75
Jan
43
50
1,000
74
46
5
10
97%
75
Jan
Cuban-American Sugar...
58%
35
Jan
Mar 7
93
73%
36%
Dec
Feb 18
58%
36
Jan
9%
29%
28%
85%
83
90
65
20
Dec
80
60
13
Deo
Marl5
77%Jan
73
Apr
8
74
100
129
10
41% Marll
Crucible Steel of America. 100
Do
pref
100
Cuba Cane Sugar
No par
Jan
Apr
8
Consolidated Cigar
65
Jan
15
96*4
19
35% Jan
1
Jan
Feb
Jan
8
Do
pref
100
Contlnt'l Candy Corp.Wo par
Corn Products Refining... 100
Do
pref
100
Cosden A Co.
No par
114
Jan
Jan
Consolidated Gas (NY)... 100
Consolidated Textile..Wo par
Continental Can, Ino
100
102%
102%
6
12'4
02%
3812
59%
No par
100
Jan
96% May
14'4 Jan
6
18% Jan 20
04% Feb 17
Dec
pref
Apr
Apr
20
May
Do
Jan
3
50
34
Jan
Aug
3
22
60
64%
Dec
Aug
99% Dec
2'4 Dec
29
89
12%
76
90
Jan
52%
63%
73%
91% Jan 21
48% Dec
63
14% 114%
85
148%
102%
32%
Dec
Dome Mines, Ltd
Elk Horn Coal Corp
1,200
Dec
82
1,300
600
20,900
82
Deo
30% Jan 11
59
34%
54%
68
82%
Dec
56% Marl5
5% Marl8
100
Jan
June
57%
78
26% Marll
pref
Jan
Jan
Jan
20%
176%
92
100
Do
Jan
Apr
Jan
Columbia Gas A Electric. 100
Columbia GraphophoneWo par
52
84%
36
36%
1%
9
125
Jan
May
8
19% Jan
19
59%
60%
67%
74%
75*4
75
8
5% Feb 21
25
Copper
Cola
Jan
24
Jan
35% Feb 21
23
Jan
105%
61%
21%
Deo
88
08% Jan
4
4% Mar 12
64
105%
Dec
8
Jan
11% Mar 1
25
21
Jan
June
8
Dec
4% Marll
59
Jan
Jan
9734
42
47
Feb 21
14% Jan
10% Jan
No par
Leather
70
94% Jan 11
102% Jan 25
6% Dec
71% Dec
11
11
11
15
27
3
81% Jan«
pref
Chlno
Deo
Dec
9
5
Dec
2
Feb
100
100
18
8
99% Jan
4
v to.
Dec
Jan
Jan
Jan
Jan
Jan
Jan
253% Marl5
90
30
4%
59%
03%
93%
107%
534
50% Jan 22
88
Butte A Superior Mining.. 10
Caddo Central Oil A Ref-.lOO
California Packing
No par
California Petroleum
100
Central
4
100
Butterlck
Do
2% Jan
No par
1
Callahan
6
Mar 15
28% Dec
584 Dec
25% Dec
Dec
3
Jan
55% Dec
88% Dec
Dec
Jan
93% Jan
142% Apr
H884 Jan
106*4 Mar
105
Apr
10Q34 Mar
210
38
76
Jan
Mar
283
49%
44% Jan
7
13% Jan 12
Jan
50
85% May
100% Dec
84
29
82% Mar 12
Dec
Feb 11
30% Marl7
Mar 17
Dec
79
Feb 17
3
61
65
72
100%
92% May
104% Dec
54
Jan
97
82% Dec
97% Dec
61
9
Do
pref
....100
Baldwin Locomotive Wka.100
pref
100
Bethlehem Motors
No par
Bethlehem Steel Corp....100
14
Nov
102% Jan 29
x
6% Mar 9
100
9% Mar 11
*83
86
*56
1%
35%
21
66%
82%
25
85
2%
51%
6
par
1,100
100
*23
83%
129%
12%
12%
03
82%
15
15
128
68
13%
*13%
*83
z6634
82%
83%
"82%
13%
59
10
82%
13%
83
13%
48%
83%
83
82%
13%
82
2
26
69%
*6
7
*5%
66%
83
5%
*23
14%
66%
83
55% Jan
Jan
40% Jan 20
28% Jan 13
Jan 26
Jan
Do
62
24
3
45
100
1%
33% Jan
94
1,500
95
1%
70%
33
100
Colorado Fuel A Iron
4,100
60,600
76
*94
*
95
""1%
Mar 11
59
46
95
►
1%
70%
26
100
Do
17
Jan
39% Jan 20
9% Jan
8
Chicago Pneumatic Tool.. 100
28,000
6,000
3,800
97
100
pref
31
Marl2
500
76
61%
18%
Feb 21
preferred
Austin, Nichols A Co..No
Jan
120% Feb 17
71% Jan 11
8
84,400
43
*59
81
93
94
29% Mar 18
Do
2d
preferred
Associated Oil
Do
123% Feb 17
Feb 21
80
47
19
81
57
Mar 7
Computing-Tab-Recording 100
34
59
81
112% Marl 2
3
At Gulf & WISS Line
19
Mar 1
91% Feb 17
Jan
Atlantic Fruit
Jan
102
Do
pref
100
Cerro de Pasco Cop ...No par
Chandler Motor Car..Wo par
5,300
78%
*76
lat
96
83% Jan
95% Jan
100
Mar 7
88
110
100
Jan 20
107% Jan 27
B...100
pref
25
Anaconda Copper Mining. 50
Associated Dry Goods
100
700
4,300
37
59%
7%
64
19%
1
9%
20%
26%
15%
78
21%
18%
90
58
I
10%
21
58
86%
15%
19%
86
37
57%
6%
45%
21,000
5%
5%
39%
86%
25%
63
38
25
10%
20%
20%
18%
27
58
76
5%
5%
*59
80
84%
21%
2,600
5%
6
57%
103
~26"
59%
42%
43
18%
57%
26%
21%
65%
62%
3,300
75
*73
80
95
"I"
*88
26
76%
10
40%
14%
59%
18%
62
*100
8634
8534
26%
1,200
14%
80%
18%
*57
*
103
39
~Il% "l2%
27
20%
20%
8%
51%
78*4
17%
57%
9%
6
8534
25%
74%
61%
74
63
9%
5%
38
37%
85%
25%
*59
'*9% "*9%
20%
20%
5%
2,600
800
60
37%
59%
37%
"""200
79% Dec
73% Jan
Do
600
1,200
91
10
4
Amer Writing Paper pre'.. 100
Amer Zinc Lead <fc Smelt—.25
34,300
95
17
11
24
15%
4%
4%
85%
4%
18%
6
58
57%
105
Jan
Jan
pref
Do
96
87
5
4,800
85
87
'
*89
95
*85
*19
"56% i
105
*88
4%
3%
,
300
20
100
Amer Woolen of Mass
91
87
4%
2%
104% 104%
4%
4%
96
4%
88% 114,500
100
100
56%
*90
4%
86
*95
2%
*86
4%
200
6%
36% 323,000
32%
3,600
54
96
20%
65%
25%
1,200
200
87%
*95
86%
84%
14,600
10
♦85
*100
38%
27%
6%
32%
91
89%
105% 105% 2:103% 103% *104% 105
5
*4%
4%
4%
5
common Class
Do
7
34%
*85
*72
37
25%
*6%
30%
7
98
2%
*90
43
200
36%
U0
85
85%
97
57*
28
*26
500
84%
234
19%
20%
1,100
97%
2%
36
2,900
9
52
97%
7
54
Do
(new)
29% Dec
64% Dec
83
31% Jan 11
Feb
62
35%
97%
82%
*82%
30
8%
8%
8%
44i2 Feb 10
Jan
pref
9 ver share 9 per share
6l
Deo
83
Mar
Feb
88
9", 900
47,100
Jan
11
Feb
73% MarlO
100
Amer Telephone «fc Teleg-.lOO
Amer Tobacco
100
16,700
29%
8%
10
*4%
17%
10%
11%
59%
34%
70%
4%
18",455
67
1920
Highest
$ per share
11
29
Sugar Refining. 100
Do
30
*26
American
Jan
Do
pref
100
Amer Sumatra Tobacco...100
Do
pref
100
Do
67
64%
35
_
29,800
95
63
SHARE
Year
HigTiest
$ per share
Do
pref
100
Am Steel Fdry tern ctfs.33 1-3
Pref tern
otfa
100
95
111% 113
Par
Am Smelt Secur pre! aer A. 100
Amer Smelting A Refining 100
14,600
400
104
79%
*84
114
100
12,600
94%
*102
80%
79%
;
87%
101% 102
114% 116%
112%
62%
65%
8.
*52
40%
77
30%
104
79
112
30%
97%
*6%
40%
34%
39%
77
29%
66
*90
8
28
41
77
93
*84
Indus. 8c Miscell. (Con.)
39%
91
91
Lowest
63%
*61
PER
Range for Previous
EXCHANGE
6334
101% 101% *101
96
30%
*2534
34%
24%
40%
77%
30%
77
30
90%
*90
ii6%
29%
$ per shnrr
SHARE
Range since Jan. 1,
On basis of 100share lot
YORK STOCK
Week
$ per share
NEW
the
% per share
66
36%
Tuesday
March 14.
March 12.
% per share
1125
2
second preceding page.
see
7% Sept
91*4 Mar
79% Jan
47% July
51% Jan
7% July
21*4 Jan
45% Jan
13
Dec
30
35% Marl2
84%Jan 12
2834 Feb 21
25% Jan 27
49'4 Jan 11
25%
Dec
152%
Jan
94
Jan
25
75
Dec
105
Jan
16
21
Jan
7
Dec
17
Feb 19
14%
534
Marll
8% Jan
3
49% Marl2
Dec
Dec
3
58% Jan 11
46% Jan 29
45
Jan
35
Aug
17%Jan
14
2334 Marl7
15%
Deo
40
138% Jan 22
97% Jan
3
15
Jan
3
Par value 9100.
0
153
Feb 23
105% Feb
8
18% Jan 11
Old stock.
%
127% Nov
95
Dec
14% Dec
Ex-dividend.
33%
48%
91*4
57%
38%
207
Jan
Apr
Jan
Jan
Oct
Jan
Jan
109%
Jan
36
Apr
New York Stock Record—Concluded—Page 3
1126
For sales during
the week of stocks usually inactive, see
third preceedlng page.
% per share
10
10
9%
115
150
150
*147
154
147
106
*101
106
10234 106
61
61
61
61
*56
*70
148
58
*58
103
103
76
78
8H4
*56
58
*65
80
85
73
♦73
75
*90
981?
142
"85
77
1,100
95
95
*94
100
143
147%
*85
90
I
90
*85
17
17
17%
1178
123s
1234
29%
♦52i2
30i2
30
30%
2934
30%;
30%
3034
♦93
*93
96l2
*51%
54
*52%
20%
30-34'
3034
*51%
99-%
*93
*65
j
70
30*8
*55
2%
5534
57
*30*
32
70
*67
70
10
10
10%
10
75%
5678
75%
75%
75%
57
57
57
74%
57%
*86
86%
12%
8378
12%
82?8
86%
*12
83%
104
104
11
104
45%
33%! 33
86%
89
45
*86
*102
*91
94
115
*69
72
900
25%
11%
25%
25
25
*24
62%
63%
95%
*90
11%
2534
6234
11%
25%;
26%
62%
63%
"61%
*384
61
*32
*15
17
4%
72%
13%
*15
20%
4134
*70
7434
1334
41%
21%
41%
88
41
4%
72%
*12%
40%
2034
41%
*70
4%
j
89
36
11%
11*4
25%
25%
3%
64*8
95%
16%
62%
11%
4
4
4
17
*15
92
7%
39
734
39
7
7%
38
39%
♦784
7%
38
'7%
38%
21%
2234
22
8%
8%
51%
*8%
50
50
*85
"7%
*36%
39
68
7%
37%
7
73%
21%
22%
42
*42
45
I
88
*70
78
j
137% 137%
106% 107%
79%
79%
31
31%
31%
58%
32
I
60%
92
92
8%
8
8
7%
8%
7%
39%
22%
8%
'
8
">%
8%
52
50
40%
23%
8%
51%
7%
"7%
68
19
19
32
32
100% 101%
4984
51%
15
15
17%
37%
19
31%
32%
100% 102%
49%
4134
14%
14%
72%
63%
11%
40%
33%
25'
26%
2734
7934
30
51,000
80
700
183s
19
32
31%
97% 100%
51
49%
15
1434
7
19
20
65
6584
19%
5%
20
'65%
5%
65%
5%
.20%
65%
5%
21
60
60%
5%
*58%
86%
*94
45%
45%
4534
6%
65
*15%
7%
32%
3834
38
37
3934
6134
17
7%
Dec
Nov
88
Nov
Dec
Feb
15
8
Nov
89
Feb
19
66
Dec
74*4 Marl2
20% Feb
9
44
Jan 26
11
19*4 Jan
100
48%Jan
27% Marl2
41% Jan
79% Feb
7134 Jan
11
8
10
4
17
12
Jan
17
Oil
50
50
B
xQ 134
33% Jan
3
Philadelphia Co (Plttsb).. .50
32
Jan
15
*13%
5,500| Phillips Petroleum
500
1,700
87%
pref
Pittsburgh Coal of Pa
Do
100
14
87%
pref
Pressed Steel Car
100
100
...50
6,700 Punta Alegre Sugar
25
15,300 Pure Oil (The) k
100
1,300 Railway Steel Spring
100
Do
pref.—.
100
8,100 Ray Consolidated Copper.. 10
3,200 Remington Typewriter vtc 100
800 Replogle Steel
No par
16,600 Republic Iron A Steel.....100
87%
48®4
33%
87%
,
Company
12
12%
11%
28
28
28%
27
23
24
*22
66
67%
66
68%
Do
95
*90
95
18%
19
18*4
6234
11%
63%
62
*4
4
30
63%
11%
"5"
434
*15%
14»4
14%
434
4%
76
14%
41
22%
77%
76%
5%
7734
15%
15
15%
5
15,400
"22%
23%
8%
41%
8
23%
*8%
25
51
52
734
9%
90
8%
*37%
70%
18%
40
32
32
70%
19%
99% 103*4
51
52%
16
16%
80%
*16
7%
39%
1334
17
7%
*81
61%
•
Jan
12
10
13
11
538 Jan
8
17%
Dec
25% June
9
23%Jan
Dec
83%
2% Dec
85% Dec
3!
Dec
90%
48*4
11;
43
Dec
82%
75
Dec
94%
77
Mar
27
Jan
14%
73% Feb 28
Cl42%
167%Jan 13
110
Jan 20
3
7
82
Feb
37
Jan
77
Dec
91%
24%
24
Dec
Dec
Dec
118%
126%
Dec
101%
27% Marll
43% Jan
3
67% Mar 17
22%
37*4
5
94% Jan 25,
76
83
Jan
42*4 Jan
7j
8% Dec
Dec
7*4 Mario
No par
600 Superior Steel Corp'n
100
3,900 Tenn Copp A C tr ctfs. No par
10% Jan
7% Feb 24
Superior Oil
Dec C212%
113%
100% June
7
3
13% Jan
7|
11;
11%
48
13;
41
Apr
Jan
21%
243
Apr
23% Nov
Oct
Dec
41% Marl4
73% Feb 28
135
MarlO
Apr
Dec
2%
5% Feb 16
33%
51%
Jan
Jan
Jan
Apr
Mar
Mar
June
Mar
Apr
Apr
Jan
Oct
14
20% Sept
60
Apr
24%
Texas
*8%
48%
9
9
Times
Sq Auto Supply.No par
7% Mar 2
46% Marl8
57'4 Jan 20
Dec
46%
100
100
46
51%
81% Jan
6
6% Marl2
91
Jan
13
80
Dec
12% Jan
10
5%
34%
61*4
Dec
38*4
Jan
Dec
66%
Jan
Dec
127
Apr
19%
27%
Dec
Dec
38
Jan
53
Jan
Feb
224%
Oct
45% Dec
10% Nov
Jan
*85
9
500
48
44,100
Tobacco Products Corp...
Do
100
85
pref
*40
19
*31%
"_8~
"*8%
41
40
41%
19%
19%
20
32%
32
32
8%
102
10134 104% *101
52%
48%
50%
4934
16%
1634
1634
46%
"*5% "7"
17%
46%
7
2234
69%
7
500
8,000
1,400
46,100
39,900
2,.500
Union Oil..
United Alloy Steel
600
U
7,100
6,600
U
U
44%
68%
102
30%
80%
45
45%
70
69
102
102
31
8034
109% 110
30*4
80%
110
46
71%
102
30*4
5,100
37,400
400
2,800
81% 147,000
1,400
110
33
45,800
97%
100
6%
2,300
Virginia-Carolina Chem—100
Do
pref..
..—.100
Virginia Iron C A C
—100
V Vivaudou
No par
Welts Fargo Exp-fn
100
Western Union Telegraph. 100
Westinghouse Air Brake
50
Westlnghouse Elec A Mfg..50
White Motor
50
White OH Corporation-No par
Wickwire Spencer Steel
5
WUlys-Overland (The)
25
Do pref {new)
100
Wilson A Co, Inc, v t c.No par
Woolworth (F W)
100
6%
6%
*58
65
*58
65
*58
65
96
47
47%
46*4
47%
47%
48%
2:39%
39%
39%
41
40
40
13%
13%
13%
14
13
13%
17
*15%
734
87
87%
87%
300
1,110
100
*16
7%
8%
35
35
35
41
*40
44
34%
*41
17
6,000
3,300
3,700
200
8%
25,900
34%
1,600
44
1,700
500
I Less than 100 shares,
Do
pref A
Do
Dref B
t Ex-rlghts
pref
Worthington P A M v
620
a
Jan
4
207
Jan
7
58% Feb 17
17% Mar 7
46% MarlS
101
Ex-dlv. and rights,
x
13
27% Jan
Marll
Jan
Jan
19
7
72
3
3
41% Marll
62% Jan
3
102
Feb 17
Mar
8
51*4 Jan 19
72% Jan 20
3
103% Jan
4
Dec
22
Dec
6%
Dec
176
Dec
Dec
116%
Aug
103*4
Jan
35% Nov
69*4
Apr
53
Dec
143*4
Jan
95%
Dec
116%
Jan
Dec
Dec
76
Jan
Jan
Jan
Jan
15
29%
44% Jan
3
39%
76%
z46% Marll
8% Feb 25
26
Marl7
85
112
Feb 17
Jan
59% Jan 19
12% Mar 17
41
Jan 11
29% Marl4
42%Jan
8
3
102*4 Jan
95% Jan
84
Jan
5% Marll
49% Jan
4
27
95
8% Jan
7S
11
18
Jan 25
Jan
13
20
84
Jan
88% Feb 15
93
Jan
96%Jan
42*4 Jan
35% Jan
12
Marl2
15*4 Marl 2
5% Jan
3
30
38
48% Mar 18
42
Feb 16
17% Jan
8
18% Jan
11
8
Dec
Dec
Jan
Apr
Apr
Jan
Jan
47% Mar
Dec
109
104%
44%
Dec
Dec
115*4
7
Aug
14
Oct
28% Dec
2434 Dec
88*4 Deo
97
Apr
76
5*4
Feb
Dec
80*4
Apr
112% Jan
120% Sept
80%
21
46*4 Nov
76
80% July
89% Nov
June
Mar
92%
119
30%
69% Mar
13%
Dec
Dec
19
Nov
25% Oct
32% Sept
Jan
Dec
32
Jan
26
Dec
93
Marl2
47
Jan
34%
Dec
82%
18
43
Jan
3
71
Jan
61
Jan
Jan
55%
9
Jan
Jan
Dec
40
108
Oct
40
3
Jan
108% Feb 24
Ex-dlv.
14
Jan
90
5*4
35% Jan 27
7734 Marl4
Jan
3
Jan
95%
106
56%
38
41*8 Marll
107
13% Mar
c57*4 Jan
53% July
34% July
96%
25%
55%
37%
78%
29% MarlO
100
Do
"~2",i00
6
34
19
•
100
t C—100
100
13
64% Jan
92% Jan
100
100
U S Smelting Ref AM
50
Do
pref.—.
—50
United States Steel Corp.. 100
Do
pref
;
100
Utah Copper
10
Utah Securities vtc
100
*95
9
Jan
3
3
5% Marl4
United States Rubber
Do
1st pref..
No par
Feb
75
11% Jan
39% Jan
pref..
.—..100
U S Realty A ImprovemeatlOO
*31
50
43
24*4 Jan
48% Marl8
A Fdy
32%
97%
49%
10;
97% Mar 15
pref
32
4934
Jan
27% Mar 4
100
100
S Express
-.100
S Food Products Corp..100
S Industrial Alcohol—.100
Do
36% Jan 21!
17% Marl4
Fruit—..._.
100
United Retail Stores...No par
U S Cast I Pipe
45
12
Dec
40
10
Mar 12
Marll
36% Mar 4
68
Jan
3
100
No par
No par
Unted
200
Jan
Feb
6%
9% Jan 20
Marl2
21
Union Bag A Paper Corp..
16,400
Jan
38
Transcontinental OIL.No par
Transue A Williams St.No par
200
8%
36% Marll
25
10
*95
Bid and asked prloes; no sales on this day.
123*8 May
20
32%
97%
41
Dec
11
Vanadium Corp...
40
106*4
55*4
49%
17:
105% Jan
Jan
Jan
Dec
11
20!
26,400
40
Dec
16%
69% Jan
96% Mar 2
24% Jan 25
25% Jan
56
Jan
12
40
84
Jan
46% Jan
29%
33%
Dec
93% July
124*4 Jan
20*4 Jan
12
32%
55%
13j
Dec
Jan
94
Dec
19% Marll
27
33
73% Jan
3
89% Jan
6
14% Marll
56% Feb
7
11% MarlO
334 Feb
3
11% Jan
3
2% Jan
3
60*8 Jan
24%
30
29,500
113%
110% 110% 111% 111% 112
>110% 112%
*110% 112
111%
*106
111% *104
111% *104
111% *104
49%
46
48% 48% "■48"
46%!
47
47
45%'
46% 47
81
*81
*7934
81
1 *79
82
I *7934
82
82
82
| *81
6534
65% *6234
6234'
62%
62% 565%
61%
61%' 62% 62%
25% Marll
23
Mar 17
Apr
22*4
Nov
10
5
37%Jan 20
39%Jan 12
14% Jan
Jan
Nov
107
72% Marl4
....
45%
11
92% May
Apr
1234 Marll
38% Mar 2
12%
34
5
Marl2
Jan
100
Shell Transp A Trading—£2
Sinclair Cons OH Corp .No par
30%
8%
89*4 Mar 7
109
Mar 3
5
100
Seneca
26
17
Jan
82
Copper....... No par
Sears, Roebuck A Co
11%
7%
106%
36% Jan
31%
*16
50%
Dec
8
Marll
Dec
(The)
Pacific Coal A Oil
87
47
120
Dec
73
31
11%
534
Dec
29%
43% Feb
21
51%Jan 11
29%
31%
*95
Dec
40
8
110% Jan
15,700
3,800
50
Dec
95%
102% Mar 12
49%
11%
49
Dec
52
Texas Company
68
79%
90%
68,600
*5%
21%
108% 108%
72
24
Marl7
7%
41%
26%
68%
31%
24
Jan
Dec
734
41%
2434
21%
31%
Jan
64
Dec
12
734
41%
25%
67%
69%
96
104
Feb
83
7%
41
21
67%
5
8
4,300
68%
101*4 101*4
Dec
51%
6278Jan 26
88% Jan 19
14% Jan 24
8%
21%
44%
72
8%
*5%
20*4
42
Dec
7
8%
46
7
8
Jan
78
8%
41
7%
39%
Dec
11%Jan
9
93% Mar 7
54
Jan 15
23%'
22%
600 Sloss-Sheffield Steel A Iron 100
45
45
*42% 45
*42%
| *42
Do preferred
100
88
88' I *70
*68% 80
*70
.25
"*500 Standard Oil of N J
150
*138
135
*138% 150
135
Do pref non voting
100
3,600
107% 107%
107% 107% 107%
107
600 Steel A Tube of Am pref...100
80
*76
80
79
I
*7734
79
2,900 Stewart Warn Sp Corp.No par
31*4
31%
31% 31%
3138 32
5,600 Stromberg-Carburet—.No par
34%
33%
33
3334',
33% 34%
66% 216,800 Studebaker Corp (The)—100
65%
64%'
60%
63% 67%
Do
300
pref..
—
-.100
92
92
No par
8
2,000 Submarine Boat
8
8%
7%
7%
7*4
8%
59
98*4 Jan
5,000
52,200
Dec
80% Jan 20
1
3
3
Marll
81% Jan
Savage Arms Corp
100
Saxon Motor Car Corp.No par
2,900
4134
23
2,000
15
Jan
Oct
45
42% Jan
44% July
82% Jan
108% Jan
23% Jan
98
Jan
72% Sept
91% Jan
27% Jan
113*4 Apr
104% Feb
68
Jan
124
Mar
12% Mar 15
Republic Motor Truck.No par
22,200 Royal Dutch Co (N Y shares).
700 St Joseph Lead
10
700 .San Cecilia Sugar v t c.No par
50
17
814%
17
Dec
Dec
82% Jan
100
pref...
Jan
Jan
Jan
Jan
JaD
69% Jan
64% Mar
151% Apr
137% Apr
107
Jan
222
JaD
105
Jan
26
Jan
71*' Jan
52% Jan
69% Jan
100*4 Jan
40
Mar
40
Mar
80
Jan
102% Jan
13
Apr
89% Jan
102% Jan
93% Apr
110
Jan
17% Jan
117% Jan
48% Jan
61
Jan
61*4 Oct
77% Jan
22% Apr
5*4 Mar
9% Apr
28*4 Sept
41% Jan
65
Jan
78
Jan
61% Jan
41% Dec
116% Apr
111*4 Apr
36% Apr
Aug
56% Marll
"1,800
19
Dec
64% Dec
6% Dec
30%
10
Public Serv Corp of N J
Pullman
69%
26*4
z73% Mar 18
pref.......—..-—100
1,400
41% May
35
Dec
27
68
10
—100
Pond Creek Coal
2,400
63
63
25
100
100
100
Dec
10*4
19*4 Jan
No par
pref.l.............100
Pierce Oil Corporation
Dec
a;42% Dec
42% MarlS
35%Jan 11
31%Jan
8
30
MarlS
23% Mar
No par
Pierce-Arrow M Car
4,100
106
*92
17
8*4 Marll
People's G L A C (Chic).. 100
27%
18%
63%
1134
Marl5
z58% Marl5
Nov
12
Jan
54%Jan
11% Mar 14
46%Jan 19
Penn-Seaboard St'l vtc No par
2,600
23
12% Mar 12
16
Dec
3% Nov
5% Jan 31
Jan 13
2,500
73%
59%
86%
Dec
2%
il6% Marl6
Development
Do
Dec
9
7
29
6,300
3,600
26
8
25% Mar 18
4% Jan
May
Feb 17
4
27,600
10%
48
Jan
3
3
1334
10%
*73%
35%
12% Jan
8% Mar 8
34
12
95
38
25% Feb
42 78
26%
66%
5
Dec
Dec
16%
1
4534 Feb 15
6134 Mar 2
3% Jan
Dec
63%
par
Pan-Am Pet A Trans
Do
Mar
7
54% Feb
31
Jan
1
Pacific Gas A Electric
Class
Jan
25
Pacific
Do
9
Dec
12
100
No
Steel....
71,400
7,900
96
39%
12%
"12% "12%
*33
*58%
"46%
16
7%
6%
46%
13
2
45
——
4134
86%
15*4
7
5%
97
12
10
Feb 14
Do
42
42
42
42
4134
66
67%
6684
65% 66%
*100% 102
*100% 102
*100% 102
30
30
30
31
30
30%
*41% 43%
78
79%
77%
7834
7734
78%
*108
109
107% 108
107% 108
48
49
46% 47%
47% 4834
11%
12
11%
11%
11%
1134
2934
31%
29%
31
30%
31
20%
31
31%
32
29%
31%
*95
97%
9534
9534
584
Jan
100
Owens Bottle
500
12
4%
77%
66
4184
6484
684
Otis
6434
46
*5%
5
65
11
Orpheum Circuit, Inc
Pacific
59
....
59%
No par
91,400
*88
64
22
20
preferred
^00
106
*85
91
7%
6934
33
40
38
23
31%
47%
33%
47%
14%
4134
14%
41%
7%
47%
33%
434
75%
75
13%
40
600
1334
Jan
Jan
100
j100
Nova Scotia Steel A Coal.. 100
1,100
48%
*15
5
41
92
13%
87
Dec
75
Jan
6,900
47%
11%
87
25%
74
Nunnally Co (The)
26%
13%
18
Oklahoma Prod A Ref of Am.5
13%
86%
Dec
35% Jan
95
1,000
47%
n 1%
33
8934
Copper
Ontario Silver Mining
46%
i4 -4
17
*4%
14%
142
137% 137% *137
106% 10684 106% 107%
*78
79
79
79%
30% 30%
31%
31%
28
29%
31%
29%
5734
59%
58%
60%
""7% ">%
61%
41%
22
100
25%
North American Co..
"2,700
~25%
34
11%
2534
*24%
65%
*92
1634
62
1134
!
26
*24
63%
74
000
12%
4
105
11%
3%
11%
48
*101
*94
16%
434
pref
Do
50
Dec'
12
Jan
92
100
*58
Dec
19%Jan
30
3
8
9% Marll
New York Dock
*45%
Dec
Dec
4
2% Feb 21
49% Jan
5
100
200
Aug
47%
7
New York Air Brake
22%
Dec
10
28%
69*4 Jan
Nevada Consol
22%
14%
8
4
56% Jan 11
100% Jan
1,600
59
19% Jan 28
15% Jan
33% Jan
100
5
4,600
33
89%
33%!
95%'
6234!1
58
Mar
100
pref
Do
9%
9%
75%
*86
Do
National Lead
100
47
63'41
-
75%
Aug
88
55% Jan
Stamp'g...l00
100
IOI84 101'4
10%
106
105% 106
47
11%
*94
10%
63
62
61
106
.*101
106
13%
86%
104
45%
31%
*12%
'85
60
103% 104%
102% 103%
4434 46
31
3134
86
85%
59%'
86%
Nat Enam'g A
Do
60
....
59%
*86
12%
84%
12%
84%
13
83%
1
76
75%
86%
*86
86%
10%'
10%
|
75%!
5j9%'
148
11
25% Jan *5
Nat Conduit A Cable.No par
1,000
94
79
13
Jan
3
14*4 Feb
100
pref
Oct
95%
MarlS
95
167%Jan
20% Feb 24
50
Acme
l",900
60
78
Dec
93
National Cloak & Suit—100
Do
60
.
10%
300
60
*91
94
*91
Dec
65
..........100
pref
National
"
234
2%
2%
Power
Mont Wd&CoIlls Corp .No par
1,000
92
92
95
9214!
9214
*70
72%
72
71
703s
70%
71
7034
7034'
70%
*101% 104
*101% 104
*101% 106
*10H4 106
*101i4 106
9%
10
9%
10
9%
9%
9%
938
9%
9%
77
77
78
78%
76%
7434
7578
76%
*21
23%
21
23%
21
*20%
21
21
*20%
*20%
*45% 50
*45% 50
*45% 50
50
*45%
♦45U 50
61
*58
59
60l2
60%
5934
35
*32
35
*32
33
33
35
*31
*32
3214
11
10
10
*9
*9
10
10
*8i2
3%
3%
3%
3%
3%
*3%
338
338
3%
3%
5
5
*4%
5
j
*4%
*4%
5
*4%
I
26%
26%
26%
26%
"26" 26*12
26
26%!
1334 1334
13%
13%
"13% 73%
127g
12%
13%
13%
49
*45
47
*46
49
x46%
*47
49
48
48l4
|
12
12
12
i
*11%
11%
11%
11%
11%
47% 47%
47%
47%
"46% *46% *46% 47%; *46% 47%
32
33%
32
33%>
29% 32
30
28%
27l2 29%
69% 71%
68
70%
66
68% a:6434 68%
66i8 6834
63% 64%
61
63%'
61%
z58%
61
62%
5978 61%
10
12%
10
10
934
9
9%
9
10
9%
40
3934 40%
39
39
38%
38
38%
38%
38%
34
34
34
33
33
32
32%
32
32
32%
24
25% 2534
25%
23% 23%
24
24
24% 24%
27% 28%
27%
25%
24% 26
25
26
24i2 25%
*92
10
Do
"""966
17%
70
234
5934
Dec
63%
Jan 12
78
52*4 MarlO
32
2%
56
3
15*4 Jan
5
10
100
*65
58
Dec
2
89% Feb 14
94
Midvale Steel <fc Ordnance..50
*30
58
Dec
56
Marll
88
100
pref
Montana
Dec
97
Feb
57% Feb
100 rl37*4 Marl5
Petroleum
Miami Copper
100
1201*
3
Jan 24
65% Jan
4
95
MarlS
10,700
30%
2%
2%
5534
68
11% Mar 12
29
Marll
23
*65
70
*65
2%
30%
107
share
115%
183*4
110%
Dec
161% Feb 28
5
Middle States Oil Corp
23
30%
3
Jan
59% Jan
3
56
Marl 1
68
Jan
3
MOO
17%
23%'
*30
70
2i2
56
56
21%
*
30'8j
*65
21?
2i2
22
*21
Feb
100
22,100
98
*93
17%'
17%
17
5234
|
100
Marll
136
Companies
12%
30%
5234
30%
993s
*93
17
"2034
52%
53
100
17%
1784
12%
30%
*91%
5434
96
,
{
Do
10
Marll
Highest
(
$ per share % per
9% Nov
28
25
Dec
70
31
Jan
100
pref
Mexican
~
1734
12%
1734
12%
30%
1734
12
17%
12%
17%
1134
100
144% 150% 254,700
12*4 Jan
42
103
100
Do
pref
100
Manati Sugar.
100
May Department Stores. .100
Do
pref
100
""166
77
*75
9% Mar 18
Jan
5
31
100
..100
preferred
(P)
Mackay
*70
77%
1178
*521?
Do
600
85
97%
75%
III4
54
100
61
*70
142% 14634
*94
9712
98i2 *95
14512^13734 143
105
79
7478
74%
73
*96l2
1413s 14534
Lorlllard
1,100
147%
147
2d
Do
*101
61
!
....
$ per share
LooSe-Wiles Biscuit tr ctfs.100
600
36
58
80
149^4 14934
106
♦60
147
*96
*103
115
147
•100
6H4
115
3,800
Highest
% per share
Indus. 8c Miscell. (Con.) Par
Loft Incorporated
No par
115
*100
>*100
'
Lowest
Lowest
Shares
10
9%
*35
35%
115
*100
115
•100
>100
10%
10%
35%
35%
35%
the
SHARE
Range for Previous
Year 1920
lots
On basis of 100-share
STOCK
Weey
share j s per share
per
10%
10%
35%
3514
40
*35
40
*34
$ our share
10
xlO
j S per share
1012
j $
v.ire
$ per i
YORK
EXCHANGE
Friday
March 18.
Thwsdiv
| March 17.
March 16.
March 15.
14.
March
Wednesday 1
Tuwday
Monday
Saturday
March 12.
NEW
for
PER
SHARE
PER
Range since Jan. 1.
STOCKS
Sales
PER CENT.
PRICE—PER SHARE, NOT
AND LOW SALE
SIGH
5%
Ian
Jan
Jan
113% Jan
100
June
145
Apr
Feb
102
Dec
116
Jan
111
35%
Dec
95
Jan
7
52% Jan
81
Feb 11
73
Dec
93%
Jan
8
65% Mar 4
53%
Dec
76
Jan
c Reduced to basis
of *25 par. • Par
Jlrt"
New York Stock Exchange—BOND Record,
Friday, Weekly and Yearly
prices
Jan. 1 1909 the Exchange method of quoting bonds
BONDS
Price
N. Y. STOCK EXCHANGE
Week ending Ma ch 18
U.
Week'*
Friday
8*
Mirch
S.
Government.
First Liberty Loan—
Range
BONDS
N. Y. STOCK EXCHANGE
Low
High^ ATe.
Week
85.70
87,40 Sale
85.86
87.58 1188 85.40 88.60
94.00 100
..
4)4% of 1932 1947...
Second Liberty Loan—
Bid
95.00 Mar 21
85.30
s f 7a. .1940 J
Car Clinch & Ohio 1st 30-yr 53.38 J
Central of Ga 1st gold 5s.—pl945 F
90.80 2332 89.90 93.50
87.20
24:85.24 88.50
Consol gold 5a
95.00 100
—
10-yr temp
4% of 1927 1942
MN
87.00 Sale
Conv 4)4% of 1927 1942
Liberty Loan—
MN
83,93 Sale
85 30
4)4%
of 1928
Fourth Liberty Loan—
M S
90.20 Sale
89.93
90.41 4834
4)4% of 1933 1938
Victory Liberty Loan—
A
1945 M N
aecur 6s June. .1929
4M% Notes of 1922 1923.....
3Vi% Notes of 1922 1923
97.22 Sale
97.04
97.24 Sale
97 16
100% 100
dl930
dl930
83%
»'20j
100
1947 J
104
Chesa & O fund & impt 5a
1st consol gold 5a
100
104"
—
100>2 Juue'20
104
1925
;
97.32,1337 95.80 97.72
4s coupon
1925
Pan Canal 10-30-yr 2s
*1936
Pan Catjial 10-3O-yr 2s reg—1938 Q N
Panama Canal 3s g
1961 Q M
105
103%
Mar21
Feb'21
1939
81
80%
General gold 44*3—.
10212 10334
VI
1992
Registered —.———1992 .VI
93%
*82"
78
75%
Mar'17
Foreign
Argenttne
6%
20-year
20-year convertible 4 4*a._1930
30-year conv secured 5a...1946
79U
Apr'20
8712 Mar'20
Big Sandy 1st 4s.
1944
Coal River Ry 1st gu 4s...1945
02
65
6912 Sale
69
69%
7J* a g. 1945 J D
Jan 1925;....
s f
notes
9334 Sale
9012 Sale
9512
895s
90%
jF A
19451M N
Berne (City of) s f Ss
97*8
98
Sale
91
91%
4s:
93l4
935s
21
94
94%
7414 Sale
74
101
Sale
Sale
90
\
83
Sale
83
2-yr 5)4s gold notes Aug. 1921 F
10-year 5)4s
..1929 F
99
do
Chile (Rep
J..1931
ibilic) extjsf.Ss— 1911 F
Chines (Hukuang Ry) 53 of 1911 J
Exter dt of 5s 1914
External loan
ser
s
Gold debt 4s of 1904
72
79
Mar'2L
77
Mar'2l
75%
69
63
98%
97%
95
95
79
93%:
81%
93% Sale
97%
99
99U Sale
85% Sale
99%
8 434
F
A
8 L34
F
J
.
J
t
99%
401
97%
83%
Sale
82'4 Sale
82% Sale
64% Sale
85%
203
89
235
86
180
94
66
81
82%
82%
61%
117
63%
74%
75%
75%
163
56
Stamped
57
21
43
23
94
4)4s Corporate stock July 1967
44*s Corporate stock
1965 J D
4)49 Corporate stock
1963 M 3
4% Corporate stock
1959 VI N
92
4%
Corporate stock
4% Corporate stock
1957 M
83%
4% Corporate stock reg—.1958 MN
44*3
1957 \1 M
Corporate
Corporate
83
83
stock... 1957 "A N
82%
91%
91%
stock... 1954 IVI N
73
7734
N Y State—43
General
I
2
2
91%
91
94
General 5a stamped
Sinking fund 6a
Registered
j
!
81%
83
84%
Sinking fund 5a
'
83
91
90%
74
74
'
FeV2l
3
90
Dec'20
1961 J
J
89
1960 J
J
93
July'20
May'20
July'20
Debenture
Highway Improv t 4)49 -.1963 M S
Highway Improv't 44£s—1965 M S
Virginia funded debt 2-3S...1991 J
102% 102
102
95
j 71%
65%
72%
5a deferred Brown Bros ctfs
'
75%
*1990 Q
Registered
J
1995 A
O
1995 A
g 4s
O
..
51 %
Stamped
50
75%
79%
76
76
68
67%
73
6834
68
73
68%
69%
67%
71
81
84
83
85
65
71
73%
77%
76%
84%
88
88
76%
81
1955 J
D
6914 Sale
Conv 4s issue of 1910
1980 J
D
80
85
East Okla Div 1st g 4s
1928 M
S
8334
67%
73%
35
9234 85
Mar'21
71 I 71
75%' 73% Mar'2lj
73% 77%
77%
Rocky Mtn Div 1st 4s
1965 J
Trans Con Short L 1st 4s. 1958 J
J
J
Cai-Ariz 1st <fc ref 4 4*s "A" 1962 M 3
3 Fe Pres <fe Ph 1st g 5s... 1942 M 5
Atl Coast L 1st gold 4s
10-year secured 7s.—
77
77
1930 IVI N
1st gold
5s
1934 A
1934 A
Bait <fe Ohio prior 3)49
J
10-yr conv 44*9.——.1933:
D
10-yr 6s.
J
Temporary
1929 J
78
Sale
*
63%
66% Sale4
67% Sale
89% Sale
Pitts June 1st gold 6s
1922] J
J
P Junc&M Div 1st g 34*3.1925 M N
P L E & W Va Sys ref 4s—1941 M M
Southw Div 1st gold
Cent Ohio
1st
c
g
34*a—1925jJ J
44*s
1930jM S
67%
73
Nov'20
Oct'20
80%
79%
67
00%
81%;
Mar'2L|
63%'
14
79%
*29
84
79%
67
70%
79%
6 334'
iol *65" "71%
75
O
96%
J
81
93%
52% Sale
91% 93
70
I
—
~99% II"
Sale
88
84
84
53
52
55%
93
85
Feb'2l
99% Mar'18
52%
9134
9134
91%
85
Feb 21
79%
Jan'20
85
Apr'20
,
99%
85
87%
73%
83%
81%
82%
*86% "91%
Dec'20
99%
Feb'21
85
"99%
98%
88%
...1933 <VI N
•
85
99%
99%
84
88%
98
85
89%
90%
88
8ale
100%
99% 3 lie
K
^a_194l! J
98
93%
99%
—
90
70
O
S
66% Sale
A
O
83%
9984
102%
D|
66%
72
;
Sale
!'
10!)3g 102
100
M S|
D,
J
Chic <fc West Ind gen g 6s..el932 Q
Mj
Con3ol 50-year 4a.
1952 J
J
Cln H & D 2d gold 44*8
1937 J
J
C Find& Ft W lat gu 4s
g. 1923 MN
Day & Mich 1st cona 4 4*3.1931 J
J
Clev Cln Ch & St L gen 43—1993 J
O
....
"64%
70
68
1931 J
J
77
74
Sale
D
83
71
Sale
J
N
1921 J O
1943 AO
f
66%
81
IOOI2 102%
81%
....
,
1
■>
"""i
66
60
101
1
Feb'21
88
87
""*5 "66"
63%
77
88
87
67%
Mar'2l
!
83
80
73% I
94
.
91
69
67
71
7534
.
74%
65
75%
54
61%
Jan'19
Nov'16
Nov'20
98
Dec"20
74
Nov'20
60
61
| "3
29
20.
|
84% Mar'21'.
8
-
•
-
20
26
83
84%
7934
84
80
80%
7
73
73%
27
72
75%
94
94
1
93
94%
69
7034
59%
72%
j
....
69 / I
12
bid and aaked. aDueJan. dDue April. iDueMay. pDueJune. fiDue July. *Due Aug. oDue Oct. pDuc Nov. «Due Dec. <Optloa sale.
"
81
74%
.
7>%
82% Sept'19
J. 88
72
75
12
1
Feb 21
70
74%
4
i
Oct'20
75%
98?4
67%
66%
60
i
7234
7234
Jan'20
67%
88
101%
62%
53
■
74%
....
66
65%
Mar'31
Mar'17
84
85%
84
May'18
77
6-5%
75%
81%
81
....
8
95
73
68%
63
5
81
75%
68%
6734
85%
a2
20
Jan'21
69%
69%
67%
693s
Feb'19
Nov'16
67%
71%
73%
67%
69%
85%
67%
66%
Jan'21
81
1993 d
90
67
67%
65
Feb 21
88
72
20
87
—
38,'
69%
"
99%
78%
] 74
•
20-year deb 4 4*3
L_ 1935 M
Mar'21
99
99%
11
6 4%
100%
59%
72%
73%
9934
99%
"99"
—
!
Jan'21
101%
5034 Sale
General 5a Series B
Income 4a
1990 Apr
Cleve Short L 1st gu 44*a
1961 A O
Colorado & Sou lat g 4a.....1929 FA
75
72
66
102
Sale
J
N
Spr <fc Col Div 1st g 4a
1940 M S
W W Val Div 1st g 48
1940 J
J
C I St L <fc C lat g 43
*1938 Q F
Registered
*1936 Q F
Cln 3 & CI cons 1st g 53—1928 J
J
C C C & I gen cona
g 6a
1934 J
J
Ind B & W lat pref 4s....1940 a O
O Ind & W 1st pref 5a...dl938 Q
J
Peoria <fe East lat cona 4a..1940 A O
Feb'21
118
10)
;
3
63
81%
84%
81
J
—
ou
Nov'20
100%
80%
8
85%
97%
Jan'2l
Apr'20
82
a\ *6*4"
J
67
67%
65%
I
92
"si "
M
g—1952 1
09%
Nov'20
90
J
66% Sale
M
O,
5a
10934 104%
"III ioi"
Mar'2l
99%
75
—
69
D|
Ext 4 4*a
99%
99%
76%
75%
A Oj
1952 Wl N
Ft W 4: Den C lat
g 6a
Conn & Pas Rivs lat g 4a
"p
393
102
Oct'16
99
93%
87
5a
1930
North Wlaconala lat 6a....1930
Superior Short L lat 5a g..el930
Chic T H & 80 East lat 5a.. 1960
99%
91%
Nov'20
62
66%
Debenture
99%
*87%
3
89%
99%
11II "99%
99%
1988 J
A
Feb'2l
63
Keok & Dea Moinea lat 5a. 1923 A
50-vear
73%
Mar'19
101
100%
68
St Paul & K C Sh L 1st
44*$.*41 F
Chic St P M & O cona 6a
1930 J
Cons 6a reduced to 34*8—1930 J
1st
.
Feb'20
101%
!
83
1988 J
Ch Okla <fe G cons 5a
RR
78
99%
104
1930 J
g
6 '4J g ....1936 iVI
1934
R I Ark (fe Louis lat 4t*a..l934
Burl C R & N lat 5a
1934
C R I F & N W 1st gu 53..1921
Cuba
•No prloe Friday;latest
A
A
Refunding gold 4a
Refund &
68
94%
Ref & impt 6s Series A....1929
85
Mar'20
85% Mar'2L
87% Feb'21
I
—
1921
Cairo Div lat gold 4a
1939 J
Cin W <fe M Div latg 4a... 1991 J
St L Div lat coll tr g 4s....1990 M
80
1937 A
w re I
O
1933 M N
93%
73%
69
74
98%
83%
38
85
08
65%
97
30
77
85
65%
Jan'2l
77%
96
89
76%
Feb 21
99%
72
81%
66%
79
76
85
68
65%
87%
66
68%
,
1
84%
98%
89
84t4
99
56
Jan'12!
85%
98%
74
73%
73%
93% Sale
91%
93%
.a! 99
Mar'21
99%
F- »'21
98%
99%
89% Deo'20
90%
67%
83%
69
1921
5s
Registered
*
Jan'21
61%
1879-1929 A
Chic R I & P—Ry gen 4a
Feb'20
63*"
66
"a
76% Sale
Pltm Clev <fe Tol 1st g 6s..1922 A
O
Aug'15
67%l
62%
Tol&Clndiv l3t ref 4s A.-1959 J
Canada Sou cons gu A 5s.—1962 4
78%
79
137
90
VI N
A O
J
J
F A
I D
Jan'21
63%
8S34
1957
1998
Clear <fe Mah 1st gu g 5s—1943
Roch & Pitta 1st gold 6s—1921
Consol 1st g 6s-—
1922
78
91
62%
85
1937 M S
1004 103%
72%
2
63% Sale
86
4)49
43
91
73%i
Jan'2l!
3
O
All <fe West 1st g 4s gu
102%
8
75%
D
O
Consol
100%
77
75%
73
75
Ohio River RR Is' g 5s...1936 J
Buffalo R <fe P gen g 5s
„
112
CI Lor <fe W con 1st g 5s.. 1933 A
General gold 5s_.
--
91
s31% Sale
63
67%
;
92
J
Refund & gen 5s Series A.. 1995 J
129%
101%
J
O
*1948 Q
gold 4s
Registered—
1st 50-year
Feb 21.
76%
6S34
67%
O
1925 J
88
Sale
110
O
*1925 Q
*1948 A
Registered
Mar'21
102% Sale 100%
71
75% 76%
91
90%
79
765s
83
al952 M N
Sav F & W 1st gold 6S
81
88%
*1952 M S
Gen unified 4)49
1964 J D
Ala Mid 1st gu gold 5s
1928 M N
Bruns & W 1st gu gold 4s.. 1933 J
J
Charles & Sav 1st gold 7s.. 1936 J
J
L & N coll gold 4s
77%
67%
68
*81% "81%
Feb'21
74
Ext & Imp a f gold 5a...1929
Ashland Div lat g 6a...1925
Mich Div lat gold 6a...1924 J
Mil Spar & N W 1st gu 4a. 1947 .VI
St L Peo & N W 1st gu 53.1948 J
52
77%
67% Sale
63%
70
*1995 Nov
Conv gold 4s
51%
76
80
76
Adjustment gold 4s......*1995 Nov
51%
85
67
6834
Mar 21
Milw & S L lat gu
3t*s.—1941jJ
Mil L S <fc West 1st g 6a...1921 iVI
76%
54%
77% Sale
81%
j 84%
1879-1929 A
Man G B & N W lat 3
Oct'20
Dec'20
Sept'19
83
Dea Plainea Val 1st gu
4!^3..,47)iVI
Frem Elk & Mo V lat 6s—1933 A
—
Railroad.
4s
S Fe—Gen
102
98
64"
'
Registered
15-yr
Mar 21
97%
98% 101 1 98% Mar'21
85% 83% 85%
85%
..1879-1929 A
10-year secured 7a
—-
65
83
.1987 M N
Registered
Sinking fund deb 5a
Sept'20
Canal Improvement 4s
83
1
64%
58
93
Feb'20
74%
1879-1929 A
Registered
'
84%
83%
93%
93%
6
98
93%
72%
72
78%
68%
63%
74%
1987 M N
Stamped 4a
Feb'21
|
53
98%
91%
-
1987 M N
84
|
Sale
89%
1987 M N
pl987 Q F
General 4a
74%
71%
1934 J
18S6-1926 F
gold 3t*8
88
1961 iW
Ann Arbor 1st g
6s. _.1924 J
Registered
93%
92%
Canal Improvement 4s
Atch Top &
62%
953g
88
92
46
84%
92
Mar 21
91%
74
60
58
8
83
92
53
*38
93
83
83%
92%
92%
75%
1926 J
88%
Mar'21
59
65
65
41
68
61
7934
5934
86
65%
59%
73%
19
61
1921 J
Mar'2L
83%! 83-4
82%
82%
75%
1934 J
4>/*a
4
61
53%
74
asaura g
*66"% "71%
67
73%
,
1925 J
extended
Jau'21
61
60% Sale
65
I
.92%
Feb'16
C M & Puget Sd 1st gu 4s. .1949 J
88
83%
71%
Dec'20
j 63%
92
92%
N
New
4)4%
3)4%
Sale
33%
Jan'21
9134
92%
9I34
92 8
1958 M N
88
.80%
92
Sale
2
10
80%
8334
71%
71%
73%
8 t.e
Registered.
83% Sale
8334
87%
8684 87%
81%
May'19
Sale
City Securities.
City—4)4 a Corp stock. 1960 M 3
4)4a Corporate stock
1964 M S
4)49 Co porate stock
1966 A O
98
81
65%
92%
75% Sale
Wis & Minn Div g 5a
1921 J
Chic & N'west Ex 4a...l886-'28 F
N Y
96%
Mar'20
67%
Milw & Nor 1st ext 4 ^a_..1934 J
"49% "54"
68
68
Cons
44
51
Feb'21
65
Fargo & Sou
50
87%
Feb'21
1932 J
98
85
50
—j 78
Mar'17
70
"59%
a2014 F
Ser B 5a
87%
78
I
—
63
^el989 Q
4t*a
95%
81
76%
67-8
34
82
80
85
35%
28%
9)%
Chic & L Sup Div g 5s
t These are prices on the basis of $5 to
and
"69"
1956 J
50
25-year debenture 4a
58
95%
I
97%
,
1st 44*S—.1969 J
31
25
87
Jan'21
87% Mar'21
Chic <fe Mo Riv Div 5a
100%
96%
118
97% 97%
76 102
104%
103
1
Permanent 4a
94
94%
84
50
71
el989 J
General 4 V*s Series C._...el989 J
Gen & ref Ser A 4
a2014 A
87
53%
84
Sale
Ch M & St P geu g 4a aer A.el989 J
conv
89s4
93
---
2
32
1956 J
Mar'21
„1
!
66%
Registered
Gen'l gold 3 4*s Ser B
7634
82%
"77" ~82~
18
29
1936 J
1946 J
East
70%
88
83%
93
88
83
5l"
36
5S'2 Stle
955s Sale
32
79%
29
1945 A
80
Ind & Loul8v 1st gu 4a
Chic Ind & Sou 50-yr 4a
82%
!
79%
29
1
72%
95%
48%
9758
~6<r
...1947 J
Chic L 3 &
39%
'I
13
j 93
87
dep,
Refunding gold 5s
Refunding 4a Series C
40
97%
8 4%
1937, M ti
Chic Ind A; Loui8v—Ref 6a__1947 J
45
102
31%
Chicago Great West lat 4a..-1959 M
41% Sale
Sale
79%
46
35
Oct'19
78%
———
dep
L.
Guar Tr Co ctfs of
Chic & Ind C Ry 1st 5a
Convertible
103
88%
90%
Sale
U S Mtg «fe Tr Co ctfa of
Gen ref
-
89
79
95
84
42
88
1927iiVI N
1927 M N
General conaol lat 5a.—
65
193
4a
73%
43%
1
83%
Sale
84%
99%
96%
72
80%
23
74
32%
72
81
29
74%
93
74
93
39
933s
73%
44
38
72
J
35
31
1
3
41%
80%
O
97
Sale
97t2 Sale
4%
35
North;
3
75
93 %
Great
1958 <VI
74
9914 Sale
See
Extension
41
32% Sale
4
Sale
'
7412 Sale
75
44% Sale
s35
Nov'20
88% Sept'16
73%
73%
1949
3 4*3
4a
74
75
72
1949 J
Div
Div
bonds.
M N
193 3 J
Switzerland (Govt of) s f 8s 1940 J
Tokyo City 5s loan of 1912
M
State
1949
1950
M N
1899 Q
72%
75
63%
73%
ChlcA E 111 ref & trap 4s g-1955 J
U S Mtg & Tr Co eta of dep
I
1st conaol gold 6a
1930 A
83
131
70
72% •72% Mar'21
Registered
85
82
73
72
Geaeral4a._.
96
81%
65
73
63
Nebraska
87%
89%
91%
85
65
-
99%
88
915J Sale
F
151
78
1477
80
Jan'21
Illinois
80
94%
81%
82%
Sale
89
F
"73% "78" "
88
June'19
Illinois
95% LOO
95% 98%
95% 98%
70% 81%
93
101%
F
1*73% "77"%
Jan'2L
69
69
95
80
73
75%
63i2
Sale
93%
40
74%
82%
61%
Joint
45%
98
75%
755s
1921 A
Zurich (City of) a f 8s.
40%
78
1954 J
s f 8s
Paris (City of) 5-year 63
San Paulo (St ite) ext s f 8s
99
80
1940 A
Norway external
87%
73%
75%
Railway 1st lien 34*9
CRie B t-: <fe Q ihi—
99%
94
99%
94%
95%
7234
72
98
74% 7 4%
82% Sale
5s...1940
g
Cbic & Alton RR ref g 3a
92%
90%
6912
81
conv
£ 5s of
9134
9712 Sale
conv
Mexico—Exter loan
40%
9512
93% Sale
9712 Sale
1921 M N
bond 5>*y—1937
5lis...
1929
5J*s
pl922
Italy (Kingdom of) Ser A 6^*3.'25
Japanese Govt—£ loan 44*3.1925
Second series 4)43
1925
Sterling loan 4s
1931
Lyons (City of) 15-yr 6s
1934
Marseilles (City of) 15-yr 6s. 1934
10-year
4014
85%
83%
75i2
French Republic 25-yr ext 8s. 1945
Gt Brit & Ireland (CJ K of)—
3-year
103
91
99%' 275
41 '
|"
9334100%
97%
93% 94%
74
84%
98% 101
92%
63i2
f 8s....1945
notes
51
93
79
A.1949 F
Danish Con Municipal 8s "A" 194T
Series B...
1946
Dominican Rep Cons Admsf 53*58
5-year 5)4%
20-year gold
1
9278
7214 Sale
4J*9——1949
Denmark external
23
92
89%
99%
99
41
95
I
Cnrlstlania (City) s f 8s
1945 A
Copenhagen 25 yr s f 5>*a._1944 J
Cuba—External debt 5s of 1904. M
57|
101
V
99
9912
9314 Sale
99% Sale
30
75
9934
92
A
2d con3ol gold 4a
1989
Greenbrier Ry 1st gu g 4a. 1940 M N
Warm Springs V tat g 5a..1941 iVI 3
99
87
370
F
Potts Creek Br 1st 4s..... 1946
R & A Div 1st con g 4s...1989
72
95%
ISO
9334
Sale
94
Bergen (Norway) s i 8s
1915 M N
Bordeaux (City of) 15 yr 6s. 1931 M N
Canada (Dominion of) g 5S-.1921 A
do
do
...1926 A
do
67
93
1941
84
91
14
63% July'20
66
3
f 8s
s
July'18
Government.
Internal 5s of 1999.._ (W
Belgium 25-yr ext
5-year
Mar'19
99
80%
99%
79
9
98t4
1961 Q M
97%
Jan'18
75
3
84
100
99
Mar'2-
79% Feb'21
92
91%
78% June'20
Craig Valley 1st
Registered
94
96
83
.75%
89
91
0, 80%
12
Feb'2l
93
92
3
76
95%
83%
0,85
97%
93
Registered ——.1939 VI N
~
£
80%
95
99
100%
81%
---
May'18
97%
9S%
81
J
A N
High
10134
73%
88%
97% June',L7|
82
Dec'20
83
"69"
2
Deo'20
90
78%
98%
1929 J
ATo. Lom
101
99%
High
66
71%
83
Dock <fe Imp gu 5a
1921 J
N Y & Long Br gen g 4a...1941 MS
97,34'7955 95.56 97.76
Fe
Ask Low
67
Am
2a consol registered
2s consol coupon
4s registered
87.50 8357 85.34 88.60
Sale] 83.53
87.24
A
Mobile Div 1st g 5s
1946 J
Cent RR <& B of Ga coll g 5a. 1937 VI
Cent of N J gen gold 5a
1987 J
Registered
*1937 vi
83.00 91.14
Since
Jan. 1
101% Sale 101
101%
72% 73%
73% :
73%
89
91% 83% Mar 21
84% Sale
83%
84%
88
85
88%
85
I
Mid Ga & Atl Div 5a
Tbird
O
D
D
Chatt Div pur money g 4a. 1951 J
Mac & Nor Div 1st g 5a..1946 J
68 85.34 83.80
87.20 5304 85.30 88.40
87.16
Range
or
Lost Sale
Canadian North deb
87.20 Sale
2d conv
Week's
Range
ending March 18
High
89.90
ii37
interest"—except for income and defaulted bonds.
Since
Jan. 1
90.36 Sale
Conv 4of 1932 1947
are now—"and
Range
or
Last Sale
18
Ask Low
Bid
3)4% ot 1932 1947
Conv 4% of 1932 1947
changed and
was
New York BOND Record—Continued—Page 2
1128
Week's
Range
BONDS
Range or
Since
N. Y. STOCK EXCHANGE
March 18
EXCHANGE
ending March 18
Week
Last Sale
Morris A Essex 1st gu 3^82000 J
Salej|
6712
D
93i*
1923 F A
Term A Improve 4s
1923 M N
Warren 1st ref gug3-HiS._.2000 F A
N Y Lack A W 6S
91
14
25
Leh A N Y 1st guar g 4s
Feb'08
Delaware A Hudson—
1st lien equip g
1922 J
4Mb
10-year secured 7s
44% Sale
44
46
42
42
5
73i2
74
74
5
2934
6II4
2978
8
10
J
mm
m
50%
63
74%
75%
75
92%
....
53
48
70%
91% Sale
»
Mt Vernon 1st gold
81
O
N
86
70%
82
81%
72
J
A
A
IVI
M
A
M
J
M
M
J
J
J
J
Middle DIv reg 5s
1921 F
Omaha DIv 1st gold 3s
1951 F
St Louis DIv A Term g 3s. .1951 J
Gold
3^s
1951
Registered
1951
St Louis Sou 1st gu g 4s... 1931
fnd 111 A Iowa 1st g 4s
1950
Int A Great Nor 1st g ext 7s..1922
James Frank A Clear 1st 49.. 1959
Kansas City Sou 1st gold 3s.. 1950
Registered
1950
Ref A ImPt 58
..Apr 1950
Kansas City Term 1st 4s
1960
Lake Erie A West 1st g 5s
1937
1941
2d gold 5s
5s..1945
4)^8...1940
1940
North Ohio 1st guar g
Leh Val NY 1st gug
Registered
No
.
'52 '
53%
23%
91%
Jan'17
67
Sept'20
53i8
53%
108
Nov'11
95
June'12
.
.
75%
Feb'21'.
Aug'10
77
65
62
Sale
62
70
63
75
"61%
Mar'21
101
1
444
■
31
81
96
June'16
"83% ::::
84
Feb'21
10134 102%
99%
95
85
80
80
Sale
75
92
j
90
222*'
75
8
69-%
76
J
J
F
F
A
6834
69
79
84
Jan'21
76
82
83%
82
Mar'21
82
83%
71
71
J
J
I
O
O
S
S
O
N
J
N
N
J
D
J
J
A
A
J
J
J
A
92
"73" IIII
Sept* 17
71
Nov'15
84
"70" IIII
Jan'21
1
7084
Dec'20
80
Ju!y'09
71
71
74%
65
i
70
71
1
i
95«s Sept'19
7534'
7412
68%
69
70% Sale I
91%
90%
91
73%
1
58%
65
"92"%
73%
73%
Mar 21
"64% "68 "
June'16
58%
..
Dec'20
._|
65%... .J
58% Sept'20
60
80% Nov'16
67%
..
..
..
Dec'20
69
71%
.J
.J 92
A
D
60
70
89
Feb 21
Mar'19
89
90%
89
Oct'20
70
J D
84
7 4%
55% Sale
84
71
74%
Feb'21
65
I
75%
75
91%
77%
----I
Mar'21
"75" "75"
73%
76%
88%
90%
743s Mar'21
74
75%
54%
54
56%
Mar'21
55%
Oct'09
73%
71% Sale
83
Sale
83
70
64
65
84%
78
this week,
73
90
70%
84
87
67%
7534 Mar'21
74% Sale
50
79%
Nov'17
75
78
69%
87
65% July'18
S ile
J
J
M
J
M N
89%
73%
71%
Nov'10
73
~82~%
84
71%
..117% May'10
88
A O
A O
J
J
J J
J J
J J
A O
J
J
J
J
89%
Dec'20
102
57
!
Jan'21
58
!
63%
6934
72%
Dec'20
68
72%
58%
69
68%
70%
6934
74
"74% "77%
75
Feb'21
69%
90%
70
a
74%
1
I
"73" "75"%
7U
70%
74
83
79
83
64
65
Feb'21
"84% *84%
Sept'19
Due Jan.
b Due Feb.
Nov'10|
July'20'
99
95
Mar'20
99
91
Sept'20
70
73
70%
70%'
40
Sale
40
41
12
43
Sale
43
43
10
41%
41%
68%
69
10
40
41
8
78%
3
95
O
90
N
8
41
44
68
68%
Sale
41
78%
78%
79%
90
_
Feb'21
Dec'16
90
56
58%
Sale
37
.
38%
36
J
M
14!
Feb'21
24%
35
30
Jan'21
48
53%
49%
54
54
35
40
39
Jan'21
33
26% Dec'20
43
40
30%
Jan'21
77%
57
42
Dec'20
69
59
Mar'21
42
54
A
Jan'21
51%
69%
A
O
N
S
D
S
"18
39
26%
...
30
50%
Jan'21
39
A
IVI
M
38
57%
37
36%
24
J
2
Dec'20
88%
95
89
90%
57%
5
Jan'21
85
83
A. .1965 F
3HS.61951 A O
Cart A Ad lstgug4s—:~1981jJ
D
Goub A Oswe 1st gu g 5a..l942 J D
Ka A A G R l8t gu g 5s..l935iJ
J
Beech Cr Ext
Aug'19
Jan'21
Mar'10
75
S
D
B_al923 F A
1st A refunding 5s Ser C..1926 F A
General 4s
1975 IVI S
Missouri Pac 40 year 4a
1945 M N
3d 7s extended at 4%
1938 M S
Cent Br U P 1st g 4s......1948 M N
Pac R of Mo 1st ext g 4s... 1938 J D
2d extended gold 58
1938 F A
St L Ir M A 8 gen con g 58.19311J
J
Gen con stamp gu g 5s. .1931' A O
Unified A ref gold 4s
1929 A O
Registered
.1929 J
J
Rlv A G DIv 1st g 4s
.1933 J
J
Verdl V I A W 1st g 5s
1926 IVI N
Mob A Ohio new gold 6s
1927 M S
1st ext gold 6s...
hl927|J D
General gold 4s
1938 Q J
Montgomery DIv 1st g 58.1947 M S
St Louis DIv 5s
1927iF A
St L A Cairo guar g 4s
1931 J
Nashv Chatt A St List 5s
1928 J
Jasper Branch.1st g 6s
1923IA
Nat Rys of Mex pr lien 4 Ms. 1957; J
Guaranteed general 4s
1977 A
Nat of Mex prior lien 4^8
1926 J
1st consol 4s
1951
NO A N'Elst ref A lmpt 4^sA '52
New Orleans Term 1st 4s
1953 J
J
N O Tex A Mexico 1st 6s
1925 J D
Non-cum income 5s A
1935 A O
N Y Cent RR conv deb 6s.—1935 M N
10-year coll tr 7s
1930 M S
Consol 4s Series A
1998 F A
Ref A impt 4^s "A"
2013 A O
New York Cent A Hud River—
Mortgage 3^8
1997 J J
Registered
1997) J J
Debenture gold 4s.
1934 M N
Registered
1934M N
30-year deb 4s
1942 J J
Lake Shore coll g 3Hu
1998; F A
Registered
1998 F A
Mich Cent coll gold 3Hs~1998jF A
Registered
1998, F A
Battle Cr A Stur 1st gu 38-1989, J
D
Beech Creek 1st gu g 4s—1936'J
J
Registered
1936 J J
2d guar gold 5s
1936 J J
Registered
1936 J J
84
.....
77
D
1st A refunding 5s Ser
Nov'20
75%
IVI ~
J
1st A refunding 5s Ser
Oct'18
73%
O
70
69
.
67
34
Feb'21-
68
"70"
58
60
6278
Oct'20
32
30
Jan'211
50
37
Oct'20
78%
77%
77%l
10
'
3
77%
863s
80
92%
6
83
87
Missouri Pacific (reorg Co)—
90
6
Jan'21
Jan'21
67
67
*15
99%
94%
82%
66
1990;F
1942
M K A Okla 1st guar 5s... 1942
M K A T of T 1st gu g 5S..1942
Sher Sh A So 1st gu g 5s.
1942
Texas A Okla 1st gu g 5s. .1943
94%
99%
S
2001 A O
City A Pac 1st g 4s
65%
Jan'21
977s May'16
83
N
"5
Feb'05
90
99%
deposit..
.
65
65%
89
1944 M N
2004 M S
Mo K A E 1st gu g 5s
99%
68%
"'"29
6884 Feb'21
73% Mar'21
73% June' 18
♦66
80
90
66
76%
99%
5% secured notes "ext"...1916
Dall A Waco 1st gu g 5S...1940.M N
90% 103
90
6%
7%
73%
1)9
1
Feb'2l
60
6%
9
Jan'21
6
93
Trust Co certfs of
."j "75" "75"
Jan'21'
94%
70
91
80
81% Mar'21
95
deposit.._|
sinking fund 4Mb
1936 J
St Louis DIv 1st ref 4s
Kan
99
99
102% Mar'21
136% May'08
95
Gen
*92" ~
"81 " "82%
""2
Feb 211
75
9934
101
87%
Mar'20
83
73%
♦99
"4
3
86
85
65%
I.
deposit
Jan'21
72
83%
Trust Co certfs of
99% 102
Feb'21l
82
80
2
54%
53%
70%
70%
95% Nov'19
104
Aug'20
~8s" mi
Int gu'26 J
1st A refunding 4s
"81% "84"
.
Feb'21
......1941 M N
2d gold 4s
.
87%
87%'
120% May* 16
81
82%
Dec'20
81
J
D
yl990,F A
Trust Co ctfs of
71%
Sale
85
4^8—1945
1st ext gold 5s
99%
Sept*20
99
"88*14 *89 "
97%
80
98%
69%
J
O
Mississippi Central 1st 5s
1949'J
Mo Kan A Tex—1st gold 4s__1990,J
99
95%
72
70%
M S
Joint 4s. -.1952
61952
1937
M S S M A A 1st g 4s
63
102%
95%
3
97%
"53% "54"
87%
6s.1931
1st Chic Term 8 14*
62%
62%
-
102%
98
76%
-
62%
63
10214 Sale 101
9734 Sale
97%
97% Sale
97%
79
8278 80
"94 "
80%
-
92
75l2
53%
.
Feb'21'.
82%
prloe Friday:! ateet bid and asked
53%
99
9238
Joint 1st ref 5s Series A .1963 J
Merapb DIv 1st g 4s
69%
52
1951
1951
Registered
Nov'19
72
m
*
81%
J
J
Registered...............1951 1
1st gold 3J^s
1951 J
Registered
1951 J
1951
Sprlngf DIv 1st g 314s
1951
Western Lines 1st g 4s
1951
Registered
1951
Bellev A Car 1st 6s
1923
Carb A Shaw 1st gold 4s
1932
Chic St L A N O gold 5s... 1951
m
m
60%
81%
8
D
1936
Gen cons gu 50-yr 5s
1963
La A Jef Bdge Co gu g 4s
1945
Manila RR—Sou lines 4s
1936 M
Mex Internal 1st cons g 4s—1977 M
Stamped guaranteed
.1977 M
Midland Term—1st s f g 5s.-1925 J
Minn St Louis 1st 7s
1927 J
Pacific Ext 1st g 6s
1921 A
1st consol gold 5s
1934 M
1st A refunding gold 4s
1949 IVI
Ref A ext 50-yr 5s Ser A... 1962
Des M A Ft D 1st gu 4s._.1935
Iowa Central 1st gold 5S..1938
Refunding gold 4s
1951
M St P AS S M con g 4s Int gu'38
1st cons 5s
1938
"so" "50"
Jan'21
IVI
Feb'20
100
100%
SAN Ala cons gu g 5s
.
Feb 2L.
J
1955 F
31^8
58%
Dec'08
50
...1980
Jan'21
Mar'21
j
77
72
Pensac A Atl 1st gu g 6s...1921
"76" "76"
58%'
58%
100%
92%
N Fla A S 1st gu g 5s
.
88
99
J
J
"l2!
103%
103
97
Kentucky Central gold 48.1987 J
Lex A East 1st 50-yr 5s gu_1965 A
LAN AM AM 1st g 4^8-1945
.
52
J
J
Gold
Jan'18
Mar'21
90
88
J
J
5s—1946 J
N A.C Bdge gen gu
Feb'21
90
103% Sale
M N
Hender Bdge 1st s f g
98" "98"
Feb'21
91
13
89
78
8
Registered
Feb'21
82
82%
90
Feb'21
99% Nov'20
90
Mar'21
~92~% IIII
M N
Dec'19
76%
81%
78%
Nov'20
68
67%
J
IVI N
Jan'll
87
86
——
♦75%
J
J
Atl Knox A Nor 1st g
:
Jan'18
76
m
82%
A
LAN South M
68
60% Mar'21
65%
65%
60%
67%
"82"% mi
Atl Knoxv A Cln DIv 4s..-1955 IVI N
81'" *88"
81
85
m
0178
Feb
1951
Registered
1951
1st gold 3s sterling
1951
Collateral trust gold 4s
1952
Registered
1952
1st refunding 4s.
1955
Purchased lines 3 Ms
1952
L N O A Texas gold 4s....1953
Registered
...1953
15-year secured 5>$s
1934
Cairo Bridge gold 4s
1950
Lltch leld DIv 1st gold 3s..1951
Loulsv DIv A Term g 3^8.1953
45%
81%
76%
Feb'21!.
46
1937 J
J
Will ASF 1st gold 5s
1938; J D;
Green Bay A W Deb ctfs "A"
Feb'
Extended 1st gold 3^8
37%
Dec'20
103
mmmm
56
gold 5s
Illinois Central 1st gold 4s... 1951
39%
1
36
J
36
34
82t2
J
Hocking Val 1st cons g 4^8—1999 J
Registered
1999 J
Col A H V 1st ext g 4s
1948 A
40
13
98
Aj
J
72%
36
I
77
Qui1 A S I 1st ref A t g 68-61952 J
72%
64
I
m
70%
A!
"45"
78
81
m
mm
39%
116
40
m m
mm
J
IVI
2d gold 3s
55%
66%
68
95
St Louis DIv 1st gold 6s..-1921
51%
Jan'17,
3814
mm
76
J,
N|
1930 A O
4>$s._._.1959,J D
Fort St U D Co 1st g 4Ha
194l| j Jj
Ft Worth A Rio Gr 1st g 4s.. 1928 J
J
Galv Hous A Hend 1st 5s
1933 A O
Grand Trunk; of Can deb 7s.. 1940 A O
Groat Nor C B A Qcoll4s...l921 J
j
Registered
hi 921 Q-j
1st A ref 4^s Series A
1961 j j
Registered
1961 j j
St Paul M A Man 4s
1933 J
J
1st consol g 6s
1933 J
j
Registered
.....1933 J J
Reduced to gold 4H8-.-1933 J
j
Registered
1933 J
J
Mont ext 1st gold 4s
1937 J D
Registered
1937 J D
Pacific ext guar 4s £....1940 J
J
E Minn Nor DIv 1st g 4s__1948 A O
Minn Union 1st g 6s
1922 J
J
Col A Tol 1st ext 4s
NO AM 1st gold 6s
2d gold 6s
Oct'06
66%
Sale
65
s
Paducah A Mem DIv 4s.__ 1946 F
1067s
m
81
80
98
Houston Belt A Term 1st 5s. 1937 I
10 year secured 7s
L Cln A Lex gold 4Hs
" *91%
91
78
mm
1940
1940
1931
1930
1931
1930
1930
gold As
Registered
'99" "99"%
36%
79
•-
IVI
1937 IVI N
5b
Collateral trust gold 6s
Feb'21:
36
40%
75
1942 |J D
1926 j jl
1921 J
J
ctfs "B"
83
Gold
Unified
37
37
36%
Bull Co Branch 1st g 5s
Debenture
88%
83
41i2'
73i2
deb 5s.
66%
IVI N
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 6a
1930 J D
7734
87%
41;
53 j
Oct'20 ...J
36
36% Sale
Florida E Coast 1st
1st guar
s
O
June'16
73
"72% "73%
..1942; A O
6s.._1923i A 0:
Registered
IVI
54
June'20
395a
J
1937'j
1937; J
1949
N Y B A M B 1st con g 58.1935 A
m
Registered
66
75
91UI
91
"41% Sale"
5s..l943;M Ni
1940! A O
Mont C 1st gu g 6s
68
Jan'20
5U4
58l2
77%
1st general gold 5s
|
Mar'2H
"53" Sale"
40
Evans A T H 1st cons 6s
74
J
9434 Nov'15,
98*2 Aug'19
J
J
6s
M
1934
1937
1949
gold 5s..
Feb'21
91%
99%
91%
NY A R B 1st gold 58
80
*
1949
Debenture
Oct'20
93
O
Wllk A East 1st gu g 5s
~
•
Unified gold 4s
477s
99
99
98%
48
63
Guar refunding gold 4s
92
90
86%
64
62
Feb ''21!
83
1932 J
73
8Si8 Mar'211
1051* Mar'08
IIII "85~"
1922
Gold 4s.
Dec'20
9312
87%
Ferry gold 4^8
20-year p
76
73
40
11
i
79
68
M
Jan'21
May'20
Feb'21
91
75
72
Jan'21
71%
"84* "89*
71
46%
21
98
9234 Mar'21
105
Oct'13
70%
1945 M
42%
Apr'll
64
94%
67%
19
Mar'12
9784
98
91
66%
"l
50i2 Mar'21
82
Dec'16
63
Nov'20
51%
68
63
5
9134
113
90
1945 M
Registered
1
84
91%
91%
Long l8ld 1st cons gold 6s_.61931 Q
1st consol gold 4s
61931 Q
General gold 4s
1938 J
Dec'20
63i2
N
Ev A Ind 1st cons gu g
m
63% Sale;
Gen conv 4s Series D
Mid of N J 1st ext 5s
42
67% Mar'21
6978
45i2
72
...1953 A O
gold
80% 84
1017s 104%
71
73%
5 100% 100%
63%'
42U
81
2
I
635s
Cleve A Mahon Vail g
1st
73
1001s1
Chic A Erie 1st gold 5s
Terminal
81
|
1023s'
96%
77
6334 Sale
655s
67i2
6914 70
gold 4s... 1939 J
J
Mtge. A coll trust 4s A.. 1949 A O
Det A Mack—1st lien g 4a—1995 j D
Gold 4s...
1995 J D
Det Rlv Tun Ter Tun 4HS--1961 M N
Dul Mlssabe A Nor gen 6s...1941 j
j
Dul A Iron Range 1st 6s
1937 A O
Registered
1937 A O
Dul Sou Shore A Atl g 5s
1937 J J
Elgin Joliet A East 1st g 5s.. 1941 rvi N
Erie 1st consol gold 7s
1920 M S
N Y A Erie 1st ext g 4s
1947 (VI N
3rd ext gold 4^s
1923 IVI S
4th ext gold 5s
..1920 A O
5th ext gold 4s
1928 J D
N Y L E A W 1st g fd 7s..1920 M S
Erie 1st cons g 4s prior
1996 J J
Registered
..1996 J j
1st consol gen lien g 4s..1996 j
j
Registered
1996 j j
Penn coll trust gold 4s__1951 F A
50-year conv 4s Ser A...1953 A O
1953 A
1982 m
5S..1938 j
Erie A Jersey 1st s f 6s
1955 j
Genessee River 1st s 16s... 1957 j
Long Dock consol g 6s
1935 A
Coal A RR 1st cur gu 63...1922 M
Dock A Impt 1st ext 5s
1943 j
N Y A Green L gu g 5s
1946 tw
N Y Susq A Wist ref 5s_. .1937 J
2d gold 4HS
1937 F
General gold 5s
1940.F
96%
1
103%
100% Bile
Rio Gr West lpt
do Series B__
781s
8034
80% 8U4
1021s 103% IOUS
70% 72341 73
30-year conv 6s
1940 J
Feb'21
78ls
7934
78
1943 M N
1935 A O
1930 J D
Alb A Susq conv 3J^s
1946 A O
Renss A Saratoga 1st 7s.,.1921 M N
Den A R Or—1st cons g 4s__1936 j
j
Consol gold 4^8
*
1936 J J
Improvement gold 6s
1928 J D
1st A refunding 6s
1955 F A
Trust Co certlfs of deposit...
Rio Gr June 1st gu 6s
1939 j D
Rio Gr Sou 1st gold 4s
1940 J
J
1st A ref 4b
Guaranteed
9612
96%
J
No.
69%
77
Sale
84
High
Ask Low
69%
69%
67%
General cons 4^s
91
91
Range or
Last Sale
Bid
95
2003 ivt N
Leh V Term Ry 1st gu g 58...1941 A
Registered
1941 A
Leh Val RR 10-yr coll 6s__»1928
Leh Val Coal Co 1st gu g 5s. .1933 }"
Registered
1933 J
1st Int reduced to 4s
.1933 J
Feb'21
1021s
91%
18
Lehigh Val (Pa) cons g 4a...2003 ivi N
70?s
95
Feb'21
95
96
94
Friday
March 18
High
67i2
68
67%
Week ending March
Jan. 1
Low
High
Ask Low
Bid
Del Lack A Western—
Week's
Price
Price
Friday
BONDS
N. Y. STOCK
# Due
June.
1st g
I Due July.
■ Due Sept.
89
8ale
89
89
84
Sale
83
84
53
Sale
51%
53%'
Mar'211 ---! "72%
June'19
73%'
74
60
|
68
77%
' 77% Mar'21
65%
85
85
85
Sale
70
I
85% 102
July'14
Sale | 69%
70%
68% 807s Oct'17
68
67% Sale
80
90
66
67%
87
74"
Illj "77% 78%
I 79% Aug'20
79%
87| 5184 56%
Oct'18
58
Sept'20
6( "83"% 90%
42
2
"69%
73%
"66 " "71%
.J
99% Mar'21
J "94 ~ 100
88
91
90
.J
57
63
60
99%
71
76
Mar'21
58
Dec'20
78
77
Mar'21
76
77%
76
Mar'21
92%
99%
94%
94
Mar'21
99% Mar'21
23
Mar'21
Dec'20
22
30
17
25%
26%
34%
20
27
70%
7034
63
64
62%
63
93%
94
93%
93%
60%
62
62
62
61
Dec'20
Mar'21
Feb'21
2
6
89% Sale
101
Sale
87%
89%
99
100%
101%
129
68% Sale
68%
70
7678 Sale
76%
78
3
Sale
66%
68
23'
67
67%
68
7784 Sale
76%
6
Jan'21
77%
66% June'20
"74"" "75%
75
Feb'21
62% Sale
58%
64
65
Sale
62
62%
52% May'20
61
65
62
"47% IIII
68
Feb'21
49
Feb'20
81% Mar'21
79%
88%
95% Nov*16
101
76%
May'16
73
June'20
56%
68%
78%
76
80%
f Due Oct.
t Option sale.
90
•
60
12
90
62
New York BOND
bonds
N. y. stock exchange
if
Week ending March 18
N Y Cent A H R RR
(Con)—
Lake Shore gold
3K»
Price
Week's
Friday
March 18
Last Sale
Range
Ask Low
Bid
1997
d
677g
Registered
1997
d
1928 m s
84
1931 M N
82
Sale
1931 m n
Moh A Mai 1st gu g 4s
Mahon C'l RR 1st 5s
1991 m s
1934 j
j
1931 M
Michigan Central 5s
Registered
4s
69
84%
S
1940 j
Registered" mil I HI 11940
J L A S 1st gold
3Ks
1st go!d3Ks
j
j
ivi n
1952 ... «
20-year debenture 4s
1929 A
N Y Chic A St L 1st g
4S-_1937jA
o
o
1937ja o
Registered
Debenture 4s
92
"7518:::
.1931 IW N
N J June RR guar 1st
4s_..1936 f A
N Y A Harlem g
3KB
2000 ivi N
N Y A Northern 1st
g 5s. .1923
N Y A Pu 1st cons
gu g 4s-1993
Pine Creek reg guar 6s_
1932
R W AO con 1st ext 5e.__hl922
Rutland 1st con g 4kb
1941
79%
77%
82
71% Mar'21
89%
69%
Nov'17
94
92
71
"70% "74%
Equip trust 4Kb... 1920-1925
If Y Connect 1st gu
4kb A..1953
j
f
Non-conv deben 4s.
Non-conv deben 4s
1955 j
Conv debenture 3kb
Conv debenture 6s
Cons Ry non-conv 4s
1956 j
98
69
1948
j
Oct'20
93
93
69
74%
68
Feb'21
73
Feb'19
67% June'20
77%
77%
50
77%
78%
40
Mar'21
46
40%
40%
40%
40
45
40
42
40
50
401*
42
40
49%
3,8%
40% Mar'21
39%
45
60
60
72%
63%
A
50
Oct'17
j
60
July'18
j
49
Oct'19
m n
F
a
J
6G
70
Naugatuck RR 1st 4s
57
1954 m n
N Y Prov A Boston 4s
1942 a
N Y W'ches A B lBt Ser I 4Kb *46
Boston Terminal 1st 4s
1939
New England cons 5s
1945
o
68%
51
5l" "53"
87
....
67
j
Providence Secur deb 4s
Providence Term 1st 4b
1957 m n
1956 ivi 8
W A Con East 1st 4Kb
j
1943 j
N Y O A Wrof 1st g 4s_._..01992 m S
37%
30
45
70
88%
Registered 55,000 only__.0l992 m s
58%
59% Nov'20
57% Mar'21
60%
D
45
A
49% Sale
49
73
77
1961 f
1941 ivi n
1931 ivi n
ext g 6s___1934 f
A
New River 1st gold 6s
1932
N A W Ry 1st cons g 4s...1996
102
51
...
103
101
122
103
"58% "05"
"57"% ~57%
~~6
45%
Feb'21
1017g 104%
Feb'21
75%
76%
74
..1996
101% 101%
75%
80
14
Oct'20
1932
75
74
78%
75
1926
....
90
1938
....
101% Sale
76% 77
96
77
Dec'19
76%
101%
76%
98
99
98%
76%
77
Feb'21
90
75»4 Sale
54% Sale
53%
54%
Registered
a2047 Q
Ref A Imp 4kb ser A
2047 J
St Paul-Duluth Dlv g 4s__ 996 j
50
53
54%
100
1
*
Sale
83%
83
8t P A N P gen gold 6s
99% 102
98% 100
98%
923 q
96
76%
80
931 Q
91
97
Feb'19
76%
37%
28
June'20
Dec'16
Registered
923 F
certificates..
St Paul A Duluth 1st 5s
1st consol gold 4s
968 j
Wash Cent 1st gold 4s
948 Q M
Nor Pac Term Co 1st g 6s
Oregon-Wash 1st A ref 4s
933 J
J
69%
63%
961 J
J
946 J
Pennsylvania RR 1st g 4s...
73
85
104% 106
D
69
955 J
Pacific Coast Co 1st g 5s
Paducah A Ills 1st s f 4kb
J
80
105
78
70% Sale
923 M N
943 Rl N
80
Consol gold 4s
Consol 4Kb
948 IVI N
79%
960 F
A
8684
General 4 kb
General 5s
985 J
D
968 J
D
10-year secured 7s
930 A
O
936 F
A
942 IVI
S
936 F
A
69
76%
9334
Consol gold 4s.
70%
Sale
15-year secured 6Ks
Alleg Val gen guar g 4s
D R RR A B'ge 1st gu 4s g.
Pennsylv Co gu 1st g 4Ks
Registered
Guar 3kb coll trust reg A.
Guar 3K8 coll trust Ser B.
Guar 3 Kb trust ctfs C
Guar 3Ks trust ctfs D
40-year
guar 4s ctfs 8er E.
Cln Leb A Nor gu 4s g
CI A Mar 1st gu g 4kb
.
77%
54%
81%
98%
...
"99%
106%
74%
70
84
J
88%
90
O
887g
90
O
69
85%
8634
102
97%
81
77
o85
309
92
85%
109
105%
829
QQ
97% 100%
Mar'21
83
81
81%
98%
99%
Feb'20
99%
13
99
....
80%
727g
80
81
Dec'20
88%
104
"88% "88%
Feb'21
Dec'15
96%
90%
Dec'12
Jan'21
75
Apr'20
Feb'12
80
1V^ 1 I•
»
1
1
I
80
80
....
1
1
"67"
1
80
80%
Mar'10
931 J
J
82
86%
j
80
82
88% Sept'17
85%
85%
85
85%
85%
85%
Feb 20
Series C guar
942 M n
85
84%
Dec'20
79%
75%
80
Oct'20
75%
Feb'211
82%
80%
Apr'20
76% June'20
79%
80%
79%
970 j
d
o
943 m n
81%
82%
80
85
80
932 a
80a4
95%
81
C St L A P 1st cons g 5s_._
Phlla Bait A W 1st g 4s...
No prioe Friday: latest bid and asked.
58% Sale
83%
71%
83
86
82%
"58" ~58%
1948
1949 a
o
1930 j
1946
75%
94
84%
85%
85
85%
T
75%
i
80
1948 M n
I
80
80
81
5s
Va A 8o'w'n 1st gu 5s
1st cons 50-year 5s
2003 j
1958
63
1924
88%
89
53%
99%
...
71
Term Assn of St L 1st g 4kb. 1939
1st cons gold 5s
.1894-1944
Gen refund s f g 4s
1953
0
88%
81%
88
87%
89%
89%
89%
Keu'21
65
Feb'21
98
Mar'21
96%
Dec'20
90
Jan'21
Jan'21
89
89
Feb'21
81%
81%
65
Feb'21
00%
85%
85%
70
Jan'21
85% Mar'21
78
70
85
Jan'21
85
83% Mar'21
69
70
81% 108
81
85%.
72
July'20
80
Sale
79%
72
65%
50
65%
50
18.
80
Mar'21
77"" ~8l\
50
Dec'20
106% Nov'04
50
...i.
89
Feb'21
82
75
Feb 21
75
75
75
65%
Jan'21
65%
65%
70
69
Feb'21
69
69%
Dec'20
45%
53
89
84
31
30
80%
81%
50
49
46
15%
15%
63
78
44
\
oct'20
Feb'21
15
69
15
81
....
75%
52
80%
75
Feb'21
38
807g
Jan'21
83%
99%'
78
78
Ore Short Line 1st g 6s. ...1922 r
1st consol g 5b
1946 J
98% 104
..
91%
80%
1933 j
77
89
77
76% Mar'21
f
4a Ser A
1955
Consols 4s Series B
1957 mn
i
Vers Crux A P 1st gu
j
4Kb... 1934
Virginian 1st 6s series A
1926 M N
Due Oct.
96
77
797g
94
94
72%
24
*81% Safe"
V Due Nov.
81
I
.Jj
97%
1| 87%
77*4
2
..
..
Jan'21
..
Mar'21
(Due Deo.
97*4 101%
11!'
Feb'18
82
74%
111 76%
I
98% Mar'21
89%
84%
32;
75%
99
1926 T
78
81%
19,|
74%
*ale
Sale
Utah A Nor gold 5s
1st extended 4s
84%
78
56
78
79
797„
..
75% Sale
91
77
Sept'20
78
90
69%
Nov*20
83
02008 M
15%
69%
69% Mar'21
80% Sale
90%
Feb'19
15
-
88
Mar'21
1927 j
#
" *85 "
83%
68%
Mar'21
99
ft Due Auk
«6
Oct'20
10-ycar perm secured 6s. .1928 i
Ore RR A Nav con g 4s
1946 j
A Due July
90'
89
81%
81%
Due June
90"
88
1947 j
cons g
98%
Feb'20
98%
88%
1929 j
80
98%
Aug'19
Nov'20
80%
1952
refunding 4s
55
99
96%
80% May'20
Guar refund 4s
87
55
96%
96%
Jan'21
75%
Oct'20
6 Due Feb.
88% Feb'21;
87% Mar'21
26
...1947 J
4s
70
67%
67%
Tor Ham A Buff 1st g 4s...61946 J
Ulster A Del 1st cons g 5s....1928 J
conv
92%
79%
1950
Coll trust 4s g Ser A
1917
Trust co ctfs of deposit.....
87%
67
877g
89" ~90~
1990
4s
1
63
2d 20-year 5s
...1927
Tol P A W 1st gold 4s
1917
Tol 8t L A W pr lien g 3
kb. 1925
gold
82%
"Hi 64
Feb'21.!
60
68.1930
Kan A M lstgu g4s.
3
88%
64%
85
63
Tol A Ohio Cent 1st gu 5s... 1935
Western Dlv 1st g 5s
1935
General gold 5s
1935
71%
82%
Dec'20
Mar'21
65
85
St L M Bridge Ter gu g 5s. 1930
Texas A Pac 1st gold 5s
2000
2nd gold Income 5s.
#2000 Mar
La Dlv B L 1st g 5s._
J
1931 j
86
67
|
Jan'21'
60
86
W Min W A N W 1st
gu
59%
71
83
j
1955
W O A W 1st cy gu 4s
Spokane Internat 1st g 5s
Vandalia
Mar'211
96%
m Due Jan.
Feb'21
F
61%
80
*
...
55
76
57%
81% Mar'16
67%
*
5
42
62
.
78%
587H
78
50%
97%
•
•
90
66
Ga Pac Ry 1st g 6s
1922
Knoxv A Ohio 1st g 6s
1925
Mob A Bir prior lien g 5s.. 1945
■
57
88%
86%
m
83%
Feb'21,
71
m
25
83
89%
87%
j
M
! jj'm
132, 75
-Ij 69
35
89%
8
1938
1st 3s
88
58%
66
1956 m n
Cons 1st gold 5s
90%
91%
88%
—
84%
40
1944
*84""
Oct'20
81%
78%
87%
64%
..1948
Atl A Yad 1st g guar 4s
E T Va A Ga Dlv g 5s
1st A
o
Series A
841*
71
Registered
o
General 5s
83%
82
20-year
942! a
a
76%
Mar'21
1996
Atl A Danv 1st g 4s
2d 4s
99%
«
oc
July'19
71
1938
1st refunding g 4s
Oct'20
940'a
9571m n
85
75%
1994
Union Pacific 1st g 4s
Dec'20
Series B guar
963 f
86
83
72
1994
•
I
8,
70%
gen 4s Ser A... 1956
Mob A Ohio coll tr g 4s
Mem Dlv 1st g 4Kb-5s
"99%
mil
1950
5s
«
Feb'21
St Louis dlv 1st g 4s
1951
Ala Gt Sou 1st cons A 58.. 1943
Atl A Chart A L 1st A 4KB. 1944
50-year
Sept'20
93
933;j
69
837g
727g
Feb'20
84%
79% May'19
67
99
"67*" ~67~"
67
67
....
70%
Series G 4s guar
81
86%
*68" mi
Series I cons guar 4Kb--
cons g
1
90%
Apr'20
80% Aug'20
83%
84%
57%
58%
Develop A
t
84
87%
1
96% Sept'20
76% Sale
1936 ivi N
942 A
d!
j
I
96
77%
1937 j
1
....
J943
1955
General 5s
942 J
a
..
92%
82%
952 M N
945,m n
gu 4s g.
Jan'21
1
90
86
:
89%
91%
86*4
80% Mar'21
72% Mar'21
953 .t
1937 M n
■
Mar'19
90%
88%
67
949if
So Pac of Cal—Gu g 5s
So Pac Coast 1st
■
90
83%
?—■
1
Feb'21
94
99%
897g Sale
S
80
Series D 4s guar
91%
j
1926 M
88
Series F guar 4s gold
95%
O
Series
79%
Series E 3Kb guar gold..
j
1938 A
85%
66
s
1921 j
1927 j
90
i
73%
88%
90
I
....
84
Louisiana West 1st, 6s
No of Cal guar g 5s
5s
....
Feb'21,..
99%
....
81
O
942. m
85
Feb'21
68
—
85
j
81%
O
85
99%
1941 .1
81
944 J
79
Dec'20
~88%
Jan'20
J
Mar'21
87
Gen gold 4s Int guar
1921 a o
Waco A N W dlv 1st g 6S..1930 ivi N
78
75%
68%
....
8
Dec'20
941 J
86
Virginia Mid Ser D 4-58...1921
Ma~'20
927 M N
87%
86
95%
73%
943 M S
83%
H A T C 1st g 5s int gu
A A N W 1st gu g 5s
75
71%
l\
83%
66
07
Gr R AI ex 1st gu g 4Kb..
90
Rich A Meek 1st g 5b
69%
Ohio Connect 1st gu 4s
Pitts Y A Ash 1st cons 5s.
90
S
64
70%
86
j
90% 100%
1
88%
84
76%
105
2}
69% Mar'21
95
1937 j
73
"75% "79%
40
'
77
82
Ml
100
95%
72%
87% Sept* 16
90
76%
93%
23
2
71%
77
70
1926 M
68
J
69
87%
S
J
o
Mortgage gold 4s.
1945
Rich A Dan deb 5s stmpd.1927
937 M
940 J
a
"77"" "7*8"'
1
941,1
a
69
78%
78
76%
Ga Midland
Mar'21
940 .1
64
80
85*4
67%
__|
78%
70
99
68%
Oct'20
09
99%
A
67%
70%
87%
guar g
80
85*4
....
67%
78% Sale
92
94%
72% Sale
Series E 5s
77%
Jan'21!
67%j 68%
84
....
950 F
a
d
"9*6%
Nov'25
iv! N
E Tenn
reorg Hen g 5s
105
94%
Mar'21!
81
78
948 M N
D
43
65
m: "75" "81%
85%
d
1934 j
39%
55
59%
92
70%
99% Sale
78
d
01929 M S
57
Dec'15
80
m
46
I!
66
Feb'21
83%
mm
63*4
69%
36
87%
69
99%
Series D 3Ks
Erie A Pitts gu g 3kb B
Series C
—
54%
Jan'21
8634
101
69
85%
61949 J
5s
5
81
95%
942 A
Tol W V A O gu 4Kb A...
"56*4
Oct'19
J
67%
597g Mar'21
64
May'20
94% Mar'21
81
61949
1st 30-year 5s Ser B
Feb'21
J
D
47%
Feb'21
82
A
46
57
"
58
60%
52%
32%
....
33%
37%
47% Sale
m
54
36
95
80
941 F
53%
32%
37%
88
conv
3
58
....
63%
Sale
95%
4s
Jan'13
63
62
82
10134 Sale
98% Sale
942 J
66%
83
87%
78% Sale
86% Sale
Int reduced to 3 kb
Series C 8Kb
P c c a St l gu 4Kb a
Jan'21
921 J
935 Wl N
.
79
53%
Oct'20
921 j
942 M N
CI A P gen gu 4kb Ser A__
Series B___
74*4
"l3
"~i
80
931 A
Guar 15-25-year gold 4s
Series B 4kb
Series C 4s
7.534
Dec'20
65
62
86
Southern—1st
90
~ l"65%
"75" "77"
...
Feb'21
80
7434
75
61%
63
78
Registered
"83
Jan'20
75
55
62
62%
90%
con gold 5s
So Pac RR 1st ref 4s
San Fran Terml 1st 4s
78%
75
Jan'21
96*4
100
a2047 y
4s
Registered
•
74
3
1997 q
1997 q
General Hen gold 3s
•
15
75
96
1932
Pocah C A C Joint 4s
d
1941
C C A T 1st guar gold 5S..1922
j
Sclo V A N E 1st gu g 4s..1989 m n
Northern Pacific prior Hen rail¬
way A land grant g
Sale
Sale
55
62%
Sale
1st land grant ext g 5s. .1930
Consol gold 5s
1943
Ga A Ala Ry 1st con 5s
01945
Tex A N O
'
"78%
Dlv'l 1st lien A gen g 4s. 1944
55
61%
Ore A Cal 1st
—
Nov'16
101%
576% Sale
547g
Dec'20
I017g
101
56
Sale
1st A cons 6s Series A
1945
Atl A Blrm 30-yr 1st g 4s.el933 M 8
Caro Cent 1st con g 4s
j
1949 j
Fla Cent A Pen 1st ext 6s..1923
conv
69
54
2d exten 5s guar
1931 j
j
Gila V G A N 1st gu g 5S..1924 Ml N
Hous E A W T 1st g 5s
1933 M N
1st guar 5s red.
1933 ivi n
2
58%
64%
66%
67%
82%
62
36%
1949 F
Mort guar gold 3KS...61929 j
Dec'19
82%
64
96
63
64%
66% Sale
95
Jan'21
32% Sale
Registered
"35% "43"
Feb'18
74%
*58% ~61
Mar'21
63%
82%
54
01949
...1959
Cent Pac 1st ref gu g 4s.__1949 F
93
Sept'17
Nov'20
45
68%
95
94%
6412
....
1950
Gold 4s stamped
Adjustment 5s
Through St L 1st gu 4s__1954
GHASAMAPlst 5S...1931
66
77
89
"77"" "77"
69% Mar'21
20-year
...
62
93%
Jan'21
58
20-year
Aug'13
3534
87
44%
89
77
6334
95%
64
Oct'20
1950
Gold 4s (Cent Pac coll)
69
July'14
83
;«...
60
89
67
98%
Registered
52%
106% May'15
....
3534 Sale
1945 J
..1955 j
68% Feb'21
64% Nov'20
56%
....
90
78
90
66%
61%
98
185
362
Mar'21
61%
63% Sale
Ga Car A No 1st gu g 5s___1929
Seaboard A Roan 1st 5s. .1926 J
Southern Pacific Co—
65
70%
J
86%
67%
44%
71%
84%
63
„
Housatonlc Ry cons g 5s.. 1937 mn
10-25-year conv 4s
10-20-year conv 4s
10-25-year conv 4Kb
10-year conv 6s
j
_
j
63%
76
165
1st terminal A unifying 5s. 1952
Gray's Pt Ter 1st gu g 5s_.1947
8 A A A Pass 1st gu g 4s
1943
Refunding 4s
Feb'21
43
61i2 Sale
j
O
6
61
Seaboard Air Line g 4s
71
46
General gold 5s
1931 J
St L A S F RR cons g 4S...1990 J
Southw Dlv 1st g 5s
1947 A
KCAMRAB 1st gu 5S..1929 A O
St L S W 1st g 4s bond ctfs
1989 MN
2d g 4s income bond ctfs.pl989 j
J
Consol gold 4s
1932
130% Jan'09
95% June'20
70
O
K C Ft S A M cons
g 0s...1928 ivi N
K C Ft S A M
Ry ref g 4s__1936 A O
Nov'16
Jan'21
61955 A
61960 Oct
St Louis A San Fran gen 6S..1931 J
j
Nov'16
77U
40i2
63
58
Co)—
59
"
87
63
97
69
81%
*81%
Feb'21
534 Sale
47% Sale
101
40% Sale
1956 m n
63
11
Feb'21
42
63
59
103
40
60
73%
82
37
Mar'21
1951
86%
65%
47%
93
j
1954 a
70
64
98
40%
1951
St Jos A Grand Isl 1st g 4s... 1947
St Louis A San Fran (reorg
Cum adjust Ser A 6s
Income Series A 6s
50
1947 M
"83""
81
Dec'20
72
50
45%
Non-conv deben 3Ks
Non-conv deben 3Ks
80% Sale
1997
86
50
a
1947 M
1997
Dec'17
Sale
Jan'21
99%
78%
82%
86
55
j
42
Jan'21
60% Sale
May'15
69
70
35%
81%
86
7334 Sale
98
68%
85%
65
Mar'21
j
55%
68
80
67
39%
j
97%
Sale
81%
Sale
36%
j
55%
71
67
1928 j
71% Nov'20
55% Feb'21
9H8
Oct'20
81% Sale
1950 j
98
82
Dec'20
1950 j
Nov'20
High
Sept'20
Prior lien Ser C 6s
60
98%
No. Low
Prior lien Ser A 4s
Prior lien Ser B 5s
69
—.
High
Dec'20
113
70%
Since
Jan. 1
Jan'93
80%
...1943
g 4s
Atlantic City guar 4s g
Range
or
Feb'16
50
Registered
2361
NYC Lines eq tr 5s...1920-22 m n
Registered
71
7634
Ask
88
1940
gold 4s
gen
Range
Last Sale
86%
1956
Jersey Central coll
66
j
f 4S.1937
s
Registered
70%
78i2
98
Pitts A L Erie 2d g 5s
al928
Pitts McK A Y 1st gu 6s
1932
2d guaranteed 6s
1934
West Shore 1st 4s guar
2361
Improvement A
Reading Co
79
7H2
70
Sodus Bay A Sou 1st g 5a_.1924
Sunbury A Lewis 1st g 4S..1936
j
U N J RR A Can gen 4s
S
1944
Peoria A Pekin Un 1st 6s g
f
1921
2d gold 4Kb
61921 mn
Pere Marquette 1st Sot A 5s. 1956i j
J
Pitts Sh A L E 1st g 5s
1st consol gold 5s
78%
85
Bid
1st Series B 4s
Week's
Friday
Pennsylvania Co (Concl.)—
Philippine Ry 1st 30-yr
Nov'19
67i4
70%
76
General 4s
85
56
1996
Norfolk Sou 1st A ref A 5s
Norfolk A Sou 1st gold 5s
Norf A West gen gold 6s
80%
Dec'20
70%
78%
67
4s_._1922
4s
71
60%
78
7814
Sale
95
Consol
86
76%
St Lawr A Adir 1st g 5s.._1996
1930
Non-conv deben 4s
1955
Non-conv deben 4b
1956
Harlem R-Pt Chea 1st 4s__1954
B A N Y Air Line 1st 4s
1955
Cent New Eng 1st gu 4s
1961
71%
83
76
2d gold 6s
Utlca A Blk Rlv gu
N Y N H A Hartford—
Non-con v deben 4s
67%
66%
17
High
66% Mar'20
98%
Og A L Cham 1st gu 4s g.1948
Rut-Canada 1st gu g 4s_1949
g
12
!Low
74% Sept'20,
70
79
High
82
"65" ~67%
775s
Price
March 18
93% May'201
99% Aug'17i
98% Nov'18
j
1951 m s
bonds
N. Y. STOCK EXCHANGE
Week ending March 18
Jan. 1
No.
69
Q M
1931
__
82
7234
8834
88%
1129
3
Since
or
6814
68%
66% Feb'2l
83%
837S
8134
82%
84% Nov'19
64
Debenture gold 4s
25-year gold 4s
Registered
Record—Continued—Page
Range
--ij
...
81%
94
72%
' 72%
76%
72%
23
17
s
92
...ll
..
t
89
80%.
78
98*4
24
81
84
Option sale
BOND Record—Concluded—Page 4
New York
Week's
Range
Range or
Since
Last Sale
Jan. 1
18
March
73k
73i4j
97
97i2 July'19
....
Feb 21'
70*4
82
04
887g Ma *20
Aug'12
80
55
5178
"701*8
66I4
79U
81
55
517g
7914
53
Safe"
87
88i2
62
05
66'4
"66I4
Feb'2L
7914
7914
52
56l2
85i8
89's
60U
6OI4
8814 Mar'21
3014 Jan'21
~83
82
Jan'21
84
90*8 Mar'17
Feb'21
55
71
48
58i2
55
Jau'21
66
66lj
7U4
66i8
73
67
30
Feb'21
25
33
Safe
44
46*8
25
40*8
50
44
50
45
45
39
39
50
1951
.1932
Ref A gen 6s
al932
Nlag Lock A O Pow 1st 5s...1954
Nor States Power 25-yr 5s A. 1941
Sale
40
4-9
25
37
47
Ontario Power N F 1st
42
33
M
45i2
25
27i2 Mar'21
3H2
29l2
5s...1943
1945
Pub Serv Corp ol N J gen 5s. .1959
Standard Oil of Cal 7s
cl931
64
65
May'18
24
Dec'20
64*4
6134
64
64
55
59
54
65
57
53*4 Nov'20
17
25
18
62
Sale
80
90
65
64
65
63
65
54
Wilson A Co 1st 25 yr s
53
58
59
64*4 Sale
64
65i2
36*4 Sale
6358
3314
37i2
...J
77i8 Nov'20
115
18'
21i2
276
18'4 Sale
15
52i8
55
56
5012
5712
37
5512
3412
54i4
58
53
60
3
37
44
15*2
19
Jan'21
Dec'19
Apr'20
92
73i2
72
72
60
50
Feb'21
14
57
July'19
18l2
67i2
18
18i2
16
5
Mar 21
4978
68
56
Feb'17j
46U Sale
30
Sale
7978
76
43
28i2
33
79
9Hs
68
43
mmmm
50
68
671*
mm
32*s
40
m
3378
33U
33
mm m
Sale
63
60
36
•
78*s
77
76
85
Sale
85*4
84
"99*4 Sale"
80
90
Sale
93
68
U S Realty & I conv
1st & ref 5s
3678
Va-Caro Chem 1st
35U
26l2
35i2
61i2
63
67l2
71
Conv deb 6a
82i2
83*4
89i2
88*4 Mar'21
87
June'19
8H*
86
99*4
Apr'20
Apr'20
8812 Mar'21
98U
85
9912
79
7
4
89i8
92i2
51
77*8
89*2
8212
88l2
89i2
89
90i2
"e'o"" "711s
OQ
100
99
95
92
93
Jan'21
73U
99
*73" "73 "
1
73i4
79
80
104l2
..5
Apr'17
"82 " Sale"
81*4
00i2 Sale
80i8
66i2
24
5
82
67
86io
Feb'21
~I.
92
S2i2
Sale
83*8
72
74i2
79
807g
8l"i8 "83"
6434
86*2
68
86i2
84
S418
827S
84i2
7714
7812
77
79
73*4
75
Feb'21
887S
Mar'21
90
903g
Dec'18
93*4
70
93
73i2
8978 Sept*20
Mar'21
90
"
92
86
83
84
69l2
69i2
77
79
Feb"21
79
90
Jan'21
90
70i2
70i2
86i8
85
70l2
90
LOI84
1001*
101
Nov'18
74i4
7414
83i2
Feb'21
75~12
S3l2
.08
108
83i2
85
1061*
06l2
82i4 Mar'21
9US Dec'20
83U
88
Feb 21
88"
88i2
Feb'21
91U
9134 Sale
87
88
9134
92i2
93i2
87
Mar 21
88i2
9434 Sale
93
9434
95l2
87
85i2
80i2
*
80t2
92
8 4i 2 Sale
9738 Sale
7834 Sale
9934 Sale
87t4
86i8 Nov'20
8618 Nov'20
978s
8612
85i2
LOO
7912
79
9934
loh2
93
Mar'21
9418
95*8
95U
91
91*4
911* Mar'21
92
93U
93
931s Sale
95)8 Sale
99
85i4
99
9184 Sale
90
Jan'21
8612
84i2
96i2
78U
92i2
86
M N
& Steel
Iron
f 5s
A
95i8
95*8
98i2
Sale
09
92l2 Mar'21
92i8
93*4
96U
99*4
92*4
Telegraph & Telephone
Tel coll tr 4s
1929
*84" "88_7s
Feb'21
11
70*4
74i2 Mar'21
100
63lg
74
71
74i2
Apr'17
Mar'17
75
May'19,
83*4
70*4
38
92i4
91*4
88
93
82l2
83*4
'68h
Mar'2l!
68*8
Nov'20
86
Nov'20
July'19
Oct'20
72
78
82
84
95
89
78
7714 Sale
77
77
95
Mar'20
96
87
Nov'19
79
88
Ian. 5 Cue
Oct'19
J
|
13
76
80*4
93
7912
80i2
86l2
78
Sale
7778
7838
82l2
85
93 »2
July'19
85ig
Nov'20
8834
81 '4
————
70
75
65
....
69
69
73i2 Mar'21
Sale
89
~94i2 Sale
7412
73
Mar'21
9U2
94"
"9T12
"95U
73i2
731*
Aug'20
89
80
76i2
Jan'21
7534
78
85
Sale
80
70
83
Sale
70
75U
881* 92
9434
Sale
7512
71
85
Mar'21
88l2
8S12
9312
95U
94
75
Mar'2l
80
Oct'20
52
Jan'21
82i2
Sale
8212
8212
78i4
Sale
78
7878
68I4
70
70
——
84
83i4
84
82
811s
8178 Sale
96I4
97U
9714 Sale
10234
10234 Sale IO214
85
96U 86I4 Mar'21j
83U
'
78
*78"
Nov'20
85
76i2
-
70
74i8
82l2
81
83i2
80
"82"
Feb'19
98
87i2
8838
Feb'21
811*
76
81i2
Dec'14
101
96i2
.1936 M S
4 Ms
1933 M S
30-year temp coll tr 5s
1946 J ~
7-year convertible 6s......1925 F
Bell Teleph of Pa s f 7s A
1945 A
Cent Dist Tel 1st 30-year 5a. .1943 J
Commercial Cable 1st g 4s
2397 Q
Registered
2397 Q
Cumb T A T 1st A gen 5s...1937 J
Keystone Telephone 1st 5s..1935 J
Mich State Teleph 1st 5s
1924 F
N Y Telep 1st A gen s f 4MS.1939 M N
30-year deben s f 6s..Feb 1949 F A
Northwest'n Bell T 1st 7s A. 1941 F
Pacific Tel A Tel 1st 5s
1937 J
South Bell Tel & T 1st 8 f 58-1941 J
West Union ooll tr cur 5s
1938 J
Fund <fc real est g 4 Ms
1950 M N
Mut Un Tel gu ext 58
1941 M N
Northwest Tel gu 4Ma g_.1934 J
J
93
93
Sale
93
8012
J J
M S
Pleasant Val Coal 1st s f 5S..1928 J
J
Pocah Con Colliers 1st s f 5s.l957jJ
J
Repub I <fe S 10 30-yr 5s s f..l940 A O
St L Rock Mt & P 5s stmpd.1955 J
J
Tenn Coal I A RR gen 5s—1951 J
J
U S Steel Corp—\coup._..dl963 M N
s f 10-60-year 5s/reg
dl963 M N
Utah Fuel 1st s f 5s
1931|M N
Victor Fuel 1st s f 5s
1953 J J
Va Iron Coal & Coke 1st g 58.1949, M S
.
Oct'17
73
70
96
92
89
88
20-year conv
70
68U
....
Feb'21
9314
83*8
1931
Convertible 4s_
July*17
Mar'2li
"7~8*l2 I III
76ig
68
67
82
85
78l2
L17
Dec'20
6912
Sale 10738
8414 83
106i8
105*8 107
Steel 1st 78—1935.-—
Am Telep A
75
89
~661* IIII
68ig
78i2 May'20
105
67
Jan'21
83i2
J ©
cl924 A O
..
75
7734
77k
117
108
Lehigh C A Nav s f 4Ma A..1954
Midvale Steel A O conv s f 5s 1936
Dec'20
73
7H2 —r-
98U
100*4
75
Sale
80
..1926 J J
1942 M N
20 yr p m 4 Imp s f 5s
1936 J J
Buff A Susq Iron s f 5s
!_1932 J D
Debenture 5s
01926 M S
Cahaba C M Co 1st gu 6s_..1922 J
D
Colo F A I CO gen s f 5s
1943 F A
Col Indus 1st A coll 5s gu
1934 F A
Cons Coal of Md 1st A ref 58.1950 J
©
Elk Horn Coal conv 6s
1925 J ©
Illinois Steel deb 4Mb
1940 A O
Indiana Steel 1st 5s..—.—.1952 M N
Jeff & Clear C & I 2d 5s
1926 J D
Lackawanna Steel 1st g 5s..1923 A O
1st cons 5s series A
1950 M S
1 »ec'19
89
Sale
89
1001*
75
88
"72" "7414
M N
J J
Coal,
8ept'19
99
70
9412
1001s
90U
96
6S..1926 F A
;
1st A ref 5s guar
8U2 Sept'20,
~90"u 1111
87l2
15 yr 5S..1923
Beth Steel 1st ext a
102"
8712
80i2
80
91
74*4
99i8
Feb'21
9412
Sale
Sale
101
r 7Ms
...—1932
Electric 1st 5s Dec
1922
12-yevs
West
77
83*4
Feb'21
85
7U8
7418
62i8
90U
1930 F A
Westlngh E & M 7s
Feb 21
84i4 85
77U Sale
J
7s....1922 J
series A
1947 ■»
26
36
89i2
84
70U
L02
102
87
■>
36
Feb'18
81
61
80
94
73
70i4
60
88i2
J
J
©
J
36
50l2
76
89
74ig
7018
8534
A
.
29
4
78i4
79
7.5*8 Mar'21
89i8
8H2
80
7078
88
1st 5s. -1931; J
deb g 5s. 1924 J
10-year 7^8
U 8 Smelt Ref & M conv
49l2
3314
89i2 Sale
*87 " II"
86t2
7978
96
86
U S Rubber 5-year sec
"<35 " "70"
89ig Sale
"flij "75"
79
Feb'21
80
941$
87*4
89
1930 J
68
951*
87*8
1st 5S...1930
Stamped
88*8
62i2 Mar'21
83*4
83*4
Jan'211
7612
10 Ug
1st 5s. .1929
deb 5s
1930
Union Oil Co of Cal
Wickwire Spen
'78*8
9178
9578 Sale
Union Bag A Paper
ii:
36i4
331*
32*8
88i4
1017s Sale
87
93
A
8U*
Mar'21
33
"
68
88UI
Feb 21
9178
Sale
61
761*
661*
873s
S3U
70*8
88
June'16
65
82i4
77
82l2
Apr'14
Sale
78
33i2
68
3412
Feb'21
88I4 Sale
91
91*4
4712
Feb 21
49l2
mm
30
*86"
79i2
83 i4j
76l2
66i2
65
75
56"
Sept'20
67l2
82
94
F
J
A
M
A
F
M
A
F
25
4
9U8
79
83
"40*4
139
79
68
-
Feb'21
86
Nat Enam <fc Stampg
—
39
mmmm
911*
Apr'20
83
1951IF A
\ D
J *
National Tube 1st 5s
1942 W
N Y Air Brake 1st conv 6s. .1938 W N
Standard Milling 1st 5s
1930 M N
Steel & Tube gen s f 7s ser C.1951 J
J
5
53i8
"56"
47
65
95
79i2 Sale
...1944 A O
Nat Starch 20-year
Jan'21
90*4
82
May'20
II" "87"
5s
3
Oct'20
61
75
92
8314 Sale
76*4 77i2
1951 F
5s
Lorlllard Co (P) 7s
61*
31s
4612
5918
07
"
25
2H2
16
55!
6i2
5
50
50
"l7*2
%
18
Sale
6*4
6
48
96
i
Mar'21'
8U4
8078
80>4
F A
Ingersoll-Rand 1st 5s
1935 J J
Int Agrlc Corp 1st 20-yr 5s. .1932 W N
International Paper 5s
1947 \ J
Liggett A Myers Tobac 7 ...1944 A O
72i2
50
72
2278
19
106*8
9334
Feb 1940
20-year deb 6s_.
~73i2 ~73i2
Feb'21
72i2
i
104
71
__
Dec'20
54
II" "94"
55*4
Mar'21
19
27
20
20
48i2
Oct'19
75
44
45
43
191*
15
55*4
3712
13
73 li
50
5578
55*4
23*a
"l5" "2D*
280
19i2
54i2 Sale
"827s
92
A ©
100*8 101
F A
747g 75
M N
7734 Sale
A O
A O
"fl" 75
F A
67
Sale
J J
M N
71i8 "8478
F A
90
9012
A O
F A
*89"I2 IIII
Corn Prod Refg s t g 5s
..1931 M N
90
95
1 st 25-year s f 5s
1934 M N
83i2 Sale
Cuba Cane Sugar conv 7s
1930 J J
69i2 Sale
Distill Sec Cor conv 1st g 5s. 1927 A O
79
80
E I du Pont Powder 4 Ms
1936 J D
90i4
General Baking 1st 25-yr 6s__1936 J C
7012 Sale
Gen Electric deb g 3 Ma.
1942 F A
8,534 Sale
Debenture 5s
...1952 M S
"59" ~66"i8
.750
20*4 Sale
80i2i
103*4 103*4
5s
Conv deben
Jan'20
----
75l2
73*4
Mar'18
80
Sale
"7178
6712i
71
69
Industrial
5s
1928
1924
Am Cot Oil debenture 5s
1931
Am Sm A R 1st 30-yr 5s ser A 1947
Am Tobacco 40-year g 6s
1944
Gold 4s
1951
Am Writ Paper s t 7-€s
1939
Baldw Loco Works 1st 5s
1940
Cent Foundry 1st 8 f 6s
1931
Cent Leather 20-year g 5s.
1925
Consol Tobacco g 4s
1951
57l2
60'4
58
77*8
uec'20
67i2
93*4 Sale
Am Agrlc Chem 1st c
60
65
68
"85*4
70*?. Sale
Manufacturing and
6478
"57ij
62's
Feb'21
55
60J2
Mar'21
"is" "18"
Feb'21
57i2
Feb'18
82
715s
....
...1928 J
10-year conv s f 6s
9978
99*8
9914
69
Sale
~80~i2
1st conv
Tide Wate- Oil 6 Ma
53
73
58
6s. .1925 M
1931 F
f 6s. .1941 A
"58"
54
01i2
"
Tennessee Cop
66i2 June'20
"55" ~63~
5s
Ontario Transmission
Dec'20
64
62
64
90
73
A
Niagara Falls Power 1st 5s.
83
83i4
675s
M
N Y Dock 50 yr 1st g 4s
19*4
Feb'21
80
63i8
70i4
6S..1941 A
Montana Power 1st 5s A
1943 J
Morris & Co 1st 8 f 4Ms
1939 J
Mtge Bonds (N Y) 4s ser 2.. 1960 A
10 20 year 5s series 3
1932 J
70
68*4
69
67l2
Stamped
19*4
Feb'21
79%
60
Inter Mercan Marine s f
59
6612
Sate
67
19t2
19*4
995s Sale
J
M
1928 M
1940 M
Great Falls Pow 1st s t 5s
"501* "56"
58
70
69
82
Feb'21
53i2
19
79i2 3ale
Computing Tab Rec s t 6s..l941
Granby ConsMS&P con 6s A 1928
82
Oct'20
*58~
~8V~Z "88*
13
I
83
|S112
"90
83
Chile Copper 10 yr conv 78..1923
Cod tr A conv 6s ser A..-.1932
Oct'17
36
8H2
84*8
54
53
52
20
55
5134
Mar'21
Oct'19
Jan'21
74i2
5514
6612
15
03U
60
19
81
1
High
60
60
1712
61
.
High
Low
58
A
1925
Conv deb 6s series B
1926
Armour A Co 1st real est 4 Ma 1939
Atlantic Fruit conv deb 7s A. 1934
Alaska Gold M deb 6s
Aug'18
90
Ask
Bid
1948 M
M
M
J
J
Atlantic Refg deb 6Hs. i
1931 M
Booth Fisheries deb 8 t 6s
1926 A
Braden Cop M coll tr s f 6s._1931 F
Bush Terminal 1st 4s
1952 A
Consol 5s
1955 J
Building 5s guar tax ex... 1960 A
Chic C A Conn Rys s t 5s
1927 A
Chic Un Sta'n 1st gu 4Ma A.1963 J
1st 8er C 64*s (ctfs)
1963 J
85*8
90
ce
Adams Ex coll tr g 4s.
85'4
85*8 SaleJ
73*/
74»2
w
Range or
Last Sale
Price
3*
Miscellaneous
High,
Ask Low
Bid
N. Y. STOCK EXCHANGE
Week ending March 18
Week's
Friday
March 18
ii
BONDS
Price
Friday
60
---
~79i2 ~80
6412
6812
Feb'211
79U
80U
Apr'16
98
"86" ~89i2
Jan* 18
86
88
80
8678
721*
91
95*8
95l2
*52~"
83
80
70
84
82*8
97U
L06i2
86U
64i2
"8l"
"88*8
79i2
Sale
79
8034
80*4
90
Sale
Sale
883s
90
92
9612
97
98
85
833s
97
8 Us
817S
80
84
78U
99
Mar'21
81*8
811s
84ig Mar'2 !
79i2 Mar'21
1011* Sept'17
64
84l2
83
8612
8H2
Nov'16
6.
April, e Due May. g Due June.
& Due July. * Due
Aug.
BOSTON
SHARE
PRICES—NOT
PER
CENTUM
PRICES
Wednesday
Thursday
Friday
March 12.
March 14.
March 15.
March 16.
March 17.
March 18.
BOSTON STOCK
the
Tuesday
STOCKS
for
Monday
EXCHANGE
81
120
22
122
22
i
i
121
122
122
66*4
zG5
65
64
65
82
82
82
82
82%
S2U
20
22
22
I
*2112
23
21
21%'
'20% 21
Feb'21
266
*26
*26
.
132
124
66
j
65%
64%
*130
131
131
122% 122%
Last Sale 29
*
Last Sale
131
!.
*130
133
*3i2
*130
♦
*3%
13312 xl30
39
1634
*130
—
*35
17%
15
1678
17*4
63
63
21
*15
40
15%
Last Sale 75
Last Sale 74
*18
♦75
Do
50*2
50
100
125
Maine Central
100
100
2
30
133
Jan 29
3*4 Jan 19
Feb 20
67
Jan
3
36*2Mar 16
15
100
129*4 Feb 25
66*2 Mar 4
8214 Mar 18
2534Feb
8
Jan 11
130
-———100
N Y N H & Hartford
7
.75 Jan 29
no par
a
Feb
.25
Bost & Woro Eleo pref.no par
,
Highest.
Mar 17
Jan
119
Feb
134
Nov
May
74*2 Dec
13*2 Dec
68
Oct
60
4
25
Jan 21
.25
124
Jan 29
.99Jan
10c
89*2 Nov
40
Sept
Dec
49
Oct
Jan
143
Mar
Dec
25c
Oct
73
Deo|
7
Mar
3
Nov;
11
Mar
Feb 26
130
75o
Feb 16
334
130
Feb
28
4
43*2 Feb 3
23*4 Jan 12
Jan1
132
Jan
65*g Deo;
86
Jan
32
75
Dec
15'4 Dec
Sept
37*4 Sept
18
Northern New Hampshire-100
73
Feb 24
75
Feb 23
76
Dec
86
Jan
Norwich & Worcester pref.100
Old Colony
100
74
Jan 28
76
Jan 27
77
July
89
July
78
60
Mar 18
75
Jan 19
60
Dec
86
Apr
Rutland
27*4
Oct
43
43
"363
50%
50%
51
31
100
18
Jan
21
Jan 12
15
Jan
Vermont & Massachusetts. 100
Mar'21
43
50
50
Lowest.
Previous
1920.
20
61%
18
18
pref
Jan
20*2Mar IS
—100
pref
Mar 14
78
26
Chio June Ry&USY
Do
pref
2,643
Highest.
6178 Jan 11
100
10
42
42
50l2
60
1
Boston & Maine
Boston & Providence
Feb'211
63
Last Sale 75
—,
42
16%
Mar'21!
120
100
100
—100
Boston Suburban Elec_.no par
Mar'21
163s
Albany
pref
14'
....
*35
&
Do
Do
Mar'21
*130
40
*60
Boston Elevated
Feb'21
312
—
Last Sale 72
70
30%
36%
16%
39
Last Sale
—
*130
*
70
*38"
*3l2
..
Boston
434
Jau'2l
Last Sale .75
Range for
Railroads
256
131%Mar'21
Last Sale .25
1,
Year
Lowest.
80
12134
64%
*82
.
Range since Jan
Week
Shares
64%
1131
See next page
f
Sales
Saturday
121
BONDS
STOCK EXCHANGE—Stock Record
75
Jan 26
76
Feb
9
70
June
West End Street
50
40
Jan
3
43*2 Mar
3
36
Dec
——..50
49
Jan
Feb 10
48
July
Do
pref
pref
3
8
52
10
1
Feb 10
3
25
2
Jan 21
3*2
12i2
102*2
89*2
89% Nov
4534 Jan
55i2 Jan
Miscellaneous
Last Sale 1
*.25
3%
19
278
:
V
Mar'21
278
3's
12
8
102'2 zlOO
84'2
85
7i
85
75
*.10
*12l2
*16
*12%
..
2,366
....
195
'
*3
13
5
*16
1
17
20
4
3%
.___!
*4i2
414
.25
.
.25
.
*.25
.45
3%
*12~8
*4
*4
*20%
*1612
*7012
7
Last Sale
7Oh
164
10
10
*7
8
3:
33
33%
2134
2134
2:
39
3!
8
85
*22
10
li
1178
91%
1
80
8
81
61
6
•120
12
15
1
6II4
18*2
8's
8%
*2
...
19'4i
8
8*4
100
19
I 100
100'2
9*3! *8'2
9%
26%'
26*8
26'8
160
i*159
160
*8%
26
2
*26
159
16
*159
Last Sale 80
•Isit
2
*6
6'8
6*4
Last Sale 27
100% 101
101%
56
*56
39
i
57%'
20% *
24%
37^
24
1778
101
10012
,
56
18
24%
I
375s
37
3734
36*4
37'8
24
24
24
24
24
18
18
18*s
*18
18
14l2
14%
14*2
14*2
14
14
14
Last Sale 20
25
♦16
16*2
35%
Apr
378 Dec
10
Apr
1278
3%
Apr
4
Nov
11
2,032
Eastern Manufacturing
4961
23
Jan
16
Jan 10
17
Jan 81
100
70
Jan 17
70*2 Fab
100
152
par
10
5
pref
Edison Electric Ilium
Elder Corporation
no
81
11
255
1,471
30
150
64
Aug
88
Apr
Jan 25
149
May
164
Nov
3
164
17
Jan
1
8
Jan
8
Internat Cement Corp.no par
Intemat Cotton Mills
50
39
100
81
Do
pref
Products
Internat
pref
Jan 29
Apr
29*4
49
Dec
74%
Oct
Jan
2
50
Dec
96
Jan
4
13
Jan
8
6% Dec
45
Jan
Feb 28
32
Jan
7
24
Dec
47g Mar 18
4
Dec
10
9
Mar 14
13
Jan 11
12
Jan 17
Jan
Jan 17
92*2 Feb 23
80
Feb 25
85
100
3
59*4 Jan
6
100
119
Mexican Investment Ino
10
15
National
10
8
Mar 18
10
3
Mar
Jan 10
Mar
8
8
Jan
June
Nov
7
15
Dec
53
Jan
7% Dec
4% Nov
82% May
12
July
21
Jan
9*4 Jan 18
4i2 Feb 2
26
Jan
5
10*2 Jan 7
28*8 Jan 11
146
Jan
3
167i4 Feb 18
80
Mar
8
Mills
100
Nov
88
£7
118
95*2 Jan
3
8*s Feb 17
12% Sept
101*2 Jan
Jan 26
Orpheum Circuit Inc
...
10*8 Nov
9*2 Apr
89*2 Dec
68% Feb
80*2 Feb
8% Apr
3178 Apr
62i2 Jan 22
122
New England Telephone--100
Ohio Body & Blower
no par
Plant (Tbos G) pref
Reece Button Hole
19
7
11
Pacific
May
Mar
90
Leather
June
60
85
3*2 Mar
__
Linotype
26
41i2 Fab
-.10
Do
pref
Mergenthaler
Jan
Dee
32% Deo
7
McElwaln (W H) 1st pref-100
Massachusetts Gas Cos
100
Theatres
8
36%
Jan
Mar 14
22
100
10
Llbby, McNeill & Llbby—10
Loew's
25
16*2 Dec
6*4 Jan
no par
Island Oil <fe Trans Corp.
Deo
14% Sept
6i2 Mar
36i2 Jan
28% May
62
Mar 17
Jan
3% Dec
15*2 Dec
Jan
Jan
7
9
35*2 Jan 17
National Oil
""371
I
5*4 Mar 8
32%Marl6
20*2 Jan 29
Do
1,055
1,476
Jan 27
19% Mar 17
25
Eastern SS Lines Ino
Do
4
10
East Boston Land
Feb 25
101
9
Dec
23s4 Dec
146% Dec
63®4 Nov
138% Jan
8% Sept
101
Nov
36% Jan
34i8 Mar
176% Jan
Jan
87
Feb 17
85
Deo
13*4 Jan 24
14
Jan 10
13
Nov
16
no par
17
23*2 Mar 18
1778 Dec
55
Jan
5
6
25%
49»4
Apr
Apr
-.10
165
Root <fe V Dervoort CI A
SI rams
Magneto
Stewart Mfg Corp—
Jan 29
3
Jan
8*2 Jan
71
5
Nov
27
Dec
99
Jan
1,215
Swift A Co
no par
100
37
Torrlngton
-.25
54
Feb
8
61
Feb 15
60
Dec
70
Jan
Mar
5
20
Mar
9
22
Jan 10
21
Nov
28
Apr
32*2 Dec
2278 Sept
12*4 Feb
49
23%
44%
Apr
Jan
20
Feb
Union Twist Drill
"l ,855
2,270
United
Shoe
Mach
100% Mar 11
36*4 Mar 18
23i2 Jan 4|
17*4 Jan 3,
1678 Jan 5
Corp..25
Do
pref
-..25
Venutra Consol Oil Fields.-.5
Waldorf System Ino
10
132
Waltham
Warren
Watch
""405
1st
Do
Jan 12
39*4 Jan
25
19
4
Jan 14
1
Mar
97*2 Nov
19% Jan 27
15
Mar 12
17
Jan
14*2 Dec
17
Feb 18
14
100
5
14
Dec
Dec
133
Jan
26
Feb
19
Mar
18
Feb 24
20
Jan 11
19*2 Deo
50
20
Jan 12
25
Jan 12
27
Dec
50
Bros.-
Do
l0584
1384 Mar 12
Walworth Manufacturing..20
Feb'21
*16
16*2
Dec
12
"""62
25
14
13*2 Jan 10
4i2 Feb 11
Mar'21
Last Sale 25
19*2 Jan 12
4
800
-...
Apr
1278 Jan
437
—
38
49c
226
18*4
14U
14
1412
Nov
1*8 Jan 10
Mar'21
1734
38
1734
j
I
57
Last Sale 20
10
9
10
Jan
8
.25 Mar
Dcc'20
100*2 101*2
*55*2 57
102*4
*55*2
*
20
23*2
Jan
Apr
13*2 Mar
Century Steel of Amer Inc.-10
160
21l2
23
19
9
170j
Mar'21
23
83
Dec
lo
Feb
Deo
Mar'21
Last Sale, 14
1
*2112
.16
Nov
Dec
Mar'21
9978 100
*8l2
167
Nov
5
68
8'4
Last Sale 3
Nov
70
6O0
127
120*3 120*2
19
19
Apr
70
3
558
82
80
8
Mar'21
12
9
Jan 15
Jan 19
Connor (John T)
7% Mar
3*2 Nov
13*2 Nov
IOO84 Sept
Feb 19
Mar
80
Jan
683
1034
Feb 18
Feb
6*8 Jan
35
92*2
3
Feb
5
.95
120
82
I
3
25
....
122
Jan
1
Feb 10
4*4 Mar 18
8
I
61%
*120
Jan 21
16
50
12
6
12
743; Greenfield Tap <fe Die
478
Jan
10
21*3
*9134
.07
Atlas Tack Corporation no par
Beacon Chocolate
10
37
|
92%
Art Metal Construe Inc
3651 Gorton-Pew Fisheries
4h
10'2
82
3
Feb 24
Deo
Jan 11
.25 Mar 12
8
12
Jan
73
3c
10
85
4'8
IOI4
*9134
74
pref
Blgheart Prod & Refg
84
778
12
9
3
no par
no pir
Do
8
*39
334
10'4
:
96*8 Jan
Amoskeag Mfg
33*2
*7
Last Sale 22
2
*314
3
5
Boston Mex Pet Trustees no par
70
....
33%
21*2
85
778
*7%
161
....
*39
*84
8*2 Jan
Feb'21
161
*160
40
50
4
20-%
Mar'21
Last Sale 16
l:
.45
Mar'21
4
a:1934
20
1
7
3312
*20%
*.25
4i2
1938
2i
160U 16:
*1H2
....
Last Sale 13
l:
pref——_——50
Amer Telep <fc Teleg
100
Jan
1,375|
4'i
.25
*.25
Do
Anglo-Am Comml Corp.no par
13
17
*3
*4
Feb'21
Engineering
Amer Pneumatlo Service
71
....
*16
II
60
100U
.
75
Last Sale .16
.
1,210
....
102
102l8 10:
.3
12
Am Oil
25
Jan 20
30
Jan 11
25
Dec
39% June
33
Jan
35
Jan
15
Dec
32
50
2d pref
pref
Wlckwlre Spencer Steel
15l2 Mar
81
18% Jan 11
Sept
Mining
Last Sale .65
46
20
2*2
8
8
*8*8
«
8*2
Last Sale .04
233
235
,
225
13l2
*8%
1334
32
*2
3
*2
5%
%l/U
1234
1358
10
*8*2
33
32
10 t
32*4
6
578
8's
*2
8*2
2'2
*2'4
1'2
3%'
*2
578
1*2
Arizona
8*2
13*2
10
32*2
*.50
.75
*5034
♦75*2
51*2
77*2
18
18*2
*2io
25
7
27
Jan
20
970
Davis-Daly
10
51
209
36
75
*2
2%
*1*2
2
.95
1
11
*334
4
334
*2
2%
47
47
1378
14
14
,
Jan'21
Mar'21
*83*2
247
734
103.1
2,990
.25
3
Mar'21
Mayflower-Old Colony
North
I
7
35c
Deo
72
Mar
24
Jan
7%
Jan
21%
Apr
Oct
80c
Jan
7'4 Jan
8*2 Jan 20
12*2 Feb 211
8
Dec
2%
..25
15% Jan
21
Jan
71
15
Dec
37*2
24
30
Jan
6
20*2 Dec
58
Jan
35i2 Jan
41
Jan
7|
341?
Dec
65
Jan
28
36
Feb 171
2534
Dec
58
i9A,
Jan 28
50c
Dec
JanlS!
10c
Mar
3c
Dec
St Mary's Mineral Land.-.25
Jan
Jan
10
Shannon
-
South Utah M A S
Superior
.75 Jan
25
1
5
25
325
4*o
625
1*8
1*4
*1%
.65
*.50
Assessment paid
Jan
Dec
234i
e
1184
7%
1
*2*4
Ex-dlvldend and rights,
3% Dec
1®4 Dec
40*2 Deo
12*4 Nov
Jan
Jan
Jan
7j
".50
prices.
Jan
5%
Deo
0:
1*2
1*4
Bid and sake
.95
Jan
3
1«4 Dec
90c
178 Jan
234
4i2
Jan 22
.01 Mar
3
4
Mar 18
IX, Jan 12
2
2
12
Jan
8
4*2 Feb 11
2*4 Feb 17
Mar
3
4
.40 Jan
3
.75
Jan 17
Utah-Apex Mining—.—.. 5
2*8 Mar
9
3
Jan
Utah
3
Jan
3
5
Jan 12'
.95
Jan
4
1
Jan
Jan
Jan
2
Jan
2%
Apr
25c
Jan
2h Dec
6
Jan
1
Deo
6%
Jan
33c
Dec
1«4
Feb 15
Consolidated—--—-
5
1
500
Utah Metal A Tunnel—
1
Victoria
,———.25
200
Winona
10
1634 Feb 19
Jan
Apr
.50 Jan
2*2
I
6
48*2 Feb 25
3*8
1% Feb
Tuolumne Copper
12
1% Feb 25
3% Jan 8
514 Jan 8
47g
878 Jan
1,200
Jan'21
2*4 Feb 11
.25 Mar
.55
*11*2
Mar
2*4
15
*.50
.48
6i
3*4 Feb 16
1*2 Jan
—.25
.55
12
Jan
5
2*8
1*8
Oct
.55
1stst Sale
June
38
Dec
Dec
1% Dec
1*4 Dec
15
Jan
Superior A Boston Copper.. 10
Trinity Copper Corpn
5
*11*2
82
Dec
75
8,
12*2
1,650
X,1
Nov
77*2 Mar 16
>4
Dec
2*4
.65
Jan
Sept
22*2 Jan
3'8 Jan 13,
Jan
4
60
Feb
7
5
178
2*8
1% 1
6% Mar
Sept
134
1,240
5*4
Dec
39
Jan
Jan
Apr
Aug
2
95
2*t
1%;
Aug
Nov
Deo,
50c
Jan
Jan
Feb
134
4*9
1
250
Dec
79
2*8
*4
Jan
Feb
6
6*2 Dec
25
7
25
61
16
60
Jan 18
Mar
Qulnby
480
3*2 Dec
47g Dec
Jan 28
Feb 15
3
Jan
Jan
40%
16%
95
262
17g'
40o
Jan
Jan
48% Jan
478 Mar
14*4 Jan
10*4 Nov
Jan
31
3
107g
409
80
39I2
4,3
Oct!
Dec
...100
31
""166
2c
48
25
.08:
6*2 Mar
200
Jan
Mar
Osceola
*.04
1534
21
119
Lake
5*4 Dec
Apr
Jan
Apr
10
3
7
4*2
3578
4%
7*2
lO's
3*4
3i2
2*2
Mar 11
Jan
Jan
Aug
7*4
16*8 Jan 17
Jan
Jan
Jan
%
—25
Lake..
Old Dominion Co
South
Feb 19
Jan 3
2
77
42
9
27
200
4
Dec
Mar
*26
■1*8
2
Dec
15
50
""496
Mar'21
Jan
Dec
20c
Feb
20
*1
Jan
Jan
259
40%
1% Feb
40
Mines....
Ojibway Mining....
25
.
1*4 Jan 25
1*4 Jan 22
.80
Mar 15
.95
39
<
2
6
40c; Aug
100
Butte..
North
Jan
Jan
52% Mar
16*4 Jan 3
238 Mar 14
1*4 Jan
5
25
.,25
New River Company
Do
pref
75
5
Michigan
NIpissing
Marl8
Jan
334
2*2
43*2
13*2
25
*18
Last Sale 1*2
*334
4
88
.25
39
.08
...25
New Cornelia Copper
New Idrla Qulckslivqr
10*2
18*2
*.04
Consol.
Mohawk
.50
U2
Mass
122
10%
*1
-——25
Mason Valley Mine———5
735
Last Sale 1%
32
25
La Salle Copper
5
3
5
Copper
Lake Copper Co
14
10*2
39
1
48
*.30
*31
pref
14
7*8
26
Do
.25
Mar 15
48
*46
7%
26
50
790
7*o
17*2
25
25
378
Last Sale 50
89
25
Indiana Mining
Island Creek Coal
Keweenaw
2,570
Last Sale .95
♦85
Helvetia
700
334
*2*2
.
134 Feb 18
1*2 Mar 16
25
.90
I
2
Isle Royale Copper..
Kerr Lake
.90
2*2
47
13*2
.
I
334
Consolidated
250
18*2
>1*4
2
3*4
*2*2
3*4
Last Sale 2*4
Mar'21
Last Sale 1*2
Mar'21
*2
260
10
25
Franklin
Hancock
*280
'
_
278 Mar 12
5*2 Jan
7*8 Jan
25
Copper
East Butte Copper MIn
tan 19
878 Jan 20
Jan
25
3
.35 Jan 28
.04 Feb
1234 Mar 17
Daly-West
56
9
Jan
Copper Range Co
.75 Mar
23*2 Feb 11
3»4 Jan 7
Mar 14
Centennial
.25
75
4
Mar
03
225
125
234
1%
3'4
47
Carson Hill Gold
61 *2
.25
2
4,760
8
-
100
*2%
*1'4
*2%
*1*4
♦2*2
10
726
llo
18*2
.....
Mines
Butte-Balaklava Copper.-. 10
25
6
50
18
5
Mar
3
11,
1*2
.75
Commercial
Bingham
45
25
Calumet A Hecla
870
51%
77'2
*2*2
200
Consolidated
""192
660
5U2
77%
18*2
Aecadian
407
14|
17*2 Jan
2*4 Jan
678 Jan
8*2
*.50
,
290
4
.25 Mar
25
2*2
Mar'21
8*2
2*2
Last Sale 3
1%
25
228
*8*2
31*2
*2
534
*8*4
*2
|
25
Allouez
8
13*4
3
;
Algomah Mining
Mar'21
225
234
Ahmeek
21
*2*2
*7*3
*8*4
2*2
152
100
.30
*19
t
.60 Feb
Consolidated--.25
100
48
* 25
.30
1978
Adventure
23.j
*45
47*2
♦.20
Mar'21
Wolverine
25
—
Wyandotte
AEx-rlghta.
Ex-dlvldend.
25
25
5
2% Jan 3l!
1*8 Mar 16
2i4 Feb 17
.35 Jan
.80 Mar
6
14
4
Feb 21
.48 Jan 13
2*2
42c
1
Jan
4
Oct
Dec
984
Feb
Nov
3%
3%
Jan
Jan
IX, Aug
Dec
25c
Sept
2
Jan
8
Dec
23
Jan
15c
Oct
1% Mar
THE
1132
[VOL. 112.
CHRONICLE
Sales
Friday
Boston Bond Record.—Transactions in
Stock Exchange Mar. 12 to Mar. 18,
Stocks—
bonds at Boston
Par.
Alliance Insurance
100
29
25
53
30%
25
56
90
Gas
for
Week.
Elec Storage Battery.. 100
Shares.
High.
$1,350
83.84 Mar
92.30
Jan
100
85.54 Mar
87.64
Jan
Insurance Co of N A.... 10
50
85.44 Mar
87.64
Jan
J G Brill Co...
85.62
Jan
88.52
Jan
Keystone Telephone....50
85.54
Jan
88.72
Jan
Lake
Jan
€1.26
Jan
U S Lib Loan 3%8.1932-47
Lib Loan 48.1932-47
85.54
85.54
2d Lib Loan 4a.. 1927-42
85.44
85.44
4%0.1932-47
86.64
87.24
550
2d Lib L'n 4%S. 1927-42
86.24
87.30
35,350
High.
Low.
90.04
90.50
22,450
L'n 4%s 1933-38
86.24
87.48
31,400
85.34
Jan
88.54
Jan
97.04
97.42
17,700
95.78
Jan
97.81
Jan
Pennsyl Salt Mfg
Jan
79
Jan
Feb
96%
4%S— .1928
1925
Convertible 6s
5,000
78
78
96%
53
56
76
—
96%
65
—
75%
5,000
95%
37,000
53
65
1.000
4,000
75
97%
97%
5,000
K C Mem & Bir 4s...1934
70
70
3,000
68
1934
81
81
5,000
86
87
7,000
6,000
Income 5s.
Mass Gas 4%s
4%s
N E
Telephone 5s
1925
Copper 8s
1st 5s
8eneca
mm mm
m
mm*.
-
85%
1944
Swift A Co
Feb
Union
Mar
101
Jan
Preferred
.......
Price.
Par.
Stocks—
of Prices.
Low.
Amer Vitrified Prod com 50
11%
High.
Shares.
11%
75
"hi"
55
71
5,225
100
79%
79
80
140
7%
7
Arkansas Natural Gas..l(
7%
4,837
140
140
140
10
5
Carnegie Lead & Zinc
5
Consolidated Ice pref...50
3
3
450
—
Carbo-Ilydrogen pref
6
12%
2%
•
10%
Jan
12%
35 %
40
1
40
Mar
40
30
30
129
30
Mar
37%
Feb
74
75
51
74
Jan
80
Feb
50
30
30
10
30
Jan
30
Jan
Bonds—
U S Lib Loan 3%s.
90.56
90.56
51,000
90.56 Mar
92.44
2d Lib Loan 4%s
86.54
87.18
30,250
84.40
Jan
88.30
Jan
90.00
90.38
28,350
88.20
Jan
91.04
Feb
86.70
87.36
75,000
85.60
Jan
88.58
Jan
97.20 97.36
28,000
94.50
Jan
97.82
Feb
68%
Jan
71M
Feb
1932-47
1927-42
3d Lib Loan 4Ms...1928
4th Lib L'n 4Ms. 1933-38
Victory 4%s
1922-23
7)
2007
small.
68
99%
99%
102% 103 M
1931
7s
1945
Elec & Peoples tr ctfs 4s '45
2,000
600
1,000
20,500
68
Mar
Jan
72
Jan
Feb
99%
Mar
Jan
99 M
101
103M
Jan
Jan
54
54
4,000
53
Jan
56
1945
54
54
200
53
Jan
56
Superior Corp 5s 1924
40
40
6,000
40
Mar
48
Jan
95
Feb
do
small
Jan
Feb
97%
Mai
100%
Feb
P W& B ctfs 4s....]921
99 M
99 M
2,000
98 M
Jan
99 M
Mar
77 M
83
78
9,000
76%
Feb
78
Jan
84
34,000
82
Jan
84%
Feb
68
68
1,000
68
Mar
70
Jan
94
94
100
Feb
94
Mar
8
4%
Jan
Jan
26%
Feb
Mar
29%
Feb
6Ms
Philadelphia Company—
Cons & coll tr 5s stpd
Phila Electric
'51
84
1st 5S..1966
2%
2%
1,010
1%
Feb
2%
Mar
6%
6%
140
3%
Jan
Welsbach & Co, small. 1930
1%
25%
100
1
Feb
6%
1%
Mar
1%
835
22%
Mar
26
Jan
50
715
49%
Mar
53
Jan
933
2%
Mar
2%
71
68
2007
United Rys Invest 5s. 1926
2%
Jan
Mar
40
30
33,500
Jan
22%
49%
Jan
Feb
50
98 M
Feb
2%
31
36 %
Jan
%
97 %
12
50
Jan
Jan
49
1936
92
25
23
Pa RR 15-yr
Feb
50
1,39
29%
30
991
50
Mar
Mai
Mar
Heat-:
33
1%
92%
12
Refining
5
Nat Ben Franklin Ins Co 50
31
30%
34 M
Jan
1 11-16 Jan
2,000
91
Marland
Jan
92%
30
Mfrs Light &
Jan
1%
92%
260
Lone Star Gas.
m
2,670
Lehigh Val Coal 1st 5s 1933
12
m
200
1%
1%
Jan
92
mm, mm
Feb
88
Jan
12
M.
Jan
55
3
91
1
18%
Jan
140
Harb-Walk Refract comlOO
Kay County Gas
66
Jan
15 M
51M
325
1,85
Jan
Habirshaw El Cable (no par)
Indep Brewing com.....50
Pi eferr ed.
.....50
380
16 %
Jan
20%
10%
6.300
Jan
Lake
190
23
11%
34
50
Jan
150
6
22%
"
Guffey-GilleHpleOil (no par)
85
Jan
Mar
52
31
Bell Telep of Pa
115
Mar
Jan
Mar
40
Atlantic Refg6%s
Mar
56 M
74 M
42
Coal
Jan
Mar
Mar
York Railways, pref
Jan
55
Mar
Sh...50
Amer Gas & Elec 5s
High.
Jan
34 %
100
12
Feb
79%
7
..50
Bank of Pittsburgh
10%
64%
69%
16
50
Co
do
Amer Wind Glass Mach 110
Preferred
Low.
33%
49 %
West Jersey & Sea
Range since Jan. 1.
for
Week.
32%
50
Traction
Preferred
Welsbach
Sales
Week's Range
49%
104
1 9-16 1 9-16
1%
United Gas Impt...
Westmoreland
Last
Feb
135
52
Devel...
Feb
Pittsburgh Stock Exchange.—Record of transactions at
Pittsburgh Stock Exchange Mar. 12 to Mar. 18, both inclu¬
sive, compiled from official sales lists:
71
12,150
66
18%
50
Traction..50
.....50
Jan
85%
Jan
Mar
65
10
Jan
75%
Jan
Jan
8M
Jan
Feb
85%
94
Jan
Jan
7M
7M
28 M
33 M
Tonopah Mining
80%
56
Mar
48
Jan
Tono-Belmont
2,500
5,000
Jan
26 M
Jan
85%
29M
789
Feb
£4
Jan
27 M
78
94
27%
27
79
84%
Jan
27 M
Jan
Jan
37 M
20
Feb
Feb
96
Sale.
35%
Jan
.52 M
74%
Jan
74
172
Jan
13
22%
76
Jan
51M
73
Phila Rap Tran
Mar
20
1,210
Jan
22%
Jan
Reading
75%
20
7M
8M
Jan
Jan
Jan
Philadelphia
79%
50
7M
8
Jan
70
Jan
Mar
94
48
92
106%
21%
Mar
5,000
Friday
50
Jan
Mar
51
Mar
2,000
177
5
Jan
50%
8M
31M
70
5,000
92
124
87
75%
94%
87
30
639
81
84
2
1,525
Mar
1,130
Jan
75%
56 M
51%
Feb
94%
£
Coal 6s.. 1923
Jp.n
22%
Mar
84
1932
1997
Nor Pacific p I 4s
Pond Creek
44
51
Mar
77
21,500
Insul
97%
77%
869
22%
Phila Elec of Pa.....
76%
Jan
51M
Phila
Jan
77
77
Miss Riv Power 5s—1951
Jan
25
22%
Jan
Jan
32
Jan
25
65
82
79
Gt Nor-C B & Q 4s—1921
Mar
17
Wire...no par
Jan
67
1929
...1931
76
1940
5s
29
28 M
49%
Jan
85
28
66
19
250
28%
Philadelphia Co (Pitts)Pref (cumulative) 6% .50
Mar
"
Chic June & US Y 43.1940
Pennsylvania
Jan
96%
53%
Mar
62
Mar
64
77
Atl G & W I 88 L 5s.. 1959
Mar
395
65
High.
17 %
15
14
"1%
Low.
50
14
100
50
5C
50
50
Lehigh Valley
Victory 4%s
1922-23
Am Tel & Tel coI14s..l929
4th Lb
104%
50%
54 M
98 M
14
..100
Superior Corp
Lehigh Navigation
88.10
3d Ltb Loan
104%
General Asphalt
100
Hunt & B Top, pref....50
Preferred ctfs dep..
90.34
1st Lib L'n
56
1st preferred....... Z.
Range since Jan. 1.
Shares
90
American
of Prices.
89.84
1st
Price.
18
Week's Range
Low.
Week.
17%
Last
Price.
for
of Prices.
Low.
High.
10
Sale.
Bonds—
Week's Range
American Rys, pref
100
American
Stores..;,no par
both inclusive:
Sales
Friday
Range since Jan. 1.
Last
Sale.
Outside Stock Exchanges
3%
93%
Jan
Jan
Chicago Stock Exchange.—Record of transactions at
Chicago Stock Exchange Mch. 12 to Mch. 18, both inclusive,
compiled from official sales lists:
90
Feb
91
Mar
com...50
8%
7%
9
985
6
Jan
9
Mar
50
17%
15%
18
1,325
12
Jan
18
Mar
1
15
15^
Mar
19
Jan
Last
Week's Range
for
47%
15%
48%
215
25
15%
48%
900
46%
Jan
49%
Jan
Sale.
Week.
Oklahoma Nat Gas.....25
24%
24
24%
2,445
Mar
30%
Jan
of Prices.
Low.
High.
Nat Fireprooflng
Preferred
Ohio Fuel Oil
Ohio Fuel Supply -
»
m
m
50
Preferred
Pittsb Coal pref......
•
'mm
3%
4
654
9
9
60
-
1
Pittsb A Mt Shasta Copp. 1
m
—
.1
Union Natural Gas.... 100
U S Steel Corp com....
100
West'house El
West Penn Rys
&
Mlg..50
Mar
4
9
Mar
88
Jan
43
86%
Feb
1,000
2c
Jan
4c
Jan
27c
27c
1,000
25c
Feb
36c
Jan
Mar
12
Jan
Jan
116
Jan
9
500
9
116%
294
113%
m
mm
6c
5c!
Jan
6c
Jan
m
96
_m
6c
4,000
50
116%
Jan
78%
78%
20
78%
Mar
84%
Feb
94%
46%
96%
330
94%
Feb
Jan
47
468
97%
47%
72
60
119
119
m
119
13%
14
196
66
70
185
69
70
69
1,000
42%
119
Jan
69
Mar
9
Mar
Mar
73
Feb
Jan
14
Mar
57%
Jan
70
Mar
69
Jan
69
Jan
Bonds—
1949
Pittsb Brewing 6s
.
Baltimore Stock
Exchange, Mch. 12 to Mch. 18, both in¬
clusive, compiled from official sales lists:
Stocks—
Sale.
Par.
Stocks-
Price.
3
10
Atlantic Petroleum
Baltimore Elec, pref
50
---1
Celestne Oil
10
Cent Teresa Sugar
36%
High.
3
36%
Week.
Shares.
90
12%
12%
Booth
3
Feb
10
36
Jan
10
Cudahy Packing, com.. 100
Deere & Co, pref..
100
Great Lakes D & D....100
Hartman Corporation.. 100
Continental
85
86
*6%
-6%
Co
100
no par
85
.....
Feb
Jan
725
83%
Jan
20
26%
Mar
88%
Jan
31
Jan
4
Feb
4
565
24
24
24
290
24
Mar
31
Jan
Houston OH pref tr ctfs. 100
I Benesch & Sons...«o par
79%
79
79%
350
79
Feb
83
«an
27
26%
27
25
23
Jan
27
Mar
MtV-W'db'y Mills v t rlOO
Pennsy Wat & Pow.-.100
United Ry & Elec
50
Waeh B & Annap
50
12%
12
12%
83
12
Mar
18
Jan
80
80
82
77%
Jan
83
Feo
9%
Mar
14%
14%
150
12
Jan
14%
Mar
28
28
28
112
26%
Jan
30
Mar
Preferred
Davison
—5
Chemical ..no par
50
Preferred
3%
9%
10
331
75
3%
Jan
12%
Jan
Bonds—
6,000
73
Jan
2,000
94%
Jan
Jan
5,000
92%
93%
Jan
1,000
72
Jan
17%
74%
j an
Mar
1,000
€6%
Jan
97%
Jan
notes
96%
notes
94
94%
2,000
95
95
74%
74%
96%
11,000
Consol Gas E L & P 4%s'35
5%
6%
Jan
7% notes
Consolidation Coal ref 5s*50
Convertible 6s
1923
75
$4,000
Cosden & Cc conv s f
91%
96%
92%
Elkhorn Coa- Ccrp 6s. 1925
90%
90%
1,000
Georga PactCc 1st 6s. 1922
97%
Md Electric Ry 1st 5s. 1931
United Ry & E 4s
'Income 4s
1949
Funding 5s small—1936
7%%
West
notes
Maryl and 4s
—
1952
76%
Jan
97
Feb
94%
Jan
Con Ry 5s 1927
5s, ser A
1927
Edison 5s. 1943
Metrop W Side ElevExtension gold 4s.. 1938
Jan
92%
Jan
Jan
92
Jan
97%
2,000
96%
Jan
98
82%
2.000
80
Jan
82%
Mar
81
1,000
80%
Jan
82%
95%
1,000
95% Mar
95%
Jan
65%
Jan
47%
Jan
Commonw
Peoples G L &
64%
7,000
61%
43
44
6,000
43
62
62
101% 101%
53
53
100
60
4,000
99%
2,000
53
Jan
64%
Feb
Jan
102
Mar
Mar
53
Mar
*
Philadelphia Stock Exchange.—Record of transactions
Philadelphia Stock Exchange, Mch. 12 to Mch. 18, both
inclusive, compiled from official sales lists:
Jan
91
Feb
87%
91
550
61
Jan
90%
72
100
70
Jan
73%
Feb
12
14%
1,625
11 %
Jan
14%
10%
Mar
10%
15,450
9%
Mar
5%
9%
5%
36
8%
8
105
105
'
8
5%
36
8%
105
8%
13
7%
Jan
24%
Jan
37%
Mar
140
6A
Jan
8%
Mar
135
50
2,565
5
105
110
*77
Jan
103
Jan
8
Mar
9%
Mar
28%
Jan
Jan
40
Feb
23 X
14
Feb
26%
25%
26
150
25 %
39
40
162
34%
25%
75
14
17%
1,225
Feb
19
76%
195
68
Jan
76%
25
Jan
Feb
150
76
25 %
Mar
Jan
Jan
Jan
Mar
149
Jan
Feb
91
Jan
Jan
"24
16
Mar
24
Jan
3,730
72
Mar
87
Feb
5,COO
93
Feb
95
Feb
Jan
43
340
38
Feb
66
Jan
18
19
2,150
15%
Feb
20
Jan
31%
30%
32
6,500
27
Jan
36%
Jan
100
Mar
105%
31%
Jan
43
101%
26%
100
102%
1,830
25
26%
1,300
24 %
Mar
785
Jan
15
11%
15%
26
Jan
30
31
130
11%
2714
Mar
30
Jan
33%
Feb
53%
51%
55
12,350
49 %
Jan
62
Jan
Mar
1,975
10
Mar
15%
25
20
Feb
23%
Jan
37%
Jan
50%
Feb
Jan
Jan
10
15%
21
21*
45
15
46%
350
1,315
17
16%
9%
17%
Feb
19%
10
75
8%
69%
70
200
6914
Jan
Mar
32%
70
70%
Jan
83%
83
85%
460
74
Mar
90
Feb
16
5s.. 1927
sf g 5s. 1944
39%
39%
3,000
35
Jan
39%
40
40
5,000
39
Jan
42
Jan
83%
83%
2,000
7814
Jan
88
Jan
44
44
4,000
44
Jan
44
Jan
70
70
1,000
70
Mar
76
Jan
84%
84%
1.000
80 %
85%
Feb
Jan
Mar
No par
value.
"Curb" Market.—Below we give a record of
transactions in the outside security market from Mar. 12
Mar 18, both inclusive. It covers the week ending Friday
New York
the
to
Transactions on the "Curb" are subject to
regulations as those on the Stock Exchange,
and it is out of the question for any one to vouch for the
absolute trustworthiness of any record of such transactions.
We give it for what it may be worth.
I
afternoon.
no
at
Coke--■
Refunding gold
Swift & Co 1st
Mar
Mar
Chic C'y &
Chicago Ry
Feb
64
"43%
63
Feb
Mar
82%
95%
1926
1949
Jan
Mar
Bonds—
89
90%
Mfg Co
25
10
Jan
81
82 %
Pennsyl Wat & Pow 5s 1940
Raleigh & Aug 6s
76
49
42
100
Swift & Company
100
Swift International
15
Temtor Prod C & F "A"(*)
Thompson, J R, com...25
Union Carbide & Carbon 10
United Iron Wksvtc...50
United Paper Bd, com. 100
Wahl Co
(*)
Ward, Montg, & Co—
When issued
:
20
Western Knitting Mills (*)
Yellow
75%
75
75%
74%
96%
60
18
..(*)
Rights......
Stew Warn Speed com.
Wrigley Jr com
Consol Gas gen 4%s._1954
1,015
57%
89
7%
88
2-
Shaw W W, com
Mar
Mar
94
Mar
24%
9c
108
5%
93
Mar
23
Jan
1,470
77
42
Jan
102
6%
72
Jan
Feb
Jan
310
6
100
5%
Mar
5
16
25
83
Mar
16
42
22
3
18
Jan
20%
980
5%
83
7
6
Jan
6%
Feb
25
Jan
40
Jan
6%
5
25
220
193
Feb
8
5%
21
6
86
19
9
75
86
Republic Truck...
(*)
Sears-Roebuck, com... 100
23
Jan
Mar
620
Jan
1,510
21
Reo
24%
Jan
86
Jan
83
5
100
—10
Jan
Scrip
Feb
4%
Feb
4
i.
Feb
105
Feb
.
42
130
Mar
.
Mar
110
.55
_
Jan
17
110
100
Quaker Oats Co
Motor._
94
72
17%
Preferred
Mar
■
25%
1%
23
&
Mar
sm
100
49
Orpheum Circuit, Inc_.._l
Peoples Gas L & Coke.. 100
Pick (Albert) & Co....(*)
300
24
Cosden
Jan
1,717
89
8%
3,250
84
6%
10
3
23
Consolidation Coal
(*)
.60
3J
108
36
Leather
Jan
13%
3%
106% 108
Mid West Util, pref...100
Motor Co
6
3
3
14%
3
.95
""6%
Motors.
Natl Carbon, pf (new) .100
17
6
10
Libby, McNeill & Libby.10
Lindsay Light....
10
Mitchell
5
16%
17
._(*)
common
(J I)
--.(*)
Chic City & Con Ry pfd(»)
Chic Elev Ry, pref.... 100
Commonwealth Edison 100
17
4%
Case
.55
25
.
High.
3%
36%
"i7~"
new__(»)
Fisheries,
Briscoe,
88%
100
,.(*)
Board....
94%
Feb
90%
24%
91
Preferred
Jan
12%
280
100
...15
Beaver
Mar
84
105
383
Armour & Co, pref
Leather.
78%
12%
70
Armour
Jan
91%
70
5%
25
25
Preferred B
.
25
Consol Gas E L & Pow. 100
Preferred
Low
High.
Low.
67
70
42
.55
3
10
Preferred
Commercial Credit
of Prices.
Low.
Ramge since Jan. 1.
for
Range since Jan. 1.
Shares.
50
100
Plggly Wiggly Stores,Inc(*)
Pub Ser of No 111, com. 100
Sales
Week's Range
Price.
American Radiator
National
Last
Par.
Hupp Motor.
Baltimore Stock Exchange.—Record of transactions at
Friday
Sales
Friday
Mar
Jan
69
mmmmmm
mm
pref_..10G
.......100
5
2c
115
116
West Penn Tr&WP comlOO
Preferred
2%
86%
9
Air Brake..50
West'house
m
5
San Toy Mining.....
24
2c
86%
.100
Pittsb Plate Glass com. 110
50
91
mm
Pittsb-Jerome Copper
Pittsb Oil & Gas
90
3%
50
Pittsb Brewing com
-
-
such stringent
Mabch 19
1921.]
THE
Week ending March 18—
Last
Week's Range
Sale.
Stocks—
Par.
for
Range since Jan. 1.
Coal.r..
Shares.
IK
3%
18,250
1,300
Low.
High.
Mining Stocks Par.
1%
Acme
Packing.r
10
Aluminum Mfrs, oom.r.(t)
Preferred.r
100
Amer Refrigerator.r
Armour Leather com.r_15
Automatic Fuel S.r
(t)
Blackwell
K
3K
3K
Feb
Atlas
Jan
Belcher-Divide _r
Belcher
10c
Mar
23
77
20
76
Mar
83
"ill
IK
1,800
12 K
200
40
"40
IK
12 K
48
2%
6K
27 K
20%
42%
43 K
Colombian Emerald Synd.r
Com'wealth Fin Corp com.
2
2%
Jan
1
Mar
4%
3,000
2,100
1%
Feb
3,600
6
Feb
2,400
8,300
26%
300
38
13 K
14
Jan
65c
70c
11c
13c
20,100
14c
16c
20,500
20,000
1
68c
Jan
Crackerjack.r
Jan
Divide Extension
Jan
El Salvador Silver Mln__.l
Jan
Silver, r
18
250
17
Mar
18
Mar
Emma
48
614
44
Feb
50
Mar
Eureka Croesus
1
14
14 K
200
11%
Jan
Jan
Eureka Holly.r
1 1
Continental Motors.r
10
Daviea (Wm) Co.r (no par)
6
6
200
6
Jan
8
Jan
Forty-Nine Mining.r
31
125
30
Mar
36
Feb
Goldfield Consol'd.r
75
25
75
Mar
75
Mar
22
5,700
13
Jan
22
Mar
3
18,500
Mar
3
Mar
15
1C0
Feb
21
Jan
Gardner
Motor.r.(no par)
Goldwyn Plcture.r
(t)
17
5%
Havana Tobacco
com r.100
Preferred.r
..100
Internat
Internet Trade Mark.r.(t)
Kay County Gas.r
1
Certificates of deposlt.r.
Lehigh Val Coal Sales.r.50
Llbby ,McN eillALibby .r .10
Lig-Mar Coal MLulng.r_.l
9%
7
Mar
400
7K
Jan
14%
Feb
6K
Jan
10
Feb
Lone
..10c
.25
Standard Oil (Ind).r
25
Standard OH of N Y...100
Jan
1
56c
55c
58c
10,800
48o
Feb
5-16
Mar
20
Mar
17 K
5
7K
19 K
Jan
..1
1 9-16
Mar
23 K
8
Feb
7%
Feb
Platinum-PalladiumCorplO
5 K
Feb
16 K
Mar
Prince
22
Mar
Red Hills Florence.r
Rex Consolidated Mln_..l
16 K
22
300
4
1,300
25 K
700
13
22
IK
19
9.900
3,300
Mar
5%
28
Jan
%
%
IK
3,100
Mar
Mar
3%
100
1
2
10 K
IK
Jan
Jan
Mar
2K
Feb
Jan
IK
Mar
Jan
2
Mar
Jan
9
11
Jan
IK
Jan
2
Jan
South Amer Gold A Pi
Jan
2K
Jan
Standard
1,300
Feb
IK
Jan
Success
Jan
Sutherland Divide.r
34%
10 K
5%
200
31
250
Jan
10
1,835
Feb
4
100
1,500
"l7K
15K
IK
Feb
Mar
36
Feb
53
Mar
99
United Eastern
Jan
Jan
29
Jan
Victory Divide.r
Jan
72
Feb
West End Consol'd
60
Jan
Mar
4,900
22,500
7K
Jan
%
K
Mar
13-16
26,800
K
Feb
K
Mar
8
K
K
18
500
550
15
Mar
13K
17%
16
21,800
1%
Mar
2%
Feb
18
4,100
15%
Mar
21%
Jan
85
80
80'
Mar
86
Mar
275
311
Feb
288
Jan
IK
2K
85
10c
5
"97%
100 K
104
10c
11c
1
Jan
7K
21,000
5
Mar
10%
250
7
Mar
42
4,350
9K
5,400
2
2,400
1 1-16
14,500
K
IK
36,600
K
IK
11
12
1%
2
5
5
500
5-16
%
13K
5-16
15
9,500
9,800
11
•,
2K
2%
~24
(Del).(no par)
22
3K
2K
24
6,900
50
1,000
1%
Mar
1
Feb
2%
Mar
15
Feb
2%
Heinz (H J) Co 7s.r_.1930
Humble Oil A Ref 7s.. 1923
Interboro R T
K
13% Mar
9% Mar
9-16
Jan
17%
11%
Mar
3%
Jan
Feb
Feb
4
50
135
1
137
K
8K
7-16
200
500
Mar
135
20,000
Jan
Mar
K
""k
K
7%
7%
10 K
9%
K
1,700
10 K
2,600
900
8
Texon Oil & Land.r—
United Royalty.r
1
United Tex Petrol.r
Victoria Oil.r
1
Jan
37,000
83
99%
96%
99%
26,000
59,000
99%
96%
1,000
7,000
95
51,000
100
87,000
100%
102
104
125,000
60,000
99%
92
95
4,000
79,000
99% 100%
98%
99% 160,000
98% 99% 153,000
98% 99% 127,000
100% 101% 44,000
83
9,000
83%
15,000
94% 94%
12,000
93%
93%
100
100
5,000
64,000
87% 88%
89%
96%
94%
89%
97%
..
95%
Mar
Jan
Jan
95%
94%
100
Jan
98%
Jan
Mir
65
99%
98%
Feb
Feb
Jan
Mar
96%
Feb
Jan
102
Jan
99%
Jan
106%
Jan
98%
Jan
100%
Jan
92
Mar
99%
98%
Mar
99%
100%
Feb
Mar
100
Feb
98%
Mar
99%
Feb
98%
99%
Feb
9914
102%
Mar
Jan
Jan
Jan
82
Jan
85
Jan
92
Jan
95%
Jan
93%
Jan
97
Jan
99%
Mar
101%
Jan
Jan
91%
97%
98%
Feb
83
Jan
Jan
94%
97%
96%
97
94%
Jan
98
Jan
97
120.000
96%
Mar
97
Mar
70%
68
72
141,000
14,000
67
101%
101
90%
90%
97%
92
90%
102
98%
98%
98%
91%
91%
94%
94
94%
1025000
29,000
4,000
12,000
8.000
94%
Mar
94
Mar
87%
Jan
Jan
72%
94%
Jan
Jan
84%
Jan
94
Jan
100%
Mar
102
Mar
96
Jan
5.000
91
94
55
Mar
Jan
Feb
99%
92%
Jan
Jan
96%
Jan
Jan
7s.r
1925
94%
94%
Mar
2
Feb
Ohio
Jan
55
Procter A Gamble 7s.rl923
Reynolds (R J) Tob 6sr '22
Russian Govt 6%s.r_1919
145
%
Feb
68
6%
5%
98
Jan
Mar
Jan
Jan
Power
7s.r
Mar
Sears,Roebuck A Co 7s r'21
7% spr notes.r.Oct 15*22
7% ser notes.r.Oct 15*23
Feb
11%
2%
Jan
Stand Oil of N Y 7s.r.l925
Mar
6%
6,100
6%
Jan
8%
Jan
6K
6K
6K
Mar
K
%
13-16
50,100
11-16
Jan
7,200
1%
Feb
Mar
K
2K
5-16
9%
K
K
2%
Feb
K
5,500
1,000
6
%
K
Jan
7-16
Jan
%
3,800
4,700
K
Jan
3-16
3,300
K
Feb
1
Feb
Feb
Jan
K
Feb
Feb
95%
Feb
100%
Mar
100%
Mar
97%
Mar
98%
Jan
94%
17.000
25,000
12%
Mar
15
Mar
10,000
12
Jan
20
Mar
99
98%
97%
94%
Jan
99%
95%
95%
Mar
97%
Jan
94%
94%
Mar
90%
88%
Jan
97%
92%
Jan
90%
131,000
58,000
95%
54,000
95%
90% 137,000
gold deb
1926
100%
100%
7% ser gold deb
7% ser gold deb
1927
101
1928
7% ser gold deb
7% ser gold deb
7% ser gold deb
1929
1930
1931
Swedish Govt 6s J'ne 15'39
Swift A Co 7s.r
1925
95
99
19
99
100
36.000
Jan
99
Mar
96
95%
Mar
96%
92
27,000
96%
96% 200,000
31,000
100% 101
30,000
100% 101%
102
100% 101%
101
102%
16,000
32,000
102
101
103
102% 103
39,000
10,000
103%
102% 103%
79%
79%
28,000
32,000
80,000
79%
96%
13
102%
20
Mar
Feb
Jan
Jan
100
Jan
102
100%
Jan
102%
Jan
100%
100%
Jan
102%
Jan
Jan
103
100%
Jan
103%
Jan
101%
Feb
103%
Jan
78%
Jan
84
95
Jan
98
Jan
Mar
100%
Jan
Feb
Jan
Jan
I
96%
1921
98%
99
9,000
95%
Jan
99
Switzerland Govt 5% 8.1929
8154-
82
18.000
79%
Jan I
86%
r
Jan
102%
96%
96%
102%
Jan
96%
6s
Mar
15
99%
ser
Jan
Jan
17
17
96%
96%
South Ry 6% notes.r.1922
Southw Bell Telep 7s..l925
7%
93
Mar
16%
Sinclair Con Oil 7Ks.r 1925
Solvay A Cie 8s.r
1927
Jan
Jan
95
97%
92%
12%
Feb
3
97%
1921
1%
Jan
69
100% 100%
r
14%
Mar
95
1951
Jan
2
89%
101%
86%
Jan
2
K
Jan
Jan
86%
Jan
95%
96%
1,300
3-16
94%
94%
2,900
%
97
Jan
93%
2K
3-16
98%
Jan
1924
2K
7K
1
Jan
92 %
91
7s.r
2
..1
94%
Jan
Mar
Feb
73,000
42,000
235,000
Jan
Jan
K
7%
9%
%
Jan
96
2K
2
85
Feb
Jan
7K
2%
%
94
4,000
Mar
93
2
13-16
97
95%
Jan
89%
14,000
14,000
5,000
2,000
3,000
10.OC0
2K
Settled Prod.r
90
Jan
5,000
94
Jan
Feb
89%
89%
96%
94%
92%
Jan
93%
2%
Mar
97%
97%
90%
91%
95
Jan
4%
Jan
1923
2%
98
60
Mar
97
7s.r
2,200
10
Mar
99
83,000
51
Jan
2K
3,100
48
10,000
97%
89%
49%
70
"2%
4%
129,000
96
97
97%
Certificates
98
Jan
99%
5Kb-..
4K
Jan
1%
Jan
Jan
"~4 K
4c
Feb
Jan
Jan
Jan
Jan
1
95
9%
Mar
2c
500
Jan
97%
3%
4%
lOo
23,000
13-16
57
Jan
4c
Mar
99%
Jan
40
Jan
40
96%
Feb
700
Mar
1%
Feb
99
Feb
5K
6c
Mar
96%
K
IK
62
%
15
96%
300
5
%
18,600
1922
2K
62
k Mar
10%c Feb
7s. r
9-16
62
Jan
95% 194,000
N Y N H A Hart 4s.r.l922
Ohio Cities Gas 7s.r--192l
K
98
SImms Petroleum r(no par)
Skelly Oil.r
10
Sussex Oil.r
1
Natl Cloak A Suit 8s__1930
National Leather 8s.r.l925
2%
2%
10
Mar
500
94%
Kennecott Copper 7s rl930
Laclede Gas Light 7s.r
9-16
5
1921
34
Jan
8
_r
Louis A Nash St L 6s w 1..
Morris A Co 7%s_r.._1930
2,000
28,000
9
%
9,870
1 11-16 Mar
2 9-16 Feb
Mar
6%
'
Jan
Jan
Jan
Feb
25
Mar
IK
Jan
1%
2%
19,000
30,000
18,000
13%
26%
Feb
33
Mar
31
Mar
3
Jan
Feb
25%
Jan
11,200
"96%
Jan
Feb
Feb
IK
95%
96%
Feb
11
34
88%
Grand Trunk Ry 6%s_1936
Gulf Oil Corp 7s_r
1933
Feb
21
IK
Goodrich (B F) Co7sr.l925
Jan
8
2,300
1,100
33
Jan
1%
20%
Galena-Signal Oil 7s.r.l930
General Asphalt 8s.r. 1930
30
1,600
"lK
Mar
99
1926
Jan
12K
10
Jan
6s.r
Mar
25
Mexico Oil Corp
Midwest Refining.r
Ryan Consolidated _r
Feb
17 K
11K
100
Salt Creek Producer new..
Seaboard Oil & Gas.r
5
Mar
21K
100
Pure Oil 8% pref
Red Rock Oil & Gas.r
Empire Gas A Fuel 6s. r '24
2
23
3
Producers & Reflners.r.10
Mar
Feb
Jan
22
Panhandle Pr A Ref, pf.100
101%
Mar
3
1
98%
8% notes.r.Feb 15 1925
Diamond Match 7%s.r_*35
2%
22
10
8% notes-r.Feb 15 1924
Jan
Feb
10%
17%
5
l66~
Jan
"12"
18
8% notes.r.Feb 15 1923
Feb
2
99%
Jan
300
10
Oil.
9K
1
Copper Exp Assn 8s.r. 1922
94%
Consol Textile deb 7s. 1923
Jan
Jan
96 K
IK
9%
Jan
10,800
Mexican Pannes Oil
Mexican Seaboard Oil
Mountain Productions
Noble Oil A Gas
North American Oil.r
5
9,400
IK
(t)
5
IK
200
12K
11
10
IK
11
3,200
11K
IK
3K
Merritt Oil Corp.r
K
5,500
1%
15
Jan
2%
1 1-16
1
K
7%
IK
K
Mar
20c
Jan
11-16
12
1 1-16 15-16
Kansas Gulf Oil.r
IK
Mar
13,200
31,000
K
8K
IK
1%
10c
IK
5%
%
64,000
Feb
1 1-32
IK
7
.1
Mexican Eagle Oil.r
New stock w 1
93%
86%
Equipment 7s.r
1935
Canadian Nat Rys 7s. 1933
Cerro de Pasco Cop 8s. 1931
Cons Gas of N Y 8s. .1921
2
(t)
95%
'29
r
Beth Steel 7% notes.r.1923
9K
....
r
97
1924
Anaconda Cop Min 7s
Jan
15-16
..5
"Y" Oil A Gas
"90
Jan
7K
(no par)
Glenrock Oil.r..
10
Grenada Oil Corp cl A.r. 10
Guffey-Gillesple Oil.r. _(t)
Henderson Farm Oil.r
Oil.r
Amer Irrigation 4 %B.r
Amer Lt A Trac 7s.r-.1925
74
%
1%
96
50
'97%
359
IK
1
Fensland Oil
Pen nock
Allied Pack conv deb6s r'39
Aluminum Mfrs 7s.r_.1925
Amer Agrlc Chem 7%sl941
Feb
IK
Jan
$
Mar
K
40
%
Beaver Board Cos 8s. r 1933
1
Omar Oil & Gas
5
Jan
1,000
1 1-16
27
—
Mar
12
r
1-16 15-16
39
103
66%
Jan
1 5-16
Jan
259
320
Jan
5,860
4.175
Feb
Mar
160
Feb
1%
1%
3c
Mar
5,400
9-16
Jan
22,100
102
70 K
Jan
Mar
6c
218
329
%
1%
11-6
3c
20
68
%
6,700
6,340
5c
20
320
Jan
36,210
60
103
70
1 %
11,000
222
328
5-16
13-16
9c
102
270
5-16
1 7-16
%
6% notes Series A.. 1929
Anglo-Amer Oil 7%s.rl929
ArmourACo 7% notes r *30
270
Jan
Mar
8c
220
272
3-16
15,200
Jan
Feb
6%
Jan
2%c Jan
4c
3
Jan
Feb
Jan
3c
Mining
Bonds
lie
3%
lc
3%c
Wilbert
Mar
3-16
"~9c
10c
Yukon Gold Co.
20
3%o Jan
Jan
64
13.700
90
Jan
Feb
2c
8c
Jan
Mar
36
4c
8c
Jan
13%
Feb
%
3%c Feb
Jan
40,000
20,000
IK
IK
1,100
14
1-16
Jan
2o
1
9
Jan
Feb
Mar
lc
21,500
5
Western Utah Copper.r..l
White Caps Mining....10c
Jan
25 K
Feb
4c
2 9-16 2 7-16 2 9-16
Mining..1
IK
Feb
3,300
1%
1 7-16
1%
1%
IK 1%
1 11-16
United Mines of Mexico.r.
U S Continental Mines.r.l
Jan
25%
Feb
5%
3-16
6%c
Feb
Feb
9c
%
1,300
18,000
12,500
14,800
1,400
64
%
4%
Jan
1-32
1,300
K
Jan
Mar
2
4c
lc
IK
1
%
2,700
46,800
Feb
2o
5-16
—.1
K
Mar
1-16
3-16
1 9-16
1
2%
IK
7-16
Talapoosa Silver.r
1
Tonopah Belmont Dev.-.l
Tonopah Divide.r
Tonopah Extension
Tonopah Mining.r
Jan
1%
6
3,800
4%
2%c
l%c
1
8%
Jan
Feb
3c
5c
5K
1
Jan
%
5%
3
59
3-16
Mining
7%
1,800
K
1
Feb
2,900
8%c
1-16
10
61c
2,000
lo
64
Jan
5%c Jan
5-16
7c
2Kc
18
7%
1%
2%
1
r
Sliver-Lead
Jan
7,420
IK
Silver Pick Cons'd.r
Mar
K
2
800
Jan
13
Feb
97
1,600
2,700
Mar
Mar
Feb
50
100
99
K
2K
10%
6K
Jan
UK
34%
200
39
K
8c
2,000
5%
5%
%
1
2
%
7%
1 9-16
1
St Croix Silver
1
7K
Denny Oil.r
Midweet-Texas
Roper Group Min
Silver King Divide.r
1
Silver Mines of Amerlca.r.
200
53
9-16
5
Oil.r
Maracaibo Oil Explor
....2
8,700
7,000
11%
34%
%
Boston-Wyoming Oil.r-.1
Marland Oil
Consol...]
2%
5K
11%
34%
10
Manhattan
Feb
5c
Other Oil Stocks
(no par)
19%
18
100
IK
7%
K
Southern Pipe Llne.r. .100
South Penn Oil.r
100
Livingston Petrol.r
Feb
18
3,500
8
99
50
1
Feb
19o
3%o Jan
5%c
6s.r
Hudson Oil.r
20o
Mar
Amer Tel A Tel 6s.r-.1922
£1
Federal Oil
Jan
14c
5c
Oil
1
10c
20,500
900
13%
2K
Engineers Petrol Co.r
Fay Petroleum.r
17,000
16c
Mar
5c
Rights
Basin Petrol.r
Emerich Oil.r
Feb
14c
14c
24c
1
Mar
3-16 -Feb
64
Elk
8c
12c
"15c
Jan
7%o Jan
Motherlode
10
3,200
51
Carlb Syndicate _r
Carib Tradlng.r
45.000
Jan
2,400
1,600
l
58.900
5c
Feb
10c
55
Oil.r
24c
4c
4c
25%
52
Boone
18c
5c
Jan
Jan
53
Allied Oil.r
20c
1
Feb
3%
Jan
Union Carbide A Carb r (t)
United Profit Sharing..25c
Inter Petrol.r
10c
Star.r
Mar
7c
185
Ajax Oil class A.r
lo
4o
2%
15,300
65
Oil.r
12.600
8c
64
Ohio
3c
7c
65
Indiana Pipe Llne.r
2c
7c
Shipyard Oorp.r.(t)
Standard
Feb
2c
Kewanus.r
700
1
72 K
13
Todd
Former
12c
14o
9c
2%
5
Jan
25%
Subsidiaries
Anglo-Amer Oil.r
19c
Jan
16,100
14,600
16c
7c
2%
Magma Copper
Marsh Mining.r
58
K
2K
26
Company.r
Feb
Feb
Feb
50
K
2K
25%
Texas
3%
%
MacNamara Crescent.r.
Preferred
Stan wood Rubb_r.(no par)
Sweets Co of Amer.r
10
Swift International.r
15
Reading Co.r
14c
500
Willys Corp com.r(no par)
Feb
Mar
Feb
MacNamara Mining.r...1
51
.10
4%
Mar
k
Jan
5-16
1 OK
Un Retail Stores
Candyr(t)
U S Ship Corp.r
Jan
2%
500
Jan
Feb
IK
10%
K
34K
com B
3%
1,200
Feb
IK
50
Feb
Mar
IK
IK
2
5K
340
9c
66 K
10 K
Rockwell Candy.r
Roy de France TolletProd 5
Standard Gas A El com r 50
Feb
Mar
%
%
1%
Reynolds(RJ)Tob, B.r..25
3c
2 K
20
2K
Feb
%c Jan
8c
5
23 K
"l K
Feb
260
2%
3-16
15c
Mar
46
3-16
2%
1
3c
Jan
Jan
Mar
Mar
3K
Republic Rubb.r.(no par)
100
Butler.r
Feb
1
67
2 5K
5
pref.r
16c
Jan
11c
60
22
10
Radio Corp of
Amer.r._(t)
First
9c
Murray Mog M Ltd
Niplssing Mines
Ophir Silver Mines
Pyrene Mfg.r
U S Steamship
16c
5,500
64,000
5,335
10
Jan
%
Jan
400
K
IK
K
IK
Jan
1-16
400
7Kf
14%
1
22c
2%c
Knox Divide.r
1,700
2
2c
17K
1
Standard Tobacco
9%
Mar
1%
3c
23 K
10
Preferred.r
Mar
Mar
1,000
10
5-16
...100
Nor Am Pulp A Paper, .(f)
Peerless Trk & Motor_r_50
Preferred.r
8K
Jan
2
1
Kerr Lake
2K
Jan
4
16o
Jumbo Extension
Feb
Jan
Jan
9-16
Jan
IK
K
67
Nat Ice A Coal
Preferred
Jim
Jan
3K
K
50
Perfection T & R.r
Profit Sh C & R S.r
Jan
8
Mar
IK
Lincoln Mot. Cl A.r____50
Meteor Motors.r.. (no par)
Nat Fheproofing com.r. 50
Preferred, r
IK
IK
Mar
Mar
Jan
29
3% 41-16
Feb
1%
65c
Feb
H
89,000
4
10%
Jan
2
23,000
52,700
1
Feb
39o
23c
10c
4
Feb
37
25c
100
3c
Jan
8% Mar
74c
Mar
26c
18c
Blossom.r
2,200
2,200
7
15-16
24,504
2c
9c
Jan
32
Howe Sound Co
Iron
9c
Jan
Jan
Jan
34
Hecla Mining
Jan
Mar
3
Jan
17c
3%c Jan
4,500
1%
75c
24c
Jan
62o
Jan
60 K
60
10%
Feb
6
92
400
9
67
18
Jan
IK
9%
10
7K
K
IK
60
Jan
Mar
4%
87
Jan
9 %c Feb
20c
Gold Zone Divide.r
Great Bend.r
IK
5
"7 %
pref..r.-10
15%
900
800
IK
"Ik
"9 %
Culti
6
89
Heyden Chem_r..(no par)
Imp Tob of G B & I.r._£l
Intercontinental Rubb.100
90
17
92
5%
Great Lakes Dredge & D.r
1%
14
Feb
1
Harmill Divide.r
K
Jan
7c
12c
300
2%o
75
20
6c
7-16
Jan
37o
15,000
184,500
3A
Goldfleld Devel.r
10c
Goldfield Florence.r-..,
75
2
1
2
5%c Jan
Jan
200
3
7c
11-16
80
22
15
5-16
1%
1%
IK
10
100
3
5-16
4,400
269,770
3
30
r(t)
65c
Silver
Durant Motors r_.(no par)
Empire Food Producta.r..
com
1 1-16
Feb
Mar
17,300
1
.....
17
45
19 K
7%
Jan
%
20,000
9
Jan
26
3o
400
7%
72c
42c
1-16
50c
18
du Pont (E I) de Nemours
Farrell(Wm)&Son
1
1
14
(t)
7%
8K
Cresson Con Gold M A M.l
8c
6%C
72 c
47K
100
A Co deb stock
67c
14Kc
Cash Boy Consol.r
1
7Kc
Consol Virginia Silver.r..5
7 K
Jan
2o
Jan
2o
1
Mining
%
Jan
2o
1 11KC
Boston A Montana Dev..5
Caledonia
Cortez
4%
lo
Candalarla Silver.r
5-16
5%c
High.
Jan
15
29,600
4%c
%
4c
50
Mar
3c
5-16
5c
Feb
Mar
4%C 5%c
4c
%
20,300
10,000
20
1
3K
7%
30 K
Feb
IK
Jan
Feb
2c
16
5c
Low.
8,000
25,600
13,000
18,600
106,000
Booth.r
68
Mar
Extenslon.r
%
lc
2c
20
Big Ledge Copper Co....5
Mar
Mar
1
Jan
Mar
1,900
Mines.r
Goid.r
Feb
1%
11K
11K
27%
6K
Mar
1K
13
Mar
1
43 K
2K
12 K
2
Chic Nipple Mfg cl A.r.10
Cities Serv Bankers sh r It)
Cleveland Auto Co
(t)
40
100
500
2K
12%
12K
2K
OK
12 K
25
Feb
Mar
800
1
2%
IK
9
Atlanta
Range Since Jan. 1.
Shares.
High
7-16
7-16
10c
16
77
£1
Preferred
5K
Mar
Mar
5C0
1
Conley Tin Foll.r
IK
20
Con.r
Ordinary bearer
Mar
16
20
Brit-Amer Chemical.r._10
Brit-Amer Tob ord
£1
Car Ltg A Power.r
%
3K
for
Week.
of Prices.
Low.
Price.
Alaska-Brit Col Metals...1
__1
Week's Range
Last
Sale.
High.
Low.
Industrial & Miscell.
Acme
1133
Sales
Friday
Week,
of Prices.
Price.
CHRONICLE
Sales
Friday
Jan
Jan
Jan
•
Frtauy
Bonds
(Concluded)-
Bid
<>qu;nts r 1923
78.1930
'30
Elec conv 7s.rl925
98^
United Rys of llav 7 Mb
♦
r
lets,
Odd
Unlisted,
w
i Dollars per
99.
99 M
102
Jan
98 M
Feb
100 H
Feb
07%
Jan
100 %
Jan
o.ooo;
28.000.
i Listed as a prospect.
additional transactions will be
a: Ex dividend.
V Ex rights,
1,000 lire, flat.
Correction
t No
value,
par
week, where
When Issued,
CURRENT
Jan
100
34.000
99
90%
70
220
55
62
Preferred
75
85
j
I Listed on the Stock
found, o New stock,
z Ex stock dividend .
Preferred
109io
390
*81
83
185
200
Ask
Banks
America *
187
232
238
Ask
Bid
6.40
7.25
8.50
7.50
7.50
6.75
7.15
6.40
7.00
6.40
7.75
7.00
31
135
145
100
100
95
99
Galena Signal Oil com...
43
45
Preferred old
100
92
97
Chicago A N W 4Mb
Preferred new
100
92
97
.100
166
172
__
Eureka Pipe Line Co
Illinois Pipe
Line.
Indiana Pipe Line Co
Exch—
Amer
215
Atlantic
-
-
-
194
198
American
Liberty*
315
335
Bankers Trust
N
-
Y
170
176
Manhattan *.
194
Bowery*
425
450
Mech A Met.
295
300
Broadway Cen
150
160
Mutual*
490
Boro*.
105
125
Nat American
150
160
Bronx Nat-
145
155
Nat
City
325
330
Bryant Park* 145
Butch A Drov *140
155
Nat Cuba
60
Central
198
Battery
Bronx
Park.
15
Hocking Valley 4Mb, 6s
7.50
6.75
*20*2
2712
Illinois Central 5s
7.00
6.40
147
Neth*..
160
New
Cent Mercan.
200
210
New York Co
Chase
295
305
New
Chat A Phen.
250
260
Pacific *
York
273
25
*30
34
Prairie Oil A Gas
100
460
Prairie Pipe Line
Solar Refining
100
198
203
100
380
395
170
100
105
224
Missouri Kansas A Texas
65
70
Tobacco
Share
Stocks—Per
Pari
Bid.
90
85
185 205
American Tobacco scrip
99
101
British-Amer Tobac ord_.£l
*123.j 127s
Brit-Amer Tobac, bearer. _£1
*1284 127s
Conley Foil (new)._.no par *1312 15
Helme (Geo W) Co, com. 100 150
157
Preferred
-.100
91
94
Imperial Tob of G B A Ire..
*9
OU
Johnson Tin Foil A Met. 100
95 105
MacAndrews A Forbes.. 100 103
106
Preferred..
100
81
85
Porto Rlcan-Amer Tob.. 100
88
94
Scrip
88
95
Reynolds (R J) Tobacco. 25 *80
86
B common stock....— 25
*34
35
Preferred
100 100 102
Tobacco Prod Corp scrip....
92
95
Weyman-Bruton Co, comlOO 150
157
Preferred -.-----.-.--100
91
94
Young (J S) Co
100
95 105
Preferred—
100
92
«7«
98
t/O
Rubber Stocks (Cleveland pr ices)
Rub, com 10
77
366
Law Tit A Tr.
115
125
210
Lincoln
Beth St 7s July
Coal A Iron..
225
240
Republic*
Colonial *
350
Columbia*...
155
Commerce
213
.
-
-
*250
State*
205
Tradesmen's *
200
220
225
Union Exch..
160
-
--.
Metropolitan.
Mutual (West¬
mm
mm
135
United States*
155
Wash H'ts*
350
Cosmop'tan*.
Yorkville *
425
Fifth Avenue*
900
550
mm
~
305
315
U S Mtg A Tr
~
390
410
States
820
850
United
-
155
Brooklyn
Brooklyn Tr.
Brooklyn
455
Fifth
150
Coney Island*
140
First
890
910
First.
205
215
Hamilton
Garfield
220
230
GreenpoLnt
160
180
Kings County
200
People's
270
470
660
Manufacturer
165
Homestead*..
80
100
Mechanics'*„
87
95
Montauk *
85
....
Q4n
I
95
Gotham
195
205
Greenwich *—
245
260
Hanover
790
Harriman
350
360
Nassau
220
Imp A Trad..
500
515
North Side*—
195
205
Industrial*.—
180
190
People's
150
160
Rldgewood
200
—
—
—
week.
<New stock,
x
"
State banka.
t Sale at auction or at Stock Exchange
Ex-dividend.
y Ex-rights.
•Banks marked with (♦) are
this
290
Preferred
9512
97
& Basis,
a
Nominal,
9334
9912 100
96i4 9612
104
82
84
49
51
67
90
6614s 6684
8
73
10
33
82
■
6
40
77
12
1st
preferred
Power Corp
Western
Preferred
15
36
86
8
45
80
13l2
79
7634 "77~34
20
5
30
15
49
45
82
78
73
70
67
100
pref. 100
A Lt—100
100
78U "8OI4
20
17
59
6
100
...
I
10
77
17
90
100
*1012
*34
84
5
22
100
50
100
24
100
69
"7"
20
92
103
1U2
35
1
6
25
59
26
71
Industrial
and
Miscellaneous—Per thar
American Brass
American Hardware
100
100
Typefounders, com.100
Preferred..—.
100
Amer
180
138
41
82
e
185
144
43
86
*30
36
*52
83
9434 95is Borden Company, com..100
Preferred
100
87
9212 94
Celluloid Company
lOOzllO
s9
88
93
Chi ds Co com
100
98
91
P e erred —-——100
95
7034 7u2
56
LiggettAMyersTob6s'21 JAD
Penn Co 4Mb 1921—JAD15
Pub Ser Corp N J 7s '22-MAS
Reyn (R J) Tob 6s '22-FAA
si0s8 Sheff S A I 6s '29—FAA
Southern Ry 6s 1922—MAS
Swift A Co 6s 1921 —-FAA15
7% notes Oct 15'25 AA015
Texas Co 7s 1923
MAS
U S Rubber 7Ms 1930-FAA
Utah Sec Corp 6s '22.MAS15
West Elec conv 7s 1925. AAO
share.
102
100
...
Republic Ry A Light
100l2
9fi5g
Per
375g
*37
North Texas Elec Co .com100
-
985g
•
•zlOO 103
100
—
93u
15 '22. JAJ15
/Flat price,
6.50
100
South Calif Edison, com. 100
140
Preferred
100
20
34
Standard Gas A El (Del). 50
Preferred
50
40
Tennessee Ry,L A P,com.100
"~'l
Preferred
100
90
United Lt A Rys, com...100
9$i2
'23 JAJ15
Canadian Pac 6s 1924. MAS2
Federal Sug Ref 6s 1924MAN
Goodrich(B F)Co 7s'25.AAO
Hocking Valley 6s 1924.MAS
Interboro R T 7s 1921. .MAS
K C Term Ry 4Mb 1921.J&J
6s Nov 15 1923—MAN15
Laclede Gas 7s Jan 1929 FAA
Lehigh Pow Sec 6s 1927. FA A
590
6.30
7.25
1946.JAJ
Mississippi RIv Pow, 00m 100
Preferred
100
First Mtge 6s, 1951—JAJ
Northern Ohio Elec Corp. (t)
Preferred
100
North'n States Pow, com.100
-
7% notes July 15
575
560
iTitle Gu A Tr
425
105
mm
A Trust
•N Y Trust
165
307
90
-
chester)
N Y Life Ins
|
125
-
105
125
mmmm
-
300
-
280
...
170
Continental..
170
275
210
Corn Exch*„
East River...
165
290
475
23d Ward*.—
---
155
280
265
450
Trust
Mercantile Tr
~
6.75
6.75
100
pref. 100
'•
Anglo-Amer Oil 7Hs'25 A&O
Arm'rACo7sJuly 15'30JAJ15
mm
6.05
7.50
Lt.100
Preferred
9912 100
86
86l2
160
mm
6.65
7.50
Great West Pow 5s
88
JAJ
0.35
7.50
Federal Light A Traction. 100
69
7% notes 1923
—MAN
AnacondaCop Min 6s'29. JAJ
150
m.
Preferred
Elec Bond A Share,
ioou 100s4
1929 Series B
0.50
0.80
100
Preferred
Com'w'th Pow, Ry A
Preferred
100
7s
7.00
7.00
235
33
89
Hudson
mm
7200
•
~
7.00
7.50
Pacific Gas A El, 1st
95
302
Public
210
200
7.00
7.50
230
Puget Sound Pow
A AO
1921MAN
—MAN
7% notes 1922
7.00
8.00
10
Preferred
1924..MAS2
6% notes 1922
Am Tob 7% notes
0.50
8.00
31
15
Cent
0.37
7.12
20
3H4
r
6.35
7.25
27
Preferred
Tel 6s 1924. FAA
Am Cot Oil 6s
Amer Tel A
270
530
Ex*.
Securities—Pe
294
500
wealth*
Short Term
0.35
7.00
100
Cities Service Co, com...100
Preferred
100
Colorado Power, com
100
85
100
100
260
Chemical
Common¬
Preferred
Fulton
.360
Comm'l
Swinehart Tire A R, com.
Guaranty Tr.
Park
218
~
0.40
7.00
Carolina Pow A Lt, 00m.
1414
15
0.40
0.80
16
75l2
-.100
150
135
Second
Portage
0.35
7.15
100
Preferred
75
Rubber—..—-109
Rubber, com
100
7.00
7.15
5
205
125
0.40
7.75
50
50
100
Preferred
100
Amer Power A Lt, com..100
Preferred
100
Amer Public Util, oom„.100
160
"6312
0.40
7.15
Amer Lt A Trac, com
80
70
0.75
7.15
Preferred
75
*72
100
7% preferred
100
Gen'l Tire A Rub, com... 100
460
*270
7.50
Amer Gas A Elec, com
Jviivu
6% preferred
7.00
8.00, 7.00
Public Utilities
Ask
85
80
100
Preferred
100
Amer Machine A Fdry_.100
6.60
8.GO
6s.
Missouri Pacific 5s
-
130
120
Seaboard
Inter
7.25
..
American Cigar common.
0.20
7.25. 0.50
100
Mobile A Ohio 4Mb, 6b...
(California). 100 298 302
New York Cent 4^s, 6s
Standard Oil (Indiana)
25 *6934 70
590
Equipment 7s
Standard Oil (Kansas)... 100 575
N Y Ontario A West 4Mb—
405
Standard Oil (Kentucky). 100 390
Norfolk A Western 4Mb
460
Standard Oil (Nebraska) 100 440
150
Northern Pacific 7s
Standard Oil of New Jer. 25 *145
Preferred
10C 10714 10712 Pacific Fruit Express 7s
332
Pennsylvania RR 4Mb
Standard Oil of New Y'k. 100 328
Equipment 4s
Standard Oil (Ohio)
100 375 390
108
Pittsburgh A Lake Erie 6Mb.
Preferred
100 105
.50
Reading Co 4Mb.........
40
Swan A Finch
100
St Louis Iron Mt A Sou 6fl
108
Union Tank Car Co
100 103
St Louis A San Francisco 5s.
100
97
Preferred ......_.100
Seaboard Air Line 5s
300
290
Vacuum Oil
100
Equipment 4Mb
32
Washington Oil...
10 *28
Southern Pacific Co 4Mb
Equipment 7s
Other Oil Stocks
Southern Railway 4Mb...
Imperial Oil
25 *88
92
Equipment 5a
Magnolia Petroleum
100 140 150
Toledo A Ohio Central 4s
Mexican Eagle Oil...
5 *22
24
New stock...........
5 *2U2 2312 Union Pacific 7s
Virginian Ry 6s
Midwest Refining
50*137 139
350
Fidelity
0.75
Equipment 6I2S A 7s
220
440
Chelsea Exch*
165
"
340
L A Tr
7.00; 6.35
i
Equlpment 6Ms
Michigan Central 58, 6s
Minn St P A S S M 4Ks A 5s
Standard Oil
285
Farm
LouisvllJe A Nashville 5s.._-
470
0.35
7.50 6.60
7.25! 6.50
4 Mb..
.100
Southwest Pa Pipe Lines.
145
280
Kanawha A Michigan
Co.-100
Southern Pipe Line
South Penn Oil
310
__
0.85
Equipment 7s
97
26 *270
Penn Mex Fuel Co
302
135
300
Equitable Tr.
mm
150
295
Empire
7.00, 6.40
Equipment 4^8
152
92
Ohio Oil Co
333
Columbia
"
7.00
85
*1412
New York Traasit Co.. .100
....
Commercial..
«...
7.25
8.00
Northern Pipe Line Co-.100
As*
Union' 325
8.25
National Transit Co... 12.50
city,
325
Colorado A Southern 5s
*83
50
-
~
4Mb, 6b..
Chicago R I A Pac
International Petrol.(no par)
Preferred
320
—
Erie 4Mb, 5s
100
R, com. 100
Preferred
100
Miller Rubber....
100
Bid
6.35
8.50
Preferred
Trust Co's
New York
|
!
6.75
7.25
*29
Firestone Tire A
Irving Nat ol
7.00
7.50
Chesapeake A Ohio 6Mb
Mohawk
Bid
6.40
8.00
117
1C0
Cumberland Pipe Line.
dollars per share.
180
6.30
7.25
6.85
—
Crescent Pipe Line Co.._
City Banks and Trust Companies.
Banks—N Y
6.30
6.87
Equipment 5s
Chicago A Alton 4Mb, 5s—
Chicago A Eastern 111 5 Mb..
Chic Ind A Louisv 4Mb
Chic St Louis A N O 5s
i
6.75
6.30
102
Preferred
All prices
7.50
7.00
7.00
99
...
Goodyear Tire A
New York
Basis
Pittsburgh 4Mb
112
new
Continental Oil
New York Stock Exchange, in a recent
secured bonds providing a $50
to 2 Rector Street this
securities.
"f/
Equipment 4s..
Equipment 6s
Canadian Pacific 4^8 A 6s—
Caro Clinchfield A Ohio 6s—
Central of Georgia 4Mb.*
975
360
a selection of well
in the year.
—Joseph Egbert has removed his offices
where he will continue to deal in investment
160
Buff Roch A
900
50
Cbesebrough Mlg new.100
1922.
—Reynolds, Fish & Co., members
80
150
Equipments—Per Ct.
RR.
18
tc-
*L7U
Buckeye Pipe Line Co
Manager.
—A. J. Gulotta resigned as Sales Manager for Dennison & Sons, to become
President of the Empire Bank Note Co.
Robert P. Inglis, formerly
director in charge of the Lithograph Division of Dennison & Sons is Treas¬
urer, in charge of production of the Company.
—The formation is announced of the Empire Bank Note Company,
Incorporated, with offices at 81 Walker Street, New York, for the purpose of
engraving, lithographing, printing, and in general furnish stationery
supplies to banks and commercial houses.
—Salomon Brothers & Hutzler are offering to receive subscriptions to
the new issue of United States Treasury Certificates of Indebtedness,
including 5m% certificates maturing Sept. 15 1921, and 5M% certificates
income every month
160
70
Title AM G
>
105
Boulevard, J. F. Trounstine,
tabulation have listed
150
West A Bronx
119
Ask. Baltimore A Ohio 4KB——
Ask.i
Bid.
Anglo American Oil new. £1
Atlantic Refining
100
redeemable at par and interest
maturing March 15
iU 8 Casualty.
Interest" except where marked
Per share
par
15 years before maturity.
—Stone & Webster have just published their 1921 edition of "Electric
Railway, Electric Light, Gas and Water Power Properties," giving informa¬
tion regarding the public service companies under their management.
Details of capitalization, description of franchises, earnings statements in
1920 and tabular comparisons of gross and net earnings over a period of
years is given for each of the 58 companies.
The location of the properties
is shown with the aid of 16 maps.
A map of the United States indicates the
extent of the service rendered by Stone & Webster properties from the
Cape Breton Electric Light Co. in Nova Scotia to the Seattle Electric Co.
and the Seattle Railway Co. in Washington .from the Houghton County
Traction Co. in Michigan to Texas, Florida and Porto Rico,
vv _
—Garrison <fc Company, members of the New York and Philadelphia
Stock Exchanges, announce the opening of offices in the Widener Building,
Philadelphia.
The firm members are C. Kenneth Garrison and D. H.
Killion, Jr.
The new house will transact a general investment business.
—Sartorius, Smith & Loewi, members New York Stock and Cotton
Exchanges, announce the opening of a Chicago Office, temporarily located
at 181 W. Quincy Stret, until the completion of
their new home at 170
W. Jackson
(Brooklyn)-
102
1
85
186
110
Mortgage—
prices are "and
bond
Standard Oil Stocks
derived therefrom are exempt from Federal, State,
municipal and local taxation.
All 12 Federal Land Banks are liable for the
ultimate payment of principal and interest of all bonds issued by each and
every Federal Land Bank.
The bonds are legal investment for savings
banks and trust funds In 35 States and are acceptable at par as security for
Government deposits, including postal savings funds.
Outstanding issues
now selling at prices to yield from 5.15% to 5.25% mature from 1937 to
They are
-
„
95
Quotations for Sundry Securities.
All
NOTICES
they and the income
1939.
_
Surety
:Nat
iRealty^Assoc
iUS Title Guar
75
jN Y TitJe A
Surety
As*
Bid
As*
124
180
65
215
City Investing
Goodwin, industrial
Pryse
Bid
115
Lawyers Mtg
Mtge Bond—
Bond & M G.
Amer
engineer, in discussing the scientific
management of bankers' and brokers' offices in industrial fields during the
period of depression, says the old practice of laying off employees in many
cases, has given way to the humane and efficient policy of operating on
part time.
"Fire the hours rather than the employees," says the modern
executive.
In industrial fields this plan has been proved to operate with
with such success that it has met with general adoption, enabling the burden
of unemployment to be shared by all employees and making it possible for
the employer to keep his organization intact, thereby placing him in an
advantageous position over his competitors when business starts up again.
On account of the nature of the business it is perhaps not possible in
financial houses as in industrial concerns, to operate on a part time basis,
but it is possible to operate on a part staff basis, covering all the duties with
part of the staff one week and with the other part next week, always keeping
in touch with the absent ones in case of a sudden increase in business.
Were the above not feasible a general cut in salaries as has been suggested
by the railroads is surely preferable to the discharge of individual clerks,
imposing on the few unfortunates the entire burden of the depression.
—Hallgartcn & Co. have issued a folder pointing out that Federal Land
Bank farm loan bonds have as complete exemption from taxation to indi¬
vidual owners as First Liberty Loan 3Vz% bonds.
This statement is based
on the declaration by Congress and affirmation by United States Supreme
Court that the bonds are instrumentalities of the Government, and as such
—J.
75
share.
prices dollars per
(
Ask
65
Feb
00%
Jan
08%
08% 266,000
100M 100%
Union Tank Car eq
Exchange this
All
High.
Low.
,112.
Companies.
City Realty and Surety
New York
1.
-
Week.
Ilioh.
08M
08%
Texas Co 7%
Western
for
Of Prices.
Row.
Range since Jan.
Soles
Week's Range
ton
Sale.
Price.
[Vol.
CHRONICLE
THE
1134
99
97
W) Co, new..no par
50
Bliss (E
Preferred
85
89
116
102
[
98
du Pont (E I) de Nemours
97i2
9812
96i2
97l2
90
91
65i2
66i4
9834
99
99i2
9934
87
89
Intercont'l Rubb, com... 100
97 ig
100
137
100
100
.100
75
1
5
A Co, com.
Debenture stock
Havana
Tobacco Co
Preferred
1st g 5s June
1 1922..JAD
100
97i2
International Salt
85
86
96
96i2
1st gold 5s 1951.
AAO
Internationa] Silver, pref. 100
987g
96t2
991.1
9634
Phelps Dodge Corp
9si2
99
99
99i2
Royal Baking Pow, com. 100
Preferred
100
8714
88
Singer
99
99m
f45
142
76l2
2
6
65
984 10l2
55
/67 "70"
*89
67 "
*65
Singer Mfg. Ltd
Lehigh Valley
Coal Sales.
50
100
......180
85
95
77
79
Manufacturing—.100 *85
87
£1
*2i8
3
d Purchaser also pays accrued
z Ex-dividend. y Ex-rights.
dividend.
•
New
stock.
\wats\mml aud gaihmd gutcllicjtncje,
The
can
be
RAILROAD GROSS EARNINGS
V
following table shows the
gross
earnings of various STEAM roads from which regular weekly
obtained.^ The first two columns of figures give the
columns the
Current
Month.
Alabama & Vicksb. January
Aan
Arbor
4th wk Feb
Atch Topeka & S Fe January
Gulf Colo & S Fe_ January
Panhandle S Fe__ December
Atlanta Blrm & Atl_ December
Atlanta & West Pt_ January
Atlantic City
January
Atlantic Coast Line- January
Baltimore & Ohio.- January
Current
Year.
Year.
Year.
S
318.381
88,728
11.291
455,790
1,010,526
Bessemer & L Erie.-! January
Bingham & Garfield December ;
32.420
Birmingham South. December
72,649
Boston & Maine.
6,120.263
January
Bklyn B D Term
86,466
January
__
Buff Roch & Pittsb. 2d wk Mar
Buffalo & Susq—__ December
318,381
784,178
88.998+
296,301
787,746
2,509,015
9,355,874
2,509,016 2,591,019
822.929
814,502
430.413
448,733
277,527
231,631
250,864
217,146
6,451,142 6.820,140
706,172
Bellefonte Central.. I December
Belt Ry of Chicago. (January
296,302
15356 0'J3 20177 970 15,356,003 20,177,970
203.129
January
Bangor & Aroostook January
285,105
304,497
2*591,019
6.708,470
4,961,0?2
277,527
5,750.591
231,634
217,145
260,854
6,451,142
6.820,140
17343688 17,856,151 17,343,658
208,129
214,879
214,879
706,172
591.175
591,175
I 21,028
10 >.219
8,948
419,787
455,793
419,787
639,349
639,349 1,010,526
1.314,960
155,840 1,399,492
660,3361
567.3.50
44,557
6,830,821
6,120.263; 6,830,821
92,023
86,466:
92,028
405,718, 3,233,635
3,789,854
145,254! 3,114,960 2.157.831
■
Canadian Nat Rys. l^t wk Mar 2,019,345 1.690,099118,981,435 15,473,720
Canadian Pacific
2d wk Mar 3,176,000 3,130,000 33,483,000 33,701,090
Can Pac Lines in Me January
382.817
357,395
382,847
357,395
Caro Clinch & Ohio.. January
647.920
663,014
647,920
663,044
Central of Georgia.
January
Central RR of N J— December
Cent New England. January
Central Vermont.
January
__
Charleston & W Car January
Ches & Ohio Lines.
January
_
Chicago & Alton.
__
January
Chic Burl & Qulncy. December
1.783.910 2,411,342
1,788,910 2,411,342
4,961.689 3,910,766 51,989,303 44,837,302
660.613
531,711
630,613
531,711
467,095
536,501
536,591
467,005
278,921
254,485
254,485
278.921
7,126,093 5,420,510 7,126,098 6,420,510
2.600,000 2.541,179 2,600.00,3 2,541,179
Chicago & East 111.. January
Chicago Great West January
Chic lnd & Louisv.
January
Chicago Junction.
January
Chic Milw & St Paul January
Chic & North West
January
15271910,12729301
184610986 154011438
2,553,942 2,932,417
Chic Peoria & St L
161,302
237,915
10440 227 12344566
2.553.942
2,932,417
2,036,297
2,257,551
1,229,795
1,312,817
423,559
343,054
11,587,656 I.4533,590
11,789,593 13,093,052
2.801,193
1,736.078
10,440,227 12,344,566
603,879
661,042
2,400,185
2,910,424
465,155
437,160
296,891
376,155
5,147.940 5,291,148
13,143,676 II,162.302
247,958
174,012
1.825.943
1,227,501
915.650
1,084,795
1,864,933
1,881,559
1,002,911
992,413
12,711.803 11,638,950
2,702,737
2,459,774
4,126,239
2,766,136
6,935,047
5,910,474
2.981,378 3,420,841
201,970
245,670
118,312
120,283
248,425
351,380
186,359
209,384
127,723
198,650
144.691
217,142
789,894
847,290
184,455
327,093
1,512.770
1,229,439
167,591
179.692
2.602.620
1,740.539
1,074,230 1,350,835
8.399.621
8,193,917
993,352
875.631
114,811
108,998
1,549,447
1,189,954
103,522
112,713
185,070
154,495
988.814
1,980.566
484,603
428,210
114,132
101,076
2,036,297 2,257.531
1,229,79511,312,817
423,5591
348,034
_
_
11587656 14533590
11789595 13093032
December
Chic R I & Pac.... January
Chic R 1 & Gulf. January
Chic St P M & Om. January
Chic Terre II & S E. January
Cinc lnd & Western January
Colo & Southern-_. 1st wk Mar
Pt W & D8nCity. December
Trin & Brazos Val January
Wichita Valley
December
Colo & Wyoming— December
Columbus & Greenv December
Copper Range
December
Cuba Railroad
December
Camaguey &Nuev December
Delaware & Hudson January
Del Lack & Western January
Denv & Rio Grande January
Denver & Salt Lake January
Detroit & Mackinac January
Detroit Tol & Iront. January
Det & Tol Shore L__ January
Dul & Iron Range
January
Dul Missabe & Nor. January
603.879
681,042
2,400,185 2,910,424
465,155
437,160
296,891
376,155
473,877
440,133
1,293,164 1.052,636
174,012
247,958
181,884
159,479
25.311
128,710
198,812
213,801
82,494
74,004
1,373,421 1,158,179
117.893
131,811
4,126,239 2,766,136
6,935,047 5,910,474
2,981,378 3,420,841
2 45,670
201,970
118,312
120,283
248,425
351,380
209,384
186,360
198,650
127,723
217,142
144,691
Dul Sou Shore & Atl 1st wk Mar
84,<389
50,962
Duluth Winn & Pac January
327,093
184,455
East St Louis Conn. December
156.098
130,393
Eastern SS Lines— January
167,501
179.602
Elgin Joliet & East
January
2.602.620 1,740,539
1,074,230 1,350,835
8.399.621 8,193,917
875,631
998,352
114,811
108,998
1,549,447 1,189,954
112,713
108,522
185,070
154,496
El Paso & Sou West January
Erie Railroad—
January
Chicago & Erie.. January
N J&N YRR__
January
Florida East Coast. January
Fonda Johns k Glov January
Ft Smith & Western January
Galveston Wharf— December
Georgia Railroad
Georgia & Florida.
_
Grand Trunk Syst.
Atl & St Lawrence
ChDetCanGTJct
Det G H & Milw.
Grand Trk West.
Great North System
Green Bay &
West-
Gulf Mobile & Nor.
Gulf & Ship Island
.
Valley
Hocking
Illinois
Central....
Illinois Terminal...
133.933
247,098
January
428,210
484.603
January
101,076
114,132
1st wk Mar 1,764,250 1,054,295
December
492.777
463,647 3 375.549
3,274,056
December
223,173
189.824 2,000,168 2,132.563
December
323.747 4,882.548
296,008
4,365.538
December
1.409,555 1.245.444 17.060,109 13,912,076
January
6,279,239 10151935 6,279,239 10,151,935
January
122,491
115,655
122,499
115,655
December
254.164 4,180.494
2,823,506
446,986
December
247.353
249,189 3,0.53,924 2.496,260
January
952,983 1.164.695
952,988
1,164.60 >
January
12878199 12255892 12,878,199 12,255.892
December
115.612
938,439
75.101
1,119,931
Internat & Grt Nor. January
Kan City Mex & Or January
K C Mex & O of Tex January
Kansas City South.
Texark & Ft Sm.
January
Jauuary
January
Kansas City Term.
Kan Okla & Gulf— January
Lake Sup & Ishpem. December
_
Lake Term Ry
Lehigh & Hud River
Lehigh & New Eng.
Lehigh Valley.....
Los Ang & Salt Lake
Louisiana & Arkan.
Louisiana Ry & Nav
Louisville & Nashv.
Louisv Hend & St L
Maine Central.
Midland Valley
Mineral Range
Minneap & St Louis
Minn St P & S S M.
Mlssissippl Central
1,751.347 1,728,576
128,152
159,315
149,575
159.499
1,766,339 1,498.996
212.475
157,771
136,688
126,819
278.720
174,085
1,751,347
128,152
159,315
1,766.339
212,475
136,688
273,729
1,658,244
151,753
257,045
2
71.535
1,728,576
149,575
159.499
1,498,995
157,771
126,819
174,035
1,003,152
89,792
197.500
11,459
5,992
151,753
89,792
257,045
197.500
358.359
271,535
368,369
6,035,114 5,475,496 6,036,114 5,475,495
December
2,150,264 1,505.384 20,898,126 17,209.932
354.698
January
318,052
354,698
318,052
December
357,702
321,837 4,275,834 3,542,034
10142181 10269,714 10,142,181 10,259,714
January
234.218
January
251,341
251,341
234,218
1,604,345
January
1,958,969 1.604,346 1,938,969
435,404
January
385,987
385,937
435,404
1st wk Mar
9,930
11.208
118,437
93,574
1st wk Mar
322.02 4
272,627
3,113,140 2,923,959
January
3,212.514 3,492,201
3,212,514 3,492,201
December
74,987
77.374
1,011.409
1,069.815
January
January
January
January
AGGREGATE
OF
4th week Dec
1st week Jan
2d
week Jan
week Jan
4th week Jan
1st week Feb
2d
3d
week Feb
week Feb
4th week Feb
1st week Mar
*
We
no
Previous
Year.
Year.
Decrease.
8
Weekly Summaries.
8
monthly returns
The returns of the electric railways
longer include Mexican roads in
Increase
Earnings.
Jan. 1 to Latest Date.
+3.075.222 21.41
+807,659 11.11
+381.880 3.09
+1,058,982 8.21
+1.556.269 8 7 5
+1.247,912 9.54
—544,671 4.45
+358,708 2.82
—2.244,229 14.86
+635,787 5.00
12,235,838
12,724,235
15,097,698
12,722,219
any
of
our
Previous
Current
Previous
Year.
Year.
Year.
Year.
Missouri Kan & Tex JanuaryMo K & T Ry of Tex
j December
2.925.832
2,886,064
205.070
9,552.340
694,799
Monongahela...
December
91,078
Moaongahela Conn. January
Montour
115,674
January
Nashv Chabt & St L January '
1,756.328
Navada-Calif-Ore
4th wk Feb
5,239
Nevada Northern__ December
76,942
234,420
Newburg'n & Sou Sh December
New Orl Great Nor. February
2)9,193
N O Texas & Mex__ January
301,251
Beaum S L & W._ January
255,732
St L Brownsv&M: January
630,682
_______—
__
Now
York
lnd
Cenfcral.jJanuary
Belt.'January
Harbor
Lake Erie k West? January
Michigan Central January
Clev O C & St
L._; January
Cincinnati North.'January
Pitts & Lake Erie January
Tol & Ohio
Cent.jDecomber
Mich;December
3,473,957! 2,925,832 3,473,957
2,160,764 29,929,948 25,244,514
148.558
2,115,210 1,587,826
10495227 9,552,340 10,495,227
303.689 4,674.852 3,652.667
224,328
224,328
91,078
4,416
157,284
176,151
192,190
172,446
142.936
607.937
27360 537 30605167
784,738
654.495
782,645
933.496
6,128,497 6.979.258
6,960,692 7.377.259
224,918
253,489
2.966.833 2,784,241
1,352.688
616,675
465,926
367,563
2,265.037 2.193,657
291,816
J January
8,656,046 10313 075
Kanawha k
NYNH & H xrbf.
N Y Ont & Western January
N Y Susq k West. JJanuary
Norfolk Southern._!January
Westerns! January-
Norfolk &
Northern Pacific.__ Jauuary
Minn & Internat
January
Northwestern Pac.. January
Oahu Ry & Land Co December
Pacific
Coast
January
Pennsylv RR & Co.. January
Bait Ches & Atl__ January
Cine Leb k Nor.
January
_
Grand Rap & lnd January
January
January
Island....
Mary Del & Va_
Long
N Y Phila & Norf January
Tol Peor & West. January
W Jersey & Seasb Jauuary
Pitts C C & St L. January
Peoria & Pekin Un. January
Pere Marquette..
January
Perkiomen
January
Phila Beth & N E_. December
Phila &
Reading.
January
_
Pittsb & Shawmut— January
Pitts Shaw & North January
Pittsb & West Va
January
January
Port Reading
Quincy Om& KG.. December
Rich Fred & Potom. January
Rutland
January
St Jos <fe Grand Isl'd December
St Louis San Fran..
December
Ft W & Rio Gran.
December
St L-S F of Texas.
December
St Louis Southwest. January
St L S W of Tex.
January
_
Total
1st wk Mai-
system....
St Louis Transfer.
December
San Ant & Aran Pass
January
San Ant U valde & G January
Seaboard Air Line.. January
December
Buffalo
South
Atlantic S S Lines January
Arizona Eastern. January
Galv Harris & S A
Hous k Tex Cent.
Hous E & W Tex.
Louisiana Western
Morg La & Texas
Texas & New Orl.
Southern Pac Syst..
Southern Railway._
Ala Great South.
Cin N O & Tex P.
Columbus & Gr._
Georgia Sou & Fla
Mobile k Ohio..
Ne w
Orl & Nor E.
A'a
Northern
Internat..
Spokane
Sook Port! & Seattle
Staten Island R T__
Tenn Ala & Georgia
Tennessee Central..
TermRR AssnofSbL
St L Mer Bdge T.
Texas & Pacific
Toledo St L & West.
Ulster & Delaware.
_
Un'on Pacific.
Total
system—_
Oregon Short Line
Ore-Wash RR &N
Union
RR
(Penn)_.
Utah
Vicks Shrev & Pac..
Virginian
Railroad.
Wabash RR
Western
38,782
1,588,638
1,920,237
1,579,440
1,328,299
420,802
395,063
301,261
172,446
142.936
255.732
630,682
607.937
27,360.587 30.605,167
654.495
784,738
782,645
933.496
6,128,497 6.979.258
6,960,692
7.377.259
253.480
224,918
2,966,833 2,784,241
13,445,864 9,078,910
5,417,655 4.324,755
2,265,037 2,193,657
291,816
8,656,046 10,313",075
735,167
959,526
435.828
331,178
743,611
537,687
6,835,195
7,436,716
6,460,0941 9,451,062
97,327
97,32?
139,479
580,690
479,521
589.690
95,515 2,107,650 1,586,214
558,590
558.590
435,187
41640210 39975473 44,640.210 39,975,473
60,009
88,946
88,946
60,099
76,577
83,215
85,215
76,577
835,112
754,653
835,112
754,653
1,772,494 1,656,572
1,772,494 1,656,572
72.416
45,255
72,416
45,255
587.949
580,493
580,493
587,949
158.399
211,760
158.399
211,760
704,233
704.233
839,097
839,097
9,782,489 10,580,512
9,782,489 10580 512
147,228
173.687
147.228
173,687
2,404,554 3,116,812
2,404,554 3,116,812
108,520
149,682
108.520
149,682
80.273
1,295.245
839,122
76,492
7,873,620 6,9.31,822 7,873,620 6,931,822
139,479
479,521
146,95 4
435,187
128,570
128,570
145,884
128,857
109,729
128,857
163,116
199.653
199.653
163,116
190,989
190,989
260,180
260,180
125,874
95,741
1,366,998 1,117.415
895,499 1,068,186
895,499 1,068,186
483,992
483,992
511,560
511.560
274,922
233,556 3,433,706 2.932,822
8,370,766 7,190,725 93,801,034 78,552,125
1,665,481
161,752
177,637
1,961,143
1,537,640
180.836
1,816.776
131,163
1,519,646 1,569.739
1,519,646 1,569,739
762,378
632,768
632,768
762,378
145,884
109.729
468,349
132.561
477,519
94,112
4,335,146
138,186
17148336
769,059
346,667
2,617,564
1,106,208
251,225
400,955
771,996
119.697
554,357
477,519
92,29,5
5,138,543
1,144,253
412,151
92,295
4,795,244
949,683
4,608,460
1,395.505
412.151
94,112
4,335,146
4,795,244
67,416
'
Maryland. 1st wk Mar
Western Pacific
735,167
331.178
743,611
537,687
7,436,716 8,835,195
6,460,094 9,451,052
80,010
2,154,734
43,568
1,590.382
1468111I 201894192 169728 »31
830,539
769,059
830,539
346,667
369,867
369,867
January
2,125.560 2,176,564 2,125.560
January
1,106,208 1,078,261
1,078,261
251.225
217,179
January
217.179
480,675
January
400,955
480,675
771,996
902,925
January
902,925
837,319
January
837,319
801,281
801,281
21889117 23095752 21,889,117 23,095,752
January1
1st wk Mar 3,261,782 3,154.898 20,611,093 33,848,786
872,062
919,017
919,01.7
872,062
January
January
1,564,859 1,756,312
1,564,859 1,756,312
222.146
170,827
January
170,827
222,146
561,918
429.076
429,076
January >
561,918
1st wk Mar
332.787
286,000 3,529,379 3,242,288
558.227
730,236
730.236
Tanuary
558,227
148.846
148,846
111,682
111,682
January
110,851
137,157
January
137,157
110,851
760,287
January
760,287
564,779
564,779
185.019
185.019
168,175
168.175
January
4th wk Feb
27,856
18,075
2,225
3,665
182.151
288,756
288,756
January
182,151
December
412,744
395,007
4,758.433 4,002,717
December
363.521
4.364.016 3,217,134
405,453
1st wk Mar
709,629
7,099,027
7,361,131
629,318
813,446
755,851
815,446
January
755,851
90.990
90,990
82,182
January
82,182
887.475
774,011
774.011
887,475
Tanuary
13267375 18794679 13,267.375 18,794,679
January
December
3,534,720 3,160.987 44,906.043 38,260.580
December
2,491,532 2.166.961 33.060,169 28.367.803
1.010,696
587,658
1,010.696 5,876,658
January
114.379
169,314
114,379
169,314
January
373,581
373,581
390,282
390,282
January
1,693.134 1.298.987
January
•,693,134 1,298.987
January
4,717,017 5,113,914 4.717.017 5,113,914
Pacific Co December
Southern
959,526
435,828
115,674
1,756,328
80,010
2,154.7341
N Y Chic & St Louis January
N Y Connecting Co. I January
January
Western Ry of Ala.. January
Wheel & Lake Erie- January
Wichita Falls & NW January
Yazoo & Miss Val.. January
totals.
*Monthly Summaries.
%
7,270,486
12,898,166
17,786,055
13,086,508
Current
Mo & North Arkan. December
Missouri Pacific
January
or
14.3'60,096
12.324.508
Week or
Month.
ROADS.
350,256
326,584 3,490,850
951,574
951,574 1,346,443
215,109
215,109
263,690
1,047,636
1,047,636 1,034.541
224,376
201,076
224,376
1,881,184 2.604,7691 1.881,184
Current
8
(14 roads)
17,435,318
(10 roads)
8,078,145
(13 roads)
12.706,388
(20 roads)
13,957.148
(19 roads)....
19.342,324
(17 roads)
14,334+29
(14 roads)
11,691,167
(19 roads)....
13,082.943
(19 roads)
12,853.469
(18 roads)_13,358,006
or
month, and the last two
2,333,769
1,346,443
263,690
1,034,541
201,076
2,604,769
GROSS EARNINGS—Weekly and Monthly.
Current
*
or
$
17856151
B & O Ch Term__
month.
Latest Gross
Previous
Year.
or
Previous
S
Week
or
Jan. 1 to Latest Date.
Latest Gross Earnings.
ROADS.
3d
earnings for the latest week
gross
earnings for the period from Jan. 1 to and including the latest week
brought together separately on a subsequent page.
are
1135
Curr.Yr.
Mileage.
March
..213,434
.221,725
April
-213,206
May
June
..213.525
July
_220,459
.199,957
August
September. -226,955
October
.231,439
November
-235,213
...
.
December.. -229,422
Previous
Year.
Year.
Pren.Yr.
8
212,770 408,582,467 347, 090.27?
Increase
or
Decrease.
%
+61,492,190 17.73
220.918 387.680,982 372, 828,115 + 12,852,867
3.45
211.040 387,330.487 348 701,414 +38,629.073 11.08
208,598 430,931,483 369, 225,761 +61.705.722 16.96
218.918 467 351.544 401, 376,485 +65.925.059 1643
199.418 441.423,158 367 865,628 + 73.557.530 19.98
224.922 594,192,321 480, 408,546 + 113783775 23.68
229,935 633.852,568 503, 281.630 + 130570938 25.94
233,839 592,277,620 438, 038,048 + 154239572 35.21
228.134 539.197,615 443, 124,176 +96.073.439 21.68
THE
1136
the table which
sum up separately the earnings for the first week
The table covers 18 roads and shows 5.00%
Latest Gross Earnings
follows
we
March.
of
increase in the
[Vol. 112.
CHRONICLE
Net after
Equi.Rents.
$
632,768 defl45,117 def169,130 defl46,838
762,378 defl99,736 def231,395 def186,093
def94,879
def93,935 def107,246
477,519
Gross from
aggregate over the same
week last year.
Net after
Taxes.
Net from
Railway.
Railway.
by Weeks.—In
$
Jan '21
St Louis South-
'20
western of Texas
San Ant & Aran Pass Jan '21
'20
Canadian National Railways
Canadian Pacific
Colorado & Southern
Duluth South Shore & Atlantic.
Grand Trunk of Canada
1
Grand Trunk Western
\
Detroit Grand Hav & Milw. I
Canada Atlantic
Mineral Range
Minneapolis k St Louis
2,049,345
3,255.000
473,877
84,689
1,764,260
Railway
Tennessee Alabama &
def70,267
def49,790
6,729
def59.137
? Q04.
def 61,538
def 7,236
def68,727
2,185.982
4,242,085
1,271,587
3,392,951
1,231,624
3,310,713
'20
92.295
Jan '21
Georgia..
Pacific
Western Maryland ....
14,688.080
'20 16,113,492
Jan '21
Arizona Eastern
Jan
769,059 defl22,430 def133.958 def132,044
830,539 def247,580 def257,546 def255,651
*20
110,055
468,349
3,261,782
332,787
2,116
700,629
350,256
190,923
189,839
828,002
4,394,583
4,394.206
114,379
169,314
27,190
88.541
23,064
84,519
25,047
73,521
951,574
1,346,443
80,893
468,476
13,389
394,791
89,855
427,335
Jan '21
'20
Jan '21
Western Pacific
106,884
46,787
*20
845,919
RAILWAY
ELECTRIC
71,311
23,672
of Road
Company.
Current
Year.
Month.
$
$
'20
&
23,512
defl 3,310
'20
Buffalo
2,591,019
Jan'21
Bingham & Garfield
244,251
803,742
152,151
33,026
*21
227,546
226,498
Jan
Susq
'20
Jan '21
Central of Georgia
'20
Jan'21
Central RR of N J
'20
Cent New England
,Jan'21
'20
Central Vermont
Jan '21
Chic Great West
Jan '21
'20
'20
defSS ,955
dei'40,405
def 16,169
def22,869
1,788,910
2,411,342
def21,587 def104,680
596,205
517,850
4,204,671
3,672,168
221,920
def353
def64,856 def347,828
111,169
90,281
660,613
531,711 def136,130 def154,934
467,005 defl64,015
536,501
def48,172
2,036,297
2,257,561
136,136
428,325
183,939
201,953
def61,419
603,879
661,042
22,566
232,575
'20
1.379,197
1,222,633
386,746
341,321
Jan '21
78,472
1,313
Chic Peoria & St L
Jan '21
Chic R I & Gulf
Jan '21
'20
*20
Jan '21
Colo & Southern
Copper Range
def8,896
*20
80,352
def8,161
Denv & Rio Grande
Jan '21
'20
2,981,378
3,420,841
534,871
1,173,739
Denver & Salt Lake
Jan '21
'20
Det & Tol Shore L Jan
'21
'20
Jan '21
Eastern SS Lines
'20
def56,081
201,970
245,670 defl 17,013
209,384
186,360
167,591
179,602
Green Bay & West
V
*
.
,•
Gulf & Ship
Jan '21
'20
"
.
Island
Jan '21
'20
Hocking Valley
Jan
'21
*20
Kan Okla &
Gulf
Jan '21
'20
Los Ang & Salt L
Jan '21
'20
55,659
28,103
......
dei'34,113
def5S,510
16,645
309,561
13,203
def2,559
903
'20
def323,187
40,013
def?53,701
def84,250
63,690
375,972
Grand Trunk System—•
Atl & St Lawr
Jan '21
482,619
101,083
def61,991
419,714
1,549,447
1,189,954
Jan '21
112,633
89,481
671,146
def 1,039
37,499
17,598
def5,594
def80,591
defl84,915 defl76,356
def65,588 def72,377
54,348
1,017
363,868
302,383
def68,622
def64,293
def14,996
def23,349
8,598
def 5,049
214,314
220,791
312,700
320,897
280,019
273,903
def 5,187
def5,645
def13,434
defl3.816
400,707
447,064
1,058,437
1,020,476
def64,185
def66,360
defl27,598 defl35.698
102,633
76,254
467,281
415,523
'20
Florida East Coast
defl7,383
25,601
375,703
345.309
def81,186
def32,975
122,490
115,655
17,973
14,818
10,973
8.664
8,593
6,159
236,933
273,119
20,329
34,042
def 560
18,609
12,049
22,181
def242,300 def328,815 defl89,154
1,164,605
196,590
129,968
203,766
952,983
278,720
174,085
1,706,578
1,631,856
27,198
18,686
def6,606
def87,343 defl05,931 defl23,662
86,409
469,365
defl5,964
384,209
def78,140
367,813
3,212,514 def523,063 def919,235 def974,514
'20
3,492.201
294,827
def88,919 defl37,400
def35,900
def27,4 50
Monong Connecting Jah'21
91,078 def25,196
58,859
61,118
61,060
'20 \
224,328
M St Paul & S S M
Montour RR Co
Jan '21
Jan '21
'20
115,674
def 13,314
def19,127
defl7,475
def 21,557
20,405
80.010
31,807
16,502
2,336
62,757
18,600
def 8,683
18,377
def3,547
39,368
4,286
'20
200,193
192,190
Jan 1 to Feb 28 '21
420,802
*20
395,063
Orl
New
■
Grt
Nor
Feb'21
32,335
defl,038
'20
&
774,011
def50,696 defl06,553
def36,658
def74,828
def94.331
def42,886
Jan '21
'20
365,987
339,985
def65,927 defl01,583
def29,707
def61,508
def.39,158
def4,007
Jan '21
291,816
190,951
157,951
98,434
def74,727 def102,727 defl 19,042
Ohio Cent Jan '21
Kanawha &
Michigan
N Y Connecting Co
'20
N Y New Haven &
Hartford
Norfolk & Western
Jan '21
887.475
-
8,656,046defll44,944defl542,837defl795,841
'20 10,313,075
Jan '21
*20
7,436,716
6,835,195
1.238,047
899,600
594,614
1,005,395
615,153
442,856
1,002,285
818,340
705,505
Northern Pac. Sys.
Minn & Internat
Jan '21
'20
Northwestern
Pacific
Pennsylvania RR
& Co
Jan '21
'20
Cine Leb & Nor
Jan '21
Grand Rapids &
Jan '21
'20
'20
'20
Long Island
Jan '21
Mary Del & Va
Jan '21
*20
'20
Norfolk
Jan '21
'20
West Jersey &
Seashore
Jan '21
Pitts C C & St L
Jan '21
23,614
9,345
def86,206
79,029
12,662
2,554
def87,145
59,471
1,163,643 def525,759defll53,666
*20 39,975,472defl478,727def3071,117def3199,874
Jan '21
N Y Phila &
30,588
14,225
def55,758
104,946
Jan '21 44,640,209
Bait Ches & Atl
Indiana
139,479
97,327
479,521
580,690
'20
88,946
60,009
def46,169
def39,116
def49,969
def42,816
def51,218
def42,126
86,215
76,577
def27,357
def36,018
def27,939
def34,427
def37,283
dfe29,642
754,653
835,112
def7,986
136,566
def47,416
94,448
def59,001
87,340
1,772,494 def249,131 def363,445 def403,352
1,656,572 def130,266 def237,123 def293,203
72,416
45,255
587,949
580,493
defl5,418
def38,897
42,505
def40,302
defl7,521
def40,897
18,694
def67,378
defl7,269
def43,395
11,046
def80,947
839,097 def134,739 defl89,922 def201,034
704,233 def302,676 def349,621 def378,677
9,782,489
'20 10,580,512
483,358
1,870,623
75,026 defl66,251
1,564,474
1,292,300
Previous
Year.
Current
Year.
Previous
Year.
S
Appalachian Pow Co. February
Arkansas Lt & Power December
Asheville Power & Lt. December
Atlantic
City Elec Co December
^Barcelona Trac, L & P January
Baton Rouge
Elec Co January
Beaver Valley Tr
Co. January
Binghamton Lt, H & P January
Blackstone Val G & E January
/Brazilian Trac, L & P
iklyn Rap Tran Sys
cBkl. nCity RR —
aBklyn Heights RR
Coney Isld & Bklyn
Coney Isld & Grave
January
(6,911,612
850,473
6,239 /740.628 \
52,802
193,997 1,698,104
231.239
110,467
19,948
30,839
519,677 457,910 4,229,097
657,422
108,413
91,770
1574,675 1347,095 13,832,880
1.237.376
126,296
156,589
59,409
49,082
59,409
1,598,558
119,242
143,597
45,045
42,091
45,045
113,-110,285
113.968
3,079,721
1442,699 2111,764
1,004,079
76,245
98,812
59,108
55,578
59,108
1,121,428
88.399
102.720
1,598,136
1598,136 1402,312
151,216
141,805
151,216
2843,696 2598,959 2,843,696
129,232
125,057
129,232
1,293,491
1293,491 1180.526
281,05.'
281.055
259,179
August
August
August
August
August
Electric
August
Brooklyn.
New York Consol.. August
Bklyn Qu Co & Sub August
Nassau
South
Cape Breton El, Ltd. January
Carolina Power & Lt. December
Cent Miss Vail
Elec.. January
Chattanooga Ry & Lt
Cities Service Co
January
February
Citizens Traction Co. December
Cleve Painesv & East January
Colorado Power Co..
eColumbia Gas & Elec
Columbus Elec Co..
Com'w'tb P. Ry & Lt
Connecticut Power..
Consum Pow (Mich).
Cumb Co Pow & Lt__
December
January
January
January
January
January
January
January
February
Januaiy
January
December
November
January
January
1,289,507
382,211
506,150
414,958
1015,382
766,428
149,853
November
Harrisburg Ry Co— January
43,036
130,648
122,424
30,978
154,975
78,965
97,472
74,983
396,947
581
781
146,899
921,244
40,361
66,106
52.016
1111,229
Houghton Co Trac— January
30,625
134,523
182,357
163,897
1982,138 1729,733
41,743
72,453
56,577
30,026
106,896
Huntington Dev&Gas January
December
Co
Idaho Power
January
Indiana Gen'l Service December
187,9.^7
152,107
112,074
29,104
194,262
139,810
1.230.377
82,295
4,606,421
142,933
335,640
1,015,382
5,874.325
149,853
11,477,937
41,743
72,453
56,577
30,026
106,896
2,580.613
1,982,138
1,806,605
Interboro Rap Tran—
4940,996 4444,142
30,176
31,782
144,324
140,922
24,592
22,136
247.090 230,447
112,499
107.969
321,298 278,339
102,907
107,377
234,411
249,142
Total system—... January
January
February
January
Elec Ry__ December
Lowell Elec Lt Corp. January
January
Manila Elec Ry & Lt
Mwell Elec Lt Corp. December
Metropol'n Edison Co January
1667.814
1413.277
January
225,417
January
334,627
276,711
205,677
306,903
November
November
55.238
113,568
August
August
August
August
August
January
January
January
807,303
1106,834
93,993
37,733
86,269
97,448
812,742 882,013
310,002
339,010
27,977
32,788
orthwOhioRy&PCo January
December
Co
Pacific Gas & Elec Co November
Lt & P & Sub December
Phila Rap
146,899
9,397,453
40,361
66,106
52,016
30,625
134,523
1,816,949
1,729,733
1,441,327
<
4,444,142
30,176
286,573
22,136
2,611,755
112,499
278,339
995,953
234,411
249,142
17,152,255 13,350,925
225,41
334,627
205,677
306,903
244,853
5,438,496
41,415
2,765,197
234,985
3,720,026
34,501
2,718,837
449,057
377,998
730,778
538,240
348.950
780,176
5,483,374
650,381
9,449,497
242,129
256.116
Pacific Power & Light November
Paducah Electric Co. January
Phila & Western
4,940,996
31,782
288,963
24,592
3,286,353
107,969
321,298
1,235,878
"273",782
920,602
4,873,160
86,269
97,448
882.013
812,742
310,002
339,010
27.977
32,788
4,450,872
5,749,452
386,016
612,479
3048,941 2291,106 31.242.705 23,466,448
Ohio Power
Pennsylv Util System January
Philadelphia Co and
Subsid Nat Gas Cos January
Philadelphia Oil Co.. January
34,501
208,043
449,057
53,781
108,335
230,4.38
538.240
N
Penn Gent
395.994
41,415
December
234,985
499.050
January
130,648
122,424
30,978
154,975
78,965
905,574
74,983
3,897,518
240,168
244,853
Nevada-Calif El Corp January
New England Power- November
New Jersey Pow & Lt January
338.334
160.130
273,782
920,602
L & P December
January
Haverhill Gas & Lt
Honolulu R T & Land January
Houghton Co El Lt__ January
Havana El Ry,
Railways
Eighth Avenue..
b Ninth Avenue—
No Caro Pub Serv Co
Northern Ohio Elec..
Nor Texas Elec Co—
772,335
55,578
1,095,144
1,402,312
141,805
2.598.959
125,057
1,180,526
259,179
329,416
1,553,083
82,295
455,489
281.536
335,640
b
42,091
110,285
4,017,545
1553,083 1289,507
338,834
382,211
January
b NY
49,082
1,249,809
3,676,918
167,432
125.089
Newp N&H Ry G&E
New York Dock Co..
N Y & Long Island..
N Y & Queens County
990,551
157,103
December
El Ry & Lt Co
Miss River Power Co
Nashville Ry & Lt Co
Nebraska Power Co.
581,042
9,878,724
381,447
January
eMilw
6,173,566
1,386,397
82,606
3,623,972
4,175,302
Equitable Coal & Coke
Brie Lt Co & subsid..
Fall River Gas Works
Federal Light & Trac.
Fort Worth Pow & Lt
Galveston-Hous El Co
General Gas & E Co.
e Great, W est Pow Sys
Keystone Telep Co_.
Key West Elec Co
54,467
53,130
287,066
9,655,000
167,432
January
January
Lake Shore
39,069
329.416
Elec..
Edison Elec 111 ofBroc
Elec Lt & Pr of Ab&R
El Paso Elec Co..—
Keokuk Elec Co
105,284
2,077,998
1821,937
49,316
152,107
112,074
29,104
194,262
139,810
Traction
654,797
933,931
181.683
157,103
DuquesneLtCosubsid
d Illinois
465,701
809,700
381.447
light & power cos.. January
January
E St Louis & Sub Co
East ShG&E Subsid December
Eastern Texas
388,293
158,615
2039,351
Dayton Pow & Lt Co.
Detroit Edison Co
Duluth-Super Trac Co January
10.720
New York Central—
Tol
1 to Latest Date.
433,437
433,437 388,293
219,668
158,615
219,668
581,500
161,477
186,220
1,201,923
64,369
93,280
797,834
60,357
71,901
1,189,198
91,460
121,159
220,703
15,748
18,148
122,853
105.284
122,853
3154,317 2077,998 3,154,317
49,282
39,069
49,282
66,249
54,167
66,249
72.196
53,130
72,196
295,695
295.695
287,066
12875000 9655,000 12,875,000
Adirondack P & LCorp January
Alabama Power Co.. January
Atlantic Shore Ry Co December
Bangor Ry & Elec Co January
S
170.120
716,621
Jan.
Name
Net Earnings Monthly to Latest Dates.—The table
following shows the gross and net earnings with charges and
surplus of STEAM railroad and industrial companies
reported this week:
Gross from
Net from
Net after
Net after
Railway.
Railway.
Taxes.
Equipments.
COS.
AND PUBLIC UTILITY
Latest Gross Earnings.
210,132
or
Atch Topeka & Santa Fe System—
Gulf Colo &SFe
Jan'21
2,509,046
688,376
96
635,787
Net increase (5.00%)
1
86,008
286.000
2,020
629,318
326,584
81,967
271,244
1,396,576
4,826,332
Jan '21
49,397
554,357
3,154,898
def488
564,779
760,287
'21
Union Pacific RR
Utah
1,368
45,492
95,523
953
129,114
8,489,103
'20 11,726,007
Seattle Jah
Spok Port
59,535
107,863
86,595
346,667
369,867
'21
'20
13,358,006 12,722,219
Total (18 roads)
Southern Pacific
Atlantic SS Lines
11,000
33,744
33,727
11,298
272,627
322,024
)
Mobile & Ohio
Texas &
def54,998
94,112
*20
1
Louis Southwestern
359*246
1,654,205
9,930
Iowa Central
122,756
405,718
1,690,099
3,244,000
440,133
50,962
J
Southern
412,151
Jan '21
San Antonio
Uvalde & G
$
$
S
S
282,962
Buffalo Rochester & Pittsburgh
St
Increase. Decrease.
1920.
1921.
Week of March.
First
*
January
Transit Co January
Coke. November
205.810
47,475
232,836
244,380
43,837
187,574
193,912
47,475
2,340,501
244,380
43,837
1,883,135
193,912
1559,240 1611,375
173,074
178,246
53,729
65,143
3618,349 3043,258
1,559,240
178,246
1,611,375
65,143
53,729
3,043,258
3,618,349
173,074
247.186
190.146
Railways. January
116.729
105,833
"116",729
(Ore) Ry,L&PCo January
Puget Sd Tr, Lt & P. January
ReadingTrans & LtSys January
893,235
938,551
768,808
899,488
893.235
938,551
105,833
768,808
899,488
249.458
243.115
249.458
243.115
Portland Gas &
Porto Rico
Port
"
March 19
1921.]
Latest Gross Earnings.
Name of Road
or
THE
Jan.
1
CHRONICLE
1137
to Latest Date
FINANCIAL
Company.
Current
Month.
Previous
Year.
Year.
Current
Canadian
$
Republic Ry & Lt Co. December
Rockford Electric CdL December
Rutland Lt & Power.
January
Sandusky Gas & Elec January
Sayre Electric Co
January
Schenectady Ry Co.. November
Scranton Electric Co. December
17th St Incl Plane Co
January
Sierra Pacific Electric
766,646
126,658
47,080
63,469
19,595
165.481
342,836
2,898
69,488
1270,278
65.847
153,505
January
Southern Cal Edison. January
South Can Power Co.
January
Tampa Electric Co.. January
Tennessee Power Co. January
219,079
581,262
1076,516
1226.111
Tenn Ry, Lt & Pow__
January
Third Avenue System.
January
Twin City Rap Tran.
January
United Gas & El Corp
January
1175,029
685,50,
Vermont Hydro-Elec. January
Virginia Ry & Power. January
47,737
1018,819
Utah Power & Light. December
Utah Sec Corp & Subs December
Wash Bait &
Annap.. December
Wheeling Electric Co. December
Winnipeg Elec Ry... Decembre
Yadkin River PowCo December
Youngstown & Ohio. December
857.332
186,569
647,548
99,593
43,862
65,236
13,880
142.793
308,522
2,964
67,684
857,830
60,526
132,398
204,837
530,224
941,063
1057,084
1104,371
558.794
719,451
52,970
883,433
135,870
8,304,549
1,194,218
47,080
63,469
19,595
1.727,780
3,374,480
2,898
69^488
1,270,278
65,847
153,505
219,079
581,262
1,076,516
1,226,111
1,175,029
6,730,849
8,591,206
47,737
1,018,819
2,092,334
119.232
89,136
1,166.744
364,349
79,627
352,057
62,991
41,492
3,697,299
914,101
639,497
60,478
6,259,612
997,434
43,862
65,236
13,880
1,505.699
2,789.382
2,964
67,684
857,830
60,526
132,398
204,837
530,224
941.063
1.057,084
1,104,371
5,655,959
7.330,952
52,970
883,433
2,168,119
903,751
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.
/Earnings
given
in milreis.
g Subsidiary
companies only,
h Includes Tennessee
Railway, Light & Power Co., the Nashville Railway & Light Co., the
Tennessee Power Co. and the Chattanooga
Railway & Light Co. i Includes
both subway and elevated lines,
j Or Abington & Rockland (Mass.).
.
Electric Railway and Other Public Utility Net Earn¬
ings.—The following table gives the returns of ELECTRIC
railway and other public utility gross and net earnings with
charges and surplus reported this week:
Gross EarningsPrevious
Current
Year.
Brazilian Trac, L & P_Jan_*12,875,000
Porto
*
Rico
Given
Ry
in
Co
Jan
116,729
Year.
Year.
*9,655,000
*6,217.000
*5,110,000
105,833
52,657
41,641
Net after
Taxes.
$
Feb '21
.'20
186,220
161,477
2,351,407
1,701,358
94,421
84,723
1,052,800
796,509
Jan '21
122,853
'20
•
12
'21
mos
Bangor Ry & Elec
'20
105.284
'21
1,280,349
1,117,365
51,008
44,808
468,202
457,980
*20
113,968
110.285
1,331,593
1,065,781
47,624
39,350
470,136
373,223
Feb *21
12
L442.699
mos
'20
Chattanooga Ry &
Light Co
Jan '21
12
Cities Service Co
'20
'21
mos
1,384,131
'20
2,111,764
2,049,918
'21 23,760,214 23,049,367
*20 20,374,222 19,675,383
.
12
Cleve Elec Ilium
Co
mos
Cumberland
'20
'21 13,506,942 b4,165,167
'20
9,828,212 b3,411,245
mos
Jan '21
County Power &
'20
Light
12 mos '21
'20
y
Dayton Power &
Light Co
Jan '21
12
'20
'21
mos
'20
Detroit Edison Co
12
Feb '21
'20
'21
mos
'20
East St Louis &
Jan '21
Suburban Co
'20
12
'21
mos
'20
Empire Gas & Fuel
12
281,055
259,179
Charges.
$
38,067
35,579
439,709
407,510
56,354
49,144
613,091
388,999
23,306
27,702
21,592
265,421
254,397
21,244
20,914
254,283
253,488
26,380
18,436
215,853
119,735
177,902
1,206,229
168,649
1,881,269
1,939,688 21,109,679
1,989,966 17,685,417
Jan '21
Huntington Dev &
Gas Co
Jan '21
1,471,539
1,260,405
56,083
55,465
668,100
671,028
102,278
110,972.
975,108
1,100,613
52,271
50,790
552,656
666.096
50,007
60,182
422,452
434,517
2,039,351
1,821,936
4,175,302
3,676,918
606,591
.502,989
1,180,587
976,876
266,357
165,341
522,739
335.097
340,234
337,648
382,211
338,834
70,961
4,412,299
3,273,278
1,023,854
698,734
657,848
641,779
55,069
93.330
54,961
647,380
34,502,388
10,177,513
500,000
193,977
10,161,510
500,000
46,546,018
10,229,143
500,000
1,968,683'
Total Income———
Preferred divs. (4%)_„
Commondivs. (10%).—
23,630,898
8,128,751
33,848,192
10,713,299
32,844,083
3,227,277
26,000,000
31,320,869
3,227.277
26,000,000
31,759,649
3,227,277
26,000,000
44,561,492
3,227,2 77
26,000,000
| Balance, surplus
3,616,806
2,093,593
2,532,372
15,334,215
a Net earnings of coastal steamers, commercial
telegraph and news de¬
partment transferred to special income account,
b After deduction of con¬
tingent reserves.—V. 112, p. 932, 848.
"
New York Railways.
(.Report of Receiver, March 20 1919 to Dec, 31 1920.)
The report of Receiver Job E. Hedges, a
pamphlet of
121 pages with numerous tables of earnings for the various
properties, &c., was cited briefly last week (p. 1024).
It further shows:
Bondholders Pressing for
Sale.—The refunding bondholders
are
15,892
38,369
376,474
31,018
667,716
interests
praying that the Court will postpone the sales in the hope that
be some salvage for other creditors.
Pending the sale of the
the Refunding bondholders have requested the receiver to dis¬
affirm four out of the remaining leased lines,
including the lease of the
Broadway & Seventh Ave. RR., which constitut&s 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¬
there
are
may
property,
derlying bonds (the Lexington Ave. bonds, the South Ferry bonds and the
Columbus Ave. bonds), and the bondholders have started or are about to
start foreclosure proceedings on the property covered by these
mortgages.
Leases Sought to be Surrendered.—The surrender of the
following leases
is now under consideration: Broadway and Seventh
Ave., Sixth Ave.,
Christopher and Tenth St., Bleecker St. and Fulton Ferry.
The surface car lines in Manhattan will thus be split
up into their com¬
ponent parts so that operated routes instead of being laid out for the con¬
venience of the public and in accordance with the natural direction of travel
be laid
will
out
in
accordance
with the accident
of
antiquated franchise
>
Harlem River to the Battery, will be separate
companies, each running a
The result will be a hodge podge of street car lines
operated independently at greatly increased expense to the traveling public.
short distance only.
Funded Debt.—Interest defaulted, foreclosure suits pending: (a) $18,063,539 New York Rys. Co. 30-year 1st Real Estate & Refg. Mtge. 4%
gold bonds, annual interest $722,542.
(&) $30,609,487 New York Rys. 30-yr. Adj. Mtge. 5% income gold bonds.
(c) $5,000,000
Lexington
(a)
Claims
been
(5)
or
claimed
in
process
in pending
Disputed
or
in the process of adjustment—
over
Fare Increase.—(a)
475,325
308,457
65,500
58,359
56,417
61,663
230,438
208,043
2,765,197
2,718,837
64,245
85,345
405,647
537,767
53,119
11,126
34,823
347,234
305,644
58,413
232,123
893.235
169,429
176,109
2,097,778
832,005
dividend rental of 8% on the
8,656,262
289,954
251,472
2,929,783
2,955,428
2,121,363
834,065
mated
1,270,278
'20
857,830
'21 15,060,344
'20 10,626,901
Edison Co
mos
mos
827,020
419,574
8.641,658
5,987,001
274,271
234,778
3,201,909
3,094,672
552,749
184,796
5,439,749
2.892,329
Jan '21
Power Co
'20
'21
'20
Jan'21
'20
12 mos' 21
'20
768,808
9,689,042
581,262
530,224
6,492,049
2,614,978
221,019
1,543,434
1,537,608
219,079
204,83V
2.473,071
2,149.937
95,828
101,264
916,306
858,493
53,136
53,447
636,291
650,168
120,525
75,363
129,696
128,261
2,131,828
2,054,037
50,522
233,994
104,298
92,758
,
1
588,394
516,429
42,692
47,817
280,015
208,325
Under P. 8. Commission: 7th Ave.,
RR:: Capital, $2,000,000, none owned by New York Railways; lessee is
obligated to pay $175,000 p. a. and all taxes.
Rental has not been paid by
receiver, who estimates the operating deficit for a year at $207,458,
including
unexpended maintenance and depreciation at the rate of $138,935, or
$68,523, excluding this unexpended reserve.
(2) Bleecker St. & Fulton Ferry.: Capital, $900,000 of which $853,000
held by New York Railways, ~ Bonds outstanding, $700,000 4s, due Jan. 1
1950.
Lessee agreed to pay aTlividend rental of I lA% on the capital stock,
on the bonds and taxes.
Receiver has paid interest on the1
the interest
bonds, but has
not paid any dividend rental on the $46,400 stock outside
Deficit for the last year estimated at $47,534, including
unexpended maintenance and depreciation reserve.
(3) Christopher & Tenth St.: Capital, $650,000, none held by New York
Railways.
Has an issue.of $210,000 4% bonds, due Oct. 1 1923, all ac¬
quired by New York Railways.
Lessee is obligated to, but has not paid, a
of the system.
outstanding stock.
Deficit for
year
Is esti¬
at
$174,473, including unexpended allowance for deferred main¬
depreciation.
(4) Broadway & Seventh Ave. RR.: Outstanding stock, $2,100,000, of
which New York Railways holds $1,400,200.
Bonds, $11,125,000.
Lease
provides an annual rental of 10% on capital stock of $2,100,000.
Lessee is;
also obligated to pay all the obligations of the lessor.
Lease amounts to
$551,230 in addition to taxes.
Estimated deficit for operation is $290,484.
Passengers Carried.—In facing the problems of the future of the street
surface railways in Manhattan, the number of people who use these lines
should be considered.
For the fiscal year ended June 30 1919 there were,
including transfer passengers, a total of 310,642,480 passengers on the lines
of the New York Railways system alone.
Of these 204,381,002 rode on
up-and-downtown lines and the balance on
tenance
and
,,
sengers
,
_
About one-third of the total rides were taken in the rush
It is inconceivable that the public would desire to have these pas¬
crosstown lines.
hours.
b Before deduction of taxes.
$55,173,996
85,887,426
20,255,700'
34th St. Crosstown, 23d St. Crosstown, 14th St. Crosstown, 8th St. Cross(b) Under Board of Estimate and Apportionment: 116th St. Crosstown, Spring and Delancey St.
(c) Partly under P. S. Commission and
partly under Board of Estimate and Apportionment: Columbus & Lenox
Ave., Lexington & Lenox Ave., Bway. & 7th Ave., Sixth Ave.
\ Conditions Obtaining with Regard to Different
Leases.—(1) Sixth Avenue
121,917
'20
$227,874 62
——114,633,905 55
—
town.
120,022
'21
mos
claim has
Cost of pre-war prices, less depreciation.
Cost at June 1919 prices, less depreciation—
24,853
234,985
334,627
306,903
5s.
Valuation.—The value of property still retained by receiver is summarized:
Jurisdiction
847,110 24,891,902
1,052,850 15,494,008
Mtge.
1,079,715 19
47.240
36,860
226,931
Jan '21
no
filed..-
39,873
40,120
479,078
'21
1st
Contract and other claims unpaid:
87,113
76,980
706,009
783,782
'20
RR.
$1,350,695 65
377,949 44
of adjustment,
suits for which
Admitted
3,702,933
3,258,970
V
Ferry
admitted,:
disputed
Amount
254,395
Jan
Pavonia
Claims against Company in Addition to Claims on Mortgage Bonds.
Claims for accidents prior to receivership unpaid:
Claims
51,999
472,140
'21
&
Wages.—Effective Aug. 17 1919 the wages of all employees were raised,
increasing the pay-roll at the rate of about $1,500,000 per year as the sys¬
tem was then constituted.
Effective July 18 1920 a further increase in
wagas added upwards of $450,000 more per year to the pay-roll.
The ag¬
gregate increase in the pay-roll of the system as at present constituted over
the same system at the time of the receiver's appointment is
approximately
$1,575,000 per year.
The rates of wages of employees have been increased
35 % since the beginning of the receivership, and the rates of pay as compared
with pre-war times have been increased by comsiderably over 100%.
Taxes Unpaid—Total accrued liability for taxes, including
penalties and paving charges, payable to State or city,
unpaid as of Dec. 31 1920
$3,156,Q29
Total taxes or other charges levied or imposed in 1920 by
State or city—.
1,563,047 24
199,314
'20
Ave,
(d) $3,000,000 Columbus & Ninth Ave. RR. 1st Mtge. 5% bonds (fore¬
be instituted), annual interest $150,000.
(e) $350,000 1st Mtge. 5% bonds South Ferry RR.
closure about to
453,709
Jan '21
12
number of railroads
charging 5 cents or more for a
short haul.
It may be that the Broadway line will be operated in two or
more sections, and the Lexington Avenue line, which now runs from the
a
665,845
'20
mos
12
25,739,018
16,546,858
pressing
a sale of the property and have heretofore submitted
forms of a decree
which provides for a sale of the present system in separate
parcels.
Other
for
Assessed value of real estate alone
Jan '21
Tennessee Pow Co
32,933,036
22,271,526
9,049,343
15.239
17,922
'20
Ry, Lt
1917.
21,877,635
bl0,966,448
32,293
'19
Southern Calif
Balance, surplus
Special Income
16,286
17,195
193,705
Dec '20
'19
12 mos '20
12
1918.
To special income acc't
a
•41,170
40,570
'20
Portland Ry. Lt &
Power Co
33,153,044
10,775,409
500,000
charges
48,579
69,194
'20
Corp
Newport News &
Hampton Ry
Fixed
Pension fund.
b56,409
b58,492
mos
.
Elec
expenses
earnings
106,896
134,523
1,469,249
1,071,182
'20
12
Net
149,853
146,899
'20
Nashville Ry & Lt
Co
109,004
91,330
988,847
987,804
2,693,628
2,150,840
381,448
329,416
3,786,518
2,990,659
2,812,057
'20
_•
'21 75,689,085
mos
Harrisburg Rys
12
Operating
23,216
202,781
203,583
52,921
35,865
320,747
316,776
3,135,883
'20 51,521,111
Tennessee
Balance,
Surplus.
Jan '21
Co & Subsidiaries
Calif
Fixed
Feb '21
12
1919.
$
The result will be
Earnings.
Co
1920.
$
$
$
216,641,349 176,929,060 157,537,698 152,389,335
183,488,305 143,996,024 123,035,310 105,843,317'
Gross earnings
grants.
Gross
Nevada
-Net EarningsPrevious
Current
Year.
milreis.
Appalachian Power
Railway.
v.
The Brooklyn City RR. is no
longer part of the Brooklyn Rapid Transit
System, the receiver of the Brooklyn Heights RR. Co. having, with the
approval of the Court, declined to continue payment of the rental;
therefore,
since Oct. 18 1919, the
Brooklyn City RR. has been operated by its owners.
& The Eighth Avenue and Ninth
Avenue RR.
Companies.
Pacific
(Report for Fiscal Year ending Dec. 31 1920.)
2,928,545
583,118
486,748
a
k Given in pesetas.
REPORTS
Previous
Year.
Year.
forced to
use
the already over-crowded subways.
American International Corporation.
During Receivership.—The receiver was appointed on
shows the results of operation
Results of Operation
March 20
The following statement
1919.
(Report for Fiscal Year ending Dec. 31 1920.)
(a) during the receivership from the time of his appointment to Dec. 31 1920:
(ft) for the 5 months ending Dec. 31 1920 (which 5 months reflect the last
PERIODS
FOR
RECEIVERSHIP
DURING THE
OF OPERATION
RESULTS
SHOWING
STATEMENT
month of Dec. 1920:
July 18 1920: (c) for the
increase of wages, effective
INDICATED.
'20 to
817,031,719
1,230,163
Revenue from transportation
Other street
Total
railway revenue..
revenue
„
from street ry.
oper_$18,261,882
.$4,342,270
2,138,605
1,946,209
7,008,586
Maintenance, incl. deprec.: Expended
Unexpended
....
Operation of power plant
Operation of cars
Injuries to persons and property—Ex¬
pended and accrued
—
1,049,545
Taxes
418,764
511,515
1.362,537
General and miscellaneous...
$4,012,555
$943,504
1,551,185
Interest
118,556
313,904
286,793
232,613
327,004
56,645
48.529
249,103
47,942
9,478
Total oper. expenses, taxes, &c__.$19,648,040
Deficit from street ry. operation. —_ $1,386,158
Other income—Interest revenue.
$110,266
.$4,252,771
$240,216
(net)..
242,801
67.532
$882,497
$83,538
$5,309
11,501
Gross income (deficit)
Miscell. deductions from gross income
$1,033,084
446,129
47,739
$66,728
10,382
Net (deficit)——
—
on
bonds of underlying and
$1,479,213
$195,279
Previous
Interest
companies not
prior payments
constituent
in
"$147,540
on
de-
271,961
o4,392
$467,240
8,339
$131,502
4,064
Surplus (deficit).
$2,820,468
default) on bonds in hands of publicUnderlying companies.
$564,476
New York Rys. Co. 1st R. E. & lief.
M. 4% bonds & Conv. 4% scrip..
1,211,688
$475,579
$135,566
$173,958
$34,792
283,703
56,741
to
....
Balance
...
,
amt.
7,167,266
6,064,137
2,993,455
$1,783,467
7,569,544
$4,719,167
5.743,410
$3,716,379
3,507,513
$3,746,122
1,923,539
paid in
$7,223,892
1,817,325
(6 %)
$5,689,661
1,574,175
(6%)
loss
for
in
acc'ts
4,750,000
Cr.50,337
495,434
101,926
Cr.438,769
587,973
$2,407,848
$7,569,543
$5,743,410
$3,507,513
& inventories
rec.
Sundry investments
Surp. bal, of acq'd Cos..
Total surplus
-V.
112,
$6,830,394
$102,777
403,762
2,577,733
...
472.
p.
Shawinigan Water & Power Co.
(Report for Fiscal Year ending Dec. 31 1920.)
1,340,030
>
as
surplus....
.
(deficit).
$2,819,243
Add—Balance of profit & loss account
1,225
fault
...
Gross surplus
Rate
1917.
$9,353,011 $10,462,577
2,245,500
2.397,600
(6%)
(4 y2%)
earnings
Prov.
Rent rev., real estate dept.
$7,846,547
$260,403
876,310
—
Operating expenses.....
66,324
$25,143
2,458,319
...$10,308,287 $12,327,780
$1,014,511
$933,272
343,043
611,204
Total income
YEARS.
$3,803,915
3,026,480
$5,388,228
4.174,668
$5,969,874
4,338,413
Domestic & foreign taxes
Dividends
— — —
CALENDAR
1918.
$8,153,112
Int. and divs. received..
$77,110
assignable to street ry. oper._
Sundry operating rents—Land, build¬
ing, tracks, &c
1.
1919.
1920.
Net
_— — —
INCOME ACCOUNT FOR
CONSOLIDATED
Earnings from operation
1,484,636
_.
—
on a
$798,959
$197,711
71,350
42/,640
_ _
_
will be found
1920.
$79£'££7
90,902
'20.
$3,584,915
Dec. 31 '20. Dec. 31
Operating Income—
President Charles A. Stone, together with
comparative balance sheet for 1920.
subsequent page.
The report of
the income account and
December
Mar.21 '19 to Aug. 1
-<
[Vol. 112.
THE CHRONICLE
1138
—
The report of President J. E. Aldred, together with the
income account and balance sheet,-will be found on a sub¬
sequent
The comparative income account for four
page.
5, showing
in 1917. to
$3,943,359 in 1920 and in net earnings from $2,149,368 in
past was given on page 855, issue of March
increase in gross earnings from $2,902,210
years
Int. accrued {in
an
1917 to $2,525,444 in
1920.
BALANCE
COMPARATIVE
Result would be
(deficit)
$4,596,632
•—
$227,099
$933,241
Note.—Pending determination by the court, the foregoing makes no allow¬
ance for any proper charges that may accrue from the beginning of the
receivership for tne use of certain properties which have become detached
from the system; nor does it make provision for certain rentals of lines form¬
ing a part of the system as now constituted, the leases of which have not
been disaffirmed by the receiver.
Furthermore, these results give no con¬
sideration to any interest on the Adjustment Mtge. bonds or to dividends
on stock of New York Railways Co.
(Black face figures indicate deficits.)
These Earnings Show.—It will be seen from this statement that
treating the "unexpended maintenance and depreciation" ($2,138,605)
1920.
est., prop. &
power develop't 14,288,102
Transmission
liability incurred during the period (such maintenance
only temporarily postponed, as hereinafter explained), the
a
having been
deficit from
railway operation alone during the receivership was $1,386,158,
taking into consideration the non-operating income and mis¬
cellaneous outgo, the deficit amounted to $1,479,213 (or at the rate of
$828,086 per annum) before paying any interest on bonds or any charges
484,869
479,263
Total
return.
-V.
The remarks of President Simon
on
subsequent
a
OPERATING
of
page.
1919.
1920.
No.
YEARS.
1918.
1917
employed,
men
13,939
21,765
24,698
(excluding Mexico)
13,330
Do
wages & salaries_$20,164.508 $18,146,548 $25,516,467 $24,497,836
$3.91
$3.31
$4.34
Av. wages per 8-hour day
$5.04
5,658,232
5,918,924
3,835,864
Charge smelted (tons)..
4,050,751
680,099
706,875
545.782
Bullion refined (tons)
505,535
2,525,280
2,318,925
Ore mined (tons)
1,735,046
2,311,940
168,140
259,499
Coal mined (tons)
163,978
509,424
171,245
186,107
Coke produced (tons)
94,236
181,664
1,994,015
2,496,693
Gold produced (oz.)
2,191,041
1,849,048
Silver produced (oz.)— 77,732,911
72,572,506
69,841,061
78,200,298
1,516
1,597
Platinum & paladium(oz-)
1,824
936
260,192
275,266
Lead produced (tons)
208,439
205,249
Copper produced (lbs.).590,850,000 705,676.000 868,540,000 916,974,000
33,375,301
41,238,000
52,522,000
Spelter produced (lbs.).. 44,106,253
626,085
Nickel produced (lbs.)._
662,637
682,715
375,167
19,868,000
Tin produced (lbs.)
12,130,000
15,340,000
18,511,160
87,338,000
66,174,000
40,362.000
Sulphuric acid (lbs.)
51,688,000
7,837,063
9,132,000
Arsenic produced (lbs.). 17,695,266
9,359,541
5,164,000
7,598,000
3,675,499
Copper sulphate (lbs.)..
3,618,172
i
1,870,662
4,131,709
884,438
By-product metals (lbs.)
1,549,426
CONSOLIDATED
INCOME
ACCOUNT
FOR
CALENDAR
YEARS
(Incl. Amer. Smelting & Rofining Co. and Amer. Smelt. Securities Co.)
Net Earnings—
1920.
Smelt. & ref. plants, &c.$l 1,933,494
Mining properties.
2,242,199
Total net earnings
1919.
1918.
1917.
$11,569,384 $13,234,711 $24,125,684
1,816,869
2,686,840
4,069,243
$14,175,693 $13,386,253 $15,921,551 $28,194,927
1,572,022
1.309,489
2,390,017
3,407,689
Other income (net)
Gross income
$15,747,715 $14,695,743
Deductions—Adm. exp__ $1,166,341
$932,693
Research & exam. exp.
83,759
312,295
Corp. taxes (incl. est.
Federal tax)
979,459
814,276
Interest
on
$18,311,567 $31,602,616
$1,149,399
$1,235,886
156,535
246,572
1,252,356
3,849,971
bonds—
Am. Sm. Sec.
(6%).
5%
Rosita C.&O.C0.6 %
Life insurance fund
1,592,835
71,135
1,605,949
11,414
1,616", 109
25,450
1,208,798
"500", 000
1 ,235,290
Empl. pension fd.
35,000
Res. for Income tax
225,000
230,413
39,593
30,650
770,000
39,506,570 34.975,174
—•
(Report for Fiscal
The report of
come
reserves.
4,465,228
Employees'bonuses,&c
5,201,980
5,439,631
"450", 087
250,000
740,038
;
Miscellaneous
485,643
Total deductions
$9,072,936
$6,674,779
income
Preferred
..39,566,570 34,975,174
Total
Year ending Dec. 31
Y. City.
192Q.)
President A. J. Brosseau, together with in¬
and other tables, will he found
page.
the company
of
say
in substance:
1920 was basily the most succassful in the history of
Truck.
After deduction of depreciation, Federal
taxes and a charge against profits for inventory shrinkage of $1,370,849.
the balance remaining for dividends was $2,644,013.
After allowance for
7% dividends on the $16,253,591 of First and Second Preferred, the surplus
for the 283,108 shares of common was equal to $0 32 per share.
In the late fiscal year International Motor sold 7,020 trucks and did a
gross business of $34,071,365.
This is an increase of 2.440 trucks, or 53 %.
as compared with 1919, and in dollar value of sales a gain of $11,927,667,
International
Motor
or nearly 54%.
In the second quarter of 1920 truck sales were running at the rate of over
8,000 per annum.
That was naturally the high point.
In the final quarter
sales were at the rate of a little less than 6,000 per annum.
Considering
the fact that,
were
taking the country as a whole, truck sales in the final quarter
high point of the year, this is a really remarkable
less than 25% of the
record.
|
capital position on Dec. 31 was not excelled by any other
the country.
Net quick assets on that date amounted
to $19,174,196, a sum equal to the par of both preferred issues with a surplus
of $2,920,605, or $10 30 per share on the 283,108 shares of common.
This
working capital strength is a reflection of the wisdom of directors in securing
nearly $7,000,000 of new cash during the year through issuance of additional
common stock at $50 per share.
At the close of 1919 net 'quick assets were $12,654,875, so that in the year
there was a gain in this respect of $6,519,321, or nearly 52%.
Since 1918
working capital has increased $11,638,978, or 154%.
Contrary to the
great majority of industrial companies, International Motor had no bank
debt whatever on Dec. 31, while its ratio of current assets to current liabili¬
ties was 7 to 1, a very high rate.
(In fact there are said tobe to-day onlya
very few of the leading manufacturers of motor vehicles in the United States
that are still discounting their bills payable, and one of these, it is stated, is
the International Motor Truck Corporation ]
International Motor expended $2,371,315 on physical property last year.
Practically all of this money came either from undivided profits or utiliza¬
tion of depreciation reserves.
In the late year the corporation charged
earnings with $620,000 for plant depreciation, a sum eeual to 8% of their
net book value, clearly a liberal allowance.
For several months to come its sales are likely to run substantially below
the 1920 level.
But February was a better month than January, and it is
entirely probable that sales in the March quarter will run close to 60% of
the 1920 level of 7,020 trucks sold and delivered.
v
Tne working
truck producer in
CONSOL. STATEMENT OF
EARNINGS FOR YEARS ENDING DEC. 31.
1920.
4,954,483
100,000
985,831
$9,100,158 $10,604,069 $13,106,990
$5,595,585
$7,707,49S $18,495,625
-
-
Cost of sales
(including depreciation)
5,288,089
—
Net earnings from operations
income
Interest
--
Income
.
——
2,939,537
$4,155,866
432,285
$2,926,939
302,238
$1,588,151
Selling and general expenses
Gross
1919.
7,020
4,580
$34,071,365 $22,143,698
24,627,410 16,277,222
Number of trucks sold
$3,229,178
$67,929
247,780
930,000
($61,218), &c._
Amortization of war facilities
Net
472,067
account, balance sheet
subsequent
Other
Depreciation & deple¬
ore
Deprec., &c., fund
63,080
116,089
2,978,833
1,024,931
30,000
Sales
Am. S.&R.Co.
tion of
charges..
Friends
Guggenheimer, together
other tables,
STATISTICS FOR CALENDAR
3 ,028,653
The fiscal year
with the income account and balance sheet and
will be found
Res've & sink. fd.
International Motor Truck Corporation, N.
Refining Co.
)
625,000
150,325
112, p. 940.
on a
Smelting
739,025
403,209
Bond int. & dlv...
Profit & loas acc't.
Cash In bank, &c.
other
American
4 ,000,000
1,571,379
525,228
2,129,113
355,846
77,961
Call loans.
(Report forFiscal Year ending Dec. 31 1920.
5,476,261
conv.
Bills & acc'ts pay-
bills
receivable
Prepaid
After paying only interest on bonds of underlying or cpnstituent com¬
panies not actually in default, and without paying any dividend rentals or
requirements, the deficit is $2,819,243.
If interest were paid on all
the underlying mortgages and the First & Ref. Mtge. now in foreclosure,
the deficit would amount to $4,596,632.
It must be remembered that
these figures do not include any allowance whatever for the alleged "in¬
flated" dividend rentals of the leased lines, or any stock dividends pf any
kind, or any interest on the Adjustment Mtge. bonds, which are in the
nature of income bonds.
See also V. 112, p. 1024.
V.
*
6-yr.
notes
Conting., <fcc., fds.
equipment
Accounts and
and that after
a
1st Ref. M.
skg. fd. bonds.. 6 000,000
514%
10,610,443
street
whatsoever in the nature of
$
Capital stock
.20 ,000,000 20,000,000
3,877,000
5% cons. M. bonds 3 ,824,500
7*A%
sidiary, &c., cos. 12,540,060
Loose
plant
and
What
as
4,110,573
3,913,995
sub¬
of
1919,
S
Liabilities—
13,7(1)1,213
4,239,700
4,680,919
lines
Securities
31.
1920.
S
Real
Machnery
SHEET DEC.
1919.
$
Assets—
Reserve for
525,000
Federal taxes
Shrinkage in inventory,
-
$1,370,849, &c
1,419,137
dividends:
Am. Sm. & Ref.
3,500,000
3,500,000
3,500,000
3,500,000
571,536
150,601
divs_(4%)2,439,920
580,146
161,176
582,555
165,219
699,572
513,094
(7%)
Am. Sm. Sec. Co.—
Pref. "A" (6 %)
Pref. "B" (5%)
A. S. & R.
com.
—
Income balance
Profit & loss
sur.
_
(4)2,439i920(5^)3354890(7)4,269',860
$12,721 df$l,085,658
$104,834
$9,513,099
Dec. 31$25,987,292 $25,974,571 $27,060,229 $26,955,394
—V. 112, p. 851.
$2,644,014
$1,983,469
7% p. a.(Sept. 1 '19 to Dec. 31 *20) *1,515,232
Common, in stock, 70,777 shares at statutory minimum of $5 per share. —
_ —————353,885
x99S,057
profits for year
Dividend Deductions—
Net
1st & 2d Pref.,
^
*
9 1-3%.
1
1918
x
___—_
$774,897
$985,412
On 1st Pref. from Nov. 1 1916 to Sept. 1 1919; on 2d Pref..
Balance, surplus
Nov.
-
to
Sept.
1
1919.
Makch 19
1921.]
THE
CHRONICLE
CONSOLIDATED BALANCE SHEET DEC. 31.
1920.
5
& all equipment
Common
2,365,217
13,415
3,125,693
2,351,943
13,415
3,472,348
15,588,849
134,042
122,485
_
Acc'ts & notes rec.,
less reserve
Inventories
3,982,965
$
(stated capital)
869,700 16,673,900
mtges
20,500
Accounts
payable- 1,469,808
Dividends payable
284,438
1,692,782
Equity of minority
stockholders
sub.
55,971
668,714
Customers' depos.
64,734
Res.
cos
for
&c.,
530,670
35.035
1,788,690
Res. for Fed. taxes
525,000
1,014,700
10,323,422
Unacquired
Surplus
33,050,477 23,561,458
68,801
3,525,070
--.33,050,477 23,561,458
y Authorized Common
Total
After deducting $2,277,366 for depreciation,
stock, 320,000 shares of no par value; issued, 283,108.85 shares: First Pref.
stock auth., $10,921,900; issued, $10,921,891; Second Pref. auth.,| $5,347,x
800; issued, $5,331,700 —Vl.
111, p. 2429.
Columbia Gas & Electric Co. (of W.Va.), Cincinnati, &c.
{Report for Fiscal Year ending Dec. 31 1920.)
The remarks of President A. B. Leach, together with the
consolidated comparative income accounts for several years
the
of
Columbia
Gas
&
panies, and the consolidated balance sheet as of Dec. 31
1920, will be found on subsequent pages of this issue.
Com¬
pare map on page 164 of the "Railway & Indus." Section.
—V. 112, p. 376, 66.
President C.
W.
Watson, together with
the income account and balance sheet, will be found on
subsequent
a
1919.
1920.
1918.
1917.
$33,965,280 $23,507,556 $26,148,895 $26,113,204
Operating expenses, &c.$24,301,026 $17,357,856 $17,641,497 $13,320,855
Depreciation
1,170,563
919,717
1,200,498
953,531
432.512
501.858
393,592
Depletion
1,219.571
$4,585,546
$7,155,170 $11,336,961
$4,585,546
1,398,173
$7,155,"70
1,330,043
2,388.083
178.094
770.800
earnings._______ $7,244,186
Prof,from saleofcap.as'ts
3,588.879
Other income
1.294,785
...
Total.
...
.$12,127.850
Int.
on funded debt, &c_
Federal taxes
■_
Surplus for
Realization
8,409,724
year
of
-
$5,008,691
$3,009,279
1.491,067
$8,511,223
198,143
1.150.756
$9,560,480
$3,207,422
$5,008,691
$8,511,223
(6%)2,411,914 (6)2,411,854 (6)2,410.046 (9)3,121,290
Cash dividends.
Balance to surplus...
$7,148,566
$795,567
$2,598,645
$5,389,933
$56,923,728 $52,193,517 $55,023,137
Profit and loss surplus..$97,855,391
Further
$11,336,961
1,334,670
1,375,668
apprecia¬
tion of coal lands.
dividends
paid in stock and charged against profit and
Feb. 2 1917, 5%, $1,671,780; March 30 1918, 14%.
BALANCE SHEET DEC.
1920
ick, Frederic G. Lee, Maurice Wertheim, Adolph Zukor, President; Norman
Collyer, Secretary of committee.
Directors.—Jules E. Brulatour, Eastman Kodak Co.; Harris
D. H.
Connick, Chairman; Gayer G. Dominick, Dominick & Dominick, bankers;
Cecil B. De Mille, Director-General; William H. English, V.-Pres. Empire
Trust Co.; Arthur S. Friend, attorney; Daniel Frohman, theatrical manager;
Frank A. Garbutt, V.-Pres.; Felix E. Kahn; Jesse L. Lasky, 1st V.-Pres.;
Frederic G. Lee, Vice-Chairman Irving Nat. Bank; Elek John Ludvigh,
Sec.-Treas.; Emil E.'Shauer, Asst. Treas.; Maurice Wertheim, Hallgarten
& Co., bankers; Theodore F. Whitmarsh, V.-Pres. Francis H. Leggett &
Co.; Adolph Zukor, Pres.; Eugene Zukor, Asst. Treas.
See also V. 110, p.
469, 1847.—V. 112, p. 165.
$
Capital assets. .134,266, 081
Company.
The report of
President T. B. Hoffer, together with the
income account and balance sheet, will be found on a subse¬
quent page.
annual
the
103,552,005
Inv. in oth. cos.
1,831, 369
i
Since Jan. 1 four new wells have been completed, all of which are good
producers, and the company has in operation 14 producing wells at present
and 9 more are drilling, which are expected to be completed within the next
thirty days.
7,029,097
Bond sink, fund
Deferred charges
company's
See. pur. & held
U. S. bonds....
einpl.
Bonded
1,388,280
114,312
Calendar
1919.
$
40,205,448
debt
24,667,500
Acc'ts payable.
Bills payable..
_
932,142
1,500,000
607,908
6,636,000
930,791
......
487,332
2,037,701
Acer, bond int..
Oper.
exp.,
Net
scrip. Lib. bds.
8,290
Inventories
Bills receivable.
2,122,353
914,491
Acc'ts receivable
8,705,896
3,165,960
513,497
52,447
Prov .for
sink, fund
348,410
119,105
2,388,084
Cash dividends
602,986
77,915
602,967
1,138,633
708,934
Dueindiv.&cos.
Insurance
6,576,881
2,251.318
10,828,780
fund,
deferred credit
Ins. fund reserve
Surplus
...
181,885
97,855,391
20,872
140,881
56,923,728
Balance to
Stock dividend
The report of
President John B. Newton, together with
the income account and
tables, will be found
on a
balance sheet for 1920 and other
subsequent
INCOME ACCOUNT FOR
Gross Earnings—
Furances
$7,208,635
158.227
6,292,640
2,495,854
191,231
Foundries and shops
Coal mines..
ovens
Gristmills.
1920.
—
—
$4,305,346
95,218
4,009,159
1,687.566
174,696
.$16,346,587
After Deducting Operating
...
------
98,252,385
2,304,113
8,308,489
292,507
mtgs
19,227,296
2,238,316
Cash
on
hand...
15,882,912
Stock subscrip.u
8,718,636
$104,811
def. 2,370
1,058,694
223,902
18,741
def $75,650
2,691
1,216,762
578.703
14,788
,..$2,801,602
118,459
$1,403,778
86,239
$1,737,293
98,299
$2,920,061
mines.
Coke
>
,
$364,720
16,735
1,839,596
572,623
<■
7,928
$1,490,017
$1,835,592
155,572
579,677
44,760
572.184
926,400
193,776
150,000
70,912
544,416
207,801
607,600
Foundries and shops
ovens
....a......
Gristmills..——
—...
Total net earnings—
Other income
—
income
Deduct—
Bond interest—
Federal
taxes
...
Rentals, expenses, &c
Dividends (0%)
Stock dividend (10%)
Balance surplus.—
...
;
$641,469
Oil
ful accts. rec
Ins.
res.
Res.
for
2,329,747
15,843,271
2.755,659
7,000,000
,
443,940
int. on deb.
do amortlz'n
—
7,115*977
4,706,819
30,596,223
dep. acct 36,109.196
Stk div warrants 13,000,000
(Inc. int.)
904,311
83,242,792
333,434,921 261,329,655
Total........333,434,921
Investments in real estate, leases, tankage, refineries, ships,
Total
*
minals, distributing stations,
p. 856.
77.505 491
$475,775
Transport Co., New York City.
{Annual Report for Year ending Dec. 31 1920.)
g£The remarks of President A. J. Stevens, together with
comparative income account and balance sheet for years
ending Dec. 31 1919 and Dec. 31 1920, will be found under
"Reports and Documents" on a subsequent page.—V. 112,
p. 166, 67.
261,329,655
ter¬
cars,
natural gas wells and equipment.—V. 112,
E. I. du Pont de Nemours &
Co., Inc., Wilmington, Del.
{Report for Fiscal Year ending Dec. 31 1920.)
President Irenee du Pont says
in substance:
This report embraces the activities both of the parent company and the
following corporations owned by it: E. I. du Pont de Nemours & Co. of Penn.;
E. I du Pont de Nemours Export Co., and Rokeby Realty Co.
Government Claims—As of Dec. 31 1920 there w®£®37_oiwn claims on
suspended
war contracts.
$26,375,692,
These claims aggregate
and credits, which leaves due the company
Investment
Securities—General
common
Motors
less ad¬
only $2,013,410.
Corporation.—By
conversion
of
stock for Chevrolet Motor Co
stock this
the Chevrolet
company has now acquired about two-thirds ownership in
Motor Co., whose assets consist essentially of General Motors
Corp. common
This conversion resulted in substantially no change
in our equities
in the General Motors Corp.
500,000
replac't
of marine equp
do
300,000
-
fund...
Prov. for taxes.
Misc.
stock.
&
24,546,224
7% s f gold notes 32,749,000
vances
544",416
—V. 112, p. 478.
Island
14,798,000
_
20,458,083
Prov. for doubt¬
S. F. &
Current accts... 36,500,175
General Motors Corp.
$530,913
85,000,000
4,759,940
......
debentures!.
6%
14,849,705
26,382,910
Contract ad van.
$
5
Capital stock—130,000,000
Accts.A bills pay
77,837,930
761,467
21,383,197
1919.
1920.
Liabilities—
$
account*.127,298,261
Other invest....
345,055
Storehouse supp 12,065,625
Stocks
of
oil,
crude, ref, &c. 98,219,866
Unexpired insur.
2,305,324
Sub. co.'s stocks 21,590,404
rec
31.
1919.
$1^,083,072
Expenses—
Furances
Coal
$10,271,985
4,532,500
$77,505,491 $54,667,430 $40,270,189
Surplus
Total gross earnings....
136,180
1,340,940
6,243.750
7,718,750
BALANCE SHEET, DEC.
S
Adv. to sub. cos.
$6,534,755
148,679
3,753,486
2,424,702
221,450
125.298
Cr.222,929 Cr.6,552,419
13,000,000
1920.
Bills & accts.
,
1918.
1919.
$2,047,217
1,000,000
$5,297,988
7,468.185
J
90,962
1 673,512
Depreciation only in 1920.
Bonds &
page.
YEARS ENDING DEC. 31.
'
(10%)—
Profit and loss surplus $83,342,793
Plant
{Report for Fiscal Year ending Dec. 31 1920.)
$6,768,228
3,000.000
surplus...$18,614,372 $10,952,666 $14,397,242 $15,192,027
77,505,491
60.000,406 • 40,270.189
25,078,163
Adjustments
Assets
Virginia Iron, Coal & Coke Company.
4,000,000
586,494
Previous surplus
x
for future corporate purposes.—V. Ill, p. 2427.
*
Replac't marine equip._/
(10%)— 12,475,000
Total
169,1101160x135,118,359
Not including $5,593,833 reserve for conversion of 10-year 6% bonds
reserve
acct_x$8.770,969
bad.,&c.,accts..)
Total .......169,110,160*135,118,359
$4,200,718
June 30—
$44,446,835 $29,204,117 $34,873,403 $22,907,924
earnings—
345,496
132,240
Dividends
end.
Years
Deduct—
Sink, fund & depr.
Provision for taxes
Acer.
2,314,650
Years
1920.
1919.
1917-18.
1916-17.
_$142,806.331$102,986,597 $80,260,634 $54,339,050
taxes, &c— 98,359,496
73,782,480
45.387,231
31,431,126
Income Account—
336,584
67,804
.......
Houston, Texas.
Gross earnings
40,205,448
33,375,500
690,209
_
Pay-ioll
Mat'd int.. &c__
sub-
Cash
Texas Company,
Acer. Fed. taxes
Bonds in treas._
Total
.
.
t
gross production at present is in the neighborhood of
daily.
The position of the crude oil market has improved considerably, as
evidenced by the fact that the pipe line companies are now taking and pay¬
ing for all the oil and that the Humble Oil Co. is now paying $2 per bbl.
against a posted price of $1 75.
The Humble Co. is taking approximately
85% of Fensland's production.
Other interests recently completed a gasoline plant which Is now In
operation and which will take from the Fensland Co. the surplus gas
derived from its producing properties of Breckenridge.
This should be a
source of considerable revenue to the company during the coming year.
Recently the Fensland Oil Co., in conjunction with the Carter Oil Co.
and the Inland Oil Co. (a subsidiary of the Continental Oil Co.) has entered
into satisfactory contracts covering a substantial interest in proven territory
n the Salt Creek field in Wyoming.—V.
112, p. 937.
The
{Report for Fiscal Year ending December 31, 1920)
S
Capital stock
637,273
5,268, 450
1,473 .540
1,174 164
Net
Hoffer,
meeting on Tuesday, President
shareholders, said in brief:
Anticipating the reductions In prices of crude oil and the action of the
pipe line companies in paying for only half of the oil produced, running the
balance to storage, it was deemed advisable for the company to curtail Its
development to a minimum.
Accordingly, only one new well has been start¬
ed since Jan. 1, the expense of which is shared jointly with the Gulf Produc¬
loss:
1920.
Liabilities—
Inv. in allied cos.
Coke
Oil
Fensland
{Report for Fiscal Year ending Dec. 31 1920.)
31.
1919.
$
Assets—
«r
23,760
Balance on year's operations over divs. as above..$3,166,471
$2,109,260
Finance Committee.—Harris D. H. Connick, Chairman, Gayer G. Domin-
3,000 bbls.
Net
x
741,000
15,889
tion Co.
page.
Calendar Years—
Total earnings.
Bal.
1919.
$4,132,985
1,000,000
$5,594,606
$3,132,985
1,671,246 ($7)4 >999965
Dividends of subsidiary cos. (to outside interests)..
addressing the
{Report for Fiscal Year ending Dec. 31 1920.)
report of
on a
YEARS.
1920.
Operating profit (Including in 1020 14 months.
operations in England and Australia)
$7,826,159
Less prov. for Fed! income & excess profits taxes.. 2,231,553
At
Consolidation Coal Company, Baltimore, Md.
The
is given in full
page.
COMPARATIVE CONSOL. OPERATING ACCOUNT FOR CAL.
and subsidiary com¬
Co.
Electric
subsequent
securs
of Int. Mot. Co.
Total
{Report for Fiscal Year ending Dec, 31 1920.)
The statement for the late fiscal year
Dividends paid on Common stock during year
Dividends on Preferred stock (8%)
war
amortization
-
Pictures.
Operating profit for the year
conting.,
incl.
Corporation, New York City.
Pictures—Artcraft
*
in
Accrued accounts-
Prepaid insurance,
taxes, <fcc
Paramount
vV.
yj
stock
Bonds and
2,825,438
9,119,658
_____
(7%)fl7,
5,145,554 2d prei.stk.
*8,350,913
1919.
$
(7%)1
stk.
lstpf.
Licenses,pat.rights
Investments
Cash...
Liabilities—
;C
Real estate, plants
and good-will...
Famous Players-Lasky
1920.
1919.
$
Assets—
1139
_
■
\
■
Durant, then President of the General
Motors Corp., requested that we take over the management and control
of that corporation, advising that he desired to resign and sell his Interest in
the corporation in order to liquidate his ^personal indebtedness, which was
very large and pressing
Immediate action was imperative, for the finan¬
cial situation both here and abroad was very .acute (V. Ill, p. 2143; V. 112,
p
738)
'
Negotiations were conducted by us through the Du Pont American Indus¬
tries, Inc., which is owned entirely by your company and tha Chevrolet
Motor Co., in which it owns a controlling interest, and resulted as follows:
Late in
November last W.
C.
Incorporation of Du Pont
Securities Co. ■.
(2) Capital Stock Sold by
(aa) $4,200,000
■
.
(1) Incorporated in Delaware with a capital consisting of
8% cumulative voting preferred stock,
(b) 100,000 shares
non-voting common stock,
(a) $7,000,000
no par value
Securities Co. • _ . __
Common stock to Du
Du Pont
Preferred stock and 36,000 shares
Industries, Xnc , for which it paid $4,200,000
and loaned to Du Pont Securities Co. 824,179 shares
Pont American
in cash
stock.
General Motors Corp. common
,
x
[Vol. 112.
CHKONICLE
THE
1140
Note.—In addition to net earnings applicable to Common stock of
$10,749,808 shown for 1920, the earnings accruing to the company through
its stock holdings in subsidiary and other companies aggregated approxi¬
mately $13,000,000.
This would make a total of $23,749,808, which repre¬
sents the company's direct earnings applicable to Common stock, plus its
equity in earnings of other companies in which it has large or controlling
stock interests.
This total is equivalent to approximately $37 50 per share
of Common stock.
COMPARATIVE BALANCE
„
and 24,000 shares Common stock to Chevrolet
paid $2,800,000 in cash and loaned
to Du Pont Securities Co. 649,453 shares General Motors
Corporation common stock.
^
.
The above supplied $7,000,000 in cash to Du Pont Securities Co. and
1,373,632 shares of General Motors Corp. common stock on loan.
Also $20,000,000 One-Year 8% Collateral Trust Bonds Due Nov. 22 1921.
(3) (cc) The Du Pont Securities Co. then sold at par $20,000,000 oneyear 8% collateral trust bonds through J. P. Morgan & Co.
These bonds
(ibb) $2,800,000 Pref. stock
1920.
Motor Co., for which It
General Motors Corp. common stock
which the company acquired as follows:
v
•
_
..
.
2,604,273 shares purchased from W. C. Durant as hereinafter recited.
122,095 shares purchased from syndicate as hereinafter recited.
824,179 shares loaned by Du Pont American Industries, Inc.
549,453 shares loaned by Chevrolet,Motor Co.
_
Out of a total of 60,000 shares of! no par value common stock pf the
Du Pont Securities Co. which the Du Pont and Chevrolet companies re¬
ceived as above stated, 20,000 shares were paid as a commission to the pur¬
chasers of this bond issue which covered the complete cost of financing.
Purchases of General Motors Stock by Du Pont Securities Corporation.
(4) Du Pont Securities Co purchased (a) 2,504,273 shares of General
Motors Corp common stock from Mr. Durant, paying therefor $23,790,600
in cash and 40,000 shares of Du Pont Securities Co. common stock of no
par value,
(b) Also 122,095 shares of General Motors Corp. common stock
from a syndicate in which the Du Pont and Chevrolet companies and W. C.
Durant were interested, paying therefor $2,163,557 in cash, all of which
secured
are
by
4,000,000 shares
.
since been sold,
Back 230,000 Shares of General
'latter stock has
Mr. Durant Takes
accounts rec'le
966,707
Permanent Financing of This Additional Investment.
working on plans for the permanent financing of
in the General Motors Corporation, the details
of which plans will be communicated to you as soon as completed.
Plans for
Your officers are now
Principal Investment Stock Holdings.
undistributed earnings on invest¬
had become a considerable item in
valuing the earning power of the company's stock.
The same continues to
be true, for in the year 1920 the estimated undivided profits accruing to the
principal stock holdings of the company, not reflected in its consolidated
income statement, amount to approximately $13,000,000, which is equival¬
ent to about $20 50 per share on common stock outstanding Dec 31 1920.
The estimated net asset value of these principal stock holdings exceeds
the values at which such stocks are carried on our company's books by
slightly over $50,000,000 on Dec. 31 1920.
This excess is equivalent to
Value of
Last year it was pointed out that the
ment stocks, shown in our balance sheet,
accidents, pen¬
share of common stock.
.
Depreciation of Inventories.—The abrupt decline in prices near the end
caused a great reduction in the value of tangible assets, as shown on
the profit and loss sheet.
However, your directors felt in 1917 and 1918
that a considerable decline in values would in due course occur, and,
therefore, arbitrarily set aside out of the then current profits an amount
estimated to be sufficient to meet such adjustments in inventory values and
for other contingencies.^ Consequently, it is appropriate to write off the
redaction in inventory against the fund so created without disturbing the
profits for the year 1920.
Our inventories are valued at cost or market value, whichever is the lower,
except that for materials in process we have used a cost based on the new
raw material price and the normal cost of converting to intermediates.
Capital Requirements.—This investment of our surplus (war) funds was
completed in 1919.
During 1920 it became apparent that the opportunity
for expansion in the lines of businesses in which we had become engaged
was so attractive that it would be advisable to have additional funds to
permanently invest therein.
Dividends.—We therefore modified the dividend program beginning
June 15 by paying 2)4 % per quarter in common stock at par and $2 in cash
in lieu of $4 50 per share in casn previously paid.
This change results in
cash accumulation at the rate of approximately $6,000,000 per annum, and
the policy was continued through 1920.
Federal Taxes.—We have actually paid over to the U. S. Government
since 1915, $51,662,565, viz.: For year 1916, $15,788,286: 1917, $21,596,976:
1918, $12,903,920; 1919, $1,373,383.
Bonus Plan.—There was available for distribution as "B" bonuses, 2,880
shares of common stock costing $724,752.
Awards were made to 994
'
sions, &c
253,359,871 240,982,620
&
in brief:
Results.—It is hardly necessary to bote the general conditions prevailing
during 1920 due to post-war adjustments.
Our balance sheet embodies adjustments of values up to Dec. 31. Profit
and Loss Account shows: profits from operations and dividends received,
deficit, $940,850company's interests in South American operating
$1,486,382; interest on bonds, $2,427,232;
Plant Account.—The
Maintenance,&c.—Substantial appropriations in the past for maintainence
and for depreciation reserve fund as well as our liberal policy as to re¬
construction work has placed us in a position to curtail expenditures in 1920.
Exchange.—During the past year the major portion of our export business
originated from our South American plants.
All fluctuations of exchange
from export business have been absorbed in the year's operations.
We have also set aside as to our net interests in South America, a reserve
against contingencies arising from fluctuations in exchange irrespective of
the fact that our investment there will of necessity be continued in the
currencies of those countries.
South American Properties.—To preserve a proper comparison as far as
possible we have included in this year's earnings only those of our South
American Companies entirely
owned.
Other properties in which our
company owns a
our
no
substantial stock interest, managed and operated under
a very substantial profit from the year's operation, but
given to such profit in our financial results for 1920.
direction, show
effect has been
INCOME ACCOUNT FOR YEARS
Balance
Sheet—Acquisitions.—Permanent
investment in manufacturing
and the transfer of its per¬
acquisition of all its minority securities)
'the
in
the
dye
parent company,
(b) An inctease in permanent
industry,
(c) The purchase from the Du Pont
Varnish Co. of certain plants engaged in chemical
Chemical Co. and Chicago
industry, which were acquired by issuance of $9,815,100 of debentures.
In the income account and balance sheet which follow are consolidated
the figures of the E. I. du Pont de Nemours & Co., the E. I. du Pont de
Nemours & Co. of Penna., E. I. du Pont de Nemours Export Co., Rokeby
Realty Co.
1917.
1918.
Total sales (see text)._Not stated Not stated. $400,000,000
Profits, after deduct¬
ing
depreciation.
$225,000,000
$1,486,382
2,427,232
$5,165,889
2,394,563
$8,563,911
932,376
$7,408,172
903,750
loss_def$940,850
21,027,264
$2,771,326
19,789.233
7,631,535
15,051,045
$6,504,422
9,359,811
$20,086,414 $22,560,559
50,000
2,000,000
750,711
733,294
$22,682,580
2,160,000
$15,864,233
100,000
'73 3,348
3
713" 188
$19,789,232
$15,051,045
Federal taxes, &c_
Int. on bond. debt._
Not
profit
or
Previous surplus
Contrin'ns to empl. fd
Reserve for contfng..
Pref. dividends (7%)
jnds
Common dividends
($5)1,000,000($3^)750000
(per share)
Bal. sur. for year.
.$16,335,703 $21,027,264
CONSOLIDATED BALANCE SHEET {INCL.
Plant &
pat.
good-will, &o_ 11,354,928
y7,613,802
stock.
20,000,000
stock.
10,718,900
20,000,000
10,369,900
11,362,628
Mortgage
bondsx20,184,683
20,018,047
See text.
10-year
conver¬
tible bonds
zl9,434,000
20,000,000
403,060
384,018
payable.. 21,762,140
25,659,445
trolled & affil.,
Notes
interest
Accrued
but not wholly
7,329,632
27,236,581
&c
bills rec 21,393,521
U. S. Govt, and
328,822
misc.
secure..
owned
5,574,482
Mdse.,
50,990,067
Accts. &
18,767,408
7,604,163
Cash
Prepaid ins., &c
*
831,068
Accounts
2,516,496
5,854,760
659,526
paya¬
3,112,657
ble, &c
Res. for Fed. tax
Res. for
...114,205,792 127,006,814
After
S
$
Common
Preferred
equipt.. 30,613,275 ♦31,281,446
Total
1919.
1920.
Liabilities—
$
$
Trade-mks.
SUB. COS.) DEC. 31.
1919.
1920.
Assets—
manent investment to the
-investment
ENDING DECEMBER 31.
1919.
1920.
Subscription Plan.—This plan has been changed so that instead of
share for a limited period of five years,
employees will be able to subscribe to the debenture stock at par, with
two kinds of extra payments, varying from 1% to 4% or 5%.
Number of Stockholders Dec. 31 1920.—-9,764, of whom 3,398, or 35%,
were employees.
property has increased by nearly $25,000,000 over last year, largely due to
the following items: (a) The dissolution of the Du Pont Fabrikoid Co. (after
plants,
plants, heretofore included in property account with our domestic
are so substantial that we now show them in a separate item.
Inv. in cos. con¬
additional payment of $3 per
1920.)
released March 14
President Thomas E. Wilson in report
says
Chicago.
Packers),
(Meat
Company
(Report for Fiscal Year ending Dec. 31
So Amer Cos...
Stock
^..253,359,871 240,982,620
Total
applicable thereto.—Y. 112, p. 937.
xLess advances
employees.
an
....
purchased them.
their cost at the time we
about $80 per
of 1920
6,849,031
19,905,718
71,741,304
4,027,686
Note.—The securities held for permanent investment are valued at
$62,811,802, representing their cost.
The approximate net asset value of
these securities, as shown on the books of the respective companies, is
$112,800,000, representing an increase of approximately $50,000,000 over
Wilson
this additional investment
8,540,233
10,475,083
69.659,748
Res. for contlng.
Surplus.
Motors Corp.
Summary—Holdings and Capitalization of Du Pont Securities Corporation.
Summarizing the above, the Du Pont Securities Co. owns outright up¬
wards of 2,500,000 shares, and has borrowed 1,373,632 shares of General
Motors Corp. common stock from the Du Pont and Chevrolet companies.
Du Pont Securities Co. has outstanding: (a) $20,000,000 of 8% collateral
trust bonds due Nov. 22 1921: (6) $7,000,000 of 8% Cum. voting
Pref.
stock ($4,200,000 of which is owned by Du Pont American Industries, Inc.,
and $2,800,000 by the Chevrolet Motor Co ); (c) 100,000 shares no par
value non voting common stock, of which 64,OCO shares are owned by
Du Pont American Industries, Inc., and 16,000 shares by the Chevrolet
Motor Co., the remaining 20,000 shares being owned by the underwriters
of the bona issue.
60,813,950
58,854,200
Res. for deprec.,
66,745,525
433,052
12,218,527
6,572,202
7,286,298
70,629,050
63,378,335
__
Com. stock Iss'd
Prop'y, patents,
good-will, Ac- 90,527,629
Deferred ltems.
199,287
,
18.913,260
4,477,863
dlvs. on debs.
86,096,140 Def'd llabil, &c_
22,681,199 Adv. from affll.
companies
1,523,098
63,536,896 Deb. stock iss'd.
86,634,667
Adv. to affil. cos 10.629.802
Inv.in notes&sec
1,507,509
Sec.for perm.lnv 62.811.803
Realty, not incl.
plant real est.
1,049,174
purchased
Excess
incl.accr
pay;,
claims, mat'IsA
A few weeks ago the Du Pont American Industries, Inc.,
from W. O. Durant his 40,000 shares of common stock of the Du I ont
Securities Co. paying him therefor 230,000 shares of General Motors Corp.
•common stock.
(5)
%
Liabilities—
Acc'ts and notes
finished prod.x
Total
1919.
1920.
$
Cash, notes and
^
^
I
SHEET DECEMBER 31.
1919.
Assets—
&
1
contlng.
exchange.
2,254,650J
16,335,703
_
Surplus
Total
6,540,654
3,007,484
21,027,265
.114,205,792 127,006,814
obligations payable,
held in sinking fund.
deducting mortgages and purchase money
$654,875.
x
After deducting $872,317 for bonds
Investments in wholly owned 50 American Co.'s including net current
assets of $4,324,703.
z After deducting $566,000 bonds in the treasury.—
V. 112, p. 1032.
y
SUMMARY GF INCOME & PROFIT & LOSS FOR YEAR END. DEC. 31.
_
_
1920.
_
Net-bales
Net
...
Reduction
of
_____
reserves
accumulated
during
war
period in excess of requirements, less provision
for anticipated pensions
_
__
Profit and loss on sale of real estate, securities, &c_def494,789
Total net receipts_
__
__$14,563^232
__
Deduct—Debenture dividends paid in cash
Common dividends paid in cash (see text)
Rate of cash dividend (see stock
1919.
$93,983,291$105,437,932
$15,058,022 $11,620,953
.
earnings
3,813,424
6,267,747
(10H%)
divs. below)
Surplus for the year..-.
_____
Previous surplus.
_____
$4,482,060
71,741,305
_
_
___
_
6 206 236
Cr.144,197
$17,682,992
3 648 822
10'593'756
' (18%)
$3,440^413
68,300,890
•
Total
...
aSurplus at end of year
Note.—Inventories
were
re-valued
....
Dec. 31 1920, and $10,342,413
previously created for contingencies
on
written off and charged against reserves
-of this kind.
$6,563,617
$69,659,748 $71,741,304
_____
(B.
F.)
Goodrich Company, Akron, O.
(Report for Fiscal
Year ending Dec. 31 1920.)
G. Work, March 7, wrote in substance:
Results.—The net sales for the year slightly exceeded $150,000,000, and
the net profits from operations, after making liberal provision for shrinkages
in the market values of crude rubber and fabrics on hand, depreciation of
properties, bad debts and all other known operating losses applicable to the
year 1920, amounted to $2,711,287, before making allowance for such income
Pres. Bertram
$76,223,365 $71,741,304
-Common dividends paid in Common .stock._(7)^ %)4,524,134
Disc, on deb. stock issued in payment of prop. pur_
2,039,482
IIZZIZII
Total
The
and excess
profits taxes as may be finally
determined.
in the market values of crude rubber
and fabrics, your directors have also deemed it advisbale to appropriate out
of surplus the sum of $8,000,000, which, added to the reserve for contin¬
gencies of $2,000,000, provided out of profits in prior years, leaves a total
reserve on Dec. 31 1920 of $10,000,000 to cover possible losses on future
commitments and contingencies.
Status.—In spite of the depression in the rubber industry during the last
half of 1920, the financial position of the company is considered excellent.
No further expenditures during the current year for additional expansion
of fixed properties will be necessary.
Preferred Stock.—The directors have voted to retire 11,880 shares of the
Pref. stock held for that purpose in our treasury.
[As to sale in April 1920 of $30,000,000 5-\ ear 7% Convertib
old notes
see V.
110, p. 767, 875, 1530.]
Reserves.—In view of the decline
March 19
THE
1921.]
CONSOLIDATED
INCOME ACCOUNT FOR
CALENDAR
1917.
j
{£
Net sales
__-._150.007.346 141.343,419 123,470,187
Mfg., &c., expenses
.-142,250,720 121,579,265 102,156,330
"y
*
,
YEARS.
198.
1919.
1920.
V
.f
Netprofit__
Miscellaneous income
CHRONICLE
$
.
87,155,072
72,276,398
$7,756,626 $19,764,154 $21,313,857 $14,878,674
976,346
576,060
296,465
341,603
.
Total net income
$8,732,972 $20,340,214 $21,610,322 $15,220,277
Depreciation
$1,939,760
$1,835,539
$2,428,225
$1,092,456
Prop, of cost of note issue
355,218
Interest on bills payable
3,726,708
1,199,862
1,993,032
1,333,144
Preferred dividend (7%)
2,688,840
2,247,000
1,785,000
1,848,000
Common dividend. _($o)
3,604,200 (4)2,400,000 (4)2,400,000 (4)2,400,000
Bend,
1141
Ind.; The Studebaker Corp. of Canada, Ltd., Walkerville,
Outlook for 1921.—The demand for Studebaker cars is quite heavy from
all sections, except in a few spots, and in a number of places is double and
treble what it
was last spring.
March sales will probably exceed 5,000 cars.
Manufacturing schedules call for 5,235 cars in March, 5,440 in April, 7,015
in May, and 7,320 in June.
If general conditions become no worse than
they are now, our business should almost certainly exceed that of last year.
PROFIT
AND
Balance,
surplus
Total surplus
13,004,065
20,177,379
12,657,813
35,119,987
def3,581,754
41,203,046
Previous surplus
33,181,444
47,777.800
37,621,292
8,546,677
14,919,889
23,466,566
Profit and Loss items—
Fed'l taxes prev. year..
Reserve for amortization
of
war
5,558,912
3,057,627
2,250,000
-
1,225,064
1920.
104,410
9,506
Reduction
Difference
;
pref. stock
in cost & par
of pref. stk. for redem.
Bal. of cost of note issue
Material commitments
Reval. foreign sub. cos
y
..
sale of
Net earnings on sales_$12,130,807
$11,283,463
$4,817,613
$4,359,417
$116,950
$295,664
637,754
767,550
$298,488
560,188
$1,916,645
$633,191
Common
$5,174,404
$6,463,809
1919."
1920.
Preferred stock canceled
100,000
100,000
100,000
900,000
100,000
1917.
$633,191
13,314,647
$26,099,987 $23,400,183 $15,864,483 $13,947,838
Total
405,000
Special surplus account.
900,000
1918.
$1,916,645
13,947,838
$6,463,809
15,578,137
1,358,237
Surplus from above..... $5,174,404
surplus
j__
20,925,583
Res've for future conting.
Previous
Cr.387,000
Pension fund
1,854,229
748,475
767,550
dividends._(7%)3,937,500 (7)2,100,000 (4)1,200,000 (7)2,100,000
39,188
Cr.45,775
2,012,904
8,000,000
zl,790,038
pref. stock..
31.
1917.
SURPLUS ACCOUNT FOR CALENDAR YEARS.
Premium & accrued div.
on
DEC.
1918.
sold..
Deduct—Interest, net.__Cr.$120,014
Fed. & Canadian taxes.
2,428,768
Preferred divs. (7%)--710,150
Reduction of U. S. bonds
to market value
YEARS ENDING
1919.
51,474
39,356
23,864
42,357
.$90,652,363 $66,383,307 $52,087,997 $50,147,516
Mfg., &c., gen. exp., &c. 77,816,474
54,681,388 46,888,240
45,363,135
Reserve for depreciation
705,081
418,456
382,144
424,964
Automobiles
Net sales
Balance, surplus
1,447,540
'7,778
facilities
FOR
ACCOUNT
LOSS
____
___
Ont.;
Studebaker Bros. Co. of California, and Studebaker Bros. Co. of Utah.
405,000
286,346
2,069,600
Net exp. of new financ'g
33 1-3% stock dividend,
15,000,000
paid May 5
Inventory losses.
872,940
Total profit & loss sur.
22,706,498
41,203,046
30,619,988
20,177,378
y "Reserve for
approximate losses on raw material commitments for
future delivery, $8,000,000 "
z "Difference arising through conversion of net assets of foreign subsidiary
companies at depreciated rates of exchange, $1,790,038 "
CONSOLIDATED
[Omitting in both
years
1920.
Assets—
Real
Invest, other cos
For'n
Liabilities—
S
6,153,214
19,433,035
note
3,331,331
&c., represent-
7% notes 30,000,000
........
29,122,953
2,580,236
1,431,331
24,038,000
5,864,069
1,255,739
Acc'ts payable..
See above
6,054,451
1,418,600
Inventory...... 72.631,057
Tradeaccts. rec.b20,172,177
Other accts. rec.
503,935
Bills receivable.
1,071,127
Cash
3,058,315
Prepaid acc'ts..
1,023,676
U. S. Lib. bonds
44,918
1,906,600
54,184,975
Sundry
Reserves—
10,000,090
2,000,000
valuation..
1,225,034
1,225,064
Pension res've
600,000
500,000
Miscellaneous
184,581
Res.
550,203
44,688
5,491,500
1,234,990
2,591,535
exc.
over
|
Investments
Total
Preferred stock
stock
3,020,000
1,675,820
Deposit
Short time loans..
2,000,000
Accounts payable.
3,001,385
Res. for Fed. taxes
bonds.
2,137,094
Sight drafts
Inventories
...
.....
358,347
2,312,34.1
2,335,990
295,647
3,619,818
1,855,240
2,830,486
2,919,091
3,240,000
Sundry creditors &
Surplus
charges,
_______
.......
9,822,048 20,925,583
408,404
471,692
4,226,234
1,217,845
Housing devel
V
sales
contracts
reserves
6,541,156
5,628,774
$
Spec.surp.account 3,645,000
.26,858,948 20,607,337
Acc'ts & notes ree.
leas reserve..—
on
1919.
c9,800,000 10,260,000
60,000,000 45,000,000
8,500,000
_.
Notes payable
1,177,971
823,910
.....
Common
.
Due from Gov'ts..
2,266,833
insurance,
&e__
Cash in banks, &c_
Good-will,
4,171,175
patent
19,807,277 19,807,277
See note
See note
.........99,604,211 88,115,379 j
Total
a
117.917,917
8
a3G, 162,605 25,706,854
ings, &c
rights,
303,466
Surplus
138,910,112
•
."/$
net
credits
Total
.
Vehicle Div. inllq.
exp
pre-war
Employees'
r
31.
1920.
Liabilities—
Real estate, build¬
D e ferr ed
Contingencies
23,011,543
Assess—•
Governm't
equity (see note)x25,020,498 43,405,045
Pref. stock
c38,412,000
39,600,000
Bills payable...
int net invest.
$
$
stock
Common
Conv.
assoc. cos.,
Treas. pref. stock
1919.
1920.
1919.
1919.
1920.
good will, previously carried at $57,798,000.]
See note
CONSOLIDATED BALANCE SHEET DEC.
SHEET DECEMBER 31.
BALANCE
$
■■
est.<&plani3a32,823,033
Good will
Surplus acc't Dec. 31. $9,822,048 $20,925,583 $15,578,137 $13,947,838
Special surplus
do
$3,645,000
$3,240,000
$2,835,000
$2,548,654
138,910,112 117,917,917
.....99,604,211 88,115,379
Total
Consists of real estate, buildings, machinery and equipment at South
and Walkervilfe, Ont., and at
Jan. i 1919, $28,700,504; additions during
$11,013,811; total, $39,714,314; less depreciation,
$3,551,710; balance, as above, $25,706,854.
b Includes accrued pay-rolls.
cjAftei; deduct'g $3,700,000 retired under prov. of charter.—V. 112, p. 477.
Ind., Detroit, Mich., Chicago, 111.,
Bend,
branches of the company, as at
buildings, plant, machinery and sundry
equipment, less reserve for depreciation and obsolescence, $8,611,988.
b After deducting reserve for doubtful accounts, discounts & alkrwances.
a
1920 real estate,
Includes in
x Note.—On
Dec. 31 1920 there were outstanding, or awaiting issue,
601,400 shares of Common stock of no par value, viz.: (1) 195,265 shares
exchanged during the year, share for share, for 195,285 Common shares of
$100 each,
theretofore outstanding
(2) 404,735 shares exchangeable on
same basis for the remaining 404,735 of the 600,000 shares of $100 each,
outstanding Dec. 31 1919.
(3) 1,400 shares issued in 1920 at $80 a share.
At the same time the balance sheet was altered by the omission of the
item of $57,798,001, heretofore shown for good will, patents and trade
marks, and opposite "Common stock" was placed the figure of $25,020,498,
which embraces: (a) an item of $22,706,499 described as "earned surplus,"
and (b) a further amount of $2,313,999, being the difference between the
$60,006,000 at which the common stock was formerly carried plus a further
$112,000 for the 1,400 shares sold for $80 each in 1920, a total of $30,112,000,
and the item of good will, &c., $57,798,001, now omitted.
For proper comparison in 1919 the "Chronicle" has similarly omitted the
item of good will, and opposite common stock has placed the amount
arrived at by adding to the $60,000,000 capital stock the profit and loss
surplus of $41,203,046, as reported Dec. 31 1919, less good will, &c.,
$57,798,001, or a net sum of $43,405.045.-—V. 112, p. 377.
The
Studebaker
Corporation,
South Bend,
(KM Annual Report—Year ending Dec. 31
Pres. A.
R.
Results.—The
Ind.
1920.)
Erskine, March 14, wrote in substance:
sales
amounted to $90,652,362 and the net profits,
Provision for
profits taxes, $2,428,767, reduced the net profits to
$9,822,054.
Cash dividends of 7% on both stocks amounted to $4,647,650,
and the balance, $5,174,404, was transferred to surplus account.
Notable Events.—These include: (a) The breaking of all our sales and
profits records: (b) completion and equipment of the new plant in South
Bend; (c) launching of the new Light Six automobile; (d) erection of 206
houses for employees: (e) liquidation of the farm wagon and skein business;
(/) at Detroit the erection and equipment of two concrete and steel factory
additions, one at plant No. 3, five stories, 475x62Y> ft., and the other at
plant 10, four stories, 450x75 ft.; (g) at Brooklyn, N. Y., a four-story and
basement branch store 65x105 ft.
net
after deduction of increased depreciation, were $12,250,822.
the income and
ceeded all past records for a full year.
Prices were reduced Sept. 28, and
good business resulted through October and November, ancl although it
slackened in December, sales for the quarter amounted to $17,278,209,
including 10,382 automobiles.
Manufacturing schedules were curtailed,
with the result that only 2,932 were on hand Dec. 31.
These price reduc¬
tions, made in advance of reduced costs, naturally reduced the profits of
the fourth quarter, which were, however, more than sufficient to absorb
reserves created to reduce inventory valuations to market prices.
The new modern plant at South Bend, and its product, the new Light
Six, were making good progress until interrupted by the curtailment in the
fourth quarter.
During the year, however, about 7,000 cars of this model
were produced and sold.
Inventories.—The
inventories
of
the
automobile
division
increased
$11,590,654, but
are not unduly large for the requirements of the business.
Vehicle Division.—The plants of the former farm wagon business are now
manufacturing closed bodies and automobile parts heretofore purchased
outside.
The savings effected will greatly exceed the profits of the farm
wagon business, which have been of minor importance for some years.
Properties.—Property account was increased $11,013,811, to cover expen¬
ditures for completing the plants at South Bend, the new buildings at
Detroit, and the branch store at Brooklyn.
No construction work is in
progress, and none of importance is contemplated.
The existing plants
are
capable of producing 100,000 automobiles per annum on a 48-hour
"weekly schedule.
Capital Stock.—On Dec. 31 there
was
outstanding: (a) $9,800,000 Pref.
$460,000 (purchased and retired in advance); (6)
$60,000,000 of common stock, an increase of $15,000,000, representing the
stock dividend paid last April.
On Dec. 31 there were 1,254 pref. and 6,591
common stockholders.
We are holding in trust 12.208 shares of Common
stock and 91 shares of Pref. stock for the account of 2,391, or 22.6%, of its
employees, who are paying for it under the co-partnership plan.
Citizens Homes Co.—The investment in this subsidiary, amounting to
$2,266,833, covers 231 acres of real estate, and 206 houses, with street
improvements.
Subsidiary Companies.—The active subsidiary companies, whose accounts
arejmerged in this report, are: The Studebaker Corp. of America, South
a
Threshing Machine Co., Racine,
Case
Wis.
(Report for Fiscal Year ending Dec. 31 1920.)
The report
of President Warren J. Davis will be cited at
subsequent issue of the "Chronicle," together
with the income account for the year 1920 and comparative
length in
a
balance sheet of Dec. 31.
INCOME
ACCOUNT
FOR
YEARS ENDING
aProfits...
Note, &c., Interest
Premium
on
31.
1917.
bonds pur¬
143,761
1,251,968
chased, &c
Foreign war losses
Depree'n on plant, &c__
_
_
Amort,
In
683,140
invent,
143,315
274,294
225,032
807,076
625.350
555,519
251,727
376,811
of plant expense
Reduc.
value
1,000,000
700,000
Reserve for contingencies
675,000
$1,936,963
7,558,960
Balance, surplus..
adjusted..
$2,909,482
$12,353,236
6,110,728
4,757,992
$9,495,922
910,000
S7C.000
$9,020,210
880,250
$7,111,228
800,000
275,000
850"00d
Prov. for Federal taxes._
Prev. surplus
DECEMBER
1918.
1919.
1920.
$34,547,321 $32,342,653 $25,162,770 $17,657,754
$6,021,607
$3,775,922
$5,992,024
$4,791,942
$416,016
$572,621
$726,540
$471,839
Gross sales
$1,556,773
4,051,719
excess
Operations.—The sales and profits of the first nine months liberally ex¬
stock,
less realizations,
year,
decrease
of
Total...
Preferred dividends (7%)
Common dividends (10%)
Do
in
Do
$5,608,492
850,500
$6,260,728
$4,757,992
(7%)581,000
in stock.
Liberty bonds
P. &L. surplus
850,500
3,900,000
...
Dec. 31 $3,815,922
$7,558,960
The profit from sale of manufacturing product and Income from
sources as above is shown after deducting all operating expenses and
a
nary
losses, but before deducting provision
other charges.—V.
Ill,
American
p.
other
ordi¬
for depreciation on plant and
2016.
Tobacco
Company, New York.
(Report for Fiscal Year ending Dec. 31 1920.)
Treasurer J. M. W. Hicks,
March 17, wrote in substance:
Sinking Fund.—The trustee purchased and cancelled $91,900 6% gold
bonds at a cost of $110,249: the premium has been written off as an expense.
Common
Stock "B"
as
75% Dividend—$10,924,800 in Exchange
for
$12,017,280 Dividend Scrip.—The holders of scrip maturing Mar. 1, 1921
and then convertible into Common Stock B, were on June 1 1920 given an
option to exchange it for Common Stock B, $110 of Scrip for $100 of Com¬
B, m order that they m.ght participate in the distribution Aug. 2
of Common Stock B capitalized from surplus.
Scrip of the par value of
$12,017,280 was thus turned in and cancelled and an initial block of Com¬
mon Stock B issued therefor of the par value of $10,924,800.
In addition, $38,375,400 Common Stock 13 capitalized from surplus was
distributed pro rata Aug. 2 to holders of the above Common Stock B and
to holders of the $40,242,400 Common stock [as a 75% stock dividend],
increasing the total Common Stock B issued to $49,300,200 V.
Ill, p.
mon
The
Preferred stock and Common stock
the Common Stock B has
no
have equal voting rights, but
voting rights.
$3,333,000 Notes Paid.—Serial 7% Gold Notes, Series B. amounting to
$3,333,000, wete paid at maturity, Nov. 1 1920, leaving now outstanding
$16,667,000, viz.* Series C, maturing Nov. 1 1921, $3,333,000; Series D,
due Nov. 1922, $3,334,000, and Series E, due 1923, $10,000,000.
Two
3%
Scrip Dividends.—Eight per cent certificates aggregating
were issued, representing two dividends Sept. 1 and Dec. 1 of
3% each on Common stock (including Common Stock B), which dividends
are payable in Common Stock B Mar. 1 1923.
Earnings, &c.—The sales for the year of this company and those com¬
$5,372,556
panies all of whose stock Is owned by this company aggregated $143,106,332,
[against $146,023,730 in 1919] and the net earnings therefrom, after deduct-
f
ing all charges and expenses for management, taxes,
for Federal income and excess profits taxes, &c., were
$575,747, making a
ACCOUNT
INCOME
FOR
on money
Interest
bonds..
on
Interest on gold notes...
Interest on scrip
Pref. dividends (6%)...
Common.diVs.(cash)
do
do
95,485
277,083
221.333
3,161,982
"90,827
143,641
"98",511
_
13,632,184
5,402,578
39,181,756
11.463,442
2.100,223
37,081,533
51,938.820
1,092,480
(75%>38.375,400
49,346.443
44,584,334
39,181,756
14,655,900
49,346.443
Previous surplus
_.
..
Total surplus
Addition to surplus.a._
dividend.b
Final surplus
44,584,334
39,181,756
$
fix¬
chinery,
9,201,639
Ac.
trade¬
tures,
..
Brands,
marks,patents
.
and good-will,
54,099,430
&c..
tobacco,
Leaf
Liabilities—
div,
operating sup-
10,023.983
and
790,496
5,372,556
4,939,798
Prov.for tax.,&c.
10,081,522
11,419,581 Accts.&bilLs
in
ance,
2,398,686
........
211,495
909,689 Surplus........ 14,655,900
568,124
.
540,966
1,365,300
Bal
of disc,
1st M
on
$6,303,800.
z Covering
purchase by subscriptions
Liberty Loan bonds at par.—V. 112, p. 1027.
value
R.
J.
790,496
of
$6,303,800
INCOME
ACCOUNT
Total
Dividends..
3,281,250
$10,000,000
1920.
1919.
377,000
—$2,874,472
surplus
1920.
$3,748,287
1920.
1919.
%
S
Assets—
$
yl2,897,600
Liabilities—
Capital stock
Real estate, plant,
First M. 6s issued.
pat'ts, good-will,
&c., less reserve.x9,044,957
8,658,322
Interest on bonds.
Dividends payable
Stock oth. cos.,<fec.
33,309
(cost) le&s res've.
58.309
Investments
150.000
780,388
447,083
Divs.
unclaimed..
384,126
11,000
269,500
8,353,855
Can. 5% War Loan
6.491.292
11.000
128,976
1,323
for Fed. tax.
1,007,206
1,298,463
900.000
50,000
2,400.000
199,162
2,112.450 Sinking fund—
301,477
$
350,000
Notes payable
Contingent reserve
Employees' subscr.
to capital stock.
257,952
1.234
1919.
6,448,800
2,967,500
50,787
Mtge.. on real est..
Acc'ts, &.c, pay'le,
res.
36,431
Deferred charges..
Inventories
$2,782,107
$2,851,987
SHEET DECEMBER 31.
231,737
176,350
surplus. 2,000.000
2,000,000
2,851,986
Loss on exchange.
Approp'd
Surplus
309,392
_____
2,874,472
20,570,200 18,832,7381
20,570,200 18,832,738
Total
depreciation of $1,460,275.
y Authorized 130,000 shares of
$100 each, of which 129,346 are issued and 370 shares of this are held in the
treasury.—V. Ill, p. 2427,
Includes
GENERAL INVESTMENT NEWS.
Total.
$39,347,155
200,828
16,747 369
$56,295,352
3,100,000
5,000.000
14,231,250
class B Common stock—
Common and $10,000,000 Class' B
40,000,000
Balance, Dec. 31 1920
$2,064,102
Note.—Federal income, excess profits and war profits taxes on earnings
for all years up to Dec. 31 1920, have been?paid or set aside in the above
statement in maximum amounts and pending tax adjustments should result
substantial increase in the Undivided Profits Account.
After deducting all charges expenses of management, provisions
maximum Federal taxes, allowances, depreciation, advertising, etc.
x
BALANCE
SHEET DEC.
31,
for
1920—(Comparison with 1916.)
1916.
1920.
Assets—
Cash
$9,683,456
$2,406,133
Accounts receivable (net) for
7,642,042
69,017,777
13,315,565
3,600,197
5,600,311
22,566,994
5,397,369
merchandise sold
Leaf tobacco, supplies, manufactured product, &c
Real estate, bldgs., mach., &c.
U. S. Liberty bonds
_______1
Inv. in non-competitive companies
J
Other accts. & notes receivable.
295",458
2,072,929
_
1,307,583
466,815
Good will, patents, <fcc
Prepaid Int., ins., &c.
1,178". 860
-$107,106,368 $37,445,128
Total
Liabilities—
Bills
5,892
$622
5,514
1,348
payable—
Accounts payable
Acer, int., accr. taxes (incl. maximum Fed. Inc.
and excess profits taxes on 1920 earnings), &c._
6% Gold notes (see V. 109 p. 584)
__
4,421.,094
.20,000 ,000
Res. dep., & contingencies
Preferred stock—7% cumul_
.»
;
common
Undiv. prof, (aft
stock
ded. of div.
-—-
pay
-
Jan. 1 1921)
-
-
___
$5,145,875
693,838
),765
3,649
1,000
15,000
Prov. for bad debts,
Common stock
10,000 ,000
50,000 ,000
2,064 ,102i
15,874
2,342,171
2,500.000
10,000,000
16,747,369
$107,108,368 $37,445,128
112, p. 1031.
Chicago Pneumatic Tool Co. of New Jersey.
Annual
Report—Year ended Dec. 31 1920.)
President H. A. Jackson says
in substance:
Income Account.—Net income after
providing for depreciation and
accruing renewals of $388,684 and for Federal taxes was $1,869,093, against
$1,175,943 in 1919, and the net income transferred to surplus [oefore
deducting dividends] was $1,273,061, against $657,051 in 1919.
The net sales, while suffering from the depression first felt about mid-year,
still slightly exceeded those for 1919.
While the gross earnings show a de¬
crease, the discrepancy is due to the continued increase in the cost of
manufacture, and the larger proportionate sales of the less profitable prod¬
RAILROADS,
INCLUDING
ELECTRIC
Railroad and Electric
General
ROADS.
Railway News.—The
following table summarizes recent railroad and electric rail¬
way news of a more or less general character, full details
concerning which are commonly published on preceding
under the heading "Current Events and
matter
Discussions"
Department"), either in the week
becomes public or
shortly thereafter.
Louisiana and Ohio. "Ry. Age" Mar. 11, p. 570.
Florida intra-State rates also held prejudicial.
The entire matter is now
before the U. S. Supreme Court on appeal taken in the Wisconsin case.
"Fin. Am." Mar. 12, p. 2.
Long Island RR. decision, see that company below.
The Central has laid the wage case of common labor before the RR. La¬
bor Board.
Other roads also propose decrease for April 1.
"Sun" Mar. 17,
p. 3; "Times" Mar. 12, p. 1.
I.-S. C. Commission reports an increase in the RR. pay-roll for quarter
ended Sept. 30 1920 over second quarter of 1920 as $251,000,000, or 31%,
with increase of 7.6% in number of employees.
Idem, p. 23; Idem Mar. 12,
Intra-State Rates.—(a)
2,850,000
stock
—
Cr. 1,251,161
2,000.000
BALANCE
the
Stock dividend of Aug. 16 1920, in new
-
188,217
(if not in the "Editorial
YEARS.
FOR CALENDAR
1918.
1917.
$10,340,345 $7,042,763 $11,272,753 $10,691,293
Sundry items applicable to prior periods
Undivided profits Dec. 31 1916.—-—.
-
Total
$3,748,287
322,440
Cr.199,161
pages
since statement of Dec 31
xNet profit
-V.
$3,907,947
sink, fund (written
Final
75,152
49,346,443
~
B
$2,851,987
bonds
back)
505,656
18,073,188
zG,260,000
Year ending Dec. 31 1920.)
An analysis of the Undivided Profits Account
1916, follows:
New class
3,759,040
$3,186,528
__
4,i30~36O
Reynolds Tobacco Co.
(Report for Fiscal
a
2,782,107
$911,438
2,836,849
$148,907
$69,880
Reserve for contingencies
197,056,828 206,108,316
Total...
197,056,828 206,108,310
Common
227,674
$334,542
2,851,986
__
Total profit & loss surplus
Comm on sale of cap stk_
Total
12,072,720
Consists of 4% gold bond<? and remaining 4% bonds of Consolidated
Tobacco Co. not yet exchanged,
x Incl. at cost Liberty Loan bonds, par
on
1,095,270
20,000,000
a
200%
407,551
motor
in which stock
2,568,039
is owned
insur¬
&c_...
Total
9,992,954
" 121",725
(4)257,952
50,000
437,582
—
of
sale
$2,006,372
r
Amts. due to cos.
which
stock is owned
Prepaid
pay.
Bills payable...
due from
cos.
314,589
Accrued interest
ac¬
counts receiv.
Amts.
in
from
Balance, surplus
Previous surplus.
x
able January81,559,574
90,611,434
29,123,870 x31.475.485 Dividend certfs.
Cash
6,801,059
52,699,700
40,242,400
pay¬
Stocks & bonds.
Bills
(8%)938.520 (6^)419.172
168.000
See below
376,427
388,684
176,350
406,215
Di vidends
Sinking fund
Depreciation, &c
Loss on exchange
&c., less reserves 2,259,439
52,699,700
Common stock. 40,242,400
8,223,599 Com. stock "B" 49,300,200
6% bonds
449,000
4% bonds a
1,365,300
7%ser.gold notes 16,667,000
maturing
54,099,430 Scrip
March
1921
55,440
Pref.
plies, &c
262,631
Notes & accts. rec.,
S
.
Preferred stock.
Real estate, ma¬
$108,236
221,042
borrowed money.
Bond interest
Cash
1919
1920.
1919.
$
$57,606
$1,283,214
$130,499
178,168
(6)386.928
31,161
additions, &c
BALANCE SHEET DECEMBER 31
1920.
i" Assets—
73,017
$2,675,966
Approj). for investment in
after deducting all charges and expenses for
management, taxes, incl. Federal war profits, excess profits & Income taxes.
y In 1920 the Common dlvs. were paid 10% in cash (Mar. 1 and June 2)
and 6% in scrip (Sept. and Dec.).
On Mar. ] 1921 paid 3%, all In scrip.
a This "addition to surplus" resulted from issuing Common stock
B or
the par value of $10,924,800 to take up and cancel $12,017,280 par value
of scrip maturing March 1 1921.
r f
b Surplus capitalized into Common stock "B" distributed pro rata to
holders of Common stock (incl. Common stock "B") Aug. 2 as div. of 75% .
to
28,324
$2,346,609
Net earnings are shown
x
$2,647,642
88,832
Total
on
$1,210,197
tax_$2,257,777
truck department
13.960,018
4,762,110
44,584.3.33
..
$2,006,372
-
Net profits after Fed.
Other income
Loss
1917.
1918.
1919.
1
Reserve for Federal taxes
3, 161,982
,048480
16,023,021
2,592,376
49,346,443
Total deductions.
CALENDAR YEARS (INCL. SUB. COS.)
1920.
taxes
Int.
.(20)8
(6%>5.372,556(10)4,024240(20)8,048480
Balance, surplus.__
Stock
9,785,361
3,524,330
253,973
23,637
289,486
(io"%)4,024,240(10)4,024240
(scrip)
89,920,249
10.826
1,691.667
653,939
3,161,982
:,
..;
13,563,665
18,349
of $13,000,000, the
funded debt, and for improvements which
CONSOLIDATED RESULTS FOR
8,316
1,819,505
646,929
84,383
1,361,115
393,301
3.161,982
proceeds being used to redeem the
are now complete.
Net profits before Federal
19,034.762
borrowed (net)960,166
bonds sold.....
on
The usual liberal provisions were made for depreciation and accruing
The earnings of the subsidiaries were materially reduced because
ucts.
renewals
of the unsatisfactory condition of foreign exchange.
The capital stock was increased during 1920 to a total
1917.
18,722,128
bonds pur¬
chased and canceled..
_00
71,126
51,620
18,615,398
Total net income
Loss
tna
'496,733
*'466,903
15,922,687
2,747.821
575.747
Miscellaneous income
1918.
®
„
3,762,401
partly-owned cos.
YEARS.
CALENDAR
|
146,023,730 144,470,069
(incl. cos. whose
$
stock is owned)
143,106,332
Net
earnings,
after
charges, expenses. &c.x 14,277,250
Sales
Int.
total net income of $18,615,-
1919.
1920.
Premium on
$14,277 250, being
$18,722,128 in 1919).
398 (contrasting with
Dlvs.,
including provision
Vj^colni
$3,762,401, and income
10% on the sales (against 10%% in
panies a part of whose stock is owned aggregated
about
from sundry other sources
[Tol. 112.
CHRONICLE
THE
1142
p.
2.
'
Wages.—Employees of N. Y. Central RR., &c.,
Mar. 16, p. 1 •
Erie RR.I Withdraws
All
reject wage cut;"Times"
Wage Reductions and Lays Off Numerous Em¬
ployees. Boston "News Bureau" Mar. 14.
Full Decision of RR. Labor Board as to Wages on Atl. Birm. & Atl. and
Mo. & No. Ark. "Railway Review" Feb. 26, p. 340.
Former Employees Must Get Back Pay from May 1 to July 20 1920.
"Fin.
Am." Mar. 18.
Record Traffic and Car
Performance in 1920. "Ry. Age" Mar. 11, p. 569.
Shipments.—Jan., 5,740,538 tons; Dec., 6,436,320; Nov. 5,-
Anthracite
765,347. "Ry. Age" Mar. 11, p. 569.
Pacific Rates.—The N. Y. Traffic Association Mar. 17 announced the
inauration of consolidated freight service to the Pacific Coast points via
four steamship lines.
This gives shippers the opportunity to secure lower
rates on less than carload shipments.
Freight Car Service.—(a) Idle cars 422,207 week ending Maj\ 8; 413,450
•
1
•
•
'■
Miscellaneous.—(a) Large coal cars, 70, 75 and 100 tons capacity, in
"Ry. Age" Mar. 11, p. 568.
(b) Interesting Railway Income Cate¬
chism of Ry. Business Association. Idem, p. 557 to 559.
(c) Canadian
shipments exchange rate Mar. 15 to 31, 14H%; surcharge 9%. "Times"
use.
Matters'in "Chronicle" of March 12.—(a) RR. crisis, p. 964.
(b) John J.
and Mark W. Potter nominated for I.-S. C. Commission, p. 983.'
Esch
(c) RRs. obliged to reduce wages, p. 983.
bv Pennsylvania RR. and N. Y. N. H. &
RR. and other Eastern roads, p. 985; also
(d) Wage reductions proposed
H RR , p. 984 ; N. Y. Central
Western roads,p.986.
(e) Erie
RR. declared to have violated labor regulations, p. 986; compare "Ry
Age" Mar. 11, p. 547.
(f) Labor committee abolished l}y railway execu¬
tives, p. 986.
(g) Congressional inquiry, p. 986.
(h) Strike against wage
decrease ordered by court for Atlant. Birm. & Atl., p. 987.
(i) New Eng¬
land crisis—roads propose 10% increase in rates.
Statement to Governors
of New
England States, p. 987.
& Vicksburg Ey.—Refunding of $1,936,000
April 1—Government Loans of%1,564,000 Approved.
The I -S. C. Commission has authorized the company (1) to issue$542,900
6% promissory notes dated April 1 1921 and maturing five years from date;
(2) to issue $2,423,000 1st Mtge. gold bonds under a proposed mortgage to
be made to the Canal-Commercial Trust & Savs. Bank and Felix Gunter
[authorized by the stockholders on March 3]; (3) and to pledge $543,000 of
the bonds as security for the $543,000 promissory notes and to pledge
$1 880 000 of the bonds as security for $1,564,000 loans from the U. S.
The funded debt, consisting of $940,000 Vicksburg & Meridian 1st Mtge.
6% bonds, $580,800 Consol. 1st Mtge. 5% bonds, and $416,100 2d Mtge.
5% bonds, mature April 1 1921.
To assist the company in meeting these
obligations, the Commission has approved a loan of $1,394,000.
Holders
of $542,900 bonds have agreed to surrender their bonds in exchange, $ for $,
for promissory notes to be made payable to the order of G. T. Bonner,
Alabama
Bonds Due
trustee, for
their benefit.
has also approved a loan of $170,000
certain additional locomotives.
The Commission
nanv
In nrocuring
to assist the com-
March 19
THE
1921.1
The bonds proposed to be issued will be
1951, int. at rate of 6% p. a.
to maturity at 105 and int.—V.
Arkansas
&
Red.
as
CHRONICLE
dated April 1 1921; due April 1
whole on any int. date prior
Chicago City Railway.—Annual Report.—
a
Results
112, p. 561,
Louisiana
1143
Surface Lines for
of All Chicago
The company announces that the road has
been rehabilitated an
that
through trains are now being run from Monroe, La., north to Crossett,
Ark., 52 miles.
The company operates freight service between Bastrop,
La., and Huttig. Ark., 31 mi es.—V. Ill, p. 1369.
payroll of about $100,000.
posted to the effect that the company lacked funds.
Receiver
Bugg announced that the company was endeavoring to get funds with which
to pay the men.
See V. 112, p. 1023, 931.
<
Residue receipts
$12,026,992 $10,709,423
Chicago Railways (60%) $7,216,195
$6,425,654
South Side Lines (40%).
4,810,797
4,283,769
Income Account of Chicago City
Co.—Employees Finance Road.—-
&
Maine RR.—To Reduce Facilities in Order to
Subsidiaries in
The New Hampshire P. S. Commission has
rendered
a
1920-21.
1919-20.
$4,283,769
3.477,245
1918-19.
$3,591,264
3,580,613
Net earnings._
.i.
—$1,337.267
City's proportion, 55%, as per ord'ce.
735,497
$806,525
443.589
$10,650
5,857
Co.'s proportion, 45%, as per ord'ce..
South Street Ry. proportion
$362,936
$4,792
_
Boston
&
In 1915
similar bill
passed by the Senate was killed in the House.
measure this year.—V. 112, p. 931.
No
opposition was offered the
Blue Hill Street
Ry. —To Rehabilitate Part of Road.—
A bill has been introduced in the Massachusetts Legislature to have the
State, through the agency of the trustees operating the Boston Elevated
Ry., assume the rehabilitation and resumption of service on that part of
the old Blue Hill Street Ry. which lies between the Mattapan terminus of
the Boston Elevated and the Reservation Road to Great Blue Hill, a dis¬
of about 3 Hi miles.
This is only a small section of the Blue Hill.
Operation of the Blue Hill St. Ry. was suspended and the property sold
junk in 1920, under foreclosure proceedings.
The purchaser, however,
has not yet removed the track or overhead line, and it is believed that this
portion of it might be put in operating condition at a cost not exceeding
$30,000 for purchase and about the same amount for rehabilitation.
("Elec¬
tric Railway Journal").—V; 111, p. 989.
tance
as
Brooklyn Queens Co. & Suburban RR.—Ordered Rebuilt
The P.
x
S.
Commission has issued
an
order to the company and Lindley
M. Garrison, receiver, directing that the tracks of the company on Jamaica
Ave. between Rockaway Ave. and Van Wyck Ave.,' in Queens, be rebuilt
-with new rails.
This work is to be begun not later than April 1 and must
be completed within one year.—V.
Canadian National
112, p. 743.
-
$3,048,651
deb.242
36.170
$3,307,487
$3,084,821
1.780,884
(5)900.046
$2,601,404
.sur.$405,153sur.$403,891
def.$53,973
South
1.822.337
Rys.—Financing During Past Year.—
Minister of Finance, answering a series of questions
asked in the Canadian House of Commons, stated that during the fiscal
(6%) 1.079,997
deficit
or
$342,975
$4,792
2,668,657
$2,673,450
dr&.72,046
1,755,217
(5)900.160
capital investment of Chicago City Ry. and Calu¬
Chicago Ry. and Southern Street Ry.—V.(,112, p. 372.
on
Chicago & North Western Ry .—Bonds Authorized.—
The I.-S. C. Commission has autnorized the company (1) to issue $15,000,000 15-year Q}4 % secured gold bonds due Mar. 1 1936: (2) to issue
$15,000,000 of its Gen. Mtge. gold bonds of 1987: and to pledge the $15,000,000 Gen. Mtge. bonds, together with $3,000,000 of such bonds hereto¬
fore issued and now held in its treasury as security for the $15,000,000 15year secured gold bonds.
Compare offering in V. 112, p. 652, 743, 1023.
$12,000,000
Partial Payment Under Winslow Act.—
See under "Current Events" in this issue.—V.
112, p.
1023.
Chicago Rock Island & Pacific RR.—$6,000,000 Pcn/m'J
See under "Current Events" in this issue.—V.
112, p.
1023.
Chicago Terre Haute & Southeastern Ry.—Lease.—
The stockholders and Income bondholders will vote May 11 on approving
the lease of the company for 999 years beginning July 1 1921 to the Chicago
Milwaukee & St. Paul Ry.
See terms of lease in V. Ill, p. 2519; V. 112,
561.
p.
Chicago Utilities Co.—Trustees1 Suit.—
The United States Mortgage & Trust Co., trustee for the 1st Mtge. 5%
30-Year bonds dated June 1 1912, has notified the bondholders that a suit
has been brought by the trustee against Chicago Utilities Co., Chicago
Tunnel
Co. and others, in the New York Supreme Court, for instructions
part, if any, of the proceeds of sale of the telephone properties
Chicago Tunnel Co. should be applied to the settlement and discharge
of the unpaid taxes and franchise compensation claimed to be due from the
Chicago Tunnel Co.
Efforts will be made to have the suit brought on for
trial and tried during May 1921.—V. 112, p. 1028.
as
to what
of the
Cleveland (Electric) Railway.—Annual Report.—
Calendar Years—
1920.
1919.
1918.
1917.
Total fares received....328,657,847 292,206,519 273.944.346 291,393,394
Rides (incl.transf., &c.) 450,925.677 402.808,820 375,570.360 398,378,894
Gross earnings..
$17,382,358 $15,459,234 $12,338,906 $10,176,126
Net
earnings..........
Other income
$2,316,307
$4,476,098
Cr 201.711
3,257.890
619.663
Cr.174,196
3,183,424
Interest and taxes.
Sir Henry Drayton,
—-
...
Includes interest
met &
Maine.'
a
2,705,676
-
Net income
Interest on bonds
Dividends
19.961
$568,673
2,739.056
...
Other income (net)...
Balance, surlus
$601,770
33,097
$3,307,729
Company's proportion.
on capital investment
Interest
Income from operation..
decision permitting
24 stations and agencies along the right of way
of the Commission states in part:
"This move on the part of the railroad is in the Interest of economy.
The company finds its financial condition such that it is only by the strictest
economy that it can continue serving the public.
After paying operating
expenses and fixed charges, including interest and rental of leased lines, a
deficit of $3,444,255 is shown—For sept. 1920, $588,520; for Oct. 1920,
$1,082,704; for Nov. 1920, $1,773,031.
"The labor costs comprise 65% of the operating expenses. Over this item
of expense the Government had direct control, and it is interasting to note
that the payroll chargeable to operating expenses for the year ended June 30
1915, was $21,074,695, while for the year ended June 30 1920, it was
$60,281,449, an increase of $39,206,754, of which $34,500,000 is due to
Increases in wages, the balance being due to 11% increase in the number
of employees."
The House of Representatives of Vermont has passed a bill giving the
P. S. Commission jurisdiction over the consolidation of railroads in certain
cases.
While the merger provisions app'y generally to railroads in the
State, which parent organizations may decide to take over, it is stated that it
resolves down in practicable application to the
Boston & Maine.
The
•subsidiary roads which the B. & M. is said to desire to consolidate under
one corporation are the Passumpsic & Connecticut River, Vermont Valley,
St. Johnsbury & Lake Champlatn, Montpelier & Wells River and the
Sullivan County companies, all operated in Vermont and controlled by the
$12,012,937
$7,207,762
4,805,175
3,473,530
Joint account, expenses, &C-___
Vermont.—
the company to discontinue
in that State.
The report
3.591,264
$4,810,797
x
__
Boston
Economize—To Consolidate
$8,978,160
$5,386,896
Railway, &c., for Year ending Jan. 31.
South Side Lines (40%)--
.
Beaver Valley Traction
Unable to raise money through banks except at a large interest rate,
this company and the Pittsburgh & Beaver St. Ry. have obtained a loan
of $40 from each of the employees ($10 for four consecutive pay-days).—
V; 109. p. 675.
1917-18.
$55,327,385 $43,963,438 $34,710,097 $35,114,633
Operating expenses—43,300,393
33,254,015
25,731.937
23,101,696
Atlanta Birm. & Atlantic RR.—Fails to Meet Payroll.—
were
Years.
1918-19.
Gross earnings
The company on March 15 failed to meet its
Notices
January 31
1919-20.
1920-21.
Missouri Ry.—Rehabilitated.—
Obsolete property
498,000
$3,587,090
$2,613,787
Cr.80,389
2,571,964
524,000
Cr. 105.044
2,715.914
744,000
def. $1,190,921 sur .$800,256 sur. $232,221 def.$401,788
The rate of fare which was increased in Dec. 15 1917 from 3 cents cash
Balance
.
year
1920-21 the Grand Trunk Ry. borrowed $12,000,000 on equipment
fare and
trust
certificates (V. 112, p. 372).
These certificates, though issued by the
of the Government, are not guaranteed by the Government.
1920 became 5 cents cash faro or 5 tickets for 25 cents, and 1 cent for trans¬
on Nov. 14.1920 became 6 cents cash fare, or 9,tickets for 50 cents,
and 1 cent for transfer.—V. 112, p. 1024.
authority
They were sold at 91.65 and realized $10,998,000 In New York funds.
In¬
terest and principal payable In New York.
On Oct. 1 1920 the Government guaranteed $25,000,000 Grand Trunk Ry.
bonds (V.
Ill, p. 1472>.
The bonds
were
sold at 94^ and realized $23,-
595,205 In New York funds.
On May 1 1920 the Canadian National Rolling Stock Co., a subsidiary
of the Canadian Northern Ry., issued $15,000,000 certificates (V. 110, p
The certificates were not guaranteed by the Government, as they
were a direct charge on the rolling stock.
The certificates were sold at 95
and realized $14,250,000 In New York funds, or $14,233,431 net after de¬
ducting $16,569 in expenses.
2191).
Government
Roads1
Deficit for 1920 $69,593,414.—
Minister of Railways Reid announced March 17 in the House of Commons
operating deficit on Government railways in 1920 was $69,593,441,
•compared with a deficit of $48,000,000 in 1919.
He explained that the
ncreased loss was due chiefly to increased expenditures in pay-rolls & fuel.
The total gross earnings in 1920 of the system were given as $125,141,752,
compared with $105,036,176 in 1919.—V. 112, p. 651.
that the
Capital Traction Co.—Dividend Increased.—
The dividend rate has been increased from a 6% to 7% basis, the first
dividend at the new rate to be paid April 15, for the quarter ending Mar. 31.
Dividends amounting to 6% p. a. were paid in 1918, 1919 and 1920.
Com¬
pare
V. 112, p. 1023.
Chicago & Alton RR.—Guaranty at Least $800,000.—
I.-S. C. Commission has reported to the Secretary of the Treasury
that at least $800,000 is due the road under Section 209 of the Transporta¬
The
tion
Act.
This refers to the guaranty the Government offered railroads
1920.
The guaranty to this road for
for the 6 months March 1 to Sept. 1
the period was $1,589,157.
Actual
results, however, showed a deficit of
$884,707, or $2,473,864 worse than the standard return.
The company has already drawn $700,000 on account of the guaranty,
and the $800,000, if approved by the Secretary of the Treasury, will bring
the total to $1,500,000.
Whatever balance is eventually decided on, the
company believes, will be made by final settlement.
The company is
prepared to meet a charge of $680,000 on April 1 as semi-annual interest on
$45,000,000 Refunding 3% bonds.
("Wall Street Journal.")—V. 112, p.
1023.
Chicago Burlington & Quincy RR.—Declares
000,000 Stock Dividend.—The directors have declared a stock
dividend of 54.132%, payable to stockholders of record
March 31.
The stock dividend will amount to 600,000
shares on the $110,839,100 capital stock outstanding (par
Northern Pacific and Great Northern
together own $109,114,810 of the stock.
$100).
railroads
recently granted permission by the I.-S. C. Commission
to issue $60,000,000 additional stock as a step to assist the two owning lines
to meet the $215,000,000 Great Northern-Northern Pacific joint Burlington
collateral 4s maturing July 1 next.
The Commission refused that part of
The company was
1 cent for transfers has been
gradually Increased, and
Columbus Newark & Zanesville Elec. Ry.—Defaults,See.
The protective committee (V. Ill, p. 2040) for Columbus Buckeye Lake
1st Mtge. 5% bonds, due 1921, in a notice to the
bondho'ders says: "Default having now occurred in connection with the
interest on all of the bonds covering the various divisions of the Columbus
Newark & Zanesville Electric Ry., It is highly desirab'e. In the interests of
the Columbus Buckeye Lake & Newark bondholders, that the committee
receive undivided support
by deposit of ail outstanding bonds of that issue.
So far $829,099 of the [$1,243,099] bonds have come in, and it Is urged that
those which have not yet been forwarded be sent at once to the depositary,
Philadelphia Trust Co.,
Philadelphia,
before April 1 1921.—V
112, p. 932.
^Chicago Milwaukee~&Tst7Paul Ry.—$2300C0CtTPaym't.
See under "Current Events" in this issue.—V.
112,
p.
1023.
112.
n
561.
Community Traction Co., Toledo.—Loss in Operations.
Co nmissioner Wilfred E. Cann has reported to the Board of Control at
Toledo, O., that the company is running behind in its operating expenses
at a rate of $93,000 a month, considering the payments to be made to vari¬
ous funds for maintenance, betterments,
interest and sinking fund.
A full report also showed that nearly 100 jitney buses are carrying 12,000
or more passengers daily in direct competition with the railway.
The Board has recommended drastic regulation of the jitney competition
in a bill to be patterned after the Cleveland regulatory legislation.
("Elec¬
tric Railway Journal.")—V. 112, P- 652.
Denver Boulder & Western RR.—
The Colorado Supreme Court, has ordered this road, known as the Switzer¬
land Trail of America, to operate.
The owners are In a quandary as the
road has been completely junked, with its engines sent to China, its coaches
sold and Its tracks torn up.
The Court held that the State Utilities Com¬
mission had no right to order the
Denver &
junking of the road.—V. 110,
p.
764.
Rio Grande RR.—Stock Assessment.—
stockholders'
protective committee this week announced that an
share, or approximately 50% of the market value of
provide funds to guarantee the minority carrying
through its plans to purchase the road.
The deposit of $100,000 to
be made by March 25 to the court is the first 10% of the bid of $10,000,000
for the road that the court will entertain from the minority stockholders.
Benjamin B. Odell, chairman of the stockholders' protective committee,
expressed himself as optimistic over the outcome.
Members of the protec¬
tive committee say that arrangements have been made to take care of this
deposit regardless of the answer of the stockholders.—V. 112, p. 1024, 932.
The
assessment of $1
25
a
the stock, will be asked to
Eastern Massachusetts
Condensed
Income
Street
Statement for
the
Ry.—Earnings.—
Calendar
Year
1920.
.$13,163,383 Non-operating income._Cr.$280,464
$927,609
12,312,221 Gross income..
Operating revenues
Operating expenses.
Fixed charges & rentals..
Net
rev.
(railway oper.)
Taxes
$851,163 Miscellaneous debits.
Operating income.
112, p. 932. 849.
1,556.991
31,154
204,017
...
$647,145
Net (deficit).........
$660,536
—V.
Florida East Coast Ry.—President.—
H. Beardsley has been elected President.—V. Ill,
Galveston-Houston
Chicago & Eastern Illinois RR .—Final Settlement.-
May 12
& Newark Traction Co.
W.
See U. S. Railroad Administration below and V.
on
fer. and
company
Electric
p.
890.
Co.—Note Offering.—The
early in February offered locally at par and int.
A circular shows:
$250,000 5-Year 8% Gold Coupon Notes.
Guardian
Int.
Trust
Co.,
payable F. & A.
trustee.
Dated Feb. 1 1921. due Fob. 1 1926.
Company pays the normal Federal income tax up
of not
1
100
2%.
Denom. $100. $500 and $1,000 (c»).. Callable in amounts
$50,000 on any Int. date, at 10US if called on or before Feb.
1923. at 101 before Feb. 1 1924, at 100'A before Feb. 1 1925,
at
fvfa 6f€ftft/0T«
to
less than
and
Galveston Electric Co., which
light and power business
the electric railway busi¬
ness in Houston; Galveston-Houston Electric Ry., which owns and operates
the interurban electric railway between the two cities.
Total miles of
equivalent single track operated, 166.61 miles.
Capitalization Outstanding After This Financing.
all the capital stock of
Company owns
does all the
electric railway and part of the electric
Houston Electric Co., which does all
in Galveston;
$1,245,000
— 1.624,000
2,7/9,000
1-500.000
2o0,000
1st M. 5s, 1940
Houston Electric Co. 1st M. 5s, 1925.
Galveston-Houston Electric Ry. 1st M. 5s, 1954
3-Year 7% Coupon Notes, due Mar. 1 1922.-------- — -5-Year 8% Coupon Notes, due Feb. 1 1926 (this issue)
Preferred stock, 6% cumulative
Galveston Electric Co.
stock
Common
4.000.000
.3,988.000
—
Purpose.—Proceeds will be used to pay for the installation of tracks on
Fannin St.in Houston and for other street railway improvements in Houston
Earnings for the
ending December 31 1920.
$3.808,9531Int. and amortization
12 Months
Gross
$422,056
20,000
1,126,5051Int. on these 8% notes---
Net, after taxes—------112, p. 849.
—V.
Grand Trunk Ry. of
Canada.- -Financing During Year.
Rys. above.
A petition relative to the sale of the Lansing Connecting RR. to the
Grand Trunk has been filed with the Michigan P. U. Commission by Joseph
H. Dunnebacke, Counsel for the Lansing Company.—V. 112, p. 372.
See Canadian National
Great
Ry.—$6,000,000 Partial Payment.—
Northern
See under "Current
Events" in this issue.—V. 112, p.
1024.
Illinois Central RR.—$2,376,000 Partial Payment.—
See under "Current Events" in this Issue.—V. 112, p. 1024,
RR., Virginia.—Extension
Interstate
Commission has authorized the company
Wise County, Va. to a connection with the
to extend its line
Carolina, Clinch-
about 9 miles west of St. Paul, in Scott County,
a total distance of about 25 miles.
The Commission denied the company s
application to build a branch line of 15 miles in the same territory.
Com¬
pany owns and operates about 16 miles of main line between Norton and
Appalachia, Va., with about 32 miles of branch lines, the whole serving
22 coal mines and 8 coking plants. Capital except directors' qualifying
shares all owned by Virginia Coal & Iron Co.—V. Ill, p. 2423.
RR.—Higher Fares Upheld.—
Long Island
The
of New York before a Federal statu¬
restrain the Long Island RR. and tne Staten
increase in passenger
application brought by the City
from collecting the 20%
rates allowed several months ago by the 1-3. C.
denied by a unanimous decision.—V. 112, p. 652.
Commission has been
Louisville & Nashville RR.—New President.—•
Mapother has been elected President to succeed the late
W. L.
Smith.—V.
H.
Income Account for the
Co.—Earnings.—
Int. on funded
Taxes
922,835
—
-
discount
amortization-__
181,022
deprec. reserve—
239,460
pense
Int. on
47,461
Int. on other reserve
operating revenues $2,830,342
Non-operating revenues. C'r.196,581
Net
$988,366
Net income
$3,026,923
income—
Gross
debt--— $1,733,766
debt..def. 163,161
and ex¬
Int. on floating
Bond
1,248,519
Depreciation
Pennsylvania RR.—To Reduce Wages of Officers & Empl.
See last week's "Chronicle," p.
Corp.—United States Loan.—
$926,000 to the company
for the purpose of enabling the New Orleans Texas & Mexico Ry. to pro¬
vide itself with equipment at a total estimated cost of $2,315,000.—V. 112,
p.
has approved a loan of
372.
Salaries and Wages—
New York Central RR.—To Reduce
Comparison of Present Wage Scale.—"Chronicle," page 985.—V. 112, p. 1024,
See last week's
New
York New
744.
& Hartford RR .—Proposal to
Haven
England Railroad Crisis
Reduce
Wages of Employees—New
Due
General and Local
Difficulties—:New England Roads
Annual
Deficit of $27,000,000—Further
to
Combined
Foxing
10% Increase on Rates Advocated—Statistics
See last week's
No
"Chronicle,"
p.
Covering Results.
984 and pp. 987-989.
Receivership Contemplated.—Pres. E. J.
Pearson says:
present time.
Mr. Edgar J. Rich is not counsel for the New Haven road, and while I do
not know what the future may bring forth, I think it my duty to say that
no receivership for the New Haven road is now in contemplation.
We hope
to get justice in division of rates and labor readjustment.
We need just a little assistance to turn the corner, and with everybody
co-operating and helpful, prosperity can be restored to New England not
only for her industries but for her transportation.
Coal and supply costs
are coming down and more cars will soon be moving.
It is a pity that people should be frightened out of their railroad ownership
just at this point.
The New Haven RR. Co., after charging off all its bad
investments, will have an appraised valuation for its property far exceeding
its entire indebtedness and its entire share capital at par.—V. 112, p. 744.
The unauthorized talk
New York
of receivership is unfortunate at the
Railways.—Court Postpones Decision.—
Federal Judge Mayer on
disaffirmance of four more
March 14 heard argument on the question of
leases, viz.: Broadway & 7th Ave., Sixth Ave.,
Christopher & 10th St. and Bleecker St. & Fulton Ferry, when Job E.
Hedges asked for instructions as to the course to pursue in view of the vari¬
ous foreclosure suits started by
bondholders.
Judge Mayer directed the
receiver to take no action pending a further hearing on May 2.
Receiver Hedges said: "If these four leases are disaffirmed the rest of
the New York Railways Co. will amount to nothing.
No provision has yet
been made for the tort creditors.
This is one of the things that needs atten¬
tion.
All of the other creditors are cared for in the usual way.
"When the people learn that for some time they have been paying more
than an 8-cent fare the vocalizing will be directed at the City Hall instead
of the echoes coming out of it."
See also under reports above and V. 112,
p.
Philadelphia & Reading Ry.—$2,000,000
See under "Current
Providence & Danielson Ry.—Successor
See Northern Rhode Island Ry.
(Va.) Terminal Ry.—New Officers.—
Ry., who acted as head of the Terminal corporation during 1920.
J. H. Young has been elected Vice-President and C. H. Hix, as Chairman
of the Board of Control.—V. 94, p. 1696.
Ry.—$7,000,000 Partial Payment
See under "Current Events" in this
Puget Sound Traction, Light & Power Co.—Traction
Sale Again
Upheld.—No Fraud in Sale.—
issue.—V. 112,
p.
—
1025.
Ry.—Acquisition.—
An Act granting a charter to this company for the operation of the old
Chepachet line of the Providence & Danielson Ry., and incorporating the
road, was passed by the Rhode Island Senate on March 10.
The new com¬
pany
is to pay $60,000 for the line which It proposes to operate between
Auth. capital, $100,000, and $500,000 bonds.
Centredale and Chepachet.
Omaha & Council Bluffs St.
Vice-President
R.
A.
Leussier
on
Ry.—Dividends.—
March
year."—V. 110, p. 1643; V. Ill p. 1084, 1279.
said in substance: "We
dividends on the stock last
3,
lacked $31,000 of having enough money to pay
:
^
Superior Court has handed down a decision at Seattle
upholding the validity of the bond issue given by the City of Seattle for
the purchase of the traction lines of Puget Sound Traction. Light & Power
Co.
It also decided that the city must maintain rates sufficient to pay oper¬
The Washington
ating costs and provide for interest and retirement at maturity of
000,000 bonds.
Suit was brought by a taxpayer who contended
bond issue and acquirement of the properties were illegal.
the $15,that the
The King County (Wash.) Grand Jury on Feb. 1 in its finding to the Su¬
perior court stated it found no evidence of corruption regarding the $15,000,000 deal whereby the City of Seattle acquired the railway lines of the
The Jury, however, found that the lines at the time of purchase
the city is entitled to equitable relief
worth only $5,000,000~and that
Wilmon Tucker, special investigator appointed by Mayor Caldwell
in recommendations to the City Council advises that the city make an offer
to rescind and tender back all property to the traction company and ask for
the return of the bonds,
stating that if the tender is not accepted the
sale.—V. 112, p. 373.
city
should bring action in equity to rescind the
Amend
committee for the
common stock, Seward Prosser, Chairman (V. 112, p. 745),
has filed an amended and supplemental petition for modifica¬
tion of the plan of dissolution with the IJ. S. District Court
Reading Co.—Prosser Committee Files Petition to
Plan
of
protective
Dissolution.—The
Pennsylvania.
for the Eastern District of
petitioners state that they now hold proxies for 450,COO shares of thestuck of a par value of $22,500,000.
They oppose the proposed
equal distribution of Reading Company's $33,000,000 surplus to preferred
and common shareholders as contained in the segregation plan, and propose
The
common
that
subscription rights for the Reading Coal Co. stock be
common
there
confined to the
stockholders at $7 a share.
that in the second paragraph of
be substituted in place thereof the following:
no par value stock will be sold to the holders of the common
"Such
of the Reading Co. for an aggregate sum equal to
book value of the stock and debt of the Coal Co.,
stock
the amount by which the-
of which the Reading Co.
must be divested, after deducting the aforesaid $10,000,000 in |cash or
current assets and $25,000,000 in bonds of the Coal
Co., exceeds the
existing surplus of the Reading Co.: for illustration:
"Value of Coal Co.'s stock and debt as carried on books of
Reading Co., Dec. 31 1919
—
$77,919,770
"Deduct cash or current assets and bonds to be received from
35,000,000
-
.——$42,919,770
"Net book value of distribution to be made
33,201,149'
"Surplus of Reading Co. (to be brought up to date)
paid by common stockholders to restore capital,
or about $7 per share of Reading common stock
(based on
surplus shown on Dec. 31 1919 statement).—
— -$9,718,621"
The committee avers that this change in the plan would meet the require¬
ments of the Supreme Court decree, and still preserve the equities between
the different classes of the Reading stock according to contracts between
"Amount to be
■'
them.
Iselin
Committee Defends
Reading Plan in Petition.—The
committee, representing certain holders of Reading
1st & 2d Pref. stock (V. 112, p. 746), has petitioned the
court for leave to intervene.
The petitioners pray thatthe
Iselin
plan be approved as submitted.
The petitioners represent
89,611 shares of 1st Pref. and 117,786
shares
of 2d Pref., having an aggregate par value of $10,369,850.
The committee states that the persons whose proxies they
hold have had
no part in framing the proposed plan, and that it in no way represents either
New York Central or Baltimore & Ohio railroads, holders of $40,660,000
1st and 2d Preferred stock.
/«
twf
Upholding as just and equitable that part of proposed plan which givesholders of Preferred the right to participate with the Common in subscribing
to the Coal Co. stock at $2 for each share of Reading stock, the petition
states that the acquisition of the coal properties was made possible through
the issuance of the $70,000,000 1st and 2d Pref. stock in 1896.
These prop¬
erties are carried in Reading's balance sheet at $8,000,000 par value Coal'
Co. stock and $69,919,770 representing advances to the Coal Co. by
Reading Co.
Entire independence of the Coal Co. from Reading Co., as
required by the mandate, will necessitate eliminating from the books of
Reading Co. this claim for $69,919,707 and from books of the Coal Co.
the same amount now carried as a liability.
The petition then states:
"It is manifest that this would be a
distribution of part of the assets to
acquire which the Pref. stock was issued, and accordingly the holders of
the Pref. stock are entitled to participate in the purchase on an equal basis
with the holders of Common stock."
The petition states that the plan does not contemplate a distribution of
Reading Co.'s $33,000,000 surplus as claimed by the Prosser committee,
but a distribution of assets, to acquire which the Pref. stock was originally
issued.
The petition attacks the proposal made by the Prosser committee that
value of all classes of Reading stock should be reduced, leaving the
surplus intact.
The petition says that this "is contrary to the trems of
the Pref. stock certificates, which provide that the Reading Co. shall have
the right at any time to redeem either or both classes of its Pref. stock at
the par
allowed by law."
The surplus
petition states, but is subject
the exigencies of the company's business.
The Union Pacific case is called upon to furnish a precedent for petitioners'
contention.
The argument is, if Union Pacific Pref. holders were granted
subscription rights in spite of such a provision, surely Reading Pref. share¬
should be likewise entitled in the absence of such a provision.
—V. 112, p. 1025.
holders
Richmond Terminal Ry.—Promissory
Notes.—
authorized the company to issue $3,100,000
promissory notes, to be dated Jan. 1 1921. to take up a like amount of
demand notes, and $100,000 to provide funds to liquidate acdrued interest,
&c., as follows:
(1) Four notes for $100,000 each, and two notes for $50,000 each, payable
on or before July 1 1921.
(2) Four notes for $100,000 each and two notes for
$50,000 each, payable on or before Jan. 1 1922.
(3) Four notes for $100,000
each and two notes for $50,000 each, payable on or before July 1 1922, and
(4) one note for $50,000, payable on or before Jan. 1 1924, all payable to
the order of the Richmond Fredericksburg & Potomac RR.
(5) Five notes
for $100,000 each, payable on or before Jan. 1 1923.
(6) Five notes for
for $100,000 each, payable on or before July 1 1923.
(7) Five notes for
$100,000 each, payable on or before Jan. 1 1924, and (8) one note for
The I.-S. O. Commission has
of 6%
Northern Rhode Island
Company.—
above.—V. Ill, p. 2229.
to
C. W. Huntington, President of the Virginian Ry., has been elected
President, succeeding N. Di Maher, President of the Norfolk & Western
Northern Pacific
Partial Paym't
112, p. 745.
Events" in this issue.—V.
par in cash if such redemption shall then be
must not be kept intact for the Common, the
1024.
Norfolk
Co.—New Directors.—
C. J. Stotesbury and G. A. Richardson have been e'.ected directors, suc¬
ceeding C. J. Matthews and W. H. Schelmerdine.—V. 112, p. 928, 653.
Coal Co
National Ry. Service
984.—V. 112, p. 1025, 933.
Philadelphia Rapid Transit
-
162.
The I.-3. C. Commission
completed over $40,000,000 will have
expended.—V. 110, p. 562; V. Ill, p. 896.
been
Article 5 of theplan, the words, "Such no par value stock will be sold to the stockholders
of the Reading Co., preferred and common, share and share alike, for
$5,600,000, or $2 for each share of Reading stock," be deleted and that
Year ending Dec. 31 1920.
$18,867,754
13,866,057
Total oper. expenses
By the time the line is
purposes.
The committee suggests
Milwaukee Electric Ry. & Light
Total oper. revenues
-V. 112, p.
Milton
112, p. 1024.
Ry.—Province to Issue Bonds.—
that the Province of British Col$4,000,000 in order to provide funds for the com¬
pletion of the company's line to Prince George, which is expected to be
completed in another year.
Last year the Province borrowed $4,000,000
to complete the line, but this proved insufficient, owing to the high cost of
materials, &c., and the funds were also used for other than construction
were
field & Ohio Ry., at a point
tory court in Brooklyn to
Island Rapid Transit Co.
Pacific Great Eastern
The "Financial Post" of Canada states
lumbia will shortly borrow
company.
of Line.—
The I. S. O.
from Norton,
[Vol. 112.
CHRONICLE
THE
1144
March 19
$50,000, payable
Coast
Line
1921.]
on
or
THE
before Jan.
1
CHRONICLE
1924, all to the order of the Atlantic
RR.
Jimkurn,
a short distance north of
Breckenridge, and the plan of building
was abandoned by the
Ranger's promoters.
Contracts between the promoters of the line
and citizens of the several
communities to be served call for the payment
of cash bonuses aggregating
about $330,000 and the donation of rights of
to Newcastle
The
company's terminal and facilities, located in Richmond, Va., are
by the two foregoing companies.
The construction of the terminal was
begun prior to and completed during the period of Federal
control, and
funds necessary for the
purpose were advanced from time to time by the
Richmond and the Atlantic companies.
These loans are evidenced by 6%
demand notes, of which $1,500,235 are held by the Richmond and
$1,500,000
by the Atlantic.
Because they are more acceptable as collateral
security
for loans obtained from banks, the Richmond
company and the Atlantic
company prefer notes maturing at definite dates in the future instead of
demand notes.—V. Ill, p. 2042.
i
used
Southern Pacific Co.—Notice.—
provided for in the court decree dated June 30 1913, and that all of its cer¬
tificates of interest to be exchanged for Southern Pacific Co.
stock, with the
appropriate supporting papers required by the provisions of the decree,
must be presented on or
prior to April 1 1921 at its office, 80 B'way, N. Y. C.
The trust company further gives notice that on or after
April 2 1921 it
will sell all the shares of Southern Pacific stock registered in its name and
such shares of stock of the Pacific Oil Co. as are then held by
It, crediting
its outstanding certificates of interest with the net amounts realized from
said sale less expenses and payments directed to be made
by the ordor
dated Feb. 1 1921; and that it will thereafter distribute the amounts to the
line is
outstanding certificates of interest and subscription receipts to
registered holders thereof upon surrender of the same at its office.
80 Broadway. New York City.—V. 112, p. 1026.
Wilmington Brunswick & Southern RR.—Notes.—
The I.-S. C. Commission has authorized the
company to Issue promissory
$81,000 in renewal of promissory notes of like amount
now due or soon to become due.—V.
112, p. 64.
Wisconsin-Minnesota
Tennessee
Central
p.
RR.—Sale
Combined Income Account of the York Railways, Edison
Light & Power and<
York Suburban Land Co.
Years end. Nov. 30—
Operating
163.
National
■_
(Jersey Central) 6% 30-year collateral trust bonds, together with all
interest coupons appertaining thereto unmatured upon the date of such sale,
together with $35,158.46, cash being $17,100 cash received in payment of
coupons appertaining to said bonds maturing March 1 1921 and $18,058.46,
other cash m its hands.—Y. 110, p. 659.
Co. of St. Louis.—Advise Agst. Bond Ext.
The
Mississippi Valley-Trust Co. and other local brokerage houses have
sent out circulars advising holders of the $2,000,000 St. Louis & Suburban
Consol. 5% Mtge. bonds which fell due Feb. 1 1921 against accepting a
proposed 3-year extension of the bonds unless Receiver Rolla Wells gives
a guarantee that the principal will be paid in cash at the end of the exten¬
sion period.
The receiver obtained a Federal Court order for the extension
of the bonds and the interest was increased from 5 to 8%.
The brokerage
companies who have advised their clients through the circulars are: Smith,
Moore & Co., Whitaker & Co., A. G. Edwards & Sons, Stix & Co., Mark C.
Steinberg & Co., Stifel-Nicolaus Investment Co. and Fisher, Semple & Co.
112, p. 1026.
—V.
States
Administration.—Final
RR.
Director-General of
that final settlements
have
Railroads
been reached with
Settlement
announces
the follow¬
ing companies:
Chicago & Eastern Illinois RR., $3,000,000; Iowa Transfer Ry., $7,200;
Rapid City Black Hills & Western RR., $4,000; Green Bay & Western Ry.,
Annipee & Western Ry. and Kewanee Green Bay & Western RR., $400,000;
Southern Steamship Co., $207,800; Waupaca Green Bay
Ry., $6,383;
Escanaba & Lake Superior RR., $140,000; New Orleans Great Northern
RR., $190,000; Minneapolis Eastern Ry., $55,000; Louisiana & Arkansas
Ry., $200,000; Lehigh & Hudson River Ry., $225,000; Charleston Terminal
Co., $90,000; Cumberland & Penna. RR., $550,000.
The Gulf Mobile & Northern RR. and Meridian & Memphis RR.
paid
the "Railroad Administration $100,000.
The payment of these claims on final settlement Is largely made up of
balance of compensation due, but includes all other disputed items as be¬
tween the railroad companies and the Administration during the 26 months
of Federal control.
Settlement had previously been reported with about
20 companies.
See V. 112, p. 163, 471.
Utah Light & Traction Co.—New President.—
E.
—V.
O.
Howard
Ill,
p.
has
been
elected
President
succeeding C.
W.
Whitley.
589.
Utah Power & Light Co.—Rate Increase.—
The Utah P. U. Commission has granted the company, an operating sub¬
sidiary of the Utah Securities Corp., a general increase in its power rates,
effective Mar. 24.
The
application for the Increase in rates has been pend¬
ing for more than a year.
This order of the Commission follows the
by which special contract customers
were
>
one
handed down by it last Oct..
on the company's standard
placed
schedule.
A number of special contract customers appealed from this order
of the Commission to the State Supreme Court on the ground that the Com
mission was acting beyond its powers in attempting to regulate the rate of
charge specified in such contracts.
The Utah Supreme Court recently
held that the Commission was within its rights in modifying the charges
prescribed in such contracts, thereby affirming the order of the Commission
The order of the Commission now handed down makes a general increase
.
In the rates of all power
customers, including those customers placed In the
company's standard schedule by the Commission's previous order.—V. 112,
p.
933.
$311,212
$230,194
80,000
$106,668
$1,018
1920.
1919.
11,051,472
592,340,
85,705
699,498
81,140
$373,426
$229,408
140,000
$4,018,
RR.—Earnings.1920.
1919.
Gross earnings
$639,497 $486,748 Net earnings
$152,056 $119,517Operat'g expenses
Interest charges..
60,000
60,000.
and taxes
487,441
367,231 Balance, surplus. $92,056
$59,517
—V. 112, p. 373.
Industrial
AND
MISCELLANEOUS
andvPublic
Utility News.—The.
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 and1 Discussions" (if not in the "Editorial
Department"), either concurrently or as early as practicable
after the matter becomes public.
Iron.—"Iron
Age" Mar. 17 said: "Purchases from the auto¬
but stocks in manufacturers' hands seem still
marked extent, especially in the East.
A sharp falling away
of the activities of the U. S. Steel Corp. subsidiaries has
brought the steel
industry as a whole probably below a 35% operation.
The Carnegie Steel
Co. has withdrawn the blast on eight furnaces in the week and
expects to
have three more idle shortly, and one more U. S. Steel
Corp. furnace is idle
in the Chicago district.
The Corporation's rate of steelmaking is about
45%.
Steel prices are still more a matter of quotation than the test of
large orders.
On Mar. 15 tank plates at Pittsburgh were
quoted at 2 cts., against
2.10 cts. Mar. 8, and car wheels at Chicago at $15, against
$35 Mar. 1 1920.
mobile trade have helped,
to
satisfy to
a
Steel billets said to have touched $38 50 at
Pittsburgh on Mar. 17, against
$43, the low, and $65, the high price in 1920.
Oil.—(a) Leading marketers reduce price of gasoline another cent in N. Y.
and New England to 26 cts. Boston "N.B." Mar. 17.
(b) Mexico again
issues drilling permits. "Times" Mar. 17,
p. 13.
(c) Mexican crude, lower
prices, production. "Wall St. Jour." Mar. 15, p. 7; Mar. 16, p. 2.
Coal.-—(a) 16 coal producers of Washington, representing 50% of State's
output, announce that they will close down unless their
employees accept
scale and conditions of Oct. 31 1919.
"Coal Trade Journal" Mar. 16, p. 295.
(b) Indiana unions to fight reductions. Idem,
(c) Welsh exporters fear
American competition. Idem, p. 310.
(d) British Govt, coal control ended
Mar. 1. Idem, Mar. 2, p. 238.
(e) Lever Act, why section 4 was held
invalid.
Idem, p. 313.
Govt, cases dropped and fines to be returned.
"Times," Mar. 13, sec. 2, p. 1.
(f) One large shipper of anthracite (Erie
RR.) announces a spring reduction of 50c. on family sizes. "Wall St. J."
Mar. 12. p. 6. "Coal Age," Mar. 17.
(g) Price outlook (head of Am.
Wholesale Coal Assn.). Boston "N.B.," Mar. 16,
p. 6.
Prices.—(a) International Harvester Co. reduces prices 10 to 15% on
threshers, tractors, plows, &c.
(b) American Radiator Co. reduces prices
10%, following 714% cuts Dec. 20 and Jan. 1.
(c) Price of paper, see
International Paper Co. below.
The following staple commodities have made new record
prices at whole¬
sale during the past week: (a) Coffee, No. 7 Rio, Mar.
16, 5iNsC., against
(SVs the low and 16H the high price in 1920.
(b) Eggs, Mar. 16, 31c.,
against 79c. Jan. 17 1921.
(c) Steel billets, &c., see "Steel and Iron"
above,
(d) Copper reported as down to 11 %c. on Mar. 11, against 19.50c.
the high price in 1920 (Jan. 5).
German-made clocks reported as offered in N. Y. at 80c. each, or 26c.
below the American nrice.
"Fin. Am." Mar. 15, p. 7.
Labor Bureau at Washington reports a decrease of
5%% in prices of
commodities during Feb. and 3S}4% from peak of May 1920.
"Times"
Mar. 18. p. 25.
Anti-Trust Actions.—(a) U. S. in Chicago on Mar. 14 obtains perpetual
injunction against Am. Coated Paper Co., Inc., and other glazed paper
concerns,
restraining alleged combination.
"Wall St. Jour." Mar. 15,
p.
1.
(b) Federal Trade Commission, after investigation, recommends
lar. 17,
Krocedure p. 18.
by Dept. of Justice against Chicago stationers' trust.
Shorter Hours
Workers
(Nat.
Reduces
Output in 87%
"Times"
of 436 Plants Employing 375,000
Ind.
Conference Board). "Iron Age," Feb. 24, p. 526.
Strikes.—6,000 women garment workers at N. Y. struck Mar. 9. "Times"
Mar. 10, p. 9.
Picketing held illegal. Idem, Mar. 15, p. 17.
(b) Chicago
stock yards unions reported as voting strongly in favor of strike against
proposed wage decrease and longer hours. "Times" Mar. 18. p. 4.
Matters in "Chronicle" of March 12.—(a) Clearings in February, p. 964.
(b) Union labor denounces Bolshevism, but wants "Bill of Rights," p. 974,
975.
Washington & Choctaw Ry.—New Control.—
A report says that this
road, which
runs
from Boiinger to Aquilla, Ala.,
Meridian, Miss.,
carrier.—V. 109,p.777.
10 Yi miles, has been bought by the Cochran Lumber Co. of
and that it will continue to be
operated
as a common
West Penn Traction & Water Power Co.—Dividends.—
The directors have declared the usual quarterly dividend of 1H % on the
The directors also declared a dividend of 1J4% on account of
accumulations upon the Pref. stock prior to 1917.
Both dividends are
Pref. stock.
payable May 16 to holders of record May 2.—V. Ill,
Wichita
Falls
p.
71.
Ranger & Fort Worth RR.—
See Wichita Falls & Southern Ry.
below.—V. Ill, p. 2521.
Wichita Falls & Southern Ry.—To Build Line.—
The I.
80,000
Preferred dividend
Steel and
United
1917.
$418,263
$231,597
Interest, &c
General
Sale.—
1917: 24,979 shares of the
Common stock of the National Properties Co.; $570,000 American Railways
of Claims.—The
1918.
$1,091,851
INDUSTRIAL
Co .—Foreclosure
Utilities
Special Master, will sell at public auction on April 12
Philadelphia Bourse the following property pledged under the $1,-
United Rys.
1919.
Ry.—$1,000,000 Partial Payment.—-
800,000 Collateral Trust Notes dated March 1
Co.
_.
$1,369,215
869,412
81,540
$156,603
_
$1,679,123
1,097,205
115,260
$466,658
$230,055
80,000
_
Net....
a
George D. Hay,
at the
expenses.
Taxes
See under "Current Events" in this issue.—V. Ill, p. 1853.
United
1920.
Gross income
Deferred.—
p.
Co .—Referendum
(Pa.) Railways Co.—Earnings.—
Youngstown & Ohio River (Elec.)
April 2 to reorganize and refinance the company.—V. 112,
& Pacific
Power
112,p.471.
York
Balance, surplus.
110, p. 360.
Federal Judge E. T. Sanford at Knoxville, Tenn., on March 2 denied
Texas
&
-V.
654.
motion of counsel for the first mtge. bondholders asking for immediate sale
of the road to satisfy claims, and gave the junior or second mtge. holders
until
Lt.
At an election to be held at Eau Claire, Wis.,
April 5 the proposal to pur¬
chase the local distribution plant of the
company will be submitted to the.
voters. The cost of the plant is estimated at about
$350,000.—V.
Staten Island Rapid Transit Co.—Fares.—
Long Island RR. above.—V. 112,
It is statod that 50% of the funds
required to build and equip the
in hand.—V. Ill, p. 2230.
now
notes aggregating
credit of its
the
way valued at approximately
$47,000.
~
The Central Trust Co. of New York gives notice that after
April 1 1921
no further deliveries of Southern Pacific Co. stock held
by it
upon surrender of its certificates of interest or subscription warrants, as
It will make
See
1115
S. C. Commission has authorized the Wichita Falls & Southern
Railroad to construct
a line of road (to be in operation before Dec. 31 1922)
Newcastle, Young County, by way of Graham, South Bend and
Eliasville, to Breckenridge, Stephens County, Tex., a distance of approxi¬
mately 44 miles.
The company was organized in 1920 to build the line
in question.
Capital stock authorized $144,000 (par $1,000).
Principal
stockholders are the owners of a controlling interest in the stock of the
Wichita Falls & Southern Ry., which owns and operates a railroad extending
from Wichita Falls, Tex. to Newcastle.
The proposed line is to all intents
and purposes an extension of the line just mentioned to form a continuous
route from Wichita Falls to Breckenridge.
The promoters of the company
were formerly associated with the organizers of the Wichita Falls
Ranger
& Fort Worth RR., organized with the intention of building a railroad from
a connection with the Missouri
Kansas & Texas Ry. at DeLean, through
Breckenridge to Newcastle.
Subsequently however, the former withdrew
from that project which was so modified that the Ranger built Its line to
from
(c) Housing laws, p. 975.
(d) Cereals, farm reserves, p. 976.
(e) Cuban moratorium, p. 977, 978.
(f) Foreign Trade Financing Corp.,
Committees, its stock as bank investment, p. 978, 979.
(g) N. Y. barge
canal to pass out of Federal control, p. 983.
(h) Premier Lloyd George's
pronouncement to
Germany's representatives on Indemnity proposals,
p. 989.
(i) Steel production in February, p. 996.
(j) Unfilled orders of
U. S. Steel Corp., p. 996.
American Gas Co., Philadelphia.—Annual
Year
ending Dec. 31—
companies.....
Operating income, subsidiary companies
Miscellaneous income, subsidiary companies
$1,746,305
$68,322
54,235
$2,887,872
1,499,815
980,341
$122,557
164,149
283,174
interest
Depreciation, amortization, &c
Net income
as
to the
Ameriban Gas Co
Sundry income items—the American Gas Co...,—
Total revenue—the American Gas Co
Interest on bonds and gold notes
Interest
on
Increase.
___.$8,806,788
$2,535,469
352,403
Total income
Bond
Report.—
1920.
Gross earnings, subsidiary
loans, $121,395; general exp., $223,805-
$407,716dec.$324,766
488,466
4,336
$896,182dec.$320,430
$538,6291
345,200/
$11,707
Surplus for year
$ 12,352d ec .$332,137
Adding surplus brought forward, $948,972; makes a total of $961,325;
less dividends paid 1920 (9 mos.), $234,123; balance, profit and loss, surplus,
$727,202.
Insurance, reserve, $226,451.
Contingent reserve, $80,849.
Total surplus Dec. 31 1920, $1,034,502.
Bonds and notes on which $58,776 interest was paid in 1920 were paid
off during year.
Bills payable outstanding Dec. 31 1920, $1,819,800; cash
in treasury, $407,527.—V. 112, p. 164.
THE
1146
Portland Cement Co.
1
Stores
American
Company.—Proposed New Company.—
Alpha Cement
See Alpha
[Vol. 112.
CHRONICLE
Phila.—Earnings—Director.—
Co.,
1920.
1919.
1918.
$103,059,303 $76,401,889 $62,315,465
Calendar Years—
below.—V. 112, p. 565.
Gross
sales
Cost goods sold
Alpha Portland Cement Co.—Consolidation Plan.—
dated Jan. 14, for the consolidation of the New Jersey Corpora¬
The plan,
tion and the Cement
Gross profit on sales
Store operating expense
of the stocks of these
Warehouse administration &
Securities Co. of Denver, Colo., calls for the deposit
companies on or before March 1, tbet Alpha stocks
Trust Co., Easton, Pa., and the Securities Co. stock
with the Denver National Bank, Denver.
Outline of Consolidation Plan Dated Jan. 14 1921.
The new company will be organized in such State as the committee may
determine, as the Alpha Cement Co. or with other appropriate name and
a capitalization as follows:
•
„
Pref. (a. & d.) stock 7% cum.; full voting power; subject to
call at 110% and dividends; par SI00—— - |30,000,000
Common stock of no par value--——
—-—--- buu.uuu sn.
ST
Surplus for year named
_
Existing Shares
,
Each $100 of
^GEach Iff!)
$15,800,000 Common
.
stock.../
Reserve Federal and State taxes.
Loss on Liberty bonds
f
stock, Including 10%
June 1 '21
of $9,570,000
1
Presently to be issued,
In treasury for future
total.
requirements
Tofcal
2 shs.
$100
8,700.000 174,000 shs.
150,000
.1,000 shs.
15,000 shs.
$30,000,000 600,000 shs.
will be exchanged f< r
Alpha Portland Cement Co.
Pref. stock and each $100 share of its common stock will be
exchanged for .52658 shares of Pref. stock and 1.3443 shares of Common
stock in the new corporation.
In ease of Cement Securities Co. each
stock, including the 10% stock dividend payable
will be exchanged for one share of Pref. stock and
stock in the new corporator].
shall be created nor shall the directors authorize a mortgage of
of common
before June 1 1921.
1 1-10 shares
shares of common
two
No mtge.
subsidiary company without
any
majcrity cf tJ e
be required
the affirmative vote of a
outstanding, as well as such vote as may
total Pref. stock then
h^To^facilitate
so
far as
the aforesaid exchange the committee will purchase, and,
available, will sell fractional warrants, at an exchange price of
Pref.
whole share of Common stock ar.d of $90 per whole share of
Committee on consolidation: G. 8. Brown. F. G. McKelvy, J. M. Lockhart
C. H. McNider, respectively, Pres., V.-Pres. and directors of Alpha
Portland Cement Co.; Charles Boettcber and C. K. Boettcher,
Pres and Vi.-Pres. of Cement Securities Co.;and J. C. Mitchell, stockholder
$45 ner
respectively
Nat'l Bank. Charles Boet tcber is
Chairman of committee; F.G. McKelvy, Secretary of same, Alpha Portland
Cement Co., Easton Pa.; and R. J. Morse, Assistant Secretary, Denver.
Condensed Extracts from Statement by Committee Dated Feb. 11921.
If current earnings shall be substantially maintained, as the committee
believes thoy will be, and if considerably less than half of such earning in
excess of the 7% Preferred dividend requirements should be distributed in
regular quarterly cash dividends on the Common stock of the New Company
which the committee would favor, holders of such Common stock may expect
to receive initial regular quarterly cash dividends thereon at the rate of $2
per share per annum.
1
Tentative Balance Sheet of New Company (Total Each Side $38,729,041 )
[On basisof conservative appraisal; Current AssetsJ&c., as of Oct. 31 1920.1
Cement
Securities Co. and Pres. Denver
A it sets—
less reserves.$19,652,171
Dwellings, flxt., &c„ less res.
999,829
Sacks, Ac., less reserves
638,025
Product In process
121,509
Prepaid Items
Cash
($12,000,725)—
2,264,866
4,290.063
462,476
1,990,236
2.974,777
18,308
-
-
Acc'tsA notes, less res'ves.__
Finished products
fuel, Ac
A mark le secure,
Stores, supplies,
U. S. obllg.
Acc ts pay
1
Working funds
Robinson has been elected a director
$535,691
succeeding
Inc., New Orleans.—Receiver.—
was
le A accr. wages
inch
based,. ..■/.*■-v
:'v
Judge Manton has appointed former Supreme Court Justice Luke D.
Stapleton as special master in the "Agwi" proceeding
Mr Stapleton will
pass upon the profits realized on three Maxican oil wells, the property of the
Compania, Petrolera de Tebedade, a Mexican corporation leased to the
Atlantic Gulf & West Indies Oil Co.
The new special master will "take
and state all accounts" in connection with the earnings of the wells.
Although Judge Manton reserves decision in respect to liability on the
under which the wells were leased, the "Agwi" officials have
contracts
acknowledged the validity of the agreement.
In passing upon the "Agwi's" liability Judge Manton said: "The court
finds that the complainants were entitled to an equal lien upon the profits
of the wells, and it orders the "Agwi" and the Atlantic Gulf & West Indies
Oil Co. to account to Henry C. Mount for such profits.
Such sums shall
be
deposited with the special master, but as
Trust Co.
are
Corporation.—Earnings.—
Tack
Atlas
1920.
$3,044,265
Minority int sts In sub. cos.
30'21
67,782
271,906
$130,853
$349,289
$258,141
-
-
65.
Barnet Leather Co.,
Inc.—Annual Report.—
31 1920.
$8,893,7771Deprec'n on inventories._
sales, incl. deprec'n 7,259,750 Net loss
Income Account for Year ended Dec.
Cost of
.
Reserve
Gross
122.100
profit
and selling
Admin,
7%
$30,000,000 authorized.19,470,000
(2)Common stock, 600.000 sh.
no
par;
now
issuable,
404,400 shs. represented by
14,603,079
Interest
N.
Y.
$851,944
$47,226
State
9,141,
Reserve for sinking fund.
60,000
775,060 Pref. dividends paid__(7%)137,655
Cr.7,686 Common dividends paid
($1 50 per share)
60,000
61,935
exp.
_
paid
Net charge to
Oper. profit before pro¬
viding for inv. losses.
$804,718
Total surplus as at Dec. 31 1920
—V. Ill, p. 1952.
Annual Capacity of Cement, 14,876,000 Barrels—
Alpha Portland Cement Co., annual cement capacity in barrels—
(a) Martins Creek, Pa.: Plant No. J, 1,120,000; Plant No. 2,
1 920,000: (b) Oementon, N. Y., 1,024,000; (c) Manheim,
W
Va., 800.000: (d) Janesville, N. Y., 384,000; (e) Bellevue,
Mich., 640,000: (/) La Salle, 111., 1,216,000; (g) Ironton, Ohio,
640 000: (h) Alpha, N. J. (held in reserve, not now operated),
1,500,000; total
__
___
9,244,000
Cement Securities Co., annual cement capacity in barrels—
(a) Portland, Colo., 1,024,000: Concrete. Colo., 704,000: (c) Ada,
Olda., Plants No. 1 and No. 2, 1,280,000: Devil's Slide. Utah,
800,000; (e) Trident, Mont., 704,000; (f) Hanover, Mont.,
320 000; (g) Superior, Neb. (partial ownership), 800,000: total 5.632.000
(2) Annual Capacity of Plaster, 170,000 Tons—(Cement
Securities Co.)
(a) Portland, Colo., 40,000; (b) Hanover, Mont., 50,000; (c.)
Ideal, Okla.. 50,000; (d) Red Buttes, Wyo., 30,000; total____
170,000
for
taxes
$1,634,027
Miscellaneous income
Cap. Btock-(l)-Pref.
_____
530,047
15,000
profit before taxes
Estimated Federal taxes._J,
and sales discounts
Surplus
1918.
$2,786,912
417.071
Net
216,500
La Salle bonds due Sept.
1919.
$2,612,572
145.853
Calendar Years—
Net profit
-V. 112, p.
and Commercial
designated depositaries.—V. 112, p. 1027.
Net sales
3,351,704
taxes
such shall not constitute admis¬
sion that they are legally due to the complainants."
The Central Union Trust Co;, New York Trust Co.
Net sales
$965,658
Lines.—
claims will be
Sundry reserves, Ac.,
Federal
\ 717,934
374, 164.
Gulf & West Indies SS.
Atlantic
(1)
surplus..
$314,022
$236,203
Son, Inc., East Walpole, Mass.—Pref. Stock
Offered.—Lee, Higginson & Co. are offering at 100 and div.
$1,000,000 additional 8% Cum. Prior Pref. stock, par $100.
Bird
&
Data from Letter of Pres.
Charles S. Bird, East Walpole, March 10.
Authorized. Outsland'g.
$5,000,000 $2,000,000
2.000,000 2.000,000
3,000.000 3,000,000
Capitalization after this Financing—
8% Cumulative Prior Preference
7% First Preferred stock
6% Second Preferred stock.
Common stock..
Assets—Net
Prior
stock
_______
•_
1929 (V. 108, p. 382)
stock and
1,000,000
1,000.000
775,000
equal to $384 per share of this
net quick assets alone of $3,042,475, equal
assets of $7,682,990
Preference
1.000.000
_______
10-year 6% notes, Jan. 1
are
$152 per share.
Earnings.—Net profits available for divs. on the Prior Preference stock
$560,000 for the past 7 years ending Dec. 31 1920, or
than 314 times the div. requirements on this stock.
112, p. 934.
—V.
$1,830,444
Judge Martin T. Manton made in order in the U S District Court on
15 vacating a preliminary injunction which he had granted on
March 7 undpr which funds of two subsidiary companies were to be turned
over to a special master to satisfy the claims made in a suit brought by
Henry C. Mount and others.
The suit, it is understood, has been settled
out of court for a sum in the neighborhood of $700,000, but a friendly
accounting is to be made, and upon its results a final settlement of all
$216,500
Indebtedness
Current Liabil. ($4 655,962)—
4,973.784
342,997
Investments
Current assets
♦Bonded
$1,250,191
_______
March
Liabilities-
Plants & prop.,
$2,459,617
629.173
$1,253,625
999.263
$2,249,454
appointed by the Civil District Court to serve as
and that the officers and directors were without
authority to file bankruptcy proceedings in the U. S. District Court,
A1 vin M. Fromherz has petitioned the Federal Court to rescind its judgment
decreeing the corporation bankrupt and to recall its order appointing J. B.
Morris temporary receiver.
Judge Foster has ordered the company to
show cause why the relief prayed for should not be granted.
Maintaining he
115 shares of
on or
1,086,185
66.881
receiver for thle company
-
—
____
Pref. share of
Each $100
Cr.36,065
297.440
1,295.400
125.120
____
Balance of profits.
$19,470,00 0 404,400 shs.
10,530,000 195,600 shsv
i.
94.560
Preferred dividends and sinking fund.
Associated Oil Co.,
For other
$2,601,185
Cr.61.622
19.512
934,000
Charles Counselman, of Chicago.—V. 112, p.
stock____^
dividend payable on or before
securities
To be sold for cash
stock
_
,
,
$3,913,075
Cr. 105.529
$3,164,318
Net stores profitOther income..
Treasurer William M.
Alpha Portland Cement Co.—
,
Each $100 sh.of $2,000,000 Preferred
52.018,779
$15,617,385 $13,022,995 $10,296,695
$8,140,393
$6,417,326 $5,419,931
expense.
4,312,674
2,692.593
2,275,577
Miscellaneous deductions
with the Northampton
63.378,895
87.441,918
___
have averaged over
American Gas &
Electric Co.—Earnings—-Dividends.—
Statement
Combined
more
of Earnings Calendar
of p'l sub. companies_$15,350,937
cos.' e""*ns., after all de¬
applicab o to Am. G.&E_
2,101,694
Other income of Am. G. & E
1,654,494
Gross earnings
Years.
1919.
1920.
Purpose.—Proceeds will be used to provide additional working
$12,331,198 $10,056,609
Bal. of sub.
ductions
2,053,764
1,441,713
capital
by retirement of its floating debt and for additions and Improvements.
Compare very full statement of history, description of property, &c., in
V. 108, p. 382, and see previous offering of Prior Pref. stock in V. Ill, p. 1281.
1918.
Black & Decker Mfg. Co.—Bond Offering.—
Fidelity Securities Corp., Baltimore, in Jan. 1921
yield 8.05%, $350,000 1st (closed )Mtge. S. F.
8% Conv. gold bonds, due Dec. 1 1930.
Denom. $1,000.
Second National
973,537
1,339.902
Baker, Watts & Co. and
offered at 99 \4 and int., to
$3,756,188
1,785,108
461,805
appl. to Am. G.&E.
chges. of Am. G.&E.
Total gross Inc.
Total exp. & int.
x
Dividend on Preferred
stock
$3,495,477
1,511,540
386,830
$2,313,439
1,371,268
354,205
Baltimore, trustee.
\
Convertible.—Bonds are convertible into the 8% Pref. stock at any
Bank,
before maturity or
$1,509,275
Balance
$1,597,107
$587,966
for the
Black Lake Asbestos & Chrome Co., Ltd.—Bonds.—
former President, in a lette- to the bondholders, states
that the new owners have made a total investment in the pref. and common
shares of approximately $600,000 in cash, and that Jacob A. Jacobs also
owns $25,000 bonds.
He also states that these interests are in no wise
antagonistic to the company, as would possibly be the case were the Asbestos
Corp. of Canada in control.
The interests now in control are willing to
purchase a block of bonds, approximately $100,000 par value, either direct
from the bond holders or on the open market, and Mr. Massie suggests a
figure not exceeding 45.—V. 112, p. 1027.
of 6% on the outstanding Pref. stock, which on
$7,696,750.
The company has also outstanding
$5,772,650 Common stock (present market value $11,400,000), $6,282,000
Coll. Trust 5s, due 2007, and .$5,500,000 (incl. $419,000 in treasury) 6%
x
Being at annual rate
March 2 1921 amounted to
Debentures, due
Robert F. Massie,
2014.
Dividend Record.—Annual
the Pref. stock since
dividends of 6% have been paid regularly on
Cash dividends have been paid on the
organization.
Common stock as follows:
1910.
1911.
1912.
1913.
1914-15.
2y2%
6%
6lA%
1%%
8% each
1916 to April 1 1921.
10% (2y2% quarterly)
2% each in Common stock were paid J. & J. from July 1
1914 to Jan. 2 1919 incl.
An extra div. of 25% in Common stock was paid
July 1 1919, and a special div. of 2lA% in Common stock was paid Oct. 1
1919.
Extra divs. of 2% each in Common stock were paid Jan. 2 1920,
July 1 1920 and Jan. 3 1921.
[Some financial paper this week erroneously
announced that the company passed the stock div. on the Common, but
Extra divs. of
this
—V.
div.
112,
is
p.
payable until July
472.
not
Brompton Pulp & Paper
The
Brier Hill Steel
Trust Notes.—
or
the issue has
112, p. 851.
.
business improves during
dividends wall be paid on the
"Unless
on
already been sold.—V.
V63TS«
McCready Co., Ltd.—Bonds Authorized.
March 10 authorized the issuance of $2,000,000
7% 2d Refunding Mtge. bonds.
It is understood that the greater portion
stockholders
Co.—Dividend Decreased.—
quarterly dividend of 40 cents per share has been declared on the Com¬
stock, no par value, payable (it is understood) April 1.
In Oct. and
Jan. last dividends of 60 cents per share were paid.
Chairman James B. Kennedy, March 15, said in substance:
"January
and February have produced a substantial loss for the company and the
prospects for March are thai it will be as bad as either of the other two.
The dividend declared has, therefore, been paid out of earnings of previous
\
mon
See Great Western
Ames, Holden,
authorizing the creation of $3,-
20-Year Convertible Mtge. bonds, of which it is understood
$2,500,000 will be presently issued.
The bonds will be convertible into
Common stock at rate of two shares of stock for each $100 of bonds.
Greenshields & Co., it is stated, has underwritten the issue.—V. 112, p. 936.
American Radiator Co.—Reduce Prices.—
The company is reported to have reduced its price for raditors, &c., 10%
following cuts of 7^% on Dec. 20 and 7y % on Jan. 1.—V. 112, p. 953.
The
Co., Ltd.—Bond Issue.—
stockholders will vote March 24 on
000.000 8%
1 and has not yet been considered.]
American Sugar Refining Co.—Collateral
Land Co. below.—V. 112, p. 747.
time
previous call at $95 for each share of stock against par
bonds.—V. 112, p. 375.
whether
'
unsettled conditions
the next quarter it is problematic
Common stodk at all. In face of the
it would be foolish to exhaust
the surplus in paying
March 19
1921.]
THE
CHRONICLE
dividends while
suffering the additional loss by either closing down the
in toto or
plant
running on a small percentage of the time."
Comparative Balance Sheet Dec.
31,
Including Subsidiary Companies.
♦1920.
1919.
S
S
Assm—
Real
&
estate,
1920.
Common
stock.
equipment..126,718,125
24,749,781
Inventories
882,900
7,506,692
3,581,954
Min. prop,
5,432,753
Acer. State taxes
rights.y2,839,882
Securities
do
844,679
Bills
Accounts and bills
Fed'l taxes-
3,183,269
Accounts payable.
Reserve for taxes.
57,322
Ser. notes & bonds
96,937
Cash
1,306,925
payable..-L. 1,000,000]
1,153,814i 1,978,789
5,439,617
444,749
receivable
25,672
Deferred assets...
Contingent fundSL
x
102.
44,773,582 37,230,751
After deducting
'*
499,475
169,012
....21,562,238
Total
Capitalization After This Financing—
Authorized. Outstanding.
Common stock.
-.-$7,500,000
$4,442,000
Preferred stock, 7% (cumulative after
1924).
7,500,000
lst& Ref. 7^s, "Series
2,221,000
A," due 1941 (this issue)
10,000,000
2,000,000
Underlying bonds (closed mortgages)
J
1,100,000
Renewals & repairs
250,166
Surplus
Total
S
12,500,000 12,319,713
5,000,000
5,000,000
476,787
254,639
Preferred stock.
Ore accounts
Stock & investm'ts
1919.
5
Liabilities—
plant
1,000,000
Purpose.—Proceeds will be used to reimburse the
treasury for expenditures
already made for additions and
betterments, to complete the
dam at Upper Klamath Lake
regulating
and for other extensions and
additions.
Earnings—Years ended Dec. 31—
1920.
1919.
1918.
Gross earnings.
$948,277 $726,079 $502,269
Net, after op. exp., maint. & taxes (bef.
depr.)_ 550,236
430,335
257,119
Annual bond interest
charge
203,490
17,432,774
44,773,582 37,230,751
depreciation of $7,878,277.
y
Subject to final audit.
Less depletion, $2,030,-
These subsidiary
companies are The Brier Hill SS. Co.,
Mentor, O.;
The Brier Hill
Mining Co., Youngstown, O.; The Brier Hill Coke
Co.;
The Brier Hill
Supply Co., and the Redstone Central RR. Co., of Brier
Hill, Pa.—V. 112, p. 473.
Brooklyn Edison Co.—New
Rates
Justice Russell
Benedict in the Brooklyn
enjoined the company from
Balance
and
with but few
of these bonds.
^
90,353
75,000
34,078
Metal inventories.
Miscellaneous income
Total income
Profits
def $169,727
Ill, p. 2045.
Calumet & Hecla Mining
1921—Feb.—1920.
7,395,084
8,660,052
—V. 112, p. 936, 747.
Canadian Salt Co.,
Cal. Years—
creating
Refunding bonds, to be dated May 1 1921, to be issued
series, and of such maturities and
bearing such rate of interest as the
directors may determine.
It is proposed to issue
$4,000,000 of the bonds
at the present time.
Continental & Commercial Trust & Sav.
Bank, trustee.
Pres. H. H. S. Handy in a letter to the
stockholders says in substance:
During the last several years the greatly increased costs of
material,
labor, freight rates, &c., with the rapid
expansion of its business, have
required that the company should have a much
larger working capital.
Also, as part of a program for general and
necessary plant improvement,
the entire coke
handling apparatus at the coke oven plant is being
rebuilt, a
concrete dock, and other
improvements at the furnace plant, are in process
of construction; and it has
been necessary to purchase additional
land at
both plants to protect this
growth.
These demands for additional
capital
have been supplied from
earnings and by temporary financing.
It is now advisable to
finance permanently these
improvements and
additions.
This financing can be
accomplished best through issuance of
preferred stock and mortgage bonds
record
March
15
1920.
1919.
1918.
1917.
$1,050,695
$133,345
28,000
$4,230,204
$1,185,185
$3,415,260
$2,390,479
Net, after taxes, &c
Res've for contingencies.
225,000
Dividends paid
(4^ %)388.508(4^)388,4521(10)601,286
Divs. pay'le Feb. 21.(1
%) 129,509(1K) 129,491 /
$184,127def.$412,597
$2,783,349
was
x90(LOO0
(11)755,732
$358,899
$3,011,818
$2,599,221
$734,747
$2,371,698
reserved for taxes.—V.
110, p. 1091.
Caddo Central Oil &
Refining Corp.—Earnings, &c.—
The stockholders will vote March
22
changing the date for the holding
meeting of stockholders from the third
Monday of February
to the third Monday of March in
each year'.
(Results for Nine Mos. ending Dec. 31
1919 and 12 Mos. ending Dec. 31 1920.
on
of the annual
12 Mos. to
Dec. 31 '20
Miscellaneous income.
$747,559
128,487
$1,880,446
Deduct—General and administrative
expenses.
Dec. 31 '19
$2,170,858
290,412
Department profits..
$619,072
a28,157
9 Mos. to
1,189 '
$1,881,635
87,490
Cost of drilling dry holes.
-
Organization expense written off.
Cement Securities
Cerro
de Pasco
1921—February—1920.
4,154,000
—V. 112,
416,010
44,487
.$1,333,648
460,584
-
Balance, surplus
f
$647,229
b58,997
104,895
p.
Copper Co.—Copper Output (Lbs.).—
Decrease. I
1921—2 Mos.—1920.
564,000 8,240,000
9,334,000
4,718,000
747, 655.
on
the
Decrease.
1,094,000
Co.—Dividend—Shipments.—
the regular quarterly dividend of
$2.50 per
outstanding Capital stock, payable April 1 to holders
of
record March 21, President F. C.
Chandler March 10, said:
"Business for
some time
past has shown a marked improvement and
shipments at the
present time are on a very
satisfactory basis and are steadily increasing.
The company is in a
strong cash position, has a large volume of business
on its books and has
no indebtedness outside of current
accounts."
A press report
says that the company shipped 780 cars in the
first two
months of this year and for the
same period earned
approximately $125,000
after all charges.—V.
112, p. 852.
Charlestown Gas & Electric Co.—Notes Sold.—
Co. have sold at 101 and int.
$200,000 10-Year 7% Gold
Notes, dated Feb. 1 1921, due Feb. 1 1931.
Denom. $1,000 (c*).
Callable
60 days' notice at
10214 and int. on or before Feb. 1 1926, and thereafter
at y2 of
1% for each year or fraction of year of the
unexpired term to
maturity.
Interest payable F. & A. in Boston.
Company covenants that
it will place no
mortgage on the property without retiring or
equally securing
these notes.
on
Capitalization.—Capital
.
$483,337
295,292
c500,000
$373,064
$188,045
$27,216 interest received,
b Includes loss on tank cars of
$24,859.
c In addition to
capital surplus of $760,524, also
applied for
that purpose.—Vol. Ill, p. 2045.
Oregon Power Co.—Bonds Offered.—E. H.
Rollins & Sons, National
City Co. and Harris, Forbes & Co.
are offering, at 100 and
interest, yielding 7^%, $2,000,000
1st & Ref. Mtge.
Sinking Fund 7%% Gold Bonds, Series A.
Dated Feb. 1 1921, due Feb. 1 1941.
Callable, all or part, on 60 days'
notice, on any interest date at 110 and
Int., up to and incl. Feb. 1 1931, and
thereafter at a premium equal to
1% for each full year, or fraction thereof,
of unexpired term.
Int. payable F. & A. at Mercantile Trust
Co., San
Francisco, trustee, Harris Trust & Sav. Bank,
Chicago, and National City
Bank, New York, without deduction for
any normal Federal income tax
up to 2%.
Denom. $1,000. $500 and $100 (c*).
(par $50), $658,500; premium
on
capital
$130,121; 10-Year 7% notes (this issue), $200,000.
Company was incorp. in 1846 in Mass.
Furnishes gas in Charlestown and
sections of Somerville, Everett
and Medford, Mass., and electric
light in
Charlestown.
Population, about 70,000.
Has 62 miles of gas mains.
Daily capacity of
Year—
Gross earnings..
Net earnings.
—V.
plant, 2,160,000
gas
cu.
ft.
Earnings Fiscal Years ending June 30.
1912-13.
1914-15.
1916-17.
1918-19.
$399,277
115,520
$433,814
$530,280
128,547
158.699
$673,141
73,890
112, p. 1028J
1919-20.
$765,014
123,401
(The) Chicago Junction Rys/ & Union Stock Yards.
Earnings, incl. Union Stock Yard & Transit Co.
Cal. Years—
1920.
Gross earnings.
$10,231,200
Taxes, int. & oper. exp._
9,128,452
Net income
Receipts—
1920
1919
and
Chicago Junction Ry.
1919.
1918.
1917.
$6,237,412
4,744.955
$5,644,627
4,130,862
$7,726,132
6,320,568
$1,102,748
$1,492,456
$1,513,765
$1,405,563
Hogs.
Sheep.
Horses.
Cars.
742,405 7,526,120 4,005,237
43,020
267,955
751,008 8,672,476 5,243,957
45,762
303,948
Cattle.
Calves.
3,107,090
-_3,502,400
Decrease.
The
395,310
8,603
1,146,356
1,238,720
2,742
total valuation of all
receipts of live stock for the year
p.
35,993
1920
was
1852.
Chicago Railway Equipment Co.—Annual Report.—
The
report for 1920 shows that during the
year the sum of $500,000
transferred from undivided
profits to general reserve (total reserves
$1,663,439 to $2,303,021), and dividends
aggregating
were paid on the stock, against
$239,336, or 8%, in 1919.
After making these
payments the total undivided profits stood at
$530,537.
against $632,456 on Dec. 31 1919.—V.
110, p. 1190.
was
increasing from
$299,370 (10%)
Chief
A
California
stock
stock,
$675,991,326.—V. 110,
Includes
18
Company, Denver.—Merger Plan.—
Chandler Motor Car
Following the declaration of
share
t,
a
March
on
Estabrook &
$1,833,157
$952,144
250,000
Balance, surplus
Co.—Stock Increase.—
See Alpha Portland Cement Co.
above.—V. 112, p. 936.
April 18
10% Stock Dividend—Earnings.—
Total surplus
In 1917 this amount
Years—
increased the authorized
capital stock
Common) to $10,098,000, to consist of $3,000,000
8%
Cumulative Pref. stock and $7,098,000 Common
stock.—V. 112, p. 936.
extent of
A 10% stock dividend has
been declared on the
outstanding [$8,633,900
Capital stock par $100, payable March 25 to holders of
x
Cal.
Pittsburgh.
Celluloid
The stockholders
from $6,000,000 (all
The proceeds from the sale of these
securities will be used: (1) to retire
the balance of purchase
money notes given for Illinois mining
property
and the
property recently acquired adjoining the furnace
plants; (2) to
complete certain improvements and additions now in
process of construc¬
tion at the coke oven and furnace
plants; and (3) to increase working capi¬
tal.
To do this will require
approximately $5,000,000.
The stockholders, in addition to
being asked to create an issue of pref.
stock, will also be asked to authorize the
placing of an open mortgage on
the
property of the company to secure an issue of first and refunding bonds.
A large banking house has
agreed to purchase these bonds in such an amount
as may be found
necessary to meet our requirements, after the stockholders'
Calendar Year—
Gross earnings...
Ltd.—Earnings—Stock Dividend.—
1919.
The Guaranty Trust Co. of N. Y. has
been appointed transfer
agent of
stock of the Carbo-Oxygen
Corporation, consisting of 5,000,000 shares of
Pref. stock and 5,000,000 shares of
Common stock, par value $5.
Colonial
Trust Co., Pittsburgh, has been
appointed co-transfer agent; Bankers Trust
Co. of N. Y.,
registrar, and Bank of Pittsburgh,
Pittsburgh, co-registrar.
The company was
incorporated In Delaware Jan. 6 1921.
J. 0. Trees,
Pres.; J. R. Rose, V.-Pres.; Wm. J. Provost, Sec.-Treas.
Office, Benedum
Trees Bldg.,
in
($100) to the
1920.
Decrease.
3,621,339
18,250,723
Carbo-Oxygen Corp.;—Organized in Delaware.—
The stockholders will vote
April 15 (a) on increasing the capital stock
$10,000,000 (all common) to $15,000,000, the new stock to
be 9%
Redeemable at 110 after July 1 1926.
(5) On
thereto at par
share of preferred for each two
shares held.
Mos.—1920.
_
from
one
Co.—Copper Output (in Lbs.).
1921—2
1920.
1919.
$202,298 $226,881 Divs. (8% p. a.)_.
$88,000
$64,000
Net profits
98,981
136,286 Balance,surplus._
10,981
72,287
In March last a
50% stock dividend (from undivided
surplus as at
Dec. 31 1916) was
paid, increasing the outstanding
Capital stock from
$800,000 to $1,200,000, par $100.—V.
Ill, p. 1952.
F By-Products Coke
Corporation.—To Create $5,000,000
9% Cum. Pref. Stock and a First & Refung. Mtge. Bond Issue.
subscriptions to preferred stock have been received.
If the
preferred stock is authorized, the stockholders of record
will be given the
right to subscribe
Decrease. I
1,264,968114,629,384
Oper. profits
$961,114
Cumul. Pref. stock.
an issue of First &
maturity
Sinking
1920—12 Mos .—1919
$208,307
favorable,
Fund.—Beginning in 1922, equal to 2% of the face
amount of
(1) all bonds of this issue then
outstanding and not previously called, and
(2) all underlying bonds then
outstanding.
Compare reorganization plan in
V. Ill, p. 75, 1664; V.
112, p. 566.
$1,233,938 $2,607,704 $3,020,700
491,882
1,002,874
1,517,270
160,000
318,826
23,745
98,432
74,261
$566,984
are
Iants, and will be
secured by a direct mortgage on all
remaining property, subject to under¬
$364,676 $1,749,565 $3,869,010 $4,931,057
534,404
1,182,581
3,660,703
3,969,943
Oper. costs, taxes, etc
—V.
1919.
operates
lying issues.
Co.—Earnings.—
1920—3 Mos.
company
unimportant exceptions, extend well
beyond
Security.—Secured by a first mortgage on a substantial
part of the proper¬
ties, including the Copco and
Prospect hydro-electric
Results for Three and Twelve Months
ending Dec. 31.
Net value of zinc
concentrates_$165,245
Lead concentrates
..$346,746
Franchises.—Franchises under which
Enjoined.
Supreme Court on Mar. 11
temporarily
continuing to charge increased
rates for
electricity, based upon a surcharge computed on the increased
cost of coal.
The injunction Is similar to that
recently granted against the
New York Edison Co.
(V. 112, p. 1030) and the United Electric
Light &
Power Co. on motion of the
Corporation Counsel.—V. 112, p. 936.
Butte & Superior
Mining
1147
Data from Letter of Pres. John
D. McKee, San
Francisco, March 12.
Company.—Incorp. in California Oct. 16 1920, successor, to
CaliforniaOregon Power Co. (per plan in V. Ill,
p. 75, 1664).
Owns and operates a
system serving with electric
light and power 26 communities
located in
northern California and southern
Oregon.
Also furnishes water for domes¬
tic purposes in four communities in
California..
Pop'n served, over 77,000.
Owns and operates 7
hydro-electric plants, total installed
capacity
33,980 h. p.
The two largest plants are
Copco, on the Klamath River
(18,600 h. p.), and Prospect, on the
Rogue River (7,000 h. p.).
High-ten¬
sion transmission lines have an
aggregate length of 465 miles.
Distribution
system consists of about 800 miles of
circuits.
Consolidated Mining
Co.—Dividend Reduced.—
quarterly dividend of 5%. it is reported, was paid in Feb.
last,
This
decrease of 5% as compared with dividends
of 10% each paid
quarterly
during 1920.—-V. 108, p. 1823.
is
a
Chino Copper
Co.—Earnings.—
Results for Three and Twelve Months
ending December 31.
1920—3 Mos.—1919.
1920—12 Mos.—1919.
Production (lbs.)
10,870,993
8.007,707
45,827.636
Total net profits
$70,927
$490,626
$1,319,589
$1,389,984
Dividends
,
652.485
978,727
2,609.960
Do
rate
Balance
-V. 112, p. 1028.
—
(15%)
(22M%)
(66%)
—_sur.$70.927 def$161,859
sur$340,862df$l,219,955
In
Citizens' Gas Co. of Indianapolis.— Valuation.—
The Indiana P. S. Commission having completed a
audit of the com¬
pany's books for the period from 1914 to 1920 inclusive, - s
a
tion of $10,357,847 on the company's property with a r
ioduction valua¬
placed valua¬
of $11,908,811.
tion
•
b.
is valued at $b,
owned by the company
The property
^
reproductive values ol
property leased at $3,659,784. with
$4,502,766, the audit says.—V. 112,
655.
p.
8,063 and the
$7,466,045 and
Consolidated Button Co., Newark, N. J.—Sale.—
The entire assets, including about $100,000 worth of machinery and
equipment were to be sold at public auction on March 9 at the company
Consolidated
Cigar Corp.—New President.—
President, succeeding S.
Tl% has been declared on the Common stock in
quarterly dividend of 143%. both payable
1
to holders of record March 24.
An extra dividend of 1 % has been pai 1 quar
since April 1919. while in Jan. 1919 2% was paid extra.—V. Ill, p.
Electric Light & Power Co.
York & Queens Gas Co., United
Westchester Lighting Co.—V. 112, p. 936,
Electric
(Baltimore).—Earnings.—
Gas,
Consolidated
2329.
electricity..._______
Income from gas.
Miscellaneous income..
474.
'
......
Dominion
and
—
on
accounts
Steel Corp.,
Dominion
and
of
Total.
197,453
■■■'.
Dunlop Tire & Rubber Corp. of America.—Mortgage.—
is stated, has placed a $6,000,000 mortgage on its Buffalo
the Fidelity Trust Co.
The works are now over 90% com¬
pleted, and it is planned to begin operations at an early date.
The maxi¬
mum capacity of the plant will be 12,500 tires per day.—V. Ill, p. 1475. fef
Plant—Report.—
(E. I.) du Pont de Nemours & Co.—Dye
that the company is planning to build one
of the largest
located probably at Carney's Point.
erection of a new unit
It is reported
dry color plants in the world, and will be
N. J.
The company, it is said, is also considering the
in its chain of Uthophonje plants.
See annual report on a preceding page.—V. 112, p.
_
........ _ ..
...
Net surplus
——
.
..—$1,297,453 $1,319,000
Dec
du Pont de
See E. I
V.
Ill,
p.
2143.
1.63
Continental Oil Co., Denver, Colo.—Earnings.- 1917.
1920.
1919.
1918.
Netearnings, after Federal
^
'
taxes and depreciation.$2.487,025
$1,563,602 $1,335,163 $1,970,423
110, p. 2486
.
The slump
March
in sugar is alleged to be
hold some of the paper,
creditor for
$553,796.
originally capitalized for
The company was
offer has been voted
value of
sequently increased to $10,000,000.
The composition
to unsecured creditors not entitled to priority of 7}4% of face
Pref. 7% Cum. stock of a new corporation to be
under Massachusetts laws.
("Boston News Bureau.")
-
Cuban-American Sugar
National City Co. announces
8% Sinking
Davis-Daly Copper
Quarter
ending Dec. 31—
Miscellaneous revenues
Total receipts
—
Mining
55,339
224,568
$452,679
97,283
167,838
28,974
51,704
$161,256
$129,936
$510,494
...$194,560
39,979
153.269
.
10,039
General expense
Balance, surplus.....
—V. Ill, p.
....
..
-
—
______
5,918
40,357
def$74,328
Equipment
1918.
$431,051
21,628
$477,456
33,038
$180,155
14,405
...
Development expenses
cost
Mtge. Collateral
See offering in V. 112,p i028-
Co.—Quarterly Report.—
1920.
1919.
Ore returns...
65,601
2525.
Dawson
Tool
Co.—Receivership.—
Years Ending Oct.
1918-19.
1919-20
Int.
on
deb., &c. (net)..
Depletion,
Contingent reserve
Preferred divs. (7%)...
464,857
60,832
91,767
Total surplus.
After deducting all
$3,748,630
$2,197,718
y
173,455
2,450,000
$5,595,16.5
$3,437,560
$2,384,987 $2,413,570
$17,237,488 $15,039,769 $12,232,592 $9,847,605
expenses for depreciation of property and equip¬
Coal Co., Seattle.—Bonds.—
of Carstens & Earles,
to 2%. Union
joint trustees.
The company is the largest manufacturer in western Washington and
Oregon of vitrified sewer pipe, Heath unit tile, fire brick, vitrified electric
conduit and other clay products building materials.
Business established
since 1889.
The physical properties of the company have a present valu¬
ation of $2,230,849.
Net current assets as of March 1 1921, after giving
effect to this financing, equal $507,976, or over 1.3 times the amount
300,000
.
Sheet,
eee/e
...
dies, &c
receivable
■
January 1 1921.
|
T .4 n hi* 14/•? no
$290,7591
Paid-in capital
1,510,239!Dealers' deposits
410,929 i Reserves
66,804{Surplus
.....
*
change National Bank, N. Y. City, or through offices
Inc.
Corp. agrees to pay normal Federal income tax up
National Bank, Seattle, and Portland Trust Co. of Oregon,
bonds.
Inc.—Listing.—
------
8,000:
61,832i
...
Total (each
-•.$2,300,000'
35,598
14,000
*1,044
side)..$2,348,554
2,518,455
annually
depreciation, have averaged $132,701 p. a. for the
4.3 times the present annual interest charge of $30,560.
Net earnings, after
Motor Co.,
Stock Exchange on March 10 piaced on the list temporary
shares capital stock, no par value; authorized,
Cash on band
Accounts
Carstens &
of outstanding
Boston
Patterns,
Federal and local taxes, for cash discount, uncollectible notes
accounts, and for other contingencies.
In addition to provision made by subsidiary cos.—V. 112, p. 748.
past 12 years, or over
The
certificate for 155,000
Ruilding, mach. & equip..
Deferred charges
Earles, Inc., Seattle, &c., are offering at 100 and int. $500,000
8% First Mtge. Serial gold bonds, dated Feb. 15 1921, due $50,000
Feb. 15 1922 to 1931, but callable in inverse numerical order upon any int.
date on 60 days' notice in multiples of $25,000 at a premium of ^ of 1 % for
each unexpired year or fraction thereof.
Denom. $1,000, $500 and $100.
Int. F. & A., payable at Union National Bank, Seattle, Wash.
Corn Ex¬
.
1028.
Gardner
94,363
$2,807,177
Denny-Renton Clay &
"The company
banks in excess o
stock, usually
cash resources
replenish stocks of
finished tires which have been depleted during the past eight months.
"Officials estimate that sales for March will exceed $6,000,000.
The
company during
part production had monthly sales averaging about
$10,000,000.
Several hundred men were put on this week and the company
is now operating two eight-hour shifts working five flays a week."—-V. 112,
Merchandise (cash cost)..
ment, for all
and
& Rubber Co.—Status.—
issued last week says in substance:
surplus of approximately $33,000,000 and cash in
$7,500,000.
The passing of the dividend on the Common
paid March 31, was deemed advisable in order to conserve
and to enable the company to increase production and
a
650,000
2,450,000
Tire
Firestone
An official statement
has
$5,851,130
$651,287
'
$634,199
Receiver.—
March 9 dismissed the
the temporary restrain¬
ing order tying up the affairs of company pending final disposition of thecase.
The company has been reorganized with the following directors: Rollin S.
Woodruff, Pres. (former Governor of Connecticut); Harry B. Venn, Joseph
F. O'Gorman, William S. Pitcairn. J. N. H. Slee, Philip J. Schneider,
George N. Oreutt, Arlington Hall, New York.—V. 109, p. 1182.
yl ,335,277
"x"
"x"
2,450,000
see
see
Machine Corp.—No
Federal Adding
1916-17.
1917-18.
$7,980,152
$4,302,190
Total deductions
Balance, surplus.......
x
570,265
1373.
Balance
410,316
160,041
&c
Federal taxes
p.
31.
$6,555,807
$796,547
$6,499,908
$1,121,884
Steamship Co., Inc.—New Directors —
increased from 7 to 9 members by the election of
and Frederick R. Fenton of Chicago.—V. 111.
board has been
Freeman of Boston
N.
shares.
Company.—Annual ReportResults for
Elder Steel
The
L.
p.
taken by
action
xTotal earns, (all cos.)__
Admins., &c., expenses.
will become a free structure.
Manufacturing Co.—To Get Aid Jrom Banks.—
Negotiations are said to be under way for a readjustment of the indebted¬
ness of the company.
According to a report at a recent conference with
representatives of the banks interested, assurance was given that they
would agree to an extension.
The preparation of such an agreement is
now in progress.
Of the total indebtedenss of approximately $2,700,000.
about $2,500,000 is represented by Lank claims.
The merchandise 'labili¬
ties being less than $200,000.
The assets are said to exceed the liabilities
by nearly $1,000,000. ("Financial America.")—V. Ill, p. 1187.
28
Judge Barrett in Common Pleas Court at Philadelphia on Jan.
ap¬
pointed Peter F. McCool temporary receiver.
The
was
the Union National Bank, a stockholder and holder of promissory notes.
Deere &
accept the offer of $300,000
New Jersey for the bridge.
Vice-Chancellor Backes, at Jersey City, on
receivership petition filed against the company, and
Co.—Bonds Sold.—
sold.
Feb. 11 decided to
of Pennsylvania and
Elder
organized
that the $10,000,000 1st
Fund Gold bonds have been
1920
Compare
$100.
Bridge Co.—Sold.—
of the
The
will also give all the real estate connected with it and the franchise.
company
The bridge
$500,000. but this was sub¬
claims in 2d
for the full year
par
Phillipsburg Delaware
Easton &
The stockholders on
Certain
responsible for the failure.
1 last, an initial dividend of 8% was paid
outstanding $3,000,000 Preferred stock,
2233.—V. 112, p. 937
Ill, p.
Joint Commission
New York,
Miller,
65,140
15.
the
V.
but the largest creditors are Rutger
$2,200,586, and Bankers Trust Co., New York,
$1,800,000.
Revere Sugar Refinery is creditor to the extent of $18,336 for
"merchandise sold and delivered."
Czarnikow-Rionda, New York, is also
Boston banks
lbs.).—
Decrease.
Co—Dividend No. 2.—
been declared for the quarter ending
payable April 1 to holders of record
On Jan.
on
2491.
Continental Products Co., Boston.—Bankruptcy.—
This company, a holding concern, including E. R. Sherburne Co. and
13 other sugar concerns, filed a voluntary petition in bankruptcy in the
District Court at Boston on March 5, acknowledging debts of $5,392,288
and assets of only $704,837, largely represented by stock in subsidiary
concerns.
The company stated that a plan had been devised for reorgani¬
zation and settlement of the debts by payment of 25% in new stock.
It is
believed that a majority of the creditors will accept the plan for reorgani¬
zation involving the raising of $1,000,000 new capital, rather than accept
liquidation at less than 10 cents on the dollar.
B.
Rolling Mill
Eastern
3,199,200
8,82013,134,060
A quarterly dividend of 2% has
March 31 1921 on the Pref stock
....
Calendar Years—
—V.
Copper Mining Co .—Production {in
Increase. I
1921—2 Months—1920.
East Butte
1921—February—1920.
1,469,180
1.460,360
—V. 112, p. 656.
$36,063
$40,379
937.
Co.—Coll. 8% Bonds—New Financing
Nemours & Co under "Financial Reports" above —
du Pont Securities
376.
—V. 112, p.
resigned as Vice-President
The company, it
394,000
contingencies
Consolidated Power Co.
Baltimore note discount.....
Ont., has
plant with
-
of
Ltd.—President Resigns —
Frederic Nicholls of Toronto,
director.—V. Ill, p. 993.
as a
r
Reserve for
$22,000 cash, $4,500 bills
amounted to $260,000
$231,586.—V. 110, p. 2079,
accrued charges,
payable and
2491; V. Ill, p. 193.
and
$15,433,458112,813,617 Inc. 20-45
10,451,791 8.012,906 Inc. 30 44
Netearnings
..V-$4,981,667 $4,800,711 Inc. 3.77
ixed charges (incl. int. and Pref. div.
.
subsidiary companies' issues)..... 2,475,193
2,283,622 Inc. 8 39
Net income.$2,506,474 $2,517,089 Dec. 0.42
Dividends
1,168.643 1,162,024
Inc. .57
Gross surplus......
$1,337,832 $1,355,063 Dec. 1;27
Reserve for depreciation (renewals)
,.$1,100,000 $925,000 Inc. 18 92
.
Engineering Works, Ltd.—Results for 1920.—
for the year ended Dec. 31 1920 shows assets
The first annual report
Power Co.
&
103,099
$559,684 $481,883
$23,933
amounting to $8,544,102, comprising in part
receivable, and $430,037 inventories. Notes payable
Senator
Light
-
...
....
160.342
99,797
160,342
109,424
surplus.................
—V. 104, p. 1048.
1918.
$745,324
160.342
1919.
$819,823
..$293,699
after war tax
Balance,
Total gross income
...
Operating expenses and taxes
Amort,
1920.
Years—
Calendar
Profit,
Ltd.—Earnings.—
Canners,
Dominion
1920
1^19.
Per Cen/.
...$9,385,889 $7,760,293 Inc. 20 95
6,003,556 5,019,827 Inc. 19.60
44,013
33,497 Inc. 3139
Calendar Years—
Income from
dividend of
extra
Bond interest.
T. Gilbert.
Consolidated Gas Co. of N. Y.—Debenture Bonds.—
The company has applied to the New York P. S. Commission for au¬
thority to issue at not less than par $15,000,000 7% 10-year debentures
and to be redeemable any time after two years at not over 105.
Proceeds are to be used to reimburse the treasury for moneys expended In
the acquisition of securities of various subsidiary companies, including the
New York Edison Co.., New York & Queens Electric Light & Power Co.,
New
$1,107,500,
amounting to $604,083.
President, E. J.
Co.—Usual Extra Dividend.—
April
Dodge Manufacturing
An
addition to the regular
112, p. 936.
—V.
bonded debt of
paid out of its earnings cash dividends
depreciation, for 1920 were $116,075.
Mathews, Seattle, Wash.
has
Net earnings, after
Preferred dividends.
Klein has been elected
Emil
D.
has retired a
12-year period company
the
and
s
N, J.
office, Newark,
[Vol. 112.
CHRONICLE
THE
1148
Deduct
.
has no current
193. 298. 1283.
The company
V.
Ill, p.
liabilities or no borrowed money.
Garment Center Realty Co.—Trustee.—
nas been appointed trustee under a
Fund gold bonds.
Columbia Trust Co
Compare
mortgage securing
i,500,000 9% Sinking
Gaston, Williams &
Federal Judge Julius M.
Wigmore,
Inc.,—Receivership, &c.
Mayer on March
Van
suit
the extent
847.]
stock¬
of the
inevitable. Much
efforts to
16 appointed ex-Judge
and ex-Governor Benjamin B. Odell receivers in a
brought by the Sumner Co., machine manufacturers, creditors to
of $60,000.
(Compare balance sheet as of Oct. 31 1920 in V. 112, p.
James G. Blaine, chairman of the committee formed to protect
holders' interests, said: "After a careful examination of the affairs
company it became apparent that a receivership was
as this committee regrets a receivership,
we shall continue our
develop a Dlan which will be constructive and beneficial to
"The affairs of the company will be held in statu quo until the assets
marshaled and a plan is formed for reorganization or liquidation.
has very large interests and there was a lack of money to carry on
ness.
I do not think the liabilities will exceed $5,000,000.
The
of the assets is in excess of this amount.
The precise amount is
Among the liabilities are claims of the Guaranty Trust
$3,000,000. which are secured by warehouse receipts and
are $1,000,000 notes on which the interest will be due
of the liabilities are in claims by banks, for merchandise
creditors."
Vechten Veeder
stockholders."
are
Company
the busi¬
book value
not known.
Co. aggregating
collateral. There
April 15, and the rest
and by general
March 19
1921.]
THE
CHRONICLE
.
President George A, Gaston, who resigned from the
presidency and as a
director on March
15, it is stated, had all along opposed the
receivership,
and had been
striving to bring about a reorganization of the company with¬
out
recourse
Mr.
to
the
Gaston.—V.
H,
courts.
S.
Goodyear Tire & Rubber Co.—Meeting
Adjourned.—
The stockholders' meeting scheduled for
March 15 to act on the refinan¬
Kimball has been elected to succeed
cing plan has again been postponed to March 22.
It is reported that the
merchandise creditors' committee is
making progress in gaining assent of all
the creditors to the
reorganization plan.—V. 112, p. 937,853.
112, p. 749, 847, 853.
General Asphalt Co.—Bonds Listed.—
The
Philadelphia Stock Exchange has authorized the listing of
$4,000,000
8% 10-Year Sinking Fund Convertible gold
bonds, due Dec. 1 i930See
V. 112, p. 262.
Harbison-Walker
—T
An
Electric
Revenue—Cat. Years—
Co.—Annual
43,558
49,367
$537,594
25,914
$303,586
18,705
$221,467
12,932
$272,976
$511,680
$284,881
$208,535
$251,751
2.630
5,410
3,010
$511,680
Deduct—Bond interest
--$377,601
Other interest.
17,316
Amort'n of debt, disc. & exp__
5,469
Preferred dividends.
$287,511
$179,748
$213,945
$128,250
61,627
3,235
56,670
$254,761
$128,250
42,047
3,351
43,750
Total deductions...
Balance, surplus.
$244,611
$188,031
$25,914
income.
-
...
„...
■
1918.
_
_
.$400,386
.$111,294
$42,900
$126,521
21,225
3,110
$217,398
$37,363
suosidiary
properties have survived the strain and are to-day in strong physical and
improved financial condition.
Provisions have been made for the complete retirement
the entire
which
to
floating debt
were
during 1921 of
well
as
as for the retirement of the $250,000 notes
Of these notes, $206,000 were
acquired prior
($44,000), extended with the consent of the
due Jan. 1 1919-
maturity, and the balance
holders, will be acquired during the
General Motors
v.
"—V. Ill, p. 593.
year
See E. I. du Pont de Nemours & Co. under "Financial
Reports" above.—
112, p. 937.
General
'■yyAVc-'Z-t
.
Railway
Signal
Co.,
Calendar Years—
1920.
Net earnings.....
..$748,358
Preferred dividends (6%).. 120,000
Common dividends
Inventory adjust., etc....
_
interest
_
...
„
_
_
.
_
95,182
.
48,016
42,104
75,177
0
.
_
Reserve
M iscelianeous
_
_
_
_
_
_
39,296
259,331
28,200
62,957
1.820
......
$25,907
$30,491
..$9751684
$949,777
$124,002 for additional profits
$160,000 additional reserves for 1917.
—v. no-, p.
surplus.
After
x
66,935
adding
$47,814
x$919.286
in
1917
$323,819
$974,923
and
deducting
1294..;
General Oil Co., Houston,
Tex.—Company Salient.—
The
petition for the adjudication of the bankruptcy cas<
against the
company has been denied by Federal Judge Hutchinson w> t declared that
n
consideration of the proof offered before the court
he value of the
assets of the company exceeded the value of all the
• ts,
both admitted
and claimed.
In view of these findings, the Judge d -jtared that within
the
meaning of the bankruptcy law "the company uas not at the time
the
~™.ii—,.u,—*
"
alleged acts of bankruptcy were committed insolvent," —therefore
and that the;
the petition for adjudication was denied.
S.E.J. Cox is Pres. of the com
pany.
See V. Ill, p. 1756.
1
*—1
*—
Giant Portland Cement Co.—Annual Report.I
Calendar Years—
1920.
Gross
receipts
Operating revenue
$312,516
$459,665
30,750
135,753
33,750
Depreciation, taxes, &c.
Balance,
x
sur. or
Dividends
were
152,790
dividend
1917.
$1,629,521
$117,686
36,750
85,017
$1,833,757
$178,703
39,750
111,662
1191.
Glendora (Calif.) Consol. Mutual Irrigat. Co.—Bonds.
Frank & Lewis, Torrance, Marshall & Co. and William R. Staats &
Co.,
Los Angeles, arc offering at
prices to yield 7%, according to maturity,
$500,000 First Mtge. 6% gold bonds, dated April 1 1921, due
serially
Int. payable A. & O. without deduction for normal
Federal income taxes up to 2%, at Union Bank & Trust Co., Los
Angeles,
trustee.
1922-1940.
Denom. $1,000 (c*).
Callable
on
and
concerns.
A
mutual
water
furnishing irrigating water to
a
as a
choice citrus groves in and around Glendora.
The
proceeds
be used to pay off the remaining $73 ,000 bonded debt of
Great Western Land Co .—Offering
of Collateral Notes.—
Baker, Fentress & Co., Chic.,
are offering at prices to yield
from 7%%
maturity, $300,000 7% Collateral Trust Gold Notes
Box, secured by $603,578 Vendor Lien (first mtge.) Notes
made by the Great Western Land Co., a subsidiary of the American
Sugar
Refining Co.
A circular shows:
Interest payable A. & O. at Continental & Commercial Trust &
Savings
Bank, Chicago, 111.
Denom. $1,000 (c*).
Callable on any interest date
on 30 days' notice at 101 and interest
The $603,578 Vendor lien notes are part of an
outstanding issue of
$764,532, being the unpaid balance of a total purchase price of $1,005,963.
These Vendor lien notes are secured by a closed purchase money (first)
mortgage on approximately 15,546 acres of timber lands in St. Landry Par¬
ish, La., estimated to contain over 100,000,000 ft. of living merchantable
timber of the following varieties: Red gum, 37%; oak, 25%; cypress,
18%
ash, 10%; elm, pecan, &c., 10%.
The maker of the Collateral Notes
Charles B. Box), according to his statement, has a net worth of
near;ly
•2,000,000.
8%,
according
of Charles
to
B.
.
166.
Gulf States Steel
Calendar Years—
1920-
—
First
140,000
5,046
pref. divs. (7%)
Second pref. divs. (6%)-
Common divs. (cash)
do
(stock)..—
1918.
365,640
534,188
140,000
140,000
5,142
17,474
(1%)111,137(10)1037,999
(25)2222,250
Balance, surplus
$606,174
2,246,379
Previous surplus
Total surplus...
112, p. 1029.
1919.
$2,852,553
-V.
1917.
$8,405,788 $11,206,468 $11,763,476
$645,062
$1,725,850
$4,199,925
$23,143 df$2,226,061
2,223,236
4.449,297
$2,246,379
$2,223,236
1,328,446
140,000
64,543
(11)874,1^8
$1,792,748
2,656,549
$4,449,297
Companies
are as
Follows.
incorporation.
Directors.—L. O. Hamilton, President; D. W.
Eggleston, V.-Pres.; C. H.
Parke, V.-Pres.; E. W. Harris, Sec.; O. H.
Dailey, Kokomo, Treas.; Martin
T. Ohr, AssfcJ Treas; Chas. W. Wells.—V.
Ill, p. 2429.
Hawaiian Sugar
Co.—Earnings.—
Net profit for the year 1920 amounted
to $2,608,954.
During 1920
$720,000 was paid out in dividends, and $198,290 was
expended in perman¬
ent
improvements.
Reserve for Federal taxes amounted to
$750,000.
Other reserves: $127,100 to
purchase stock in the California & Hawaiian
Sugar Refin. Corp., which is being organized to
acquire the assets and liabili¬
ties of Crockett
refinorv; $200,000 to provide for the settlement with the
Territory and Gay & Robinson for their respective shares of the
profits
earned on account of the cane harvested
from the Hanapepe lands,
During 1920 the company purchased 200 shares of additional
stock of
Catton, Nell & Co., Ltd., at a cost of $25,000, and
paid assessments on
account of its stock in the
Hawaiian-Philippine Co., amounting to $18,687.
—V. Ill, p. 1570.
Hupp Motor Car Co .—Balance Sheet Nov.
The balance sheet
30 1920.—
of
Nov. 30 1920 shows: Cash,
$281,542; accounts
receivable, $710,105; inventories, $5,232,145;
purchase obliga¬
tions, $960,000; current liabilities, $3,139,739;
surplus, $5,963,292.—V. Ill,
p. 2330.
and
as
notes
.
»
Hydraulic Steel Co .—Status.—
as
of Dec. 31
1920 shows: Cash on hand and
deposit,
$1,410,803; inventories, $4,853,422;
payable, $3,697,540; accounts payable, $223,697;
total surplus, $5,802,598; and total assets
and liabilities of $20,454,078.
Common stock, outstanding Dec. 31
1920, 225.849 shares of no par value.
Compare annual report for year ending June 30 1920.—V.
112, p. 1029.
$553,700;
accounts and notes receivable.
and
notes
acceptances
The report for 1920 shows
$355,909 in
Chicago.—Earnings—-New Director.
earnings last
year of
$230,020, compared with
1919.
After deducting $399,500 for
dividonds, there was a
deficit of $169,680, which was drawn from
surplus account.
There was a
reduction in nbtes and bills receivable, certificates
of deposit of $150,000
were exhausted and cash items
were reduced $54,851.
Notes and account-
payable
were amplified $119,009, but reserves for
depreciation
creased $251,000.
("Chicago Economist").
Jaxnes M. Fletcher of Elgin, 111., has been
elected a
F. Warren Lamson.—V.
were
in¬
director, succeeding
110, p. 1294.
Imperial Oil Corporation.—New Director.—
Hon.
V.
112,
Scott
p.
Ferris
has
been
elected
a
director
and
Vice-President.—r
938, 750.
Independent Warehouses, Inc.—
This company which now operates 14
storage warehouses in the Metro¬
politan District of New York has announced that it had
organized Inde¬
pendent Warehouses, Inc. of Cuba, with an authorized
capital of $500,000.
The new company has acquired and is now
operating 12 warehouses in Cuba.
The activities of the new
company will be helpful in the financing of sugar
in Cuba by providing
prime collateral for loans through the medium of the
readily negotiable warehouse receipts issued by Independent
Warehouses
Inc. of Cuba.
The officers of the Cuba
company are: F. E. Spencer, Pres.;
E.
II. Maxwell,
V.Ill, p.1284.
Vice-Pres.; W. C. Bright, Vice-Pres.,
Inter-Coast
Sec.
&
Treas.—
SteamshipTCo.—Dividend Omitted.—
We have been informed that the
company has decided to pass its regular
quarterly dividend, "owing to the prolonged depression in the freight mar¬
ket, causing lack of business for steam tonnage and necessarily a corres¬
ponding reduction in freight rates."—V. 110, p. 2662.
International Body Corp., Newark, N.
J.—Receivership-
Vice-Chancellor Backes, Newark, N. J., has appointed Joseph L. Smith
Application for a receiver was made by two of the former officials
receiver.
of the company,
Calendar
Co.—Earnings.-
—$11,439,627
Gross profits
$1,153,089
Depreciation, taxes, &c.,
401,869
—
AiUhorized. Outstanding.
$2,000,000
$1,199,000
2,000,000
780,000
1916.
1917.
1918.
1919.
1920.
sales. —.---$2,315,999 $3,083,305
$4,057,524 $6,424,819 $9,112,308
Net operating profits of consolidated
companies after depreciation and
before interest charges of $29,087, income and
excess profits tax of
$29,865,
and losses not compensated
by insurance of $3,461, was $206,174, or four
times the Pref. dividend
charges on the entire issue.
All companies in this
merger have paid divs. regularly since their
who
say
that the company
International Cement
Gross sales,...--
9,000,000
Net
of this issue will
predecessor com¬
panies. to reimburse company for extensions and betterments already made;
to provide for additional betterments and for the
acquisition of additional
water and water rights.
to
$378,477
$2,354,957
$13,882,918 $12,750,509 $12,372,032
working capital.
consolidation of two
and engaged in developing
compact area of about 2,200 acres of
company
720,'000
$1,132,409
-
Capitalization after This Financing—
int. date at 101 and int.
any
Company.—Organized in Calif, in March 1920
similar
—
Common stock.
Preferred stock
sur.$27,291
p.
$9,419,037
$5.504 957
576,000
$4,882,918 $12,750,509 $12,372,032
Illinois Brick Co.,
def..sur.$146,013sur.$207,325 def.$4,081
on
15 Mos. to
Dec. 31 '18.
Dividends
(343)65,800
the $1,880,000 Preferred stock outstanding at this date
in arrears Jan. 17 1921 to the extent of
28%.—V. 110,
April 1
p.
The balance sheet
1918.
$2,010,487
Bond interest
Preferred
1919.
$2,805,943
31 '19.
payable Q.-J.
Company shall maintain net quick assets of
$150 and net tangible assets of $200 for each share
of outstanding Preferred
stock.
Cannot mortgage or pledge any of its real
or personal
property
during life of this issue.
Company agrees to create and maintain a reserve
fund equal to two years' Preferred
dividend requirements, plus 1-10 of the
maximum amount of Preferred stock
outstanding.
Red. all or part on
Jan. 1 1924, or on any dividend date
thereafter at $103 and div.
upon 30
days' notice.
This issue matures
serially $50,000 oach Jan. 11925 to 1939.
Data from Letter of Pres. L. O.
Hamilton. Indianapolis. Feb. 7 1921.
Company.—Incorp. in 1906 in Indiana as wholesale dealers in
cigars and
tobacco.
Is the largest of its kind in Indiana
with principal offices in In¬
dianapolis; branch houses in South Bend, Kokomo, Terre
Haute, Vincennes
and Muncie.
Recently acquired assets of Vigo Tobacco Co., Terre
Haute
O. H. Dailey & Co., Kokomo, and
Dailey Cigar Co., South Bend.
Also
does a large business in
chewing gum, being one of the largest distributors
of Wrigley's chewing gum in the U. S.
Purpose.—Proceeds of this issue of $750,000 will be used to
retire an out¬
standing issue of $250,000 Pref. stock and balance for
10",666
Balance, surplus
Total
Y.—
1917.
$815,948
$1,006,904
120,000
120.000
(6)180,000 (7^)225000
169,507
246,928
9,454
222,252
160,152
........
N.
1918.
$658,438
120,000
(6)180,000
44,114
52,127
(6%) 180,000
Federal taxes paid
Other taxes_.
i'i
Rochester,
1919.
-
Net Sales of Consolidated
Corporation.—Control—Financing
Year to
$5,002,457
$3,114,477
Hamilton, Harris & Co.,
Indianapolis.—Pref. Stock
Offered.—Bankers Investment Co., Indianapolis, are
offering
at 100, and div. $750,000
7% Cumul. Pref. stock.
88,975
57,480
The annual report says in part: "Rate increases have
finally been secured,
for every one of the
subsidiary companies requiring same, so the
,
112,
1917.
$79,125
92,975
Co.—Annual Report.—
Dec- 31 '20. Dec.
„
surplusTotal, including previous surplus
Common dividends (50%)
-V.
1919.
$168,800
Gross income
„
Total surplus—
1920
Other
,
Balance
Report.-
$447,536
77,053
13,005
91,228
,
(12%)1,242,050(12)2160,000(13^)243000
The Kolb Bakery Co. has declared the usual
quarterly dividend of 1 % %
on the
Preferred, payable April 1 to holders of record March 19.—V. 112,
p. 1021, 937.
> '•
v v v ;■;
&
,
Net earnings, after all taxes_$3,719,786
Net, after repairs and depreciation-. $2,869,996
Dividends on preferred slock (6%)._
495,538
Dividends on common stock
initial dividend of 1 %% has been declared on the
Common stock,
together with the usual quarterly dividend of 1
% % on the Preferred, both
payable April 1 to holders of record March 26.
Gas
Refractories
Year to
j
■ v;';,..General Baking Co.—Initial Common Dividend.—
General
1149
Gross
Net
Years—
never
1920.
/
sales.
—
profits
began to function.
Corporation.—Sales—Earnings.
-
$8,716,985
_-_a$l,700,846
1919.
$4,492,624
$317,603
a After depreciation,
depletion, interest, taxes, reduction of fuel and
supplies, to malcret prices and certain losses 011 exchange.—V. 112, p. 67.
International
The
Mercantile
Marine
Co.—Earnings.—
that net earnings for the year 1920 after bond
depreciation will probably slightly exceed the
estimate made by the directors in Nov. 1920, namely,
$7,500,000, which
would be about 15% on the preferred stock.
"It is impossible at the moment to make any forecast for the
year 1921,
as due to the reduction in exports the freight situation is
unsatisfactory,
but the passenger situation, although it is much disturbed
by the immigra¬
tion complications, is encouraging."—V. 112, p. 1029.
company
interest and
states
allowance for
International Paper Co.—Revises Prices.
has revised Its quotations for newsprint in rolls
lots for delivery during the second quarter of 1921, reducing prices
112, p. 938, 750.
Co.—Re-incorporated in Delaware.—
This company, a Missouri corporation, was re-incorporated under the
laws of Delaware March 16 1921.
Authorized capital, 825,000,000 8%
cumulative Preferred stock (par $100), and 1,400,000 shares of Common
stock (no par value).
The present authorized and outstanding capital
consists of $12,250,000 7% Pref. and $12,750,000 Common (par $100).
It is understood that the present Preferred stock is to be exchanged for
the
Preferred stock share for share, and the present Common stock
will be exchanged for the new no par value shares in the ratio of one old
share for six new shares.
This will bring the outstanding stock of the new
company, after the exchange, up to $12,250,000 8% Pref. (par $100) and
765,000 shares Common stock, no par value.—V. 112, p. 378.
International Shoe
receipts for the year
Federal taxes.
Divs., approximate.
given in full under "Reports
shows:
page
Gross income from the sale of
increase of $11,302,475 compared
The
duced
& Documents" on a subsequent
will make
Total
was
of this year, the company had on hand unfilled orders and
amounting to about 7,000,000 barrels for deliveries entending
A reserve of more than $2,000,000 has been set up
Kennecott Copper
of equipment
Co.—Q°PPer Production (in
1921—2 Mos.—1920.
Decrease.
16,872,300
2,160,480 114,419,060
1921—Feb.—1920.
6,957,820
9,120,300
—V. 112, p. 938, 854.
Lbs.).
Decrease.
2,453,240
Increase.
1921—2 Mos.—1920.
Increased
$493,6181 $6,682,951
Increase.
$363,584
Clark,
bottle.—V. 112, p. 378-
Libby, McNeill &
Dispatches from Chicago
Libby .—Abandon Financing Plans.—
has virtually abandoned
state that the company
Slans for newcan do without thetime. W. F. Burrows, President, explains
company financing at this money if necessary, and the officials do not
in paying a high interest
Liggett & Myers
C. J.
rate at this time.—V. 112, p.
McKnight has been elected a
director.—V. 112, p. 931.
Bureau" March 11.)—V. 112, p.
Corp.,
meet current require¬
475.
Phila.—40% Stock Dividend
Angeles Gas & Electric Co.—Bonds Offered.—Blyth,
San Francisco, New York, &e., and Bond &
Goodwin, New York, &c., are offering at 9834 and int.,
Los
Witter & Co.,
yield about 7.40%, $2,500,000 Gen. & Ref. Mtge. 7%
gold bonds, Series "A."
The bankers state:
Dated Mar. 1 1921, due Mar. 1 1926.
Denom. $1,000 and $500 (c*).
Red. after Mar. 1 1924 at 103H and int., and after Mar. 1 1925 at 102Vz
and int. on 90 days' notice.
Int. payable on M. & S. 1 in New York,
San Francisco and Los Angeles, without deduction for any normal Federal
income tax up to 4%.
Mercantile Trust Co., San Francisco, and Security
to
Bank, Los Angeles, trustees.
$10,000,000
20,000,000
stock
Bonded debt (in hands of public):
General & Refunding Mortgage 7s
Underlying bonds
(this Issue)
outstanding with public (closed mortgage)
x$650,000
10,000,000
2,500,000
y8,569,000
from the California RR. Comm. to
Pref. stock. Company is now offer¬
stock for sale [to customers at 85; V. 112, p. 475] and to date over
Company has received authority
issue and sell $3,000,000 6% Cumul.
x
ing this
$650,000 has been sold.
y Does not include $1,500,000
security for
1st & Ref. Mtge. 5% bonds pledged as
Trust 4-Year 7s (closed mtge).
$1,000,000 Gen. Mtge. & Coll.
Years1920.
1919.
1918.
1917.
__$7,698,247 $6,076,930 $4,973,022 $5,031,074
& taxes. .$2,134,413 $1,980,747 $1,680,635 $1,986,093
424,845
381,946
381,781
389,823
Earnings Calendar
Gross earnings
Net after op. exp.
Bond Interest
.$1,709,568 $1,598,801 $1,298,854 $1,596,270
Balance
Purpose.—Proceeds are to provide for
plant.—V. 112, p. 475, 263.
MacAndrews
&
Forbes
betterments and additions to the
Co.—Dividend
Decreased—
quarterly dividend of 1H% has been declared on the outstanding
$9,000,000 Common stock, payable April 15 to holders of record March 31.
Quarterly dividends of 2H% each were paid in July, Oct. and Jan. last.
A 50% stock dividend was also paid in July last on the then outstanding
$6,000,000 Common stock.—V. 110, p. 2572.
A
$5,116,349
130,650
114,660
96,574
1,675,027
1,571,450
1,289,031
charges..$3,357,7231 $2,595,631
$3,450,195
$3,493,427
300,000
400,000
124,319
Balance over
1,634,306
300,000
Depreciation...
Pref. dividends (7%)
677,026
677,026
dividends. _(3&>1,354,724 (4)1,673,801
L__—
Common
i
■
350,000
677,026
677,026
(5)1,916,208 (5)1,654,958
def$55,196
$1,025,972
Balance, surplus.
,
_
$379,475
$811,443
Ill, p. 394.
—V.
Narragansett Mills Corp.,
The
Fall River.—50% Stk. Div.
March 23 on increasing the capital stock from
and on approving the distribution of tne additional
dividend.—V. 112, p. 476.
stockholders will vote
$400,000 to $600,000
stock as a 50% stock
National Acme Co., Cleveland, O.—Earnings.—
1919.
1918.
1917.
1920.
sales
$15,758,921 $12^240,990 $14,193,754 $16,630,563
Calendar Years-—
Net
Cost of
deduct ions ______
Other
Net
profit
Net
11,460,903
1,053,573
280,831
8,416,774
8.379,852
10,594,435
762,450
281,757
733,060
603,944
818,044
109,851
$2,963,614
goods sold
&c.,exp.
Adminis., sales,
$2,780,010
137,15S
$4,476,898
68,554
$5,108,233
$2,917,168
$4,545,451
$5,164,301
36,723
______
$3,000,337
profit
Estimated war taxes
545,000
Dividends
__a(7%)l,744,697
a
500,000
2,200,000
1,500.000'
(6)1,497,998 (6)1,497,236 (6)1,500000
$710,640
$919,170
$5,303 divs. on stock held for
surplus
Balance,
After deducting
56,068
$848,215 $2,164,301
employees.—V. 112, p.
854.
National Aniline & Chemical Co., Inc.—New Directors.
Childs, William H. Nichols and William H. Nichols Jr.
William Hamlin
have
directors
been elected
T. M.
Rianhard and W. M.
succeeding C. S. Lutlrins, H.
Mcllravy.—V. 112, p. 167.
Wigglesworth,.
National Conduit & Cable Co.—Time Extended.—
stockholders' protective committee has decided to extend the time
The
in
definite date has been decided
deposited with the committee.—
which shareholders may deposit stock, but no
on.
Thus far over 25,000 shares have been
Y.
Authorized. Outstanding.
Capitalization after This Financing.
stock.
Preferred 6% cumulative
$6,912,364
2,023,332
$4,401,309 $5,136,305 $4,889,032'
$7,609,868
2,473,563
$6,851,983
2,450,674
bonds,
on
1917.
1918.
1919.
1920.
&c., less
charged to construction
—
stockholders voted March 17 (a; to increase the authorized capital
$2,500,000 (all outstanding; to $3,500,000; par $10; and (6) to
recommend the payment of a 40% stock dividend.—V. 112, p. 475.
The
Common
Co.—Annual Report.—
Net, after taxes.
Int.
Other income...
stock from
Trust & Savings
derived had water
$7,928,087
expenses and taxes. 2,811,738
Oper.
&c.—
according to announcement to stockholders by President Leland.
Reports submitted at annual meeting showed February shipping orders to be
130% over January with relatively greater increase in March.
Orders for
more than $200,000 of cars were received in one day this week.
Company
has scheduled production of 400 cars in April.
Highest output reached last
year was 25 cars daily.
There are practically no unsold cars on hand.
ments,
Lit Bros.
would have been
264.
V. 112. p.
1030.
Tobacco Co.—New Director.—
Lincoln Motor Co., Detroit.—Orders,
The company has obtained bank loans sufficient to
(Phila. "News
concentration been
infringements.
Court for New
the Chino, Ray and Ray Hercules suits in the Federal Court for
the Arizona Hercules suit in the
Arizona Federal District.—
above those that
used, together with punitive damages for the alleged
The Utah Copper suit is brought in the U. S. District
le
feel warranted
below.—V. tlO, p. 2296.
Inc.,
Separation North American Corp.—Suifs.—
The Minerals Separation, Ltd., and Minerals Separation North American
Corp. have filed suits in the Federal Courts against Utah Copper Co.,
Chino Copper Co., Ray Consolidated Copper Co., Ray Hercules Copper
Co. and Arizona Hercules Copper Co. alleging infringement of their basicfroth flotation patent and their later issued soluble frothing agent patent, and
asking for injunctions restraining these companies from further use of froth
flotation with either greater or less than 1 % of oil or other soluble or insolublefrothing agents.
They also sue for all profit made during the last six years
Mineral
Bond discount
New Britain, Conn.—
This company, manufacturer of thermos bottles, cutlery, silverware,
electrical appliances, &c., it is stated, has purchased the capital stock of the
Stanley Insulating Co., Great Barrington, Mass., maker of an all-metal
vacuum
Leased.—
See Wilson & Co.,
Calendar Years—
Frary &
Landers,
Ctfs[.—
Total gross earnings
378.
112, p. 658,
938,751.
Montana Power
& Co.—February Sales.—
v
1921—Feb.—1920.
Increase. I
1921—2 Mos.—1920.
$1,850,398
$1,626,874
$223,5241 $3,923,205
$3,559,621
$429,845:
Midland Packing Co., Sioux City, la.—Receivers'
Federal Judge Elliott has signed orders permitting the receivers to issue
receivers' certificates not to exceed $100,000 to meet obligations and current
expenses the latter amounting, it is said, to $10,000 a month.
$657,332
$6,025,619
(S. H.) Kress
—V.
p.
Jersey,
Maine,
(S. S.) Kresge Co. —February Sales.—
1921—Feb.—1920.
$3,467,651
$2,974,033
—V. 112, p. 740, 567.
Capital stock.
$27,338; expenditures,
Total income for 1919 was
deficit, $146,106.—V. 106, p. 1235.
$48,404.
Maxwell Motor Co.—Merger Suit.—
Vice-Pres. Carl Tucker has filed answer in the U. S. District Court at
Wilmington, Del., in the suit of Charles J. True, in which the latter seeks to*
restrain the Chalmers merger.
He takes exceptions to various items in the
bill of complaint which he terms errors.
The answers state that the book
value of the stock of the corporation on Dec. 2 1920, stated at $22,117,230,
is liable to deduction of $4,513,265.
Also that book value of stock ap¬
praised at $134 is dependent on company being a going concern.
Tangible
Chalmers assets are $4,519,722, not $435,014 as alleged.
It is denied that equities in the defendant's property are insufficient to
provide for the full value of plaintiff's stock and that of other 1st Preferred
creditors in case the property of the defendant were liquidated.—V. 112.
On March 1st
the pipe lines, for depreciation
112, p. 166.
payable at the
No stock will be
paid. This
total of $25 per share paid in on the
for the year 1920 amounted to
a
$575,951;
expenses,
$7,313,-
for the purpose of amortizing
and for the depletion of oil lands.—v.
Co.—Assessment—Earnings.—
income
$75,742; making a deficit of
debt to $725,000.
contracts
$18,463,148 $2,713,937 $27,844,989 $17,505,980
la) total assets of $193,620,026; (5) first mtge.
Mass. Consol. Mining
deferred debt has been re¬
in 1920 and in Feb. 1921,
paid off, reducing the actual funded and deferred
throughout the year.
$18,825,980
(6) 1,320,000
The company has called an assessment of $1 per share,
company's office on April 15 by holders of record April 14.
transferred after April 15 on which the assessment has not been
report' also shows that the funded and
from $4,160,500 in 1919 to $1,725,000
$1,025,000 additional was
_
$1,238,000 redeemed68,675,000 for'
revaluation of leases.
$3,374,160,
handling
this item.
$9,365,973 $32,538,173
2,765.036
1.963,720
(8% )4,694,040 (7M )3887000(6)2,729,464
Balance, surplus
oil and other sources, $15,355,674, an
with 1919. Net income from operation
$7,941,722, an increase of $6,715,086; surplus for the period of
309, an increase of $6,000,000.
An adjustment for depreciation, in view of the general deflation,
made, amounting to $3,387,160, an increase in that item of
indicative of the drastic manner in which the management is
17,251,558
40,453,684
The balance sheet shows
No dividends
was
stated.
gold bonds, authorized and issued, $10,000,000, less
(c) Outstanding capital stock of 117.351,000, as against
1919; (d) and a capital surplus of $40,618,282, due to
—V. Ill, p. 2527T
Corp.—Annual Report.—
ended Dee. 31 1920, which
Oil
&
Transport
The annual report for the year
Island
is
to $142,270.
112, p. 1029, 475.
paid during 1920.—V.
were
Not
$49,789,731
$23,157,188
Net profits
$1,599,439. Net deficit, after
$1,330,562, and of depreciation
1920 were
1917.
1918.
1919.
1920.
.$72,643,639 $49,819,657
Oper.exp.,incl.depr.,&e_ 49,486,451
Co.—Earnings.—
Cap Copper
Iron
Gross
Co.—Annual Report.—
Magnolia Petroleum
Calendar Years—
Gross earnings
new
deducting expenses, taxes and interest of
and depletion charges of $411,148, amounted
Increase.
$205,736
$1,893,491
$1,707,988
—V. 112, p. 1020, 938.
a
provisions of contract."—V.
Sales.-
McCrory Stores Corporation, N. Y.—February
Increase.1
1921—2 Mos.—1920.
$185,503 [$2,796,849
$2,591,113
1921—Feb.—1920.
car-load
from 57
cents a pound to 5 5 cents.
Prices are adjustable quarterly and only
recently the 5.7 price was announced with the alternative of accepting a Hat
rate of 5 5 cents for the balance of the year in place of the quarterly price
adjustments.
(See V. 112, p. 750 )
, ,
President Philip T. Dodge, advising customers of the new offer, says in
part: "This concession is made in spite of the fact that of all riders signed,
large proportion is on the quarterly or 5 7 (a 100 pounds) basis.
"It has been our policy to treat all of our customers on precisely the same
basis and as many have signed riders under our alternative proposition with
fixed price for 9 months from April 1, we hereby extend to such customers
the option of having the $5 50 price apply only to the second calendar quar¬
ter, leaving price for the last 6 months of the year to be determined later
The company
according to
[VOL. 112.
CHRONICLE
THE
1150
112, p. 939,
751.
Co., Inc.—Receiver—
Strasbourger
Rosenfels, a creditorfor $7,865.
at $900,000.
Nova Scotia Steel & Coal Co.—Earnings.—
Calendar Years—
1920.
1919.
1918.
Combined profits, after maint., exp._.$2,376,086
$2,193,304 $3,535,525
Discount, reserve, &c_.
561,583
554,593
1,206,969*
Interest charges
605,096
608,834
612,064
National Sponge
& Chamois
Mayer on March 16 appointed Samuel
equity suit brought by Hugo H.
Liabilities are put at $700,000 and assets
Judge
Federal
in
receiver
an
____
PrefSed
Ordinary
dividends (8%).
dividends (5%)
Surplus
Previous
_
——
surplus
Total surplus
Pref.
div. Eastern
Car Co.,
surplus
1030, 476.
Profit and loss,
—V.
112,
p.
80,000
760,000
-
Ltd
$379,407
2,726,461
$3,105,868
90,000
$3,015,868
New River Co.—Accumulated
have declared Pref. div.
The directors
b. 1
1916), payable
80,000
80,000-
750,000
750,000$199,877
$886,492
2,616,584
1,730,092
$2,816,461 $2,616,584
90,000
________
$2,726,461 $2,616,584^
Dividends.—
No. 38 of $1 50 per share (due
April 1 to holders of
record March 19.
This distrir-
March 19
1921.]
THE
CHRONICLE
button will reduce back dividends
to $28 50 per share.
,yidend^of
V.
112,
50
share
Per
paid
was
on
658, 568.
p.
On March 1 last
account of accumulations.—
North Milwaukee
Light & Power Co.—Earnings.—
.Total operating revenues for the year ending Dec. 31 1920 amounted to
|f|.o56; net operating revenues, after expenses, taxes and depreciation,
$866; net income after interest
$1,544), $2.054.—V. 106,
(after adding other income amounting
Gas
to
2457.
Natural
Oklahoma
p.
Co.—Dividend
Oval
Wood
Dish Corporation.—Bonds Offered.—
Second Ward Securities Corp. are offering at 100 and int. an additional
^
$200,000 8% serial Conv. Gold bonds,|dated June 1 1920 and due
$100,000
Auth., $1,000,000; outstanding, including this
each June 1 1928 and 1929.
issue, $800,000.
The proceeds will be used to retire
present bank loans and to afford
available capital to take advantage of present favorable market
conditions
in
buying adjacent timber lands.
The 1920 earnings available for bond interest were in
times the requirements on 1921
outstanding bonded debt.
of
bonds, property, &c.t in V. Ill,
Pacific Mail
p.
of
excess
1920.
1919.
$10,136,099
Net, aft. taxes & deprec_ $1,647,534
Income from securities &
accounts—
1917.
$4,144,606
$1,504,226
$6,952,810
$2,501,228
379,969
268,534
76,148
$2,502,981
$125,240
$1,772,760
$86,511
$2,577,376
$120,857
1,888
income
_J
980
$1,612,470 y$2,376,761
$1,686,250
(5^)$89,250
(60)900,000 (60)795,000
Preferred dividends
1
Common dividends...(50%>750,000
$2,454,632
(7)$119,000
(70)805,000
yBalance. surp., before
y$872,470
y$l,476,761
y$802,000 $1,530,632
J
y From the above surpluses, respectively, there were set aside as a reserve
for income, excess profits and war
taxes, $345,000 in 1920, $600,000 in 1919
and $800,000 in 1918.—V.
Ill, p. 2049.
Bingham Corporation.—Earnings.—
Net sales for the year ending Dec. 31 1920 were
$9,128,443.
after
Net deficit
other charges and dividends ($450,000) amounted to
Total surplus as of Dec. 31 1920, $2,332,363—V.
112, p. 168.
expenses,
$807,589.
Parke Davis &
1920.
Recovery of Russian assets previously
written off
To equalize value of accts. receiv. and
cash in European banks with mar¬
taxes
previous
paid
income
on
;
Cr.31,644
116,266
194,845
2,000,000
13,129
199,940
2,070,515
15,817
63,527
of
6,084
Ray Hercules Copper Co.—Refinancing Plan.—
the treasury of the company.
Passaic (N.
$120,936
year
$1,941,886
J.) Worsted Spinning Co.—Capital Increase.
collateral for the $2,250,000 floating debt.
Company is organized in Maine with a- capital of $7,500,000 (par $5).
Owns 99.99% of the $10,000,000
capital of Arizona Hercules Copper Co.
Royal Dutch Co.—Managing Directors.—
It is announced that the managing directors in
London, together with
Dr. Arnold J. Cohen Stuart, will resign and be
appointed members of the
Board of Commissaires (Supervisory
Directors).
directors
II.
Seaboard Steel
Increase.
$2,272,278
Consolidated
Income
profit of
Statement
for
Calendar
Years.
1920.
Oil and gas earnings
Gasoline earnings
1919.
$6,782,182 $1,895,331
_
545,950
164,807
187,267
100,369
$7,492,939
$il82.967
(in 1919 incl. sale of leases, $38,591)
_______
______
Oil well and plant operating expenses
General expense, interest and taxes
931.669
290,382
164,931
329,119
Balance before depreciation
$6,232,150 $1,727,654
Reserved for depletion, depreciation and developm't_$4,612,665
(?)
Additions to capital assets in 1920, aggregated $11,350,582.
The balance
___
erty payments.—V. 112,
p.
939.
Pittsburgh Rolls Corporation.—Earnings.—
Calendar Years—
1920.
$2,458,704
Sutp. after Fed'ltaxes, pref. divs., &c_
$80,573
—V. 111. p. 186.
______
Porto Rican Amer. Tobacco
San Diego Consol. Gas. & El.
1919.
Co.—Expansion.
—
during 1920 it expended $1,682,124 for necessary
1921 entails an large expenditure of
about $1,650,000.
In 15 years the company's business has
grown 2500%.—V. 112, p. 67.
Sawyer-Massey Co., Hamilton, Ont.—Earnings, cSee.—
Profits for the year ending Nov. 30 1920, after deducting administrative
compared with $99,282 in 1919.
Balance,
and reserves, amounted to $100,966.
expenses, were $223,815, as
after interest, Federal taxes
D'Arcy Martin, K.C., of Hamilton, Ont., has been elected
F. H. Whitton.—V. 108, p. 2027.
a
director to
Steel
Hoop Co.—Bond Issue.—
The stockholders will vote
May 9 on authorizing the creation of $10,000,000 20-year 1st mtge. bonds.
Of this amount $5,000,000 was recently
offered by Dillon, Read & Co.
See V. 112, p. 940.
Siegel-Heckinger Packing & Provision Co., Chicago.
An involuntary petition in bankruptcy has been filed against the
company
in behalf of the Taylor Coal Co. and others.
(Robert)
Simpson
Co.,
Ltd.,
Toronto.—Pref. Stock
Dominion Securities Corp., Ltd., and Osier & Hammond, Toronto, are
offering at 80, to yield 7j^%, 6% Cumul. Pref. Stock, par $100.
Divs.
payable M. & N.
Divs. on Pref. stock were earned more than 5 times
during 1920.
Company was incorp. June 12 1896 to operate a departmental
store business in Toronto.
Controls, through stock ownership, several
manufacturing concerns whose products the company distributes.—V. 110,
p. 1095.
Singer Mfg.
Co.—Dividend Payable in Francs.—
The directors have declared a dividend of 20 francs per share, payable
March 31 to holders of record March 15.
This compares with a dividend
of 30 francs paid in December last.
Compare V. Ill, p|. 2529, and also
V.
112, p. 379.
Spanish River Pulp & Paper Mills, Ltd.—Bond.—
The stockholders
Gen. Mtge. bonds.
1919.
$2,145,956
$88,634
Co.—Redemption of Scrip.
scrip certifi¬
and witnessed, to the Guaranty Trust Co., 140
Broadway, N. Y.City, who will issue stock certificates in exchange therefor.
Fractional interests may be dealt with in the following
ways:
(1) Scrip
holders will receive certificates of stock for each
$100 face value or multi¬
ple thereof of scrip certificates surrendered.
No new scrip certificate for
any remaining fractional amount will be issued.
(2) Scrip holders having a
certificate for an amount less than $100 may sell such amount to
Guaranty
Trust Co. at a rate to be fixed by the company from time to time with rea¬
sonable reference to the current market; or they may buy on a like basis
from Guaranty Trust Co. out of certificates purchased
by it for the purpose
amount sufficient to
make
a
redemption thereof.
full $100 face value,
See V.
March 10 authorized the creation of $20,000,000
Of this issue $3,000,000 have already been disposed of.
on
660.
1918.
$2,126,542
$43,144
Spring
and receive
a
stock
112, p. 1031, 752.
Prairie Oil & Gas Co.—Extra Dividend
of
An extra dividend of $3 per share has been declared
Water
The San Francisco voters
the $18,000,000
capital stock (par $100), along with the regular quarterly dividend of $3
per share, both payable April 30 to holders of record March 31.
In Jan.
last, an extra of S3 was
paid, compared with $5 in Oct. 1920, $3 extra in July
1920, $5 in April 1920 and $7 in Jan. 1920; in Jan. and Oct. 1919 extras of
$5 eaoh and in April and July 1919 extras of $2 each were paid.—V. Ill,
2431.
Pipe Line Co.—Shipments.—
r Month of—
1
Shipments (in barrels)
Runs from well (barrels).
—V. 112, p. 265.
Standard Oil Co.
Feb. 1921.
Jan. 1921.
Dec. 1920.
3,897,214
4,647,774
4,495,000
4,585,067
5,115,000
Calendar Years—
Net earnings.
Co.—Meeting Adjourned.—
The stockholders' meeting scheduled for March 16 to act on the
talization has been postponed until March 30.—V. 112, p.
of Kansas.—Annual Report.—
Balance, surplus
1920.
1919.
1918.
1917.
$1,661,614
480,000
$1,413,890
480,000
$1,422,982
480,000
$1,563,449
Dividends paid (24%)._
$2,043,449
480,000
$1,181,614
$933,890
$942,982
Balance Sheet Dec. 31.
1920.
Real est. & plant_4,815,439
mat'l, &c__3,991,063
Cash
133,596
Securities
Accts.
1,653,412
receiv'le. 1,764,225
1919.
1920.
Liabilitlel—
S
3,534,944
2,328.277
598,331
1,820.125
1,358.341
1919.
$
Capital stock
2,000,000 2,000,000
Accts. payable. 1,502,539
703,486
Depredation
854,369
699,596
Tax reserve
960,208
759,765
Surplus
7,040,619 5,477,170
_
___
T
,
Pressed Steel Car
(Indiana).—Stock for Employees.—
employees in the company's service 12 months or more may subscribe
April for stock equivalent to 20% of their annual salary, payment to be
deducted monthly from the pay envelopes.
They may similarly invest 20%
each succeeding year until they acquire an amount equal to their salaries.
The price will be the average market price for the last quarter of 1920 and
the first quarter of 1921, approximately 70.
At the close of each year the
company will add 50% of the amount subscribed by the employee for the
purchase of stock, to be distributed proportionately to each worker.
The
stock will be in trust until paid for.—V. 112, p. 940, 660.
Raw
Not stated
Co.—Municipal Ownership.—
March 8 defeated the proposal that the citv
The
Assets$
^
on
in
Standard Oil Co.
S3.—
on
Valley
purchase the company's properties for a price set at $38,000,000.
Al¬
though a majority of those voting favored the acquisition, the proposition
failed as a 2-3 vote was required to carry the measure.
This is the third
time the project has been defeated—first in 1910 and again in 1915.—
V. 112, p. 569.
cates, properly endorsed
Prairie
1920.
See offering in V. 112, p.
•
The directors have elected to redeem the $1,342,754
scrip (series 1 to 9)
issued between June 1 1918 and Dec. 31 1920 in stock at par on and after
Mar. 31 1921.
Scrip holders are required to surrender their
p.
Exchange
31
1920 shows outstanding 660,000 shares of no par value
stock, $493,090 notes and accounts payable and $1,629*158 deferred prop¬
certificate in
managing
and Erb.
__*
The company states that
Phillips Petroleum Co., Bartlesville, Okla.—Report.—
an
new
Colyn, Jonkheer, Dejonge, Dekok,
remains managing director.
("Stock
construction and that the program for
Corporation.—Earnings.—
$157,492 for 1919 and $457,661 for 1918.—V. 112, p. 659.
Sales
The four
Messrs.
$10,488,213
$5,416,545
2,532,807
464,636
Surplus for the year ending Dec. 31 1920, after depreciation reserve of
$608,747, timber reserves of $359,773, and $134,475 for sundry expenses,
amounted to $1,409,812, compared with $33,651 for 1919.—V. Ill,
p. 1080.
Sharon
Increase. |
1921—2 Mos.—1920.
$1,155,2971$5,490,947
$3,218,669
Net deficit for the year 1920, after interest,
expenses, adjustments, and
taxes, amounted to $768,248, as compared with a net
sheet of Dec.
be
Deterding
Neb earnings, after interest
to $3,000,000.—
Federal
earns,
will
A.
Calendar Years—
Gross earnings...
(J. C.) Penney Co.—February Sales.—
Total
W.
Gazette" of London Feb. 24.)—V. 112,
p. 940, 660.
succeed the late
1921—February—1920.
$2,732,386
$1,577,089
—V. 112, p. 855, 379.
Miscell.
in
On authorizing the issuance and sale of $3,000,000 of 8% 7-year
convertible collateral trust bonds secured by $3,000,000 of bonds issued
by
Arizona Hercules Copper Co.
The bonds will be dated July 1 1921.
Denom. $100.
Convertible into
common stock, par for par, at
any time after Jan. 1 1922.
If the share¬
holders and others purchased $2,250,000 of the bonds
(the amount required
to pay the present $2,250,000
floating and only indebtedness), the present
creditors will purchase an additional $500,000 of the bonds at
par, thereby
providing $500,000 cash for working capital.
The stockholders are urged to
agree to the above plan and to subscribe
to the $2,250,000 bonds in order to forestall
any foreclosure proceedings by
creditors, who own $3,000,000 Arizona Hercules Copper Co. bonds deposited
$525,780
107, p. 2295.
Penn
3,000,000 shares
(d)
2235.
p.
The company has increased its capital from
$500,000
V.
__
_(20%)2,368,139(20)2367,532(20)2367,035
Balance, surplus, for cal.
Ill,
bank, or forwarded direct to the company, Columbus, O.
Earnings applicable to preferred dividends, after deduction for Federal
taxes, depreciation and interest charges for the 9 mos. ending Dec. 31 1920
amounted to $10,272,425.
The company had a total surplus of $55,919,895
on Dec. 31 1920.—V.
112, p. 855.
*
Saguenay Pulp & Power Co.—Earnings.—
1918.
$5,676,260
436,336
Cr .489
.
year
Cash dividends paid
—V.
$6,604,703
1,009,341
204,889
850,000
ket rates of exchange
Deprec. of bldgs., machinery, &c
Special war and income taxes
war
1919.
$4,558,900
To write off bal. of assets in Russia
Add
regular quarterly.—V. 112, p. 939.
The company is offering to all stockholders the
right to subscribe at par
to the unsold portion of the
$10,000,000 8% Cumul. convertible pref. stock.
A cash payment of $25
per share is to accompany subscription; balance
payable on or before March 31.
Stock subscribed for will draw divs. from
April 1 1921.
Subscriptions may be made through stockholder's broker or
Co., Detroit.—Earnings.—
Calendar Years—
Gross earnings
to the
Co.—Preferred Stock Rights.—
as
Federal taxes.
Parish &
Pure Oil
standing stock, share for share, placing the remaining
150,514
Net
Ltd.—Extra Dividend.—
An extra dividend of 1 % has been declared
on the Common stock along
with the regular quarterly dividend of
1M %, both payable April 1 to holders
of record March 15.
Extra dividends of 1 % each were paid in Oct. and Jan.
The stockholders will vote March 31 on
(a) reducing the par value of the
stock from $5 to $1; (5) on increasing the number of shares of stock from
I,500,000 shares to 4,500,000 shares; (c) on exchanging the present out¬
$1,798,048
Deduct—Miscell. rents._
$174,468
Interest and discount
1,110
Gross income
10% previously paid. Compare V.Ill,p.1859, 1571, and V.112,p.379.
Provincial Paper Mills,
seven
1918.
$7,505,274
$2,123,012
with
See description
596.
Steamship Co.—Annual Report.—
Results for Cal. Years—
Revenues
Price Brothers & Co., Ltd.—Dividends.—
A dividend of % of 1% has been declared on the new
$100 stock, pay¬
able April 1.
This is at the rate of 15% p. a. on the old stock, as
compared
last, in addition
Decreased.—
A quarterly dividend of
2% has been declared on the outstanding capital
stock, payable April 10 to holders of record March 25.
In Jan. last a quar¬
terly dividend of 2K% was paid.—V. 112, p. 1030.
1151
recapi¬
939, 752, 740.
Totalj
-V.
112,
For
12,357,735 9,640,017
p.
other
Total
4__12,357,735 9,640,017
477.
Investment
'
News,
see
pages
1164, 1171
and
1172.
CHRONICLE
THE
1152
JUjKrrts and Jtonxtimtts.
AMERICAN SMELTING &
REFINING COMPANY
'
AND
SMELTERS
AMERICAN
SECURITIES COMPANY
TWENTY-SECOND ANNUAL REPORT FOR THE CALENDAR
companies underwent the same
general experience as did practically ill other industrial
companies engaged in business in the United States.
The
earlier part was quite satisfactory, but the latter part of
the year was one of declining business, and consequent les¬
soned profits.
Nonetheless the entire year shows a surplus
of $12,721.45, over and'above all fixed charges, including
the preferred dividends and a 4% dividend upon the com¬
mon stock of the Smelting Company.
This compares with
During the year 1920, your
deficit in the year 1919 of
of
view
In
trade
both
should
during
which prevailed
conditions
year,
$1,085,657.08.
unfavorable
there is
of a Meet¬
ing of the Board of Directors of the Company held Novem¬
ber 26th, 1920, at which the subject was exhaustively dis¬
appended the pertinent portions of the Minutes
cussed.
,
tors' meeting
of November 26th, 1920.
SIMON GUGGENHEIM, President.
FROM
EXTRACTS
BOARD
MINUTES
DIRECTORS
OF
a
this country and abroad, the stockholders
find substantial ground for satisfaction in the show¬
26th, 1920,
Held November
There
read
was
to
MEETING
OF
the
a
being present.
formal notice of the.
selling arrangement heretofore
cancellation of the
THE
COMPANY,
a quorum
meeting
OF
THE AMERICAN
OF
REFINING
AND
SMELTING
in
Direc¬
Stockholder will read the report of the
I hope every
industrial and
portion of the
extremely
the
DECEMBER 31ST, 1920.
ENDED
information of the actual facts in this transaction,
To the Stockholders:
a
YEAR
existing
That the Company should have
been able, in the face of so many adverse factors, to make
so favorable a showing, is little short of remarkable, and to
a corresponding degree is a matter of congratulation,
This
result has not been achieved without anxious thought and
Copper Company, the
Ray Consolidated Copper Company, the Chino Copper Com¬
pany and the Nevada Consolidated Copper Company, all of
which are (except for the changes due to differences in
dates and the like) in the same form, and one of which, for
unceasing effort.
example, reads as follows:
ing made by this report.
As
the
as
soon
the New York office expense,
supply
is
general expenses and in wages.
ample
now
November 18,1920.
depression in business began to
general
affect the metal industry, marked curtailment was made in
Labor
between this Company and the Utah
in this
Mexico and
in
both
American Smelting & Refining Company.
120 Broadway,
Gentlemen:
prices for metals prevailing during the war now
readjusted, but the readjustment has car¬
have been not only
ried
below the pre-war level, as is shown by the
following comparison of present prices with the prices for
prices
below
shown
ures
The pre-war fig¬
immediately preceding the war.
ten years
taken
are
from
the
"Engineering and
Mining Journal," on page 331 of the issue of Feb. 12, 1921.
Prime Western
Lead
Silver
Copper
per lb.
per oz.
4.309
12.823
57.221
5.100
1905
.4.707
15.590
1906
_„—5.657
19.278
60.352
66.791
65.327
6.198
52.864
4.726
per
1904
1907
5.325
—
1908
—
—
lb.
20.004
13.208
V
—4.200
—
Spelter
lb.
per
5.882
5.962
12.982
51.502
1910—
4.446
12.738
53.486
5.520
1911-...-.
4.420
4.471
53.304
60.835
5.758
1912
12.376
16.341
1909
1913
4.273
-
*
6.943
15.269
59.791
15.0609
58.1473
5.724
12.15
—4.370
—
5.503
54.00*
4.75
v
5.648
interests wrhich your
of the continual conflict of
In view
country, and is more efficient than heretofore.
The high
Company has seemingly experienced through acting on the
one hand as a selling agent for our copper production, and.
the other hand,
on
buying large tonnages of custom copper
time of
resultant copper
sold, we believe it will advantage our company and possi¬
bly your company, if we withdraw our copper from sale
through you, to the end that it may l>e sold through an
agency not so embarrassed, and further that you may be
free to handle your custom bought copper as you wish.
Accordingly, we notify you in writing that the under¬
signed proposes to become interested in another agency for
sale of its product, and that it will terminate its selling
agency with you and all contracts or amendments or modi¬
fications thereto relating to such selling agency, on the 90th
day next after the receipt by you of this notice.
yourself, for which you must make payment at the
purchase, regardless of whether or not the
is
This notice is intended as an exercise
Average of 10 years 4.6178
Engineering & Min¬
ing Journal quota¬
tions Mar. 2 1921 4.00
*
Silver not qualified for sale under
Costs of production are
in
Adopting
very
a
at the
that
still sixty to seventy-five
cent
per
of the ten years with which comparison is made.
excess
conservative figure of 50%, it is apparent
present time the metals should be
selling far
above, instead of well below the pre-war level.
It must be, however, that the bottom has been
reached,
of
that
and
should be
substantial
any
of improvement.
one
the present
in
practically
future
the
This is the hopeful portion
picture.
The condition of all mines and
very
change
satisfactory.
plants of the Company is
The personnel of its staff has
been
never
in
excellent
!
statement of combined Income Account of the
American
Smelting and
American
Smelters
Refining
Securities
Company
diary companies, for the year ended
with
together
cember 31st,
the
1920,
Consolidated
are
and
Company, and
of
of all
the
subsi¬
December 31st, 1920,
Sheet as of De¬
Balance
submitted herewith.
There is also
RAY
CONSOLIDATED
The Chairman of the Finance
principle of inventorying metals is
years
reports of
same
as
in
than fifteen
last past.
There is also submitted
ume
the
the Company for more
the usual statisitcs showing vol¬
was
an
SALES
selling agency as heretofore
advisable policy for this company
with
the
selling
January 1,
of copper.
1912, and
December 31 1912—
the
the
The
year
reasons
the
Copper
Sales
1914.,..
31 191531
Agency
have heretofore been
Stockholders in the affidavit
of
Mr.
was
L.
"■
termi¬
briefly stated
E.
— --
to
"
it
"
Newhouse,
Chairman of the Board of Directors, on pages 25 and 26 of
|
'
"
««
—
—
31 1913-.-
AGENCY.
—
During
nated.
consti¬
to pursue.
For the years beginning
including the eight months of
the year 1920, the net earnings of the selling arrangement,
considered by itself, have been as follow#:
in
made
"
COPPER
have frequently had
Heretofore, the officials of the Company had, perhaps, been
over-influenced to retain the agency by the apparent profit
Year ending
of business, etc.
Committee (Mr. Brownell)
of the Company, and
lip for dis¬
cussion the quotational losses resulting from the existence
of the copper sales arrangement, and have frequently ques¬
tioned whether, on the whole, and in the long run. the con¬
tinuance of the copper
former
Its.Vice-President.
"During the years past, the officials
its Executive Committee,
tuted
The
COMPANY,
COPPER
meeting the following statement:
to the
then read
submitted the Income Account of the American Smelters Se¬
all
*
By Charles IIayden,
curities Company,
for the year ended December 31st, 1920,
together with the Balance Sheet of that company as of De¬
cember 31st, .1920.
of this
Kindly
/■"
Truly yours.
■
,
must necessarily
The usual
thereof.
acknowledge receipt of this letter.
undertake the large volume of busi¬
shape to
which
(b)
Company or refining the copper contents
are
ultimately follow the present
prostration of the metal industry.
ness
given by Subdivision
panies a$ to smelting the crude ore or concentrates
,
surpassed for ability and loyalty, and your companies
of the right of ter¬
of Article "Nipth" of
the agreement between our companies of date September 16,
1910.
It will operate not only to terminate that agreement
but necessarily as well the modification thereof evidenced
by the accepted letter of your company to our Company of
date July 14, 1920, and the supplemental agreement be¬
tween our Companies of date January 14,1919, dealing with
your Selling Agency service in connection with our inde¬
pendent agreement with the Copper Export Association, Inc.
This notice does not in any manner affect any agreement
or
amendment or modification thereof between our Com¬
mination
Pittman Act.
y
New York City.
—
—
311916.
31 1917
'
311918
--—
--------
-----
.
_ —
1919
»-■-»
:"'-
—
Eight months 1920--Total
—
—
the
pamphlet sent to all Stockholders, December 30th, 1920,
and on pages 3, 4 and 5 of pamphlet sent to Stockholders
January 20th, 1921.
That the Stockholders
may
have full
*
and
The
While the statement
actual figures
business reasons.
is made more concrete by giving the
names, these are omitted throughout for obvious
principle is easily understood without them.
1
March 19
1921.]
THE
It will be noted that
made during the four
1918,
when
there
70% of the total earnings were
yeaKS of 1915, 1916, 1917 and
some
war
was
abnormal
an
CHRONICLE
production
the copper of producers in a joint
agency.
of
contract
price
tion, and
copper was 30c.
per pound, it received double the commis¬
of the present time; but in
1918, when this Company
relief
from
burdens
the
of
the
war
conditions
as
that
withdrawn from the selling arrangement, it was
demanded
that the selling commission be fixed at a flat
rate of $3.00
ton, this being 1%
per pound for
on
Total
Company
about.
agency,
has
Chrome
refinery, and become
Metal
withdrawn,
Co.,
which
having
will
a
taken
an
stockholder in
hereafter
handle
the
its
in
formerly handled by the Agency, but probably
that per cent of the
will
ness
The
profit, since the
probably increase its cost per ton.
Agency, while apparently profitable
when
alone, leads to complications and involves
sequences
which
not
only wipe
all
out
or
most
of
con¬
times, when
copper is difficult of sale, the losses wipe out
~most, if not all, of the profit of the good times and other
grave financial risks are incurred besides.
To understand
meaning of this statement, it is necessary to describe
of the selling contracts and the
obligations in¬
terms
curred thereunder.
Each of the various
(contracts with the Copper Companies
contains, in substance, a provision
that the Smelting Company shall use its best endeavors to
the
secure the best
going market price for the product, and shall
guarantee
collection
the
of
sales;
panies shall have and receive the
the
copper as
its
own
that
same
the
net
Copper Com¬
returns for its
Smelting Company obtains and receives
and
copper
that
out
of all
sales
for
by the Smelting
Company such pro-rata amount shall be assigned to each
Copper Company as the amount of its copper bears to the
total
amount of copper which the
Smelting
has for sale either on its own account or as
Company then
agent for others.
Stated
otherwise,
these
clauses
mean:
That the Smelting Company must sell its copper at
the same price as the
copper of other companies;
(2) That it cannot sell more nor less than its pro-rata
of the
total amount;
and
(3) That it must endeavor
in
the
Smelting
respect of
copper
best going market
Company's main and primary profit
from its smelting and refining
comes
business, in which it buys the copper in ores, mattes and
blister copper, for which it pays the current
quotation as
published in the "Engineering and Mining Journal" at the
is
now
averaging approximately 5.000 tons per month, and
as high as 8,000 tons.
Unless the Smelting Com¬
from
the
this copper so purchased, at the price
it,( it makes a quotational loss.
If it were free
sales
agency,
it
could
always
move
this
of the
Smelting Company, naturally have
different interest.
They have tied up in their
production, they do
not
run any
of
c.
once
resulted in the
an
namely:
cost
•
following in¬
2.
The Agency is not, at the present
time, selling enough
make the Smelting Company's allotment of sales
copper to
equal to its monthly purchases of 5,000 tons; in other
words,
the Smelting Company is still
accumulating copper, involv¬
ing an increased tieup of money.
3.
The
Smelting
Company's copper, being tied up
renders it less available for collateral.
the agency,
4.
The
the
on
into
Smelting Company, being tied into the agency is,
hand, forced to sell this accumulated stock along
one
with the Agency copper, and, on the other
hand, is debarred
from exercising its option of
(a)
selling
(b)
making
as
it is necessary to
realize the cash,
or
long-time loan using its accumulated stock
of copper as collateral, with a view to
carrying it over until
the price of copper improves, and thus
avoiding loss.
a
How serious this situation is, becomes
apparent when we
consider that if the
Smelting Company is
accumulated stock at
on
____c.
it will suffer
forced? to!
a
sell its
quotational loss
its excess stock
over normal, of
approximately $
additional loss of $
for every le. per lb.
the price of copper may fall below ____c.
This unfortunate result of the present
selling agency has
been apparent to the management for some
time, and at
various intervals the Mining
Companies have been requested
to modify their contracts in
respect to the pro rata clause,
and
an
and
to
permit this Company to sell its "purchased copper"
gotiations have been carried
Porphyry Copper
on
Companies,
These
ne¬
with representatives of the
the
Utah,
Nevada Consolidated Copper Companies.
The Porphyry Companies
Ray,
and
Chino
lalways
and
took
the position that, while they realized the unfortunate
posi¬
tion of the Smelting
Company, the agency was also unsatis¬
factory from the standpoint of the Mining Companies for the
reason that the
Smelting Company was always in the dual
position, in selling copper, of being more anxious, natur¬
ally, to protect itself against a quotational loss, than to se¬
which
the
selling contracts arose, and by
reason
of the
the
advantage to it; but that they would not,
standpoint, depart from the
Mining Companies'
principle of the agency and assent to the Smelting
Company's selling its own copper, or taking its accumulated
out of the agency to sell
at its option when and
as
it
pleased, since such a procedure would be unfair to the Min¬
ing Companies and would not lessen the difficulty of the
Smelting Company, in that it would still be more interested
in taking care of its own copper situation than of
furthering
entirely
copper
has
lb.
approximately $______
stock
only
chance of incurring
arises,
per
It has caused it to tie up its own
copper to the extent
excess stock of 49,962
tons, involving a cash tieup of
the best interests of the
conflicting interest at
49,962 tons.
its books,
pro rata
.
a
average
Agency has, therefore,
the agency was of
the cost of production, and so long as
copper sells above the
Hence
an
on
an
from
ately reflected in the current quotation on which it buys.
But the Mining Companies, whose
copper is sold with
loss.
of
of
the copper for the price it
pays, because the price at which it sells would be immedi¬
a
Smelting Company
shown
friendly relations existing between the companies, they had
not thought that the Mining
Companies should withdraw
from the Agency, so long as the
Smelting Company felt that
copper,
ing Company could always sell
cost of
of copper,
came
since, not being interested in the price (the Smelting Com¬
pany's profits being intended to be made from its treatment
charges, and not as a buyer or seller of copper), the Smelt¬
that
stock
or
smelting and refining contracts, under which their copper
into the possession of the Smelting
Company, and out
is able to sell
pany
There is thus
accumulation
the best price for the copper of the
Mining Companies;
that, therefore, they had felt, for a number of years, that
the Selling Agency should be
terminated, but owing to the
been
it pays for
is 30,000,000 lbs. of copper.
of 99,924,991 lbs.,
process,
cure
time of the purchase. The tonnage of
copper thus purchased
has
in process 129,924,991 lbs. of cop¬
the books, covering metals in
on
consistently
to get the
price for all.
Now
or
carry
each month to avoid possible quotational losses.
(1)
never
jurious effects upon the Smelting Company;
of copper,
sale
hand
on
normal
excess
The
the
profit, but seriously embarrass the Company, especially in
a
time like the present.
In good times, when all copper
produced is readily sold, the Agency is profitable.
In bad
for
or
excess
1.
smaller volume of busi¬
Selling
the full
Its
the
over
considered
the
Company had
output.
The withdrawal of the four Porphyry
Companies and the
Cerro de Pasco Company takes away some 50% of the ton¬
nage
dis¬
available
the
Ameri¬
Companies
The
had,
Mining Companies.
The Porphyry
in July, 1920, consented to a
however,
Smelting Company, so far as its own copper is concerned,
sell relatively regardless of price and should never
modification
accumulate
Mining Companies, having only
stake, often prefer to accumulate
of
for sale in better times.
no connection
with the personnel of the
selling
This arrangement has been tried out by the Smelt¬
ing Company, in the hope that it would offer the necessary
should
the cost
in
copper.
The
of production at
bad times and
to
hold
to
of
Company to sell
which
made
had
agency.
'
the
on
Agency which permitted the Smelting
"average price contracts" to the extent
its purchased copper each
were
Two
periods especially exemplify the great disadvantage
the Smelting Company of having its copper tied
up with
■
posed of and of late copper has rapidly accumulated.
As
of October 1st
(the last figures available), the Smelting
an
interest
on
some
copper, accumulated at the close of the war, was
per.
member of the
quotation,
-
This
a
30c„ so
Smelting Com¬
the "Engineer¬
of time the
position of having to pay
Mining Journal"
-
The Cerro de Pasco Company, formerly
can
considerable period
a
r
______
abnormally high price, they
cul¬
ores
>___—;■
then
a
The second period is since the armistice,
reaching a
mination in the present year, 1920.
The stock of
earnings from the sales agency of approximately $•_
per
month.
Our present refinery output may be considered as
made up approximately as follows:
A. S. & R.
All others,
was
30c. for copper
which it had contracted to deliver at 25c.
The quotational
loss to the Smelting Company for this
period was over
dollars.
copper.
Ray, Chino, Utah and Nevada Consolidated
Company
tons
Chile, Braden and Kennecott Companies.
"
Cerro de Pasco Copper Company
—"
for
ing and
But even at $3.00 per ton, which has since, and will
here¬
after be the charge, there is a net profit of
$____ per ton,
since the actual expense of conducting the sales
agency is
approximately $____ per ton.
This would represent net
•
25c.
as
pany was in the
supposed normal price of 15c.
a
very
decided to close the contract, which
they did; but the with¬
drawal of this amount of copper from
sale, and the war
demand beyond the production our
agency could supply,
raised the outside market above
25c., and above
applied to its smelting and refining contracts with the four
porphyry copper companies above named which have now
per
a
Companies, in conjunction with the Smelting Company, be¬
lieved at that time that the war could not be of
long dura¬
fixed by the Government and speculative risk
avoided.
Company then received 1% selling commission, when
sought
for
large tonnage (some 225,000 tons) of
copper at 25c., deliverable over 6 months.
All the Mining
As the
sion
The first was in
At that time the Allies offered a
the years 1915 and 1916.
copper,
and when the price was
higher than ever before known in
the history of the
Agency.
For fifteen months the
was
1153
through
an
month,
individual
so
or
long
as
such
subsidiary
sales
who
or
THE
1154
relief, at least so far as the future
is concerned, but in the
September, October, November and
December, We have been able to sell on average price con¬
tracts only a total of 5,800 tons, while our intake during
that period has averaged (and promises to average for No¬
vember and December), 5,000 tons per month, or a total of
months of July, August,
5,800 tons sold on average
30,000 tons bought as against
It was, therefore, apparent that this modi¬
fication would not meet the needs of the Smelting Company,
and on November 12th the Advisory Committee instructed
Mr. Brownell to again take up with the Porphyry Companies
the necessity of the Smelting Company securing further re¬
lief from the embarrassments of the agency.
Mr. Brownell
had done this, and had reported to the Advisory Committee
the result; viz., that the Porphyry Companies stated that
they had gone as far on July 14th as they felt that they
could go in their own interests; that the development since
that time had further convinced them of the innate impossi¬
price contracts.
(so long as it was
bility of the Smelting Company
interested
purchased copper in its smelting business) continuing to
sell the copper of the mining companies, and that, therefore,
now that the Smelting Company was dissatisfied with the
in
Companies, they
time in
namely, to withdraw from the agency. Accord¬
Porphyry Companies gave formal notice of can¬
selling arrangement, as were
the
past;
ingly, the
the Mining
had wanted to do for some
felt free to do as they
contracts, which notice
cellation of the agency
presented to the meeting.
The withdrawal of the Porphyry
had already
been
Companies' and with
Company's sales withdrawn, as above
stated, over 50%. of the copper heretofore handled in the
agency, increases the cost per ton of handling the copper of
those companies remaining, and at once raises the important
Pasco
de
Cerro
question whether the Smelting Company should continue
the agency at all.
The agency profits hereafter will be
small compared with the past.
Do they justify the Smelting
the risks and dangers
Company in incurring
involved?
the matter from the standpoint of a stock¬
holder not interested in more than one company, it may be
Looking at
said:
interested in the
If that stockholder is only
(a)
could not, in view of the experience
of the past, and of the present dull period confronting in¬
dustry at large as well as that of copper, be properly asked
to continue any arrangement that embarrasses his Com¬
pany by incurring the risk of quotational losses, or renders
it less free to act quickly and independently so far as its
own copper is concerned, or
that places his company in a
position where its own interest conflicts with the interest of
outside companies for whom it may be acting,
(b) If that
stockholder be interested only in a mining company he
could not be expected to yield a modification of the present
arrangement which would permit other copper to be sold in
preference to his own, or by an agent granted express per¬
mission to act in a way that might be prejudicial to that of
his principal.
The Mining Companies know that the cop¬
per commission yields a proft in itself, and their stockhold¬
ers have a right to expect as their quid pro quo that their
interests in selling copper should always be first and fun¬
Smelting Company he
damentally considered.
fundamental and unescapable di¬
Smelting Company and the
Copper Companies, so far as the sale of copper is concerned,
which makes it impossible, in a dull market, and at bad
times, for either to grant the requirements of the other with¬
is, therefore,
There
a
versity of interest between the
out detriment to its own
interests.
at present consti¬
of the Smelting Com¬
pany in a dual position, and the constant object of suspi¬
cion, both by its own stockholders and those of the Mining
Companies.
The Smelting Company as an agent must con¬
stantly sacrifice its own interests for those of its principals.
It is constantly violating the principle that no man can serve
A
continuance of the selling agency as
tuted places
the Executive Officers
-
two masters.
had ever been profit¬
mentioned, the following facts are
Considering now whether the agency
able
the
over
period
pointed out:
1.
made
during the
war
years
:
$
December231H915
Year ending
"
losses
quotational
The
amounted to
"
"
It
2.
make
a
other tonnage the agency,
handles.
We will be free to
3.
$
annum,
present accumulation of 49,000 tons has tied
,
interest on which, at 6%, is $
per
amounting, for the two years involved, 1919 and
and is still continuing to accrue.
1920, to $
3.
will
If
up
the
have
agency
to
sell
is
its
maintained
accumulated
the
Smelting Company
stock
of
copper
as
the
Mining Companies do, and if the price of copper stays at
-—c. it will suffer an additional loss, as stated of $__,
All of these losses are
tionable features of
may
directly attributable to the objec¬
the selling agency, and the sum total
and probably will more than wipe out the apparent
profit made from the sales commissions considered alone.
If the agency is now terminated, the Smelting Company
will be in the following favorable position:
1.
per
In respect to its accumulated
stock, it can sell this cop¬
in whole or part, as and when it may be deemed wise.
including the Smelting Company,
•
hold our accumulated
stock, or such
portion thereof as we may feel it desirable to carry over
until the copper market revives, and thus, perhaps, avoid
the heavy
There
quotational loss heretofore
are
alluded to.
to be derived from
several minor advantages
sales agency, as
the termination of the
follows:
forced to borrow nearly
dollars, in order to carry the accumulated stock of
copper.
If it remains in the agency, and is thus prevented
from selling all of its purchased copper, the present pros¬
pect is that it will largely have to increase its borrowings
for this purpose, thus increasing its interest carry.
Any
unnecessary increase of borrowing for this purpose is highly
unwise and may even be dangerous in a time like this.
1.
The Company
has been
the Agency has prevented the
the most economical point of
production.
There is a large accumulation of refined cop¬
per on hand.
The Mining Companies are not anxious to
have any more copper turned out than is necessary to ful¬
fill their deliveries, but insist upon participating pro rata
in the sales, the same as if all copper now due for delivery
were, as a matter of fact, actually delivered.
This means
that any shortage in refining must be borne by the Smelting
Company reducing its participation in the monthly sales.
Our operating department estimates that by running the
Baltimore refinery at about
tons per month, we
lower our refining costs approximately $1.00 per ton, and
we have done so, but as a
result, our participation in the
sales has dropped from 24% in January last to 14% in Septemper.
Hence the Smelting Company must either forego
the benefits of operating its refineries on the most economi¬
Our
2.
participation
in
running of our refineries at
cal basis or must decrease
its participation in the
sales.
acts as the Agent for a num¬
ber of different companies in the Selling Agency, it must, at
all times, be in the position practically of a trustee, and any
complications in matters of accounting and prorating must
all be borne by the Smelting Company. This has amounted to
large sums in the past, and may give rise to some claims in
the future.
For instance, any dispute between the Mining
As the Smelting Company
3.
Company
and the Agency as to wiiether certain charges
Agency or by the individual Mining
should be borne by the
Company, must be settled, in the long run,
of the Smelting Company, if it cannot bring
ment between its
at the expense
about an agree¬
conflicting principals.
Companies, under the present
.
abnormal
conditions, have entertained different views as to the cop¬
per market; some of the companies believing that the price
would go below
c. have been anxious to sell as much at
____c. as possible, even though the time of delivery should
be extended well into next year; other companies have been
unwilling to sell at the
c. price for delivery beyond
March 1st.
This again places the Smelting Company in an
embarrassing situation, and unless the Mining Companies
accurately define their several positions, losses that may
occur to any of them, because of the Smelting Company's
action or non-action, may be the cause of an action against
4.
The
Mining
Smelting Company.
the
5.
The
Selling Agency contract
with the Braden Copper
that the American Smelting and Refining
Company, upon the written request of the Copper Company,
will advance to the Copper Company, eighty (80%) per cent
of the then prevailing market value of the copper which
the Refining Company holds for the Copper Company, up to
a market value of 26c. per pound, such advance to be repaid
out of the proceeds of the sale of such copper, with interest
at the rate of 5% per annum.
So far no demands have been
made on us by this company, but in the present dull condi¬
tion of the copper market, it is quite probable that such ad¬
vances will be requested.
In other words, this company, if
it retains its selling agency with the Braden Company, must
Company provides
prepared to finance this copper to the extent of 80% of
market value.
Similar clauses appear in the contracts
of the four Porphyry
The
Company's
This it cannot do under the Agency, since in order
5,000 tons of our own copper, we would have to
price that would sell the 25,000 tons, or whatever
to sell the
its
2.
effect on the Mining
it, without considering the
copper.
taken in for the
will move
quote such prices as
month, as it will be free
be
31tl916
month the copper
sell every
can
[Vol. 112.
1
CHRONICLE
Companies, under which this
Company
At the present time
it has advanced to the
Company $
which will be repaid upon the termination of the agency.
Its obligation to the
Company is an indefi¬
nite one, and might run into millions of dollars.
As this
has from time to
Company has
time made advances.
all it can
reasonably do to finance its own
at the present time, it should relieve itself from the
obligation to finance the copper of the Braden Company.
copper
After reading the
above statement,
Mr. Brownell empha¬
Smelting Company has now accumu¬
lated as large a stock of copper as, in his opinion, is safe,
and expressed the opinion that its financial situation re¬
quires the Company to withdraw entirely from the copper
selling contracts of the character above described.
Mr. Clendenin, Vice-President in charge of metal sales,
wras
absent from the meeting because of sickness in his
sized the fact
that the
March 19
1921.]
family, but
had
were read to
THE
written his views upon the
-
subject, which
the meeting as follows:
November 26,
Company organized the Agency for sale
and contracted to sell its
purchased copper
product of the Mining
Companies,
the
best
served
interests of
and
that
in the
and
The Agency has been established for twelve
starting the first year with sales aggregating
21S,848,431 pounds
(deliveries
in
case)
1917, with sales
982,657,365 pounds.
aggregating
form, and also as
rods, etc., have been thrown
in this country,
contract
conditions,
however, by which
the
sale
March,
Company's records,
such
How
1.
The
be summarized
may
so-called
have
eral
of
frequently bought their
subsequent months.
the
and
sev¬
6.
viewpoint
gated to
the
is
its
in
on
so
protect
its
take
in
from
day to
day
such
copper
as
is
at the quotation of the
ores
day, and usually
declining market.
It is thus in the attitude of
having
to buy without freedom to sell
on
a
declining market—a
position of great uncertainty and hazard in that
the next
on
a
buying movement starts
prevailed in the
on
lower level of price than has
a
intervening period.
It might be said that
the law of averages would take
care of such
situations, and
it probably
would, but there is another contract condition
that requires the
Company to have the Mining Companies'
copper
be
ready for the market, and if it
delivered
and
accounted
for within
be
can
sold it must
specified number
a
of
days after receipt at smelters.
Any tie-up of the metal
at smelters, or in transit to
refineries, or at the
must be
taken
counts in
pany is now
2. The
measure
Compahy—this condition ac¬
for the burdensome stock the Com¬
carrying.
abnormal
have also worked
conditions
sold,
measures were
ing
Companies
tainties
by
the
war
connection
resorted
at
was
a
standstill.
to and some copper
but the quantity
was small.
Eventually in the
large demand sprung up and the Min¬
having cut their output 50%, being most
early days of 1915
anxious
about
For several months after the
began in 1914 business
war
Extraordinary
was
brought
disastrously to the Company in
with its contract
obligations.
European
refineries,
of by the
care
large
to
as
a
full
resume
production and with all the
uncer¬
to duration of the
war, were more than willing
as buyers would take it
and
possible.
Here again the interests of the
Companies and this Company became
to feed out the copper as fast
as
far ahead
Mining
and
resulted
as
large loss.
The
Company
through at
forced
was
by
delivery, started
a
was
low level,
and
similarly forced by contract to purchase copper in ores
during this period of forward sales at a much
higher level
of price.
3. A similar situation arose in the
fall of 1916 when the
Allied Governments bought all the
copper the leading Min¬
ing Companies could produce for the first half of 1917.
The
Company was forced by contract to participate in these
sales at 25c. and it seemed a safe and
wise
again because
undertaking
of
the
uncertainty
The withdrawal of such
a
as
to
the
war
duration.
vast
quantity of copper (448,000,from the market left the American consumers
supply looking ahead several months, and created
000 pounds)
without
such
a
a
scare
and
what little there
the
day
stampede
was
Company had to
to
day
on
a
as
left for
over.
Again
pay the
going price for its intake from
constantly advancing level for several
months.
Again, the contract conditions of the purchase and
sale of the Company's copper resulted in
large loss.
4.
After the U. S. Government entered the
lished the
war
and estab¬
price in 1917 at 23y2c. and in July 1918 at
26c.,
such a degree of stability resulted as to
fully protect the
Company and its profits were large with the associated nor¬
mal conditions.
most
conditions
as
working
profitable.
to
on
a
is
the
purchase
the
It
of
ore
present condition
in
the
business which
promise
some
reluctantly and
very
recently
We cannot afford
to face another
come
to the
Company require
change in these contract agreements
as
may
be had.
buying movement which
be of large proportions, with no fredom of action
to selling our intake and no freedom as to
selling or
may
as
holding
present stock, without the risk, and if the
history of
the past is any guide as to the
future, with almost the cer¬
tainty of making a very large loss.
our
7.
It
is
understanding that this freedom can only
the Company's withdrawal from the sale
of the Mining
Companies' copper and that being the case
I join in
recommending it, in the hope and expectation
be
my
obtained
that
by
this fredom
largely
develop
will
in
due time
enable
the
Company to
its
smelting and refining business re¬
leased from the handicap of the
past in selling its copper.
In conclusion, I want to
say and emphasize that, in my
opinion, every possible effort has been made for several
years past to
lief from
out
get the Mining Companies to give us such
re¬
contract obligations as would protect
us, with¬
prejudicing them, and with the idea in mind of re¬
our
taining the selling end of the business.
Mr. Hills,
Comptroller, spoke of the experience of the
Company in the sales of lead, silver, tin and zinc, saying
that in these metals the
Company, on the whole and in the
long run, was enabled to operate without quotational
losses,
although quotational losses had occurred over short periods
which were equalized
again later.
He expressed the opin¬
ion that a similar result can be reached in
copper if the
Company were free from the burdens and complications
of the selling
agency contracts.
Mr. Earl discussed the situation from a
legal standpoint,
pointing out the legal complications involved in the agency
agreement, and expressing the opinion that it would be a
wise
move
from this standpoint for the
Company to cancel
the
outstanding contracts.
Mr. Whitley spoke from
expressed
There
on
a
the
operating
standpoint
and
similar opinion.
were
divergent views expressed, and thereupon,
motion, duly made and seconded, the following resolu¬
were unanimously
adopted:
no
tions
'Whereas, the Utah Copper Company, Chino Copper Com¬
Ray Consolidated Copper Company and the Nevada
pany,
Consolidated Copper Company have each given written
no¬
tice to this
Company of its desire to terminate its copper
sales contract with this Company at the
expiration of ninety
days from the date of such notice, and
Whereas, in the opinion of the Board of Directors of this
Company, it is to the best interest of this Company that its
Copper sales
contracts with the
remaining Copper Compan¬
which have not them¬
ies with whom it has such
contracts,
selves given notice of
withdrawal, should be terminated;
to force the market price for
sale to 35c. and
The
such
conflicting
in
contract to share in these sales for
forward
and for the most part carried
organization,
been
the
and I have most
these sales and must hold
Following such periods of buying there
stagnant market and the Company must
by its contracts
purchase
Sales
conclusion that the best interests of this
customers.
position.
tendered it in
the
has
contract
be had.
consistently held that all
organization, and no ond
sold by one
time, make this whole situation intol¬
erable for the Mining Companies and as well this
Company,
many
price and
Company has been tied
same
a
of
maintain
that
to continue for
advantages, but has
worked to the
disadvantage of this Company. The Mining
Companies are satisfied and, in fact, anxious to avail
of
these buying movements to sell
large quantities and for far
future delivery.
Having done so, the Agency has felt obli¬
The
be
basis,
of
situation with
our
contract engagements as
may
done?
I have
resulting copper that has caused most of
Segregation of sale of the Company's copper by
another organization has been tried
out, and failed because
it was found to be
impracticable.
grown
requirements for
This procedure from the
Mining Companies has
sale
necessary a review of
our
the losses.
few weeks the consumers
a
copper
question
associated
as:
"buying movements" which have
in the trade, by which within
up
this
can
commission
heavy
losses, not to the Sales Agency but to the
Company in the
sale of its copper,
imperatively
changes in
shown by this statement and the
to not only justify but
would appear
can
make
any modifi¬
such
sheets,
principally
if
cation of the sales contracts.
which have caused
brass
Comparatively little busi¬
by the Mining industry as a whole
and
it
is
improbable there will be
the copper should be
conditions
into
the market and
to get Dollars.
for relief many
times, without success.
They
willing the Company should have any preference
over them in
selling its copper and they have until
recently,
invariably and positively refused to consent to
The abnormal
fabricated
on
booked
perience of the past, as
ap¬
not
were
business for five
anything doing until after the turn of the year.
The history of the business seems to
point to another large
buying movement as inevitable before very long, and our ex¬
Company's copper must be merged with the copper of
Mining Companies, have proved to be in abnormal times
handicap and most costly.
This situation has
long been known, and the Mining Companies have been
to
last
much
of
serious
pealed
been
since
the
a
has
ness
highly profitable.
The
and
original
This theory has been
proven to be correct in normal times
and the business of the
Agency per se, having been done on
a
strictly commission basis without capital
outlay, has been
the
no
of four months most of the
copper consumed this year, ob¬
tained directly from the
Mining Companies, was sold. Vast
quantities of copper as supplied to the Government in
its
reached its maximum in
each
was
Eventually another large buying movement
continued for three
months, raising the price
in March to 24c. in August.
Another large loss
resulted on the copper bought at
up to 24c., as there was
practically no business until December, when the next
buy¬
ing movement began at 18c., and the price was held at 18c.
to 19c. through March of the
present year.
In this period
the industry as
a
whole would be
advantage would be mutual to those
the
Following the Armistice there
from 14% c.
jointly with the
theory that thereby
on the
1155
six months.
started
1920.
of copper
Agency.
years
5.
or
,
This
CHRONICLE
Now, Therefore, Be
of
this
it
Resolved, that the
Company be, and they
pr
per officers
hereby, authorized and
directed to give proper notice to said
remaining companies
are
of the termination of the said sales contracts with
the said
companies;
Further
Resolved,
Company be, and (hey
to
take all
fect the
that
the
Executive
Officers
of
the
are hereby, authorized and directed
steps necessary or convenient to carry into ef¬
foregoing resolutions, to the end that all such con¬
tracts may be terminated at as
early a date as may be found,
in their judgment, advisable.
[Vol. 112.
CHRONICLE
THE
1156
LIABILITIES.
VOLUME OF BUSINESS.
V
Preferred Capital Slock Outstanding—
AND PAYMENTS.
STATEMENT OF CASH RECEIPTS
Year 1920.
$4,573,236 28
6,193,100 00
Fear 1919. „
$12,683,671 89
5,807,350 00
$10,766,336 28
$18,491,021 89
Balance, beginning of year:
Cash on Hand and in Bank.....
Liberty Bonds
$50,000,000 00
American Smelting & Refining Company.
American Smelters Securities Company:
.....$17,000,000 00
Less*
» '•
r',
Held in Treasury....
6,121,300 00
Amount
Deposited
"A"
Series
'
r
,
,
Receipts:
with
From Sales of Metals:
$37,673,286 25
55,933,349 76
34,595,956 63
Gold....
Silver.........
...
Lead
Copper
—124,011,806 48
2,826,055 50
....
Zinc.
Tin..
Other Metals....
Total
—■
_
.
_
_
_
_
_
_
_
......
Properties
From Mining
From Manufactured Products
From Miscellaneous Tncome,
Rents, In-
terest, Commissions, &c—
.....
From Bankers and Trade Acceptances..
Special Funds
T ,825" 00
5,317,865 09
Current
From Rosita Coal & Coke Co. 6% Col¬
lateral Trust Bonds Sold
-8297.452,358 76
Total Cash Receipts
$243,843,367 27
_.1308,218,695 04
$262.334,389 16
Total Cash to be Accounted for.
1,290,000 00
$62,300,000 00
—
Outstanding—
60,998,000 00
American Smelting & Refining Company.
Bonds Outstanding—
Refining Company
Series "A" 1st Mortgage
MaturingApril
$33,540,700 00
Bonds.
1947
1
-
Less*
Retired through Oper¬
Payments:
For Ore and
ation of
Ex-
Purchased,
Bullion
penses and Taxes
For Expenditures on
ceeds
Outstanding.
Common Capital Stock
American Smelting &
From Decrease of Net Accounts
Stock
Capital
Preferred
Total
197,040 00
Dec. 300,100 00
27.151,800 00
Remainder
$242,354,502 27
135,400 00
.135,606 75
1,408 45
_
_
Dec. $147,900 00
-7
Held In Treasury
1,309,489 44
$291,862,078 47
Income
From
LeSS*
.
...
$30,000,000 00
"B"__
Series
9,451.800 00
2,848,200 00
Remainder
Miscellaneous
and
Sales
from
Total
From Investments Sold
,
$7,548,200 00
Total
..
1,572,021 83
i
1,426,900 00
Agreement
2,797,444 95
_
under
Retirement
Stock
81,281,84245
8,648,39830
8,537,899 83
2,344,514 91
2,032,790 26
.$266,033,367 83 S225.107.151 22
11,737,191 64
7,682,393 88
12,519,497 17
8,2oo,467 73
for
Trustees
Redemption
$44,777,926 70
64,105,41o 60
21,573.831 43
.$285,984,935 43 $235,6/5,446
...
Property less Pro¬
Property Sold...
3.850,064 43
....
For Investments Acquired
272,041 48
I
56
$1,484,000 00
503,500 00
Skg. Fund.
Held in Treasury
5,234,664 98
281,051 26
,
--'S
$ 1,987,500 00
Total
Remainder...
pany 6% Collat'l Trust
Bonds,
Maturing No¬
vember 1 1924
pany
Bonds Purchased,
For Interest
Bonds
on
493,800 00
503,500 00
1,663,969 94
6,662,057 25
_.
For Bankers and Trade Acceptances
1 "425,526
Companies.
67
$4,157,749 84
1,617.363 38
6,681,242 25
975,954 22
426,850 96
43,279 27
88
$4,573,236 28
3,282,450 00
6.193.100 00
$7,440,199 84
Liberty Bonds
$10,766.336 28
$262.334,389,16
$308,218.695 04
279,500 00
Current Liabilities—
Accounts,
Notes/Drafts
and Wages Payable
.$22,346,613
Bonds:
Unclaimed
Accrued, Not Due
Dividends:
Unclaimed
Interest
L
period
Inc.
45,464 96
405,704 99
Inc.
86,828 59
-
Dec. 263,040
Ounces Silver Produced..
.....
Produced
Ounces Platinum and Palladium
Tons Lead Produced......
Pounds Copper
Pounds Spelter
Pounds Nickel Produced
.
.. .. .
.
44,106,253
.......
Pounds Tin Produced..
Pounds
..
Produced
Produced..
375,167
18,511,160
.....
....
51,688,000
Sulphuric Acid Produced
Pounds Arsenic Produced
17,695,266
....
3,618,172
Pounds Copper Sulphate Produced
.
Pounds By-Product Metals Produced....
Pounds
1,5-19,426
8,154,731
Sulphur Dioxide Produced
2,191,041
78,200,298
1,824
208,439
705.676.000
33,375,301
662,637
15,340,000
40,362,000
9,359,541
3,675,499
884,438
4,988,000
OPERATING STATISTICS.
Number of men employed, excluding Mex-ico and South America
13,330
_
Tons Coal Used
....
.....
$5.04
_
1,294,299
2,674,177,277
2,311,946
509,424
181,664
_
Tons Ore Mined
3,835,864
545,782
582,083
397,729
499,713
394,014
__
Tons Coke Used
Cubic Feet Gas Used
$4.34
4,050,751
505,535
Barrels Fuel Oil Used
...
Tons Coal Mined
Tons Coke Produced
serve
_
$956,686 77
—
Employees'Death Benefit
Reserve.
Inc.
634,394 21
-
Fire Insurance Reserve.__
412,12114
for Enlargement
Extension.
3,000,000 00
Reserve
and
Dec.
1,089.887 60
Suspended Creditor
Total Reserve and
Accounts.
_
1
_
915,892
1,295,870,403
1,735,046
163,978
94,236
COMPANY AND
SECURITIES COMPANY.
REFINING
&
SMELTERS
AMERICAN
CONSOLIDATED
BALANCE
GENERAL
SHEET
DEC.
31
1920.
-_
_
_
.
_ —
6,105,808 41
25,987,292 65
-
-
Profit and Loss Surplus
—
$214,338,511 45
SMELTING &
AMERICAN
AMERICAN SMELTERS
Comparison with
Additions
and
Companies
Amount.
provements
Less
Depreciation
and
Additions and Improvements Written
off to Profit and Loss
..$131,225,157 46
Investments in Securities of Other Com¬
1,786,256 24
panies
W( king Assets—
or
Materials and Supplies
Dec. 311919.
SUMMARY OF CONSOLIDATED
Year Ended
Dec. 31 1920.
Immediately
Dependent Thereon
11,933,493
Dec. $639,740 83
Dec. 40,358 52
$7,506,996 91
Inc.
724,990 49
1.024,012 23
Inc.
677,676 48
Total Working Assets
!
_
8,531,009 14
_
on
Hand & in transit
Liberty Bonds..........
Bankers
Ac¬
Trade
and
96 11,569,384 11 Inc.
364,109 8o
1.816.869 38 Inc.
425.330 10
.
and
Notes
to
Companies
270,963 58
Dec. 582,177 80
Dec.4,068,557 38
Inc. 1,425,526
135,606,75
Re¬
ceivable
Advances
Toll Basis
on
.
Gross
Inc. 5,052,903 56
53.814,011 79
ing
Total in Funds.
Grand Total...
814,275 82 Inc.
165,183 14
1,592,834 94
1,605,949 16 Dec.
13,114 22
71,135 00
3,500,244 69
964,983 64
11,414 22 Inc.
3,514,097 90 Dec.
1,687,881 99 Dec.
722,898 35
on
Depreciation
Ore Depletion
—. .
(
Loss
Adjustments485,642 60
Total Charges
9,072,936 57
Net Income for the Year...
6.674.778 70
450,087 08 Inc.
59,720 78
13,853 21
35.555 52
9,100,158 36 Dec. 27,221 79
5,595,584 57 Inc.1,079,194 13
Less Dividends—
Preferred Stocks:
American
Smelting &
Re¬
fining Company
American Smelters Securi¬
ties Company, "A"
3,500,000 00
571,536 00
Securi¬
"B"
....
150,601 25
Stocks. 4,222,137 25
3,500,000 00
580,146 00 Dec.
8,610 00
161,176 25 Dec.
10,575 00
4,241,322 25 Dec.
19,185 00
2,439.920 00
fining Company
Dec. 1,560 00
Total Dividends_
—
2,439,920 00
6.662.057 25
6,681.242 25 Dec.
Balance Trans¬
Profit & Loss
19,185 00
Income Credit
Inc.
151 55
151 55
ferred
to
12,721 45
Surplus
884,6^9 20
1,085,657 68*Inc. 1,098,379 13
Prgi,minATvS"PlU6-at -..25.974.571
Employees' Death Bene¬
fit Fund
979,458 96
Stock:
American Smelting & Re-
Rosita Coal&Coke Com¬
Pension
312,295 87
228,536 92
Coke Company
Total Preferred
$2,350 00
Fund
233,647 63
83,758 95 Inc.
Refining Company
Rosita Coal &
6% Collat¬
eral
Trust
Bonds
Out¬
standing with Public
Interest
932,693 24 Inc.
On Common
curities Company 6%
15-Year
Debenture
Employees'
&
87
Examination
and
ties Company,
Cash with Trustees of Sinking Funds:
American
Smelters Se-
pany
6%
Collateral
Trust Bonds
262,532 39
1,051,972 34
5% 1st Mortgage Bonds
Outstanding with Public.:.
Cash and Securities in Funds—
Bonds
1,309,489 44 Inc.
American Smelters
71,429,984 30
Total Current Assets.
789,439 9u
13,386,253 49 Inc.
...15,747,715 27 14,695,742 93 Inc.
Income—..
Expenses
______—Corporate Taxes (including
Estimated Federal Taxes)
Interest on American Smelt¬
On
67
Metal Stocks, not Includ¬
ing Metals Treated
Operating Properties._.14,175,693 44
Income—NetRents,
Dividends
Received, Commissions,&c. 1,572,021 83
_
Affiliated
...
,
Other
Miscellaneous Profit &
Dec.
1,885,326 46
_.
291,244 21
7,728,238 42
ceptances
Loans Secured by Copper
in Process of Refining.
Accounts
Dec. 415,486 44
Dec.2,910,650 00
$4,157,749 84
.3,282,450 00
.v
^
.
Current Assets—
Cash
$
•
of
Earnings
Net
Total
Comparison.
S
7
Industries
Research
Prepaid Taxes and Insurance
and
Suspended
Debtor Accounts
12,721 45
$912,888 97
Year Ended
Dec. 31 1919.
$
Net
Earnings of Smelting
and Refining Plants
and
Charges Against Gross Income—
Administrative Expenses— 1,166,340
Im¬
and
Inc.
Dec.
REFINING COMPANY AND
SECURITIES COMPANY.
INCOME AND PROFIT AND LOSS
Inter est,
ASSETS.
Property Account—
Cost of Plants, Properties of Subsidiary
60
664,467 34
Dec. 1,143
12,718 69
Safety & Welfare Reserve
Miscellaneous
2,242.199 48
AMERICAN SMELTING
23,382 37
13,939
$18,146,548
Average Wage per eight-hour day..
Tons Charge Smelted
Tons Bullion Refined
Suspended Creditor Accounts—
Pension Re¬
Reserve and
Employees'
Grand Total
$20,164,508
Total Wages and Salaries, excluding Mexico and South America.
76
26,372,710 39
Total Current Liabilities
1919.
1920.
1,849,048
77,732,911
936
205,249
590,850,000
——
_
15
Dec. 30,611
1,825,739 20
METAL PRODUCTS.
'
30,476 75
Dec. 25,988 75
1,662,359 50
—
Taxes Not Due
(Federal
Taxes
Esti¬
Accrued
2,267 46
Dec. 4,152 51
of
close
after
Payable
927,567 11
Inc.
15
on
mated)
Ounces Gold Produced
Dec. 268,500 00
1,021,500 00
Remainder
.....$300,778,495 20 $251,568,052
__
Retired through Oper¬
ation of Skg. Fund
268,500 00
For Increase of Net Accounts Current..
Total Cash Payments
Balance End of Year
Cash on Hand and in Bank..
$1,301,000 00
Less:
.....
For Advances to Affiliated
138,400 00
147,900 00
value........
par
For Dividends to Stockholders.
-
203,400 00
Rosita Coal & Coke Com¬
Preferred Stock Purchased, less
American
Smelting & Refining Co.
1st Mortgage Bonds issued
......
For American Smelting & Refining Com¬
pany 1st Mortgage Bonds Purchased,
par value
....
For Rosita Coal & Coke Co. 6% Gold
Dec.
31,553,200 00
—
...
Smelters Securities Com¬
For American
;
:
478.923 56
1.366 ,104 31
$214,338,511 45 Dec. $912,888 97
20 27.060.228 88
PrSf'^!!S.S.UrP!U! ".—26.987.292
65 25.974.571 20 Inc.
*
Debit
Balance.
Dec.1,085.657 68
12.721 45
March 19 1921.]
New York
THE
HASKINS & SELLS
Certified Public Accountants
Cable Address "Haskells"
St. Louis
Los Angeles
Seattle
Atlanta
Cleveland
•
San Francisco
30 Broad Street
New York
Salt Lake
City
Tulsa
Watertown
Buffalo
Portland
Chicago
Boston
Baltimore
Cincinnati
Kansas City
Dallas
London
Paris
Havana
Detroit
Pittsburgh
Philadelphia ' Denver
CHRONICLE
New Orleans
CERTIFICATE.
Shanghai
Grand Total.........
December
records
of
panying General
Balance Sheet and Summary of Income
Profit& Loss correctly exhibit the
consolidated finan¬
and
their consolidated
.$80,322,242 28
AMERICAN
SMELTERS
SECURITIES
COMPANY.
SUMMARY OF CONSOLIDATED INCOME AND PROFIT
AND LOSS
YEAR ENDED DECEMBER 31 1920.
Viv
•'
'
•'
/,•
1
••
'
"...
..
'•'/ 1. "
\
Net Earnings of Smelting and Refining Plants and Industries
Immediately Dependent Thereon....
Net Earnings from Mining Properties
Total Net Earnings of
Other Income—Net—
$7,081,189 22
2,276,068 65
Operating Properties............ $9,357,257 87
Interest, Rents, Dividends Received, Commissions,
V:
Gross Income
120,509 83
$9,477,767 70
.
in¬
Charges Against Gross Income—
:
Administrative Expenses
Corporate Taxes (Including Estimated Federal Taxes)_____
Depreciation and Depletion of Ore Reserves
HASKINS & SELLS.
New York, March 4, 1921.
$7,516,132 99
4,282,858 39
Profit and Loss Surplus
received from their various
plants and mines, and
WE HEREBY CERTIFY
that, in our opinion, the accom¬
of the companies
come results for the two
years.
4,236,398 37
279,734 62
Total Reserve and Suspended Creditor Accounts
including monthly
reports
condition
$3,000,000 00
-
1X-:".
31, 1920 and 1919, have examined the related
original entry and supporting documents,
cial
Reserve and Suspended Creditor Accounts—
Reserve for Englargement and Extension
Unearned Treatment Charges
Miscellaneous.
-
We have audited the
general books and accounts of the
American Smelting & Refining
Company and the American
Smelters Securities
Company for the years ended
and
1157
$660,868 65
672,437 00
2,403,753 32
354,040 59
—.....
...
AMERICAN SMELTERS
Miscellaneous Profit and Loss Adjustments
SECURITIES COMPANY.
Total
CONSOLIDATED BALANCE SHEET DECEMBER
31 1920.
ASSETS.
Property Accounts—
Amount.
Cost of Plants, Properties of
Subsidiary Companies and
Additions and Improvements Lass
Depreciation and Additions and Improvements Written off to
Profit and Loss.$56,463,095 35
Investments in Securities of Other Companies
_-_v
391 893 75
Working Assets—
Materials and Supplies
$3,204,951 25
Prepaid Taxes and Insurance and Suspended
Debtor Accounts.
105.152 78
_
Total
$4,091,099 56
$5,386,668 14
Less Dividends—
On Preferred Stocks:
Series
"A"
$941,622 00
1,500,000 00
Series
Total Dividends
Preferred Stocks..
on
$2,441,622 00
Income Credit Balance for Year after Deducting Preferred
Working Assets
Stock
3,310 104 03
Current Assets—
Charges.
Net Income for Year
Dividends
$2,945,046 14
....
„
Cash on Hand and in Transit....
$895,350 64
Liberty Bonds._____
1,783,000 00
Accounts and Notes Receivable
2,827,968 59
♦Advances to Affiliated Companies._._L.
12,576,876 33
Ore Stocks and Manufactured Metal
Products
2,071,603 59
Dividend
......
_
Total Current Assets
pf Year
Profit and Loss
6%
...
......
$80,322,242 28
Includes value of Metal Stocks on Hand at
Plants of American Smelters
Securities Company which is carried as an
Asset of the American
&
Refining Company, payment for which
Securities Company.
...
Surplus at End of Year
New York
2,350 00
,
Grand Total
...$10,800,000 00
12,137,812 25
$4,282,858 39
20,154,799 15
____________
Fund American Smelters Securities
Company
15-Year Debenture Bonds, Cash icith
Trustee
Common Stock.
Income Debit Balance Transferred to Profit and Loss
Surplus $7,854,953 86
Profit and Loss Surplus at Beginning
....
Sinking
on
Smelting
is not due to American Smelters
HASKINS & SELLS
Certified Public Accountants
Cable Address "Haskells"
St. Louis
Los Angeles
Seattle
Atlanta
Cleveland
San Francisco
30 Broad Street
Salt Lake City
New
Kansas City
York
Dallas
Tulsa
London
Watertown
Buffalo
Baltimore
Detroit
Paris
Chicago
Portland
Havana
Philadelphia
Cincinnati
Denver
Pittsburgh
Boston
LIABILITIES.
Preferred Capital Stock Outstanding—
Series "A"
.......I
-.$17,000,000 00
Less:
', !
Amount Deposited with Trustee for Re¬
demption under Stock Retirement Agree-
New Orleans
Shanghai
CERTIFICATE.
■
ment
?v'
1,426,900 00
Remainder
Series
We
....
Outstanding
Capital Stock Outstanding
..$45,573,100 00
18,000,000 00
Current Liabilities—
Accounts, Drafts
and
Unclaimed Interest
Dividends:
on
December
$15,573,100 00
30,000,000 00
_
"B"_
Total Preferred Capital Stock
Common
Wages Payable....... $3,269,657 97
Bonds....._________
2,235 00
Unclaimed...
Payable after Close
of Period.
Accrued Taxes Not Due (Federal Taxes
Estimated)
1920,
have examined the
related
records of
Profit
& Loss correctly exhibit the financial condition of
Company at December 31, 1920, and its income results
the
1
for the year.
1,044,755 85
______________
31,
original entry and supporting documents, including monthly
reports received from its various plants and mines, and
WE HEREBY CERTIFY that, in our opinion, the accom¬
panying Consolidated General Balance Sheet and the accom¬
panying and related Summary of Consolidated Income and
24,905 58
608:596 50
....
•
have audited the general books and accounts of the
American Smelters Securities Company for the
year ended
Total Current Liabilities
HASKINS AND SELLS.
New York. March 4,
4,950,150 90
,1921.
THE SHAWINIGAN WATER & POWER COMPANY
TWENTY-THIRD ANNUAL REPORT OF THE
Submitted to
BOARD
the Shareholders of the Company
Your Directors have
pleasure in
submitting for
your con¬
sideration their report for 1920.
The gross earnings of
your Company for the year are $3,943,359.29, in comparison with $3,727,045.15 for the previous
showing an increase of $216,314.14.
The net revenue
$1,609,042.76 as against $1,473,743.03 in 1919, showing an
increase of $135,299.73.
After making the usual appropria¬
year,
is
tions and
paying
dividend upon the Common Shares of 7%
there is carried forward a balance of
$39,593.15.
a
Although this report is for the twenty-third year of the
Company's corporate existence, the year 1920 marks the
completion of the twentieth
year of your
tions, work having been commenced
on
ment at
Shawinigan Falls early in 1900.
fore
place
to
on
record
points in the history of
After
plans
first
the
canal,
for
your
the power
construction
head
brief
a
gates,
was
opera¬
the power develop¬
It is fitting there¬
summary
of
the
salient
Company.
development had been made,
started.
penstocks
Company's
and
This
power
consisted
of
a
house.
topography of the site facilitated the work and the
development proceeded expeditiously so that in the
spring
of 1903 there was in operation a total of
15,000 horse-power,
being the output of the installed equipment which up to
that time had reached completion.
During the same year power was transmitted to Mon¬
over
transmission
lines
During that year the Asbestos producing district, com¬
prising the area of Thetford Mines, Black Lake and Dan¬
ville, offered a new field for the Company's operations, and
transmission
which
lines
extended
were
over
120
miles
of
terri¬
tory, including the unique problem of providing the subma¬
rine transmission under the St. Lawrence.
This
stage shows
total transmission installation aggre¬
a
gating 362 miles, while 22 cities and towns were then using
Shawinigan power, the largest consumer being the City of
3Iontreal, which was receiving 16,000 horse-power.
The year 1907 marks three important steps in
your Com¬
pany's progress.
The era of progress into which the City of
Three Rivers entered
of your
North
dates from
this point
Shore
Power
Company,
through
the operations there have been carried
The
the
with-the entry
Company into that City and the acquisition of the
extension
sale
in
Company
The
treal
OF DIRECTORS, FOR THE YEAR ENDING DEC.
31,1920.
at the Annual Meeting Held on February 15,1921.
of
subsidiary
Company's financial capacity by
Stock brought to ydur
of a large number of British sub¬
your
London
the
which
on.
of
interest
Debenture
scribers.
The third step was the
the
Company
The
upon a
interval
placing of the Common Shares of
dividend basis.
between
1907 and 1910 was
marked by
Dams were erected at the crest of the falls
for the regulation of the water levels.
Equipment and lines
steady progress.
to
Three
Rivers and
the
South
were among the first
to be built on this conti¬
nent.
Prior to this the distribution of
electricity had been
confined to much shorter distances and it had been
thought
Directors re¬
ported that the electrical capacity of the plant had reached
55,000 horse-power, with a further capacity available for
impracticable
sale
high-tension lines
mands for
the
(50,000 volts)
to undertake
Company's
the
longer
transmission.
De¬
serve
increased.
moderate way
In
year until 11)06,
when the
capacity of the
power-house had reached 35,000 electrical horse-power, be¬
sides a further provision of 30.000
hydraulic horse-power
as
Further,
in the latter
Shore
year
were
steadily
your
water power of 50.000 horse-power.
time
each
for
use
in the Aluminum
power grew
in
installed
a
Company's station.
that year
also the Company
undertook what at that
appeared to be a tremendous increase in the power
capacity, when a second power-house and a second develop¬
ment
of
hydraulic
installation
and
made provision for 75,000 horse-power.
/
electrical
This
was
equipment
made pos-
THE
1158
delivery in Montreal of
through a contract with the
the arrangement for the
sible by
large portion of this power
a
& Power Company.
complete a new scheme of electrical
transmission was inaugurated to Montreal, representing the
most advanced type of electrical transmitting equipment by
the utilization of steel towers and the employment of a
Montreal Light Heat
To make this system
high-tension voltage of 100,000 volts. The Board was able
to report complete success in this undertaking both from
Executive and Engineering Depart¬
question this established your Company
upon a new status in the development and transmission of
electrical energy, and this stage should be looked upon as
a
definite advance in your Company's position.
During this period also your Company inaugurated the
system of extending operations in various districts within
its scope through the utilization of subsidiary distributing
companies. This policy has been found fully successful and
the
of the
viewpoint
ments, and beyond
adequate.
supply is essential to the
development. The Com¬
pany early formulated a
plan arising from information
gained from an exhaustive study of the conditions at the
headwaters of the St. Maurice River.
It was found that an
immense storage basin could be created which would benefit
all the water powers on the St. Maurice River.
This plan
was laid before the Government of the Province of Quebec,
and upon the formation of the Quebec Streams Commission
definite plans were submitted to the Provincial Government
for approval, and being favorably considered by them the
result was the undertaking in 1914 of the erection of the
Gouin Dam at La Loutre Rapids which, completed in 1916,
stabilizes the flow of water in the St. Maurice River.
regulation of the water
The
ultimate
utilization
of a
power
for the purpose
supply of power. One
was the purchase of
Ores Falls, which is a large water
power about four miles below Shawinigan Falls, and the
other was the making of a contract with the Laurentide
Power Company Limited, whereby this Company acquired
the control of the latter Company's surplus power.
Thus is brought within your Company's control one of
the most complete and extensive groups of hydro-electric
ensuring
the Company's future
developments
In
entered into
and lighting
in that city.
The electrical capacity of the Company's power stations
has risen to about .150,000 horse-power, which with the 70,-
purposes
being taken under contract from the
Laurentide Power Company Limited, makes a total of 220,000 electrical horse-power flowing into your Company's dis¬
tributing system.
In addition, the Company has available
hydraulic power, sold on the basis of water-power, of ap¬
proximately 60,000 horse-power.
It may be said of the Company's power service that it is
supported by large and dependable sources of supply not
only for the present but for future demands, and further
that its distribution system touches the chief cities and
towns in a province which is both wealthy in resources and
advantageously situated to develop them.
000 horse-power now
growth of the Company's
business is shown by the
following figures:
The load
Stations was in—
the power
on
19U5
20,000 H.P.
1910
/
St.
the
enabled it to take a
of about
the past
standing Common Shares.
the
indicate
rate
14,000 horse-power per year, while the growth for
five years has been about 20,000 horse-power per
a
industry
position is paralleled only
industrial centres in North America.
other
two
or
one
Company's importance in the
This operating
of the Province.
in
1920 of 1,140,759,076 kilowatt
figures of output for
The
hours
for many years,
operating steam
scale, are the only comparable industrial
standpoint of the production of electrical
Niagara Falls, producing electrical energy
and the Cities of New York and Chicago,
units on
large
a
centres from
the
energy.'
to time informed you,
Directors have from time
As your
production of electrical energy from hydraulic develop¬
ments has proceeded on a large scale and will in the future
the
proceed in an ever-increasing degree. Hydro-electric plants
assuming much more importance in the industrial world
than ever before, and your Company stands in a pre-emi¬
are
nently satisfactory position.
Submitted on behalf of the Directors,
J. E. ALDRED,
President.
31ST 1920.
CONDITION DECEMBER
ASSETS.
Power
development
$6,869,242 62
7,418,859 54
4,239,/(JO 00
4,680,919 58
484,868 67
77,960 55
12,540,060 00
2,129,113 15
770,000 00
355,845 80
--
Real Estate and Property
Machinery
Transmission Lines
Movable Plant and
Equipment
Prepaid
Charges
Subsidiary and other
Accounts and Bills Receivable
Companies
Securities of
Loans
Call
-
Cash in Banks and on
Hand
$39,566,569 91
LIABILITIES.
Capital Stock
-
00
Consolidated Mortgage Bonds
—$5,000,000
Bonds purchased and Bonds held by
Trustee for Sinking Fund.
— 1,175,500
5%
$20,000,000 00
Less:
•
<..
'i'
t'i /•,
•
5)4% First
"A"__
—Series
714% Six-Year
(Secured
' 1.1
••
by
00
UiOaTiOvH) UU
1 .■
J
Fund Gold Bonds
Refunding Mortgage Sinking
6,000,000 OO
...
Convertible Gold Notes...
_
6% Series "B" First Mortgage
4,000,000 00
-_-
Bonds—
—$5,334,000 00.)
Accounts and Bills
nQoneen
403,208 80
625,000 00
225,000 00
3,028,652 72
150,324 i!J
1.23o,290 44
35,000 UU
Payable.----.-.-----
in January
and Dividend payable
Reserve for Taxes
Reserve and Sinking Funds—
Contingent and Insurance Funds
Depreciation and Renewal Reserve
Bond Interest
-
-
Employees' Pension Fund
Surplus
39,593 15
-
$39,566,569 91
Approved on behalf of the
220,000 "
|
J.
W.
growth in fifteen years at an average
the pres¬
ent year new business which will require the installation
of 40,000 horse-power at Shawinigan Falls.
These contracts
when brought into operation will augment the Company's
gross revenue by more than a million dollars per annum.
All of this power will come on the Company's system during
1922. This has also involved the duplica¬
tion of the Company's lines to Thetford Mines and Quebec,
which has been completed, and also a second transmission
Montreal,
will be completed
undertaken in the past summer season,
during this year.
It is interesting to note
the diversity of the industries sup¬
S.
Directors,
SMITH, \
HART, fDirectors.
1921.
against this ratio there is under contract in
1921 and early in
C.
Audited and Verified,
;
SHARP, MILNE & CO.,
Chartered Accountants.
January 20th
year.
to
industrial activi¬
prominent part in the
demands produced.
war
100,000 "
1915
This shows
It has
This contribution was
made on a basis far removed from the profiteering zone.
Realizing the position into which your Company, w;as
growing during all this period, your Directors have been
keenly sensible of the desirability of maintaining your Com¬
pany in a strong position to the end that it could success¬
fully play this constructive part.
The splendid financial basis upon which your Company
rests can be clearly shown by its strong asset position,
there being about $34,000,000 of fixed assets against only
about $13,000,000 of bonded indebtedness, including Short
Term Notes.
The Company's various reserves amount to
over $4,000,000, or approximately 20%
of the entire out¬
ties which
50,000 "
1920
,
industrial centres.
upgrowth of many
largely toward the conservation of water on
Maurice River, while during the war its position
contributed
STATEMENT OF
augmented its sphere of
by extending its transmission lines to the City
Quebec, and through a subsidiary company
the distribution and sale of current for power
line
hydraulic and electrical power on the largest scale ever con¬
summated in North America, but it has lent itself to the
constructive
in the world.
Company further
of
The
had a history of continuous con¬
It has not only developed
struction and constructive work.
1916 your
operations
As
electrical power, but it has
^
important steps were taken
In 1915 two
of
[Vol. 112.
CHRONICLE
PROFIT AND
Gross Earnings
Operating.
LOSS ACCOUNT
———:
— -
?43,119 10
l?7,687 Uo
118,117 08
Purchased-- -- -- -Maintenance and Repairs.
Power
Taxes
and Insurance
General
1920.
---.$3,943,359129
$228,467
for year from all sources
-
Expense.--—122,wo os
Rentals (Provincial Government)
117,719 00
Water Storage
Balance
brought down
5% Consolidated
Interest on
iSterSt
l,4i/,810o8
—•
on 5H% First
Sinking Fund Gold
$2,525,543 91
Mortgage Bonds..
Refunding Mortgage
$250,000 00
Gold Notes.——
148,726 t7
ll.frU.79
Bonds.-.306,131 o9
Interest on 7)4 % Six-Year
Interest General...
——
^
plied with power by the Company and a diagram appended
to this [pamphlet] report
$1,809,042 76
shows the distribution of the load
200,000 00
.
consumption by the different branches of industry.
under
The Company had
time by means
financed its requirements from time to
then available and under the conditions ex¬
isting at the time.
In 1918, a larger provision was made
through the authorization of a Bond issue, which may ag¬
gregate $50,000,000 at any time outstanding,
your
thus equipping
may be
Company for any financial operation which
required in the future.
In reviewing your Company's history, it will be seen that
in the
past twenty years it has taken the position, not only
of
operating electrical Company developing and selling
an
Transferred to Depreciation
Net
Reserve.
Revenue
Balance
—
from 1919
——
-
-
Total
Distributed as follows:
Dividends for year
Transferred to:
Reserve and Sinking
Reserve
8urplus
for Taxes
1,400,000 00
—
Fund
Insurance Reserve..
Employees' Pension Fund. .—
Fire
$1,609,042 76
30,550 39
$1,639,593 15
—
R2
20,000 00
5,000 00
125,000 00
39,093 15S1.639.593
15
March 19 1921.]
THE
CHRONICLE
1159
AMERICAN INTERNATIONAL CORPORATION
REPORT OF THE PRESIDENT TO THE
To
the Stockholders
American
of the
Corporation:
on
Interest
on
Interest
from
Dividends
Current
1—
Subsidiary
Stocks
$637,816.44
Corporations—
Owned
(Including
Miscellaneous Income,
Bonds
on
to
of the American International Corporation and
its Subsid¬
iary Corporations
a
solidated income for the year of $1,783,466.99.
ternational
ing from
Corporation
from
Subsidiary
bined
operating
American In¬
is accounted for by deduct¬
proper
the latter the
of the dividends received
amount
Corporations—$637,816.44—and
losses
of
con¬
The differ¬
between this and the net income of the
ence
the
Subsidiary
the
com¬
$2,741,401,
as
compared with $2,809,523
corresponding period of the previous year, and three
quarterly dividends of 1%%
paid
were
holders.
American
to
The losses of
each, aggregating $2,245,500,
International
the
Corporation
stock¬
Subsidiary Corporations devel¬
oped mainly in the latter part of the year.
No dividends
Corporation.
The
and
the
to
America.
accounts
loss
of
During that time its losses
have been
large decline in prices of tea.
With the
the year
1920 showed
The Rosin
The
& Turpentine
diversified interests
of your Cor¬
doing business with
Export Company
pentine.
it to
South
America,
The nature of the Company's
credit
account for the year
a
loss of $02,794.56.
1920 showed
income account of American International
cludes the
The
sum
of
Balsa
year
conditions,
$412,816.44 dividend paid in 1920 by this
Refrigerator Corporation
cooling apparatus, devices and systems for
development of
a
market for balsa wood
connection
':a„.
with
the
of
Corporation has
Allied
the
national
Rosin &
Machinery
Steel
American
American
the
Balsa
Company
G.
International
Refrigerator
The Allied
&
Inc.,
Balsa
in Europe,
distributing American machinery and
Notwithstanding the trade de¬
5%
of
the
situated, the sales
are
sales
of
1919.
Com¬
The
a
profit
The income account of American Interna¬
Corporation includes the
sum
of
$225,000 dividend
in
which
interest.
The
1920 showed
year
Your Subsidiary Corporations
increase
in volume of
tory
held
1920,
was
31, 1919;
the
a
Com¬
loss of
by
the
(engaged in trade) did
1920
$80,088,967,83 against
year.
Notwithstanding the
business, the total amount of inven¬
commercial
companies
December
on
on
on
December 31,
1920,
had
in
carrying
out
the
been
31,
December
approximately 35% of the inventories shown
books
an
of
$12,524,002.84 against $15,049,126.21
companies
already
on
sold.
of the officers of these
policy
laid
down
by
the
parent corporation in the early part of the year of steadily
reducing the stocks of goods
South America and Japan, where the
within
were
$184,361.85.
tional
the
Company,
predominant
This reduction is due to the action
pany's income account for the year 1920 showed
of
Inter¬
the
Co.,
Corporation.
Company's sixteen principal offices
of 1920
of America,
Amsinck
Shipbuilding Corporation and
throughout the world.
a
$70,477,538.15 in the preceding
Machinery Company of America during 1920
continued its work of
pression
OWNED.
100% interest in the capital stock
Corporation,
has
aggregate gross business in
Turpentine Export Co., Carter, Macy & Co., Inc.,
the
tools
a
Corporation
(imported from
for refrigerator insulation, in
$30,032.38.
com¬
,:'
■:
COMPANIES
Your
as¬
years.
organized dur¬
was
1920 to deal in and with refrigerators, refriger¬
ation plants and
wide¬
Corporation has
your
The
Corporation in¬
from accumulated surplus of previous
company
faced
Owing to
its
liquid state; its income
Central and South America)
have
end of the year
a
coun¬
large extent the financing of its trading
panies.
affected
was
entire capital and surplus were in
pany's income account for the
a
account
business permitted
anticipate this condition and at the
foreign
for goods actually ordered and received.
abnormal
take advantage of any
Company's income
loss of $862,799.26.
a
to
the
nothing
owes
Company's good-will and excellent
position to
a
revival in trade conditions.
for
it
and its operating expenses have been reduced
minimum.
a
a
result of
a
The Company's accounts
in good condition;
are
your
sumed to
Owing
Co., Inc., like all tea importers, had
spread cancellations of contracts and inability of customers
pay
small.
very
$430,378.81.
organization, it is in
justments.
with
The busi¬
Inc., has been continuous for
financial conditions in those countries, how¬
Macy &
to the banks,
the
tries, particularly
South
receivable, however,
poration have been necessarily affected by post-war read¬
Companies
Co.,
difficult year and has sustained heavy losses as
ing the
international
&
The Company's income account for the year 1920
a
Carter,
paid for the last quarter by the American International
were
substantial help
secure
by the general curtailment in the demand for rosin and tur¬
The consolidated companies had earned in the first eight
in the
Owing to the general stringent bank¬
it is possible that the ratio of loss may be substan¬
showed
Corporations
amounting to $1,295,055.05.
months of the year
Amsinck
and
respect.
consolidated income account
net
At
Reserves have, therefore, been set up from
profit and loss account to provide for contingencies in this
taxes amounting
showing
increased.
tially increased.
$1,572,879.19 there remained net income of $3,716,338.48.
(companies owned)
G.
uncollectable
ever,
$5,289,217.67
a
1921.
however, the situation in this respect
improve.
to the present
264,186.23
Attached to this report is
of
from
Including Shipbuilding Fees— 1,396.857.52
deducting expenses, interest and
receivables substantially
ing conditions, the Company had to
Central
3,195,278.44
Sold
MEETING, APRIL 6,
nearly seventy years, dealing with the principal houses in
of
Leaving Gross Income
After
its
that
had begun to
ness
$5,553,403.90
Loss
result
ANNUAL
from the parent Corporation in the form of loans.
565,813.90
Dividends
Total
Less
follows:
102,093.86
Stocks of Subsidiary Corporations)
on
as
$293,360.18
—
Securities
on
derived
Assets
THE
the close of the year,
1020 the income of the American Inter¬
year
national Corporation was $5,289,217.67,
Interest
the
,
International
During the
STOCKHOLDERS AT
on
hand.
Inventories stand in the balance sheet at cost.
Of these
inventories, approximately one-half is in stock of standard
machine
tools and accessories which stand
low present
laneous
abroad
replacement cost.
goods
on
a
located
partly
the books be¬
on
The remainder is in miscel¬
in
this
country
and
partly
good deal of which shrinkage can be only ap¬
paid in 1920 by this company from the accumulated surplus
proximated, but due allowance for shrinkage has been made
of
in reserves.
previous years.
The
International
1917 to conduct
ucts.
an
Steel
Corporation
was
organized
export business in American steel prod¬
Arrangements have been made to liquidate this
poration
and
turn
over
its
functions, to
the
Allied
A
in
cor¬
material
costs of
crue
reduction
1920 showed
a
$93,411.89.
and
turbance
It
was
sent to
to
Central America,
trade and
necessary
credit
felt seriously the great dis¬
prevalent in
these
countries.
for the Company in many cases to
extensions of time for payment
in
the
operating
ac¬
PARTICIPATIONS.
Your
Corporation's investments in the various companies
included in the "Participation Group" referred to in the last
G. Amsinck & Co., Inc., doing business in South
America,
Mexico
made
Ma¬
The Company's income account for the year
loss of
been
the benefits of which will
in the current year.
chinery Company and G. Amsinck & Co., Inc., in their re¬
spective fields.
has
these corporations,
con¬
by customers, with
report are
ago.
These
virtually unchanged
investments
are
as
compared
in the item
ties" in the Consolidated Balance Sheet.
at
cost in accordance with
from its
inception.
with
entitled
They
the practice of the
are
a
year
"Securi¬
carried
Corporation
A complete list of the investments in-
eluded in this item at a total ledger
as
cost of
During the
$32,107,626.11 is
1920
year
Corporation received in divi¬
your
dends from the International Mercantile Marine
follows:
BONDS;
and from
7% mortgage
Products Co.
bonds.
cumulated.
SHARES:
value $100).
ing 517,255 shares—pare
(total outstanding
Common Stock
Co.
$100).
498,720 shares—par value
shares—par
1,000,000
standing
a
17,600 shares, which are included in the shares of that
During the year 1920 your Corporation acquired an in¬
terest in
Your
the
Co., which is a holding corporation,
Greeloek
interest in textile mills through stock ownership.
an
Corporation
received $40,000 in dividends from that
company during 1920.
with
The American Balsa Co. has completed its contracts
(total
Steamship Co.
value
outstanding 300,000 shares—par
$0).
States Government for the manufacture of life¬
the United
It has effected a
boats, life-rafts, buoys and like products.
complete settlement of its Government war contracts and is
Shipbuilding Corporation
77,944 shares New York
(total outstanding 200,000 shares—no
11,250 shares United States Rubber Co. Common
Stock
now
810,000
outstanding
(total
shares—par value
10,000
outstanding
agreement made in December, 1919, your Cor¬
an
poration
purchased
approximately 12%%
1920
in
capital stock of the Simms Petroleum Co.
a
$100).
No dividends were
paid by this company during the year 1920.
Under
(total
Inc.
Co.,
Balsa
addition to supplying any
normal demand for its marine products.
shares—par value $100).
American
Refrigerator
engaged, in co-operation with the Balsa
Corporation, already mentioned, in widening the field for
the utilization of balsa wood, in
value).
8,950 shares
of this
Your Corporation's share
100%.
the
declared
In 1920 the United Fruit Co. also
Company reported above.
$100).
92,794 shares Pacific Mail
par
received also $87,500 in dividends
were
stock dividend of
was
having
(total out¬
value
35,200 shares United Fruit Company
the preferred stock
States Rubber Co. and $228,800 from
United Fruit Co.
Marine
Mercantile
International
105,000 shares
outstand¬
(total
Stock
Preferred
Marine
Mercantile
International
Co.
!'
There
from the United
105,000 shares
In the
Marine Co., the divi¬
Mercantile
International
and, in addition, payment on account of past dividends ac¬
6% bonds.
192,500 French Cities
AND
Steamship Co., $231,985.
the Pacific Mail
of the
case
dends represented current dividends on
Co. 5% bonds.
858,000 United States Rubber
Co., $1,640,-
000; from the New York Shipbuilding Corporation, $311,776.
V
-
'
$1,060,000 International
STOCKS
[Vol. 112.
CHRONICLE
THE
1160
of the
During the year
operating management was put in control and the
new
company
(to¬
5,000 shares European Textile Corporation
tal
value
;
35,000
outstanding
shares—par
$25).
(total outstand¬
718,180
standing
shares
par
no
—
-
1
Stock
Pre¬
Co.
Products
(total
outstanding 101,-
shares—par value $100).
681
shares—no
10,000
lombia.
dividends during 1920.
no
Co.
Products
owns
a
60%
packing plant in process of construction in Co¬
Its business is the shipping
and
bracho
1,750.000 acres of
large packing plant in Paraguay and has a
a
beef to
the
ternational
United
of its products of
and
States
que¬
Your
Europe.
Products
(total out¬
stock
of the entire capital stock outstand¬
ing.
value
shares—par
for additional
subscribed
Co.,
during the year 1920; at the present time its stock holdings
represent about 17%
value).
par
5.001 shares The China Corporation
standing
Com¬
(total outstanding 202,691
Stock
mon
It paid
International
Corporation, in common with other stockholders of the In¬
International Products Co.
36,408 shares
$4,000,000.
land and
had, exclusive of any
supplies, net cash or its equivalent in excess
or
interest in
International
ferred
of
The
value).
16,216 shares
At the close of the year the company
$100).
ing 60,032 shares—par value
i
oil, the equivalent of about 3,000 barrels per day.
materials
Greeloek Co.
5.000 shares The
produced net, after all royalties, 1,100,000 barrels
of crude
DEVELOPMENT.
*
$100).
500
Siems Carey Railway & Canal
shares
Preferred
Stock
Co.
outstanding
(total
shares—par value $100).
1,000
Common
Stock
standing
3,000
$100).
—
1,000
tion in
the fall of 1917, as explained
report of
Co.
menced
value
shares—par
gency
the
$100).
Stock
(total
outstanding
poration
(total
International Cor¬
2,048
outstanding
shares—par value
turning over to
International
plant
the last
outstanding
5,500
Pesetas
500;
2,500
Hispano-American
shares
Corporation
outstanding
gave an
it
Stock
value
&
W.
Studi
(total
e
(Societa
Lavori
value Lire 500;
479.61.
at
of
S.
2,000
30%
paid
shares—par
30% paid).
an
nature,
carried
to
time
became
unnecessary
1921, made
As
the entire plant and all
stated in the annual
report of April,
option,
as
on
which the plant
was
built and
required, to the Government to purchase
The Government exercised this option and took
the land in the spring of 1920, making payment at
actual cost
upon
price to the Corporation, having paid 6%
the investment thereon during
the
Corpora¬
Under the contract made with the
Emergency Fleet Cor¬
poration on February 14, 1920, which provided for
tion of all claims which either party had
it
a
a
troopships and the final
is anticipated that the complete audit
settle¬
disposi¬
against the other
of the work, with
final balance sheet executed by both parties,
will
be
ex¬
changed during March, 1921, and that this act will com¬
pletely close our Hog Island activities.
Subsidiary Corporations of
miscellaneous
books
Corporation
Italo Americana di
Pubblici)
outstanding
Investments of the
time
ment for the 58 canceled
Italo-American
P.
Emer¬
tion's ownership.
(total
shares—par
It com¬
representatives of the
transfer, completely delivering into the custody of
at cost.
the
Pesetas 500).
1,000 shares
the
1918, the American International Corporation had invested
interest
International
(Common
8,000
which from
material.
shares—par
20% paid).
The work of this Corpora¬
Emergency Fleet Corporation
of the
title to
(total
in more detail in the
Fleet Corporation early last summer that portion of
Corporation Preferred Stock 20% paid
value
April, 1918.
$1,732,582.60 in the land
$100).
Hispano-American
shares
con¬
Fleet Corpora¬
Board Emergency
for further ship construction and on February 4,
the
97,000 shares—par value $100).
825 shares Grace-American
Shipping
tion, which reached fruition in 1919, is completed.
(total
1,109 shares Famous Players-Lasky Corporation
Preferred
Corporation, in
Corporation, undertook with the
States
value
par
(non-voting)
Stock
outstanding
2,500
the New York Shipbuilding
United
|
Common
tract with the American International
annual
shares
Corporation
Shipbuilding
organized as the corporate agency to carry out the con¬
out¬
(total
(voting)
Siems Carey Railway & Canal
shares
was
International
junction with its associates, Messrs. Stone & Webster, and
1,501 shares Siems Carey Railway & Canal Co.
125
American
The
on
aggregate cost of
a
the
$352,-
During the year 1920, there were launched 44 ships; 53
ships were delivered to the Emergency
and immediately put
and 8,000 d.w.t.
into service.
Fleet Corporation
These ships of 7,825 d.w.t.
for the cargo ships and troopships respec-
March 19
tively made
1921.]
THE
CHRONICLE
total tonnage delivered during the year 1920
a
of 416.300.
set aside
tions,
The contract for this project was signed on September
13,
1917; the actual construction began
first keel
was
launched
August 5,
days later.
seven
The
laid February 12, 1918, and the first ship was
1918; the last
the contract, was delivered
ship,
which completed
January 29, 1921.
The 122 ships
1161
during the
from the income of these Corpora¬
year
aggregating $649,431.44, to provide for possible
sums
further losses.
The
of
$4,750,000 has been charged
against the profit and loss accounts of the Subsidiary Cor¬
sum
porations, and has been set aside
together with the amount
the American
Income
both, and give
or
tonnage of 956,750, with
miles, carrying
tion
record at
a
of
sea
3,550,000 tons of
over
total deadweight
a
4,000,000
over
Your Corpora¬
cargo.
received during 1920 the sum of .$1,200,000 net fees in
connection
The
with
this
operations
undertaking.
that
during the
year
been
discontinued
tated.
will
and
financial
carried
held
be
situation
has
under
on
DEPARTMENTAL
in
been
AND
153.22,
and
its
character
deemed
adequately
after
have
best
of
of
purpose
CHARLES
your
to
the
Directors to
Due to
the
of
limited,
it
and
has
contract
substantially
until
such
AUGUSTUS
time
.
general
as
For
the
felt
the
violent
effect
ventories,
set
up
reserves
our
of
the
in
the
current
It
year.
opinion, subject to
by
us,
Balance
Sheet
the
and
accompanying
which
Summary of Consolidated In¬
respectively, the
and the results of their operations for the year ended that
IIASKINS
York, March 8, 1921.
world's
SUMMARY
OF
CONSOLIDATED
contingent losses arid
seems
&
reasonable
to
SELLS.
■
on
INCOME
AND
PROFIT &
1920
1919
$5,969,874.31
Profit
Operating
be¬
$8,153,111.73
"
Dec. $2,183,237.42
Interest.
1,776,141.06
1,424,963.31
Dividends....
2,562,272.00
2,749,705.00 Dec.
Inc.
trying period and that they will reflect in their results im¬
Total
Deduct:
tries in which your
Corporation is interested
it
that
should
measure
be
noted
the
results
as an
obtained
in
case
of New York Shipbuilding Cor¬
completion of work for account of the United States Gov¬
As these contracts
ernment.
tries
cease
must
be
of
feel
to
the
period.
pre-war
a
large
available
In
passenger
reasonable
Annexed
this
to
All
losses
necessities
war
of
case
tonnage to
some
report
and
for the years
sheets
Interest.
1,014,511.16
Total.
$8,524,820.38
$7,608,612.83
$1,783,466.99
14,719,167.21
Net
ocean
of
the
but
the
Special
there
should
comparative consolidated
consolidated
Call
$4,613,337.52
Loans
Loans
in¬
Other
Subsidiary
Corpora¬
inventories, have
SHEETS
Accounts
Inventories
of
1919
Rosin
&
$1,817,793.95 Inc.
Dec.
7,427,860.63 Inc.
$2,795,543.57
International
in
Stock
4,956,874.17
Trade
954,628.63
6,123,081.19
5,214,495.96 Inc.
908,585.23
Good
Will
Total
15,049,126.21
Dec.
2,525,123.37
Inc.
$1,140,508.23
50,000.00 Inc.
50,000.00
30,765,836.35 Inc.
1,341,789.76
877,158.37
2,432,976.06 Dec.
1,555,817.69
1,039,259.58
1,282,563.07 Dec.
243,303.49
(Subsidiary
660,281.81
Inc.-
$84,347,873.23 $83,587,802.74 Inc.
Amorican
International
Shipbuilding
1919, AND COMPARISON.
$138,000.00
CAPITAL.
8,300,000.00 Dec.
1,590,934.25
2,975.615.59 Dec.
1,384,681.34
3,187,849.95
1,704,151.14
Inc.
1,483,698.81
Customers'
8,750,000.00
1,173,056.99 Inc.
7,576,943.01
3,511,790.39
5,553,699.74 Dec.
Accounts
2,041,909.35
1,308,929.49
2.280,935.20 Dec.
972,005.71
1,039.444.43
Dec.
Total
438,745.62
.$24,898,953.29 $25,249,553.09 Dec.
$350,599.80
26,893.68
$760,070.49
Credit
Payable
&
Accruals..
600,698.81
Current
Deferred Credit
Items.
Reserves
1,377,919.30
2,407,847.42
Stock:
Total
768,706.26
5,663,153.22
Surplus
Common
2,489,249.60
Dis¬
counted
Capital
$2,222,650.00 Dec. $2,084,650.00
5,810,750.40
Acceptances..
Receivable
Preferred.!
687,175.49
Co.,
the accounts of these companies are included
Acceptances
Liabilities
Companies)
Doc. $5,161,695.97
1920 AND
Balances
100,000.00
Deferred Debit Items..
$7,569,543.39
$4,052,128.89
Statements.
BankLoans Unsecured
32,107,626.11
Fixed Assets
$2,407,847.42
Export
Bank Loans Secured
Bank
Held
in Treasury—at Par.
545,771.11
Inc.
Corporation,
the Consolidated
5,950,000.00
12,936,868.70 Inc.
Aslets.J
Assets.$49,536,653.68 $48,396,145.45
Securities—At Cost
495,434.07 Dec.
$2,893,034.07
Macy & Co., Inc., International Stoel Corporation,
Carter,
Turpentine
Sundry
Preferred
50,^37.04
Corporation and Balsa Refrigerator Corporation being owned by American
Accrued Taxes
Total Current
4,750,000.00
$6,945,162.96
Surplus at End of Year.
Bills
12,524,002.84
Inc.
Current Liabilities:
Mer¬
chandise
i_.
LIABILITIES AND
Re¬
......
.t-'.y
4,750,000.00
justments (Net)...Cr.
DECEMBER 31,
13,891,497.33
ceivable
$152,100.00
-,r;
Ad¬
Discounted
12,384,734.80
$2,397,600.00 Dec.
-,w:
■■■-,
balance
Accounts
Receivable
in
Note: All the stock of G. Amsinck & Co., Inc., Allied Machinery Company
5,950,000.00
Receivable.
1,826,133.14
v
able & Inventories.
be
Bills, Notes and Other
Customers'
81,239.12
$916,207.55
Dec. $2,935,700.22
Receiv-
Accounts
Miscellaneous
of America,
by the
GENERAL BALANCE
1920
Cash
268,161.20
for
Lossess
ASSETS.
Current Assets:
Inc.
5,743,410.25 Inc.
$2,245,500.00
Provision
Possible
ratio
income, and in addition there has been
CONSOLIDATED
$1,103,129.63
$9,353,010.38 $10,462,577.46 Dec. $1,109,567.08
Dividends
probable passenger
come
tions during the year, except shrinkage in
been charged against
Surplus
Total....
comparative
incurred
933,272.04 Inc.
7,569,543.39
Profit & Loss Charges:
there
conditions of
1920 and 1919.
actually
Dec.
Beginning
at
Year............
Gross
transportation
tonnage
time to
are
Earnings.
Surplus
profit in this business.
statements
come
of
more normal
surplus of freight
traffic is such that for
a
the
611,204.21
complete and allied indus¬
are
stimulus
gradual return to the
a
$6,064,136.58 Inc.
343,043.01
a
poration which will be largely engaged during 1921 in the
is
Taxes
due to the momentum generated by war-time con¬
ditions, especially in the
Expenses. $7,167,266.21
Domestic and Foreign
investor,
still
are
187.433.00
:\V':
Operating
shipbuilding and ship-operating indus¬
351,177.75
$10,308,287.37 $12,327,780.04 Dec. $2,019,492.67
...
provement in general conditions when such improvement ar¬
rives.
LOSS
1920 AND* 1919, AND
COMPARISON.
Earnings:
lieve that these companies have passed through their most
With respect to the
have
Consolidated
economic
the
resources, reduced in¬
cover
our
and Profit & Loss correctly exhibit,
num¬
accomplished important economies in the cost of op¬
for
that, in
FOR THE YEARS ENDED DEC. 31
to
American
:
readjustment
We have conserved
verified
rea¬
New
by
CERTIFY
of the merchandise inventories,
date.
full
the
been
come
a
AUDIT.
owned by it, for the year ended
are
eco¬
same
OF
general accounts of the
financial condition of the companies at December 31, 1920,
■
..
accuracy
departmental
General
materially improve.
interests,
bank credit.
there
STONE,
President.
been
commodity markets coupled with the worldwide strain
the
the
31, 1920, and
not
the
the
capital stocks of which
this
the
Corporation
caused
eration
$5,663,-
sheet in
International Corporation and of the companies the entire
December
opportunities
Our commercial companies have, in common with all other
mercantile
We have audited
WE HEREBY
extremely
ber of instances.
have
earnings of
-f'-5
CERTIFICATE
the financing of foreign
effects, desirable
been
conditions
chaos
the
rehabili¬
foreign representatives have been withdrawn in
son,
of-
$263,721.78
up the reserve of
balance
sum
out
abeyance until the
undertakings, both governmental and private.
nomic
make
in the consolidated
shown
as
FOREIGN.
take part as opportunities offer in
work
balance of
a
This
aside
American International Corporation:
It has been and still is the
war
1920, and
same purpose,
our
■
■
of $649,431.44 set
remaining out of the amount set aside from
1919, for the
Chinese Railway and Canal contracts have for the present
general
and for possi¬
item "Reserves."
being
were
to provide for
reserve
ble losses in connection with accounts receivable.
delivered all carried the highest rating of either
Lloyds or
Bureau,
as a
shrinkage in the values of their inventories
Inc
Inc.
7,569,543.39 Dec.
609,213.04
5,663,153.22
5,161,695.97
|
...
1,000,000.00
1,000,000.00
49,000,000.00
49,000,000.00
$84,347,873.23 $83,587,802.74 Inc.
$760,070.49
[Vol. 112.
1162
CO.
THE CONSOLIDATION COAL
Balance in hands of Trustee December
Office of The Consolidation Coal Company,
Baltimore, Md., March 16 1921.
,
1920.
REPORT—FOR THE YEAR ENDING DECEMBER 31
FIFTY-SEVENTH ANNUAL
31 1919
—
Interest accretions to the Fund for the year__
$53,953 54
303 75
$54,257 29
To the Shareholders:
1920
submit the
Board of Directors beg to
The President and
the Company for the year
following report of operations of
ending December 31 1920:
J
INCOME.
$33,965,280 49
Earnings from Operations
clusive of Income
Depreciation
1,200,498 25
1,219,570 82
...
Depletion
held
Due May 11934.—
Refunding Mortgage 4J4 Per Cent Bonds,
$26,721,094 65
of and in accordance with the provisions
the Deed of Trust of May 1 1904, there have been applied
Under the operation
Net Earnings
Income from
$7,244,185 84
3.588,878 80
1,294,785 45
from Operations
Profit from sale of
Capital Assets.
other sources
—
of
to the Fund
—$12,127,850 09
Interest
—
.
during the
Balance due Fund December 31
1,830.043 10
Profits Tax
Income and Excess
Less Reserve for
----—$10,797,806 99
._
2,388,082 83
—
Profits Tax
Lessees
•
on
the following amounts:
1920$22,083 87
221,533 gross tons, mined by
Leases,
Royalty
$355 89
29,375 19
1919
736,129 gross tons, output
Three cents per ton on
deducting Income and
for the year, before
Earnings
year
December 31 1919
Balance in hands of Trustee
Three cents per ton on
Excess
6,645 99
1920
28.729 86
$58,460 94
Surplus for the year.
Realization of
$8,409,724 16
—
Appreciation of Coal
Surplus for the year
Less Cash
1,150,756 11
Lands March 1 1913
$9,560,480 27
applicable for Dividends
1920
Dividends declared for the year
Net Surplus
_—
Profit and Loss
:— $7,148,565
and Special Surplus December 31
—
Total
Revaluation of Coal
-
Lands March 1 1913, Less
of Accounts for previous years
$64,072,294 20
-
Adjustment
33,783,096 91
—
Fund
Due
$29,081 25
649 83
Fund, cost
Uninvested, December 31, 1920
In Fund,
the
for
ending December 31
year
'
1920
28,729 86
(paid February 26 1921)
$58,460 94
'
-
77
56,923,728 43
-
— -~~
-
Thirty-five Bonds purchased for the
2,411,914 50
for the year carried to
Profit and Loss Account
plus eight hundred, and
thirty-five Bonds,
above
The
make a total of
thousand dollars par value
by the Trustee of the Sinking Fund, Decem¬
fifty-eight Bonds purchased in prior years,
eight hundred and ninety-three
of Bonds held
ber 31 1920.
Profit and Loss Account
and Special Surplus December 31
and
First
$97,855,391 11
—
-
Mortgage 5 Per Cent. Bonds, Due
operation of and in accordance
Refunding
December 1 1950.—Under the
BONDED DEBT AND
SINKING FUNDS.
with the
outstanding Bonded Debt of the Company is
$23,667,500, exclusive of Bonds held in Treasury, and
$1,000,000 of Bonds of the Cumberland & Pennsylvania
Railroad Company, issued under its mortgage of April 1 1891.
The securities in the Sinking Fund of this mortgage, with the
The aggregate
provide ample funds for retirement
their maturity.
Included in the above
annua! accretions, will
Bonds
the
of
$54,257 29
•
hundred and two
total of seven hun¬
and forty-eight thousand dollars par value of Bonds
by the Trustee of the Sinking Fund, Dec. 31 1920.
dred
$24,301,025 58
-
I. -
purchased in prior years, make a
Bonds
and Excess
Profits Tax...
Fund cost
forty-six Bonds, plus seven
The above
Operating Expenses, Taxes, In¬
surance
and Royalties, ex¬
Net
$48,266 25
Coupon Interest paid by Trustee.__
922 50
Transferred to Trustee, First and Refunding Mtge.__ 2,968 54
In Fund, Uninvested, December 31 1920
2,100 00
Forty-six bonds purchased for the
at
outstanding Bonded Debt are $4,421,500 of the $6,500,000
Ten-Year Six Per Cent Convertible Secured Gold Bonds,
Stock
converted into
December 31 1920, and $1,452,000 of. said
the said Bonds having been
$626,500 of
prior to
purchased and held by the Company.
Of the authorized issue of $40,000,000 First and Refund¬
Bonds
ing Mortgage Bonds, dated December 1
1910, there have
1910,
provisions of the Deed of Trust of Dee. 1
there have been
applied to the Fund during the year the
following amounts:
Balance in hands of Trustee
Three cents per ton on
$706 86
70,81135
December 31 1919
Balance due Fund December
31 1919--
...
7,232,533 gross tons, output
$216,975 99
1920.
|
972,182 gross tons, mined by
Royalty Leases, 1920
Throe cents per ton on
Lessees on
29.165 46
'
$216,14145
Less Sinking
Fund requirements of priormortgages
Interest accretions to the
99,298 84
146,842 61
910 59
2,968 54
Fund for the year
Transferred from Trustee First Mortgage
_
$222,239 95
and canceled,
.$139,184 25
531 78
Fund December 31 1920 (paid
i
cost...
Uninvested, December 31 1920:
In Fund,
the
due
Balance
been issued:
eighty-seven Bonds purchased
and
hundred
One
82,523 92
January 29 1921)
of outstanding bonds.
since purchased and held by the Sinking Fund.
pledged under the Ten-Year Six Per Cent Convertible Mortgage
$222,239 95
$10,219,000 which are included in the above amount
1,207,000
5,804,000
314,000 purchased and held by
the company.
7,612,000 held in the Treasury.
$10,776,000 to provide for the retirement
of an equal amount of other bond
Company.
issues of the
4,068,000 to provide for future development
The combined
various
the
requirements;
mortgages,
than
other
the
Railroad
mort¬
is:
gage,
a
total of
dollars par
Accrued Sinking
Funds for the year
1919
____
___
Interest accretions and other receipts for
$178,524 88
.
the year
246,141 45
1,056 59
one
$425,722 92
of bonds purchased during the year at
Less $306,000 par value
a
248,374 47
cost of
$177,348 45
Balance in and due Funds December 31 1920--
The above three hundred and six Bonds,
and
prior
eight
hundred
years,
make
a
and sixty seven
plus
three thous¬
Bonds purchased in
total of four million one hundred and
value of Bonds retired
by the various Sinking Funds, December 31, 1920.
The following are the details of the Sinking Fund Account
seventy-three thousand dollars
par
1920
were
$1,321,000.00
investment of
see
page
Under the operation of
and in accordance with the provisions
of the Deed of Trust of Dec. 15 1896, there
to the Fund
during the
year
have been applied
the following amounts:
are now
par
$1,284,814.23.
Fund for the year
in this Fund securities
value,
representing
an
For details of this account
17 of this [pamphlet] report.
First Mortgage 5 Per Cent
Bonds, Due
1931.^—Under the operation of and in accordance
with the provisions of the Deed of Trust of June 27 1901,
there have been applied to the Fund during the year the
July 1
following amounts:
Balance in
hands of Trustee December
Balance due
Two cts. per
ton on 3,172,136 gross
$7,975 17
14,752 38
31 1919___-.^
Fund December 31 1919.
Two cents per
Lessees on
Interest
tons, output
ton on 356,313 gross tons,
accretions to the Fund for
1920$63,442 72
mined by
7,126 26
Royalty Leases, 1920
;
Mortgage 43^> Per Cent Bonds, Due Jan. 1, 1922.—
There
$86,435.51.
for each issue of bonds:
First
5 Per Cent. Bonds, .De May
1921.—The accretions of the Sinking
Fairmont Coal Co.
Total
the Trustee
Fund, Dec. 31 1920.
C.& P. R. R. Co. First Mortgage
1
aggregating
Balance in and due Funds December 31
plus
purchased in prior years,
million two hundred and seven thousand
hundred and eighty-seven Bonds,
value of Bonds canceled and held by
of the Sinking
and additions to the property.
Sinking Fund Account for the year under
one
hundred and twenty Bonds
make
There have been reserved and held for future
above
The
ten
70,568 98
764 75
the year
$94,061 28
:
purchased and canceled, cost —$31,842 72
December 31 1920
41,231 74
quarter ending December 31 1920
Thirty-eight Bonds
In
Fund, Uninvested,
Due
Fund for
(paid January 29 1921)
20,986 82
^ ^ ^
March 19 1921.]
The above
THE
thirty-eight Bonds, plus twelve hundred
seventy-three Bonds purchased in prior
of
million
one
par
value
CHRONICLE
three
hundred
Bonds
of
canceled
make
years,
and eleven thousand
and
in
the
and
Dec. 31
total
a
283.94
dollars
1163
Of the amount in and due the
1920.
is
applicable
bearing lands.
^to the purchase of additional coal-
By order of the Board.
Sinking Fund,
GENERAL
BALANCE
C.
SHEET
DECEMBER
31
$130,955,869 60
Capital Stock (Authorized)...
17,687,588 90
__
Reserved
-$113,268,280 70
Mining Plants and Equipment (Abstract
"A")
Less Reserve for
Depreciation
10,669,342 62
....
Less
Reserved for future Cor¬
porate Purposes
for
Redemption
Bonds
Outstanding
of
1,296,191 56
Pennsylvania
public
Railroad
tails
Company Equipment.......
31
Summary
1920.
(For
de¬
above)___
24,667,500 00
$64,872,948 49
1,107,401 77
Current
1,290,202 87
Floating Equipment
Liabilities:
Pay Roll
67,560 97
Interest
321,783 39
2.623,185 98
Coalj Purchases (Unmined)...
y
4
Accounts Payable.
392,341 36
Less Reserve for Depreciation.........
on
December
see
2,397,607 61
Less Reserve for Depreciation
Advance Payments
$40,205,4-48 49
______
Company outstanding in hands of the
2,098,190 72
&
..
Bonded debt of The Consolidation Coal
........
Cumberland
4,200,718 00
9,794,551 51
3,391,382 28
Fund
Gold
......$5,593,833 51
Railroad
.....
Sinking
$50,000,000 06
v
6% Con-
Secured
vertible
....
conversion
Bonds
14,661,439 49
Company
for
of Ten-Year
25,330.782 11
Pennsylvania
not
$932,142 36
607,907 70
_____
Coupons and
Dividend Checks
presented for payments
52,447 50
Bond Interest Accrued
$134,266,083 15
Investments
in Allied
Federal
25,900 shares Northwestern Fuel Co. Common
Assets in Hands of Trustees of Bond
of
clusive
Sinking
.
Bonds
Funds
purchased
and
which
and
5,268,450 30
by
deducted
are
2,388,082 83
Dividend 92—Payable January 31 1921.
Stock._j
Due to Individuals and Companies
602,985 00
1,138,633 31
1,831,369 31
6,199 935 14
Sinking Funds (Ex¬
held
132,240 60
Excess Profits Tax
Tncorue and
Accrued
Securities of Other Companies
in
345,495 84
Sinking Funds Accrued.
Companies:
14,576 shares Metropolitan Coal Company Stock
1
5,400 shares Northwestern Fuel Co. Preferred Stock..}
Investments
President.
Capital Liabilities:
Coal Lands and Other Real Estate
&
WATSON,
LIABILITIES.
Capital Assets:
Cumberland
W.
1920.
ASSETS.
Less Reserve for Exhaustion.
fund, $51,-
from
Insurance Fund
of
Trustees
Surplus
181, 885 96
Profit and Loss Account and Special
97,855 391 11
Surplus...
Bonded
Debt—Contra Side):
Cash........
$45,107 85
.............
Accrued....
132,240 60
In Hands of Trustees of Cumberland &
Pennsylvania RR. (Abstract
1,296,191 56
1,473,540 01
Deferred
Debt
Current
Items.
1.174,161 00
.....
Assets:
Securities Purchased and Held..
187,332 50
Liberty Loan Bonds.
Stock
2,037,700 93
hand:
on
Coal and Coke
Materials,
Stores
$427,901 58
Supplies
and
(Abstract "C")
1,694,450 28
2,1'22,351 86
Bills Receivable
Accounts
914,491 03
Receivable
8,705,896 35
Cash:
Subject to check
3,142,053 40
Call
7,521,770 36
Loans
Deposited with Fiscal Agents Account
of Bond Interest and Dividends Due
164,947 50
25,096,553 93
$169,110,160 70
$169,110,160 70
SUMMARY
OF
SINKING
FUNDS.
Interest Ac¬
Balance in
and. Due
Funds
Dec. 31
The Consolidation Coal Co.
'Bonds
The
.....
'19.
for
Year 1920.
Coal
Bonds
deemed by
Trustees
Total.
Year 1920.
W%%
_
_
Cumberland
_
_
&
29,731 08
$28,729 86
71,518 21
146,842 61
70,568 98
_
_
22,727 55
3,879 13
764 75
$46,000 00
a$2,266 25
$2,100 00
35,000 00
55,918 75
29,379 69
893,000 00
222,239 95
94,061 28
187,000 00
38,000 00
547.815 75
83,055 70
62,218 56
1,207,000 00
1,311,000 00
594 50
14,000 00
Pennsylvania
Railroad
$1,056 59 $425,722 92 $306,000 00
b Denotes
10,730 90
Discount.
SUMMARY
OF
c
Deduction.
Denotes
FUNDED
DEBT,
Pledged
DECEMBER 51
Pledged
as
1920.
as
Held to
Issue.
Under
Con¬
Under 6 %
Bonds of
Prior
Authorized
Collateral
Retire
First
verted
and
into
Convertible
Secured
Gold
Funds.
Mortgages.
Refunding
Collateral
Stock.
Coal
Co.
Issued
In Hands
Bonds
and
of
ment and
Purchased
Held in
Public
Sinking
Additions
and Held.
Treasury.
Dec. 31
to
of the
1920.
Property.
$750,000
$748,000
$2,000
893,000
4,525,000
% Re¬
Mortgage
7,500,000
The Consolidation Coal Co. 5%
and Refunding Mortgage
The Consolidation Coal Co.
Par Value
Develop¬
4Vi%
The Consolidation Coal Co. 4M
funding
Held for
Future
Retired by
Operations
Bonds.
Mortgage.
Consolidation
First Mortgage
$57,625 53 $177,348 45 .$4,173,000 00
Cost $1,284,814 23
646 43
..$1,321,000 00
—
The
$748,000 00
Company—
In Fund, Uninvested^ December
JJ1 1920____
Accrued Interest to December 31 1920 on securities
Premium.
56,157 28
594 50
$178,524 88 $246,141 45
_
Denotes
of Bonds
1 $50,366 25
594 50
_
Securities held by Trustees, par value..
a
Redeemed
Par Value
and
Balance Due Redeemed to
Funds
Dec. 31 1920.
Refunding
5% First and Refund¬
ing Mortgage Bonds
Fairmont Coal Co. 5% First Mortgage Bonds..__
Southern Coal & Transportation Co. 5%
First
Mortgage Bonds
Total
Bonds
during 1920 during 1920 Dec. 31 *20-
The Consolidation Coal Co.
*
Cash in
Discounts
on
58,460 94
c$3,587 29
Co.
_
Premiums
or
4J^% First Mortgage
;;
_
of
Bonds Re¬
Receipts for
...
Consolidation
Mortgage
Fund
Accrued
Par Value
cretions and
Other
Sinking
$1,750,000
40,000,000
10.776,000
$332,000
First
$5,804,000
1,207.000 $4,068,000
$314,000 $7,612,000 $10,219,000
6% Con¬
vertible Secured Gold Bonds
|___
6,500,000
$626,500
1.452,000
4,421,500
Cumberland & Pennsylvania RR. Co.
5% First Mortgage l.
Fairmont Coal Co. 5% First Mortgage
Southern Coal & Transportation Co.
5 % First Mortgage
Somerset Coal Co. 5% First Mortgage
-
a
M.cszi.uuu uu
_■
jrar
:
-i
—
-
-
vaiue
Includes
Section 4.
1,311,000
486,000
14,000
3,585,000
$65,835,000 $12,526,000 $4,592,000 $626,500 $5,804,000 $4,173,000
___
■
*
a189,000
3,585,000
of 1910
Total
*
1,000,000
6,000,000
1,000,000
4,500,000
--------
$4,068,OOOjSl ,766,.000
$7,612,000 $24,667,500
-
oi
securities—v,ost,
aa.zs-i.om to.
$90,000 unissued bonds which were previously reserved to retire outstanding Briar Hill Coal & Coke Co. bends.
of the First and Refunding Mortgage these bonds cannot be issued.
•
;
Under Article 3,
1118886779034
TABLE
OF THE CONSOLIDATION
COMPANY SINCE 1864.
11887342
>-865
1866
1188090239437—194
1
1872-..
1875-
—
1876—
11990788—-
— —
— -
—
..
—
♦
—
1879.
—
1880
1881-
u
-
-
-
1885..
-
1886-
—
1887
1888.
1895.
—
J—
1896
—
—
1899
1900.
Supply Buildings
429,751
566.190
564,627
614,302
523,545
502,794
399,635
390.191
452,497
541,735
117.189 09
,
57,332 90
....
Stables
136,103 07
Office Buildings
117,101 26
106,620 35
Other Mine Buildings
Power
Plant
Sub-Station
1
Equipment
Equipment..
Transmission
,532,486 52
349,827 53
__
174,883 73
System
328,214 50
Ventilating Equipment.
423^355 35
40^385 64
Haulage Equipment
Wire
Rope...
Steel
Rails..
Mine
1 ,790,522 96
322,057 29
Pumps and Motors...
636,433
CopperWire
844,368
Mining
213.405 10
Trolley Wire and Equipment.
472,048
510,987
771,917
795,272
756,730
1,049,215
1,146,151
976,039
1,070,755
1,020,294
1,051,338
1,016,466
999,602
....
262,876 02
731,611 10
Machines....
__
832,296 53
LocomotivesMine Cars..
Live
1 ,422,514 80
.
—
_
212,850 35
Stock
668,666 55
Waterworks..
85,494 53
Repair Shop Equipment
186,546 63
Other Mine Equipment
224,073 78
Coke Ovens
Coke
48,687 06
Equipment..
6,031 02
Coke Crushers.
Houses
Tenement
4 ,567,539 50
;
_
Recreation and Amusement Buildings
136,132 37
_
38,078 08
Recreation and Amusement Equipment
1,034,494
Hospitals
1,296,064
55,993 06
Hospital E quipment
1,417,748
1,607,668
1,720,844.
1,299,374
1,299,374
...
Repair Shops
205,494
132,853 15
Buildings for Ventilating Equipment
213,148
1,016,466
999,602
1,034,494
1,296,064
1,417,748
1,607,668
1,720,844
....
56,774 97
104,798
1,051,338
-
Buildings for Haulage Equipment
287.605
...
4,806 57
464,630 91
Store Buildings
88,413 61
Store Fixtures
132,006 34
Farm Buildings
Farm
10.505 34
Equipment
7,396 30
Stone Crushers and Equipment
4,421,033
8,356,798
8,437,109
8,491,745
9,395,117
10,385,256
10,660,972
8,018,631
8,204,138
10,495,110
9,219,732
498,409
4,919,442
584,460
8,941,258
Lighting
516,424
8,953,533
Telephone System—
432,494
8,924,239
1912.
10,347,100
600,769
10,947,869
1913
11,154,987
10,710,016
537,871
11.692.858
537,567
11,247,583
1915
11,722,384
479,475
12.201.859
1916-
11,107,684
583,372
11,691,056
9,533,543
835,355
10,368,898
8,053,010
792,947
8,845,957
7,200,333
714,562
7,914,895
8,100,437
1,088,844
9,189,281
211,408,000
12,009,062
223,417,062
1901
....
...
1902-
-
—
-
—
—
1905.
—
1906—
— —
-
1907
1914—
—
—
1920—
457,983
9,853,100
529,012
10,914,268
604,322
11,265,294
575,558
8,594,189
522,028
8,726,166
587,841
11,082,951
9,749,501'
529,769
Office
39,710 45
System.
13,670 78
103,411 29
Equipment
21,306 70
Engineering Equipment..
Laboratory Equipment
9,573 21
...
30,852 39
Outside
Operations—Buildings..
Outside
Operations—Equipment.
248,532 12
45,497 77
Emergency Equipment
——
357.190 73
Branch Office Equipment
Drainage Tunnel
289,121 53
...
Improvements (Not Completed):
/
15,700 23
Maryland Division
85,741 81
Pennsylvania Division.T
2
Division
Virginia
West
OWNED
BY
THIS
AUTHORIZED
11,657 02
Elkhorn Division
86,459 50
Total
$25,330,782 11
—
Depreciation to December 31 1920
'B"
BOND
Under
First
Under
Mortgage of
Par
Companies.
Shares.
AND PENNSYLVANIA
Value.
May 1 1904.
and
Refunding
Mortgage of
Dec.
1
SINKING
FUND.
Cost.
Par Value.
Pledged
Refunding
$14,661,439 49
1920—
SECURITIES HELD BY TRUSTEES OF CUMBERLAND
RAILROAD COMPANY
CASH AND
ARE
Pledged
10,669,342 62
...
Depreciated Value to December 31
COMPANY.
.
,576,043 89
Millers Creek Division
ABSTRACT
.CAPITAL STOCK OF COMPANIES, THE ENTIRE
AND OUTSTANDING ISSUES OF WHICH
1910.
$171,000 00 Fairmont Coal Company 5 Per Cent.
162,000 00 The Consolidation Coal Company 4)4
Refunding Mortgage Bonds
$164,996 27
Bonds—
Per Cent.
500,000 00 The Consolidation Coal Company 5 Per
First and Refunding Mortgage Bonds
154,838 80
Cent.
477,050 42
373,000 00
Mortgage 5 Per Cent. Bonds
of Indebtedness 4%%. due
373,000 00 C. & P. R. R. First
33,000 00 U. S. Certificates
32,814 36
March 15 1921
15,000 Cumberland
Penn
&
R. R. Co.—
...
82,000 00 U. S. Certificates
May 16 1921
SI,500,000 00 SI,500,000 00
10,000 00
5,000 08
2,000,100 00
1,999,900 00
650,000 00
650,000 00
of Indebtedness, 5%%, due
82.114 38
.... .
S4.999 92
4,000,000 00
100 Fairmont Coal Co......
.40,000 Somerset Coal Co
SI .321,000 00
Cash
Accrued Interest to December 31 1920, on
$1,284,814 23
646 43
10,730 90
—
6,600 Consolidation Coastwise
Co
$1,296,191 56
200 Cassville & Monongahela
20,000 00
R. R. Co
500 00
Co
$6,290,500 00 $4,155,100 08 $2,009,899 92
The Values
represented 'by the above capital stock are
General
Stern Bros.,
1919-20.
$2,226,466
329,356
305,000
530,052
dividends..(14%)420.000
1918-19.
$896,749
347,877
88,191
(1^)52,500
Federal taxes.
Preferred
1920-21.
$1,686,388
489,003
Gross income.
General,admin.,&c.,exp.
Balance, surplus
r—V. 112, p. 380.
$472,385
$1,314,558
1917-18,
$702,477
301,814
34,790
...
$460,680
$365,873
Bondinterest.
Interest
on
loans
Federal taxes
Reserve for
1920.
$670,809
156,337
117,438
4,988
1919.
$521,161
159,638
(6)96,000
162,155
104,012
240,000
350,000
131,341
(2)32,000
$41,000
$618,322
78,726
14,456
contingencies
Preferred dividends (7%)
131,341
Common dividends
_(6%)96.000
Balance, suimlus
.—V. 108, p. 1171.
$164,705
1918.
$1,637,830
131,341
1917.
$1,619,569
211,053
410,000
458,362
131,341
$402,813
_
_
—
— — —
Railroad Company
.—
$1,694,450 28
—
Chicago.—Div. Increased.—
a quarterly dividend of 1 )4 % on the Common
regular quarterly dividend of 1%% on the Pref.
both payable April 1 to holders of record March 25.—V. 112, p. 477.
The directors have
declared
stock, together with the
tock,
Union Bag & Paper
Corp.—Annual Report.—
Dec. 31 '20. Dec. 31 '19.
ending—
earnings
Year
Net
xDec. 31 '18. Jan. 31 '18.
$5,046,301
S2.335.255
$2,619,1/3
$3,131,106
428,173
348,221
460,710
261,006
Depreciation
Taylor-Wharton Iron & Steel Co.—Annual Report.—
Calendar Years—
— _ — ,— —
Cumberland & Pennsylvania
Canal Towage Company
Fairmont Supply Company.
Cr. 140,625
Cr.46,375
Interest.
160,245
188,812
187,151
211,619
Federal taxes
982,956
258,228
601,467
555,765
Dividends
(8%)1,081,896(8^)836.062 (6)589,074 (10)988,438
Balance, surplus.___ia^,3y3,03l
%8i4,o$82/,640 $1,114,278
Profit and loss surplus...$1,874,306
$3,948,987 $3,174,715 $2,347,070
Surplus for year of $2,393,031 is added to previous surplus of $5,805,898
(as adjusted), making a total of $8,198,929. from which has been deducted:
50% stock dividend (paid May 20), $4,977,850: dividend reserve for 1920,
$1,200,000 (see V. Ill, p. 2529): adjustment for depreciation, $146,773:
leaving a profit and loss surplus of $1,874,306.
x Eleven months.—
Other income-
Net, after depreciation..
—
.
—
—
(John R.) Thompson Co.,
Dry Goods, N. Y.—Annual Report.—
Jan. 31 Years—
——- — -.— —
$60,249 28
64,135 75
446,871 65
141,384 79
517,898 96
3,735 33
210,237 28
11,132 96
238,804 28
.....
...
Total
Balance Sheet above.
DIVISIONS.
Cost.
Maryland Divisions.. —
Pennsylvania Division....
West Virginia Division
Millers Creek Division
Elkhorn Division
—
Stationery—
eliminated from both the assets and liabilities in the
ELKHORN
AND
5,000 00
5,000 00
Total
62.905
STORES FOR WEST
Construction
& Contracting
INCLUDING MERCHANDISE STOCK IN
VIRGINIA, MILLERS CREEK,
MATERIAL ON HAND,
5,000 00
Mining
Co.
5 Maryland
"C.'-'
ABSTRACT
50 Canal Towage Co.——
Coal
above securities
100,000 00
1,000 Monongah Service Co.—
50 Pennmont
51
34
65,642 29
Sub-Station Buildings.
65,068
1,020,294
S3 ,641.061
1 ,221,298
382,316 69
37,678
213,148
205,494
287,605
429,751
566,190
564,627
614,302
523.545
502,794
399,635
390,191
452,497
541,735
636,433
844,368
472,048
510,987
771,917
795,272
756,730
1,049,215
1,146,151
976,039
1,070,755
1867....
...
....
...
Power Plant Buildings.
Total.
37,678
65,068
104.798
.
Gradings
Tipples and Equipment
Lessees.
the Company.
Year—:
COAL COMPANY.
DATION
Mine Openings and
EQUIPMENT OF THE CONSOLI¬
AND
-PLANT
"A'
ABSTRACT
COAL
Minid by
Mined by
1864
MINED
PRODUCTION IN NET TONS
THE
SHOWING
FROM THE PROPERTIES
[VOL. 112
CHRONICLE
THE
1164
-
-
—
- -
a
V. Ill, p.
2529.
March 19
1921.]
THE
CHRONICLE
1165
INTERNATIONAL MOTOR TRUCK CORPORATION
And
ANNUAL
REPORT
AND
Subsidiary Corporations
CONSOLIDATED BALANCE SHEET, DECEMBER 31, 1920.
To the Stockholders of
International
Your
Because of
Motor
Directors
Truck
submit
Corporation:
herewith
Consolidated
Balance
ders
business conditions in
unsettled
industry, it is
very
hand and prospects for business
on
all
lines of
difficult to forecast operations, but
or¬
justify the state¬
Sheet and Profit and Loss Statement of International Motor
ment that the sale of Mack trucks
Truck Corporation and
will not be less than the rate of production which obtained
Arthur
Young &
Subsidiary Companies, prepared by
Company, Certified
showing the condition of
increase
The
holders
in
your
Public
by the
whereby your Corporation
Stock¬
Company
your
quick
assets
in
excellent
financial
condition
of approximately $20,000,000,
with
reflected
as
in
on
the first and second preferred stock,
excess
profits taxes, earnings of $5.32 per
share applicable to the Common Stock.
added to plant account $2,371,-
was
Adequate charges have been made for maintenance and
The
the plant and equipment.
on
inventory
was
carefully taken and is priced at cost,
market, whichever is lower, resulting in
or
loss
for
the
year.
Proper
year orders were far
of the capacity of the plants.
a
shrinkage of
deducted from profit and
was
reserves
have
been
set
up
for
obsolescence.
The
of loyalty
spirit
and
co-operation
bers of the organization is most
During the first nine months of the
in
there
$1,370,849.43, which amount
The Consolidated Statement of Earnings shows, after
pro¬
and income and
year
No further extension is contemplated at this time.
depreciation
net
the Consolidated Balance Sheet.
viding for dividends
During the
315.66.
secured
approximately $7,000,000 additional working capital places
year
during the last quarter of 1920.
Company December 31, 1920.
capitalization authorized
April 27, 1920,
Accountants,
during the coming
shown
by
mem¬
gratifying and helpful.
During the last three
excess
months of the
year
orders fell off and production
was
By Order of the Board of Directors,
A.
re¬
duced to approximately five hundred trucks per month.
J.
BROSSEAU, President.
New York City, March 8, 1921.
19207
CONSOLIDATED BALANCE SHEET DEC. 31 1920.
ASSETS.
FIXED
Real
ASSETS:
Estate
$450,797 10
Buildings and Building Equipment
Machinery and Other Equipment...
Less:
Reserve
3,666,807 33
6,510,674 23
i
Total Fixed Assets
$8,350,913 07
$3,125,693 51
Accounts and Notes Receivable, less Reserve 3,472,348 31
Inventories
;—15,588,848 45
Current
Authorized—109,219 shares of
par
value of
$100
each..
Issued—53,317.00119 shares
...
Authorized—320,000 shares of
Issued—283,108.84869 shares.
CURRENT
Accounts
Assets..
22,186,890 27
INVESTMENTS
13,414 89
DEFERRED CHARGES
a
$100 each
Common
Cash
CAPITAL.
Issued—-109,218.9107 shares
2nd Preferred 7% Cumulative Stock
Capital
Authorized—53,478 shares of a par value of Stated $17 869,700 00
$10,628,278 66
2,277,365 59
Depreciation
AND
STOCK:
1st Preferred 7% Cumulative Stock..
CURRENT ASSETS:
Total
LIABILITIES
CAPITAL
134,041 46
__
LICENSES, PATENTS, PATENT RIGHTS AND GOOD¬
WILL
2,365,217 44
no par
value.._
LIABILITIES:
Payable
Accrued Accounts
Dividends on 1st and 2nd Preferred Stocks,
$1,469,807 64
668,714 42
payable Jan. 3 1921
284,437 84
64,734 56
Customers' Deposits
Total Current Liabilities.
2,487,694 46
RESERVES:
For 1920 Federal Taxes
^
For Contingencies, including war amortiza¬
(Licenses, Patent Rights and Good-will shown on books of
Subsidiary Companies have been included only to an ex¬
tent sufficient to make up the statutory minimum of
$5.00 per Common share for the International Motor
Truck Corporation.)
tion
$525,000 06
1,788,689 71
2,313,689 71
EQUITY
OF
MINORITY
STOCKHOLDERS
IN
SUB¬
SIDIARIES
55,971 11
SURPLUS:
Capital—Being proceeds from issue of 141,554 shares of Common
Stock
over
statu¬
tory minimum of $5 00 per share
$6,023,455 00
Earned—
Balance at Dec. 31 1919, per
certified accounts
$3,525,070 46
Net profits for 1920, per ac¬
companying Statement of
Earnings
2,644,013 47
$6,169,083 93
Deduct:
$33,050,477 13
■CONSOLIDATED STATEMENT OF EARNINGS FOR YEAR ENDED
DEC. 31 1920.
SALES
$34,071,365 74
COST OF SALES
GROSS
(including Depreciation)
EARNINGS FROM
SELLING
AND
GENERAL
24,627,410 24
$9,443,955 50
EXPENSES
5,288,088 65
NET EARNINGS FROM OPERATIONS
$4,155,866 85
OTHER INCOME.
432,284 89
$4,588,151 74
DEDUCT:
Loss
on
Demolition of Plant Assets
Shrinkage in Inventory due to Valuation on
basis of cost or market, whichever is lower.
$48,288 84
1,419,138 27
...
Deduct:
Reserve for Federal Income and Excess Profits
Taxes.
NET PROFITS FOR YEAR, carried to Balance Sheet.
1st
_.
_____
and
Stocks
2nd
from
Sept. 1 1919
to
Dec.
31
1920
$1,515,232 08
In Stock—Com¬
Stock
mon
Dividend
of
70,777
shs.
statutory
rnin.
of
$5
at
per
share...
353,885 00
1,869,117 08 4,299,966 85
10,323,421
$33,050,477 13
COMPARATIVE EARNINGS.
Net Profits after
deducting
Trucks Sold.
Sales.
2,986
3,834
—
1919
Amortization and Taxes.
$11,716,874
19,234,338
22,143,698
34,071,365
4,580
7.020
39
05
93
74
$1,127,093 19
1,245,771 16
1,983,468 72
2,644,013 47
CERTIFICATE OF AUDITORS.
W e have audited the books and records
of IN TERN ATION AL
its Subsidiaries for
Dec. 31 1920, and hereby certify that in our
opinion the above Consolidated Balance Sheet and the accom¬
panying Statement of Earnings correctly set forth the financial
position of the Corporation and its Subsidiaries at Dec. 31
1920, and their operations for the year ended that day.
TRUCK
CORPORATION
and
the year ended
1,370,849 43
NET PROFITS FOR YEAR, before
providing for Reserve
for Federal Income and Excess Profits Taxes
Paid—
Preferred
MOTOR
....
Dividends
Cash—On
Year—
1918
OPERATIONS.
In
$3,169,013 47
525,000 00
$2,644,013 47
ARTHUR
YOUNQ &
Members American Institute
New York, March 8 1921.
COMPANY,
of Accountants.
TRANSPORT CORPORATION
ISLAND OIL &
FOR THE YEAR
REPORT
ENDED DECEMBER 31 1920.
March 15 1921.
To the Stockholders
companies operating in Mexico, that your Company
to have such a large production during the
all the oil
will
of the
continue
maximum output and ship¬
present year that it will assure
Transport Corporation—
Island Oil <fe
[VOL. 112.
CHRONICLE
THE
1166
ments.
Your Directors
tion of your
the opera¬
months ended Dee. 31
submit the following report of
Company for the twelve
1920.
FINANCIAL.
Consolidated Balance Sheet
A
EARNINGS.
are
for the calendar years
expenses
consolidated earnings and
of 1919 and 1920:
the comparative
Year ended
Dec. (—).
S
1920.
S
Gross Income from
Inc. (+) or
Dec. 31
1919.
$
the sale of
+11,302,475 26
4,053,199 03 15,355,674 29
Oil and Other Sources
includMexican Export Taxes
Expenses,
Operating
ing
Net Income
7,941,722 44
+6,715,066 97
663,726 39
628,413 34
—35,313 05
7,313,309 10
3,387,160 33
+3,374,160 33
519,929 08
3,926,148 77
+3.376.219 69
1,226,655 47
and
....
Surplus for Period.
of
materially decreased its liabilities, thus
Equipment and
tion of Oil Lands....
A
reserve
the
purpose
of
Surplus after Adjustment
two million dollars
over
against the surplus for the year.
The Seven Per Cent two and one-half and three year
retired at maturity, with the assist¬
were
capital obtained through the flotation of $1,725,unsecured short-term notes, of which amount $1,025,-
of
ance
new
liquidated.
000 have since been
GENERAL.
1,595,526 BbLs.
6,213,145
"
....12,872,884
"
1920..
Jan. and Feb. 1921..
During the
year
1920 your Company acquired
It has been, and
approxi¬
territory in the oil fields of
during January and February of this year it has
in the oil territory of
Mexico to approximately 77,000 acres.
These new leases
are
scattered through the fields of Amatlan, Zaeamixtle,
bringing its present total holdings
majority of this new territory is in proven or
The great
semi-proven localities and all of the acreage was
first tho¬
roughly investigated and passed on by competent
geologists
solely in
At
our
employ.
'
being drilled on seven favorable loca¬
within a comparatively short
have a very large increased production, inas¬
nearby wells are being "drilled in" which prac¬
present wells are
shall
we
much
as
other
tically guarantee
sites.
.
producing wells
:
.
;
on
our
oil-bearing territory adjacent to
pipe-lines and pumping stations, in order to
continuous production and profits; and to place your
stantly acquire additional
present
our
assure
Company on a sound, conservative business basis.
attached financial statement is evidence of the progress
has been made
The
1920
new
very
tory,
takes this opportunity to acknowledge
appreciation of the loyalty and co-operation of
.
8TEVENS,
A. J
,
President.
ISLAND OIL & TRANSPORT CORPORATION
and Subsidiary Companies.
CON SOLI DxVT E D BALANCE SHEET.
(Inter-Companv Items Eliminated)
terri¬
COMPARATIVE STATEMENT FOR DECEMBER 31 1919 AND 1920.
During Yr. 1920
account of the reduction of over four and a
As
in its liabilities, as indicated by the
of Dec..
1920.
$
■'!
$
Equipment...30,408,262 70 31.073.609 26
Sinking Fund Deposits......
209,797 48
1
2,881 06
cessions and
REFINING.
year
1920 the New Orleans Plant of the Island
completed and put into profitable
operation.
The topping plant at Palo Blanco has also been
in operation since the first of the present year.
Notwithstanding the general business depression which
Refining Corporation
has very
its
Current Assets:
Cash
Accounts Receivable.
was
materially decreased the demand for crude oil and
products, it has been possible to continue the curtailed
operations of these two plants.
a
tage of the present low charter rates for
is
a
tankers, and
as
there
plentiful supply of tankers, the present charter rate is
approximately equal to the cost of operation.
694,495 84
96,939 34
26,856 56
1,621 92
73 74
156,250 00
40,626 26
-^4,677 47
—135,820 29
32,341,480 12 34,126,910 90
+1,785,430 78
Prepaid Accounts
Deferred Charges to Oper¬
ation
......
200,927 47
176,446 55
Unamortized Debt Discount.
Items in Suspense
TOTAL ASSETS
Liabilities—
THE
FUTURE.
commitments
—50,000 00
4,260,500 00 *1,725,000 00
3,644,063 91
1,757,214 72
—2,535,500 00
—1,886,849 19
Current
Notes
Liabilities:
1,207,801 09
61,172 08
—100,000 00
+491,489 39
—149,697 89
LIABILITIES...31,567,245 58 27,336,687 89
—4,230,557 69
13,000 00
2,102,839 70
+2,089,839 70
761,234 54
4,687,383 31
+3,926,148 77
.32,341,480 12 34,126,910 90
+1,785,430 78
Payable...._______
Payable.
Accrued...
TOTAL
amounting to about 7,000,000 barrels, with
Total
Reserves..
Surplus
deliveries extending throughout the year,
imous
opinion not only of
your own
and it is the
and
unan¬
organization-but also of
,
22,500,000 00 22,500,000 00
135,500 00
85,500 00
Sundry
as
—1,548 18
Companies..
of March 1st, had unfilled orders and
Company,
—30,617 47
—70,082 78-
Funded and Deferred Debt:
Secured & Unsecured Notes
Term Loans & Contracts..
Interest
Your
+818,467 83
+791,279 00
725,113 31
'
Accounts
>
—206,916 42
Deferred Assets:
poration
position to take advan¬
|
934,144 59
1,197,973 59
Materials, Supplies and Oil
on
Hand.
Of Subsidiary
finds itself in
$
+665,346 56-
115,676 76
406,694 59
Capital Stock Outstanding:
Island Oil & Transport Cor¬
TANKERS.
Your Company
Dec. (—).
.
Leaseholds, Con¬
Properties,
■
Inc. (+) or
31
1919.
Assets
attached Balance Sheet.
During the
the em¬
ployees of the Company.
present drilling
additional pipe lines, pumps, tanks, &c., and very
quarter million dollars
which has been acquired during
months of 1921 for the purpose of
two
The management
its
greatly increased and strengthened during the past
on
the
They
in Mexico.
company
assuring production in the future.
•
due to the acquisition of the large acreage of new
especially
reportj show
[pamphlet
maps
acreage
and the first
The actual value and future life of your Company has been
year
The
that
along this line.
accompanying
indicate the
;;
tions, and it is expected that
time
is the policy of your management to con¬
present leaseholdings of your
Cristobal.
Camalote, Metlaltoyuca and San
'
universal.
23,080.663 Ilbls.
additional leases to the extent of 50,000 acres,
obtained
the general depression and unsatisfac¬
business conditions which are almost
financial and
tory
mately 3,500 acres of additional
Mexico and
has been seriously affected together with
all other business by
"
2,399,108
..
Total to March 1 1921
dollars in other assets have been
hundred thousand
The oil industry
—
-
1919
other equip¬
one million
Over
written off
Company's shipments of oil are as follows:
1918..
has been set up, for
depletion of oil lands.
PRODUCTION AND DRILLJNG.
Your
strengthening
of amortizing the pipe-lines and
ment, and for the
000 of
Net
you
Collateral Notes
Depreciation
Deple¬
Adjustment for
has
three
Amortization of Debt Dis¬
count
acquaint
+6,750,380 02
13,000 00
Interest
with the present financial condition of
your Company, and the satisfactory progress made during
the last year.
Due regard should be given to the method
in which the earnings were absorbed.
It will be noted that
in addition to increasing its physical assets, your Company
■will
+4,587,408 29
7,413,951 85
562,929 08
from Operation
for
Deduction
comparative
its financial position.
2,826,543 56
Freight
and
1920,
of December 31
A review of this statement
is presented herewith.
purposes,
Following
as
together with the December 31 1919 figures for
*
— -
liabilities,
Surplus.
100,000 00
716,311 70
210,869 97
Reserves
$1,025,000 retired Feb. 15 1921.
-
March 19
1921.]
THE
FAMOUS
—
PLAYERS-LASKY
AND
1167
CHRONICLE
/
CORPORATION
SUBSIDIARY COMPANIES.
(over 90
per cent
Year
.
owned)
1920.
CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES AND PROFIT AND LOSS ACCOUNTS.
CONSOLIDATED
'-'-v.,:-
BALANCE
SHEET
ASSETS.
v:.
AS
OF
DECEMBER 25
1920,
.
Cash..
$5,119,572 87
Bills Receivable.
_
_
Accounts Receivable:
^
___
...
___.
...
....
,
,
Advances to subsidiary companies
Advances to outside producers
255,239 24
....
j
(less than 90% owned)
______
$1,727,403 49
...
(secured by films)
Film customers and sundry accounts
2,390,026 87
...
1,412,349 34
___
5,529,779 70
Inventory:
:
;
Negatives, positives, film and supplies (residual value)
''
__
Rights to plays: Scenarios, &c
-
"::
$11,822,216 13
....
____;—_i
—
■;"''O:'• -vv'
....
1,067,748 64
.......
12,889,964 77
Marketable
securities.
300,396 41
Total Current and Working Assets
Liberty Bonds deposited
on
$24,094,952
f— ...
leases
9^
246,402 00
—
Investments in subsidiary companies (less than 90% owned)...
6,394,275 02
...
Land, buildings, leases and equipment (including equities of subsidiary companies subject to mortgages thereon of $6,197,900, being ogli'
gations of subsidiary companies)...
Deferred Charges
9,648,197 87
_J_
1,199,573 74
_
...
Goodwill
7,538,121 91
_______________
TOTAL
ASSETS
$49,121,523 53
....
LIABILITIES
AND
CAPITAL.
Bills payable
$4,663,717 50
Accounts payable
1,439,525 70
Excise taxes, pay-rolls and sundries accrued—
Due outside producers,
_
participations and royalties.....—...
916,738 48
Serial payments on investments due in 1921
Reserve for Federal income and
excess
—
Reserve for dividend declared
on
current
901,130 97
----
2,202,806 41
...
212,254 98
...
on
Total
—
profits taxes, 1920 (estimated)
Reserve for contingencies...
Reserve for dividend declared
Advance payments of
1,140,720 54
:
____
Common stock payable January 1 1921
Preferred stock payable February 1
liabilities
416,776 00
...
1921
193,000 00
.......
...
Note of Amusement Finance Corporation
Serial payments due after 1921
TOTAL
on
—
....
film rentals, &c. (self-liquidating)
.—
$12,086,670 58
2,180,279 91
_____
Purchase money notes maturing serially after 1921 of subsidiary companies covering acquisition of properties...
(Subsidiary) due after 1921
investments
,___
—
745,000 00
...
LIABILITIES..
._
...$16,838,312 59
.___
Interest of minority stockholders in subsidiary companies, with respect to capital and surplus
Capital
(represented
826,362 10
1,000,000 00
:
,_
296,791 3i
by):
Preferred stock (96,500 shares of $100 par
value).
...
$9,650,000 00
----
|
5,869 shares in treasury
! 214,272 shares of no par value
-A-'
i
208,403 shares outstanding in hands of public
■/
1
;
r
)____
___;
16,937,329 83
>
$26,587,329 83
Surplus
.
5,399,089 80
31,986,419 63
$49,121,523 53
CONSOLIDATED
OPERATING AND PROFIT AND
LOSS ACCOUNT
Operating profit for year (including 14 months' operations in England and Australia)
Less:
Provision for Federal income and
Operating profit
Less:
for
the
excess
profits taxes
FOR THE
YEAR ENDED
DECEMBER 25 1920.
$7,826,159 50
______
...—
_
year....
257,476 82
Sundry exceptional items properly chargeable to prior years.
Balance
carried
to
$5,337,129 79
Surplus
CONSOLIDATED
Surplus at December 27
SURPLUS
ACCOUNT
DECEMBER 25
1920.
1919..
December 27
2,231,552 89
$5,594,606' 61
......
—
...
Add:
Profits to
Less:
Taxes
Add:
Profits for the year ended December 25 1920, after providing for Federal income and excess profits taxes, as above
Less
$3,119,366 10
Dividends:
1919 of Subsidiary Companies
-----—147,594 85
not heretofore consolidated
$3,266,960 95
167,089 56
applicable to prior years
'P-:$3,099,871
.V,:--'
39
5,337,129 79
$8,437,001 18
Common
Preferred
Stock
Stock
(paid in 1920)
(paid in
$1,671,246 00
...
1920)...^
Subsidiary Companies (to outside interests)
.....
Reserve for Common Stock dividend declared payable January 1
Reserve for Preferred Stock dividend declared payable February
1921...
1
741,000 00
15,889 38
1
...
______
416,776 00
193,000 00
1921.
3.037,911 38
Surplus at December 25
1920
$5,399,089 80
...
Note.—$350,000 par value of preferred stock retired November 30 1920.
We have examined the books of the Famous Players-Lasky Corporation
tify
and its subsidiaries for the twelve months ended December 25 1920. and
cer¬
that, in our opinion, the foregoing balance sheet and operating accounts set forth correctly the financial position and earnings of the company for the
twelve months to December 25 1920.
PRICE,
WATERHOUSE
& COMPANY.
[Vol. 112.
CHRONICLE
THE
1168
COMPANY
VIRGINIA IRON, COAL & COKE
EIGHTEENTH ANNUAL
Roanoke,
I
»
On leased property
On furnace repairs
On replacement of equipment
Coal and Coke Company:
Iron,
Virginia
the commerce of
country and particularly so with respect to the iron
steel and coal trades.
The following is a brief outline
The
this
and
and coal in¬
Company's participation in the iron
of your
dustries during the year.
IRON.
PIG
37,371 tons of pig iron orders
the year with
We entered
with
outstand¬
ing Carter Coal and Iron Company Prior Lien Bonds,
amounting to $186,000.00, par value, were canceled, same
having been purchased during 1919.
And $62,000.00 par
value Virginia Iron, Coal and Coke Company First Mort¬
It
gives
gage
active and con¬
tinued so until September, when a most precipitous decline
set in, resulting in rapid and steady reduction in production
throughout the remainder of the year.
The percentage of
production of merchant iron throughout the country at
the close of the year being about 40% of capacity. | We
closed the year with 33,010 tons of orders on our books.
In
stock
and
of pig iron was 169,140 tons and our
Our total production
Our production reached the
shipments 166,928 tons.
total
yards.
have
supply was
served
that
we
mines, for they served
our
received
companies
with efficiency
us
fair proportion of all available cars.
a
tonnage of coal
total
and al¬
the limiting factor in production,
fault to find with the transportation
no
principal
that of securing cars for shipment,
was
though car
and
1,179,870 tons was shipped to the trade; 107,556 tons
which
the manufacture of coke.
used in
tons
total
Your
120,000
acreage
567,149
in
acres
divided
the
between
States
of the coal
All
States named.
of the
each
Officers and Directors advisable that steps be taken
looking to the development of your coal lands in Kentucky.
this object
With
new
corporation
was
chartered
with
total
a
turned
over
the
100,000
value.
to the
100,000
of
shares
of common
All of the stock referred to
was
Coke Company, in turn,
Coal and Coke Corporation
a
Total
V.
I.
its property in Kentucky.
covering all of
O.
-
,
-
Co. bonds previously
123,000 00
purchased
$2,506,000 00
Board of Directors and will
$2,906,000 00 parval.
__1
public
will note that the 9,264 shares
You
of the Capital Stock
Company, formerly carried in your Treasury,
as
Stock Dividend
a
was
October 25th and your
on
of same at par,
Surplus Account charged with the value
namely, $926,240.00.
You
Gross Earnings for the year
amounted to
_$16,465,047 62
and payment
Your Net Profit, after inventory adjustments
2,140,052 92
21 40
of all charges
Your Net Profit per share of
paid out of Surplus dur¬
amount of Dividends
total
The
stock
ing the year was as follows:
$272,184 00
926,400 00
July, cash, 3%
stock,
October,
10%
cash,
300,000 00
3%
$1,498,584 00
Total
and
of Profit
balance of $641,468.92 was placed to credit
a
and Loss.
Your
plants have been well maintained and are in good
condition.
As
we
close this year
in the midst of
world-wide
a
a
we
find the iron and coal markets
period of readjustment, brought about by
has crippled
which
financial condition
of
readjustment and stabilization
under
way
and
we
very
The process
seriously the buying ability of every country.
to us to be well
seems
face the future with confidence in an
eventual restoration of business generally with a minimum
amount of
disturbance.
It gives me pleasure
to commend the loyal and efficient
service rendered by your officers
For
financial details
the following pages
as
you
are
and employees.
referred to statements on
drawn from the books of your Company
of December 31. 1920.
'
1
.
•
Respectfully submitted,
be carried in
at .$3,000,000.00,
hands
Total amount of V. I. C. & C. Co. bonds in
of
73.000 00@81.173
350,000 00@86.453
375,000 00@89.015
625,000 00 @88.410
450,000 00@95.476
.$2,383,000 00
____
& C.
held in your treasury subject to the
will be
Securities Owned Account
mated value
$510,000 00@82.565
5%
1st Mortgage,
1st Mortgage, 5%
Total bonds in treasury--
deed
shares of stock of the Colony Coal and Coke
of your
Co.
By.
Liberty Bonds, 4th Issue, 434%
Virginia Iron, Coal and Coke Company
the Colony
Corporation
action
organized under the laws of Virginia,
capitalization
conveyance
your
(The Colony Coal and Coke Corporation)
and
Virginia Iron, Coal and
delivered to
of
and for other considerations, a
mind,
in
of non-par
stock
and are holding them
Victory Bonds, 5th Issue. A%%
It seemed
Virginia.
time has been mined from your lands in
to your
& C.
W.
S.
canceled.
bought as investment
we
Liberty Bonds, 3d Issue, 414%
pro¬
Company from its organization to the present
duced by your
The
&
in round numbers,
Virginia and Kentucky, there being approximately 60,000
and
I. C.
V.
December,
v
of coal lands is,
equally
about
acres,
foregoing,
the
Liberty Bonds, 2d Issue, 414%
The
produced was 1,854,575 tons, out of
shipped to your own operations as steam coal, and
of
V.
disbursed
Department of your Company the
Coal
the
In
bought during the year and
to
treasury:
of your
COAL.
problem
were
addition
your
furnace yards
We closed the year with 5,486 tons
in July.
the furnace
we
in
in April, and our stock of pig iron on
(8,902 tons)
Bonds
Board of Directors, all of the
during the year the following bonds
(110,347
in September; orders on our books
(18,919 tons)
tons)
of your
state that in compliance
to
in the month of June; our shipments
(16,622 tons)
peak
on
furnace
on
The market was strong and
tons.
pleasure
me
resolution
yards amounting to
books
our
on
3,274
51
54
68
76
$600,531 49
Total
1920 was an eventful one in
year
$172,951
78,914
332,259
16,405
On owned property
1921.
Va., March 1,
of the
the Stockholders
To
1920.
REPORT FOR THE YEAR ENDED DECEMBER 31,
JNO.
the esti¬
,
B.
NHWTON.
President.
of the properties transferred.
COKE.
STATEMENT
Your Company
the year, out
YEAR
ENDED
DEC.
of which 280,126 tons was consumed in
furnaces in making
pig iron and 73,676 tons
was
your
shipped to
lowing amounts
and
Replacement
of Equipment:
$102,301 22
33,354 03
necessary
operations of your Company amounted to $83,945.88,
and receipts on account of royalties from leased land,
$33,-
Depreciation of Improvements to Owned
139,851 41
Properties
Fund for Depreciation
of Improvements to Leased
48,290 16
Properties
$323,796 82
332,259 68
Fund for Furnace Repairs
823.13.
Sinking Funds
were
credited
Depreciation of coal lands
Depreciation of ore lands
as
----$102,301 22
■_
33,354 03
_____
Depreciation of improvements—leased
139,851 41
property
____
Total...______
Amount
as
48,290 16
--4-.
-
Properties
Leased Properties
125,137 86
Improvements to
expended for permanent additions and improve¬
Amount
expended during the year for Additions and
Fund for Furnace Repairs and Re¬
placement of Equipment:
Amount
follows:
125,137 86
Improvements to our Properties,
Improvements to Owned
-J..$781,194
—
$781,194 36
The following amounts were
36
_____
—
Total
332,259 68
Fund for furnace repairs..
Replacement of equipment
Replacement of Equipment
follows:
Depreciation of improvements—owned property.
ments
Depreciation of Ore Lands
Fund for
During the year the sale of outlying lands not
Depreciation of Coal Lands
Fund for
GENERAL.
Your
1920.
the year with the fol¬
for Fund for Depreciation, Fund for Furnace Repairs
Operating and other Accounts were charged during
Fund for
the trade.
for the
31
manufactured 353.802 tons of coke during
Total
Expended from Fund for Furnace Repairs
charged to Replacement of Equipment
$172,951 51
78,914 54
$251,866 05
332,259 68
16,405 76
$600,531 4g
March 19 1921.]
GENERAL
THE
EXPENSES
YEAR
ENDED
DEC.
31
1920.
SALARIES AND EXPENSES OF GENERAL
OFFICERS...
Salaries of
President, Vice-President and
Counsel,
Assistant
Auditor,
Sales
to
President,
Assets—
Increase.
Decrease.
Real Estate and Plant
Treasurer,
Agent and
Assistant General Counsel
1169
CHANGES IN ASSETS & LIABILITIES YEAR
ENDED DEC
$91,291 43
General
Purchasing
Agent,
CHRONICLE
$220,073 12
Equipment.
68,887 01
Securities Owned...
$78,907 46
Traveling Expenses
Stationery and Printing.
563,899 08
Sundry Bills Ledger Balances
16,763 28
Bills Receivable
41,484 45
63,510 4^
Accounts Receivable
30,673 23
Advances to Cashiers and Supts.
Cash at Commissaries
$5,520 09
Rents.
$1,904,555 69
Sales Ledger Balances
12,383 97
SALARIES OF GENERAL OFFICE CLERKS
GENERAL OFFICE EXPENSES AND SUPPLIES
31.1920.
Net Increase.
16,641 20
...
1,860 00
3 99
4,980 00
Cash
8,174 89
Postage
Interest Accrued- -U. S. Bonds.
12,025 84
2,014 94
Telephone and Telegraph Service
Express and Freight
Pig Iron Stocks.
51,665 54
9,545 83
Other
Supplies
437 48
Products
Outside Attorneys
Clerks' Fees, Court Costs, &c
$9,300 92
,
8,447 76
$16,484 28
278 50
Subscriptions to Various Publications
$926,400 00
...
62,000 00
Carter Coal and Iron Co. Bonds.
1,215 54
New York Trust Co., Service as Trustee
—
First Mortgage Gold Bonds.
320 00
,
122 00
Unpaid Vouchers
186,000 00
i__'
144,686 65
Unpaid Pay Rolls.
43,260 40
Advertising..
Premium—Group
Life Insurance
Miscellaneous.
Unclaimed
4,233 96
Bills
Accounts
1,314 35
_
1,094 76
1,555 00
2,213 11
_
Outstanding Time Vouchers—
2,250 10
Donations
$360,950 28 $2,456,909 30-
Liabilities—
Capital Stock—
Engineers, &c
Directors' Fees
Bond Interest Accrued
Wages.
_
Payable
.;
Payable
1,927 99
452,486 61
9,533 34
Reserve for Federal Income and
Total
.$222,206 31
Profit Tax
Reserve
GENERAL BALANCE SHEET YEAR ENDED
DECEMBER 31
429,677 05
Workmen's
for
pensation
1920.
Reserve
DEBITS.
Com¬
Liability
Dividend
for
15,415 75
payable
January 24HG921
Real Estate and Plant
$9,695,986 07
Equipment
Profit and
27,792 00
Loss....
671,323 45
1,095.520 97
Securities Owned...
2,282,536 39
Ledger Balances..
Bills
Ledger
i
$2,716,370 63
38,871 39
Bills Receivable
INCOME ACCOUNT YEAR ENDED DEC.
31, 1920.
105.273 13
....
Gross
68,423 14
...
Advances to Cashiers and Superintendents.
Operation of Furnaces
598 73
Hand
158,227 51
141,492 37
16,735 14
6,292,639 87
4,453,043 97
1,839,595 90
2,495,854 20
1,923,230 62
572,623 58
191,231 19
183,303 19
7,928 00
Operation of Grist Mills.
164,579 93
Products...
70,075 20
Raw Material
Totals-
441,637 22
-
—
907,048 43
Supplies!.
Merchandise.
_
Receipts in
324,641 21
...
Farm Products
$ 364,719 70
Operation of Coke Ovens—,—
Stock of Finished Material:
Pig Iron Stocks
excess
Merchandise
39,638 74
.$16,346,587 93
of direct cost of operation.
Discount
Miscellaneous
-$17,093,215 27
13,544,985 61
$2,801,602 32
___
36,056 86
—
Earnings
24,042 78
__
Interest and Discount..
44,108 04
_
Royalties
14,252 01
—
CREDITS.
Capital stock
$2,920,062 01
$10,000,000 00
First Mortgage
Gold Bonds
Less—
3,539,000 00
Unpaid Vouchers
Bond Interest, V. I. C. & C. Co...
440,731 26
...
$155,571 76
Federal Income and Profit Tax.
Unpaid Pay Roils
165,862 46
Accounts
579,677 05
Expense of Idle Plants— C.
480,721 59
Farms and Farm Rentals—
Reserve
Payable.
for
Workmen's
Compensation
bility
&
Interest
Coke Co.
Reserve
for
579,677 05
payable
January
......
Stock Dividend paid October, 1920
24
$272,184 00
926,400 00
Reserve for Dividend declared December 16,
300,000 00
Loss
780,009 09
$2,140,052 92
Dividend paid July, 1920.
48,416 66
Dividend
3,350 88
Year.......!.
Less—
Accrued—Virginia Iron, Coal
Bonds
1921...
Profit and
Profit for the
37,858 63
Reserve for Federal Income and Profit Tax..
Bond
41,409 40
Lia¬
________
or
Loss.
56,843,915 46
Operation of Coal Mines
12.925 84
,
Profit
Expenses.
-.--$7,208,635 16
Operation of Foundries & Shops
350,313 01
Bonds...
Operating
Earnings.
7,496 40
Cash Balances at Commissaries
Interest Accrued—U. S.
$259,461 33 $2,456,909 30
1,487,649 47
Balances
Accounts Receivable
Other
30,133 92
$2,817,859 58
25,752 88
Bankers Trust Co., Services as Trustee
on
1,341 91
MerchandiseFarm Products.
Salaries of District Superintendents, Custodians,
Cash
163,943 04
1,677 40
..—
MISCELLANEOUS
Sundry
17,789 42
.
Raw Material
10,978 32
Paid
Sales
58,394 61
Supplies.......
LAW EXPENSES.
Land Agents,
Hand
on
1920, payable January 24, 1921
—-
—
300,000 00
1,498,584 00
1,500,947 62
;
Balance to Profit and Loss
-$17,093,215 27
$641,468 92
...
COLUMBIA GAS & ELECTRIC CO.
AND
ANNUAL
To
the
Stockholders of
Your Directors
are
SUBSIDIARY
Columbia Gas & Electric Company:
pleased to present herewith the Annual
your
Company for the
Company
of
Earnings
...
—
$11,950,272 46
9,908,110 06
——
Income
Surplus for the year—...
...—
—
-
8,013,715 12
4,374.315 80
4,050,976 41
5,533,794 26
——
Columbia Interest Charge
705,338 61
4,839,377 59
3,257,400 10
Gross Income includes only the portion of earnings of the
as
dividends.
During the
year $317,500 of your Company's First Mort¬
Five Per Cent Bonds were issued to cover construction
expenditures made.
As such expenditures were paid out of
current cash funds of the Company, the said bonds were not
gage,
but
were
placed in the Treasury of the Company in
year your
cinnati Gas & Electric
3,962,738 71
694,416 67
United Fuel Gas Company actually received
sold
on
Decem¬
Cincinnati
of
the
Gas
Transportation
placed in the Treasury of
Company,
Com¬
The ownership of this preferred stock carries the
pany.
your
voting control of the Cincinnati Gas Transportation Com¬
and said preferred stock has a prior right to dividends
pany
at
6%
per annum over
the outstanding issue of $2,000,000
of Common Stock when the
outstanding Bonds of the Trans¬
portation Company have been retired through the operations
of the Sinking Fund.
The Cincinnati Gas Transportation
Company
the
owns
trol of said
There
from
pipe lines from the West Virginia
Company to Cincinnati and the con¬
gas
Company.
Gas Transportation
lease, $264.(XX) First Mortgage Bonds of that
out of current
Stock
which stock has been
through the operations of the Sinking Fund.
compliance with the Cincinnati
Company purchased from the Cin¬
Company, and paid for
outstanding issue of $3,000,000 of Preferred
fields of the Columbia
Company
canceled through Sinking
Company, leaving$2,547,000
cash funds, the
accordance with the custom followed for several years past.
In addition $251,500 of bonds were redeemed and canceled
In
and
your
Transportation Company bonds outstanding
1920 of the original issue of $5,000,000.
During the
1919.
—$14,616,742 83
Operating Income.-...--.
Prior Fixed Charges..
Net
made by
1920.
ber 31
1920.
1920.
Gross
redeemed
were
Fund payments
EARNINGS.
Gross
COMPANIES
REPORT—FOR THE FISCAL YEAR ENDING DECEMBER 31
Report covering the operations of
year
ITS
Company should
has
surplus,
prove
advantageous to
your
'
been set aside for depreciation
the amount of $848,020 25.
for
the year,
year
GASOLINE OUTPUT. v
AND
1920 over that of 1919.
The
of operating statistics
shown in the page
detailed figures
UNION GAS
THE
ELECTRIC COMPANY.
&
Gas & Electric Company
during the year 1920 have been most satisfactory.
The
unit in the new electrical power station was installed
l/2%.
: ..y
facing the possible curtailment in general business
throughout the country during the coming year, your Com¬
values
third
and
term of 20 years
a
capacity of 18,000 kilowatts, have been re¬
and installed, which will be
the aggregate
ceived from the manufacturers
about
September 1 1921.
During the
year
the municipal electric
plant of the City
consideration
of said purchase, a franchise was granted permitting the
Union Company to extend its electrical operations throughout
said territory.
Norwood has a population of about 30,000
people and comprises a large and prosperous manufacturing
district, from which the Company has hitherto been excluded.
This territory is entirely within the greater Cincinnati dis¬
of Norwood
was
acquired by purchase, and, in
trict and has been
incorporated into the Union
Company's
system.
OPERATING
rapid development of the business of
it
was
made clear that the financing
Cincinnati Gas & Electric Company, entered
into in 1916, should be enlarged to meet the constantly
growing demands of the business resulting from the Com¬
pany's aggressive commercial policy. After extended nego¬
tiations a modified lease was prepared and executed effective
January 1 1921, which, in the opinion of your Directors, is
very advantageous to the Union Company, and which pro¬
plan of the
Capacity of motors (H.P.)
Capacity of transformers (K.W.)_
Capacity
of incandescent lamps
(K.W. eq.)__
Total connected load (K.W.)
sold..
have been executed, with the approval of
stockholders of the respective companies, and same are
force and
KENTUCKY PROPERTIES
In
...
78,689
58,163
52,760
36,358,420
33,783,945
29,918,801
4,128,098
4,061,642
|
4,218,512
I
4,057
'4,022
3,937
51,795,457
167,764
51,650,275
236,309
690
176
1,497
57,035,146
274,910
1,458
Properties:
(thousand cu. ft.)
produced (barrels)
Gas sold
Oil
Gas Wells owned
Oil Wells owned..
Gas Mains owned
Gasoline produced
_______
(miles)
657
163
11,998,933
11,558,923
18,256,927
14,372,716
264
310
255
307
3,744,327
(gallons)
2,919,167
656
142
1,458
9,187,311
Columbia Gas & Electric Company—
(thousand cu. ft.)
Gas Mains owned
Gasoline
(miles)
produced (gallons)
15,880,527
239
298
2,810,619
CONSOLIDATED INCOME STATEMENT COLUMBIA GAS AND
ELECTRIC COMPANY AND SUBSIDIARY COMPANIES
YEAR ENDED DECEMBER 31ST 1920.
(With Comparative Figures for
1918 and 1919.)
$
$
14,616,742 83 11,950,272 46
Income—
Earnings
Gross
1918.
1919.
1920.
Net Earnings
S
11,538,772 11
Income
6.246,222 74
5,959,432 21
5,704.049 72
2,309,665 40
5,579,339 90
1,965,470 42
9,908,110 06
-
Other Income..
7,382,609 48
7,234,133 35
2,673,976 71
Operating Expenses and Taxes.
Gross
8,013,715 12
7,544,810 32
2,454,946 65
2,026,094 77
693,792 36
697,780 46
Deductions—
Rentals to Cincinnati
Gas & Electric Co...
,
2,755,748 62
Accrued Rentals to Cincinnati
Gas Trans. Co. (incl. Sinking
Fd. requirement of $250,000)
685,772 91
Accrued Rentals to C. N. & C.,
Net
the Kentucky properties have
complied with fully during the year.
anticipation of the expiration on January 10 1921 of
the City of Covington, covering
the franchise contract with
supply of natural gas in that city, a new contract was
entered into, for a period of five years, fixing a sliding scale
932,794 27
902,237 40
908,387 36
4,374,315 80
4,050,976 41
3,632,262 59
5,533,794 26
3,962,738 71
3,912,547 73
563.591 67
574,513 61
582,525 00
130,825 00
130,825 00
130,825 00
....
694,416 67
705.338 61
713,350 00
..
4,839,377 59
3.257.400 10
3,199,197 73
2,000,000 00
L. & T. Co
Deductions
Total
effect.
The terms of the lease of
been
43,822
79,393
45,574
United Fuel Gas Company—
Electric Company, limited to
funds for meetpig the growth
years to come.
This revised lease
and the mortgage
the
90,156
54,836
Water Department—
Total number of water consumers..
Total
by the Cincinnati Gas &
in full
49,245
50,201
170,946
135,782
120,536
205,519,183 157,498,561 120.807,706
Street Railway Department—
Total revenue passengers carried..
miles
42,844
63,182
64,658
Accrued
$50,000,000, to provide ample
property for many
151,051
18,373,720
114,257
64,243
Total number of meters in use
Natural Gas and Oil
149,867
152,001
| 16,986,267
Total number of electric customers
car
31ST.
1918.
144,518
1919.
1920.
153.7011
154,007
ft.)__ 20,455,196
Total gas sold (thousand cu.
Electric Department—-
Total
DECEMBER
ENDED
Cincinnati District:
Total number of gas customers
Total number of meters in use
Prior Lien and Refunding Mort¬
vides for the issuance of a
of the
YEARS
STATISTICS
Utilities Operating in
Gas Department—
K.W.H.
LEjACH, President.
March 1st, 1921.
Charleston, W. Va.,
Gas Wells owned
In view of the very
gage
B.
A.
Gas sold
the Union Company,
in both gross and
the results in
earnings and your Directors believe that
1921 will prove most satisfactory.
By order of the Board of Directors,
the year
the Cincinnati
for the initial
supply of one-half the powrer requirements of that company,
which service will be started when rotaries, now on order, to
Company for
other
net
entered into with
been
has
contract
large stock inventory subject to depreciated
considerations to occasion any concern.
no
or
operations continue to show increases
The
watts.
A
has
pany
operation for the fall and winter load. In
increase in demand for power service,
contracts were made for the installation in 1921 of a fourth
unit, which will complete the power station equipment as
designed and provides an installed capacity of 120,000 kilo¬
Traction
condition of your
In
the rapid
of
h
creased to 1
put in regular
view
thousand
30 cents per
and very satisfactory
Company, your Directors de¬
clared an extra dividend of 1 % at the end of the year, thereby
making a cash return to the stockholders for the year of 6%,
and in January 1921 the quarterly dividend rate was in¬
,
operations of the Union
was
the increased earnings
view of
financial
included in this
[pamphlet] report.
The
rate
former
feet.
In
in sales of gas and gasoline by both the Colum¬
bia and United Fuel Companies shows substantial increases
are
cubic
GENERAL
The output
for the year
The
cents.
75
Federal taxes.
for all State and
OAS
charged for the
the expenses
Provision has been made in
[Vol. 112.
CHRONICLE
THE
1170
Income
.
,
Fixed Charges Col. G. & E. Co.:
Accrued Interest on 1st Mtge.
of
Col.
Accrued Interest on 5%
Gold
5%
Gold
Bonds
G. & E. Co..
Debentures of Col.G.&E.Co.
the
upward ranging from 45 cents per thousand to 60 cents per
thousand cubic feet, with a minimum monthly charge of
GAS
COLUMBIA
&
ELECTRIC
COMPANY,
Total Fixed Charges
Surplus...
Dividends
THE
CONSOLIDATED BALANCE SHEET
Paid..
...
UNION GAS & ELECTRIC
DECEMBER 31ST 1920.
$104,915 56
97,906 25
Cash
United Kingdom 5H% Gold Notes
State of Ohio non-taxable municipal
U.
Liberty
Securities)
States
S.
Bonds
—
Lt. & Tr. Co. 4H%
___
Liberty Bonds....
_ _ _ i.. __ . . „. ...
. _
... _
First Mortgage 5% Bonds in Treasury ($2,342,000 00 face
amount)
5 % Gold Debentures in Treasury.. —_ ________________
Current and Working Assets:
Cash
Accounts Receivable
A...
Material and Supplies.._____
Interest and Dividends accrued on
\
Owned
—
676,406 44
...
Accounts..
2,850.000 00
91
287,525 00
65,412 50
500.000 00
—
Depreciation....
...
. -.-
$18,061
152.777
336,731
3,085.790
3,691.014 01
245,839 48
—.—_____
Accrued Accounts..
—...
To Amortize Kentucky Betterments
For Net Current Assets leased Sept. 1 1906-
Surplus
—
915,836 43
850,719 17
R6S6rV63*
_.$2,100,020 08
1,965,190 88
______
774,931 01
Securities
96
90
43
00
3,593,361 29
3,026,342 37
5,516,548 41
1
Deferred Assets:
Prepaid
85 000 00
33 ,700 00
For
..
_
Deferred Liabilities: '
Customers' Deposits.—
1.921, 330 00
232 ,831 67
-.$50,000,000 00
13,843,000 00
_
_ _
Taxes
Accrued Rentals
—_
__ _______.
_
Accrued Interest on 1st Mortgage Bonds.
Accrued Interest on Debentures..
Accrued Dividend Payable.
1
.
Owned:
Cincinnati Newport & Covington
Preferred Stock (850 shares)
Capital Stock, Col. G. & E. Co...
First Mortgage 5% Gold Bonds, Col. G. & E. Co. —...
5% Gold Debentures, Col. G. & E. Co
Current and Accrued Liabilities:
Accounts Payable
_$1,071,520
Accrued
securities 1,513,156 06
(and
other
1,912,147 13
3,628,125 00
Other Securities
COMPANY
LIABILITIES.
ASSETS.
Property Account, Comprising Gas Fields, Plants, Fran¬
chises, Leases and Stock owned of United Fuel Gas Co.
(153,000 shares—51 %)..
- - - — - _ - - - - - ——
$65,615, '58 64
Guarantee Funds Deposited with Trustees:
United
2.000,000 00
3,000,000 00
...
...__....
216,
,263 43
$77,249,557 15
$77,249,557 15
ELECTRIC COMPANY,
period of eight
ended
financial condition of the combined
books of account and record of the COLUMBIA
GAS &
GAS & ELECTRIC COMPANY, CINCINNATI, OHIO, covering a
years
opinion, the foregoing consolidated Balance Sheet correctly reflects the
Companies at December 31st 1920, and the accompanying Consolidated Income Statement is correct.
^
,
(Signed) ERNST & ERNST. Certified Public Accountants.
WE
HEREBY CERTIFY that we have audited the
CHARLESTON. W. VA., and THE UNION
December 31st 1920, and that, in our
<>
Cincinnati, March 1st 1921.
March 19
1921.]
THE
CHRONICLE
1171
FENSLAND OIL COMPANY
FINANCIAL STATEMENT FOR YEAR
ENDED
To the Stockholders
of Fensland Oil Company:
T. B. Hoffer, President of Fensland Oil
Stockholders for the
company, which "was incorporated July 31 1919,
brought in its first producing well on February 28 1920, and,
including that well, completed by the end of the year fourteen
wells, eleven of which were producing oil wells and one of
disclosed
a
sand in Indiana which
gas
develop profitably.
"During the past
no
we
par
oil up
compaiiy
during the year a complete gas line system which has two
hundred commercial and private
attachments, serving local
interests around Breckenridge, Texas.
hope to
"In
addition
account
year
of oil and gas leases to
the
increased its holdings
company
approximately 23,000
acres,
which
are
value, of which 218,500 shares
are now
outstanding.
produced approximately 450,000 barrels of
to December 31 1920.
There was also constructed
"The
"Your
which
of
ended Dec. 31 1920 said:
year
your
some
"
With
Coast fields,
DECEMBER
31
$2,535,889 47
292,053 99
1,373 86
„
1
_
—
__
_
—
1
$3,204,978 08
$1,504,026 24
187,029 47
__
'"Idie
at
15,953 09
_.
$1,332,949 86
Reserve for Taxes
7,577 64
Depreciation, Depletion, Development Exp.
r "
■
747,012 03
_
'
to be
$578,360 19
Company, held in New York
retiring Directors
were
on
March 15,
1921,
re-elected.
T. B. Hoffer. President of the
siderably
panies
re¬
sent
to
the stockhold¬
are
new
wells
have
been
completed,
good producers, three in Stephens County
in which the Fensland has
land
full
a
County in which it has
a
interest, and
one
in East¬
half interest.
"Other
which
any new
It is hinted that the next Common dividend
may be
Union Carbide & Carbon
Co.—Official Data.—
it1. Konsberg & Co., Chicago, have prepared in circular
E.
source
coming
the
"Evening News," Sault Ste. Marie, Mich., Dec. 14 1920,
reports substantially as follows the salient features of a statement
made on Dec. 13 to plant officials at Sault Ste. Marie
by A. C. Morrison,
head of the company's general affairs department:
The corporation operates 78 plants and has grown from
$14,000,000 capi¬
in
1905 to $275,000,000 in 1920.
The root of our great tree is the
industry—its biggest branch is the electrode.
tal
electric furnace
Our subsidiary, the National Carbon Co., is
revolutionizing methods
making possible the use of aluminum, ferro-alloys, carborundum and scores
of other essentials.
The carbon packing ring was
absolutely essential to the
we
made all of them.
The only use
for calcium carbide a few years ago was for lighting farm
to-day 600 salesmen are out for one subsidiary company making
generators.
The oxy-acetylene blowpipe, the drycells, which are used by
the tons of millions, for everything from the office buzzer to the
depth
bomb, the acetylene that lights the coasts of the world, these are numbered
the company's best known products.
rare gas,
of which there
was
only a cubic foot or two in the
be produced from common natural gas taken from the
street mains of Dallas, and a $15,000,000 plant is in readiness to produce
it to float the balloons of the world, thanks to the genius of your company.
[This helium plant is supposed to be the one built by the U. S. Govt.—Ed.]
See also V. 112, p. 753.
world,
can
now
Union Twist Drill Co.,
on
of
Athol, Mass.—Smaller Dividend.
The company has declared a ouarterly dividend of 31 % cents per share
the Common stock, par $5, together with the regular quarterly dividend
l%% on the Pref., both payable Mar. 31 to holders of record Mar. 21.
cents each paid in the four quarters
This compares with dividends of 62 H
of 1920.—V. Ill, p. 598.
Company is
interests
now
in
market has improved con¬
now
paying $2
per
com¬
barrel against
The Humble Company
recently
completed
operation and
Company the surplus
of considerable
a
is taking ap¬
which
gas
revenue
to
a
will
gasoline
take
derived from
the
plant
from
its
the
pro¬
This should be
company
a
during the
year.
Carter Oil
Company and the Inland Oil Company
subsidiary of the
into
Continental
Company),
a
(a
has entered
substantial
interest
territory in the Salt Creek field in Wyoming."
Cigar
Stores
A monthly dividend of 1%
payable April 25 to holders or
1H% each were declared, but
in respect to the amount.—V.
Net
Oil
satisfactory contracts covering
proven
U.
an
which
Helium, that
produc¬
taking and paying for all the oil and that the
S. Cast Iron
Calendar Years—
form
article from the
among
is
United
paid in scrip.—V. 112, p. 1032.
homes;
well
are
gross
by the fact that the pipe line
ducing properties east of Breckenridge.
Tobacco Products Corp.—To Increase Stock.—
operation of the Allied fleets, and
present
proximately 85% of Fensland's production.
in
The stockholders will vote April 10 on
increasing the authorized Common
stock from $20,000,000 to $25,000,000 and the Pref. stock
from $8,000,000
to $10,000,000.
It Ls stated chat it is not the intention to issue
stock at this time.
its
"Recently the Fensland Oil Company, in conjunction with
January 1, four
of which
expected
are
neighborhood of three thousand barrels daily.
are now
Humble Oil
lie said further:
"Since
drilling which
managed, and
evidenced
as
Fensland
Company, submitted the
copies of which had heretofore been
ers.
are
producing properties of the Company
economically
tion is in the
meeting of the stockholders of the Fens¬
port of the Company for the year ended December 31
last,
all
and
more
completed within the next sixty days.
posted price of $1.75.
Surplus
the
Company has in operation fourteen producing wells
present and nine
"The position of the crude oil
Total Income.
Oil
$3,204,978 08
"All of the
$1,316,996 77
Other Income
land
542,208 50
____
Total
I
Operating Profit
annual
7,577 64
100,190 07
53,176 50
Earnings....
the
171,696 75
249,859 15
Operating Expenses
At
$2,162,500 36
220,804 76
Reserve for Depreciation.
Profit and Loss Surplus
EARNINGS FOR YEAR ENDED DECEMBER 31 1920.
Gross
value)
Reserve for Taxes
43,615 28
Hand_____
no par
Payable
Drilling Contracts
Appropriations for Drilling_
Total
Bills and Accounts
29,009 83
Accounts Receivable_
on
1920.
Capital Stock (218,500 shares
Securities Owned
Cash
company's interests."
1921.
LIABILITIES.
_
Materials and Supplies.
Deferred Assets
practical geologists have been sent
two
ASSETS
Leases, Real Estate, Buildings, Plants, Equip¬
__
profitable in¬
prove
view to extending operations to the Oklahoma and
a
March 1st,
SHEET
joint
'
Gulf
—
several
vestments.
into these sections in the
ment, &c—
into
of the large companies oper¬
ating in the Texas fields which should
additional acreage during the
year, the company increased
BALANCE
entered
company
operations with
located principally in Texas, with some
holdings in Okla¬
homa and Indiana.
In connection with the
acquisition of
GENERAL
1920
its authorized capitalization from
200,000 to 225,000 shares
Co., in his report
to
DECEMBER 31
operating income.
Co.
of America.—Dividend.—
has been declared on the Common stock,
record April 11.
In January and February
it is explained that there is
112, p. 941, 930.
no
fixed policy
Pipe & Foundry Co.—Earnings.—
1920.
Other income
1919.
1918.
1917.
Total
income._______
Depreciation reserve
Interest
x$76,2l3
82,557
$1,541,581
59,004
$1,820,744
$1,442,571
430,364
160,615
600,000
$6,344
424,706
85,341
600,000
$1,600,585
405,907
85,641
600,000
$1,863,095
403,640
17,341
600,000
$509,037
$742,140
<
Pref.divs.(seenote) (5%)
Loss after
$1,324,243
1118,328
$251,592df$l ,103,703
__
42,351
adjustment of inventories, &c. /
Note.—The directors on
1921 declared a dividend of 5% on the
Pref. stock, payable quarterly out of the earnings of the
past year, viz.:
March 15, June 15, Sept. 15 and Dec. 15 1921, to holdersof record March
1,
June 1, Sept. 1 and Dec. 1, respectively.—V. 112, p. 478, 169.
x
mainenance,
United States
taxes,
Jan. 27
Distributing Corp.—Annual Report.—
The first annual report for the calendar year 1920 showed a
prosperous
year both for the corporation and all of its subsidiaries except the U. S.
Trucking Corp., which was handicapped by the general business depression.
Net earnings for the parent company were $479,364.
Those earnings,
coupled with the undivided profits for the y»ar of such of its subsidiaries
the capital stock of which is owned in its entirety, viz.: the
Sheridan-Wy¬
oming Coal Co., Inc., and the Tongue River Trading Co., aggregated
$1,113,523 for the year, or 22% on the outstanding stock of U. S. Dis¬
tributing Corp.
Directors are:
M. F. Burns, Henry J. Fuller, Geo. F. Getz,
JIarvey D.
Gibson, G. M-P. Murphy, L. B. Patterson. F. 3. Peabody, Harry T.
Peters, J. Ernest Richards. E. V. R. Thayer, Ralph Van Vechten and
W. C. Watt.—V. Ill, p. 1090, 2433.
[V«u 112.
1172
United Shoe Machinery Corporation.—Dividends.regular quarterly dividends of 1H % on the Preferred (par $25) and
cents on the Common stock (par $25), have been declared, both
payable April 5 to holders of record March 21.
These payments are to be
made out of the accumulated surplus, net earnings for the past quarter
not being sufficient to meet dividend requirements.—V. Ill, p. 2529-
3£!ijc (^vmrajertial %xmzs.
The
of 50
profits.
Depreciation
dividend (2%).
*
$114,091
Balance, surplus..
$1,195,362
77,006
452,622
85,750
70,000
83,294
450,110
85,750
70,000
$108,524
250,000
Working capital reserve..
$818,794
91,090
454,610
85,750
70,000
150,000
98,430
Preferred dividend (7%).
Common
1917.
•
$959,974
454,610
85,750
70,000
Bond int. & sink. fd. chgs.
1918.
1919.
1920.
.....$1,072,881
— .
$133,362
$506,208
purchase
Denied
Telegraph Co.—Injunction
—
Appeals
N.
Judges Ward, Dough and Manton in the TJ. S. Circuit Court of
March 11 upheld a decision recently rendered by Federal Judge A.
Hand in which he denied a motion for a preliminary injunction by the
Government to prevent the company from landing a cable at Miami,
and also to prevent the company from sending messages originating
or
addressed to Brazil over the Key West-Cojimar Cuba cable.
The Government has appealed the case to the U. 8. Supreme Court.—
on
Fla.,
in
V.
112, p. 941.
Western United Gas & Electric Co.—Notes Paid.—
The $232,500 7% Collateral gold notes, due Feb. 1 1921, were paid off.
Practically an equal amount of notes were resold.—V. 108, p. 2131.
West India Electric Co., Kingston, Jamaica —Earns.
total revenue received, $490,181, as compared with
$383,665 in 1919, and net income of $135,821 . against $136,067.
Balance,
surplus, after fixed charges, interest and dividends amounted to $53,164,
bringing the total surplus up to $686,240.—V. 108, p. 1166.
ti
The company reports
West
Virginia Metal Products
Corp.—Pref. Stock Offered
W. Va., are offering at par (with a
stock), the unsold shares of an authorized issue of
$2,500,000 7% Cumulative Conv. Pref. (a. & d.) stock.
A circular shows:
Preferred stock is cumulative from Jan. 1 1921; red. at 115, and con¬
vertible into common shares of like number at any time.
Company.—Organized in Delaware.
Recently began the manufacture
of brass and copper sheets, plates, rods, wire and similar products.
Plant
J. D.
Merriman & Co., Wheeling,
bonus of 50% in common
W. Va., has a minimum eight-hour daily capacity of 80,000
finished brass and 20,000 lbs. of finished copper.
Capitalization.—Authorized, $2,500,000 7% cum. conv. pref. stock (par
$100) and 52,500 shares of common stock, no par value.
No common stock
has been issued except as allotted with the preferred stock.
Directors.—W. Q. Abney, Geo. M. Alexander, Van Lear Black, Jas. M.
Boyle (V.-Pres. & Gen. Mgr.), S. D. Camden, John A. Crislip, Paul E.
Cleland, Geo. W. Fleming (Pres.), C. A. Gates, Virgil L. Highland, C. T.
Hiteshew, W. B. Irvine (V.-Pres.>, Walton Miller, M. L. Hutchinson
(V.-Pres.), John Koblegard, A. B. Koontz, Samuel S. McRoberts (Chair¬
man), Henry D. Shute, John B. Stevenson, D. E. Thoenen, C. W. Watson,
J. E. Watson,
J. F, Caulfield Is Sec. & Treas.
at Fairmont,
lbs. of
Corporation.—Earnings.—
Wickwire-Spencer Steel
still dull and de¬
gloomy examples. The great
textile industries are depressed, both at home and in Europe,
and in fact all around the world, although woolen goods are
reported rather more active in this country of late.
The
truth is that in the wholesale lines trade as a rule is still
rather quiet, though here and there it is fair.
Whatever im¬
provement has occurred has been in jobbing and retail
trades.
The sale of men's wear goods has increased; also
those of women's wear, including millinery.
The unusually
warm weather much of the time within the last two weeks
lias had its natural effect in stimulating jobbing and retail
sales.
When it comes to wholesale business, however, there
is general complaint of the slowness of any improvement.
The trouble there is that prices are steadily declining and
that buyers are afraid of becoming loaded up on a falling
market.
The mail order trade, too, as a rule has latterly
fallen off.
As for foreign trade it has been very dull in
spite of some recent advance in foreign exchange. ,
There has been a very sharp decline in coffee to the lowest
prices seen since 1907, accompanied by the lowest quotations
for Rio de Janeiro exchange for nearly 22 years yast.
And
East Indian exchange is still down to a low level.
All this
reacts more or less directly in one way or another on the
trade of the United States.
And the unsettled condition
of business in Continental Europe, growing out of the dis¬
pute with Germany in regard to the indemnity also reacts
adversely to some extent on this country.
At one time a
falling market at the Stock Exchange was sot without a
certain moral effect also.
But on the other hand collec¬
tions have been somewhat better. Latterly stocks have risen.
And the automobile and building trades have been some¬
what more active.
A fair amount of business has been
done in the northern part of the United States.
And fail¬
ures have decreased, although it is true they are still far
of the basic industries
*
Excess profit and income taxes for year to be deducted when ascertained.
The trustees under the mortgage have purchased $366,400 of the com¬
pany's collateral trust 5% bonds for the sinking fund, making total
to date $5,316,700.—V. 112, p. 169.
Western Union
$32,623,894
27,168,152
1,101,494
551,506
Cr.77,891
—
879,550
.
Administration and selling expenses
Miscellaneous charges, including interest and discount
Miscellaneous items, including interest and discount
Bond interest.
„
— _
— „
_
interest
$3,001,082
Previous combined surplus of constituent companies ($8,539,930) makes
a
total of $11,541,013, from which have been deducted: Depreciation,
$643,886; inventory adjustments, $1,050,039; reserve for 1920 Federal
taxes, $103,474; Federal taxes prior to 1920, $279,115; other assumed obli¬
gations, $262,451; preferred dividends, $656,924; leaving a profit and loss
surplus Dec. 31 1920 of $8,545.121.—V. 112, p. 856, 569.
Balance, surplus, after
Co., Inc.—Leases Plant—Report.—
the Midland Packing Co.,
in a receivership since May
Wilson &
It
is
reported that the company has leased
latter company has been
Sioux City, la.
The
1920 (see above).
See annual
report on a preceding
page.—V. 112, p. 1032.
Winchester Co.—Siib. Co. Capital Increase—Report.—
Co. has filed with the Secretary of State
of Connecticut a notice of an increase in the capital stock from $1,000,000
to $10,000,006.
The Winchester Co. owns about 97% of the stock.
See Annual report in V. 112, p. 1032.
The Winchester Repeating Arms
Wisconsin Gas & Electric Co.—Earnings.—
Income Account for
Year ended Dec. 31
revenues.$3,318,210
Total operating expenses. 2,775,985
Depreciation
145,518
Total operating
Taxes
Gross
$351,803
Interest on floating debt.
.
112,119 Miscellaneous deductions.
...
Cr.31,635
Cr.35,579
Utility non-oper. revenues
Corporate non-eper. rev..
—VT 112, p. 654.
Wisconsin River Power
205,589
22,697
8,407
$115,109
Net income..
Co.—Notes Offered.—
Milwaukee, New York, &c.f are offering at
93\i and int., yielding 8%, 10-year Collateral Gold Notes, Series "A," due
Feb. 1 1931.
Denom. $100, $500 and $1,000.
These notes are secured
by deposit of $150 of the company's First Mtge. 5% bonds for each $100 in
notes outstanding.
The company, moreover, is obligated to make annual
payments into a slaking fund which will retire 25% of the total issue before
Halsey, 8tuart & Co., Inc.,
maturity.—V.
108, p. 487.
(Rudolph) Wurlitzer Co.—Offers Stock.—
The company, it is reported, has increased its capitalization
of $2,000,000 8% Pref. stock which is now being offered to
ance
by the issu¬
stockholders
($100).
It is understood that a syndicate headed by Westheimer &
Co., Cincinnati, has underwritten the issue.
The company has $4,000,000
Common stock.—V. 112, p. 753.
at par
Towne Manufacturing
Yale &
earnings
Interest received (net)..
1920.
$3,754,609
193,663
earnings.—
$3,948,272
Reserve for Federal taxes
1,313,308
1,124,290
1 22K % f
J
[
Calendar Years:
xNet
Total net
310,494
Depreciation
Dividends
Rate, regular
Extra
,
Co.—Annual Report,—
1919.
1917.
1918.
$2,764,650
$3,263,292
194,177
$3,956,174
13^,841
102,860
$3,457,469
258,375
836,000
$4,088,015
491,592
$2,867,510
995,830
(10%)
(10%)
*
2,200,000
991,042
(10%)
(10%)
323,669
553,850
989.614
(10%)
(10%)
Balance, surplus..—. $1,200,180
$1,367,264
$405,381 $1.000 377
x After deducting cost of production, operating expenses, incl. $948,720
maintenance, net charges to current expenses; after setting up
reserve accounts but excluding interest earned and taxes accrued but not
paid.—V. 112, p. 1038.
Youngstown Sheet & Tube
$1
per
Co.—Smaller Dividend.—
share has been declared on the no par
value Common
stock, together with the regular quarterly dividend of \%% on the Pref.
stock, both payable April 1 to holders of record March 20.
In the pre¬
ceding quarter a dividend of $1 50 a share was paid on the Common stock.
—V. 112, p. 753.
silk
has
more
or
The total for
the same week
101 in 1919, 227 in 1918 and 252 in 1917.
steady.
Wool, however, has been dull
last year,
been
less
depressed.
Lumber
has been dull.
Raw
and.,
Lower
iron and steel.
The consumption of
country in February showed a note¬
worthy increase over that for the previous two months, and
the number of spindles at work is some 900,000 more than
a month ago.
The trouble is that of late even at declining
prices sales of most staple cotton goods have been small,
and there is considerable curtailment of production among
Southern mills.
They are also said to be cutting under the
prices are quoted for
cotton, however, in this
prices of New England mills.
In general commodities this
week have declined. Food is cheaper. Also, too, money has de¬
low as 6% on
said, to 5%% and 5% out¬
side.
England has bought American wheat on a large scale
at times during the week, and the total exports thus far this
season have reached nearly 325,000,000 bushels, or over 120,clined with the call rate
the
Stock
down at times to as
Exchange and, it is
than during the same period last
other hand, continue small.
Europe is too poor to buy freely, and in any case its business
in cotton goods, as already intimated, is anything but satis¬
factory.
Financial arrangements, it is understood, are be¬
ing made, however, to increase the experts of American
cotton to Germany and Czechoslovakia.
Taking the country as a whole the way is being prepared
for a return to normal conditions of trade by reductions in
wages, reductions in prices, and a gradual easing of rates
for money.
Of course the grand aim is a return to the maxi¬
mum of normal production, implying lower costs of living,
or in other words the conditions which
tend most to pro¬
mote the well-being of civilized society.
Laborers have accepted a 25% cut on the Long Branch.
season.
bushels larger
Cotton exports, on the
This is the first rift in wage controversy oc¬
of the New Jersey Central.
Strike
talk is subsiding.
The union men are willing to abide by the
decision of the Federal Labor Board as to wages.
The
N.
J., road.
curring on the division
dates
notice to 8,000 men of
a
approximately 20% in
all wrorking forces, with the exception of train and engine
crews, has been ordered by the Erie Railroad.
The Ameri¬
can Steel & Wire Co. of Worcester, Mass., cut working time
from 10 hours a day to 8 hours a day on March 14.
The Amalgamated Clothing Workers of Philadelphia de¬
clared a general strike on the 16th instant to prevent cloth¬
ing manufacturers in that city from handling work for New
York manufacturers.
From 10,000 to 15,000 clothing work¬
ers are
employed in the Philadelphia market, and union
officials claim that a large percentage of them have walked
out.
Binghamton, N. Y., publishers resumed operations
with a force of non-union linotype operators, replacing the
roads
are
inclined to
agree.
The Pennsylvania set
The Reading has given
cut of 15 to 25%.
A reduction of
for
for repairs,
A dividend of
larger than at this time for some years past.
the week is 308 against 323 last week, 122 in
000,000
1920.
income
Interest on funded debt-
of the country are
Iron and steel are
pressed.
| Results for Year ending December 31 1920.
net
Cost of sales (incl. about $2,100,000 for repairs & maintenance).
Sales,
|
Friday Night, March 18 1921.
Trade lias brightened a little with spring-like weather
and the near approach of Easter.
The feeling in some quar¬
ters is not quite so pessimistic as it was a week ago.
Not
that the situation has greatly changed; far from it.
Many
New York,
Philadelphia.—Earnings.
Welsbach Co.,
Calendar YearsGross
COMMERCIAL EPITOME.
parleys.
March 19
1921.]
printers who struck
of
the
Merrimac
closed
THE
the 15th instant.
on
mills
paper
of
CHRONICLE
Most departments
Lawrence,
Mass.,
have
down
indefinitely, owing to a strike of employees
who refused to
accept a 20% decrease in wages.
The Par¬
ker Mills, Warren, R. I., closed down for an
indefinite pe¬
riod.
The Arkwrright Mills, at Fall
River, will close down
all of next week.
Commerce"
A
Fall River dispatch to the "Journal of
that
says
committee
a
has
been
appointed to
take charge of the affairs of the
Hargraves Mills and Par¬
ker Mills there.
They ask the indulgence of
creditors,
the
stagnation of
products at
tions.
the
is
It
creditors
the
added,
market, and accumulation of
preclude prompt payment of obliga¬
however,
generally
as
cloth
mills
show
Will
succeed in
tion
that
both
confidence
stockholders
that
the
and
committee
maintaining the solvency and the organiza¬
The Carnegie Steel Company at"
on
March 19 for
period.
in
New
Seven
resume
cotton
operations
mills
the
on
down for six months.
21st
instant,
on
Mass., will
after
being shut
Mill, at Bethle¬
T.he Wyandotte Silk
hem, Pa., has resumed work
indefinite
an
Bedford,
full time.
More than 2,000 employees were taken back
by the Ford
Motor Co. at Detroit, Mich., this week, and it is said that
the
improvement
has been
in the
financial
marked that bankers
so
that company is improbable.
position
now
of
the
admit that
concern
loan to
a
The International Paper Com¬
pany has revised
its quotations for newsprint in rolls, car¬
delivery during the second quarter of the year,
load lots for
reducing prices from 5.7c.
Pacific
Railroad
a
announced
prices of certain foods sold
pound to 5.5 cents. The Union
reduction
of
its
cars
a
on
dining
5
to
30%
in
the 17th
on
instant.
A
from
report
branches
Italy, published by the "Evening Post,"
Bros., at Greco-Armenian house, with
Dilsizian
that
says
in
the
Near
East
and
New
York
City, were de¬
clared bankrupt, with debts estimated at
115,000,000 lire.
The assets are placed at 130,000,000 lire.
The chief credi¬
tors
said to be Italian and American
are
The
American
of
rectorate
nitrate
for
the
Consul
at
Nitrate
banks.
Valparaiso cabled
Association
May and June at 17s.,
has
the
that
fixed
figure
the
di¬
prices
now
of
ruling
for April.
LARD
lower; prime Western $12.25@$12.45; refined to
13 H®.; South American 13%c.; Brazil in
kegs 14%®.
Futures declined somewhat owing to big
long liquidation.
Packers are laying off hands; one of the
smaller houses discharged 400 workers as prices, it is
said,
do not pay the cost of production.
Hogs, too, have declined.
Yet it seems a little singular, the smallness of the
decline,
with so much against the market.
One explanation is some
advance of late in grain.
Another is the buying by pakcers
and shorts.
Hog slaughterings in the West last week were
535,000 against 607,000 in the previous week and 568,000 a
year ago.
Today prices advanced but they end 35 points
the
Continent
lower than
DAILY
week ago.
a
CLOSING
OF
LARD
FUTURES
Mon.
Tues.
Wed.
11-75
11-80
11.50
12.10
12.lo
11.85
Sat.
May delivery.
July delivery___
cts_11.85
__12.2<j
IN
it is
at
6.27c.
c.
c.
Haytian centrifugal March shipment at 5,015 cents c. i. f.;
Domingo in port at New Orleans at 6.27c. duty paid;
San Domingo ex-stOTe at 6.27c.
duty paid; San Domingo
afloat at 5 cents
i. f.; and San
Domingo March shipment
Today futures showed little change.
The
ending was 2 points higher for the week on March and 4
lower on May.
'
at
5.015
c.
i. f.
c.
„
(unofficial)cts_6.27| March, _cts_5.13@5.15| July
cts_5.55@5.57
I May
-5-33 @5.341 September___5.64@5-65
OILS.—Linseed quiet but rather steady at 65@67c. for
March-April carloads; 68@70e. for less than carloads
71@73c.
five
for
barrels
or
less.
quiet; mess $30@$31; family $38@$40, clear $31 @
May closed at 21.15c. a decline for the week of 35c.
Beef unchanged; mess $16@$18; packet $19
@$21, family
$25@$28, extra India mess $44@$47; No. 1 canned roast
and
oil
PETROLEUM quiet but steady; refined in bbls. 19.50@
20.50c.; bulk 10.50@11.50e.; eases 23.25@24.25.
Gasoline
declined to 26c. for steel bbls.; motor
gasoline, U. S. Navy
specifications 20c.; naptha 63 to 66 degrees 24.50e.; 66 to
68 degrees 25.50c.
Last week's daily average gross pro¬
duction was 1,245,125 bbls. against 1,253,680 bbls. in the
previous week, a decrease of about 8,500 bbls.
Okla. was
275,405 against 279,705 in the previous week; Central Texas
125,550 against 127.000 in the previous week; Eastern 119,500 against 120,000 the week before; Gulf coast 107,260
against 104,720 the week previous. These are the figures of the
American Petroleum Institute.
Field reports say that the
demand for crude is better and the tendency of prices rather
upward.
$1.00.
Fuel oil in Okla. is quoted at about 90 cents to
California oil production in Feb. averaged 327,864
bbls.
daily against 331,186 bbls. in Jan., a decrease of 3,322
February was the largest month with the exception
of Jan. in daily output.
The total for the month (only 28
days) was 9,180,192 bbls.
bbls.
Pennsylvania
Corning
83 00
1 90
1 86
Cabell
Somerset,
32
Indiana
$2 38
1 65
Thrall
1 75
2 52
Healdton
1 75
Moran
1 00
1 75
Kansas
1 00
&
Okla¬
homa
1 75
Corslcana, light
2 48 Oorsicana, heavy
1 50
_
Electra
RUBBER quiet and
wrere
17c.
on
81 75
2 52
2 80
Lima
Strawn
Princeton
Illinois
Plymouth
deg.
above
Wooster
PORK
$33.
Coocanut
steady;
Ceylon barrels, 9H@9%c.; Cochin, 10%@10%c.; olive,
$1 60@$1 85;
cod,
domestic,
47@54c.;
Newfoundland,
55@59c.
Lard, extra strained whiter, 87c.
Soya bean,
edible, 8@8He.
Cottonseed oil sales to-day, 6,900 barrels;
March closed at 6@6.50c.; May at
6.50@6.60c., and July
at
6.97@6.99c.
Southeast immediate crude sales, 425
barrels.
Spirits of turpentine, 59c.
Common to good
strained rosin, $6 25.
Savannah, Ga., wired March 15:
"Rosin broke sharply, grades A1 and below
selling at $4 25
a barrel.
Until to-day rosin was quoted at $11 since Nov.
12.
Sales to-day, 2,200 barrels."
It was privately stated
that over 10,000 barrels had been sold before the
2,200 were
reported, but these other sales were not made public.
The
deadlock in rosin, it is believed, has been broken.
Turpen¬
tine dropped from 54H to 50 @50H®., with sales of 262 bbls.
12-27
Fri.
,
Spot
11-92
12-12
bought about 150,000 bags of
San
Ragland
chicago.
Thurs.
11 80
stated
prompt
i. f.; 1,000 tons of Philippines afloat
i. f.; Cuba in port at
5He. cost and freight.
shipment at 6.27c.
and
PRICES
refiners
domestic and full duty sugars on the basis of 6.27c.
duty
paid, equal to 5Ho. cost and freight for Cuba.
The sales
included 100,000 bags of Porto Rico afloat and
of each corporation.
Sharon, Pa., will close down
1
Local
1173
spot and
75
Henrietta
1 75
Caddo, La., light- 2 00
Caddo, crude
1 25
De Soto
1 90
1 75
depressed.
Ribbed smoked sheets
March, 18c. for April, 19%c. f®r
July-August-September, and 21c. for last half of the year.
Para remains quiet at 18c. for up-river fine.
Central dull
12c. for Corinto.
beef $3.15, No. 2 $8.25.
Cut meats steady; pickled hams
10 to 20 lbs. 20%@23%c.;
pickled bellies 10 to 12 lbs.
at
16@17e.
grain is moving,
the rule.
Coal freights
have been dull and weak.
Cuban sugar was 30s. to the
United Kingdom and $7 to Marseilles.
Complaint is made
that shipping managers are still subject to the orders of the
Shipping Board, even though that body is unorganized.
Such a situation certainly seems a bit curious.
Some sub¬
sidy talk is heard owing to sharp competition.
Grain rates
have fallen sharply on the west coast.
The HollandAmerican steamer Kinderdyk had taken between 6,000 and
Butter
creamery
extras
45%@46c.
Cheese,
Eggs, fresh gathered extras 33%@34c.
COFFEE on the spot quiet and lower at
5%@5%c. for
No. 7 Rio, 8%@9%c. for No. 4 Santos and
10%@14c. for
fair to good Cucuta.
Futures broke to a new "low" on the
16th inst., the lowest since 1907.
Brazilian markets and
exchange have been falling.
Exchange dropped to 8%d.
on the
16th, the lowest since 1899, when it was 6 15-16d.
Stop orders were reached here.
The technical position is
flats 18@29%c.
better after
so
being larger.
A
better in the
Investors
much
liquidation, the short interest evidently
sudden and pronounced change for the
might therefore cause a sharp upturn.
news
buying to
are
extent.
They think the price
attractive.
Later came a rally on
covering.
The Coffee
Exchange here will be closed on March 25 and 26.
To-day
prices advanced, but they closed 6 to 11c. lower for the week.
At one time they were 48 to 53c. lower than last
Friday.
Brazilian cables have latterly been higher.
There has also
been good buying by the trade and outsiders to
give the
market a filip.
some
Spot(unofficial)cts SVMMay
5.34 @5-40! July
cts_5.59@5.60|Sept
cts_6 36@6.37
5.98@6.00| December
6.76@6.77
March
SUGAR steady at 6.02c. for Cuban centrifugal 96 degrees
test.
Futures have fluctuated within narrow limits but the
tone on the whole was firmer.
Elections in Cuba, it is true,
caused
a
slowing down
Commission
from
there
cost
cost
withdrew
Havana
stated
business.
of
for
that
Private
last
Sugar
Finance
cable
Saturday sales
advices
were
made
through the commission of 8,000 tons, new crop at 5c.
and freight and of 16,000 bags old crop at 4.87He.
and freight.
Another private cable stated that the
Commission had made sales
f.
The
time.
a
b.
wdiich is
of
5,000 tons
or
more
at
5c.
equal to 5.25c. cost and freight.
Raw
sugar was active on Thursday in domestic and full duty
sugars, outside of the control of the Sugar, Commission.
o.
•
OCEAN FREIGHTS have been dull.
more
than half cargoes.
Considerable
but it is the
exception that
It is hard to get
proves
7,000 tons of wheat and flour from Portland to the United
Kingdom at 50s.
Ocean freights from Cal¬
down to 45s. per ton of
The previous rate had been 60s. The new
or
about $9 50.
cutta to Boston and New York
40 cubic feet.
are
rate is said to be close to the pre-war
freight rate.
Charters included flour from New York to Greece, $8 prompt;
heavy
grain from Bahia Blanca or up-river port to United Kingdom, with full
range of options, 37s, 9d.; option Buenos Aires-La Plata, 33s. 9d.; from San
Lorenzo to United Kingdom or Continent, 37s. 6d. March 25-April; from
Gulf to Greece, 8s. 6d.
per quarter one port, 9s. two ports; nitrate ports to
United States, $4; option United Kingdom or Continent, 40s. prompt;
heavy grain from Gulf to Greece, 8s. Gd. per quarter one port, 9s. two ports,
March; coal from Hampton Roads to Rotterdam, $4 prompt; general cargo
from New York to Rio Janeiro, Santos and Buenos Aires, at or about 88,
gross form, Aj)ril; sugar from Cienfuegos to Philadelphia or New York, 25c.
prompt; from one or two ports north side of Cuba to Galveston, 18c. prompt;
coal from Hampton Roads to Rotterdam, S3 84 prompt; 23,000 quarters
grain from Atlantic range to West Italy, 85 95 March; sugar from one or
two ports north side of Cuba to Philadelphia or New York, 20c.;
option
Boston, 23c.; option of south side loading, 5c. additional, March; coal,
Atlantic range to River Plate, 32s. 6d.; four or six months' time charter
in transatlantic trade, 7s. March.
TOBACCO has been dull and for the
most part nominal
fairly well supplied.. Recent
Covington reports on loose leaf hurley tobacco were in the
main cheerful; offerings werel rather large but the demand
quite good and higher grades noticeably steady; sales
averaged $14.23 per 100 lbs.
Wrapping leaf has sold in the
South at as high it is said as $69 per $100 lbs. and poor stuff
at
as
low as $1.
Southern tobacco planters have un-
here.
Manufacturers
are
since Aug.
last year:
Week.
Galveston
Texas
City..
Houston
New Orleans.
Gulfport
Mobile..
St. Louis.
877
Charleston
1,089
4,415
Wilmington
Norfolk
26
N'port News. &c.
New York
392
Boston.
804
Baltimore.
459
Philadelphia
158
Totals
376,616
1,339
13", 438
22,764
5
15,795
13,272
"2", 067
152,346
2,079
246,906
26,318
89,774
6,228
145,276
13,006
205,990
47,177
93,507
127", 907
50,144
10,342
4,051
5,374
5,167
J
_
114,627 5.705.25911,389.574
1.325,853
15,414 1,084,735
141,500
3,000
374,627
8,724
127,372
4,311
301,129
5,128
46
4,128
16,049
175
786
20,956
82,265
541
17,493
195
22,741
35,180
5,281
75,364 4.642,579
comparison may be made with other years,
give below the totals at leading ports for six seasons:
we
are
TexasCity.&c.
6,948
19.754
679
Orleans.
New
Mobile
Savannah
1,339
15.414
3,000
8,724
4,311
5,128
7,097
Brunwick
33,675
1,500
877
Charleston
_-
.
1916.
1917.
33,502
"30",844
32.830
2,261
19,720
217
242
18,441
3,469
2,500
2,830
1,939
10,930
32,224
27,284
1,833
18,054
1,289
13,663
32,879
8,409
31,157
1918.
1919.
1920.
1921.
Receipts at—
G:lveston....
400
1,981
1.500
398
2,310
2,065
8,911
""".581
5.142
3.478
22,194
19,173
8,805
3,515
3,220
26
46
137
189
236
N'port N., &c.
1,822
1,702
"""440
4,570
7,620
4.479
AH others....
wk_
75,364
114,627
78,891
93,749
80,970
101,806
Wilmington
Norfolk
evil days.
generally dull and weak.
Recent sales
12 months wool sold at about 70c.
clean basis; fine and fine medium fairly good French comb¬
ing wools at 72@73c. clean basis; three-eights combing
Missouri is reported to have sold at 26c.; three-eighths Santa
Cruz wool at about 35c. clean basis.
Low South American
1,089
4,415
__
...
Toal this
WOOL has been
Since Aug. 1.
5.757.053 5,689,480
4 642,579 5,705.259 3,980,007 4.819,163
.
lot of Texas
a
The exports for
■
Exports for the week and
included second clip Argen¬
in the grease, or about 20c.
clean basis; scoured B supers sold at 42c. for stained Eastern
wools; fair double A wools at 80c. and fair B lambs (Califor¬
nia) at 60c. to 55c.
Noils and Bradford merinos sold at as
high as 42c., but some, it is intimated, sold under this price.
Cables from Sydney on March 15 showed irregular prices,
though in some cases steady as compared with a week pre¬
vious.
Choice 70s warp wools were quoted at 25d. first
cost, or about 93c. clean landed basis, taking exchange at
$3 90; short combing 70s quoted about 23d. first cost, or
say 86c. clean landed basis.
But some wools were sold be¬
low these prices.
Wool markets the world over are believed
Week ending Mar.
were
since Aug. 1 1920 are as follows:
1920 to Mar. 18
Exported to—
From Aug. 1
18 1921.
Exported toExports
Other.
Britain. France.
37,935
15,047
Galveston-.
Total.
Britain.
52,982
Houston
Texas
City.
San Antonio
El
609,543
141,219
8,980
13,529
1,215
19,674
237,671
61,518
1,425
20,717
6,750
Savannah
......
Charleston
7,881
3,150
4,100
3,781
-.
3,150
Brunswick..
......
»
Wilmington.
118,378
11,079
11,724
38,377
6,536
277
3>136
119
349
1,246
6 ,764
•
""""30
Baltimore
Los Angeles.
San Fran
6,067
6,067
Seattle
5,025
5,025
4,639
4,639
Tacoma
Portl'd, Ore.
27,185
1,215
46,703
10,789
Tot. *18-'19.
44.364
Total
New
7,604
5,582
3,444
4,387
1,459
4,883
3,704
30
32
331
Mobile
~3~, 666 "¥,082
5,489
2,042
19,754
178
10
679
"
~
~1,377
31,157
1,459
"
"
Port Arthur, &c_
New Orleans
98
5,489
Pensacola
Jacksonville
Savannah
....
...
9
"
1,561
1,811
"T.398
""943
"""758
9
626
7,097
1,500
1,500
Brunswick.
Mar. 18 at—
Galveston.
France.
1,921
7,940
7,467
_
Orleans..
Savannah
New
_
Charleston.
_
—
Total
13,709
1921..
1920-- 110,242
56,054
1919-_
Estimated,
a
877
1,089
4,415
56
"""375
"""lol
804
time, too, silver
459
459
business
26
30
40
13.840
14,589
26
392
chester,
158
Texas.
9.043
12.595
.
2C0
12.661
8,679
29,445
______
40,228
10,206 114,729
27,374
1,100
5.000
11,664
89,574
126,807
51,581
5.550 94,473 1,295,101
13,324 257,180 1,068,673
4.875 117,748 1,183,676
Speculation in cotton for future delivery has been on a
moderate scale, at irregular prices, ending a shade
higher.
At times they have advanced, partly owing to a
rise in Liverpool, where the position is said to have become
oversold.
England signed a trade agreement with Russia.
This braced up Liverpool and reacted for the moment on
New York.
It was also said that Manchester was buying
more freely in Liverpool and that trade was better in Man¬
73
8.471
200
very
89
Totals this week.
1,774
'
556
33
300
1,000
250 for China.
145
85
39,261
1,000
3^000
787
Philadelphia
50
245,977
371,546
152,046
245,906
"""206
500
22.325
26
Baltimore
45,888
a326
2,000
Other ports
438
Boston
20,902
400
372
250
5,125
Stock.
4,000
_
171
6
18,800
"l",448
Mobile
Norfolk
New York *
893
"""362
13,700
Total.
300
"""168
16
wise.
------
192
New York
also
Leaving
Coast¬
Cont't.
5,194
"
858
N'port News, &c.
Other
many.
.
...
136
80
telegrams to-night
Ger¬
Britain.
883
"t81
our
Shipboard, Not Cleared for—■
Great
Wilmington
"""433
1,205,8243,286.605
On
'
Norfolk
Charleston
1,887,31614,855,607
543.534
Total.
Fri.
6,190
i-
■
*
3,950
462,346
84,4891,533,247
40,125!
York.
■
t
62,006'l 19,498 2,505,945
the following amounts of cotton on shipboard, not
cleared, at the ports named.
We add similar figures for
Total
...
1,000
420,180 1,967,664 3,607,315
us
Total
Houston
37,221
72,920 101.3201,219,471
In addition to above exports,
give
telegrams from the South to-night, is given below.
For the
ending this evening the total receipts have reached
75.364 bales, against 92.890 bales last week and 88,116
bales the previous week, making the total receipts since
Aug. 1 1920 4,642,579 bales, against 5.705,259 bales for the
same
period of 1919-20, showing a decrease since Aug. 1
1920 of 1,062,680 bales.
Tues.
37,221
1,000
.......
Tot. '19-'20.
week
Mon.
"7",995
"
Philadelphia
Friday Night, Mar. 18 1921.
THE MOVEMENT OF THE CROP, as indicated by our
Sat.
"
200
200
,
277
Boston—...
COTTON
Thurs.
43",422
------
Norfolk
New York....
t
Wed.
2,709
2,800
Gulfport
,
44,111
1,425
¥930
Jacksonville
good shape.
252,280
"
Mobile.-
Total.
936,749 1,798,572
306,738
121,408
18,562
6,873
29,158
29,158
2,198
1,550
"1,550
1,501
1,501
711,657
412,468
44,910
17,443
110
2,910
4,819
4,819
299,725
137,925
11,079
15,724
¥660
66.301
66,301
56.302
17,925
53,597
39,066
9,086
5,831
4,493
2,898
1,476
1,476
18,269
11,475
47,334
47,334
63,133
63,133
Nogalez.
Paso....
New Orleans
offered at the sale on Mar. 16 at
Other.
France.
"2",198
Port Arthur.
Pt.
1921.
Great
Great
from—
Nineteen thousand bales of
Dunedin, New
Zealand, and only 4,300 bales sold.
The demand was con¬
fined to local buyers.
Fine wools sold on a basis of 3d. be¬
low the level prevailing at the sales on Jan. 19.
The de¬
cline in coarse wool averaged 5d. below January prices.
On
the basis of $3 90 exchange, clean landed Boston for 50s
super combing wools were as a rule about 34c. and for 56-58s
37c.
The next sale will be held at Timaru Mar. 21, when
10,000 bales will be offered.
A gigantic wool pool, it is
said, is to provide for the warehousing and marketing
of
25,000,000 lbs.,
a
plan
devised by a
sub-com¬
mittee of the Utah Stale Farm Bureau.
At Buenos Aires
trade was very dull with buyers awaiting definite develop¬
ments in European politics.
The expected passage of tariff
measures at Washington, it is believed, will restrict buying
by Americans at Buenos Aires.
to be in none too
reach a total
the week ending this evening
101,320 bales, of which 27,185 were to Great Britain,
1.215
to
France
and
72,920 to
other destinations.
of
wools sold fairly, said to have
tine 3s and 4s at 123^c. to 13c.
Galveston
4,792
5,041
In order that
supposed to be in no position to buy freely.
hold aloof.
The demand for rolled steel
is not believed to be more than 25% of the country's capac¬
ity.
Producers are believed to be turning out less than
35% of their capacity.
One big concern is working, it is
said; at about 45%.
Pipe and tin plate prices are the
steadiest.
Plates sold at 1.97J^c.
Pittsburgh blue an¬
nealed sheets, heavy gauges, are at 2.75c., and galvanized
at 4.75c.
This in each case a decline of $5 a ton.
Bar
iron is down to 2.10c. Pittsburgh, also a decline of $5 a ton.
Concrete reinforcing bars sold more freely at 1.95c.
The
wool
410,757
238~033
70,247
23,246
"133
463,538
12,045
56,542
62,842
200,740
1,511
25,528
.....
Savannah
Brunswick
consumers
include
33,675 1,015,997
"T,533
7,097
1,500
Jacksonville
steel business has fallen on
275,519
74,632
Pensacola
9
1920.
1921.
291,865
6,350
32,879 1,850,367
308,018
8,276
"
Port Arthur, &c_.
and declining.
Alabama stocks
have increased noticeably.
They are piling up everywhere.
Southern iron sold in Chicago at $24 Birmingham; also basic
at a decline; No. 2 plain Eastern Penn. sold, it seems, at $25;
sales, it is said, have been made at $22 50 ex-Eastern Penn.
furnace.
That is exceptional, but $24 is supposed to be
the highest obtainable on fair sized or even moderate ton¬
nage.
Foundry and malleable irons are lower in Chicago.
Larger stocks and falling prices are the rule in the iron trade.
STEEL has remained dull and weak.
Most railroad
Other
Week.
1920
1
.31,157 2,208,880
20,576
1,459
306,738
52,182
5,489
19,754 1,088,2.30
4,819
70,673
679
__
Since Aug
1 1919.
This
Since Aug
This
18.
the total
with the
Stock.
1919-20.
1920-21.
Receipts to
March
PIG IRON has been dull
companies
following shows the week's^ total receipts,
1 1920 and stocks to-night, compared
The
About a year ago they said they
could get a dollar a pound, now they feel that they are doing
pretty well to get 18 to 20c.
But it is declared that even
at this price they would plant tobacco again if they were
satisfied that labor could be had at the right price.
COPPER continues quiet but the tone to a certain extent
is better owing to a firmer London market.
Small sellers
adhere to the 12c. level, while larger agencies quote 12
13c. for nearby shipment, but are doing very little business.
Tin declined slightly in sympathy with a break in London
and a light demand.
Spot 28c.
Lead quiet and lower at
4c. for spot New York.
Zinc dull and lower at 4.70@
doubtedly been hard hit.
4.80c. for spot
[V®l. 112.
CHRONICLE
THE
1174
16.826
75,364
demand.
At one
advanced, and also foreign exchange. Spot
improved, moreover, in the middle of the week in
At one time, too, Liverpool reported a better spot
Still another bullish factor was persistent reports
especially the demand from East India.
March 19
of
1921.]
THE
CHRONICLE
decrease in the sales of fertilizers.
In seven States the
sales for the past seven months are said to be about
65y2%
smaller than during the same period last season.
Sales" of
on
seed and implements are also much smaller than a
year ago.
The acreage to be put into cotton, it is
emphatically declared
will be much smaller than last season.
Some reports say
on
a
that it will be 30% west of the Mississippi River and
40%
less east of the river, but of course
about
it
Some
yet.
as
nobody knows anything
skeptical.
Many a time in the
are
past the South has given out the word that it
cut
going to
the bone and has done nothing of the
For that reason many are more or less dubious as
the
kind.
all
acreage
season.
to this
at
was
improbable.
alone will
will be
The
that
answer
vital
was
point
is, how much?
week are only
spinners from Liverpool for the week
-quarter the total for the
week
same
week-end liquidation,
only about
are
last
one-
For many
year.
28, 1920, the total
some
March, which gdes out
May.
Spot cot¬
middling uplands, a rise for the
the 21st instant, and 4 points higher on
ton
ended
week
11.45c.
at
of 5
for
points.
The official
quotation for middling upland cotton in the
day for the past week has been:
New York market each
March 12 to March 18—
Sat.
Middling uplands
Tues.
Mon.
11.30
11.40
Wed.
11.65
Thurs.
11.70
Fri.
11.60
11.45
NEW YORK QUOTATIONS FOR 32 YEARS.
Time
forwardings to
Feb.
on
The ending was unchanged on
ever.
The
And the
sure
To-day prices declined
some 18 to 25 points
Southern hedge selling, and
reports of North Carolina curtailment, with goods dull as
question.
55,000 pieces.
though to be
34,655,677.
curtailment is not
some
Meanwhile trade in cotton goods has been quiet at
falling
prices and the estimated sales of print cloths at Fall River
this
of this year,
to
That there
1175
Mar.
quotations for middling upland at New York on
have been as follows:
18 for each of the past 32 years
192111.45
1913-c
1920
41.00
1912--.
1919--1918-
28.45
1911
,_34.30
1910
1909
1917--
--18.20
1916
—11.95
—
12.6011905-c
1895
9.12
15.20
—
1896.
10.00
1903-
1894
1902
9.65
1901--
8.00
—
8.62
9.88
1899------
6.31
1892—
1891
1898-
6.12
.
1890.
-11.00
—
—
6.19
.
1893-
1900
11.20
—
.
.
—
11.25
1908—1907
7.25
_c—
15.00
14.55
-
1897
8.20
10.6511904
j.
7.50
9.00
.
—
.
6.81
.
weeks, indeed, these forwardings have been running far be¬
hind those of corresponding weeks of 1920.
And although
1915———
there has been
FUTURES.—The highest, lowest and closing prices at
New York for the past week have been as follows:
increase in the demand for spot cotton
some
at the
Southwest, it has not been remarkable.' East of the
Mississippi River trade has been for the most part quiet.
And
some
more
notion
of
a
new
is
some
that
the
Eastern
belt
has
thus far
sold
33% of the last crop, and that farmers
obliged to sell before many weeks in order to finance
Southern banks,
crop.
it is supposed,
are
too
none
anxious to make liberal advances, unless they are assured
that the acreage will be sharply cut.
Many of these
They have thus
involuntarily become cotton merchants for the time being,
presumably not at all to their liking.
Saturday,
Meanwhile spot cot¬
limits, suggesting that the trade
there is in quite as much of a quandary as the trade on this
side of the water in regard to the immediate future of
signing of the Russian trade pact has been
followed by the capture of Kronstadt by the Soviet forces,
the real
Liverpool
value of
•countries.
trade
Manchester
much to the
Thursday.
while
somewhat divided
say
35%
that
large
a
And
firms
ten
in
idea that it would.
some
New
Orleans-are publishing
leading
in
Mean¬
Southern
ing their cotton and fixing the size of the
the
curtailment of
urg¬
production at the South, notably
Charlotte, N. C., district, is said to be increasing.
The other day five mills closed down there for an indefinite
period.
And it is hinted that others will close down in the
future
near
that
in
parts of
goods find
trade
unless
sale.
28, against 3,530,654
into
over
next
it
intimated
curtail
5,497,019 bales
is argued
unless
of cotton in
the same date last
on
season,
also
may
The stocks
houses in this country amounted to
is
It
South Carolina mills
readier
a
improves.
ware¬
Feb.
on
The
year.
rightly
But not
and
a
few
trade
abroad
carry¬
hopeful that better times await
are
the
not distant
believed
are
there should be
here
in
be
to
future.
holding
Mills at
small
home
stocks.
If
awakening of trade they would be com¬
pelled to buy raw cotton freely.
|At any rate this is what
believers in higher prices are counting upon.
They also
insist
that
the
acreage very
ing this
an
farmer
sharply.
be
is
demand,
too low.
are
belief that
in
vance
on
to
At the same time there is
not
only
in
New
notably for the distant futures,
South
compelled
cut
are
down his
either mak¬
condition of loans, or they are advising a reduc¬
a
tion in acreage.
ment
will
Banks at the South
And it
on
York,
prices.
the ground
but
is said that farmers
Some farmers
Liverpool,
in
the idea that the price
buying the actual cotton
the future will reward
steady invest¬
a
them
are
others at
the
storing it in
the
and
and
with
said
to
a
liberal
be doing
ad¬
this
that at present prices it pays better to buy
cotton than to raise it.
And
the
on
one
February consumption,
the
15th
instant.
Not
as
was an
shown by the
but
that
they
increase in
census
are
figures
very
much
smaller than in that month for
a
the
considerable increase within
point is that they show
the last
than
the
must be
three
fact
number of years past.
This fact attracted
three months.
further
a
that
the
February
more
But
attention
figures of
1921
compared with much higher figures in each of the
preceding years.
tablishments
on
But the stocks in manufacturing es¬
Feb. 28
were
only 1,335,435 bales, against
1,869,368 on the same date last year.
The active spindles
number 32,458,528 on Feb. 28, against 31,509,021 on Jan. 28,
—
11.60
—
—
11.63
—
—
11.55
—
11.37
11.25-.52
—
—
11.38-.55 11.31-.59 11.50-.87 11.65-.98 11.80-.08 11.59-. 85 11.31-.08
— 11.50-.52
11.84-.87 11.88 — 11.81-.82 11.64-.68
Closing— 11.50
Range.
—
11.69
—
—
—
___
___
.
11.69
Closing
July—
11.70
—
12.05
—
12.08
—
12.00
—
11.87
—
11.69
—
—__
'
—
r
11.85-.03 ll.75-.04 12.04-.33 12.13-.46 12.25-..58 12.05-.31 11.75-58
•—
ll.94-.95.il .96- .98 12.30-.33 12.33-.34 12.25-.26 12.12-.13
Range
Closing
Auaust—
Range
12.10
—
12.14
—
Closing
12.10
—
12.16
—
_—_
12.40
—
.—
—
12.50
—
—
12.47
—
—
12.32
12.10-.14
;—.
—
September—
Range
__
Closing.... 12.25
;r
12.21
—
—
12.20
_
—
—
—
12.52
—
—
12.74
—
—
—
12.50
—
■_
12.35
12.21
—
—
—
October—
Closing
12.38-.55 12.30-.52 12.53-.75 12.56-.90 12.74-.00 12.53-.77 12.30-.00
12.50 — 12.45 — 12.73-.76 12.77-.78 12.75-.76 12.59-.60 —- _„•
November—
12.60
—
Closing.... 12.60
—
—
12.55
—
—,—
12.85
—
—__
12.90
—
—
12.80
—
;—:
12.65
—
12.60
—
.—
—
December—
Range
12.63-.75 12.57-.67 12.82-.02 12.78-.12 12.95-.24 12.81-.98 12.57-.24
Closing
12.70
January—
Range
Closing
13.02
—
13.00-.02 12.97
12.70-.82 12.60-.69 12.96
—
12.86-13 13.17-.27 12.90-.00 12.60-.27
12.70
—
13.06
12.66
—
12.71
—
—
—
13.07
—
13.02
—
—
12.80
12.85
—
—
—.
—; -r-.
—■
THE VISIBLE SUPPLY OF COTTON
to-night, as made
by cable and telegraph, is as follows.
Foreign stocks, as
as the afloat, are this week's returns, and
consequently
all foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-night
(Friday), we add the item of exports from the United States,
including in it the exports of Friday only.
up
well
March 18—
Stock at
1921.
Liverpool
Stock at Manchester
_
_
_
3,000
99,000
_
Total Great Britain
Stock at
Stock at Havre
—
Stock at Rotterdam
—
1919.
1918.
498,000
14,000
82,000
460,000
20,000
56,000
594,000
536.000
183,000
7,000
90,000
125,000
1,000
32,000
6,000
— —-
;
_
.
Stock at Barcelona—.
Stock at Genoa—
Stock at Ghent
10,000
167,000
1,122,000 2,215,000
25,000
171,000
179,000
345,000
Hamburg—
Stock at Bremen.
1920.
-bales. 1,020,000 1,038,000
—
Stock at London
—
12.000
108,000
—
6.5,000
86,000
186,000
116,000
28,000
—
Total Continental Stocks..
588,000
617,000
396,000
164,000
Total European stocks
1,710,000
India cotton afloat for Europe.-.
54,000
American cotton afloat for Europe
275,606
1,832,000
990,000
700,000
45,000
150,000
70,000
330,000
Egypt,Brazil,&c.,afloat for Eur
Stock in Alexandria, Egypt
Stock in Bombay, India
Stock in U. S. ports
—
e.
Total visible supply
Of the
78,000
233,000
—
1.080,000
1,389,574
Stock in U. S. interior towns
U. S. exports to-day...
1,69/,139
4,150
45,000
580,799
11,000
286,779
40,000
54,000
406,000
144,000
*560.000
933,000
1.005,000
1,325,853 1,301,424 1,554,006
1,224,258 1,523,374 1,277,931
500
20,500
.6,521,469 6,210,910 5,492,077 4,707,437
above, totals of American and other descriptions are as follows;;
American—
„
Liverpool stock
bales.
Manchester stock
635,000
81,000
1497,000
Continental stock
American afloat for Europe..
_
834,000
135,000
511,000
310 ,000
55 ,000
340 ,000
281,000
26,000
*140,000
150,000
1,554,006
U. S. port stocks
U. S. interior stocks
U. S. exports to'day
275,606
580,799
286 ,779
1.389,574 1,325,853 1.301 ,424
1,697,139 1,224,258 1,523 ,374 1,277,931
500
20,500
4,150
Total American
4,579,469 4,610,910 3,817,077 3,449,437
East Indian, Brazil. &c.—
Liverpool stock
London stock
Manchester stock
Europe
Egypt. Brazil, &c., afloat
Stock in Alexandria, Egypt
Stock in
Bombay, India
385,000
3,000
18,000
91,000
204:000
10,000
32,000
54,000
...
Continental stock
India afloat for
hopeful feature of the week
11.52
11.21
—
wrongly, is
or
likely to be about 8,000,000 bales.
the cotton
11.25-.27
—
Range
At the
acreage.
Week.
full-
newspapers
It is suggested, the course of the market will have no slight
influence on the farmers' action in the end, both as to hold¬
in
18.
June—
concern
various goods.
on
have been powerless to arrest a downward course of prices
when the trend was really that way.
And not improbably,
time
Friday,
17. Mar.
'
Range...
Range
ing farmers to hold their cotton and to cut the acreage 50%.
It is pointed out, however, that such campaigns in the past
same
16. Mar.
-
Closing— 11.27
May—
as
between the two
agreement
advices
There had been
some
Mar.
Closing— 11.00
Range
disappointment of some of the Liverpool trade
England did not reduce its rate of discount on
advertisements
page
to be
seems
the
there lias just cut prices 30 to
the Bank of
Tuesday, Wed'day, Thursd'y,
14. Mar. 15.
10.98-.15 10.94-.39 10.93-.34 11.25-.45 11.30-.60 11.15-.40 10.93-.60
— 10.96
—
11.34 — 11.38-.43 11.35 — 11.10-.15
Range
April—
The
'but opinion in
to
Monday
12. Mar.
.11.38
March—
Liverpool is quiet and of late fluctuations there have
been within rather narrow
prices.
1906
Mar.
banks,
it is said, have had to take cotton on loans.
ton in
13.25
9.06
.
freely during the next four
not much more than
will be
—
that section of the belt is likely to sell
or five weeks.
A
argue that
less
or
1914—._
8.95
45,000
106.000
54,000
78,000
144,000
233,000
U080,000 1,006,000
.1,
Total East India, &c
Total American—
188,000
179,000
14,000
27,000
56,000
11,000
40.000
406,000
20,000
30,000
*24,000
45,000
70,000
330,000
*560,000
933,000
1,600,000 1,675,000 1.258,000
41579,469 4,610,910 3,817,077 3,449,437
1,942,000
Total visible supply
6,521,469 6,210,910 5,492,077 4,707,437
Middling uplands, Liverpool
7.3ld.
20.80d.
15.32d.
24.10d.
41.00c.
28.40c.
34.90c.
Middling uplands. New York
11.45c.
ai rw»
<?» an**
3d onn
85.00d.
30.58d.
33.31d.
Egypt, good sakel. Liven>ool
17.00d.
49.00d.
32.00d.
39.00d.
Peruvian, rough good, Liverpool.
I4.00d.
23.35d.
22.40d.
Broach, rine. Liverpool.
15.35d.
6.90d.
23.60d.
15.60d.
22.60d.
Tinnevelly, good,
Liverpool—j—
*
7.40d.
Estimated.
Continental imports for past wesk have been 82,000 bales.
The above
figures for 1921 show a decrease from last week
gain of 310,559 bales over 1920, an excess
of
62 bales,
of
1,029,392 bales over 1919 and a gain of
a
1,814,032 bales
1918.
over
AT THE INTERIOR TOWNS the movement—that is,
receipts for the week since Aug. 1, the shipments for
to-night, and the same items for the
the
the week and the stocks
year—is set out in
corresponding period of the previous
WEATHER REPO RTS BY TELEGRAPH.—Advices
1920.
19
Mar.
Movement to
1921.
18
Mar.
Movement to
.
Week.
Season.
Week:'
Ala, Blrra'g'm.a
Eafaula
98
11.
67
46,635
"56
Plne Bluff.
1,988
1,488
2,962
2,763
352
Macon..
705
588
7,046
9,322
48
1,600
2,750
56,761
3.035! 32,993
2,337
138,774
2,520
36,089
3,765
224,217
4,968 148,322
125| 34,424
8.756
467,510
1,250, 17.188
295.042
Columbus.—
12,534
1,131
3.247
li
118,829
Augusta—
'•in
285
36,457
36,377
3,997; 43,721
I
80,430
3,024; 79,593
120,005
Athens..
Atlanta
455
62,839
3,853
90,110
10.416
7
2,134
6,477
890
Ga., Albany--.
6,411
320
175,738
45.415
157,904
2,266
1,166
5,288
303
91
Little Rock—
25,338
15
1,575
30,772
656
Helena..
130
66,689
37,281
30,594
85
Selma
12.
5,334
31,929
17,903
17,645
8,361
Montgomery.
Stocks
March
Week.
Seas no.
Week.
4,147
412
17,562
40
Ship¬
ments.
Receipts.
Slocks
March
1 day
33.749
31,700
3,789 32,694
18,103123,223
2,100 14,927
196,090
2,599
32,628
12,057
114
25.672
310
8.289
260
La., Shreveport
Miss.,Columbus
335
75.267
226
66.548
310
50,978
72,804
653
954
8.479
40
2,861
100
16,743
186;
4.62 in.
865
103,958
88,062
3,727
1,742
126,985
400
1,200, 26,200
22,767
12,188
27,778
100
13,222
443
127
13,454
213
104,055
33,381
17.762
373
23.062
644
15,310
29,314
67
548,753
15,829
7,375
700
640
10.763
550
0.08 in.
l day
Corpus Christi
Palestine
dry
Antonio
Del
Rio
0.34 in.
1 day
2 days
....
0.61 in.
1.10 in.
.3 days
......
Galveston
...2 days
.3 days
4 days
3 days
2 days
2.92 in.
New Orleans, La
Mobile, Ala..;
Savannah, Ga
Charlotte, N. C
Charleston, S.C
Shreveport, La
Selma, 'Ala......
Vicksburg, Miss..
__
..
0.05 in.
4.21 in.
0.22 in.
0.32 in.
1.52 in.
low 58
mean
71
COTTON CONSUMPTION AND OVERLAND MOVE¬
MENT TO MARCH 1.—Below
we
present a synopsis of the
and the
movement for the month of February
months ended Feb. 28-29 for three years:
crop
seven
56; 45,682
790
72,101
50,239
high 83
dry
2,500
Clarksdale—
Greenwood
4.70 in.
0.CH6 in.
1 day
47,775
56
0.02 in.
6 days
Thermometer
high 86
low 46
mean 66
mean 78
high 88
low 68
low 50
mean 69
high 88
low 66
mean 73
high 80
low 44
mean 64
high 84
low 56
mean 71
high 86
low 50
mean
high
low 64
mean 70
high 76
low
mean 74
high
low 55
mean 7 0
high 84
low 52
mean 70
high 87
low 50
mean 65
high 80
low 50
mean 68
high 86
low 41
mean 67
high 82
low 54
mean 65
high 77
Rainfall.
Rain.
.
Abilene, Texas
San
Ship¬
ments.
I
Receipts.
Towns.
to
by telegraph from the South this evening denote that
rain has been quite general during the week and heavy in
portions of Alabama and Mississippi, retarding farm work.
Mobile advises an improvement in the sales of fertilizers;
farmers are buying carload lots on the co-operative plan.
Weather in Texas favorable as a rule for farming operations.
us
Brownsville
Dallas
detail below:
Ark.,
[Vol. 112.
CHRONICLE
THE
Rome
.
316
.
Meridian
88
Vicksburg—.
48
Yazoo City-
64
Mo., St. Louls.
22,543
1,289
Hugo
Oklahoma—
669|
S.C., Greenville
3,293;
16,294
3,609
67,215
54,008
17,700
59,206
58,160
324
17,432
N.C.,Gr'nsboro
39
Raleigh
3,801
Okla., Altus—.
Chickasha.—
Greenwood
1,880
_.
50
111
2,744
2,664
5,234
9,977
22,241
689
37.089
123,498
25,167374,387
1,344
1,518
""80
15,104
Tex., Abilene—
1,170!
10,344
1,624;
12,
--|
443:
22,850
300
10,500
761J
16.999
200
7,990
37,901
21,100
Houston
569'
Fort Worth *.
38,351
100,796
Last year's
70,195
30,971!
1,293
100
40,542
3,214
1,0551
1,963! 22.945
46,700
2,000
receipts in 7 months
Exports in February
Exports for 7 months
Feb. 28
2",764
Port stocks
Northern spinners' takings to March 1
Southern consumption to March 1
7,900
21,330317,082
1,010
1,986
2,839
1,906
180:
6,500
1,462:
19,690
200;
4,800
32,218252,265
1,500 14,500
1,919
—
—
18,100
1,900
112,2845,593.376117,790 1097139100,9465,916,228122,5081224253
Total. 61 towns
a
89,209
1,029!
2,731i
.
6,072
37,975i
33,337 1,722,066
112,825
1,000
26,643 365,107
1.518! 14,856
33,738:2 ,222,280
—
Paris
San Antonio
1,430
51,376
Port receipts in February
3,450
6,247
33,000
90
24.762
40
2,328
4,402
Dallas
462
Net overland for 7 months
Port
on
Overland to Canada for
cluded in net overland)
months
7
1918-19.
206,014
1.435,470
157,559
211,995
1,499,844
189,667
1,175,757
392,539
3,737,989
416,244
2,961,910
1.165,633
1,786,000
1,069,569
685,110
5.362,797
620.332
4,454.357
1,438,806
2,004,852
2,113,009
1,395.705
1,394,286
2,213,000
127,335
138,209
45
6,992
(in¬
104,387
1,042
742,617
7,787,233
Burnt North and South in 7 months.
Came in sight during February
Amount of crop in sight March 1
Came in sight during
Total crop
1919-20.
227,272
1,914,824
154,127
710,893
416,499
4,420,430
409,407
3,390.587
1,398,786
bales
10,397
11,620
956,347
940
Honey Grove
7,816
12,330
9,200
2,500
107,706
..
330
15,349
1,000
887j 11,875
Nashville—
Clarksviiie
32,729
629,690
42,734
17,500
1,454
721,460
Brcnham—.
9,695
11,159
23,290;
Tenn..Memphis
3,818
260
18,202
200
1,125
1920-21.
Gross overland for February
Gross overland for 7 months
Net overland for February
balance of season
847,187
1,133,669
7,943,747
9,013.357
3,658,887
3,199,195
12,217,552 11,692,634
519.33
506.09
512.78
494.33
Average gross weight of bales
Average net weight of bales
481.09
487.78
QUOTATIONS FOR MIDDLING COTTON AT OTHER
are the closing quotations of middling
cotton at Southern and other principal cotton markets for
each day of the week:
MARKETS.—Below
* Last year's figures are for Cin¬
figures are for Natchez, Miss.
cinnati, Ohio.
Closing Quotations for Middling Cotton on—
The above
totals show that the interior stocks have de¬
Week ending
18.
March
the week 5,506 bales and are to-night 462,881
bales more than at the same time last year. The receipts at
all towns have been 11,338 bales more than the same week
last year.
Savannah
Saturday.] Monday.
Galveston..
creased during
MARKET AND SALES AT NEW
10.75
Mobile
10.75
10.50
10.50
10.50
10.50
11.50
Orleans...
New
—
—
11.50
11.25
11.50
11.25
10.75
11.09
Friday
11.25
11.09
11.25
11.09
10.5®
11.5®
10.50
11.25
10.50
Charleston
YORK.
Tuesday. Wed'day.Thured'y,
12.09
12.00
12.09
11.25
11.25
11.25
11.25
11.75
11.75
11.25
11.75
11.25
12.®®
12.00
11
65
10.50
11.55
11.90
11.95
10.50
10.75
10.88
11.85
10.88
11.70
10.75
11.50
11.50
11.50
11.50
11.5®
11.50
Dallas
10.25
10.25
10.60
Houston
10.60
10.60
10.90
10.70
10.90
10.fl
10.65
Little
11.50
11.50
11.50
10.35
11.5®
10.49
11.50
10.25
11.50
10.40
Norfolk
Baltimore
Spot
Market
Market
Closed.
Closed.
.
Firm
—
—
Total.
Contr't.
Spot.
Barely steady
Steady
Saturday— Quiet, unchangedQuiet, 10 pts. dec—
Monday
Quiet, 35 pts. adv..
Tuesday
5 pts. adv—
Wednesday, Quiet,
Quiet, 10 pts. dec—
Thursday
Quiet, 15 pts. dec—
Friday
Total.
Philadelphia
SALES.
Futures
Augusta
Memphis
2,400
Steady
Steady
Quiet
200
300
------
2,400
200
_____
Rock
300
300
300
Worth
Fort
NEW
ORLEANS
ing quotations for
3.200
3,200
MOVEMENT FOR
THE
WEEK
AND
1.—We give below a statement showing the
overland movement for the week and since Aug. 1, as made
Mar.
telegraphic reports Friday night.
The results for
in the last two years are as follows:
from
the week and since Aug. 1
1919-20
1920-21
March
Week.
Shipped—
Via
St. Louis—
Via
Mounds, &c
Rock Island
Via
_
-
Via Louisville
Via
——
....
23,062
3,290
1,185
1,103
.532,257
183,657
25,361
45,775
Week.
Aug. 1.
15,349
a
4,176
Aug. 1,
a628,6S9
343,212
541
16,438
85,268
2,397
2.742
849
243,351
17,483
134,372
342,746
52,078 1,122,783
Total gross overland
92,382
20,693
Virginia points
routes, &c
Via other
Deduct
Since
Since
18—
49,795
1.518,705
136,763
59,504
192.495
1,813
924
88.730
19,757
Inland, Sec., from South
12,060
213,800
1,697
1,011
6,795
Total to be deducted
14,797
322,287
9,503
Between interior towns..,
Leaving total net overland *
♦Including movement by
rail
foregoing shows the week's net overland movement
has been 37,281 bales, against 31,292 bales for the week last
year, and that for the season to date the aggregated netoverland
exhibits
a
decrease from
a
year ago
of 359,417 bales.
-1921In Sight and
-1920Since
Since
Spinners'
Week.
Aug. I.
Receipts at ports to March 18
75,864
4,642,579
Week.
114,627
Net overland to March 18.......
37,281
800,496
31,292
48,000
1,909,000
71.000
Takings.
Southern consumption to
Total
Mar. 18
a
160,645
*5,506
marketed
Interior stocks in excess.
week—.155,139
sight March 18
7,352,075
837,198
Came into sight during
Total in
Nor.
*
216,919
*21,562
Aug. I.
5,705,259
1,159,943
2.314,000
9,179,202
422,211
Decrease during week,
a
8,189,273
9,601,413
1,260,146
71,505
2,200,049
These figures are consumption; takings not
available.
Week—
1919—Mar.
21
1918—Mar. 22
1917—Mar. 23
Tuesday, Wed'dgy, Thursd'y,
11. Mar.
May
July
—
10.83
—
sight in previous
December
January
Since Aug. 1—
1918-19—Mar. 21
I
1917-18—Mar. 22.
216,331
...164,257
1916-17—Mar. 23.
Bales.
8,474,953
9,667,755
10,616,499
18. Mar.
Friday,
17. Mar.
11.05
—
11.17
—
11.12
18.
—
11.62-.64
12.06
—
12.24
—
12.41
—
Tone—
Steady
Spot
Options
__
—
_
Quiet
Steadv
Steady
Steady
Steady
Steady
Steady
Quiet
Steadyl
WORLD'S SUPPLY AND TAKINGS OF
Steady
Steady
COTTON.—
The following brief but
comprehensive statement indicates
at a glance the world's supply of cotton for the week and
since Aug. 1 for the last two seasons, from all sources from,
which statistics are obtainable; also the takins, or amounts
gone
out of sight, for the like period.
Week.
Mar. 11
supplyAug. 1
Visible supply
Visible
American in sight to March 18-
Bombay receipts to Maoh
17—
Other India sliip'ts to March 17
Alexandria receipts to March 16
Other supply to March 16*
1920.
1921.
Cotton Takings.
Week and Season.
Season.
155439
115,000
51,000
512,000
59,000
Week.
Season.
6,241,486
6,521,531
4,956,25/
8,189,273
1,516,000
184,000
452,000
260,000
195",357
117,000
18.009
6,009
2.000
4,792,018
9.601,413
1.951,000
308,000
727,000.
165,000
6,813,670 15,557,530 6.579,843 17.544,431
Total supply
Deduct—
Visible supply March 18-
6,521,469
9,036.061
6,595,061
84.000
Of which American__
Of which other
6,521,469 6.210,910
292,201
208,201
Total takings to March 18a
2,441,000
.
6,210,910
368,933 11.333,521
8,179.521
232,933
3,154.000
136,000
Embraces receipts in
a
This total embraces since Aug.
Europe from Brazil, Smyrna. West Indies, &c.
1 the total estimated consumption by
Southern mills, 1,999,009 bales in 1920-21 and 2,314.000 bales in 1919-20—
takings not being available—and the aggregate amounts taken by Northern
and foreign spinners, 7,127,061 bales in 1929-21 and 9,019,521 bales in
1919-20, of which 4,686,061 bales and 5,865.521 bales American.
b Estimated.
years:
Bales.
A....182,651
15. Mar.
11.51-.55 11.50-.52 11.85-.87 11.89-.93 11.80-.81
12.00 — 11.92 — 12.23-.25 12.32-.34 12.22-.23
12.13 — 12.10 — 12.41 — 12.50 — 12.40 —
—
12.35 — 12.27 — 12.58 — 12.67 — 12.57
October
*
195,357
spinners'takings to Mar. 18. 37,397
Movement into
12. Mar.
10-88 —
11.12-.16 11.12-.15 11.45-.46 11.49-..52 11.3S-.40 11.20-.21
10.78
March
..37.281
800,496
31,292 1,159,943
to Canada.
ajRe vised.
The
clos¬
Orleans
past week have been as follows:
Monday,
388,762
Shipments—
Overland to N. Y., Boston, &e
New
leading contrasts in the
Saturday,
10.25
CONTRACT MARKET.—The
cotton mtrkets for the
SINCE! AUG.
up
10.65
10.55
.
_
OVERLAND
...
,
receipts of
the week ending Feb. 24 and for
from Aug. 1 for three years have been as follows::
BOMBAY
COTTON
MOVEMENT.—The
India cotton at Bombay for
the
season
March 19
1921.]
THE
1920-21.
February 24.
Receipts at—
1919-20.
Since
Week.
Bombay
CHRONICLE
1918-19.
Since
Week.
Aug. 1.
Aug.
Since
1.
Week.
65,000 1,213,000 123,000 1,659,000
Aug.
1.
1177
COTTON FREIGHTS.—Current rates for cotton from
New York, as furnished by Lambert &
Burrows, Inc., are
follows, quotations being in cents
as
Density.
62,000 1,299,000
ard.
]
High
Since August
from—
Great
Conti¬
Japaiuk
Britain.
nent.
China.
Great
Conti¬
nent.
China.
Total.
Stockholm..
.25c.
.50c.
Trieste
.40c.
.45c.
.40c.
Fiume
Ghent
Japan <fe
Britain.
Total.
,50c.
Manchester.
1.
.25c.
Antwerp
Fof the Week.
Stand-'
Liverpool...
Exports
High
.45c.
Lisbon
Havre
25c.
.30c.
Oporto
.40c.
.40c.
Barcelona
50c.
.62c.
...
Rotterdam.
Bombay—
Genoa
1920-21__
1,000
1919-20—
1,000
33,000
19,000
33,000
1918-19..
19,000
Other
16,000
13,000
339,000
405,000
760,000
257,000 1,015,000 1,318,000
66,000
313,000
392,000
14,000
32,000
129,000
74,000
26,000
2,000
1919-20—
3",000
1918-19—
3,000
2,000
15,000
5,000
9~,6OO
3,000
2,000
255,000
2,000
12,000
28,000
431,000
929,000
Total all—
1920-21__
1,000
3,000
1919-20—
1918-19—
2,000
42"666
3,000
48,000
21,000
3,000
ALEXANDRIA
30,000
78,000
27,000
3,000
24,000
RECEIPTS
468,000
331,000 1,164,000 1,573,000
68,000
AND
325,000
420,000
SHIPMENTS
Feb.
1919-20.
1.25c.
1.00c.
1.50c.
1.25c.
Gothenburg
.62c.
.75c.
1.00c.
Bremen
.40c.
1.00c.
Hamburg
,40c.
.50c.
.55c.
.80c.
Piraeus
1.00c.
1.25c.
.75c.
Japan.._.-,1.00c.
1.25c.
Salonica
1.00c.
1.25c.
.75c.
Shanghai
1.25c.
:_.
_____
__
1.00c.
Feb. 25.
Mar. 4.
Sales of the week—
Mar. 11.
15,000
26,000
22.000
Sales,
12,000
22,000
14,000
5,000
28,000
1,018,000
632,000
21.000
15,000
121,000
58,000
American
Actual export
Forwarded
Total stock.
6,000
„
6.0C0
33.000
40,000
1,035,000
648,000
82,000
63,000
Of which American
Total imports
1,027,000
645,000
51,000
26,000
121,000
Of which American
.75c.
.50c.
116,000
61,000
66,000
Mar. 18.
19,000
12,000
6.000
29,000
1,020,000
635,000
34,000
29,000
The tone of the
Liverpool market for spots and futures
day of the past week and the daily closing prices of
each
1918-19.
Spot.
23.
Saturday.
Market,
Receipts (cantars)—
ard.
1.25c.
Bombay
1.50c.
Vladivostok 1.00c.
.75c.
spot cotton have been
1920-21.
Egypt.
Stand.
Density.
.75c.
LIVERPOOL.—By cable from Liverpool we have the fol¬
lowing statement of the week's sales, stocks, &c., at that port:
OF
the two previous years:
Alexandria,
_
High
ard.
.62c.
_1.00c.
Of which American.
Amount afloat
COTTON.—The following are the receipts and shipments for
the week ending Feb. 23 and for the
corresponding week
of
Density.
169,000
149,000
14,000
46,000
India
1920-21__
Christiania
pound:
per
Stand-
follows:
as
Monday.
Tuesday.
Good
Dull
Wednesday.
Thursday.
Friday.
Quiet
Quiet
Dull.
f
105,644
Aug.
81,848
5,289,233
7 06
7 11
7 36
7.31
5,000
3,000
4,000
4,000
3,000
4,291.523
Since
Week. Aug. 1.
Liverpool
2,636
and
India.
To America
Total exports.
!
69.947
1,925
557
55,027
78,511
23,500
To Manchester
To Continent
6 86
131,064
3.070.446
1
Exports {bales)—
To
inquiry
Mid Upl'ds
This week
Since
\
I
12:15
M
HOLI¬
Since
Week. Aug. 1.
Sales
2,788 175,878
79,771
11,656 225,976
128,315
104,112
10,844 242.918
! 2",000
5,118 226.985
Note.—A cantar is 99 lbs.
Since
Week. Aug. 1.
P
Market
11",290
24,500 7C1.321
20,277
•
Futures
P
Egyptian bales weigh about 750 lbs.
The
23#were
advance
decline.
Steady,
13@19 pts
advance
Quiet,
St'y.unch
Steady,
16® 19 pts
Quiet,
5@7 pts,
advance
decline.
,
to 7 pts
advance
prices of futures at Liverpool for each day
given
are
below:
MANCHESTER
MARKET.—Our report received by
to-night from Manchester states that the market is
steady for both yarns and cloths.
The demand for India is
improving.
We give prices for to-day below and leave those
for previous weeks of this and last year for
comparison:
to 3 pts.
advance
decline
M
St'y.unch.,
4@11 pts
advance
Steady,
1@8 pts
4
Quiet,
4@7 pts
Steady,
6@9 pts
decline
Market,
18.317 365.351
This statement shows that the receipts for the week
ending Feb.
105,644 cantars and the foreign shipments 5,118 bales.
Quiet,
2@8 pts
\
opened"/
89,425
4,239
DAY
Sat.
Mar.
cable
Mon.
Tues.
Wed.
Thurs.
Fri.
12
12 M
to
18
Mar.
12^
4
12^
4
1234
4
12X
4
12^
p. m. p. m. p. m. p. m. p. m. p. m. p. m. p. m. p. m. p. m. p. m.
p. m,
d.
March
4
1234
d.
d.
d.
d.
d.
d.
d.
d.
d.
d.
d.
7 21
-
May
7 24
7 41
7.42
7 46
7 49
7 71
7 68
7.66
7.61
7.24
—
April..
7.29
7.45
7.42
7.45
7.49
7.70
7.67
7.60
7.60
1920.
7.34
7.41
7.56
7.56
7.56
7.60
7.80
7.77
7.75
7.71
June
HOLI¬
7.39
7.43
7.59
7.58
7.60
7.62
7.83
7.80
7.77
7.73
July.
1921.
DAY
7.52
7.53
7.70
7.72
7.72
7.74
7.94
7.90
7.87
7.83
7.92
SH lbs. Shirt¬
ings, Common
d.
d.
7.60
7.60
7.76
7.78
7.78
7.80
8.00
7.97
7.95
Mid
September
7.67
7.65
7.82
7.84
7.83
7.85
8.05
8.02
7.97
7.95
Upl's
Tivist.
to Finest 1.
Upl's
October
7.72
7.71
7.88
7.89
7.87
7.89
8.10
8.06
8.02
8.00
November
Jan.
August
32s Cop
834 lbs. Shirt¬
ings, Common
Cot'n
Mid.
to Finest.
32s Cop
Twist.
7.76
7.74
7.92
7 93
7.91
7.93
8.13
8.09
8.05
8.03
December.
7.79
7.77
7.96
8.16
8.12
8.0s
8.06
January
February
7.82
7.80
7.98
7.99
7.97
7.99
8.19
8.15
8.11
8.09
7.85
7.83
8.01
8.02
8.00
8.02
8.22
8.18
8.14
8.12
s.
d.
s.
Cot' n
d.
d.
d.
d.
s.
d.
8.
d.
d.
21
21
@
25
19
0
@21 0
9.35 57
@
68
39
6
@42 6
27.66
28
20 JX
@
25 H
18
6
@20 0
9.04 58
@
65
40 0
@43 0
28.31
19 H
19
@
25
18
0
@20 0
8.35 58^
@
70
40
6
_._
7.95
7.96
7.94
27.72
>4
_____
Feb.
4
@
24
17
6
@19 6
8.11
59
@
71H 41
6
@43 6
@44 6
18
18
@
22
17
0
@18 6
8.27 60
@
72
42
6
@40 0
30.51
25
16 H
@
1JH 16 6
@18 0
6.76 61
@
73
42
6
@46 0
30.02
11
29.67
BREADSTUFFS
4
16 H
@
20 ^
16
0
@17 6
6.56 61
@
76 H 42
6
@46 0
29.15
11
15 H
14 V*
@
17 H
15
6
@17 0
6.94 61
@
76 H 42
6
@46 0
28.65
17X 15 6
@17 0
7.31 70
@
87
6
@46 0
28.80
18
42
Flour
SHIPPING NEWS.—As shown
on
a
previous
page,
the
exports of cotton from the United States the past week have
101,320 bales.
The shipments in detail as made
reached
from mail and telegraphic returns,
are as
follows:
Total bales.
NEW YORK—To
Hamburg—March 12—Hawaiian, 100
100
17—King Alexander, 100
100
GALVESTON—To Liverpool—March 12—Indian, 9,049
March
14—Glenworth, 5,998
15,047
To Bremen—March
12—Tekoa,
3,755
March
15—Westmead, 12,664
16,419
To Barcelona—March 10—Fourth Alabama, 6,1256,125
To Genoa—March 14—Ada, O., 6,391
6,391
To Japan—March 10—Sumatra Maru, 9,000
9,000
NEW ORLEANS—To Liverpool—March 14—New Columbia, 175
...March 17—Orator, 4.755
4,930
To Havre—March 15—Cheniston, 1,215
1,215
To Bremen—March
14—Saccarappa,
2,304
March
17—
Warkworth, 5,988
8,292
To Rotterdam—March 15—Ophis, 155—March 17—Zuiderdijk, 900
1,055
To Antwerp—March
15—Burgundier, 1,165—-March 15—
Cheniston, 1,200
2,365
To Japan—March 17—Canada Maru, 1,817__
1,817
MOBILE—To Bremen—March 15—West Raritan, 1,425
1,425
SAVANNAH—To Liverpool—March 15—Coquitt, 3,781
3,781
To Piraeus—March
__
__________
was
March
Minneapolis reported 4,000 bbls.
was
generally supposed.
sold to
mill not to mention sales in small lots to
other mills.
on
time
The export demand
second clears,
Tuesday reported the best demand for
was
one
Leading
fair sale for the
a
here
exporters
some
chiefly for first and
although there has been
grades.
have been
Europe by
foreign markets by
The whole made up a very respectable total.
Minneapolis
better
1921.
Some export business more¬
has been done; more in fact that
past.
18
dull and depressed early in the week, but later
became steadier with wheat.
over
up
'Night,
Friday
Mar.
admit
that
they
buying steadily although most of the orders
in lots from 100 tons to 500 tons.
ing however in the aggregate.
They make
are
good show¬
a
It is said apparently
good
on
________
authority that the supply of fancy first clears
here and at Buffalo held
by
one
the spot
on
of the leading mills has been
sold, and that the mill's output has been sold ahead for
a.
____
To Rotterdam—March
To
14—Themis to,
500
i
500
Japan—March 17—Shensei Maru, 3,600
____
BRUNSWICK—To Liverpool—March 17—Nevisian,
BOSTON—To Liverpool—March 4—Massilia, 152
3,150
March
Wheat declined early on pressure to
125__—(
Japan—March 10—Seiyo Maru, 100
March 16—Shinyo Maru, 4,567
To China—March 16—Shinyo Maru, 1,400
SEATTLE—To Japan—March 10;—Kashima Maru, 4,525
March
12—West Jester, 500
TACOMA—To Japan—March 15—Manila Maru, 4,639
277
sell and then rallied
big export business amounting in 48 hours, it is said,
on
a
to
4,000,000 bushels,
mission.
This
largely taken by the British
caused
covering
8—
Oxonian,
SAN
3,600
3,150
month.
buying, partly, however,
on
by
shorts
and
Com¬
scattered
the theory that the technical
FRANCISCO—To
4,667
1,400
5,025
4,639
position of the market had become strengthened through
recent
heavy selling.
effect.
some
A rise in cotton and stocks also had
Germany took 500,000
bushels.
Italy
and
Belgium bought. On the 15th inst. alone the sale» for export
Total
—101,320
_______
____
The
particulars of the foregoing shipments for the week,
arranged in our usual form, are as follows:
Great
Britain.
Ger¬
France.
15,047
4,930
Galveston
New Orleans
Mobile.
Brunswick
many.
North.
EuropeSouth.
100
New York
Savannah
-Other
1,215
__—
Boston.
3,781
3,150
277
Tacoma.
Total
1,817
3,600
277
6,067
5,025
4,639
—
27,185
200
3,420
—-
—
52,982
19,674
1,425
7,881
3,150
"500
----
San Francisco—
Seattle
Total.
9",000
1,425
----
__—
12,516
Japan.
100
16,419
8.292
1,215
26,236
3,920
12,616
6,067
5,025
4,639
30.148 101,320
were
put at 3,000,000 bushels.
that
day 3 to 4c.
bugs from
green
Prices advanced early
Another bullish factor
Oklahoma.
covering by recent sellers.
Also there
in
Chicago
pressure
to
it
The
over
weakness
in
reports
however,
May
was
on
firm.
the other hand,
Europe
for
was
various
and
not freely
reasons
of
were
reduced
was
March
on
heavy
very
from outside markets could not be ignored.
export wheat,
and
6%c.
was
The offerings,
large, and later the March premium
was
the
Cash
offered
evidently
prefers to buy just
now
in the United States.
inst.
was
said, found it hard to fill orders,.
exporters,
it
On the 15th
quoted at 24e.
and that was
bid when May was 22c. over Atlantic No. 2 red or hard
was quoted at 26c. over March and No. 2 durum at 21c.
over May.
Minneapolis wired that day: ''Chicago spring
wheat strong to lc. higher; durum wheat unchanged.
Dull
demand for low grades.
Winter wheat unchanged with a
good demand.
Flour reports are the best in some time;
small quantities sold for export, including 4,000 bbls. by
one mill."
On the 14th deliveries of 350,000 bushels on
Gulf March
shipment
the loth inst. was
on
Chicago May; April sold at 23c. over
over
[VOL. 112.
CHRONICLE
THE
1178
mildly.
It has been for the most part a mere echo of other
grain markets.
Financial, economic; and political conditions
all operative in the grain markets of the United States at
the present time are not wtihout their effect in this line of
conjecture.
According to the Cincinnati
"Price Current" increases of acreage to oats in the South
and Southwest are reported, apparently as nurse crop for
is
matter of
a mere
crops.
Today prices
lower than last Friday.
grass
cts.
Minneapolis had a depressing effect.
On the 11th inst. Minneapolis had offered Chicago cash
wheat on a delivery basis.
Good rains fell over the soft
winter wheat belt.
May delivery in elevator
July delivery in elevator
contracts
at
in the United States last
The visible supply
week decreased
1,423,0000 bushels against 1,142,000 last year.
What is
more
the total is now only 26,399,000 bushels against
49,026,000
But at times both
ago.
year
a
Minneapolis
City have been pressing wheat on the market,
probably owing to more or less financial stringency at the
West.
Had it not been for big British purchases and also
and Kansas
buying by Germany and Belgium and to a small extent at
least by France, Holland and Spain it would no doubt have
gone
hard with the price.
Washington wired: "The wheat
surplus for export and carry-over of the United States and
Canada is 165,OCX),000 bushels according to estimates of the
Markets based on official and commercial reports.
the two countries with the carry-over
the 1919 crop was placed at 1,163,000,000 bushels.
Bureau of
The combined crop of
from
surplus estimate it is explained took into account
bread and seed requirements and export clearances from
seaports to Feb. 21."
The Armour Grain Company said:
"The economic and general business and a very disturbing
labor situation seem to control the grain markets at the time.
Fundamental conditions are ignored.
Liquidation by dis¬
couraged longs is fairly general and the price position is such
that shorts might be difficult to dislodge.
Without very
unfavorable news affecting the new crop or a marked change
in the situation mentioned continued pressure may reason¬
ably be expected.
We personally feel that both the news
and the structure are capable of very bullish interpretation,
but that the general trend seems downward."
The Chicago
Board of Trade will operate on the Daylight Savings plan
commencing March 28.
Trade in wheat for July delivery
will start on all exchanges Monday March 28.
The "Price Current" reports the condition of winter wheat
The
^bv States as follows: Ohio, 78; Indiana, 88; Illinois, 92;
Missouri, 92; Iowa, 94; South Dakota, 90; Nebraska, 98;
Kansas, 92, and Oklahoma, 94.
The percentage of the acre¬
age of winter wheat originally sown that, it is estimated, will
be abandoned is as follows: Ohio, 6%; Indiana, 17; Illi¬
nois, 6; Missouri, 3; Iowa, 5; Nebraska, 7; Kansas, 7, and
Oklahoma, 6.
To-day prices declined and they closed 8 to
8%c. lower than a weqk ago.
The Minnesota Senate on
March 16 passed bills prohibiting trading in grain futures
and declaring all grain exchanges open markets.
The meas¬
ures now go back to the House for concurrence.
The meas¬
ures would not prohibit "legitimate hedging," under terms
originally incorporated in the House bill.
Markets primarily
affected
are
DAILY
in Minneapolis and Duluth.
CLOSING
PRICES
DAILY
—
PRICES
CLOSING
Indian
was
corn
YORK.
Tucs.
Wed.
Thurs.
Fri.
nom.
nom.
uora,
nom.
nom.
FUTURES IN CHICAGO.
Mon.
Tucs. Wed.
Thurs.
Fri.
OF WHEAT
Sat.
elevator
May delivery in elevator..-
March delivery in
NEW
IN
Man.
u__cts. nom.
155% 159
157% 154%
146% 148% 151% 14834 145%
cts_159
155
-.150%
irregular,
200,000 bushels sold that day for export.
For the moment
prices advanced a good sized fraction.
But, curiously
a marked decrease in the receipts, last
week the visible supply increased 3,065,000 bushels against
despite
only 138,000 in the same week last year.
It raised
to 26,903,000 bushels against 5.281,000 a year
one
of
the
The export demand was at no time very large and it
Holland had bought some 275,000 bushels,
but then to all appearance retired from the market.
It
looks as though consumption was lagging.
Supplies have
of late certainly increased, whatever may be the predictions
as to falling receipts in the near future.
The "Price Current"
says that increases of acreage to corn are reported in the
South.
To-day prices fell; they ended \y2 to 2c. lower
ago.
fell off later.
CLOSING
PRICES
_
No. 2
OF CORN
Sat.
„
cts. 85%
yellow
.
.
.
NEW
85%
Tues.
Wed.
Thurs.
Fri.
f42%
43%
42%
43%
4334
44%
42%
43%
41%
43%
_cts. 42%
44%
This would preclude large business but there seems
clear evidence of a large demand.
It seems more like
and half a dozen of the other.
Exporters took
light.
no
very
six of
one
15th inst. The visible supply in the
week 37,000 and is now only
1,669,000 bushels, against 19,584,000 a year ago.
To-day
prices declined and ended 5 to 6c. lower than a week ago.
25,(XX) bushels on the
United States decreased last
following
86%
86%
Thurs.
87
135%
cts.139% 135% 137% 139% 137%
118
115
117
118% 117%
_
115%
closing quotations:
are
GRAIN.
Oats—
Wheat—
No. 2
No. 1
$1 77
No. 2 red
No. 3 white
Barley—
Feeding-.
$0 8534
yellow
Rye—-
75(3:81
85 @92
Malting
1 58%
No. 2
54
53%
52%
white
No. 2 white.
Nominal
No. 1 spring
Corn—
FLOUR.
goods—Portage barley:
$8 50@ $9 00 Barley 1.
No.
$7 25
8 00®
8 25
Nos. 2,3 and 4 pearl
7 50
8 50®
9 00
Spring patents
Winter straights, soft
Hard winter straights
i
7 25
8 50®
9 00
Nos. 4-0 and 5-0—
Oats
g
2
00®
00®
goods—Carload
5 90
spot delivery
2 20
2
7 25
7 15@
7 50
Nos. 2-0 and 3-0
6 25@
2 25
Yellow meal.
5ll(
movement of breadstuffs to market
prepared by us from figures collected by
the New York Produce Exchange.
The receipts at Western
lake and river ports for the week ending last Saturday and
since Aug. 1 for each of the last three years have been:
The statement of the
indicated below
are
360,000
402,000
199,000
161,000
224,000
86,000
129,000
171,000
12,000
801,000
247,000
116,000
100,000
10,000
53,000
93,000
50,000
28,000
42,000
41,000
7,000
14,000
------
56,000
Milwaukee.-------
Detroit------
-
592,000
19,000
872,000
714,000
643,000
233,000
707,000
337,000
Peoria.-.Kansas
1,672,000
1,596,000
688,000
154",000
53,000'
557,000
300,000
5,714,000
3,539,000
2,944,000
9,736,000
4,103,000
3,441,000
515,000
4,996,000
492,000
207,000
484,000
3,071,000
4,012,000
2,851,000
1,914,000
83,000
Louis
St.
43,000
40,000
2,309,000
Minneapolis..
Toledo
bush. 32 lbs. bush A8lbs. bu$h.56lbs.
bbls.mibs. bush. 60 lbs. bush. 56 lbs.
4,844,000
412,000
263,000
Chicago
Duluth.
Rye.
Barley.
Oats.
Corn.
Wheal.
Flour.
Receipts at-
54,000
—
City.
Omaha
Indianapolis..
Total week '21
Same wk. '20
456,000
296,000
'19
273,000
wk.
Since Aug. 1
1920-21-.1919-20
1918-19
-
-
-
20,000
119,000
Jl9,329,000 249,535,000 149,210,000 134,652,000 19,754,000]l2,281,000
114,851,000,156,189,000133,434,000 151,031,000,23,115.000 24,252,000
J10,420,000 364.046,000 143, r09,000 208,844,000 p ,126,000 31,958.000
seaboard ports for
and grain at the
12 1921 follow:
Total receipts of flour
the week ended Mar.
j
Receipts at—
Bushels.
Barrels.
Oats.
Barley.
Rye.
Bushels.
Bushels.
Bushels.
Bushels.
847,000
207,000
163,000
York
New
Corn.
Wheal.
Flour.
70,000
2,000
58,000
583,000
179,000
2,000
48",000
168,000
•694,000
36,000
419,000
53,000
1,077,000
"l",666
43,000
17,000
82",000
1,011",000
—--
*9",000
527,000
70,000
St. John----..
19,000
282,000
Boston
14,000
Portland, Me.
Philadelphia
.
Baltimore
Newport News
New Orleans a
Galveston
Montreal
...
620,000
67%
70%
69
71%
Wed.
69%
71%
Thurs.
68%
70%
other grain and at
no
Fri.
67%
70%
time
"24.666
"
354,000
2,901,000
3,639,000
147,000
114,000
43,585,000
16,819,000
4,359,000
2,799,000
Week 1920--.
559,000i 1,830,000
4,584,000! 19,839,000
303,000
729,000
237,000
4,153,000
7,805,000
3,105,000
«
xvve-vipw
v*v
t9ku*u>
«wv
■
the several seaboard ports
ending Mar. 12 are shown
Wheat.
-
Baltimore
Newport News.
New Orleans--.
Galveston
282,000
N. B.
Barley.
Peas.
Bushels. Bushels. Bushels.
8,711 123,009
5,840
Week 1920
The destination
is
as
34,000
7,000
1,000
44,000
187.000
2,000
17,000
98,000
171666
2,000 353,711 238,009
499,1461475965 437,290
of these exports for
below:
6,666
47,000
19",000
:
5,520,145:3,486,800 306,896
2,949,4221 105,793 715,132
week-.
July 1 1920
Rye.
Oats.
Bushels.
502,800 235,896
103,000
588,000
90,000
144,000 1,436,000
43,000
2,186",000 771,000
43,000
1,584.000
Boston
Total
I
Barrels.
583,000
Portland,
St. John,
Flour.
Bushels.
651,145
York...-.
Me..
for the week
in the annexed statement:
Corn.
Bushels.
Philadelphia
901,000
8,396,000
— «
—.
JK***-"-**-*O
226,000
6,492,000
of lading.
bills
The exports from
New
17,000
2,000
"II"
2",606
4,436,000
through
183,000
"
179",000
Since Jan.1'21
Since Jan.1'20
■
"20,660
Total week '21
Fri.
85%
The demand was too small
"visible" increased last week
136,000 bushels and it is now 34,346,000 bushels against
only 10,301,000 a year ago.
The cash demand has been
only moderate.
Exporters have done little or nothing.
Itjhas been a becalmed market; that indeed is putting it
did they show much firmness.
and the supply too large.
The
Fri.
Thurs.
Wed.
Tues.
Mon.
Sat.
The
CHICAGO.
RYE FUTURES IN
CLOSING PRICES OF
DAILY
May delivery in elevator
July delivery in elevator
Exports from-
YORK.
FUTURES IN CHICAGO.
Mon. Tues.
Sat'
69
71%
Oats declined at times with
IN
Mon. Tues. Wed.
DAILY CLOSING PRICES OF CORN
May delivery in elevator....._cts_
July delivery in elevator
53%
FUTURES IN CHICAGO.
Rye declined with other grain and also rallied with it.
was a
mere reflection of other markers.
Supplies are
It
for the week.
DAILY
54
Mon.
Sat.
total
'
Fri.
55
54%
declining early and rallying
Besides, country offerings have latterly
fallen off.
Some look for a noteworthy decrease in the crop
movement soon.
Last week receipts fell off 1,500.000 bush¬
els.
This steadied prices on the 11th inst.; moreover,
later with wheat.
enough,
54%
PRICES OF OATS
DAILY CLOSING
55%
55
55%
55
55
56
55%
No. 2 white
Same
WHEAT
OF
Sat.
No. 2 red
declined and closed \l/2 to 2c.
PRICES OF OATS IN NEW YORK.
Sat.
Mon.
Tues. Wed.
Thurs.
DAILY CLOSING
:
No. 1 white
March
business will get out of the rut
As to when the oats
trade.
5,840
3,166
the week and since
March 19
1921.]
THE
Flour.
Wheat.
Exports for Week.
and Since
\
July 1
-Mar. 12
to—
Week
CHRONICLE
Corn.
Since
Week
Since
Week
July 1
Mar. 12
Mar. 12
July 1
1921.
United
1920.
1921.
1920.
1921.
Barrels.
Bushels.
Bushels.
Bushels.
Bushels.
Kingdom.
Continent
„
54,851
232,045
920,000
7,277,010 1,278,407 7,184,681
4,592,145 181.553,818 2,184,393
10,769,646
8,000
3,077,704
12,000
143,343
18,500
12,000
880,813
457,195
12,000
8,000
898,396
671,267
So. and Cent. Am.
West Indies.
Brit. No. Am.CoIs
Other Countries.
Total
2,356,231
1,16 0,919
306,896
9,658,008
Total 1919-20.... 715,132
15,222,980
.........
The
world's
ending Feb. 19 1921
shown in the
and
since
July 1
1920
and
1919-1920.
Since
Mar. 12.
July 1,
1920-1921.
Since
July
Week
1.
Mar.
1,269,000
480,000
supply of
grain,
July
fob",000
2,379,606
the
GRAIN
2,259,000
93,"818,666
stocks in
lake and
Corn,
Oats,
Rye,
bush.
bush.
bush.
628,000
211,000
16,000
3,000
2,000
7,000
837,000
205.000
67", 000
111",000
820,000
1,443,000
1,128,000
1,733,000
475,000
2,040,000
322,000
1,066,000
3,000
189,000
......
Philadelphia
Baltimore
Newport News.
_________
New Orleans
....
Galveston
2,976,000
Buffalo
.....
Toledo.
Detroit....
Chicago
...
.......
Duluth
Minneapolis
St. Louis.
Kansas City..'
Peoria
Indianapolis..^
Omaha
Total Mar. 12 1921
Total Mar.
1,000
29.066
239",000
249,000
89,000
1,005,000
5,000
8,000
46,000
"T,66o
60,000
13,000
26,399,000 26,903,000 34,346,000
1,660,000
28,022,000 23,838,000 34,210,000
1,706,000
50,875,000
4,951,000 10,401,000 20,388,000
5 1921
Total Mar. 13 1920
2,153,000
2,268,000
3,073,000
Note.—Bonded grain not included above:
Oats, 20,000 bushels New York, 245,0Q0
Buffalo, 2,000 Duluth: total, 267,000, against 1,044.000 bushels in
1920; barle*,
New York 37,000, Buffalo
91,000, Duluth 1,000; total, 129,000 bushels, against
184,000 bushels in 1920.
Canadian-
Montreal...
242,000
Ft. William <fc Pt.
Other Canadian
Total Mar. 12
179,000
Arthur-20,037,000
1,549,000
......
1921....21,828,000
1921___«<21,612,000
11,253,000
629,000
11,469,000
1,702,000
3,000
68,000
,404,000
400,000
5
179,000
13,790,000
3,000
2,872,000
193,000
13,388,000
3,000
2,639,000
12,000
4,751,000
4,000
1,766,000
26,399,000 26,903,000 34,346,000
179,000 13,790,000
Total Mar.
1,669,000
2,153,000
2,872,000
Total Mar. 13 1920
*
Including private stocks.
SummaryAmerican
Canadian
3,000
Total Mar. 12 1921
Total Mar.
5
48,227,0)0 27,082, >00 48,136,000
1,672,000
1921....49,' 34,000 24,031,000 47,598,000
1,709,000
Total Mar. 13 1920
62,128,000
4,963,000 15,152,000 20,392,000
THE DRY
5,025,000
4,907,000
4,839,000
GOODS TRADE
New York, Friday
Kecent
developments have been
feeling in textile circles
certainty still exists in
especially
true
some
Night, March 18 1921.
such
to create
as
generally,
of the
a
more
although
primary lines.
un¬
This is
of cotton,
which is traceable to the great
staple, the price of which has made
only feeble recovery from the season's lowest level reached
unsettlement in the
March
011
the
2.
raw
Unfavorable
political conditions abroad and
possibility of material changes in
remain
In
as
serious obstacles to
various
more
our
tariff schedules
general betterment.
important lines, however,
there are stronger
indications of greater confidence and stability
owing to the
publication of
price lists by the foremost producers of
important staple merchandise.
A striking example of this
was the
recent naming of prices by the
leading manufac¬
turer
of
new
napped cotton goods.
Contrary to the piece-meal
policy of price reduction followed by producers of other
lines, this concern made its reduction in one fell swoop, the
new
prices in
being only one-third of those pre¬
viously prevailing.
Other producers followed suit, and this
concerted action created the impression that rock-bottom
had been reached.
In short, a feeling was developed that
no
of
some cases
further
quick
effect.
cuts need be feared, and lience
buyers were
respond with generous orders.
The completion
price lists on all forms of woolens had a similar
to
new
.
'
•>
A.'-;
they
came
several
months
ago
to
place
their
first
64
ma.ned
notably true of silk piece goods, many orders being received
and out-of-town buyers.
Contracts from cutters
of all kinds of textiles for future shipments have not been
from local
large.
Although
orders
have
been
numerous,
they
have
declined about a half-cent.
and timid, owing to the un¬
Their
indifference
was
also
markets.
many
mills
had-turned
to
the
production
being
fancy
of
the
dull
and
x
Late
were
weak.
72s; 8^c. for 72
in
the
too low.
76s, and
x
week
in¬
more
Sheetings have
Many mills have been after
re-
new
business, being near the end on old orders.
Owing to the
dulness in the bag trade and the
cheapness of burlaps they
have named lower prices in order to
attract buyers, but
with little result.
The present basis is
largely nominal,
viz.: 5c. for 48 x 40 5.50
yards; 41/,c. for 44 square 6.15
yards; 4%c. for 31-inch 5 yards, and 6%c. for
4-yard 48 x
52s.
Sateens, twills, drills and combed fabrics have been
dull, although there have been moderate sales of combed
x
72, 40-inch, 9-yard.
wbOLEX GOODS.—Contrary to
recent experience, sell¬
ers of woolen
goods now report that buyers have been show¬
ing the greatest interest in men's suitings and
overcoatings.
Staple and fancy lines have sold well for fall and in
some
orders have been
large that sellers have withdrawn.
relatively quiet, although there has
request, especially for specialties, in¬
medium-priced trieotines.
There has been a fair
so
Dress goods have been
been a fairly steady
cluding
movement also of
twills, serges and tweeds.
In some cases
it is stated that
many buyers are holding off awaiting addi¬
tional openings.
Some believe that the lull is only tem¬
porary.
who
claiming that many retailers and garment makers
their pre-Easter
requirements will soon re¬
had filled
turn for the goods
they will need for later spring trade.
In
quarters it is claimed that business in the better
grade
merchandise is checked by
offerings of inferior goods at
lower prices.
some
FOREIGN DRY GOODS.—Demand for
burlap has con¬
tinued extremely dull and business has
been confined to a
few small scattering lots.
Prices have dropped about a
quarter-cent and average below the levels current in
many
pre-war years.
At the outset light weights on the
spot
were
held at 4.15c. to
Spot heavy weights
offered
ness
at
4.60c.
4.25c., but later
later.
were
offered at 4.05c.
quoted early at 4.85c., but,
were
The
continued
dulness
traceable partly to the unexpectedly
from Calcutta during
February,
were
ments
were
and
easi¬
large ship¬
roundly
81,000,000
yards,
compared with 44,000,000 yards
during January.
Quotations from Calcutta were also lower,
although toward
the close there was talk of
it
stated
was
on
weights
a
that
a
firmer tone in that market and
a
movement
was
proposed to keep the
four-day schedule throughout the
were
offered
for
March
for
year.
shipments at
Light
3.55c.
and
April-June at 3.95c.
For the same shipments
weights were offered at 4.25c. and 4,80c.
buying
was
largely be¬
have
quiry developed, but bids
nation
This
quiet,
scarce
60s; 71/c. for 39-incli 68
for 4-yard 80 squares.
weeks has been well maintained in
lines.
been
38%-incii
x
8%c.
spring business.
Distributers of all lines of goods were
represented.
The volume of business passing in recent
some
lias
wide staples.
Business was confined to
scattering small
lots, including some for April, but chiefly for spot or
nearby
delivery.
Prices receded to a basis of 6%c. for
mills
Jobbing buyers have been in the largest attendance known
since
generally
cotton
weaves
cases
hopeful
print cloths
were
lawns at 12c. for 76
:___21,828,000
week
ascribed partly to expectations of
over-production, it
asserted that because of the lack of
demand for
28.000
112,COO
the
gray goods and the unsettlement in raw
The quietude has been
is noted
settled
4,000
51,000
created
trading basis,
on
Buyers
163", 0G0
56,000
38,000
safe
a
goods
however,
drop in
Prices for
120,000
......
3,402,000
1,343,000
1,836,000
548,000
225,000
558,000
82,000
37,000
202,000
759,000 11,426,000 12,920,000
128,000
901,000
623,000
1,715,000
488,000
4,312,000
6,333,000
567,000
1,976, COO
462,000
1,139,000
803,0C0
2,729,000
3,041,000
1,006,000
4,000
471,000
144,000
83,000
492,000
286,000
1,143,000
1,685,000
1,045,000
on
in other quarters, some sellers
accepting
memorandum for early
delivery, and there is some
talk that the position of orders not
yet delivered lias been
weakened by the drop in gray
goods.
There has been so
niuch competition for colored
cottons among some Southern
mills that it has been difficult
to follow the
changes.
On
the other
hand, there is still a marked scarcity of wellknown brands of certain lines.
257,000
743,000
10,000
215,000
fixed
a
orders
bush.
1,732,000
Boston.
followed
of other producers,
part
were
In some cases
announcement,
a
markets.
feeling
Barley,
bush.
New Yorfc
as
been
STOCKS.
Wheat,
Milwaukee
at
prices
This
esjiecially marked
as future
shipments were concerned, as there has
fair demand for spot and
nearby deliveries of vari¬
ous
lines, especially well-known brands.
Dress
ginghams,
notably small red and white checks, have been in
particu¬
larly active request.
Although sellers of the better known
brands have not revised prices, or
done anything to
hamper
jobbers in disposing of recent
purchases, a more unsettled
97,827,000
comprising
the
on
far
as
1,750~,000
3,554,000! 114,619,000'
at principal points of accumulation
seaboard ports Mar. 12 1921 was as follows:
States—
belief that
generally,
Bushels.
452,000
544,000
fully 66%.
cause of the
July 1.
21,804,000
3,018,000
87,418,000
cut
result good business was
forthcoming.
Jobbers
placed many generous orders, but the
largest business was
done with cutters, many of whom were
seeking the choicest
goods to be featured in garments.
In finished cotton
Since
1.
granary
United
are
Bushels.
Bushels.
11,647,000 412,815,000 464,229,000
visible
12.
2,458.000
49,310,000 134,663,000
36,202,000 75,501,000
7,816,000
230,000
1,911,000
3,384,000
Oth. countr's
The
the
1919-1920.
Since
were
cotton
Bushels.
Bushels.
Bushels.
6,514,000 319,097,000 251,854,000
160,000
Total..
week
1919
GOODS.—The feature in this de¬
naming of drastically reduced prices
by
the
was
by similar action
Corn.
1920-1921.
...
the
prices
and
Week
India
partment
the principal producers of
napped materials.
following:
Exports.
Argentina...
Australia
for
corn
Wheat.
North Amer.
Russ. & Dan.
going at 7^%.
5,520,145 261,775,591 3,486,800
19,022.041
2,949,422 125,587,787
105,793 2,946,652
shipment of wheat and
immediate
cover
DOMESTIC COTTON
29,769
13,789
4,355",559
to
large items.
1920.
Barrels.
1179
needs and have included
The cheaper standard
staples have
continued to lead in volue of
sales, although limited quan¬
tities of novelties
and.fancy goods have been taken, includ¬
ing numerous re-orders.
Commercial money has remained
firm at 7%% for most
paper, a few extra choice names of
short maturity still
Since
July 1
been mainly
few if any
heavy/
respectively. Stag¬
continues
being
Jobbers and
the
the
only feature of the linen market,
of the hand-to-mouth order.
wholly
retailers are
still
covering of immediate
terest
not
as
almost
in
confining their activities
requirements and show
future positions.
Latest advices from
indicate any changes in the flax and cloth
no
to
in¬
abroad
situation.
do
THE
1180
We
gjepartrami
SALES IN
MUNICIPAL BOND
FEBRUARY,
municipal
detailed list of the
present herewith our
868..Hamilton Co., Ohio (4 is.)53^
959.-Hancock County, Ohio._6
1052.-Hardin Co., Ohio...
6
959.-Harrison County, Ind
5
868._Hartwell, Ga. —
6
959.-Hastings, Neb. (4 issues).6?^
766..Hawthorne s. d., n. j..6
959..Helena Ind. s. d. No. 1,
Mont
—-.6
675.. Henderson Co., No.Car. .6
868.-Hendricks s. d., Minn._4
675--Henrietta, Tex
—6
868..Hidalgo Co.. Tex
7
959_.Hidalgo Co. Water Impt.
during the month of February, which
crowded coddition of our columns prevented our pub¬
bond issues put out
the
lishing at the usual time.
The review of the month's sales was
of the
given on page 956
Since then several belated
"Chronicle" of Mar. 5.
received, changing the total for
the month to $61,142,418.
The number of municipalities
issuing bonds in February was 257 and the number of separate
been
February returns have
february bond
sales.
Price.
Basis.
Name.
Rate. Maturity. Amount.
450,000
1922-1951
957--AbbevilleCo., So. Car—6
1922-1951 1,000,000
866--Akron, Ohio
5 lA
150,000
866.-Akron, Ohio
5^ 1922-1946
500.000
866--Akron. Ohio
5h
100.03
5.49
30,000
1922-1932
1184--Alhambra, Calif
5k
764--Albion Com. h. s. d. No.
100,000
1921-1940
200, 111
5
35,000
866--Alta s. d., Iowa
__
40,000
957—Alto, Tex. (2 Issues)
6
5.99
100.10
5,500
1936-1941
764—Ansonia, Ohio—
6
100.17
60,000
764--Appanoose Co., Iowa
6
94.72
55,000
""1926"
1051—Anspee Sch. Dist., Iowa.6
100
64,195
866--Arkansas City, Kan.
5.99
100.16
300,000
1941-1950
957..Ashe County, No. Caro__6
6.00
100
362,000
1921-1929
674--Ashtabula Co., o. (2 iss.) 6
6.00
100
160,000
1922-1934
764—Ashville, No. Caro.
6
5.94
100.31
32,000
1924-1931
764—Ashville, No. Caro
6
6.00
100
40,000
1922-1931
867--Auglaize Co., Ohio
6
6.00
100
150,000
1961
764—Avery Co., No. Caro__-_6
1051— Baca Co. s. d. No. 29,
2,600
<*1936-1951
Colo
7
346,000
1927
764—Bayonne, n. j
6
5.25
102.07
85,000
1921-1942
764—Bent ley ville s. d.f Pa._.5 la
6.00
100
45,000
764—Biggs, Calif
6
6.00
100
12,500
41921-1925
957.-Bloomer, Minn
6
60,000
957—Boukler, Colo
6
5.96
MM'
50,000
1922-1955
674—Bradford Con. s. d., o—6
5.00
100
7,500
1922-1936
957--Brewster, n. y.________5
10,000
867—Bridgeport, Neb
6
100.01
4.49
84,000
1922-1935
867—Brookline, Mass
4 y%
62,000
1951
867—Brunswick, Ga_—
5
200.000
1925-1928
765.-Buchanan Co., Mo
5
5.74
102.571
70,000
1926-1942
957—Bucyrus Sch. Dist., Ohio_6
5.99
100.002
45,000
1922-1931
957—Bucyrus Sch. Dist., Ohio_6
7.306
1922
957—Buffalo, n. y_
_4
6". 14
98.69 ~
65,000
1926-1947
957-_Burke County, No. Caro.6
6.98
93
Page.
1922-1931
16,000
200,000
1961
298 000
105.20
1936
21,000
50,000
100.02
<*1922-1931
..5vi <*1939-1949
1926
674_„Castana s. d., Iowa
5
957—Caswell Co., No. Car. —-6
765--Catahoula Parish
Road
1921-1960
Dists., La. (3 iss.)
5
1941
765—Chandler ii. s. d., Ariz..6
867--Chaves Co. s. d. No. 6.
15, Tex.
'
6
n. Mex
765—Chicago Sanitary d., 111.5
581 ..Chicago So. Pk. d., 111..4
581-.Chicago So. Pk. d., 111..4
581—Chicago So. Pk. d.. Ill..4
581..Cincinnati s. d., Ohio
6
957.-Clark County, Ind
4|^
674—Clark Co., Iowa
...6
765—Clay County, Ind
5
957.-Cleveland, Tcnn
.6
958—Coitsville Twp. r. s. d.,
6
Ohio
u. f. s. d.
No. 4, n. y.„...
5H
765--Collins Settlement s. d.,
w. Va.
..6
674—Colesville
765..Columbia, So. Car.
6
867.-Columbus, Ga. (2 iss.)
5
958—Conley Sch. Dist., Calif..6
958. .Crawford, Ga
6
867—Crete, Neb.
867--Crete, Neb.
958.-Cross Creek
.6
6vi
Dist.,
—
Sch.
w. Va
675--Dana Con. Ind. s. d.,Ia—.
867--David City, Neb.__„„.6
765—Davidson Co., Tenn
5
675-.Dayton, Ohio
5h
867--Decatur. Ill
5
958—Deflanee County, Ohio—6
765—De Kalb Co., Ga._
5
675--Delaware (State of)
4h
1052—DeSmet Ind.
s.
765--Duplin Co., No. Caro
6
958—East San Diego, Calif
6
675—Ecorse Twp. s. d., No.
12, Mich.—
6
765—Egan Ind. Con.
s. d.
No. 1, So. Dak
6
765--Elbert Co., Con. s. d.
No. 2, Colo
6
958—Erie, Pa
—5
958--Etowah r. i). No. 2,Ark_6
581-.Eugene, Ore
958--Excelsior Springs, Mo
6
958--Fairfax Sch. Dist., Calif.6
958.-Fairmont Gr. s. d., n. c.6
581—Fairview, Okla. (2 iss.)-.6
581--Fallon Con. s. d. "b,\
Nev
6
675—Galion, Ohio—
5
766—Gallipolis, Ohio
6
1052.-Gibson Co., Ind
5
867--Glacier Co., Mont
6
958—Gloucester City, n. j
6
958.-Gloucester City, n. j
6
766--Goldmine Tp. s.d., n. c.6
958—Graham, No. Car. (2 iss.) 6
867--Grand Glanc, s. d., Mich6
766-_Grd Rapids, Mich. (2iss.)6
958—Grandview Hts. s. d., 0.6
867--Granite Sch. Dist., Utah_5
582
Greenfield, s. d., Mo
6
766—Greene Co., Ind. (5iss.)_5
958--Greenville, Miss
— .6
868-.Greenville, Tex.
6
—
10,000
1925-1940
50,000
300,000
300,000
360,000
50,000
33,500
63,000
1941
1921-1950
1922-1939
1950
<*1931-1941
1926-1941
<*1926-1941
al934
<*1925-1940
1922-1950
1951
1921-1939
—
-
235,000
66,000
30,000
396,000
300,000
376,000
1922-1930
12.000
1938-1944
<*1922-1961
250,000
(375,000
95.3988 5.69
5.33
5.92
4.50
5.80
100
5.00
100
6.00
5.69
5.99
100
90.02
91.40
1942-1951
1922-1961
5.18
.5.60
600
5.85
5.00
82,000
100,000
100.15
5.99
100,000
100.45
5.96
1936
50,000
1941
150,000
<*1931-1941
1922-1935
1921-1940
36,000
25,000
""1951"""
100.000
1925-1945
100.86
90,000
1921-1940
1929
1922-1929
1922-1931
1931-1940
1921-1940
1921-1940
1922-1951
1921-1925
1927-1946
1931-1940
1922-1941
1922-1931
1922-1926
418,000
80,000
5,000
26,000
100,000
64,000
16,000
40,000
150,000
100,000
6.30
100
5.00
6.00
100
5.00
100
6.00
101.289
101.125
6.00
5.85
100
6.00
101.40
5.78
6". 00
300,000
100.179
100
127,000
19,500
19,500
200,000
42.5001
23,500
40,000
300,000
'
100,000
60,000
75,000
50,000
98 ,000
48,000
300,000
75,000
5
7
1922-1936
1934-1936
1922-1931
1921-3950
1923-1960
767—Pottsville,
Pa.—
870--Pottsville, Pa
1189--Randolph, Neb...
5.20
100
5.00
100
6.00
9.5.086
5.13
100.875
5.88
103.18
5.70
102""""
5.73
95.41
100
5.95
100
96.46
7.00
6.27
1923-1960
Various
105.293
5.62
4.97
100.15
5.97
103.947
5tis
1,916,000
190,000
104.403
91.84
5.17
102.5325
97
11,000
100.04
229,000
100.66
1931
52,250
1934-1945
36,000
1922-1931
10,795
1921-1960
40,000
100
1935-1950
245,000 ylOO
1922
4,500.000
100.06
1925-1928
1923-1930
40,000
20,000
1926-1945 1,000,000
94,000
1922-1925
1922-1941
1922-1951
1936
1927-19ol
1924-1954
<*1925-1940
1922-1926
1926-1941
1926-1935
1926-1934
1922-1941
1922-1942
1931
---534 <*1926-1931,
—,-.5H <*1931-1951
<*1921-1940
6.14
5.49
5.36
6.00
6.19
—
100.14
5.28
5.92
102.127
5.82
100
6.00
100
93.25
6.00
100
4.50
92.05
95,000
65,000
150,000
68,000
65,000
300.000
10,000
42,000
110,000
146,000
17,000
60,000
126,000
300,000
40,000
10,000
20,000
20,000
44,076
100,000
100.000
3,000
--
6
94
30,000
.50,000
600,000
1,203,000
6.00
150,000
5.09
40,000
5h
534
534
6
5
0—6
--
103.135
210,000
25,000
—
767--Portland, Ore..
.5.23
5.85
100.21
50.000
1951
Ohio
6
1055--PenningtonCo. Ind. s. d.
No. 18, Minn
6
960—Perkins Co. Cons. s. d.
No. 12, Neb.
6
869--Perquimans Co.,No.Car_6
960 ..Peru. Neb
6
960--Pike County, Ind
434
870--Piute Co. s. d., Utah-—5
1055.-Polk County, Iowa
6
1055--Polk County, Iowa
6
870—Pontiac, Mich.
434
870—Pontiac, Mich
534
961--Port of Astoria, Ore
6
—
6.35
101.23
16,000
500,000
80,000
c*1930-1940
767—Nogales, Ariz—
.534
583—North Carolina (State of) 6m
767_-No. Milwaukee. Wise
1189—No. River Irr. d., Neb„6
583-.Oregon (State of)
---434
«583_. Orleans County, n. y
6
767—Osewgo, Kans_
-~5}4
677.-Outlook Irrig. Dist. .Wash.8
677—Parma Twp. r. s. d.,
—
6.00
103.50
4,500]
16,500/
1924-1929 4,538.000
50,000
165,000
1922-1931
1,387
f. s. d.
l.n.y
—
6.00
500 000
1932-193.5
1928-1931
1922-1948
1931-1941
1922-1926
1926-1940
6
869—New Rochelle, n. y_
960—Newton. Kans
677—Niles s. d., Ohio.—
677—Noble Co., Ind
677--Noble Twp. r. s. d.,
_
100
50,000
194 a
348,000
1922-1931
15,000
1927-1941
19-4-1936 1,500,000]
1924-1936
500.0001-
6
iss.)5
6
4h
Caro
"""
92
100
250.000
-5
960__Morgan Co., Mo..
5
677—Morgantown, No. Caro— __
767—Mt. Clemens, Mich—-_6
677—Mt. Vernon, n. y
534
869—Muncie City. Ind
6
No.
6.74
54,000
250,000
434
434
---6
767--Mercer County, Ohio
6
960_-Mills County, Iowa
6
583—Mineola, n. y
6
583—Mineola, n. y_
6
677—Minnesota (State of)
5
No.
6.24
5.92
280,000
«
—,—
92
1922-1931
d. No.
1054--Marshall Co., Ind. (3
676i-Marston s. d., Mo
582--Maryland (State of)
582-.Maryland (State of)
582—Maryland (State of)
676—Massillon, Ohio
95.22
97.42
5.84
i"o"o~~"
40,000
299,100
200,000
23,000
6.42
48,000/
5.84
100
95.05
100
102.16
90
1922-1931
1921-1925
1922-1941
676--Madison County, Ind_—5
766—Madison County, Ohio—6
868--Marion County, Ind—„_5k
868--Marion County, Ind——5)4
868—Marin Mun. Water Dist.,
——
42,500
96
5.00
100,0001
al939
1921-1930
1921-1930
1922-1931
1922-1931
-
—
70,000
85,000
12,500
<*1931-1941
4.50
7,000
50,000
1926-1939
s. d.4,Colo.6
¥1931-1941
959—Larimer Co. s.d 62,Colo.6
868--Lauderdale Co., Tenn—-6
serially
676--Laurel, Neb—
7 '
<*1930-1940
676--Laurel, Neb
6
1922-1926
868--Lebanon Sch. City, Ind—6
1922-1946
868—Le Flore Co., Miss—---6
766—Lewistown s. d. No. 1,
1932-1941
Mont
--------6
1053-Lincoln Co. Ind. s. d.
1936
No. 65, Minn
6
01944
960_-Lower Burrell Twp., Pa—5h
1931
960—Lucas County, Iowa
6
960--Madison, So. Dak. (2is.)_
960.-New Hartford u.
95.84
100
100
35,000
767--Nashville. Tehn__ ——5
869.-Newark, n. j_
5 34
869—Newark, n. j
514
960_-Newberry, s. c. (4 issues)534
96.66
104.774
5.36
30,000
677—Mooresville Graded s. d.,
l"0"0".69~
6.00
100.91
100,000
53,000
959._La Plata Co.
869--Missoula Co., Mont
1188--Mitchell Co., Kan
767--Modesto, Calif
—
103.71
100
60,000
676--Knox Co., Ind.
4]4
1053--Knox County, Ind. (2 is.) 5
959..Lake Co., Ind. (3 issues)-4^
Calif
102.221
5.97
500,009
"¥1936"""
_
5.00
100
5.75
100.143
74,500
1,600,000
1922-1936
1922-1930
_5
1053--Kerr Co. Rd. Dist. No. 1,
Tex
5m>
959—Kimball Co. s. d. 2.Neb.6
959--Kingman Colony Drain.
Dist., Ore
6
676-.Kirkwood, Ga
6
676--Knox Co., Ind
5
|125,000
5h
_
20,000
1921-1940
d.f So.
Dak
vine,
Wise
766—Maricopa Co. s.
80, Ariz__
89.39
5.83
100.88
25,2001
51,700/
1922-1931
Wisc.6
of EvansUnion & Magnolia,
6
959..Kansas City, Kans
20,000
100.261
1924
1951
-6
-
101.424
126,000
3,500
1935-1950
5
4.74
283,000
55,000
100,000
1922-1940
1921-1930
1921-1930
1922-1931
6 '
kota & Wautona,
100,000
1928-1937
No.
5.00
101.20
3,090
1925-1930
1922-1949
1922-1926
5%
7
6
100
959-.Joint s. d. No. 6
15,000
<*1936-1951
45,000
1927-1932 3,000,000
1922-1940
398,000]
342,000 j1922-1940
260,000
1921-1940
700,000
1922-1928
15,720
1922-1931
71,000
al939
36.000
1922-1931
1926
5.99
102.62
125,000
300.000
1926-1941
868—Jersey City, n.j
6
959.-JohnstonCo., No. Caro._6
959.-Joint s. d. No. 1 of Da¬
26,000
100
50,000
2.5,000
19,000
500,000
35,000
414
Ga._
5.80
100.03
60.000
868.-Jasper Co., Ind
5
959--Jefferson Co. s. d. No. 1,
25.000
690.000
170,000
90,000
150,000
1925-1949
1923-1927
1925-1934
1925-1934
6.33
1,250,000
1922-1950
1922-1931
1940
6
868-_Jasper Co., Ind.
868--Jasper Co., Ind
5.99
93
1921-1950
1923-1952
Drainage
...6
766--Indianapolis, Ind
6
1053..Iron City r. s. d., Ohio.6
6.47
5.67
1931
765—Burns, Kan
6
867—Cache Co. s. d., Utah—.5
765—Canton s. d., Ohio
6
674--Canyon Co., Idaho.
6
867--Carteret Co., No. Caro..6
765—Casper Grading d. No.
7, Wyo
6
674—Cass Co. Road Dist. No.
<*1930-1960
1922-1931
6.00
5.00
100
225,000
75,000
60,000
35,000
100,000
868 ..Indian
Creek
Dist., Miss
868.-Irvington, n. j
868-.Jack Co., Tex
868--Jackson, Miss—
1053
Jacksonville s. d.
117, 111
Basis.
237,500
72.0)0
100
10,000
109
6,090
96.35
40,000
90,090 yloo
30,000
101.166
1922-1931
1922-1936
1931-1950
<11921-1931
1922-1936
Dist. No. 2, Tex
6
1187..HighmoreS. d., 8o. Dak.7
766..Hillside Twp. s. d., n.j. 5
676.. Holyoke, Mass
5
868.-Houston Co. Rd.
Dist
No. 8, Tex..5^
766-.Hubbard s. d., Ohio
6
766-.Hudson, n. y
6
676-.Imperial Irrig. Dist.,Cal_5j4s
1187-.Independence, Ohio
issues 343.
Price.
Amount.
Maturity.
1930
Rate.
Name.
Page.
Jtale anil City
[Vol. 112.
CHRONICLE
3,700
500
50,500
38,000
102.77"
5.61
100
6.00
93.08
100.333
92.75
100.063
100.60
100.05
100.015
100.004
5.70
5.70
7.02
100.01'
100.051
100.033
100
5.50
102.75
103.08
100
6.00
Maech 19
Page,
1921.]
THE
Name.
870.
Rate.
-Reading, Ohio
6
6
6.00
40,000
150,000
100
"6.00
500,000
375,000
200,000
99.30
96
6
No.
1923-1940
1923-1930
1926-1950
400,000
50,000
1921-1950
59,000
60,000
65,000
100,000
200,000
Md__6
,
J----
5
—
Sch.
Twp., Ind_-_6
S. D., Kan
5
Cruz, Calif
6
961. -Santee Bridge Dist., S.
C.6
1189- -Seattle, Wash. (14 iss.)__6
1922-1931
<*1921-1933
961_ .Selma Graded S.D..N.C.6
768- -Shaw
Sep.
Rd.
Dist.,
Miss
6.00
102.06
100.259
4.81
100.08
1927-1933
(3iss.)__5
768- -Sheridan. Ore..
6
961- -Skaneateles, N. Y
5
961- -Snow Hill S. D., No. Car.6
961. -Snow Hill S. D., No. Car.6
678- -South Jacksonville, Fla__6
678- -South River S. D., N. J_.6
768- -So. San Joaquin Irrig.
<*1922-1931
1950
1922-1951
100,000
5.00
102.037
5.78
1941
1921-1930
1921-1931
1922-1932
___5
5
678- -Spencer Co., Ivy
870. -Springwells, Mich
5)4
—
<*1921-1941
1924-1959
1922-1931
6
.
11,
584584679.
768-
Minn
100
5.00
__
1961
4
100
Ohio—.-.5)4
1922-1961
Ohio—„__5^
1922-1961
-Troy, N. Y.
6
1922-1941
-Vanderburgh
Co.,
Ind.
(6 Iss.)--4K
1922-1931
769- .Wabash, Ind
1923-1937
679- -Wahoo, Neb
6)4
679- -Wahoo, Neb
6
769Warren Co., Miss
769- -Waseca Co., Minn
679- -Waterford, N. Y
..6
1921-1925
679- -Waterford, N. Y.___
6
1923-1947
870- -Waterloo, Iowa
6
<*1925-1931
769- .Washington
S^ Tp., Ind..6
1922-1931
Co.
Con.
S.
6.00
t_N°. 2, Colo...
6
"welli\?0i' Ini-~Pv"L~,
679- .West Park S. D.,
69,000
5.00
100
4.00
100.0025 5.37
105.55
157,240
30,000
55,000
102,000
5.26
100
4.50
101.086
96
96.50
Total
bond
Ohio
6
Ohio
Ohio
sales
for
100
100
6.00
5.94
6.00
6.00
100.91
100
6.00
100.58
100
_„-6
6
February
75,000
27,3551
1921-1930
Ohio—.6
871_ -Zanesville,
871- .Zanesville,
2,327
45,137
36,500
5,000
1921-1925
962. -West Point, Neb
5
962. -Whitley County, Ind
5
871- -WiHiamsport Pa..
4)4
585- .Wilmington, No. Caro.—6
962- -Voungstown, Ohio
6
962- -Youngstown,
110.000
19 000
<*1931-1941
6
18.631/
1925-1958
—
_„
1922-1931
<*1931-1951
1922-1955
1924-1933
1923-1947
1923-1936
1926-1931
(257
1,000,000
44,500
18,625
185,000
150.000
100,000
400,000
122,000\
101 6125
98.30
100
100.284
101.017
100.61
103.85
100.843
5.86
5-00
5.91
5.90
5.60
REVISED
TOTALS FOR
our
months, should be eliminated from the
page number of the issue of our
paper
for these eliminations
may be found:
Page.
,?§5--£oga,n
1189—Potoka
We have also learned of the
previous months:
Page.
Name.
1051—Ada
Sch.
Rate.
Okla.
Dist.,
reasons
250.000
27 000
Ark.
(Nov.)
6
1921-1940
6
1051—Cleveland, Ohio (Dec.) ..5)4
1051--Cleveland, Ohio (Dec.)__5XA
1051
Cleveland, Ohio (Dec.)—5)4
958—Conley S. D., Calif.(Apr.)6
958--East
Youngstown, Ohio
(2 issues) (Dec.)
6
867--Fan-view, Ore__
6
1052--Grand
Rapids, Mich.
(Sept.)
__5
1186.-Greeley Co. S. D. No.
2-N, Neb
——6
1186_-Greeley Co. S. D. No. 5,
—
—
—
—
6
1052—Haxtum, Colo. (Dec.)—6
868—Hillsboro, Ore. (June) —_6
959--Kansas City, Mo. (July).5
959.-Kansas City, Mo
5
959--Kersey, Colo. (April)
6
959--Kersey, Colo. (December)
1188
Lexington, Neb
7
868—Liberal, Kans
5\4
868—Logan Co. S. D. No. 54,
<*1921-1940
<*1930-1940
1921-1950
1921-1960
1925-1949
1925-1928
1921-1938
1931
(December)
6
676--Long Beach, Calif.(Dec.).5
869
Maysville, Kan. (June)..5
677--Newton, Kans. (Dec.)
1189—No. River Irr. D., Neb—6
960—Pascagoula, Miss
6
1189—Pinal Co. S. D. No. 4,
Ariz. (Aug.)
1930
1925
serially
<*1931-1956
<*1922-1941
1939
of debentures
1961
1922-19^1
143,964
34,488
1931""
46,000
1951
6.15
97
6.19
82
6.23
97.839
96.18
90.22
100,000
64,000
40.000
60,000
74,000
80,000
1940
1955
1951
1922-1941
6.40
7.40
6.50
120.000
30,000
85,000
97
100
6.00
6.00
100
50,000
1921-1934
1922-1951
1950
1940
175,000
1940
45,000
1931
1922-1941
1931&1941
4,500
20.000
8,400
34,000
22,200
50,000
20,000
35,000
41,000
285,000
132,475)
1922-1951
1936
1922-1941
1939
1940
i922-1941
1922-1951
1922-1941
•
1921-1945
90.676
83
7.43
98.699
6.12
97
6 30
194°
54,000
115,000
250,000
52,879
11,500
1922-195*
1951
1921-1950
1941
164,747
36,800
47,100
1922-1951
1925
-
90
7.40
96.737
6.33
96.70
6.40
87
06"
84 58
7 50
6 50
96 65
"
48,864/
130,000
24,000
serially
2,976
200,000
.2,537,0001
97.529
6.25
93 69
6 56
101.418
100.697
95.77
6"45
9979"
91.11
98.39
98.94
6.11
97.57
85.50
6.35
7.00
101.193
97.89
6" 18
2,500,000/
_
1926
150,000
85,000
38,000
60,000
750,000
225,000
1922-1936
1951
1922-1951
1941
1941
sold in Canada
1921
$9,297,193
1950
30,000
46,175
1950
31,500
93
6.05
All the above sales of debentures (except as
indicated) took
These additional January sales make
debentures for that month $22,034,061.
the total sales of
Average date of maturity.
<* Subject to call in and after the earlier
and mature in the later year,
k Not including $37,041,600 of tem¬
loans reported, and which do not belong in the list,
x Taken
by
inking fund as an investment,
y And other considerations.
a
year
porary
Amount.
Price.
350,000
78,000
45,000
12,000
150,000
200,000
100,000
20,000
63,741
35,000
NEWS
for
Basis.
ITEMS.
Alabama.—Supreme Court Refuses Rehearing in Highway
Bond Issue Case.—A special dispatch to the Birmingham
"Age-Herald" from its Montgomery Bureau dated Feb. 24
had the following to say concerning the refusal of the Ala¬
bama Supreme Court to grant a rehearing of the case in which
the $25,000,000 highway bond issue was held to be uncon¬
stitutional
x
x
(V. 112,
p.
865).
Alabama's $25,000,000 bond issue for road improvement work has be¬
a dead letter on the statute books of the
State and will never be
written into the organic law without another submission by the legislature
and another ratification by the voters.
come
10Cf.56"
5.89
100
6.00
16,000
6,000
100
8,000
27,500
15,000
100
6.00
100"
6".6o
6.00
100
In an opinion prepared by Associate Justice Thomas C, McClellan, an
opinion which was severely critical if not condemnatory of persons who
5.00
<*1921-1940
1922-1940
10,000
10,000
138,000
100
decision as an action of the Court on a technical¬
ity, the majority of the Supreme Court Thursday denied the State's applica¬
tion for rehearing.
Thus the last hope of a reversal disappeared.
Not a member of the Supreme Court changed his original opinion.
Jus¬
tice McClellan's opinion on rehearing was concurred in by Chief Justice
John C. Anderson and Associate Justices A. D. Sayre and B. M. Miller.
Associate Justices Ormond Somerville, Lucien D. Gardner and Willima H.
Thomas dissoiited
The
5.00
100
1935
400,000
203,000
46,000
1939
<*1936-1951
1921-1940
49,000
100,000
300,000
60,000
10,000
125,000
1931-1940
5,000
82,500
93,000
lature,
decision
a
totaling
means one of three things,
an extra session of the legis¬
long delay in road construction work, or the loss of Federal funds
about $4,000,000 which is set apart in the Federal treasury for
now
road work in Alabama
7.00
as soon as
the State is able to match them dollar for
dollar and cent for cent.
,
,
^
^
Governor Kilby declined to discuss the latest action of the Supreme Court,
other than to express his disappointment.
He would not say there will be
or
will not be
an extra
session of the legislature.
He doesn t want another
session, but he will give thorough consideration to the problem, as well as
if there is no session before he decides defi¬
the probable loss to the State
100
6.00
nitely that the lawmakers will not bo assembled again.
Governor Kilby
will consult persons who have been interested in road work in the State,
who have opinions as to the probable action of the voters as another
persons
amendment and members of the legislature.
6
870--Pittsburgh, Calif. (July)_5
870--Pocahontas County, Iowa6
13,500
18,000
4,000
had referred to the original
—
Colo.
40.000
1950
40.000
75,000
6
1185—Broken Bow, Neb
1185 —Broken Bow, Neb
IN
Basis.
list)—I —I— S50h00
following additional sales
1051--BlaineCo., Mont. (April) 514 <*1922-1925
Neb
40 000
.
Maturity.
Price.
place in January.
" 2 000 000
~~
625,000
1184- -Benton Co. Rd. D. No. 5,
6.00
$11,300
962—Bedford, Que. (Dec.)
5)4
769--SaskatchewanS. D., Sask 8
871--Summer side,
P.
E.
I.
(October)
5)4
previous
We give the
Amount.
(Dec.)
Total amount
during February
in which the
D* No- 54» Col°- (December
Twp., Ind. (January list)
Sch.
100
ADDITIONAL SALES OF DEBENTURES FOR PREVIOUS MONTHS.
Pane.
Name.
Rate.
Amount.
Maturity.
Price.
Basis.
1057--Glace Bay, N. S. (Oct.)—6
1921-1935
15,000
Name.
958_-Covington, Ohio (January list)
1052—Haxtum, Colo. (December list)
1187--Idaho (State of)
(January list)
359--KansasCity, Mo. (July list)
959—Kersey, Colo. (April list)
5.50
5.30
are
Amount.
1941
-
totals for
same.
105.35
MUNICIPALITIES
—
5.88
PREVIOUS MONTHS.
following items, included in
6.00
100
for Janu¬
issues will make the total
7
962—Kerrobert, Sask
7
679_-Kitchener, Ont
6
1057—Melfort, Sask
_6
962--Milton, Ont-——
6
1191—Moose Jaw, Sask
5)4
962--Morris, Man———
6
679--Newmarket, Ont
769—New Westminster, B C__6
769—North Vancouver, B C__6
871—Orillia, Ont-------6
871
Oshawa, Ont—„_
6
871—Oshawa, Ont
_6
962—Pointe Claire, Que
6
962—Point Edward, Ont
7
769--Portage La Prairie, Man
(2 issues).————6
679—Port Colborne, Ont
6)4
585—Regina Publics. D.. Sask_6H
769—Rockwood R. M., Man__6
769—Rossland, B. C
——7
679—Sarnia, Ont
6)4
1191 --Saskatchewan S. D,,Sask.
1057--Saskatchewan S.D.,Sask_8
679—Simcoe, Ont
5)4
679--Three Rivers, Que
6
871 -Toronto, Ont—6
871-.Toronto, Ont
_6
962--Verdun, Que—
6)4
962—Walkerville, Ont6
871--West Kildonan, Man
6
871-.Whitby, Ont
6)4
679--Winnipeg, Man
6
871—Windsor, Ont
——6
30,000/
munici¬
palities, covering 343 separate
issues,-—*$61,142,418
The
84
100
No.
—
D.
679- -Wells Co., Ind. (2
iss.)„_6
679-
12,500
70,000
47,500
300,000
Maturity.
——
96
100
_
962- _Weld
D.
769—Frederickton, N. B
5
769-_ Gil bertPlainsR .M. .Man 6
1057--Glace Bay, N. S
6
871—Guelph, Ont
6
871—Iroquois Falls R S C D
Ont^i——
6
5.00
2,000,000/
—
5.50
,
50,000
2,000,0001
.Toledo S. D.,
-Toledo S. D.,
S.
Con.
_
19,460
25,000 1/100
18,000
1,000,000
100
50,000
—
Rate.
769—Edmunds, B. C
6
769—Edmunds, B. C
6
871—Fort Gary R. M., Man._6
962-.Fort Garry S. D., Man__7
5.94
4.50
100
275,000
<*1926-1941
870. .Tecumseh, Neb
._7
768- .Tennessee (State of)- —-.5
870- -Terra Bella Irr. Dist., Cal6
1056. .Todd Co. Ind. S. D. No.
114,000
100,000
300,000
10,000
indicated)
CANADIAN
FEBRUARY.
320, Man
ylOO.724
46,080
29,750
39,600
80,000
400,000
100,000
1941
961. -Sterling, Colo
6
870- -Struthers, S. D., Ohio...6
768- .Sullivan Co., Ind. (2
iss.)5
870- -Tecumseh, Neb-
300,000
___6
as
BY
SOLD
Name.
871—Decker
91
200,000
iss.).4^
Basis.
126,000
1940
(except
(o issues)
8
871--Amherst, Ont
6
1191—Assiniboia, Sask
8
962—Bridgewater, N. S———6
962—Bridgewater, N. S
5
679__Brockville, Ont
—6
962-.Burlington, Ont
—6
9^2—Chilliwack, B. C
6
769—Cornwallis R. M., Man__5)4
769--Dauphin, Man
5.56
100
190,000
162,000
1950-1954
—5H
678- -Spencer Co., Ind
768- -Spencer Co., Ind
DEBENTURES
Page.
100
D.,
Calif
„
678- -Spartanburg,
So.
Car.
(3 issues).-----5
870. .Spartanburg S. D.,
So.
Caro-.6
678. -Spencer Co., Ind. (2
<*1930-1940
100
These additional January
(not including temporary loans) for that month $87,675,396.
5-98
103.10
11,000
7,000
50,000
9,000
1951
1940
50,000
25,000
Price.
50.000
1940
679--Alberta Sch. Dists., Alta.
150,000
350,000
37,360
33,000
1922-1931
Amount.
1940
sales
6.05
100
Maturity.
ary.
101
74,103
1921-1945
6
Fisc-
870. -Shelby Co., Ind
1055. .Shelby Co., Ind.
All of the above sales
___
175.000
6
678- -Sheboygan,
6.37
100
Twp. S. D.f
N.
678. -Salem
768- -Salina
1055_ -Santa
Rate.
870.-Shelby Co., Tex. (Dec.)—6
1922-1935
1190—Tacoma, Wash
6
1921-1930
1190--Thayer Co. S. D., Neb—5)4 <*1925-1940
961—Unper Sandusky, Ohio—6
1930
1190--Washington Co., Vt
-5
1922-1956
962
Woodruff,So.Caro. (Aug.)5J4
1057—Wynona, Okla
—6
1945
321,000
.6
1181
Name.
870—Port of Coos Bay, Ore—5)4
870—Port of Coos Bay, Ore—5)4
1055—Poteau, Okla. (Dec.)
1189--Roosevelt
Co.,
Mont.
(Oct.)
6
1189—Rutland, Vt. (Aug.)-.. —,5
40,721
40,000
Impt.
Impt. Dist., Ark
1055- -St. Louis Co. S. D.
39, Minn
961. -St. Marys Count
678- -Saddle River
Pane.
103.6 6
100.63
100
1924-1951
<*1921-1931
.5
Basis-
100.000
1927-1941
1923-1960
1921-1950
1922-1931
d1931-1955
1921-1935
6
No. Caro
Price.
6,500
5%
961. -Rice County, Minn
6
961. -Richmond, Va
5)4
584- -Riverside Co. Dr. Dist.
No. 3, Calif
6
961- -Roanoke Rapids Graded
S
Amount.
6
678. -Redwood Co., Minn
584. -Reidsville, No.
Caro
961. -Reynolds, Ga
768. -Rocky Ford, Colo
768. -Rogers-Easter Rd.
Maturity.
CHRONICLE
Many resolutions urging the Governor to assemble the law-makers again
been received since the Supreme Court rendered its first decision.
a protest against the meeting has arrived.
However, the Governor
have
102.20
Not
must
the
majority of
call. He has
the matter with him that he does net
be convinced that there is a reai sentiment among a great
favcr of the bond issue before he issues the
voters in
informed persons who have
discussed
of an extra session until
resubmission of the amend¬
desire to put upon the State treasury the expense
assured that the popular will can be met by the
ment.
,
surprise if the Governor should not ask for the expression
of the people through some means to be determined by the Alabama
way Improvement Association, ccurts of county commissions
persons
who desire to see that Alabama's road construction programme is
without great delay.
If Alabama dees not adopt the bond issue amendment after submission
at an extra session there can he no relief until 1923.
Governor Kilby
definitely today that there is no m eans under the shining sun for this
to match the Federal appropriation except through a bond issue.
budget of State revenue and outgo has been figured so the
tions may be met and the floating debt accumulated through
year
may be paid, but this budget does net contemplate a great surplus,
not a surplus of $4,000 000, the amount which must be
State is to receive the money actually set apart for Alabama by the
It would be nor
High¬
and
started
stated
State
The
State's obliga¬
several
municipal corporation, to acquire own. maintain and operate a
street railway system as provided in said proposition.
"2. That said election conveys lawful authority to the said city
rehearing the Supreme Court
of the Controller
that
be expended
proposed
author¬
electors of
in said b'll of
obligations against the
of the City
upwards
public sale
and to resell same to the public from time to time,
$100,090 public utility bonds by the City Treasurer
and is a valid purchase.
and practice of the sinking fund
commissioners of the city of Detroit for 15 years and upward to purchase
bonds direct from the citv of Detroit: when offered for public sale and that the
purchase of the $200,000 public ut ility bonds by the board of sinking fund
commissioners as set forth in said bill of complaint was and is a valid
par
and accrued interest
and the purchase of these
/
held to its original declara¬
provided
the
which
as
set forth in said bill of complaint was
"5. That is has been established custom
purch.3r" o #
Joseph
amend¬
I
■
1
of public utility bonds in the
respectively, by the board of sinking fund
commissioners, was and are valid purchases.
"7. That, the nroceedings relative to the purchase and sale of said public
utility bonds and of the provisions for a sinking fund therefor, were properly
That the purchase
"6.
of $700,000
sums
called
of the two issues
and $750,000.
taken.
"8. And it further appearing from the record that
discontinued its suit against William E. Lenmane,
name of Lenmane Brothers; and that the same issues
John Mercier, Thomas E. Currie, Lorain Steel Co.
plaintiff voluntarily
appearing under the
are
involved against
and Allied Sales Corp.,
and the other defendants.
Now, therefore, and in due consideration thereof, it is hereby further
ordered admdtfed and decreed and the Court now here doth hereby order,
adiudge and decree that the bill of complaint filed herein be dismissed
against all of the said defendants with costs to he taxed.
between plaint iff
as
Ky.—Loans to State for State Highway
Valid.—Judge Thomas of the Court of Appeals
in an opinion rendered March 11 upheld the validity of the
by the loan
by the county to the State of Kentucky of $150,000 out
of a $500,000 bond issue for the construction of Federal!aid
the further
highways in the county.
A dispatch from the Louisville
Alabama or not.
"Courier-Journal's." Frankfort Bureau dated March 11,
do not know whether they are qualified voters in
8. Keller, State Highway Engineer, has gone to
W.
Washington for a
of road problems in Alabama having left before the Supreme
announced its ruling.
No statement of the plans of the department
has been obtained, but the general opinion was that the State organization
discussion
Hopkins County,
System Held
said:
The
Court
Eerfected bonds the view ofmust be abandoned to asoon as the
starting road work as day when
ighway with were sold
first of the
funds
more
at work in
already let will take all funds which the
will be little need for further preliminary
State can obtain; therefore, there
work until funds can be obtained
Halt Issue of Highway Bonds.-—
"Rocky Mountain News" on March 11 had the
Colorado.-—Seeking to
The Denver
following to say concerning the proposed action to enjoin
the State Highway Commission from issuing the $5,000,000
highway bonds voted last
November:
Highway Commission from issuing the $5,000,road bonds voted at the November election and to pre¬
vent any further acts by the Commission under the present State laws
authorizing its existence will be started by the city and county of Denver
immediately, according to Mayor bailey, who gave City Attorney Marsh
instructions to tnat effect yesterday noon.
An injunction will be sought in compliance with recommendations by
the Denver Good Roads Board, consisting of Chairman William G. Evans,
F. L. MacFarlancl. F. L. Bartlett, John Gaffey and Warwick M. Downing,
who submitted a lengthy report and recommendation on the good road
situation to Mayor Bailey yesterday.
Action to enjoin the State
The report recommended that the city and county of Denver start imme¬
diately; court action to prevent the issuance of the bonds unless
County is to be included in their benefits.
City officials assert that because Denver County contains no State
ways it nas never benefited from State highway funds, although
dents of the city pay more than one-third of the taxes
The Good Roads Tax Board, in their report to the Mayor, quoted state-
Denver
high¬
the resi¬
State
in nis recent message to the Legislature, in
of money are being wasted annually by the
that he was unable to stop this waste.
Highway Commission, but said
from the official statement made during the current month
Colorado that huge sums of public money are being
wasted annually by the State Highway Commission.
It appears that the
Governor, the State Treasurer and the Auditor of the State, elected by the
people and charged with executive responsibility and duties by the general
laws and contstiution, are without power to exercise any control over the
State Highway Commission," the report stated.
"These State officers are helpless to prevent the plunging of the State into
the wasteful proposed expenditure of many millions of dollars by the com¬
mission, as indicated by the uncontrolled creation by them of about 8.000
miles of State highways.
This Board is advised that more thatn half of
them are not actually needed, but are created on the insistence of county
"It
in various counties.
opinion of ohis Board, under the present proposals and methods
procedure, a very large proportion of the $5,000,000 proposed bond issue
for State nighways will be wasted.
Their issue as proposed is unjust and is
outrageously discriminatory against the tax-paying citizens of the county
commissioners
"In tho
of
of Denver.
opinion that these proceedings of the State Highway
Commission should be, and properly may be, enjoined, in behalf of the
"This Board is of the
of, Denver and of the whole State, and that the sale
proposed $5,000,000 of highway bonds should be prohibited.
that proceedings in court against any farther actions
by the State Highway Commission under the law purporting to authorize
be begun at once and prosecuted to a conclusion as vigorously as may be
by the county of Denver and its taxpayers."
taxpayers of the county
of the
"We recommend
Mich.—Purchase of Street Railway Bonds by
Sinking Fund Commission Held Legal.—The Detroit "Free
Press" on March 8 had the following to say concerning the
Detroit,
Court,
Sinking
ruled in Circuit Court Monday that the pur¬
the city sinking fund commission was legal
using public funds in the purchase
of steet
railway bonds was started by the D. U. R. which claimed that taxpayers'
money was being unlawfully
used.
Judge Mandell dismissed the, suit
Sept. 5, but no formal order was entered, so that the D. U. R. could hurry
the matter to the Supreme Court.
In December the Supreme Court ruled
that the street railway company in appealing to the higher court, had 1 aken
the wrong course, and Judge Mandell then prepared his finding which he
details at length the reasons for his decision.
Judge Mandell held that under the election of April 5 1920, the city was
given the right to build and own a street railway system and the authority
to issue bonds to the amount of $15,000,000.
He points out that in selling
bonds to the sinking fund commission the city had followed a custom which
has become common in Detroit during the past 15 years.
Judge Henry A. Mandell
chase of street railway bonds by
Suit to restrain the city from
The decree
"1.
tion
in full follows:
That tho vote on the
of
municipal railway proposition held at the elec¬
authority to the city of Detroit, a
April 5 1920, conveys lawful
accepting
of the State highway system.
The Court
the construction and maintenance of
The purpose, there¬
local governmental one.
said the Court, "accepts an ad¬
vancement of money from a county and issues its certificate therefor to
bo paid by the State when the project is completed, whether out of a special
road fund or not, the debt of the State thereby created is valid, if at the time
there is a suff cient fund in the State Treasury, out of which the certificate
may be paid during the year in which the contract is made from sourcas al¬
ready provided for funds sufficient not only to meet that debt but the aggre¬
gate amount of all others outstanding or similarly or otherwise created.
"But when the aggregate indebtedness thus or otherwise created equals
the funds in the Treasury available for their discharge or equals the amount
of revenue provided for the year, although not collected, after deducting
reasonable sum for deficits or losses in failing to collect, the debts there¬
after created in anticipation of, or to be paid with revenues to be collected
or provided for future years, are prohibited by the Constitution and void."
"We are perfec lv cognizant,
the Court added, "of the prevalent feeling
for the improvement of roads, in which feeling we most heartily share, but in
order to gratify it we dare not cut loose from the mooring of the Constitu¬
tion; nor should the possib lity that this opinion might result in impairing
provement
with'n its borders and with
which it <s
relieved by the
undertaking of the State.
is
fore, of the expenditure of the money
a
"When the State Highway Commission,"
a
influence our opinion.
people of the State desire to spend money
beyond available revenues, the Legislature
either by a direct tax or submission of a
existing obligations
some
"If the
appears
by the Governor of
ruling of Judge Henry A. Mandell of the Circuit
that the purchase of street railway bonds by the
Fund Commission of the city of Detroit is legal:
will have to be cautious in
counties for construction
to-day said that
Constitution and the
State may not obligate itself beyond its ability to reimburse out of current
highway revenues for the year in which the debt is incurred.
This decision was rendered in the suit of James R. Rash, taxpayer of
Hopkins County, against County Judge W. W. Crick to enjoin the county
from advancing to the State $150,000 out of a $500,000 bond issue for the
construction of Federal aid highways in that county.
The Court held
that the loan is val;d, because the State's road revenues for this year are
estimated at $4,400,000 and there is sufficient to cover the loan.
This dec'sion did not affect the question pending from Lawrence County
as to whether
a countv may contribute money for construction of the
State highway system, but in upholding the right of a county to advance
the monev, as provided by the Act of 1920, the Court said:
"The money is advanced by the county in the interest of public im¬
000 worth of good
mentsmade by Governor Shoup
which he hinted that large sums
Highway Department
of Appeals, in an opinion by Judge Thomas,
such loans are State debts within the meaning of the
present the highway commission has fcrces of engineers
various sections of Alabama.
The State has been divided into districts,
with district headquarters in
charge of district engineers. Contracts
At
State
advancements from
be obtained.
can
established custom and practice
city of Detroit for 15 years and upwards to certify on contracts
an
appropriation has been made for the money
to
under such contacts whenever an appropriation has been authorized by the
Common Council to be raised by taxation, or whenever bonds were
ized by the Common Council in lieu of taxat ion or by a vote of the
the city of Detroit, and that the various contracts referred to
complaint were lawfully entered into and are valid
city of Detroit.
'
"4. That it has been the established custom and practice
Treasurer of the
City of Detroit for 15 years and
to pur¬
chase bonds direct from the city of Detroit when offered for
at
of the
Legislature attempt<d to delegate to the Governor a duty
which was made mandatory upon it by the constitution vhen it
that the date of the special election on the bond issue should be set by
Governor.
It recited the history of fection 284 of the Constitution
said all amendments should be voted upon on dates to be appointed by the
Legislature.
It called attention to the political fight between Gov.
F. Johnston and others in the late nineties when Governor Johnston
an
extra session of the Legislature, which repealed the act calling the
constitutional convention which was held under a later act in 1901.
Justice McClellan insisted that t he purpose of the section was to prevent
the Governor from having anything whatever to do with elections on
amendments to the constitution.
v
The Court declined to consider the soldiers' and sailors' poll tax
ment in this case.
The State's brief recited the fact that this amendment
also was voted upon at an election called by the Governor.
The Court
announced that It would not consider its validit y until brought in the regular
way before the Court for adjudication.
The decision handed down by the high court nullifies the amendment
which was adopted exempting from payment of poll tax soldiers of the recent
World war until 1923.
It is said that the decision also kills several other
amendments to the Constitution submitted during the administration of
former Governor Charles Henderson.
Two big facts stand before the public as a result of the decision of the
Supreme Court Thursday refusing an application for rehearing filed
State in an effort to sustain the validity of the $25 000,000 bond issue;
that road work will be seriously interfered with and that the highway de¬
partment will be forced to reconstruct its organization, and
fact that thornands of persons who served in the army and navy during the
war
That it has been the
"3.
municipal
of Detroit
utility bonds voted thereon at said election
Letroit.
the credit of the city of
on
certainly
Government.
In its opinion on
$15,000,000 public
to Issue the
obtained if the
Federal
tion that the
[Vol. 112.
CHRONICLE
THE
1182
in
sums
means,
1
for public improvements
has authority to provide
bond issue," the Court
volunteered.
Proposed.—A bill before the
to give a bonus of $15
a month for each soldier, sailor, marine and nurse in military
service from Illinois, the maximum sum to be $300.
The
bill provides for a bond issue of $55,000,000 which will be
submitted to the voters of the State at the general election
Illinois.—Soldiers'
Bonus
Illinois General Assembly proposes
_
to be
held in November 1922.
Bonus
Bill Signed by Governor —
March 5 signed the soldiers' bonus bill
recently passed by the Kansas Legislature.
Under the
terms of the bill voters in 1922 will decide on a $25,000,000
bond issue to pay Kansas war veterans $1 for each day they
were in military service.
Kansas.—Soldiers
Governor Allen on
Massachusetts.—Bill Proposed to
Prohibit Investment of
before
banks
trust com¬
Savings Funds in Stock Subject to Assessment.—A bill
the Massachusetts Legislature proposes that savings
stock of any
national bank, nor the shares of stock in any other
corporation, which are subject to assessment.
Section 2 of
this bill would require savings banks to dispose of all such
stock held by them before July 1 1922.
be
prohibited from investing in the
pany or
Memphis,
Tenn.—Bill Proposed in
Legislature to Bond
bonds to
electric
bill introduced in both branches of
City for Light Plant.—An issue of $10,000,000 in
enable the city of Memphis to buy or build a gas and
plant is provided
the Tennessee
for
a
vote by
in
a
Legislature on March
the people.
10.
The bill provides
Minnesota.—Proposal to Authorize Cities of the
First Class
Indebtedness.—A bill proposing to extend the debtincurring powers of cities of the first class, as provided in
Section 1855 of the General Statutes of 19i3, is before the
Minnesota Legislature.
The bill permits indebtedness in
to
Incur
March 19 1921.]
of
excess
THE
CHRONICLE
5% of the assessed valuation of taxable property,
including moneys and credits, in the city, but makes such
excess
dependent upon a referendum vote.
Special streetimprovement bonds and
certificates of indebtedness issued
by the city for the acquisition of land for public streets, parks
and parkways and
improvement of the same, to an aggregate
of 10% of the assessed value of taxable
property, are placed
outside the debt limit.
A Bill for
Act
an
We
print the bill in fuil below:
relating to and authorizing cities of
over
50,000 inhabi¬
tants in Minnesota to incur indebtedness and issue and sell
bonds,
certificates
of indebtedness
and
municipal
other obligations for public
purposes.
Be it enacted by the
Section 1. Each
Legislature of the State of Minnesota:
city of this State now or hereafter having over fifty
thousand inhabitants, acting by and through its city council, common
■council or other chief governing body of the city, is hereby authorized to
incur indebtedness and issue and sell
municipal bonds and certificates of
indebtedness and other forms of negotiable obligation of the city, as it
may deem best, for any municipal purpose or purposes whatever, includ¬
ing among others public school, park and library purposes, and for the
acquisition, equipment, maintenance and operation of public utilities, and
to pledge the credit of the
city for the payment of the principal of such in¬
debtedness, bonds and certificates and the interest thereon.
Such bonds,
certificates of indebtedness and other negotiable obligations of the city
shall be sold in the manner
jirovided by Section 1856, General Statutes 1913,
to the
purchaser
purchasers who will pay the highest price therefor at
the rate of interest thereon fixed by the city council, common council or
chief governing body of the city issuing the same, and the certificates of
indebtedness, bonds or other obligations issued hereunder shall be in such
form as shall be determined by the city council, common council or other
chief governing body of the city, but shall not be made payable more than
thirty years from the date thereof.
Any premium from the sale of such
bonds, certificates or other obligations of the city shall be placed in the
sinking fund provided for the redemption of the same.
All such bonds,
certificates and obligations shall be signed by the mayor, attested by the
city clerk and countersigned by the city comptroller of the city, and the
proceeds thereof shall be placed in the city treasury and credited to the
proper fund.
Section 2. The powers and authority hereby conferred are in addition to
all other existing powers and authority possessed by any such city, its citycouncil, common council or other chief governing body, and the powers
and authority hereby conferred may be exercised and the bonds, certifi¬
cates of indebtedness and other obligations
hereby authorized may be issued
and sold by any such city notwithstanding any limitations contained in the
charter of the city or any law of this State, prescribing any limit upon the
bonded indebtedness of the city, provided that the issuance of such bonds,
certificates of indebtedness or other obligation will not increase the net
bonded indebtedness of the city as determined and defined in Sections 184?
and 1848, General Statutes 1913, and as determined by also deducting from
or
the bonded indebtedness of the
city the amount of all special street improve¬
ment bonds and certificates of indebtedness issued by the city for the acqui¬
sition of lands for public streets, parks and parkways, and improvement of
same,
in
and for improving existing streets, parks and parkways, to an amount
of ten per cent of the last assessed valuation of the taxable property
city, including moneys and credits: and provided further that no
excess
in
the
such
city,
the exercise of the powers and authority hereby conferred
issue any bonds or certifi¬
in
upon it, shall incur any bonded indebtedness or
cates of indebtedness of the city,
'
except refunding bonds and except special
street improvement bonds and certificates of indebtedness issued for the
acquisition of lands for public streets, parks and parkways and improve¬
ment of .the same, and improving existing streets, parks and parkways,
whereby the net indebtednass of the city, determined as above provided,
would be made to exceed five per cent of the last assessed valuation of the
taxable property of the city including moneys and credits, unless the ques¬
tion of incurring any such indebtedness or issuing any such bonds or certifi¬
cates of indebtedness shall first be submitted to the legal voters of the city
at a general or special election and approved by a majority of the legal
electors of the city voting at such general or special election upon the ques¬
tion of incurring such indebtedness or issuing such bonds or certificates
of indebtedness.
The full faith and credit of the city issuing any such
bonds, certificates of indebtedness or other obligations under this Act shall
at all times be pledged for the payment of the same and the current interest
thereon, and the city council, common council or other chief governing
body of the city shall each year include in the tax levy for the city a suffi¬
,
1183
qualified to exercise the powers specified in subdivision on^-a of Section 293
of the banking law, national banking association having its principal place of
business in the State of New York or corporation organized under the
provisions
of Section 25-a of the Federal reserve act having a paid-in capital of at least
two million dollars and having its principal place of business in the State of
New York.
Not more than 25 per centum of the assets of any savings bank,
less the amount of the available fund held pursuant to the
provisions of
Section 251 of this Chapter, shall be invested in such acceptances.
The
aggregate amount of the liability of any bank, national banking association
or trust
company to any savings bank for acceptances held by such savings
bank and deposits made with it, or of any such investment comoany or cor¬
poration organized under the Federal reserve act to any savings bank for ac¬
ceptances held by such savings bank shall not exceed 25 per centum of the paid
up capital and surplus of such bank, national banking association, [or]
trust company, investment company
or
corporation organized under the
Federal reserve act: and not more than 5 per centum of the aggregate amount
credited to the depositors of any savings bank shall be invested in the
acceptances of or deposited with a bank, national banking association or
trust company
in the
of which a trustee of such savings bank is a director, or
acceptances of any such investment comany or corporation
reserve act of which a trustee of such savings bank
invested
organized under the Federal
is
a
director.
Sec.
This act shall take effect immediately.
2
Oklahoma County, Okla.—Bill Proposed to Permit County
to Sell Bonds Below Par.—A bill authorizing the sale of road
bonds
below
population,
in counties having
par,
was
more
than
110,000
passed by the House of Representatives and
is
being considered by the Senate.
This bill was proposed in
that Oklahoma County may sell the $750,000 road
bonds voted on March 30 1920 and recently offered for
sale at "par or better."
(V. 112, p. 677.)
order
San
Calif.—Water Measure Meets Defeat.—
on March 8 (V. 112, p. 580), the voters
of San Francisco declined to sanction the issuance of $38,000,000 bonds, to be used to purchase the Spring Valley
Water Co.
The vote was as follows: 42,898 "for" to 31,082
"against."
A two-thirds majority was necessary to carry
the proposition.
Francisco,
At the election held
Texas .—Legislature
Adjounis.—After being in session
sixty-one days the regular session of the Texas Legislature
adjourned sine die at 3:25 p. m. March 12.
Bills of import¬
ance
passed by the Legislature are:
Resolution
proposing
an
amendment to the constitution to increase the
salaries of the Governor to $8,000 a year, the Attorney-General to $7,500,
State Treasurer, Comptroller and Secretary of State to $5,000.each, mernbbers of the Legislature to $10 per day for regular sessions of 20 days' duration
and $5 per day thereafter and $10 per day for special sessions.
The amend¬
ment will be submitted to a vote of the people on the fourth Saturday in
July 1921.
Act to complete construction of the sanitarium at Kerrville for tubercular
soldiers of Texas, carrying an appropriation of $1,500,000, and which has
been signed by the Governor; the University of Texas expansion Act, with
appropriation of $1,350,000 for purchase of land; the anti-Japanese bill;
new Minimum Wage Act and repeal of the present law: appropriation of
$2,000,000 for each of the next two fiscal years for aid of rural schools
creation of the West Texas Agricultural and Military College; appropriation
of $125,000 for vocational training.
y
1
Special
Called the Coming
Governor
session to
The Austin "News" summarizes as follows
Session
Summer.—In
of
Legislature
to
Be
farewell message to the Legislature
Neff outlined his legislative program for a special
a
be called in July.
At
the
outset
the
Governor
presented his law enforcement
program,
and that is followed by his plan for economy and efficiency in the adminis¬
tration of the State government, principally by the abolition of State
He repeats his former recommendation for several depart¬
comes out flat-footed for the repeal of the sus¬
as well as for the bill introduced by Mr. Johnson of
Ellis for the removal of county officers who fail to enfprce the law, and for
the Morris of Medina bill, defeated by the House by one vote, amending
the Dean law to permit conviction on the unsupported evidence of the
departments.
cient amount to
mental consolidations and
cumulation of
pended sentence law
provide for the payment of such interest and for the ac¬
sinking fund for the redemption of such bonds certificates
of indebtedness or other obligations at their maturity.
Section 3. This Act shall apply to all cities of the first class in this State
ncluding cities of over fifty thousand inhab'tants existing and governed
under a charter framed and adopted uiider Section 36
Article 4 of the
a
State Constitution.
Section 4.
This Act shall take effect and be in
force from and after its
passage.
purchaser of the liquor.
Governor Neff lays the predicate for his prospective speaking tour in
support of his policies by saying in his message that "a full and free discus¬
sion of legislative questions by and with the people is conducive to whole¬
some
Montana.—Legislature Adjourns.—The regular session
Legislature adjourned sine die at two o'clock
a. m. on March 5.
Important among the bills passed by the
Legislature and approved by the Governor is one that pro¬
vides for a soldiers' bonus bond issue of $4,5000,000 subject
to the approval of the voters.
Special Session of Legislature Convenes.—In compliance
legislation."
'
;;
-
of the Montana
v
with Governor Dixon's
in
special session at
until March 8
in
his
|
summons the Legislature convened
March 5 and shortly after recessed
noon
which date they reconvened.
on
The Gov¬
named the following five specific
emergency measures for the Legislature to consider:
Adequate appropriation for care of tubercular patients
ernor
at
message
State sanitarium at Galen.
Abolishing of vacant judgeship in Fifth judicial district.
Creation of
tax commission.
a
"More equitable" oil tax.
"Scientific inher tance tax."
New
York
State.—Proposed
Amendment to Savings
subdivision 11 of
Bank Investment Law.—An amendment to.
BOND CALLS AND
REDEMPTIONS.
Mo.—Bond Call.—Street
improvement 5% bonds, dated Oct. 1 1913, Nos. 27 to 31,
inclusive, for $500 each, have been called and will be paid
April 1 1921.
Boonville,
Cooper
County,
Boulder
County,
Colo.—Bond Call.—On
Improvement District No. 1 bonds num¬
bered 1 to 14 inclusive, of, $500 denomination were called
for payment.
May me Graham, Clerk.
Boulder,
March 10 Sewer
Golden, Jefferson County, Colo —Bond Call—Re¬
funding bonds Nos. 35 to 40 both inclusive, dated 1899,
were called for payment March 8.
Greenfield School District (P. O. Greenfield), Dade
County, Mo.—Bond Call.—Refunding bonds, dated May 1
1916, Nos. 1 to 14 inch, for $500 each, and bearing 5% inter¬
est, have been called and will be paid.
Section 239 of the Banking Law was proposed in the Legis¬
lature on Mar. 2.
The bill proposes to extend the sub¬
Portland, Ore.—Bond Call.:—Reports say that St. Johns
improvement bonds, numbered 539 to 555, inclusive, are
called for redemption April 12 1921 by Wm. Adams, City
division
Treasurer.
dealing with the investment of savings funds in
bankers' acceptances and bills of exchange so as to
investment in acceptances and bills accepted by an
permit
invest¬
ment company
qualifying under the Banking Law.
We
print subdivision 11 in full below showing the proposed new
matter in italics and the
old, to be omitted, in brackets:
AN ACT to amend the banking law, in relation to investments of savings
banks.
-
■
The
People of the State of Netc York, represented in Senate and Assembly,
as follows:
Section 1.
Subdivision 11 of Section 239 of Chapter 369 of the laws of
1914, entitled "An act in relation to banking corporations, and individuals,
partnerships, unincorporated
associations and corporations under the
supervision of the banking department, constituting Chapter 2 of the
consolidated laws," as added by Chapter 270 of the laws of 1918 and
amended by Chapter 717 of the laws of 1920, is hereby amended to read
do enact
as
follows:
11.
Bankers' acceptances and bills of exchange of the kind and mat urit ies
by law for purchase in the open market by Federal reserve
made eligible
accepted by a bank,
[national banking
association or] trust company, [incorporated under the laws of the State
of New York or under the laws of the United States]
investment company
banks,
provided the
same
are
;
Ore.—Bond Call.—Improvement bonds num¬
bered 26,459 to 27,312 incl., dated April 1 1914 are called
Portland,
for
payment April
City Treasurer.
Stillwater
1
at the office of
1921
Wm. Adams,
V
Columbus), Mont.—Bonds
Called.—Seed grain funding bonds Nos. 1 to 10, both in¬
clusive, have been called for payment April 1 1921.
E: B.
Dixon. County Treasurer.
•
County
(P. O.
PROPOSALS
BOND
this week have been
as
AND
NEGOTIATIONS
follows:
AKRON, Summit County, Ohio.—BOND OFFERING —F.
A. Parma
-
lee. Director of Finance, will receive bids until 12 m. April 4 for the following
6% street impt bonds:
$500,000 city
s
portion
bonds.
Denom
$1,000.
Date
April
Due $50,000 yearly on April 1 from 1922 to 1931, incl.
1
1921.
$30,000 special
Denom. $1.000o Date
1931, inet
North Canal St. bonds.
Denom. $1,000 and
1 1921.
Due yearly on Mar. 1 as follows:
Jewett St.
assessment
bonds.
Due $3,000 yearly on Mar.
Mar. 1 1921.
1 from 1922 to
19,500 special assessment
$.500.
Date Mar.
$2,000 1922 to 1930 and $1,500 1931.
7,500 special assessment League St. bonds.
Denom $l ,000 and
Date Mar. 1 1921.
Due yearly on Mar. 1 as follows:
1922 to 1926, incl ; and $500, 1927 to 1931, incl.
aaa
_
fo00.
$1,000,
10,500 special assessment
Date Mar.
1
1921.
Harter St. bonds
Denom. $1,000 and $500.
Due $1,000 yearly on Mar. 1 from 1922 to
1931.
1930, incl.; and $1,500 Mar. 1
53,500 special assessment So.
High St. bonds.
,
_
9rnn
Denom. $1.000 and $o00.
Mar. 1 as follows: $5,000,
Due yearly on
;
1922 to 1929, incl.; $7,000 1930; $6,500, 1931,
_T
.
Prin. and semi-ann. int. payable at the National Park Bank of New York.
Cert, check for 1 % of amount of bonds bid for, payable to the Director
Finance, required.
Purchaser to pay accrued interest.
Date
Mar
1
1921-
1932 and
of
Akron), Summit Cunoty, Ohio.
—BONDS RE-OFFERED.—C. M. Woodruff, Clerk of Board of Education,
will receive bids until 4 p. m. April 1 for the $1,000,000 5% % school bonds,
bids for which were rejected on March 1—V. 112, p. 957Denom. $1,000
Date March 1 1921.
Int. semi-ann.
Due $50,000 yearly on March 1
from 1922 to 1941 incl. Cert, check for 1 % of amount of bonds bid for, pay¬
able to the Clerk of the Board, required. Purchaser to pay accrued interest.
AKRON SCHOOL DISTRICT (P. O.
NO. 15,
Public
March 25
Int
ALACHUA COUNTY SPECIAL TAX SCHOOL DISTRICT
Fla.—BOND OFFERING —B. R. Colson, Chairman Board of
(P. O. Gainesville) will receive bids until 10 a. m.
for $17,000 6%
coupon bonds.
Denom. $250
Date Jan. 2 1920
semi-ann.
Due yearly on Jan. 1 as follows: $250 1931 to 1950,
$500 1951 to 1957, incl.; $750 1958 to 1963, incl.; and $1,000 1964 to
incl.
Cert, check or cash for $500 payable to the Board of Public
struction, required.
incl.;
1967
ALACHUA COUNTY SPECIAL TAX
Fla.—BOND OFFERING.—Until 10 a. m.
SCHOOL DISTRICT NO.
March 25 sealed proposals
In¬
26,
will
by B. R. Colson, Chairman Board of Public Instruction (P. O.
Gainesville) lor $150,000 5% coupon bonds.
Denom. $1,000.
Date
1
1919.
Int. semi-ann.
Due yearly as follows: $5,000 1936 to 1949, incl.
$10,000 1950 to 1954 incl
and $1,5.000 1955 and 1956.
All bonds maturing
in or after 1950 are subject to call anytime after 1945.
Cert, check for
be received
July
,
Insturction, required.
$1,000 payable to the Board of Public
A like amount
was
reported as sold in V. 109, p.
purchased $20,000 6% 15-30-year
(opt.) school-building bonds.
ALHAMBRA, Los Angeles County, Calif.—BOND SALE—On Feb. 21
Alhambra was awarded $30,000 5H % municipal
about 5 49%.
Denom. $1,000.
Date
Feb. 1 1921.
Int. F. & A.
Due yearly from 1922 to 1932 incl.
bonds at 100.03 and int., a bftsis of
ALLEN COUNTY, (P. O. Fort
for the purchase of $750,000
Wayne), Ind.—BOND OFFERING.—
New Allen County Infirmary construc¬
Tuberculosis Hospital bonds will be received until 10 a. m.
April 5 and 10 a. m. April 6, respectively, by Angus C. McCoy, County
Auditor.
Both issues bear interest at 6%, payable semi-annually on May 1
and Nov. 1, together with principal, at the County Treasurer's office, are in
the denom. of $1,000, and are dated April 1 1921.
The $750,000 issue
matures yearly on Nov. 15 as follows: $40,000 1922 to 1926, inclusive; $30,000, 1927: $31,000, 1928; $32,000, 1929; $33,000. 1930; $34,000, 1931;
$35,000, 1932; $36,000, 1933; $37,000, 1934; $38,000, 1935; $39,000. 1936;
$40,000, 1937; $41,000, 1938; $42,000, 1939; $43,000, 1940; and $39,000,
1941; the Board of Commissioners reserving the right to redeem the $200,000
bonds scheduled to mature on and before Nov. 15 1926, on any interestpaying date on and after Nov. 15 1923.
The $100,000 issue matured at the
rate of $5,000 yearly from Nov. 15 1922 to 1941, inclusive, the Board of
Commissioners reserving the right to retire any or all of the bonds, after five
years from date.
Certified checks for 3% of amount of bonds bid for,
payable to the Board of Commissioners, required.
Bids must be made on
forms which may be obtained by applying to the County Auditor.
Pur¬
chaser to pay accrued interest.
tion and $100,000
ALLEN COUNTY (P. O. Ft. Wayne),
No
bids
were
Ind.—NO BIDS RECEIVED.—
Center Road Lafayette Twp.
received for the $51,840 5%
road bonds offered on Feb. 15.—V. 112, p.
674.
ALLIANCE,
Box Butte County,
Neb.—BOND
April 5 the voters will decide whether they are in favor
6% 10-year water-extension bonds.
ELECTION—On
of issuing $10,000
ALLIANCE, Stark County, Ohio.—BOND OFFERING — Bid?
received until 12 m. March 31 by Chas. O. Silver, City Auditor, for
will b^
the fol¬
bonds:
: ;)') .
•
$102,000 city's portion street impt. bonds.
Denom. $1,000.
Date April 1
1921.
Due $6,000 yearly on Sept. 1 from 1926 to 1942 inclusive.
18,000 storm sewer bonds.
Denom. $1,000
Date March 15 1921.
Due $1,000 yearly on March 15 from 1922 to 1939 inclusive.
5,000 sidewalk bonds.
Denom. $500
Date March 15 1921.
12,000 water-works
bonds.
Denom. $1,000
Date March 1 1921.
Due $1,000 yearly on March 1 from 1922 to 1933 inclusive.
5,600 automobile truck bonds.
Denom. 5 for $1,000 and 1 for $600.
Date Sept. 1 1920.
Due Sept. 1 1925
Prin. and semi-ann. int. payable at the office of the Sinking Fund Trus¬
tees.
Cert, check for 3% of amount of bonds bid for required.
lowing 6%
ANDREWS, Cherokee County, No. Caro.—BOND OFFERING.—
George Stillman, Town Clerk, will receive sealed proposals until 7 p. m.
April 18 for $30,000 6% watershed bonds.
Denom. $1,000.
Date Feb. 28
1921.
Int. semi-ann. payable at the Hanover National Bank, N, Y.
Due in 30 years.
Cert, check for $500, payable to the above official,
required.
Ohio.—BOND OFFERING.—O. E.
until 12 m. Apr. 12 for an issue of
$24,750 6% River Street impt. bonds, divided into two blocks as follows:
$4,261 30 bonds.
Denoms. 9 f«r $400 and 1 for $661 30.
Due $400 yearly
on May 1 from 1922 to 1930 incl. and $661 30 May 1 1931.
20,013 70 bonds.
Denoms. 19 for $1,000 and 1 for $1,013 70.
Due yearly
on May
1 as follows: $2,000 1922 to 1930 incl. and $2,013 70
ANTWERP,
Paulding
AYDEN, Pitt County, No. Caro.—BOND SALE.-—The $22,000 6%
light bonds, offered on Aug. 7—V. Ill, p. 514—have been sold,
1931.
AZUSA, Los Angeles County, Calif.—BOND OFFERING.—Proposals
March 21 by J. O. Durrell, City Clerk, for
Date
$80,000 6% street work bonds, it is stated.
Denom. $1,000.
Dec. 1
1920.
Int. J. & D.
Due $2,000 yearly on Dec. 1 from 1921 to 1960, incl.
Certified check for $500, payable to the City Treasurer, required.
BAKER, Baker County, Ore.—BOND OFFERING —J.
waite, City Clerk, will receive sealed bids until 12 m. April 4
chase of all
or any
portion of the following
6%
6% 10-20 year Natatorium Impt.
or
Cert, check or bank
City of Baker, required.
BANDON, Coos County. Ore.—BONDS VOTED
IRRIGATION
BEAUMONT
DISTRICT (P. O. Beaumont),
OFFERING
—
Clerk Board of
These bonds were
APALACHICOLA,
Franklin County. Fla.—BOND OFFERING —
Sealed bids will be received until April 9 for $50,000 6% electric plant bonds.
Date Jan. 1 1921.
Prin. and ann. int. payable at either the American
Exchange Bank, Apalachicola, the Apalachicola State Bank, Apalachicola
the Hanover Nationa Bank, N. Y., or at the National City Bank, N. Y.
Due Jan. 1 1946.
Cert, check for $1,000 required.
Bids should be ad¬
dressed to W. D. Buzzett, Chairman of Board of Trustees, or William
Sawyer, City Cashier, Apalachicola, Fla.
ARIZONA
(State of)—BOND SALE— The Arizona News
telegram sent to us under date of March 14, states that the
Service,
Bankers
purchased $1,500,000 6t£% 1-year tax anticipation
March 12 from the State Loan Commission of the State of Arizona.
Trust Co. of Denver,
bonds
on
Reno
County,
Kan.—BOND
OFFERING.—Until
proposals will be received by W. P. Barley, City Clerk, for the
coupon (with privilege of registration) electric distributing
system bonds recently voted—V. 112, p. 764.
Denom. $500.
Date Feb. 1
1921.
Int. F. & A.
Due yearly beginning Feb. 1 1923.
Bonded debt
(including this issue) March 10 1921, $30,000.
Sinking fund, $1,500.
Assessed value, $673,917.
ARLINGTON,
March 22
$10,000
6%
ASHLAND, Ashland County, Ohio.—NO BIDS RECEIVED.—There
were no bids received for the three issues of 6% assessment street impt.
bonds, aggregating $25,600, offered on March 12—V. 112, p. 1051.
ASHTABULA,
Ashtabula
County,
Ohio.—BOND
electric plant bonds offered on Mar. 14—V.
were
awarded to Stacy & Braun of Toledo.
Date Mar.
$500,000 6%
yearly
on
Mar. 1 as follows; $15,000,
River¬
County, Calif.—CORRECTION—In an item which appeared in
Ill, p. 674, we reported that the Blankenhorn-Hunter-Dulin Co. had
Eurchased on Feb. 1 $59,800 6% irrigation bonds this report is incorrect.we
since been informed by said company that from this district, but
ave
BELLAIRE, Belmont County, Ohio.—BOND OFFERING.—W. C.
Upperman, City Auditor, will receive proposals until 12 m. March 21 for
nine issues of 6% coupon special assessment street impt. bonds, amounting
to $56,900.68.
Date March 10 1921.
Prin. and annual interest payable
at tho City Treasurer's office.
Each issue will be divided into ten bonds
of equal denominations, one of which matures yearly on March 10 from
1922 to 1931 incl.
Cert, check for 5% of amount of bonds bid for, payable
to the City Treasurer, required.
Bonds to be delivered and paid for within
10 days from date of award.
Purchaser to pay accrued interest.
BENTON COUNTY ROAD
DISTRICT NO. 5, Ark.—-BOND SALE
SALE.—The
112, p. 957—
1 1921.
Due
1925 to 1930, incl.; $20,000 1931,
—
purchased $350,000 6% tax-free
Nov. 1 1920
Prin. and semi-ann. int.
(M. & S.) payable at the Chase National Bank, N Y.
Due yearly on
Sept, 1 as follows: $10,000, 1921; $10,000, 1922; $11,000, 1923; $11,000,
1924; $12,000, 1925; $13,000, 1926; $14,000, 1927; $14,000, 1928; $15,000,
1929; $16,000, 1930; $17,000; 1931; $18,000, 1932; $19,000, 1933; $20,000,
1934, $22,000; 1935; $23,000, 1936; $24,000, 1937; $26,000, 1938; $27,000,
Hanchett Bond Co. of Chicago has
The
$1,000.
Denom.
bonds.
Date
1939; $28,000, 1940.
BERWICK, Columbia County, Pa.—BOND ELECTION.—It is
ported that the Council has decided to hold a special election on April
to vote on the question of issuing $150,000 public-impt. bonds.
re¬
19
O. Bethlehem), Northamp¬
OFFERING.—Bids for $675,000 5% school-
BETHLEHEM SCHOOL DISTRICT (P.
ton
Pa.—BOND
County,
building bonds will be received until 8 p. m. March 21 by F. J. Wilt, District
Secretary-Manager.
Denom. $1,000.
Date April 1 1921.
Principal and
semi-ann. int. (A. & O.) payable at the District Treasurer's office, or at
any depository in Bethlehem, Philadelphia or New York, that the pur¬
chaser may suggest.
Due on April 1 as follows: $100,000 in 1926, 1931
and 1936; $120,000 in 1941 and 1946, and $135,000 in 1951.
Certified
check for $5,000, payable to the "School District," required.
Bonded debt
(incl.
this issue), $3,142,100; assessed valuation,
$62,276,888; sinking
fund, $225,240.
BIG HORN COUNTY SCHOOL DISTRICT NO. 17-H (P. O. Hardin),
Mont.—OTHER BIDDERS.—The following bankers also submitted bids
school bldg. bonds awarded on March 7 to Bosworth,
Denver at 99 06 and int.—V. 112, p. 1051: Sidlo. Simons.
Antonides & Co. and Bankers Trust Co.
They are all located
(:
for the $75,000 6%
Chanute & Co. of
Fels & Co.,
in Denver.
OFFERING.—Sealed bids will be re¬
of the City Commission, until 12 m.
public school bonds.
Denom. $1,000.
Date April 1
1920.
Prin. and semi-ann. int. payable at the Hanover
National Bank, N. Y.. in gold.
Due April 1 1950.
Certified check for 1%
of the amount of bonds bid for, payable to the city of Birmingham, required.
The Commission will furnish to the purchaser the opinion of John C.
Thomson of New York City, approving the legality ard validity of said
bonds, and a certified copy of all proceedings will be furnished, showing
authority to issue said bonds.
The bonds will be prepared urder the super¬
vision of the United States Mortgage & Trust Co. of New York City, which
Ala.—BOND
BIRMINGHAM,
ceived by N. A. Barrett, President
March 29 for $1,000,000 5% tax-free
of the city officials and
delivered to the successful
date should be mutually
will certify as to the genuineness of the signatures
the seal impressed thereon.
Said bonds will be
bidder
bidders
or
agreed
on
April 10 1921, unless a later
upon.
Financial
Statement ) ;
Assessed valuation for taxation for the year
Real valuation,
For
$132,071,995.00
250,000,000 00
1920
approximately
General City Bonds outstanding
For school houses
Feb. 1 1921:
$2,284,500.00
855,000.00
155,000 00
sewers
works
general
a,
—On March 8, by
local
463 "for" to 10 "against," $110,000 bonds were voted to purchase
electric plant and to instal a municipal hydro-electric plant.
Total.....
in
draft for 5% of the
BALDWINSVILLE, Onondaga County, N. Y.—BONDS VOTED.—
At a recent election, it is reported, a proposition to issue $17,000 bonds to
buy motor fire-apparatus was adopted by a vote of 185 to 143.
For
road bonds.
bonds.
of the Mayor.
at the office
total bid payable to the
Bonds to be delivered and
Dec. 6.—V. Ill, p. 2541.
bonds.
10,000 6% 10-20 year Bridge bonds
5.000 6% 10-20 year Tourit Camp Ground bonds.
Denom. not less than $500.
Date May 1 1921.
Prin. and semi-ann.
int. payable at the office of the Fiscal Agent of the State of Oregon in N. Y.,
water
success on
P. Smurthfor the pur¬
bonds:
5% 10-20 year Intersection bonds.
20-year Goodrich Creek Reservoir
6% 20-year Fire Dept. bonds.
5% 20-year Cemetery bonds.
$15,000
40,000
12,000
6,500
55,000
For
Cert, check on a local bank for 5%
to the Village Treasurer, required.
paid for within 10 days from date of award.
County Supervisors, for $175,000 5%
Date July 11920.
of Cincinnati.
1944, incl.
will be reserved until 7:30 p. m.
Date May 1 1920.
Int. M. & N.
of amount of bonds bid for, payable
offered without
$40,000, 1943 and 1944.
according to reports, to J. C. Mayer & Co.
Due $1,000 yearly on July 1 from 1923 to
County,
Ehrhart, Village Clerk, will receive bids
APACHE COUNTY (P. O. St. Johns) Ariz.—BOND
Proposals will be received until April 4 by B. Y. Peterson,
1937, 1938 and
1934, 1935 and 1936; $30,000,
water and
V.
the First National Bank of
Bids
$25,000,
ATLANTA, Ga.—COMPLETE RETURNS.—The complete returns on
the $8,850,000 bonds, approved on March 8—V. 112, p. 957—are as follows:
$4,000,000 school bonds,
Vote 21,710 to 513.
1,250,000 sewer bonds.
Vote 21,502 to 613.
750,000 viaduct bonds.
Vote 21,101 to 1,034.
2,850,000 water works bonds.
Vote 21,596 to 596.
side
1198-
ALAMOSA AND SAGUACHE COUNTIES JOINT CONSOLIDATED
SCHOOL DISTRICT NO. 23 (P. O. Hooper), Colo.—BOND ELECTION
—SALE.—Subject to election in April the International Trust Co. of Denver
has
1933;
1939; $35,000, 1940, 1941 and 1942; and
^
Instruction
[Vol. 112.
CHRONICLE
THE
1184
-
5,546,800 00
purposes
['k
-
— -
$8,841,300 00
----- -
—
Bonds for Street Improvements.
Secured by liens on property
Properties owned by the City—
Real and personal property and equipment
Pavements, curbing, sewers, viaducts, &c
1,084,500 00
4,788,854.98
5,231,944 22
»
Total..
-
$10,020,799 20
Sinking Fund Assets—
Cash
.
...
.....
_
Investments
...
_______
157,644.44
446,800 00
$604,444 44
132,685; 1920, 178,270.
BLAINE COUNTY DRAINAGE DISTRICT NO. 1 (P. O. Picabo),
Ida.—BOND OFFERING.—At 1 p. m. Mar. 19 $17,009 7% 20-year drain¬
age bonds will lie offered for sale.
A. W. Froelich, Chairman.
BOONVILLE
SCHOOL
DISTRICT
(P. O. Boonville), Cooper
County, Mo.—BOND OFFERING.—Bids will be received by Wm. Mittelbach, Secretary Board of Education, until April 6 for the purchase of $40,000
school bonds bearing interest either at 5, "5H or 6%, said bonds to be upon
the basis of 5-20s, or serial bonds, at option of the Board, all bids subject to
Total
...
.....
Population, United States Census, 1910,
rejection.
BOONE
COUNTY
(P.
O.
Lebanon),
Ind.—BOND
OFFERING
Granville Wells, County Treasurer, will receive proposals until 10
Mar. 22 for the following two issues of 414% Sugar Creek Twp. road
—
a.m.
impt.
bonds:
$650 and $500
$63,000 W. C. Jaques et al. bonds.
Denom.
each six months from May 15 1921 to
44,700 John W. Morrison et al. bonds.
$2,235 each six months from May
Date Jan. 6 1920.
Int. M. & N.
Due $30,150
1930, incl.
Denom. $500 and $235.
15 1921 to 1930, incl.
.
r
Due
March 19
1921.]
THE
BOULDER, Boulder County, Colo.—BONDS VOTED.—At
election
the
following bonds—V. 112, p. 79—carried:
$50,000 bridge bonds.
Vote 354 to 298.
•
200,000 refunding bonds.
Vote 558 to 88.
Tv/rBOX^f£
Mar.
Charlevoix
County,
a
CHRONICLE
recent
BRADDOCK BOROUGH SCHOOL
OFFERING.—S. D.
of Board of School
for
on
SALE.—On
(P.
O.
Braddock),
Hamilton, Secretary
Directors, will receive proposals until 8 p. m. April 4
$20,000 hM% coupon school bonds.
Denom. $1,000.
Due $10,000
April 1 in 1931 and 1941.
Cert, check for $200 required.
BRECKSVILLE TOWNSHIP,
Cuyahoga County, Ohio.—BOND
OFFERING.—B. W. Harris, Clerk of Board of Trustees, will
receive bids
until 8 p. m. Mar. 26 for
$13,949.25 6% coupon bonds.
Denom. $949.25,
$1,000 and $1,500.
Int. semi-ann.
Due yearly on Oct. 1 as follows:
$949.25, 1922: $1,000, 1923, and $1,500 1924 to 1931, incl.
Cert, check on
some bank other than the one
making the bid, for 10% of amount of bonds
bid for, payable to the
Township Treasurer, required.
Bonds to be de¬
livered and paid for within ten
days from date of award.
Purchaser to
pay accrued interest,
V\-_
:
BRIGHTWATERS, Suffolk County, N. Y.—BOND SALE.—The
$150,000 6% gold coupon or registered paving bonds offered on March
16
112, p. 957—were awarded to Sherwood & Merrifield of New
York
—V.
at par
and interest.
BROCKTON,
Due Nov.
18
Plymouth
Mass.—TEMPORARY LOAN.—
awarded the $200,000
temporary
basis, plus $7.25 premium.
Date Mar. 17 1921.
1921.
Financial Statement.
Assessed value taxable property, 1920.___.
Estimated value taxable property..
Value of municipal property
BUNCOMBE
COUNTY SCHOOL
DISTRICTS, NO. Caro.—BOND
OFFERING.—Ethel Terrell, Superintendent of Public Instruction
(P. O.
Asheville) will receive proposals until 12 m. April 15 for the
following 6%
school bonds:
$35,000 Chandler School District bonds.
10,000 Beech School District bonds.
12,000 Turkey Creek School District bonds.
12,500 Swannanoa School District bonds.
All the above bonds to be in denominations of
$1,000 each except the
of Swannanoa School District, which will be in
denomination of
$500 each, both principal and semi-ann. int. to bo payable at the Hanover
National Bank, N. Y., said bonds to be dated Jan. 1 1921 and
to be pavable
20 years after date.
Bids are requested on the
aggregate amount of all the
bonds
or
incorporated .bank
any one or more
of said issues.
trust company for
or
Cert, check
on
2% of the amount of bonds
HIGH
SCHOOL
DISTRICT,
OFFERING.—Proposals will be
Los
Angeles
received
until
County,
11
a.
_
COUNTY
____
_
No other indebtedness.
Uncollected special assessments, pledged to payment of
street
bonds included above (levied, $149,000; to be forthwith
.
185,964
Water bonds (for interest and amortizement net water
are
revenues
sufficient)
786,000
Population, 1910 Census, 34,014; 1920 Census, 46,318.
The City of Charlotte has never defaulted in the
payment of any part
principal
or
interest of
any
debt.
CHATFIELD TOWNSHIP SCHOOL DISTRICT (P. O. Chatfield).
Crawford County, Ohio.—BOND ELECTION.—An election is to be held
on
April 5 for the purpose of voting
school-building bonds.
on a
proposition to issue $65,000
cen¬
CHEYENNE COUNTY SCHOOL DISTRICT NO. 5 (P. O.
Arapahoe).
Colo.—BOND ELECTION—SALE.—Subject to being voted at an early
election
SCHOOL
DISTRICT (P. O. Logan), Utah.—
PRICE PAID.—The price paid for the
$200,000 5% coupon tax free school
bldg. bonds on Feb. 5 1921 by the Harris Trust & Savings
Bank, E. H.
Rollins & Sons, both of Chicago, and the Palmer Bond
& Mtge. Co. of
Salt Lake City—V. 112, p. 1051—was 93.00 and
interest, a basis of about
6.475%.
These $200,000 bonds are part of a total issue of $400,000.
The unsold portion, which is
$200,000, will be sold by this district any time
a satisfactory
proposal is received.
the
Bankers
Trust
Co.
of
Denver
has
purchased
$50,000
6%
10-20-year (opt.) school-building bonds.
Financial Statement.
Assessed
valuation
1919
$1,427,755
50,000
Bonded debt, this issue
Population
(est.),
only
325.
CHICO HIGH SCHOOL DISTRICT (P. O. Chico), Butte County,
Calif.—BOND ELECTION.—An issue of $98,000 bonds will be submitted
to a vote of the people on April 2.
CHIPPEWA COUNTY (P. a Montevideo), Minn.—BOND SALE.—
were awarded $39,000
6% county ditch bonds for $39,300 (100.76) and interest, a basis of about
5.92%.
Denom. $1,000.
Date Feb. 1 1921.
Prin. and semi-ann. int..
payable at the First National Bank of St. Paul.
Due Nov. 1 1931.
A bid
of $39,275 was also received from the Northwestern Trust Co. of St. Paul.
On March 7 Kalman, Matteson & Wood of St. Paul
CINCINNATI, Hamilton County, Ohio.—BOND SALE.—On March
14 R. M. Grant & Co. of New York, bidding 102.62, were awarded the
following three issues of 5%% street-impt. bonds offered on that date—
V. 112, p. 957:
$86,000 city's portion street-impt.
bonds.
Date Mar.
1
1921.
Due
Mar. 1 1941; optional on and after March 1 1931.
88,000 Second St. impt. bonds.
Date Feb. 1 1921.
Due Feb. 1 1946;
optional on and after Feb. 1 1931.
193,000 Hamilton Ave. bonds.
Date Feb. 1
1921.
Due Feb. 1 1951:
optional Feb. 1 1931.
^
I
m.
April 4 by L. E. Lampton, County Clerk, (P. O. Los Angeles), for
$161,000
5&% bonds.
Denom. $1,000.
Date April 1 1921.
Prin. and semi-ann.
int. payable at the office of the
County Treasurer.
Due yearly on April 1
as follows:
$2,000, 1922 to 1925, incl.; $3,000, 1926 to 1929, incl.;
$4,000,
1930 to 1933, incl.; $5,000, 1934 to 1937, incl.;
$6,000, 1938 to 1941, incl.;
$7,000, 1942 to 1946, incl.; $9,000, 1947 to 1950, incl., and
$10,000, 1951.
Certified or cashier's check for 3% of the amount of bonds bid for, pavable
to the Chairman of Board of
County Supervisors, required.
Bonded debt,
$22,000.
Assessed value 1920, $3,667,995.
Population (est.), 6,000.
CACHE
_
Bonds outstanding
„;
Bonds now offered_.____________
93,635,535
4,000,000
3,635,000
52,000
tralized
Louis County, Minn.—BOND OFFERING.—Sealed bids
will be received until 2 p. m. March 26
by Frank J. Demel, Village Recorder,
for $300,000 6% refunding bonds, it is stated.
bonds above described
-'y:-.
>.$93,635,535
___
__
St.
BURfeANK
City Clerk, for $52,000 street bonds
Denom. $1,000.
Date March 1 1921.
(M. & S.) payable in New York in gold.
1
BROWN COUNTY (P. O.
Georgetown), Ohio.—BOND SALE.—The
State Industrial Commission of Ohio
purchased the $126,400 6% InterCounty Highway impt. bonds offered on March 12—V. 112, p. 957.
Date
Feb. 1 1921.
Due yearly on March 1 as follows:
$13,400, 1922; $13,000,
1923; $12,000, 1924 to 1927, incl.; and $13,000, 1928 to
1931, incl.
bid for required.
OFFERING.
March 21 by C. M. Cresat not exceeding 6% interest.
Principal and semi-annual interest
Due yearly on March 1 as follows:
$3,000 1922 to 1925, inclusive, and $4000, 1926 to 1935, inclusive.
Certi¬
fied check or cash for $1,040 required.
Bonds are registerable as to princi¬
pal.
Approving legal opinion of Chester B. Masslich, N. Y.
Preparation
of bonds and certification of signatures and seal
by U. S. Mtge. & Trust Co.,
N. Y.
Bonds will be delivered on or about April 5 1921.
Blanks for
bidding purposes will be furnished by the above trust company.
well,
of either
1920.
Calif.—BOND
reported in V. Ill, p. 813.
—Sealed proposals will be received until 3
p. m.
was
Due March 1 1940, optional on any
interest-paying date.
12,000 water-extension bonds at par.
Date July 1 1920.
Due Julv
1940, optional July 1 1930.
some
as
CHARLOTTE, Mecklenburg County, No. Caro .—BOND
levied, $36,964)
County,
BROKEN
BOW,
Custer
County, Neb.—BOND SALE.—During
January the following 6% bonds were sold to the State of Nebraska:
$45,000 district paving bonds, on a 5H% basis.
Date March 1
BUHL,
sold
1
The Old Colony Trust Co. of Boston
loan on a 5.95% discount
no
(excluding these
Mich.—BOND
DISTRICT
of
district, title of present officials or validity of these bonds
bonds of this district have ever been
repudiated.
Bonded debt
bonds), $288,000.
Assessed valuation, last assessment
roll, non-operative property, $9,931,265.
Actual value (est.), $30,000,000.
These bonds are part of a total issue of
$275,000, of which $100,000 were
and that
7 the Peoples State Bank of
Boyne City was awarded, at par less
expenses, the $20,000 6% 5-year road and
bridge bonds offered on that date
—V. 112, p. 957. Date Mar.
20 1921.
Due Mar. 20 1926.
Allegheny County, Pa.—BOND
existence
1185
BOND OFFERING.—George P. Carrel, City Aud., will receive bids
12
unti
Apr. 11 for $2,350,000 5Vi% deficiency funding bonds.
Denom.
Date Mar. 10 1921.
Prin. and semi-ann. int. payable at the
American Exchange Nat. Bank of New York.
Due Mar. 10 1931.
Cert,
check for 5% of amount of bonds bid for, payable to the City Auditor, re¬
quired.
Bids must be made on blanks which may be obtained by applying
to the City Auditor.
Purchaser to pay accrued interest.
m.
$1,000.
CLARKE COUNTY ROAD DISTRICTS, Miss.—BOND OFFERING.—
Sealed bids will be received until 11 a. m. March 28 by W. B. Raley, Clerk
Board of County Supervisors (P. O. Quitman), for the following 6%
bonds:
of
$65,000 Separate Road District No. 1 bonds—V.
35,000 Shubuta Separate Road District bonds.
Date
March
1
1921.
Int.
semi-ann.
5% of bids to accompany bids.
State of Mississippi.
112; p. 392.
Certified
Said checks to be
checks
on some
in
amount
of
reputable bank
in
CLATSOP
4
COUNTY
(P.
O.
Astoria),
Ore.—BOND OFFERING.—
Until
CANTON,
Haywood
County,
No.
Caro.—BOND
OFFERING.—
Until 12 m. March 24 R. D. Coleman, Town
Clerk, will receive proposals
for the following 6% bonds.
$20,000 funding bonds.
Due yearly on March 1 as follows: $500 1933 and
1934, $1,000 1935 to 1947 incl., $1,500 1948 to 1951 incl.
75,000 public impt. bonds.
Due yearly on March 1 as follows: $1,000
1922 and 1923. $1,500 1924 to 1930
incl., $2,000 1931 to 1938, incl.,
$2,500 1939, $3,000 1940 to 1943 incl., $3,500 1944 to 1946,
incl.,
$4,000 1947 and 1948, and $4,500 1949 to 1951, incl.
Denom. $500.
Date March 1 1921.
Prin. and semi-ann. int.
payable
at the Hanover National Bank, N. Y.
Cert check on some
incorporated
bank for 2% for each issue.
The town will furnish the
approving opinion of
Storey, Thorndike, Palmer & Dodge of Boston, and Charles N. Malone
and Garland A. Thomasson of Asheville, and
willalso furnish bond forms.
CARLSTADT, Bergen County, N. J.—BOND OFFERING.—"William
Lehman, Borough Clerk, will receive proposals until 8
p. m. Mar. 31 for
an issue of 5% coupon
(with privilege of registration) funding bonds, not
to exceed $25,500.
Denoms 25 for $1,000 and 1 for $500.
Prin. and
semi-ann. int. (J. & J.) payable at the Carlstadt National
Bank of Carlstadt.
Due yearly on July 1 as follows: $2,000, 1921 to
1927, incl.; $3,000
1928 to 1930, incl.; and $2,500 1931.
Cert, check on an
incorporated
bank or trust company for 2% of amount of bonds
bid for, payable to the
"Borough of Carlstadt," required.
Opinion of Hawkins, Delafield &
Longfellow of N. Y., that the bonds are a binding and legal
obligation of
the borough, will be furnished to the
purchaser; bonds will be prepared
under supervision of the U. S. Mtge. & Trust Co. of N.
Y., which will
certify to the genuineness of the signatures and the seal.
Purchaser to
pay accrued int.
CASS
COUNTY
(P. O.
Logansport),
Ind.—BONDS OFFERED.—
Mar. 22 by J. J. McCormick, County
Treasurer, for the following two issues of 5% bonds:
Bids will be received until 10
a.
m.
$35,000 Soldiers,
Sailors and Marines Monument construction bonds.
Denoms. 60 for $500 and 20 for $250.
Due $1,750 each six months
May 15 1921 to Nov. 15 1930, incl.
from
100,000 Hospital bonds.
Denom. $1,000.
Due $5,000 each six months
from May 1.5 1921 to Nov. 15 1930, incl.
Date Nov.
The
same
15 1920.
Int. M. & N.
official will receive bids until
10
Mar. 29 for $175,400
5% Claude A. Zook, Eel Twp. road bonds.
Denoms. 160 for $1,000 and
20 for $770.
Date April 15 1921.
Int. M. & N.
Due $8,770 each six
May 15 1922 to Nov. 15 1931, incl.
a.
1.30 p. m. March 26 J. O. Clinton, Clerk, will receive sealed
proposals for the purchase of the $100,000 5% bonds, authorized by the
voters on Nov. 2 last—V. Ill, p. 1390—Denoms. $500 or $1,000 at optio >
of the bidder.
Date April 5 1921.
Int. semi-annually.
Due $20,00 >
yearly on April 5 from 1926 to 1930 incl.
Prin. and interest payable at
Fiscal Agency of the State of Oregon in New York.
Cert, check for 2%,
required.
■
CLAY
Dugger), SuIHavn County, Ind.
CEREDO
on
March 10
SCHOOL
DISTRICT, Wayne County, W. Va.—BOND
will be entertained until March 23 by H. L. White,
Superintendent of Schools (P. O. Kenova), for $128,000 6% 20-year school
bonds, it is stated.
Denom. $1,000.
Date April 1 1921.
OFFERING.—Bids
CHAFFEY
UNION
HIGH
SCHOOL
DISTRICT,
Bernardino
County, Calif.—BOND OFFER ING.—Until 11 a. m. March 28 Harry L.
Allison, Clerk of Board of County Supervisors (P. O. San Bernardino) will
receive sealed bids for $75,000 6% school bonds.
Denom. $1,000.
Date
July 12 1920.
Int. J. & J.
Due yearly on July 12 as follows: $5,000 1939,
and $10,000 1910 to 1946, incl.
Certified check or cash for $1,000. payable
to the Board of County Supervisors, required.
The validity of this bond
issue has been approved by M- Melveney. Milliken & Tuller of Los Angeles.
Official circular states that no litigation is pending affecting the corporate
San
*
CLEARWATER HIGHWAY DISTRICT (P. O. Orofino), Clearwater
County, Idaho.—BOND OFFERING.—Until 5 p. m. April 11 Samson
Snyder, Secretary of the Highway Commission, will receive proposals for
$200,000 10-20 year (opt.) coupon highway bonds at not exceeding 6% int.
Denom. $1,000.
Date Nov. 1 1919.
Int. semi-ann.
Legality approved
by Wood & Oakley of Chicago.
CLEVELAND COUNTY
(P. O. Shelby), No. Caro .—BOND OFFER¬
ING.—Sealed bids will be received until April 11 by R. L. Weathers, Clerk
Board of County Commissioners, for $50,000 6% road bonds, it is stated.
COLUMBUS, Luna County, N. Mex.—BOND SALE.—The American
purchased from this place $85,000 6% water bonds
These bonds are part of a total issue of $100,000.
Cast Iron Pipe Co. has
at par.
COMPTON CITY SCHOOL DISTRICT, Los Angeles County,
—BOND
OFFERING.—Proposals will be received until 11
a. m.
Calif.
April 11
by L. E. Lampton, County Clerk (P. O. Los Angeles), for $98,000 6% school
bonds.
Denom. $1,000.
Date April 1 1921.
Prin. and semi-ann. int.
payable at the office of the County Treasurer.
Due yearly on April 1 as
follows:
$3,000, 1922 to 1943, incl., and $4,000, 1944 to 1951, incl.
Certi¬
fied or cashier's check for 3% of the amount of bonds bid for,
payable to the
Chairman of Board of County Supervisors, required.
Bonded
Assessed value, 1920, $2,243,765.
Population (est.), 3,500.
CONRAD,
received
V.
months from
CASS SCHOOL TOWNSHIP (P. O.
B. Plumlee.
required.
m.
—BONDS NOT SOLD.—The $88,000 6% school bonds offered
—V. 112, p. 957—were not sold, as no bids were received.
COUNTY
(P.
O.
Celina),
Tenn .—BOND OFFERING.—
County Judge, will receive sealed proposals until 1 p. m.
March 21 for $30,000 coupon school bonds.
Bonds shall bear interest at
the rate not exceeding 5% per annum, payable semi-ann. on July 1 and
and Jan. 1 each year at place desired by purchaser, and said bonds to be
due and payable in not more than 25 years from date of issuance, and not to
be sold for less than par.
Cert, check for $1,000 payable to above Judge,
H.
on
Pondera
March
County,
debt, $8,000.
Mont.—BIDS REJECTED.—All bids
6% water works system bonds—
being unsatisfactory.
10 for the $180,000
112, p. 675—were rejected,
as
COOK
COUNTY (P. O. Chicago), 111.—BOND OFFERING.—Henry
Zender, Supt. of Dept. of Public Service, will receive bids until 1:30
Mar. 28 for $2,000,000 4H% State-aid road bonds.
Date Mar. 25
1921.
Int. A. & O.
Due $25,000 yearly on Apr. 1 from 1925 to 1940 incl.
Cert, check for $10,000, payable to Daniel Ryan, Preisdent of Board of
County Commissioners, required.
A.
p.
m.
COOS COUNTY (P. O. Lancaster),
N. H.—BOND OFFERING.—'The
Vaillancourt, Chairman) will receive bids
Denom. $1,000Due $5,000 yearly on Dec. 1
County Commissioners
(J.
A.
until 2 p.m. March 29 for $50,000 coupon funding bonds.
Date
April 1 1921.
CORNING,
Steuben County,
from 1922 to 1931, incl.
N.
Y.—BONDS RE-OFFERED.—Her
-
bert R. Starner, City Chamberlain, will receive bids until 2 p. m. March 22
for the following 5% coupon bonds, which failed to sell when offered on
March 7—V. 112, p. 1052:
$170,000 Pine Street Bridge bonds.
Denom. $500 and $1,000.
Due yearly
on March 1 as follows:
$5,000, 1922: $2,500, 1923 to 1940, incl.;
$5,000, 1941 to 1956, incl., and $10,000, 1957 to 1960, incl.
THE
1186
$30,000 Sewer and
water bonds.
Denom. $1,000.
Due $3,000 yearly
1931, incl.
Principal and semi-ann. int. (M. & S.) payable at
the Columbia Trust Co. of New York.
Certified check on an incorporated
bank or trust company for 3% of amount of bonds bid for, payable to the
City Chamberlain, required.
Legality will be approved by George S. Clay
of New York.
Purchaser to pay accrued interest. ,
on
March 1 from 1922 to
Date March 1 1921.
COUNCIL BLUFFS,
Pottawattamie County,
Iowa.—BOND SALE.—
ELYRIA, Lorain County, Ohio.—BOND SALE.—On March 11 the
$10,000 6% coupon paving bonds offered on that date—V. 112, p. 958—
were awarded to A. E. Aub & Co. of Cincinnati for $10,300, equal to 103,
a basis of about 5 72%.
Date Feb. 1 1921.
Due $2,000 yearly on Feb. 1
from 1936 to 1940 incl.
The bidders follow;
A E Aub & Co
Cin
$10,300 00IN. S. Hill & Co;, Cin
$10,119 00
Poor & Co., Cincinnati... 10.207 50! W. L. Slayton & Co . Tol. 10,071 00
A. T. Bell & Co., Toledo. 10,204 68|Prudden & Co., Toledo.. 10,058 00
Prov. S. B. & Tr. Co.,Cin. 10,177 001Seasongood & Mayer, Cin. 10,052 00
Savings Bank of Council Bluffs wras the successful
for the $100,000 5A % water-wcrks-plant-extension
bonds fV. 112, p. 1052) at 100.10. and interest
Date Feb. 1 1921. Due
$40,000 Feb. 1 1931 and 1932 and $20,000 1933, optional after Feb. 1 1931.
,
The Council Bluffs
bidder
ERIE
11
Mar.
on
OFFERING.
Com¬
6% gold coupon funding
Principal and semi-ann.
March 1 1936.
payable to
which au¬
be fur¬
the bonds
valid obligations of Craven County.
Purchaser to pay accrued int.
CROWLEY COUNTY SCHOOL DISTRICT NO. 12 (P. O. Ordway).
—BOND ELECTJCN—SALE.— Subject to beirg voted at an early election,
Boswortb, Chanute & Co. of Denver have purchased $30,000 6% 10-20
year (opt.) school funding bonds at 100.53.
Other bidders were: Benwell,
Phillips, Este & Co. of Denver, 100.415; Keeler Brothers & Co. of Denver,
100; Bankers Trust Co. of Denver, 99.58; and Citizens State Bank of
Int. payable at the Hanover National Bank, N. Y.
Due
Certified check or cash for 2% of the amount of bonds bid for,
Craven Countyf required.
The bonds are issued under an Act
thorizes an unlimited tax to pay them.
The successful bidder will
nished with the opinion of Reed, Dougherty & Hoyt of N. Y. that
are
Ordway, 99.
Total bonded debt
required.
Population (est ), 2,500
4
CUYAHOGA COUNTY (P. O. Cleveland), Ohio.—BOND OFFERING.
Clerk of Board of County Commissioners, will receive bids
until 11 a. m. March 20 for $86,294 10 6% coupon bonds.
Denoms. 1 for
$294 10 and 86 for $1,000.
Date March 1 1921.
Interest
Due each six months as follows: $294 10 Oct. 11922; $2,000 April 1 1923 to
April 1 1935, inclusive; and $3,000 Oct. 1 1935 to April 1 1941. inclusive.
Certified check on some bank other than the one making the bid, for 1%
of amount of bonds bid for, payable to the County Treasurer, required.
Bonds to be delivered and paid for at Cleveland.
Purchaser to pay accrued
semi-annual.
Washington), Ind.—BOND
bridge bonds will be received
FOUNTAIN COUNTY
—Albert
OFFERING.—
interest. '
purchase of $9,513 4M% John Walsh
et al. Washington Twp. road bonds will be received until March 29 by O. M.
Vance. County Treasurer.
Int. M. & N.
Due $951 30 each six months
from May 15 1921 to Nov. 15 1925 inclusive.
Purchaser to pay accrued
BOND OFFERING.—Bids for the
Ohio.—BOND OFFERING.—E. E.
$75,-
1921.
Cert,
check for 5% of amount of bonds bid for, payable to the City Accountant,
required. ' yVv',
v'Y; v'"•
'
DAYTONA, Volusia County, Fla.—BOND OFFERING.—Proposals
will be received until 3 p.m. March 21 by the Board of City Commissioners
for the $450,000 5% coupon bonds offered without success on Dec. 8-—
V. Ill,
p. 2443.
Denom. $1,000. Date Nov. 11919. Principal and semi¬
annual
(M. & N.) payable at the National Bank of Commerce,
at the Merchants Bank, Daytona, at option of holder.
Due
interest
New York, or
yearly on Nov. 1 as follows: $5,000, 1924 and 1925; $8,000, 1926 to 1928
mcl.: $12,000. 1929 to 1931 incl.; $15-000. 1932 to 1934 incl.; $18,000. 1935
to 1937 incl.; $21,000. 1938 to 1940incl.; $24 000, 1941 to 1943 incl,; $27,000,
1944 to 1946 incl.; $30 000, 1947 and $35,000. 1948.
Certified check for
2%, payable to the "City of Daytona," required.
The validity of these
bonds has been approved by the Judge of the Seventh
Judicial Circuit
Court of Florida and by John C. Thomson of New York.
DE
KALB
O. Auburn), Ind.—BOND OFFERING.—
will receive bids until 10 a. m. Mar. 25
(P.
COUNTY
H. Baber, County Treasurer,
C.
5% George W. Ditmars et al county unit road impt. bonds.
Denom. $600.
Date Mar. 15 1921.
Int. M. & N.
Due $1,200 each six
months from May 15 1922 to Nov. 15 1931, incl.
for $24,000
County,
Delaware
DELAWARE,
received for the $12,000 6%
—V.
coupon
Ohio.-r-NO BIDS.—No bids were
funding bonds offered on March 12.
112, p. 958.
Juneau), Wis.—BOND OFFERING.—
Sealed proposals will be received until May 3 by Emanuel Pfaff, County
Clerk, for about $600,000 highway bonds.
COUNTY
DODGE
O.
(P.
DOUGLAS COUNTY (P. O. Alexandria), Minn.—BOND SALE—On
March 11 the $33,000 6% ditch bonds—V .112, p. 958—were sold to the
Minneapolis Trust Co. of Minneapolis at 101, a basis of about 5 875%.
Denom. $1,000
Date March 1 1921
Int semi-ann.
Duo March 1 1931.
Omaha), Neb.—BOND OFFERING.—
March 28 by Frank Dewey, County
Clerk and Clerk Board of County Commissioners, for $200,000 5% coupon
court-house bonds.
Denom. $1,000.
Date Jan. 1 1920.
Prin. and semiann. int. payable at the office of the County Treasurer.
Due $100,000 Jan.l
1939 and $100,000 Jan. 1 1940.
Cert, check or cash for $2,500 payable
to the above official, required.
Each bidder is also requested to submit
a separate bid for the purchase of $100,000 of said bonds to become due and
payable on Jan. 1 1939, so that in the event the bids received for the pur¬
chase of the whole $200,000 of said bonds are not satisfactorv to the Board
of County Commissioners, said Board mav consider the bids submitted
for the purchase of the said $100,000 of said bonds.
DUNN, Harnett County, No. Caro.—BOND OFFERING.—Sealed bid
will be received by W. E. Baldwin, Town Treasurer, until 4 p. m. March 25
for $60,000 6% gold water and sewer bonds.
Bonds are registerable as to
principal.
Denom. $1,000.
Date April 1 1921.
Principal and semi¬
annual interest (A. & O.) payable in New York.
Due yearly on April 1 as
follows: $2,000, 1924 to 1944, inclusive; and $3,000. 1945 to 1950. inclusive.
Certified check or cash for $1.200 required.
Legality approved by Chester
B. Masslich, New York; certification of signatures and seal by U. S. Mtge.
& Trust Co., New York.
Bonds will be delivered in New York on or about
April 1 1921.
Bids must, be on blank forms which will be furnished by the
said trust company or the Town Treasurer.
DOUGLAS
COUNTY
(P.
O.
Sealed bids will be received until 12 m.
Financial Statement.
-$4,546,112
4,546,112
334 000
floating debt will be retired immediately after the issuance
Assessed valuation, 1920
Estimated actual valuation.
Total bonded debt, existing and
All
of the
_
__~~I
proposed
proposed bonds
„
_
Denom. $1,975
!$51,700 bonds. Denom. 82.585
$1,010
I 25.600 bonds. Denom. $1,280
Int. M & N.
Due one bond of each issue semi¬
annually from May 15 1922 to Nov. 15 1931 inclusive.
20.200 bonds. Denom
Date March 15 1921.
Brookvllle), Ind .—BOND
FRANKLIN COUNTY (P. O.
OFFERING.—
bids until 1 p. m. Mar. 22
al. Brookville Twp. road bo"ds.
Denoms.
Date April 4 1921.
Int. M. & N. Due
$4,460 each six months from May 15 1922 to Nov. 15 1931, incl.
Thos. H. Feltz, County
Treasurer, will receive
4 A % J. C. Morin et
120 for $500 and 40 for $730".
for $89,200
FRANKLIN COUNTY (P. O.
Columbus), Ohio.—BOND
OFFERING.
will
—Ralph W. Smith, Clerk of Board of County Commissioners,
receive
bids until 10 a. m. Mar. 25 for $364,000 5A% Shadevilie Bridge
Denom. $1,000.
Date Apr. 1 1921.
Prin. and semi-ann. int. (A.
payable at the City Treasurer's office, where bonds will also
delivery on Apr. 1.
Due yearly on Apr. 1 as follows: $18,000
to
incl. and $19,000 1938 to 1941 incl.
Cert, check on a solvent national bank
or trust, company for 1 % of amount of bonds bid for, payable to the
Commissioners, required.
Purchaser to pay accrued interest.
bonds.
& O.)
be ready for
1922
1937
County
Cherokee
GAFFNEY,
County,
Caro.—BOND OFFERING.-—
So.
of
Clerk.
until 11 a. m. March 22 for all or any part
6% street-improvement bonds by W. H. Ross, Town
Denom. $1,000.
Date April 1 1921.
Principal and semi-annual interest
(A. & O.) payable in New York in gold.
Due $10.COO yearly on
from 1926 to 1935, inclusive.
Certified check on a South Carolina
or
Sealed bids will be received
$100,000
April 1
bank
national bank anywhere else for 2% of bonds bid for.
payable to; the Town Treasurer, "required.
Approving legal opinion of!
Chester B. Masslich, New York.
Bonds will be delivered on or about
April 1 1921, at any place east of the Mississippi River, at option of pur¬
trust company or a
chaser,
GALVESTON COUNTY (P. O.
VOTED —
$100,000 5M% causeway
Galveston), Tex.—BONDS
By a vote of 782 to 53 the question of issuing
bonds carried on March 5—V. 112, p, 675.
GARDNER, Worcester County, Mass.—TEMPORARY LOAN.—On
17 R. L. Day & Co. of Boston were awarded a temporary loan
March
$200,000 on a 6.08% discount
Nov. 25 and Dec. 8 1921.
basis.
Due $50,000 on Nov. 3,
SCHOOL CITY (P. O. Gary),
GARY
of
Nov. 10,
Lake County, Ind.—BOND
until 8 p. m.
OFFERING.—The School Trustees will receive proposals
$105,000 6% school bldg. and refunding bonds.
Mar. 24 for
Date April 1
1921.
Int.
semi-ann.
Due April 1 1926. Cert, check for $10,000,
required.
Purchaser to pay accrued interest.
Bonded Debt
issue), $742,591.
Assessed Value 1920, $138,095,515.
Population
Census, 55,543.
(incl. this
1920
GEDDES (P. O.
ING—Bids will be
Solvay), Onondaga County,
N. Y.—BOND OFFER¬
received until 2 p m. March 22 by Chas. R. Tindall,
$35,000 6% water bonds
Denom. $1,000. Date Mar. 1
1921
Int semi-ann
Due $1,000 Mar. 1 1924 and $2,000 yearly on Mar l
from 1925 to 1941 incl.
Cert, check for $1,000 required.
Bonds to be de¬
livered and paid for on April 1 unless another date is agreed upon.
Legality
approved by George S. Clay.
Town Clerk, for
.
GONZALES COUNTY (P. O.
Gonzales), Tex.—BOND OFFERING.—
received until 2 p. m. May 9 by J. C. Romberg, County Judge,
following 5 A % bonds which were offered without success on Feb. 14.
—V. 112, p. 867.
\
$104,000 Road District No. 5 bonds, authorized by a vote of 171 to 42 at
an election held July
19 1919.
Date Jan. 1 1920.
Due $3,000
for 16 years and $4,000 for 14 years.
Total debt of this district,
this issue only.
Valuation of property of district 1920, $765,350;
actual value of property of district (est.) $2,300,000; tax rate
(total, all purposes), $2.59 on $100 assessed valuation; population
Bids will be
for the
(estimated), 4,000.
48
100,000 Road District No. 8 bonds, authorized by a vote of 143 to
at
an election held May 31 1919.
Date Jan. 1 1920.
Due $3,000
for 20 years and $4,000 for 10 years.
Total debt of this district
this issue only: Valuation of property of district 1920, $1,167,330;
actual valuation Of property of district (est.) $3,350,000; tax
rate (for all purposes) $2.04 on $100 assessed valuation; population
(estimated). 4.000.
$1,000.
Int. semi-ann. (J. & J.) payable at Gonazles or at
National Bank, N.Y., at option of holder.
Cert, check
2%, payable to the above County Judge required.
Denom.
Seaboard
GRAND
RAPIDS,
Kent
County,
conditional bid was received from Sidney
of $384,000
V.
112.
p.
Mich.—BID
the
for
RECEIVED.—A
the issue
Mar. 15—
not to accept
& Co. of Toledo, for
on
5% tax-free tuberculosis hospital! bonds offered
1052.
The city has not yet decided whether or
COUNTY SCHOOL DISTRICT NO. 128, Wash —BOND
SALE.—j-The $85,000 school bonds offered on Mar. 7 (V. 112. p. 766) have
sold to the State of Washington at par and interest for 5 Ms.
-—
-111II11""" 111111111
2.805
Columbiana County, Ohio.—BOND OFFER¬
will receive bids until 12 m. Apr. 7 for
special assessment North Ave. impt. bonds.
De¬
nom. 70 for $500 and 10 for $354 48.
Date Sept. 1 1920.
Int. M. & S.
Due $3,854 48 yearly on Mar. 1 from 1921 to 1930 incl.
Cert, check on a
solvent bank, for 2% of amount of bonds bid for, payable to tha village
Treasurer, required.
Bonds to be delivered and paid for within ten days
from date of award.
Purchaser to pay accrued interest.
PALESTINE,
ING.—O. L. Butts, Village Clerk,
coupon
EL PASO COUNTY CONSOLIDATED SCHOOL DISTRICT NO. 23
Peyton), Colo.—BONDS DEFEATED.—Newspapers state that
20,000 school bonds have been defeated.
Neb.—JBOND
house bonds
Due Nov. 1 1925.
DISTRICT NO. 5, Neb.—BOND
of Nebraska purchased $8,000 6%
Date Aug. 1 1920
Due yearly be¬
GREELEY COUNTY SCHOOL
DISTRICT NO. 2,
— This district during January sold $6,000 6% school
to the State of Nebraska.
Date Nov. 1 1920.
SALE
Ofifi
bonds:
$39,500 bonds.
been
$98,734
Total deductions.
Net debt
O.
Ind.;—BOND OFFERING
bids until April 2
Twps. road impt.
GRANT
Sinking funds (except for bonds for revenue producing
property)
$1,420
Special assessments actually levied and applicable to some
of above bonds
59 314
Proposed water bonds___
-_I_IIl38!000
$38,544 83 6%
(P. O. Covington),
McElwee, County Treasurer, will receive
5% Fulton, Cain, Troy and Richland
H.
for the following
this offer.
Deductions—
Population Census of 1920-
OFFERING.—-""rank D.
Mar. 25 for $81,000 5%
water-works impt. bonds.
Date Apr. 15 1921.
Prin. and semiann. int.
(A. & O.), payable at the City Treasurer's office.
Due $25,000
on Apr. 15 in 1944 and
1945 and $31,000 Apr. 15 1946.
Cert, check for
$1,000 required.
Opinion of Wood & Oaklnv of Chicago will be furnished
the purchaser.
Purchaser to furnish the blank bonds.
1920.
DAYTON, Montgomery County,
delivered to the purchaser at
coupon
until 2 p. m. Mar. 30
Hagerman, City Accountant, will receive bids until 12 m. Mar. 31 for
000 514% coupon bridge bonds.
Denom. 31,000.
Date Mar. 1
Prin. and semi-ann. int. payable in New York,
Due Mar. 1 1941,
These notes will be
Co., Boston.
FLINT,
Genesee County.
Mich.—BOND
King, City Clerk, will receive bids until 8 p. m-
by Daniel I. Myers, County Auditor.
Denom. $500. Date Dec. 15
Prin. and semi-ann. int. (M. & N.) payable at the County Treasurer's
office.
Due $7,000 each six months from May 15 1922 to Nov. 15 1926,
incl.
accrued interest.
pay
Commonwealth Trust
the
interest.
DAVIESS COUNTY (P. O.
Purchaser to
spected at any time.
•—E. G. Krause,
Bids for $70,000 6%
OFFERING.—
will
for $27,500 6%
ESSEX COUNTY (P. O. Salem), Mass —NOTE OFFERING.^—Pro¬
posals for the purchase at discount of $350,000 tuberculosis hospital re¬
newal and $200,000 tuberculosis hospital tax-free notes will be received until
12 m. Mar. 22 by David I. Robinson. County Treasurer.
Denoms. $5,000
and $10,000.
Date Apr. 1 1921.
Payable Apr. 1 1922 at the Common¬
wealth Trust Co. of Boston.
These notes are prepared under the super¬
vision of and certified as to genuineness by the Commonwealth Trust Co.,
and their legality approved by Ropes, Grav, Boyden & Perkins, whose
opinion will be furnished the purchaser .
All papers incident to this issue
will be filed with the Commonwealth Trust Co., where they may be in¬
--$3,108,330
147,000
1919
(including this issue)__-
Ohio .—BOND
of County Commissioners,
Inter-County Highway
No. 288 impt. bonds.
Denom. $500.
Date Dec. 1 1920. Prin. and
semi-ann. int. (J. & D.) payable at the County Treasury.
Due yearly
on Dec. 1 as follows:
$5,000 1922 and 1923, and $2,500 1924 to 1930 incl.
Cert, check on a Sandusky bank for $500. payable to the County Treasurer,
Financial Statement.
valuation
Assessed
(P. O. Sandusky),
Ehrhardt, Secretary of Board
COUNTY
Reuben G.
receive bids until 10 a. m. Mar. 21
CRAVEN COUNTY (P. O. New Bern), No. Caro.—BOND
m. March 28 Garrison A. Farrow. Clerk of Board of County
—Until 12
missioners, will receive sealed bids for $260,000
bonds.
Denom. $1,000.
Date March 1 1921.
[Vol. 112.
CHRONICLE
at par
GREELEY COUNTY SCHOOL
SALE—During January the State
site ponds at par.
school bouse and
ginning Aug
1 1921.
O. Bloomfietd), Ind.—BONDS SOLD IN
of road impt. bonds aggregating $268,400,
112, p. 766—the $52,000 5% 10-installment
and $44,000 5% Benjamin McDermott et al.
GREENE COUNTY (P.
PART—Of the eight issues
offered on March 4—V.
Irwin Long County Unit
County Unit road bonds were
no bids for other six issues.
awarded to C. C. Shipp & Co.
There were
GREENVILLE, Greenville County, So. Caro.—BONDS NOT SOLD.
—On Jan. 15 the four issues of 5% bonds, aggregating $400,000 (V. 112,
p. 181), were not sold.
March 19 1921.]
THE
CHRONICLE
Lake County, Ind.—BONDS RE-OFFERED.—Proposals
t
not£SJ5100a°t00 6%.|r-20-year
Mar. 9 (V.
not sold
TW
Due
on
on
serial municipal refunding
bonds offered but
112, p. 959) will be received until 10
a.
m.
Apr
5
^y- Broertjes, pity Comptroller. Denom. $500.
Date Mar.
1
nnn'
semivann' ^t. payable at the City Treasurer's office.
$5,000
looi
.
yearly
and
on
after Mar.
1
Mar. 1 from 1922 to 1941 incl.,
being subject to call
1929.
Certified check for $2,500
required.
SALE.—On Mar. 15
$250,000 5% tax-free bonds offered on that
date (V. 112
n
959)
were awarded
to Biddle &
Henry of Philadelphia and the Commonwealth
of
Harrisburg, at 100.323, a basis of about 5.97%.
Date Mar. 1
•£?
R.ue $8,400 yearly
i
on Mar. 1 from 1922 to 1950, incl., and $6 400
Other bidders for the whole issue were:
'
Mar. 11951.
J. H.
Holmes & Co.
100 29
Merchants
National
Bank
of
>£Els^.ur,gh .Trus4 Co
...100.10
Harrisburg
100.01
1 he
following two bids were received for $238,000, omitting $400 of
each
maturity: Brown Bros. & Co., 100.677; and Graham, Parsons &
Co., 100.55.
C°UNTY
DRAINAGE
DISTRICT
REGISTERED.—An issue of $20,000 6%
March 9 witn the State
Comptroller.
HEMPSTEAD
TOWN
SCHOOL
NO.
9,
serial bonds
DISTRICT
Tex.—BONDS
was
registered
on
O. Hempstead),
Nassau County, N. Y.—BOND
OFFERING.—George H. Bankney, Clerk
ot Board of
Education, will receive bias until 8 p. m. Mar. 31 for
$300,000
b% tax-free coupon (with
privilege of registration) high-school bonds.
Denom. $1,000.
Date Mar. 1 1921 <
Prin. and semi-ann. int. (M. &
S.)
payable at the Second National Bank of
Hempstead.
Due $10,000 yearly
on Mar.
1
(P.
from 1925 to 1954 incl.
Cert, check on an incorporated bank
trust
company for 2% of amount of issue required.
Legality approved
"7 Hawkins, Delafield & Longfellow, a copy of whose opinion will
be
or
nished the purchaser.
value 1920
$7,712,855.
fur¬
Bonded debt (incl. this
issue), $719,375.
Assessed
;
HENDERSON,
S.
Vance County,
No. Caro.—BOND
OFFERING.—
Burwell, City Clerk, will receive sealed bids for $25,000
6% sewer
B.
bonus until
7.30 p. m. March 28.
Denom. $1,000.
Date Jan. 1
Prin. and semi-ann. int.
(J. & J.) payable in New York in gold.
$1,000 yearly on July 1 from 1922 to
1946, incl. Cert, check or cash
incorporated bank
1921.
for $500 payable to the City or Super¬
visor of
Finance, required.
Delivery on or about April 4 1921 where
purchaser elects, east of
Mississippi River.
Approving opinion of Chester
B.
Masslieh,
follows:
Bidder—
N. Y.
HENDERSONVILLE,
sealed
Henderson
County,
No.
Caro.—BOND
8 p. m. April 2 G. W. Brooks, City Clerk, will
receive
fror $250,000 6% street bonds.
Denom. $1,000.
Date
Prin. and semi-ann. int. payable at the Hanover
National
Due yearly on April 1 as follows: $12,000 1924 to
pronosals
April 1 1921.
Bank, N. Y.
1053,
Premium
$10 240
________
__*
9,080
6,200
2,920
2,160
JACKSON COUNTY (P. O. Jackson), Minn.—BOND
OFFERING.—
D. McKellar, County Auditor, will receive
sealed proposals until 10
m. Mar. 29 for $178,500
6% public drainage bonds.
Date Mar. 1 1921.
Prin. and semi-ann. int.
payable at any bank or trust company designated
by the purchaser.
Due yearly as follows: $7,500
1926; $8,000
1927
$12,000 1928 to 1939 incl.; $10,000 1940, and $9,000 1941.
Cert, check for
$8,925, payable to the County Treasurer, required.
P.
a.
JASPER COUNTY (P. O. Rensselaer), Ind.—BOND
OFFERING.—
John T. Biggs, County Treasurer, will receive bids until
Apr.. 4 for the fol¬
lowing 5% stone road impt. bonds:
$17,000 William Hershman et al. Walker Twp. bonds.
Denom.
$850.
Duel$850 each six months from Alay 15 1922 to Nov. 15 1931 incl.
21,000 Lenley Jonas et al. Wheatfield Twp. bonds.
Denom. $1,050.
Due $1,050 each six months from May 15 1922 to Nov. 15
1931 incl.
Date Mar. 15 1921.
Int. M. & N.
JEFFERSON COUNTY (P. O. Birmingham), Ala.—BOND SALE.—
On Alarch 8 the $80,000
5% road bonds—V. 112, p. 959—were sold to
Vines & Miers, contractors, at par and accrued interest'Date April 1
1920.
Due April 1 1929.
JEFFERSON
SCHOOL
TOWNSHIP
County, Ind.—BOND OFFERING.—J.
will receive bids
bldg.
and
II.
until 2:30 p. m. March 21
O.
Kempton), Tipton
Ferguson, Township Trustee,
for $100,000 6% high school
and
repair bonds.
Denom. $1,000.
Date Mar. 15 1921.
Prin.
int. (M. & S.) payable at the Citizens National Bank of
Due $2,000 March 15 1922 and $7,000 yearly on March 15 from
1923 to 1936 incl.
of bid
amount
the
(P.
semi-ann.
Tipton.
OFFERING.-—Until
p.
r
Weil, Roth & Co., Cincinnati
Provident Savings Bank & Trust Co., Cincinnati
V—
Kaufman-Smith-Emert Co., St. Louis_____________
Breed, Elliott & Harrison, Cincinnati.
The Davies-Bertram
Co., Cincinnati
Fifth-Third National Bank, Cincinnati
First National Company, Detroit
i
Barr & Schmetlzer, New York.
riiiT'j.'
Hayden Miller Co., Cleveland
Stacy & Braun, Toledo
Due
on an
trust company
or
IRONTON SCHOOL DISTRICT (P. O.
Ironton), Lawrence County,
°P10;—BIDDERS.—A complete list of the bidders for the $400,000 6%
school-house-erection bonds, sale of which was reported in V.
,112,
„__
BBU R G, Dauphin County, Pa.—BOND
,,
the
1187
necessary
Cert, check
required.
bonds.
on
some
Purchaser
to
bank in Tipton County for
2% of
pay acerued interest and furnish
JEROME HIGH SCHOOL DISTRICT, Yavanai
County, Ariz.—
BONDS CAN BE ACQUIRED.—The $205,000 6% school bonds, which were
1927, incl.;
$14,000 1932 to 1935, incl.; $15,000 1936 and
1937, and $16,000 1938 to 1941, incl.
Cert, check on some incorporated
bank or trust company for
$5,000 payable to the City Treasurer, required.
The city will furnish the
approving opinion of Storey, Thorndike, Palmer
& Dodge of Boston and C.
N, Malone and G. A. Thomaston of
Ashevilie,
and will
p. 2249—can be acquired at a
The bonds bear the following
Date Dec. 1 1920.
Prin. and semi-ann. int.
payable at the office of the County Treasurer, or at the First National
Bank, N. Y.
Due Dec. 1 1940.
J. O. Muller is Superintendent.
HIGHMORE SCHOOL DISTRICT (P. O.
Highmore), Hyde County,
So. Dak.—BOND SALE.—An issue of
$60,000 7% school-bu Iding bonds
was sold on Feb
16 to the Wells-Dickey Co. of
Minneapolis for $61,575,
equal to 102 62.
Denom. $1,000.
Date Jan. 1 1921.
Int. J. & J.
JOHNSON COUNTY (P. O. Franklin), Ind.—BOND SALE.—'The
$17,500 4Vi% Griffith et al. White River and Pleasant Twps. road-impt.
on Mar.
10 (V. 112, p. 959) were awarded to the Farmers'
Trust Co. of Franklin at par and int;
§13,000 192'$ to 1931. incl.;
also furirsh the bond forms.
offered
appeared in V. 112,
statement:
p.
1052,
we are now
in receipt of the following financial
Financial
Statement..
Assessed valuation, 1920
Total indebtedness, this issue
only
Population. 1920 census
Assessed valuation of
Hillsborough County.
Debt of Hillsborough County
_
SPRINGS
COUNTY
HIGH
_
SCHOOL
Thermopolis), Wyo.—BOND SALE.—On
building bonds'were sold
to the State of
$1,954,482
170,000
_2,901
____
Population of Hillsborough County, 1920i
HOT
___
March
$35,061,386
1,996,000
87.901
DISTRICT
14
Wyoming at
O.
$100,000 6% school
par.
HUNTINGTON COUNTY (P. O.
Huntington), Ind.—BOAT) OF¬
FERING.—J. Frank Barnes, County Treasurer, will receive
bids until
10 a. m. Mar. 22 for $16,000
4H% Ephriam "Smith et aL Jackson Twp.
road bonds.
Denom. $1,600.
Date Mar, 15 1921.
Int. M. & N.
Due
$1,600 each six months from May 15 1922 to Nov. 15 1926, incl.
HUNTINGTON
PARK CITY SCHOOL
DISTRICT, Los Angeles
County, Calif.-r— BOND OFFERING.—L. E. Lamp ton. County Clerk
(P. O. Los Angeles), will receive
proposals until 11 a. m. Mar. 28 for
$89,000
6%
school bonds.
Denom. $1,000.
Date Mar. 1 1921.
Prin.
payable at the office of the County Treasurer.
Due
Mar. 1 as follows: $2,000 1922: $3,000 1923. and 1924;
$4,000
1925 to 1930 incl.; $5,000 1931 to 1939 incl., and
$6,000 1940 and 1941.
Cert, or cashier's check for 3% of the amount of bonds
bid for. payable
to the Chairman Board of
County Supervisors, required.
Bonded debt,
$156,000. Assessed value 1920, $4,926,215. Population
(estimated),
and semi-ann. int.
on
12,000.
HYDE COUNTY DRAINAGE DISTRICT
NO. 2, No. Caro.—BOND
OFFERING.—Bids will be received until 12 m. Alar. 26 for the
$393,000
6% gold bonds (V. 111. p. 2156).
Date Jan. 15 1921.
Int. J. & J.
Due
yearly on Jan. 15 from 1924 to 1933 incl.
Cert, check drawn on a
house
Alann
clearing
bank
required.
&
for $500. payable to the Board of
Drainage Commissioners,
Proposals should be directed to J. A. Leigh, Chairman, care of
Alann, Swan Quarter.
IDAHO
(State of).—NOTE OFFERING.—D. F. Banks; State Treas¬
O. Boise), will receive sealed bids on or before
10 a. m. Mar. 24
following notes:
$1,000,000 General Fund Treasury notes at not exceeding
7lA% interest.
Cert, check for $20,000,
payable to the State Treasurer, re(P.
urer
for
the
ouired.
.
250,000 Highway Fund Treasury notes at not
exceeding 7% interest.
Cert, check for $5,000. payable to the State
Treasurer, required.
Denom. to suit purchaser.
Date Apr. 1
1921.
Due Mar. 1 1922.
Holder will have right to registration and to
payment in City of New York.
The State of Idaho will furnish
opinion as to legality by Jno. C. Thomson
Y. and will also furnish bonds.
BOND OFFERING.—D. F. Banks, State Treasurer
(P. O. Boise) will
also receive bids until the above time and date for the
following coupon
of N.
bonds at not exceeding 6% interest:
$238,500 State institutions impt.
bonds.
Denom.
to
suit
purchaser.
Date Apr. 1 1921.
Due Apr. 1 1941, optional on or after
Apr. 1
1931.
Cert, check for $5,000, payable to the State
Treasurer,
required.
70,000 Lava Hot Springs impt. bonds.
Denom. $1,000.
Date Jan. 1
1921.
Due Jan. 1 1941, optional on or before Jan. 1
1931.
Cert,
check for $1,500, payable to the State
Treasurer, required,
Prin. and semi-ann. int. payable at the office of the
State Treasurer.
Holders will have right to registration as to
principal and interest, or both,
also right to demand payment of
principal or interest, or both, in New York.
IDAHO (State of)—BOND SALE NOT
COMPLETED.—'The sale on
Jan. 31 of the $2,000,000 5% tax-free
coupon (with privilege of registration)
state highway bonds to the National City
Co., E. II. Rollins & Sons, and
Hannahs, Ballin & Lee, all of New York.—Y. 112, p. 582—was not
com¬
pleted.
INDEPENDENCE, Cuyahoga County, Ohio.—BOND SALE.—The
$35,000 6% coupon electric-transmission bonds offered on Feb. 15 (V. 112
p. 582) were awarded to the Pearl Street Savings & Trust Co. of Cleveland
for $35,050 (100.143) and interest, a basis of about
5.97%.
Due yearly
on
Oct.
1
as
follows:
JOHNSON COUNTY COMMON SCHOOL DISTRICT NO. 2, Tex.—
March 8 $5,000 5% 10-2()-year bonds were
BONDS REGISTERED—On
registered with the State Comptroller.
KANSAS
$2,000 1925; $3,000 1926, 1927 and 1928. and $4,000
1929 to 1934 incl.
CITY,
Mo
—CERTIFICATE
OFFERING.—Until
2
p.
m.
Alar. 24 T. C. Harrington, Secretary Board of Park Commissioners, will
receive proposals for $73,678 32 6% park-fund certificates. Series "A-13."
Denom. $500.
Prin. and semi-ann. int. (J. & J.) payable at the office of
the
City Treasurer.
Due yearly in
10 annual installments.
Cert, check
for $2,500 required.
KANSAS CITY SCHOOL DISTRICT
(P. O. Kansas City), Jackson
Mo.—-BOND ELECTION.—An issue of $5,000,000 5% 29-year
school bonds will be submitted to the voters on April 2.
D ononis.
4,000 for $1,000 and 200 for $5,000.
Date July 1 1921.
Prin. and semiann.
int. (J. & J.) payable in gold in New York.
D. Al. Pmkerton is
County,
(P.
HUNTINGTON (P.
O.
Centreoort), Suffolk County, N. Y.—
BOND OFFERING.—Bids will be received until 2
p. m. April 1 by Abraham
L. Field, Town
Supervisor, for $15,000 5% bridge construction bonds.
Denom. $1,000.
Date April 15 1921.
Prin. and semi-ann. int. (J. & J.)
payable at the Town Supervisor's office.
Due $1,000 July 1 1926, and
$2,000 yearly on July 1 from 1927 to 1933. incl.
Cert, check for $500,
payable to the Town Supervisor, required.
Bonds to be delivered and paid
for at the Town Supervisor's office on
April 15.
yearly
Nov. 19—V. Ill,
bonds offered
••
.
on
description: Denom. $1,000.
HILLSBOROUGH COUNTY SPECIAL ROAD AND BRIDGE
DIS¬
TRICT NO. 5, Fla —FINANCIAL STATEMENT.—In connection with
offering on April 1 of the $170,000 5% gold bonds, details of which
the
unsuccessfully
bid of par and accrued interest or better.
coupon
President of the Board of Directors.
KEMMERER, Lincoln County,
Wyo.—BOND OFFERING .—Reports
that M. S. Reynolds, Town Clerk, will receive sealed proposals for
$15,000 6% sewer-system bonds until 8 p. m. Apr. 6.
Denom. $1,000.
Date Alay 1 1921.
Prin. and semi-ann. int. payable at the office of the
Town Treasurer.
Due Alay 1 1941, optional May 1 1931.
say
LA CROSSE, La Crosse County, Wise.—BOND SALE.—The follow¬
ing bids were received on Alar. 10 for the purchase of the $300,000 6%
2nd Washburn and Logan School bonds (V. 112, p. 676):
First Wisconsin
Company, Milwaukee—Par and accrued interest and $150
premium.
In addition thereto will furnish blank bonds, printing and
attorney opinion free of cost to the City of La Crosse.
National City Company, Chicago—$299,340 and accrued interest.
W. R. Compton & Co., Halsey, Stuart & Co., Chicago—Par and accrued
interest less $1,117 attorney fees, furnishing bonds, &c.
A. B. Leach & Co., Chicago—Par and accrued interest less $1,320 attorney
fees, furnishing bonds. &c.
Continental & Commercial Trust & Savings Bank, Chicago—Par and ac¬
crued interest to date of delivery and in addition thereto a premium of
$1,810.
The City to furnish bonds.
Lane, Piper & Jaffray, Batavian National Bank. La Crosse—Par and ac¬
crued interest to date of delivery and in addition thereto a premium of
$392 50.
Will furnish bonds and attorney opinion.
Lane. Piper & Jaffray, Batavian National Bank, La Crosse—Par and ac¬
crued interest to date of delivery and in addition thereto a
premiupi of
$1,852.
Will furnish bonds, &c.
This proposal is made subject to the
funds of the proceeds of these bonds being deposited with the Batavian
National Bank of La Crosse at 2V>% until used, and to be withdrawn
only as needed, average length of deposit to be 90 days.
All the above proposals were for the whole $300,000.
1 hese proposals
were evidently declined, as at a meeting of the Common Council of the City
of La Crosse on Alar. 11 only $230,000 of the total issue of $300,000 were
.
„
.
,
sold, as follows:
$150,000 bonds to Lane, Piper & Jaffray and the Batavian National Bank,
,r
,
both of La
Crosse, jointly, at par plus a premium of $1,000.
50,000 bonds to the City Sinking Fund Commissioners at par.
30,000 bonds to the Current Expense Fund of the City of La Crosse at par
LAC
An
QUI PARLE COUNTY (P. O. Madison), Minn.—BOND SALE.—
5H% ditch bonds has been sold to the Alinneapolis
Minneapolis.
issue of $56,500
Trust Co. of
LAKEV/OOD SCHOOL DISTRICT (P. O. Lakewood), Cuyahoga
County, Ohio.—BOND OFFERING.—G. W. Grill. Clerk of Board of Ed¬
ucation, will receive bids until 6:30 p. m. Apr. 4 for $250,000 6% school
bonds.
Denom. $1,000.
Date Apr. 1 1921.
Prin. and semi-ann. int.
(A. & O.) payable at the Cleveland Trust Co. of Cleveland.
.Due yearly on
Oct.
1 as follows: $5,000 1923 to 1937 incl.: $10,000 1938 to 1947 incl.,
and $15,000
1948 to 1952 incl.
Cert, check on
a
solvent national bank
or
trust company for 5% of amount of bonds bid for, payable to
of the Board of Education, required.
Bids must be made on
the Treasurer
blanks which
may he obtained by applying to the Clerk.
Purchaser to pay accrued int.
BOND SALE.—It is reported that the two issues of 6% coupon bldg. and
impt. bonds offered on Alar. 14 (V. 112, p. 959) were awarded to Taylor,
Ewart & Co. and Hornblower & Weeks as follows:
-,j
$100,000 bonds for $102,411, equal to 102.411. a basis of about'5.80%.
Due $5,000 yearly on Oct. 1 from 1933 to 1952 incl.
150.000 bonds for $151,291, equal to 100.86. a basis of about 5.92%.
Due $5,000 yearly on Oct. 1 from 1923 to 1952 incl.
Date
Mar. 1
1921.
LAURENS COUNTY (P. O. Laurens), So. Caro .—BOND OFFERING.
—Bids will be received until 10 a. m. March 29 by J. D. Watts, Chairman
of the County Highway Commissioners, for $50,000 6% road impt. bonds.
Int.
J. & J.
check
or
cash
Due $5,000 yearly on July 1
on some
from 1936 to 1945 incl.
Cert,
responsible bank for $1,000, payable to above officials
required.
,
LAWRENCE COUNTY (P. O. Bedford), Ind.—BOND OFFERING.—
Bids will be received until 1 p.
Alarch 24 by Robert Pitman, County
Treasurer, for the following two issues of road bonds:
m.
$36,000 5% bonds.
Denom. $1,000. Date
annually beginning May 15 1922.
MEDFORD,
Middlesex County,
Mass.—TEMPORARY LOAN.—
Mar. 14 the temporary loan of $100,000, issued in anticipation of
maturing $50,000 on Nov. 25 and Dec, 10 1921—V. 112, p. 1054—
was awarded to Blake Bros. & Co. of Boston on a 5.94% discount basis,
March 15 1921. ■ Duo semi¬
_
,,
.
,
On
revenue,
_
each six months from
8,500 433% bonds.
Denom. $425.
Due $425
May 15 1922 to Nov. 15 1931 inclusive.
Interest M. & N.
Purchaser to pay .accrued interest.
plus a $3 premium.
$60,000
17—V. 112, p. 1054—
at 102.64, a basis of
about 5.21%.
Due $2,000 yearly on April 1 from 1922 to 1952. incl.
MIDDLETOWN, Butler County, Ohio.—BOND .OFFERING.—C. M.
Bailey, City Auditor, will receive proposals until 12 m. April 8 for $28,436 20 6% special assessment Michigan Ave. impt. bonds.
Denoms. 50
for $500 and 10 for $343 62.
Date Feb. 1 1921.
Prin. and semi-ann. int.
(F. & A.) payable at the National Park Bank of New York.
Due $2,843 62
yearly on Feb. 1 from 1922 to 1931 incl.
Cert, check for $200. payable
to the City Treasurer, required.
Bonds to be delivered and paid for within
10 days from date of award.
Purchaser to pay accrued interest.
:: :
MIDDLETOWN, Orange County.
OF BONDS.—
112, p. 1053)
dated June 1
and 193/, and
made on a
LEBANON, Boone County, Ind.—DESCRIPTION
The $45,000 sewage-disposal-plant bonds sold on Mar. / (v .
bear interest at 6%, are in the denomination of $1,000. are
1921 and mature $10,000 on June 1 in 1925, 1929, 1933
$5,000 June 1 1941.
At the price paid. 100.18. the sale was
5.98% basis.
LEESBURG SCHOOL
—The $05,000
p.
DISTRICT, Lee County,
Ga.—BOND SALE.
leb. 25—V. 112,
959—-have been sbUl at 85.50.
LEXINGTON,
Neb.—BOND SALE.—An issue Of
sold during January at par to the
Due June 1 1940 optional June 1
County,
Dawson
$10,000 7% district paving bonds was
State of Nebraska.
Date June 1 1920.
Date Jan. 1
(P. O. Brookhaven), Miss.—BOND OFFERED
Mortgage Trust Co.. Kaufmann-Smith-Emert&
Wm. It. Compton Co. are offering to investors
BANKERS.—The
6% tax-free road bonds.
Denom. $1,000.
and semi-annual interest (J. & J.) payable
New York.
Due yearly on Jan. 1 as follows:
$400,000
Date Jan. 1 1921. 1 rincipal
National Park Bank,
$8,000 1922 to 1926, inclusive
$16,000, 1927 to 1936, inclusive; and $20,000, 1937 to 1946, inclusive.
The
prices at which these bonds are being offered are as follows;
Maturities 1922 through 1927_-_99.50
Maturities 1928 through 1940.
1^0.00
Maturities 1941 through 1946-.___._
101.00
Accrued interest to be
added.
Financial
at the
Statement.
$15,000,000
9,044,000
taxable property....
taxable property, 1920-
Estimated actual value of
Assessed valuation of
$435,000
10,500
this issue
indebtedness, including
Less sinking fund...
Net bonded indebtedness.
Population 1920 Census, 24.552.
Total
bonded
424,500
(P.
O.
Marshall), Minn.—BOND SALE.—On
5M% refunding bonds—V. 112, p. 1053—were
Capital Trust & Savings Bank of St. Paul at 100.32, a basis of
about 5-72%.
Date March 1 1921.
Due March 1 1941.
15
the $40,000
sold to the
DISTRICT
SCHOOL
INDEPENDENT
MCLAUGHLIN
—\.
NO.
3,
Corson County, So. Dak.—BOND OFFERING.—
received until 8 p. m. April 1 by D. S. Hatch. Clerk
Board of Education for $145,000 6% 20-year school bldg. bonds.
Denom.
$500.
Prin. and semi-ann. int. payable at the First National^Bank.
McLaughlin.
Cert, check for $1,000 payable to J. O. Van Nice. District
Treasurer, required.
OFFERING.
Lackey.
fund¬
ing bonds.
These bonds are dated April 1 1921 and bear interest at the
rate of 6% per annum, payable semi-annually the first day of October
and April of each year and will be in denominations of $500 or $1,000 aech,
both, as purchaser may prefer and will mature serially at the rate of
McDOWELL COUNTY (P. O. Marion), No. Caro.—BOND
—Sealed bids will be received until 10.30 a. m. April 18 by J. L.
Chairman of Board of County Commissioners for $36,000 6% coupon
or
$3,000 per year, the
first maturing April 1 1924.
MADISON, Rockingham County,
No.
Caro.—FINANCIAL STATE¬
financial statement has been issued in connection
with the offering on March 21 of the $30,000 6% gold coupon (with privilege
of registration) electric light bonds complete information of which appeared
in V.
112, p. 1053.
Financial
valuation 1920Estimated actual valuation.
Assessed
—$1,687,436
1,687,436
—
—
Debt.
TOWNSHIP
RURAL SCHOOL DISTRICT
(P. O.
Castalia), Erie County, Ohio.—BOND OFFERING.—Bids for $175,000
6% school building bonds will be received until 8 p. m, April 2 by W. H.
Rogers, Clerk of Board of Education.
Denom. $1,000. Date Mar. 15
1921.
Int. M. & S.
Due yearly on Mar. 15 as follows: $6,000, 1925;
$7,000, 1926. 1927 and 1928; $8,000 1929 and 1930; $9,000. 1931 and 1932;
$10,000, 1933; $11,000, 1934 and 1935; $12,000, 1936 and 1937; $13,000,
1938; $14,000, 1939: $15,000 1940, and $16,000, 1941.
Cert, check for 1%
of amount of bonds bid for, payable to the Board of Education, required.
MANHATTAN BEACH
CITY CITY SCHOOL DISTRICT, Los
Angeles County, Calif.—BOND OFFERING.—Until 11 a. m. April 4
L. E. Lampton County Clerk, (P. O. Los Angeles) will receive proposals for
$34,000 6% school bonds.
Denom. $1,000.
Date April 1 1921. Prin.
and semi-ann. int. payable at the office of the County Treasurer.
Due
yearly on April 1 as follows: $1.000 1923 to 1925, incl.; $2,000 1926 to 1930
incl.; $3,000 1931 to 1937, incl.
Cert, or cashier's check for 3% of the
amount of bonds bid for payable to the Chairman Board of County Super¬
visors, required.
Bonded Debt $16,000.
Assessed value 1920 $1,014,110.
Population (est.) 1,200.
MANITOU,
Tillman County, Okla.—BONDS
$10,000 electric light plant
VOTED.—An issue of
bonds has been voted,
Ariz.—
$100,000
Laveen,
No bid
O. Marion), Marion County
Ohio.—BOND OFFERING,—Earl T. Smart, Clerk of Board of Education,
will receive bids until 12 m. April 4 for $70,000 6% coupon school bonds.
Denom. $1,000.
Date Mar. 1 1921.
Prin. and semi-ann. int. (M. & S.)
payable at the District Treasurer's office.
Due each six months as follows;
$1,000 Mar. 1, 1922 to Sept. 1 1926, incl., and $2,000 Mar. 1 1927 to
Sept. 1 1941, incl.
Cert, check for 1% of amount of bonds bid for, payable
MARION CITY SCHOOL DISTRICT (P.
District Treasurer, required.
O. Plymouth), Ind.—BOND OFFERING
—Proposals will be received until 2 p. m. Mar. 28 by Chas. F. Cooper
County Treasurer, for $14,300 4y2% O. J. Senour et al. road bonds.
De¬
nom,
$1/5.
Date Feb. 12 1921.
Int. M. & N,
Due $1,430 each six
months from May 15 1921 to Nov. 15 1925, incl,
MARSHALL COUNTY (P.
MARTINSBURG,
Berkeley
County,
W.
Reports say that the State of West Virginia has
bonds.
i
Va.—BOND
SALE.—
purchased $100,000 5%
/0
DISTRICT, Los Angeles County, Calif.—
BOND OFFERING.—Proposals will be received until 11 a. m. March 28
by L. E. Lampton. County Clerk, (P. O. Los Angeles) for $50,000 5U%
bonds.
Denom
$1,000.
Date March 1 1921.
Prin. and semi-ann. int.
payable at the office of County Treasurer.
Due yearly on March 1 as folMAYWOOD
SCHOOL
to^f1'90019^ to 1926, incl.; $2,000 1927 to 1931, incl.; $3,000 1932 to
1936, incl., and $4,000 1937 to 1941, incl.
Cert, or cashier's check for 3%
payable to the Chairman Board of County
Supervisors, required.
Bonded Debt, $53,000.
Assessed value 1920 $2,309,195.
Population (est.) $1,500.
of the amount of bonds bid for
SALE.—
$165,000
.
INDEPENDENT SCHOOL DISTRICT (P O. Mitchell}
So. Dak,—QUESTION CARRYS-—BOND OFFERED.—
question of raising the interest rate of the $200,000 10-20 year (opt.)
MITCHELL
Davison County,
favored by the voters by 510 to 130 at the
These bonds will he offered for
offered at a rate of interest not to
exceed 6%.
A. B. McKeel is Clerk Board of Education.
MONMOUTH COUNTY (P. O. Freehold), N. J —BONDS NOT SOLD.
—The two issues of 5% coupon (with privilege of registration) bonds,
aggregating $1,079,000. offered on March 9 (V. 112, p. 960), were not sold.
It is understood that the county is making an effort to arrange a private
school bonds from 5% to 6% was
election held
on
on
March 8—V. 112, p. 869.
On this day they will be
March 31.
'} :'[■
sale of the bonds.
MONROE COUNTY (P.
O. Bloomington),
Ind.—BOND OFFERING.
until 11 a. m. April 11
Date Jan. 14 1921.
County Treasurer s
follows; $2,500, 1923 to 1939, incl; and
—Horace, Blakely, County Auditor, will receive bids
for
$50,000 6% hospital bonds.
Denom. $500.
Prin. and semi-ann. int. (J. & D.) payable at the
Due yearly on
office.
June 1 as
$7,500, 1940.
SCHOOL DISTRICT (P. O. Napoleon),
Ohio.—BONDS VOTED.—The $3,500 school house
Mar. 1—V. 112, p. 677—carried by a
of 118, according to reports.
s
TOWNSHIP
MONROE
County,
Henry
bond issue submitted to a vote on
majority
MONTGOMERY, Montgomery County,
Grant & Co. of N. Y. have
Ala.—NOTE SALE.—R. M.
investors,
purchased and are now offering to
7%, $175,000 7%% tax-free tax anticipation notes.
$5,000.
Date Feb. 1 1921.
Prin. and semi-ann. int. (F. & A.)
at the Chase National Bank, N. Y.
Due Feb. 1 1922.
Financial Statement.
yield
—$75,000,000
Real valuation of taxable property
46,119,786
875,000
valuation
Assessed
Denom.
payable
debt
Population, 1920.w
Bonded debt less than 2% of assessed
80,853
--
valuation.
No. Caro.—BOND OFFERING.—
receive sealed proposals until 8 p. m.
(with privilege of registration) sewer and
street impt. bonds.
Denom. $1,000.
Date March 1 1921.
Prin, and
semi-ann. int. (M. & S.) payable at the Chase National Bank, N. Y.
Due
yearly on March 1 as follows: $2,000, 1924 to 1932 incl.; $3,000, 1933 to
1938 incl., and $4,000, 1939 to 1943, incl.
Cert, check on an incorporated
bank or trust company or a sum of money for or in an amount equal to
2% of the amount of bonds bid for, payable to the town of Mooresville,
required.
Successful bidders will be furnished with the opinion of Reed,
Dougherty & Hoyt of N, Y. that the bonds are valid and binding obliga¬
tions of the town of Mooresville.
Purchaser to pay accrued interest.
J.
Campbell, Town Clerk, will
F.
March 22 for $56,000 6% coupon
MORGANTON GRADED SCHOOL DISTRICT (P. O. Morganton),
County,
No. Caro .—BOND OFFERING.—Jas, A. Claywell,
Board of School Trustees, will receive sealed proposals until
Burke
Chairman
12 m. April 4 for $75,000 6% school impt. bonds.
Denom. $1,000. \ Date
May 15 1921.
Int. M. & N.
Due yearly on May 15 as follows; $2,000
1926 to 1935, inch, $3,000 1936 to 1945, incl., and $5,000 1946 to 1950 incl.
Cert, check for $1,000 required.
Bids are invited for the whole or any
part of said issue.
MUSCOGEE COUNTY (P. O.
The
voters
held
Columbus), Ga .—BONDS VOTED.—
bridge bonds at an election
favored the issuance of $180,000
1.
March
NATCHITOCHES, Natchitoches
Bids will be received until 2
p.
m.
Parish, La.—BOND OFFERING.—
March 31 by T. E. Poleman, Mayor,
$240,000 1-20 year serial public impt. bonds.
Denom. $1,000.
Date April 1 1920.
Prin. and semi-ann. int. (A. & O.) payable at the
Chase National Bank, N. Y.,
Cert, check for 2% payable to the above
for
the
Legality approved by Jno. C. Thomson
NE1LLSVILLE, Clark County, Wis .—BONDS
of N. Y.
VOTED.—On March 1
of $16,000 6% bridge bonds by a vote
Due $8,000 yearly for 8 years.
the voters favored the issuance
180 to 19, it is stated.
NEWCOMERSTOWN, Tuscarawas
of
County, Ohio.—BOND OFFER¬
ING.—Harry Dillehay, Village Clerk, will receive bids until 12 m.
for $42,500 6% special assessment Canal Street impt. bonds.
Mar. 26
Denom.
Int. semi-ann.
Due $2,000 each six months
from Mar. 1 1922 to Sept. 1 1930, incl.: $3,000 Mar. 1 1931. and $3,500
Sept, 1 1931.
Cert, check for $300, required.
Bonds to be delivered and
paid for within ten days from date of award.
Bonds to be delivered and
paid for at Newcomerstown.
Purchaser to pay accrued interest.
$500.
Date
Mar. 1 1921.
and Outagamie Counties, Wise.—BOND
until 8 p.m. March 22 by C. J.
$150,000 worth of general obligation bonds of
authorized by ordinance No. 126.
A certified
for $7,500 or 5% of the amount of bond issue to accompany each •
bid.
After sealed bids are opened auction bids will be taken and
NEW LONDON, Waupaca
OFFERING.—Sealed bids will be received
Indianapolis), Ind.—BOND OFFERING.—
R. A. Lemcke, County Treasurer, will receive bids until 10 a. m. Mar. 22
for $75,000 4 3-3% Horace G. Casady et al. Center Twp. road bonds.
De¬
nom.
$750.
Date Jan. 15 1921.
Int. M. & N.
Due $3,750 each six
months from May 15 1922 to Nov. 15 1931. incl.
MARION COUNTY (P. O.
paving
O. Beloit), Kans .—BOND
Co. of Wichita was awarded
road bonds at 94.00.
Denoms. $500 and $1,000. Date
Feb. 1 1921.Int. F. & A.
In giving the notice of the offering of said bonds in V. 112, p. 767—
we incorrectly stated that this County would sell $160,000 instead $16o,000
We also stated in the said notice that the bonds would be sold on March 9.
Mayor, required.
COUNTY
DRAINAGE DISTRICT NO. 5,
BOND OFFERING.—Proposals will be received at any time for
6% 10-20 year bonds by Hugh H. Thomas, Secretary, (P. O.
Box 75).
Denom. $1,000.
Int. semi-ann. payable at Phoenix.
will be considered for less than 95 cents on the dollar.
MARICOPA
to the
the Brown-Crummer
5%
MOORESVILLE, Iredell County,
Proposed electric light bonds
„
.-$30,000
Electric light bonds outstanding
8,000
Other bonds outstanding
—
18,500
Total Bonded Debt, existing and proposed______ —
—
$56,500
All floating debt of the town will be paid and cancelled immediately after
the sale of the proposed electric light bonds.
Population census of 1910, 1,033; 1920, 1,250.
MAGARETTA
26
vear
Bonded
Statement.
~
—
Feb.
(P.
COUNTY
MITCHELL
On
1-10
to
MENT.—The following
1927, incl,
1922 to
(P. O. McLaughlin),
Sealed bids will be
14—
coupon
sale
COUNTY
LYON
March
Middlesex County, N. J.—BOND SALE.—The First
awarded at par the issue of $12,000 6%
(with privilege of registration) fire dept. bonds offered on Mar.
112, p. 960.
Date Dec. 1 1920.
Due $2,000 yearly on Dec. 1 from
MILLTOWN,
National Bank of Mill town was
The
;
So. Dak.—BOND OFFERING .—Proposals
J. W. Coquillette, City Auditor, for
bonds, authorized by a vote of 202 to 25 on Feb. 24
County,
until March 31 by
$40,000 6% water works
Due 1941 optional 1931,
LINCOLN COUNTY
BY
Co., Inc., and the
Hand
will be received
inch
1923 to 1950,
for
MILLER,
awarded to Halsey, Stuart & Co. of Chicago,
a basis of about 5.79%.
Date Mar. 1 1921.
from
Mar. 9—V.
on
Cincinnati,
HALE.—On Mar. 14 the $56,000
that date—V. 112, Pwere
for $57,217. equal to 102.173,
Due $2,000 yearly on Mar. 1
Mar. 11 the $50,000 6% sewer bonds which were
112, p. 767—were awarded to N. S. Hill & Co. of
850.755.50, equal to 101.511. a basis of about 5.82%.
1921.
Due $2,000 yearly on Jan. 1 from 1922 to 1946. incl.
SALE.—On
BOND
offered
1921.
LIMA, Allen County, Ohio.—BOND
6% relief trunk sewer bonds offered on
N. Y.—BOND SALE.—The
533% registered filter plant bonds offered on Mar.
awarded to C. W. Whitis & Co. of New "York,
were
offered unsuccessfully on
5% school bonds,
[Vol. 112.
CHRONICLE
THE
1188
Thompson, City Clerk, for
the city of New London as
check
sealed
in case of sale to
will be required to
be
furnish the printed
an auction bidder the certified check
deposited with the City Clerk.
Successful bidder to
bonds.
»
DISTRICT NO. 5, Miss.
bonds is being offered for
Dec. 1 1920. Int. semi-ann.
The
printing of bonds. Bids should be
sent in duplicate to C. M. Wells, Clerk of the Board of Supervisors, Newton
County, Decatur, Mississippi and W. M. Everett, President Highway
Commission, Separate Road District No. 5, Newton County, Hickory,
NEWTON COUNTY SEPARATE ROAD
OFFERING.—An issue of $20,000 6%
BOND
sale at par and accrued interest.
Date
district will pay for lithographing and
Mississippi.
DISTRICT (P. O. Niles), Trumbull County, Ohio.
Niles Trust Co. was the successful bidder at par and
6% coupon school bonds offered on Mar. 14—
V. 112, p. 960.
Date Jan. 2 1921.
Due yearly on Jan. 2 as follows:
$6,000 1922, and $10,000 1923, 1924 and 1925.
NOGALES, Santa Cruz County, Ariz.—PRICES PAID.—F. E. Cole,
City Clerk, advises us that the $325,000 533% water works and extension
NILES SCHOOL
—BOND SALE.—The
interest
for the $36,000
bonds were
sold as follows:
March 19
1921.]
THE
$75,000
.
by Malcolm C. Little
5,000 bonds
oa "
ooo
were
purchased
i-4% being allowed
24o ,000 bonds
were
by the
above
of
CHRONICLE
Nogales at
par
and
commission
of
purchased
by the
Nogales
National
Bank
and
the
Tiara
I
National Bank of Nogales, a commission of 14% being allowed.
The above
prices correct those given by us in V.
112, pp. 395 and 767.
%e aJ*e ,ako advised by the above official that the $30,000 514% fire
dept and city hall bonds, which we
reported as being sold in V. 112 p 767—
have not been sold as
yet.
,
»™\™RIVER
of Nebraska
IRRIGATION DISTRICT,
a*^followins
^at"
Garden County, Neb.—
bonds have been purchased by
$10,000 bonds during
January
Hate April 1 1920.
the State
|$20,000 bonds during February
COUNTY
SALE.—The State
r
for
6s,
was
SCHOOL DISTRICT NO.
21, Wash.—
of Washington, bidding par and accrued
interest
on Mar. 10.
V. 112, p. 869.
awarded the $4,000 bonds
ta^RA™GERGRG» Orangeburg
County, So. Caro.—BOND OFFERClerk, and Treasurer, will receive proposals
March 31 for $300,000 street
impt. and $40,000 sewer extension
AV7^T* O- s- Dibble, City
40 year bonds.
Prin.
and semi-ann.
int.
payable
xorlf: agreed upon by purchaser and City Council.
national bank for $2,000,
required.
at Bank in New
Cert, check on some
interest
amount
purchaser,
on same.
ment of
of
bonds
year bonds.
OSKALOOSA INDEPENDENT SCHOOL DISTRICT
(P. O. Oskaloosa), Mahaska County, Iowa.—BOND SALE.—The
City.
TO
VOTE
LIGHT
ON PUR¬
PLANT.—The "Milwaukee Sentinel" of March
9
contains that
following: "Oshkosh voters will be called upon to cast their
ballots this spring on the
special question of whether they wish to have the
city acquire and conduct the
gas and electric lighting plants owned
by the
Oshkosh Gaslight Company.
The commission council at a meeting Tues¬
day morning voted 2 to 1 to bring the matter to a vote.
Mayor A. C.
jHenry and Commissioner Charles F. Hart are for municipal ownership
and Commissioner H. F.
Porath opposed it."
OXFORD GRADED SCHOOL DISTRICT
(P. O. Oxford), Granville
County, No. Caro.—BOND OFFERING.—Sealed
proposals will be received
until 12 m. March 31
by C. G. Credle, Secretary of the Board of School
Trustees, for the $75,000 6% coupon bonds, voted on Jan.
18 (V. 112, p.
491).
Denom. $1,000.
Date Jan. 1 1921.
Principal and semi-annual
interest (J. & J.) payable at the
National City Bank, New York.
Due
Jan. 1 1951.
Certified check or cash on an
incorporated bank or trust
company for 2% of the amount of bonds bid
for, payable to the Board of
Graded School Trustees,
required.
Purchaser to
SCHOOL
DISTRICT,
Santa
Clara
County, Calif.—
DESCRIPTION OF BONDS.—The $25,000
6% coupon school bonds award¬
ed on March 7 to the Bank of
Italy of San Francisco at 100.03, a basis of
about 5.99%—V. 112,
p. 1055—are described as follows: Denom.
$1,000.
Int. M. & 8. payable at the
office of the County Treasurer.
follows: $4,000, 1922 to 1927. and
as
Due yearly
$1,000, 1928.
PHILO
SCHOOL
DISTRICT
Ohio.—:BONDS DEFEATED.—By
(P.
O.
Philo), Muskingum County,
vote of 128
"against" to 93 "for" a
proposition to issue $30,000 school bldg. bonds was defeated
by the voters
on
a
March 1.
\ PINAL COUNTY
SCHOOL DISTRICT NO. 2 (P. O. Casa Grande),
Ariz.—BOND SALE.—An issue of
$30,000 6% 20-year high school bonds
has been purchased
by the Casa Grande Valley Bank of Casa Grande.
Int. semi-ann.
PINAL COUNTY SCHOOL DISTRICT NO. 4 (P. O. Casa Grande),
Ariz.—BOND SALE.—On Aug. 23 $5,000
6% 20 year bonds were sold to
the Casa Grande Valley Bank of Casa
Grande.
Int. semi-ann.
.
PIPESTONE, Pipestone County, Minn.—-BOND SEAL.—Reports
say that paving and water works bonds to the amount of
$54,000 were sold
by the City Council to a St. Paul firm.
The bonds will bear 6% interest.
PLATTE COUNTY
SCHOOL DISTRICT NO. 12 (P. O.
Guernsey).
Wyo.—BOND ELECTION.—An issue of $50,000
6% 15-25 year school
bldg. bonds will be submitted to the voters on March 22.
N. A.
Crawford
is Clerk.
PONDERA COUNTY (P. O.
Conrad), Mont.—BONDS NOT SOLD.—
BONDS RE-OFFERED.—No sale
was
made
on
highway bonds—V. 112, p. 961.
They will be reoffered on April 4.
POTAKA
March 14 of the $150,000 6%
$4,690
sewer
Oct.
4,850
1
water
TOWNSHIP (P. O. Princeton), Gibson
County,
RE-OFFERED.—By order of the attorneys approving the
transcript of sale, the township is re-offering the $40,000
6% school bldg.
bonds which had been sold on Jan.
25 to the Peoples American National
Bank of Princeton V, 112, p, 249.
Proposals will Joe received until 1 p.m.
Mar. 29 by W. A. Dill,
Township Trustee. Denom. $500.
Date Jan. 1,
1921.
Int. J. & J.
Due $4,000 each six months from
July 1 1922 to Jan.
1 1927, incl.
PRINCETON,
Gibson
County,
Ind.—BOND
OFFERING.—Charles
E. McCormick, City Clerk, will receive
bids until 2 p. m. Mar. 21
$62,882 6% sewage-disposal works construction bonds.
Denoms. 1
$882 and 62 for $1,000.
Date Feb. 15 1921.
Int. M. &
N.
Due
on
May 15 and $3,000
on
for
for
$2,882
Nov. 15 in each of the years from
1923 to 1941, incl.; all being
on and after
May 15 1925.
on
Nov. 15 1922, and $1,000
on
call
PULASKI
Bids
will
be
COUNTY (P. O.
received
until
3
p.
May 15 and $2,000
subject to
construction bonds. Due $190 Oct.
from 1922 to 1930 incl.
March 21
by Cecil Bachtenkircher,
Lackey et al. road bonds.
Int. M. & NDue $2,200 each
County Treasurer, for $44,000 5% James E.
Denom. $2,200.
Date March 8
six months from May
1921.
15 1922 to Nov.
15 1931 inclusive. >
RANDOLPH, Cedar County, Neb.—BOND SALE .—During
February
the State of Nebraska acquired $38,000
6% district paving bonds at par.
Date May 1 1920.
Due May 1 1940;
optional
on any
int.-paying date.
READING, Berks County, Pa.—BOND OFFERING.—O. B.
Dorward,
City Comptroller, will receive proposals until 10 a. m. Mar. 30 for the
following two issues of 5% tax-free coupon general
impt. bonds:
$740,000 paving, sewer and comfort station bonds.
Due $15,000 May 1
1922 and $25,000 yearly on
May 1 from 1923 to 1951, incl.
1
175,000 garbage plant, park, fire apparatus and storage
yard bonds.
Due
$4,000 May 1 1922 and $19,000 yearly on
May 1 from 1923 to
1931. incl.
Denom. $1.000.
Date May 1 1921.
Prin. and semi-ann. int. (M. & N.)
payable at Reading.
Cert, check for 5% of amount bid for, payable to
"City of Reading," required.
The official circular states that there has
never been any default in
payment of principal or interest.
the
RED
WILLOW
COUNTY
SCHOOL DISTRICT NO. 107 (P.
O.
Indianola), Nebr.—BOND SALE.—On March 14 Bosworth, Chanu'e &
bough $10,000 6% school bonds.
Co. of Denver
RICE
COUNTY
(P.
O.
Faribault),
Minn—DESCRIPTION OF
which were recently
BONDS.—The $150,000 6% coupon
refunding bonds,
to the Wells-Dickey Co. of
sold
Minneapolis, at par—V.
112,
960—
p.
in denom. of $1,000 and are dated Jan. 1 1921.
Prin. and semi-ann.
(J. & J.) payable at the Wells-Dickey Trust Co.,
Minneapolis.
Due
$15,000 yearly on Jan. 1 from 1922 to 1931. incl.
Financial Statement.
Actual valuation of county, estimated$65,000,000
Assessed valuation 1920-24,291,013
Total bonded debt, including this issue.
are
int.
Total bonded debt only
Population 1920
ROANE
census,
COUNTY
Sealed bids will be
(P.
743,000
3% of assesesd valuation.
28,307.
par,
of $30,000 refunding bonds,
mature 30 years from date of
issue, with privilege of redeeming after
10 years.
Interest rate 6%, payable annually or semi-annually.
Denom¬
ination not less than $100 nor more than $1,000.
Time and
$350 Oct.
1921 and $500 yearly on
•••.■•>:
1
.•
7■
K
1921
1
from
1922 to
ROME, Floyd County, Ga.—BOND SALE.—The Citizens' Bank
of
Rome, Rome, offering 91.21 and interest, was awarded
the $100,000
5% public school impt. bonds on Mar. 10 (V. 112, p. 584).
Due
yearly from
1930 to
1949
$5,000
incl.
ROME, Oneida County, N. Y.—BOND OFFERING.—On
city will sell an issue of $112,000 refunding bonds to bear int.
to exceed
paid for
6%.
Due yearly from 1931 to 1941.
Apr. 12.
Mar. 26 the
at
a
rate not
Bonds to be delivered and
on
'
,
COUNTY (P. O. Mondak), Mont.—BOND SALE.—
Minneapolis was awarded $126,000
funding bonds.
Denom. $1,000.
Date July 1 1920.
Int. J. & J.
Due July 1 1940 optional yearly from 1930 to
1939, incl.
■
On Oct. 25 last, the Drake-Ballard Co. of
6%
112, p. 1055—•
^
v7
Bosworth, Chanute & Co
Merchants Loan Co
-X;,"-;:
96.00 IC. 11. Coffin
J
v:'-'
93.00
94.001
ROSS
COUNTY (P. O. Chilliclothe), Ohio.—BOND
SALE.—The
State Industrial Commission has agreed to
accept the $60,000 6% coupon
bridge bonds, for which bids were to have been received on Mar. 28—
V. 112, p. 1055.
Date Mar. 15 1921.
Due $4,000 yearly on Mar. 15 from
1922 to 1926. incl.
RUTLAND, Rutland County, Vt.—-BOND SALE.—An Issue of $114-,
5% coupon armory bonds was sold last August.
Date Aug. 1 1920
000
Int. F. & A.
Due Aug. 1 1940.
RYE, Westchester County, N. Y.—BOND SALE.—On Marcn 16 the
following two issues of 6% registered fire department bonds offered on that
date (V. 112, p. 1055) were awarded to R. W.
Pressprich & Co., of New
York, at 101 and interest, a basis of about 5.90%:
$10,500 fire apparatus bonds.
Due $350 yearly on March 1 from 1922 to
1951, inclusive.
3,000 fire alarm bonds.
Due $100 yearly on March 1 from 1922 to
19511
inclusive.
Geo. B. Gibbons & Co.
ST.
FRANCIS
bid 100 71, and Rutter & Co.
100.25.
LEVEE
DISTRICT (P. O. Bridge Junction), Crit¬
County, Ark.—BOND OFFERING.—Until 11 a. m. March 31
John R. West, Secretary-Treasurer, Board of
Directors, wrill receive pro¬
posals for $260,000 6% levee impt. bonds.
Denom. $1,000.
Date Jan. 1
1921.
Prin. and semi-ann. int. (J. & J.) payable at the First National
Bank,
New York.
Cert, check for 2% required.
tenden
ST. MARTIN PARISH SCHOOL DISTRICT
(P. O. Martinsville),
La.—BOND SALE.—The- Lafayette Bank & Trust Co. of
Lafayette was
the successful bidder on March 10 for the $300,000
5% 30-year school bonds
—V. 112, p. 768—at par and interest.
Other bidders:
HaroldG. Wise & Co.,
Houston.84-0011. B. Tigrett & Co., Jackson. .83.50
SAN LUIS OBISPO SCHOOL DISTRICT, San Luis
Obispo County
Calif.—BOND SALE.—On March 7 $179,000 6% tax-free school bonds
were sold to the Bank of Italy and Cyrus Pierce &
Co., jointly for $182,488,
equal to 101.94 a basis of about 5.755%.
Date March 7 1921.
Due
yearly on March 7 as follows: $5,000 1922 to 1924, incl.; $7,000, 1925 and
1926; $8,000, 1927; $9,000, 1928; $10,000, 1929 and 1930; $12,000, 1931
and 1932; $14,000 1933 and 1934; $16,000, 1935 and 1936;
$18,000, 1937
and $11,000, 1938.
In giving the notice of the offering of these bonds in V. Ill,
p. 961—we
stated that this distirct would sell $373,000 bonds on March 7.
Sub¬
however,
sequent
said
date
the
School
District decided to sell only $179,000 on
Goodfellow, Eels, Moore & Orrick, attorneys
an opinion declaring the whole
$373,000
the bonding limit of the School District might be ex¬
because Messrs.
of San Francisco would not render
valid, inasmuch
as
ceeded.
SANTA MARIA UNION HIGH SCHOOL DISTRICT, Santa Barbara
County, Calif.—BOND SALE.—On March 7 a syndicate composed of
Bond & Goodwin, Anglo-London-Paris National Bank and the Blankenhorn-Hunter-Dulin Co., all of San Francisco, was awarded, it is stated, the
basis of about
tax-free coupon school bonds—V. 112, p. 768—at 104.25, a
5.61%.
Date Jan. 17 1921.
Due $10,000 yearly on Jan. 17
from 1922 to 1961, incl.
SAYREVILLE SCHOOL DISTRICT (P. O. Sayreville), Middlesex
County, N. J .—BONDS NOT SOLD.—No sale was made of the issue of
$34,000
5%%
March 15 (V.
SCOTTS
or registered school
1055).
coupon
112,
p.
BLUFF
COUNTY
bonds
which
was
offered
on
SCHOOL
DISTRICT NO. 11 (P. O.
Morrell), Nebr.—BOND SALE.—On Mar. 14 $90,000 6% 5-20-year (opt.)
school-bldg. bonds were sold to Benwell, Phillips, Este & Co. of Denver.
SEATTLE, Wash.—BOND SALE.—During February the city issued
following 6% bonds at par during February:
the
Dint. No.
3301
j
.
3309
Amount.
$2,090.10
2,727.00
6,150.68
3292
3,935.63
3344
5,217.25
1,563.96
3279
3313
3318
3333
3338
3243
SEATTLE,
Due.
Feb.
Feb.
Feb.
3
3
1933
4
1933
Feb.
Feb.
Feb.
>
10
1933
19
1933
10
1933
1983
Walks
Feb.
1921
Feb.1 19
1933
Feb.
19
1921
Feb.
19
Paving
Paving
Paving
2,675.20
3,300.58
1,816.67
3330
33,494.22
All the above bonds
Date.
Feb.
3 1921
Feb.
3 1921
Feb.
4 1921
Feb.. 10 1921
Feb. 10 1921
Feb. 19 1921
Walks
1,286.14
5,006.51
2,844.18
2,045.23
3323
3311
Purpose.
Paving
Paving!
Paving!
Grading]
Paving
Paving
Feb.
21
1921
21
1933
1933
Feb.
21
1921
Feb.
Feb.
21
1933
19
Feb. 21 1921
Feb. 21 1933
Feb. 21 1921
Feb. 21 1933
Feb. 25 1921
Feb. 25 1933
Feb. 25 1921
Feb. 25 1933
subject to call at any interest paying date.
Paving]
Walks!
PavingJ
are
Wash .—BOND
.
SALE.—The
"Seattle
Post-Intelligencer"
with reference to the city of Seattle
of March 8 had the following to say
selling $2,175,000 bonds:
"Provision for the use of $2,175,000 worth of bonds to finance construc¬
tion of the Gorerge Creek unit of the city's hydroelectric development at'
the Skagit River, was made by the City Council at its meeting yesterday
,
afternoon.
,
.
"The
_
,
„
_
.
action followed
the letting of a contract by the Board of Public
special meeting yesterday morning for approximately $1,000,000
worth of hydroelectric machinery to be installed in the Gorge Creek power
plant.
Rejecting the bid of Hans Pederson, a local contractor, which was
lower, the Board let the contract to 8. Morgan Smith & Co. and the Westinghouse Electric and Manufacturing Company, who offered to furnish
the machinery for $1,164,804, taking payment in Skagit bonds.
Confirming the award of contract by the Board of Public Works, the
City Council later passed a resolution appropriating from the $5,500,000
utility bond issue originally provided for the Gorge Creek construction,
$1,175,000 to pay for the machinery to be dalivered by the successful bidders.
Accepting an offer from John E. Price & Co. and Carstens & Earles, Inc.,
the Council then proceeded by the adoption of another resolution to sell to
the Council then proceeded by the adoption of another resolution to sell
to the two bond firms $1,000,000 worth of Skagit bonds at par and accrued
interest to date of delivery.
Both issues of bonds will be dated April 1 1921, and will bear 6% interest
payable semi-annually.
Under the terms Of the offer submitted by the
two bond firms, as accepted by the Council, the bonds will be delivered to
the bidders in blocks of $100,000, the first on April 1 1921, and thereafter
every thirty days until the entire $1,000,000 has been turned over.
"Under a stipulation specified in the offer of the bond firms, the deal does
not become binding until the bonds have been approved as to
"legality
and marketability" bv the city's bond attorneys, Caldwell & Masslich of
Works at
a
...
_
,
.
,
,
Kingston), Tenn.—BOND OFFERING.—
received until Apr. 4 by D. H. Evans, Clerk of
County
to
Due
,
7
O.
Court, for the purchase, at not less than
bonds.
main
3272
Winamac), Ind.—BOND OFFERING.—
m.
of the
trustee,
and $500 yearly on
1930 incl.
Denom. $500, $350 and $190.
Date Apr. 1 1921.
Prin. and semi-ann.
int. (A. & O.) payable at the Guardian
Savings & Trust Co. of Rocky
River.
Cert, check for $500 required.
Bonds to be delivered and
paid for
within 10 days from date of award.
Purchaser to pay accrued interest
Oct.
$400,000 6%
SCHOOL
Ind.—BONDS
Cert, check for 1%
Millican, County
ROCKY RIVER,
Cuyahoga County, Ohio.—BOND OFFERING.—
Frank Mitchell, Village
Clerk, will receive bids until 12 m. Apr. 11 for the
following 6% Mitchell Ave. impt. bonds:
pay accrued interest.
Successful bidders will be furnished with the
opinion of Reed, Dougherty,
Hoyt, of New York City, that the bonds are valid and
binding obligations
of the said Oxford Graded
School District.
PALO ALTO
to suit purchaser.
payable to W. F.
.
wore:
—CITY
for,
ROSEBUD COUNTY (P. O. Forsyth), Mont.—BIDS.—'The
other
bids received for the $20,000
6% coupon hospital bonds awarded on March 7
to the Bankers Trust Co. of Denver at
97.625 and int.—V.
$25,000
6%
school bonds—V.
112, p. 869—have been sold to Schanke & Co. of
Mason
OSHKOSH, Winnebago County, Wise.
bid
required.
ROOSEVELT
ORANGE COUNTY (P. O.
Orange), Tex.—BONDS REGISTERED.—
Comptroller on March 8 registered $7,000 5% 5-40
The State
CHASING
1189
to be fixed
place of
pay¬
THE
York, and by the bond companies' attorneys in Chicago.
This
provision applies not only to the entire issue of $1,000,000 but also to every
1100,000 worth of bonds delivered, the bond firm reserving the right to
refuse any of these installments of bonds on the recommendations of their
New
attorneys.
.
.
^
H. Thomson cast the
TIOGA
TIPPECANOE
DISTRICT (P. O. SharpsviHe), Mercer
OFFERING.—H* M. Merchant, Secretary of School
TROY, Miami County, Ohio.—BOND SALE.—On Mar. 5 Seasongood
Cincinnati, bidding $4,001, equal to 100.025, a basis of about
UPPER
advertise¬
$175,000
8 carried by 3 to 1,
The sum of $100,000 is
and $75,000 for water works improvements.
A
used for sewerage extension
Keokuk
basis
Pike County,
1940, incl.
VANDERBURGH
FERING.— Proposals
tax-free tax anticipation notes has been purchased by the Bankers
Trust Co., Curtis & Sanger, Hannahs, Ballin & Lee. and Bernhard, Scholle
& Co. all of New York.
Date March 7 1921.
Prin. and interest payable
at maturity.
Denoms. $5,000 and $10,000.
Due as follows: $509,000
Jan. 11 1922, $500,000 Jan. 18 1922. $500,000 Jan. 25
1922, $500,000
Feb. 1 1922, $500,000 Feb. 8 1922 and $500,000 Feb. 15 1922.
The pur¬
chasers are now offering to investors the above bonds. which are stated to
l>e a legal investment for Savings banks and trust funds in New York,
New Jersey and other States and eligible to secure Postal Savings Deposits,
to yield 61-2% interest.
■
■
•■•.■v.: 'Y'C /Y:
6%
JOAQUIN IRRIGATION DISTRICT (P. O. Manteca),
Joaquin County, Calif.—BOND OFFERING.-—Proposals will be
received until 10 a. m. March 29 by S. L. Steele, Secretary of Board of
Directors, for $80,000 5 Yi % replacement and inpt. bonds.
Denom. $1,000.
Date Sept. 1 1919.
Principal and semi-ann. int. (J. & J.) payable at the
office of the Treasurer.
Due yearly on July 1 as follows: $20,000 1954
and $30,000 1955 and 1956.
SOUTH SAN
San
RURAL SCHOOL DISTRICT (P. O.
Box 52), Summit County, Ohio.—BOND
Clerk of Board of Education, will receive
bids until 12 m. April 1 for $125,000 6% school bonds.
Denom. $1,000.
Date April 1 1921.
Principal and semi-ann. int. (A. & O.) payable at
Depositors' Savings & Trust Co. Bank of Akron.
Due $5,000 yearly on
Oct. I from 1922 to 1946, ind.
Certified check for 5% of amount of bonds
bid for required.
Purchaser to pay accrued interest.
SPRINGFIELD TOV/NSHIP
East Akron R. F. D. No. 22,
OFFERING.-—Emerson Boyer,
COUNTY
STEUBEN
were no
offered
SUSSEX COUNTY
Ind.—AO BIDDERS.—'There
Deller et al. Scott Twp. road bonds
'
Y'/YVY.
O. Angola),
(P.
bidders for the $9,825 5% Lowell
March 7.—V. 112, p. 961.
on
(P. O. Georgetown), Del.—BOND
OFFERING.—
Proposals for the purchase of from $250,000 to $500,000 of an issue of
4H % gold tax-free highway bonds, maturing $12,500 yearly on Jan. 1 from
1927 to 1966, incl., will be received until 1 p. m. Mar. 29 by W. Elwood
Wright,
Secretary of County Highway Impt. Commission.
Denom.
$500.
Date July 1 1919. .Prin. and semi-ann. int. (J. & J.) payable in
U. S. gold coin at the Farmers Bank of Georgetown,
These bonds are
scheduled to mature as shown above, but the county reserves the right to
redeem any bonds not matured by July 1 1929, on any interest paying date
thereafter at not more than 105.
Cert, check for 5% of amount of bonds
bid for,
payable to the County Treasurer, required.
TACOMA,
Wash.—BOND SALE.—On Jan. 1 1920 Geo. H. Tilden &
$300,000 6% power and power-site-purchase
of Seattle were awarded
Co.
bonds at par and accrued
Int. J. & J.
Due $30,000
TARRANT
The
COUNTY
interest.
Denom. $1,000.
Date Jan. 1 1920.
yearly on Jan. 1 from 1921 to 1930, incl.
(P.
O.
5% road bonds, awarded to a
Fort Worth), Tex.—CORRECTION.—
syndicate composed of the Harris Trust
Savings Bank and Stacy & Braun, both of Chicago, and the Mortgage
Trust Co., Mississippi Valley Trust vCo. and the Kauffman-Smith-Emert
& Co. all of St. Louis, at par and interest, amounted to $2,450,000 (not
$2,500,000 as stated inV. 112, p. 1056.)
&
(P. O. Fort Worth), Tex.—BONDS REGIS¬
$2,450,000 5% serial bonds were registered with the
Comptroller.
SCHOOL DISTRICT (P. O. West EngleN. J.—BOND OFFERING.—John H. Ranger,
Mar. 22 for the issue of 6%
coupon (with privilege of reigstration) school bonds, not to exceed $100,000,
which was previously offered on Mar. 8—V. 112, n. 1056.
Denom. $1,000.
Date Mar. 1 1921.
Prin. and semi-ann. int. (M. & S.) payable at the
Palisades Trust & Guaranty Co.
of Englewood.
Due $5,000 yearly on
Mar. 1 from 1922 to 1941, incl.
Cert, check on an incorporated bank or
trust company for 2% of amount of bonds bid for, payable to the Custodian
of School Moneys, required.
Legality approved by Hawkins. Delafield
& Longfellow of N. Y.; bonds will be prepared under the supervision of
Bergen County,
District Clerk, will receive bids until 8 p. m.
the*U. S. Mtge. & Trust Co., N, Y.
TEXAS, (State of)—BONDS REGISTERED.—The following 5% bonds
Comptroller:
have been registered with the State
Plact, and Purpose of Issue.
Amount
$2,000
<
Bosque
^
and
Erath
Counties
Joint
Due.
\
THAYER
COUNTY
the State of Nebraska,
July 1 1925.
5-20 years
5-20 years
5-20 years
5-20 years
Mar. 9
Mar.
Mar.
Mar.
Mar.
8
8
8
8
DISTRICT, Neb.—BOND SALE.—
school house bonds during January at par
1920.' Due Julv 1 1940 optional
SCHOOL
This district sold $10,000 5K%
Date Reg.
Common
__10-20 years
School District No. 55
1,000 Orange County Common Sch. Dist. No. 9
3,500 Orange County Common Sch. Dist. No. 20-1,100 Williamson County Common Sch. Dis. No. 57_
2,500 Williamson County Common Sch. Dist., No. 65.
to
fP.
O. EvansviIIe), Ind.—BOND OF¬
10 a. m. Mar. 31 by Walter
unit road impt.
N. Due $430
VERMILLION COUNTY (P. O. Newport), Ind.—BOND OFFERING.
Curtis, County Treasurer, will receive bids Unt il 10 a. m. Mar. 26
$100,000 6% hospital bldg. bonds.
Denom. $500. Date April 1 1921.
Int. A. & O.
Due $2,500 each six months from April 1 1922 to Oct. 1 1940,
incl., and $5,000 April 1 1941: all being subject to call on and after April 1
1926.
..: ,y>:%/■■■
—W. O.
for
COUNTY (P. O. Wabash;, Ind
BOND OFFERING.—
purchase of $7,000 4K% Lincoln Anderson gravel road bonds
by Irvin Delauter, County Treasurer, until 10a.m. April 1.
Denom. $350.
Date Mar. 15 1920.
Int. M. & N. Due $350 each six
months from May 15 1921 to Nov. 15 1930, incl.
WABASH
Bids for the
will be received
WAPAKONETA, Auglaize County,
Ohio.—BOND OFFERING.—
Proposals for the purchase of $110,000 6% coupon electric-light and waterworks-impt. bonds will be received until 12 m. Apr. 11 by Roland H.
Heinrich, City Auditor.
Denom. $1,000.
Date Apr. 1 1921. Prin. and
semi-ann. int. payable at the First National Bank of New York.
Due
1 as follows:
yearly on Apr.
$5,000 1924 to 1932 incl.: $6,000 1933 to
Cert, check for $200 required.
..J./--;
incl., and $7,000 1938 to 1942 incl.
chaser to pay accrued interest.
1
1937
Pur¬
Hampshire County, Mass.—TEMPORARY LOAN.—The
of $10,000, dated Mar. 21 and maturing Nov. 10 1921,
14—Vf ll2, p. 1056—was awarded to the Wildey Savings
Boston on a 6% basis.
WARE,
temporary loan
offered on Mar.
Bank of
WASHINGTON COUNTY (P. O.
$70,000 5% school
183—haVe been. sold.
from 1922 to 1956, incl.
The
Montpelier), Vt.—BOND SALE.—
112, p.
bonds which were offered on Jan. 26—V.
Date Feb. 1 1921.
Due $2,000 yearly on
Feb. 1
WASHINGTON COUNTY (P. O. Salem), Ind—BOND OFFERING.—
purchase of hte following two issues of 4lA% road bonds will be
Mar. 31 by W. L. Taylor, County Treasurer:
$23,000 W. h. Green et al. Pierce Twp. bonds.
Denom. $1,150. Due
$1,150 each six months from May 15 1922 to Nov. 15 1931, incl.
8,400 Libni O. Knight et al. Washington Twp. bonds.
Denom. $420.
Due»$420 each six months from May 15 1922 to Nov. 15 1931, incl.
Date Mar. 7 1921.
Int. M. & N.
Bids for the
received until 1.30 p. m.
WAYNE TOWNSHIP
SCHOOL DISTRICT (P. O. Mountain
View),
County, N. J.—BOND OFFERING.—Bids for an issue of 6%
(with privilege of registration) school bonds, not to exceed $24 000,
will be received until 3 p. m. Mar. 28 by C. E. A. Walton. District Clerk.
Denom. $1,000.
Date Mar. 1 1921.
Prin. and semi-ann. int.,(M. & S.)
payable at the Paterson Safe Deposit & Trust, Co. of Paterson.
Due $1.000
yearly on Mar. 1 from 1922 to 1945 incl.
Certified check on an incorpor¬
ated 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.
These bonds were previously offered on Mar. 16 (V. 112, p. 1056) #
Passaic
coupon
WEBSTER COUNTY
—Bids will be
(P. O. Fort Dodge), Iowa—BOND
received until 1.30 p. m. March 29 by
6% 10-year road funding bonds.
OFFERING.
C. A. Snook. County
Auditor, for $40,000
TOWNSHIP
TEANECK
wood),
COUNTY
will be received until
Smith, County Treasurer, for $8,600 5% Reinina County
bonds.
Denom. $215.
Date Mar. 31 1921.
Int. M. <fc
each six months from May 15 1922 to Nov. 15 1931, incl.
COUNTY
TARRANT
TERED.—On March 8
State
(P. O. Valley),
Co. of Chicago,
purchased and is now offering to investors $250,000 6% coupon bonds.
Denom. $1,000 and $500
Date Jan.. 1 1921.
Prin. and semi-ann. int.
[J. & J.) payable at the State Treasurer's office. Springfield.
Due yearly
on July 1
as follows: $16,000, 1926 to 1930, incl.; and $17,000, 1931 to
NOTE SALE.—An issue of $3,000,000
of)
NEVER
$200,000
& Co. of
has
70,973.
SOUTH CAROLINA [State
DRAINAGE AND LEVEE DISTRICT
III.—BOND SALE.—The H. C. Speer & Sons
VALLEY CITY
OFFERING.—J. A.
bids until 11 a. m. March 23 for
$380,000 f>Vi% bonds.
Denom. $1,000.
Date March 1 1921. Principal
and semi-ann. int. payable at the National Park Bank of New York, or any
other bank that the purchaser may designate.
Due $190,000 on March 1
in 1931 and 1941.
A deposit of $2,000 is required of the successful bidder.
Purchaser to pay accruer! interest.
Bonds to be delivered and paid for by
April 20.
Bonded debt find, this issue), $1,433,500.
Assessed value,
Population,
.
COUNTY (P. O. Uvalde), Tex.—BOND SALE
COMPLETED.—The sale of the $250,000 Road District No. 1 and
Road District No. 2 5XA% bonds on Dec. 8 1919 to J. E. Jarrati
San Antonio—V. 109, p. 2460—was never consummated.
UVALDE
City Controller, will receive
$128,275,000.
O. Thomaston), Ga .—BOND SALE.—On Mar.
Robinson-Humphrey Co. of Atlanta was awarded, it is reported, the
20 1-3-year (aver.) road bonds (V. 112. p. 961) at 97.76, a
of about 6.20%.
Date Jan. 1 1921. Due $7,500 yearly on Jan. 1
1932 to 1951 incl.
..v..).;
_V; V/:!
UPSON COUNTY (P.
from
SMITHVILLE SCHOOL DISTRICT, Lee County, Ga.—BOND SALE.
■—An issue of $60,000 5% school bonds has been sold at 85.50.
These bonds
were offered without success on Feb. 25.—V. 112, p. 961.
County, Ind.—BOND
(P. O. Port
15 the
County,
Iowa.—BOND OFFERING.—
will sell at public auction at 8 p. m.
$31,000 liberty memorial 5% bonds. Date
Cert, check for $1,000 payable to above
SOUTH BEND, St. .Joseph
TOWNSHIP SCHOOL DISTRICT
$150,000 6%
Williamson, City Treasurer,
Swygart,
MERION
Kennedy), Montgomery County, Pa .—BOND OFFERING.—A. Hayes
Hill, Secretary of Board of School Directors, will receive bids until 8 p. m.
Mar. 28 for $100,000 5% tax-free school bonds.
Denom. $1,000. Date
Mar. 1 1921.
Int. M. & S.
Due $15,000 on Mar. 1 in 1926, 1931, 1936
and 1941, and $20,000 on Mar. 1 in 1946 and 1950.
Cert, check for 5%
of amount of bid, required.
Legality approved by Townsend, Elliott &
Munson of Philadelphia.
Purchaser to pay accrued interest.
SCHOOL DISTRICT (P. O. Shellsburg), Benton
Iowa.—BIDS REJECTED—BONDS RE-OFFERED.—'The bids
March 7 for the $104,000 5% coupon school bonds—V. 112, p.
961—were turned down.
They will be re-offered on March 21.
C.
refunding bonds offered on that date—
1 and Sept. I in 1930, 1931. 1932 and
1933.
on
SIGOURNEY,
1922 to Nov. 15 1931, incl.
5.99% were awarded the $4,000 6%
V. 112, p. 870.
Due $500 on Mar.
SHELLSBURG
April 8 $24,000 city hall and
May 1 1921.
Int. semi-ann.
official, required.
Ind.—BOND OFFER¬
bids until 2 p. m.
et al. Wabash Twp. road bonds.
M. & N.
Due $375 each six
& Mayer of
County,
C.
Lafayette),
Commissioners, for $100,000 6% public highway bonds.
Date Jan. 1 1921.
Prin. and semi-ann. int. payable at
National Bank, N. Y.
Due Jan. 1 1941, optional
$10,000 yearly on Jan. 1 from 1931 to 1940 incl.
Cert, check on some
reliable bank for $5,000, payable to the County Treasurer, required.
The legality of the bonds will be approved by Charles B. Wood of Chicago.
elsewhere
Tex.—BONDS VOTED.—'The
O.
Board of County
Denom. $1,000.
bonds
SHERMAN, Grayson County,
(P.
the American Exchange
SHELBY, Toole County, Mont.—BOND OFFERING.—Bids for the
purchase of $37,400 6% 10 20-year Copt.) water-works-betterment
will be received by F. E. Williams, Town Clrek. until 8 p. m. Apr. 18.
Date Jan. 1 1921.
Int. J. & J.
Cert, check for $3,500 should accompany
to be
OFFERING.—
Pa .—BOND
COUNTY (P. O. Shelby), Mont.—BOND OFFERING.—
Sealed bids will be received until 1p.m. Apr. 4 by J. H. MacFarlane, Clerk
bids until 7:30 p. m. Apr. 4 for $135,000 tax-free highschool-bldg. bonds to bear int. at 5%, 5U% or 5K%, as bidders shall
state in their offers.
Denom. $1,000.
Date Feb. 1 1921. Int. semi-ann.
Due $10,000 on Feb. 1 in 1020, 1930. 1933, 1936, 1938. 1940, 1942. 1944,
1946, 1947, 1948 and 1949: and $15,000 on Feb. 1 1950.
Cert, check for
$1,500 required.
bond issue voted on March
Wellsboro),
TOOLE
SHARPSVILLE SCHOOL
received
COUNTY
months from May 15
Board, will receive
will be found among the
O.
ING.—Alfred M. Sucese, County Treasurer, will receive
development,
official notice of this bond offering
in this Department.
(P.
Mar. 22 for $7,500 5% Benjamin F. Walton
Denom. $375.
Date Mar. 7 1921.
Int.
equip two of the six units that will compose the Gorge Creek
having a combined capacity of 48,000 horsepower.
The
COUNTY
Proposals for $200,000 5% road bonds will be received until 12 m. Mar. 28
by the Clerk of Board of County Commissioners.
Denom. $500. Date
April 1 1921.
Int. A. & O.
Due April 1 1941, optional April 1 1922.
Cert, check for 10% of amount of bid, payable to the County Treasurer,
required.
Y'Y...,
■
these two units
ments
22 Moore &
The
bonds.
district may sell less than the entire issue.
'
sales, declaring neither would be
assured that both deals would be
County, Pa .—BOND
BRIDGE DISTRICT, Pulaski
OFFERING.—Bids will be received until 10 a. m.
BROADWAY-MAIN STREET
County, Ark.—BOND
Apr. 4 by George W. Donaghey, Chairman (P. O. 20 and
Turner Bldg., Little Rock), for $2,250,000 1-26-year serial
only vote against the tiro bond
advantageous to the city unless It was
carried out in full.
This assurance, he
said, was lacking under the reservations stipulated by the bond companies.
Councilmen Philip Tindall, Robert B. Hesketh, William Hickman Moore,
John E. Carroll, A. F, Iiaas and T. H. Bolton voted for both propositions.,
Councilmen A. T. Drake and Oliver T. Erickson were absent.
The proceeds of the $1,000,000 bond sale will be used to construct the
power house, dam and other features of the Gorge Creek development,
preparatory to the installation of the hydro-electric machinery for which
the $1,175,000 bond issue was authorized.
C. F. Uhden, engineer in charge
at the Skagit, says the money provided will be sufficient to build ana
"Councilman It.
[Vol. 112.
CHRONICLE
THE
1190
Date July 1
Mass.—TEMPORARY LOAN.—A
17 and maturing Oct. 10 1921, was
a 6.05% discount basis.
WILLIAMSON COUNTY (P. O. Georgetown), Tex.—BIDS RE¬
JECTED—At the offering on March 1 of the $500,000 road bonds—
V. 112, p. 871—all bids were rejected.
Issue to be re-offered when market
WESTFIELD,
Hampden County,
temporary loan of $100,000, dated Mar.
awarded to Estabrook & Co. of Boston on
is more
favorable.
(P. O. Washington), Ga .—BOND SALE— The
(average) coupon road bonds, offered on March 1
have been sold, it is stated, to N. S Hill & Co., of Cincin¬
equal to 87 52, a basis of about 6 09%.
Date June 1 1919.
Due yearly on Dec. 1 as follows: $2,000 1929 to 1943, inclusive, and $4,000
1944 to 1948, inclusive.
WILKES COUNTY
5% 19M-year
$50 000
(V 112 p. 585),
nati for $43,760,
/
WINDSOR, Weld County, Colo.—BOND SALE.—The Bankers Trust
of Denver has purchased an issue of 6% sewer bonds.
Amount to run
$25,000 to $30,000.
Due on or before 12 years.
Co
from
WOBURN,
Highley, City
purchase on a
Middlesex County, Mass.—LOAN OFFERING—Samuel
Treasurer, will receive bids until 11 a m March 21 for the
discount basis of a temporary loan of $100,000, isjuedin
anticipation of revenue, maturing Dec. 1 1921.
for $10 000, and 1 for $5,000.
These notes are
Massachusetts.
These notes will
Old Colony Trust Co. of Boston,
IJenom 3 for $25,000, 2
exempt from taxation in
be engraved under the
supervision of the
which will guarantee the signatures and
Makch 19
1921.]
THE
will
certify that the notes are issued by virtue and in pursuance of an order
City Council, the validity of which order has been approved by Storey,
Thorndike, Palmer & Dodge, of Boston.
The legal papers incident to this
will be filed with the Old Colony Trust Co., where they may be in¬
PONTIEX,
of the
PORT
CREDIT,
Ont.-DEBENTURE SALE.—Newspapers
report
that $20,000 6% 20-year debentures have been sold to Neelys, Ltd., of
Toronto, at 98, a basis of about 6 40%.
spected
WOODBURY COUNTY (P. O. Sioux City), Iowa.—BOND OFFER¬
ING.—Bids will lie received until April 5 by Willis M. Pritchard, County
Auditor, for the following 6% bonds:
$100,000 court-house bonds.
Due $20,000 yearly on April 1 from 1931 to
QUEBEC ROMAN CATHOLIC SCHOOL COMMISSION (P. O.
Quebec), Que.—DEBENTURE OFFERING.—Antoine C. Taschereau.
Secretary-Treasurer of Board, will receive tenders for the purchase of
$700,000 school debentures until 12 m. Mar. 21.
These debentures will be
either 6% 10-years or 5A% 30 years, and bids may be submitted on either
basis.
Prin. and int. payable at the Bank of Montreal in Montreal, Quebec,
Toronto, or Hamilton, at holder's option.
Cert, check on a Canadian
bank, for $8,000, required.
< • •
1935 incl.
to
Due $12,000 yearly on April 1 from 1931
1935 incl.
Due yearly on April 1 as follows: $20,000
1931.
118,000 bridge-funding bonds.
..
and $18,000
1930 incl.
1926 to
M., Man .—DEBENTURE SALE CORRECTION.—
the newspaper report appearing in
V. 112, p. 1057, inofrms us that on Mar. 5 $100,000 5A% 30-year install¬
ment road bonds were sold to Wood, Gundy & Co. of Toronto, at 91 89
and interest.
Denom. $1,000 and odd.
Date June 5 1920.
Int. annually
ST. ANDREWS, R.
Sandusky County,
Ohio.—BOND OFFERING.—
Proposals for $6,500 fire apparatus bonds will be received until 12 m. April 1
by Otis Bettinger, Village Clerk.
Denom. $650.
Date April 1 1921.
Int.
semi-ann.
Due $650 yearly on April 1 from 1922 to 1931,, incl.
Cert,
check on some solvent bank in Sandusky County, for $100, required.
Bonds
to be delivered and paid for within ten days from date of award.
Pur¬
chaser to pay accrued interest.
WOODVILLE,
temporary loan of $600,000,
a
and Nov. 10 1921, was
Hutzler of Boston on a
SCHOOL
DISTRICTS,
Sask.—DEBENTURE
according to the "Financial Post" is a list of
$36,800 reported sold from Feb. 12 to Feb. 26:
Rouleau, S. D. $19,000, 30 yrs., 7%, various, Rouleau.
Oxbow S. D.
$2,000 10 yrs
8%, R. Henders, Oxbow; Rouleau $11,000 20 yrs. 7%,
Nay & James, Regina.
Belleville, $800 20 yrs., 7A%. S. K. Rymal,
Kennedy; South Loverna, $1,500 10 yrs., 8%, Local Purchaser, Loverna.
Marlin, $2,500, 10 yrs., 8%, H. J. Birkett & Co., Toronto.
DEBENTURES AUTHORIZED.—The following according to the same
COUNTY (P. O. Granite Falls), Minn.—
Harris Trust & Savings Bank of Chicago and the
Savings Bank of St. Paul have purchased $414,300
5H% tax-free coupon drainage bonds.
Denoms 414 for $1,000 and 3 for
$100.
Date Feb. 1 1921.
Prin. and semi-ann. int. (J. & J.) payable at
the Merchants Trust & Savings Bank, St. Paul.
Due yearly on Jan. 1;
as
follows: $27,300,
1927; $28,000, 1928; $27,000, 1929; $28,000, 1930;
$27,000, 1931; $28,000, 1932; $27,000.1933; $28,000, 1934; $27,000, 1935,
$28,000.
1936; $27,000.
1937; $28,000, 1938; $27,000, 1939; $28,000,
Financial
_
_
„x
_
J
_
3--
_
-
-
-
-----
$3,000;
$1,500;
$4,400;
$5,000;
$1,000; Wilmot, $5,500; Sweet
$22,445,151
-
,
854,800
•
Population 1920 census, 16,550.
YUBA
CITY SCHOOL
Sutter County, Calif.—BOND
of San Francisco was
bonds, which mature
DISTRICT,
6% 10-year debentures, consisting of $30,000 technical school-site, $212,000
$110,000 water, electric and gas, and $161,600 sidewalk debentures,
offered on Mar. 14 (V. 112, p. 1057), was awarded to Rene T. LeClerc
of Montreal at 98.90, a basis of about 6.13%.
The following tenders were
sewer,
serially from 1922 to 1931, incl.
NO. 90 (P. O. Joes), Colo.—
Bankers Trust Co. of Denver, has pur¬
(opt.) school bonds subject to being voted in
'iv
YUMA COUNTY SCHOOL DISTRICT
BOND
ELECTION—SALE.—The
V-:'
April.
/■
CANADA,
■
submitted:
Rene T. LeClerc
Credit Canadien, Inc_______
.
and
Provinces
its
Municipalities.
A. E. Ames & Co
Bank of Canada in Toronto.
O'Hagan,
of
Chairman
WEST
MONTREAL,
SALE.—During February $22,200
sold locally, it is stated.
MOOSE JAW, Sask.—DEBENTURE
required.
Canada Bond Corp.
ELECTION.—An election is to be
by-law to issue $2,000,000 school debentures.
WINNIPEG, Man.—DEBENTURE
have purchased $73,000 5% debentures maturing
in 1953 and $83,000 SV2 % debentures maturing in 1959, at a price of 81 64.
and Harris. Head & Co.
held April 5 to vote on a
NEW
FINANCIAL
MUNICIPALBONDS
City, County, School District and Road District
specialize in
Dealers' inquiries and offerings
Bonds of Texas.
solicited.
Circulars
Philadelphia
4s
COMPANY
Established
TEXAS
1915
4y4s
41/28
Empire Tube & Steel Corp.
5s
Circular
Biddle & Henry
South Fifth
Jones &
on
PHILADELPHIA
Broad
County, Montana, and dated January first, 1921.
Certified check for $3,500.00 should accompany
Signed
Request
New York,
GEO.
Broad
WILLIAMS,
B.
EDWARDS
Place, NEW YORK, N. Y.
FOR SALE—Timber,
7412
Clerk.
INVESTMENTS
N. Y
78 Trinity
Phone:
Wire to New York
Call Canal 8437
Private
F. E.
Town
Thurmond
St.
the Town of
Shelby, Toole County. Montana, to the amount of
Thirty-seven Thousand Four Hundred Dollars
($37,400.00), term twenty (20) years, rate six
per cent (6%), payable semi-annually on the first
day of January and the first day of July of each
year; redeemable after ten (10) years, will be sold
on
the 18TH
DAY OF APRIL, A. D. 1921,
at the hour of eight (8) o'clock P.M., at the office
of the Town Clerk of said Town of Shelby, Toole
Street
25
BONDS
WATERWORKS
Waterworks betterment bonds of
&
HOUSTON
3V2S
TOWN OF SHELBY, MONTANA
request.
on
HAROLD G. WISE
3s
104
LOANS
$37,400
Underwriting and distributing entire Issues of
City of
I.
proposals until 5 p. m.
$117,000 30-year underground electric street lighting system debentures.
14,000 10-year fire apparatus debentures.
85,000 20-year pavement and sidewalk debentures.
20,000 10-year new streets and public park debentures.
20*000 40-year sewer and water system extension debentures.
26,000 20-year greenhouse and town hall debentures.
Denoms. $100 and multiples.Prin. and semi-ann. int. (M. & N.) payable
at the Molsons Bank,
in Toronto or Montreal.
Cert, check for 1%,
SCHOOL COMMISSION (P. O. Mon¬
SALE.—Wood, Gundy & Co. and A. E. Ames
ar. 112, p awarded the $1,500,000 6% serial debentures offered on Mar. 16
Co. were 1057). The price paid was 97.884 and interest.
We
Due Mar.
Que.—DEBENTURE OFFERING.—Chas
Fraser, Town Secretary-Treasurer, will receive
Mar. 21 for the following 5 lA % debentures:
MONTREAL PROTESTANT
LOANS
a
will be received until 12 m. Mar. 23 by
Finance Committee, 477 Jarvis Street,
sinking fund debentures.
Semi-ann. int.
^
NEW
28
VONDA, Sask.—DEBENTURE SALE.—The village has succeeded in
selling $13,000 electric power plant debentures to local people, according to
reports.
^
V;
.-V.x ;
M„ Sask.—DEBENTURES AUTHORIZED—The
board, according to reports, has authorized the munici¬
pality to issue $1,200 debentures.
— The
ELECTION.—On Mar.
for a municipal rink will be voted upon.
DISTRICT (P. O. Toronto), Ont.
11941.
R.
SALE
97.91
Ont.—DEBENTURE
(M. & S.) payable at the Home
SALE.—It is reported that Brent,
purchased $25,000 6% 30-year debentures.
POINT GREY, B. C.—DEBENTURE
97.23
97.175
Toronto, for $350,000 6% 20-year
James
local government
blA % 15-year debentures were
97.25
—DEBENTURE OFFERING.—Bids
KANDAHAR, Sask.—DEBENTURES AUTHORIZED.—It is reported
government board has authorized the village to issue $1,500
v-'-x;'
treal), Que.—DEBENTURE
97.80
97.35
97.31
TORONTO SEPARATE SCHOOL
that the local
KINGSLEY,
______
STOUFFVILLE,
by-law to issue $12,000 debentures
CRANBROOK, B. C—DEBENTURE SALE.—An issue of $60,000
6K % 20-year debentures has been disposed of, $30,000 going to Brent,
Noxon & Co. and $30,000 to another purchaser.
GLACE BAY, N. S —DEBENTURE
__
—
COCHRANE,
Ont.—DEBENTURE
SALE.—According to reports,
Brent, Noxon & Co. of Toronto, have purchased $25,000 6% 20-year in¬
stallment debentures.
"
!
Noxon & Co. of Toronto, have
Beausoleil (Limitee)
98.90
98.695 Dominion Securities Corp
98.677 Provincial Securities, Ltd
Royal Secur. Corp., Ltd
Masson, Forget & Cie. (lim.) 98.573 Hanson Bros
The National City Co
Versailles,
Vidricaire,
BouNesbitt, Thompson & Co.—
lais (limitee) —98.17
L. G. Beaubien & Cie_
98.00
ASSINIBOIA, Sask.—DEBENTURE SALE.—Local people purchased
$13,500 8% 20-year debentures of thet own during February, it is stated.
debentures.
Grass, $800.
SHERBROOKE, Que.-DEBENTURE SALE.—The block of $513,600
SALE.—The Anglo & London Paris National Bank
the successful bidder, it is stated, for $55,000 6%
chased $23.000 6% 10-20 year
granted by the Local Government Board
$2,000; Rockwood, $3,200; Old Trail, $2,000; Clarkville,
Newton, $5,500; Flowerydale, $1,215; Edenview, $500; Vernon,
Frolich, $2,280; Belleplaine, $15,000; Boyer Lake, $5,000; Rotnum,
Grand Coulee, $7,000; Mayronne, $1,000; Vickers, $4,900; Kipling,
Johnston Lake, $3,800; Mount Hope, $1,300; Pleasant Ridge,
Westwood,
Statement.
_
following
paper is a list of authorizations
from Feb. 12 to 26:
1940: $29,000. 1941.
included)
1'[
SASKATCHEWAN
&
Assessed valuation for taxation
•.;
of Toronto,
SALES.—The
MEDICINE
Total debt (this issue
Co.
&
debenture sales, aggregating
SALE.—The
Merchants Trust
'
Ont .—DEBENTURE
SALE.—MacLeod,
Young,
have purchased several issues of 5A% and 6%
debentures, amounting to $159,007, maturing yearly on Feb. 1 from 1937
to 1951, paying a price which yields them 6.10%.
THOMAS,
ST.
discount basis.
YELLOW
BOND
communication following
in December.
Weir
issued in anticipation of revenue,
18 and maturing $,300,000 on Nov. 1
awarded to Estabrook & Co. and Salomon Bros. &
dated Mar.
5.82%
An official
Mass .—TEMPORARY LOAN.—
Worcester Counry,
WORCESTER,
On Mar. 17
Sask.—DEBENTURES AUTHORIZED.—The village has
$7,000 debentures, according to reports.
been given permission to issue
issue
60,000 road-funding bonds.
1191
CHRONICLE
Coal, Iron, Ranch and
other propertfee.
Confidential
Negotiations
Investigations
of Property.
West Indies
Canada
Settlements and Purchases
United States
United States
and Canadian
AMERICAN
MFG.
CO.
New Jersey
Municipal Bonds.
wadbell
Floor Singer Building
Liberty Street,
New
Telephone Qortlandt 3183
MANILA, SISAL, JUTE
Ground
89
Securities
COR DAGE
AND
York
outwater & wells
15
Noble and Wast
Streets, Brooklyn, N.Y.CIty
Exchange Place
Tel. 80 Montgomery
Jersey City,
N. J.
Classified Department
BUSINESS OPPORTUNITIES.
INVESTMENT MEN WANTED
ment House has an
and
successful
care
of
New
1
1
•
Remaining
Box
J4,
Confi¬
clientele.
will
who
understand
need
has
HOUSE
BANKING
INVESTMENT
a
tinctive in every respect.
have
An experienced and
salesman
a
successful
sell
to
Street,
cial
Financial Chronicle, 90 Pine
from
EXPERIENCED
and
finances
W:^
all
on
classes
reports
personally contribute $200,000 toward the
to
establishment of an Investment Business wish
in touch with a gentleman who willsupply
to get
like amount of money
a
New York City.
the
for
MISCELLANEOUS WANTED
eral
to New
Exchange,
Stock
of the
member
with
thoroughly
also
managing
consider
L-25,
Box
Chronicle,
&
or
an
to
up
date
green
organization
selling
Financial
plant
profits
which
costs
We also have a good
concern
on
or
We
are
bankers who
sell
to
seeking
are
the
ready to tan
Address Box E 3, care of
Financial Chronicle. 90 Pine Street, New York
European economic conditions.
J-20,
care
of
Address
TfnHncIalChronicle, 90
Box
Pine
A
possessing un¬
usual ability for organizing and management,
to
make
Address Box
a
new
EX-OFFICEE.
BELGIAN
having
business
UNLISTED
thoroughly
wide
a
bonds.
TRADER,
business
the
acquaintance
in
Wall
and
Street,
At present associated with a
position.
high-class
STOCK
with
familiar
brokerage firm
Box
Address
in
trading
K-l,
of
care
railroad
Financial
Chronicle, 90 Pine Street, New York City.
illustra¬
graphical
STATISTICIAN—Specialty
Box
J-10, care of Financial Chronicle, 90 Pine
New York City.
Street
STATISTICIAN, experienced in the analysis of
securities,
position.
seeks
both
ences,
nished from responsible
ent
care
ability,
people, including
fur¬
pres¬
Address Box
Salary, $3,000.
employers.
J-16,
refer¬
ExceHent
character and
to
as
of Financial Chronicle, 90 Pine Street,
New York City.
HOUSE ENGAGEMENT sought by an
J-l,
Address Box
of Financial
care
fought
throughout the entire war. now seeks American
EXECUTIVE
Financial
of
care
Chronicle, 90 Pine Street, New York City.
capital
desires
AND
BOND
business.
Street. New York City.
EXPERIENCED
foreign government
as
J-9,
engineer who is desirous of learning the bond
SEEKING CAPITAL
Keen ana¬
versatile, Jiard^jjojker.
well
Box
Chronicle, 90 Pine Street, New York City.
BOND
Writer, posted
investigation and statistics.
as
Address
bonds.
City.
accounting, four years of financial experience,
lyst,
stocks and bonds
some
Prices for tanning are 20%
contract.
lower than last year.
and
Boston
in
merchandise.
finished
university
graduate, 31, technically trained; six years of
varied Industrial experience In costs, sales and
on
and
Our organization is made up
salted.
of thorough leather men.
EXECUTIVE, In financial institution, or indus¬
in
advertisements
to
analyzing railroad, public utility and industrial
of Financial
care
New York City.
$300,000 for tanning hides, side, kip cals, dry
skins
College
J8,
cial, engineering; university graduate; age 26.
HAVE
WE
90 Pine Street, New York City.
corporation.
usual
than
Box J-7,
Address
City
in
versed
Good
Street.
Pine
tions, analyses and studies; commercial, finan¬
hide
trial
dwellings in
New
brokerage
uptown
Commercial
Better
Island.
Long
assured.
arbitragep
good foreign connections, is willing to
or establish a foreign department.
Would
office.
requires financial assistance in con¬
Chronicle, 90 Pine Street,
brokerage and banking business and
90
trading
of Financial
New York City.
Street,
of medium-priced
struction
on
head
Address Box Kl-17 care
BUILDER
EXECUTIVES SEEK POSITIONS
York
and
commission
investment,
Chronicle. 90 Pine
Street, New York City.
formerly
position.
Address Box
Chronicle,
inquiries
answering
desires
GENTLEMAN,
wishes
matter,
Financial
having
Financial Chronicle,
specific
STATISTICIAN capable of preparing circulars,
Stock Exchange House.
Address Box K-3, care of
making
for making change.
of
York, wish to establish reciprocal rela¬
tions with New York
90 Pine
Stock Ex¬
The proposed house would do a gen¬
business.
private wire
a
purchase of a seat on the
change.
PHILADELPHIA Investment House, members
and his services in this
Negotiations are now under way
enterprise.
having
securities,
New York City.
J-5, care of Financial Chronicle.90 Pine Street,
of Local Exchange, now
of
GROUP of successful investment men intending
Address
that can produce.
man
a
man
Excellent oppor¬
controlling active accounts.
tunity for
customers'
opening for a
WV
individual companies and drawing
on
circular
care
Consolidated
MAN.— Large
versatile,
STATISTICIAN, capable of answering inquiries
Chronicle, 90 Pine Street,
up
an
TRADER,
Address Box L 11, care of
Financial Chronicle, 90 Pine Street, New York
City.
reasons
has
BOND
Investment House.
CUSTOMERS' MEN WANTED.
House
York City.
hard worker, seeks connection with New York
New York.
Street, New York City,
CUSTOMERS'
New
Legitimate, Box K-10, Finan¬
Ad¬
only would appeal to us.
man
dress L-2, care of
invest
good standing; address
security that is dis¬
for
90 Pine
$50,000 to $500f000 each; must
90 Pine Street. New York City.
Chronicle,
have
to
connec¬
Only interested in form¬
ing connection with firm of established standing.
Address Box L-12, care of Financial Chronicle,
first-class
Financial
of
care
tion with bond house.
old
associated with him two part¬
Must be experienced
established
with
address
with
wishes
reputation
ners
dentially
of
partner
partnership
New York
sought by old
Stock Exchange House.
man
Street,
.
.
TRADER
experienced in unlisted securities, desires
T
SALESMAN
bond
J6,
Box
Pine
90
BOND
experienced
an
Address
Chronicle,
Financial
York City.
■
BOND
opening for
salesman*
Invest¬
York
SALESMAN—New
8ECURITY
POSITIONS WANTED
region
in
enterprise
Minimum
connection.
J-2, care of Financial Chronicle,
Box
order to set up
of Belgium
of
most
In
the devastated
France a brlck-maklng
or
advantageous
capital required,
openings.
$65,000.
Street, New York City.
90 Pine Street, New York City.
Address
F 1, care of Financial Chronicle, 90 Pine
STATISTICIAN thoroughly familiar
ing
and
compiling
data
on
with gather¬
public
railroad,
utility and industrial securities desires position
Address
house.
all
unlisted
J-14,
St.,
TRADER
Have five
tions.
of
seeking
connec¬
new
Address
90
Chronicle,
Street, New York City.
SUPERIOR MEN
Financial
experience trading in
bonds.
and
investment
New York City.
Financial
of
care
is
years
stocks
an
J-ll, care
Box
Chronicle, 90 Pine
UNLISTED
with
Statistician
Assistant
as
Box
Pine
,.
WANTED
GENTLEMAN
capital
READ THE CHRONICLE.
in
that
will
house.
additional working
furnish
for
return
investment
interest
Address
in
established
with
assurance
replies will be held in strict confidence.
Box H-6, care of
Financial Chronicle, 90 Pine
Street, New York City.
WHEN YOU
TIONAL
REQUIRE A MAN WITH EXCEP¬
QUALIFICATIONS—A
MAN
THAT
BANK
FIXTURES WANTED
IS A LEADER IN HIS FIELD—INSERT AN AD
Bank Fixtures Wanted
HERE.
within
BANKERS
Rates:
Positions
Wanted
and
Office
and
Bank
radius
a
miles of New York
bank fixtures, desks
Equipment
initial, with
for
a
Sale,
10
cents
per
word,
figure
or
minimum charge of $3.00; Investment
Men, Traders and Statisticians Wanted, etc., 15 cents
per
of
word, figure
$6.00.
or
initial, with
a
sale
send
50
and safes for
description
to
G.
M.
Cranford
Company, Cranford, N. J.
Hendrick,
Trust
of
City who have
in
care
of
minimum charge
STATISTICIAN WANTED
;■
ASSISTANT
known
STATISTICIAN wanted by well-
concern
putting
out
Address confidentially Box
Chronicle,
various services.
L-16care of Financial
90 Pine Street, New York
City.
Maech 19
1921.]
THE
Cotton
^financial
GDruat Companies
Ohas. O.Oorn
Paul Schwarz
Frank A. Kimball
August Schierenberg
Corn, Schwarz & Co.
OF
COMMISSION MERCHANTS
16
xxv
CHRONICLE
ILLINOIS
National, State and
Clearing House Supervision
New York
William Street
CHICAGO
Under
Accounts
of
bankers
banks
and
received
MEMBERS OF
Correspondence invited
Mew York Cotton
Exchange
equipped
Efficiently
New Orleans Cotton Exchange
How
to
New York Produce
handle all business pertain¬
New York Coffee
ing to banking, and offer a
Exchange
Exchange
Coal Property Investments
complete service to accounts
of banks, corporations,
and
Geo.
M Fadden & Bro.
H.
firms
(One of
individuals.
1*5$
—oAs
Capital & Sur¬
plus $7,000,000
COTTON MERCHANTS
67 Worth Street
ing
lUqufoation
Egyptian and
Foreign Cottons
NOTICE
Frederic Zerega & Co.. Liverpool.
V. McFaaden's Oie voor Import en
Rotterdam.
N.
LIQUIDATION.
Company,
at
ful
Bank of Cleveland,
Cleveland, in the State of Ohio, is
affairs.
All noteholders and other
creditors of the Association are therefore hereby
to
Colonial
National
Street
BOSTON, MASS.
of
Hartford,
of Connecticut,
Bank
Our
is closing its affairs.
All note holders and other
creditors of the association are therefore hereby
notified to present
development of
Dated February 11. 1921.
rience
Chicago Board of Trade
Associate Members of
Liverpool Cotton Association
EXCHANGE BUILDING
HANOVER SQUARE
NEW YORK
COTTON MERCHANTS
Advances
Made
on
FIFTH
NEW
Write for Booklet
PEABODY
COAL
COMPANY
Founded 1883
Bucksport National
Bank located at
Bucksport in the State of Maine is closing its
affairs.
All noteholders and other creditors of
the Association are therefore hereby notified to
present the notes and other claims for payment.
PARKER S. KENNEDY, Cashier.
Dated Jan. 15, 1921.
332 So.
Michigan Ave.
-
CHICAGO
Operating 36 bituminous mines in it fields with
annual capacity of 18,000.000 tons
United States Trust Company of New York
45-47
YORK
NEW YORK COFFEE EXCHANGE
NEW YORK PRODUCE EXCHANGE
EXCHANGE
ASSOCIATE MEMBERS
ASSOCIATION
WALL STREET
Capital,
Surplus and Undivided Profits,
NEW YORK COTTON EXCHANGE
NEW YORK STOCK EXCHANGE
LIVERPOOL COTTON
virtually all important
The
MEMBERS
NEW ORLEANS COTTON
expe¬
CHARTERED 1853
PLACE, NEW YORK
AVENUE,
long
and managers
Cotton
GWATHMEY & CO.
475
our
as owners
bituminous fields.
LIQUIDATION NOTICE.
Consignments
20-24 EXCHANGE
in
Liquidation Notice.
National
Bank,
located
at
in the State of Maine, 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 payment.
GEO. B. BOYNTON. Cashier.
Dated, Jan. 15, 1921.
Machias
Machias,
Hubbard Bros. & Co.
Liberal
complete service in coal
ing—every phase the practical
»
The
years*
Financing, Operating and Sell,
the notes and other claims for
Members of
New York Cotton Exchange
New York Coffee & Sugar Exchange
New York Produce Exchange
37
property management includes
payment.
JAMES N. H. CAMPBELL, Cashier.
AND BROKERS
on
successful Ownership
Experience
I
located at Hartford, in the State
all.
Service based
1
Dated March 1, 1921.
The
Co.
COMMISSION MERCHANTS
COFFEE
con¬
its
notified to present their notes and other claims
for payment.
E. T.
SHANNON, Cashier.
New York Stock Exchange
make daily
located
The National Commercial
35 Congress
NEW YORK
we
of mining
ditions, cost items and sales
problems which are most help¬
Inc., Lima, Peru.
Hentz &
our
or manag¬
closing
Export,
Commission, Havre
Baltic Cotton Go., Copenhagen.
Reinhart & Co., Alexandria, Egypt.
Geo. H. McFadden South American
OF
com¬
Large number of mines in
a
different fields,
comparisons
CORRESPONDENTS.
William Street
the benefit of the
operations. Owning
Dealers in American,
Henry
Series)
bined experience of all
NEW YORK
25 Broad Street
Soclete d'Importation et de
Fachiri & Co., Milan.
a
Operating Manager
You get
Deposits,
$60,000,000
PHILADELPHIA
FOREIGN
Peabody Service
Increases the Value of
$2,000,000.00
$14,717,784.61
-
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.
securities and other property, 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
Stephen M. Weld & Co.
COTTON MERCHANTS
82-92 Beaver Street,
New York City
PHILADELPHIA.
UT1CA, N. Y.,
WELD & CO..
BOSTON,
FALL RIVER,
PROVIDENCE,
NEW BEDFORD,
LIVERPOOL.
estates,
gages,
EDWARD
WILLIAM
M.
W.
SHELDON, President
WILLIAMSON PELL, Vice-President r
FREDERIC W. ROBBERT, Asst. Secretary
ROBERT S. OSBORNE, Asst. Secretary
THOMAS H. WILSON, Asst. Secretary
ALTON S. KEELER, Asst. Secretary
K1NQSLEY, 1st Vice-Pres.
WILLIAM
WORCESTER, Secretary
EDWARDS, Asst. Secretary
C. LEE, Assistant Secretary
G. GREEN, Assistant Secretary
WILLIAM
ROCKEFELLER
WILFRED J.
CHARLES A.
WILLIAM
TRUSTEES
JOHN
ROBERT MOORE
CO.
44 Beaver Street, N. Y.
COTTON
MERCHANTS
Members New York
Successors to
WILLIAM RAY & CO.
6 Cotton
Exchange
New York
delivery contracts executed on
New York and
_
Chairman
of
the
Board
N.
BLISS. JR.
CORNELIUS
CHAUNCEY
HENRY W. de FOREST
WILLIAM
VINCENT ASTOR
KEEP
ARTHUR CURTI88 JAMES
WILLIAM
WILLIAM
KING8LEY
STEWART TOD
M.
WILLIAM
SLOANE
OGDEN \MILLS
L. F. DOMMERICH & CO.
BROKERS.
Orders for future
le
J.
STEWART,
EDWARD W. SHELDON
Cotton Exchange
STEIN HAUSER &. CO.
COTTON
LYMAN
PHELPS
LEWIS CASS LEDYARD
LYMAN J. GAGE
PAYNE WHITNEY
FRANK
JOHN
A.
Liverpool Cotton Exchanges.
FINANCE ACCOUNTS OF MANUFACTURERS AND
MERCHANTS, DISCOUNT AND GUARANTEE SALES
Hopkins, Dwight & Go.
COTTON
and
COTTON-SEED OIL
General
Offices,
254
Fourth
NEW YORK
COMMISSION MERCHANTS
Room 50,
Cotton Exchange Building
NEW YORK
Established Over 80 Years
Avenue
CHRONICLE
THE
XXVI
[VOL. 112.
jflnatuial
Jffnandal
iftttamfal
SPECIALIZETnT
WE
BONDS Central Bond &
Mortgage Co.
MUNICIPAL
We know
so
never
yield
they
as
And
that offerings were
attractive as to net
Send for
Charcoal Iron Co. of America 7s
Chicago Junction RR. Co. 1st 4s
Gen. Amer. Tank Car Equip. 6s & 7s
Street
Idaho PowTer Co. First 5s
now.
Knickerbocker Ice Co.
specialized in
Municipal Bonds for more than
a
quarter of a oentury—"26
Years
Devoted
to
Making
Safety a Certainty."
1
LaSalle
CHICAGO
right
are
have
we
South
208
Brunswick-Balke-Collender Co. 6s
Investment Bankers
Private Wiree to the East and Southwest.
Listed
and
Unlisted
(Chicago) 1st 5s
Equip. 7s
Rainey-Wood Coke Co. 1st 6s & Eq. 7 Ifo
Utah Power & Light Co. First 5s
Pressed Steel Car Co. Guar.
Securities
AMES, EMERICH & CO.
List
Ill
BROADWAY, NEW YORK
CHICAGO
Bolger, Mosser & Willaman
CHICAGO
Incorporated
DETROIT
GERMAN
»,
Investment Bankers
Bonds and Marks
Underwriters and Distributers of Investment
"
Securities
-
BONDS
MUNICIPAL
MILWAUKEE
Dodge & Ross
Our circular
Public
on
Utility
application.
and
Specializing
of
issues
the
South
we
invite
ourities
and
Industrial Issues
grade
inquiries
this
of
Bought
Mid-West,
W.
111
Sold
Wollenberger & Co.
Quoted
MONROE ST.,
CHICAGO
investment bankers
from
in
interested
investors
\
high
in
Municipal Bonds of
C. F. Childs & Company
se-
Specialists
Bonds
:
4--■
CHICAGO
NEW YORK
La Salle St.
208 So.
PINE
AT
CHICAGO
Government
Mortgage Trust
company missgur|
ST. Louis
BROADWAY
120
Stevenson
Radon, French & Co.
INVESTMENT
Broadway
Bros.
& Perry,
F. H. PRINCE & CO.
Inc.
BANKERS
Investment Securities
SECURITIES
So.
106
We purchase and underwrite entire issues of
bonds and stocks of established corporations.
La
Salle
St.,
BOSTON, MASS.
CHICAGO
Telephone Randolph 6520.
We offer high-grade Investment opportunities
(a
the
securities
HIGH-GRADE INVESTMENTS
public
municipalities,
of
utilities, and well established industrial
cor¬
W. G. SOUDERS &, CO.
porations.
Members of New York & Boston Stock Exchange
Correspondence
til
La Salle St.
105 So.
character.
WEST
INVESTMENT
Invited.
MONROE
STREET
SECURITIES
208 South La
CHICAGO
Salle Street,
CHICAGO
Detroit
New York
CHRISTIAN & PARSONS CO.
Milwaukee
V
Grand Rapids
Established
Commercial
Collateral
1870
Paper
Loans
P. W. Chapman & Company
Investment Securities
208 S. La Salle SL
Chicago, III.
f J,
Members New York Stock Exchange
INVESTMENT SECURITIES
112 South La Salle St.,
EMERY, PECK & R0CKW00D
Dominick & Dominick
115 Broadway
NEW YORK
CHICAGO
;
INVESTMENT SECURITIES
116
Wiggins Block
Broadway
CINCINNATI
NEW YORK
INVESTMENT SECURITIES
Continental
&
Commercial
Bank
Building
CHICAGO
Henry S. Henschen & Co.
INVESTMENT
Railway Exchange Building
BANKERS
I
CHICAGO
Amer.
OFFER
&
MANAGEMENT
BROADWAY
141
NEW
MARKET
AT
ENGINEERING
108 So. La Salle St.-
MILWAUKEE
WE
McClellan & Campion
CITY
YORK
Buy and Sell High-Grade Bonds
Agric. Chem. Co. S. F. 7^s
Atlantic Refining Co. S. F. 6^s
Deere & Co. S. F. 7^s
DeLaval Separator Co. S. F. 8s
Pflster &
SIMON
t
THE
Vogel Leather Co. S. F. 7s
RUTTER, LINDSAY & CO., Inc.
Brief
FIRST NATIONAL
BANK
RICHMOND* VA.
-
$3,000,000.00
M.
Ball, Jr.,
Correspondence
of
concise
conditions—a
safe,
are
and
list
our
new
cir¬
be
promptly upon request.
Cashier
copy
will
investor.
Ask for Circular
G-2107
ELST0N -a COMPANY
INVESTMENT SECURITIES
Members New York Stock Exchange
60
Broadway
New
Municipal Bonds
"Ara
Exempt
from
Federal
Income
Yielding from 5^%
Anglo-American Oil Co., Ltd.
SEAS0NG00D, HAAS & MACDONALD
INVESTMENT SECURITIES
It should
A
be of value to every
7/^% Notes, due 1925
HIGH-GRADE
forwarded
cular.
Invited
71
W. MONROE ST.,
Milwaukee
Detroit
CHICAGO
Minneapolia
Send for
to
Texas."
7%.
List
THE HANCHETT BOND CO.
Incorporated
1910
39 South La Salle Street
CHICAGO
York
New York
-
securities—
high-interest
included in
-
the present
upon
trend of the investment market
these
R.
Burnett,
Vice-President
Alex F. Ryland, Vice-President
S. P. Ryland, Vice-President
Jas.
comment
interest
John M. Miller, Jr., President
W. M. Addison, Vice-President
C.
York Stock Exchange
No. 46 Cedar Street
CHICAGO.
Capital and Surplus
Members ef New
INTEREST PEAK
The Rookery,
BORG & CO.,
@FedFRASER